Skip to content Skip to Search
Skip navigation

GCC

Business news and financial news, analysis, opinion and statistics covering the six Gulf Corporation Council members Bahrain, Kuwait,  Oman, Qatar, Saudi Arabia and the UAE

Falling oil prices is a sign that the world is heading for recession

Oil prices set to drop for a second week

Oil prices increased slightly on Friday morning but were still set for an overall drop for a second week due to concerns about a prolonged trade war between the United States and China. If the the world’s largest economies continue their tit-for-tat tariff increases, the fear is they will crush crude consumption as their dispute curtails economic […]

2HPYETY Shop window inside the Dubai Gold Souk in the Deira district. One of the most popular shopping destinations and gold markets in the Dubai.

GCC investors bank on gold as US-China tensions escalate

Gulf investors are joining the gold rush as they look for a safe haven amid the biggest swings in global markets since the Covid pandemic and the 2008 financial crisis. “Demand for gold in the region remains elevated despite the high price levels, likely a sign of rushing to safety,” Azza Al Habsi, an economist […]

The GCC states are facing hurdles from US President Trump's 'Liberation Day' trade tariffs

Few good options for US-GCC trade – but options nonetheless

It is often said that US trading partners have few good options when it comes to dealing with President Trump’s “liberation day” last week. Few good options, yes, but the members of the Gulf Cooperation Council at least have options. Oil and gas are excluded from the new tariff regime – if one can call a bookie’s […]

It was all smiles for traders working on the floor at the New York Stock Exchange after the White House announced a 90-day pause on new tariffs

Oil prices retreat despite Trump’s pause on tariffs

Oil prices fell on Thursday, despite early gains late on Wednesday following the announcement by Donald Trump that he would delay implementation of individual new tariffs on 75 countries for 90 days. US West Texas Intermediate (WTI) crude initially rose 4.88 percent to $62.49 a barrel following the announcement but in early trading on Thursday […]

Turkey's trade minister Omer Bolat. Turkey has commenced negotiations with the GCC after previously securing free trade deals with the UAE and Qatar

Gulf countries start free trade talks with Turkey

The Saudi-led Gulf Cooperation Council (GCC) and Turkey have begun talks towards a free trade agreement, the UAE’s state-run Wam news agency reported. Ankara has already signed free trade agreements with the UAE and Qatar, Wam said, citing Turkish trade minister Ömer Bolat. The UAE, Qatar, Kuwait, Oman and Bahrain are all members of the […]

BF5Y47 A factory employee clamping and sodding small parts.

Oil demand growth to halve in wake of Trump tariffs

Global growth in demand for oil this year may be as much as 40 percent less than forecast before last week’s announcement by Donald Trump of a near tripling in effective tariff rates on US imports to their highest in a century, S&P and other oil analysts have said. On average, demand for oil was […]

Gulf nations may find comfort in US energy secretary Chris Wright's oil industry background

Gulf partners will have many questions for US energy secretary

US energy secretary Chris Wright arrives in the Gulf today at an especially turbulent time in the global economy and as oil prices plunge to more than four-year lows. Wright’s two-week visit to Saudi Arabia – the world’s second-largest oil producer – the UAE and Qatar may be in preparation for Donald Trump’s own trip […]

A worker at Jordan's Aqaba container terminal. Jordan has had a free-trade agreement with the US since 2001 and pegs its currency to the US dollar

US levies render Middle East trade deals worthless, say analysts

US president Donald Trump’s global tariff policy has bulldozed through dozens of free-trade agreements, including a handful in the Middle East. The impact on the rules of international commerce could be severe, according to industry watchers. “To take such an abrupt and quick decision from one side, where you have more than 20 years of […]

US energy secretary Chris Wright will tour oil and gas production sites in the Middle East, looking at ways to cut US production costs

US energy secretary heads to Gulf to secure oil flows

US energy secretary Chris Wright is to begin a nearly two-week tour of three Middle East countries, including Saudi Arabia, marking his first visit as a US official to the de facto leader of the Opec oil producer group, a source familiar with the matter told Reuters. The trip, which will also include visits to […]

A worker at an aluminium smelter. Smelters in the GCC bloc produce nearly 6.3 million tonnes per year of aluminium

GCC aluminium producers will not react ‘hastily’ to US tariffs

Gulf Arab aluminum producers will “not react hastily” to new US customs duties and seek new markets for its products, Saudi Arabia’s Aleqtisadia reported, citing a Gulf industry body. Aluminum smelters in the six GCC countries only export about 10 percent of their output to the US market, said Mahmoud Al-Daylami, secretary general of the […]

Saudi Arabia recorded its best quarter of job creation in 12 years

GCC hiring gains pace as non-oil sector expands

Employment levels picked up in Saudi Arabia, Kuwait and Qatar as the non-oil private sector expanded in March, according to the latest monthly business sentiment surveys by S&P Global. Saudi Arabia recorded its best quarter for job creation in more than 12 years as hiring activity was driven by a demand upturn and output expansion. […]

China announced that it would impose a 34% tariff on US imports from April 10

Oil prices plummet as trade war raises fears of recession

Oil prices continued to drop on Monday as fears of a global trade war intensified and major producers issued bearish signals. Saudi Arabia cut its crude prices to Asia and Opec+ advanced plans to increase output. Brent crude futures fell $2.28, or 3.5 percent, to $63.30 a barrel on Monday. US West Texas Intermediate (WTI) […]

Gulf data centres will need to look beyond hydrocarbon fuel sources to renewables, experts say

Gulf urged to add more to its data centre offerings

Data centres are big business across the Gulf. But experts say the industry faces some major challenges: developing value-added goods and services, increasing research and development funding and identifying the right energy mix to power them. Sales in the GCC data centre market were worth nearly $3.5 billion last year, according to estimates by Research […]