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Israel Lebanon damage

Israeli bombardment costs Lebanon at least $1.5bn

Israel’s bombardment of southern Lebanon in response to the Hamas attacks on October 7 has caused more than $1.5 billion of damage to buildings and infrastructure, the country’s Southern Council says. The president of the council, Hicham Haidar, told AGBI that damage to residential and commercial buildings stands at $1 billion, with 1,700 buildings destroyed […]

Saudi defence spending

Saudi Arabia world’s fifth biggest arms buyer in 2023

Saudi Arabia remains the world’s fifth largest arms buyer, according to the Stockholm International Peace Research Institute. The think tank’s latest report said that Saudi Arabia spent $76 billion on arms in 2023, a 4 percent increase on the previous year, making it the biggest spender after the US, China, Russia and India. The kingdom’s […]

The free trade agreement was signed in May 2022 by the two countries' economy ministers: Orna Barbivai of Israel and the UAE's Abdulla bin Touq Al Marri

Israel’s trade with Arab countries up 16% in 2023

Trade between Israel and the seven Arab countries that have normalised relations with the Jewish state broke records in 2023, exceeding $4 billion, up 16 percent from 2022, according to a report. Bilateral trade among the nations decreased by only 4 percent following the outbreak of the war in Gaza in October, from $937 million […]

Adnoc BP NewMed deal

Adnoc and BP suspend bid for Israel’s NewMed Energy

Abu Dhabi state oil company Adnoc and BP have suspended a proposed $2 billion bid to buy a major stake in Israel’s NewMed Energy as a result of the ongoing conflict in Gaza. The Tel Aviv Stock Exchange-listed natural gas operator, part of the Israeli conglomerate Delek Group, said on Wednesday that the deal was […]

Port karachi

Israel’s gas exports to Egypt and Jordan up 25% in 2023

Israel said on Monday that gas supplies to Egypt and Jordan rose by about 25 percent in 2023, despite brief disruptions at the start of the war in Gaza, adding that exports could be expanded further. Israel is positioning itself as a regional energy hub and has committed to supply natural gas to Europe, which […]

Visitors enjoy the Karnak Temples; the government hopes to entice 30 million tourists to Egypt a year by 2030 tourism egypt

Egypt tourism up 5% in early 2024 despite Gaza conflict

The number of tourists visiting Egypt increased by five percent year on year in the first 40 days of 2024, according to Egypt’s tourism minister, Ahmed Issa. The announcement came after reports in January that visitor numbers for the whole of 2023 reached a record high of 14.9 million, just shy of the 15 million […]

Shoppers look for bargains at a Cairo supermarket. Egypt's debt crisis. is worsening

Egypt stable for now but vulnerable, economists warn

A few days after Israeli forces launched a ground offensive in Gaza, Fitch Ratings downgraded Egypt’s credit score to B- from B. The conflict could scare off tourists and investors, the ratings agency said in November, posing a risk to Egypt’s economy. This was Fitch’s second downgrade in six months: it stripped Egypt of B+ status […]

Markets find it 'very hard' to price geopolitical events, said UBS wealth management CIO Mark Haefele

Investors unsure on pricing Gaza conflict, says UBS

Global investors and markets are “not sure” how to price in the fallout from the Israel-Gaza conflict, according to Swiss private wealth bank UBS.  “It’s very hard for the markets to price these events,” Mark Haefele, chief investment officer in the global wealth management division at Swiss bank UBS, told reporters on Thursday. “So far, […]

The Ades contract with Pertamina will begin in the second half of 2024

War puts Israel’s big plans for gas exploration in jeopardy

Oil markets may have shrugged off Israel’s war with Hamas, but a month into the Gaza conflict the intense violence is affecting Israel’s plans to become a regional hub for exporting natural gas, according to analysts. Last week the government awarded 12 new exploration and development licences to six operators. One group comprises Italian energy […]

Israeli gas exports Egypt

Israeli gas exports to Egypt resume in small volumes

Israeli natural gas exports to Egypt have resumed after a disruption last weekend but in small volumes, an official in Egypt’s petroleum ministry said on Thursday, without specifying the current flow. Three people with knowledge of the matter also told Reuters on Tuesday the flow had resumed, with two saying it had only been reduced, […]

An Israeli tank near the border with the Gaza Strip. The World Bank cautioned that the cost of crude could enter 'uncharted waters'

World Bank warns of record oil prices if war escalates

Oil prices could hit record highs of $150 a barrel if the war between Israel and Hamas escalates into a wider conflict, according to an economic risk assessment from the World Bank. In its latest Commodity Markets Outlook, the World Bank cautioned that the cost of crude could enter “uncharted waters”. It outlined three risk […]

Flag outside the Bank of Israel

S&P revises Israel’s outlook to ‘negative’ from ‘stable’

S&P Global revised Israel’s outlook to “negative” from “stable” on Tuesday, blaming risks that the Israel-Hamas war could spread more widely, with a more pronounced impact on the economy and security situation in the country. Last week another big credit ratings agency, Fitch, placed Israel’s sovereign debt rating of “A+” on rating watch negative and […]

Workers at Majnoon oil field in Iraq. Analysts do not expect the conflict to have a big effect on oil supply

Oil prices surge as conflict intensifies in Israel

Oil prices rose by more than 3 percent on Monday in the wake of Hamas’s surprise attack on Israel, which threatens to destabilise the Middle East. Brent crude was trading at $87.65 a barrel, up 3.6 percent, by 17:41 GST while US West Texas Intermediate was at $86.15 a barrel, up just over 4 percent. […]

Israeli firm seeks higher price from Adnoc and BP

A panel reviewing a $2 billion offer by Abu Dhabi’s national oil company and BP to acquire a 50 percent stake in the Israeli gas producer NewMed has recommended raising the asking price by over 10 percent, casting doubt over the deal, sources said. The proposed acquisition by Abu Dhabi National Oil Co (Adnoc) and […]

Israeli Muslims could visit Saudi holy sites

Israel expects religious tourism to Saudi holy cities

Israel sees religious tourism among its Muslim population as a major benefit of a peace deal with Saudi Arabia, Israeli minister of tourism Haim Katz said in Riyadh this week.  “Twenty percent of Israel is Muslim, two million, and they will come to Mecca easily,” Katz told AGBI on September 27 at a gala dinner […]

Haim Katz is the first Israeli minister to make an official visit to Saudi Arabia

Israeli minister makes historic visit to Saudi Arabia

Israeli tourism minister Haim Katz made the first ever public visit by a member of the Israeli government to Saudi Arabia this week, attending a World Tourism Day event in Riyadh.  The Israeli ministry of tourism said Katz was leading a delegation on a two-day stay in the Saudi capital as part of the United […]