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Israelis take shelter during Iran's missile attack. Oil prices have jumped over fears of a wider war

Oil prices jump 3% as Middle East conflict intensifies

Oil prices rose by more than 3 percent on Wednesday as Israel vowed retribution for Iran’s ballistic missile attack on its regional adversary. The conflict has intensified rapidly, with Israel also ordering more soldiers into Lebanon to battle the Iran-backed group Hezbollah. There is little sign of de-escalation despite international pleas. That has sent oil […]

Passengers queue at Beirut-Rafic Al Hariri International Airport. Many airlines have suspended operations to Tel Aviv and Beirut

Airlines suspend flights to Middle East

Airlines in the Middle East have cancelled some flights and rerouted others after Iran fired more than 180 ballistic missiles at Israel.  Shares in some European airlines and travel companies fell on Wednesday by up to 2.7 percent after Israel’s neighbours closed airspace and airline crews skirted the conflict zone.  Many airlines have suspended operations […]

The site of an Israeli strike on the city of Ain Deleb in Lebanon. The GCC has called for an immediate ceasefire

As GCC calls for ceasefire, UAE gives Lebanon $100m

The UAE directed an urgent $100 million aid package to Lebanon on Monday, as fighting between Israel and Hezbollah continued. President Sheikh Mohamed bin Zayed al Nahyan said: “This initiative is part of the UAE’s continuous efforts to support Lebanon through its current challenges, underscoring the nation’s unwavering commitment to assisting the Lebanese people.” The […]

To meet Egypt's growing demand, more gas will come from Leviathan, Israel's largest gas field

Egypt to increase gas imports from Israel

Egypt plans to increase natural gas imports from Israel by 20 percent from October, to meet its fast-growing domestic demand for electricity. Imports will reach 1.2 billion cubic feet per day (cfpd), according to reports. They were already up 18 percent in September from 850 million cfpd in July. The two countries have agreed to […]

An Energean survey team in Israel. Once operable, gas from the company's Katlan field will be available for export

Israel to develop more natural gas exports

UK oil and gas company Energean has agreed the $1.2 billion development of the Katlan offshore gas field in Israel, with output set to start in the first half of 2027. The production will underpin Energean’s existing gas sales agreements with Israeli clients and target international markets. Katlan – owned and operated by Energean – […]

Traders shaking hands at the Israel Diamond Exchange. Diamonds are among the items that have not been greatly affected by the conflict in Gaza

Trade flourishes between Israel and Arab states

Israel’s trade with Middle Eastern countries including Egypt, Morocco and Bahrain grew in the year to the end of May despite regional tensions and the Gaza war, a think tank report has revealed. The figures, compiled by the Abraham Accords Peace Institute (AAPI), rely on data from Israel’s Central Bureau of Statistics. Israel’s trade with […]

The Leviathan field holds as much as 600 billion cubic metres of gas and Israel is aiming to increase output and exports

Israel’s gas export plans complicated by war

Israel has agreed a move to double its natural gas exports from the Leviathan reservoir, but experts warn that tension with Hezbollah and a potential escalation in Lebanon may undermine expansion plans. The Israeli government is seeking additional revenues to improve an economy that has been badly hit by the war in Gaza. The energy […]

A floating production unit in Israel's Karish gas field in the eastern Mediterranean. Carlyle is creating a new oil and gas company to manage the field

New Carlyle entity to manage East Med gas projects

Carlyle, the Nasdaq-listed private equity company, is creating a new oil and gas company to manage recently-acquired assets in the Mediterranean hydrocarbons market. The new as yet un-named entity will be led by former BP CEO Tony Hayward and will manage a portfolio of gas-weighted exploration and production assets in Italy, Egypt and Croatia, according […]

A stall holder in the Grand Bazaar in Istanbul. People in Istanbul faced rises in the cost of living this year, as soaring inflation impacted wages

Cairo and Istanbul feel biggest cost of living squeeze

Dubai has become the most expensive city in the Middle East for expatriate workers, while Cairo and Istanbul were among the cities that saw the biggest rise in the cost of living this year, as soaring inflation impacted wages. Dubai, the UAE’s largest city, saw rental prices rise by about a fifth in the last […]

Organisations have protested US investment bank BlackRock’s participation in the bid to buy a stake in Malaysia Airports Holdings

Malaysian airport deal faces Gaza war backlash

Plans by a consortium, including the UAE’s largest sovereign wealth fund, to buy a stake in Malaysian airports have been hit by protests against the deal from local business organisations in the Asian country. As many as 22 organisations have called upon the Malaysian government to block US investment bank BlackRock’s participation in the bid […]

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 […]