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Oman in talks with US to review reciprocal tariff

Oman is holding talks with the US to review the implications of reciprocal tariffs, according to a news report. “Despite the existing free trade agreement with the US, the new tariffmeasures have included Omani exports,” Oman Daily Observer, a local news outlet, reported, quoting Shaikh Saud Al Nahari, a board member of Oman Chamber of […]

Donald Trump DWF crypcocurrency

Abu Dhabi investor buys $25m in Trump crypto coins

DWF Labs, an investment company based in Abu Dhabi, has bought $25 million of a cryptocurrency linked to Donald Trump. The company describes itself as a next-generation Web3 investor and cryptocurrency trader. Web3 includes concepts such as decentralisation, blockchain technologies and token-based economics. It said in a statement that it bought $25 million of World […]

Pharmaceuticals are loaded onto an Emirates SkyCargo plane. The carrier transported almost 2m tonnes in the first half of 2024

Emirates SkyCargo bullish on US despite tariff turbulence

Emirates SkyCargo has said it remains fully committed to the North American market despite escalating trade tensions and uncertainty sparked by Donald Trump’s tariffs.  The cargo division of Dubai’s state-owned airline Emirates operates freighter services to cities such as Chicago and Houston. It also uses the belly-hold capacity of passenger aircraft to transport goods in […]

Fatih Birol, Executive director of the International Energy Agency (IEA), attends the plenary session of the Artificial Intelligence (AI) Action Summit at the Grand Palais in Paris, France, February 11, 2025. REUTERS/Benoit Tessier

IEA slashes oil demand outlook as trade tensions bite

The International Energy Agency (IEA) slashed its 2025 oil demand growth forecast on Tuesday, citing rising trade tensions and a weakening global economy. The forecast widens the gap with Opec’s more upbeat outlook. The Paris-based watchdog now expects demand to grow by just 730,000 barrels per day in 2025, down from 1 million bpd previously […]

A technical staff is seen at the Port of Fujairah, United Arab Emirates, May 13, 2019. REUTERS/Satish Kumar

Fujairah’s grand plan could fall victim to tariff shock

The emirate of Fujairah’s plans to expand its storage facilities and develop cleaner fuels and petrochemical production may be delayed as a result of the impact of tariff-led global trade tensions, according to a local authority. After Singapore and Rotterdam, Fujairah is the largest so-called “bunkering”, or ship-fuelling, port. It lies almost immediately outside the […]

Chris Wright, the US energy secretary, gives a media briefing in Riyadh, Saudi Arabia

US and Saudi Arabia agree ‘pathway’ to nuclear power deal

The US and Saudi Arabia – the world’s second-largest oil producer – are on a “pathway” towards co-developing a civilian nuclear programme for the kingdom, visiting US energy secretary Chris Wright has told reporters. This is the firmest US public statement yet of support for a Saudi nuclear power generating initiative, a topic of long-running […]

Visitors look at the Tesla Model Y during the opening of Tesla's first Saudi showroom, in Riyadh

Tesla trumpets Saudi launch but China is waiting

Tesla’s well-publicised launch event in the Saudi capital, Riyadh, last week attracted a large and boisterous crowd. But the competition is stiff, especially from the Chinese, now the world’s largest maker of EVs, and the charging infrastructure for electric-powered vehicles in the world’s second-largest oil producer is still lacking. Saudi Arabia wants 30 percent of […]

The three contracts worth $235 million were signed between US-based Progress Rail and state-owned Egyptian National Railways

Egypt hires US company to modernise locomotives

Egyptian National Railways has awarded three contracts worth more than $235 million to US company Progress Rail to modernise its rail locomotive fleet. The contracts include the modernisation of 1,000 diesel-electric locomotives valued at $185 million and a 15-year agreement to supply parts for 141 locomotives worth $42 million, the US Embassy in Egypt said […]

Adnoc is considering a bid for the gas assets of Aethon, based in Dallas

Adnoc explores bid for US natural gas assets

Abu Dhabi state oil company Adnoc is in the early stages of considering a bid for Dallas-based Aethon Energy Management’s US natural gas assets, according to a person familiar with the matter. Adnoc has done a string of acquisitions in gas and chemicals, which, along with liquefied natural gas and renewables, it considers as pillars […]

Visitors to the Cityscape Global construction fair in Saudi Arabia. Supplier competition could bring down construction costs in the medium term, despite current inflationary pressures

Global trade war prompts Gulf construction reassessment

The global trade tensions triggered by Donald Trump’s tariff hikes is sending shockwaves through the Gulf’s construction sector, leading Saudi Arabia and the UAE to rethink sourcing materials and supply chain networks. The risk of costs accelerating has risen, but over the longer term prices could temper, providing a cost opportunity for the GCC, industry […]

A container vessel operated by China's Cosco in Dubai's Jebel Ali terminal, which handles huge amounts of cargo moving from Asian to Western markets

US-China trade war brings pros and cons for the Gulf

The growing trade war between the US and China, the world’s two largest economies, presents the Gulf Arab states with a complex puzzle. International commerce may shift towards new consumer and trans-shipment markets, while a recession-driven collapse in oil prices and higher-for-longer inflation because of tariffs are further risks to the region. Sectors of the […]

Turkey hopes that its exports to the US may benefit from heavier tariffs on competing nations

Turkey looks for positives from tariff fallout

Turkey is eyeing a potential upside in its international trade as Donald Trump takes on China and much of the rest of the world in a trade war. As one of the countries initially hit with Trump’s baseline 10 percent tariff, many in Turkey had nonetheless forecast export doors to the US would open for […]

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 […]

Cars awaiting export at a port in Yokohama. Carmakers in Japan, Europe and China could seek more Gulf buyers in the wake of US tariffs

Gulf car buyers may benefit from competing non-US manufacturers

The UAE and other Gulf markets may benefit from more competitively priced cars from China, Europe and Japan after the US imposed tariffs on imported vehicles this month and pledged to introduce similar duties on auto parts in May. The auto tariff has left international car exporters, of which China is the largest, scrambling to […]

US LNG supply is projected to account for 33 percent of the global market by 2050

Mubadala subsidiary makes first investment in US energy sector

A unit of Abu Dhabi’s sovereign Mubadala Investment Company has made its first foray into the US energy sector as part of what it says is a global expansion plan, according to a statement. Mubadala Energy will acquire a 24 percent interest in SoTex HoldCo, a company that operates an unconventional gas field and is […]

Workers adjust the valves of oil pipes at West Qurna oilfield in Iraq's southern province of Basra November 28, 2010. U.S. oil major ExxonMobil and its partners have awarded a contract to oil services firm Schlumberger Ltd to drill 10 wells in Iraq's West Qurna Phase One oilfield, industry sources familiar with the matter said. Picture taken November 28, 2010. REUTERS/Atef Hassan (IRAQ - Tags: BUSINESS ENERGY) Iaq and gas

Iraqi gas field awarded to US oilfield services giant

Iraq has awarded the first phase of the much-delayed development of one of its largest gas fields to SLB, a Texas-based oilfield services company previously known as Schlumberger, according to local media. A year after it chose a little-known Ukrainian company for the project, the cabinet decided to hand over rights to develop the Akkas […]

Pharmacists in a Jordanian manufacturing plant package drugs. Donald Trump has said he may announce a “major tariff on pharmaceuticals"

Jordan’s surging pharma industry may hit US tariff speedbump

Growing Gulf spending on health is boosting Jordan’s pharmaceutical industry, but new US tariffs pose a risk to its future, according to analysts. Pharmaceutical exports from Jordan grew by 15 percent last year to $862 million. Another 11 percent growth was projected for this year and further expansion to $1.4 billion in 2029, according to […]

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 […]

Iranian president Masoud Pezeshkian (L) with Iraqi prime minister Mohammed Shia Al-Sudani during a visit last year. The US has ended waivers which let Iraq buy Iranian electricity and gas

Iraq signs power-generation deals with US companies

Iraq has signed memoranda of understanding with two US companies to generate more than 27 gigawatts (GW) of electricity, including a giant solar power plant, according to the prime minister’s office. The electricity ministry signed the two MoUs with Massachusetts-based GE Vernova and Florida-based UGT Renewables in Baghdad on Wednesday during a visit by more […]