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Intelligence for the New World Economy

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Intelligence for the New World Economy
Semafor World Economy
Ed Clowes

Ed Clowes

Gulf News Editor

Email Ed@edclowes

Saudi-Türkiye-Pakistan sign defense pact as peace talks drag

The pact stipulates that an “armed attack against any one of the three states shall be regarded as an attack against them all.”
Turkish President Tayyip Erdogan meets Saudi Crown Prince Mohammed bin Salman in Mecca
Murat Cetinmuhurdar/Turkish Presidential Press Office/Handout via Reuters

Deal to open Strait of Hormuz nears ‘final stages’

Iran and Oman are close to an agreement on a commercial route through the Strait of Hormuz, but dysfunction at the top of the Iranian regime is likely slowing talks.
Banners depicting Iran’s late Supreme Leader Ayatollah Ali Khamenei and Iran’s Supreme Leader Mojtaba Khamenei.
Majid Asgaripour/WANA via Reuters

Dubai population tops prewar peak, countering fears of expat exodus

After an initial exodus, the loss of 61,000 residents was quickly reversed.
People are seen outside the Dubai mall during the holy month of Ramadan in Dubai, UAE, April, 2021.
Rula Rouhana/Reuters

Romania’s navy detonates part of Danube river to cool nuclear plant

Romanian naval forces blew up part of the drought-hit Danube river.
Romanian Navy blasts rocks in controlled explosions on the Danube.
Inquam Photos/George Calin via Reuters

New deal expected to open the Strait of Hormuz

Oil prices plunged after reports that the US, Iran, and Oman had agreed the countours of a deal that would allow traffic through the key waterway.
Vessels in the Strait of Hormuz, as seen from Musandam, Oman.
Stringer/Reuters

UAE procured $100M in stolen gold from Sudan, investigation finds

Sudan’s civil war has fuelled the flow of gold — both legal and illegal — between the two countries.
Sudanese Rapid Support Forces display gold bars seized from a plane that landed at Khartoum Airport in 2019.
Mohamed Nureldin Abdallah/Reuters.

Israel’s largest defense firm discussed sales to UAE

The reported discussions about whether Elbit Systems would sell the UAE more than $1 billion of military gear come as ties between Israel and the emirates warm.

Firms move in on Venezuelan oil seven months post Maduro removal

Acting President Delcy Rodríguez has scrapped the rule requiring state-run PDVSA to hold majority stakes in joint ventures.

Trump heralds ‘perimeters’ of Iran deal as he calls off threatened strikes

Iranian diplomats reacted positively to a plan presented by Qatari mediators to restore traffic through the Strait of Hormuz.

Saudi builds maritime coalition to protect Red Sea trading routes

The Houthis’ campaign against the kingdom has widened beyond tanker attacks in the Red Sea.

Extreme heat casts doubt on viability of MidEast tree planting project

If the water runs out due to extreme heat, it won’t be much good having billions more trees, a climate expert argued.

Iran war pushes borrowing in the Gulf to record highs

The Iran war is spurring record borrowing by Gulf states looking to harden their infrastructure and build trade routes that do not rely on the Strait of Hormuz.

Abandoned Russian shadow-fleet tanker leaks oil off Oman

Satellite images suggest the Caroline Bezengi is partially submerged beside a protected marine reserve.

Investors pick their Gulf bank winners

Emirates NBD and First Abu Dhabi Bank are both since January, outpacing every major index in the Gulf, while Qatar National Bank is down more than 10%.

DP World plans two ports in booming Fujairah

Fujairah, which sits to the east of the Strait of Hormuz, has become an increasingly critical bypass route as ships look for ways to skirt the waterway.

Saudi strengthens sports operations as it gears up for 2034 World Cup

The kingdom unveiled a new company that it says will manage the operations of the burgeoning network of arenas it’s building.

Saudi Arabia bucks Gulf trend on foreign buying

Overseas investors poured $1.6 billion into Saudi Arabia’s stock exchange in the second quarter, the only Gulf market to post an increase in net foreign buying.

Bahrain considers nuclear power option

The potential small modular nuclear power plant would be the first in the kingdom, which holds the Gulf’s smallest hydrocarbon reserves.