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Intelligence for the New World Economy

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Intelligence for the New World Economy
Semafor World Economy

Semafor Gulf

Iran leader vows to keep Strait of Hormuz closed

Nearly two weeks of war has created the largest oil supply disruption in history, the International Energy Agency said Thursday.
Iran’s new supreme leader, Mojtaba Khamenei, the second son of late Iran’s Supreme Leader Ayatollah Ali Khamenei, attends a meeting in Tehran, IranMojtaba Khamenei in 2016. Rouhollah Vahdati/ISNA/WANA (West Asia News Agency) via Reuters

Atlantis Dubai offers free waterpark access amid tourism hit to Gulf

The goodwill gesture comes less than two weeks after an Iranian drone struck the Fairmont The Palm hotel roughly three miles away, injuring four people.
A picture taken on February 25, 2021, shows a view of the The Palms Aquaventure waterparks in Dubai. Karim Sahib/AFP via Getty

Gulf authorities warn against posting war footage on social media

A British tourist was reportedly arrested in Dubai after allegedly filming missiles during an attack.
A flier from Dubai Police.@DubaiPoliceHQ/X

Iran war decimates Gulf’s tourism industry

The region’s tourism industry is taking a hit of $600 million a day in lost visitor spending.
Dubai.Satish Kumar/Reuters

Iran war could narrow Saudi Arabia’s deficit

Higher oil prices and output could offset the current hit to production and help narrow Saudi Arabia’s budget deficit.
Aramco’s oil field in the Empty Quarter, Shaybah, Saudi Arabia.Hamad I Mohammed/Reuters

Kuwait exit permits can trap expats fleeing war

Foreign residents are required to apply for exit permits from their employers in order to leave the country.
A drone view shows Kuwait City.Stephanie McGehee/Reuters

Iran’s new supreme leader is ‘lightly injured’

Mojtaba Khamenei has not been seen since he was selected last week to succeed his father, the late Ayatollah Ali Khamenei.

No quick fixes for Hormuz as Iran mines key shipping route

The prospects for a resumption of Gulf oil exports look distant, absent a major diplomatic or military breakthrough.

Trucks have become the Gulf’s logistics stopgap

With the Strait of Hormuz shut, logistics operators in the Gulf are coming up with alternatives to keep trade moving, primarily trucking routes.

US and Saudi firms team up for Africa minerals deals

Cove Capital and Saudi family conglomerate aim to raise multi billion dollar fund to acquire African mining operations.

Past oil shocks may teach us the wrong lesson about the Iran war

The Arab oil embargo of the 1970s was a nightmare scenario. But even falling short of that could be painful for the US and global economy.

MidEast conflict could hurt Chinese business

Analysts say China may benefit geopolitically from a prolonged Iran war, but it could start to feel the pain economically.

Abu Dhabi’s Judan buys major stake in US AI investor

Judan will have a 50.1% stake in Alpha Wave Global, a Miami-based alternative asset manager and investor in Anthropic, OpenAI, and SpaceX.

UAE banks move data abroad following Iran strikes

UAE banks suffered service outages after an Amazon data center in the country was hit by drones.

Gulf airlines grapple with long-term cost of war

Even when peace is restored, super-connectors like Emirates and Qatar Airways will find it harder to persuade passengers to transit via their hubs.

Foreign workers in the Gulf bearing brunt of Iran strikes

At least nine civilians have been killed so far across the region, and only one was a Gulf citizen.

Aramco CEO warns of ‘catastrophic consequences’ for oil markets

The blockage of the Strait of Hormuz due to the Iran war is “by far the biggest crisis the region’s oil and gas industry has faced,” Amin Nasser said.

Oil breached $100. The market still doesn’t believe in $150.

Traders have priced in a crisis not a catastrophe, but that could yet change.