Dubai
Chinese robotaxi companies forge ahead with UAE expansion despite Iran war
Key Points At least three Chinese robotaxi companies are pushing ahead with their expansion into the Middle East. The UAE and China held a business cooperation forum in Beijing earlier this week. Chinese robotaxi companies have ramped up their global expansion plans in the last two years, making the most progress in the Middle East. […]
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Debris from aerial interception strikes Oracle building in Dubai, UAE says
Jaque Silva | Nurphoto | Getty Images The office of U.S. tech giant Oracle in Dubai was damaged by falling debris, the city’s media office said on Sunday, as Iran continued to fire projectiles at targets around the Middle East in retaliation against U.S. and Israeli strikes. “Authorities confirm that they responded to a minor […]
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The cost to fly private is up as much as 20% with fuel prices soaring
A Gulfstream G-IV private jet on approach to Washington’s Reagan National Airport in Arlington, Virginia, June 12, 2024. J. David Ake | Getty Images As the Iran war pushes jet fuel prices higher, well-heeled travelers are facing hefty surcharges to fly private, sometimes on flights booked months prior, charter brokers and aviation insiders told CNBC. […]
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Budget airlines built on cheap fares now face a painful reality: Fuel is getting expensive
Budget airlines in Asia risk losing their price advantage as fuel prices rise and Middle East tensions disrupt key routes, forcing carriers to raise fares and cut expenses. Low-cost carriers rely on high passenger volumes and low fares, leaving them with thinner margins and less room to absorb fuel price swings and route disruptions than […]
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Gulf markets are splintering as the Iran war continues. Here’s what to know
A picture shows a view of the skyline in Dubai on September 12, 2024. Giuseppe Cacace | Afp | Getty Images Markets across the Gulf region have diverged sharply since the Middle East conflict began, as investors traverse big swings in energy prices and markets remain rattled by geopolitical turmoil. Saudi Arabia and Oman have […]
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Iran war wipes out $100 billion from luxury stocks
A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. Major luxury stocks have fallen 15% or more since the Iran war started, and sales in the increasingly important Middle East market could […]
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JLL CEO says growth is now uncertain in the Middle East
Key Points JLL has a major footprint in the Middle East, managing and leasing properties in Dubai and Abu Dhabi in the United Arab Emirates and in Riyadh, Saudi Arabia. CEO Christian Ulbrich said the business impacts of the Iran war depended on how long the conflict lasted. “It’s a tragedy from a point that […]
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War puts the Gulf’s once‑packed conference calendar on hold
Before the Middle East war, the Gulf had positioned itself to become one of the world’s busiest hubs for conferences, exhibitions, and high‑level events. The United Arab Emirates, Saudi Arabia and Qatar have each worked hard to be seen as the crossroads for business, politics and innovation, hosting global sporting events from Formula 1 to […]
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$166 a barrel? Middle East oil gives clue to where all prices could be headed if Iran war drags on
The extreme spike in oil prices seen in local markets in the Middle East could give investors a glimpse into to where U.S. and Europe prices are headed if the Strait of Hormuz isn’t opened soon. Dubai crude oil prices surpassed $166 a barrel to a new record high on Thursday, according to market data […]
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UAE reopens airspace after brief shutdown as Iran attacks keep region on edge
The United Arab Emirates reopened its airspace on Tuesday after a brief shutdown, as Iran continued missile and drone attacks in a conflict with the U.S. and Israel now in its third week. The UAE’s Defense Ministry said Monday that air defenses have intercepted more than 300 ballistic missiles and 1,600 drones so far. The […]
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