Saudi Aramco reported a 9% increase in third-quarter adjusted net income to $31.2 billion on Tuesday, supported by higher oil prices and continued exports despite attacks on its energy infrastructure and disruptions linked to the war in Iran.

The Saudi state-owned oil company's revenue rose by more than 25% year-on-year to $140.5 billion during the July-September period. Aramco said its average crude oil price reached $95 per barrel, up 35% from a year earlier, as the conflict disrupted global energy supplies and shipping through the Strait of Hormuz.

“Geopolitical uncertainty and attacks on key energy facilities continued to amplify the global energy supply crisis in the third quarter of 2026,” Aramco CEO Amin Nasser said in a statement, describing the period as extraordinary.

The company's operations have faced several disruptions since the conflict began, including missile and drone attacks on refineries, an oil processing facility at Abqaiq and its headquarters in Dhahran.

One of the most serious incidents occurred in September, when drones struck Saudi Arabia's East-West pipeline, which transports crude oil from the Eastern Province to the Red Sea export terminal at Yanbu.

The pipeline provides an alternative export route that bypasses the Strait of Hormuz, where shipping has been severely disrupted by the conflict. Operations resumed within a week of the attack, and throughput subsequently reached approximately six million barrels per day.

Aramco plans to increase the pipeline's capacity to as much as 10 million barrels per day over the next two to three years to support exports and reduce reliance on shipping through the strait.

Nasser said work on the expansion had already begun, while the company was also examining additional routes for transporting crude oil.

Despite the disruption, Aramco exported an additional 1.1 million barrels of crude during the third quarter compared with the previous three months, according to Nasser. The company has also continued using tankers passing through the Strait of Hormuz to maintain shipments.

Saudi Arabia has additionally used a pipeline route to the Mediterranean near the Suez Canal to transport oil, although the longer journey increases shipping costs for deliveries to Asian markets.

Brent crude prices rose above $106 per barrel on Tuesday following US military strikes on Iran's Qeshm Island, adding to concerns about supply disruptions.

The conflict has also affected Saudi Arabia's wider economy, with attacks on civilian and energy infrastructure disrupting planned events and investment activities. The country recently postponed its Future Investment Initiative conference, while the 2027 Asian Cup, originally scheduled to begin in January, has also been delayed.

Higher crude prices have supported earnings across the global oil industry, even as the conflict continues to affect production infrastructure, shipping routes and energy costs.

Egypt has signed two agreements with the International Fund for Agricultural Development to strengthen its broader role in sharing agricultural expertise across the Middle East and Africa. 

The pacts aim to support small-scale farmers in improving water management, increase their incomes and adapt to climate change, according to a statement. 

The agreements cover two ongoing projects - the Climate-Resilient On-Farm Water Management in the Nile Valley (CROWN) and the Positioning Egypt for Agricultural Resilience and Leadership (PEARL) - backed by $64.85 million in IFAD financing, and a $470,000 grant, respectively.

The CROWN initiative, which combines modern irrigating and draining infrastructure with climate-smart farming, will support around 90,000 rural households and improve water management across about 12,600 hectares in Beni Suef and Minya. The PEARL project is also expected to benefit 2,000 people through strengthening Egypt’s capacity for agricultural innovation and South–South and Triangular Cooperation. 

The agreements come amid rising climate pressures, scarce water resources and growing regional uncertainty, underscoring the importance of investing in resilient food systems. 

Together, both pacts will help connect “financing for rural communities with technical expertise, institutions and partnerships”, the statement added.  
 
“Water investments deliver lasting results when farmers also have the knowledge, finance and market opportunities to make their businesses more productive and resilient,” said Naoufel Telahigue, IFAD regional director for the Near East, North Africa, Europe and Central Asia. 

“These agreements bring those elements together, while enabling Egypt to share practical solutions with other countries facing similar challenges.” 

Both pacts build on nearly five decades of partnership since Egypt joined IFAD in 1977. The fund, which has invested in rural people and their communities to build food security, have ploughed $23 billion in ongoing projects alongside its partners. 
    
 

Business succession and next-generation readiness have emerged as a top priority among regional family business leaders, a new study has revealed. 

More than one-third (34%) of senior family business leaders across the Middle East have cited business succession as their top long-term concern by 2035, illustrating how leadership priorities and governance agendas are evolving, the KPMG Middle East Family Business Report 2026 released on Tuesday has shown. 

The report, which surveyed 135 senior family business leaders across the region, revealed that 84% of family businesses in the Middle East expect to outperform their competitors over the next five to ten years, compared to 72% globally.

Strategic clarity stood out among family businesses, with 85% reporting a defined growth strategy for the next ten years and 80% reporting strong internal consensus among family members on how best to grow the business.

Family reputation and brand equity ranked as the most successfully leveraged assets among respondents, with 93% rating them as key value drivers, followed by shared values and purpose at 89%. 

More than a third of the respondents (36%) chose expanding their geographic footprint as their single highest-impact growth driver to 2035, with more than half placing it among their top two priorities. A prevalent long-term  mindset has emerged, with 55% of the respondents identifying reinvestment of earnings and shareholder equity as their preferred source of growth capital over the next two years, the study identified. 

More than two-thirds of family businesses are deploying artificial intelligence, while 56% of the respondents continue to view cybersecurity primarily as an IT responsibility rather than a board-level risk.

Indonesia and Iran are exploring potential cooperation across priority sectors such as academia and research to facilitate greater collaboration and exchange of expertise. 

Brian Yuliarto, Indonesian minister for Higher Education, Science, and Technology, expressed the country’s willingness for strategic education cooperation with Iran, Antara news agency reported. 

"We are happy to welcome Iranian professors as guest lecturers in Indonesian universities to enhance science and technology cooperation between Iran and Indonesia," said Yuliarto. 

Both nations are also exploring collaboration potential to develop science techno parks to support research optimisation. Discussions to cooperate in research downstreaming and business incubator development in strategic sectors, such as energy and aerospace, were also held. 

Meanwhile, the Iranian side reaffirmed their readiness to strengthen research and academic cooperation with Indonesia, especially on the science and technology parks development.

The two parties expect the cooperation to be formalised through a memorandum of understanding between the higher education ministries.

Both countries also signed a joint plan of action last week to deepen bilateral cooperation in developing their halal product ecosystems, with a primary focus on halal food and safety standards. 

"The step is part of BPJPH's strategy to expand international halal recognition and cooperation, opening greater opportunities for Indonesian products on a global scale and strengthening Indonesia's position as the epicenter of halal products," Ahmad Haikal Hassan, Indonesia's Halal Product Assurance Agency (BPJPH) said.

Iran's Ambassador Mohammad Boroujerdi expressed confidence that the action plan will elevate product quality and strengthen mutual food security.

The United Arab Emirates and Greece have announced 18 agreements and commercial partnerships worth €12.75 billion ($14.3 billion), alongside plans for an additional €15 billion in UAE investment to strengthen economic cooperation across technology, energy, infrastructure and other sectors.

The agreements were announced during the UAE-Greece Strategic Forum in Athens and cover digital infrastructure, artificial intelligence, renewable energy, logistics, transport, healthcare and food security. The proposed additional investment will be channelled through a bilateral investment initiative established in 2022.

Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, said the two countries' economic relations are built on shared interests and mutual trust. He highlighted the role of businesses in expanding bilateral investment, adopting advanced technologies and developing projects in sectors with growth potential.

The UAE-Greece investment initiative was established in May 2022 with an initial commitment of €4 billion to support joint investments in priority industries. Since its launch, the framework has facilitated transactions in energy and healthcare.

The planned €15 billion allocation is intended to expand investment activity under the existing framework, drawing on institutional capital from both countries and Greece’s position as a commercial link between Europe and other international markets.

The latest agreements also extend cooperation into sectors such as clean energy infrastructure, industrial development, ports and life sciences, reflecting efforts by both countries to diversify their economic partnerships.

The announcement follows similar investment commitments by the UAE in other international markets. The country recently outlined plans to invest an additional $25 billion in India, with discussions focused on strengthening supply chains and expanding opportunities under the India-UAE Comprehensive Economic Partnership Agreement.

The UAE has also announced plans for €40 billion in investment in Germany as part of a broader strategic dialogue covering trade, defence, energy and technology.

The agreements were announced on October 22, 2026. Official UAE statements confirmed the €12.75 billion deal value and the additional €15 billion investment intention, although the individual projects to be funded under the new allocation have not yet been disclosed. 

Pakistan and Maldives have pledged to significantly expand bilateral trade to strengthen long-standing relations and support national development priorities.

Pakistan’s Prime Minister Muhammad Shehbaz Sharif met with the President of the Maldives, Dr. Mohamed Muizzu as part of a state visit on Wednesday.

The trip marks the first state visit by a Maldivian President in 11 years and coincides with six decades of diplomatic relations between the two countries. 

The two leaders committed to increase bilateral trade to $200 million within two years, from about $13.4 million, a nearly 15-fold increase as both countries agreed to expand bilateral trade, investments, tourism, food security, pharmaceuticals and private-sector partnerships.

Both leaders also emphasized the importance of improving air and maritime connectivity, according to a statement issued by Pakistan's Ministry of Information and Broadcasting. 

Bilateral trade is heavily one-sided with Pakistan's exports accounting for almost all recorded bilateral goods trade.

The two countries signed 20 Memorandums of Understanding (MoUs) covering priority sectors, including health, education, technical training, tourism, civil aviation, agriculture, fisheries, defence, maritime security, law enforcement, civil service cooperation, social protection, culture, and youth, among others. 

The Pakistani premier reiterated the country’s readiness to provide essential food commodities and pharmaceuticals to Maldives, including through government-to-government arrangements. He also announced 20 additional undergraduate scholarships, annually, for Maldivian students.

The UAE’s real gross domestic product fell 2.1% year on year in the second quarter of 2026 to AED476.9 billion ($130 billion), as disruptions linked to the regional conflict weighed on tourism, transport and trade, according to preliminary estimates from the Federal Competitiveness and Statistics Centre (FCSC).

Non-oil activities contracted by 1.1% in the quarter ended June 30, though they continued to account for a growing share of the economy, rising to 79.2% of real GDP in the first half of 2026, up from 78.1% a year earlier. Oil activities made up the remaining 20.8%, down from approximately 23% in the same period of 2025.

For the first half of 2026 as a whole, real GDP reached AED961.9 billion at constant prices, a modest increase of 0.4% on the same period in 2025, supported by non-oil GDP growth of 1.8%. The FCSC said the results reflect continued diversification of the UAE’s economic base, with non-oil sectors driving the bulk of activity.

Among major sectors, financial and insurance activities recorded the strongest growth in the first half, expanding 14.8%, followed by information and communications at 7.3%, health and social work at 6%, construction at 5.1%, government services at 3.6% and real estate at 2.3%. By contribution to non-oil GDP, trade ranked first at 16.2%, followed by financial and insurance activities at 15.2%, construction at 13.1%, manufacturing at 11.8% and real estate at 7.9%.

The second-quarter contraction reflects pressure that has built since the outbreak of the US-Iran war in late February, which was followed by the near-closure of the Strait of Hormuz and widespread disruption to regional travel and commercial activity. Oil prices have remained around $100 per barrel despite some recovery in Gulf flows, reflecting ongoing shipping risks and elevated transport costs.

The FCSC noted that the first-half and second-quarter figures are preliminary estimates. A comprehensive revision of the UAE’s national GDP time series is under way and the updated figures are expected to be released in the first quarter of 2027.

The Middle East and North Africa region's economy is projected to contract by 0.3% in 2026 before rebounding 6.3% in 2027, the International Monetary Fund said, as the prolonged closure of the Strait of Hormuz weighs heavily on energy producers across the Gulf.

The forecasts, published in the IMF's latest World Economic Outlook on Tuesday, represent a downward revision of 2.2 percentage points for 2026 and an upward revision of 1.7 percentage points for 2027 compared with the Fund's April projections. The IMF said the revisions reflect a longer-than-anticipated Hormuz closure and a correspondingly larger recovery once shipping routes normalise.

"Bahrain, Iraq, Kuwait and Qatar — commodity producers most affected by disruptions to energy output and transport — are projected to experience double-digit contractions of their economies in 2026, followed by double-digit expansions in 2027 as production, exports and logistics normalise," the IMF said.

Saudi Arabia is expected to fare somewhat better, given more diversified energy export routes. The Fund projects a 3.3% contraction in the Saudi economy this year and a recovery of nearly 8% in 2027.

The IMF previously forecast some growth for Saudi Arabia, the UAE and Oman in 2026; it now projects significant contractions for all but Oman.

The IMF's baseline scenario assumes the Strait of Hormuz reopens in March 2027 and gradually returns to pre-war conditions by early 2028. The US-Israeli conflict with Iran, now in its eighth month, has continued to disrupt commercial shipping through the strait, with the exception of a brief period in June when an interim peace deal allowed vessels to transit unharmed.

The projections may not fully account for an escalation in hostilities between Saudi Arabia and Yemen's Houthi militia. The Iran-backed group has struck Saudi energy facilities and civilian infrastructure in recent weeks, including attacks on Riyadh's main international airport that resulted in multiple fatalities and injuries to hundreds.

Speaking at the WPC Energy Congress in Riyadh this week, energy minister Prince Abdulaziz Bin Salman Al Saud said the capital remained safe and that Saudi Arabia would continue investing in oil and gas infrastructure to bypass Hormuz.

Crude oil prices are expected to average 41% higher this year than in 2025, and natural gas prices 48% higher, based on data extrapolated from September 21.

Despite the regional disruption, the IMF's global growth projections are broadly unchanged from April, supported by energy rerouting, increased production outside the Gulf, inventory drawdowns and an investment boost driven by artificial intelligence.

A trade agreement between the UAE and the five-nation Eurasian Economic Union — Russia, Kazakhstan, Belarus, Armenia and Kyrgyzstan — entered into force on October 6, eliminating or reducing tariffs across 85% of tariff lines and covering 95% of bilateral trade by value.

Non-oil trade between the UAE and the EAEU reached more than $33.3 billion in 2025, up 15% on the previous year. The Eurasian Economic Commission expects the agreement to add at least $5–6 billion annually to that figure.

"The agreement has an asymmetric effect on the two sides' tariff commitments. For the UAE, it mainly expands the range of goods traded duty-free, while for the EAEU the main effect is lower tariffs," the Russia-UAE Business Council said, adding that for established trade flows, the deal would make it easier for companies to bring new products to market.

The asymmetry reflects the two sides' starting positions. UAE import tariffs are generally low, with most goods subject to rates of 0% or 5%. EAEU tariffs can reach 80% on some product lines, meaning the cuts represent a more substantial change for exporters selling into the bloc. Russia's Resource Agribusiness Group noted that the UAE's existing 5% tariff on crude sunflower oil from the EAEU will fall to zero in the first year.

For UAE-based manufacturers, lower EAEU tariffs open a new incentive to produce or process goods in the Emirates for export into the bloc. Abu Dhabi coffee producer Maatouk 1960 Factory, which imports green beans from Latin America, Africa and Asia and packages them as UAE-origin products, plans to begin shipments to the EAEU in the first quarter of 2027.

The agreement also raises concerns in some EAEU industries. The Russian jewellery sector faces the prospect of gold and silver jewellery from the UAE — currently subject to a 10% import duty — entering at zero tariff once the deal takes effect. Questions have been raised about whether goods from third countries such as China or India could be routed through the UAE to benefit from the preferential rate after simple repackaging.

Serafima Pankratova, counsel at Balayan Group, a Moscow-based law firm, said the main legal challenge would be proving the origin of goods. Customs authorities may also verify eligibility for preferential treatment after clearance and recover duties if origin requirements are not met, she said. Dmitry Antonov, senior vice-president of Resource, cautioned that tariff reductions alone would not be sufficient, pointing to product approvals, certification, logistics and local distribution as core requirements for sustainable trade.

The deal aligns with Dubai's D33 economic agenda, which aims to more than double manufacturing value added by 2033, and with the UAE's broader strategy of using its expanding trade agreement network to attract manufacturing and processing activity. Although the full impact will take time to materialise, the agreement is expected to shift how companies structure supply chains between the two markets.