Gulf Countries

Luxury giants slump as West Asia demand seizes up due to prolonged war

Shoppers in the West Asia are some of the world's biggest spenders, splashing out at retail hubs like Dubai and other luxury destinations including Paris and Milan

Luxury watch industry faces fresh headwinds as Iran war dents demand

The bling is back, but the war in the Persian Gulf has tarnished the outlook for the luxury watch industry - the ultimate in bling. Starting Tuesday, Geneva hosts the annual "Watches and Wonders" fair, a premiere gathering in an industry eager for a rebound after two years of market contraction, hopefully including sales in oil-rich Gulf Arab countries. The US and Israeli war against Iran that began February 28, however, has had a sweeping impact on the global economy: Driving up energy prices, stalling shipments of fertiliser, disrupting air travel, among other things. High-end watches have not been spared. Soaring prices for precious metals like gold and silver over the last year and US President Donald Trump's Liberation Day tariffs launched a year ago - while down from peak levels - already affected the market. Now, renewed inflation pressures and doubts about consumer confidence are throwing new uncertainty into the market that generates tens of billions of dollars in revenue

Paramount in talks to secure $24 bn funds from Gulf for Warner takeover

The merger would combine major studios and networks such as CNN and CBS, enabling them to compete more aggressively as streaming draws audiences away from traditional linear TV

Gulf nations explore oil routes beyond Strait of Hormuz amid Iran war

Amid rising Iran tensions, Gulf nations are reportedly exploring pipelines and new trade corridors to reduce dependence on the Strait of Hormuz

Drone company backed by Trump sons targets Gulf sales amid Iran war

A drone maker backed by President Donald Trump's two oldest sons is trying to sell to Gulf countries while they are under attack by Iran and dependent on the US military led by their father. The sales drive by Florida-based Powerus which announced a deal last month to bring aboard Eric Trump and Donald Trump Jr. positions the company to potentially benefit from a war that their father began. "These countries are under enormous pressure to buy from the sons of the president so he will do what they want," said Richard Painter, a former chief White House ethics lawyer under President George W. Bush. "This is going to be the first family of a president to make a lot of money off war - a war he didn't get the consent of Congress for." Powerus co-founder Brett Velicovich told The Associated Press that the company is making sales pitches that include drone demonstrations in several Gulf countries to show how its defensive drone interceptors could help them ward off Iranian attacks. "Ou

Kuwaiti oil tanker ablaze in Dubai Port after Iranian attack, no casualties

Authorities in Dubai confirmed they were responding to a drone attack on a Kuwaiti oil tanker in Dubai waters and that maritime firefighting teams were working to bring the fire under control

Gulf allies urge Trump to keep fighting until Iran is decisively defeated

Gulf allies of the United States, led by Saudi Arabia and the United Arab Emirates, are urging President Donald Trump to continue prosecuting the war against Iran, arguing that Tehran hasn't been weakened enough by the monthlong US-led bombing campaign, according to US, Gulf and Israeli officials. After private grumbling at the start of the war that they were not given adequate advance notice of the US-Israeli attack and complaining the US had ignored their warnings that the war would have devastating consequences for the entire region, some of the regional allies are making the case to the White House that the moment offers a historic opportunity to cripple Tehran's clerical rule once and for all. Officials from Saudi Arabia, United Arab Emirates, Kuwait and Bahrain have conveyed in private conversations that they do not want the military operation to end until there are significant changes in the Iranian leadership or there's a dramatic shift in Iranian behaviour, according to the

Trump, Iran escalate conflict with threats to energy, water facilities

Iran's Parliament Speaker Mohammad Baqer Qalibaf wrote on X that critical infrastructure and energy facilities in West Asia could be "irreversibly destroyed" should Iranian power plants be attacked

Gulf states intercept new missiles, drones as Iran threatens to widen war

Arab Gulf states reported new missile and drone attacks Sunday after Iran threatened to widen its campaign as the war in the Middle East entered its third week. Israel and the United States attacked Iran on Feb. 28, saying they were striking nuclear and military sites and encouraging the Iranian people to rise against their leaders. Iran has responded with attacks against Israel and neighbouring Gulf states. The war, which shows no signs of ending soon, has upended global air travel, disrupted oil exports from the region and sent fuel prices rising across the world. Bahrain, Saudi Arabia and the United Arab Emirates warned residents on Sunday that they were working to intercept incoming projectiles, a day after Iran called for the evacuations of three major UAE ports, threatening for the first time a neighbouring country's non-US assets. Iran earlier accused the US of using "ports, docks and hideouts" in the UAE to launch strikes on Kharg Island, home to the main terminal handling .

16 and counting: Oil, cargo ships becoming targets in West Asia conflict

Before the war, about 80 oil and gas tankers crossed the strait daily, moving roughly 20 million barrels; Now, shipping has plunged, with barely one or two vessels able to pass each day

Invading our islands will make Gulf run with blood: Iran Parliament speaker

Iran's parliament speaker said Thursday that any invasion of Iran's islands will "make the Persian Gulf run with the blood of invaders." It wasn't immediately clear what prompted Mohammad Bagher Qalibaf's comments, which again escalated the rhetoric surrounding the ongoing Iran war. Iran holds three islands it took from the United Arab Emirates before its formation in 1971. There also has been speculation that the United States could target Kharg Island in the Persian Gulf, Iran's main oil terminal.

West Asia conflict clouds cast shadow on India-Gulf labour corridor

Rising tensions in West Asia are slowing recruitment of Indian workers to Gulf countries, potentially delaying over 300,000 overseas job placements in the coming months

West Asia crisis: Oil market chaos to deepen as more Gulf giants cut output

For oil analysts, executives and traders, that has meant ever-louder warnings that the war is bringing crude to a tipping point, and closer to the psychological $100-a-barrel threshold

StatsGuru: West Asia conflict threatens India's stakes in the region

As the Israel-Iran conflict escalates, India's deep trade, energy and remittance links with West Asia highlight the economic stakes

Additional war-risk insurance lifts Gulf airfares three to four times

Airfares between India and the West Asia have jumped three to four times as airlines face steep war-risk insurance premiums, higher ATF prices and severe operational disruptions

West Asia conflict casts shadow on Gulf's glittering wedding season

Rising West Asia tensions disrupt Dubai's booming destination wedding season, leaving Indian families stranded and millions in bookings on hold

Why West Asian conflicts send shockwaves through global energy markets

As tensions rise in West Asia, disruptions at major oil and gas hubs are shaking global energy markets, highlighting how deeply the world depends on the region's powerful producers

Indian missions step up aid for passengers amid flight disruptions in Gulf

The Embassy of India in Kuwait, in a post on X, said it remains 'fully engaged' in assisting Indian nationals affected by the disruption

West Asia conflict: From oil to remittances, how exposed India is to crisis

Iran-Israel conflict: Rising tensions in West Asia put India's oil supplies, trade routes and millions of workers in Gulf nations at risk, raising concerns over remittance flows and safety

Centre prepared to bring back Indians stranded in West Asia: Pralhad Joshi

The Centre is fully prepared to bring back Indians stranded in the Gulf region and is in touch with Indian missions abroad to ensure their safety, Union Minister Pralhad Joshi said on Monday. In a statement, Joshi said discussions have been held with senior officials of the concerned embassies to facilitate the safe return of those affected by the war situation. "Whenever Kannadigas and other Indians face distress anywhere in the world, the Central Government has ensured their safe return. Earlier, we brought back those stranded in Ukraine. Wherever Indians are, their safety remains our first priority," he said. Joshi said information has been received about Kannadigas facing hardship due to the severity of the IranIsrael conflict, and urgent consultations have been held with senior ministers to take necessary measures for their protection. Reassuring anxious families, the Minister said there was no need to panic and that the government is committed to bringing back all Indians ...