Uncertainty in the Gulf as companies prepare to unveil unequal toll of Iran war on businesses
The fortunes of regional economies, many built around hydrocarbons, largely depend on how reliant they are on the Strait of Hormuz that provides the only sea access to the Gulf. The economy of Saudi Arabia, which also has oil terminals on the Red Sea, will grow 2.1 per cent this year, HSBC forecasts show.
Letter from Middle East: You’ll never realise the risks you are always exposed to until war comes to your doorstep
As the day went on, the sounds of interceptions rang out sporadically. News reports said fragments from intercepted missiles and drones had landed near the Palm Jumeirah, causing fires close to well-known landmarks.
Living unseen war: How Iran’s war against US and Israel is wrecking Egyptian, Maghreb economies
The tourism industry, another pillar of Egypt’s economy, is beginning to feel the strain. After a strong recovery in 2025 driven by improved security conditions, favourable exchange rates and the opening of the Grand Egyptian Museum, the sector had been expecting to welcome about 21 million visitors in 2026, up from 19 million the previous year. Now, those expectations face growing uncertainty.
Kenya: Nearly half a million tourists expected to flock Mombasa City during World Tourism Week
Out of the success of last year’s inaugural tuk-tuk race that attracted huge crowds, 30 tuk-tuk drivers have been trained on tour guiding skills. This has increased their income. Four winners of the race will get return tickets to Dubai in United Arab Emirates, courtesy of Fly Dubai, while the Travellers Beach Hotel will accommodate the overall winner for three nights.
