The foreign ministers of the Gulf countries and the European Union (EU) strongly condemned the unjustified Iranian attacks targeting GCC states, considering them a direct threat to regional and global security. In a joint statement issued after an extraordinary meeting, the ministers called on Iran to immediately halt its attacks.
The war in the Middle East is upending lives and livelihoods in the region and beyond. It is also dimming the outlook for many economies that had only just shown signs of a sustained recovery from previous crises, says key IMF directors in a blogpost.
The ongoing conflict in the Gulf and severe disruption to shipping through the Strait of Hormuz are beginning to weigh heavily on the region’s construction sector, with contractors facing mounting cost pressures, delivery delays and heightened financial risk.
The ongoing conflict in the Gulf and severe disruption to shipping through the Strait of Hormuz are beginning to weigh heavily on the region’s construction sector, with contractors facing mounting cost pressures, delivery delays and heightened financial risk.
There was little relief for thousands of stranded passengers across the Gulf on Tuesday as sweeping airspace closures and mass flight cancellations continued to paralyse one of the world’s busiest aviation corridors.
US President Donald Trump warned that the “big wave” of the US attack on Iran is yet to come as he laid out his war objectives for reporters.
As heightened tensions continue to inject uncertainty into global markets, businesses across the Gulf are balancing caution with determination. The GCC governments are responding swiftly to preserve stability, support liquidity, and sustain momentum, said an industry expert.
US President Donald Trump has indicated that the war with Iran could continue for up to four weeks, warning that further American casualties are likely as fighting intensifies across the region.
Global airlines reported a 5.9% rise in international revenue passenger kilometres (RPK) in January over last year, with Middle Eastern carriers outpacing most regions with a 83.2% load factor despite a broader slowdown in growth at the start of the year, according to a report by IATA.
The Gulf’s tourism sector is expected to take a significant short-term hit as regional conflict disrupts air travel, weakens traveller confidence and forces widespread flight cancellations, but analysts say regional markets retain the financial strength and infrastructure needed for recovery once hostilities ease.
