RIYADH: Egypt is targeting gross domestic product growth of 5.4 percent, inflation stabilization, and a primary surplus of 1.2 trillion Egyptian pounds ($22.7 billion) during the 2026/27 fiscal year, a top official revealed.
Oil prices dropped over $2 per barrel after the US and Iran signed an interim agreement to end the Iran war, reopen the Strait of Hormuz, and waive US sanctions on Tehran's oil, boosting the oil supply outlook. This deal initiates a 60-day negotiation period.
Australia's net overseas migration fell to 301,000 last year, down 9% from the previous year, as the Labor government aims to reduce numbers to address housing shortages and counter the rising popularity of Pauline Hanson's far-right One Nation party.
The Iran war highlighted the vulnerability of Middle East oil exports via the Strait of Hormuz, forcing Gulf nations to diversify export routes and operations at all costs. Saudi Arabia's existing pipeline strategy proved beneficial, while Qatar faces significant economic contraction due to its lack of alternatives. Countries are now exploring pipelines and overseas diversification to ensure economic survival and resilience.
Ken Costa, a former UK prime ministerial representative, argued in the Daily Telegraph that Saudi Arabia should be invited to join the G7. He cited the Kingdom's growing diplomatic influence, its role in global energy markets, and its position as a bridge between major powers, asserting that its inclusion would ensure the G7's continued relevance in a multipolar world.
Saudi Foreign Minister Prince Faisal bin Farhan expressed cautious optimism about a US-Iran MOU, calling it an "incredibly important" step. He stressed the need for robust verification, addressing wider security concerns like maritime navigation, and rebuilding trust with Iran before economic cooperation. The minister also highlighted the centrality of the Palestinian issue for regional stability.
Russia launched missile strikes on Kyiv while Ukrainian drones targeted a Moscow refinery. The exchanges occurred hours after President Zelensky spoke with leaders about ending the war. One person was killed in Sumy by a drone, and another in Enerhodar by Ukrainian strikes.
