How is war shaking up global business? - Difficulties for airlines and critical raw materials
The US-Israeli war with Iran is shaking up businesses around the world, driving up energy prices, reducing supplies of critical raw materials and raising questions about the reliability of trade routes for the passage of goods, from food to car parts.
The war has closed much of the region's airspace and damaged the airports of Dubai and Doha, two of the world's busiest transit hubs, stranded tens of thousands of passengers and forced airlines to cancel about 40,000 flights, the biggest disruption to the travel industry since the COVID-19 pandemic.
Private jets are an alternative for stranded travelers to get out of the Gulf, while others have embarked on long taxi rides across the desert to Riyadh, Saudi Arabia, in the hope of returning home. Shipments ranging from food to aircraft parts are on hold as the conflict in the Middle East tightens cargo capacity and raises commodity prices.
Prices for flights between Asia and Europe have risen sharply, and some airlines have changed routes. Jet fuel prices, the second-largest expense for carriers, have doubled since the conflict began.
The conflict has jeopardized the Middle East's carefully constructed image as a safe and popular destination for luxury vacations, after billions of dollars in investment in recent years from Abu Dhabi to Dubai. Tourism is worth an estimated $367 billion a year to the region. It has also exposed how heavily global air travel relies on a small number of hubs led by Dubai, the world's busiest international airport.
Qatar's Qatalum smelter began shutting down operations last week, while Bahrain Aluminium said it had halted shipments and declared force majeure because it could not transport metal through the Strait of Hormuz. The Gulf region accounts for about 8% of global aluminum supply. Aluminum prices on the London Metal Exchange rose sharply after the news.
South Korean officials have warned that a prolonged conflict could cut off supplies of key semiconductor manufacturing materials originating from the Middle East, including helium, which is essential for chip production and has no viable substitutes.
Drone strikes that damaged several data centers in the United Arab Emirates and Bahrain raised questions about supply chains and the pace of expansion of major technology companies in the region.
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