World Bank ups Middle East 2025 economic outlook as oil, tourism rebound The lender expects gross domestic product growth in the region to average 2.8% this year, up from its April forecast of 2.6%. Iran
Supreme Court clears path for Turkey’s Halkbank trial over Iran sanctions The Turkish president personally raised the Halkbank case with US President Donald Trump at the White House, as Ankara pushes for a settlement to avoid a drawn-out legal battle. Turkey
Culture Marrakech's African Contemporary Art Museum reinvents itself two years after quake Marking the two-year anniversary of the 2023 earthquake, Marrakech’s Museum of African Contemporary Art highlights the city’s recovery and its growing role as a hub for African art. Morocco
Blackstone, Abu Dhabi's Lunate set up $5B GCC logistics investment platform The new platform will capitalize on the growing logistics sector in the Gulf. United Arab Emirates
Will Telecom Egypt stake sale help country achieve IMF reforms? An expert said it was "unclear” whether the sale helped solve Egypt’s “key problem” of accessing hard currency. Egypt
Analysis Saudi Aramco, high-value IPOs face impending pressure in 2023 The United Arab Emirates saw the world’s largest IPO of first quarter 2023, with ADNOC Gas PLC raising $2.5 billion on the Abu Dhabi Securities Exchange. By Salim A. Essaid
Egypt inflation drops to 31.5%, but food prices still rising Annual inflation fell slightly in April compared to the previous month as the central bank readies its next decision on interest rates. Egypt
Lebanon’s angry depositors demand their money back from banks Bank depositors staged a sit-in in Beirut to protest the banks' illegal policies imposed on their deposits amid a stifling economic crisis. Lebanon
In boost to China, UAE and Kuwait become 'dialogue partners' in Shanghai Cooperation Organization The Gulf states made up half of the new partners at the annual Shanghai Cooperation Organization meeting in 2023. United Arab Emirates
Gulf stock markets drop into red with new Fed rate hike The United States Fed raised interest rates by a quarter of a percentage point on Wednesday, which led to Gulf central banks following suit. Legacy: Gulf
Who are the UK-convicted couriers smuggling $130 million to UAE? The announcement from police of the bust in the UK follows the UAE government's efforts to combat money laundering in the country. Legacy: Gulf
Turkey's central bank keeps interest rate at 8.5%, citing inflation The decision will be the bank’s final before Turkey’s crucial election in May. Turkey
Sudan conflict poses credit risk to economies in region: Moody’s The credit agency warned that the fighting had shut down the Sudanese economy and could leave multilateral development banks exposed. The Horn of Africa
Egypt charges tourist ships in dollars as greenback crisis spirals Egypt commits tourist boats arriving in its ports to pay in US dollars amid a tough dollar shortage crisis in the populous country. Egypt
Turkey's Erdogan opens half-empty financial hub in Istanbul ahead of polls Incumbent President Recep Tayyip Erdogan denies the country is facing an economic crisis, while attacking the opposition for making backroom deals with money lenders. Turkey
Saudi Arabia boosts sovereign fund with 4% Aramco transfer Saudi Arabia’s Crown Prince Mohammed bin Salman announced the completion of a 4% transfer of Saudi Aramco shares on Sunday from state ownership to Sanabil Investments. Legacy: Gulf
