Lebanon secures initial World Bank approval for $400M loan Lebanon is seeking international support to cover an estimated $11 billion in reconstruction costs, as its government navigates ongoing political and security challenges. Lebanon
IMF appoints first Syria mission head in 14 years: What to know Syria's new government faces the task of revitalizing an economy that has been devastated by 14 years of war and ravaged by international sanctions. Syria
First Syria delegation under Sharaa visits US, will attend IMF meetings: What to know Syria's new government faces the daunting task of rebuilding an economy shattered by war and burdened with debt, ongoing sanctions and reconstruction costs. Syria
Egypt's Sisi visits Qatar, nabs $7.5B in investments: What to know President Abdel Fattah al-Sisi’s trip to Doha comes amid Egypt’s moves to improve ties with Turkey and tensions with the UAE over the Gaza war. Egypt
Family of man who held up Beirut bank stages protest Bassam al-Sheikh Hussein took hostages at gunpoint to get his own money out of the bank. Many Lebanese, who are unable to access their savings amid the economic crisis, called him a hero. Lebanon
Saudi Arabia secures funding for electricity interconnection with Egypt Egypt just approved a plan to ration electricity, though the government said there is not a shortage of power. Egypt
Saudi Arabia’s Public Investment Fund acquires stakes in Egyptian state-owned firms The acquisitions help make good on Saudi Arabia’s pledge to invest billions in Egypt. Saudi Arabia
Turkey’s current account gap widens, with no respite in sight for the lira The Turkish lira is likely to tumble further in the coming months as the country’s current account gap threatens to grow beyond $40 billion by the end of the year. Turkey
Breaking | Last Updated: August 17, 2022, 12:21 pm Reports: armed man who held bank hostage in Lebanon now in custody Lebanese cannot access most of their savings amid the worsening economic meltdown. Lebanon
Here's how the latest US rate hike will impact Egypt's economy A stronger US dollar will inevitably drive higher import costs, and subsequently prices, in the most populous Arab country, yet could eventually provide a boost to the local currency with an increase in exports. Egypt
Downward spiral causes crash in Egypt’s gold prices Gold prices sharply dropped in Egypt amid a drop of global prices after the US Federal Reserve hiked interest rates. Egypt
Turkey raises inflation forecasts The Turkish lira is also again falling close to historically low levels against the US dollar. Turkey
UAE Central Bank announces more sanctions The Emirates is seeking to improve its record on financial transparency after being implicated in money laundering and sanctions evasion controversies. Gulf
How realistic are Ankara’s hopes of trading in Turkish liras? While the Turkish lira continues to tumble, Turkey’s currency swaps with China and other countries have failed to live up to their stated objective of boosting trade in local currencies, official data show. Turkey
Israeli banking reforms to facilitate fintech growth Israeli banking authorities are advance reforms to open Israel’s credit market and render it much more competitive. Israel
Egypt’s growing fintech ecosystem transforms country’s finances A population of over 100 million, young, largely unbanked, with a high penetration of internet and mobile subscriptions paves the way for innovation in Egypt's fintech sector. Egypt
