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
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. Legacy: 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
Abu Dhabi port operator acquires stake in Egyptian shipping firms Gulf countries are interested in buying Egyptian assets as the country’s economy falters. Egypt
World Bank approves $500 million loan to Egypt for food security Egypt, like other countries in the region, is contending with food security and price increases related to the Russian invasion of Ukraine. Egypt
US deputy treasury secretary in Turkey to warn against evading Russian sanctions In a visit to Ankara Wednesday, US Treasury Deputy Secretary Wally Adeyemo plans to remind Turkey that anyone evading US sanctions against Russia will be held accountable. Turkey
Iran, Russia to establish trade centers The two countries will focus on energy-related trading and establishing a north-south corridor to rival the Suez Canal. Iran
Israel raises interest rates, following Gulf, US Inflation is rising throughout the Middle East and many countries' central banks are raising interest rates in response. Legacy: Gulf
Gulf states blacklist terror financiers linked to Iran, Islamic State, Syrian regime Lead figures in the Assad regime’s Qatirji oil-smuggling network were among those sanctioned. Legacy: Gulf
