Iraq devalues dinar 13% as Hormuz disruption hits oil revenue The central bank said in a statement that it had revised the official exchange rate to 1,520 Iraqi dinars per dollar from around 1,320. Iraq
Erdogan aide named suspect in Turkey financial scandal Former AKP deputy chairwoman Fatma Betul Sayan Kaya is facing allegations of being linked to a market manipulation scandal. Turkey
UAE-Syria move ahead on $20 billion real estate mega-developments Major housing and tourism projects in Damascus and Latakia are set to advance following a new agreement with UAE real estate tycoon Mohamed Alabbar. Syria
Iran’s economy deteriorates, oil minister resigns, workers protest: What to know Iran’s oil minister has resigned amid mounting economic pressure from US sanctions and restrictions on the country’s exports. Iran
Analysis Turkey’s $20B fund crisis: Who profited, and who will pay? By Jack Dutton In Bristol, reporting on regional business, climate change, AI, tech
Poverty could double in the West Bank as coronavirus takes toll, World Bank warns The bank estimates the percentage of poor households in the West Bank will increase from 14% to 30% in 2020. Palestine
Oman’s public sector reform risks brain drain By letting go of thousands of foreign experts, Oman risks losing the know-how central to achieving economic diversification. Oman
In latest spending cut, Oman not renewing majority of foreign consultant contracts Contracts will not be renewed for at least 70% of foreign experts and consultants working for the Omani government. Oman
Lebanon’s economic crisis is decimating its middle class The middle class in cash-strapped Lebanon is having a hard time making ends meet as salaries have been slashed and banks are imposing informal capital control, all compounded by the coronavirus-induced lockdown measures. Lebanon
Report: Etihad Airways faces debt restructuring or possible legal action The owners of the Emirati airline's debt submitted a restructuring proposal and are waiting to hear back. United Arab Emirates
Syrian government freezes assets of Assad cousin The move to seize the assets of the businessman is the latest in a dispute that began to heat up late last year. Syria
COVID-19 ravages Turkey’s vital clothing, textile industry Turkey’s clothing and textile sector, a vital source of employment and revenues, has become the worst-hit industrial branch in the coronavirus crisis, taking both domestic and external blows. Turkey
New banking regulations threaten press freedom in Turkey Recent measures seeking to limit damaging information on the financial system pose new threats to press freedom in Turkey. Turkey
Lebanese bank official arrested for alleged currency manipulation Lebanon's central bank denied the allegations; the Lebanese pound's value has decreased significantly amid the ongoing economic crisis. Lebanon
Gulf’s megaprojects face delays, reassessment Saudi Arabia has cut capital expenditure for a number of Vision 2030 projects amid a drop in oil prices and Chinese investment. Will other Gulf states follow suit? Saudi Arabia
Have taxes killed GCC economic integration? Saudi Arabia's recent decision to increase its value-added tax by 200% could spell the end of chances for regional economic integration and policy coordination. Saudi Arabia
Israel gives final go-ahead for cannabis exports Israeli Economy Minister Eli Cohen gives his final approval for the export of medical cannabis. Israel
