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
Saudi Aramco expects oil demand to average 104.5 million bpd in 2024 The CEO of the world's largest oil-exporting company sounded more bullish on oil demand compared with OPEC and the IEA. Saudi Arabia
Saudi's PIF downsizes foreign investment, turns to AI, domestic priorities Saudi Arabia's sovereign wealth fund is looking to invest in tourism, real estate and sustainability as its Vision 2030 deadline draws closer. Saudi Arabia
Saudi Arabia pushes for Africa debt relief as private investments set to reach $25B Saudi Arabia is pushing for debt relief for African nations burdened with more than $1 trillion in liabilities. Saudi Arabia
What to expect at Saudi Arabia's eighth Davos in the Desert This year's Future Investment Initiative focuses on tech, energy and investment as Saudi Arabia steps up efforts to diversify its economy away from hydrocarbons. Saudi Arabia
UAE, Egypt pursue Iran outreach at first joint BRICS summit in Russia The summit in the Russian city of Kazan was the first to feature Iran, Egypt and the UAE as full members. Iran
What to make of Saudi Arabia's $96B in foreign direct investment in 2023 Driving foreign investment into key sectors is part of Saudi Arabia's efforts to diversify away from an oil-dependent revenue model. Saudi Arabia
France again bans Israeli firms from defense fair, deepening diplomatic rift In another sign of deteriorating bilateral relations between Israel and France, Israeli companies will be prevented from featuring their products at the international maritime exposition Euronaval in Paris in November. Israel
Egypt's Sisi hosts Saudi crown prince as Cairo looks to attract investment Saudi's crown prince met with Egypt's president in Cairo on Tuesday, where the two oversaw the signing of an investment protection agreement and the creation of the Saudi-Egyptian Supreme Coordination Council. Saudi Arabia
Albania to receive 'significant' number of drones from Turkey, PM says Turkey pledged to send drones to Egypt earlier this year, while the Maldives recently unveiled two Bayraktar TB2 aircraft. Turkey
UAE’s AD Ports Group inks major deal with China Political and economic cooperation between the United Arab Emirates and China is growing, with robust trade ties and a visit by the Chinese premier to the Gulf state. United Arab Emirates
Las Vegas gambling operator Wynn Resorts to open first UAE casino The UAE is looking to lure gaming tourists with the development of a large casino in the northern emirate of Ras al-Khaimah. United Arab Emirates
Analysis A year after Oct. 7, Israel’s economy battered by endless multifront wars A year after the deadly attack on southern Israel by the Hamas militant group and the ensuing war in Gaza, the direct cost to the Israeli economy has been more than 100 billion shekels ($26.3 billion), according to the Israeli Finance Ministry. By Jack Dutton In Bristol, reporting on regional business, climate change, AI, tech
