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
Turkey and Kuwait sign six deals as Erdogan hosts country's Emir The Kuwaiti emir traveled to Turkey for his first foreign visit to a non-Arab country since he took the oath of office in December. Turkey
KFC, Pizza Hut profit in Middle East cut by half amid Gaza war boycotts Americana Restaurants said the decline was due to the “ongoing geopolitical tensions” in the Middle East and the effect of the Ramadan period. Israel
As it seeks to rival China and Pakistan, India sets its sights on Oman trade deal The agreement could serve as a "strategic lever" for New Delhi to expand its influence in the Middle East. Oman
UAE’s non-oil revenues hit by April floods, but quick recovery expected The seasonally adjusted S&P Global UAE Purchasing Managers’ Index fell to 55.3 points in April, still indicating growth, but had been at 56.9 the previous month. United Arab Emirates
UAE, Ukraine conclude trade deal talks, Emirates to help post-war reconstruction Ukraine’s bilateral trade has sharply fallen since Russia invaded the country in February 2022. United Arab Emirates
Can $20B Iraq Development Road project rival India-Middle East corridor? A new trade route is in the works to connect the Gulf with Europe along the Development Road, starting in Iraq. Iraq
Chipotle opens restaurant in Kuwait, its first in Middle East The Mexican-style food chain’s entry into the Middle East comes as Western brands in the region deal with the effects of Gaza war-related boycotts. Kuwait
As Iran, Israel trade fire, Saudi Arabia and Pakistan try to forge stability As Prince Faisal bin Farhan made his way to Pakistan with a high-powered delegation to discuss energy and economic ties, tension in the Middle East overshadowed the discussions. Saudi Arabia
EU releases another $1.06B to Egypt to boost fragile economy The European Union's latest package of support for the North African country's economic recovery follows an $8 billion deal announced March 17. Egypt
Lufthansa extends Tehran flights ban as Iran-Israel tensions flare The Middle East remains on high alert after a suspected Israeli airstrike killed seven senior Iranian commanders in Damascus April 1. Iran
Analysis After Neom cut, Saudi Arabia expected to scale back more Vision 2030 plans Authorities had originally planned for 1.5 million residents to live in The Line part of Neom, but they scaled back their ambitions to around 300,000. By Jack Dutton In Bristol, reporting on regional business, climate change, AI, tech
Northern Cyprus tightens property sales rules amid influx of Russian money Northern Cyprus seeks to tighten its laws on real estate purchases to foreigners amid allegations of Russian black money, Zionist plots and encouragement from Ankara. Turkey
