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
Gulf firms set sights on Western airports with Investcorp, dnata deals The Emirati sovereign fund Mubadala is also reportedly considering an event in London’s Heathrow Airport — another sign of Gulf interest in the West’s airports. United Arab Emirates
Saudi Arabia-South Korea ties grow with industry push, pivot east Saudi Arabia is seeking to become a hub for traditional and electric vehicles, and the kingdom’s relations with South Korea are growing in several sectors. Saudi Arabia
What’s behind Abu Dhabi’s $13 billion investment in gas? The Abu Dhabi National Oil Company (ADNOC) is seeking more foreign partners as it aims to boost gas production capacity. United Arab Emirates
Analysis Why Houthi Red Sea attacks could inspire more piracy in Indian Ocean Since November, more than 20 pirate hijackings have taken place in the Gulf of Aden and Somali Basin, adding to the current financial burden on shipping companies. By Jack Dutton In Bristol, reporting on regional business, climate change, AI, tech
Turkey heads to local elections amid voter apathy, unclarity for Erdogan Melting purchasing power in Turkey looms large over the upcoming local elections. Turkey
Switzerland reports violation by Lebanon’s Audi bank in Riad Salameh probe The action by FINMA concerns connections around disgraced former Lebanese Central Bank governor Riad Salameh. Lebanon
As it looks East, Saudi Arabia strikes delicate balance between India, Pakistan "Shared strategic interests" with India and Pakistan motivate Saudi Arabia to maintain diplomatic relations with both countries. Saudi Arabia
Middle East sees 23% drop in VC funding: Qatar, Bahrain, UAE hardest hit Qatar saw VC investments tumble by 57% to 43 million QR ($11.81 million), eclipsed only by Bahrain with an 82% drop. Qatar
UAE eyes Zambia mine as minerals race heats up against Saudi Arabia, China Wealthy Gulf countries are racing against China, Europe and the United States for minerals critical to powering the global green transition. United Arab Emirates
Chemi Peres: Israeli tech back to business, cyber security among most resilient Despite the war and the divides within the Israeli society, tech entrepreneur Chemi Peres embraces the optimism of his father, late President Shimon Peres, for the future of the country’s innovation ecosystem. Israel
GCC, Turkey launch talks on free trade agreement According to the Turkish trade minister, the new free trade agreement will create one of the world’s largest free trade areas. Turkey
Saudi Arabia offers $182M package, other incentives for mining investors The kingdom is prioritizing the lucrative sector as part of its ambitious Vision 2030 plan to diversify its economy away from a reliance on oil. Saudi Arabia
