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
India's government ratifies UAE investment deal as trade booms The UAE and India have substantial and growing economic ties and Abu Dhabi is seeking to invest more in the South Asian country. Legacy: Gulf
Kuwait emir travels to Saudi Arabia for first foreign visit Relations with Saudi Arabia are a priority for Kuwait's new emir. Legacy: Gulf
As Turkey, Azerbaijan advance Zangezur Corridor, will Armenia play ball? The Zangezur transport corridor is set to help link Europe and China later this year, but Armenian resistance remains an issue. Turkey
Red Sea trade hit can be 'managed' amid weak global demand, says WEF Maroun Kairouz, director of the World Economic Forum for the Middle East and North Africa, told Al-Monitor that the Israel-Hamas conflict has not had a material impact on global energy markets so far. Yemen
EV charging infrastructure needed to accelerate carbon emission cuts, says DP World The UAE-headquartered company's CEO Sultan Ahmed bin Sulayem told Al-Monitor that the sector could place more emphasis on equipment providers to allow for cost-competitive electric equipment to drive forward decarbonization goals. United Arab Emirates
India secures trade, power with new naval role in Middle East Without aligning directly with the US-led mission against the Houthis in Yemen, the Indian navy's independent operations set a precedent for India's evolving military posture in West Asia and mark a departure from its traditional strategic restraint. By Mohammed Soliman In Washington, DC, reporting on Gulf politics
Davos 2024: Gold, precious minerals to drive UAE-Turkey trade in 2024, says minister Since 2021, diplomatic ties between the two countries have greatly improved after years of antagonism over differing attitudes toward the Muslim Brotherhood and governance in Egypt. United Arab Emirates
Davos 2024: Gaza, Red Sea high on World Economic Forum agenda More than 300 high-profile public figures will gather at the summit in the Swiss Alpine ski resort, including more than 60 heads of state and government, to discuss global security and business challenges. Israel
On Azerbaijan visit, UAE's MBZ quietly expands influence into South Caucasus The two-day visit carries both geostrategic and economic implications regarding the energy partnership, which go far beyond the bilateral dimension, spanning from South Caucasus to Israel and Europe. United Arab Emirates
Tesla, Volvo pause production lines, oil prices up amid Red Sea tension There is a fast-growing list of companies that have had to recalibrate their business strategies while the Red Sea shipping route remains volatile. Yemen
Analysis Could China’s COSCO halting ships to Israel spark crisis in Sino-Israeli relations? Experts see the move as part of Beijing's effort to echo what it sees as the voice of the global south regarding the war in Gaza. By Jack Dutton In Bristol, reporting on regional business, climate change, AI, tech
Will Saudi Arabia see mining gold rush in 2024? The kingdom plans to take advantage of the growing demand for critical minerals to power the green transition. Saudi Arabia
