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
Russia and China big participants at Dubai Airshow At this year's event, the UAE is balancing friendly relations with the United States as well as with China and Russia, including via the BRICS alliance. Legacy: Gulf
In first, Bahrain asset manager targets up to $550 million in China yuan fund Gulf buyers have announced 13 acquisitions of public and private Chinese companies so far in 2023, compared to just one in the same period of last year, according to data compiled by LSEG. Bahrain
Turkey reports account surplus amid fiscal policy changes Turkish bonds may also become more attractive, according to a top bank, as Turkey’s new economic leaders raise interest rates and end unpopular policies. Turkey
Chevron resumes gas supplies from Israel’s Tamar field after Gaza war halt The US energy giant was ordered to shut down the field for security reasons after the outbreak of the Israel-Hamas war. Israel
What the Gulf states new unified visa means for Saudi, UAE, other citizens The new Schengen-like visa — allowing seamless travel between members Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates — will be introduced during 2024-25. Legacy: Gulf
Iraq and Turkmenistan make progress toward deal to transport gas via Iran Iraq, currently dependent on Iran for gas and electricity, is seeking to develop its own gas supply as well as import gas from Turkmenistan. Iraq
Turkey returns to dollar bond market as Erdogan shifts approach The Turkish government has made several fiscal policy changes since the president's reelection in May in an effort to win back investors and address economic problems. Turkey
Israel approves transfer of tax revenues to Palestinian Authority The Israeli cabinet approved the transfer to pay the Palestinian security apparatus, despite objection by Finance Minister Bezalel Smotrich. Israel
Saudi's GCC-ASEAN summit: Toward an Asia minus China collective strategy The GCC and ASEAN nations find themselves sharing more strategic commonalities amid the current era of deglobalization, geopolitical instability and economic uncertainties. Legacy: Gulf
Saudi Arabia's oil cuts weigh heavy on economy, GDP tanks by 4.5% The kingdom's economy shrunk by the most since the COVID-19 pandemic in 2020 due to energy measures. Saudi Arabia
Full list of airlines that have suspended Israel flights after Hamas attacks Israel’s main international airport has remained open despite the conflict, and most Israeli airlines are still operating. Israel
20% rise in Middle East late-stage venture capital funding despite global decline Startups in the Middle East and North Africa have so far in 2023 reported a 20% year-on-year growth, new data shows, while global funding activity of this type has seen a 49% decline from 2022. Legacy: Gulf
