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
Abu Dhabi’s ADQ in talks with Turkey to build railway for trade corridor Amid increasing cooperation between the two countries, an alternative trade corridor is planned linking Europe, the Middle East and Asia. Turkey
Middle East economic growth to fall sharply in 2023, World Bank says The Middle East and North Africa’s gross domestic product is expected to plummet to 1.9% in 2023 from 6% in 2022. Legacy: Gulf
Israeli shekel falls to 7-year low of 3.87 against the dollar The shekel’s fall is the latest sign of economic uncertainty amid Israel’s political turmoil. Israel
Egypt's economy hit with downgrades as Sisi seeks third term Egypt continues to reel from high inflation, a weak exchange rate and more. Rare protests occurred in the country following President Abdel Fattah al-Sisi’s reelection bid announcement. Egypt
UK, Turkey in talks about third railway project The project follows the UK government underwriting financing in July to support the construction of a 286-kilometer high-speed electric railway in southern Turkey. Turkey
Saudi Arabia projects $21 billion deficit as economy diversifies from oil The kingdom was among the world’s fastest-growing economies last year with almost 9% GDP growth after a petrodollar boom amid a global rise in energy prices due to inflation and the Ukraine war. Saudi Arabia
After Nagorno-Karabakh offensive, can Turkey play nice with Armenia? Following Azerbaijani victory in Nagorno-Karabakh, Turkey is now laying the foundations for a rapprochement with Yerevan. Turkey
Pakistan, Gulf Cooperation Council sign 'preliminary' free trade agreement When the final trade deal comes into effect, it will likely be the GCC's first since 2009. Legacy: Gulf
Analysis Saudi Arabia fastest growing crypto economy globally amid regional drive The kingdom led globally with a 12% increase in crypto transaction volume reaching nearly $31 billion from July 2022 through June 2023, according to an industry report released Tuesday. By Salim A. Essaid
Russia becomes UAE’s top gold supplier as Ukraine sanctions bite The United Arab Emirates bought 96.4 tons of gold from Russia in 2022, making it Moscow's top gold importer. United Arab Emirates
UAE eyes Serbia trade deal as CEPA blitz continues Non-oil trade between the two countries reached $57.6 million in the first half of 2023, surpassing their entire non-oil trade value for the year 2020. United Arab Emirates
