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
Egypt’s headline inflation hits all-time high of 38.2% in July Surging food prices helped July’s headline inflation numbers break the record of 36.8% in June. Egypt
Egypt’s power cuts persist amid heat, declining natural gas production Egypt wants to export more natural gas, including in cooperation with neighboring Israel, but domestic production is declining amid the government’s efforts to reduce consumption. Egypt
From Beijing to Chengdu, UAE’s ENOC establishes first China jet fuel network The Dubai government-owned oil and gas company said the expansion will extend to strategic cities including Beijing, Shanghai, Guangzhou, Shenzhen and Chengdu. United Arab Emirates
Ukraine sanctions Israeli-Georgian billionaire accused of backing Russia Israeli press reported today that Israeli-Georgian businessman Mikhael Mirilashvili, considered close to Prime Minister Benjamin Netanyahu, was blacklisted by Ukraine several months ago. Israel
Iran’s foreign minister meets Japanese counterpart in rare Tokyo trip Hossein Amir-Abdollahian's visit to Japan comes amid mounting tensions in the region over Iran’s nuclear activities and attacks on commercial vessels in the Gulf. Iran
Israel to include Gaza Americans in US visa waiver trial After agreeing to facilitate the passage of American-Palestinians in the West Bank, Israel has agreed to similar conditions for those residing in Gaza. Israel
Qatar loans Argentina $775 million to repay IMF Qatar continues its practice of assisting financially strapped countries by providing a loan to Argentina, which is also planning to use the yuan to purchase Chinese imports. Legacy: Gulf
UAE’s ADNOC buys stake in Azerbaijan gas field The move follows a wind and solar energy deal between an Emirati firm and Azerbaijan. Legacy: Gulf
Turkey’s new economy team wins over foreign investors Turkey’s economy czar and central bank chief have met with foreign investors amid a fresh push to draw foreign funds. Turkey
Lebanon: Republicans in Congress call for sanctions against political class The letters come amid Lebanon’s continued political paralysis, economic crisis and rising tensions with Israel. Some members of Congress are calling for sanctions on parliament speaker Nabih Berri, an ally of Hezbollah. Lebanon
Iran president Raisi invites UAE's MBZ to visit Tehran The invite was extended on the same day that Iran conducted a naval drill on Abu Musa Island, which is disputed with the UAE. United Arab Emirates
Saudi Arabia, UAE lead Forbes’ 2023 Arab family business ranking Although Saudi Arabia and the UAE dominated the list, with 33 and 29 of the top 100 spots respectively, Egypt’s Mansour Group sat in first place, with the UAE’s Al-Futtaim Group in second and Saudi Arabia’s only female-led company, Olayan Financing Company, at third. Saudi Arabia
