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 investment in UK property expected to reach $3.2 B in 2024 Middle Eastern investors are capitalising on lower property valuations and those investors are likely to refinance when interest rates start falling, the Islamic bank said. Legacy: Gulf
Saudi Arabia borrowing rate hits new high, posing risk to foreign investments The Saudi Arabian Interbank Offered Rate climbed above an average of 6% in July, which was higher than the rate during the 2008 global financial crisis. Saudi Arabia
Turkey, Egypt seek to boost mutual trade by 50% in 5 years In the first visit of its kind in a decade, Egypt's trade and industry minister traveled to Turkey on Tuesday. Turkey
Analysis Expanded UK-Turkey trade deal seen as win-win, could include services The current deal does not account for services, which form integral parts of the British and Turkish economies. By Jack Dutton In Bristol, reporting on regional business, climate change, AI, tech
Iran's oil shipments to China triple in 3 years despite sanctions Iran’s strengthening ties to China have prompted some senators to call for more sanctions. Iran
Analysis UAE rice ban after major exporter India spikes global supply fears The UAE was the world's 16th-largest importer of rice in 2021 and the majority of it came from India. By Salim A. Essaid
Israel’s north-south rail project will link to Saudi Arabia, Netanyahu says Prime Minister Benjamin Netanyahu is optimistic about the possibility of connecting Israel to the Saudi and wider Gulf rail network. Israel
In a first, Saudi Arabia seals deal with Brazil’s largest miner VBM The Vale partnership will give Riyadh access to assets in Canada, Brazil and Indonesia. Saudi Arabia
Erdogan taps ex-NY Fed official as Turkey's deputy Central Bank head In a major reshuffle, the Turkish president has dismissed all three deputy Central Bank governors as his government ramps up efforts to regain the confidence of Western investors. Turkey
Iraqi dinar falls 17% against dollar amid US restrictions over Iran deals The current depreciation follows 14 Iraqi banks being barred from using the dollar amid a crackdown on smuggling to Iran. Iraq
IMF dims 2023 Middle East outlook as Saudi Arabia's growth slows The International Monetary Fund's projections for the Middle East and North Africa are down slightly in its latest report. Legacy: Gulf
China’s newly appointed FM Wang Yi heads to Turkey, will meet Erdogan The meeting with Erdogan and Turkish FM Fidan will mark the first high-level visit from a Chinese official since 2021. Turkey
