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
Coinbase 'welcomed' to Abu Dhabi's Hub71, hinting at new base in UAE Coinbase CEO Brian Armstrong said at a Dubai-based tech event that the UAE could serve as a hub for parts of the Middle East, North Africa and Asia. United Arab Emirates
UAE official discusses cooperation with Iran’s roads minister The UAE and Iran continue to maintain cordial economic and political ties, despite US pressure. United Arab Emirates
Egypt’s economy braces for new hit from Sudan conflict Egypt fears that a prolonged conflict in Sudan, a major market for its exports, will add to its economic hardships. Egypt
Dubai’s DP World signs deals with China seaport companies in latest push Ningbo-Zhoushan port said it will boost its Dubai station project as part of China’s Road and Belt Initiative. United Arab Emirates
In Saudi, US embraces a West Asia architecture with India, UAE New relationships across the continent may promote both economic development and security. Legacy: Gulf
HSBC projects strong China-Middle East economic growth In 2021, trade between countries of the Gulf Cooperation Council (GCC) and China surpassed GCC trade with the United States and Europe for the first time, according to the IMF. Legacy: Gulf
Analysis Saudi Aramco, high-value IPOs face impending pressure in 2023 The United Arab Emirates saw the world’s largest IPO of first quarter 2023, with ADNOC Gas PLC raising $2.5 billion on the Abu Dhabi Securities Exchange. By Salim A. Essaid
Egypt: Leading textile executive pushes for low-interest loans to save industry Textile manufacturing is Egypt’s second-largest industry, but it was severely impacted by the pandemic and now the country’s economic downturn. Egypt
Iran increases trade with BRICS including China as it looks to join bloc Iran has seen a 14% year-on-year increase in non-oil trade with members of the five-state alliance, which includes Brazil, China, India, Russia and South Africa. Iran
Egypt inflation drops to 31.5%, but food prices still rising Annual inflation fell slightly in April compared to the previous month as the central bank readies its next decision on interest rates. Egypt
Analysis Turkey Elections: Israel never saw Erdogan as an ally, unsure about Kilicdaroglu Turkey’s opposition leader Kemal Kilicdaroglu had made several anti-Israel statements in the past, but might adopt a more pragmatic attitude toward Israel if he wins the election. By Rina Bassist In Paris, reporting on Israeli politics and European affairs
Israel’s FM cuts India trip short after Gaza escalation, meets Modi Israeli Foreign Minister Eli Cohen's trip follows Indian national security adviser Ajit Doval's visits to Iran and Saudi Arabia last week, aiming to strengthen bilateral strategic ties and encourage Delhi to further engage with the Abraham Accords peace circle. Israel
