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 exports to China up more than 20% in 2022 China is making inroads in the Middle East, including by strengthening economic ties to Egypt. Egypt
Saudi’s new Riyadh Air set to compete with Emirates, Qatar Airways The airline is expected to better connect travelers to Saudi Arabia’s cultural and natural attractions, create more than 200,000 jobs and add $20 billion to non-oil gross domestic product. Legacy: Gulf
Saudi Arabia’s 2022 GDP breaks record, exceeds $1 trillion Saudi Arabia’s government report states that it achieved its highest gross domestic product growth rate in over a decade in 2022 at 8.7% and broke its total amount record of more than $1 trillion last year. Legacy: Gulf
UK Islamic bank: Soccer boosting Gulf property investments Andrew Ball, the CEO of the Bank of London and The Middle East (BLME), spoke to Al-Monitor about how soccer is fueling a rise in Gulf investment in northern England. Legacy: Gulf
Moody’s issues warning about Israel’s judicial reform The credit agency is one of several institutions to warn the controversial reform could hurt the Israeli economy. Israel
Iran says it signed 'aviation cooperation' memo with UAE The UAE and Iran have cordial economic and political relations, despite being on opposite sides of some regional rivalries. Iran
Saudi Arabia mulls tax relief for global companies relocating regional HQs On the sidelines of the International Conference on Justice that began on Sunday in Riyadh, Saudi Arabia granted three foreign law firms licenses to practice in the country. Legacy: Gulf
Russia to add Gulf countries to visa-free travel list Russia stated that it was preparing visa-free travel agreements with a total of 17 countries, which include Saudi Arabia, Kuwait, Bahrain, Oman and Syria. Legacy: Gulf
Analysis Qatar-UAE 'fraternal' meetings offer sign of growing rapprochement Although immediate economic partnerships or deals from the UAE and Qatar meetings have yet to be announced, the latest meetings are still a sign that the two Gulf nations are headed into a thaw after years of boycott. By Salim A. Essaid
Egypt, Russia find opportunity in crisis Analysts say boosting trade between Russia and Egypt in the ruble and the pound is a win for both countries amid Western sanctions on Moscow and the dollar crunch in Egypt. Egypt
Saudi Arabia invests $51 billion in first wave of Shareek diversification The Shareek investment and diversification strategy is set to create more than 64,000 jobs by 2040. Saudi Arabia
UAE's Dubai ranks fourth in luxury residential sales in 2022 Luxury home sales that exceeded $10 million each in Dubai amounted to 219 in 2022, only ranking behind New York (244), Los Angeles (225) and London (223). Legacy: Gulf
