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
Syria and Iran lower tariffs per free trade agreement Syria and Iran signed a free trade deal more than 10 years ago but are still working out the details. The two countries are not major trade partners despite being political and military allies. Iran
From homes to guesthouses: some Lebanese find ways to survive economic meltdown Despite Lebanon's worst financial crisis since its civil war, guesthouse investment is growing as rural tourism soars, generating much-needed revenue for its cash-strapped citizens and empowering local communities and talents. Lebanon
Lebanon to shift to new official lira-to-dollar exchange rate Lebanon is shifting to a new official exchange rate to the US dollar, three years after an unprecedented financial and economic crisis that has plunged a large portion of its population under the poverty line. Lebanon
UAE, Tanzania sign double tax avoidance deal The Emirates is also pursuing renewable energy projects in the southern African country. Legacy: Gulf
UAE, Oman boost ties with deals on high-speed rail, combating financial crimes The agreements are in line with the UAE’s foreign policy, which prioritizes regional partnerships. United Arab Emirates
Saudi Arabia partners with Senegal on railway, desalination plant The UAE, Israel and Turkey have also upped their engagement with African states in recent years. Saudi Arabia
Egyptian households turn to credit as inflation bites In the past, locals used to buy only durables in installments. Today, breadwinners buy clothes, schoolbooks, stationery and groceries on credit. Egypt
Lebanese depositors irate over closed banks Banks in Lebanon have been shut down for nearly a week amid fears of a bank run. Lebanon
Palestinian economy falters despite pandemic recovery Despite the end of the coronavirus pandemic, an improvement in the Palestinian economy does not seem very likely given other factors. Palestine
Despite slowdown, Israeli tech companies attract major investments Big investments announced in recent weeks in Israeli start-up companies might indicate that the slowdown, the layoffs and other difficulties facing the global high-tech industry might be temporary. Israel
Palestinian businessman seeks self-funded projects to support Gaza economy An agreement of $1 million was signed to restore industrial facilities that were destroyed in the May 2021 war on Gaza, which came as a glimmer of hope for the stricken industrial city. Palestine
Lebanese fear more hardships after fuel subsidies are lifted The Lebanese are expecting higher gasoline prices in light of the central bank’s decision to lift subsidies amid market chaos, dollar exchange fluctuations and devaluation of salaries in the Lebanese pound. Lebanon
