Economy and trade

Analysis

Oman’s sleepy tech sector showing signs of promise

Global investors are putting millions into an Omani carbon removal startup, signaling a breakthrough for a market that has lagged behind Gulf neighbors targeting tech growth.

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

UAE port operator DP World's profits fall 60% amid Yemen's Houthi Red Sea attacks

The Dubai-based logistics firm reported $265 million in profit for the first half of 2024 ending June 30, down from $651 million the same time last year.

United Arab Emirates

Israel's Netanyahu shakes off credit downgrade as deficit grows

Last week, Israel reported that its 12-month trailing deficit widened to 8.1% in July, from 7.7% in June.

Israel

Turkey’s Erdogan calls Venezuela's Maduro after contested elections, urges dialogue

The Turkish president stopped short of extending congratulations to Nicolas Maduro but expressed his well-wishes for the South American nation after the contested election results, according to a Turkish readout.

Turkey

Global stocks tank over fears of Middle East war, US recession

On Wall Street, the S&P 500 lost 3.1% while the tech-focused Nasdaq Composite Index lost 3.7% of its value after markets opened in New York Monday morning.

Israel

Analysis

How Morocco-UAE economic agreement could usher in new era of bilateral trade

With its CEPA program, Abu Dhabi is not only expanding its network of trade and investment partners; it is getting closer to achieving its strategic goal of increasing its non-oil foreign trade.

By Sabena Siddiqui

In Karachi, reporting on South Asia, Middle East, Iran

IMF greenlights release of $820M to Egypt, cites economic improvement

The Washington-based fund said in a statement that the decision was a result of the third review of Egypt’s 46-month Extended Fund Facility arrangement that was approved on Dec. 16, 2022.

Egypt

UK’s new government reboots trade talks with Gulf, Israel, Turkey

New British Prime Minister Keir Starmer has made economic growth a priority of his Labour government and has pledged to make the UK the fastest-growing economy in the G20.

Saudi Arabia

Analysis

What's behind China carmakers' foray into Turkey following BYD deal?

As a growing number of Chinese carmakers have shown interest in investing in Turkey, Turkish companies in the sector are positioning themselves amid the Chinese foray.

By Mustafa Sonmez

In Istanbul, reporting on economics

Turkey returns $5B deposit to Saudi Arabia amid economic recovery

The Saudi Fund for Development decided to hold the funds in the Turkish Central Bank in March 2023 after ministerial meetings the previous year — the deposit helped Turkey firm up its weakened currency, the lira.

Turkey

Turkey sees 157% wealth growth despite economic malaise

Bloated asset prices due to sky-high inflation put Ankara at the top of the survey, despite many Turks struggling to get by in real cash terms.

By Jack Dutton

In Bristol, reporting on regional business, climate change, AI, tech

After 20 years, is Iraq making progress in bid to join WTO?

Iraq first applied to join the WTO in 2004, but it made no considerable progress in the accession until its recent efforts to unify tariff and customs regulations between the federal and Kurdistan Region governments.

Iraq