Economy and trade

A man walks past a closed foreign exchange office in Baghdad on October 7, 2026. Iraq's central bank devalued the dinar currency against the dollar on October 7, with the country facing a deepening crisis brought on by the Middle East war. (Photo by AHMAD AL-RUBAYE / AFP via Getty Images)

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.

Turkey's Family Minister Fatma Betul Sayan Kaya speaks to media after arriving at the Ataturk International airport on March 12, 2017, in Istanbul.

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.

A view of a traffic roundabout in central Latakia, Syria on June 12, 2025. The city's road network converges near the coast, forming one of the busiest urban intersections in the province. (Photo by Omar Albaw / Middle East Images via AFP) (Photo by OMAR ALBAW/Middle East Images/AFP via Getty Images)

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.

Iranian Oil Minister Mohsen Paknejad looks on during the 27th Gas Exporting Countries Forum ministerial meeting, Doha, Qatar, Oct. 23, 2025.

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.

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Analysis

Turkey’s $20B fund crisis: Who profited, and who will pay?

Traders work at their desks on the floor of the Borsa Istanbul

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

Iran’s rial hits record low as pressure on oil exports mounts

A man counts Iranian rial notes

Oil rises amid Hormuz impasse, Trump attack threat

In this picture obtained from Iran's ISNA news agency on June 18, 2026, vessels are seen anchored in Bandar Abbas along the Strait of Hormuz.

Explainer

Turkish carriers halt Iran flights as US sanctions bite: Who could follow?

YASIN AKGUL/AFP via Getty Images

Spots of gold-rich ore speckle a stone pictured during a press tour at the Al-Amar Gold Mine, in the Riyadh region on May 28, 2008.

Analysis

US-Gulf critical minerals ties grow in bid to weaken China’s grip on industry

Saudi Arabia and the UAE are emerging as indispensable partners to the United States in its efforts to “friend-shore” a strategic sector and supply chains dominated by China.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

His Excellency President CyrilRamaphosa welcomes G20 Heads of State and Government to the G20 Leaders’ Summit, hosted by South Africa at the Johannesburg Expo Centre in Gauteng, on Nov. 22, 2025.

UAE showcases global AI ambitions with $1B Africa pledge at G20

The Gulf country is the world's top investor in Africa, with Emirati companies committing $100 billion to projects on the continent between 2019 and 2023, according to data from the Financial Times.

United Arab Emirates

US President Donald Trump and Crown Prince and Prime Minister Mohammed bin Salman of Saudi Arabia stand for a photo.

US-Gulf critical minerals ties deepen as Saudis strike rare earths deal

The Nevada-based producer said the new joint venture will develop a refinery capable of processing raw materials from Saudi Arabia and abroad to supply manufacturing and defense industries in both countries.

US President Donald Trump meets with Saudi Crown Prince Mohammed bin Salman during a “coffee ceremony” at the Saudi Royal Court on May 13, 2025, in Riyadh, Saudi Arabia.

Analysis

Deals and data: Saudi Crown Prince brings growing AI ambitions on US visit

At the White House, the kingdom's de facto ruler is set to discuss strategic priorities ranging from defense ties to Syria’s reconstruction and beyond — but the visit will also underscore how the US-Saudi partnership is being rewritten for the age of artificial intelligence.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

A drone is seen during the opening ceremony of the Milipol, the international exhibition of homeland security, at the Doha Exhibition and Convention Center, in Doha, on Oct. 31, 2016.

UAE deals with Anduril, Palantir deepen US tech footprint in Gulf defense

A new generation of Silicon Valley-linked US defense players are strengthening Gulf ties, representing a challenge to America’s legacy weapons giants in the region.

United Arab Emirates

A yacht is pictured at the Dubai Marina in Dubai August 6, 2025. (Photo by Giuseppe CACACE / AFP) (Photo by GIUSEPPE CACACE/AFP via Getty Images)

Dubai, Abu Dhabi make world’s top 5 destinations for wealthy: What to know

In Savills’ Spotlight on Wealth Trends 2025 report, Dubai topped the charts while Abu Dhabi ranked fifth.

United Arab Emirates

ABDEL MAJID BZIOUAT/AFP via Getty Images

Analysis

Morocco's UN-backed Western Sahara plan offers investors some reassurance

Last week, the UN Security Council voted in favor of a resolution backing Rabat’s plan for Western Sahara, describing autonomy under Moroccan sovereignty as the “most feasible solution” to the 50-year disagreement over the disputed territory.

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

KHALED DESOUKI/AFP via Getty Images

Egypt's foreign reserves exceed $50B mark for first time: What to know

The stronger reserve position signals that Egypt has largely emerged from its worst economic crunch in decades.

DAMASCUS, SYRIA - JULY 16: Members of Syria's civil defense work amid the aftermath of an Israeli airstrike on Syria's defence ministry headquarters on July 16, 2025 in Damascus, Syria. A spokesperson from the Israeli Defense Forces (IDF) confirmed Wednesday that Israeli airstrikes have targeted the headquarters of Syria's defence ministry and a site near the presidential palace in Damascus. The strikes come amid an escalation in conflict between Syrian government forces and Druze militia in the southern Sy

Analysis

Sharaa in Washington: Can US charm offensive boost Syria’s reconstruction?

The trip signals strong support for the new Syrian government, as President Sharaa seeks the breakthroughs needed to end economic isolation and speed up reconstruction, while US sanctions continue to paralyze investment.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

This picture taken on July 10, 2022, shows a view of the thermal natural gas and fuel oil power plant serving Syria's northern city of Aleppo.

Syria advances Qatar-backed $7B power project amid soaring electricity prices

According to the state-run Syrian Arab News Agency, the plants will use a combination of natural gas and solar energy.

A man stands atop the kasbah of Ait-Ben-Haddou.

Culture

From Hollywood set to heritage hub: Morocco’s $75M bet on Ouarzazate

Once the Hollywood of the Sahara, Morocco’s desert city is betting on sustainable tourism to reclaim its place on the map.

UK Chancellor Rachel Reeves, right, and Qatari Finance Minister Ali bin Ahmed al-Kuwari arrive at the Future Investment Initiative in Riyadh, Saudi Arabia, on Oct. 28, 2025.

Analysis

UK chases elusive GCC trade deal that could boost exports, economic links

A new charm offensive at Saudi Arabia's flagship investment conference has fueled optimism that a UK-GCC trade pact, under negotiation since 2022, could soon be completed.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech