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
Saudi Arabia opens four special economic zones with eye on foreign investment The special economic zones offer incentives such as competitive corporate tax rates, 100% ownership of companies and flexibility in employing foreign labor. Legacy: Gulf
Moody’s downgrades Israel’s credit outlook Despite calls by Prime Minister Benjamin Netanyahu and President Isaac Herzog, Moody's has changed Israel's credit outlook from "positive" to "stable." Israel
Turkey, Egypt inch closer to restoring ties as FMs meet in Ankara The former Eastern Mediterranean rivals are on the path to rapprochement, but there are no plans for the return of ambassadors as of yet. Turkey
Turkey’s opposition pledges return to economic orthodoxy, faces uphill task An opposition victory in Turkey’s upcoming elections should put the country back on the path of economic orthodoxy, but the huge cost of the February quakes dictates tough revisions to any economic plans. Turkey
Who is exempt from UAE’s upcoming corporate tax? Government entities, investment funds and others will be exempt from the first-ever corporate tax that will soon take effect in the Emirates. Legacy: Gulf
UNRWA staff in Gaza strike as demands remain unmet UNRWA schools and clinics in the besieged enclave were closed as the agency failed to meet its staff’s demands. Palestine
Analysis In China, Macron eyes bigger role for France on Iran and Middle East On the sideline of French efforts to construct a healthy economic relationship with the Chinese giant, Paris also signals it is willing to cooperate with Beijing on talks regarding Iran's nuclear program. By Rina Bassist In Paris, reporting on Israeli politics and European affairs
Inflation hits 33.9% in Egypt as food prices surge Egypt’s Central Bank continues to raise interest rates amid surging inflation, but past rate hikes have failed to alleviate the situation. Egypt
Gulf's economic transformation will drive air traffic, IATA says Kamil Al-Awadhi, the association's Middle East chief, said countries in the region have spurred air traffic by hosting global business, political and sporting events. Legacy: Gulf
Egypt's rate hike viewed with skepticism as inflation persists Economists question the logic behind Egypt's new interest rate hike, especially after previous raises failed to bring the inflation rate down. Egypt
China's emergence as Saudi-Iran broker signals multipolar diplomacy in Middle East As China hosts on Thursday the Saudi and Iranian foreign ministers in Beijing, the Gulf states have an opportunity to capitalize on its growing role. Legacy: Gulf
UAE’s Mohamed bin Zayed calls Israel’s Netanyahu amid tensions The call follows continued rescheduling of Netanyahu’s trip to the UAE and the Gulf state’s criticism of new coalition. Legacy: Gulf
