Canada becomes latest Western country to lift Syria sanctions: What to know Like the US, Canada had strained relations with Syria during the civil war but is now showing signs of engagement. Syria
Analysis Egyptians in for another expensive Ramadan despite recovering economy Egyptians tend to spend more during the Islamic holy month relative to the rest of the year, but high inflation and low wages have reduced their purchasing power. By Jack Dutton In Bristol, reporting on regional business, climate change, AI, tech
Meet Fahad Al-Saif, PIF exec and Saudi Arabia's new investment minister Saif previously led investment strategy at the kingdom's sovereign wealth fund and has held senior roles at the Saudi Awwal Bank and HSBC Saudi Arabia. Saudi Arabia
Saudi Arabia names new investment minister as Vision 2030 funding lags The leadership change comes as slowing megaprojects and weak foreign inflows expose gaps in the kingdom’s ambitious economic overhaul. Saudi Arabia
Analysis Can Islamic cryptocurrencies save the industry? Cryptocurrencies lost over a trillion dollars in value in 2022, yet Islamic coins are emerging with ethical practices claiming to potentially resist such losses. By Salim A. Essaid
Turkey's inflation slows most in December in a boost to Erdogan Facing crucial elections in spring, the Turkish government is trying to take credit for curbing inflation, even though the steep decline in the annual rate owes mostly to a favorable base effect. Turkey
2022 in review: Reforms, Ukraine war drive boost in UAE’s real estate market Improved regulatory policies and diplomatic measures amid the Ukraine war have welcomed foreign direct investment and boosted the UAE real estate market in 2022 above the global average. Legacy: Gulf
Gulf central banks raise interest rates after Fed move Many Gulf nations have mirrored the US Federal Reserve’s decisions on interest rates all year. Israel and Egypt have also raised rates, but Turkey has been cutting — despite skyrocketing inflation. Legacy: Gulf
World Bank says debt increasing in Middle East countries Egypt, Iran and Turkey’s debt rose significantly last year. Legacy: Gulf
Egypt’s non-oil private sector records two years of contraction The last time the Purchasing Managers Index, which offers insight into the private sector, recorded expansion in Egypt's economy was back in November 2020. Egypt
Some Egyptian companies still dealing with Russia's alternative financial system Some Egyptian companies are secretly dealing with a Russian alternative financial system, in anticipation of international sanctions by the United States. Egypt
Venture funding in Maghreb region gets facelift As the number of startups in the Maghreb region increases and venture funding experiences a meteoric rise, the region is gradually taking a visible spot in the MENA startup ecosystem. North Africa
Kuwait benefits from oil price boom but long-term economic challenges loom Key reforms and a lack of a diversified economy remain only two of Kuwait's major challenges. Legacy: Gulf
Binance CEO takes heat at Abu Dhabi event after FTX fall Changpeng Zhao maintained that crypto is the future, despite cryptocurrency exchange FTX filing for bankruptcy last week. Legacy: Gulf
Egypt’s Banque Misr receives loan from African Development Bank, China The loan could help Egyptian startups and comes amid Egypt’s ongoing economic crisis. Egypt
‘Stars aligned’ for Palestinian startups, Gulf investors say Entrepreneurs from the West Bank and Gaza recently visited Dubai to attend a conference on funding for new businesses. Palestine
