Analysis US-Iran deal delivers $300 billion controversy, reconstruction questions Under the US-Iran agreement signed on June 17, Tehran stands to receive sweeping sanctions relief, renewed oil sales, access to frozen assets abroad and perhaps the most controversial incentive of all: a proposed $300 billion investment fund. By Samuel Wendel In Washington, DC, reporting on regional business and tech
Interview Franco-Gulf investment holds firm despite Iran war, French official says French investors are reallocating capital toward strategic sectors such as artificial intelligence and technology rather than pulling out of the region altogether. Axel Baroux France’s trade and investment commissioner for the UAE and Middle East
Gulf investment to turn inward to rebuild postwar infrastructure: QNB Charles-Emmanuel de Beauregard, Qatar National Bank’s head of corporate and institutional banking, said that the Gulf countries will need to rebuild their logistics capabilities after the closure of the Strait of Hormuz. Qatar
Saudi Aramco's VC arm sees boom in emerging technologies, retail Anas Alqahtani, CEO of Wa'ed Ventures, expects strong growth in Saudi Arabia’s emerging technology and retail sectors over the coming years. Saudi Arabia
Analysis Gulf aluminum pursues global deals as Hormuz crisis accelerates shift By Samuel Wendel In Washington, DC, reporting on regional business and tech
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
Turkey has lost export competitiveness, won't meet annual goal: Official Turkish Exporters Assembly Chairman Mustafa Gultepe said that Turkish exports would likely be between $264-267 billion for 2024. Turkey
China's BYD, world's biggest EV maker, invests $1B in Turkish plant In a post on the social media platform X on Monday, Turkey’s Vice President Cevdet Yilmaz confirmed that BYD is expected to begin production of vehicles in the new factory at the end of 2026 and that the facility will provide around 5,000 direct jobs. Turkey
Middle East startups see funding fall by 34% in first half of 2024 Although startup funding levels have plateaued globally, MENA reported an increase in early-stage rounds and investor participation. United Arab Emirates
Egypt’s remittances reach $2.7 billion in boost to foreign reserves Egypt’s liquidity crisis has been alleviated by recent investment from the United Arab Emirates and help from the International Monetary Fund, though inflation and debt remain issues. Egypt
What’s behind Saudi Public Investment Fund’s $17.2B profit? The sovereign wealth fund’s turnaround following the loss in 2022 is due in large part to the stock market rebounding. Saudi Arabia
Trump Tower deal announced in Jeddah as Saudi business ties grow The Trump Organization recently unveiled a development in Oman, while Trump’s golf course is again hosting the Saudi-backed LIV Golf this year. Saudi Arabia
