UAE, Egypt, Jordan, Bahrain sign 12 industrial agreements worth $2 billion

The third Higher Committee Meeting of the Industrial Partnership for Sustainable Economic Development wrapped up in Amman with 12 new agreements on industrial projects.

Legacy: Gulf

Saudi Arabia moves forward with bids for nuclear plant

The kingdom has received bids to build its first nuclear power plant and South Korea is reportedly expressing interest.

Legacy: Gulf

Analysis

Israel raises interest rates in eighth consecutive hike in 10 months

Fighting rising inflation, Bank of Israel Gov. Amir Yaron took the unpopular decision of increasing the interest rates to 4.25%.

By Danny Zaken

In Ma'ale HaHamisha, reporting on Israel

Lebanon’s army suffers with currency collapse as desertions mount

The drastic devaluation of wages threatens soldiers’ performance in the tumultuous period Lebanon is going through.

Lebanon

Emerging Gulf tax order to challenge family businesses

Increasing taxation across the GCC will be felt most acutely by family-owned businesses that have turned non-universal taxation to their benefit for decades.

Sebastian Castelier

In Dubai, reporting on regional business

New rail network on track to bring billions into UAE economy 

The railway will serve the UAE’s sustainability goals by reducing carbon emissions in the road transportation sector.

Legacy: Gulf

UAE's IDEX weapons fair brings in Russia, China, and billion-dollar deals

The United Arab Emirates’ defense expenditure amounted to $22.5 billion last year and is expected to reach $28.6 billion by 2027. 

Legacy: Gulf

Egypt’s inflation to remain above central bank target in 2023

Inflation in Egypt will most likely continue to rise in the coming months to peak above 30% by mid-year, well above the government’s target.

Marc Español

Iran's currency dips to all-time low, basic prices skyrocket  

Recently launched government plans to restore stability to the troubled foreign exchange market proved no remedy, as ordinary Iranians continue to see their pockets shrink.  

Iran

In shift away from US dollar, Iraq to allow trade with China in yuan

Some countries in the region are increasingly looking away from the dollar.

Iraq

Al-Monitor/Premise poll: Russia's role seen as negative in Turkey, Yemen, Iraq

The Russian invasion of Ukraine hurt the region economically, as supply chain disruptions and food shortages topped respondents concerns in Turkey, Egypt, Yemen and Iraq

Turkey

Turkey’s Central Bank slashes interest rates after devastating earthquakes

The move is likely aimed at weathering the fallout from the devastating earthquakes in accordance with the Turkish government's economy policy to prioritize economic growth at the expense of inflation.

Turkey