Egypt’s non-oil exports up 20% at start of 2022

Egypt’s main exports are related to oil and the non-oil sector has been hurt by the war in Ukraine.

Egypt

Israel reopens crossing to Gaza workers

After Gaza took huge financial and economic losses in just three days of closure, Israel has reopened the border to a small number of workers.

Palestine

UAE announces date for auction of dirham bonds

The Emirati government began selling bonds for the first time last year in a bid to diversify financially. This is the first time bonds will be sold in the local currency, as opposed to the US dollar.

United Arab Emirates

Abu Dhabi removes COVID-19-related capacity restrictions, masks remain

The United Arab Emirates’ largest city also recently mandated the resumption of in-person classes for students, and is heading toward a return to the pre-coronavirus normal.

United Arab Emirates

Israeli shekel at one-year low against dollar

There have been significant changes to Israeli monetary policy recently, including the addition of the Chinese yuan to the country’s reserves.

Israel

Turkish Central Bank revises inflation outlook

The bank significantly raised its inflation projections, citing the effects of the war in Ukraine, but inflation was high before the war.

Turkey

IMF: Oil producers better prepared for Ukraine-related economic downturn

The International Monetary Fund’s report also highlighted currency depreciation in Egypt, economic effects of the war in Yemen and Jordan’s fledgling tourism sector.

By Adam Lucente

In New York City, reporting on regional news, militancy, climate change

Iraq grapples with rising food costs as a result of Ukraine war

Ripple effects from the Russian invasion of Ukraine are driving the Iraqi government to allot additional funds to ensure the food supply is stable.

Iraq

Italy's ENI to tap North African gas for Europe

Europe’s race to reduce its energy dependence on Russia has put the spotlight on Algeria, Egypt and Libya, but their capacity to boost exports in the short term is limited and any significant increase would require large investments and stability.

North Africa

Saudi Arabia, France pledge aid to Lebanon for food, health sectors

Some countries have been reluctant to provide aid to crisis-stricken Lebanon without the government's implementation of economic reforms.

Lebanon

Egypt wants shipping agencies to deal in pounds amid dollar flight

After Egypt’s currency devaluation in March, the Egyptian government hopes to ease the strain on its banking system by mandating that international shipping agencies accept Egyptian pounds instead of US dollars as payment.

Egypt

Explainer: UAE business delegation visits Kashmir, meets Indian PM

The UAE and India have a strong economic relationship. The Kashmir visit could affect UAE-Pakistan ties.

United Arab Emirates