China’s Baosteel ups investment in Saudi steel plate venture to $1B

A subsidiary of the world’s largest steelmaker, China Baeowu Steel Group, will have a 50% stake in a major new Saudi-based venture.

Saudi Arabia

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’s Central Bank keeps interest rates at 50% as inflation cools

The decision, part of a pause in monetary tightening since April, comes as the country’s annual inflation slowed down in June for the first time in eight months, but still remains above 70%.

Turkey

UAE's Flydubai says Boeing delays hurt airline’s expansion plans

The Virginia-based plane-maker has been beset by plane delivery delays since its best-selling narrow-body aircraft, the 737 MAX, was flagged for safety concerns and experienced technical problems and additional quality control processes.

United Arab Emirates

Why G7's economic policy toward Russia might alienate Saudi Arabia

The G7 has seized hundreds of billions of dollars in Russia’s frozen assets in response to Moscow's 2022 invasion of Ukraine.

Saudi Arabia

Trump adds to Gulf portfolio with Dubai tower deal

The Trump Organization and Dar Global have unveiled a new development, adding to others in Oman and Saudi Arabia this year.

United Arab Emirates

Houthi attacks on Red Sea shipping wipe $2B off Suez Canal annual revenue

The Suez Canal Authority said revenue for fiscal year 2023/24 fell to $7.2 billion, down from $9.4 billion the preceding year.

Yemen

Saudia inks deal for electric flying taxis from Germany amid airline order spree

The agreement to purchase 50 jets, with an option for 50 more, was made with Lilium, headquartered outside Munich.

Saudi Arabia

Saudi-China energy cooperation strengthened by Uzbek wind project sale

Both Saudi Arabia and China are seeking to tap into Uzbekistan's and Central Asia’s energy potential.

Saudi Arabia

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

Tech investment slump reaching critical stage for cash strapped Middle East startups

Samuel Wendel

In Washington, DC, reporting on regional business and tech