Turkey’s central bank mulls giant interest rate hike up to 10% to fight inflation

Alarmed by resurging price increases, central bank officials reportedly believe that a rate hike of up to 10 percentage points is an inevitable part of monetary tightening to tackle inflation.

Turkey

Iran's economic woes persist a year on Mahsa Amini protests

Inflation and unemployment rates remain high, which could contribute to a renewed burst of demonstrations.

Iran

Turkey, China near agreement on nuclear power plant

If built, the facility will likely be Turkey's third nuclear plant, with Russia currently constructing its first.

Turkey

Dubai ranks first in luxury home sales in second quarter: report

Dubai was one of only four markets to see growth in its overall sales volume of luxury homes between Q2 2022 and Q2 2023 at 79%, along with Sydney (46%), Paris (17%) and Geneva (7%).

United Arab Emirates

The EU’s migration roadmap: harnessing North African talent to bridge the labor gap

For years, European nations have been courting talent from the Maghreb region, offering youth opportunities in key domains with domestic shortages such as IT, science, engineering, healthcare and agriculture.

Dubai apartment prices soar, spooking expats

The cost of the average apartment in Dubai rose 20% in one year through August.

United Arab Emirates

Interview

Fintech, digital sukuk could spur Islamic finance growth in Middle East

The Gulf has seen a boom in funding for fintech startups, more than quadrupling from $200 million in 2020 to $885 million last year.

Mohamed Damak

Global Head of Islamic Finance at S&P

Saudi Arabia in race against time to achieve 2030 green electricity goal

Although the kingdom has pledged to shift away from burning oil for electricity, the carbon intensity of its gross domestic product has moved in the opposite direction from the rest of the world.

Saudi Arabia

Middle East’s AI ambitions caught between US-China chip war

The Middle East is becoming a key theater of operations in the US-China tech war — with semiconductor chips squarely in the crosshairs.

Samuel Wendel

In Washington, DC, reporting on regional business and tech

MBS and Modi discuss expanding trade goals as Saudi-India ties grow

The two leaders attended the Saudi-Indian Strategic Partnership Council where they convened on various fields of cooperation and reviewed regional and international topics of mutual interest.

Saudi Arabia

Analysis

India's economic corridor to Europe via Saudi, UAE: a win for US, West Asia

In reflection of the emerging multipolar world, Riyadh and Abu Dhabi aim to transform their bilateral relations with Washington, Brussels, and Delhi into multidimensional partnerships by joining the IMEC, with energy serving as a core pillar but not the sole one.

By Mohammed Soliman

In Washington, DC, reporting on Gulf politics

Morocco earthquake damage could wipe out as much as 8% of GDP

The US Geological Survey warns of severe potential economic losses from the Morocco earthquake's "extensive damage."

Morocco