Iraq to receive gas from Turkmenistan

Iraq is largely dependent on Iran for gas, despite having its own sizable reserves. The relationship has been complicated by US sanctions on Iran, and Iraq is also seeking international help to utilize its gas reserves.

Iraq

Fossil fuel subsidies in Middle East nearly doubled since 2020, says IMF

The fund said that fossil fuel companies globally benefited from $13 million in subsidies per minute last year.

Legacy: Gulf

Turkey’s Central Bank shifts gears, hikes interest rates to 25%

The 750 basis point rise was higher than analysts' expectations, prompting lira to rebound from a record low.

Turkey

Egypt, Iran, Saudi Arabia, UAE to join BRICS

The Shanghai-headquartered New Development Bank, or so-called “BRICS bank”, had already admitted the UAE and Egypt as shareholders.

Iran

Israel to export more gas to Egypt as cooperation grows

Israeli-Egyptian cooperation on gas matters has increased significantly in recent years, despite Egyptian criticism of Israeli policy towards the Palestinians.

Egypt

Turkey’s lira sinks further as currency protection scheme changes

Banks are upset with a Central Bank plan to move depositors’ savings out of accounts designed to protect the lira’s value.

Turkey

Saudi Arabia's SRMG invests in music streamer Anghami, Spotify’s Middle East rival

Beirut-founded Anghami is the most popular music streaming platform in the MENA region, with 120 million registered users, up from 75 million in 2021.

Saudi Arabia

Lebanon rolls out waste management project

For years, Lebanon's trash has been burned in open dumps, with dangerous environmental and health effects.

Lebanon

Energy exploration begins in Lebanon’s offshore field

Gas exploration plans in Lebanon’s Mediterranean waters have progressed since the country reached a maritime border deal with Israel last year.

Lebanon

Dubai airport surpasses pre-pandemic passenger traffic in first half of 2023

Dubai International Airport welcomed 41.6 million passengers in the first half of the year, which was “just over 100% compared to traffic recorded during the first six months of 2019,” stated the airport authority in a press release.

Legacy: Gulf

US shale giant to invest $1.4B in Egyptian fossil fuel projects

At the end of last year, Apache Corp's main interests in Egypt were in the Western Desert with 5.3 million gross acres in six separate concessions.

Egypt

Libya’s central bank reunifies after clashes in Tripoli

The reunification of the financial institution is a sign of progress and follows disputes over oil revenue distribution and violence in the capital, as Libya continues to grapple with the aftermath of the civil war.

North Africa