What $6.9B China-Saudi currency swap means for Beijing’s efforts to globalize yuan

China’s increasing economic influence and the high price of the US dollar, which has increased amid increasing interest rates to tame inflation, have led some economies to switch to cheaper yuan-denominated transactions.

Saudi Arabia

Analysis

How the Hamas war wreaked havoc on Israel’s economy

Israel’s central bank said that the war with Hamas is a “major shock” to the economy and has been more expensive than initially estimated.

By Jack Dutton

In Bristol, reporting on regional business, climate change, AI, tech

Interview

Fear shouldn’t overtake rationality in approach to artificial intelligence, says UAE AI minister

In an exclusive interview with Al-Monitor, UAE AI Minister Omar Sultan Al Olama discusses how states should govern the technology and whether fears about machine intelligence are founded.

Omar Sultan Al Olama

UAE Minister of State

UAE’s Masdar opens world’s largest single-site solar plant ahead of COP28

The Al Dhafra solar plant spans more than 12 square miles of desert.

United Arab Emirates

Egypt pushes privatization, sells tobacco company stake to UAE buyer

The Egyptian government agreed last year to privatize state assets, boost exports and increase foreign direct investment in exchange for a $3 billion loan from the IMF.

Egypt

Russia and China big participants at Dubai Airshow

At this year's event, the UAE is balancing friendly relations with the United States as well as with China and Russia, including via the BRICS alliance.

Legacy: Gulf

Tunisia-EU economic links to prevail over political tensions

Francisco Serrano

In Lisbon, reporting on North Africa business

In first, Bahrain asset manager targets up to $550 million in China yuan fund

Gulf buyers have announced 13 acquisitions of public and private Chinese companies so far in 2023, compared to just one in the same period of last year, according to data compiled by LSEG.

Bahrain

Turkey reports account surplus amid fiscal policy changes

Turkish bonds may also become more attractive, according to a top bank, as Turkey’s new economic leaders raise interest rates and end unpopular policies.

Turkey

Emirates, Flydubai top orders at Dubai Air Show as China's J-10 makes debut

Middle Eastern carriers were out in full force on the opening day of the five-day air show at Al Maktoum Airport at Dubai World Central.

United Arab Emirates

Chevron resumes gas supplies from Israel’s Tamar field after Gaza war halt

The US energy giant was ordered to shut down the field for security reasons after the outbreak of the Israel-Hamas war.

Israel

Can the East Med gas hub remain with Israel at its center?

Karen Young

In Washington, DC, reporting on regional energy