Moody’s upgrades outlook for Turkish banks amid economic U-turn

The US-based rating agency projected Turkey's economic growth to be 4.2% at the end of 2023, falling from 2022’s 5.6%.

Turkey

Israel’s natural gas-export drive to get boost from new drilling licenses

With initial bids submitted in July to explore for new sources of natural gas, Israel has moved an important step closer towards a significant increase in production.

David Rosenberg

In Tel Aviv, reporting on business and tech

Saudi Arabia's Al-Hilal lures Neymar from PSG in $98m deal

The transfer will complete once the Brazilian forward has done a medical check and all necessary paperwork, the BBC reported.

Saudi Arabia

Manchester United expected to close $9.15B sale to Qatari royal

Qatari banker Sheikh Jassim bin Hamad Al Thani and Jim Ratcliffe, CEO of UK-based petrochemicals company INEOS, have been competing to buy the soccer team.

Qatar

What is Emiratization and how did UAE recover $600,000 from 'fake hires?'

The UAE recovered $600,000 worth of payments made by private companies to 107 Emiratis for fake jobs created in an attempt to fulfill Emiratization quotas.

United Arab Emirates

Analysis

Russia’s oil sales to China hurt Saudi revenue despite increased demand

Despite oil prices maintaining a seven-week rally and crude demand expected to reach record highs in 2023, the burden of maintaining higher oil prices is pushing Saudi Arabia to the limit.

By Salim A. Essaid

Middle East Water Security: Competition heats up as resources become scarcer

The Middle East and North Africa region is “the most water-scarce region in the world” and is home to 11 of the 17 most water-stressed countries globally.

In radical shift, Israel's El Al airline in talks to buy Airbus planes

El Al is in "serious" talks with Airbus to purchase new planes but continues to negotiate with Boeing as well.

Israel

Turkey logs $674M account surplus, breaking 20 month deficit

Turkey posted a current account surplus in June for the first time since October 2021.

Turkey

Turkish Airlines posts $635m Q2 profit, capacity exceeds pre-COVID levels

While global airlines lost nearly $170 billion to the 2020 pandemic and the industry as a whole still is not making a net profit, Turkish Airlines managed to make $2.7 billion in profit in 2022.

Turkey

Egypt’s headline inflation hits all-time high of 38.2% in July

Surging food prices helped July’s headline inflation numbers break the record of 36.8% in June.

Egypt

Riad Salameh, Lebanon's ex-central bank chief, hit with US sanctions

In addition to Riad Salameh, the Treasury Department imposed sanctions on his family members and assistant.

Lebanon