Here's what to know about Iraq's corruption as Zaidi launches crackdown Watchdogs and financial institutions regard Iraq as a significantly corrupt country as the new prime minister works to recover public funds. Iraq
Traffic plummets through Strait of Hormuz after Iran, US trade fire Shipping through the Strait of Hormuz had recovered somewhat before renewed fighting between Iran and the United States saw traffic drop sharply over the weekend. Iran
Interview Saudi labor localization will take ‘generation or two': Armada CEO Around 70% of Saudi Arabia's population is 35 years old or younger, according to the kingdom’s General Authority for Statistics, providing ample opportunity for an educated and technology-savvy national workforce in the coming decades. Olivier Badard CEO of Armada Holding
Analysis Why the Hormuz oil shock never became an energy catastrophe The US-Israel-Iran war produced a historic oil supply shock but not a severe global economic crisis, due to ample prewar supplies, China's energy pivot and strategic reserve releases. By Samuel Wendel In Washington, DC, reporting on regional business and tech
Explainer Gulf states push incentives for investors, expats after war dents image United Arab Emirates
Newsletter: Business & Tech Oil falls to prewar levels as Hormuz reopens By Jack Dutton In Bristol, reporting on regional business, climate change, AI, tech
Turkey plans to expand renewable energy but sticks to coal, nuclear Clean energy advocates say Turkey should speed up its shift to renewable sources not only out of environmental concerns, but also to reduce its costly reliance on imported energy. Turkey
Saudi Arabia’s ambitions loom large over UAE’s business expat community Pro: Saudi Arabia is trying to pry multinationals away from the UAE's financial hubs, forcing business expats in the Gulf to make a difficult decision. Samuel Wendel In Washington, DC, reporting on regional business and tech
Qatar stays put after US, Saudi Arabia, UAE raise interest rates The Gulf central banks’ moves followed the US Federal Reserve raising its rates. Inflation increased in both Qatar and Saudi Arabia at the end of 2022. Legacy: Gulf
Explainer: What is behind Lebanon's new exchange rate? There are multiple exchange rates between the Lebanese pound and the US dollar, and the official rate being below the black market rate helps financial institutions pass on their losses to the public. Lebanon
Signaling US, OPEC+ agrees to keep oil production unchanged Experts say the decision by Saudi Arabia, Russia and other major oil producers could be motivated by a desire to maintain calm with the United States. Legacy: Gulf
OPEC+ likely to maintain oil output at meeting, in gesture to US While the OPEC+ group is expected to maintain oil production at its virtual meeting set for Feb. 1, global demand for oil is estimated to reach a record high in 2023. Legacy: Gulf
Saudi GDP grows 8.7% in 2022 due to oil, non-oil growth One credit-rating agency said Saudi Arabia’s GDP growth will slow down in 2023. Legacy: Gulf
Analysis Gulf logistics ambitions skirt net-zero carbon emissions goals The Gulf states are expanding their transportation networks and logistics hubs, which would seem to threaten their stated goals reducing carbon emissions. By Sebastian Castelier In Dubai, reporting on regional business
Pound devaluation, IMF deal send Egypt’s stock market soaring PRO: Egypt's stock market has started 2023 as one of the world’s best-performing exchanges. Here's what it will take to maintain that momentum. Marc Español
Qatar's energy giant cements Lebanon deal, substituting Russia The Qatari firm officially took over the stake previously held by a Russian company. Legacy: Gulf
Iran, Russia sign bank messaging agreement to override SWIFT Both countries are banned from the SWIFT financial messaging system due to US and European sanctions. Iran
In Egypt, economic heat of Russia's war in Ukraine is only getting worse Average Egyptians told Al-Monitor that everything from the price of tomatoes to bread is taking a toll on daily life and household decisions as country's economy reels under the heavy toll of the war in Ukraine. Egypt