Saudi Arabia invests $51 billion in first wave of Shareek diversification

The Shareek investment and diversification strategy is set to create more than 64,000 jobs by 2040.

Saudi Arabia

Algeria can achieve energy security and growth, but Sonatrach must change

Pro: To take advantage of higher energy costs and demand, Algeria's state-owned oil and gas company will need to make these fundamental reforms.

Gerald Kepes

In Washington, DC, reporting on regional energy trends

New World Bank grant to help Egypt manage Cairo's air pollution

A 2022 report published by the American University of Cairo described Cairo's air quality as a "direct threat to public health.”

Egypt

UAE's Dubai ranks fourth in luxury residential sales in 2022

Luxury home sales that exceeded $10 million each in Dubai amounted to 219 in 2022, only ranking behind New York (244), Los Angeles (225) and London (223). 

Legacy: Gulf

As COP28 approaches, 'clock is ticking' on Middle East clean energy cooperation

Regional collaboration on clean energy is building within the Middle East and growth opportunities look bright as the UAE prepares to host the next UN climate summit.

Turkey's economy grows 5.6% in 2022, but labor’s income share shrinks

In a sign of deepening income disparities, the share of Turkey’s labor force from the national income has dropped to 26.5%, a far cry from 36% in 2016.

Turkey

Oman's Abraj signs energy deal with Saudi's Chevron, Kuwait's Gulf Oil

Oman’s Abraj Energy Services will also sell a major stake on the Muscat Stock Exchange soon.

Legacy: Gulf

UAE, Egypt, Jordan, Bahrain sign 12 industrial agreements worth $2 billion

The third Higher Committee Meeting of the Industrial Partnership for Sustainable Economic Development wrapped up in Amman with 12 new agreements on industrial projects.

Legacy: Gulf

Saudi Arabia moves forward with bids for nuclear plant

The kingdom has received bids to build its first nuclear power plant and South Korea is reportedly expressing interest.

Legacy: Gulf

Analysis

Israel raises interest rates in eighth consecutive hike in 10 months

Fighting rising inflation, Bank of Israel Gov. Amir Yaron took the unpopular decision of increasing the interest rates to 4.25%.

By Danny Zaken

In Ma'ale HaHamisha, reporting on Israel

Lebanon’s army suffers with currency collapse as desertions mount

The drastic devaluation of wages threatens soldiers’ performance in the tumultuous period Lebanon is going through.

Lebanon

Emerging Gulf tax order to challenge family businesses

Increasing taxation across the GCC will be felt most acutely by family-owned businesses that have turned non-universal taxation to their benefit for decades.

Sebastian Castelier

In Dubai, reporting on regional business