Egypt wants shipping agencies to deal in pounds amid dollar flight

After Egypt’s currency devaluation in March, the Egyptian government hopes to ease the strain on its banking system by mandating that international shipping agencies accept Egyptian pounds instead of US dollars as payment.

Egypt

Explainer: UAE business delegation visits Kashmir, meets Indian PM

The UAE and India have a strong economic relationship. The Kashmir visit could affect UAE-Pakistan ties.

United Arab Emirates

Will sanctioned Russian oligarchs find haven in Egypt?

Its current economic hardships may prompt Cairo to double down on investments with Russia.

Egypt

US becomes Turkey's second biggest gas supplier, but for how long?

Turkey's second biggest gas supplier over the past winter was the United States, but Ankara may have to turn back to its neighbors to ensure it has sufficient supplies.

Turkey

Ankara’s interest liabilities balloon to dizzying heights

The ratio of the Turkish government’s interest liabilities to its principal domestic debt has hit a staggering 117%, up from 60% last year.

Turkey

Brent crude falls nearly 10%, OPEC basket drops slightly

Saudi Arabia has acted to keep prices high recently against the wishes of the US.

Saudi Arabia

War in Ukraine tests Algeria’s wheat reserves amid inflation, drought

Wheat supplies should be sufficient for the rest of 2022. But the country will eventually be compelled to secure additional quantities at higher prices

Algeria

Fundraising by Israeli startups expected to decline during 2022

A survey of Israeli startup companies shows a significant drop in fundraising.

Israel

UAE investments boost Egyptian economy

The United Arab Emirates is seeking profits by investing $2 billion in Egyptian state-held stakes in some companies.

Egypt

Abu Dhabi, South Korea pledge to boost economic relations

South Korean entities have signed major deals with Egypt and Saudi Arabia recently.

United Arab Emirates

Fitch gives Egypt ‘stable’ debt rating, citing reforms

Egypt is pursuing deregulation and tax reforms to some success, but the war in Ukraine has severely hurt the country’s economy.

Egypt

Russian invasion of Ukraine slams Turkey’s transportation industry

Traffic at the Turkish border crossings have come to a grinding halt after trucks en route to Russia, Belarus and Central Asia diverted routes to Turkey and Georgia following Russia’s invasion of Ukraine.  

Turkey