UAE port operator DP World's profits fall 60% amid Yemen's Houthi Red Sea attacks The Dubai-based logistics firm reported $265 million in profit for the first half of 2024 ending June 30, down from $651 million the same time last year. United Arab Emirates
Israel's Netanyahu shakes off credit downgrade as deficit grows Last week, Israel reported that its 12-month trailing deficit widened to 8.1% in July, from 7.7% in June. Israel
Turkey’s Erdogan calls Venezuela's Maduro after contested elections, urges dialogue The Turkish president stopped short of extending congratulations to Nicolas Maduro but expressed his well-wishes for the South American nation after the contested election results, according to a Turkish readout. Turkey
Global stocks tank over fears of Middle East war, US recession On Wall Street, the S&P 500 lost 3.1% while the tech-focused Nasdaq Composite Index lost 3.7% of its value after markets opened in New York Monday morning. Israel
Analysis How Morocco-UAE economic agreement could usher in new era of bilateral trade By Sabena Siddiqui In Karachi, reporting on South Asia, Middle East, Iran
Analysis What's behind China carmakers' foray into Turkey following BYD deal? By Mustafa Sonmez In Istanbul, reporting on economics
Turkey sees 157% wealth growth despite economic malaise Bloated asset prices due to sky-high inflation put Ankara at the top of the survey, despite many Turks struggling to get by in real cash terms. By Jack Dutton In Bristol, reporting on regional business, climate change, AI, tech
After 20 years, is Iraq making progress in bid to join WTO? Iraq first applied to join the WTO in 2004, but it made no considerable progress in the accession until its recent efforts to unify tariff and customs regulations between the federal and Kurdistan Region governments. Iraq
Turkey has lost export competitiveness, won't meet annual goal: Official Turkish Exporters Assembly Chairman Mustafa Gultepe said that Turkish exports would likely be between $264-267 billion for 2024. Turkey
China's BYD, world's biggest EV maker, invests $1B in Turkish plant In a post on the social media platform X on Monday, Turkey’s Vice President Cevdet Yilmaz confirmed that BYD is expected to begin production of vehicles in the new factory at the end of 2026 and that the facility will provide around 5,000 direct jobs. Turkey
Middle East startups see funding fall by 34% in first half of 2024 Although startup funding levels have plateaued globally, MENA reported an increase in early-stage rounds and investor participation. United Arab Emirates
Egypt’s remittances reach $2.7 billion in boost to foreign reserves Egypt’s liquidity crisis has been alleviated by recent investment from the United Arab Emirates and help from the International Monetary Fund, though inflation and debt remain issues. Egypt
What’s behind Saudi Public Investment Fund’s $17.2B profit? The sovereign wealth fund’s turnaround following the loss in 2022 is due in large part to the stock market rebounding. Saudi Arabia
Trump Tower deal announced in Jeddah as Saudi business ties grow The Trump Organization recently unveiled a development in Oman, while Trump’s golf course is again hosting the Saudi-backed LIV Golf this year. Saudi Arabia
In win for Simsek, Turkey removed from FATF money laundering watch list Turkey was added to the Financial Action Task Force's watch list in 2021 amid concerns of money laundering and terrorism financing. Turkey
Interview G42-Microsoft partnership in Kenya 'just the beginning,' says UAE trade minister In an exclusive interview with Al-Monitor, Dr. Thani Ahmed Al Zeyoudi discusses momentum in UAE trade with the US, the benefits of economic diversification and Africa’s priority in UAE trade policy. With Dr. Thani Ahmed Al Zeyoudi UAE Minister of State for Foreign Trade
Egypt looks set to secure $1.1B EU loan to boost economic recovery The latest injection is part of a larger two-proposal package from the 27-state bloc to help the North African country's struggling economy. Egypt
Analysis Is Abu Dhabi Global Market poised to rival world’s leading financial hubs? The Abu Dhabi Global Market, an international free zone in the heart of the UAE capital, is attracting global companies and investors as it looks to become one of the world's leading financial hubs. By Vanessa Ghanem In Dubai, reporting on business, energy and politics
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