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Shoppers in Istanbul's Grand Bazaar. Consumers are expected to push back against Turkey's tax plan because large corporations are 'not seen as contributing fairly'

Turkey ramps up taxes to spend on defence tech

Turkey’s government has proposed a raft of taxes on everything from credit cards to watches in order to fund increased spending on defence research and development. The ruling Justice and Development Party tabled draft legislation for the levies with parliament’s finance committee on October 11.  In recent years Turkey has made a priority of developing its […]

The UAE stopped issuing visas to Nigerians in 2022 after Dubai's Emirates suspended flights due to delayed repatriation of funds

UAE issues visas for Nigerians after two-year hiatus

The UAE government has started issuing visas for Nigerians after a halt of nearly two years. The governments of the UAE and Nigeria reached an agreement to resume travel between the two countries, Nigeria’s information minister said in a post on social messaging platform X. The UAE stopped issuing visas to Nigerians in 2022 after […]

The new cabinet was announced by UAE vice president and prime minister, and ruler of Dubai, Mohammed bin Rashid Al Maktoum

Sheikhs Hamdan and Abdullah named UAE deputy PMs

Dubai crown prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum and Sheikh Abdullah bin Zayed Al Nahyan have been named deputy prime ministers in a major UAE cabinet reshuffle. Sheikh Hamdan will also serve as the defence minister, while Sheikh Abdullah will continue as minister of foreign affairs, the UAE state-run Wam news agency […]

Workers at a textile factory in Bilbeis, Egypt. S&P Global says businesses may soon be able to expand their output

Egyptian business confidence improves but pessimism remains

Egyptian businesses reported significant new sales for the first time since 2021 in June but are still more pessimistic than optimistic, according to the latest purchasing managers index (PMI) report. The survey released by S&P Global reported a headline PMI of 49.9, the highest in almost three years and just shy of the 50.0 mark […]

President Abdel Fattah El Sisi poses for a group photo with Egypt's new cabinet

New oil and finance ministers in Egyptian cabinet reshuffle

The Egyptian government has conducted a long-awaited cabinet reshuffle resulting in a series of new appointees to important ministries including foreign affairs, finance and petroleum. A handful of existing ministers expanded their portfolios. Abdel Fattah El Sisi, the Egyptian president, swore in the new cabinet, which will be led by the incumbent prime minister Mostafa […]

Turkish president Recep Tayyip Erdoğan has sacked the governor of the central bank five times in as many years

Turkish court rules president cannot sack central bank chief

A ruling by Turkey’s highest court striking down the president’s authority to dismiss the head of the central bank is being downplayed by Turkish officials. President Recep Tayyip Erdoğan has sacked the governor of the central bank five times in the past five years. Turkey’s justice minister has insisted the Constitutional Court’s decision did not invalidate […]

Mehmet Şimşek, Turkey's finance minister, did not reveals the new tax rates. Stock market earnings were formerly taxed at 10%

Turkey to tax crypto and stock market earnings

Turkey is planning to tax income earned from cryptocurrency and stock market trades, as the government seeks new revenue streams to help shore up its public finances. The measures were part of a package unveiled by the finance minister Mehmet Şimşek at a gathering of senior officials of the ruling Justice and Development Party on […]

Iranian president Ebrahim Raisi died in a helicopter crash following a trip to the Azerbaijan border

Oil prices steady following death of Iranian president

Oil prices remained steady on Monday morning following the death of Iranian president Ebrahim Raisi, who was killed over the weekend in a helicopter crash in mountains near Iran’s border with Azerbaijan. Brent crude rose less than 1 percent percent at $84.37 a barrel – slightly below the estimated breakeven price at which Saudi Arabia, […]

Saudi defence spending

Saudi Arabia world’s fifth biggest arms buyer in 2023

Saudi Arabia remains the world’s fifth largest arms buyer, according to the Stockholm International Peace Research Institute. The think tank’s latest report said that Saudi Arabia spent $76 billion on arms in 2023, a 4 percent increase on the previous year, making it the biggest spender after the US, China, Russia and India. The kingdom’s […]

A dedicated cybersecurity team can help to tackle threats, but only 32% of organisations in the energy sector have one

UAE is a ‘prime target’ for ransomware attacks

The UAE is a “prime target” for ransomware attacks, the country’s Cyber Security Council has warned. Its 2024 State of the UAE Cybersecurity report says the Emirates’ rapid digital transformation has increased its vulnerability to cyberattacks, including ransomware incidents and distributed denial of service (DDoS) attacks. “The broader Middle East region” is a target for […]