Economics and Policy
The Turkish lira was headed for the weakest level on record Monday as the central bank provided funds to banks at its benchmark 4.5 percent rate for the first time in six days.
In more bad news for Ankara, Abu Dhabi National Energy Co. may shelve a $12 billion power project in Turkey amid a deteriorating economic outlook and increasingly difficult financing conditions.
The Egyptian pound strengthened on the black market on Monday as fears the country might be sliding into a period of sustained violence eased after a protest Friday passed relatively peacefully.
Jordan’s largest lender, the Arab Bank, announced this week that a New York federal court has dismissed more than 90 percent of the claims in a long-running lawsuit accusing it of providing banking services to charities and individuals allegedly affiliated with Palestinian militants.
Abu Dhabi’s new luxury mall The Galleria at Sowwah Square opened its doors on Tuesday, bringing more than 50 new fashion labels and several new food and beverage brands to the capital for the first time.