After July’s headlines buzzed about a reshaped US presidential race, August’s news cycle struggled to escape the long shadow of conflict in the Middle East as Israel-Iran tensions boiled following the July 31 assassination of Hamas chief Ismail Haniyeh in Tehran.
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A region beset by unending upheaval faced more in May 2024, with top Mideast powers bracing for major leadership changes after the sudden death of Iranian President Ebrahim Raisi. That came as Saudi Arabia’s 88-year-old King Salman simultaneously fell ill, underlining potential for an imminent royal succession.
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Months of scorching hot Mideast tensions sparked by the Gaza war finally boiled over into open attacks between Israel and Iran in April, giving shape to a long-feared eruption of a regional war that — alongside adding to the human toll — could deliver another jolt of economic pain locally and globally.
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A historic deal has Egypt’s battered economy nearing a potential turning point. On Feb. 23, Cairo unveiled a $35 billion investment from the UAE centered on developing a prime slice of the Mediterranean coastline. Touted as Egypt’s largest ever deal, the investment changes the outlook for a government grappling with a crippling financial crisis.
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Heading into 2023, Middle East economies were riding high after the region posted a 5.6% growth rate over the prior year, making it a global bright spot in a generally gloomy environment clouded by recession fears. A year later, the Middle East again stands out as an outlier but for the opposite reason, as the escalating Israel-Hamas war teeters on the brink of producing widespread economic pain.
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The curtain has closed at COP28 in Dubai after delivering a historic global agreement to “transition away” from fossil fuels, but the UAE continues pumping out dealmaking shaping the path to a post-oil future. On Dec. 18, Chinese electric vehicle maker Nio announced a $2.2 billion investment from Abu Dhabi-backed fund CYVN, the same day that Dubai-based decarbonization company Positive Zero revealed it could receive up to $400 million from BlackRock, the world’s largest asset manager.
