By the Numbers: The Cost of War & Peace in the Middle East

Statement by Shanta Devarajan, World Bank Chief Economist for the Middle East and North Africa region. STORY HIGHLIGHTS • In 2016, about 87 million people from four MENA countries directly affected by war—Iraq, Libya, Syria, and Yemen—represented about one third of the region’s population. Every aspect of people’s lives has been affected by the intensity of the fighting in the

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Saudi Arabia Withdrew Billions From Markets, Estimates Show. By Stefania Bianchi

Saudi Arabia has withdrawn as much as $70 billion from global asset managers as OPEC’s largest oil producer seeks to plug its budget deficit, according to financial services market intelligence company Insight Discovery.   "Fund managers we’ve spoken to estimate SAMA has pulled out between $50 billion to $70 billion from global asset managers over the past six months," N

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The Gulf’s Castles of Sand. By Robin Mills

Oil prices have plummeted, leaving Saudi Arabia and its allies with a long-term economic crisis — just as Iran’s economy looks poised for rapid gains. Jeddah’s glittering kilometer-high Kingdom Tower, set for completion in 2018, looms over a Saudi Arabia just beginning to confront the challenge of lower oil prices. The construction of ultra-tall buildings, however, has famousl

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What does the Iran nuclear deal mean for Iraq? By: Mohammad Ali Musawi *

Dubbed as "historic" and "a game-changer", the Iranian nuclear deal has prompted a wide range of reactions around the world, with increased speculation about what it could mean for the conflict-ridden Middle East. Perhaps nowhere is the speculation more rife than in Iran's western neighbour, Iraq, where Iranian influence has steadily grown since the US-led invasion in 2003, an

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