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
Read MoreSaudi Arabia has withdrawn as much as $70 billion from global asset managers as OPEC’s largest oil producer seeks to plug its budget deficit, according to financial services market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
Read MoreOil 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
Read MoreZarif's Comments on Iran's Deal at the Iraqi MoFA Press Conference The following is the English translation of statements made by the Iranian Foreign Minister Muhammad Jawad Zarif at the Iraqi Ministry of Foreign Affairs press conference with his Iraqi counterpart Foreign Minister Ibrahim al-Jaafari, in Baghdad on 27th July 2015. Many thanks to my dear brother the Foreign M
Read MoreDubbed 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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