الاقتصاد

Following the outbreak of the COVID-19 pandemic, the Tehran Stock Exchange (TSE) took a different path than the rest of the financial world. As markets around the globe plunged, the TSE soared to new heights. There has been a recent reversal, however, with the index falling sharply from its peak in early August and losing around 20 percent of its value over the course of a month. The story of the TSE is about the extreme measures a desperate government is willing to take to make ends meet. 

In a new briefing book released ahead of the U.S. elections in November, entitled Election 2020: Challenges and Opportunities for US Policy in the Middle East, MEI scholars lay out key issues across the region, highlight the U.S. interests at stake, and provide policy insights and recommendations for the path forward. 

Countries in the Horn of Africa can draw lessons from the Taiwanese because they are themselves attempting to make the same political transition Taiwan did, but have not yet achieved the needed reforms such as ensuring good governance, eradicating corruption, and developing economic self-reliance to reduce dependency on aid. Taiwan may not have the financial resources to win against the PRC’s checkbook-driven One-China policy in Africa, but it could overcome that disadvantage by convincing African nations that it can help them replicate the sustainable growth model of the “Taiwan Economic Miracle.” Taiwan’s recent diplomatic overtures in Somaliland seem like a step in that direction and could be a game-changer, not only for the Horn of Africa but for the continent as a whole.

Following the devastating explosion that rocked Beirut on Aug. 4, one of the first foreign state dignitaries to visit Lebanon to pledge support was Turkish Vice President Fuat Oktay. Oktay said that not only would Turkey help to rebuild the damaged port and the surrounding buildings, but it could also provide temporary support in the form of linking Turkey’s largest Mediterranean port, Mersin International Port, with the Port of Beirut.

The explosion at the Port of Beirut on Aug. 4 has resulted in a further escalation of the political and economic crisis in Lebanon. Its repercussions can already be deeply felt in neighboring Syria and are expected to take an even greater toll on the country given its complex links to Lebanon. This crisis is feeding into Syria through multiple channels and has severe implications for its ability to import goods and, ultimately, its food security.

The Jordanian government implemented one of the most comprehensive and effective COVID-19 responses in the region. While the government’s stringent measures did prompt some public discontent, the population largely accepted them. The government’s rapid and broad initial response was successful in thwarting a major public health crisis. Nevertheless, the kingdom has not been able to forestall the damaging economic consequences of COVID-19, which are bound to linger for years to come.

Reports emerged this week that President Bashar al-Assad traveled on Sunday to his ancestral hometown and Alawi stronghold of Qardaha for a meeting with members of the powerful Makhlouf family.

Oman’s independent and creative foreign policy has been a boost to a region fraught with instability, but the combination of a new sultan and an adverse regional environment means Muscat’s trademark foreign policy may be diminished.

“God has opened the door to unprecedented wealth for us,” said an enthusiastic Recep Tayyip Erdogan as he announced that Turkey had made its biggest-ever discovery of natural gas on Aug. 21. He promised that gas from the 320-billion-cubic-meter deep-sea find would reach consumers in 2023, but industry experts are skeptical and have raised questions about the feasibility of the discovery.

As the people of Iran and the region rise up against the regime in Tehran, it is time to prepare for what comes next and imagine what could lead to the region’s next renaissance: a Middle Eastern cooperative organization.

The relationship between the Middle East and the Horn of Africa is centuries-old and complex. While the world’s attention is focused mainly on the “great power competition” in the region, primarily between the U.S. and China, the Horn of Africa has also become a central battleground for influence among competing regional players, principally Saudi Arabia, the UAE, Turkey, Qatar, Iran, and Egypt. As they pursue their interests in the region, from Ethiopia and Sudan to Somalia and Djibouti, these competing states are the main drivers of tension and instability in the Horn of Africa.

In recent weeks, reports of a potential 25-year, $400-billion deal between Iran and China have dominated the conversation about Tehran’s options for freeing itself from the punishing U.S.-imposed sanctions regime on the country. But China is not alone in seeing an embattled Iran as a major geopolitical and commercial opportunity — Russia too has ambitions of strengthening ties with Iran.

Beirut will rise again from the ashes, like it always has. But the real rebuilding that must occur is not physical in nature. It is political. Nothing will truly change in Lebanon unless the country’s corrupt and incompetent leaders, who have been in power for decades, are unseated.

After months of under-reported cases and relaxed lockdown measures, the rapidly spreading COVID-19 pandemic has gripped government-held areas. A worrying rise in daily deaths and infections, especially in Damascus, has left Syria facing what could be its biggest challenge yet.

Tunisia seems to have avoided the worst of the first phase of the global coronavirus crisis. And yet whatever the final tally of the pandemic might be, its consequences will only add to a host of existing problems that have beset the North African country in recent years, including political instability, a stalled economy, security threats, and financial woes.