Banking and Finance

A picture shows the four seasons hotel in Beirut with the snow covered mountain of Sannine in the background on March 8, 2019. (Photo by JOSEPH EID / AFP) (Photo credit should read JOSEPH EID/AFP via Getty Images)

Al-Waleed bin Talal announces Four Seasons to reopen in Beirut, Lebanon

The planned reopening of the hotel, which was damaged in the 2020 port explosion, follows Saudi-backed Gen. Joseph Aoun's becoming president of Lebanon.

An employee at tech startup al-Gameya, uses a computer with the official Facebook page of the application open on a web browser, at the company offices in Cairo, on Sept. 12, 2021.

Venture capital funding in Middle East falls by 29% in 2024

Saudi Arabia, which saw $750 million in venture capital funding last year, saw a 44% drop in funding volume in 2024 compared to 2023.

French former president Nicolas Sarkozy (C) and his wife Carla Bruni-Sarkozy arrive to vote for the first round of parliamentary elections in Paris, on June 30, 2024. A divided France is voting in high-stakes parliamentary elections that could see the anti-immigrant and eurosceptic party of Marine Le Pen sweep to power in a historic first. The candidates formally ended their frantic campaigns at midnight June 28, with political activity banned until the first round of voting. (Photo by ARNAUD FINISTRE / AFP

France’s Sarkozy stands trial on alleged Libya funding: What we know

Former President Nicolas Sarkozy denies allegations that he received 50 million euros to fund his 2007 election campaign from late Libyan leader Moammar Gadhafi.

Traders sit below the stock market screens at the Dubai Financial Market, United Arab Emirates, Sept. 16, 2019.

Gulf wealth funds propel Middle East deals in 2024

The Gulf region continued its trajectory toward becoming a global investment powerhouse as sovereign wealth funds fed capital into AI, clean energy, entertainment, sports, start-ups and tourism.

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Analysis

Middle East IPOs shine in 2024 but face new challenges

A man watches stock movements on a display at the Dubai Financial Market stock exchange in the Gulf emirate on April 12, 2022.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

Who is Maysaa Sabrine, first woman to lead Central Bank of Syria?

Vehicles move past as people queue outside the main headquarters of the Central Bank of Syria to exchange US dollars at prices lower than the black market.

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Turkey’s Central Bank lowers interest rates for the first time in nearly 2 years

This picture taken on March 21, 2024 on Istiklal avenue, Istanbul, shows foreign exchange rates displayed against the Turkish lira. Turkey's central bank raised it's key interest rate on March 21, 2024, resuming a tightening cycle in a bid to tame rising consumer prices, one month after having held rates. In a statement the bank said that the monetary policy committee "has decided to raise the policy rate from 45 percent to 50 percent". (Photo by Yasin AKGUL / AFP) (Photo by YASIN AKGUL/AFP via Getty Images

Analysis

Gulf’s citizenship industry poised for growth amid new global uncertainty

Emiratis wave national flags as citizens celebrate their country's 40 years of independence on National Day, in Abu Dhabi, on Dec. 2, 2011.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

This picture shows a construction site for Saudi Arabia's Public Investment Fund (PIF) in Riyadh on April 16, 2023.

Mideast merger and acquisition activity hits $36B in 2024 led by UAE, Saudi Arabia

For the first 10 months of the year, merger and acquisition deals in the region reached $36 billion, up by 88% from a year earlier, a Bain & Company report said.

A Union flag flies above a hangar as a British Airways operated Airbus A747 passenger jet is moved by an aircraft tractor at Heathrow Airport, west of London on April 2, 2020, as life in Britain continues during the nationwide lockdown to combat the novel coronavirus COVID-19 pandemic.

Saudi Public Investment Fund takes 15% stake in London's Heathrow Airport

Spanish construction giant Ferrovial said it had closed the sale of a 19.75% stake in the UK capital’s busiest airport for 2 billion euros ($2.1 billion) to the PIF and French investment firm Ardian.

Syrian pounds are pictured at a currency exchange shop in the town of Sarmada in Syria's northwestern Idlib province, on June 15, 2020.

Syria's interim PM warns foreign currency shortage could hinder refugee return

Nearly 14 years of civil war, international sanctions and the exodus of 4.82 million Syrians have crippled the economy, resulting in a sharp decline of the Syrian pound.

Bpifrance, Saudi PIF sign $10B financing agreement

The five-year agreement will increase collaboration between PIF and Bpifrance Assurance Export, focusing on projects to support Vision 2030, Saudi Arabia’s plan to diversify the economy away from reliance on oil.

LUDOVIC MARIN/AFP via Getty Images

France's Macron eyes defense deals, Lebanon support on Saudi state visit

French President Emmanuel Macron will meet Saudi Crown Prince Mohammed bin Salman for a one-on-one dinner on Tuesday.

A teller counts US dollar bills at an exchange office, Ankara, Turkey, July 20, 2023.

Turkey launches counterfeit US dollar probe as exchange offices halt trade

The Banking Association of Turkey said currency counting machines, counterfeit currency detection devices as well as ATMs were being updated against circulation of counterfeit banknotes.

A man watches stock movements on a display at the Dubai Financial Market stock exchange in the Gulf emirate on April 12, 2022.

China embraces debt listings to tap into Gulf’s pool of wealth

As UAE stock markets hit $1 trillion in market capitalization for the first time last week, an increasing number of Chinese entities are choosing to list some of their debt on Gulf capital markets.

Sebastian Castelier

By Sebastian Castelier

In Dubai, reporting on regional business

Barclays

Barclays fined $50M for failing to disclose 2008 Qatari funding

The UK-headquartered bank will pay a fine of 40 million pounds to British regulators for failing to disclose information of its rescue by Qatar during the 2008 financial crisis.

Egyptian pound banknotes lie on a table on March 6, 2024, in Cairo, after Egypt's central bank announced it will allow the exchange rate to be set by the market.

Egypt to launch first IPO in three years amid IMF-fueled privatization drive

The move comes amid a privatization drive in Egypt as part of the International Monetary Fund’s conditions to provide Cairo with an $8 billion bailout to help the North African country recover from an economic crisis.

Michael M. Santiago/Getty Images

BlackRock gets nod to establish Abu Dhabi office after Saudi HQ plans set

BlackRock, which manages around $11.5 trillion in assets, announced last month that it had obtained a license from the Saudi authorities to open a regional headquarters in Riyadh.

United Arab Emirates

Iran, Russia link payment networks in bid to bypass sanctions

The financial partnership connects the national payment frameworks, aiming to boost trade and tourism between the two sanctioned nations — yet key challenges remain.

Tunisia's president, Kais Saied, attends his swearing-in ceremony before the National Assembly in Tunis on Oct. 21, 2024.

Analysis

As Saied begins new term as president, Tunisians brace for unstable governance

In a second presidential term, Tunisia’s increasingly autocratic ruler is unlikely to secure the political and economic stability the country craves.

Francisco Serrano

By Francisco Serrano

In Lisbon, reporting on North Africa business