Lebanon arrests fmr economy minister Amin Salam on embezzlement charges The arrest comes nearly a year after the former central bank chief was arrested on charges of embezzlement and money laundering, among other things. Lebanon
EU commission removes UAE, adds Lebanon and Algeria to money laundering list: What to know The changes to the list are still pending approval from EU member states and the European Parliament, likely within the next month. United Arab Emirates
Turkey: $30M credit card scam hits tourists in coastal resort, 20 arrested The alleged ringleader, a hotel owner identified as "H.O.," stole the money by sharing credit card details of tourists checking into the property. Turkey
As Turkey's inflation dips to 35%, will central bank pivot on interest rates? Inflation has slowed to the lowest level since 2021, sparking speculation that the central bank could resume easing monetary policy amid mounting pressure on Turkey's finance chief — but analysts caution against a rush. Turkey
Analysis Gulf wealth funds weather US stock dip, target Amazon, Bitcoin in Q1 By Samuel Wendel In Washington, DC, reporting on regional business and tech
Saudi Arabia, UAE, Iran give BRICS economic boost, but won’t rival US leadership Tangible economic benefits may be some distance away, experts say, but the symbolic benefit is joining an alliance separate from, or opposed to, Western interests. Iran
Analysis Tadawul posts losses but Saudi markets remain fundamentally strong 'A bit of a correction' sheds some prior gains on the Saudi stock index, but professionals see reasons to keep investing in the kingdom. By Harry Clynch In London, reporting on Middle East economics
Libya’s central bank reunifies after clashes in Tripoli The reunification of the financial institution is a sign of progress and follows disputes over oil revenue distribution and violence in the capital, as Libya continues to grapple with the aftermath of the civil war. North Africa
Analysis Saudi holdings of US Treasuries hit record low, signaling push to diversify from dollar Saudi Arabia's stockpile of US Treasuries fell to $108.1 billion in June, the lowest point since December 2016. By Salim A. Essaid
Saudi Arabia, China sign $1.33 billion in housing deals The Saudi-China Business Forum represents the latest sign of increased Chinese interest in Saudi Arabia. Legacy: Gulf
How significant is India's first ever use of rupees for UAE oil payment? Abu Dhabi National Oil Company (ADNOC) received the rupee payment of an undisclosed amount from Indian Oil Corp., according to an Indian Embassy statement acquired by Reuters. United Arab Emirates
What is Emiratization and how did UAE recover $600,000 from 'fake hires?' The UAE recovered $600,000 worth of payments made by private companies to 107 Emiratis for fake jobs created in an attempt to fulfill Emiratization quotas. United Arab Emirates
UAE's ADNOC to expand gas processing with $3.6 billion contract ADNOC Gas announced it would award the contract to a joint venture between ADQ state-fund-owned National Petroleum Construction Company and Spain’s Tecnicas Reunidas. United Arab Emirates
Qatar loans Argentina $775 million to repay IMF Qatar continues its practice of assisting financially strapped countries by providing a loan to Argentina, which is also planning to use the yuan to purchase Chinese imports. Legacy: Gulf
Saudi Arabia, UAE lead Forbes’ 2023 Arab family business ranking Although Saudi Arabia and the UAE dominated the list, with 33 and 29 of the top 100 spots respectively, Egypt’s Mansour Group sat in first place, with the UAE’s Al-Futtaim Group in second and Saudi Arabia’s only female-led company, Olayan Financing Company, at third. Saudi Arabia
Saudi Arabia borrowing rate hits new high, posing risk to foreign investments The Saudi Arabian Interbank Offered Rate climbed above an average of 6% in July, which was higher than the rate during the 2008 global financial crisis. Saudi Arabia
Japan’s Nomura subsidiary receives crypto license in UAE The crypto sector is booming in the United Arab Emirates thanks to clear regulations on virtual assets. Legacy: Gulf
