World Bank ups Middle East 2025 economic outlook as oil, tourism rebound The lender expects gross domestic product growth in the region to average 2.8% this year, up from its April forecast of 2.6%. Iran
Supreme Court clears path for Turkey’s Halkbank trial over Iran sanctions The Turkish president personally raised the Halkbank case with US President Donald Trump at the White House, as Ankara pushes for a settlement to avoid a drawn-out legal battle. Turkey
Marrakech's African Contemporary Art Museum reinvents itself two years after quake Marking the two-year anniversary of the 2023 earthquake, Marrakech’s Museum of African Contemporary Art highlights the city’s recovery and its growing role as a hub for African art. Morocco
Blackstone, Abu Dhabi's Lunate set up $5B GCC logistics investment platform The new platform will capitalize on the growing logistics sector in the Gulf. United Arab Emirates
Gulf central banks raise interest rates after US Federal Reserve decision Gulf central banks also held firm in June when the Fed paused its rate hikes. Legacy: Gulf
Morgan Stanley lowers Israel’s sovereign credit as Moody's issues warning Protests are mounting over the controversial judicial reforms, and the leading credit agency downgraded Israel earlier this year. Israel
Kuwait prohibits all cryptocurrency use in new virtual assets ban Users of cryptocurrencies and other virtual assets in Kuwait would be subject to Kuwait’s 2013 money laundering and terrorist financing laws. Kuwait
Breaking | Last Updated: July 20, 2023, 10:59 am Turkey’s Central Bank hikes interest rates to 17.5% The 250 basis point rise was lower than analysts' expectations, many of whom advocate for a steeper hike. Turkey
Lebanon’s Riad Salameh interrogated, assets frozen as citizens raid banks The judicial proceedings against central bank governor come against the background of a worsening economic and political crisis, and as his term is set to expire next month. Lebanon
Turkish lira hits record low, losing 2% amid concerns of smaller rate increase As of 4:15 p.m. Istanbul time, the lira was trading at 26.99 against the dollar, 2.4% less than Monday’s close of 26.3505. Turkey
Kuwait's new sovereign wealth fund Ciyada to boost foreign investment The Gulf country already has the Kuwait Investment Authority with assets of about $803 billion, making it the fifth-largest sovereign wealth fund globally. Legacy: Gulf
UAE suspends Emirates Gold over money laundering allegations The London Bullion Market Association, which regulates the United Kingdom capital’s metals market, suspended Emirates Gold DMCC’s affiliate membership after conducting a review. United Arab Emirates
UAE becomes observer in Asian money laundering group The move follows the UAE being added to a financial watchdog’s list of countries with deficiencies in countering money laundering. Legacy: Gulf
Saudi Public Investment Fund reports $11 billion loss for 2022 Saudi Arabia's sovereign wealth fund reports its assets have risen from $676 billion to about $778 billion in 2022 in a rare gesture of transparency for the Gulf. Saudi Arabia
Pakistan thanks 'brotherly' Saudis for $2 billion ahead of IMF bailout decision Pakistan received Saudi Arabia's $2 billion deposit a day before the International Monetary Fund is expected to approve a $3 billion bailout on Wednesday that the country desperately needs. Saudi Arabia
Turkey's finance, banking chiefs to visit Saudi Arabia in search of foreign funds The Saudi visit of Finance Minister Mehmet Simsek and Central Bank Governor Gaye Erkan is expected to be followed by the Turkish President's Gulf tour. Turkey
