Abu Dhabi merges ADQ into new wealth fund L'IMAD: What to know Under the new structure, Sheikh Khaled bin Mohammed, the crown prince of Abu Dhabi, will oversee a broader swath of the emirate’s investment holdings. United Arab Emirates
UAE Central Bank approves first US dollar-backed stablecoin: What to know The approval marks a milestone in the UAE’s development of digital currency infrastructure and positions USDU as the Gulf country’s first USD-denominated currency for digital assets. United Arab Emirates
Iran internet blackout estimated to cost $37M+ daily, crippling businesses and society The ongoing digital disconnection is severely stalling commerce, draining millions of dollars daily and pushing many businesses toward collapse. Iran
Can Iran’s promised economic reforms quell unrest? The Iranian government has made several economic pledges to protesters, though some carry risk of increasing inflation further. Iran
Turkey returns to dollar bond market as Erdogan shifts approach The Turkish government has made several fiscal policy changes since the president's reelection in May in an effort to win back investors and address economic problems. Turkey
After Israel attack, US follows Hamas trail of money As Israel fights Hamas in the Gaza Strip, the United States is waging its own battle against the militant group’s finances. Qatar
Saudi Aramco, QatarEnergy, UAE’s Emirates among Fortune Arabia top 10 The list of 500 companies from 22 Arab countries posted around $1.6 trillion in revenues in 2022, yielding a net profit of $343 billion. Saudi Arabia
Gaza war could double oil prices, threaten global food security Washington-based multilateral lender World Bank compared the situation to the 1973 Arab oil embargo in its latest Commodities Market Outlook. Israel
Israel credit outlook lowered, budget to be amended amid Hamas war Israel’s credit rating was in trouble before the war in Gaza due to the government’s controversial judicial reform plans, and the war is affecting the country's fiscal situation. Israel
20% rise in Middle East late-stage venture capital funding despite global decline Startups in the Middle East and North Africa have so far in 2023 reported a 20% year-on-year growth, new data shows, while global funding activity of this type has seen a 49% decline from 2022. Legacy: Gulf
Analysis China's venture capital firms making inroads in Saudi Arabia, UAE Chinese venture capital investors have been pricing deals at more competitive rates and taking advantage of a widening vacuum left by Western rivals in the region. By Jack Dutton In Bristol, reporting on regional business, climate change, AI, tech
Saudi Aramco makes first global LNG investment with US MidOcean stake MidOcean Energy is in the midst of buying interests in four LNG projects in Australia as part of its growth strategy. Saudi Arabia
Analysis Saudi Arabia fastest growing crypto economy globally amid regional drive The kingdom led globally with a 12% increase in crypto transaction volume reaching nearly $31 billion from July 2022 through June 2023, according to an industry report released Tuesday. By Salim A. Essaid
Oman's oil and gas sector drives 30% GDP growth in 2022 Oman’s hydrocarbon sector growth rate was 61.6% from 2021 to 2022, compared to non-hydrocarbon sector growth at 16.9% during the same period, according to the Central Bank of Oman (CBO) 2022 Annual Report. Oman
China development financier AIIB opens first global office in UAE Bank officials expect that the new Abu Dhabi location will help extend their reach to finance sustainable development projects. United Arab Emirates
UAE revenue jumps 31.8% in 2022 The UAE Ministry of Finance reported a 6.1% increase in expenditure last year compared to 2021, which amounted to around $116.3 billion. United Arab Emirates
