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’s central bank mulls giant interest rate hike up to 10% to fight inflation Alarmed by resurging price increases, central bank officials reportedly believe that a rate hike of up to 10 percentage points is an inevitable part of monetary tightening to tackle inflation. Turkey
Saudi Arabia’s Vision 2030 will benefit Islamic finance sector, says Moody’s The kingdom has the largest Islamic banking market in the world, and roughly 83% of its total assets are Sharia-compliant. Saudi Arabia
World Bank official says Turkey's economic U-turn 'step in right direction’ The comments from the institution’s Turkey director follow the Turkish government finally raising interest rates to battle inflation. But the Turkish economy is still struggling. Turkey
Islamic finance will be 'crucial part' of climate transition: UK official The UK is seen as a Western hub for the industry due to its high presence of Islamic banks and more than 70 sukuk bonds being listed on the London Stock Exchange. Legacy: Gulf
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
