Mideast private equity down 38%, but higher-value deals dominate Saudi Arabia was the region’s most active market with 13 transactions, followed by the UAE with 12. Saudi Arabia
Wealthy flock to UAE, fueling Dubai’s 32% company surge: What to know Gulf states are diversifying their economies away from reliance on oil, and the UAE is leading the charge, with the country on track to welcome nearly 10,000 high-net-worth individuals this year. United Arab Emirates
Meet Karim Attiyeh, youngest Arab American billionaire of Lebanese origin Karim Attiyeh, a Lebanese-born technologist, has been named by Forbes Middle East as the youngest billionaire of Arab origin in the United States, joining the list of the 125 richest immigrant billionaires in the US. Lebanon
Saudi Arabia to invest $6B in Syria in boost to Sharaa: What to know The kingdom has been at the forefront of diplomatic and economic efforts to support Syria's recovery. Syria
Will Telecom Egypt stake sale help country achieve IMF reforms? An expert said it was "unclear” whether the sale helped solve Egypt’s “key problem” of accessing hard currency. Egypt
Analysis Saudi Aramco, high-value IPOs face impending pressure in 2023 The United Arab Emirates saw the world’s largest IPO of first quarter 2023, with ADNOC Gas PLC raising $2.5 billion on the Abu Dhabi Securities Exchange. By Salim A. Essaid
Egypt inflation drops to 31.5%, but food prices still rising Annual inflation fell slightly in April compared to the previous month as the central bank readies its next decision on interest rates. Egypt
Lebanon’s angry depositors demand their money back from banks Bank depositors staged a sit-in in Beirut to protest the banks' illegal policies imposed on their deposits amid a stifling economic crisis. Lebanon
In boost to China, UAE and Kuwait become 'dialogue partners' in Shanghai Cooperation Organization The Gulf states made up half of the new partners at the annual Shanghai Cooperation Organization meeting in 2023. United Arab Emirates
Gulf stock markets drop into red with new Fed rate hike The United States Fed raised interest rates by a quarter of a percentage point on Wednesday, which led to Gulf central banks following suit. Legacy: Gulf
Who are the UK-convicted couriers smuggling $130 million to UAE? The announcement from police of the bust in the UK follows the UAE government's efforts to combat money laundering in the country. Legacy: Gulf
Turkey's central bank keeps interest rate at 8.5%, citing inflation The decision will be the bank’s final before Turkey’s crucial election in May. Turkey
Sudan conflict poses credit risk to economies in region: Moody’s The credit agency warned that the fighting had shut down the Sudanese economy and could leave multilateral development banks exposed. The Horn of Africa
Egypt charges tourist ships in dollars as greenback crisis spirals Egypt commits tourist boats arriving in its ports to pay in US dollars amid a tough dollar shortage crisis in the populous country. Egypt
Turkey's Erdogan opens half-empty financial hub in Istanbul ahead of polls Incumbent President Recep Tayyip Erdogan denies the country is facing an economic crisis, while attacking the opposition for making backroom deals with money lenders. Turkey
Saudi Arabia boosts sovereign fund with 4% Aramco transfer Saudi Arabia’s Crown Prince Mohammed bin Salman announced the completion of a 4% transfer of Saudi Aramco shares on Sunday from state ownership to Sanabil Investments. Legacy: Gulf
