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
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
Lebanon's scorned central bank chief Riad Salameh steps down Salameh is under investigation in both Lebanon and Europe for financial crimes as Lebanon’s economic crisis continues. Lebanon
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
