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
Explainer: Turkey’s Halkbank appeals to US Supreme Court in Iran sanctions case The case comes at a tense time in US-Turkey relations as the Biden administration weighs whether to sell F-16 jets to Turkey. Turkey
Iraq's PM Sudani hosted US envoy ahead of meeting Iran's Quds commander Iraqi Prime Minister Mohammed Shia al-Sudani received high-ranking US and Iranian envoys separately for discussions of bilateral issues related to both countries. Iran
European investigative team in Lebanon starts probe into Riad Salameh French Judge Aude Buresi is leading the European delegation, and was scheduled to interview at least 15 bankers and business figures in the country tied to Salameh. Lebanon
Analysis Can Islamic cryptocurrencies save the industry? Cryptocurrencies lost over a trillion dollars in value in 2022, yet Islamic coins are emerging with ethical practices claiming to potentially resist such losses. By Salim A. Essaid
Turkey's inflation slows most in December in a boost to Erdogan Facing crucial elections in spring, the Turkish government is trying to take credit for curbing inflation, even though the steep decline in the annual rate owes mostly to a favorable base effect. Turkey
2022 in review: Reforms, Ukraine war drive boost in UAE’s real estate market Improved regulatory policies and diplomatic measures amid the Ukraine war have welcomed foreign direct investment and boosted the UAE real estate market in 2022 above the global average. Legacy: Gulf
Gulf central banks raise interest rates after Fed move Many Gulf nations have mirrored the US Federal Reserve’s decisions on interest rates all year. Israel and Egypt have also raised rates, but Turkey has been cutting — despite skyrocketing inflation. Legacy: Gulf
World Bank says debt increasing in Middle East countries Egypt, Iran and Turkey’s debt rose significantly last year. Legacy: Gulf
Egypt’s non-oil private sector records two years of contraction The last time the Purchasing Managers Index, which offers insight into the private sector, recorded expansion in Egypt's economy was back in November 2020. Egypt
Some Egyptian companies still dealing with Russia's alternative financial system Some Egyptian companies are secretly dealing with a Russian alternative financial system, in anticipation of international sanctions by the United States. Egypt
Venture funding in Maghreb region gets facelift As the number of startups in the Maghreb region increases and venture funding experiences a meteoric rise, the region is gradually taking a visible spot in the MENA startup ecosystem. North Africa
Kuwait benefits from oil price boom but long-term economic challenges loom Key reforms and a lack of a diversified economy remain only two of Kuwait's major challenges. Legacy: Gulf
