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 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
Analysis What is behind Kuwait's change of government, economic woes? The decades-long dance of political reshuffles has prevented the execution of investment and reforms in national infrastructure, health and social services, and also economic projects. By Salim A. Essaid
Saudi Arabia opens four special economic zones with eye on foreign investment The special economic zones offer incentives such as competitive corporate tax rates, 100% ownership of companies and flexibility in employing foreign labor. Legacy: Gulf
Analysis Ball now in Tunisia's court regarding $1.9bn IMF bailout Officials from the IMF, the World Bank and Italy have all commented on the proposed bailout package this week as a Tunisian delegation joins the spring meeting of the multilateral institutions in Washington. By Jack Dutton In Bristol, reporting on regional business, climate change, AI, tech
Middle East debt issuances nearly triple in Q1 2023 as Saudis take lead In Q1 of 2023, Saudi Arabia was the leading debt issuer in the MENA region. Legacy: Gulf
Saudi, UAE banks rank highest valued in Middle East: Forbes Gulf Cooperation Council (GCC) countries took 41 places, or 82%, of the list of the 50 highest-valued banks in the Middle East and North Africa. Legacy: Gulf
Egypt's rate hike viewed with skepticism as inflation persists Economists question the logic behind Egypt's new interest rate hike, especially after previous raises failed to bring the inflation rate down. Egypt
Egypt’s privatization plans stall despite growing buzz Only a fraction of the targeted sales to Gulf investors have materialized over the last year, largely due to a general lack of agreement and volatility of the Egyptian economy Egypt
