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
China’s CICC plans UAE, Saudi expansion as Xi builds Middle East ties CICC has about five to six people in its Middle East offices serving the entire region with a mix of Chinese and regional staff. Legacy: Gulf
Bahrain launches 'Golden License' to attract major investment, jobs Only companies with major investment and project portfolios will be eligible for the license, with either a $50 million value or a plan to create 500 jobs in the country, according to the Bahrain Economic Development Board. Legacy: Gulf
Bank of Israel raises interest rate again, warns about judicial fallout The OECD is predicting GDP growth rate to slow in Israel this year, while the Bank of Israel has worked out different scenarios based on fallout from the judicial reform controversy. Israel
UAE Central Bank revokes license of Russia's MTS Bank as sanctions tighten The Central Bank of the UAE plans to close the Russian bank’s operations within six months from the date of the decision. Legacy: Gulf
UAE, Qatar lead Middle East in 2023 global foreign investment ranking The United Arab Emirates sat in the top position among MENA markets and ranked 4th globally. Legacy: Gulf
UAE’s ‘Second Salary’ savings plan offers its expat majority passive income The savings plan is the first step in establishing a long-term retirement plan structure by the savings and investment company, amid low rates of retirement savings in the region. Legacy: Gulf
Saudi National Bank chairman resigns after Credit Suisse loss Current CEO Saeed Mohammed Al Ghamdi will take over as the new chairman on March 27, with deputy CEO Talal Ahmed Al Khereiji filling his place. Legacy: Gulf
Israeli shekel, stocks rally as Netanyahu pauses judicial reform The right-wing Israeli government’s controversial judicial reform plans have divided Israeli society and led to concerns among the Israeli tech sector and global financial institutions. Israel
UAE, India to boost cooperation via digital currency The Emirati Central Bank has begun implementing its digital dirham strategy following a financial cooperation agreement with India and the UAE's cryptocurrency push. Legacy: Gulf
Saudi Arabia inks 14 deals at Jeddah Grand Prix in boost to sports industry The agreements were part of a comprehensive sponsorship program hosted by Invest Saudi, the kingdom’s investment promotion entity. The value of the deals was not disclosed. Legacy: Gulf
Analysis Jordan economic rating shows upswing, but problems remain Jordanians in the private sector are praising their government's ambitious economic strategies, but still see systemic inefficiencies as a barrier to making them a reality. By Salim A. Essaid
Oil sinks below $75 a barrel, lowest price in more than a year The news follows the Saudi National Bank declining to inject more money into the struggling Credit Suisse, as well as Silicon Valley Bank’s failure. Legacy: Gulf
