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
UAE’s G42 buys $100 million share in China's ByteDance, parent of TikTok ByteDance, the parent company of TikTok, has seen its value fluctuate, predominantly due to investor uncertainty caused by a possible ban on TikTok in the United States. Legacy: Gulf
Saudi National Bank will not increase stake in Credit Suisse after shares drop Credit Suisse’s financial struggles follow the collapse of Silicon Valley Bank and could likewise have ramifications for the Middle East. Legacy: Gulf
Silicon Valley Bank collapse reverberates in Israel, Gulf Israeli startups had a lot of money in Silicon Valley Bank and may need the government’s help. Israel
Major bitcoin fraud case rattles Egypt Hundreds of Egyptians were swindled by an international crypto mining company, raising controversy over the digital currency that has grown in popularity in cash-strapped Egypt. Egypt
Egypt seeks to attract Islamic investors with debut sukuk, EGX Sharia index While the move to allow Islamic bond sales will diversify the government's funding sources, Islamic finance is still a relatively small part of the Egyptian economy. Egypt
Analysis Israel raises interest rates in eighth consecutive hike in 10 months Fighting rising inflation, Bank of Israel Gov. Amir Yaron took the unpopular decision of increasing the interest rates to 4.25%. By Danny Zaken In Ma'ale HaHamisha, reporting on Israel
Iran's currency dips to all-time low, basic prices skyrocket Recently launched government plans to restore stability to the troubled foreign exchange market proved no remedy, as ordinary Iranians continue to see their pockets shrink. Iran
Analysis Ukraine war at year 1: Has Gulf's neutrality on Russia invasion paid off? Gulf countries — mainly the United Arab Emirates, then Qatar — as well as Turkey have been major recipients of Russian real estate investment in addition to direct financial injections. By Salim A. Essaid
Bahrain hotel to accept cryptocurrency payments Crypto continues to grow in Bahrain despite the global crash. Legacy: Gulf
Egypt plans to sell stakes in 32 state-owned companies within year The announcement comes as the government is moving to reduce the state’s footprint in the economy, and includes two military-owned enterprises and three banks. Egypt
Egypt’s non-oil sector suffering under high inflation: Report Egypt is experiencing rising inflation and the depreciation of its currency, but the country’s stock exchange is doing well and the IMF recently agreed to a massive aid package. Egypt
Egypt keeps interest rates unchanged to start 2023 Inflation in Egypt was on the rise at the end of 2022, with food prices being of particular concern. Egypt
