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 stays put after US, Saudi Arabia, UAE raise interest rates The Gulf central banks’ moves followed the US Federal Reserve raising its rates. Inflation increased in both Qatar and Saudi Arabia at the end of 2022. Legacy: Gulf
Explainer: What is behind Lebanon's new exchange rate? There are multiple exchange rates between the Lebanese pound and the US dollar, and the official rate being below the black market rate helps financial institutions pass on their losses to the public. Lebanon
Explainer: What is behind Iraq's Central Bank shuffle and what is next? The economic crisis in Iraq as a result of the ongoing rise in the value of the US dollar against the dinar resulted in the prime minister sacking the heads of the Central Bank of Iraq and the Trade Bank of Iraq. Iraq
Kuwait's government resigns in latest parliament standoff This is the fifth Kuwaiti government that has resigned in the past two years, highlighting growing tension between the country’s authorities. Legacy: Gulf
Oman continues economic reforms by listing drilling company on stock exchange Oman’s fiscal performance has improved in the last year, and the country wants to produce more alternative forms of energy, such as hydrogen. Legacy: Gulf
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
