Norway's wealth fund vows to stay invested in Israel after selling shares in 11 firms In a press conference on Tuesday, the fund said it had sold the stake in Bet Shemesh Engines Ltd, a group that provides services to the Israeli military, including the maintenance of fighter jets. Israel
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
Gulf states blacklist terror financiers linked to Iran, Islamic State, Syrian regime Lead figures in the Assad regime’s Qatirji oil-smuggling network were among those sanctioned. Legacy: Gulf
Israel interest rates to continue upward trend Battling growing inflation, the Bank of Israel has significantly raised the country’s interest rates twice in recent weeks. Israel
How interest rate hikes affect Egypt’s economy The central bank may raise rates further by 100 to 200 basis points in 2022 to be in line with tightening global monetary policies. Yields on T-bills are set to rise. Egypt
Turkey’s middle class priced out of home ownership Buying a home has become an elusive dream even for middle-class professionals in Turkey as the country’s economic woes erupt into a perfect storm over the housing market. Turkey
Turkish lira continues to fall Turkey is in the midst of an economic crisis marked by high inflation. By Adam Lucente In New York City, reporting on regional news, militancy, climate change
UAE meets $400 million target in first bond auction The Emirati government decided to sell bonds in dirhams to boost the local banking sector and diversify financially. United Arab Emirates
World Bank praises Palestinian easing of COVID rules, criticizes Israeli control The international financial body recommended several governance reforms for the Palestinian Authority to increase economic growth. Palestine
Egypt wants shipping agencies to deal in pounds amid dollar flight After Egypt’s currency devaluation in March, the Egyptian government hopes to ease the strain on its banking system by mandating that international shipping agencies accept Egyptian pounds instead of US dollars as payment. Egypt
Fundraising by Israeli startups expected to decline during 2022 A survey of Israeli startup companies shows a significant drop in fundraising. Israel
UAE investments boost Egyptian economy The United Arab Emirates is seeking profits by investing $2 billion in Egyptian state-held stakes in some companies. Egypt
Saudi Arabia sends $50 million to Jordan for budget as economy falters The Jordanian government is working to close tax loopholes and increase its revenue collection amid its economic struggle. Jordan
Analysis The Takeaway: Ukraine war worsens Middle East oil gap Sudan’s Burhan accuses UN envoy; Egypt increases support for Sudan; Libya cracks down on human rights activists; Turkey’s farmers face economic pinch; Islamic State uses dust as cover in Iraq … all in less than 1,200 words! By Andrew Parasiliti , Elizabeth Hagedorn
