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
Israel unhappy over unregulated cryptocurrency trade Israeli authorities are demanding the international crypto stock-exchange Binance to explain unregulated digital currency trade in the country. Israel
Lebanese wary of rise of customs duties amid economic crisis The cash-strapped Lebanese government has approved a draft budget law for 2022 that hikes the customs dollar and imposes new duties, as the country battles a severe economic crisis. Lebanon
Standard Chartered eyes churning out profits from Egypt Egyptian authorities are betting on Standard Charter's expertise to boost online banking and stoke competitiveness. Egypt
Qatar National Bank launches environmentally friendly finance project The Doha-based bank will loan cash to the British bank HSBC to be used for green transportation investments. By Al-Monitor Staff
Saudi business group touts plan to improve economic ties with Russia Russia is working to improve relations with Saudi Arabia and wants the kingdom to buy its S-400 missile defense system. Russia
Turkey’s central bank continues window dressing with currency swaps Hit by a foreign reserves drain, Turkey’s central bank eyes fresh currency swap deals, including with the central banks of Azerbaijan, Turkmenistan, Uzbekistan and Libya. Turkey
Saudi Arabia to maintain current debt amount Saudi public debt has increased in recent years with the decline in global oil export revenues. By Al-Monitor Staff
Egyptians carry on tradition of entrusting savings to gold Many Egyptians see gold as the safest investment option for their savings, especially in times of economic uncertainty. Egypt
Turkish lira tumbles ahead of key decision on rate cuts, wages As Turkey’s battered lira pushes to new lows against the dollar, all eyes turn to Thursday’s central bank meeting and critical talks on the minimum wage. Turkey
US sends envoy to engage Gulf, Israel on cybersecurity A deputy secretary of the US Treasury is heading to the Middle East to talk coordination on maintaining an edge in the digital domain. Israel
Palestinian banks accused of colluding with Israel Palestinian banks in the Gaza Strip froze the accounts of dozens of associations and civil society institutions, sparking a wave of anger among them and the citizens who benefit from the services they provide. Palestine
Turkish inflation nears 20% on rising food, energy costs While Turkey’s latest official inflation figures beat expectations, raising some concerns over data integrity, consumer prices are expected to keep rising amid growing global energy costs. Turkey
