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
World Bank approves loan to Egypt, praises government for growth during pandemic The loan accompanies various reforms, including actions to increase economic participation of women. News Brief
Erdogan backpedals on threat to expel 10 Western ambassadors After threatening to expel 10 foreign envoys, Turkish President Recep Tayyip Erdogan Monday appeared to de-escalate a diplomatic row sparked by the ongoing imprisonment of Turkish philanthropist Osman Kavala. Turkey
Despite reaching all-time high, Egypt’s external debt is within safe levels Inflows of foreign currency debt were spent on infrastructure, health care and overhaul of shantytowns across the country. However, Egyptian banks’ net foreign liability position stands out as a risk. Egypt
Turkey calls designation from global finance watchdog ‘unwarranted’ The Paris-based Financial Action Task Force added Turkey to its “grey list,” which indicates concerns about money laundering and terrorist financing. News Brief
Global finance watchdog adds Turkey to grey list Amid high inflation, widespread youth unemployment and deepening poverty, the country's economic situation is looking increasingly grim Turkey
Is Ankara capitulating to or allowing lira’s depreciation? Turkey’s central bank shocks financial markets with a bigger-than-expected rate cut, overriding concerns over the slump of the Turkish lira and its bruising impact on the economy. Turkey
Turkey’s vulnerable lira plunges to record low after central bank sackings In a midnight decree, President Recep Tayyip Erdogan rid the central bank of key bureaucrats who opposed his calls for lower interest rates ahead of next Thursday’s key meeting. Turkey
French court upholds conviction of Assad's uncle in money laundering case A French court last year sentenced Rifaat al-Assad to four years in prison and ordered the forfeiture of his French real estate assets. Syria
Turkey’s record growth rate belies murky economic prospects Eager to woo back disgruntled voters, Erdogan appears bent on stimulating economic growth at the risk of stoking Turkey’s currency troubles. Turkey
Ill-conceived borrowing scheme costs Turkey double The cost of Ankara’s domestic borrowing in hard currency and gold is estimated to have hit nearly 32% per annum amid the slump of the Turkish lira, more than doubling the cost of borrowing in liras. Turkey
Saudi Aramco denies rumors it will produce bitcoins The Saudi state-owned oil company said reports it will engage in the process of creating cryptocurrency are "false." DONT USE - Gulf Pulse
Lebanon implements ration card program as economic crisis worsens The Lebanese parliament approved a law to fund ration cards for the most vulnerable families, while ending subsidies. Lebanon
