UAE breaks ground on 50 MW solar plant in CAR, expanding Africa footprint Abu Dhabi’s financial footprint has expanded across Africa, making the UAE the continent’s fourth-largest source of foreign capital. United Arab Emirates
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
Losses of Turkey’s construction sector foisted on taxpayers Turkey has created a special fund to salvage debt-ridden construction companies, many of them government cronies, while relieving banks from bad loans, but the rescue operation is bound to put further burden on public finances and thus taxpayers. Turkey
How long can PA keep borrowing money from Palestinian banks? The Palestinian government announced its decision to pay 60% of the salaries of public employees, which could be achieved under a plan to borrow money from local banks to confront the financial crisis caused by Israel's deduction from clearing funds for the PA. Palestine
Here’s how Iran wants to take its financial system on the blockchain A major project commissioned by the Central Bank of Iran aims to incorporate blockchain technologies in the country’s banking and financial system, and potentially employ a sovereign rial-backed cryptocurrency. Iran
Will Banque du Caire’s second go at privatization succeed? Banque du Caire hopes to raise $300-400 million by selling a 20-30% stake in it this year. Egypt
Egypt switches to digital payments The Egyptian government will start implementing a law soon, regulating non-cash payments and switching to electronic payments in some cases. Egypt
Iran signals change to FX regime, crackdown on profiteering The Iranian authorities said renewed turbulence on foreign exchange markets will be short-lived as signals were sent that a crackdown on profiteering is ahead. United States
Is debt answer to Middle East economic troubles? The forecast for growth across the Middle East and North Africa is bleak. Unfortunately for the regions, heavy debt appears to be one way out. Saudi Arabia
How Iran’s 'justice shares' impede state divestment from the economy The Iranian government’s "justice share" scheme has impeded divestment of state involvement in the economy, further complicating efforts to institute genuine privatization. Iran
Why the Iranian government must modernize its cash management system The Rouhani administration ought to modernize its cash management with a Treasury Single Account to combat corrupt practices, eliminate a lack of discipline in public finance and ensure adequate fund flow to critical sectors of the economy. Iran
What’s in store for Turkish economy after local polls? Once Turkey’s March 31 local elections are over, Ankara is expected to focus on restoring the confidence of foreign investors — an uphill task that will require bitter pills to redress economic balances. Turkey
Egypt’s Eastern Company listed 4.5% of shares on stock market The Eastern Company’s public offering, which resulted in Saudi investors buying 25% of the listing worth $23 million, raises questions about illicit profits within the government. Saudi Arabia
Profiteering, smuggling push Iran to consider ‘electronic’ food stamps Rampant profiteering and smuggling are forcing Iranian authorities to move toward a revamped system of direct subsidies for essential goods. Iran
