Analysis Egyptians in for another expensive Ramadan despite recovering economy Egyptians tend to spend more during the Islamic holy month relative to the rest of the year, but high inflation and low wages have reduced their purchasing power. By Jack Dutton In Bristol, reporting on regional business, climate change, AI, tech
Meet Fahad Al-Saif, PIF exec and Saudi Arabia's new investment minister Saif previously led investment strategy at the kingdom's sovereign wealth fund and has held senior roles at the Saudi Awwal Bank and HSBC Saudi Arabia. Saudi Arabia
Saudi Arabia names new investment minister as Vision 2030 funding lags The leadership change comes as slowing megaprojects and weak foreign inflows expose gaps in the kingdom’s ambitious economic overhaul. Saudi Arabia
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
Turkey returns $5B deposit to Saudi Arabia amid economic recovery The Saudi Fund for Development decided to hold the funds in the Turkish Central Bank in March 2023 after ministerial meetings the previous year — the deposit helped Turkey firm up its weakened currency, the lira. Turkey
Turkey sees 157% wealth growth despite economic malaise Bloated asset prices due to sky-high inflation put Ankara at the top of the survey, despite many Turks struggling to get by in real cash terms. By Jack Dutton In Bristol, reporting on regional business, climate change, AI, tech
Iran advances de-dollarization among BRICS members to counter US dominance As a new addition to the BRICS group of nations, Iran has been promoting an ambitious campaign within the alliance to counter US influence over global markets and alleviate the impacts of American sanctions on its own economy. Iran
Can Egypt's new cabinet overcome public skepticism, economic discontent? The new cabinet in Egypt is expected to address the country’s economic woes, although some analysts doubt its ability to do so. Egypt
Middle East startups see funding fall by 34% in first half of 2024 Although startup funding levels have plateaued globally, MENA reported an increase in early-stage rounds and investor participation. United Arab Emirates
Egypt’s remittances reach $2.7 billion in boost to foreign reserves Egypt’s liquidity crisis has been alleviated by recent investment from the United Arab Emirates and help from the International Monetary Fund, though inflation and debt remain issues. Egypt
What’s behind Saudi Public Investment Fund’s $17.2B profit? The sovereign wealth fund’s turnaround following the loss in 2022 is due in large part to the stock market rebounding. Saudi Arabia
Barclays plays down Israel military links as protesters target branches More than 15 branches of the bank across England and Scotland were found with windows smashed and red paint daubed over the buildings as part of a protest calling on the bank to divest from arms companies that sell to Israel as well as from fossil fuel businesses. Palestine
Saudi Arabia joins China, UAE in digital currency project The kingdom is joining the Switzerland-based Bank for International Settlements' central bank digital currency platform. Saudi Arabia
Qatar National Bank says GCC banks have more liquidity than global rivals An executive at the Qatari lender said that Gulf countries will have to compete with the rest of the world for billions of dollars in equity to finance infrastructure projects, of which there is a higher demand than supply. Saudi Arabia
Poverty in Lebanon tripled to 44%, as high as 62% in rural areas: World Bank In a recent report, the World Bank revealed a three-fold increase in poverty rates in Lebanon, which is hard hit by an economic crisis and financial meltdown, with nine out of every 10 Syrians displaced in the country living under the poverty line. Lebanon
Dubai beats Singapore, London as top city for 'greenfield' FDI projects FDI Markets data, compiled by the Financial Times, found the UAE's financial capital ranked top overall in global "greenfield" FDI projects attracted in 2023. United Arab Emirates
