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
Lebanon’s Riad Salameh interrogated, assets frozen as citizens raid banks The judicial proceedings against central bank governor come against the background of a worsening economic and political crisis, and as his term is set to expire next month. Lebanon
Turkish lira hits record low, losing 2% amid concerns of smaller rate increase As of 4:15 p.m. Istanbul time, the lira was trading at 26.99 against the dollar, 2.4% less than Monday’s close of 26.3505. Turkey
Kuwait's new sovereign wealth fund Ciyada to boost foreign investment The Gulf country already has the Kuwait Investment Authority with assets of about $803 billion, making it the fifth-largest sovereign wealth fund globally. Legacy: Gulf
UAE suspends Emirates Gold over money laundering allegations The London Bullion Market Association, which regulates the United Kingdom capital’s metals market, suspended Emirates Gold DMCC’s affiliate membership after conducting a review. United Arab Emirates
UAE becomes observer in Asian money laundering group The move follows the UAE being added to a financial watchdog’s list of countries with deficiencies in countering money laundering. Legacy: Gulf
Saudi Public Investment Fund reports $11 billion loss for 2022 Saudi Arabia's sovereign wealth fund reports its assets have risen from $676 billion to about $778 billion in 2022 in a rare gesture of transparency for the Gulf. Saudi Arabia
Pakistan thanks 'brotherly' Saudis for $2 billion ahead of IMF bailout decision Pakistan received Saudi Arabia's $2 billion deposit a day before the International Monetary Fund is expected to approve a $3 billion bailout on Wednesday that the country desperately needs. Saudi Arabia
Turkey's finance, banking chiefs to visit Saudi Arabia in search of foreign funds The Saudi visit of Finance Minister Mehmet Simsek and Central Bank Governor Gaye Erkan is expected to be followed by the Turkish President's Gulf tour. Turkey
Dubai crypto authority suspends BitOasis The cryptocurrency platform BitOasis' license was suspended by Dubai's VARA due to noncompliance of licensing requirements. United Arab Emirates
Israel pauses interest rate hikes, first time in a year The Bank of Israel signaled it could raise rates in the future, as inflation remains above the target range. Israel
UAE breaks foreign direct investment record as Saudi Arabia sees 59% dip Israel and the United Arab Emirates led the Middle East and North Africa for the highest FDI inflow — the purchasing of assets in another country — and globally placed 15th and 16th, respectively, according to a UNCTAD report released Wednesday. United Arab Emirates
Analysis Israeli government postpones interest rates bill for checking accounts The postponement of the bill was decided after an unusually harsh letter by Bank of Israel Gov. Amir Yaron, warning such a move would harm the bank's independence. By Rina Bassist In Paris, reporting on Israeli politics and European affairs
