Syria to rejoin Arab group at IMF, leaving Russian-led constituency Syria will rejoin the Arab constituency at the International Monetary Fund beginning Nov. 1 and has applied for membership in the EBRD. Syria
Erdogan aide named suspect in Turkey financial scandal Former AKP deputy chairwoman Fatma Betul Sayan Kaya is facing allegations of being linked to a market manipulation scandal. Turkey
Analysis Turkey’s $20B fund crisis: Who profited, and who will pay? Opposition parties are demanding immediate government compensation for affected investors, who face up to a six-month wait as independent banks oversee the asset liquidations. By Jack Dutton In Bristol, reporting on regional business, climate change, AI, tech
Iran’s rial hits record low as pressure on oil exports mounts The rial was trading at more than 2.5 million to the dollar in Tehran's open market on Tuesday. Iran
Analysis Ball now in Tunisia's court regarding $1.9bn IMF bailout Officials from the IMF, the World Bank and Italy have all commented on the proposed bailout package this week as a Tunisian delegation joins the spring meeting of the multilateral institutions in Washington. By Jack Dutton In Bristol, reporting on regional business, climate change, AI, tech
Middle East debt issuances nearly triple in Q1 2023 as Saudis take lead In Q1 of 2023, Saudi Arabia was the leading debt issuer in the MENA region. Legacy: Gulf
Saudi, UAE banks rank highest valued in Middle East: Forbes Gulf Cooperation Council (GCC) countries took 41 places, or 82%, of the list of the 50 highest-valued banks in the Middle East and North Africa. Legacy: Gulf
Egypt's rate hike viewed with skepticism as inflation persists Economists question the logic behind Egypt's new interest rate hike, especially after previous raises failed to bring the inflation rate down. Egypt
Egypt’s privatization plans stall despite growing buzz Only a fraction of the targeted sales to Gulf investors have materialized over the last year, largely due to a general lack of agreement and volatility of the Egyptian economy Egypt
China’s CICC plans UAE, Saudi expansion as Xi builds Middle East ties CICC has about five to six people in its Middle East offices serving the entire region with a mix of Chinese and regional staff. Legacy: Gulf
Bahrain launches 'Golden License' to attract major investment, jobs Only companies with major investment and project portfolios will be eligible for the license, with either a $50 million value or a plan to create 500 jobs in the country, according to the Bahrain Economic Development Board. Legacy: Gulf
Bank of Israel raises interest rate again, warns about judicial fallout The OECD is predicting GDP growth rate to slow in Israel this year, while the Bank of Israel has worked out different scenarios based on fallout from the judicial reform controversy. Israel
UAE Central Bank revokes license of Russia's MTS Bank as sanctions tighten The Central Bank of the UAE plans to close the Russian bank’s operations within six months from the date of the decision. Legacy: Gulf
UAE, Qatar lead Middle East in 2023 global foreign investment ranking The United Arab Emirates sat in the top position among MENA markets and ranked 4th globally. Legacy: Gulf
UAE’s ‘Second Salary’ savings plan offers its expat majority passive income The savings plan is the first step in establishing a long-term retirement plan structure by the savings and investment company, amid low rates of retirement savings in the region. Legacy: Gulf
Saudi National Bank chairman resigns after Credit Suisse loss Current CEO Saeed Mohammed Al Ghamdi will take over as the new chairman on March 27, with deputy CEO Talal Ahmed Al Khereiji filling his place. Legacy: Gulf
