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 Saudi holdings of US Treasuries hit record low, signaling push to diversify from dollar Saudi Arabia's stockpile of US Treasuries fell to $108.1 billion in June, the lowest point since December 2016. By Salim A. Essaid
Saudi Arabia, China sign $1.33 billion in housing deals The Saudi-China Business Forum represents the latest sign of increased Chinese interest in Saudi Arabia. Legacy: Gulf
How significant is India's first ever use of rupees for UAE oil payment? Abu Dhabi National Oil Company (ADNOC) received the rupee payment of an undisclosed amount from Indian Oil Corp., according to an Indian Embassy statement acquired by Reuters. United Arab Emirates
What is Emiratization and how did UAE recover $600,000 from 'fake hires?' The UAE recovered $600,000 worth of payments made by private companies to 107 Emiratis for fake jobs created in an attempt to fulfill Emiratization quotas. United Arab Emirates
UAE's ADNOC to expand gas processing with $3.6 billion contract ADNOC Gas announced it would award the contract to a joint venture between ADQ state-fund-owned National Petroleum Construction Company and Spain’s Tecnicas Reunidas. United Arab Emirates
Qatar loans Argentina $775 million to repay IMF Qatar continues its practice of assisting financially strapped countries by providing a loan to Argentina, which is also planning to use the yuan to purchase Chinese imports. Legacy: Gulf
Saudi Arabia, UAE lead Forbes’ 2023 Arab family business ranking Although Saudi Arabia and the UAE dominated the list, with 33 and 29 of the top 100 spots respectively, Egypt’s Mansour Group sat in first place, with the UAE’s Al-Futtaim Group in second and Saudi Arabia’s only female-led company, Olayan Financing Company, at third. Saudi Arabia
Saudi Arabia borrowing rate hits new high, posing risk to foreign investments The Saudi Arabian Interbank Offered Rate climbed above an average of 6% in July, which was higher than the rate during the 2008 global financial crisis. Saudi Arabia
Japan’s Nomura subsidiary receives crypto license in UAE The crypto sector is booming in the United Arab Emirates thanks to clear regulations on virtual assets. Legacy: Gulf
Lebanon's scorned central bank chief Riad Salameh steps down Salameh is under investigation in both Lebanon and Europe for financial crimes as Lebanon’s economic crisis continues. Lebanon
Gulf central banks raise interest rates after US Federal Reserve decision Gulf central banks also held firm in June when the Fed paused its rate hikes. Legacy: Gulf
Morgan Stanley lowers Israel’s sovereign credit as Moody's issues warning Protests are mounting over the controversial judicial reforms, and the leading credit agency downgraded Israel earlier this year. Israel
