The article discusses the growing international significance of the Gulf region, exemplified by major events like Expo 2020 Dubai and the FIFA World Cup in Qatar. It highlights the Gulf's increasing confidence in developing foreign and security policies independent of external powers, as noted by Andreas Krieg from King’s College London. The region has engaged with both China and the US, with high-profile visits from Presidents Xi and Biden. The article also touches on the economic impact of the Ukraine war on the Gulf, particularly through oil prices, and the delicate political balance the Gulf states maintain. It covers the UAE's economic diversification efforts and reforms, the subdued nature of Biden's visit to Jeddah, the cryptocurrency crisis, the formation of Iraq's government, the outcomes of the Cop27 climate summit, and the extensive deal-making during President Xi's visit to Riyadh. Finally, it mentions the successful hosting of the World Cup by Qatar and its implications for the country's infrastructure and tourism sector.

The article discusses the economic legacy of the FIFA World Cup 2022 in Qatar, focusing on the future of the infrastructure built for the event, such as Katara Towers and various stadiums. It highlights the historical trend of World Cup hosts, like South Africa, Brazil, and Russia, incurring losses and underutilizing post-event infrastructure. Qatar's situation is unique due to its vast wealth, which allows it to focus on long-term benefits like global recognition rather than immediate financial returns. The country has invested heavily in infrastructure and real estate, aiming to become a sports and travel hub. The article also touches on the soft power benefits of hosting the World Cup, such as improved relations with neighboring countries like Saudi Arabia and the UAE. Experts suggest that while the hydrocarbons industry will remain dominant, the World Cup infrastructure could benefit tourism and other sectors, albeit marginally.

President Bola Ahmed Tinubu of Nigeria has appointed Olayemi Cardoso as the head of the Central Bank of Nigeria (CBN). Cardoso previously served as the economic planning and budget commissioner of Lagos state from 1999 to 2005 under then-Governor Tinubu. This appointment follows the suspension and arrest of the former CBN governor, Godwin Emefiele, who was implicated in the implementation of policies considered disastrous under the administration of outgoing president Muhammadu Buhari.

The article discusses the expansion of the Port of Fujairah and its significance in the maritime sector, positioning it as one of the world's largest bunkering sites. Adnoc is constructing an LNG plant and oil storage facilities in Fujairah, with the latter set to open this year. The National Bank of Fujairah reported record operating income and profit, reflecting the UAE's economic recovery. The hospitality sector in Fujairah is also thriving, with new hotels opening and higher growth in occupancy levels compared to the rest of the UAE. Infrastructure improvements, such as the Etihad Rail network, are expected to enhance connectivity and economic spillover from Abu Dhabi and Dubai into Fujairah.

The International Monetary Fund (IMF) has approved a financial package of $1.3 billion for Morocco. This funding is aimed at supporting the country's renewable energy and energy efficiency initiatives, as well as bolstering its defenses against natural disasters. The announcement comes just before the IMF and World Bank Group's annual meetings, which are scheduled to take place in Marrakech from October 9 to 15.

The article discusses the ongoing expansion of the hospitality sector in the Gulf Cooperation Council (GCC) states, with a focus on the development of new hotel rooms to boost tourism. Saudi Arabia and the UAE are leading the growth, with Saudi Arabia potentially rivaling the UAE as the region's largest hotel market due to its significant investment in tourism as part of its Vision 2030 plan. The article highlights the shift towards mid-market and budget accommodations, as well as the growth in wellness tourism and eco-tourism. It also mentions the positive impact of mega-events like Expo 2020 and the FIFA World Cup on hotel occupancy and revenue. The introduction of new airlines like RIA is expected to support this growth. The article suggests that the risk of oversupply is mitigated by government initiatives to attract more visitors and develop necessary infrastructure.

The article discusses a significant drop in the share price of Adani Group companies on the Indian stock exchange following a report that alleged widespread fraud within the conglomerate. This financial turmoil has raised concerns about the potential impact on Adani Group's proposed 10GW renewable power and green hydrogen project in Morocco, indicating the international ramifications of the scandal.

The article discusses the economic growth and development in the northern emirates of the UAE, particularly Ajman and Umm Al Quwain. Ajman's hotels had the highest occupancy level in the UAE in 2021, and the emirate's budget for 2023 has increased by 21 percent, indicating a healthy economic environment. The Ajman Free Zone hosts a variety of companies, and tourism is a growing sector. Umm Al Quwain is focusing on attracting tourists through environmental sustainability, with plans to allocate 20 percent of its land to natural reserves by 2031. Both emirates are developing their tourism and industry sectors, with Umm Al Quwain also emphasizing logistics, industries, and SMEs. The article highlights the challenges these smaller emirates face in distinguishing themselves from Dubai and Abu Dhabi but notes their advantages, such as a lower cost of living and proximity to international airports.

Qatar is hosting the World Cup, which is expected to bring over one million visitors, spotlighting the country on a global scale. The country has invested up to $10 billion in stadium construction and $200 billion in infrastructure, including the Doha Metro and Lusail City. Despite the challenges of hosting such a large event in a small area, Qatar has expanded its accommodation capacity through property rentals, temporary housing, and cruise ships. Major hotel brands like Marriott, Hilton, and Accor have significantly increased room prices. The World Cup is seen as a branding exercise for Qatar, with the aim of boosting tourism and presenting the country to the world. Post-tournament, Qatar aims to continue attracting visitors and has plans to host future major sporting events.

The relationship between South Africa and the United Arab Emirates has deteriorated following a communication breakdown regarding a UAE court decision. The South African Ministry of Justice and Correctional Services was informed only in early April about a mid-February ruling by a UAE court. The ruling stated that Atul and Rajesh Gupta, who are wanted in South Africa on charges of money laundering, fraud, and corruption, would not be extradited. This development is the latest in the ongoing 'state capture' scandal that has marred the presidency of Jacob Zuma and continues to affect the political landscape in South Africa.

Despite a global slump in initial public offerings (IPOs), the Middle East has seen a nearly 300% increase in the number of companies going public in 2022. According to data from consulting firm EY, 31 companies in the region launched IPOs between January and September 2022, a 288% increase from the same period in 2021. The funds raised through IPOs reached $14.7 billion, a 550% increase year-over-year. The pace of new listings has slowed in the second half of 2022, but due to the surge in oil prices, Middle Eastern oil-producing countries are expected to maintain a relatively active level of new listings for some time. The largest of these companies was Salik, Dubai's road toll operator, which raised $1 billion. Most of the listed companies are based in Saudi Arabia, with one, Disty Technologies, based in Morocco, raising $17 million through the Casablanca Stock Exchange. Despite the slowdown, the stock market performance in the Middle East and North Africa (MENA) region still outperforms most of the world. Globally, IPOs have declined by 44% in number and 57% in funds raised compared to the previous year, with the U.S. expected to see the lowest IPO proceeds in nearly two decades. While economic activity is sluggish in many parts of the world, the Middle East remains optimistic due to increased revenues from oil and natural gas, with the Abu Dhabi Securities Exchange showing a 15% increase to date this year.

マクラーレン・グループは財務圧力に直面しており、2023年初頭に資本の再編成が必要になる可能性がある。売上の低下とサプライチェーンの問題が原因で、バーレーンの政府系ファンドであるムムタラカットは、2022年夏から2億2500万ポンドを投資している。スタンダード・アンド・プアーズによると、売上は予測を下回り、流動性は逼迫している。新モデル「アルトゥーラ」の納車遅延や半導体チップとバッテリーの供給問題が影響している。2022年の販売台数は前年比で減少し、S&Pは2022年通年の販売台数を3300台から2000台近くに、2023年の予測を4000台から3000台前後に下方修正している。

Finland-based AW-Energy and Namibia's Kaoko Green Energy Solutions have entered into a memorandum of understanding to initiate a wave energy pilot project in Swakopmund, Namibia. The collaboration aims to explore the viability of wave energy in the region. Additionally, Kaoko Green Energy Solutions is working on the Purros Hydrogen Hub, which is set to produce 35 tons per year of ammonia as a carrier for green hydrogen, emphasizing the company's commitment to renewable energy solutions.

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The article reports on the temporary disconnection of three Nigerian distribution companies, Kano Electric, Kaduna Electric, and Aba Power Limited, from the national grid by the Transmission Company of Nigeria due to unpaid invoices. The government intervened, resulting in a 60-day reconnection grace period for these companies. However, TCN has issued a warning that further disconnections could occur for other distribution companies if the situation does not improve after the grace period.

The High Court in London has ruled in favor of Nigeria, overturning a $6.6 billion arbitral award against the country that was granted in 2017. The court found that Process and Industrial Development (P&ID), a company registered in the British Virgin Islands, had committed serious misconduct in securing the award. The case stemmed from a dispute over a failed gas supply and processing agreement between P&ID and the Nigerian government. The High Court's decision marks a significant legal victory for Nigeria, which had been contesting the legitimacy of the arbitral award on the grounds of fraud.

The German government has suspended export credit and investment guarantees for companies doing business with Iran due to the severe crackdown on protests in Iran. The Federal Ministry of Economic Affairs and Climate Action announced the suspension, which takes effect immediately for investment guarantees and will begin in January for export credit guarantees, with exceptions for humanitarian needs. Bilateral trade between the two nations was significant, but no new guarantees have been issued since 2019. The move reflects deteriorating relations between Germany and Iran, especially after Germany sponsored a UNHRC motion to investigate Iran's response to protests. Iran has sanctioned several Germans in retaliation, accusing Germany of interference and hosting anti-Iranian elements.

The International Monetary Fund (IMF) has released a study indicating that countries in the Middle East and Central Asia need to invest $884 billion in renewable energy by 2030 to meet emission reduction targets. This investment represents a significant portion of the regions' GDP. The report, authored by Jihad Azour, Gareth Anderson, and Ling Zhu, suggests policy options for achieving climate goals, including reducing fuel subsidies and investing in large-scale renewable projects like Qatar's Al-Kharsaah solar energy plant and the UAE's Mohammed bin Rashid Al-Maktoum Solar Park. While wealthier nations like Qatar and the UAE can afford these investments, poorer countries may struggle. The IMF also discusses the potential of introducing carbon taxes and the socioeconomic impacts of transitioning to renewable energy, emphasizing the urgency and cost of delaying such a transition.

Saudi Arabia's Public Investment Fund (PIF) has sold its shares in the British luxury sportscar maker McLaren to Bahrain’s Mumtalakat Holding Company, which is a long-term investor in McLaren. The sale price is undisclosed. Mumtalakat's CEO Sheikh Abdulla bin Khalifa al Khalifa and Saudi investment minister Khalid al Falih discussed investment cooperation during a meeting in May. Mumtalakat, which holds stakes in over 50 companies, is significantly smaller than PIF. It has provided financial support to McLaren, including £150 million in 2021 and £224 million in 2022, to help the carmaker overcome financial challenges and supply chain issues. McLaren has begun a recapitalization process in 2023, raising at least £120 million in additional funding.

The Iranian government has filed a lawsuit against Canada at the International Court of Justice (ICJ), seeking compensation for what it claims are breaches of the principle of state immunity by Canada. The breaches allegedly occurred when Canada allowed civil cases against Iran in its courts. Iran, through the Center for International Legal Affairs, is reacting to Canadian legislative and judicial actions since 2012, including the amendment of the State Immunity Act and the Justice for Victims of Terrorism Act. These actions have led to Iran's assets being seized and diplomatic relations being severed. The lawsuit also touches on the downing of Ukraine International Airlines Flight PS752, for which Canadian courts have awarded damages against Iran. Canada has not yet formally responded to the lawsuit at the ICJ.

The article discusses a new report from the Institute for Economics & Peace, which indicates that deaths from global conflicts have nearly doubled in the past year, reaching the highest levels since the Rwandan genocide. The report, which draws on data from the Uppsala Conflict Data Program, highlights the significant increase in conflict-related deaths, particularly in Ukraine and Ethiopia. It also notes that over half of the world's countries are involved in external conflicts, with economic costs estimated at $17.5 trillion. Despite the grim statistics, there have been improvements in some areas, such as a decrease in terrorist incidents and deaths in Afghanistan, and potential progress in resolving long-standing conflicts in the Middle East, including Yemen.

The article discusses the scrutiny of the legal system in Dubai and the wider UAE, particularly in relation to the treatment of foreign business executives accused of crimes. An inquiry led by Baroness Helena Kennedy of the British parliament is examining the independence of the judiciary and due process in the UAE. Witnesses, including Matthew Hedges and British businessman Charles Ridley, shared their experiences of being detained and facing harsh sentences. Ridley, who is serving a 20-year sentence for alleged fraud linked to a real estate development backed by Dubai Islamic Bank, testified from prison. The United Nations has called for the release of Ridley's colleague Ryan Cornelius, citing arbitrary detention. The article also mentions the resignation of Irish judges from the DIFC Courts and the UAE government's defense of its legal system.

The 2023 World Airline Awards, held during the Paris Air Show, saw Asian and Middle East airlines dominate, with Singapore Airlines being named the world's best airline for the fifth time. Qatar Airways and ANA All Nippon Airways followed in second and third place, respectively. The awards, based on a Skytrax online passenger survey, also recognized the best in cabin classes, with Asian and Middle East carriers sweeping these categories as well. Other notable winners included AirAsia for best low-cost airline and Air Canada for the world's most family-friendly airline. The Paris Air Show also highlighted significant business deals, such as IndiGo's record order for 500 Airbus A320 jets and the international debut of Saudi's Riyadh Air.

Riyadh Air, a new airline backed by Saudi Arabia's government, made its international debut at the Paris Air Show. The airline, with plans to carry over 100 million passengers by the end of the decade, has ordered 787-9 Dreamliner jets from Boeing and is in talks with Airbus for additional orders. Riyadh Air, led by CEO Tony Douglas, aims to serve the Saudi market without directly competing with established airlines for inter-continental traffic. The airline's success may hinge on Saudi Arabia's international reputation and tourism development, supported by the Public Investment Fund. The country's alcohol ban presents a challenge for the airline's growth, with speculation about potential reforms under crown prince Mohammed bin Salman. Riyadh Air has not commented on its strategy or the possibility of serving alcohol on flights.

The Investment Corporation of Dubai (ICD) has reported a record profit of AED36.1 billion for 2022, driven by high oil prices, a rebound in tourism, and a strong banking sector. Revenues also hit a record at AED267.4 billion, a 58% increase from the previous year. The sovereign wealth fund's performance was boosted by oil and gas, travel and tourism, real estate, and aluminium production. ICD's assets are valued at AED1,177 billion, placing it just outside the top ten largest sovereign wealth funds globally. ICD has stakes in major Dubai companies across various sectors. Dubai's economy is showing signs of healthy growth, with tourism recovering and FDI increasing by 80% in 2022. The emirate has a plan to double its GDP by 2033. Despite a high public sector debt, S&P Global expects Dubai's economy to grow by 3% in 2023, with continued strong momentum in key sectors. The UAE's openness to Russia has also led to significant Russian investment and relocation to Dubai.

On May 30, 2023, a UN-led operation commenced to remove over 1 million barrels of oil from the decaying tanker FSO Safer, located near Yemen's Ras Isa peninsula. The tanker has been abandoned since 2015 due to the ongoing civil war in Yemen. The UN has highlighted the severe environmental and economic risks if the tanker's cargo spills or explodes, including the potential closure of the vital port of Hodeidah. The salvage vessel Ndeavor, operated by SMIT, a subsidiary of Boskalis, is tasked with securing the Safer before transferring the oil to the replacement tanker Nautica. Despite raising $114 million, a $29 million funding gap remains to complete the operation. UN officials, including UNDP administrator Achim Steiner and UN resident and humanitarian coordinator for Yemen David Gressly, have urged the international community to contribute the remaining funds to prevent a disaster.

The Asian Clearing Union (ACU), comprising central banks from countries including India, Pakistan, and Iran, is set to launch a new financial messaging system as an alternative to Swift, which some member states are barred from due to sanctions. Iran, which chairs the ACU, announced the decision after a meeting in Tehran. The move is partly a response to Iranian banks being excluded from Swift and aims to facilitate international trade within the bloc using national currencies. Iran has been developing similar systems with Russia, with whom it has strengthened ties post-Ukraine invasion. The ACU also plans to expand membership and endorse a broader range of currencies for trade settlements. Iran continues to trade globally, with a significant reduction in its use of the U.S. dollar for international trade.

Saudi Arabia's government experienced a budget deficit of SR2.9 billion in the first quarter of 2023, with a 29% increase in spending and a 3% decrease in oil revenues compared to the previous year. Despite this, overall government revenues slightly increased by 1% due to strong VAT and other levies, with non-oil revenues rising by 9%. Capital expenditure saw a significant 75% increase, attributed partly to higher costs of imported goods. The public sector wage bill also rose by 7%, which may be due to wage inflation and end-of-service payments. Social benefits and subsidies costs surged due to measures to counteract inflation. Jadwa Investment predicts a modest fiscal deficit for the year, while suggesting the government could increase external borrowing. Additionally, Saudi Aramco's potential performance-related dividend could benefit the government's finances. However, oil revenue may be impacted by Saudi Arabia's commitment to reduce crude production and the need for higher oil prices to balance the budget.

The article discusses the development of the first gambling resort in Ras Al-Khaimah, UAE, by Wynn Resorts in partnership with state-owned companies RAK Hospitality and Al-Majran Island. The project, with a cost of $3.9 billion, is expected to impact the emirate's public finances, leading to a fiscal deficit as predicted by Fitch Ratings. Despite this, the resort is anticipated to boost the local economy by contributing to GDP growth and creating jobs. The resort's opening is planned for early 2027, and it will include 1,500 rooms and various facilities. There is uncertainty about the types of gaming that will be allowed due to the conservative nature of the country where gambling is traditionally prohibited.

The article discusses the expanding banking and trade relations between Russia and Iran, highlighting the opening of VTB Bank's representative office in Iran and the plans of two Iranian banks to establish their presence in Russia. It notes the flourishing economic ties in the context of international sanctions against Russia due to its invasion of Ukraine. The Central Bank of Iran and the Iran Chamber of Commerce are actively working to bypass the U.S. dollar in trade settlements, with a significant portion of bilateral trade now conducted in national currencies and discussions on using cryptocurrencies and the Chinese yuan. Additionally, Iran has been supplying military equipment to Russia for the war in Ukraine and is involved in developing transport infrastructure to improve north-south links.

Amnesty International reported that China, Iran, and Saudi Arabia accounted for the majority of judicial executions in 2022. China's exact numbers are unknown, but thousands are believed to have been executed. Iran executed 576 people, many in response to protests following Mahsa Amini's death in custody. Saudi Arabia executed 196, including 81 in one day. The global total of known executions was 883, the highest in five years, marking a 51% increase from the previous year. While some countries resumed executions, others, including Kazakhstan and Sierra Leone, abolished the death penalty. Amnesty criticized the increase in executions for drug-related offenses, which often target disadvantaged individuals, as a violation of international human rights law.

Moody's Investors Service has upgraded Oman's credit rating from Ba3 to Ba2, maintaining a positive outlook. This upgrade is attributed to Oman's government successfully reducing its debt burden by capitalizing on the recent oil and gas revenue surge. Oman's fiscal deficit has transformed into a surplus, with the government demonstrating spending restraint. The country's debt was significantly reduced in 2022, and further reductions were made in the first quarter of the current year. Moody's notes that while Oman's economy remains vulnerable to oil market fluctuations, continued reforms could lead to a higher credit rating. Other agencies like Fitch Ratings and Standard & Poor’s have also improved their ratings for Oman, indicating a trend towards a more favorable economic assessment.

Iran International, a Persian-language television channel, plans to resume broadcasting from London after moving to Washington D.C. due to threats from the Iranian regime. The channel stopped its London operations in February following Metropolitan Police advice. The IRGC took credit for the closure, highlighting their influence. The channel's director, Roger Macmillan, announced the return at a London event, with new fortified studios. The article also discusses the broader context of Iranian regime threats against independent media, including Kayhan London and BBC Persian, especially following Mahsa Amini's death. Reporters Without Borders' UK director Fiona O’Brien detailed the regime's tactics against journalists. The piece touches on the debate in London over designating the IRGC as a terrorist group, with some MPs urging the government to do so, and the hunger strike by British-Iranian activist Vahid Beheshti.

Air Arabia, the Middle East's largest low-cost carrier, reported a doubling of its profits in the third quarter, with a net profit of AED 416 million, a 99% increase from the same period in 2021. The company's turnover also saw a significant rise, reaching AED1.6 billion, a 100% year-on-year increase. The airline has expanded its operations, including the launch of Fly Arna in Armenia and new joint ventures such as Air Arabia Sudan and Fly Jinnah in Pakistan. The aviation sector in the Middle East is nearing full recovery from the Covid-19 pandemic, with major airports like Dubai, Doha, and Abu Dhabi operating close to their 2019 capacity levels. Low-cost carriers are contributing significantly to this growth. Other regional airlines like Turkish Airlines and Jazeera Airways also reported strong financial performances, with Turkish Airlines considering spinning off its AnadoluJet division.

The UK's Advertising Standards Authority (ASA) has found that Etihad Airways, based in Abu Dhabi, made exaggerated claims about its environmental impact in two Facebook ads. The ads claimed Etihad was taking a bold approach to sustainable aviation and reducing its carbon footprint by cutting back on single-use plastics and using efficient aircraft. The ASA ruled these claims breached the UK advertising code as they lacked adequate substantiation. Etihad defended its position, stating its commitment to sustainability and expressing disappointment with the ASA's decision. The airline has been involved in developing sustainable aviation fuel and implementing fuel-saving measures.

Vahid Beheshti, a British-Iranian man, has been on a hunger strike for 43 days outside the Foreign Office in London, demanding the UK government designate the Islamic Revolutionary Guards Corp as a terrorist organization. Despite losing over 13kg and the concern of his doctor, Beheshti is prepared to continue for up to 100 days. He had a meeting with security minister Tom Tugendhat but has not received a response from Prime Minister Rishi Sunak. Sunak had previously indicated support for proscribing the IRGC during his campaign for prime minister. The UK government has not commented on the potential proscription. The article also mentions the growing pressure from UK parliamentarians, including Alicia Kearns, for action against the IRGC. Beheshti remains determined to raise awareness despite the physical toll of his protest.

Fitch Ratings has upgraded Saudi Arabia's credit rating from A to A+, acknowledging the country's strong fiscal position, low debt, and substantial sovereign assets. The upgrade reflects expectations that Saudi Arabia will maintain its reform program, despite the economy's continued dependence on oil and gas revenues and susceptibility to geopolitical shocks. Fitch notes improvements in regional risks, particularly with potential Saudi-Iranian détente. Saudi Arabia's foreign reserves and budget surplus are highlighted, with a forecast of a budget deficit next year due to lower oil prices and production. The introduction and maintenance of a higher value-added tax (VAT) rate are also discussed. The Public Investment Fund (PIF) is expected to focus more on domestic investments, supporting non-oil private sector growth. However, Fitch warns of medium-term risks from increased public-sector spending on large-scale projects, despite potential benefits like job creation and non-oil GDP growth.

Foreign direct investment (FDI) into Saudi Arabia experienced a significant decline of nearly 60% in 2022, marking the first annual decrease in five years and the second largest in over 15 years. The total FDI for 2022 was $7.9 billion, a sharp fall from the $19.3 billion in 2021, which included a major deal by Saudi Aramco. This downturn contrasts with the high levels of FDI in the early 2000s. The reduction in FDI poses a challenge to Crown Prince Mohammed Bin Salman's Vision 2030, which aims for a radical economic transformation requiring substantial foreign investment. The Saudi government has launched initiatives to boost FDI, such as the National Investment Strategy targeting over $100 billion annually by 2030, and the establishment of the Saudi Investment Promotion Authority. Additionally, the government has increased domestic investment through the Public Investment Fund and encouraged local companies to invest more, as seen in the Shareek initiative.

British barristers Rhys Davies and Ben Keith, representing a Ukrainian human rights activist, have urged the U.S. government to investigate Sheikh Mansour bin Zayed Al-Nahyan, a senior member of the Abu Dhabi ruling family, for allegedly assisting Russians in evading U.S. sanctions. Sheikh Mansour, who is the deputy prime minister of the UAE, chairman of the Mubadala Investment Company, and a figurehead for Abu Dhabi’s ownership of Manchester City football club, is suspected of facilitating the transfer of assets by Russian oligarchs to the UAE. The request follows concerns by U.S. officials about the UAE's dealings with Russia post-Ukraine invasion. The lawyers have previously made a similar request to the UK government, which has not yet responded.

Fitch Ratings has upgraded Qatar's credit rating outlook from stable to positive, anticipating robust growth in gas exports due to the expansion of the North Field. This expansion is expected to significantly increase Qatar's LNG production capacity and reduce the fiscal breakeven oil price. Despite the end of the World Cup leading to a local economic slowdown, Qatar is projected to maintain budget surpluses and reduce its debt-to-GDP ratio. The country's strategic role in global energy markets is highlighted by Europe's search for alternatives to Russian gas and Qatar's mediation efforts in regional geopolitics.

British-Iranian human rights activist Vahid Beheshti has been on a hunger strike outside the UK's Foreign Office for over a month, demanding the designation of Iran’s Islamic Revolutionary Guards Corp (IRGC) as a terrorist group. Despite significant weight loss and physical challenges, Beheshti remains determined to continue his protest. The UK government has previously considered this designation, but the Foreign Secretary James Cleverly has been non-committal recently. Concerns over the impact on British citizens in Iranian prisons and the response from Iran are potential reasons for hesitation. The European Parliament has shown support for the designation, but EU leaders have not acted on it. Beheshti's protest, adorned with symbolic flags, aims to influence official policy, though he feels unsafe even in central London due to the IRGC's reach, as evidenced by Iran International TV moving its operations from London to Washington D.C. for safety reasons. Beheshti has received support from figures like Lord Polak and Omid Djalili, but the UK government has yet to engage with him directly.

The 146th assembly of the International Parliamentary Union (IPU) in Bahrain has been overshadowed by criticism of Bahrain's human rights record, particularly the imprisonment of Bahraini-Danish citizen Abdulhadi Al-Khawaja since 2011. European MPs, including Danish and Dutch delegates, have been vocal in calling for Al-Khawaja's release and criticizing Bahrain for withdrawing visas from Human Rights Watch staff. The Bahraini authorities have arrested individuals for social media activity ahead of the event, and the IPU has been accused of remaining silent on these issues. The Bahrain government defends its democratic system and deems Al-Khawaja a terrorist. Amnesty International has demanded Al-Khawaja's release, citing his need for medical attention and poor prison conditions.

Saudi Arabia's new airline, Riyadh Air, has announced a significant order for Boeing 787-9 Dreamliners, with 39 confirmed orders and options for 33 more, with the first deliveries expected in early 2025. This deal is part of a larger order that also includes Saudi Arabian Airlines (Saudia) ordering an additional 39 Dreamliners with options for ten more, bringing the total potential order to 121 aircraft. Riyadh Air, recently launched by the Saudi government's Public Investment Fund and led by Tony Douglas, aims to become a major international carrier and contribute to the kingdom's goal of attracting 100 million visitors by 2030. The article compares the fleet sizes and compositions of other major airlines in the region, such as Emirates, Qatar Airways, Etihad Airways, and Turkish Airlines, highlighting the competitive landscape in Middle Eastern aviation.

The United Nations is working to prevent an environmental disaster by removing 1 million barrels of crude oil from the FSO Safer, a deteriorating tanker off Yemen's coast. The UN Development Program has acquired a replacement vessel from Euronav, which is being prepared in China for the operation. UN Resident and Humanitarian Coordinator for Yemen, David Gressly, stated the operation could finish by mid-June if a $34 million funding shortfall is met. The UN has raised $95 million but needs $129 million for the first phase. The operation's urgency is underscored by the risk of the Safer breaking apart, which would devastate local communities, marine life, and disrupt global shipping. The UN is seeking additional funds from various sources, including a crowdfunding campaign, and has made diplomatic progress with both the Yemeni government and Houthi rebels.

The Bahrain government is facing a lawsuit in the UK after the High Court in London ruled that it could not claim state immunity in a case involving the alleged hacking of dissidents Saeed Shehabi and Moosa Mohammed. The plaintiffs claim they suffered psychiatric injury from their computers being infected with FinSpy surveillance software, produced by the UK/German company Gamma Group. The case, which has been allowed to proceed to trial, highlights issues of state-sponsored cyber espionage and the role of commercial hacking companies. The claimants are represented by Leigh Day and supported by the Bahrain Institute for Rights and Democracy (BIRD). The Bahrain government has expressed its intention to appeal the decision.

Moody's Investors Service downgraded Egypt's credit rating from B2 to B3, citing vulnerabilities due to global conditions and the government's shift towards an export-oriented growth model with a flexible exchange rate. President Abdel Fattah El-Sisi's administration, in power since a military coup in 2013, has initiated economic reforms under a $3 billion IMF support package. These reforms aim to reduce state involvement in the economy and attract capital inflows. However, Moody's cautions that these changes will take time and the government's ability to manage inflation and social stability is unproven. Egypt's foreign reserves have decreased, and it faces significant debt servicing requirements. The government plans to raise funds by selling state assets and securing loans from official lenders and the IMF. The downgrade follows economic challenges from the Covid-19 pandemic, Russia's invasion of Ukraine, and currency devaluation leading to high inflation. GCC countries are potential investors, but there are concerns about the government's ability to implement reforms and attract investment.

The article discusses the rise of vertical farming in the Gulf region, particularly in Saudi Arabia and the United Arab Emirates, as a solution to the challenges of traditional agriculture in arid climates. It highlights the opening of the world's largest vertical hydroponic farm in Dubai and the recent joint ventures, including one between Mowreq and Taiwan's YesHealth, and another between AeroFarms and Saudi Arabia's Public Investment Fund, to develop networks of vertical farms. The article also mentions AeroFarms' partnership in Qatar and its R&D farm in Abu Dhabi. Vertical farming is seen as a way to reduce water usage and grow crops year-round, potentially reducing the region's reliance on food imports. Prince Khaled bin Alwaleed expresses optimism about the scalability of vertical farming and its future potential.

Scott Butler, a former U.S. Army Special Forces member, is suing Essam Al-Tamimi, founder of Al-Tamimi & Company, for $67 million, alleging that Al-Tamimi used improper means to destroy their joint business, Arabian Anti-Piracy Alliance (APA). The lawsuit, filed in Massachusetts and New York, also names UAE-based Invest Bank. Butler claims Al-Tamimi refused to invest in APA, used political connections to arrest him and seize his assets, and registered APA in the British Virgin Islands to award himself a larger stake. Butler, who has since founded Arabian Company and American APA, accuses Al-Tamimi of continuing to interfere with his business. Al-Tamimi and Invest Bank have not responded to the allegations.

The Central Bank of Iraq (CBI) has been ordered by the International Court of Arbitration to pay $13 million to Cardno ME (CME), an Abu Dhabi-based engineering firm, over a dispute concerning the construction of CBI's new headquarters in Baghdad. The dispute arose after CME's invoices went unpaid by the Iraqi authorities, leading to the demobilization of its staff and the arrest of two employees, Robert Pether and Khalid Radwan, who are currently serving five-year sentences for alleged fraud. The UN Working Group on Arbitrary Detention has declared their detention arbitrary. The recent ruling in favor of CME, which has been trying to enforce the award in France, indicates that the Central Bank breached its contract with CME. The Central Bank has not commented on the ruling, and CME is seeking a retrial for its employees, asserting their innocence.

Qatar Airways and Airbus have reached a settlement in their dispute over the A350 aircraft, avoiding a court case in the High Court in London. The details of the settlement are confidential, but it includes a repair project for the aircraft and the resumption of Qatar Airways' plans to purchase more jets from Airbus. The dispute began when Qatar Airways found surface degradation on its A350s, leading to the grounding of several aircraft. Airbus had canceled a separate order for A321 Neo jets from Qatar Airways, which has now been reinstated with delayed delivery. The settlement's implications for other airlines with similar concerns about the A350 are still uncertain, but the agreement signals a renewed partnership between Qatar Airways and Airbus.

Transparency International's latest Corruption Perceptions Index reveals that corruption levels are stagnant or worsening globally. With 124 countries showing no improvement, the average global score remains at 43 points out of 100. Western Europe leads with an average score of 66, while Sub-Saharan Africa lags with 32. Denmark, New Zealand, and Finland top the list, whereas Somalia, along with other countries from Africa and the Middle East, ranks at the bottom. The report highlights a regional decline in the Middle East and North Africa, with the UAE showing signs of decline despite being the highest scorer in the region. Transparency International criticizes the UAE and Qatar for lacking transparency and mechanisms to prevent systemic corruption. The organization also links corruption in the MENA region to violence and conflict, citing the misuse of state security budgets and the practice of wasta (favoritism) as contributing factors.

UNESCO's World Heritage Committee has added sites from Yemen and Lebanon to its list of World Heritage Sites in danger. The ancient landmarks of the Kingdom of Saba in Marib, Yemen, which showcase the area's rich history and architectural achievements, are threatened by the ongoing conflict in Yemen. The Rachid Karameh International Fair in Tripoli, Lebanon, designed by Oscar Niemeyer, is also at risk due to neglect and potential development threats. Being on the danger list allows these sites to receive additional support. The article also mentions that there are 55 properties on the danger list, with many located in conflict-affected regions of the Middle East. Positive news includes efforts to nominate new sites to the World Heritage list from countries like Djibouti, South Sudan, and Burundi, with the historic center of Odesa, Ukraine, being the latest addition.

A Cayman Islands-based investor, The Port Fund, has requested Dubai's highest court to reconsider a ruling related to a dispute over interest payments with Noor Bank. The dispute began when $497 million of The Port Fund's money, proceeds from a project in the Philippines, was frozen at Noor Bank in Dubai in November 2017. The funds were frozen for nearly 15 months due to concerns from Kuwaiti authorities about potential embezzlement. The Port Fund sued Noor Bank for $13.2 million in interest payments, which was initially supported by the Central Bank of the UAE. However, after a series of court cases, the Dubai Court of Cassation ruled in favor of Noor Bank, ordering it to pay only $33,371 in interest. The Port Fund has filed a request for the court to reconsider this decision. Dubai Islamic Bank, which acquired Noor Bank in January 2020, has not commented on the matter.

The article discusses a dispute involving Panama, Iran, and the U.S. regarding the registration of Iranian-linked ships. The Panama Maritime Authority (AMP) claimed to have cancelled the registration of 136 ships linked to the National Iranian Oil Company due to sanctions concerns. Jeb Bush, a member of the advisory board for United Against Nuclear Iran (UANI), accused Panama of aiding Iranian smuggling efforts. The AMP refuted these claims, stating it had deflagged numerous ships in compliance with international law. Iran's Ports and Maritime Organization (PMO) dismissed Panama's actions as insignificant and accused the U.S. of political pressure. UANI responded by stating that the AMP had not adequately addressed their concerns, pointing out other Iranian-linked shipping companies as problematic.

The article discusses a dispute involving Panama, Iran, and the U.S. regarding the Panama Maritime Authority's (AMP) cancellation of the registration of 136 Iranian-linked ships over the past four years due to sanctions concerns. The issue was highlighted when Jeb Bush, former Florida governor and UANI advisory board member, wrote in the Washington Post about Panama's role in aiding Iran's smuggling of oil and gas. The AMP refuted Bush's claims, stating it had deflagged 678 ships since 2019 in compliance with international law and efforts to combat illegal activities. Iran's Ports and Maritime Organization (PMO) dismissed Panama's actions as insignificant and politically motivated by U.S. pressure. UANI responded by stating that AMP had not adequately addressed their concerns, pointing out other Iranian-linked shipping companies as problematic. The PMO recently declared that all ships belonging to the IRISL are now sailing under the Iranian flag.

Russia and Iran are negotiating the creation of a new gold-backed cryptocurrency for bilateral trade to circumvent international banking systems and avoid using the U.S. dollar, amidst sanctions. The concept follows Iran's previous attempts to use cryptocurrencies for trade settlements. Russian news agency Vedomosti reported that while there are regulatory challenges, Russia is expected to legalize cryptocurrencies later this year. The proposed stablecoin aims to reduce volatility associated with cryptocurrencies like Bitcoin. However, stablecoins carry risks, as evidenced by the collapse of TerraUSD in May 2022. The Reserve Bank of Australia has also highlighted these risks. Both countries have already initiated a trade settlement system using their national currencies, and this move is part of a broader trend to diversify international trade currencies. Saudi Arabia has also expressed openness to using currencies other than the U.S. dollar for trade settlements.

The article discusses the precarious situation of the FSO Safer, an oil tanker abandoned off the coast of Yemen since 2015, containing 1.1 million barrels of oil. The UK and Yemeni ambassadors to the UN have expressed urgent concern over the delays in retrieving the oil to prevent an environmental disaster. The UN has secured funding for the operation, but progress is slow due to the ongoing conflict in Yemen. The UN's special envoy to Yemen, Hans Grundberg, is seeking to renew a ceasefire to facilitate the rescue mission. Environmentalists warn of catastrophic consequences for the region's ecology and economy if the oil spills. France has recently contributed to the funding for the operation, which is still short of the total required amount.

The UK is considering designating Iran's Islamic Revolutionary Guard Corps (IRGC) as a terrorist organization, a move already taken by several countries. During a parliamentary debate, MPs across parties urged for this policy adoption, questioning the delay. The debate was prompted by Iran's ongoing protest movement, sparked by Mahsa Amini's death in custody. The UK government is also facing calls to sanction individuals associated with the regime and to protect Iranian journalists in the UK from threats. The article also mentions the case of Alireza Akbari, a UK-Iranian dual national at risk of execution in Iran, and the potential repercussions of his execution on UK-Iran relations. Concerns over Iran's actions in the UK, including threats against journalists and cyberattacks, were also highlighted.

Oman's first satellite, Aman, failed to reach orbit after the LauncherOne rocket experienced an anomaly during its mission on January 9. The rocket was launched from Spaceport Cornwall in the UK, carried by Virgin Orbit's Boeing 747 jet, Cosmic Girl. Despite the failure, Virgin Orbit and the UK Space Agency remain optimistic about the future of satellite launches from the UK. Oman's Emerging Technology Company (ETCO) has responded to the setback and is continuing operations. The incident highlights the growing interest in space exploration among Middle East countries, with several partnering with SpaceX for satellite launches. The UAE, in particular, has made significant strides with its Hope probe reaching Mars and a lunar rover launched recently.

The article discusses the international condemnation of the Taliban's decision to ban women and girls from universities in Afghanistan. The Ministry of Higher Education in Kabul announced the suspension on December 20, leading to small protests that were quickly suppressed by the Taliban. Gulf countries, despite facing criticism for gender inequality themselves, have condemned the move. Saudi Arabia, Qatar, and the UAE have all expressed disappointment and called for a reversal of the decision, citing it as contrary to Islamic teachings on women's rights. Pakistan and the United Nations have also opposed the ban, with the UN estimating economic losses due to the exclusion of women from education and the workforce. U.S. Secretary of State Anthony Blinken warned of consequences for the Taliban due to this policy.

Human Rights Watch has accused Iranian security forces of committing 'grave abuses' in the Kurdistan region, including using 'excessive and unlawful lethal force' against protesters. The violence escalated after the death of Mahsa Amini, a Kurdish woman who died in police custody after being arrested for not adhering to Iran's strict dress code. The UN Human Rights Council, with support from Germany and Iceland, has voted to set up a fact-finding mission to investigate the state's response to the protests, despite Tehran's refusal to cooperate. Human Rights Watch's report is based on interviews with victims and witnesses, and analysis of social media content. The report details violent crackdowns, particularly on October 8 and November 17, resulting in several deaths and serious abuses against detainees, including torture and denial of medical care.

Russian and Iranian companies are discussing joint car production as part of broader commercial cooperation amidst international sanctions. Russia, facing sanctions due to its Ukraine invasion, and Iran, with longstanding trade restrictions, are also cooperating militarily, with Iran accused of supplying drones to Russia. Iran's Ambassador to Russia, Kazem Jalali, confirmed talks involving Iran's largest carmakers, Iran Khodro and Saipa. Russian companies are interested in sourcing vehicle parts from Iran, potentially leading to full-scale production assistance. Additionally, VTB bank will facilitate cross-border transfers between Russia and Iran, and a $40 billion memorandum was signed between NIOC and Gazprom for oil and gas development. Iran's energy minister is set to discuss further cooperation in Russia, and there are talks of joint passenger plane production, although Iran has had domestic plans for aircraft manufacturing that have not yet materialized.

Private Seán Rooney, an Irish soldier serving with the UN Interim Force in Lebanon (UNIFIL), was killed on December 14 in an incident involving small arms fire in Al-Aqbieh, Lebanon. Another Irish peacekeeper, Private Shane Kearney, and two other unnamed soldiers were injured. The soldiers were heading to Beirut Airport from their base near the Israeli border. Investigations are being called for by both Ireland and the UN, with Ireland’s defence and foreign affairs minister Simon Coveney planning to meet UN secretary general António Guterres. The Lebanese militia group Hezbollah has denied involvement. The UNIFIL mission, established in 1978, has seen the highest number of casualties from the Irish Army, with Rooney being the first Irish fatality in over two decades.

The family of Nizar Banat, a Palestinian political activist who died in the custody of Palestinian Authority (PA) security forces, has submitted a case to the International Criminal Court (ICC) in The Hague, seeking an investigation and prosecution for his death. Nizar Banat was a critic of the PA and had been arrested and tortured multiple times before his death on June 24, 2021. Despite the PA's apology and the initiation of a military court trial, Banat's family has lost confidence in the local judiciary's independence. Ghassan Banat, Nizar's brother, and Hakan Camuz, head of international law at Stoke White, have made statements emphasizing the need for an un-politicized investigation by the ICC. The PA has been a member of the ICC since 2015 and has previously urged the ICC to probe alleged Israeli crimes in the Occupied Territories. The family has also sought investigations by the UN and the UK Metropolitan Police and called for the EU to cease financial support to the PA.

The International Air Transport Association (IATA) has reported that approximately $6 billion of its member airlines' funds are trapped in over 27 countries. The amount has increased by $395 million in the last six months. IATA is urging governments to remove restrictions that prevent airlines from repatriating earnings from ticket sales and other services. The issue gained attention when Emirates suspended flights to Nigeria due to trapped funds, a situation that has worsened globally over the past year. Venezuela is the largest holder of blocked funds, with $3.8 billion, while significant amounts are also held in Nigeria, Pakistan, Bangladesh, Lebanon, and Algeria. The situation is exacerbated by currency controls and has been impacted by international sanctions, particularly in Russia and Ukraine.

Bahraini opposition activist Yusuf Al-Jamri, who was granted asylum in the UK, has initiated legal action against Bahrain and Israel's NSO Group for allegedly using Pegasus spyware to monitor him. Al-Jamri claims he was tortured by Bahraini officials and fled the country in 2017. His phone was reportedly infected with Pegasus in August 2019, which could have allowed Bahraini authorities to secretly monitor him. Legal action is being taken with the help of Bindmans law firm and the Global Legal Action Network. The case follows a similar pattern of dissidents in the UK being targeted by Middle Eastern countries. NSO Group has denied operating Pegasus or having visibility into its usage. The Bahrain embassy has not commented on the matter.

The article discusses the increase in global arms sales, citing a report from the Stockholm International Peace Research Institute (SIPRI) which states that sales rose by 1.9% to $592 billion in 2021. The Middle East saw the fastest growth, while U.S. defense contractors experienced a slight decline. The top five U.S. companies—Lockheed Martin, Raytheon Technologies, Boeing, Northrop Grumman, and General Dynamics—accounted for a significant portion of the sales. The article also touches on the impact of supply chain issues during the COVID-19 pandemic and the effects of Russia's invasion of Ukraine on the defense industry. It highlights regional variations in arms sales, with North America being the only region to see a fall in sales, while Europe, Asia, and Oceania saw increases. The article also notes that actual sales figures in the Middle East may be higher than reported due to the exclusion of the UAE-based Edge group from the SIPRI list.

Desree Pether, the wife of Australian engineer Robert Pether, has threatened to start a hunger strike outside the Iraqi embassy in London to demand his release from an Iraqi jail. Robert Pether and his Egyptian colleague Khaled Zhagoul are serving five-year sentences in Al-Muthanna jail after a contract dispute over building the Central Bank of Iraq's new headquarters. The UN Working Group on Arbitrary Detention has called their detention arbitrary and demanded their immediate release. Desree is concerned about Robert's health and the lack of progress in the case. She has protested outside the Iraqi embassy and is considering a hunger strike if the situation does not improve. The family hopes the new Iraqi government under Mohammed Shia Al-Sudani will help resolve the situation, and they urge Australian Prime Minister Anthony Albanese to intervene.

The UN Human Rights Council has voted to establish a fact-finding mission to investigate the mass protests in Iran, sparked by the death of Mahsa Amini while in police custody. The resolution was passed with 25 votes in favor, six against, and 16 abstentions. The U.S., UK, Japan, and Libya voted in favor, while the UAE and Qatar abstained. China attempted to dilute the motion but was unsuccessful. The meeting was called by Germany and Iceland due to the worsening human rights situation in Iran. UN High Commissioner for Human Rights Volker Turk highlighted the extensive protests and the violent response, including over 300 deaths and 14,000 arrests. Iran's representative, Khadijeh Karimi, condemned the motion, accusing Germany of political motives and criticizing the U.S. for inciting violence through media.

During a debate in the UK's House of Lords, human rights in the Gulf states were scrutinized, particularly in light of the ongoing FIFA World Cup in Qatar. The debate highlighted issues such as the treatment of migrant workers and the LGBT community. Bahraini human rights activists, including Ali Mushaima and Ebtisam Al-Saegh, attended the debate and were promised a meeting with Lord Ahmad, the minister of state for the Middle East. The discussion also touched on the UK's Gulf Strategy Fund and whether it should continue given the poor human rights records in the region. Criticism was directed at all six GCC countries, with specific cases such as the imprisonment of Hasan Mushaima in Bahrain and the death row situation of Hussein Abo al-Kheir in Saudi Arabia being raised. The debate ended with a commitment to continue addressing these issues, emphasizing the international importance of human rights.

British-Jordanian human rights activist Dr Azzam Tamimi has initiated legal action in the UK against Saudi Arabia and Israeli technology company NSO Group, alleging privacy breach through the use of NSO's Pegasus spyware. Tamimi, a friend of the late journalist Jamal Khashoggi, claims he was targeted by the Saudi state. The case is supported by law firm Bindmans and the Global Legal Action Network. The High Court of England & Wales has previously allowed a similar case by Saudi dissident Ghanem Al-Masarir to proceed, rejecting Saudi Arabia's claim of sovereign immunity. The UK government is being urged to conduct a public inquiry into the use of spyware by foreign states. The CIA believes Saudi Crown Prince Mohammed Bin Salman approved the operation that led to Khashoggi's death, a claim Saudi officials deny. The Biden administration has recently argued for MBS's sovereign immunity in a U.S. civil case due to his new role as prime minister.

Bahrain held the second round of its general election for the 40-seat Council of Representatives amid concerns over democratic legitimacy. The number of eligible voters decreased by 6% from the previous election, with no official explanation, despite a stable population. Critics, including the Bahrain Institute for Rights and Democracy, suggest that laws and decrees have reduced the voting population. The reported turnout was 73%, but this figure is contested when considering the total adult population. Opposition groups, mainly from the Shia majority, called for a boycott, affecting turnout in Shia-dominated areas. The elections have been criticized internationally for the lack of political debate and the limited powers of the elected chamber. Prominent government critics remain imprisoned, with human rights activist Abdul-Hadi Al-Khawaja facing new charges.

The UK government has expressed concerns over threats to journalists in the UK by summoning Iran's top diplomat in London. This action follows reports of serious threats against UK-based journalists, with the Metropolitan Police informing some journalists of credible threats to their lives. Foreign Secretary James Cleverly emphasized the UK's intolerance of threats and intimidation against journalists. Iran International, a Persian-language TV channel in London, reported that some of its journalists received threats from the Islamic Revolutionary Guards Corp. Iran has been critical of Iran International, labeling it a terrorist organization due to its perceived anti-Iran stance and alleged Saudi funding. The tensions come amid wider unrest in Iran following the death of Mahsa Amini in police custody, which has led to the detention of over 40 journalists in Iran. Iran International, owned by Volant Media, reported significant financial losses in its last accounts.

Bahrain has announced the discovery of two natural gas fields, Al-Juba and Al-Jawf, which are located under existing onshore fields. Sheikh Nasser bin Hamad Al-Khalifa briefed King Hamad bin Isa Al-Khalifa about the finds. While initial evaluations are promising, the size and commercial viability of the discoveries are still unknown. Bahrain previously discovered the Khaleej Al-Bahrain field in 2018, but production has not started due to its cost and complexity. The country is focusing on natural gas as a transition fuel and aims for carbon neutrality by 2060. U.S. envoy John Kerry emphasized the need for carbon capture in gas projects at a Chatham House event. Bahrain's Crown Prince Salman Bin Hamad discussed climate initiatives at COP27, and the country has engaged Boston Consulting Group to develop a new national energy strategy.

Moody's Investors Service has upgraded Qatar's credit outlook from stable to positive while maintaining its Aa3 rating. This change reflects the country's strong financial position due to high oil and gas prices and the expectation that its improved debt situation will be sustainable. Qatar is preparing to host the FIFA World Cup, which has brought attention to its human rights record. The government has increased capital spending since 2010 for World Cup preparations, but this is expected to decrease post-tournament. The surge in oil and LNG prices has transformed Qatar's budget deficit into a significant surplus, projected at 9.5% of GDP. Qatar is also planning to reduce its debt and is investing in expanding its LNG production capacity.

The article discusses the surge in stock market listings in the Middle East and North Africa (MENA) region, contrasting it with a global decline. Data from EY shows a 288% increase in IPOs in the region for the first nine months of 2022, raising $14.7 billion. The article notes that despite a slowdown in the number of listings as the year progressed, the region's oil and gas revenue surge has kept investor sentiment high, with local stock markets, particularly the Abu Dhabi Stock Exchange, showing gains. Upcoming IPOs include Saudi utility Marafiq, Dubai's Empower, and stakes in Saudi Aramco's energy trading division and Lulu Group International. The outlook for the MENA region's IPO activity remains promising despite global financial challenges.

Project mBridge, a pilot scheme involving central banks and commercial lenders from China, Hong Kong, Thailand, and the UAE, has successfully demonstrated the potential of a central bank digital currency (CBDC) to facilitate faster and more efficient cross-border payments. During a six-week trial, over 160 payments and foreign exchange transactions worth approximately $22 million were processed. The pilot confirmed that a multi-CBDC platform could enhance payment speed and efficiency, reduce settlement risks, and support the use of local currencies in international payments. The Hong Kong Monetary Authority hailed it as the largest CBDC pilot for cross-border transactions to date. The Bank of Thailand reported a reduction in transfer times from days to seconds. The UAE Central Bank highlighted the security and cost-effectiveness of the system. Plans for further development of the mBridge platform include improving interoperability with domestic payment systems and adding liquidity management and foreign exchange features. The success of the pilot may encourage other countries to join the initiative.

The article discusses the recent developments in the aviation industry in the Middle East, highlighting the strategic moves by sovereign wealth funds such as Abu Dhabi's ADQ and Saudi Arabia's PIF in reshaping their respective aviation sectors. ADQ has taken full ownership of Etihad Aviation Group and is merging its ancillary businesses with other local aviation firms. Meanwhile, speculation surrounds the launch of new airlines RIA in Saudi Arabia and another to serve the city of Neom. The article also mentions Emirates' recovery post-pandemic, with new cabin crew hires and a return to profitability expected. Kuwait Airways and Gulf Air Group are also undergoing changes with new aircraft deliveries and board reshuffles, as part of the broader effort to diversify Gulf economies away from oil and gas.

Saudi Arabia's national airline, Saudia, has signed a memorandum of understanding with the German-based eVTOL jet company Lilium, potentially acquiring up to 100 electric jets. Announced at the Future Investment Initiative conference in Riyadh, the deal aims to establish a network of zero-emission aviation services in Saudi Arabia, targeting business class customers. Lilium must still obtain regulatory approval in Saudi Arabia, and the MoU requires further feasibility studies and commercial negotiations. Meanwhile, China's XPeng showcased its X2 flying car in Dubai, and Lilium has secured deals with European companies such as ASL Group, Helity Copter Airlines, and AAP Aviation Group. The growth of eVTOLs is under discussion, with McKinsey & Company predicting a significant presence in the aviation market by 2030.

McLaren Group, known for its luxury sports cars, is experiencing financial difficulties due to slow sales and supply chain issues. The company's majority shareholder, Bahrain’s sovereign wealth fund Mumtalakat, has provided £224 million in support. Despite this, Standard & Poor’s (S&P) has reported that McLaren's liquidity is still strained and sales volumes are expected to decrease. The company is in discussions about a recapitalization process to secure its long-term future. S&P has downgraded McLaren's credit rating to CCC and placed it on CreditWatch with negative implications. McLaren also raised funds in 2021 from Ares Management ARES Corporation and the Saudi Arabian government’s Public Investment Fund to cope with the Covid-19 pandemic's impact.

Dominic Dudley is a professional who engages in writing, photography, and commentary, focusing on current affairs specifically in the Middle East and Africa. His work likely involves political analysis, on-the-ground reporting in conflict zones (war reporting), and investigative journalism to uncover deeper stories and insights in these regions. The summary provided does not include details of a specific article but rather describes Dominic Dudley's areas of expertise and the nature of his professional activities.