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Saudi Arabia, after all, is to house the planned Gulf Co-operation Council central bank. Following the 11th GCC consultative summit, held in the Kingdom on 5 May, the GCC’s outgoing secretary-general Abdelrahman Al-Attiyah announced that Riyadh would be the new joint monetary council’s base; this institution will eventually evolve into the GCC central bank.

The Abu Dhabi authorities have said that Sheikh Issa Bin Zayed Al-Nahayan – the figure at the centre of the torture tapes scandal that has made headlines worldwide (GSN 852/20) – has been detained in a criminal investigation.

France is opening its much-anticipated first permanent military base in the Gulf later this month, in Abu Dhabi, signalling its long-term strategic commitment to the region as well as further reinforcing an already close bilateral relationship.

Reports that Dubai-based private equity house Abraaj Capital Ltd was to buy up to 15% of global marine terminal operator DP World’s equity remained unconfirmed as GSN went to press. But another round of fund-raising is under way among Dubai-based giants, with another Dubai World subsidiary, property developer Nakheel, resorting to a bail out from the emirate’s Department of Finance to help settle its debts.

Considerable speculation persists about the government reshuffle announced by federal Prime Minister and Vice President, and Ruler of Dubai Sheikh Mohammed Bin Rashid Al-Maktoum (MBR) on 11 May.

Aabar invests in European subsidiary of AIG, Mubadala posts Dh11.8bn loss for 2008, Brunei investment fund, German automotive industry attracts Qatar,

After eight months in the doldrums triggered by the global credit crisis, Middle East project finance has bounced back to life with the stunning commitment of $3bn from commercial banks to refinance the Dolphin pipeline. With liquidity still very tight, a boost was necessary to bring banks back into the international syndications market.

The Middle East markets have felt the global recession, including a project finance market that was until last year the world’s strongest. International financial institutions (IFIs) are playing a role in helping to keep the wheels of commerce turning. There was a strong signal of returning confidence when on 24 April the sponsors of

The $2.6bn of commercial bank commitments for the Dolphin refinancing included some very large chunks of single bank finance,

The Abu Dhabi ruling family has earned international respect for its discreet behaviour and traditionally unostentatious stewardship of its huge wealth, so that some senior Al-Nahyan were genuinely embarrassed at the media circus surrounding Sheikh Mansour Bin Zayed’s takeover of British football club Manchester City.

A number of heavyweight regional players are setting up a $10bn Bahrain-based wholesale bank, to be called Al-Istikhlaf. The bank has so far secured $3.5bn from government and private regional investors,

London AIM-listed Indago Petroleum has sold its 50% stake in Blocks 31, 47 and 43A to UAE-based RAK Petroleum. RAK Petroleum already held the balance of the interests and is the operator of the licences.

In the immediate post-9/11 years Gulf watchers became used to the level of ‘Saudi-bashing’ coming out of the United States. Sensationalist authors churned out books such as Princes of Darkness: The Saudi Assault on the West, or Hatred’s Kingdom: How Saudi Arabia Supports the New Global Terrorism that sought to explore the flaws in Saudi culture and religious thought that had allowed the Kingdom to produce 15 out of the 19 hijackers.

Sheikh Khalid Bin Zayed Al-Nahyan has married a daughter of Education Minister Sheikh Nahyan Bin Mubarak Al-Nahayan.

The United Arab Emirates Naval Forces’ Baynunah corvette is moving towards readiness for launch in summer 2009. The first vessel, shown by French shipbuilder Constructions Mécaniques de Normandie (CMN) at IDEX 2009, was declared structurally complete and installed with propulsion machinery in March. Sensors and systems are now being installed and will be tested in sea trials this autumn.