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Iraq joined the European Bank for Reconstruction and Development (EBRD) in November, taking the London-based multilateral's number of shareholders to 74. Joining the bank means Baghdad will be able to apply for financial and policy support from the EBRD.

China LNG deals: QatarEnergy has been lining up long-term sales contracts for its major North Field developments. It signed a deal on 4 November to sell 3m t/yr of liquefied natural gas (LNG) to China Petrochemical Corporation (Sinopec) over 27 years from the North Field South (NFS) expansion project. This followed a string of similar deals with European energy majors

Economic slump: The economy shrank by 4.5% year on year in Q3 2023, a sharp change from the 1.2% expansion reported in Q2 23. It was the first decline in real GDP since the start of Q1 21 and was entirely due to a slump in the oil and gas sector, where activity contracted by 17.3% yr/yr due to voluntary production cuts.

Tiny Ras Al-Khaimah doesn’t often attract great international attention, except at times of succession change and when its state-owned entities have become caught up in poisonous legal disputes or geopolitical tussles. But the leadership’s recent ambitions for a range of business interests have encouraged renewed focus on the northern emirate. Developments include casino giant Wynn Resorts’ plans for an ‘integrated resort’ with ‘gaming’ facilities, which comes alongside increasing investment from Abu Dhabi, a government pushing hard for the tourist dollar and an emir, Sheikh Saud Bin Saqr Al-Qasimi, on the move to raise RAK’s profile. In a Special report, GSN examines RAK’s development plans and provides some historical context. 

Ras Al-Khaimah's efforts to raise its international profile – and bring in investment as a result – was underlined by Emir Sheikh Saud Bin Saqr Al-Qasimi’s prominent role in China, as the UAE’s senior representative at the Third Belt and Road Forum in Beijing.

With increasing amounts of Moscow's business now being transacted through Gulf states, impending G7 and EU sanctions on Russian diamond exports offer opportunities and risks for the Dubai Diamond Exchange, which has grown rapidly to become the largest trading hub in the world for the rough gems. 

Saudi Arabia is leading a fresh effort from the Gulf to assert its regional influence in an attempt to bring the Gaza war to an end, there has been no indication that Israel would consider reducing the intensity of its relentless bombing campaign as it seeks vengeance for the brutal Hamas assault of 7 October.

Born in 1956 as the fourth son of Sheikh Saqr Bin Mohammed Al-Qasimi, Ras Al-Khaimah Emir Sheikh Saud Bin Saqr Al-Qasimi held several key roles in the emirate before being appointed crown prince in June 2003.

Tensions between Kuwait’s government and the National Assembly (parliament) are on the rise once again, with one minister stepping down in late October and further resignations possible. However, the sparring partners now share one thing in common, with Crown Prince Sheikh Meshaal Al Ahmed Al Sabah openly critical of both sides in a late October speech made at the opening of the new session of parliament.

Kuwait’s Crown Prince Sheikh Meshaal Al Ahmed Al Sabah used part of his speech at the opening of parliament late October to express his surprise at the Iraqi Constitutional Court ruling in September which annulled an agreement between Kuwait and Iraq to share the Khor Abdullah waterway. 

The Qatar-headquartered International Union of Muslim Scholars (Iums) has called for urgent military intervention in Gaza. Founded and formerly headed by Sheikh Yusuf Al-Qaradawi, a senior Al-Ikhwan Al-Muslimeen figure who died in September 2022, Iums is generally regarded as the primary religious authority guiding Hamas.

In regions across the Middle East and North Africa where popular support for the Palestinian cause is widespread, the UAE has been trying to walk a fine line, maintaining diplomatic ties with Israel while publicly focusing on the provision of humanitarian aid to Gaza and calls for a ceasefire.

Houthi spokesman Brigadier Yahya Saree said that the Yemeni group's forces had launched ballistic and cruise missiles at Israeli targets in the occupied Palestinian territories. Houthi Political Council member Mohammed Al-Bukhaiti added that the attack had been carried out despite calls from the US, passed on via Omani mediators, for the Houthis not to intervene.

International Holding Company (IHC), the investment group chaired by UAE national security adviser Sheikh Tahnoun Bin Zayed Al-Nahyan, is reported to be considering taking a majority stake in a Zambian state-owned copper mine.

Emirate Ruler Sheikh Mohammed Bin Rashid Al-Maktoum (MBR) approved in November Dubai's budget for 2024-26, with total expenditure of AED246.6bn ($67bn) over the three years.