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The mountainous province in Saudi Arabia's south-west has been earmarked as a future centre for tourism, notwithstanding the threats posed by attacks from Houthi rebels across the border in Yemen. Asir could be a model for Crown Prince Mohammed Bin Salman’s post-oil development ambitions, as well as for more short-term efforts to stabilise potentially restless populations.

Recent developments Attempts continue to renew the ceasefire in Yemen, but the emphasis has switched to finding a permanent settlement. Much of recent diplomatic activity has been necessarily secret. Saudi Arabia appears more urgently determined to extract itself from the war.

Sheikh Jassim Bin Hamad Bin Jassim Al-Thani’s emergence as a bidder to buy Manchester United FC has thrust the banker into the global limelight, while also posing questions about the balance of power and wealth in the opaque world of Qatari politics, which his father Sheikh Hamad Bin Jassim (HBJ) dominated for so many years.

The lengthy and rather dismal state of Kuwait’s anti-corruption campaign continues to be a central focus in domestic politics.

Following threats to refer firms to the General Authority for Competition, the Public Investment Fund has acquired shareholdings in four major contracting companies, giving PIF chair Saudi Crown Prince Mohammed Bin Salman an equity stake he has long had his eye.

Abu Dhabi International Airport’s new Midfield Terminal is now expected to open in December, some six years later than planned. GSN was told the delay was one reason why the UN’s COP28 climate summit in November would be held in Dubai, rather than Abu Dhabi, while Alpha Dhabi Holding subsidiary Trojan General Contracting completes the work.

The Saudi Fund for Development has agreed to inject $320m into a joint project to build the infrastructure to support a new special economic zone (SEZ) in Oman’s Al-Dhahirah governorate.

Cabinet reshuffle: Federal Vice President and Prime Minister, and Dubai Ruler Sheikh Mohammed Bin Rashid Al-Maktoum (MBR) announced a minor cabinet reshuffle on 7 February, with Shamma Al-Mazrui appointed community development minister (she is also COP28 ‘youth climate champion‘) and Salem Bin Khalid Al-Qassimi named culture and youth minister. 

GSN Risk Grade Abu Dhabi A1, Dubai – A2↓ Sharjah credit rating: Standard & Poor’s (S&P) revised the outlook on its rating for the emirate from negative to stable on 24 January, while affirming the long- and short-term foreign and local currency sovereign credit ratings at BBB-. The ratings agency said it expected Sharjah’s overall fiscal position to gradually stabilise between now and 2026, with the deficit reducing over that time.

A report alleging widespread fraud at one of India’s largest conglomerates has seen the share price of Adani Group companies plummet on the National Stock Exchange of India. Among the investors affected is International Holding Company, chaired by UAE national security advisor Sheikh Tahnoun Bin Zayed Al-Nahyan, which may be sitting on losses of around $770m.

In a pair of royal orders issued early February, Saudi Arabia's King Salman Bin Abdulaziz removed Fahd Bin Abdullah Bin Abdullatif Al-Mubarak from his position as governor of the Saudi Central Bank (Sama), replacing him with Ayman Bin Mohammed Bin Saud Al-Sayari.

Two defendants accused by Kuwait's Public Institution for Social Security (PIFSS) of paying its former director general Fahad Al-Rajaan millions of dollars in illegal commissions have failed to have the case moved from London to Switzerland.

Budget increase: Emir Sheikh Tamim Bin Hamad Al-Thani approved the government’s 2023 budget on 19 December, based on spending of QR199bn ($54.7bn), down 3% compared to the previous year. According to the Ministry of Finance, total revenues for the year have been estimated at QR228bn, a rise of 16% compared to 2022 and leaving a budget surplus of QR29bn.

Ever more for Aramco trading: Saudi Aramco announced on 18 January that its Aramco Trading Company (ATC) arm had acquired United States-based Motiva Trading and launched a new subsidiary, Aramco Trading Americas (ATA). The latter will be the sole supplier and offtaker for Motiva Enterprises, which owns the 630,000 b/d Port Arthur refinery, the largest refinery in North America. Aramco had taken full control of the refinery in 2017, buying out its partner Royal Dutch Shell.

Iraqi Prime Minister Mohammed Shia Al-Sudani removed Mustafa Ghalib Makhif as governor of the Central Bank of Iraq on 23 January, following a 7% fall in the value of the dinar over the past two months. Makhif had held the job since 2020. He has been succeeded by Ali Mohsen Al-Allaq.