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Iran's Labour Ministry director for social insurance Sajjad Padam was dismissed from his post after saying that the government "may have to sell off Kish and Qeshm islands and even oil assets in Khuzestan" in order to settle the country’s debts with China.

Rashed Al-Makhawi, a former UAE ambassador to Germany, has lost a case in London's High Court in which Emirates NBD bank was seeking to enforce a $57.5m judgement against him made by the Dubai courts.

Dubai-based Emirates group reported record results, with an 81% increase in revenues to AED119.8bn ($32.6bn) for the 12 months to end-March 2023 and a record annual profit of AED10.9bn. The airline contributed almost all of the group’s profits.

UAE state-owned defence group Edge is to push for defence export orders in Latin America, after announcing it is to open an office in Brazil’s federal capital Brasilia in the near future.

Qatari Sheikh Jassim Bin Hamad Al-Thani has made another revised bid to buy Manchester United Football Club (MUFC), in an effort to see off a rival approach from United Kingdom-based petrochemicals giant Ineos Group’s boss Jim Ratcliffe.

Moody's Investors Service upgraded Oman's long-term senior unsecured rating from Ba3 to Ba2 while maintaining the positive outlook. The agency said the change reflected the continued reduction in Oman's sovereign debt burden and its improving debt affordability metrics during 2022.

Khalifa anniversary: The UAE marked the first anniversary of the death of president Sheikh Khalifa Bin Zayed Al-Nahyan on 13 May. Khalifa had been in office since November 2004, but had largely been sidelined after suffering a stroke in early 2014. His half-brother Sheikh Mohammed Bin Zayed Al-Nahyan (MBZ) was already the dominant figure in UAE politics and since replacing Khalifa as head of state has further entrenched the position of his branch of the family.

Alpha Dhabi Holding – the Abu Dhabi Securities Exchange (ADX)-listed investment firm linked to national security advisor Sheikh Tahnoun Bin Zayed Al-Nahyan – said it had bought a 36.4% stake in National Corporation for Tourism and Hotels (NCTH) for AED730m ($199m), becoming the largest shareholder in the local hotel owner and operator.

Fujairah and others census counting: Fujairah is preparing for the first part of its latest census, with teams of field workers due to visit all parts of the emirate starting in May, including residential and commercial premises and other facilities. A second phase is due to be carried out in Q1 2024, when the population will be counted. The project is being supervised by Crown Prince Sheikh Mohammed Bin Hamad Bin Mohammed Al-Sharqi.

MBC Group Holdings, a British Virgin Islands-registered company connected to Saudi Arabia’s Al-Ibrahim family, has submitted a petition to a Cayman Islands court to wind up its partnership with a son of Saudi Arabia's late King Abdullah Bin Abdelaziz. The move offers an insight into how lucrative deals were awarded in the later years of Abdullah’s reign and how those deals were treated when King Salman Bin Abdelaziz took over in 2015.

The UK's Financial Conduct Authority (FCA) has fined Luxembourg-based Banque Havilland and a number of its executives and employees for trying to devalue the Qatari riyal in 2017, at a time when Qatar was facing a boycott by Bahrain, the UAE, Saudi Arabia and some allied countries.

Falling unemployment: The unemployment rate for Saudi nationals fell to 8% in Q4 2022 from 9.9% in Q3 22, according to data released by the General Authority for Statistics (Gastat) in early April. The female jobless rate fell from 20.5% to 15.4% over the same period. The Medina region had the highest rate of unemployment among Saudis at 12.2%, followed by Jazan at 11%. Riyadh had the lowest level at 6.7%, with Eastern Province at 6.9% and Mecca at 7%. 

Ratings uplift: Fitch Ratings reaffirmed its AA- sovereign credit rating but upgraded its outlook from stable to positive on 28 March, citing Qatar's strong external balance sheet, low debt/gross domestic product ratio and high fiscal surplus. Fitch said the additional liquefied natural gas (LNG) export capacity due online from the North Field’s expansion would help to reduce an already low fiscal break-even hydrocarbon price.

Omani officials are working on reforms to the welfare system and drawing up measures to encourage more private sector activity, in plans that offer further evidence of Sultan Haitham Bin Tariq Al-Said’s efforts to move the economy away from state paternalism.

Abu Dhabi National Energy Company (Taqa) is to invest £25m ($31m) in Xlinks, which is developing an ambitious project to lay the world's longest high-voltage direct current (HVDC) subsea cable, from Morocco to the UK.