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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. 

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. 

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.

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. 

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.

A team from the Financial Action Task Force (FATF) is to visit the UAE before February, as the Abu Dhabi government continues efforts to secure its removal from the Paris-based money laundering watchdog’s 'grey list' of jurisdictions under increased monitoring.

The National Anti-Corruption Commission (Nazaha, meaning integrity) has released summaries of 21 recent cases, offering an insight into its work, the scale of some corruption cases and its willingness to indict senior officials. 

Even before the new Gaza war shattered comfortable assumptions about regional security, the global economic climate had been hostile, as shown in analysis of the International Monetary Fund's new reports on the global outlook and regional economic performance.

KIO allegations: Finance minister Fahd Al-Jarallah has referred the Kuwait Investment Authority’s London outpost, the Kuwait Investment Office (KIO), to the public prosecutor over a series of alleged offences including the illegal disclosure of confidential information between 2018-22. The move was announced by the Ministry of Finance on 16 October.

Gas privatisation: Shares in state energy firm OQ’s gas pipelines business OQ Gas Network (OQGN) began trading on the Muscat Stock Exchange on 24 October. OQGN had raised OR288m ($750m) in its initial public offering of 49% of its shares, making it Oman’s largest IPO, ahead of previous front-runner Oman Telecoms Company, which floated in 2005.

Iran's parliament issued a report recommending that possession of equipment for the satellite internet service Starlink should be made a criminal offence. Deputies have also called for Iran to develop its own low-orbit internet satellite system, in co-operation with China and Russia.

Saudi state Public Investment Fund (PIF) has agreed a joint venture with South Korea's Hyundai Motor Company to set up a $500m vehicle manufacturing plant in Saudi Arabia. PIF will hold 70% of the venture, with Hyundai taking the other 30%. 

Qatar Airways chief executive Akbar Al-Baker announced his retirement after 27 years at the helm – during which time the national carrier has been transformed beyond recognition. He will be replaced by Hamad International Airport chief operating officer Badr Mohammed Al-Meer.

Dubai-based port operator DP World signed a 30-year concession with Tanzania Ports Authority to operate and modernise Dar Es Salaam Port. DP World plans to invest $250m to upgrade the port, a figure it said could rise to $1bn alongside related projects.