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In a so far unusual move against a Russian entity, the Central Bank of the UAE (CBUAE) cancelled MTS Bank’s licence to operate in Abu Dhabi in late March, citing the "sanctions risks associated with the bank".

Baghdad deal: Federal Prime Minister Mohammed Al-Sudani said on 13 March that Baghdad and Erbil had reached “a comprehensive agreement” on their outstanding differences, including oil revenues. He said a deal had been reached for all Kurdish oil revenues to be placed in a bank account “without any deductions”. Those funds could be spent by the Kurdistan authorities, subject to supervision by the federal government.

Election law: Iraq’s parliament voted on 20 March to maintain the number of seats in the chamber at 329 for the next election. Five seats will be reserved for Christians, with one seat each reserved for the Sabean-Mandaean, Shabak, Faily Kurd and Yazidi minorities.

While America and Europe continue to present a united front in response to Russia’s war in Ukraine, the UAE’s more ambivalent stance continues to cause concern in western capitals – and has the potential to undermine, or at least complicate, the country’s diplomatic and commercial relations with the United States and its allies.

Saudi National Bank (SNB)’s investment in banking giant Credit Suisse has proved to be a costly transaction, with the value of its stake falling by around $1.2bn in the space of a few months.

Saudi Arabia’s Public Investment Fund (PIF) is preparing to launch a new body to oversee shipbuilding and ship maintenance and repair services in the kingdom in the near future, in its latest effort to diversify the economy and develop new industrial sectors.

National carrier Saudia's fleet will be updated with at least 39 new Boeing 787 Dreamliner aircraft, but newly-established Riyadh Air could get even more, underlining Crown Prince Mohammed Bin Salman’s determination that yet another Public Investment Fund (PIF) vehicle muscles into the domestic market. The deal is worth close to $37bn, US government officials calculated – suggesting that, whatever the geopolitics, America Inc can still flex its muscles in the kingdom.

The Central Bank of the UAE said it revoked the licence of Dubai-based exchange house Dollar Exchange due to "serious regulatory misconduct by the exchange house". Before that, it said it had taken similar action against Al-Rasheed exchange house, which had engaged in "serious AML malpractice".

Qatar rapprochement: Efforts to rebuild relations between Manama and Doha are continuing, following a series of contacts between leading figures from both countries in January and February, including a phone call between Qatar’s Emir Sheikh Tamim Bin Hamad Al-Thani and Bahrain’s Prime Minister and Crown Prince Salman Bin Hamad Al-Khalifa in late January and a meeting between their foreign ministers in Riyadh in early February

The Kuwaiti authorities are reviving long-running plans to drastically reduce the number of foreign workers, despite signs that such a policy could harm Kuwait’s ability to develop a viable post-oil economy.

Saudi Prince Fahd Bin Mansour Bin Nasser in early March launched the Saudi-Pakistan Tech House in Islamabad, to focus on creating opportunities via partnerships with Pakistani IT companies.

Free trade deal taking Tehran further into Russia’s orbit: Tehran continues to negotiate a free trade deal with the Eurasian Economic Union (EAEU), with local media suggesting an agreement may be signed later this year. Six rounds of talks have been held, following a temporary agreement signed in May 2018 which came into force in 2019.

The Kuwaiti government has proposed cuts to capital spending but sharp rises in current expenditure as part of its budget for fiscal year 2023/24, which starts on 1 April. 

Updates on Regional and international organisations: Another Kuwaiti GCC secretary-general Regional electricity interconnection Support for Palestinians Arab League intellectual property committee World Bank leadership Updates on Opec and energy markets: Bumper year for revenues Opec+ holds solid Alternatives to the dollar? China and India are key players

A hydrocarbons law in Iraq is in the offing, which could provide a stable revenue-sharing platform for years to come, but big obstacles remain to be resolved, leaving Iraqi Kurds in political and financial limbo, while the Kurdish regional oil industry stutters even as big gas developments are being promoted.