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An Omani government-backed consortium has acquired a 41% stake in Angolan diamond mining venture Catoca from Russian giant Alrosa. It is the second major deal this year by Maaden International Investment involving Russian-owned assets.

The RAK casino project being developed by Wynn Resorts received a gaming licence from the UAE’s General Commercial Gaming Regulatory Authority in early October. Wynn has said it expects at least two competitors to gain licences in the future, helping to drive RAK’s economic growth.

Qatar’s sovereign wealth fund has bought a minority stake in Audi’s motor racing venture, which is due to launch in 2026, with press speculation pointing to a $350m outlay in return for a 30% stake in the team.

Pointing to the mood of caution prevailing in the Saudi economy, revenues are predicted to climb by around 1% in the year ahead, while budget spending is slated to be kept roughly in line with the current year. Meanwhile unemployment is coming down.

In his second visit to China in three months, Ras Al-Khaimah ruler Sheikh Saud Bin Saqr Al-Qasimi held talks with officials to tap into their experience in industrialisation and urban planning, and signed a co-operation deal covering areas including the digital economy and advanced manufacturing.

Ruling family member Sheikh Saoud Salem Al-Sabah has been appointed managing director of Kuwait’s sovereign wealth fund, after Ghanem Al-Ghunaiman was unexpectedly replaced.

Riyadh has signed partnership deals with the military reserves of Indiana and Oklahoma, mirroring similar deals struck by Oman and Qatar in the past. Indiana Governor Eric Holcomb also called into Riyadh in mid-November, as part of a two-country trip to the region which also took in Kuwait.

The Iraq Fund for Development is hoping to nail down a $3bn commitment made by Saudi Arabia’s Public Investment Fund 18 months ago. At the same time, IFD is also holding discussions with the Dubai International Financial Centre over support for domestic tech companies. However, despite an upturn in Iraq’s economic prospects, local entrepreneurs and investors complain that not enough has been done to tackle corruption and bureaucratic inertia.

The sale of a 2% stake in Saudi Telecom Company has raised $1bn for the sovereign wealth fund to plough back into other domestic deals. Meanwhile STC is said to be considering increasing its investment in Spanish telco Telefónica.

The days of Ankara focusing its attention in the GCC solely on Qatar are now firmly in the past, as recent agreements point to Türkiye steadily growing its military and commercial links with Saudi Arabia, the UAE and Kuwait, as well as with Doha.

Sheikh Abdullah Bin Ahmed Bin Abdullah Al-Khalifa has taken over as transport and telecoms minister from Mohammed Al-Kaabi, while the social development file has passed from Osama Al-Asfoor to Osama Al-Alawi, in a small reshuffle of the Bahraini cabinet.

Iranian officials have revived the idea of building a tunnel under the Gulf to Qatar – an idea that previously suggested in 2022. The megaproject would require a tunnel with an underwater section of at least 185km – almost five times further than the current longest submarine tunnel in the world. Officials are due to hold discussions in Doha in the coming weeks, but the limited levels of bilateral trade mean the megaprojects is unlikely to make economic sense.

The Saudi government-owned Istedamah Holding was set up in late 2017, seven weeks after hundreds of senior  figures were arrested in an anti-corruption sweep in early November and held at the Ritz-Carlton hotel Riyadh. Istedamah is now emerging as an important institution in Riyadh’s reshaping of the kingdom’s business environment. The full extent of its portfolio is still unclear but more details are emerging.

The Saudi sovereign wealth fund has signed an agreement to acquire a controlling interest in broadcaster MBC from the Ministry of Finance (MoF) vehicle Istedamah Holding. Istedamah was set up in late 2017, seven weeks after hundreds of senior  figures were arrested in an anti-corruption sweep in early November and held at the Ritz-Carlton hotel Riyadh. The deal shows how the 2017 Ritz-Carlton affair continues to shape business affairs in the kingdom.

King Hamad bin Isa Al-Khalifa has emphasised the need to continue pursuing the government’s Economic Vision 2030. At the recent inauguration of the third session of the sixth legislative term of the Shura Council and the Council of Representatives he told the assembled parliamentarians that work should also be “accelerated on its next version for the year 2050.” On the regional front, Bahrain has been continuing to try and improve relations with Tehran. King Hamad hosting Iran’s foreign minister Abbas Araghchi for talks at Al-Sakhir Palace on 21 October.