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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.

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".

Sheikh Abdulla Bin Khalifa Al-Khalifa is to take over as chief executive of Bahrain's sovereign wealth fund Mumtalakat from 1 May, replacing Khalid Al-Rumaihi who has been in the post since September 2019.

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.

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".

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.

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.

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.

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.

First Abu Dhabi Bank (Fab) has decided to not to pursue its interest in taking over UK-registered, London Stock Exchange (LSE)-listed Standard Chartered, having retained bulge-bracket Citigroup and New York-based investment bank Moelis and Company in 2022 to explore potential international takeovers or investments. StanChart was said to be the prime target.

Kuwait Projects Company (Kipco) subsidiary Burgan Bank said on 10 January that it had gained approval from Central Bank of Iraq (CBI) to sell its 51.8% stake in Bank of Baghdad to Amman-based Jordan Kuwait Bank (JKB). The value of the transaction was not revealed, but Burgan said it would help it to avoid a rise in its non-performing loans ratio.

Huge investments by Saudi Arabia’s sovereign wealth fund the Public Investment Fund (PIF) – chaired by Prime Minister and Crown Prince Mohammed Bin Salman (MBS) – and its subsidiaries and affiliates are continuing to define wider Saudi strategy. Recent big deals include Saudi National Bank (SNB)’s move to buy nearly 10% of Credit Suisse, a big potential bank takeover in Egypt and efforts to boost tourism-focused investment in marginalised areas of the kingdom.

Doubts are being raised about the wisdom of Dubai’s efforts to become a hub for crypto finance companies, following the high-profile collapse into bankruptcy of the FTX exchange on 11 November. However, officials seem committed to the UAE playing a continuing global role in blockchain initiatives.

Saudi sovereign wealth fund the Public Investment Fund (PIF) has sold a 10% stake in local stock market operator the Saudi Tadawul Group to institutional investors for SR2.3bn ($613m), leaving it with 60%.

Sohar International Bank announced a binding merger deal with HSBC Oman on 16 November. Sohar will take over HSBC Oman’s assets, with the latter’s shareholders paid in cash and Sohar shares.