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The UAE succeeded in being removed from money laundering watchdog FATF’s ‘grey list’ in February, but some doubts remain over its commitment to clamping down on money laundering and terrorist financing. Recent actions against gold refineries, bankers and others suggest a renewed effort by the UAE authorities to address the ongoing challenges to its reputation as a commercial hub.

A string of American and European lobbying and PR firms have been opening new outposts in the region in search of government contracts, with Riyadh and Abu Dhabi the main hubs of activity.

The Qatar Investment Authority has invested $180m in critical minerals investor TechMet to try and ensure future supplies of lithium, nickel, cobalt and rare earths.

The FII Institute has signed a contract with Prosek Partners worth more than $50,000 a month to provide it with communications and public relations support.

The federal gambling regulator awarded a licence to run the UAE’s first authorised national lottery to a relative unknown in late July, leaving existing operators searching for new business models.

Persistent budget deficits and the rapid depletion of the General Reserve Fund are prompting the Kuwaiti government to consider some potentially unpopular moves to restrict state spending.

United Al-Saqer Group, best known for its car dealerships, has bought into UK visual effects studio DNEG – the second major UAE-UK media deal in a matter of months.

Foreign direct investment (FDI) into the Gulf fell by 6% in 2023, but remained near its all-time high, according to the latest data released by the United Nations’ trade and development arm Unctad.

The Kuwaiti authorities are said to have come under pressure from Riyadh to support its economic restructuring strategy, including giga-projects such as MBS’ flagship city of Neom, at a time when other sources of inward investment into the kingdom have failed to match Saudi ambitions

Riyadh has continued to tap a range of sources of finance to support investments in the domestic economy, with Aramco shares worth $11bn being sold and the Public Investment Fund issuing $830m in debt, pushing the PIF’s total debt burden close to $40bn.

UAE sovereign wealth funds Investment Corporation of Dubai and Abu Dhabi's giant Mubadala Investment Company have reported growth in their assets under management of 10% or more over the past year.

Dubai has revived plans to turn Al-Maktoum International into the world’s largest airport, pointing to a huge projected upturn in regional carriers’ business in coming decades and the commercial emirate’s determination to counter the challenge posed by regional rivals.

Abu Dhabi sovereign wealth fund ADQ has revealed details about its finances for the first time, in a prospectus for a $2.5bn bond issuance on the London Stock Exchange.

Sheikh Mohammed Bin Maktoum Bin Juma Al-Maktoum’s private office Alpha MBM Investments has aligned with Abu Dhabi-based Venom Blockchain to develop central bank digital currencies and stablecoins in Uganda, Somalia and Central African Republic, as the ambitious junior member of Dubai’s ruling family and interests in Abu Dhabi move further into African business.

The Saudi government is reportedly scaling back its ambitions for some vastly expensive megaprojects, such as The Line linear city in Neom, in a sign that Riyadh is still struggling to attract the amount of foreign direct investment needed to underpin Crown Prince Mohammed Bin Salman’s long-term economic reform agenda, while the UAE leads rivals in drawing in FDI.