Dr. Atie J. El Mouallem – The Problem With Corruption Index Scores Like CPI and CC — atiejelmouallem.com

The World Bank’s Worldwide Governance Indicators (WGI) ‘s and Transparency International CPI scores are the most widely used indexes to measure national Corruption. Hence it is impertinent to understand how these index scores are formulated. What are the factors considered for measuring the scores? An error in this score means we might end up chasing the wrong metric in our fight against Corruption. 

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Dubai to Sell 20% Stake in IPO of Road-Toll Operator Salik – Bloomberg — www.bloomberg.com

– The offering starts on Sept. 13, with an expected listing on the Dubai stock exchange on Sept. 29.

– Salik’s IPO will test investor appetite after the summer in the Gulf, which saw record listing proceeds in the first half.

– The deal is part of wider plans to list 10 state-owned firms in a bid to reverse years of falling trading volumes and catch up with neighboring Abu Dhabi and Saudi Arabia.

– About 60% of commuters in Dubai use private cars and net toll traffic from 2013-2019 grew at a compound annual growth rate of 5.5%.

– An ambitious urban plan that predicts population will surge 76% over the next two decades, and the government expects Salik to be one of the main beneficiaries.

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Kuwait Overhauls State Boards After Government Vows Shake Up – Bloomberg — www.bloomberg.com

– Kuwait is replacing the boards of major government entities, a far-reaching overhaul in the OPEC nation where the crown prince has vowed to end political deadlock.

– The decision could lead to mergers of some government agencies, according to the newspaper.

– Years of policy paralysis and claims of corruption have created widespread discontent among citizens in Kuwait.

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Aramco VC Fund Turns to Global Investments in Saudi Startup Push – Bloomberg — www.bloomberg.com

– Wa’ed will invest about $100 million this year after spending around $50 million over the past nine years, Chief Executive Officer Fahad Alidi said in an interview.

– In its first global foray, Wa’ed has invested in 5G internet of things satellite operator OQ Technology as part of a 13 million euro ($13 million) series A funding round.

– Wa’ed has increased the size of its typical investment to $20 million from $5 million, Alidi said.

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Saudi Central Bank Hires Crypto Chief to Boost Digital Ambitions – Bloomberg — www.bloomberg.com

– The emergence of the neighbouring United Arab Emirates as a global crypto hub has created some urgency in Riyadh to draft more formal rules for the asset class.

– AlZahrani, a former managing director at consultancy Accenture, reports to Ziad Al Yousef, the Central Bank’s deputy governor for development and technology.

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Erdogan Says Only Traitors or Illiterates Link Rate to Inflation – Bloomberg — www.bloomberg.com

– The president acknowledged that the economic policies his government has followed since 2018 have exacted a “heavy toll” in the form of a higher cost of living for citizens.

– Erdogan has nevertheless defied orthodox economic views, insisting that high rates are the cause of faster inflation, not the opposite.

– Erdogan defended his government’s economic program as “consistent and scientific” and said the lira’s current level helps preserve Turkey’s competitiveness.

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Gas Firm Botas’s Hunt for Dollars Boosts Turkish Coffers to a Record – Bloomberg — www.bloomberg.com

– State energy company Botas is buying physical greenbacks from the spot market to finance Turkey’s growing import bill and some of the physical cash is finding its way to the central bank.

– The monetary authority in Ankara spent around $18 billion to meet state-owned firms’ FX needs during the first six months of the year, with Botas emerging as the biggest recipient.

– Botas has been hit by skyrocketing gas prices since Russia invaded Ukraine in February.

– Turkey’s total gross foreign exchange reserves stood at $71.5 billion during the week through Aug. 19.

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Inflation-Scarred Consumers Fire Up Turkey’s Economy by Spending – Bloomberg — www.bloomberg.com

– Facing a trade-off between growth and inflation ahead of elections next year, President Recep Tayyip Erdogan has championed an economic model that prioritizes exports, production and employment at the expense of price stability and the currency.

– Treasury and Finance Minister Nureddin Nebati said this month that “we are not compromising on growth.” Speaking in a televised interview, he added “when we do not compromise on growth, combating inflation takes time.”

– The monetary stimulus has supported demand and lending in an economy where spending by households accounts for more than half of output.

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