Highlights of Last Month

Financial Insights by TBC

Dear Members,

We are pleased to bring you the highlights of this past month, showcasing the significant events and developments within our community and the broader business landscape.

Highlights of Last Month

- Floods in Dubai: We were shocked by the magnitude and impact of the storm and flood last month in Dubai. The entire community felt its effects, and international media focused on the situation in Dubai.

- Geopolitical Cool Down: In our last newsletter, we mentioned the rising tensions between Iran and Israel. Since the situation did not escalate further, markets were not significantly affected.

1. Key Events and Summits

Token2049: This premier crypto event provided insightful discussions on the future of digital assets, blockchain technology, and their impacts on global markets. Keynote speakers shared valuable perspectives that are crucial for staying ahead in the rapidly evolving financial landscape.

DIFC Fintech Summit: Held at the Madinat Jumeirah, this summit focused on the latest trends in fintech innovation. The event featured leading industry experts who discussed regulatory advancements, new financial technologies, and their potential to transform the business environment.

Qatar Economic Forum: This forum was instrumental in understanding the economic strategies and opportunities in the Middle East. High-profile speakers from various sectors provided an in-depth analysis of economic policies, investment opportunities, and the future economic outlook of the region.

Seamless: This event brought together experts from the fields of payments, fintech, and e-commerce. Discussions centered on the integration of new technologies into these sectors and the evolving consumer trends that businesses need to adapt to.

2. Financial and Economic UpdatesRise in Hong Kong Stocks: The Hong Kong market saw a significant rise, continuing its upward trend for nine consecutive days.

Japan Central Bank Intervention: The Bank of Japan intervened in the currency market, which led to the Yen reaching a three-week high.

Correction in the Markets: Various market corrections have been observed, reflecting the dynamic and volatile nature of the global economy.

Oil:?Oil prices were very volatile last month. Decreasing geopolitical tensions lowered the prices, while the FED’s expected rate cut helped to push them back up. Brent is currently around $83 per barrel. On June 1st, the OPEC+ meeting is expected to continue with production cuts.

Ersoy Erkazanci

Finance Committee Leader

Turkish Business Council

BloombergHT Dubai Correspondent