Air freight rates soar as Middle East conflict disrupts routes
Air freight rates are surging as the Middle East conflict disrupts global trade routes, forcing companies to divert shipments from sea to air, and driving up transportation costs across the board.
Rates on some cargo routes have jumped by as much as 70% since the war began as airlines reroute flights around closed airspace, deal with fuel surcharges and navigate war-risk insurance costs, Reuters reports.
The disruption has hit shipments from South Asia to Europe particularly hard, including cargo such as generic medicines that are shifting from ocean freight to more expensive air transport.
The surge in costs is adding pressure across industries from electronics to food and pharmaceuticals, the news agency said.
Cargo capacity has also tightened as airlines reduce payloads and alter routes to avoid conflict zones in the Gulf, while operations at major hubs such as Dubai and Doha have been disrupted. The price for shipping goods from South Asia to Europe has climbed to about $4.37 per kilogram from $2.57 on some routes.
More than 100 container ships have been left stranded near the Strait of Hormuz amid maritime disruptions, forcing companies to scramble for alternative logistics channels.
Saudi Arabia’s state shipping giant Bahri is booking additional tankers to help move crude exports around disrupted Gulf routes, with vessels heading from as far away as Singapore toward the Red Sea port of Yanbu to load Saudi oil, Bloomberg reports.
World helium prices spike as Iran conflict disrupts Qatar processing
Helium prices are surging after the Iran conflict disrupted Qatar’s natural-gas processing, exposing the fragility of a market that supplies industries from semiconductor manufacturing to medical imaging.
Qatar produces roughly one-third of the world’s helium, and the shutdown of some gas facilities and shipping routes has sharply reduced supply.
Spot helium prices have roughly doubled as buyers scramble to secure shipments, Reuters reports.
Qatari Energy Minister Saad al-Kaabi told the Financial Times last week that it would take “weeks to months” for deliveries to return to normal.
The Daily Circuit: Soaring air freight charges + Aramco’s interceptor drones
In today’s Daily Circuit, we’re reporting on Aramco buying interceptor drones from Ukraine to protect its oil fields, a doubling in spot helium prices attributed to Iran threatening Gulf shipping routes, TotalEnergies restarting oil production in Libya after a 10-year lull, and Qatar’s Irth Capital raising its bid to buy Papa John’s pizza chain. But first, a 70% leap in the cost of shipping cargo by plane.
Air freight rates are surging as the Middle East conflict disrupts global trade routes, forcing companies to divert shipments from sea to air, and driving up transportation costs across the board.
Rates on some cargo routes have jumped by as much as 70% since the war began as airlines reroute flights around closed airspace, deal with fuel surcharges and navigate war-risk insurance costs, Reuters reports.
The disruption has hit shipments from South Asia to Europe particularly hard, including cargo such as generic medicines that are shifting from ocean freight to more expensive air transport. The surge in costs is adding pressure across industries from electronics to food and pharmaceuticals, the news agency said.
Cargo capacity has also tightened as airlines reduce payloads and alter routes to avoid conflict zones in the Gulf, while operations at major hubs such as Dubai and Doha have been disrupted. The price for shipping goods from South Asia to Europe has climbed to about $4.37 per kilogram from $2.57 on some routes.
More than 100 container ships have been left stranded near the Strait of Hormuz amid maritime disruptions, forcing companies to scramble for alternative logistics channels.
Saudi Arabia’s state shipping giant Bahri is booking additional tankers to help move crude exports around disrupted Gulf routes, with vessels heading from as far away as Singapore toward the Red Sea port of Yanbu to load Saudi oil, Bloomberg reports.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 Developing Stories
HELIUM SQUEEZE
Helium prices are surging after the Iran conflict disrupted Qatar’s natural-gas processing, exposing the fragility of a market that supplies industries from semiconductor manufacturing to medical imaging. Qatar produces roughly one-third of the world’s helium, and the shutdown of some gas facilities and shipping routes has sharply reduced supply. Spot helium prices have roughly doubled as buyers scramble to secure shipments, Reuters reports. The disruption highlights how the war’s strikes on Gulf energy infrastructure and transport routes are rippling into global technology and industrial supply chains. Qatari Energy Minister Saad al-Kaabi told the Financial Times last week that it would take “weeks to months” for deliveries to return to normal.
RIYADH SIDELINED
The Fanatics Flag Football Classic, a warm-up for the sport’s debut at the U.S.-hosted 2028 Summer Olympics, has been moved from Riyadh to BMO Stadium in Los Angeles because of security concerns tied to the Iran conflict. The game had been scheduled for March 21 at Riyadh’s Kingdom Arena as part of Saudi Arabia’s effort to host high-profile international sports competitions. Sponsored by sports merchandise company Fanatics, the game will feature Tom Brady and other NFL veterans and be broadcast by Fox Sports. It will include three 12-player teams, with Team USA’s reigning flag football world championship team facing two teams composed of current and former NFL stars, as well as athletes outside of football.
💲 Sovereign Circuit
Saudi Aramco: The world’s biggest oil company is in talks with Ukrainian firms SkyFall and Wild Hornets to buy interceptor drones to defend its oil fields from potential Iranian drone attacks, The Wall Street Journal reports.
Abu Dhabi Investment Authority: A unit of ADIA made an investment in Hong Kong’s Dignari Capital Partners, committing capital to its Asia-Pacific developed markets private credit fund focused on real estate-linked financing.
Qatar Investment Authority and ADIA: SoftBank-backed payments firm PayPay jumped nearly 20% on Thursday after its $880 million IPO, with ADIA and QIA among the company’s backers.
↪↩ Closing Circuit
🏌🏽Golf Clubs: Dubai-based AKCEL Holding signed a $272 million deal with XRange Golf Entertainment to develop a network of technology-driven golf entertainment venues across the UAE.
🍕 Pizza Bid: Qatar-based Irth Capital offered about $47 a share to acquire Papa John’s in a deal that would take the U.S. pizza chain private at a value of $1.5 billion, Reuters reports.
🛢️ Libya Returns: TotalEnergies has restarted production at Libya’s Mabruk oil field for the first time in more than a decade after completing redevelopment work on the long-idle facility.
💶 Gulf Finance: A unit of Saudi Arabia’s Islamic Development Bank agreed to arrange up to $900 million in financing for Mauritania Saudi Mining and Steel Co.
💻 Not Bad: Wonderful, an Israeli startup that helps businesses set up AI agent platforms, raised $150 million in a Series B funding round, led by Insight Partners.
🗣 Circuit Chatter
🏭 Aluminum Cutback: Norwegian producer Norsk Hydro will reduce output at its Qatalum smelter in Qatar rather than fully shutting operations as supply disruptions ripple through the Gulf metals industry, The Wall Street Journal reports.
📦 Trade Corridors: Saudi Arabia is opening logistics corridors to receive containers and goods from neighboring Gulf countries as authorities try to keep regional trade flowing despite shipping disruptions.
🏗️ Project Pause: UAE developers may scale back new real-estate projects amid regional uncertainty, though Fitch Ratings says the sector faces no immediate financial stability risks.
💰 Fighting Back: Kuwait urged the public to report anyone involved in unlicensed financial activities as part of a campaign to combat money laundering amid the Iran conflict.
🗓️ Changing Calendar: AIM Congress, the flagship investment conference of the AIM Global Foundation, is the latest major business event pushing its dates from April to later this year. Crypto event Token2049 has been postponed until next year.
🌍 Power Circuit
UAE Sheikh Mohamed bin Zayed received a phone call on Thursday from Syrian President Ahmed Al-Sharaa to discuss the impact of the Iran conflict..
Sheikh Abdullah bin Zayed, the UAE Minister of Foreign Affairs, met withDr. Constantinos Kombos, the Minister of Foreign Affairs of Cyprus, on Thursday in Abu Dhabi.
Sheikh Mohammed bin Abdulrahman, Qatar’s Prime Minister and Minister of Foreign Affairs, received phone calls on Thursday from Canadian Foreign Minister Anita Anand and Spanish Foreign MinisterJose Manuel Alvarez.
➿ On the Circuit
Mishal Kanoo, Chairman of Dubai-headquartered Kanoo Group, said the UAE’s real estate boom is likely to slow down because of the war. “Honestly, the market had seriously overheated,” he told Arabian Gulf Business Insight. “If prices come down to something more reasonable, that’s not a bad thing.”
Antoine Crombezwas appointed Chairman of Airport International Group, the Jordanian operator of Queen Alia International Airport.
Eng. Ahmed Al Shamsiwas appointed Group CEO of Trojan Construction; one of the largest construction groups in the Gulf region.
🎶 Culture Circuit
🖼️ Art Anxiety: French officials are raising concerns about the safety of artworks loaned to the Louvre Abu Dhabi amid the missile barrage from Iran, including masterpieces by artists such as Rembrandt and Leonardo da Vinci. The museum’s collection includes works such as La Belle Ferronnière, attributed to Leonardo, and other major paintings loaned from French institutions under the 30-year partnership that created the Abu Dhabi branch of the Louvre, Agence France-Presse reports.
📷 Photo of the Day
U.K. Foreign Secretary Yvette Cooper meeting with the Saudi Interior Minister, Prince Abdulaziz bin Saud, in Riyadh during a Middle East swing to show support for regional allies in the Iran conflict (Stefan Rousseau / PA Images via Getty Images)
📅 Circuit Calendar
March 25-27: Miami Beach, Fla. FII PRIORITY Miami 2026. Saudi Arabia’s Future Investment Initiative holds annual U.S. conference. Faena Hotel.
March 31-April 2, Dubai. Arab Media Summit. The annual gathering brings together Arab media personnel, influencers and organizations. DWTC.
April 6-13, Dubai. Quantum Innovation Summit. Part of Global Quantum Week, focusing on quantum technology and applications. Grand Hyatt.
April 6-7, Riyadh. Real Estate Supply Chain Forum. Transforming the real estate supply chain landscape. Mandarin Oriental.
April 7-9, Dubai. Middle East Energy. Discover what’s new in energy. Dubai World Trade Centre.
April 7-9, Abu Dhabi. Future Health. Bringing together global leaders in government, science, technology and investment. ADNEC.
April 11-20, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC.
April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.
April 13-16, Riyadh. LEAP 2026. Global tech event covering AI, 5G and startups. RECC Malham.
April 21-23, Dubai. UITP Summit 2026. A high-level event for the public transport sector looking at the future of urban mobility. Dubai World Trade Centre
April 24-26, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles.
Gulf states review sovereign wealth funds amid Iran conflict
The financial shock from the Iran war, with its disruptions of oil shipping and global trade, is leading at least three Gulf states to review how their sovereign wealth funds are managing trillions of dollars in global investments.
The reassessments could lead to measures such as delaying some overseas investments, reassessing sponsorship commitments and potentially selling government assets in order to relieve pressure on their economies, Reuters reports, citing an unnamed Gulf official.
The individual sovereign funds were not identified by the news agency, which said three of the four largest economies in the Gulf – which are Saudi Arabia, the UAE, Qatar and Kuwait – were formally conducting the reviews.
Saudi Arabia’s Public Investment Fund, Abu Dhabi’s Mubadala, the Qatar Investment Authority and Kuwait Investment Authority are continuing to pursue international deals, while their governments decide whether spending priorities or the pace of investments should be adjusted as the crisis unfolds, Reuters said.
Meanwhile, Saudi Arabia’s $38 billion push to build a global video-game industry is facing new uncertainty as the Iran war raises security concerns that could deter foreign developers, investors and esports events the kingdom hopes to attract, Bloomberg reports.
The initiative, led by the PIF’s Savvy Games Group as part of the kingdom’s economic diversification strategy, depends heavily on international partnerships that could slow if regional instability persists.
The Daily Circuit: Gulf states review sovereign funds + Citi stay-home order
In today’s Daily Circuit, we’re reporting on the $135 million acquisition of Saudi Arabia’s United Mining Industries by Germany’s Knauf, the U.S. Federal Reserve Bank reactivating Syria’s account after 15 years, the stay-home order Citibank and Goldman Sachs delivered to its Dubai employees and possible collateral benefits for the nuclear industry from the Iran war’s disruption of oil supplies. But first, Gulf governments are taking a new look at their sovereign wealth investments.
The financial shock from the Iran war, with its disruptions of oil shipping and global trade, is leading at least three Gulf states to review how their sovereign wealth funds are managing trillions of dollars in global investments.
The reassessments could lead to measures such as delaying some overseas investments, reassessing sponsorship commitments and potentially selling government assets in order to relieve pressure on their economies, Reuters reports, citing an unnamed Gulf official.
The individual sovereign funds were not identified by the news agency, which said three of the four largest economies in the Gulf – which are Saudi Arabia, the UAE, Qatar and Kuwait – were formally conducting the reviews.
Saudi Arabia’s Public Investment Fund, Abu Dhabi’s Mubadala, the Qatar Investment Authority and Kuwait Investment Authority are continuing to pursue international deals, while their governments decide whether spending priorities or the pace of investments should be adjusted as the crisis unfolds, Reuters said.
Meanwhile, Saudi Arabia’s $38 billion push to build a global video-game industry is facing new uncertainty as the Iran war raises security concerns that could deter foreign developers, investors and esports events the kingdom hopes to attract, Bloomberg reports. The initiative, led by the PIF’s Savvy Games Group as part of the kingdom’s economic diversification strategy, depends heavily on international partnerships that could slow if regional instability persists.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 Developing Stories
STAY HOME
Citigroup and Goldman Sachs told employees to leave their offices in Dubai following reports that Iran is targeting financial firms. The banks instructed staff to work remotely and avoid their buildings in the Dubai International Financial Centre after intelligence warnings that Western financial institutions could be potential targets, Bloomberg reports. Standard Chartered also instructed employees to exit its offices in the district, according to people familiar with the matter. The moves highlight how global banks are tightening security and activating contingency plans across the Gulf as threats linked to the Iran conflict begin to affect major business hubs.
INSECURITY BENEFITS
The nuclear industry could benefit from the current bout of global energy insecurity as attacks on three more cargo ships in the Gulf push oil prices toward $100. Boris Schucht, CEO of uranium enrichment company Urenco, told the Financial Times that a “nuclear renaissance” is underway, with the company holding a record $21.3 billion order book for uranium and fuel products. “The supply crisis in the Middle East will refocus policymakers and industry on energy security and the need to have some form of baseload power in countries that is independent from supply threats,” Schucht said. Analysts say the crisis is prompting governments from Europe to Japan to accelerate nuclear plans, while European Commission President Ursula von der Leyen called the continent’s earlier retreat from nuclear power a “strategic mistake.”
💲 Sovereign Circuit
Public Investment Fund: The Saudi sovereign wealth fund is backing a push by the kingdom to host a major ATP Masters 1000 tournament, prompting men’s tennis to consider buying back smaller events and reshaping its global calendar, The Athletic reports.
Humain: The new Saudi AI company, which is majority-owned by the PIF, appointed Abeer Al Qadi as Chief Marketing Officer.
ADNOC Gas: The UAE-owned natural gas company selected Italy’s Tecnimont as the contractor to perform engineering, procurement and construction work for its $4 billion Ruwais NGL Train 5 project in Abu Dhabi, MEED reports.
Mubadala: Austria’s Laura Privatstiftung foundation, co-founded by investor Rene Benko, filed for insolvency after a court ruled it owed $1.2 billion to the UAE sovereign wealth fund.
↪↩ Closing Circuit
👌 Concrete Acquisition: German building materials company, Knauf International received approval to acquire a 63% stake in Saudi Arabia’s United Mining Industries for $135 million, with plans to buy the remaining shares later.
🏦 Back in Business: The Central Bank of Syria’s account with the U.S. Federal Reserve Bank of New York has been reactivated for the first time since 2011, Ambassador Tom Barrack, the U.S. Special Envoy to Syria, said in an X post.
🏗️ Property Fund: A subsidiary of Egypt’s Talaat Moustafa Group and CI Capital launched the $154 million Awaed Real Estate Investment Fund to finance income-generating commercial real estate.
🗣 Circuit Chatter
🔗 Crypto Probe: The U.S. Justice Department is investigating whether Iran used Binance’s cryptocurrency exchange to evade economic sanctions, The Wall Street Journal reports.
✈️ Dutch Departure: KLM canceled all flights to Dubai through March 28 as the Iran conflict disrupts regional airspace, joining a growing list of international carriers scaling back Gulf operations.
💶 ProfiteeringCrackdown: The Abu Dhabi Registration Authority issued 38 fines to businesses and 416 warning a for unjustified wartime price increases.
🏨 Short Break: Construction at the $5 billion Wynn Al Marjan Island Resort and casiono in Ras Al Khaimah has resumed after a brief war-related pause, with the project still targeted to open next year.
Ð Simple Transactions: Crypto exchange Bybit announced that UAE users can now buy Bitcoin, Ethereum and other digital currencies directly with dirhams.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayedheld a phone call with Russian President Vladimir Putin on Wednesday in which they called for an immediate halt to escalation of the war.
U.S. President Donald Trumptold World Cup organizers FIFA on Wednesday that Iran’s team is welcome to compete at this summer’s tournament, which will take place in the U.S.,Mexico and Canada.
Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, held a phone call about the Iran conflict with Kaja Kallas, the EU High Representative for Foreign Affairs and Security Policy.
➿ On the Circuit
Japanese Prime Minister Sanae Takaichi said her country could help clear mines in the Strait of Hormuz after the war ends.
Naguib Sawiris, the Egyptian billionaire who resides in Dubai, posted a message from an Egyptian friend on X, who returned to the UAE during the war out of a “sense of loyalty to a place that has been good to me and my family.”
Shamis Ali Khalfan Al Dhaheri, Chairman of the Department of Community Development – Abu Dhabi, visited Athar+, a specialized hub dedicated to nurturing social entrepreneurship.
🎶 Culture Circuit
🎼 Presidential Lyrics: The UAE National Orchestra has launched a new orchestral work titled “Men, Truly Men,” with lyrics written by UAE President Sheikh Mohamed bin Zayed honoring the country’s armed forces. The piece, composed by Mohammed Al Ahmad, has been arranged in a new orchestral distribution by Ahmed Al Mouji with an ensemble of 70 musicians and 30 vocalists, the Khaleej Times reports.
📷 Photo of the Day
Hana Goda of Egypt, Africa’s top women’s table tennis player, scores a point against Wang Yidi of China on Wednesday at the WTT Champions tournament in Chongqing, China (VCG/VCG via Getty Images)
📅 Circuit Calendar
March 25-27: Miami Beach, Fla. FII PRIORITY Miami 2026. Saudi Arabia’s Future Investment Initiative holds annual U.S. conference. Faena Hotel.
March 31-April 2, Dubai. Arab Media Summit. The annual gathering brings together Arab media personnel, influencers and organizations. DWTC.
April 6-13, Dubai. Quantum Innovation Summit. Part of Global Quantum Week, focusing on quantum technology and applications. Grand Hyatt.
April 6-7, Riyadh. Real Estate Supply Chain Forum. Transforming the real estate supply chain landscape. Mandarin Oriental.
April 7-9, Dubai. Middle East Energy. Discover what’s new in energy. Dubai World Trade Centre.
April 7-9, Abu Dhabi. Future Health. Bringing together global leaders in government, science, technology and investment. ADNEC.
April 11-20, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC.
April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.
April 13-16, Riyadh. LEAP 2026. Global tech event covering AI, 5G and startups. RECC Malham.
April 21-23, Dubai. UITP Summit 2026. A high-level event for the public transport sector looking at the future of urban mobility. Dubai World Trade Centre
April 24-26, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles.
April 29-30, Dubai. TOKEN2049 Dubai. A global gathering for the crypto ecosystem. Madinat Jumeirah.
Iran crisis sparks farm chemical crunch, threatening food supplies
It’s not just oil. War with Iran is also making a range of chemicals critical for food production more expensive, including fertilizer components like urea and ammonia, Bloomberg reports.
The Middle East is the source of some 45% of the global urea supplies, which cannot be stored for long periods.
That means logistical disruptions such as the shutdown of the Strait of Hormuz can quickly tighten the market and send prices soaring.
Western sanctions have curtailed imports of Russian fertilizers, while China has imposed export restrictions to protect domestic demand and support its farming sector, the news agency said.
The Daily Circuit: Global oil shock escalates + ADIA-Ardan property platform
In today’s Daily Circuit, we’re reporting on Saudi Arabia collecting $3.8 billion in foreign investment for its massive King Salman Park project, ADIA’s joint venture with Paris-based Ardan to set up a real estate secondaries platform, soaring prices for chemical fertilizers due to the shutdown of the Strait of Hormuz, and budget cutbacks at Oman’s OQ Exploration. But first, debate over whether to release as much as 400 million barrels of global strategic oil reserves.
Governments around the world are scrambling to contain the escalating shock to energy markets from the Iran war, with oil traders tracking disruptions to Gulf exports and tanker traffic as officials weigh emergency measures to stabilize supplies.
Officials from the International Energy Agency are discussing what could be the largest coordinated release of strategic oil reserves in history – about 300 million to 400 million barrels – far exceeding the 182 million barrels released in 2022 after Russia’s invasion of Ukraine, Bloomberg reports.
Saudi Arabia, the UAE and other Gulf producers are assessing how much crude they can continue exporting as tanker insurers and shipping companies review the risks of operating in the region. Many cargoes have been delayed and freight rates for vessels willing to enter the Gulf have surged as the conflict intensifies.
At the same time, officials are studying whether alternative routes – including Saudi pipelines that bypass the Strait of Hormuz and export terminals on the Red Sea – can help keep oil moving if shipping disruptions worsen, The Wall Street Journal reports. The U.S. and its allies are also discussing naval measures to safeguard commercial traffic through the Gulf.
Energy traders say the combination of possible supply outages, tanker disruptions and a record emergency stockpile release has turned the oil market into a day-to-day calculation of how quickly governments can offset the barrels at risk from the conflict.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 Developing Stories
FERTILIZER CRISIS
It’s not just oil. War with Iran is also making a range of chemicals critical for food production more expensive, including fertilizer components like urea and ammonia, Bloomberg reports.The Middle East is the source of some 45% of the global urea supplies, which cannot be stored for long periods. That means logistical disruptions such as the shutdown of the Strait of Hormuz can quickly tighten the market and send prices soaring. Western sanctions have curtailed imports of Russian fertilizers, while China has imposed export restrictions to protect domestic demand and support its farming sector, the news agency said.
METROPOLITAN OASIS
Saudi Arabia’s ambition to build the world’s biggest urban park has received a $3.8 billion vote of confidence from foreign investors. The King Salman Park Foundation said on Tuesday that the new funds raise the total investment in the Riyadh mega-project to more than $5.3 billion. The development, launched in 2019 under Saudi Crown Prince Mohammed bin Salman’s Vision 2030 economic overhaul plan, calls for construction of offices, homes, hotels, schools and shopping centers within the 17 square-kilometer (6.6 square-mile) metropolitan oasis, along with the planting of more than 1 million trees. “Securing investment of this scale, supported by international capital and expertise, is an important milestone,” the foundation’s CEO George Tanasijevich said.
💲 Sovereign Circuit
Abu Dhabi Investment Authority:An ADIA unit is teaming up with Paris-based Ardian to launch a real estate secondaries platform that it says will focus on opportunities in the current market environment, characterized by a reset in valuations and increased demand for liquidity, Bloomberg reports.
ADNOC: The UAE state-owned energy firm shut down its Ruwais refinery in response to a fire at the facility following drone strikes. The facility was shut as a precautionary measure and all other operations at the complex were continuing normally, Reuters reports.
Oman Investment Authority: The sovereign wealth fund’s OQ Exploration & Production plans to spend about $800-900 million in 2026, $200 million less than last year, while buying new assets, CEO Mahmoud Al Hashmi said on Tuesday.
↪↩ Closing Circuit
💵 Digital Uzbekistan: An Omani-led consortium is investing $130 million in Uzbekistan’s digital services ecosystem Uzum, with Oman Investment Bank serving as adviser.
🎷 Backup Beat: Jazz, an Israeli startup that uses artificial intelligence to prevent data loss, raised $61 million in two funding rounds led by Glilot Capital Partners and Team8.
🗣 Circuit Chatter
💰 Financial Targets: Banks and financial Institutions across the Middle East have become military targets for Iran, AP reports.
⛽ Gas Halt: Qatar’s Ras Laffan LNG plant, which supplies nearly 20% of global LNG, has halted exports for five days, the longest pause since 2008, after an Iranian drone attack.
🚢 No Can Do: The U.S. Navy has declined the shipping industry’s near-daily requests for military escorts through the Strait of Hormuz since the war with Iran began, citing the high risk of attacks, Reuters reports.
🧳 Staying Home: The Middle East tourism sector is losing about $600 million a day due to flight cancellations, airspace closures and traveler concerns following regional strikes, The Financial Times reports.
🌍 Power Circuit
Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, met withZhai Jun, Special Envoy of the Chinese Government on the Middle East Issue.
Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, held a phone call with U.S. Secretary of State Marco Rubio on Tuesday. Healso met withGerman Foreign Minister Johann Wadephul on Tuesday in Riyadh
Sheikh Hamdan bin Mohammed, the UAE Defense Minister and Crown Prince of Dubai, met with 300 heads of business in Dubai on Tuesday and declared that the UAE will “emerge stronger” from the present crisis.
➿ On the Circuit
Sameh El-Hefny, Egypt’s Minister of Civil Aviation, met on Tuesday with President Abdel Fattah Al-Sisi and Prime Minister Mostafa Madbouly to review plans for upgrading the country’s airports.
Ahmad Al-Hassan was appointed CEO and Managing Director for the GCC, overseeing ports and terminals, economic zones, digital technology and logistics.
Phil Lynaghwas appointed CEO of Capital Group, a Saudi consulting firm for entertainment, sponsorships and communications.
🎶 Culture Circuit
🏇 Galloping Ahead: Organizers of the $30 million Dubai World Cup say the show will go on. Despite the shadow of war hanging over the region, preparations are continuing at Meydan Racecourse for the March 28 event – billed as the world’s richest day in horse racing. While leading contenders such as Forever Young and Banishing are present in Dubai, several stables in Europe and Japan are balking at the risk of shipping their horses to a warzone.
📷 Photo of the Day
A French family awaiting their flight out of Saudi Arabia were among tens of thousands of expats being evacuated from Gulf countries that have come under attack from Iran (Fayez Nureldine / AFP via Getty Images)
📅 Circuit Calendar
March 25-27: Miami Beach, Fla. FII PRIORITY Miami 2026. Saudi Arabia’s Future Investment Initiative holds annual U.S. conference. Faena Hotel.
March 31-April 2, Dubai. Arab Media Summit. The annual gathering brings together Arab media personnel, influencers and organizations. DWTC.
April 6-13, Dubai. Quantum Innovation Summit. Part of Global Quantum Week, focusing on quantum technology and applications. Grand Hyatt.
April 6-7, Riyadh. Real Estate Supply Chain Forum. Transforming the real estate supply chain landscape. Mandarin Oriental.
April 7-9, Dubai. Middle East Energy. Discover what’s new in energy. Dubai World Trade Centre.
April 7-9, Abu Dhabi. Future Health. Bringing together global leaders in government, science, technology and investment. ADNEC.
April 11-20, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC.
April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.
April 13-16, Riyadh. LEAP 2026. Global tech event covering AI, 5G and startups. RECC Malham.
April 21-23, Dubai. UITP Summit 2026. A high-level event for the public transport sector looking at the future of urban mobility. Dubai World Trade Centre
April 24-26, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles.
April 29-30, Dubai. TOKEN2049 Dubai. A global gathering for the crypto ecosystem. Madinat Jumeirah.
Strait of Hormuz traffic plummets amid fears of new Iranian attacks
About 1,000 vessels carrying roughly 20,000 crew members are unable to pass through the Strait of Hormuz amid fears of Iranian attacks, cutting traffic by nearly 90%.
The International Maritime Organization says many of the ships are idling near the narrow waterway, while 2,474 vessels, including 178 oil tankers, have remained in the Gulf waters since March 5.
IMO Secretary-General Arsenio Dominguez expressed “grave concern” after recent attacks killed at least seven seafarers and called on operators to exercise “maximum caution.”
Roughly 20% of the world’s oil is transported through the Strait of Hormuz.
Aramco CEO sounds alarm on impact of Iran conflict for oil
Saudi Aramco CEO Amin Nasser warned that the global energy industry is headed for disaster if conflict with Iran continues and the Strait of Hormuz is shut down.
“There would be catastrophic consequences for the world’s oil markets,” Nasser told reporters on an earnings call today after Aramco reported a 12% drop in 2025 annual profit. “The longer the disruption goes on,” he said, “the more drastic the consequences for the global economy.”
To protect its oil tankers from the threat of Iranian attacks, Aramco has stopped loading crude from Gulf terminals and is redirecting shipments through its East-West pipeline to the Red Sea port of Yanbu, Reuters reports.
The conflict briefly pushed Brent crude to a near four-year high of $120 a barrel on Monday before retreating to $85 today – which is up from $66 in mid-February. Insurers, shipping companies and airlines are making contingency plans for wider disruptions to global supply chains.
Iranian leaders have said no oil will leave the Middle East if U.S. and Israeli attacks continue, prompting a warning from President Donald Trump that the U.S. would hit Iran much harder if it continues to block exports through Hormuz.
The Daily Circuit: Aramco chief’s dire warning + Mubadala Bio drugs
In today’s Daily Circuit, we’re reporting on PIF-owned Roshn’s $177 million Riyadh property deal, IHC’s acquisition of U.S.-based Alpha Wave Global, a $150 billion dividend coming to shareholders of Dubai Residential REIT and the sales launch of Mubadala Bio’s two new cardiovascular medications. But first, dire predictions from the world’s largest oil company.
Saudi Aramco CEO Amin Nasser warned that the global energy industry is headed for disaster if conflict with Iran continues and the Strait of Hormuz is shut down.
“There would be catastrophic consequences for the world’s oil markets,” Nasser told reporters on an earnings call today after Aramco reported a 12% drop in 2025 annual profit. “The longer the disruption goes on,” he said, “the more drastic the consequences for the global economy.”
To protect its oil tankers from the threat of Iranian attacks, Aramco has stopped loading crude from Gulf terminals and is redirecting shipments through its East-West pipeline to the Red Sea port of Yanbu, Reuters reports.
The conflict briefly pushed Brent crude to a near four-year high of $120 a barrel on Monday before retreating to $85 today – which is up from $66 in mid-February. Insurers, shipping companies and airlines are making contingency plans for wider disruptions to global supply chains.
Iranian leaders have said no oil will leave the Middle East if U.S. and Israeli attacks continue, prompting a warning from President Donald Trump that the U.S. would hit Iran much harder if it continues to block exports through Hormuz.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 Developing Stories
DUBAI BUFFER
Dubai has managed to keep supermarket shelves stocked despite the Iran conflict by relying on large inventories, diversified suppliers and rapid logistics adjustments. Supermarket chains such as Carrefour, operated in the UAE by Majid Al Futtaim, increased orders and drew on existing warehouse reserves while sourcing additional products from Europe and India to offset delays from usual Gulf routes, Bloomberg reports. Iran, the top supplier of fresh fruit and vegetables to the UAE, has banned exports of all food and agricultural products until further notice. UAE Economy Minister Abdulla Bin Touq Al Marri said at a briefing in Abu Dhabi last week the country has strategic reserves of essential items to cover four to six months and keep prices stable.
GULF BOTTLENECK
About 1,000 vessels carrying roughly 20,000 crew members are unable to pass through the Strait of Hormuzamid fears of Iranian attacks, cutting traffic by nearly 90%. The International Maritime Organization says many of the ships are idling near the narrow waterway, while 2,474 vessels, including 178 oil tankers, have remained in the Gulf waters since March 5. IMO Secretary-General Arsenio Dominguez expressed “grave concern” after recent attacks killed at least seven seafarers and called on operators to exercise “maximum caution.” Roughly 20% of the world’s oil is transported through the Strait of Hormuz.
💲 Sovereign Circuit
Public Investment Fund: The Saudi sovereign wealth fund’s Roshn Group signed a $177 million deal with Miskan Real Estate to develop a property in Riyadh.
International Holding Co.: Judan Financial, a subsidiary of Abu Dhabi’s IHC, acquired a 50.1% stake in Alpha Wave Global, a U.S.-based investment management firm.
Mubadala: Mubadala Bio announced the launch of two cardiovascular medications, Ticagrelor and Tirofiban, produced through its UAE subsidiaries.
↪↩ Closing Circuit
📈 Coming Home: Shareholders of Dubai Residential REIT approved a $150 million dividend for the second half of 2025, which followed its May 2025 listing on the Dubai Financial Market.
🏨 Touch Down: Dubai-based Azizi Developments has broken ground on a 5-star hotel in its Azizi Riviera community, kicking off a $20.4 billion investment plan that includes 10 hotels.
🧠 AI Jackpot: Vast Data, an Israeli startup focused on AI infrastructure that includes Nvidia, Goldman Sachs and General Atlantic among its investors, raised $1 billion in a private equity funding round that valued the company at $30 billion, Calcalist reports.
🗣 Circuit Chatter
✈️ Airport Builders: Companies from China, the U.S., Turkey, France, and Singapore are among 89 firms that expressed interest in developing Saudi Arabia’s Prince Naif bin Abdulaziz International Airport as part of an initial bidding process.
🏡 Cooling Down: Moody’s Ratings expects Dubai’s real estate sales to decline slightly and price increases to slow, while noting that the market’s overall fundamentals remain stable.
💰 Deficit Dreams: The surge in oil prices amid the Iran war could help narrow Saudi Arabia’s budget deficit if exports by Saudi Aramco continue, Tim Callen, a former IMF mission chief to Saudi Arabia, tells Arabian Gulf Business Insight.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed and Vice President Sheikh Mohammed bin Rashid, Ruler of Dubai, met for an iftar meal with other members of the government and issued a statement pledging their “determination and capability” to overcome the challenges of being attacked by Iran.
Emir of Qatar Sheikh Tamim bin Hamad al-Thanispoke by phone with Canadian Prime Minister Mark Carney on Monday to discuss efforts to keep the Iran conflict from widening.
Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, visited Cyprus on Monday, where he met with President Nikos Christodoulides and West German Foreign Minister Johann Wadephul.
Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, held a phone call with New Zealand’s Foreign Minister Winston Peters.
➿ On the Circuit
Jasem Al-Budaiwi, the GCC Secretary-General, met with China’s special envoy for the Middle East, Zhai Jun, at the General Secretariat headquarters in Riyadh on Sunday.
Rayan Qutub, Head of the Logistics Council at the Jeddah Chamber of Commerce, said in an interview with Al-Eqtisadiah that disruptions in the Strait of Hormuz could push global shipping lines to reroute operations to Saudi Arabia’s Red Sea ports, potentially adding about 250,000 containers and 70,000 vehicles per month.
Omar Alsebeyi, acting CEO at Etihad Rail Freight, argues in an opinion piece that the future of UAE logistics will depend on transporting products by train.
🎶 Culture Circuit
🗿 Sculpture City: Riyadh will install 25 large-scale sculptures across public spaces in the Saudi capital that were made during the city’s seventh Tuwaiq Sculpture Symposium. The two-month event that wrapped up last week turned Riyadh’s Tahlia Street into an open-air studio where Saudi and international artists carved works from granite, reclaimed metal and other materials, Arab News reports. The sculptures will join Riyadh’s permanent public art collection as the city expands efforts to incorporate contemporary art into its urban spaces.
📷 Photo of the Day
One of the traditional wooden Abra boats that carry passengers across Dubai Creek cruises alongside the UAE headquarters of Iran’s Bank Melli in the city’s Deira district ( AFP via Getty Images)
📅 Circuit Calendar
March 25-27: Miami Beach, Fla. FII PRIORITY Miami 2026. Saudi Arabia’s Future Investment Initiative holds annual U.S. conference. Faena Hotel.
March 31-April 2, Dubai. Arab Media Summit. The annual gathering brings together Arab media personnel, influencers and organizations. DWTC.
April 6-13, Dubai. Quantum Innovation Summit. Part of Global Quantum Week, focusing on quantum technology and applications. Grand Hyatt.
April 6-7, Riyadh. Real Estate Supply Chain Forum. Transforming the real estate supply chain landscape. Mandarin Oriental.
April 7-9, Dubai. Middle East Energy. Discover what’s new in energy. Dubai World Trade Centre.
April 7-9, Abu Dhabi. Future Health. Bringing together global leaders in government, science, technology and investment. ADNEC.
April 11-20, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC.
April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.
April 13-16, Riyadh. LEAP 2026. Global tech event covering AI, 5G and startups. RECC Malham.
April 21-23, Dubai. UITP Summit 2026. A high-level event for the public transport sector looking at the future of urban mobility. Dubai World Trade Centre
April 24-26, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles.
April 29-30, Dubai. TOKEN2049 Dubai. A global gathering for the crypto ecosystem. Madinat Jumeirah.
