LAYING TRACKS

Etihad Rail could take a lead role in upgrading dilapidated railways in Africa, as the developer and operator of the UAE’s nascent national rail network eyes opportunities for overseas expansion. The company signed a host of initial cooperation agreements in May with governments in Uganda, Kenya, South Sudan and Chad, Arabian Gulf Business Insight reports. Chiefly, the UAE is being courted to provide a potential lifeline to Kenya’s Mombasa-Malaba standard gauge railway connection to Uganda, an ambitious project which stalled about 400 kilometers short of the border after China pulled back on lending. The railway will eventually continue on to South Sudan. Etihad Rail, established in 2009, successfully launched freight operations in the UAE in 2023, with passenger rail services expected to start next year.

FLIGHT PATH

The emirate of Ras Al Khaimah could become AirAsia’s new Gulf hub as the Malaysian budget airline looks to expand regional connectivity and tap into Europe-bound traffic, with RAK drawing attention due to its upcoming casino project. AirAsia CEO Tony Fernandes told radio station Dubai Eye that the airline is in talks with four cities, including one in Saudi Arabia, but has ruled out Dubai and Sharjah in favor of less congested airports. The expansion comes as AirAsia recovers from pandemic-era financial troubles and eyes a major push into Saudi Arabia, supported by a potential $100 million investment from the Public Investment Fund. Fernandes met with Gulf officials at the Paris Air Show, to discuss potential investments, the Financial Times reported on Sunday.

Mubadala: Mubadala Investment Co. will acquire a 30% stake in Hong Kong–based Loscam International, a leading Asia-Pacific provider of sustainable pallet pooling and logistics solutions, joining existing shareholders including Trustar Capital, FountainVest, and Sinotrans.

Public Investment Fund: PIF-backed utility giant ACWA Power is raising $1.9 billion through a rights issue, advised by SNB Capital, J.P. Morgan, and Citigroup Saudi Arabia.

ADNOC: ADNOC Drilling has secured a five-year oilfield services contract from ADNOC Onshore worth up to $800 million.

🐪 Desert Logistics: Abu Dhabi-listed developer Aldar has invested $144 million to acquire logistics assets in the Al Dhafra region.

💰 New Loan: The African Development Bank will grant Morocco $355 million to help the country stabilize its economy and create job opportunities.

☀️ Solar Power: Global South Utilities, a unit of Abu Dhabi’s Resources Investment, partnered with Madagascar’s energy ministry to build a 50MW solar plant with battery storage in Moramanga and plans further projects.

🟢 Green Light: Egypt approved a long-delayed $658 million phosphoric acid plant project with two Chinese firms, nearly six years after the initial agreement.

🛡️ Defense Deal: Israel’s Kinetica fund, launched by ex-intelligence and Air Force leaders with Mubadala-backed MizMaa Capital, is raising $150 million to invest in defense tech startups.

🚁 Desert Ride: Dubai’s Roads and Transport Authority, in partnership with Joby Aviation, has completed a test flight of the Joby Aerial Taxi at a desert site in Dubai.

📧 Logistics Collab: UAE holding company 7X will work with Amazon UAE to enhance last-mile delivery using its logistics arm EMX’s dark stores as hyperlocal fulfillment hubs for faster, more sustainable service.

🤝 Trade Ties: The GCC and Japan launched the second round of negotiations for a free trade agreement this week.

📊 Hat Trick: Saudi Arabia’s market regulator approved three IPOs, two on the NOMU Parallel Market by AlRamz Real Estate and Abdulaziz Ahmad Altwijri Trading Company, both making second listing attempts, while the third IPO is yet to be announced.

💳 New Transaction: Publicly listed Omani bank Sohar International has launched Oman’s first fully integrated open banking platform, enabling better data access and faster, more efficient financial transactions for businesses.

📈 Market Reform: Syria will expand stock market trading to five days a week in July as part of a plan to modernize the Damascus Securities Exchange and boost investor activity.

UAE President Sheikh Mohamed bin Zayed sent a message of condolences to Sheikh Meshal Al Sabah, Emir of Kuwait, on the passing of Sheikh Fahad Sabah Al-Nasser Al-Mubarak Al-Sabah. Sheikh Mohammed bin Rashid, UAE Vice President and Prime Minister and Ruler of Dubai, and Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, also dispatched messages of condolence.

Sheikh Mohammed bin Rashid reviewed a program on Monday to boost Emiratis’ economic, financial, and entrepreneurial skills, with the aim of ensuring every Emirati is financially stable.

Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, met H.D. Kumaraswamy, India’s Union Minister of Steel and Heavy Industries, at his palace in the city of Saqr bin Mohammed.

Zara Higgins has been appointed as the first female General Manager for business travel and event management firm ATPI in Saudi Arabia. 

Saad bin Abdulrahman AlSadhanhas been appointed as the Chief Executive Officer of Zain KSA, the leading telecom and digital services provider in the kingdom

😎 Summer Loving: As the summer break officially starts this week across much of the Gulf, residents who aren’t jetting out to cooler climes may be finding themselves in want of indoor activities. Don’t sweat it, The National’s culture vulture Saeed Saeed says there’s still plenty to do. On his list: Embracing the early mornings, exploring libraries and lesser-known cultural spaces, hitting up theme parks and bagging a great deal on a staycation.

July 3. Riyadh, Fintech Revolution. Fintech leaders come together to discuss financial technology and investment opportunities. Radisson Blu Hotel & Convention Center.

July 3-5, Cairo. Lift City Expo. Showcasing the latest technology in the elevator industry. Cairo International Convention & Exhibition Center.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

Sept. 30-Oct. 2, Abu Dhabi. Global Rail and Transport Infrastructure Exhibition and Conference. A leading international event dedicated to the rail transport sector. ADNEC.

CAPITAL GROWTH

The population of Abu Dhabi has crossed 4 million, spurred on by strong economic growth and a large increase in professionals flocking to the UAE capital, The National reports. The emirate’s population has increased by more than 50% in the past decade, with a 7.5% surge last year alone, data from Abu Dhabi’s Statistics Centre shows. The number of professional roles increased by 6.4% in 2024, reflecting the city’s focus on building its non-oil economy by attracting financial and technology firms. The rapid growth has not come without its challenges, with pressure growing on the housing market and a demographic imbalance that means men make up 67% of the population. The population of Dubai is also expected to pass 4 million this year.

AVIATION REFORM

Egypt is preparing to open up the operations of 11 major airports to private investment, in a sweeping modernization of its aviation infrastructure aimed at helping it to attract 30 million tourists annually. Backed by the World Bank’s International Finance Corp. as strategic advisor, the plan aims to boost efficiency and service standards while keeping state ownership intact. Egyptian President Abdel Fattah Al-Sisi reviewed the strategy over the weekend, endorsing a timeline that begins with offering Hurghada airport on the Red Sea to the private sector by the end of 2025. The initiative is set to be finalized next summer.

Multiply Group: CVC DIF, the Dutch infrastructure unit of private equity firm CVC, and UAE-based Tabreed have confirmed they will partner to acquire PAL Cooling Holding from Abu Dhabi’s Multiply Group in a deal valued at approximately $1 billion, including long-term concessions and nine district cooling plants.

Qatar Investment Authority: The Qatar Stock Exchange has welcomed the QIA’s $200 million partnership with Fiera Capital to launch the Fiera Qatar Equity Fund in an effort to boost market liquidity, increase free float and attract institutional capital in support of Qatar’s economic diversification.

G42: The UAE based artificial intelligence company has been named as one of Time Magazine’s top 100 influential companies for 2025. 

⚕️ Industrial Shift: Egypt has signed final contracts to begin construction on the $658 million Phosphoric Acid Complex Project in the Western Desert, marking a key step toward industrialising its mineral resources.

💲 Trade Deals: The UAE and China launched the Qingdao Overseas Integrated Service Centre at the China-Arab Business Forum to boost the $400 billion trade between China and the Arab world, alongside signing $5.9 billion worth of projects across key industries.

💰 Building Blocks: The Saudi Fund for Development has agreed to loan Tunisia $38 million to support rural development, as the North African nation continues to face debt challenges.

🚍 Heavy Duty: Kuwait’s Heavy Engineering Industries & Shipbuilding Co., Heisco, signed a credit facilities agreement with a local bank for up to $186 million to finance its new business activities.

🏭 Output Boost: Egypt boosted output from the Zohr gas field by 60 million cubic feet per day after redrilling Zohr-6, and expects an additional 55 million cubic feet per day from the newly started Zohr-13 well, according to the petroleum ministry.

🛢️ Energy Venture: India’s state-owned Oil and Natural Gas Corporation is reportedly in talks with Saudi Arabia to jointly develop a greenfield coastal refinery in Gujarat’s Jamnagar district through a joint venture company.

🤝 Oil Diplomacy: Iraq sent a high-level delegation to Kurdistan to discuss resuming oil exports through Turkey via the Kirkuk-Ceyhan pipeline, amid fears of future regional tensions that could disrupt oil exports. 

🪪 Visa Exempt: Saudi Arabia announced a one-time 30-day grace period, which started on June 26, allowing holders of expired visit visas to regularize their status and exit the kingdom without penalties.

💸 Investment Outreach: Saudi Arabia is deepening trade and investment ties with Africa as more than 30 top investors and officials, led by the Federation of Saudi Chambers, visit Mauritania and Morocco to explore opportunities.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, met Russia’s President Vladimir Putin on the sidelines of the Supreme Eurasian Economic Council meeting on Friday in Minsk, Belarus.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, chaired the BRICS Steering Committee meeting which was held through a video conference.Sheikh Maktoum bin Mohammed, UAE Minister of Finance and Deputy Prime Minister and First Deputy Ruler of Dubai, reviewed the Ministry of Finance’s 2024 annual report.

Sheikh Mansour bin Zayed, UAE Vice President, Chairman of Mubadala Investment Co. and owner of the U.K.’s Manchester City soccer team, is the subject of a profile in The New York Times.

Dr. Ahmed Naser Al Raisi, the Emirati President of INTERPOL, was awarded China’s “Great Wall Medal – Gold Class,” during an official ceremony held in Beijing, attended by Wang Xiaohong, China’s State Councilor and Minister of Public Security.

Shadi Malak, CEO of Etihad Rail, met with Kuwait’s Minister of Public Works, Dr. Noura Al-Mishaan, to discuss enhancing railway cooperation among GCC countries, with the minister praising the UAE-Oman Hafeet Rail project as a model of Gulf integration.

Masayoshi Son, SoftBank Group CEO, said he wants the Japanese technology investment group to become the biggest platform provider for “artificial super intelligence” within the next decade, Reuters reports.

🎩 Own It All: Riyadh will soon have its own custom edition of the Monopoly board game, with featured landmarks from the Saudi capital including the King Abdullah Financial District, government ministries and top schools. The game, licensed by U.S. toymaker Hasbro and produced by KEAD Entertainment, will hit shelves in the kingdom in September. Monopoly, originally invented as a critique of capitalism and landlords, has ironically become the best-selling board game in history, generating billions in sales, spin-offs and licensing deals.

July 3. Riyadh, Fintech Revolution. Fintech leaders come together to discuss financial technology and investment opportunities. Radisson Blu Hotel & Convention Center.

July 3-5, Cairo. Lift City Expo. Showcasing the latest technology in the elevator industry. Cairo International Convention & Exhibition Center.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

Sept. 30-Oct. 2, Abu Dhabi. Global Rail and Transport Infrastructure Exhibition and Conference. A leading international event dedicated to the rail transport sector. ADNEC.

REGIONAL SUPPORT

UAE President Sheikh Mohamed bin Zayed traveled to Qatar on Wednesday to meet Qatar’s Emir Sheikh Tamim bin Hamad Al Thani following an Iranian missile assault on the Al-Udeid U.S. Army base outside Doha and a ceasefire in the Iran-Israel war. The Emirati leader expressed his country’s support for Qatar following the attack, which frightened residents across the city but caused no injuries. The meeting was attended by Sheikh Hamdan bin Mohammed bin Rashid, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defense; and Sheikh Hamdan bin Mohamed bin Zayed, Deputy Chairman of the Presidential Court for Special Affairs. Also at the meeting was Sheikh Mohammed bin Abdulrahman, Qatar’s Prime Minister and Minister of Foreign Affairs.

FLYING BOXES

Abu Dhabi launched its first test flight for drone parcel delivery, seeking a solution to speed packages through the capital city’s chronic traffic jams.The pilot project by aviation technology company LODD, announced on Wednesday, took place through a partnership involving the Abu Dhabi Investment Office and 7X, an investment group. Emirates Post, the UAE mail service, and express delivery provider EMX are among 7X’s holdings.. In Dubai, the government has been testing a Chinese-made drone to deliver food and medicine.

ADQ: Abu Dhabi’s sovereign wealth fund is in negotiations to acquire a 35% stake in the vegetable seeds division of French agricultural group Limagrain, as part of a strategic partnership aimed at developing seeds suited for extreme climates.

Qatar Investment Authority: QIA-owned Qatar Airways cleared a backlog of over 20,000 passengers within 24 hours after airspace closures caused by the conflict with Iran diverted about 90 flights from Doha, Bloomberg reports.

💶 Direct Energy: Driven by energy reforms and industrial initiatives, U.S. foreign direct investment in Oman rose by 58% to $7.3 billion in Q1 2025.

🚄 Fast Lane: The World Bank approve $930 million to modernize Iraq’s railways, including a major line from Umm Qasr to Mosul, a project aimed at boosting trade, jobs and economic diversification.

💰Add-On: The International Monetary Fund approved $834 million in funding for Jordan to support economic reforms and climate-related initiatives.

💵 Financial Advice: Quinn, an Israeli startup that helps financial institutions give personalized, real time advice to underserved customers, raised $11 million in a seed funding round led by Viola, which counts Abu Dhabi sovereign wealth fund Mubadala among its investors.

⚡Power Grid: The Abu Dhabi Fund for Development signed a $205 million financing agreement with the GCC Interconnection Authority to expand the GCC power grid and enhance regional energy security and power exchange.

🔋Green Deal: Algeria’s Sonatrach signed an agreement with U.S.-based Hecate Renewable Energy and steelmaker Tosyali Algerie to develop a green hydrogen project for steel production, starting with feasibility studies.

🇹🇷 Turkish Expansion: Turkish Airlines, aiming to nearly double its fleet to 800 aircraft by 2033, is exploring strategic acquisitions to boost connectivity across key European and Asian markets, Arabian Gulf Business Insights reports. 

🛫 New Hub: Oman will issue a tender for Sohar Airport’s passenger terminal by the year-end, and a new aircraft hangar at Muscat International Airport will open this year as the country seeks to become a regional hub.

UAE President Sheikh Mohamed bin Zayed and Sheikh Mohammed bin Rashid , UAE Vice President, Prime Minister and Ruler of Dubai, sent congratulatory messages to other leaders of Islamic countries on the occasion of the new Hijri Year 1447.

Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and Deputy Prime Minister, presented Fouad Chehab Dandan, Lebanon’s Ambassador to the UAE, with the Order of Independence (First Class).

Sheikh Khaled bin Mohamed bin Zayed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council and Sheikh Hamdan bin Mohammed bin Rashid, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defense, and Chairman of the Executive Council of Dubai, took a tour togehter today at Dubai Mall.

Cristiano Ronaldo, the Portuguese soccer star, is reportedly close to agreeing on a new contract with Saudi Arabia’s Al Nassr team that would extend his stay in Saudi Arabia for another two years.

Mohammad Alfaraj, an award-winning Saudi Arabian multimedia artists, launched his first institutional solo exhibition this month at Jameel Arts Center in Dubai. 

Motaz Bukhari was appointed by insurance intermediary group Howden as CEO for its new office in Saudi Arabia.

🕹️ Joysticks Ready: Saudi Arabia is making final preparations to host the Esports World Cup next month as gamers from around the world stream in to compete for $70 million in prize money. The kingdom, whose leader Crown Prince Mohammed bin Salman, is an enthusiastic player of video games, has made the gaming industry a priority in his Vision 2030 economic diversification blueprint, plowing billions into the Public Investment Fund’s Savvy Sports Group, for which he serves as Chairman.

June 26-27, New Islamic Hijiri Year. The UAE and several other countries mark the public holiday on Friday while other celebrated today.

July 3. Riyadh, Fintech Revolution. Fintech leaders come together to discuss financial technology and investment opportunities. Radisson Blu Hotel & Convention Center.

July 3-5, Cairo. Lift City Expo. Showcasing the latest technology in the elevator industry. Cairo International Convention & Exhibition Center.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

UNLEASHING EQUITY

Quintet Private Bank, the Luxembourg-based wealth manager controlled by Qatar’s ruling Al Thani family, is expanding its partnership with BlackRock to broaden client access to alternative investments. The new arrangement will offer Quintet’s European clients exposure to private equity, private credit and real assets, with a U.K. launch expected by the end of the year. The move builds on an initial tie-up with the world’s largest asset manager in 2023, part of a wider strategy under chief executive Chris Allen to revive the lender’s fortunes, Bloomberg reports. Precision Capital, the Al Thani family’s investment vehicle, has injected more than $375 million into Quintet since acquiring it for about $1.1 billion in 2012.

YOUNGER BOSSES

​​Saudi Arabia is ushering in a new era of corporate leadership, with the average age of CEOs at top-listed companies falling to 47 in 2024. Global consulting firm Korn Ferry attributes the shift to the kingdom’s Vision 2030 industrial blueprint, as companies increasingly turn to younger, Saudi-born leaders to drive transformation. The data shows 65% of newly appointed CEOs are stepping into the role for the first time, and 71% were promoted from within, which the firm said is evidence of growing trust in homegrown talent. With 88% of recent appointments going to Saudi nationals, Korn Ferry says Saudi Arabia is focused on building a leadership pipeline from within its borders.

Public Investment Fund: Selfridges, the U.K. department store chain owned by the Saudi sovereign wealth fund and Thailand’s Central Group, won approval for a new private members club at its flagship London outlet, Bloomberg reports.

Qatar Investment Authority: The Fiera Qatar Equity Strategy, a new $200 million fund backed by the sovereign wealth fund, will invest in Qatari equities to boost market liquidity and deliver high risk-adjusted returns.

ADNOC: Borouge, a petrochemicals joint venture in which Abu Dhabi National Oil Co. holds a majority stake, is partnering with Honeywell to launch the industry’s first real-time AI-driven control room at its UAE plant.

🍺Alcohol-Friendly: Falcon Brews, the GCC’s first licensed brewery and spirits blending and bottling project, which is located in the emirate of Ras Al Khaimah, has secured a $25 million term loan facility from an unidentified Indian bank, Zawya reports.

⚕️Untapped Wealth: Saudi Arabia’s Najran region is emerging as a cornerstone for the kingdom’s mining strategy, with its untapped mineral resources now valued at over $38 billion.

🛢️Oil Deal: A unit of Russia’s Lukoil has signed an exploration deal for Egypt’s South Wadi El Sahel block to conduct a 3D seismic survey and six exploratory wells.

📈Quick Job: Red Sea International Co., majority owned by Al‑Dabbagh Group, is planning to list its mechanical, electrical and plumbing subsidiary on the Saudi stock market.

⛽Gas Hunting: Egypt has opened 12 oil and gas blocks – five offshore and seven onshore – for foreign investment as part of its latest licensing round to boost hydrocarbon resources.

🏢Regional Office: Kuwait’s National Investment Co. opened its first regional office at Dubai International Financial Centre, eying to expand in the Gulf and strengthen its position as a leading investment services provider.

🌐Network Tender: Turkey plans to launch the long-anticipated tender for 5G network services in August, marking a significant step in the country’s efforts to modernize its digital infrastructure.🐶Leash Holder: Pet care and snack foods are driving the strongest growth in consumer spending in Saudi Arabia, according to a NielsenIQ report.

UAE President Sheikh Mohamed bin Zayed held a phone call with Iran’s President Masoud Pezeshkian on Tuesday. Sheikh Mohamed also spoke with Qatar’s Emir Sheikh Tamim Al Thani and Austria’s Chancellor Christian Stocker. 

Qatar’s Emir Sheikh Tamim Al Thani met with Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, along with the foreign ministers of the GCC who were participating in the 49th Extraordinary Meeting of the GCC Ministerial Council that was held in Doha.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, held a phone discussion with Jeyhun Bayramov, Minister of Foreign Affairs of Azerbaijan, on Tuesday.

Fadel Abdulbaqi Al Ali, Chairman of the Dubai Financial Services Authority, will lead the new board of mall developer Majid Al Futtaim.

Suliman bin Khalid Al-Mazrou has been named the new President of the Saudi Ports Authority, succeeding Mazen bin Ahmed Al-Turki, who had been serving as acting president.

Khalil Ibn Salamah, Saudi Arabia’s Deputy Minister of Industry and Mineral Resources for Industrial Affairs, announced during the Saudi Industry Forum in Dhahran the launch of the second phase of an industrial incentives program to boost competitiveness and attract high-value investments.

Haifaa Al-Mansour, the pioneering Saudi female director, has been appointed to the kingdom’s Academy of Motion Picture Arts and Sciences Board of Governors and the Red Sea Film Foundation.

🏎️ Speed Demons: Vying with Brad Pitt for the lead role in Apple’s “F1 The Movie,” which hits screens across the Middle East on Thursday, is the Yas Marina Circuit racetrack itself. Scenes for the fictional tale about the grueling competition between Formula One drivers were filmed during the Abu Dhabi Grand Prix in both 2023 and 2024 when fans lined up on Yas Island and downtown to catch a glimpse of Pitt and costars Kerry Condon and Damson Idris.

June 23-26, Amman. JIMEX Exhibition 2025. The event is a showcase of industrial engineering in the Near East. Jordan International Exhibition Center.

June 24, Dubai. Zawya GCC Capital Markets Forum. The event will bring together a diverse panel of C-suite-level participants from banks and top financial institutions. Fairmont Dubai. 

June 24-25, Dubai. Middle East Rail. The two-day programme will host more than 250 speakers from the region and beyond. Dubai World Trade Center.

June 24-25, Dubai. Mobility Live. A free-to-attend multi-brand exhibition hosting multiple country pavilions and  showcasing cutting-edge solutions. Dubai World Trade Center.

June 26, Abu Dhabi. Supercharged. Annual tech forum hosted by G42. ADNEC Center.

July 3-5, Cairo. Lift City Expo. Showcasing the latest technology in the elevator industry. Cairo International Convention & Exhibition Center.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 30-Sept. 7, Abu Dhabi, UAE. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

MUSCLE BUILDING

Riyadh-based Sport Clubs Company is limbering up for an IPO that aims to raise $69 million, bringing one of Saudi Arabia’s largest fitness networks into the public eye. Since 1994, the company has built a strong presence across 18 cities, with 41 men’s gyms under the veteran Body Masters brand and 15 women’s clubs under the newer Body Motions banner. As Saudi Arabia’s IPO pipeline heats up, the listing taps into growing investor interest in lifestyle, health and wellness. The company set a price range for its IPO on Riyadh’s Tadawul Exchange between 7 and 7.50 Saudi riyals ($1.87-$2) per share, according to financial advisor Saudi Fransi Capital.

WEALTH MAGNET

Wealthbrix Capital Partners has formally launched its wealth management business in the UAE with $30 billion in assets. Opening its office at the Dubai International Financial Centre, the firm joins a wave of investment banks, hedge funds and money managers that have opened branches in the Gulf.  “This is the Dubai moment – an inflection point where global capital, regional ambition, and client expectations are converging,” Dr. Hamad Buamim, Chairman of the Wealthbrix Capital Advisory Board, said in a statement. More than 6,700 millionaires relocated to Dubai in 2024, pushing the country’s high- and ultra-high-net-worth population past 68,000.

Public Investment Fund: The Saudi sovereign wealth fund has launched its first commercial paper program to diversify funding sources, enhance short-term liquidity and complement its long-term capital-raising efforts.

Lucid Motors: The PIF-backed U.S. electric vehicle maker plans to produce to mid-size SUVs at a new factory in Saudi Arabia.

ADQ: Etihad Rail, the ADQ-backed operator of the UAE’s national railway network, signed an agreement with the Abu Dhabi Projects and Infrastructure Center to collaborate on designs, engineering plans and development strategies.

💰 Raising Capital: Kuwait is preparing to send a request for proposal to banks to raise about $6 billion from international debt markets for the fiscal year ending March 31, 2026, Bloomberg reports.

🛫 Revive Business: Adani Group has raised $750 million from global investors led by Apollo Global Management to refinance debt for Mumbai’s airport, Bloomberg reports.

⚓Port Authority: Saudi Ports Authority, Mawani, signed contracts worth more than $586 million for multipurpose cargo terminals at eight major ports across the kingdom. 

💊 Pharma Investor: Jadwa Investment Co. will seek to sell its 51% stake in Saudi pharmaceutical giant UniPharma, which is valued at around $267 million, Bloomberg reports.

📈 Market Debut: Valu, an Egyptian retail finance company, began trading on the Egyptian Exchange on Monday after its parent company, EFG Holding, gave 20.5% of its shares to its shareholders, including Amazon.

💵 Pay Hike: Syria raised the minimum public sector wage from $25 to $75 per month under a decree by interim President Ahmad Al-Sharaa, covering civilian and military employees in state-linked entities.

🖥️ Digital Divide: Computing power for artificial intelligence is so precious that the components in data centers, such as microchips, have become a crucial part of foreign and trade policies for China and the U.S., which are jockeying for influence in the Gulf, in Southeast Asia and elsewhere, The New York Times reports.

Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister of Foreign Affairs and Deputy Prime Minister met with Roberta Metsola, President of the European Parliament in Abu Dhabi on Monday. Sheikh Abdullah also met a delegation of the presidents of the national councils from the GCC countries in Abu Dhabi on Monday.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline, opened the third edition on Monday of ForsaTEK, an annual conference to display the company’s innovation.

Russian President Vladimir Putin and Iraqi Prime Minister Mohammed Shia al-Sudanidiscussed concerns over the emerging risks to global energy markets and emphasized the importance of continuing active cooperation within the OPEC+ format.

Joachim Nagel, Governing Council member of the European Central Bank, told Bloomberg on Monday that the bank shouldn’t commit to a certain interest-rate path, given how U.S. trade policy and the situation in the Middle East are clouding the outlook.

Saqr Ghobash, Speaker of the UAE’s Federal National Council, held official talks today with Roberta Metsola, President of the European Parliament, at the FNC headquarters in Abu Dhabi on Monday. 

Faisal Alibrahim, Minister of Economy and Planning, said during his speech at the 7th edition of the King Abdulaziz Quality Award that the kingdom’s Vision 2030 plan emphasizes improving institutional performance across all sectors to boost competitiveness, attract investment, expand service quality and create high-value jobs.

Peter Chernin, the media mogul who previously received a $150 million investment from the Qatar Investment Authority, signed a deal that gives Apple first crack at releasing new movies from Chernin’s North Road entertainment studio, Bloomberg reports. 

🍴Royal Tables: The Michelin Guide is getting ready to launch in Saudi Arabia, having already dispatched its reviewers to sites from Riyadh to Jeddah to review the kingdom’s finest restaurants. Selections will be unveiled on the guide’s website on the 15th of each month from October to December 2025, Gwendal Poullennec, Michelin’s international director, said in a statement. “These past few years, our Michelin inspectors have been keeping a watchful eye on the kingdom’s culinary progression and continue to relish the wonderful spectrum that this fast-developing country has to offer,” Poullennec said.

June 23-26, Amman. JIMEX Exhibition 2025. The event is a showcase of industrial engineering in the Near East. Jordan International Exhibition Center.

June 24, Dubai. Zawya GCC Capital Markets Forum. The event will bring together a diverse panel of C-suite-level participants from banks and top financial institutions. Fairmont Dubai. 

June 24-25, Dubai. Middle East Rail. The two-day programme will host more than 250 speakers from the region and beyond. Dubai World Trade Center.

June 24-25, Dubai. Mobility Live. A free-to-attend multi-brand exhibition hosting multiple country pavilions and  showcasing cutting-edge solutions. Dubai World Trade Center.

June 26, Abu Dhabi. Supercharged. Annual tech forum hosted by G42. ADNEC Center.

July 3-5, Cairo. Lift City Expo. Showcasing the latest technology in the elevator industry. Cairo International Convention & Exhibition Center.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 30-Sept. 7, Abu Dhabi, UAE. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

WASHINGTON CHAT

Abu Dhabi and Washington are working to identify tangible projects that could be bankrolled through the $1.4 trillion package the UAE has pledged to invest in America. U.S. President J.D. Vance hosted a meeting at the White House on Friday with Dr. Sultan Al Jaber, Chief Executive of ADNOC and Executive Chairman of XRG, and UAE Ambassador to the U.S. Yousef Al Otaiba where the initiative was discussed in detail. Talk centered on investments in artificial intelligence, semiconductors, energy and manufacturing, The National reports. The UAE has sought to position itself as a leader in AI infrastructure, developing partnerships and investments with U.S. companies including Microsoft, Nvidia and OpenAI.

TAX TALK

Oman’s Sultan Haitham bin Tarik has approved a personal income tax law to be implemented on individuals earning more than $110,000 annually. The measure, which will be imposed starting in 2028, positions Oman as the first Gulf state to levy personal income tax, part of broader efforts to diversify revenue away from oil. An earlier draft proposing separate thresholds for Omanis and expatriates was rejected by the Sultan. With 2.7 million workers – 1.8 million expatriates – the reform is projected to raise over $285 million annually.

Qatar Investment Fund: Qatar Airways announced at the 55th International Paris Air Show that it will introduce a next-generation, AI-powered in-flight entertainment system on its Boeing 777-9 fleet.

Oman Investment Authority:  The Omani sovereign wealth fund reported a $4.2 billion profit in 2024, pushing total assets to more than $52 billion.

💰New Investors: Bahrain has signed a $2.7 billion deal to invest in U.K. financial services, clean energy, manufacturing, and technology amid ongoing trade talks.

🤝 Helping Hands: Turkey has secured $740 million from the Islamic Development Bank to support regions impacted by the 2023 earthquake, including two Istanbul hospitals under a seismic risk reduction program.

🏦Nuclear Fund: Apollo Global Management will provide £4.5 billion ($6.1 billion) in financing for the U.K.’s Hinkley Point nuclear project through investments in fixed-rate callable notes issued by French power giant EDF, The Financial Times reports.

🏦Twinning Investments: Saudi-listed insurers United Cooperative Assurance Co. and Arabia Insurance Cooperative Co. are exploring a potential merger under a non-binding agreement due to regulatory pressures and weak profitability, which drive consolidation within the sector.

🚄Increasing Capacity: The Roads and Transport Authority will expand the Burj Khalifa/Dubai Mall metro station in collaboration with Emaar to increase its area and capacity by 70% as more people visit the station. 

📈 Succession Strategy: Hedge fund moguls looking to secure their fortunes could take a cue from private equity, as Millennium Management does by seeking to sell a minority stake at a $14 billion valuation, The Financial Times writes. 

⚖️Fighting Together: Saudi Arabia and Kuwait have signed an agreement to enhance cooperation against money laundering and terrorism financing, strengthening regional financial security efforts.

🚰Open Tap: Egypt is ending a long-standing state monopoly on water and wastewater treatment by allowing private investment under a new draft law approved by parliament. Licenses of up to 15 years will be issued, with annual operator fees capping at nearly $1 million.

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, announced creation of a new Ministry of Foreign Trade led by Dr. Thani Al Zeyoudi, renamed the Ministry of Economy to Ministry of Economy and Tourism under Minister of Economy Abdullah bin Touq Al Marri, and introduced the new National Artificial Intelligence System as an advisory body to federal councils starting January 2026.

Sheikh Mansour bin Zayed Al Nahyan, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, chaired a meeting of the Ministerial Development Council at Qasr Al Watan in Abu Dhabi on Monday.

Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah and President of the University of Sharjah, congratulated colleagues for achieving the top spot in the UAE in the U.S. News & World Report’s Best Global Universities rankings.

Sheikh Nahyan bin Mubarak Al Nahyan, UAE Minister of Tolerance and Coexistence, attended the celebration of the 11th International Day of Yoga, held as part of the Abu Dhabi Summer Sports Festival at the Abu Dhabi National Exhibition Centre.

Kristalina Georgieva, Managing Director of the International Monetary Fund, warned in an interview with Bloomberg TV that if the U.S. continues strikes on Iran, it could potentially have broader impacts beyond energy channels, as global uncertainty escalates.

Safaa El-Kogali, the World Bank’s Director for the Middle East , told The National in Riyadh that foreign direct investment in the Gulf could slow in the second half of this year as regional conflicts dent investor sentiment.

Niko Corneliswas named the new country manager for the GCC region at Engie, the Paris-based energy infrastructure and services company.

🎨Culture Hub: Saudi Arabia expects a $48 billion cultural boom by 2030, transforming the sector into a key economic force under its Vision 2030 strategy, Minister of Culture Prince Badr bin Abdullah says. Since the ministry’s launch in 2018, cultural jobs have increased by over 300%, festival crowds have topped 23 million, and Saudi heritage is making waves globally with eight UNESCO World Heritage sites. Prince Badr said in an interview with Arabic daily Al-Eqtisadiah. 

June 23-26, Amman. JIMEX Exhibition 2025. The event is a showcase of industrial engineering in the Near East. Jordan International Exhibition Center.

June 24, Dubai. Zawya GCC Capital Markets Forum. The event will bring together a diverse panel of C-suite-level participants from banks and top financial institutions. Fairmont Dubai. 

June 24-25, Dubai. Middle East Rail. The two-day programme will host more than 250 speakers from the region and beyond. Dubai World Trade Center.

June 24-25, Dubai. Mobility Live. A free-to-attend multi-brand exhibition hosting multiple country pavilions and  showcasing cutting-edge solutions. Dubai World Trade Center.

June 26, Abu Dhabi. Supercharged. Annual tech forum hosted by G42. ADNEC Center.

July 3-5, Cairo. Lift City Expo. Showcasing the latest technology in the elevator industry. Cairo International Convention & Exhibition Center.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 30-Sept. 7, Abu Dhabi, UAE. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

FOOD CENTRAL

Two of China’s top e-commerce companies, JD and Meituan, are joining the fray in Saudi Arabia’s booming home delivery market. JD has launched JoyExpress, a same-day delivery service across the kingdom. Meituan, meanwhile, is investing $267 million to expand its food delivery brand Keeta in the region. Both companies are rapidly scaling their operations in the kingdom, establishing warehouses, sorting centers and delivery networks to support their regional growth.

DUBAI DRAW

Dubai real estate agencies are reporting a surge of inquiries from Iran. Amid the weeklong missile war with Israel, Iranians are looking across the Gulf at property listings in the UAE, Forest Hills Real Estate sales manager Sidharth Kumar told Arabian Gulf Business Insight. “Many are reaching out through Iranian colleagues or family members already in the UAE to buy a home here,” Kumar said. Another agent told AGBI that some prospective buyers were selling assets in Iran and buying entire floors of buildings in the UAE directly from developers.

Public Investment Fund: Saudi Arabia’s sovereign wealth fund has launched the Expo 2030 Riyadh Company to build and operate facilities for the World Expo scheduled to be hosted by the kingdom in five years, Reuters reports. 

Mubadala: The sovereign wealth fund signed an agreement with Abu Dhabi Projects and Infrastructure Centre “to explore joint opportunities that support the future of Abu Dhabi’s infrastructure.”

International Holding Co.: Multiply Media Group, backed by Abu Dhabi-owned IHC, has teamed up with U.K.-based Wildstone to manage outdoor electronic billboards at London’s Wandsworth Roundabout.

🌴 Agri Billions: A Riyadh private equity firm backed by Saudi’s Prince Saud bin Abdulaziz Al Saud, Chairman of Aram Palms Company, is partnering with Canada’s Cordiant Group to launch a $5 billion agricultural fund across the GCC, aiming to invest $10 billion by 2035.

💰 Helping Hand: UAE banks led a $1 billion fundraising for Pakistan as the country secured Middle Eastern funding for the first time in over two years amid regional tensions.

💵 Good Money: Saudi Industrial Development Co.’s subsidiary, Emmdad Logistic Services, signed a five-year, Islamic-compliant $2.7 million financing deal with Saudi Arabia’s Social Development Bank to support capital expansion.

🏭 Capacity Boost: Hitachi Energy will invest $70 million to expand its transformer facility in Turkey, boosting capacity by 70% to meet rising electricity demand across Europe and Asia.

✈️ Service Interrupted: American Airlines has suspended daily flights to Qatar’s capital, Doha, and United Airlines paused service to Dubai, citing military actions and rising tensions in the Middle East, Bloomberg reports. 

🏀 Gulf Ballers: Less than two months after Mubadala Capital led a $10 billion investment in Mark Walter’s TWG Global in a two-way deal that gave TWG a 5% stake in the Abu Dhabi fund, the billionaire is buying a majority stake in the Los Angeles Lakers in a deal that values the basketball franchise at $10 billion.

💡 Energy Innovation: Iraq is building a second waste-to-energy plant in Baghdad, as part of efforts to ease its power shortage.

📈 Intelligence Setup: U.S. tech giant Oracle has opened a seven-story research and development center in Morocco.

🖥️ Job Creation: Saudi developer Roshn has created more than 200,000 jobs through its large-scale projects, with Saudis making up over 70% of its workforce, financial website Argaam reports.

UAE President Sheikh Mohamed bin Zayed sent a written message to Canadian Prime Minister Mark Carney, focusing on trade and tech cooperation between the two countries. The note was delivered in Ottawa by Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, who also met with François-Philippe Champagne, Canada’s Minister of Finance and National Revenue,during his visit to Canada.

Sheikh Shakhboot bin Nahyan, UAE Minister of State, met João Manuel Lourenço, President of Angola, who is on a working visit to the country.

Sheikh Ammar bin Humaid Al Nuaimi, Ajman’s Crown Prince and Chairman of Ajman Executive Council, received Gerardo Perez, Ambassador of El Salvador to the UAE, at the Ruler’s Court on Friday.

Mansoor Abulhoul, UAE Ambassador to the United Kingdom, collected the cup after Arabian Story’s win at the Britannia Stakes on Ladies’ Day at Royal Ascot. The racehorse is owned by Dubai Ruler Sheikh Mohammed bin Rashid’s Godolphin stables.

Pavel Durov, the billionaire founder of Telegram who resides in Dubai, plans to leave his vast fortune to the more than 100 children he has fathered naturally and via sperm donation, Bloomberg reports. 

Masayoshi Son, Founder of SoftBank Group Corp, wants to partner with Taiwan Semiconductor Manufacturing Co. on a trillion-dollar AI and robotics hub in Arizona, though it’s unclear if TSMC, already investing heavily in the area, will join the project, Bloomberg reports.

Tareq Muhmoodhas been appointed Visa’s Regional President for Central and Eastern Europe, the Middle East and Africa.

🍽️ Top Bites: Two Dubai restaurants have made this year’s World’s Best 50 Restaurants list. Tresind Studio and Orfali Bros both made the cut when the annual list was announced in Turin, Italy, last night. While Mediterranean eatery Orfali Bros climbed from number 64 to 37 on the list, fusion Indian restaurant Tresind Studio ranked at number 27 – down from 13 last year.

June 18-21, St. Petersburg, St. Petersburg International Economic Forum. Addressing thekey economic issues facing Russia, emerging markets, and the world as a whole. EXPOFORUM Convention and Exhibition Centre.

June 23-26, Amman. JIMEX Exhibition 2025. The event is a showcase of industrial engineering in the Near East. Jordan International Exhibition Center.

June 24, Dubai. Zawya GCC Capital Markets Forum. The event will bring together a diverse panel of C-suite-level participants from banks and top financial institutions. Fairmont Dubai. 

June 24-25, Dubai. Middle East Rail. The two-day programme will host more than 250 speakers from the region and beyond. Dubai World Trade Center.

June 24-25, Dubai. Mobility Live. A free-to-attend multi-brand exhibition hosting multiple country pavilions and  showcasing cutting-edge solutions. Dubai World Trade Center.

June 26, Abu Dhabi. Supercharged. Annual tech forum hosted by G42. ADNEC Center.

July 3-5, Cairo. Lift City Expo. Showcasing the latest technology in the elevator industry. Cairo International Convention & Exhibition Center.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 30-Sept. 7, Abu Dhabi, UAE. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

CHILD’S PLAY

UAE school operator Taaleem has agreed to buy a 95% stake in Dubai-based early learning provider Kids First Group, which manages 34 nurseries catering to 5,000 students across the UAE and Qatar. KFG founder Kamil Najjar will retain a 5% stake and stay on as CEO. Taaleem, which is listed on the Dubai Financial Market, said the acquisition would be self-funded through equity and debt. Taaleem shares were up 6% today following the announcement. Last year Taaleem signed a deal with Harrow School, the 450-year-old British boys school that counts Winston Churchill among its alumni. It is set to open two new Harrow facilities in the UAE next year. 

ON THE MED

Qatar is in talks to inject $3.5 billion into a major tourism project on Egypt’s Mediterranean coast. The potential agreement, expected by late 2025, follows a record $35 billion investment last year by a consortium led by Abu Dhabi’s ADQ sovereign wealth fund, Bloomberg reports. Under the potential deal, Qatar would provide $1 billion to Egypt immediately after the signing, then deliver the balance over the following 12 months. The massive UAE investment helped address Egypt’s two-year economic crisis and fallout from the Israel-Hamas conflict in Gaza.

Mubadala: Mubadala Investment Co. and the Abu Dhabi Projects and Infrastructure Centre have partnered to advance Abu Dhabi’s infrastructure through collaborative planning, feasibility studies, and sustainable financing.

Oman Investment Authority: OQ Gas Networks, a subsidiary of OQ, the national energy conglomerate wholly owned by the OIA, has awarded a $273 million engineering, procurement and construction contract to Egypt’s Petrojet for the 193 kilometer Fahud–Suhar loop line. It also awarded the supply of line pipes to Jindal SAW.

Beeah: Khaled Al Huraimel, Chief Executive Officer of Beeah Group, a public-private partnership backed by members of Sharjah’s ruling family, told Bloomberg that the company is entering the real estate market with a $1.4 billion housing project.

ADQ: Egypt’s House of Representatives approved a tax exemption for the Abu Dhabi sovereign wealth fund on Sunday to pave the way for further investments from the UAE.

✈️ Airplane Order: Egyptair has ordered six more Airbus A350-900s at the Paris Air Show, which will bring its  fleet to 16 as it expands its long-haul network, The National reports. 

💻 AI Hub: Dubai-based proptech startup Prop-AI has raised $1.5 million in pre-seed funding to enhance its AI-driven real estate platform, expand regional data integration, and form strategic partnerships across MENA and Europe.

💵 IKEA Loans: Alsulaiman Group, operator of IKEA in Saudi Arabia and Bahrain, has acquired auto loan provider Taajeer Finance Company, marking its entry into financial services and helping Tajeer expand into personal, lifestyle and SME financing.

🤝 Helping Hands: The European Bank for Reconstruction and Development will provide $287 million in funding to young entrepreneurs in Turkey.

🪖 Drone Tech: Turkish defense supplier Baykar and Italian aerospace and defense company Leonardo have agreed to form a joint venture to develop next-generation unmanned aerial vehicles.

🏝️ Private Island: Mohamed Alabbar’s Eagle Hills will open a new Bvlgari Resort & Mansions – with its own yacht club and 40-berth private marina – on an island adjacent to Abu Dhabi’s Qasr Al Watan palace.

🛢️ China’s Iraq: Chinese oil companies now control more than two-thirds of Iraq’s oil and gas assets, managing around 3 million bpd and holding stakes in nearly 24 billion barrels of crude reserves.

⚕️ Future Proof: Despite rising geopolitical tensions, Syria has begun developing the 1.1 million square meter Idleb Free Zone Project, which will feature industrial, commercial, and dry port facilities, state-run Sana news agency reports. 

🍞 Take Away: Americana Restaurants is in early talks to acquire Cravia Inc., the Middle East operator of brands like Five Guys and Cinnabon, in a potential deal with Fajr Capital to expand its franchise network, Bloomberg reports. 

💰 Attracting Talent: Gulf financial firms, especially in asset management and hedge funds, are increasingly offering rare perks like sign-on bonuses reaching up to $5 million to attract and retain top talent, recruiters say.

🔋 Electric Mobility: Qatar is accelerating its e-mobility, aiming for 10% EV sales by 2030 and significant growth in battery and hybrid EV adoption by 2035, according to a PwC report.

UAE President Sheikh Mohamed bin Zayed met in Abu Dhabi with Aleksandar Vučić, President of Serbia, on Wednesday.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, attended the Abu Dhabi Infrastructure Summit on Wednesday.

Sheikh Sultan bin Hamdan, Chairman of the UAE’s Al Ain Football Club, exchanged souvenirs with FIFA President Gianni Infantino on the sidelines of the Club World Cup in Washington D.C. on Wednesday. Sheikh Sultan and Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, were seen attending the Al Ain vs. Juventus soccer match at Audi Field yesterday.

Wael Sawan, CEO of Shell, told an industry conference in Tokyo on Wednesday that the oil company is being “very careful” in the Middle East, preparing contingency plans for threats to shipping routes if the Israel-Iran conflict escalates further.

Abdulla Al Hamed, Chairman of the National Media Office and Chairman of the Board of Directors of the UAE Media Council, attended a panel session at Cannes Lions International Festival of Creativity in France on enhancing collaboration and innovation in the media and marketing sectors in the age of artificial intelligence.

Farzad Billimoria, a senior executive at HSBC, was hired by Barclays and named head of its Private Bank for the UAE, based in Dubai.

Lewis Hamilton, the British racing car driver, is launching a Soho House pop-up inside the Paddock Club the Abu Dhabi F1 Grand Prix, bringing a taste of the private member’s club experience with art, DJ sets and exclusive pit lane walks.

⚽ Kicking Goals: U.K. Premier League soccer matches will be broadcast across the Mena region by Qatar’s BeIN Media Group until the end of the 2027-28 season. The renewal deal, signed in Qatar by BeIN CEO Mohammad Al-Subaie and Premier League’s Chief Media Officer Paul Molnar, covers all 380 games per season, to be broadcast in 24 countries on the BeIN Sports network, Arabian Gulf Business Insight reports. No valuation was given for the deal, but the previous agreement was reported to be worth $500 million.

June 18-21, St. Petersburg, St. Petersburg International Economic Forum. Addressing thekey economic issues facing Russia, emerging markets, and the world as a whole. EXPOFORUM Convention and Exhibition Centre.

June 23-26, Amman. JIMEX Exhibition 2025. The event is a showcase of industrial engineering in the Near East. Jordan International Exhibition Center.

June 24, Dubai. Zawya GCC Capital Markets Forum. The event will bring together a diverse panel of C-suite-level participants from banks and top financial institutions. Fairmont Dubai. 

June 24-25, Dubai. Middle East Rail. The two-day programme will host more than 250 speakers from the region and beyond. Dubai World Trade Center.

June 24-25, Dubai. Mobility Live. A free-to-attend multi-brand exhibition hosting multiple country pavilions and  showcasing cutting-edge solutions. Dubai World Trade Center.

July 3-5, Cairo. Lift City Expo. Showcasing the latest technology in the elevator industry. Cairo International Convention & Exhibition Center.

July 7-Aug. 24, Riyadh. Esports World Cup. An seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 30-Sept. 7, Abu Dhabi, UAE. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

DRAWING FUNDS

Newly arrived hedge funds are looking at what appears to be a three-to-five-year window of opportunity in the UAE. The rise of Abu Dhabi and Dubai as bases for the funds coincides with the faltering of traditional financial hubs, Bloomberg reports. Unlike London, New York, or Hong Kong, the UAE lacks a deep-rooted hedge fund ecosystem or elite university pipeline, but it is winning ground by eliminating barriers, capitalizing on strict Covid rules in Asia, and attracting wealthy individuals disillusioned with U.K. tax reforms. Recent moves by firms such as Dymon Asia and Taula Capital signal that the shift aims to draw talent away from London with the UAE’s tax-free lifestyle and investor-friendly policies.

TRUMP BUMP

Dar Global, the Saudi developer behind Dubai’s planned $1 billion Trump Tower, expects the building to sell out by the end of summer and is planning to launch more projects with the Trump Organization. The project, launched in April, is expected to be finished in five years and will feature more than 500 homes, with two $20 million penthouses, a Trump-branded hotel and a clubhouse. “Sales have been strong, [there has been] very good reception for the brand, for the mix and the location,” Dar Global CEO Ziad El Chaar told The National. Dubai’s property market has continued its steep ascent, with the average price per square foot reaching Dh1,808 ($492) in May.

Public Investment Fund: Budget airline Flynas, backed by the Saudi sovereign wealth fund through its stake in Kingdom Holding, began trading today on the Saudi Exchange after raising $1.1 billion in the region’s largest IPO this year, despite regional conflict and market volatility.

G42: The Abu Dhabi-owned tech company has formed a partnership with Liquid AI, a Cambridge, Mass., developer of AI systems modeled on the neural network in the brain of a worm.

Abu Dhabi Investment Authority: Malaysian energy infrastructure company Yinson Production has closed a $1 billion investment from a consortium including a subsidiary of ADIA and funds managed by British Columbia Investment Management Corp and RRJ Group.

Qatar Investment Authority: Applied Intuition, a Silicon Valley-based supplier of software for automobiles, has more than doubled its valuation to $15 billion after raising $600 million in a funding round that includes new backing from the Qatar sovereign wealth fund, Reuters reports.

💵 Bond Sale: Saudi National Bank held its biggest bond sale ever, raising $1.25 billion amid strong investor interest that attracted over $4 billion in offers.

👍 Offshore Win: QatarEnergy has secured its first upstream entry into Algeria by winning a 24.5% stake in the onshore Ahara Block, alongside TotalEnergies and Sonatrach.

💰 Investor Plan: Kuwait’s Agility Public Warehousing Co. said it will invest more than  $326 million by 2030 in infrastructure and supply chain projects. 

📈 Prime Stake: Kuwait-listed Energyhouse is reviewing a preliminary offer to sell its 92.5% stake in its UAE subsidiary.

🔋 Battery Boom: Saudi Arabia and the UAE are ramping up purchases of Chinese battery energy storage systems as the prices are going down to support ambitious renewable energy targets, The Financial Times reports. 

🤝 Regional Support: Despite its own shortages, Egypt has increased natural gas supplies to Jordan to help offset disrupted flows from Israel, under a deal allowing Jordan to use Egyptian LNG facilities through 2026.

☀️ Climate Driven: The Islamic Development Bank Group partnered with Turkey’s Ministry of Industry and Technology to modernize industrial zones and promote sustainable manufacturing to support the country’s 2053 net-zero goal. 

👑 Crown Inheritance: As King Salman’s health declines, speculation grows over who will succeed the Crown Prince Mohammed bin Salman, who wants to keep power within his immediate family. While his brothers are positioned to benefit, he may also broaden his support by backing influential relatives like Turki bin Mohammed bin Fahd al-Saud, a key political player and business figure, The Intelligence Online reports.

🚢 Long Lines: QatarEnergy has instructed LNG vessels to wait outside the Strait of Hormuz until just before loading as a precaution amid regional tensions, in a move that has contributed to rising energy prices, Bloomberg reports.

UAE President Sheikh Mohamed bin Zayed held a phone discussion on Tuesday with Iranian President Masoud Pezeshkian. Sheikh Mohamed also spoke with Turkey’s President Recep Tayyip Erdogan.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, held a phone call on Tuesday with Kaja Kallas, the EU High Representative for Foreign Affairs and Security Policy and Vice-President of the European Commission.

Reem Al Hashimy, UAE Minister of State for International Cooperation, led a high-level delegation on a visit to Dublin to celebrate the 50th anniversary of diplomatic relations between the UAE and Ireland.

Maysarah Salim Eid, Director General of Abu Dhabi Projects and Infrastructure Centre, said that the UAE capital wants to sign $12.8 billion of infrastructure projects with the private sector in the second half of this year. 

Khalaf Al Habtoor, the Emirati billionaire and the founding Chairman of the Al Habtoor Group, announced plans to list his family’s hospitality business on the Dubai Financial Market.

📽️ Screen Success: Egyptian producer and writer Sarah Goher’s debut feature “Happy Birthday” took two of the top honors at New York’s Tribeca Film Festival. The film, which tells the story of an eight-year-old girl working as a child maid for a wealthy family in Cairo, won best international narrative feature and best screenplay in an international narrative feature.

June 16-19, Boston. BIO International Convention 2025. The largest  world conference in biotechnology, drawing 20,000 industry leaders from across the globe, including the Middle East. Boston Convention & Exhibition Center.

June 17-19, Cairo. Big 5 Construct Egypt. Showcasing the latest products, technologies, and innovations shaping the future of construction. Egyptian International Exhibition Center. 

June 23-26, Amman. JIMEX Exhibition 2025. The event is a showcase of industrial engineering in the Near East. Jordan International Exhibition Center.

June 24, Dubai. Zawya GCC Capital Markets Forum. The event will bring together a diverse panel of C-suite-level participants from banks and top financial institutions. Fairmont Dubai. 

June 24-25, Dubai. Middle East Rail. The two-day programme will host more than 250 speakers from the region and beyond. Dubai World Trade Center.

June 24-25, Dubai. Mobility Live. A free-to-attend multi-brand exhibition hosting multiple country pavilions and  showcasing cutting-edge solutions. Dubai World Trade Center.

July 3-5, Cairo. Lift City Expo. Showcasing the latest technology in the elevator industry. Cairo International Convention & Exhibition Center.

July 7-Aug. 24, Riyadh. Esports World Cup. An seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 30-Sept. 7, Abu Dhabi, UAE. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

PRICING RISK

The cost of shipping oil from the Middle East has surged, as tanker companies factor in the increased risk of hauling fuel through the Strait of Hormuz amid escalating attacks between Israel and Iran. Tanker rates for shipping fuels between the region and East Asia rose almost 20% since the current conflict began last week, while rates to East Africa rose more than 40%, Bloomberg reports. A collision between two tankers in waters in the Sea of Oman this morning appeared to be unrelated to the conflict, although jamming of navigation signals has increased the risk of accidents in the area, which is heavily congested with oil tankers. The vessels, Adalynn and Front Eagle, crashed about 24 nautical miles east of Khor Fakkan, drawing the attention of analysts and oil traders, who have been closely monitoring the Strait of Hormuz for any sign of the conflict spilling over into shipping and oil export infrastructure. Brent crude traded 1.3% higher after U.S. President Donald Trump called for the evacuation of Tehran.

PALACE 4 SALE

Palazzo Versace Dubai, one of the most luxurious hotels in the UAE is hitting the auction block with a starting price of $163 million, a figure significantly lower than its previous valuation of $380 million, after its owner ran into financial trouble. Among the interested buyers is Swiss-Italian banker Christopher Aleo, who is planning a bold move through his New York-listed iSwiss Hedge Fund to bring in global investors. More than just a real estate deal, this could mark a symbolic return of the opulent property to Italian hands, with Aleo aiming to blend luxury, heritage, and innovation in a refreshed vision for the hotel. If it goes through, the acquisition could become one of 2025’s most talked-about deals in global hospitality and finance. The hotel spans 130,000 square meters and features 215 rooms and suites, 169 private residences, and eight upscale restaurants and lounges along the shores of Dubai Creek. 

Public Investment Fund: The PIF has earned a perfect score in the 2025 Global SWF Index, ranking among the top nine sovereign wealth funds worldwide for governance, sustainability, and resilience; a sharp rise from just 28% in 2020.

Public Investment Fund: Saudi Arabia is making a bold push into the global video game industry by investing billions through its sovereign wealth fund and Savvy Games Group, building gaming cities like Qiddiya, hosting record-breaking esports events, and acquiring stakes in top game publishers, News Lines Magazine reports. 

Mubadala: Rio de Janeiro’s Mubadala-backed Base Exchange is now set to launch by April 2026, aiming to challenge São Paulo’s dominance in Brazil’s financial markets, Reuters reports. 

Masdar: The UAE Ministry of Defence, in collaboration with district cooling company Tabreed and Emerge, a joint venture between Masdar and France’s EDF, has completed a solar project in Abu Dhabi that delivers 2.4 MW of clean energy to power two cooling plants at the Ministry’s facilities in Abu Dhabi.

ADQ: AD Ports, majority owned by ADQ, signed three strategic agreements with Bahrain’s ASRY, including a joint venture for drydock operations, a partnership with India’s JM Baxi to develop green ship recycling facilities and plans for joint port investments.

M42: Cleveland Clinic Abu Dhabi, part of the M42 group, has become the first hospital in the GCC to offer continuous infusion therapy for advanced Parkinson’s disease.

Indonesia Sovereign Fund: Indonesia’s sovereign wealth fund has appointed Christopher Ganis and Andry Setiawan as co-chief investment officers, with the roles announced internally in late May, Bloomberg reports. 

💰 Hedging Bet: Schonfeld Strategic Advisors is allocating $500 million to Omar Newera, a former Waha Capital portfolio manager, to set up a new hedge fund in Abu Dhabi, Bloomberg reports.

🏢 Reviving History: Abu Dhabi developer Eagle Hills Properties and Italian investment vehicle Coima will invest $232 million to refurbish Grand Hôtel des Bains in Venice.

🤝 Friendly Neighbours: Oman and Saudi Arabia recorded $1.2 billion in trade in the first quarter of the year, driven by a new desert road that significantly cuts travel time and boosts cross-border commerce.

🦘 Down Under Deal: ADNOC’s deep pockets could help it win approval from regulators for its $18.7 billion bid for Santos, Australia’s second biggest gas producer, as the company has undeveloped resources that need capital investment.

📦 Moving Shop: Pharo Management, a New York-based $7 billion hedge fund, plans to establish an Abu Dhabi office and relocate its Africa Fund teams there, viewing the emirate as a strategic hub for emerging markets, Bloomberg reports. 

💼 New Arrival: Switzerland-based Partners Group, which manages $150 billion in assets, has opened a regional headquarters in Abu Dhabi’s ADGM free zone.

🪙 Token Pilot: The Dubai Financial Services Authority has launched the next phase of its Tokenisation Regulatory Sandbox, engaging selected firms in its Innovation Testing Licence programme. 

⛏️ Mining Project: Algeria’s parliament approved a law allowing foreign firms to own up to 80% of mining projects in a step to attract investment, boost extractive industries and reduce costly imports, Bloomberg reports. 

🛢️ Securing Supply: Egypt is urgently seeking alternative fuel supplies, including a tender to import up to 1 million tons of fuel oil, after regional conflict halted Israeli gas flows and threatened the country’s power generation, Bloomberg reports. 

⛰️ Peak Project: Oman has invited bids from international consultants to design the $3 billion Al Jabal Al Aali mountain resort project, a mixed-use development atop the popular Jabal Al-Akhdar.

UAE President Sheikh Mohamed bin Zayed held a phone call on Monday with Mohammed Shia’ Al Sudani, Prime Minister of Iraq. Sheikh Mohamed met on Monday with Sheikh Mohammed bin Rashid, Ruler of Dubai and UAE Vice President and Prime Minister, in the presence of Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, at Al Marmoom in Dubai.

Sheikh Mohammed bin Rashid, launched the second phase of the  Zero Government Bureaucracy programme, a national project designed to create simpler, faster, and more impactful government services.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, met with Stephen Schwarzman, Chairman, CEO and Co-Founder of Blackstone in New York. 

Sheikh Abdullah held phone calls with several foreign ministers including Muhammad Ishaq Dar, Minister of Foreign Affairs of Pakistan; Antonio Tajani, Minister of Foreign Affairs of Italy; Hakan Fidan, Minister of Foreign Affairs of Turkey; Péter Szijjártó, Minister of Foreign Affairs of Hungary; and Asaad Al-Shibani, Minister of Foreign Affairs of Syria.

Sheikh Abdullah also held a phone call with Dr. Nawaf Salam, Prime Minister of Lebanon.

Sheikh Zayed bin Hamdan, Chairman of 2PointZero, attended the ENACT Forum on Monday in Washington D.C.

Abdulla Al Messabi has been appointed as ADNOC Drilling’s new Chief Executive Officer, following the departure of the incumbent Abdulrahman Al Seiari, who will retire at the end of the year after 45 years with ADNOC. 

Shaikha Nasser Al Nowais, the Secretary-General-elect of the United Nations World Tourism Organisation, took part in VivaTech 2025 conference in Paris.

Adam Goldstein, Chief Executive Officer of Electric aircraft maker Archer Aviation, told Bloomberg the company expects defense to become the biggest part of their business in the near term.

💍 Love Quest: A matchmaking app that blends technology with cultural traditions is helping young people in Saudi Arabia find a suitor. Awaser, founded by psychiatrist Dr. Mohammed Alolayan, has features tailored to norms in the kingdom, including a strong emphasis on privacy and the option to search by preferences including regional origin, family background, sect and tribal affiliation, Arab News reports. “Awaser does not offer matchmaking in the conventional sense. Instead, it elevates traditional matchmaking by making it more accessible and efficient,” Alolayan said.

June 16-18, Riyadh. Sports Show Riyadh. The event connects exhibitors, architects, developers and key decision-makers from the sports infrastructure development, leisure facilities and public spaces industry. Riyadh International Convention and Exhibition Center.

June 16-18, Dubai. Credit Risk Management For Financial Investments. Credit risk professionals explore strategies for enhancing their frameworks. Venue TBA.

June 16-19, Boston. BIO International Convention 2025. The largest  world conference in biotechnology, drawing 20,000 industry leaders from across the globe, including the Middle East. Boston Convention & Exhibition Center.

June 17-18, Washington D.C. Atlantic Council Global Energy Forum. The go-to conference for navigating the geopolitics of energy. Waldorf Astoria.

June 17-18, Abu Dhabi. Abu Dhabi Infrastructure Summit. A platform for policymakers, investors, developers, contractors, and industry experts to explore emerging trends and unlock investment opportunities. Abu Dhabi Energy Center. 

June 17-18, Dubai. Middle East Event Show. Featuring exhibitors, speakers, and event professionals, MEES offers expert-led workshops, tech showcases, and networking. Dubai World Trade Center.

June 17-18, Abu Dhabi. RetrofitTech and Sustainable Buildings. The event will bring industry leaders together to explore technology’s role in cutting carbon emissions. Dusit Thani Abu Dhabi.

June 17-19, Cairo. Big 5 Construct Egypt. Showcasing the latest products, technologies, and innovations shaping the future of construction. Egyptian International Exhibition Center. 

June 18, Dubai. Critical Infrastructure Summit. Senior stakeholders explore opportunities and challenges in public transportation, climate resilience, green spaces, and robust soft infrastructure. Habtoor Grand JBR. 

June 23-26, Amman. JIMEX Exhibition 2025. The event is a showcase of industrial engineering in the Near East. Jordan International Exhibition Center.

June 24, Dubai. Zawya GCC Capital Markets Forum. The event will bring together a diverse panel of C-suite-level participants from banks and top financial institutions. Fairmont Dubai. 

June 24-25, Dubai. Middle East Rail. The two-day programme will host more than 250 speakers from the region and beyond. Dubai World Trade Center.

June 24-25, Dubai. Mobility Live. A free-to-attend multi-brand exhibition hosting multiple country pavilions and  showcasing cutting-edge solutions. Dubai World Trade Center.