LNG EQUITY

Abu Dhabi’s Mubadala Energy will provide equity financing for a $13 billion liquified natural gas export plant being built on the U.S. Gulf Coast by Caturus, a subsidiary of Kimmeridge Energy Management Co. Mubadala Energy, which already owned a 24% stake in Houston-based Caturus, is backing the project alongside EOC Partners, BlackRock Inc., Canadian Pension Plan Investment Board and a fund managed by Ares, Bloomberg reports. The investment comes as the Gulf’s sovereign wealth funds have continued to push ahead with foreign deal-making, despite the uncertainty surrounding the Iran conflict and the blockade of the Strait of Hormuz, which is blocking oil and gas flows from the region. The UAE, in particular, reaffirmed its plans to invest more than $1 trillion in the U.S. 

OMAN IPO

Oman India Fertiliser Co. is weighing an IPO that could value the company at more than $2.5 billion, potentially making it one of the Sultanate’s biggest stock offerings. The fertilizer producer, which is backed by the Oman Investment Authority and the Indian government, is planning to raise several hundred million dollars, with shareholders selling a combined stake of about 25%, Bloomberg reports. It comes amid a rally in fertilizer prices driven by the regional conflict and would offer a welcome boost for both the Muscat exchange and the wider Middle East region, where deal flow had already started to slow down before the war began. Société Générale, Arqaam Capital Ltd. and Bank Muscat SAOG are among the arrangers working on the deal. 

G42: Shares in California-based chipmaker Cerebras, which counts UAE tech investor G42 among its biggest customers, soared 68% on the first day of trading on the Nasdaq, valuing the company at $67 billion.

G42: Presight signed an agreement with the Ministry of the Interior of Montenegro to develop a next-generation AI-powered “Smart Nation” platform to oversee infrastructure, traffic management, public safety, and integrated emergency response systems.

Mubadala: Emirates Global Aluminium is in advanced talks to buy a stake in Omani rival Sohar Aluminium as it expands outside the UAE and adapts after Iran-related disruptions forced major production cuts and shipping changes, Reuters reports. 

DP World: The Dubai-owned port operator said it remains bullish on African expansion despite inflation pressures linked to the Iran war and will keep investing in countries including Mozambique and Congo, Bloomberg reports.

Masdar: Masdar and German energy company RWE received U.K. approval for the 3-gigawatt Dogger Bank South offshore wind projects.

💰 Retail Finance: Gulf retail group Brands For Less secured a $68 million sustainability-linked Islamic financing facility from Emirates Islamic to support its operations and working capital needs.

🚧 Housing Investments: VIE Communities, an Emirati-Egyptian joint venture, launched operations in Egypt with two mixed-use developments in New Cairo valued at a combined $2.8 billion.

⚖️ Nearing Settlement: Indian billionaire Gautam Adani and his nephew Sagar have agreed to pay a total of $18 million to settle U.S. Securities and Exchange Commission allegations that they made false and misleading representations about Adani Green Energy, Bloomberg reports.

🤖 Expanding Reach: Vista Equity Partners, a U.S. tech-focused private equity company, opened an office in Abu Dhabi Global Market.

👍 Good News: Senegal is nearing a new agreement with the International Monetary Fund after talks to resolve its debt issues, Abdullah Almusaibeeh, the President of Riyadh-based lender Arab Bank for Economic Development in Africa, said in a Bloomberg Television interview.

🏭 Smelter Plans: Commodity trader Trafigura is considering a $900 million aluminum smelter project in Egypt that would rely on renewable energy, part of Cairo’s push to attract industrial investment.

UAE President Sheikh Mohamed bin Zayed welcomed Indian Prime Minister Narendra Modi upon his arrival in the UAE for an official visit on Friday.

Sheikh Mohamed met with a delegation from the UAE defense company EDGE Group on Thursday. 

Sheikh Mohamed and Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, met with Will Ahmed, CEO of Whoop, last week in Abu Dhabi, according to an Instagram post by the Egyptian-American entrepreneur. 

Sheikh Khaled chaired a meeting of the Executive Committee of the ADNOC Board of Directors, held at the company’s headquarters in Abu Dhabi today.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, met with the U.K.’s Deputy Prime Minister David Lammy in London on Thursday, where they discussed the repercussions of the ongoing conflict with Iran.

Richard Attias, the events impresario who consults for Saudi Crown Prince Mohammed bin Salman, accompanied U.S. President Donald Trump to Beijing, Intelligence Online reports.

Bob Diamond, the former Barclays CEO, praised the response in the Gulf to the Iran war, saying, “I probably have more confidence today in the leadership and the future of the economies like Qatar and the UAE.”

Mariam Almheiri, Vice Chair and Managing Director of 2PointZero, a subsidiary of Abu Dhabi’s International Holding Co., appeared on Morning Joe to discuss the company’s anti-poverty efforts with New York’s Global Citizen.

Nabil Sultan was appointed CEO of Dubai-based dnata, Loadstar reports. Sultan joins dnata from Emirates Cargo. 

Dwayne Lysaght and Alberto Piana were appointed as Co-Heads of Investment Banking for the EMEA region at U.S. investment bank JPMorgan, as part of a wider leadership shuffle.

Omran Sharaf, UAE Assistant Foreign Minister for Advanced Science and Technology, led a delegation to the U.S. to discuss further cooperation across critical, emerging, and advanced technologies.

🎭 Abu Dhabi Orb: An international version of the blockbuster Sphere Vegas is expected to open on Abu Dhabi’s Yas Island by 2029. The $1.7 billion Sphere Abu Dhabi is being built between Yas Mall and SeaWorld Abu Dhabi and will have a capacity of 20,000 people. It will be used for concert residencies, combat sports and business conferences.

📷 Photo of the Day

May 15-17, Dubai. Art Dubai. A special edition of the annual event taking place in Dubai, bringing together artists from the region and the Global South. Madinat Jumeirah.

May 15, Milan. Investopia Global – Milan. The UAE investment conference series lands in Europe with a high-level delegation of leaders from companies including EDGE Group, 2PointZero and Khazna Data Centers. Palazzo Mezzanotte. 

May 18, Paris. Investopia Roundtable – Paris. A high level B2B/B2G investment roundtable in Paris that will bring together about 30 senior government officials, business leaders, and investors. Embassy of the UAE in Paris.

May 18-20, Muscat. Oman Petroleum and Energy Show. Examining the future of sustainable energy and Oman Vision 2040. Oman Convention & Exhibition center.

May 18-19, Riyadh. Stadium and Sports Innovation Summit. The future of stadiums, smart sports infrastructure, and sports innovation in Saudi Arabia. Hyatt Regency Al Olaya.

May 19, Abu Dhabi. International Exhibition for National Security & Resilience. This conference focuses on cybersecurity, policing, national security, emergency response, and advanced security technologies. ADNEC.

May 19-21, Abu Dhabi. World Utilities Congress. Global policymakers, industry leaders and innovators discuss transforming the utilities sector into resilient, low‑carbon systems. ADNEC. 

June 3-4, Dubai. MENA Investor Conference. Capital market trends, GCC macro outlooks, and investment opportunities in the Middle East and North Africa. The Ritz Carlton DIFC. 

June 5-7, Dubai. Dubai Esports & Games Festival. More than two weeks of events, tournaments and game launches, including GameExpo 2026. Dubai World Trade Center. 

June 17-19, Rome: FII Priority Europe: Saudi Arabia’s Future Investment Initiative holds a conference focusing on European business links with the Middle East. Cavalieri, Waldorf Astoria Hotel.

June 17, Tashkent. Investopia Global – Tashkent. The UAE’s flagship investment conference lands in Uzbekistan, bringing together leaders from government and the private sector to create new investment opportunities. Venue TBA.

AI RAISING

AI Chipmaker Cerebras Systems, a central partner in the UAE’s AI ambitions, has raised $5.5 billion ahead of its listing on the Nasdaq today, in the biggest IPO in the U.S. this year. The California-based startup, which counts UAE tech investor G42 and Abu Dhabi’s Mohamed bin Zayed University of Artificial Intelligence among its biggest customers, priced its shares at $185 each, valuing the company at about $40 billion. G42, which is chaired by UAE National Security Advisor Sheikh Tahnoon bin Zayed, bought about 1% of Cerebras for $40 million in 2021, meaning it stands to reap a substantial paper windfall in the IPO. Earlier this year, Cerebras made a $10 billion deal to supply Sam Altman’s OpenAI with more than 750 megawatts of computing power over three years.

MERGING TRAFFIC

Dubai Taxi Company has agreed to acquire rival National Taxi for $395 million, strengthening its position in the UAE market. The deal will lift DTC’s Dubai market share to 59% and expand its presence into Abu Dhabi, with the combined fleet expected to exceed 14,000 vehicles. National Taxi operates more than 2,700 vehicles across Dubai, Abu Dhabi, and Al Ain.  The deal will also see the integration of digital platforms as DCT expands its driverless taxi services, following its partnership with China’s Baidu to launch more than 1,000 autonomous vehicles on Dubai’s roads.

Masdar: The Abu Dhabi green energy company has signed a deal with JinkoSolar, one of China’s biggest solar suppliers, to purchase 2 gigawatts of solar modules for the world’s first gigascale round-the-clock renewable energy project in Abu Dhabi.

Saudi Aramco: Saudi oil production plunged another 651,000 barrels a day in April to 6.3 million barrels daily, the kingdom’s lowest output since 1990, Bloomberg reports.

ADNOC: Youssef Salem, CFO of ADNOC Drilling, a subsidiary of ADNOC, told Arabian Gulf Business Insight that the company is accelerating the expansion of its Gulf fleet despite the ongoing geopolitical issues. “There has been significant underinvestment in oil and gas capacity globally,” he said.

ADNOC: An ADNOC Logistics & Services tanker struck by two Iranian drones off Oman released a small amount of bunker fuel into the sea while remaining anchored for repairs. 

M42: The Abu Dhabi medical company and Sweden’s Diaverum have launched a free AI-powered kidney health assistant offering personalized, multilingual education and tools.

Oman Investment Authority: Asyad Group said that Muscat Airport Free Zone signed an agreement with Nama Real Estate to build and operate a 25,000-square-meter business complex, officially launching development within the zone.

💶 Gulf Entry: Andreessen Horowitz, the U.S. venture capital firm, is making its first Gulf investment by leading a $25 million Series A round in Riyadh-based fintech software startup Stitch.

🚧 New Development: Aldar Properties has acquired a $290 million residential and retail development in Dubai Studio City from SRG to build a rental community by 2028.

💻 Local AI: The UAE Cyber Security Council and CPX Holding have launched the UAE Cyber Factory initiative to develop sovereign AI-powered cyber defense technologies.

💷 Islamic Guarantee: Dubai-based developer Arada secured its first sustainability-linked $100 million Islamic financing facility from First Abu Dhabi Bank, guaranteed by SACE.

🤝 Board Expansion: Executives from Alphabet, Coca-Cola, ExxonMobil and BlackRock joined an expanded board of the U.S.-Saudi Business Council, Arab News reports.

✈️ Flight Fallout: Middle East airlines and airports are facing more than $1 billion in losses from the Iran war, an Airports Council International survey found.

🛡️ NATO Outreach: NATO plans to invite the UAE, Qatar, Kuwait and Bahrain to next month’s summit in Ankara as the alliance weighs Gulf security cooperation and maritime protection strategies amid the Iran war, Bloomberg reports.

☎️ Fiber Surge: Israeli telecoms company Bezeq said it plans to lay a new subsea cable linking Europe and Asia, reducing dependency on the Strait of Hormuz.

UAE President Sheikh Mohamed bin Zayed held a phone call with Syrian President Ahmed al-Sharaa.

Sheikh Mohamed and Qatar’s Emir Sheikh Tamim bin Hamad held a phone call on Wednesday to discuss regional developments.

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, chaired the Ministerial Council for Artificial Intelligence and Development meeting that took place at Qasr Al Watan in Abu Dhabi on Wednesday.

Bill Ford, CEO of General Atlantic, said the buyout firm continues to see opportunities with Gulf sovereign wealth funds when looking past the Iran war, telling Bloomberg: “The capital providers in the region are still making commitments, they’re still actively engaged with us.”

Cristiano Ronaldo, the billionaire footballer who plays for Saudi Pro League team Al Nassr, told Bloomberg that the reason why he bought a stake in LiveModeTV, the international streaming channel linked to Brazil’s CazéTV, is to expand into digital media ahead of the next World Cup and put “sports out there for everyone.”

Hunter Hunt, Co-President of Hunt Consolidated, said damage to oil infrastructure from the Iran War “has been everybody’s worst-case nightmare scenario of planning,” Bloomberg reports.

Anwar Gargash, ​an ⁠adviser to ‌the UAE President, ​said on Wednesday ​that the country remains ​committed to political solutions ⁠and diplomacy amid regional tensions, while stressing ​the ‌country’s right to ⁠defend its ⁠sovereignty.

Jasem Albudaiwi, GCC Secretary-General, said on Wednesday that the security of the council members is “indivisible,” calling for intensified coordination against regional threats.

🎥 On Set: Arab films are making a strong showing at this year’s Cannes Film Festival, which kicked off Tuesday, drawing global stars, filmmakers and investors to the glittering French Riviera. This year’s lineup includes features by Moroccan, Palestinian and Yemeni directors, as well as shorts from Tunisia, Syria, Algeria, Lebanon, Morocco and Sudan, The National reports. Among the standouts is Oscar-winning Egyptian-French filmmaker Arthur Harari’s “The Unknown.” The film, competing in the main competition, follows a photographer who wakes up in the body of an unknown woman.

📷 Photo of the Day

May 15-17, Dubai. Art Dubai. A special edition of the annual event taking place in Dubai, bringing together artists from the region and the Global South. Madinat Jumeirah.

May 15, Milan. Investopia Global – Milan. The UAE investment conference series lands in Europe with a high-level delegation of leaders from companies including EDGE Group, 2PointZero and Khazna Data Centers. Palazzo Mezzanotte. 

May 18, Paris. Investopia Roundtable – Paris. A high level B2B/B2G investment roundtable in Paris that will bring together about 30 senior government officials, business leaders, and investors. Embassy of the UAE in Paris.

May 18-20, Muscat. Oman Petroleum and Energy Show. Examining the future of sustainable energy and Oman Vision 2040. Oman Convention & Exhibition center.

May 18-19, Riyadh. Stadium and Sports Innovation Summit. The future of stadiums, smart sports infrastructure, and sports innovation in Saudi Arabia. Hyatt Regency Al Olaya.

May 19, Abu Dhabi. International Exhibition for National Security & Resilience. This conference focuses on cybersecurity, policing, national security, emergency response, and advanced security technologies. ADNEC.

May 19-21, Abu Dhabi. World Utilities Congress. Global policymakers, industry leaders and innovators discuss transforming the utilities sector into resilient, low‑carbon systems. ADNEC. 

June 3-4, Dubai. MENA Investor Conference. Capital market trends, GCC macro outlooks, and investment opportunities in the Middle East and North Africa. The Ritz Carlton DIFC. 

June 5-7, Dubai. Dubai Esports & Games Festival. More than two weeks of events, tournaments and game launches, including GameExpo 2026. Dubai World Trade Center. 

June 17-19, Rome: FII Priority Europe: Saudi Arabia’s Future Investment Initiative holds a conference focusing on European business links with the Middle East. Cavalieri, Waldorf Astoria Hotel.

June 17, Tashkent. Investopia Global – Tashkent. The UAE’s flagship investment conference lands in Uzbekistan, bringing together leaders from government and the private sector to create new investment opportunities. Venue TBA.

HQ FOR SALE

Saudi Aramco is seeking to raise at least $10 billion from the sale of real estate assets in a deal which could include its sprawling Dhahran campus in the Eastern Province. The property houses the state-owned oil giant’s headquarters and a community housing thousands of employees. If it goes ahead, the deal would be among the biggest in Aramco’s history, nearing the $11 billion lease agreement signed last year by a BlackRock-led group for facilities that serve Aramco’s Jafurah gas project, Bloomberg reports. The company is also working on deals that include the sale of stakes in its oil export and storage terminals, gas-fired power plants and water infrastructure business, the news agency reports.

DAMASCUS REVIVAL

Syria is front and center on the agenda of Dubai developer Mohamed Alabbar, who is planning to invest some $18 billion in the country’s war-blighted economy. The Emaar founder said in multiple interviews that he is assessing projects along the Syrian coast and around Damascus. “I think [it’s] time for somebody like me to come in and put my teeth in,” Alabbar told The National. Meanwhile, Syria’s President Ahmed al-Sharaa met with UAE Trade Minister Thani Al Zeyoudi on Tuesday to discuss expanding commercial ties.

Mubadala: The Abu Dhabi sovereign wealth fund invested $325 million in Ørsted’s Hornsea 3 offshore wind project in the U.K., which is expected to become the world’s largest offshore wind farm.

ADNOC: ADNOC Drilling said it is ready to help the UAE raise oil production capacity beyond 5 million barrels per day if requested after the country’s exit from OPEC.

Public Investment Fund: Riyadh Air, the new flag carrier controlled by the PIF, launched the Nawat Cabin Crew Program to train thousands of Saudis as it prepares for commercial launch.

Public Investment Fund: Rory McIlroy, the Masters champion, said he “is glad I was wrong” about previously trying to convince the PGA Tour to work on a deal with the PIF, after the Saudi sovereign fund pulled its support for LIV Golf.

Qatar Investment Authority: The QIA and Brookfield are refinancing the Two Manhattan West office tower with a $1.9 billion Commercial Mortgage-Backed Securities loan.

International Holding Co.: AI giant Anthropic, which is backed by Gulf sovereign funds including IHC’s Judan Financial and the Qatar Investment Authority, is in talks to raise $30 billion at a $900 billion valuation, Bloomberg reports.

⚓ Maritime Help: India on Tuesday launched the $1.5 billion Bharat Maritime Insurance Pool, backed by a $1.4 billion sovereign guarantee, to ensure uninterrupted maritime insurance coverage amid the Iran conflict.

🚛 Keep On Truckin’: Middle East trucking platform TruKKer secured an Islamic-compliant loan of up to $300 million from Abu Dhabi Commercial Bank to fund its regional expansion.

🛢️ Syria Block: QatarEnergy, TotalEnergies and ConocoPhillips signed an agreement with the Syrian Petroleum Co. to review offshore oil and gas potential in Syria’s Block 3 near Latakia.

🪖 Discreet Attack: Saudi Arabia secretly launched multiple retaliatory strikes inside Iran during the war, marking the kingdom’s first known direct military action on Iranian soil, Reuters reports. 

🏠 Team Houses: Abu Dhabi developer Aldar Properties will build five new residential communities, including on an undeveloped island within the northern coast, under a public-private partnership model.

🛢️ Idle Ships: Satellite images show oil shipments from Iran’s main export terminal appear to have come to a standstill over several days, Bloomberg reports.

🚘 Ticket Bots: Dubai’s public parking operator Parkin is installing more than 500 AI-powered curb and pole cameras, including at the Burj Khalifa, in a high-tech drive to boost parking enforcement, The National reports.

UAE President Sheikh Mohamed bin Zayed held a phone call with U.S. President Donald Trump on Tuesday. Sheikh Mohamed also held a phone call with Saudi Arabia’s Crown Prince Mohammed bin Salman. 

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, reviewed progress on a project to transform 50% of UAE government sectors and services within two years by deploying agentic AI.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, held a phone call with Sheikh Jarrah Jaber Al-Ahmad Al-Sabah, Kuwait’s Minister of Foreign Affairs, on Wednesday.

Saudi Princess Reema Bandar Al Saud, Saudi Arabia’s Ambassador to the U.S., met with ambassadors from the GCC and Jordan on Tuesday at a luncheon hosted by Under Secretary of State Jacob Helberg at the U.S. State Department.

Suhail bin Mohammed Al Mazrouei, UAE Minister of Energy and Infrastructure, said during a discussion at Abu Dhabi Infrastructure Summit that the UAE capital will lead the country’s largest wave of infrastructure spending over the next four years.

Dorothee Blessing, Investment banking coverage chief, Kevin Foley, global head of capital markets, and Jared Kaye, global co-head of the financial institutions group, will be appointed co-heads of global investment banking at JPMorgan Chase & Co., the Financial Times reports.

James Hogan, the former Etihad Airways CEO who helped build the Gulf aviation model, told Arabian Gulf Business Insight it will take between 12 months and two years for Gulf airlines to recover from the Iran war.

Tariq Atiq was named CEO of Nizwa Bank after he joined the Omani lender late last year as deputy chief executive.

📽️ Movie Magic: The Red Sea Film Foundation announced its six honorees for its Women in Cinema Gala, an annual event held at the Hotel Du Cap, as the Cannes Film Festival kicked off on Tuesday. The gala spotlights the contributions of female filmmakers, creators, actors and executives to the entertainment industry. This year’s lineup includes Moroccan filmmaker Laïla Marrakchi, Nigerian actress-producer Genevieve Nnaji, Indian actress-singer Tara Sutaria, Rwandan filmmaker Marie-Clementine Dusabejambo, Indonesian filmmaker Kamila Andani and Saudi actress-writer Aixa Kay, Deadline reports. 

📷 Photo of the Day

May 12-14, Abu Dhabi. Abu Dhabi Infrastructure Summit. Discussing the future of smart cities, urban development, and sustainable infrastructure. ADNEC. 

May 15-17, Dubai. Art Dubai. A special edition of the annual event taking place in Dubai, bringing together artists from the region and the Global South. Madinat Jumeirah.

May 15, Milan. Investopia Global – Milan. The UAE investment conference series lands in Europe with a high-level delegation of leaders from companies including EDGE Group, 2PointZero and Khazna Data Centers. Palazzo Mezzanotte. 

May 18, Paris. Investopia Roundtable – Paris. A high level B2B/B2G investment roundtable in Paris that will bring together about 30 senior government officials, business leaders, and investors. Embassy of the UAE in Paris.

May 18-20, Muscat. Oman Petroleum and Energy Show. Examining the future of sustainable energy and Oman Vision 2040. Oman Convention & Exhibition center.

May 18-19, Riyadh. Stadium and Sports Innovation Summit. The future of stadiums, smart sports infrastructure, and sports innovation in Saudi Arabia. Hyatt Regency Al Olaya.

May 19, Abu Dhabi. International Exhibition for National Security & Resilience. This conference focuses on cybersecurity, policing, national security, emergency response, and advanced security technologies. ADNEC.

May 19-21, Abu Dhabi. World Utilities Congress. Global policymakers, industry leaders and innovators discuss transforming the utilities sector into resilient, low‑carbon systems. ADNEC. 

June 3-4, Dubai. MENA Investor Conference. Capital market trends, GCC macro outlooks, and investment opportunities in the Middle East and North Africa. The Ritz Carlton DIFC. 

June 5-7, Dubai. Dubai Esports & Games Festival. More than two weeks of events, tournaments and game launches, including GameExpo 2026. Dubai World Trade Center. 

June 17-19, Rome: FII Priority Europe: Saudi Arabia’s Future Investment Initiative holds a conference focusing on European business links with the Middle East. Cavalieri, Waldorf Astoria Hotel.

June 17, Tashkent. Investopia Global – Tashkent. The UAE’s flagship investment conference lands in Uzbekistan, bringing together leaders from government and the private sector to create new investment opportunities. Venue TBA.

RED SEA AMMONIA

Jordan has signed a $1 billion agreement to build its first utility-scale green ammonia plant, as the kingdom pushes to establish itself as a regional hub for clean fuels and green hydrogen exports. The project, led by Jordan Green Ammonia Co., a Polish-Emirati consortium backed by Dutch expertise, will use off-grid solar power with up to 550 megawatts of renewable generation capacity to produce 100,000 tonnes of green ammonia annually. Located in Aqaba, the facility is expected to begin operations in 2030 and underscores the strategic importance of the Red Sea port as a gateway for exporting low-carbon energy products. Officials said the development would cut more than 200,000 tonnes of carbon emissions a year while attracting foreign investment, advanced technology and skilled jobs to Jordan’s emerging green industrial sector.

DEALS OFF

The Gulf’s rise as a global dealmaking powerhouse is facing its toughest test in years, as fees, IPOs and cross-border transactions all retreat in tandem, the Financial Times reports. After a strong first quarter which saw investment bank revenues on track to surpass $1 billion for the first time in almost two decades, fees are now down 14% for the first four months of the year, according to figures from data platform Dealogic. More than $106 billion in North American and European deals contingent on Gulf commitments remain incomplete and the highly-anticipated IPO of Emirates Global Aluminium, valued at more than $10 billion, has been pushed to at least next year, the newspaper reports. “In the short term, heightened uncertainty has created a more cautious environment, with some IPOs and cross-border transactions delayed as investors reassess risk and valuation expectations,” Jelena Janjusevic, a finance professor at Heriot-Watt University Dubai, said. 

Qatar Investment Authority: QIA and General Atlantic have expanded their strategic partnership, with the sovereign wealth fund committing $500 million to General Atlantic’s global growth equity investment strategies.

G42: Ashish Koshy, CEO of Inception, an AI company owned by G42, said in an interview that talent shortages and slow adoption are the main constraints on the UAE’s AI ambitions.

ADNOC: ADNOC Gas said the UAE’s key Habshan Gas Processing Plant, damaged during the Iran war, is operating at 60% capacity and is not expected to fully recover until 2027, Bloomberg reports.

Abu Dhabi Investment Authority: Innio Holding, backed by private equity firm Advent International and ADIA, filed for a U.S. IPO amid strong investor demand for industrial companies tied to booming AI-driven data center spending.

Mumtalakat: Singapore Gulf Bank, a company co-owned by Bahrain’s sovereign fund Mumtalakat and Whampoa Group, announced a partnership with Standard Chartered to enhance multi-currency and cross-border payment services across emerging markets in the Middle East and Asia.

🏭 Projects Pipeline: Abu Dhabi has unveiled a $15 billion public-private partnership pipeline of 24 transport, infrastructure, and social sector projects, led by the Abu Dhabi Investment Office and Abu Dhabi Projects and Infrastructure Centre, with rollout planned for 2026 and 2027.

🫙 Bottle IPO: A bottling company controlled by the billionaire Olayan family is among a raft of companies pressing ahead with plans to list in Saudi Arabia, potentially helping Riyadh’s stock exchange rebound and filling a gap in regional IPOs, Bloomberg reports. 

⛏ Digging Deep: Oman-based Mawarid Mining has secured a $166 million Islamic-compliant financing facility to develop Oman’s first underground copper mine.

⚡ Joining Forces: Oman power producers Al Batinah Power Company SAOG and Al Suwadi Power Company SAOG are looking into a possible merger of their operations. 

🚀 Secret Retaliation: The UAE carried out missile strikes on Iranian targets, including an oil refinery on Lavan Island, in response to Iran’s barrages, The Wall Street Journal reports.

💵 Forging Ahead: Arada’s CEO Ahmed Alkhoshaibi said the company plans to launch new projects in Dubai and Ras Al Khaimah this year, including a downtown development, despite market uncertainty linked to the Iran war.

💰 New Venture: Al Ramz Corporation has launched ARAM Capital Partners, a wholly owned subsidiary based in Abu Dhabi Global Market that will provide research-driven investment solutions across GCC and MENA markets.

🏢 Property Dive: Saudi Arabia’s real estate market has weakened sharply, with first-quarter transactions dropping by half and March sales falling nearly two-thirds year-on-year as regional tensions hit buyer sentiment.

⚓ Quiet Down: Qatar is asking ships at its main liquefied natural gas export facility to turn off their transponders as a safety measure amid the threat of attacks from Iran, Bloomberg reports.

UAE President Sheikh Mohamed bin Zayed held a phone call with Ukrainian President Volodymyr Zelenskyy on Monday.

Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, discussed the latest regional developments with his Iranian and Pakistani counterparts in separate calls on Monday.

Prince Faisal arrived in the U.K. on Monday, where he is expected to meet with Yvette Cooper, the Secretary of State for Foreign, Commonwealth and Development Affairs.

Sheikh Theyab bin Mohamed, Chairman of Etihad Rail, met with Shadi Malak, CEO of Etihad Rail, along with a number of the company’s senior leaders and employees, at Qasr Al Watan in Abu Dhabi on Monday to review final preparations for its freight and passenger rail projects, with passenger services set to launch later in 2026.

India’s Prime Minister Narendra Modi, will make an official visit on Friday to the UAE,  where he is expected to meet with the country’s leaders before embarking on a six-day tour of Europe.

Nicolas Sibuet was appointed as Chief Financial & Corporate Development Officer of Dubai-based logistics company Aramex.

Raja Al Mazrouei was appointed to the advisory board of Board Intelligence, a board technology and advisory firm.

🏁 Desert Rally: An intrepid group of motoring enthusiasts and their historic cars have completed a 13-day, 5,000-kilometer (3,106-mile) rally across the Saudi Arabian desert in one of the most demanding endurance rallies in the global calendar, even as this year’s Formula 1 Jeddah Grand Prix was shelved amid the outbreak of the Iran war. Among them was Spanish-British aristocrat, entrepreneur, and rally organizer Tomas de Vargas Machuca, driving a 1907 Itala, The Telegraph reports. The 120-year-old car drew plenty of attention from locals as it limped its way up the famed Sha’ar Pass, one of the most hazardous roads in the Kingdom, at 14-miles-per-hour and eventually puttered across the finish line in a respectable fifth place.

📷 Photo of the Day

May 11-13, Muscat. Oman Design and Build Week. Oman’s largest construction, design, and real estate event. Oman Exhibition and Convention Center. 

May 12-14, Abu Dhabi. Abu Dhabi Infrastructure Summit. Discussing the future of smart cities, urban development, and sustainable infrastructure. ADNEC. 

May 15-17, Dubai. Art Dubai. A special edition of the annual event taking place in Dubai, bringing together artists from the region and the Global South. Madinat Jumeirah.

May 18-20, Muscat. Oman Petroleum and Energy Show. Examining the future of sustainable energy and Oman Vision 2040. Oman Convention & Exhibition center.

May 18-19, Riyadh. Stadium and Sports Innovation Summit. The future of stadiums, smart sports infrastructure, and sports innovation in Saudi Arabia. Hyatt Regency Al Olaya.

May 19, Abu Dhabi. International Exhibition for National Security & Resilience. This conference focuses on cybersecurity, policing, national security, emergency response, and advanced security technologies. ADNEC.

May 19-21, Abu Dhabi. World Utilities Congress. Global policymakers, industry leaders and innovators discuss transforming the utilities sector into resilient, low‑carbon systems. ADNEC. 

June 3-4, Dubai. MENA Investor Conference. Capital market trends, GCC macro outlooks, and investment opportunities in the Middle East and North Africa. The Ritz Carlton DIFC. 

June 5-7, Dubai. Dubai Esports & Games Festival. More than two weeks of events, tournaments and game launches, including GameExpo 2026. Dubai World Trade Center. 

June 17-19, Rome: FII Priority Europe: Saudi Arabia’s Future Investment Initiative holds a conference focusing on European business links with the Middle East. Cavalieri, Waldorf Astoria Hotel.

June 17, Tashkent. Investopia Global – Tashkent. The UAE’s flagship investment conference lands in Uzbekistan, bringing together leaders from government and the private sector to create new investment opportunities. Venue TBA.

CHIPPING IN

AI Chipmaker Cerebras is expected to raise as much as $4.8 billion when it goes public on the Nasdaq on Thursday. The California-based startup, which counts UAE tech investor G42 and Abu Dhabi’s Mohamed bin Zayed University of Artificial Intelligence as its biggest customers, is considering raising its IPO price range to as high as $150 to $160 a share, up from $115 to $125 per share previously, Reuters reports. It is also planning to increase the number of shares on offer from 28 million to 30 million amid strong investor demand. Cerebras shelved its original plans for an IPO last year amid U.S. regulatory scrutiny over foreign access to advanced chip technology. As well as being a major customer, G42 bought about 1% of the company for $40 million in 2021, meaning it stands to reap a huge paper windfall in the IPO.

TIME TO SHINE

Dubai is courting Cartier as it looks for ways to enhance its luxury sector amid headwinds from ongoing regional conflict. That was evident in the enthusiastic reception Louis Ferla, CEO of the luxury French jewelry brand, received when he visited Sheikh Maktoum bin Mohammed, UAE Minister of Finance and Deputy Ruler of Dubai, on Saturday. “Innovation and design are essential to enhancing the competitiveness of Dubai’s luxury retail sector and developing shopping experiences that meet the aspirations of its residents and visitors from around the world,” Sheikh Maktoum said in an X post. Dubai’s zeal for luxury brands has taken a hit from the Iran war, which has dampened consumer confidence and dramatically slashed tourism. Cartier’s most recognizable piece, the minimalist “Love” bracelet that starts at more than $5,000, is a regular feature on the wrists of wealthy Gulf nationals and expats.

Mubadala: The Abu Dhabi sovereign wealth fund increased its stake in Aldar Properties, one of the UAE’s biggest builders, to 27% from 26.3%.

Sanad: The Mubadala subsidiary is investing $131 million to build an advanced aircraft engine component repair facility in Al Ain.

Public Investment Fund: Saudi Arabia’s Riyad Capital, a subsidiary of PIF-backed Riyad Bank, is partnering with Naif AlRajhi Investment Company and Princess Munira bint Abdullah bin Faisal Al Saud, a member of the Saudi royal family, to establish a real estate fund for a development near Al-Takhassusi Metro Station in Riyadh.

Savvy Games: Shares of Nintendo, which is backed by PIF-owned Savvy Games, dropped as much as 10% after the Kyoto-based games maker gave a downbeat projection of Switch 2 console sales and warned the soaring cost of memory chips was eating into margins.

Abu Dhabi Investment Authority: Nicolas Bader has joined ADIA as Head of Cross-Asset and Systematic Execution, relocating from London to be based in Abu Dhabi.

🔋 Electric Investor: South Korean EV maker EL B&T plans to invest $250 million in Oman’s Duqm Special Economic Zone to build EVs and battery cells.

💰 Cash Aid: Egypt will receive an additional $300 million loan from the World Bank as part of a development financing package to help the country manage the economic impact of the Iran war.

💵 Fresh Funding: Riyadh-based loan agency SHL Finance secured a $53 million Islamic-compliant credit facility from Sohar International Bank to support lending expansion and business growth.

🏖️ Culture Investment: Oman’s Ministry of Heritage and Tourism has signed an agreement worth about $1.4 billion to develop the “Rawasi” integrated mountain tourism project in Muscat’s Jabal Bousher area.

🇨🇳 Heading East: UAE banks, including First Abu Dhabi Bank and Mashreq Bank, are expanding in Hong Kong as they deepen ties with China amid heightened geopolitical tensions and disrupted Gulf oil supplies, Reuters reports. 

🚢 Attacking Ships: A cargo vessel traveling from Abu Dhabi was attacked by a drone in Qatari waters northeast of Mesaieed port on Sunday, causing a small fire that was quickly contained, Reuters reports. 💵 Key Funds: Dubai-based Shuaa Capital and Key Capital have formed a partnership to develop the venture capital secondaries market across MENA and EMEA.

🤝 Debt Relief: UAE Central Bank loan deferrals under its emergency $2 billion support package launched in March have reached $1.7 billion.

UAE President Sheikh Mohamed bin Zayed held a phone call with Turkey’s President Recep Tayyip Erdoğan on Saturday.

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, launched a new initiative on Sunday to support ongoing efforts to eradicate river blindness.

Sheikh Maktoum bin Mohammed, UAE Minister of Finance and Deputy Ruler of Dubai, met with Hiroyuki Ogawa, founder of Japanese real asset group Kasumigaseki Capital, on Sunday. 

Sheikh Bandar bin Mohammed bin Saud Al Thani, Governor of Qatar Central Bank, met with William Ford, Chairman and CEO of General Atlantic, in Doha on Sunday. 

Sheikh Abdulla bin Mohammed bin Butti Al Hamed, Chairman of the UAE National Media Authority, will take part in a fireside chat titled “The power of credible media in a fragmented world: Building trust, bridging economies, and countering misinformation” on May 21, 2026, at the Rosewood hotel in Abu Dhabi.

Yousef Al Otaiba, UAE Ambassador to the U.S., said during his keynote speech on Friday at the SCSP AI+ Expo in Washington, D.C. that the first batch of advanced chips approved by Congress has been “delivered to the UAE, and more are on the way.”

Ahmad Yousef Al-Hassan, CEO & Managing Director of DP World GCC, spoke on a Khaleej Times podcast about how the company is building a resilient supply chain across the globe.

Dr. Bushra Al Blooshi, an Emirati academic, was selected as the Middle East’s sole representative in the Critical Digital Risks initiative.

Michelle Swanepoel was appointed as Head of Financing and Securities Services of the Middle East and Africa at Standard Chartered.

Ahmed bin Sulayem, Executive Chairman and CEO of Dubai Multi Commodities Centre, met with Clive Christison, Head of Origination and Business Development at Turkish energy company Vitol, in Istanbul.

🏛️ Landmark Performance: Rome’s Colosseum Archaeological Park provided a dramatic backdrop to a large-scale performance by the “Marvels of Saudi Orchestra” on Friday night. The concert at the Temple of Venus and Rome, organized by the Saudi Music Commission, brought together musicians from the Saudi National Orchestra and the Fontane di Roma Youth Orchestra, Arab News reports. Italian tenor Andrea Bocelli made a special appearance and described the collaboration as “a beautiful expression” of music’s ability to connect cultures.

📷 Photo of the Day

May 11-13, Muscat. Oman Design and Build Week. Oman’s largest construction, design, and real estate event. Oman Exhibition and Convention Center. 

May 12-14, Abu Dhabi. Abu Dhabi Infrastructure Summit. Discussing the future of smart cities, urban development, and sustainable infrastructure. ADNEC. 

May 15-17, Dubai. Art Dubai. A special edition of the annual event taking place in Dubai, bringing together artists from the region and the Global South. Madinat Jumeirah.

May 18-20, Muscat. Oman Petroleum and Energy Show. Examining the future of sustainable energy and Oman Vision 2040. Oman Convention & Exhibition center.

May 18-19, Riyadh. Stadium and Sports Innovation Summit. The future of stadiums, smart sports infrastructure, and sports innovation in Saudi Arabia. Hyatt Regency Al Olaya.

May 19, Abu Dhabi. International Exhibition for National Security & Resilience. This conference focuses on cybersecurity, policing, national security, emergency response, and advanced security technologies. ADNEC.

May 19-21, Abu Dhabi. World Utilities Congress. Global policymakers, industry leaders and innovators discuss transforming the utilities sector into resilient, low‑carbon systems. ADNEC. 

June 3-4, Dubai. MENA Investor Conference. Capital market trends, GCC macro outlooks, and investment opportunities in the Middle East and North Africa. The Ritz Carlton DIFC. 

June 5-7, Dubai. Dubai Esports & Games Festival. More than two weeks of events, tournaments and game launches, including GameExpo 2026. Dubai World Trade Center. 

June 17-19, Rome: FII Priority Europe: Saudi Arabia’s Future Investment Initiative holds a conference focusing on European business links with the Middle East. Cavalieri, Waldorf Astoria Hotel.

June 17, Tashkent. Investopia Global – Tashkent. The UAE’s flagship investment conference lands in Uzbekistan, bringing together leaders from government and the private sector to create new investment opportunities. Venue TBA.

ARMS CALL

The U.S. approved the sale of $25.8 billion worth of air defense interceptors and other weapons to its Middle East partners, three times the amount disclosed last week. Secretary of State Marco Rubio gave emergency approval for the sales to the UAE, Qatar, Bahrain, Kuwait and Israel on May 1, Bloomberg reports. Last week, the U.S. administration said it had approved expedited sales of $8.6 billion in weapons. Despite the move to speed up delivery of munitions amid the conflict with Iran, there are doubts about how quickly the U.S. will be able to produce and deliver large orders, given its depleted stockpiles and the slow pace of manufacturing. 

CAPITAL MOVE

Singapore’s Hillhouse Investment Management, U.S.-based Bain Capital and London’s Rokos Capital Management are among the global financial firms that have established or expanded in Abu Dhabi Global Market since the beginning of the Iran war. The new arrivals are a sign that the country remains attractive to foreign hedge funds and asset managers despite the regional conflict, Zawya reports. Capital Group, which manages $3.3 trillion globally, is also preparing to open its first office in the free zone, which marked its 10-year anniversary last month. In Dubai, U.S. multi-strategy hedge fund Citadel, overseeing $67 billion in assets, is expected to begin operations at the Dubai International Financial Center. 

ADNOC: ADNOC, the UAE’s national oil company, has become the first partner in the nation’s $272 million National Industrial Resilience Fund, which aims to strengthen supply chain resilience, expand local manufacturing and link procurement demand with targeted financing for priority industries.

Public Investment Fund: Acwa Power secured $226 million from the Asian Development Bank, Asian Infrastructure Investment Bank and Standard Chartered Bank for its 300-megawatt Bash II wind farm in Uzbekistan.

Public Investment Fund: Faisal Sultan, President of PIF-backed Lucid Motors in the Middle East, told Asharq Al-Awsat that Saudi Arabia’s electric vehicle market is “witnessing strong and accelerating momentum,” despite being at an early stage.

Mubadala: Bios-IDs, a unit of the Abu Dhabi sovereign wealth fund, signed an agreement with U.S.-based L-Nutra to market nutrition products in the Gulf region.

Mubadala: Health-tracking device brand WHOOP and Mubadala announced a strategic partnership that includes a $75 million investment from the Abu Dhabi sovereign fund to advance preventive healthcare and health innovation in the UAE.

International Holding Co.: Syed Basar Shueb, CEO and Managing Director of IHC, told The National that the fund’s almost doubling of first-quarter income compared to the same period last year “tells you about the resilience we have built in the system.”

💵 Health Venture: UAE-based real estate firm Arada acquired an 80% stake in Reem Hospital as part of a $545 million investment to expand the healthcare provider across the UAE and make a strategic move into the sector.

🧪 Methanol Money: Abu Dhabi’s TA’ZIZ Methanol Company, a joint venture between government-owned TA’ZIZ and Swiss-based Proman, secured $2 billion in financing for a methanol plant, with backing from 11 regional and international banks.

🏫 School Stakes: Qatar’s Lesha Bank said it will acquire a 51% stake in Sharaka Education Holdings for about $53 million through its education subsidiary.

🎲 Gaming  Delay: Wynn Resorts CEO Craig Billings confirmed to analysts on a call that the company expects a modest delay to the opening of its new casino resort in the UAE, Bloomberg reports.

✈️ Shrinking Bonus: Emirates airline reduced employee bonuses to 20 weeks of salary from 22 weeks last year after disruptions from the Iran war lowered annual profit below initial projections.

💰 Debt Adviser: HSBC has been appointed an International Primary Dealer by Saudi Arabia’s Ministry of Finance and NDMC, allowing it to connect foreign investors with local government debt instruments amid growing global interest in the Kingdom’s economic transformation.

🏡 Buyers’ Market: Dubai’s residential property market is becoming more buyer-friendly as villa prices stabilize, sales slow, and sellers grow more open to negotiation, The National reports.

🎒 Posh Tots: Private schools in the U.K. have seen a jump in interest from families leaving the Gulf since the outbreak of the Iran conflict, the Financial Times reports.

UAE President Sheikh Mohamed bin Zayed met in Abu Dhabi with Egyptian President Abdel Fattah Al Sisi on Thursday. The pair walked through Yas Mall and visited an Egyptian fighter jet detachment stationed in the UAE.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, attended the 2026 commencement ceremony of Mohamed bin Zayed University of Artificial Intelligence on Thursday.

Sheikh Hamdan bin Mubarak, Chair of the UAE Football Association, affirmed the association’s full support for Gianni Infantino’s candidacy for the presidency of the International Federation of Association Football (FIFA) for the new electoral term 2027-2031.

Eric Trump and Donald Trump Jr. have invested in American Ventures, a Dominari Holdings unit, which has raised about $1 billion to back U.S. firms in AI, crypto, drones, and other strategic industries aligned with Trump administration priorities, the Financial Times reports.

Mariam Al Mheiri, Vice Chair and Managing Director of 2PointZero, met with Evan Spiegel, co-founder and CEO of Snap Inc., at the headquarters of Snapchat in Los Angeles. 

Dr. Sultan Al Jaber, the UAE’s Minister of Advanced Technology and CEO of ADNOC, inaugurated a new $54 million paper mill in Abu Dhabi on Thursday.

Ray Dalio, Founder of Bridgewater Associates, appeared on an episode of The New York Times’ “Interesting Times” podcast to discuss his views on how growing deficits, the wealth gap and political division are contributing to a tumultuous future for the U.S.

Arvind Krishna, Chairman and CEO of IBM, said the company wants to be seen by Saudi Arabia as a partner in the large-scale industrial and institutional execution of AI integration in the kingdom, speaking in an interview with Asharq Al-Awsat in Boston.

Mohammed Al-Rumaih, CEO of the Saudi Exchange, said the inclusion of its domestic bonds in two global indexes could draw billions of dollars of fresh money to the local debt market, Bloomberg reports. 

👠 In The Bag: The Louvre Abu Dhabi scored a starring role alongside Meryl Streep in the blockbuster movie “The Devil Wears Prada 2.” A bag designed in collaboration with luxury Italian leather goods company Dellaluna was seen tucked under Streep’s character Miranda Priestly’s arm in a red carpet scene, The National reports. The maxi clutch, called the Louvre Abu Dhabi Bag, is made in the Venetian brand’s signature embossed leather, inspired by the pattern of the museum’s Jean Nouvel-designed dome. The bag was officially launched on Wednesday at the Venice Biennale.

📷 Photo of the Day

May 11-13, Muscat. Oman Design and Build Week. Oman’s largest construction, design, and real estate event. Oman Exhibition and Convention Center. 

May 12-14, Abu Dhabi. Abu Dhabi Infrastructure Summit. Discussing he future of smart cities, urban development, and sustainable infrastructure. ADNEC. 

May 15-17, Dubai. Art Dubai. A special edition of the annual event taking place in Dubai, bringing together artists from the region and the Global South. Madinat Jumeirah.

May 18-20, Muscat. Oman Petroleum and Energy Show. Examining the future of sustainable energy and Oman Vision 2040. Oman Convention & Exhibition center.

May 18-19, Riyadh. Stadium and Sports Innovation Summit. The future of stadiums, smart sports infrastructure, and sports innovation in Saudi Arabia. Hyatt Regency Al Olaya.

May 19, Abu Dhabi. International Exhibition for National Security & Resilience. This conference focuses on cybersecurity, policing, national security, emergency response, and advanced security technologies. ADNEC.

May 19-21, Abu Dhabi. World Utilities Congress. Global policymakers, industry leaders and innovators discuss transforming the utilities sector into resilient, low‑carbon systems. ADNEC. 

June 3-4, Dubai. MENA Investor Conference. Capital market trends, GCC macro outlooks, and investment opportunities in the Middle East and North Africa. The Ritz Carlton DIFC. 

June 5-7, Dubai. Dubai Esports & Games Festival. More than two weeks of events, tournaments and game launches, including GameExpo 2026. Dubai World Trade Center. 

June 17-19, Rome. FII Priority Europe. Saudi Arabia’s Future Investment Initiative holds a conference focusing on European business links with the Middle East. Cavalieri, Waldorf Astoria Hotel.

June 17, Tashkent. Investopia Global – Tashkent. The UAE’s flagship investment conference lands in Uzbekistan, bringing together leaders from government and the private sector to create new investment opportunities. Venue TBA.

OPEC LOW

OPEC oil production has fallen to the lowest level in 36 years. As the Iran war disrupted exports and infrastructure across the Gulf, supplies sunk by 420,000 barrels a day in April to 20.5 million barrels, according to a Bloomberg survey. The report reflects the shutdown of oil shipping in the Gulf that has sent prices for jet fuel, diesel and gasoline skyrocketing. It was released on Tuesday, almost a week after the UAE announced it would leave OPEC following years of friction with Saudi Arabia and other members over production quotas. The survey showed that Kuwait had the biggest losses last month – producing less than a third of pre-conflict levels – followed by Iran.

FLIGHT DELAY

The commercial launch of Riyadh Air, the new carrier backed by Saudi Arabia’s Public Investment Fund, is facing delays because of hold-ups in certification of its new jets by the U.S. Federal Aviation Administration. The airline was supposed to start taking delivery of its Boeing  787 widebody aircraft last year, but only a handful of the planes have been assembled and they are still awaiting certification, Bloomberg reports. The certification process has dragged on for months longer than expected and the FAA has not given a fresh timeline for final approvals, the news agency reports. Riyadh Air, which has not yet given an exact date for its planned 2026 launch, signed deals for more than 39 Boeing 787-9 models, with options for 33 more. It also has orders for 100 narrow and widebody aircraft from Airbus, which are yet to be delivered.

Mubadala: CredibleX, a UAE lender specializing in AI-driven financing for small businesses, raised $15 million in a Series A funding round led by the Abu Dhabi sovereign wealth fund.

Mubadala: Mubadala said it has made a minority investment in Power Factors alongside existing investor Vista Equity Partners to support the global expansion of its renewable energy management platform.

Oman Investment Authority: Oman’s sovereign wealth fund has invested in Elon Musk’s brain chip firm Neuralink.

Saudi Aramco: Asmo, a joint venture between the Saudi oil giant and DHL Supply Chain, has started building its first large logistics hub at King Salman Energy Park in Saudi Arabia.

EDGE: Lockheed Martin signed an agreement with the Tawazun Council for Defense Enablement to establish an advanced microelectronics design and assembly facility in the UAE, to be built in partnership with Abu Dhabi defense group EDGE.

Public Investment Fund: Saudi Arabia’s PIF is selling its first U.S. dollar bond since the start of the Iran conflict, Bloomberg reports.

🏥 Healthcare Buyout: Saudi Arabia’s Dr. Soliman Fakeeh Hospital Co. agreed to acquire Dr. Mohammed Bin Rashed Al Faqih & Partners Co. in a deal valued at about $425 million amid consolidation in the kingdom’s private healthcare sector.

🚧 Rebalancing Riyadh: The Royal Commission for Riyadh City has awarded $637 million in infrastructure contracts under a program aimed at providing affordable residential land to Saudi citizens.

🚗 Scrap Station: Stellantis, an Amsterdam-based car maker, has opened its first Middle East and Africa vehicle dismantling centre in Casablanca.

🔗 Aluminum Expansion: Egypt signed a strategic partnership with Trafigura to expand the Nag Hammadi Aluminum Complex, investing up to $900 million through the Metallurgical Industries Holding Company subsidiary, Egyptalum.

🛍️ Trust Building: Brookfield Asset Management is forming a joint venture with Alshaya Group to develop a 480,000-square-foot mixed-use project in Dubai Hills, in a bid of  confidence in the long-term strength of the Dubai property market.

₿ Crypto Acceleration: Wall Street giant BNY is collaborating with Finstreet and the ADI Foundation to launch regulated digital asset custody services within the Abu Dhabi Global Market.

🏰 Happiest News: Plans to build Disneyland Abu Dhabi remain on track despite the Iran conflict, with Disney CEO Josh D’Amaro saying in a letter to shareholders that the “strategic logic” of the UAE project remains unchanged. 

🚢 Port Pressure: The UAE’s eastern ports of Fujairah and Khor Fakkan have become the Gulf’s main trade lifeline since the Strait of Hormuz was effectively shut, with truck and container traffic surging even after Iranian drone attacks targeted Fujairah facilities, Reuters reports.

💵 Selling Assets: Italy’s UniCredit said it has reached a preliminary agreement to sell part of its Russian subsidiary to a private investor in the UAE for an undisclosed amount, The Wall Street Journal reports.

UAE President Sheikh Mohamed bin Zayed met today in Abu Dhabi with Sheikh Mohammed bin Abdulrahman Al Thani, Prime Minister and Minister of Foreign Affairs of Qatar. He also met with Nikos Christodoulides, President of Cyprus. On Wednesday, Sheikh Mohamed met with Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, at the Make it the Emirates expo in Abu Dhabi. He also met with John Mahama, President of Ghana, on the sidelines of the event.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, co-chaired with Sheikh Mohammed bin Abdulrahman Al Thani, Prime Minister and Minister of Foreign Affairs of Qatar, the seventh session of the UAE-Qatar Joint Higher Committee, held today at the Zayed National Museum in Abu Dhabi.

Sheikha Al Mayassa bint Hamad, sister of Emir of Qatar Sheikh Tamim bin Hamad, attended the opening of the new Qatar Pavilion at the Venice Biennale.

French President Emmanuel Macron said in a post on X that he spoke with Iranian President Massoud Pezeshkian and “condemned the unjustified strikes against Emirati civilian infrastructure and several ships.”

Saad Rafiq Al Hariri, the former Lebanese Prime Minister, was seen at the Make it in the Emirates exhibition in Abu Dhabi on Wednesday.

Mohamed Alsuwaidi, UAE Minister of Investment, said during a fireside chat at the Make it in the Emirates expo that the UAE’s economic landscape is driven more by the private sector than the government.

Mohamed Sultan Salim Al Habsi was appointed CEO of Oman Investment Bank.

🏅 Prized Landmark: Abu Dhabi’s newly-launched Zayed National Museum was named one of the World’s Most Beautiful Museums at the international architecture and design award Prix Versailles, presented at UNESCO Headquarters in Paris. Designed by Norman Foster of Foster + Partners and inspired by the wing of a falcon, the UAE’s national museum’s five steel towers soar elegantly above the Saadiyat cultural district, while also functioning as thermal chimneys to naturally regulate airflow within the building.

📷 Photo of the Day

May 11-13, Abu Dhabi. Ai Everything. A one-day summit combined with a two-day expo explores how AI and humans can work together. ADNEC.

May 12-14, Dubai. Airport Show & Global Airport Leaders Forum. Bringing together top airport suppliers, aviation leaders, and thousands of professionals. Dubai World Trade Center. 

May 12-14, Abu Dhabi. Abu Dhabi Infrastructure Summit. The event brings senior government leaders, global investors, developers, contractors, policymakers, and technology providers to discuss the future of smart cities, urban development, and sustainable infrastructure. ADNEC. 

May 15-17, Dubai. Art Dubai. Annual event taking place in Dubai, bringing artists from the region and the Global South. Madinat Jumeirah.

May 19-21, Abu Dhabi. World Utilities Congress. Global policymakers, industry leaders and innovators discuss transforming the power, water and utilities sector into resilient, low‑carbon systems. ADNEC. 

May 19-21, Damascus. Big5 Construct Syria. The inaugural edition of the platform for reconstruction and development. Syria Expo Center.

May 19-21, Riyadh. Middle East Museums & Heritage Expo. Saudi Arabia’s first dedicated museum, heritage and cultural development trade show. Riyadh Front Exhibition & Convention Center.

May 8-24, Dubai. Dubai Esports & Games Festival. More than two weeks of events, tournaments, game launches and free activities citywide, including GameExpo 2026. Dubai World Trade Center. 

June 3-4, Dubai. MENA Investor Conference. The event focuses on capital market trends, GCC macro outlooks, and investment opportunities in the Middle East and North Africa. The Ritz Carlton DIFC. 

June 17-19, Rome: FII Priority Europe: Saudi Arabia’s Future Investment Initiative holds a conference focusing on European business links with the Middle East. Cavalieri, Waldorf Astoria Hotel.

FALLING SHORT

Saudi Arabia has posted its biggest quarterly budget deficit since 2018 in a sign of the challenges faced by the Middle East’s largest economy in the wake of the Iran war. The budget shortfall of 125.7 billion riyals ($33.5 billion) is more than double that for the same period last year. Despite the kingdom attempting to rein in some of its spending on big-budget projects and splashier investments like LIV Golf, expenditure rose about 20% to $103 billion during the quarter. While the conflict has caused disruption and damage to some infrastructure, Saudi Arabia has now diverted most of its oil exports to the Red Sea port of Yanbu and is benefiting from the higher oil price, meaning it could see improved revenues and a smaller shortfall for the second quarter if it maintains export levels, Bloomberg reports.

MILKEN FINALE

As the Milken Institute’s Global Conference 2026 wraps up today in Los Angeles, Gulf executives will be talking about attracting investment, gaming and the region’s role in the current conflict with Iran. A morning session on the UAE features Emirates NBD Chief Investment Officer Maurice Gravier, while Mubadala Co-CEO of Private Equity Camilla Languille joins a discussion on the growing influence of private capital in global markets. Laura Miele, whose Electronic Arts is being acquired by Saudi Arabia’s Public Investment Fund, appears at a gaming industry session and Tel Aviv Stock Exchange Chairman Eugene Kandel will discuss Israel’s capital market. Speaking on Monday, Dubai Economic Development Corp. CEO Hadi Badri said the emirate has learned from previous crises to work on improving logistics and infrastructure. “Now we’re saying: Don’t waste this challenge. Let’s turn it into an opportunity.

Mubadala: The Abu Dhabi sovereign wealth fund will co-invest $300 million with New York-based investment company Stonepeak to build the world’s largest shipping container leasing platform.

ADNOC: The UAE national oil company is preparing to launch shale-style oil and gas projects using hydraulic fracturing and horizontal drilling after the UAE’s exit from OPEC, Reuters reports.

AD Ports: Abu Dhabi-based LifePharma signed a $190 million agreement with AD Ports Group to build a pharmaceutical manufacturing platform aimed at boosting local drug production.

AD Ports: AD Ports Group signed an agreement with CMA Terminals, Khalifa Port container terminal and CMA CGM Group to expand inland reach across the UAE and the wider region via its rail-linked cargo network.

LIV Golf: The ailing league has appointed law firm Gibson Dunn & Crutcher, investment bank Ducera Partners and business advisory firm AlixPartners as it scrambles to find investors following the PIF’s departure.

Public Investment Fund: The PIF has opened an office in Shanghai, its second outpost in mainland China, Bloomberg reports.

🛠️ New Venture: The UAE plans to become a key producer of the advanced material Graphene, which is used in batteries, sensors and computer chips, after Dana Gas partnered with the U.K.’s Levidian to develop the Sharjah Graphene Park.

✈️ Defense Push: Brazil’s Embraer is pursuing new defense contracts across the Middle East after securing an aircraft order from the UAE, targeting regional demand for military transport and surveillance platforms, Reuters reports.

💳 Security Bet: A unit of UAE telecom company e& said it invested in U.S.-based payments security company MagicCube’s $10 million fundraising.

💰 Overland Route: Trade across the Oman-Saudi Arabia border has surged to record levels, nearly tripling to $830 million in March, as companies reroute goods like fertilizers, food, and machinery overland.

🌙 Record Sukuk: The International Islamic Liquidity Management Corporation raised $1.5 billion from its latest Islamic bonds offering, considered to be the largest single issuance in over a decade.

🛡️ Defense Fund: Top leaders in Abu Dhabi have held preliminary talks on creating a new defense-focused investment vehicle which would be mandated to take stakes in companies worldwide to diversify supplies for the UAE, Bloomberg reports. Among those reported participating were Crown Prince Sheikh Khaled bin Mohammed and Mubadala CEO Khaldoon Al Mubarak..

🛳️ Ship Hit: French shipping group CMA CGM said several crew members of the San Antonio container ship were injured and the vessel sustained damage when it was attacked by Iran in the Strait of Hormuz on Tuesday.

🛂 Visa Drop: Turkish President Recep Tayyip Erdoğan and Saudi Crown Prince Mohammed bin Salman are set to eliminate visa requirements between their countries to ease travel and strengthen economic ties following years of strained relations, Reuters reports.

🥗 Food Stamp: UAE’s First Abu Dhabi Bank and Emirates NBD, as well as Bahrain’s Arab Banking Corporation, are most likely to support Egypt’s request for $700 million from GCC banks to cover essential food imports.

💵 Big Wins: The Comprehensive Economic Partnership Agreements, which the UAE has put in place with 36 countries so far, enabled the UAE’s non-oil foreign trade to surpass $1 trillion in 2025.

🧑🏽‍🚒 Fighting Fire: Firefighters contained a blaze this morning at an under-construction 50-storey tower in Dubai Marina’s The Residences Al Habtoor Grand, which is owned by UAE conglomerate Al Habtoor Group.

UAE President Sheikh Mohamed bin Zayed met with Kyriakos Mitsotakis, Prime Minister of Greece, today. Sheikh Mohamed also held a phone call this week with Israel’s Prime Minister Benjamin Netanyahu, Bloomberg reports.

Kuwait’s Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah met with the GCC’s Secretary-General Jasem Mohamed Al-Budaiwi at the Bayan Palace in Kuwait on Tuesday.

Sheikh Hamad bin Mohammed, Ruler of Fujairah, Sheikh Mohammed bin Hamad, Crown Prince of Fujairah, and Sheikh Theyab bin Mohamed, Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs, and Chairman of Etihad Rail, visited Fujairah passenger station, the first completed passenger station on the UAE’s Etihad Rail network.

Yousef Al Otaiba, UAE Ambassador to the U.S., wrote in the Financial Times that leaving OPEC is not a commercial calculation alone, but reflects structural changes in energy markets. “The UAE has the capacity to contribute to global energy security and international economic stability at a moment when that security and stability is genuinely at risk. We intend to do so,” he said.

Ukrainian President Volodymyr Zelensky said he offered Bahrain a joint drone production deal during talks in Manama with Crown Prince Salman bin Hamad Al Khalifa. Zelensky seeking Gulf funding and cooperation to expand Ukraine’s defense manufacturing capacity amid the war with Russia.

Mohammed Alabbar, Emirati businessman and founder of Emaar Properties, visited Damascus on Tuesday, as he explores a potential $50 billion investment in two major construction projects.

Mohammed El-Kuwaiz, Chairman of the Saudi Capital Market Authority, told Al-Eqtisadiahthat the authority is prioritizing domestic listings over dual listings to curb capital outflows.

Abdulla Balalaa, UAE Assistant Minister of Foreign Affairs for Energy and Sustainability, took part in the 5th Istanbul International Water Forum on Tuesday.

🏰 Making Magic: A soaring crystalline castle inspired by “Frozen,” a branded hotel and a turn-of-the-century Main Street inspired by the fictional Middle East city of Agrabah from “Aladdin” are among the likely features of Disneyland Abu Dhabi, which is being built on Yas Island. Jim Shull, a former Disney theme park designer and creator of the Disney Journey YouTube channel, gave The National insight into how the features of the new park would be decided. “Abu Dhabi will want something that feels like a Disneyland, yet at the same time something that’s unique to them … something that you can only come to Abu Dhabi to see,” he said.

📷 Photo of the Day

May 4-7, Abu Dhabi. Make It In The Emirates. The UAE industrial promotion board’s annual event marks its fifth anniversary. ADNEC.

May 11-13, Abu Dhabi. Ai Everything. A one-day summit combined with a two-day expo explores how AI and humans can work together. ADNEC.

May 12-14, Dubai. Airport Show & Global Airport Leaders Forum. Bringing together top airport suppliers, aviation leaders, and thousands of professionals. Dubai World Trade Center. 

May 12-14, Abu Dhabi. Abu Dhabi Infrastructure Summit. The event brings senior government leaders, global investors, developers, contractors, policymakers, and technology providers to discuss the future of smart cities, urban development, and sustainable infrastructure. ADNEC. 

May 15-17, Dubai. Art Dubai. Annual event taking place in Dubai, bringing artists from the region and the Global South. Madinat Jumeirah.

May 19-21, Abu Dhabi. World Utilities Congress. Global policymakers, industry leaders and innovators discuss transforming the power, water and utilities sector into resilient, low‑carbon systems. ADNEC. 

May 19-21, Damascus. Big5 Construct Syria. The inaugural edition of the platform for reconstruction and development. Syria Expo Center.

May 19-21, Riyadh. Middle East Museums & Heritage Expo. Saudi Arabia’s first dedicated museum, heritage and cultural development trade show. Riyadh Front Exhibition & Convention Center.

May 8-24, Dubai. Dubai Esports & Games Festival. More than two weeks of events, tournaments, game launches and free activities citywide, including GameExpo 2026. Dubai World Trade Center. 

June 3-4, Dubai. MENA Investor Conference. The event focuses on capital market trends, GCC macro outlooks, and investment opportunities in the Middle East and North Africa. The Ritz Carlton DIFC. 

June 17-19, Rome: FII Priority Europe: Saudi Arabia’s Future Investment Initiative holds a conference focusing on European business links with the Middle East. Cavalieri, Waldorf Astoria Hotel.

MILKEN MORNING

In Beverly Hills, where the Milken Institute’s Global Conference 2026 enters Day 3 this morning, the embattled Middle East is front and center. One session today focuses on the GCC states, featuring interviews with Hadi Badri, CEO of the Dubai Economic Development Corp., and Qatar’s Finance Minister Ali Al Kuwari. Other speakers include Majid Al Suwaidi, CEO of Altérra, Ahmed Al Zaabi, Chairman of the Abu Dhabi Global Market. At a panel talk on Monday, Mubadala Deputy Group CEO Waleed Al Mokarrab Al Muhairi said disruption from the war won’t divert the sovereign wealth fund from its strategy of directing more money to the U.S., which he termed the best investment destination from a “risk-reward” perspective.

WIND POWER

Masdar is bolstering its expansion in the Iberian market with the purchase of another major stake in wind and solar assets. The Abu Dhabi green energy company has agreed to buy a 49% stake in Spanish energy group Repsol’s largest renewables portfolio, according to a Spanish media report. The Minerva project includes 13 wind farms and six solar farms, with 706 megawatts of installed capacity, and is valued at about 850 million euros ($996 million). The deal is in its final stages and is likely to be formalized within weeks, newspaper Cinco Dias reported on Monday. Masdar has been snapping up European assets, with a strong focus on Spain. In October, it finalized its purchase of a 49.99% stake in a $432 million portfolio of four solar plants from Endesa.

Public Investment Fund: Strauss Zelnick, the CEO of video-game publisher Take-Two Interactive, which counts the PIF’s Savvy Games Group as a major shareholder, told Bloomberg the November launch of “Grand Theft Auto VI” under its Rockstar Games subsidiary was “terrifying” because expectations were so high for what is anticipated to be one of the biggest entertainment launches of all time. 

LIV Golf: American sports investors say the PGA rival is in “free fall” after the PIF said it would pull out at the end of the 2026 season, leaving the league to scramble for private investors and the sale of its 13 teams, The Athletic reports.

Public Investment Fund: Emaar Economic City, majority owned by the PIF, awarded a $146 million infrastructure contract for Industrial Valley and the Special Economic Zone on Saudi Arabia’s Red Sea coast to Nesma and Partners, which is 30.1% owned by the PIF.

ADNOC: TA’ZIZ, a joint venture between ADNOC and L’imad Holding, announced $28.5 billion in long-term agreements at the Make it in the Emirates forum.

⛏️ Mining Bonanza: Saudi Arabia said mining investments doubled to $11.7 billion in 2025, with a 220% jump in mining licenses.

🛣️ China Road: Chinese companies have been awarded a $5 billion construction project by Saudi Arabia to build a 130-kilometer (80-mile) road connecting the southern cities of Abha and Jazan.

👷 Tunnel Vision: Parsons Corp. has been awarded a nine-month contract on the Dubai Loop, a futuristic underground transport project being built by Elon Musk’s The Boring Company.

📈 IPO Return: Saudi Arabia’s first IPO since the start of the Iran War is expected to raise $55 million for IT services provider Dar Albalad for Business Solutions Co.

💻 Privacy-Preserving: OPAQUE, an AI company headquartered in San Francisco, acquired advanced cryptographic systems from the UAE’s Technology Innovation Institute.

🛡️ AI Defense: Cisco has acquired Israeli startup Astrix to bolster its cybersecurity offerings for AI systems, targeting risks tied to autonomous agents and enterprise automation.

💼 Hedge Move: London-based Man Group, the world’s largest publicly traded hedge fund firm with about $229 billion in assets under management, has applied for a license to operate within Abu Dhabi Global Market, The National reports.

💰 Fresh Start: Capital Group, a global asset manager that manages $3.3 trillion in assets worldwide, is relocating Benno Klingenberg Timm, head of institutional business for Europe and Asia, to Abu Dhabi, where he will also take on the role of head of the firm’s local office.

✈️ Traffic Slump: Passenger traffic at Dubai International Airport fell 66% in March as the Iran war disrupted global travel.

🍦 Frozen Dessert: Dairy Queen, the U.S.-based ice cream chain, said it has paused Middle East expansion plans and that shipping restrictions meant it had to search for alternative routes for products that weren’t made locally.

💵 Cashing Out: A declining monetary base and rising interbank lending rates indicate the UAE banking system is under strain and the central bank will likely intervene again to help lenders, Arabian Gulf Business Insight reports. 

UAE President Sheikh Mohamed bin Zayed received phone calls on Monday from regional leaders, including Saudi Arabia’s Crown Prince Mohammed bin Salman, Bahrain’s King Hamad bin Isa Al Khalifa, and Qatar’s Sheikh Tamim bin Hamad, condemning Iran’s latest attacks on the UAE.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, met with Georges Elhedery, Group CEO of HSBC Holdings, in Abu Dhabi on Monday.

Prince Faisal bin Farhan, Saudi Arabia’s Minister of Foreign Affairs, received his Singaporean counterpart Dr. Vivian Balakrishnan at the ministry’s branch in Jeddah on Monday.

Sheikh Saqr bin Omar Al Qasimi, a member of the Ras Al Khaimah royal family, was appointed CEO of Marjan Development, a unit of one of the UAE’s biggest real estate entities, Marjan Group.

Kristalina ​Georgieva, IMF Managing Director, said on Monday that inflation was already picking up and the global economy could face a “much worse ‌outcome” if the war in the Middle East drags on into 2027 and oil prices hit around $125 per barrel.

Abdul Aziz Al Ghurair, Chairman of Mashreq Bank, told The National that banks are ready to support expansion in the UAE and lenders were posting strong results despite the Iran war.

Hamad Al Marar, Managing Director and CEO of EDGE Group, said the UAE defense group had contracts under execution exceeding $25 billion.

🌎 Artistic Direction: Dubai arts platform Art Jameel is preparing to present a dual country exhibition in the UAE and Saudi Arabia. The two-part group show, titled “Global Positioning System,” will run at Hayy Jameel in Jeddah from May 20 to Oct. 17 and at Jameel Arts Center in Dubai from May 9 to Oct. 4. Bringing together more than 40 artists from around the world, the exhibition explores how navigation systems shape contemporary life, Arab News reports.

📷 Photo of the Day

May 3-6, Los Angeles. Milken Institute Global Conference 2026. The Milken Institute’s flagship annual event brings together leaders across health, finance, business, technology, philanthropy, and public policy. The Beverly Hilton & Waldorf Astoria Beverly Hills.

May 4-7, Abu Dhabi. Make It In The Emirates. The UAE industrial promotion board’s annual event marks its fifth anniversary. ADNEC.

May 11-13, Abu Dhabi. Ai Everything. A one-day summit combined with a two-day expo explores how AI and humans can work together. ADNEC.

May 12-14, Dubai. Airport Show & Global Airport Leaders Forum. Bringing together top airport suppliers, aviation leaders, and thousands of professionals. Dubai World Trade Center. 

May 12-14, Abu Dhabi. Abu Dhabi Infrastructure Summit. The event brings senior government leaders, global investors, developers, contractors, policymakers, and technology providers to discuss the future of smart cities, urban development, and sustainable infrastructure. ADNEC. 

May 15-17, Dubai. Art Dubai. Annual event taking place in Dubai, bringing artists from the region and the Global South. Madinat Jumeirah.

May 19-21, Abu Dhabi. World Utilities Congress. Global policymakers, industry leaders and innovators discuss transforming the power, water and utilities sector into resilient, low‑carbon systems. ADNEC. 

May 19-21, Damascus. Big5 Construct Syria. The inaugural edition of the platform for reconstruction and development. Syria Expo Center.

May 19-21, Riyadh. Middle East Museums & Heritage Expo. Saudi Arabia’s first dedicated museum, heritage and cultural development trade show. Riyadh Front Exhibition & Convention Center.

May 8-24, Dubai. Dubai Esports & Games Festival. More than two weeks of events, tournaments, game launches and free activities citywide, including GameExpo 2026. Dubai World Trade Center. 

June 3-4, Dubai. MENA Investor Conference. The event focuses on capital market trends, GCC macro outlooks, and investment opportunities in the Middle East and North Africa. The Ritz Carlton DIFC. 

June 17-19, Rome: FII Priority Europe: Saudi Arabia’s Future Investment Initiative holds a conference focusing on European business links with the Middle East. Cavalieri, Waldorf Astoria Hotel.