HOT PROPERTY

Dubai Holding, the investment conglomerate owned by Dubai Ruler Sheikh Mohammed bin Rashid, has boosted the size of the initial public offering of its Dubai Residential REIT trust to about $584 million, amid strong appetite from investors. The IPO originally aimed to raise up to $487 million, but is significantly oversubscribed even on the higher total and is expected to be priced at the top end of its range, Bloomberg reports. The high demand for the IPO reflects confidence both in Dubai’s red-hot property market and in Gulf companies, many of which are pushing ahead with listings despite a shaky global market. However, analysts cautioned that lower oil prices and global trade uncertainty could dampen further gains for Dubai’s real estate sector, Bloomberg reports.

PHARMA FOCUS

Mubadala is consolidating its pharmaceutical interests into a new investment unit aimed at making the Abu Dhabi sovereign wealth fund a stronger player in the international health care market. Mubadala Bio will focus on drugmaking, biopharma development and distribution logistics, operating at 10 locations in Asia, Africa and Europe, with its base in the UAE, the company said in a statement issued today. Dr. Bakheet Al Katheeri, CEO of Mubadala’s UAE Investments Platform, said the new unit will “elevate Abu Dhabi’s role in delivering impactful health solutions on a global scale.” Serving more than 100 countries, Mubadala Bio said its cumulative manufacturing capacity will exceed 2.5 billion pills and capsules, enabling its portfolio companies to make more than 10,000 products.

Abu Dhabi Investment Authority: The sovereign wealth fund is a minority investor in Atlas SP, the securitized asset business that Apollo Global Management bought from Credit Suisse, which has become central to the New York private equity firm’s strategy, the Financial Times reports.

Public Investment Fund: Nvidia’s multibillion-dollar deal with Saudi Arabia’s PIF-owned Humain is among the ways the U.S. chipmaker is trying to reduce its reliance on Microsoft, Amazon, Google and other American tech giants, the FT reports.

Public Investment Fund: The PIF is opening a new subsidiary company office in Paris to deepen business ties with Europe, which are expected to hit $170 billion by 2030.

ADNOC: The UAE national petroleum company awarded $17.8 billion in contracts to nearly 400 local suppliers, contractors and service providers in the first half of 2025 within sectors such as drilling, logistics, and EPC.

G42: G42 and Italian AI startup iGenius will jointly develop a $1 billion AI supercomputer project in southern Italy, called Colosseum, using Nvidia technology. The deal follows the UAE’s broader $40 billion investment pledge to Italy, which was announced earlier this year.

Masdar: Italy’s Enel and Abu Dhabi’s Masdar are in talks to jointly develop energy storage projects in Italy, Flavio Cattaneo, the CEO of Italy’s biggest utility, said on Friday, Reuters reports. Cattaneo said there is a shared intent with Masdar to expand into other regions, including Italy, where Masdar is interested in battery and storage systems.

Oman Investment Authority: Oman’s OQGN and Belgium’s Fluxys will jointly develop hydrogen transport infrastructure across the country to support Oman’s green hydrogen and decarbonization goals.

🏦 Larger Lender: Jordan’s Bank al Etihad is acquiring Investbank in a stock-for-stock deal, forming one of the kingdom’s largest lenders with over $1.4 billion in equity value, Reuters reports. 

🏭 Steel Deal: Emirates Global Aluminium plans to build a $4 billion aluminium smelter in the U.S. by 2026, nearly doubling domestic output and reducing reliance on imports.

🏗️ Port Expansion: Bahrain’s Investcorp will invest $550 million in expanding Oman’s Port of Duqm through its infrastructure platform AIIP, joining a consortium with Belgium’s DEME Group and the Port of Antwerp Bruges. 

👓 Good Optics: Eyewear giant MAGRABi Retail Group will acquire Kuwait’s Kefan Optics, as it eyes further expansion in the Gulf.

📈 Gas Sale: Saudi Arabian chemicals giant Sabic, which is majority owned by Saudi Aramco, is considering an IPO of its industrial gas business, Bloomberg reports.

🌐 Data Palaces: OpenAI is reportedly in talks to anchor a massive 5-gigawatt data center in Abu Dhabi, which could become one of the world’s largest, Reuters reports. 

🏢 Property Hunters: Dubai’s booming real estate market is attracting a new wave of foreign investors, including Brookfield Corp. and Singapore’s Mapletree Investment, Bloomberg reports.

💸 Moving Money: Expat workers sent $4.13 billion to their home countries from Saudi Arabia in March, the highest rate of remittances in nine years, according to data released by the Saudi Central Bank.

Sheikh Saud bin Saqr Al Qasimi, Ruler of the emirate of Ras Al Khaimah and a member of the UAE Supreme Council, served as representative of UAE President Sheikh Mohamed bin Zayed at the inauguration ceremony for Pope Leo XIV on Sunday at the Vatican in Rome. Sheikh Saud later witnessed the signing of an agreement between Ras Al Khaimah and Miami, Florida, to cooperate across a number of sectors, during a visit by the Mayor of Miami, Francis Suarez, to the emirate.

Sheikh Mansour bin Zayed, the UAE’s Vice President, Deputy Prime Minister and Chairman of the Presidential Court, led the UAE delegation to the 34th Arab Summit, which Iraq hosted on Saturday. 

Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, met his Turkish counterpart Hakan Fidan in Riyadh on Sunday to discuss recent regional developments.

Marty Edelman, the New York real estate lawyer, was profiled by Bloomberg as “Abu Dhabi’s Man in Manhattan,” described as an influential adviser to the Al Nahyan royal family and a key intermediary in the country’s relations with the U.S.

Brad Jacobs, the billionaire serial entrepreneur and Chairman and CEO of building products distributor QXO, was profiled in a Wall Street Journal article about his “feel-good” approach to corporate takeovers. 

🎞 Female Gaze: Saudi actress Eham Ali and filmmaker Sarah Taibah were among seven honorees at the annual Women in Cinema event that the kingdom’s Red Sea Film Foundation hosted last week at the Cannes Film Festival in France. The others were Zambian-Welsh writer-director Rungano Nyoni, South African actress Jacqueline Fernandez, Egyptian actress Amina Khalil, Thai actress Engfa Waraha and Syrian filmmaker Gaya Jiji.

May 19-20, Abu Dhabi. Arqaam Capital 12th Annual MENA Investor Conference. The event will bring together 80+ MENA corporates with regional and international investors. Four Seasons Hotel Abu Dhabi at Al Maryah Island.

May 19-22, Abu Dhabi. Make it in the Emirates. The  UAE’s premier manufacturing event, uniting innovators, investors, and policymakers to shape the future of industry. ADNEC.

May 20-22, Dubai. Seamless Middle East. The Middle East’s biggest fintech event, bringing together big tech, government, banks, financial institutions, fintech, investors and media. Dubai World Trade Center.

May 20-22, Doha, Qatar. Qatar Economic Forum. Annual conference bringing together Qatari government and business leaders with corporate executives, investors and policymakers from around the world. Media City Qatar.

May 21, Dubai. The AWS Summit. A one-day event to learn about Amazon Web Services, from new services and architecture to performance and operations. Dubai World Trade Center.

May 21-22, Dubai. CryptoExpo Dubai. Billed as the essential event for anyone in the cryptocurrency and blockchain space. Dubai World Trade Center. 

May 23-25, Abu Dhabi. EuroLeague Final Four. The Department of Culture and Tourism – Abu Dhabi, Euroleague Basketball, and Etihad Arena have partnered to host the Turkish Airlines EuroLeague Final Four in the UAE for the first time. Etihad Arena.

May 26-27, Abu Dhabi. Building the Future Summit. This Forbes event serves as an exclusive platform for industry leaders, investors, architects, and innovators to explore the latest trends shaping the future of real estate. Louvre Abu Dhabi.

May 27-29, Abu Dhabi. World Utilities Congress. A pivotal event addressing the challenges and opportunities surrounding energy transition, water security, and digitalisation. ADNEC.

May 29-30, Tripoli, Libya. Building the Future Summit. A Forbes event that is designed to help delegates from Libya understand their investment opportunities, foster strategic partnerships, and showcase key reforms that will drive economic progress. Venue TBA.

June 12, Dubai. Dubai Family Office Investment Summit. An invitation-only event hosted by Epicon Capital Club, for Family Offices, Serial Entrepreneurs, Private Investors, Fund Managers and Government Entities. Unknown.