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.