GOLF RETREAT

LIV Golf is seeking new investors after Saudi Arabia’s Public Investment Fund said on Thursday it will stop funding the league beyond the 2026 season because the investment “no longer aligns with its priorities.” The Saudi sovereign wealth fund, which has poured more than $5 billion into LIV since 2022, has retreated from a range of other costly projects over recent months, including scaling down its desert ski resort at Trojena and the massive cube-shaped Mukaab development in Riyadh. Beyond LIV Golf, the PIF said it will continue to provide backing for “current and future investments in various sports as a priority sector.” U.S. President Donald Trump, who has hosted LIV Golf events at his resorts, called on the PGA Tour to lift its boycott of players who left for the new league’s sky-high compensation packages.

AI WARNING

The Middle East could account for roughly a quarter of global AI infrastructure spending over the next five years, Thiel Capital Managing Director Jack Selby says. If geopolitical instability forces delays or cancellations of investments in data centers and other large-scale AI projects, the ripple effects could damage the industry’s highly leveraged tech and infrastructure firms, Selby said in a CNBC interview. “I think markets have underappreciated how important the Middle East region is for CAPEX spending as it relates to AI and AI infrastructure,” Selby said. “If the Middle East starts taking some of these projects offline,” he said, “the impact on the market could be much, much, much larger than what is currently priced in.” 

International Holding Co.: IHC-backed Orbit Works announced plans to invest $1 billion over the next five years to expand its satellite network.

ADNOC: Borouge, a joint petrochemical venture of ADNOC and Austria’s OMV, reported a 45% drop in first-quarter net profit due to logistics disruptions, which cut revenue and increased freight costs.

G42: Hany ElGohary was appointed as Senior Vice President-Head of Enterprise at Abu Dhabi’s AI firm G42.

📈 Korea Pact: The UAE and South Korea have enacted their first Comprehensive Economic Partnership Agreement, cutting tariffs on over 90% of trade and strengthening investment and private sector cooperation.

💰 ETF Intro: The Abu Dhabi Securities Exchange introduced trading in the U.S.-based KraneShares Wahed Alternative Income Index ETF.

🇪🇬 Gas Bill: UAE-based Dana Gas received an additional $20 million from Egypt, fully settling all overdue receivables following ongoing payments and a strengthened 2024 concession agreement.

🏛️ New Rules: Dubai International Financial Centre is proposing amendments to its regulations to improve structuring options and expand the role of corporate service providers. 

🤝 Bahrain Merger: National Bank of Bahrain has submitted a merger proposal to the Bank of Bahrain & Kuwait, with negotiations expected to take place on May 5. 

💻 AI Zone: Oman plans to establish a Special Artificial Intelligence Zone in Muscat to boost its tech sector, offering incentives under free-zone laws.

👍 Go-Ahead: Rokos Capital Management said it will open an Abu Dhabi office after securing a full license and office space.

🌐 Blockchain Hub: Ripple, the provider of blockchain-based enterprise solutions across traditional and digital finance, said it will open a Middle East and Africa regional headquarters in the Dubai International Financial Centre.

💷 Funding Round: Starcloud, a two-year-old startup developing orbital data centers, is in talks with investors to raise at least $200 million at a valuation of about $2.2 billion, The Information reports.

UAE President Sheikh Mohamed bin Zayed met with Nechirvan Barzani, President of the Kurdistan Region of Iraq, on Thursday in Abu Dhabi.

Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE and Ruler of Dubai, honored the winners of the ‘Erth Dubai Awards’ for cultural and social documentation. Attending the ceremony was Sheikh Hamdan bin Mohammed bin Rashid, Crown Prince of Dubai and UAE Minister of Defense.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, met with Jean-Noël Barrot, France’s Minister for Europe and Foreign Affairs, on Thursday in Abu Dhabi.

Ali al-Zaidi, Iraq’s Prime Minister-designate, was invited to visit the White House by U.S. President Donald Trump after he forms a new government, as the US seeks to limit Iran’s influence on its neighbor. 

Bandar Alkhorayef, Saudi Minister of Industry and Mineral Resources, met with Benjamin Gallezot, France’s Interministerial Delegate for Strategic Minerals and Metals Supplies.

Gianni Infantino, President of the FIFA soccer federation, said on Thursday that Iran would take part in the World Cup this summer. 

🌶️ Salsa Strain: The Strait of Hormuz shutdown is creating havoc for Dubai’s usually bustling restaurant scene, shrinking reservations, raising costs and forcing chefs to get creative just to keep their kitchens open. At Mexican restaurant Lila Molino, chef Shaw Lash is swapping in local vegetables to replace the imported avocados, tomatillos, chilies and herbs that go into her zesty salsas and fajitas, Reuters reports. Lash is also focusing on her popular home fajita kits and a bespoke grocery line.

DEEPING RIFT

The UAE’s decision to quit OPEC has exposed a widening split with Saudi Arabia, reflecting years of tension over oil quotas, regional conflicts and competing visions for Gulf leadership. But the rupture extends beyond petroleum policy disputes into the personal relationship between UAE President Sheik Mohamed bin Zayed and Saudi Crown Prince Mohammed bin Salman, Reuters reports. “What we’re seeing now is a kind of breakdown between the two most powerful leaders in the Gulf,” Fawaz Gerges of the ​London School of Economics told the news agency. U.S. President Donald Trump praised the UAE for leaving OPEC, saying the move would help lower global energy prices as markets adjust to looser supply coordination.

SLOWING GROWTH

Saudi Arabia’s quarterly economic growth slowed to its weakest pace since mid-2024, as the kingdom deals with the Iran war’s impact on oil. Gross domestic product grew 2.8% year-on-year in the three months through March, according to preliminary data from the General Authority for Statistics – down from 5% in the previous quarter. The oil sector’s growth eased sharply to 2.3% from 10.8%. Non-oil activity also slowed to 2.8% from 4.3% in the prior quarter, Bloomberg reports. “The playbook that the Saudi authorities deployed at the beginning of the crisis allowed them to be more resilient,” said Jihad Azour, the International Monetary Fund’s Middle East and Central Asia director, though the IMF has trimmed its 2025 growth forecast to 3.1%. 

Public Investment Fund: Moody’s issued a report on Wednesday about the Saudi sovereign wealth fund, praising its strategic shift toward “sustained value creation, improved capital efficiency and more targeted investment allocation across key sectors.”

L’imad Holdings: AD Ports Group, which is majority owned by Abu Dhabi’s L’imad sovereign wealth fund, signed an agreement with Azerbaijan Transport and Communications to explore strategic collaboration across ports, shipping, logistics, and digital trade.

Mubadala: The Mubadala Foundation has become the Zayed National Museum’s first partner in a public-private collaboration that will deliver over 20 initiatives over five years, focused on youth development and community engagement.

₿ Crypto Takeover: Rain Financial, a cryptocurrency exchange firm regulated by the Abu Dhabi Global Market and the Central Bank of Bahrain, acquired Digital Ma’arefa, a Saudi-based financial media company.

🏠 Real Output: Egyptian developer Delta Capital for Urban Development and Emirates Global Real Estate Investment will roll out a portfolio of mixed-use projects across Egypt, with total investments estimated at $500 million.

💼 Private Push: Lazard is buying private-markets adviser Campbell Lutyens for about $575 million to expand its private capital advisory business, Bloomberg reports.

🩺 Medical Focus: AIdoc, an Israeli startup that uses AI to help radiologists interpret medical imaging more accurately, raised $150 million in a funding round led by Goldman Sachs Alternatives.

📈 Output Push: OPEC members are expected to approve another oil output increase when they meet on Sunday without the UAE’s participation, Reuters reports.

🤝 Trade Resilience: Despite friction over OPEC, trade ties between Saudi Arabia and the UAE remain strong, underpinned by deep economic integration and mutual investment across key industries, Reuters reports.

🇷🇺 Moscow Signal: Russia said it hopes the UAE’s exit won’t diminish cooperation between the remaining members of OPEC+.

💰 All Welcome: Dubai removed the minimum property value requirement for investor residency visas and cut thresholds for joint owners to expand access to residency in the emirate. 

💵 Investment Round: Morocco’s hydrocarbons and mining agency launched its first fundraising round as a public company, seeking support for a proposed $25 billion pipeline to transport North African gas to Europe.

UAE President Sheikh Mohamed bin Zayed held a phone call on Wednesday with Ali Al Zaidi, the new Prime Minister of Iraq.

Qatar’s Emir Tamim Bin Hamad met with Greek Prime Minister Kyriakos Mitsotakis in Athens, and the two agreed to bolster cooperation across trade, energy and defense.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, met with Scott Gilmore, Canada’s Prime Minister’s Senior Advisor on Foreign, Defense, and Security Policy, on Wednesday in Abu Dhabi.

Sheikh Hamad bin Thamer Al Thani, Chairman of Qatar Media Corp., met with Arnaud Pescheux,  Ambassador of France to Qatar, on Wednesday.

U.S. Senator Cory Booker, a New Jersey Democrat, introduced legislation to strengthen antitrust enforcement over large mergers completed during U.S. President Donald Trump’s second term, aiming at Paramount’s acquisition of Warner Bros. Discovery.

Samir Tannir was hired by Citigroup to lead its Middle East operations as the bank deepens its coverage of Gulf sovereign wealth funds and regional deal flow, Bloomberg reports. Tannir was most recently head of HSBC’s regional banking division.

Khalil El Bawab, the Head of Local and Regional Markets at Beltone Holding, said subsidiary Beltone Asset Management will launch two new investment funds in May, Zawya reports.

Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, said the country’s new Supply Chain Resilience Program will target 150 key goods, aiming to strengthen economic security, local manufacturing, and readiness for global disruptions.

عربي Arabic First: The UAE is working on a new law to expand the use of Arabic across public and private life. The legislation would formalize requirements for Arabic in schools, media and business as part of an effort to reinforce the nation’s cultural heritage, Arabian Business reports.

April 28-May 1, Dubai. World Token Summit. The event brings together regulators, founders, fund managers, and architects of the on-chain economy. Zaabel One.

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’s industrial promotion board celebrates 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 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 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.

CHINESE MARKET

Chinese investors have proposed a $2 billion logistics and trade city in Egypt’s Eastern Suez economic zone. The project, modeled after China’s massive wholesale Yiwu Market, would span 3 million square meters (32 million square feet) and include showrooms, a hotel, a school and a hospital. It is projected to create around 150,000 jobs. Chinese companies presented details of the project to Hussein Eissa, Egypt’s Deputy Prime Minister for Economic Affairs, in Cairo on Monday, Arabian Gulf Business Insight reports.

WAR RELIEF

Qatar has introduced emergency support measures to help foreign businesses affected by disruptions from the U.S.-Israeli war with Iran. The government is providing financial relief, including rent waivers, payment deferrals, flexible tax deadlines, and extended reporting requirements, through the Qatar Financial Center and the Qatar Free Zones Authority. Invest Qatar is offering up to 40% in support for emergency expenses. The agency is also holding weekly investment seminars and maintaining a 24/7 hotline. 

Saudi Aramco: The world’s biggest oil company is extending the suspension of liquified petroleum gas shipments from its Juaymah export facility through May after structural damage cut off supplies, tightening fuel availability for key Asian buyers, Bloomberg reports.

Public Investment Fund: Saudi Real Estate Refinance Co., a unit of the sovereign wealth fund,  is expanding efforts to deepen the kingdom’s housing finance market, Arab News reports.

ADNOC: The Abu Dhabi oil company has set its May official selling price for Murban crude at $110.75 per barrel, up from $69.45 in April.

🛢️ Libya Bet: Chevron signed a preliminary agreement with Libya to assess shale oil and gas potential.

💰Construction Loan: Kuwait’s Mabanee increased a loan to complete its Aventura mixed business and residential complex by 31% to $429 million.

📉 Bond Slide: MENA bond issuance fell to $48.1 billion in the first quarter of 2026, down 12% year-on-year.

💻 Data Platform: Dubai-based Taranis Capital will develop and operate carrier-neutral data centers across Saudi Arabia in partnership with Emaar Executive Company, valued at $2 billion.

📸 Content Fund: The UAE launched a 5 million-dirham ($1.36 million) Social Content Fund launched by Creators HQ in partnership with Alfan, which will initially support 50 content creators through funding, training programs, advanced filming equipment and state-of-the-art studios.

📈 Energy Surge: The World Bank forecasts energy prices could jump 24% in 2026 if the Middle East war continues to disrupt supply.

👍 Green Light: Citadel, a U.S. hedge fund firm that oversees $67 billion in assets, received regulatory permission to begin operations at the Dubai International Financial Center.

🛠️ Pipeline Lift: JPMorgan Chase and two Kuwaiti lenders are joining HSBC in a $6 billion financing syndicate for potential buyers of a stake in Kuwait Petroleum Corp.’s crude pipeline network.

✈️ Modern Flying: Saudi budget airline, Flynas, is teaming up with Airbus to adopt Evidence-Based Training and the MATe Suite, a digital training program, becoming the first Saudi airline to implement the training methods.

Saudi Crown Prince Mohamed bin Salman chaired a GCC summit in Jeddah on Tuesday with King of Bahrain Hamad bin Isa Al Khalifa, Qatar’s Emir Sheikh Tamim bin Hamad, Kuwait’s Crown Prince Sheikh Sabah Al-Khaled Al-Hamad  and Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs. It was the GCC’s first in-person gathering since the war began.

UAE President Sheikh Mohamed bin Zayed held a phone call with Ulf Kristersson, Prime Minister of  Sweden, during which they discussed ways to strengthen cooperation between the two countries.

Sheikh Mohammed bin Abdulrahman, Qatar’s Prime Minister and Minister of Foreign Affairs, held a phone call with Iraq’s new Prime Minister Ali al-Zaidi on Tuesday.

Sheikh Maktoum bin Mohammed, UAE Minister of Finance and Chairman of the Dubai International Financial center, met with executives from CVC Capital Partners to discuss investment opportunities.

Prince Faisal bin Farhan, the Saudi Foreign Minister, held a phone call with Antonio Guterres, Secretary-General of the United Nations, on Tuesday.

Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman of Dubai Airports and Chairman and Chief Executive, Emirates Airline & Group, chaired a Dubai Health Board meeting on Tuesday to discuss research conducted by Dubai Health.

Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, and Managing Director and CEO of ADNOC, met in Doha with Saad Sherida, Qatar’s Minister of State for Energy Affairs and Managing Director and CEO of Qatar Energy, on Tuesday.

Ursula von der Leyen, President of the European Commission, warned the continent during a European Parliament session in Strasbourg on Wednesday of the repercussions they will endure as a fallout from the U.S.-Israeli war in Iran.

Khalid Al-Otaibi, Secretary General of the Kuwait-based Arab Energy Organization, said that Arab oil producers must invest in crude storage facilities to ensure uninterrupted exports to the global markets following the closure of the Strait of Hormuz.

Emma Cloney was appointed Senior Vice President, International Sales & Strategy, and General Manager, Ireland, at Abu Dhabi’s Core42. 

🎭 Dark Laughs: Across the Middle East, people are turning to memes and social media jokes as a coping mechanism for the stress of the ongoing war. One video clip from a story about the wave of black humor in The New York Times shows a young man awakened at his parents’ house by an overnight missile barrage and being told by his mother, “Are you serious? – “You’re wearing a T-shirt and not even wearing socks?”

April 27-28, Riyadh. Start Smart Saudi. The forum seeks to gather leading investors and ambitious entrepreneurs seeking to fuel the next stage of their startup growth. The Garage.

April 28-May1, Dubai. World Token Summit. The event brings together regulators, founders, fund managers, and architects of the on-chain economy. Zaabel One.

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’s industrial promotion board celebrates 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 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 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.

GULF SQUEEZE

Gulf states appear to be headed toward their worst economic downturn since the pandemic as the Iran war disrupts oil exports, damages infrastructure and chokes shipping through the Strait of Hormuz. Economists surveyed by Reuters sharply cut their 2026 growth forecasts, with Qatar, Kuwait and Bahrain now expected to contract while UAE growth stalls. Saudi Arabia and Oman face downgrades as tourism, retail and other non-oil sectors weaken. Oil prices have risen about 40% since the conflict began, fueling inflation even as governments draw on reserves and sovereign wealth to cushion the economic hit. The projections, based on economist surveys and input from institutions including S&P Global and Goldman Sachs, point to a potential rebound in 2027 if the conflict eases, supported by energy revenues and public investment.

STUDIO STAKES

Paramount has asked the U.S. regulators for approval of the backing from three Gulf sovereign wealth funds for its planned takeover of Warner Bros. Discovery. Under the deal, Saudi Arabia’s Public Investment Fund, the Qatar Investment Authority and Abu Dhabi’s L’imad Holding are set to hold a combined 38.5% stake in the new company. In its petition to the Federal Communications Commission, Paramount notes that buyers David Ellison and his father Larry Ellison, as well as RedBird Capital, will control all voting shares in the company, and that the sovereign funds are only acquiring non-voting shares, according to the Hollywood Reporter. Paramount says the foreign funding is essential to complete the $111 billion deal.

Abu Dhabi Investment Authority: A unit of the sovereign wealth fund took part in a fundraising round by Singapore-based TeraHop, a supplier of high-speed optical transceivers for data centers.

ADNOC: The UAE’s national oil company is planning to invest tens of billions of dollars in a U.S. natural gas business, with its international investment arm, XRG, reviewing 29 deals to build a vertically integrated global gas portfolio, the Financial Times reports.

Public Investment Fund: Saudi Agricultural and Livestock Investment Co., a wholly owned subsidiary of the PIF, raised its stake in Singapore-based Olam Agri to 80% in a $1.9 billion deal.

Canada Strong Fund: Canada is launching a new sovereign wealth fund starting with $18.4 billion of assets under management as it seeks to make the economy less dependent on the U.S. 

☁️ Cloud Software: Vodafone Qatar acquired Doha-based startup MaktApp, a subscription-based cloud software for business management, through its subsidiary Infinity Fintech Ventures.

🍔 High Five: Saudi-listed Alamar Foods secured a $22.7 million Islamic-compliant loan from Saudi Awwal Bank to finance its acquisition of the Five Guys fast-food franchisee in the kingdom.

🌐 Speeding Up: Emirates airline has installed Starlink Wi-Fi on its Boeing A380 aircraft, using three antennas for faster onboard connectivity.

🎈Falling Short: Japan’s helium imports from Qatar plunged to a year-low in March due to Middle East disruptions, even as overall imports rose on increased U.S. supply.

🤖 Quant Bet: Igor Tulchinsky, founder of WorldQuant, is launching a new fund to back early-stage AI, robotics and biotech startups in Israel with investments of up to $1 million per company, Calcalist reports.

🏙️ London Calling: London’s high-end housing market is trying to lure wealthy buyers back from the UAE as the Iran war dents Dubai’s property sector, but U.K. taxes, weaker returns and tighter regulations continue to make the British capital less attractive, the Financial Times reports.

🛥️ Yacht Passage: A $500 million superyacht linked to Russian billionaire Alexey Mordashov crossed the heavily restricted Strait of Hormuz from Dubai to Oman, raising questions about how it secured clearance, Reuters reports.

🛢️Going Up: Oil prices could climb toward $120 a barrel if the war drags on, with Goldman Sachs raising forecasts as supply disruptions from the Middle East tighten global markets and increase risks to energy-dependent economies, the Financial Times reports.

🚫 Surrender Passports: Bahrain said it revoked the citizenship of 69 people accused of “glorifying or sympathizing with the hostile Iranian acts, ⁠or engaging in contacts with external parties.”

🙅‍♂️ Dangerous liaisons: India said Middle East tensions are complicating talks with the U.S. and Iran to protect its $120 million investment in Iran’s Chabahar port, where it holds a 10-year development deal and has sought sanctions waivers.

Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister and Ruler of Dubai, visited Al Barakah Dates Factory, the world’s largest privately-owned dates factory, on Monday.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, met with Omid Nouripour, Vice-President of the German Federal Parliament, on Monday in Abu Dhabi.

Prince Faisal bin Farhan, Saudi Foreign Minister, held separate phone calls on Monday with Qatar’s Foreign Minister Sheikh Mohammed bin Abdulrahman, Sayyid Badr bin Hamad, Oman’s Foreign Minister, and Badr Abdellatty, Egypt’s Foreign Minister. 

József Várad, CEO of Wizz Air, accused Gulf carriers of neglecting safety risks by continuing flights during the Iran war, saying some airlines are “operating based on political pressure,” the Financial Times reports.

Abdulaziz Alwasil, Saudi Arabia’s representative to the UN, warned on Monday of the risks to global trade and energy security from the ongoing stalemate in the Strait of Hormuz.

Ali Al Zaidi was nominated by Iraq’s President Nizar Amedi on Monday as a compromise candidate for Prime Minister and given the task of forming the next government.

RJ Scaringe, CEO of electric car maker Rivian – which is backed by the Saudi Arabia’s Abdul Latif Jameel family, earned $403 million for his work at the electric-truck maker last year, about 13 times more than the next-best-paid U.S. car boss, the Financial Times reports.

Ahmed Al-Khateeb, Saudi Arabia’s Minister of Tourism, inspected hotel facilities for pilgrims in Mecca on Monday as part of the preparations for the annual Hajj season next month.

Sadeq Alfardan was appointed as a Partner, and Jonny Mulligan as a Senior Advisor, at NorthStar Insights, a political risk and strategic communications consultancy.

👗 Fashion Pivot: Middle East fashion designers from Dubai to Beirut are coping with wartime disruptions by working around supply chain breakdowns, transport obstacles and safety risks. Some labels are shifting production and relying on regional networks to keep their businesses functioning, the Financial Times reports. Others are using the crisis to expand into international markets as local demand weakens.

April 27-28, Riyadh. Start Smart Saudi. The forum seeks to gather leading investors and ambitious entrepreneurs seeking to fuel the next stage of their startup growth. The Garage.

April 28-May1, Dubai. World Token Summit. The event brings together regulators, founders, fund managers, and architects of the on-chain economy. Zaabel One.

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’s industrial promotion board celebrates 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 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 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.

IN A NUTSHELL

The war in Iran has sent pistachio prices soaring to an eight-year high just as global demand surges for pistachio-based treats like Dubai chocolate. As conflict has disrupted shipping routes and trade, exporting the crop from Iran – one of the world’s largest producers – has become increasingly difficult, tightening an already strained market.Even before the conflict, global pistachio supply was under strain due to weaker 2025 harvests in the U.S., and Turkey, with drought hitting Iran particularly hard, The Financial Times reports. Sanctions, domestic unrest and communications shutdowns further have disrupted Iran’s exports, making it harder to coordinate sales and slowing trade. 

MAKING IT

The UAE has launched a 1 billion-dirham ($272 million) National Industrial Resilience Fund. Announced on Sunday by Sheikh Mohammed bin Rashid, the UAE’s Vice President and Ruler of Dubai,  the initiative aims to strengthen supply chains, expand local production and increase the use of artificial intelligence across industries. The fund is being launched in advance of next week’s annual “Make it in the Emirates” forum in Abu Dhabi,  and officials say it will prioritize key sectors of the economy such as food security, manufacturing, pharmaceuticals and advanced technology. The government will also be promoting thousands of locally made products through retail platforms connected to the “Make it in the Emirates” initiative.

AMERICAN JOURNEY

UAE’s Mohammed bin Hamad, Faisal Al Bannai meet with Trump at Mar-a-Lago

Two UAE business leaders who advise President Sheikh Mohamed bin Zayed on security and technology matters visited U.S. President Donald Trump at Mar-a-Lago in Palm Beach, Florida,. They also made a swing through the U.S. to meet with SpaceX founder Elon Musk, investors Marc Andreessen and Ben Horowitz, and defense firm Anduril.

Sheikh Mohammed bin Hamad Al Nahyan, Chairman of Abu Dhabi Airports, and Faisal Al Bannai, Chairman of state-owned defense conglomerate EDGE Group, made the trip to the Trump’s residence and resort over the weekend, The Circuit’s Jonathan Ferziger reports. Both hold senior advisory posts in the UAE Presidential Court.

The two also met separately with Jared Kushner, founder of Miami-based private equity firm Affinity Partners and Trump’s son-in-law. In California, they visited Anduril, with which EDGE signed an agreement in November to form a joint drone aircraft venture.

To read the full story, click here.

Public Investment Fund: Diriyah Co., which is owned by the Saudi sovereign wealth fund, awarded a $490 million contract to a joint venture between Hassan Allam Construction and Al-Bawani Co. to build the Saudi Arabia Museum of Contemporary Art in Riyadh’s Diriyah district.

Oman Investment Authority: Mohammed Al Murshidi, Chairman of the Omani sovereign wealth fund, met with Abdusalam Abdi Ali, Somalia’s Minister of Foreign Affairs and International Cooperation, who is looking for investment  from the OIA.

Dubai Holding: Nakheel, a unit of government-owned Dubai Holding Real Estate, awarded contracts worth almost $1 billion to Dubai-based Ginco General Contracting and United Engineering Construction to build 544 villas on Palm Jebel Ali.

📺 Knowledge Expansion: Saudi Research & Media Group has secured a three-year contract to operate and manage Al Thaqafiya Channel, which specializes in culture and the arts

🚂 Auto Tracks: Etihad Rail Freight has completed the first train shipment of Nissan passenger vehicles for the Al Masaood Automobile dealership from the UAE’s Eastern Coast to the Industrial City of Abu Dhabi. 

💎 Mine Guardians: The Democratic Republic of Congo will establish a paramilitary force to police its mines, funded by the U.S. and UAE, with an initial investment of $100 million and plans to hire 20,000 people by 2028.

💰New Ventures: Oman’s Public Authority for Special Economic Zones and Free Zones secured $521 million in new investments, which will be developed in the Special Economic Zone at Duqm, Salalah Free Zone, and Khazaen Economic City.

🧬 AI Molecule: Hong Kong–based Insilico Medicine has produced a new experimental drug, YXEN-MLLX-01, which was designed using generative AI to target disease-driving proteins and block the biological signals that cause illness, with backing from Abu Dhabi Investment Office and Department of Health – Abu Dhabi.

🤝 Industrial Drive: Saudi Arabia’s Ministry of Industry and Mineral Resources signed three agreements at the Hannover Messe 2026 conference in Germany to advance electrical manufacturing, smart grid technologies, and industrial localization.

📈 Phased Recovery: Shipping of oil, gas and other commodities could take months to return to normal even if the Strait of Hormuz reopens, according to shipping analytics firm Kpler.

💸 New Bond: Dubai-based Emirates NBD Bank is preparing to issue a U.S. dollar-denominated Additional Tier 1 bond, the first such Middle Eastern bank deal since the start of the war, Bloomberg reports.

UAE President Sheikh Mohamed bin Zayed met with Ajit Doval, India’s National Security Adviser, in Abu Dhabi on Saturday. Sheikh Mohamed also met with Mohamed Ould Cheikh El Ghazouani, President of Mauritania, who is on a working visit to the UAE.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, held a phone call with U.S. Secretary of State Marco Rubio on Sunday.

Prince Faisal bin Farhan, the Saudi Foreign Minister, held a phone call with Abbas Araghchi, Iran’s Foreign Minister on Sunday. Prince Faisal also spoke with Amir Khan Muttaqi, Afghanistan’s Foreign Minister and Abdu Latif bin Rahid, Bahrain’s Foreign Minister.

Sheikh Hamdan bin Mohammed bin Rashid, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defense, and Chairman of the Executive Council of Dubai, reviewed several specialized projects being implemented by Dubai’s Roads and Transport Authority, which include the rapid intervention vehicle.

Sheikh Nawaf bin Mubarak Al Thani, Qatar’s former Director of Defense Intelligence Operations, was among more than 2,500guests, including U.S. President Donald Trump, when shots were fired at the White House Correspondents Dinner in Washington, D.C. on Saturday.

Sayyid Badr Hamad Al Busaidi, Oman’s Foreign Minister, said he held “constructive talks” on the Strait of Hormuz with Abbas Araghchi, Iran’s Minister of Foreign Affairs.

Dr Anwar Gargash, Diplomatic Adviser to the UAE President, said the Gulf’s strategy to contain Iran has “failed miserably,” warning of Iran’s long-term threat to the region.

Jassim AlSane, co-head of MENA Investment Banking at Goldman Sachs, told Zawya that the bank has recommended a “re-prioritizing” of certain sectors amid a regional slump in dealmaking.

Mark Dowding, Chief Investment Officer for Fixed Income of RBC Bluebay Asset Management told Bloomberg that Europe faces recession if the Strait of Hormuz crisis isn’t resolved within a month.

Erik Koornneef, was appointed Executive Director, Research, at the Institute for Healthier Living Abu Dhabi.

Bilal Baloch, a partner of UAE-based Shorooq, told Arabian Gulf Business Insight that Gulf startups and venture capital have what it takes to mature and grow as the Iran conflict and the advent of artificial intelligence reshuffle business and geopolitics.

📖 Reading in Rabat: Morocco is preparing to host the International Book and Publishing Fair this week, capitalizing on its designation as UNESCO’s World Book Capital for 2026. The fair is expected to draw hundreds of exhibitors from 50 countries, and Moroccan organizers hope it will position Rabat as a hub for regional publishing and translation deals, The New Publishing Standard reports.

April 27-28, Riyadh. Start Smart Saudi. The forum seeks to gather leading investors and ambitious entrepreneurs seeking to fuel the next stage of their startup growth. The Garage.

April 28-May 1, Dubai. World Token Summit. The event brings together regulators, founders, fund managers, and architects of the on-chain economy. Zaabel One.

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’s industrial promotion board celebrates 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 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 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.