TROUBLED LUXURY

Faltering sales in Dubai are threatening a much-needed recovery for the luxury retail market, just as LVMH, Kering and Hermès prepare to report earnings. Revenues at Mall of the Emirates were down 30-50% for some brands in March compared to the same period last year, while footfall declines across flagship retail hubs, including a steeper slump at Dubai Mall, point to a broader pullback in discretionary spending among tourists and residents alike. Even relatively resilient locations such as The Galleria Al Maryah Island in Abu Dhabi recorded weaker sales, suggesting the downturn is spreading beyond Dubai’s tourism-dependent economy. The figures cast doubt on the Middle East’s role as a rare growth engine for luxury brands, as geopolitical tensions threaten to delay an already fragile global recovery in the sector, Reuters reports.

BUYING MAYFAIR

Famed London venues including celebrity haunt Annabel’s and the Ivy restaurant chain are now in the hands of Abu Dhabi’s royal family. A unit of International Holding Co., the vast conglomerate led by UAE National Security Advisor Sheikh Tahnoon bin Zayed, purchased a majority stake in British businessman Richard Caring’s hospitality business in a deal valued at around $1.4 billion. The deal includes a portfolio of luxury restaurants and clubs, including the decadent and exclusive Annabel’s, the only nightclub ever visited by Queen Elizabeth II. Caring will stay on as Executive Chairman and will lead an international expansion in collaboration with IHC unit Diafa, which already owns high-end restaurants including Zuma and Roka via U.K.-headquartered Azumi Group, Arabian Business Insight reports.

Mubadala: Emirates Global Aluminium, a conglomerate owned by the Abu Dhabi sovereign wealth fund, declared force majeure for certain products after war-related damage to its Al Taweelah plant.

Qatar Energy: TotalEnergies E&P Congo, in which QatarEnergy is a shareholder, announced a new hydrocarbon discovery off the coast of Congo.

L’imad Holding: Etihad Airways, part of Abu Dhabi sovereign wealth fund L’imad Holding, announced an expansion of its mainland China network, with five new routes and 28 additional weekly flights.

🚂 Railway Business: Saudi Railways launched five new freight logistics routes to connect ports along the Arabian Gulf with central and northern regions of the kingdom.

✈️ Jet Deployment: Pakistan sent fighter jets to Saudi Arabia under a defense pact to strengthen the kingdom’s security during the regional conflict.

🏗️ Master Plan: UAE-based luxury developer Sobha Realty announced today its entry into the Abu Dhabi market with the launch of $10.9 billion Sobha City, a master-planned residential community located in Al Bahia.

⚡ Energy Coverage: Equity research firm Bernstein initiated coverage of the MENA energy sector, naming ADNOC Gas and Fertiglobe as its two top picks.

💰 Sum Seeker: Pakistan is in talks with Saudi Arabia and China to step in and provide financing of more than $3.5 billion after the UAE declined to roll over a similar-sized loan, Bloomberg reports.

🏡 Bubble Burst: New rental contracts in Dubai fell sharply in March as regional tensions linked to the Israel-U.S. war with Iran weighed on demand.

⛽ Gas Fields: Oman’s Ministry of Energy and Minerals is offering five concession areas in the oil and gas sector for competition among local and international petroleum companies.

UAE President Sheikh Mohamed bin Zayed met with India’s Minister of External Affairs Subrahmanyam Jaishankar in Abu Dhabi on Sunday to discuss regional developments.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, arrived in Beijing on Monday for an official visit.

Sheikh Maktoum bin Mohammed, UAE Minister of Finance and Chairman of the Dubai International Financial Centre, met with Bruce Flatt, CEO of Toronto-based asset manager Brookfield Corp., to discuss investment cooperation.

Badr Jafar, Special Envoy of the UAE Minister of Foreign Affairs for Business and Philanthropy, wrote in an opinion column for The New York Times that “oil for security” is no longer the sole basis for the UAE-U.S. relationship. “It is a 360-degree partnership – economic, technological, cultural and human –  that has been built quietly over decades by businesses, universities, hospitals and millions of individual choices,” Jafar writes.

Francis Belin, CEO of Mytheresa, told the Financial Times that the luxury retailer is eyeing further expansion in the Middle East despite the ongoing war.  

Bader Al-Ghanim was appointed as food delivery company Talabat’s Chief International Officer, a newly established role aimed at strengthening collaboration and driving consistent execution across markets within the MENA region.

🎤 Yodeling Mishap: American singer-songwriter and actress Sabrina Carpenter has apologized after mistaking an Arabic celebratory ululation from a fan as yodeling during her performance at Coachella on Friday. Clips from the set showed Carpenter reacting to a fan performing a zaghrouta. “I think I heard someone yodel. Is that what you’re doing? I don’t like it,” she said on stage. Carpenter later wrote on social media platform X that she had learned what it was and “welcomed all cheers and yodels from here on out.”

April 20-22, Abu Dhabi. Abu Dhabi Global Entrepreneurship Festival 2026. Bringing entrepreneurs, investors and experts to support innovation, partnerships and economic diversification. Abu Dhabi Energy Centre. 

April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.

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 museums, 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. 

DRONE DIPLOMACY

Ukraine is expanding the circle of Gulf customers for its battle-tested drone technology. President Volodymyr Zelenskiy told reporters in Kyiv on Thursday that he held discussions in Oman, Kuwait and Bahrain on new military partnerships connected to Ukrainian-developed unmanned aircraft systems, Reuters reports. Ukraine has already negotiated security agreements with Saudi Arabia, the UAE and Qatar while sending more than 200 personnel to the region to advise on interceptor systems and electronic warfare. Zelenskiy said Ukraine is negotiating additional 10-year cooperation frameworks and using its experience in fighting Russia to showcase its ability to shoot down Iranian drones.

SKIN IN THE GAME

China’s support for Iran has been tempered by its growing investments across the Middle East, where it has deployed about $270 billion since the pandemic. The region has been a key beneficiary of President Xi Jinping’s Belt & Road initiative, with Chinese investment and construction growing at its fastest pace of anywhere in the world, Bloomberg reports. Between 2014 and 2023, China provided roughly $2.34 in financing to Middle East countries for every $1 provided by the United States, the news agency added. Dubai airport, Jebel Ali power plant and Ras Laffan industrial complex are among the projects that received loans from Chinese state-owned creditors worth about $4.66 billion, according to AidData estimates. China, traditionally one of Iran’s biggest allies, has played a key role in convincing the country’s leaders to agree to the two-week ceasefire.

ADNOC: Dr. Sultan Al Jaber, Group CEO and Managing Director of the UAE’s national oil company, posted on X for the first time with the words, “We’ll emerge stronger,” and the text of the UAE’s national anthem.

Mubadala: Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of the sovereign wealth fund, wrote in the annual report that Mubadala is moving forward with a “clear vision” that aligns with the future direction of the UAE.

Oman Investment Authority: Abdulsalam Mohammed Al Murshidi, Chairman of OIA, met with a Libyan delegation to review further joint cooperation, as well as investment opportunities in Libya. Meanwhile, National Bank of Belarus Chairman Raman Halouchanka met with OIA’s Chief Investment Officer Ibrahim Al-Eisri on Thursday to discuss potential investments. 

Emirates Development Bank: The state-owned bank plans to approve up to $2.45 billion in funding this year to support local industrial growth.

💲 New Finance: UAE telecom company du has refinanced its revolving credit facility with a new $545 million agreement led by Emirates NBD and other major banks.

✈️ Mutual Benefit: Dubai Aerospace Enterprise and Blackstone Credit & Insurance have agreed to launch a platform to invest $1.6 billion annually in building and leasing a portfolio of commercial aircraft.

💰Foreign Investor: U.K. foreign direct investment in Oman rose 11% to $42 billion in 2025, making it the largest investor, as total FDI surpassed $81 billion.

✈️ Flight Cuts: British Airways is cutting Middle East flights and shifting capacity to Asia and Africa as carriers respond to security risks and weaker demand linked to the conflict.

🪙 Flexible Working: Cryptocurrency exchange Binance said it is offering temporary relocation to employees based in the UAE, where it has around 1,000 staff members, Bloomberg reports.

🏦Loan Request: Egypt is considering asking the IMF for a $3 billion loan, as foreign investment declines and economic pressures mount due to rising energy costs linked to the Iran war.

🛢️ Gas Bet: Egypt committed to buying the full output from Cyprus’ Aphrodite gas field, advancing plans to process and re-export offshore gas through its LNG facilities.

🏟️ Track Delay: The Diamond League season opener track competition in Doha has been postponed from May to June 19 due to security concerns tied to the Middle East conflict.

Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar, met in Doha today with U.K. Prime Minister Keir Starmer. The British leader met on Thursday night with King Hamad bin Isa Al Khalifa of Bahrain.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, met with Bruce Flatt, CEO of Brookfield Asset Management.

Prince Faisal bin Farhan, Saudi Foreign Minister, held a phone call with his Pakistani counterpart Mohammad Ishaq Dar on Thursday.

Sheikha Latifa bint Mohammed, Chairperson of the Dubai Culture and Arts Authority, met with key representatives from across Dubai’s cultural and creative ecosystem for a workshop at Etihad Museum on Thursday.

Mohamed Jameel Al Ramahi, CEO of Masdar, received the Sustainable Markets Initiative’s Terra Carta & Astra Carta Award, presented by King Charles III.

Kristalina Georgieva, Managing Director of the IMF, said the Middle East war could drive demand for as much as $50 billion in additional support from the international finance agency.

Khalaf Al Habtoor, Emirati billionaire and Chairman of Al Habtoor Group, plans to invest $1.4 billion in building a commercial tower within Al Habtoor City in Dubai.

Peter Hoeschele, an OpenAI Executive who played a key role in getting the Stargate effort off the ground, Shamez Hemani, who worked on compute strategy and business development, as well as Anuj Saharan, have all left the company, The Information reports.

🎭 Riviera Relevance: The 2026 Cannes Film Festival, its 79th edition, has unveiled a program spanning Competition, Un Certain Regard and other official sections. Three Red Sea Film Initiative-backed titles have been selected. Among them is “Parallel Tales,” an Asghar Farhadi project supported by the Red Sea Film Foundation. The film, a reinterpretation of Krzysztof Kieślowski’s “Dekalog VI,” features an ensemble cast including Isabelle Huppert, Virginie Efira, Vincent Cassel, Pierre Niney, Adam Bessa and Catherine Deneuve.

April 7-9, Marrakesh. GITEX Africa. Africa’s biggest tech and startup conference. Place Bab Jdid on Boulevard Al Yarmouk

April 20-22, Abu Dhabi. Abu Dhabi Global Entrepreneurship Festival 2026. Bringing entrepreneurs, investors and experts to support innovation, partnerships and economic diversification. Abu Dhabi Energy Centre. 

April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.

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 museums, 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. 

COMING HOME

Bankers at firms including JPMorgan Chase, Goldman Sachs and HSBC are weighing a return to the UAE following the U.S.-Iran ceasefire, after weeks in which staff were told to work remotely or temporarily relocate. Executives are now evaluating when to resume dealmaking, client meetings and on-the-ground staffing as conditions stabilize, Bloomberg reports. The timing of any return will depend on confidence that security has improved and that the rebound in Gulf markets and transactions can be sustained. Some investors say the UAE’s infrastructure and governance will help it recover, pointing to registrations at the ADGM, which rose 5% in March while Iranian missiles were targeting Abu Dhabi.

SOVEREIGN SURGE

Abu Dhabi’s Mubadala sovereign wealth fund said assets under management rose 17% to $385 billion in 2025. The fund said in a statement issued today that the U.S. accounted for 44% of its investments last year and 25% was spent in the UAE. Mubadala, which has major UAE holdings including tech firm G42, Aldar Properties and renewable energy company Masdar, said it will pursue new opportunities this year in artificial intelligence, robotics and data centers. Khaldoon Al Mubarak, Mubadala’s Managing Director and Group CEO, said the fund “remains resilient and well positioned to weather the current challenges facing the regional and global economy.”

Mubadala Capital: The sovereign wealth fund’s finance arm closed its largest Brazil-focused fund, Brazil Special Opportunities Fund III, at about $900 million, above its $750 million target, with strong backing from international investors and continued commitment to Brazil.

Abu Dhabi Investment Authority: ADIA has completed its minority stake investment in the $18.3 billion acquisition of U.S.-based women’s health company Hologic, alongside major private equity minority investors Blackstone, TPG, and GIC.

L’imad Holding: Etihad Airways, a unit of the Abu Dhabi sovereign wealth fund, will launch flights to Dhaka, Bangladesh, as part of its plan to boost connections to South Asia.

EDGE: Ukraine’s antitrust authority rejected an application by the UAE-owned defense contractor to acquire a 30% stake in drone maker Fire Point, saying the filing did not meet review requirements and leaving the proposed $760 million deal in limbo, Reuters reports.

2PointZero: A subsidiary of the Abu Dhabi based investment company will partner with Adani Green on renewable energy projects in India.

🔥 New Venture: Egypt-based Polyserve Group will develop a $215 million phosphate chemicals project in the Sokhna Industrial Zone, with an annual production capacity of up to 3.5 million tonnes.

🪨 More Phosphate: Singapore-based Indorama Corporation partnered with Egypt’s Misr Phosphate to develop a $525 million phosphate fertilizer plant in Sokhna Industrial Zone.

☁️ Cloud Deal: Nvidia-backed Amsterdam-based cloud provider Nebius is in talks to buy Israeli-based artificial intelligence startup AI21 Labs, The Information reports.

✈️ Neom Link: Flyadeal, the low-cost subsidiary of Saudia airline, is expanding its fleet and adding new routes, including a service from Riyadh to Neom four times a week.

💱 Currency Exchange: The UAE and Bahrain central banks signed a $5.5 billion currency swap agreement to boost local-currency use, financial cooperation and bilateral trade and investment.

📈 Outforming Shares: Saudi institutions have become major buyers of domestic equities, purchasing $1.9 billion in March, helping the Tadawul index outperform Gulf peers during the Iran war after a prolonged period of reduced stock exposure.

🍾 Bottle Stopper: Australian packaging company Orora, which produces bottles for brands including Grey Goose Vodka, halted production at its UAE plant due to the Iran conflict.

🛢 Striking Oil: Libya has announced three new oil and gas discoveries as it pushes to boost hydrocarbon production and attract further investment.

UAE President Sheikh Mohamed bin Zayed is expected to meet with U.K. Prime Minister Keir Starmer, who arrived in the UAE today on the second leg of his Gulf trip. Starmer met with Saudi Crown Prince Mohammed bin Salman in Jeddah on Wednesday.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of theExecutive Council, held a meeting with David Vélez, CEO of Brazil’s Nubank, on Wednesday to discuss cooperation in digital banking and financial services.

Sheikh Mohammed bin Rashid, UAE Vice-President and Ruler of Dubai, paid a surprise visit to Primark’s first UAE outlet at Dubai Mall.

Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, met with Kaja Kallas, EU High Representative for Foreign Affairs and Security Policy and Vice-President of the European Commission.

Dr. Thani Al Zeyoudi, UAE Minister of Foreign Trade, chaired a high-level coordination meeting hosted by the Ports, Customs and Free Zone Corporation at its headquarters in Dubai.

Sanjay Vig was appointed CEO of Al Mal Capital, a UAE‑based investment management and financial advisory firm.

Hakim Karoui was appointed by Abu Dhabi Islamic Bank as Global Head of its wholesale banking group.

Ben Salah was appointed Chief Investment Officer at IMI, a media company headquartered in the UAE. 

💄 Face Value: Homegrown Saudi Arabian beauty brands are reshaping the country’s cosmetics industry by blending modern pharmaceutical science with cultural heritage. The market is now seeing a surge of locally-made products putting a Saudi spin on the latest fashions, Arab News reports. “Our authenticity is the base, and from there we build around what the modern consumer actually needs,” Rana Banafa, founder of beauty brand Mraya said. “We look at global trends, but we filter them through our lifestyle, our preferences, and how beauty is used here. It’s about making trends feel relevant, not imported.”

April 7-9, Marrakesh. GITEX Africa. Africa’s biggest tech and startup conference. Place Bab Jdid on Boulevard Al Yarmouk

April 20-22, Abu Dhabi. Abu Dhabi Global Entrepreneurship Festival 2026. Bringing entrepreneurs, investors and experts to support innovation, partnerships and economic diversification. Abu Dhabi Energy Centre. 

April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.

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 museums, 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. 

LESS DIRE STRAIT

Global shipping firms remained wary of crossing the Strait of Hormuz, while cautiously welcoming news of a two-week ceasefire on Wednesday. Maersk said it was working urgently to get more information and was not making specific changes to its schedule yet. “The cease-fire may create transit opportunities, but it does not yet provide full maritime certainty and we need to understand all potential conditions attached,” the Danish logistics giant said in a statement. Maritime insurance company Vanguard urged shipping companies to exercise caution and assess all transits on a case-by-case basis. “All vessels are advised to remain aware of the extreme navigational hazards that could arise from attempts to mass exodus from the Strait,” it said.

ENERGY SUPPLY

Italy’s Eni has announced a gas and condensate discovery offshore Egypt that could help meet rising power demand in the Arab world’s most populous nation. The find in the eastern Mediterranean is estimated to hold about 2tn cubic feet of gas and 130mn barrels of condensates. Eni said the site lies within 10km of existing infrastructure, enabling a potential fast-track development, though it gave no timeline for production. The company said the discovery supports Egypt’s efforts to boost reserves, raise output and strengthen energy security. Meanwhile, the resumption of Israeli gas exports to Egypt has offered some relief to the energy crunch Egypt has suffered since the start of the Iran war, though soaring LNG prices mean Cairo still faces high costs. Supplies from Israel’s offshore fields have returned to near pre-conflict levels, aiding domestic networks and LNG exports.

L’imad Holding: AD Ports Group signed a deal with First Abu Dhabi Bank and Emirates NBD Capital to refinance its $2.5 billion syndicated loan.

Public Investment Fund: King Street Capital Management and the PIF signed a non-binding agreement in which the PIF will become an anchor of a new private credit fund targeting Saudi Arabia and the wider MENA region.

Mubadala Capital: The Abu Dhabi sovereign wealth fund’s asset management arm raised almost $1billion for its third Brazil fund, des­pite con­cerns that the war in the Middle East will cause Gulf states to review over­seas invest­ments.

Public Investment Fund: Paramount Skydance confirmed via a SEC filing that its acquisition of Warner Bros. Discovery is backed by Gulf funds, including Saudi Arabia’s PIF, Abu Dhabi’s L’Imad, and Qatar’s QIA and pointed to “strategic and commercial opportunities” presented by each of its equity partners.

G42: Space42, a G42 company, said that all its operations are proceeding normally and without any impact on services after an Iranian missile targeted the Thuraya Telecommunications Company in Sharjah on Tuesday.

💰 Lucky Hunch: Egyptian fintech Lucky raised $23 million in Series B funding to expand its consumer credit platform across North Africa.

🤝 Helping Hands: Jordan has launched a $1 billion stimulus package to boost bank liquidity and support struggling tourism businesses amid the regional conflict.

☕ Deal Brewing: Kuwait’s Alshaya Group acquired the Starbucks Greece and Cyprus licensed business from the Marinopoulos family, taking its ownership of global Starbucks stores to more than 2,000.

📅 Date Delayed: Doha has delayed its flagship annual Qatar Economic Forum, which was due to take place in May. New dates will be announced “in due course.

💶 Lower Fares: Etihad Airways has reduced fares by up to 50% on select global routes, with lower prices available for travel in April through June.

📈 War Dividend: Shell said its first-quarter results were boosted by strong oil trading despite Middle East assets being hit by the Iran conflict.

🏖️ Club Vibes: Miami-based luxury beach resort operator Nikki Beach Hospitality Group will open a branch in Marrakesh in 2028, taking up a prime location on the Route de l’Ourika.

UAE President Sheikh Mohamed bin Zayed held a phone call with Sanae Takaichi, Prime Minister of Japan, during which they discussed regional developments.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, met with David Vélez, Founder and CEO of Nubank, the São Paulo-based digital banking and financial services corporation.

Prince Faisal bin Farhan, Saudi Foreign Minister, held phone calls with both his Bahraini and Pakistani counterparts in separate conversations early Wednesday.

Dr. Anwar Gargash, diplomatic adviser to the UAE President, said following the ceasefire announcement that the UAE had “triumphed in a war we sincerely sought to avoid.”

Willie Walsh, Director General of the International Air Transport Association, told reporters in Singapore ⁠that jet fuel costs were likely to remain slightly elevated due to the impact on refineries.

Jasem Albudaiwi, GCC Secretary General, warned that regional military escalation could cut tourist arrivals by $8-19 million and cost up to 32 billion in revenue.

Ray Dalio, Founder of Bridgewater Associates, wrote on X about the challenges of the world economy given the ongoing wars.

🎨 Open Call: Louvre Abu Dhabi has announced the call for proposals for the sixth edition of Art Here and the Richard Mille Art Prize. This year, artists from India and the GCC are invited to submit proposals around the theme of “Confluences,” exploring how the world is shaped by overlapping histories, cultures and ecologies. The 2026 Richard Mille Art Prize includes a grand prize of $60,0000. Submissions are open until the end of May.

April 7-9, Marrakesh. GITEX Africa. Africa’s biggest tech and startup conference. Place Bab Jdid on Boulevard Al Yarmouk

April 20-22, Abu Dhabi. Abu Dhabi Global Entrepreneurship Festival 2026. Bringing entrepreneurs, investors and experts to support innovation, partnerships and economic diversification. Abu Dhabi Energy Centre. 

April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.

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 museums, 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. 

STRAIT DIPLOMACY

Britain hosts a military planning meeting today, bringing together officials from more than 40 countries to discuss securing safe passage through the Strait of Hormuz after the war in the Middle East ends. The virtual conference of the so-called “Coalition of the Willing” includes countries that previously signed a statement expressing readiness to contribute to efforts to ensure shipping through the waterway. Participants include France, Germany, Canada, Japan, South Korea, Australia and the United Arab Emirates, and the session will be opened by a senior British military officer, The Financial Times reports. The meeting, hosted from the Northwood military planning base near London, will explore measures for an international coalition that would not include the U.S. after Iran effectively closed the strait following strikes by the U.S. and Israel.

UP STREAM

A newly merged Abu Dhabi-backed production house will rival global streaming giants such as Netflix, Amazon and Apple, according to Jeff Zucker, the former president of CNN who runs Redbird IMI. Zucker told The National, an IMI-owned newspaper, that the merged entity of All3Media and Banijay, which will operate under the Banijay brand, would become the largest independent production company in the world. “We have scale like no one else,” he said. Banijay holds a library of global TV hits, including “MasterChef,” “Big Brother,” and “The Traitors,” and has a combined revenue of more than $5 billion. Zucker said the company’s strategy was focused on scale and adoption of artificial intelligence. “Abu Dhabi is an incredibly important center for a lot of what’s going on, not just because it’s a great home for long-term capital and for opportunities of scale,” he said. “It’s the center of what’s going on in the AI world.”

Public Investment Fund: War costs exceeding $10 billion and missed foreign investment targets are pushing the Saudi sovereign wealth fund to cut more spending, sell assets and scale back projects, including Neom, The Wall Street Journal reports.

Aramco: Saudi Arabia’s state-owned oil company benefited from higher prices and alternative routes while Iraq’s SOMO and Kuwait Petroleum saw revenues plunge more than 70% as the Hormuz shutdown stranded exports.

Aramco Ventures: The oil company’s investment arm is backing U.S. climate tech startup Via Separations as part of a $36 million funding round.

ADQ: Khalifa Economic Zones Abu Dhabi Group, part of AD Ports Group – which is majority-owned by sovereign wealth fund ADQ – secured five new industrial and logistics projects across Al  Ain and Abu Dhabi, with investors committing about $40 million. 

🏠 Property Plot: Saudi Arabia’s Kingdom Holding Co. said its subsidiaries appointed Sumou Real Estate as the exclusive development manager for a 3 million square-meter (32.3 million square-foot) Riyadh land project expected to generate about $1.1 billion in sales.

👍 Thumbs Up: Bahrain Family Leisure Co. approved a reverse merger to acquire Truffle Hospitality, giving parent company Dividend Gate Capital a 58% stake in the combined hospitality business.

🌐 Expanded Capacity: Saudi Arabia’s data center sector has grown sixfold since Vision 2030 was launched, attracting more than $4 billion in investment.

💵 Big Money: KKR has closed its North America-focused buyout fund at $23 billion, the largest solely North American PE fund, backed by major institutional investors like Washington State, New York State, and Minnesota pension boards.

🚀 Rocket Deal: Israel and Greece signed a $750 million arms deal under which Elbit Systems will supply the Greek Ministry of Defense with PULS precision rocket systems.

🌍 Export Club: The UAE entered the world’s top 10 exporters for the first time in 2025, driven by growth in re-exports and non-oil trade as companies expanded logistics and global supply chain roles.

💰 Standing Firm: BlackRock and State Street, which together manage some $20 trillion in assets, told The National that the current conflict in the Middle East has not altered their plans for expansion in the region.

🇸🇦 Hiring Mandate: Saudi Arabia has expanded its Saudization program – which requires private companies to hire Saudi nationals under a quota system – to include 69 additional administrative roles, including secretarial work, translation and data entry.

🛢️ Rebound-Ready: Iraq’s Basra Oil Co. said exports should quickly recover to about 3.4 million barrels a day within a week if the Strait of Hormuz reopens, as shipments have collapsed by roughly 80% during the Iran conflict.

UAE President Sheikh Mohamed bin Zayed met with Sheikh Jarrah Jaber Al-Ahmad Al-Sabah, Kuwait’s Minister of Foreign Affairs, in Abu Dhabi on Monday.

Qatar’s Emir Sheikh Tamim bin Hamad held a phone call with French President Emmanuel Macron on Monday to discuss developments in the region.

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, and Chairman of the Board of Directors of the Emirati Talent Competitiveness Council, announced the extension of the Nafis program, which promotes Emirati talent in the private sector, until 2040.

Jacob Helberg, U.S. Under Secretary of State for Economic Affairs, and Mohamed Al Suwaidi, UAE Minister of Investment, chaired the first interagency meeting of the U.S.-UAE AI Acceleration Partnership Working Group in Washington D.C. on March 26. Among those attending were UAE Ambassador to the U.S. Yousef Al Otaiba and G42’s Talal Al Kaissi and Marty Edelman.

Kristalina ​Georgieva, ​Managing Director of the International Monetary Fund, said that the war in the Middle East will lead to higher prices and slower growth. 

Waleed Al Awadhi, CEO of the UAE Capital Market Authority, said that the organization is developing governance for the use of artificial intelligence in the financial sector.

Sam Altman, the CEO of OpenAI, who has developed ties with Saudi Arabia and the UAE to expand large-scale AI infrastructure and partnerships in the Gulf region, was profiled by The New Yorker. 

Hassan El-Houry, Executive Chairman of Menzies Aviation, a subsidiary of Abu Dhabi-listed Agility Global, said that the ongoing war in the Middle East is “a small blip” and he remained confident the industry would recover.

🎪 Whisper It: The UAE’s national pavilion at this year’s Venice Biennale will present a show exploring contemporary soundscapes in the UAE. Titled “Washwasha,” which is a phonetic rendering of the Arabic word for “whispering,” the exhibition is curated by Bana Kattan, the Guggenheim Abu Dhabi Project’s Curator and Associate Head of Exhibitions. It brings together works by six artists: Alaa Edris, Mays Albaik, Jawad Al Malhi, Farah Al Qasimi, Lamya Gargash and Taus Makhacheva. The exhibition starts on May 9 and will run through Nov. 22.

April 7-8, Riyadh. Media Conference. Titled Artificial Intelligence Media: Opportunities and Challenges, the 10th edition will discuss key challenges facing media practitioners and review academic work in line with job market needs. 

April 7-9, Marrakesh. GITEX Africa. Africa’s biggest tech and startup conference. Place Bab Jdid on Boulevard Al Yarmouk

April 20-22, Abu Dhabi. Abu Dhabi Global Entrepreneurship Festival 2026. Bringing entrepreneurs, investors and experts to support innovation, partnerships and economic diversification. Abu Dhabi Energy Centre. 

April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.

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 museums, 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.