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. 

BATTLE FATIGUE

Among the Gulf Cooperation Council’s six members, Bahrain’s economy is emerging as one of the major casualties of Iran’s missile and drone attacks. The mounting financial pressure could, in fact, “bring Bahrain to its knees,” The Economist reports. The magazine describes Manama’s “glitzy petro-skyline” as heavily damaged, with drone and missile strikes hitting refineries, factories, residential towers and the headquarters of the U.S. Fifth Fleet. The assaults come as Bahrain was already heading for a budget deficit exceeding 10% of GDP due to low oil prices and rising debt-servicing costs. Public debt has climbed to about 146% of GDP, with nearly a third of government revenue going toward interest payments, the magazine said.

HOLLYWOOD BILLIONS

Paramount Skydance is looking to secure almost $24 billion from Gulf sovereign wealth funds backing its takeover of Warner Bros. Discovery, including about $10 billion from Saudi Arabia’s Public Investment Fund. Abu Dhabi-based L’imad Holding and the Qatar Investment Authority are expected to make up the remainder, The Wall Street Journal reports. Paramount, run by Oracle co-founder Larry Ellison’s son David Ellison, secured a $111 billion deal for the Hollywood studio after aggressively pursuing a bidding war and scuppering its previous deal with Netflix. In a bid to avoid scrutiny from U.S. regulators, the Gulf investments are structured as non-voting stakes. 

ADNOC: Borouge, a petrochemical company jointly owned by ADNOC and Austria’s Borealis, suspended operations at its Abu Dhabi complex on Sunday after fires broke out as a result of falling debris from an intercepted Iranian missile.

Lunate: A workplace lawsuit in the U.S. has provided a view of how the Abu Dhabi fund became one of the key investors in Insight Partners, a major backer of Anthropic and OpenAI, Forbes reports.

Public Investment Fund: PIF’s Qiddiya City will open Aquarabia Qiddiya City, the largest water theme park in the Middle East, on April 23 of this year.

Qatar Investment Authority: The QIA, a 22% shareholder in U.K. supermarket chain Sainsbury’s, is supporting merger talks with Walmart-backed competitor Asda.

🚢 Crossing Hormuz: Iraq has informed Asian buyers that its crude shipments can safely transit the Strait of Hormuz under an Iranian exemption, Bloomberg reports.

⛽ Moving LNG: Two Qatari LNG tankers, Al Daayen and Rasheeda, are heading toward the Strait of Hormuz though their final destinations remain subject to change, Bloomberg reports.

🛢️ Symbolic Supply: OPEC+ member nations agreed on Sunday to boost output by about 200,000 barrels per day, though the move is largely symbolic since war-related disruptions and the closure of key export routes limit the ability of Gulf producers to raise actual shipments.

💰 Money Fleeing: Egypt has lost an estimated $8 billion in foreign portfolio outflows due to the ongoing war, according to global ratings agency Moody’s.

🇵🇰 Under Strain: Pakistan’s economy is facing a new setback after the country failed to reach an agreement to roll over a $3 billion loan from the UAE.

✈️ Partial Recovery: Gulf airlines are flying at just over half their pre-crisis capacity, recovering to about 52% of Feb. 27 levels by early April.

🔩 Sorting Production: Emirates Global Aluminium said it could take at least 12 months to restore full production at its heavily damaged Al Taweelah smelter after Iranian strikes.

🏙️ Business Buzz: A visiting journalist reports in The Monocle that roaming through Dubai and Abu Dhabi amid daily drone strikes from Iran convinced him that the UAE has managed “to keep its business buzz.”

UAE President Sheikh Mohamed bin Zayed met with Italian Prime Minister Giorgia Meloni in Abu Dhabi on Saturday.

Sheikh Mohamed also held a phone call with Ahmed Al-Sharaa, President of Syria, to discuss developments in the region.

Emir of Qatar Sheikh Tamim bin Hamad met with the Italian Prime Minister Giorgia Meloni in Doha on Saturday.

Saudi Crown Prince Mohammed bin Salman also met with Italian Prime Minister Giorgia Meloni in Riyadh on Friday.

Anwar Gargash, Advisor to the UAE President, said any settlement of the U.S.-Iran war must guarantee access through the Strait of Hormuz, Reuters reports. 

Abdulla bin Touq Al Marri, UAE Minister of Economy and Tourism, told Dubai Eye 103.8’s Business Breakfast show that the country is preparing a support package for the tourism sector.

Jeff Zucker, CEO RedBird IMI, told IMI’s Chief International AnchorHadley Gamble that a recent merger of two companies within its portfolio, All3Media and Banijay Entertainment, has produced the “largest independent production company in the world.”

Tariq Atiq was appointed CEO of Bank Nizwa, an Islamic bank in Oman.

🎤 Not Over: Dubai Opera has hosted its first concert since its season was disrupted by the Iran conflict. The special event on Saturday, which was put together in the space of two weeks, featured sets by UAE-based artists Lebanese singer Yara, Iraqi performer Mahmoud Al Turky and Syrian artist Mouhamad Khairy, The National reports. “I am a proud resident of this country and to be here performing tonight is even more special,” Khairy told the audience. “Like the UAE itself, we will be resilient and I am sure there will be plenty of better days to come.”

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. 

GOING GALACTIC

Saudi Arabia’s Public Investment Fund is in talks to take a $5 billion anchor stake in Elon Musk’s SpaceX when it makes its stock market debut, Reuters reports. The rocket maker, which also owns artificial intelligence firm xAI following a merger in February, has boosted its target valuation above $2 trillion for an IPO, which is expected to smash records, including the one set by Saudi Aramco’s debut in 2019. The company and its advisors have been floating the new valuation figure to prospective investors, including the PIF, Bloomberg reports. The PIF holds an existing stake of just under 1% in SpaceX via its AI firm Humain, which is also collaborating with xAI to build 500 megawatts of data center capacity in the kingdom. Other Gulf funds have backed SpaceX, including Abu Dhabi’s AI investment vehicle MGX, which is backed by Mubadala and G42.

THOUGHT FOR FOOD

Dubai’s restaurant sector faces potential closures by summer as the Iran war hits tourism and tightens cash flowin a market already operating on thin margins. Missile and drone activity across the Gulf, while mostly intercepted, has spooked visitors and residents, sharply reducing footfall and spending in luxury and casual dining, Arabian Gulf Business Insights reports. High-end venues report drops of up to 90% in customers, while some are cutting prices for the first time to attract local diners, further squeezing margins. Industry executives told the news website that without a rebound in tourism, many restaurants, particularly self-funded and premium outlets, may not survive the coming months.

Public Investment Fund: Marc Winterhoff, acting CEO at PIF-backed Lucid, said profit margins at the electric vehicle company are being squeezed by supply chain disruptions and rising logistics costs, which increase expenses but also force the company to be more flexible.

Public Investment Fund: U.S.-listed engineering firm Parsons Corporation has been appointed as project management consultant for a sports complex in Jeddah by the PIF’s Al Ittihad Club.

Public Investment Fund: Steven Greenway is stepping down after two years as CEO of flyadeal, the low-cost airline owned by PIF-backed flag carrier Saudia. 

Qatar Investment Authority: U.S.-based wearable tech company Whoop has signed a new partnership with soccer club Paris Saint-Germain, which is owned by the QIA. It comes after Whoop raised $575 million from investors, including the QIA, this week.

👍 Green Light: Emirates NBD, Dubai’s largest bank by assets, has been given approval by the Reserve Bank of India to acquire a 74% stake in RBL Bank.

🏘️ Buyer’s Market: Dubai developers have started offering discounts and flexible payment terms to draw investors towards off-plan homes, shaving prices as much as 10%, Arabian Gulf Business Insight reports.

🏦 Going Grand: Kuwait has approved $10 billion in capital spending for 2026-2027, more than a third higher than last year, to fund major infrastructure projects.

☀️ Solar Team: Wadico and Asunim Egypt signed a deal to build a 3.2-megawatt off-grid solar plant in Aswan to power mining operations, cut diesel use by 2.6 million liters annually, and reduce costs and fuel imports.

🏥 Health Benefit: Cambridge Health Group plans to invest $26.6 million to expand Cambridge Hospital Jeddah.

🛢️ Land Transport: Iraq has begun exporting oil via Syria’s Baniyas port, with hundreds of trucks entering through Al-Tanf to reinforce Syria’s role as a key transit hub amid regional conflict affecting energy markets.

🏞️ Heading North: Property sales in Oman have surged about a third to $550 million since late February, driven largely by increased demand from UAE investors.

🤝 Coordinated Action: The leaders of the International Energy Agency, International Monetary Fund and World Bank agreed to form a coordination group to strengthen their response to the war’s major economic and energy impacts in the Middle East.

🌐 Data Security: Qatar’s National Cyber Security Agency launched a Cloud Computing Privacy Assessment Tool to help organizations improve data protection practices.

UAE President Sheikh Mohamed bin Zayed held a phone call with King Abdullah II of Jordan on Thursday to discuss regional events. 

Saudi Crown Prince Mohammed bin Salman held a phone call with Russia’s President Vladimir Putin on Thursday.

Crown Prince of Kuwait Sheikh Sabah Al Khalid Al Sabah spoke with British Prime Minister Keir Starmer on Friday. The pair discussed the deployment of the U.K.’s Rapid Sentry air defense system to Kuwait to protect Kuwaiti and British personnel and interests in the region.

Suhail Mohamed Al Mazrouei, UAE Minister of Energy and Infrastructure, said no country has the right to disrupt global trade, calling Iran’s blockade of the Strait of Hormuz an unprecedented threat to supply chains and urging international cooperation.

Mostafa Madbouly, Egypt’s Prime Minister, said the country aims to achieve a 45% renewable energy share by 2028, two years earlier than the previous target.

Chiro Ghosh, Group Head of Research at Bahrain-based Sico Bank, told The National that governments may temporarily hold prices to ease inflation pressures, but costs will ultimately be passed on to consumers.

Abdulkarim Mohamed Alzakari was appointed acting CEO of Bahrain’s Khaleeji Bank, an Islamic lender in the kingdom.

Hend Al Otaiba, former UAE Ambassador to France, is building a consulting firm in Abu Dhabi called HAO Strategies, Intelligence Online reports.

⛪ Saving Culture: In southern Lebanon, thousands of years of heritage are increasingly at risk as conflict displaces over a million people, leaving historic sites vulnerable to damage. Archaeologists and NGOs warn that rural and unregistered sites, including cemeteries, mosques, churches, and ancestral homes, face the greatest threat, The National reports. Organizations like Biladi and Aliph are racing to protect cultural treasures, investing in emergency projects, storage expansion, and enhanced security. Cities such as Tyre, along with Harouf and Nabatieh, remain focal points of concern, highlighting the urgent need to safeguard Lebanon’s cultural identity amid turmoil.

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

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 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. 

REWENWABLE STRENGTH

Abu Dhabi’s green energy company Masdar is forming a $2.2 billion joint venture with France’s TotalEnergies, merging onshore renewable operations across nine Asian countries. The new company will develop, own and operate solar, wind and battery projects with 3GW of capacity already operational and 6GW expected to be in advanced development by 2030. Masdar’s global renewable portfolio is rapidly expanding, with a goal of reaching 100GW by 2030. It comes as the Abu Dhabi-based International Renewable Energy Agency said on Wednesday that the Middle East added a record 12.7GW of renewable energy last year, led by Saudi Arabia, which added more than 5.7GW.

FLIGHT RISK

Bankruptcies could start to hit global airlines if the Iran war continues for much longer, largely because of the soaring cost of fuel, according to the Dubai-based billionaire behind leasing firm Avia Solutions Group. Gediminas Ziemelis told Bloomberg that he would move a significant portion of the company’s 145 jets from Europe to Asia and Brazil, as the conflict has curbed demand from the European airlines which usually lease planes in preparation for the summer peaks. Ziemelis, whose business is largely based on short-term rentals of fully-staffed aircraft, known as wet-leasing, is addressing the crisis by spreading his fleet across multiple regions, but said expansion plans for Dubai remain in place. “We need to be ready for any area, district, jurisdiction and geopolitical risk,” he said.

Abu Dhabi Investment Authority: ADIA has closed a $2.5 billion financing deal for its assets in Australia, where its subsidiary Tawreed Investments owns stakes in motorways, ports and power transmission grids..

2PointZero Group: International Resources Holding, a subsidiary of 2PointZero Group, has signed a 20-year purchase agreement with Mexico’s AMIGO LNG.

Public Investment Fund: PIF-backed Newcastle United reported a £35 million ($47 million) annual profit for 2025, boosted by the sale of its St. James’ Park stadium.

Emirates Growth Fund: Emirates Growth Fund has invested $12.2 million  in CarniStore, a UAE-based protein business.

Public Investment Fund: Elon Musk’s SpaceX, whose Gulf backers include the PIF’s flagship artificial intelligence company Humain, has submitted its draft IPO registration to the U.S. Securities and Exchange Commission, Bloomberg reports.

⚡ Related Party: Saudi Arabia’s Kingdom Holding Co. will acquire a stake in  U.S.-based Breakthrough Energy Ventures from its Chairman and major shareholder Prince Alwaleed bin Talal for $68 million.

🏗️ Moving Forward: UAE developers such as Dubai Investments, Azizi Developments, Modon and Arada are maintaining project timelines despite softer prices and volumes amid the regional conflict.

📈 Sharing Shares: Saudi Arabia’s Advanced Petrochemical has agreed to a strategic share swap with South Korea’s SK Gas Petrochemical to refocus on core domestic assets.

🏢 New Bureau: Singapore-based Hillhouse Investment Management, which has $100 billion in assets ​under management, has opened a new office in Abu Dhabi’s ADGM free zone. 

🔩 Supply Risk: Goldman Sachs says the ongoing conflict in the Gulf has cast doubt on the region’s planned aluminum capacity expansions, threatening future supply and potentially driving long-term prices higher.

🍔 Food Hiatus: Egypt’s Edita Food Industries has halved production at its factory in Iraq and delayed a new product launch due to the Iran war.

UAE President Sheikh Mohamed bin Zayed held a phone call with U.S. President Donald Trump to discuss the Iran conflict and regional developments. 

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, chaired a meeting of the Executive Committee of the ADNOC Board, reviewing measures to strengthen operational resilience.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE  Deputy Prime Minister and Minister of Defense, unveiled digital projects targeting $27 billion in annual economic impact.

Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, met with his Kuwaiti counterpart Sheikh Jarrah Jaber Al-Ahmad Al-Sabah in Riyadh on Wednesday. Prince Faisal also held a phone call with UN Secretary-General Antonio Guterres to discuss the international efforts made to address regional developments and their impacts.

Prince Khalid bin Salman, Saudi Arabia’s Defense Minister, met with his Greek counterpart Nikos Dendias in Riyadh on Wednesday.

Sheikh Maktoum bin Mohammed, UAE Minister of Finance, met with Dr. Christian Bruch, President and CEO of Siemens Energy, on Wednesday.

Lord Patrick Hodge was appointed as the new Chief Justice of ADGM Courts, following the retirement of Lord David Hope.

Mohamed Khamis Al Kaabi, the UAE’s Permanent Representative to the International Maritime Organisation and Vice-Chair of its Facilitation Committee, took part in the committee’s 50th session.

Eric Beranger-Fenouillet was appointed Managing Partner of Bain & Company’s Middle East business.

💍 Love Wins: Weddings are on the rise in Abu Dhabi despite regional conflict, with the number of couples exchanging vows at the city’s Civil Family Court rising each day since the war began, The National reports. More than 4,300 couples have married since the start of the year, with the court processing up to 70 unions a day in recent weeks.

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

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 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. 

IRANIAN BAN

The UAE has issued an advisory banning Iranian nationals from entering or transiting through the country, with a few exceptions. The restrictions come amid heightened geopolitical tensions in the region, with airlines and travel advisories adjusting policies rapidly. Emirates airline said that those who have a Golden Visa, are married to UAE nationals or born to an Emirati woman will be allowed in, as well as athletes, bank executives, doctors, families, engineers, investors, senior professionals or traders. The UAE, a key global aviation hub, serves as a major transit point for international travelers, meaning that restrictions on certain nationalities can ripple across regional travel and airline operations. Travelers are urged to review the latest entry requirements before booking or flying, as rules may change rapidly due to regional developments, the airline said. 

FAMILY AFFAIR

Wealthy Gulf families have been channeling money into London-based family offices, stepping in as foreign “non-dom” residents exit the U.K. following tax changes that removed long-standing privileges. The shift has helped sustain London’s status as a global wealth hub even as high-net-worth individuals relocate to lower-tax jurisdictions, Bloomberg reports, with family offices often remaining in the city despite their owners moving abroad. Among those active in London are Dubai’s Al Rostamani family, as well as the Bin Mahfouz and Alsubeaei clans from Saudi Arabia. Middle Eastern investors have increased their presence over roughly the past 18 months, drawn by London’s deep financial expertise, legal infrastructure and deal flow despite broader uncertainty in the U.K. wealth landscape.

Aramco: Sadara Chemical, a joint venture between Aramco and U.S. chemicals firm ‌Dow, has temporarily shut its Jubail petrochemicals complex due to supply chain disruptions.

2PointZero: The Abu Dhabi fund said it joined investors including Mubadala, the Qatar Investment Authority and Affinity Partners in a $575 million fundraising round for fitness tracking company Whoop.

2PointZero: Subsidiary E Point Zero agreed to acquire a 100% stake in U.S.-based Traverse Midstream Partners in a deal valued at $2.25 billion.

ADNOC: ADNOC Distribution said recent regional developments had no material impact on its operations, financial position or liquidity, as its shareholders approved a final cash dividend of $350 million for the second half of 2025 at its annual meeting.

G42: Subsidiary Core42 appointed Sherif Tawfik as Chief Business Officer. He previously served as Chief Partnership Officer for the G42 & Microsoft Global Alliance.

👍 Money in Bank: Dubai’s Emirates NBD closed $2.25 billion in long-term financing in a deal that was oversubscribed by more than two times.

💰 Home Fund: Saudi Arabia’s Al Ramz Real Estate and Oud Capital are launching a $173 million Islamic-compliant fund to finance a 900-home residential project in Jeddah.

🩺 Medical Complex: Egypt’s MIDAR signed an agreement with Italy’s Gruppo GKSD to develop a $693 million integrated medical, education, and research complex in New Cairo.

🛢️ Oil Venture: Italian energy company Eni plans to invest $2 billion in Egypt’s energy sector in 2026, according to its chief operating officer Guido Brusco.

🤝 Golden Roster: Whoop’s impressive list of investors, including Mubadala, the QIA, 2Point Zero and Affinity Partners, explains the fitness-tracking company’s sky-high valuation, AI product management guru Aakash Gupta says in an X post. “$10.1 billion for a company that gives away a screenless rubber band,” he writes.

🚗 RoboTaxis: Dubai’s Roads and Transport Authority launched autonomous taxi services in Umm Suqeim and Jumeirah with Apollo Go and WeRide, available via the Uber and Apollo Go apps.

🛢️ Rising Costs: Fujairah, a primary storage base for many companies, has witnessed an increase in energy storage costs following rising global demand.

🛎️ Hospitality Hit: Travel and tourism businesses in Qatar are facing severe financial and operational strain from flight disruptions and rising costs.

💷 Bond Bump: GCC dollar sukuk and bond yields have hit five-year highs as the Iran conflict fuels risk perceptions and tightens liquidity, sharply widening spreads across regional debt markets, Fitch Ratings said.

UAE Sheikh Mohamed bin Zayed met with Qatar’s Emir Sheikh Tamim, who arrived in the Emirates on Tuesday after a visit to Saudi Arabia. 

Sheikh Mohamed also held a phone call with Russia’s President Vladimir Putin on Tuesday and met with Nikos Dendias, Greece’s Minister of National Defense. The UAE President also held a phone call with Greek Prime Minister Kyriakos Mitsotakis. 

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, met with Greece’s Minister of National Defense, Nikos Dendias.

Mustafa El Sammak, CEO of Abu Dhabi-headquartered private developer Ohana Development,  told Zawya Projects that the company plans to self-fund the $4 billion Manchester City Yas Residences.

Abdulla bin Touq Al Marri, UAE Minister of Economy and Tourism, said the country is strengthening its role as a regional food hub by leveraging advanced infrastructure, technology and national food industries to ensure sustainable supply chains, market stability, and global competitiveness.Jamie Dimon, CEO of JPMorgan Chase & Co., said that the U.S. must permanently neutralize the threat from Iran to secure global markets and the Strait of Hormuz.

🍋 Making Lemonade: Dubai’s Coca-Cola Arena is making the most of a bad situation by hosting a huge clearance sale featuring discounted retail stock, as it counts the cost of canceled and postponed shows. “You just cannot let a venue go dormant,” General Manager Mark Jan Kar told The National. “The venue still has live systems, critical systems and regulatory requirements that remain in place whether or not events are scheduled… The costs do not disappear because the stage is empty.” In normal times the arena often hosts sold-out shows, booking global stars from Enrique Iglesias and Maroon 5 to Alicia Keys.

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

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 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. 

PRESSURE POINT

As Iran’s Houthi allies in Yemen are drawn into the Middle East conflict, the prospect of attacks on a key alternative oil export route is driving oil prices up even further. With the Strait of Hormuz effectively blocked, the Bab el-Mandeb Strait – a 30-kilometer-wide (18.6-mile)  chokepoint known as the “gate of tears” – is a crucial crude export route for Saudi Arabia, which has ramped up exports from the Red Sea port of Yanbu. U.S. crude oil futures ended the trading session above $100 a barrel for the first time since 2022 on Monday amid fears of Houthi attacks against ships in the strait, Bloomberg reports. Meanwhile, an apparent Iranian drone strike caused a fire on board a Kuwaiti oil tanker anchored off the Dubai coast today. Firefighters were able to control the blaze.

WAR BUFFER

Dubai is rolling out a 1 billion-dirham ($272 million) package of economic incentives to cushion businesses and households from war-related disruptions. The new measures – which include deferred government fees, delayed hotel levies and extended customs grace periods to boost liquidity – were approved today by Crown Prince Sheikh Hamdan bin Mohammed, Chairman of the Executive Council of Dubai. The package will be introduced over the next three to six months and includes streamlined residency permits aimed at attracting talent. A U.N. Development Program analysis estimates Arab economies could lose between $120 billion and $194 billion in GDP due to the conflict’s impact.

Mubadala: Fitness tracker company Whoop Inc. raised $575 million at a valuation of $10.1 billion from investors including the Abu Dhabi sovereign fund Mubadala and the Qatar Investment Authority. Professional athletes, including Cristiano Ronaldo, LeBron James and Rory McIlroy, also took part.

Public Investment Fund: Elon Musk’s SpaceX, whose Gulf backers include the PIF’s flagship artificial intelligence company Humain, could file for an IPO as early as this week, seeking to raise as much as $75 billion at a valuation of $1.75 trillion.

Oman Investment Authority: Oman’s Heritage and Tourism Ministry signed an agreement with the OIA’s Omran Group to build a $389 million tourism complex in Muscat managed by Four Seasons Hotels and Resorts. 

AD Ports: The shipping and logistics group’s Economic Cities & Free Zones, and Maritime & Shipping Clusters drove revenue of about $5.6 billion and net profit of about $560 million, up 20% and 16%, respectively, from 2024.

🛢️ Rig Retreat: Saudi Arabia’s ADES Holding has halted 10 drilling rigs across the Gulf as the Iran war forces regional producers to scale back oil supply, CEO Mohamed Farouk told Asharq TV.

🤝 Club Med: Egypt and Cyprus signed a framework agreement to deepen cooperation on natural gas development and exports, aiming to boost Eastern Mediterranean supplies as global markets tighten.

🔥 Energy Hub: Egypt recorded 83 oil and gas discoveries and attracted about $6.5 billion in investment during 2024-2025, Petroleum Minister Karim Badawi said.

🎓 Campus Closure: NYU Abu Dhabi closed its campus on Monday and shifted fully to remote learning after Iran threatened to target U.S.-affiliated universities in the region.

🚢 Clear Passage: Malaysia said its tankers would be allowed to pass through the Strait of Hormuz without paying any Iranian tolls, Bloomberg reports. 

💰 Moving Capital: Dubai-based AriseIIP plans to draw more than $3 billion of investments to Kenya over five years, Reuters reports.

⛏️ Pay Dirt: Six international firms are bidding for Oman’s $1.5 billion mineral projects as Minerals Development Oman pushes ahead with global investor partnerships.

🔴 No Go: Jordan has imposed a two-month ban on official international travel and tightened government spending in response to economic strain from the Iran war.

UAE President Sheikh Mohamed bin Zayed held a phone call with António Costa, President of the European Council, on Tuesday.

Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister and Ruler of Dubai, chaired the UAE Cabinet meeting on Sunday.

Egyptian President Abdel Fattah al-Sisi called on U.S. President Donald Trump to stop the war with Iran and warned that crude oil could surge past $200 a barrel, speaking at the Egypt Energy Show 2026 conference in Cairo on Monday.

Saudi Crown Prince Mohammed bin Salman met with Emir of Qatar Sheikh Tamim and Jordan’s King Abdullah II on Monday to discuss the war’s impact on energy and the world economy.

Amira Sijwani, Managing Director of Damac Properties, wrote on X that the UAE remains resilient and confident, with robust economic fundamentals.

Mahmoud Ismail was appointed Managing Director, Egypt and Group Head of Acquiring Products at digital payment provider Arab Financial Services.

Bill Ford, CEO of General Atlantic, told Semafor in an interview that the private equity firm will remain committed to investing in the Gulf even as the war with Iran upends the regional economy. 

Ahmad Belhoul Al Falasi, Chairman of the UAE Space Agency, told the Arab Gulf States Institute in Washington last week that the UAE wants the private sector to lead its space program within this decade and the Iran conflict is aiding the switch, Arabian Gulf Business Insight reports.

🏖️ Silver Lining: As hotels and resorts around the Gulf attempt to recover lost tourism revenues, many are offering deals to residents who fancy a staycation, from big discounts on room rates to free upgrades and late checkouts. The National rounded up some of the best offers in the UAE and Oman, from hideaways in Abu Dhabi’s Liwa Desert to luxury beach resorts in Oman’s southern region of Salalah.

March 30-April 1, Cairo. Egypes Energy Show. A major international energy exhibition and conference focused on the future of energy. Egypt International Exhibition Center.

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

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 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. 

METAL STRIKE

The Iran war is hitting global aluminum supplies, with Emirates Global Aluminium and Bahrain’s Alba both reporting damage to key facilities after Iranian strikes. EGA’s Al Taweelah plant in Abu Dhabi, one of the world’s largest aluminum sites, was hit in a weekend attack that injured workers and disrupted operations. The incidents underscore how the conflict is expanding beyond oil into core industrial metals that feed global manufacturing supply chains, The Wall Street Journal reports. Prices have begun to climb as traders factor in the risk of prolonged disruption to Gulf production. Aluminum prices on the London Metal Exchange jumped 6% on Monday, nearing four-year highs.

BACK ON TRACK

Ferrari has resumed vehicle shipments to the Middle East after a week-long pause caused  by halted cargo routes and blocked fuel flows through the Strait of Hormuz. The Italian carmaker said it resolved logistical challenges by rerouting sea freight and using air transport where needed to reach customers, Reuters reports. The halt highlighted how the Iran conflict is spilling into global supply chains, affecting the shipping of everything from crude oil to luxury goods. Maserati, the brand owned by Franco-Italian automaker Stellantis, also said last week it ‌was pausing its shipments in the region.

DP World: Russia’s state nuclear company Rosatom has agreed to form a logistics joint venture with Dubai-owned DP World, taking a 51% stake.

International Holding Co.:  France’s AI startup Mistral, in which Abu Dhabi-backed IHC holds a minority stake, has secured $830 million in debt financing to acquire Nvidia chips for a data center near Paris, The Financial Times reports. 

Saudi Aramco: The Iran war has upended Saudi crude pricing, with Saudi Aramco, the world’s biggest oil company, set to sharply raise May prices, and Asian buyers seeking alternative pricing mechanisms amid supply fears and shrinking margins, Bloomberg reports.

🚀New Hub: VIE Communities, an Emirati-Egyptian real estate company, is targeting $1.7 billion in sales for its development in New Cairo.

💰Discounted Capital: Sharjah Islamic Bank will seek to raise $705 million through a discounted rights issue to strengthen its capital base.

💥 Chemical Reaction: A manufacturing plant in southern Israel belonging to agricultural chemical maker Adama was struck by an Iranian missile or debris on Sunday.

📡 Network Revival: Syria is planning a $1 billion program to rebuild its postal system and mobile networks, aiming to restore communications infrastructure after years of war damage.

⚡ Power Curbs: Egypt ordered early daily closing of shops and restaurants and mandated Sunday remote work across much of the economy for a month, as Prime Minister Mostafa Madbouly moved to cut energy use amid rising fuel import costs.

💶Cheap Insurance: Emirates is paying an unusually low weekly “war risk” premium of about $100,000 for its entire fleet amid the U.S.–Israel conflict with Iran, far below rates faced by other airlines, prompting some insurers to decline participation, The Financial Times reports. 

🏢New Bureau: Muzinich & Co., a corporate credit specialist, has opened an office in Abu Dhabi Global Market led by Filomena Cocco.

UAE President Sheikh Mohamed bin Zayed met with Ukraine President Volodymyr Zelensky on Sunday to discuss security issues.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, held phone calls with Dr. William Samoei Ruto, President of Kenya; Dr. Fuad Mohammed Hussein, Deputy Prime Minister and Minister of Foreign Affairs of Iraq; Téte António, Minister of Foreign Affairs of Angola; and Mawlawi Amir Khan Muttaqi, Acting Minister of Foreign Affairs of Afghanistan.

Sheikh Jarrah Jaber Al-Ahmad Al-Sabah, Kuwait’s Foreign Minister, called for an overhaul of the Arab League, telling leaders at a meeting on Saturday that the organization has shown “a clear inability to keep pace with accelerating challenges and to play an effective role in safeguarding Arab security.”

U.S. President Donald Trump said in an interview with The Financial Times that he is keeping an eye on Iran’s oil industry as the war continues. “To be honest with you, my favorite thing is to take the oil in Iran,” Trump said.

Nabil Fahmy, Egypt’s former Foreign Minister, was selected on Sunday to take office in June as the next Secretary-General of the Arab League, succeeding Ahmed Aboul Gheit.

Ahmed Al-Sharaa, Syria’s acting President, is visiting Germany on Monday to meet Chancellor Friedrich Merz and President Frank-Walter Steinmeier to discuss  rebuilding his country and Berlin’s efforts to send back Syrian refugees.

Nishant Shah was appointed CFO of Dubai Investments with responsibility for financial strategy, overseeing financial reporting and investment activities.

⚽ Final Whistle: Iraq’s national soccer team faces a decisive match against Bolivia on Tuesday with a chance to reach the World Cup for the first time since its only appearance in 1986, René Meulensteen, the former Manchester United coach who is now Iraq’s assistant manager, tells The Athletic that the country needs an opportunity to reach the global stage through sports rather than conflict. “Honestly, if we qualify, you will see a nation erupting in joy,” he said.

March 30-April 1, Cairo. Egypes Energy Show. A major international energy exhibition and conference focused on the future of energy. Egypt International Exhibition Center.

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

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.

April 24-26, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles.

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