ARMS CALL

The U.S. approved the sale of $25.8 billion worth of air defense interceptors and other weapons to its Middle East partners, three times the amount disclosed last week. Secretary of State Marco Rubio gave emergency approval for the sales to the UAE, Qatar, Bahrain, Kuwait and Israel on May 1, Bloomberg reports. Last week, the U.S. administration said it had approved expedited sales of $8.6 billion in weapons. Despite the move to speed up delivery of munitions amid the conflict with Iran, there are doubts about how quickly the U.S. will be able to produce and deliver large orders, given its depleted stockpiles and the slow pace of manufacturing. 

CAPITAL MOVE

Singapore’s Hillhouse Investment Management, U.S.-based Bain Capital and London’s Rokos Capital Management are among the global financial firms that have established or expanded in Abu Dhabi Global Market since the beginning of the Iran war. The new arrivals are a sign that the country remains attractive to foreign hedge funds and asset managers despite the regional conflict, Zawya reports. Capital Group, which manages $3.3 trillion globally, is also preparing to open its first office in the free zone, which marked its 10-year anniversary last month. In Dubai, U.S. multi-strategy hedge fund Citadel, overseeing $67 billion in assets, is expected to begin operations at the Dubai International Financial Center. 

ADNOC: ADNOC, the UAE’s national oil company, has become the first partner in the nation’s $272 million National Industrial Resilience Fund, which aims to strengthen supply chain resilience, expand local manufacturing and link procurement demand with targeted financing for priority industries.

Public Investment Fund: Acwa Power secured $226 million from the Asian Development Bank, Asian Infrastructure Investment Bank and Standard Chartered Bank for its 300-megawatt Bash II wind farm in Uzbekistan.

Public Investment Fund: Faisal Sultan, President of PIF-backed Lucid Motors in the Middle East, told Asharq Al-Awsat that Saudi Arabia’s electric vehicle market is “witnessing strong and accelerating momentum,” despite being at an early stage.

Mubadala: Bios-IDs, a unit of the Abu Dhabi sovereign wealth fund, signed an agreement with U.S.-based L-Nutra to market nutrition products in the Gulf region.

Mubadala: Health-tracking device brand WHOOP and Mubadala announced a strategic partnership that includes a $75 million investment from the Abu Dhabi sovereign fund to advance preventive healthcare and health innovation in the UAE.

International Holding Co.: Syed Basar Shueb, CEO and Managing Director of IHC, told The National that the fund’s almost doubling of first-quarter income compared to the same period last year “tells you about the resilience we have built in the system.”

💵 Health Venture: UAE-based real estate firm Arada acquired an 80% stake in Reem Hospital as part of a $545 million investment to expand the healthcare provider across the UAE and make a strategic move into the sector.

🧪 Methanol Money: Abu Dhabi’s TA’ZIZ Methanol Company, a joint venture between government-owned TA’ZIZ and Swiss-based Proman, secured $2 billion in financing for a methanol plant, with backing from 11 regional and international banks.

🏫 School Stakes: Qatar’s Lesha Bank said it will acquire a 51% stake in Sharaka Education Holdings for about $53 million through its education subsidiary.

🎲 Gaming  Delay: Wynn Resorts CEO Craig Billings confirmed to analysts on a call that the company expects a modest delay to the opening of its new casino resort in the UAE, Bloomberg reports.

✈️ Shrinking Bonus: Emirates airline reduced employee bonuses to 20 weeks of salary from 22 weeks last year after disruptions from the Iran war lowered annual profit below initial projections.

💰 Debt Adviser: HSBC has been appointed an International Primary Dealer by Saudi Arabia’s Ministry of Finance and NDMC, allowing it to connect foreign investors with local government debt instruments amid growing global interest in the Kingdom’s economic transformation.

🏡 Buyers’ Market: Dubai’s residential property market is becoming more buyer-friendly as villa prices stabilize, sales slow, and sellers grow more open to negotiation, The National reports.

🎒 Posh Tots: Private schools in the U.K. have seen a jump in interest from families leaving the Gulf since the outbreak of the Iran conflict, the Financial Times reports.

UAE President Sheikh Mohamed bin Zayed met in Abu Dhabi with Egyptian President Abdel Fattah Al Sisi on Thursday. The pair walked through Yas Mall and visited an Egyptian fighter jet detachment stationed in the UAE.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, attended the 2026 commencement ceremony of Mohamed bin Zayed University of Artificial Intelligence on Thursday.

Sheikh Hamdan bin Mubarak, Chair of the UAE Football Association, affirmed the association’s full support for Gianni Infantino’s candidacy for the presidency of the International Federation of Association Football (FIFA) for the new electoral term 2027-2031.

Eric Trump and Donald Trump Jr. have invested in American Ventures, a Dominari Holdings unit, which has raised about $1 billion to back U.S. firms in AI, crypto, drones, and other strategic industries aligned with Trump administration priorities, the Financial Times reports.

Mariam Al Mheiri, Vice Chair and Managing Director of 2PointZero, met with Evan Spiegel, co-founder and CEO of Snap Inc., at the headquarters of Snapchat in Los Angeles. 

Dr. Sultan Al Jaber, the UAE’s Minister of Advanced Technology and CEO of ADNOC, inaugurated a new $54 million paper mill in Abu Dhabi on Thursday.

Ray Dalio, Founder of Bridgewater Associates, appeared on an episode of The New York Times’ “Interesting Times” podcast to discuss his views on how growing deficits, the wealth gap and political division are contributing to a tumultuous future for the U.S.

Arvind Krishna, Chairman and CEO of IBM, said the company wants to be seen by Saudi Arabia as a partner in the large-scale industrial and institutional execution of AI integration in the kingdom, speaking in an interview with Asharq Al-Awsat in Boston.

Mohammed Al-Rumaih, CEO of the Saudi Exchange, said the inclusion of its domestic bonds in two global indexes could draw billions of dollars of fresh money to the local debt market, Bloomberg reports. 

👠 In The Bag: The Louvre Abu Dhabi scored a starring role alongside Meryl Streep in the blockbuster movie “The Devil Wears Prada 2.” A bag designed in collaboration with luxury Italian leather goods company Dellaluna was seen tucked under Streep’s character Miranda Priestly’s arm in a red carpet scene, The National reports. The maxi clutch, called the Louvre Abu Dhabi Bag, is made in the Venetian brand’s signature embossed leather, inspired by the pattern of the museum’s Jean Nouvel-designed dome. The bag was officially launched on Wednesday at the Venice Biennale.

📷 Photo of the Day

May 11-13, Muscat. Oman Design and Build Week. Oman’s largest construction, design, and real estate event. Oman Exhibition and Convention Center. 

May 12-14, Abu Dhabi. Abu Dhabi Infrastructure Summit. Discussing he future of smart cities, urban development, and sustainable infrastructure. ADNEC. 

May 15-17, Dubai. Art Dubai. A special edition of the annual event taking place in Dubai, bringing together artists from the region and the Global South. Madinat Jumeirah.

May 18-20, Muscat. Oman Petroleum and Energy Show. Examining the future of sustainable energy and Oman Vision 2040. Oman Convention & Exhibition center.

May 18-19, Riyadh. Stadium and Sports Innovation Summit. The future of stadiums, smart sports infrastructure, and sports innovation in Saudi Arabia. Hyatt Regency Al Olaya.

May 19, Abu Dhabi. International Exhibition for National Security & Resilience. This conference focuses on cybersecurity, policing, national security, emergency response, and advanced security technologies. ADNEC.

May 19-21, Abu Dhabi. World Utilities Congress. Global policymakers, industry leaders and innovators discuss transforming the utilities sector into resilient, low‑carbon systems. ADNEC. 

June 3-4, Dubai. MENA Investor Conference. Capital market trends, GCC macro outlooks, and investment opportunities in the Middle East and North Africa. The Ritz Carlton DIFC. 

June 5-7, Dubai. Dubai Esports & Games Festival. More than two weeks of events, tournaments and game launches, including GameExpo 2026. Dubai World Trade Center. 

June 17-19, Rome. FII Priority Europe. Saudi Arabia’s Future Investment Initiative holds a conference focusing on European business links with the Middle East. Cavalieri, Waldorf Astoria Hotel.

June 17, Tashkent. Investopia Global – Tashkent. The UAE’s flagship investment conference lands in Uzbekistan, bringing together leaders from government and the private sector to create new investment opportunities. Venue TBA.

OPEC LOW

OPEC oil production has fallen to the lowest level in 36 years. As the Iran war disrupted exports and infrastructure across the Gulf, supplies sunk by 420,000 barrels a day in April to 20.5 million barrels, according to a Bloomberg survey. The report reflects the shutdown of oil shipping in the Gulf that has sent prices for jet fuel, diesel and gasoline skyrocketing. It was released on Tuesday, almost a week after the UAE announced it would leave OPEC following years of friction with Saudi Arabia and other members over production quotas. The survey showed that Kuwait had the biggest losses last month – producing less than a third of pre-conflict levels – followed by Iran.

FLIGHT DELAY

The commercial launch of Riyadh Air, the new carrier backed by Saudi Arabia’s Public Investment Fund, is facing delays because of hold-ups in certification of its new jets by the U.S. Federal Aviation Administration. The airline was supposed to start taking delivery of its Boeing  787 widebody aircraft last year, but only a handful of the planes have been assembled and they are still awaiting certification, Bloomberg reports. The certification process has dragged on for months longer than expected and the FAA has not given a fresh timeline for final approvals, the news agency reports. Riyadh Air, which has not yet given an exact date for its planned 2026 launch, signed deals for more than 39 Boeing 787-9 models, with options for 33 more. It also has orders for 100 narrow and widebody aircraft from Airbus, which are yet to be delivered.

Mubadala: CredibleX, a UAE lender specializing in AI-driven financing for small businesses, raised $15 million in a Series A funding round led by the Abu Dhabi sovereign wealth fund.

Mubadala: Mubadala said it has made a minority investment in Power Factors alongside existing investor Vista Equity Partners to support the global expansion of its renewable energy management platform.

Oman Investment Authority: Oman’s sovereign wealth fund has invested in Elon Musk’s brain chip firm Neuralink.

Saudi Aramco: Asmo, a joint venture between the Saudi oil giant and DHL Supply Chain, has started building its first large logistics hub at King Salman Energy Park in Saudi Arabia.

EDGE: Lockheed Martin signed an agreement with the Tawazun Council for Defense Enablement to establish an advanced microelectronics design and assembly facility in the UAE, to be built in partnership with Abu Dhabi defense group EDGE.

Public Investment Fund: Saudi Arabia’s PIF is selling its first U.S. dollar bond since the start of the Iran conflict, Bloomberg reports.

🏥 Healthcare Buyout: Saudi Arabia’s Dr. Soliman Fakeeh Hospital Co. agreed to acquire Dr. Mohammed Bin Rashed Al Faqih & Partners Co. in a deal valued at about $425 million amid consolidation in the kingdom’s private healthcare sector.

🚧 Rebalancing Riyadh: The Royal Commission for Riyadh City has awarded $637 million in infrastructure contracts under a program aimed at providing affordable residential land to Saudi citizens.

🚗 Scrap Station: Stellantis, an Amsterdam-based car maker, has opened its first Middle East and Africa vehicle dismantling centre in Casablanca.

🔗 Aluminum Expansion: Egypt signed a strategic partnership with Trafigura to expand the Nag Hammadi Aluminum Complex, investing up to $900 million through the Metallurgical Industries Holding Company subsidiary, Egyptalum.

🛍️ Trust Building: Brookfield Asset Management is forming a joint venture with Alshaya Group to develop a 480,000-square-foot mixed-use project in Dubai Hills, in a bid of  confidence in the long-term strength of the Dubai property market.

₿ Crypto Acceleration: Wall Street giant BNY is collaborating with Finstreet and the ADI Foundation to launch regulated digital asset custody services within the Abu Dhabi Global Market.

🏰 Happiest News: Plans to build Disneyland Abu Dhabi remain on track despite the Iran conflict, with Disney CEO Josh D’Amaro saying in a letter to shareholders that the “strategic logic” of the UAE project remains unchanged. 

🚢 Port Pressure: The UAE’s eastern ports of Fujairah and Khor Fakkan have become the Gulf’s main trade lifeline since the Strait of Hormuz was effectively shut, with truck and container traffic surging even after Iranian drone attacks targeted Fujairah facilities, Reuters reports.

💵 Selling Assets: Italy’s UniCredit said it has reached a preliminary agreement to sell part of its Russian subsidiary to a private investor in the UAE for an undisclosed amount, The Wall Street Journal reports.

UAE President Sheikh Mohamed bin Zayed met today in Abu Dhabi with Sheikh Mohammed bin Abdulrahman Al Thani, Prime Minister and Minister of Foreign Affairs of Qatar. He also met with Nikos Christodoulides, President of Cyprus. On Wednesday, Sheikh Mohamed met with Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, at the Make it the Emirates expo in Abu Dhabi. He also met with John Mahama, President of Ghana, on the sidelines of the event.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, co-chaired with Sheikh Mohammed bin Abdulrahman Al Thani, Prime Minister and Minister of Foreign Affairs of Qatar, the seventh session of the UAE-Qatar Joint Higher Committee, held today at the Zayed National Museum in Abu Dhabi.

Sheikha Al Mayassa bint Hamad, sister of Emir of Qatar Sheikh Tamim bin Hamad, attended the opening of the new Qatar Pavilion at the Venice Biennale.

French President Emmanuel Macron said in a post on X that he spoke with Iranian President Massoud Pezeshkian and “condemned the unjustified strikes against Emirati civilian infrastructure and several ships.”

Saad Rafiq Al Hariri, the former Lebanese Prime Minister, was seen at the Make it in the Emirates exhibition in Abu Dhabi on Wednesday.

Mohamed Alsuwaidi, UAE Minister of Investment, said during a fireside chat at the Make it in the Emirates expo that the UAE’s economic landscape is driven more by the private sector than the government.

Mohamed Sultan Salim Al Habsi was appointed CEO of Oman Investment Bank.

🏅 Prized Landmark: Abu Dhabi’s newly-launched Zayed National Museum was named one of the World’s Most Beautiful Museums at the international architecture and design award Prix Versailles, presented at UNESCO Headquarters in Paris. Designed by Norman Foster of Foster + Partners and inspired by the wing of a falcon, the UAE’s national museum’s five steel towers soar elegantly above the Saadiyat cultural district, while also functioning as thermal chimneys to naturally regulate airflow within the building.

📷 Photo of the Day

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 12-14, Abu Dhabi. Abu Dhabi Infrastructure Summit. The event brings senior government leaders, global investors, developers, contractors, policymakers, and technology providers to discuss the future of smart cities, urban development, and sustainable infrastructure. ADNEC. 

May 15-17, Dubai. Art Dubai. Annual event taking place in Dubai, bringing artists from the region and the Global South. Madinat Jumeirah.

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 3-4, Dubai. MENA Investor Conference. The event focuses on capital market trends, GCC macro outlooks, and investment opportunities in the Middle East and North Africa. The Ritz Carlton DIFC. 

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.