CHINESE MARKET

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

WAR RELIEF

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

📷 Photo of the Day

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

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

May 3-6, Los Angeles. Milken Institute Global Conference 2026. The Milken Institute’s flagship annual event brings together leaders across health, finance, business, technology, philanthropy, and public policy. The Beverly Hilton & Waldorf Astoria Beverly Hills.

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

May 11-13, Abu Dhabi. Ai Everything. A one-day summit combined with a two-day expo explores how AI and humans can work together. ADNEC.

May 12-14, Dubai. Airport Show & Global Airport Leaders Forum. Bringing together top airport suppliers, aviation leaders, and thousands of professionals. Dubai World Trade Center. 

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

May 19-21, Damascus. Big5 Construct Syria. The inaugural edition of the platform for reconstruction and development. Syria Expo Center.

May 19-21, Riyadh. Middle East Museums & Heritage Expo. Saudi Arabia’s first dedicated museum, heritage and cultural development trade show. Riyadh Front Exhibition & Convention Center.

May 8-24, Dubai. Dubai Esports & Games Festival. More than two weeks of events, tournaments, game launches and free activities citywide, including GameExpo 2026. Dubai World Trade Center. 

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

GULF SQUEEZE

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

STUDIO STAKES

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

📷 Photo of the Day

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

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

May 3-6, Los Angeles. Milken Institute Global Conference 2026. The Milken Institute’s flagship annual event brings together leaders across health, finance, business, technology, philanthropy, and public policy. The Beverly Hilton & Waldorf Astoria Beverly Hills.

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

May 11-13, Abu Dhabi. Ai Everything. A one-day summit combined with a two-day expo explores how AI and humans can work together. ADNEC.

May 12-14, Dubai. Airport Show & Global Airport Leaders Forum. Bringing together top airport suppliers, aviation leaders, and thousands of professionals. Dubai World Trade Center. 

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

May 19-21, Damascus. Big5 Construct Syria. The inaugural edition of the platform for reconstruction and development. Syria Expo Center.

May 19-21, Riyadh. Middle East Museums & Heritage Expo. Saudi Arabia’s first dedicated museum, heritage and cultural development trade show. Riyadh Front Exhibition & Convention Center.

May 8-24, Dubai. Dubai Esports & Games Festival. More than two weeks of events, tournaments, game launches and free activities citywide, including GameExpo 2026. Dubai World Trade Center. 

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

IN A NUTSHELL

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

MAKING IT

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

AMERICAN JOURNEY

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

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

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

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

To read the full story, click here.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

📷 Photo of the Day

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

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

May 3-6, Los Angeles. Milken Institute Global Conference 2026. The Milken Institute’s flagship annual event brings together leaders across health, finance, business, technology, philanthropy, and public policy. The Beverly Hilton & Waldorf Astoria Beverly Hills.

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

May 11-13, Abu Dhabi. Ai Everything. A one-day summit combined with a two-day expo explores how AI and humans can work together. ADNEC.

May 12-14, Dubai. Airport Show & Global Airport Leaders Forum. Bringing together top airport suppliers, aviation leaders, and thousands of professionals. Dubai World Trade Center. 

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

May 19-21, Damascus. Big5 Construct Syria. The inaugural edition of the platform for reconstruction and development. Syria Expo Center.

May 19-21, Riyadh. Middle East Museums & Heritage Expo. Saudi Arabia’s first dedicated museum, heritage and cultural development trade show. Riyadh Front Exhibition & Convention Center.

May 8-24, Dubai. Dubai Esports & Games Festival. More than two weeks of events, tournaments, game launches and free activities citywide, including GameExpo 2026. Dubai World Trade Center. 

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

CURTAIN CUTBACK

Saudi Arabia has backed away from a planned $200 million funding deal with the Metropolitan Opera in New York City. Saudi officials cited damage to the kingdom’s economy caused by the war in Iran for calling off the arrangement, The New York Times reports. Under a pact announced in September, the opera company was to receive the money over the next eight years. The Met, in turn, agreed to spend three weeks each February for a residency at the Royal Diriyah Opera House in Riyadh.

GENDER GAINS

Women are steadily gaining ground in Gulf labor markets, with participation rising to 39.3% in 2025. Total employment for female citizens in the six member-countries of the GCC climbed to 7.3 million last year from 5.7 million in 2020, according to the Statistical Center for the Cooperation Council for the Arab Countries of the Gulf. The growth is showing up most clearly in education, healthcare and tourism. But the shift is still lopsided, with most of the gains in public-sector jobs and participation in private businesses lagging, Arab News reports.

Mubadala: Abu Dhabi healthcare firm M42 and its Diaverum renal care unit completed the acquisition of four clinics in Brazil from Lund Group. M42 is owned by Mubadala and G42.

L’imad Holding: UAE developer Aldar Properties agreed to acquire an industrial and logistics portfolio from KEZAD Group, a subsidiary of L’imad-owned AD Ports, for about $177 million.

ADNOC: Ahmed El Hoshy, CEO of ADNOC-owned Fertiglobe, told The National that the current geopolitical situation is not expected to significantly impact its business, as higher fertilizer prices are offsetting increased logistics costs.

Public Investment Fund: Shareholders of Warner Bros. Discovery have overwhelmingly voted to approve a takeover by Paramount Skydance, which is backed by funding from the PIF, as well as Abu Dhabi’s L’imad Holding and the Qatar Investment Authority.

LIV Golf: The PIF-owned golf tournament’s troubles are chronicled by The New Yorker in an article that says: “Once you got past the Saudi-backed league’s business drama, what you were left with was watching sensationally wealthy, morally compromised middle-aged men go to work.”

🚘 Languishing Lambos: The ongoing Iran conflict has halted sales and deliveries of Lamborghinis to the Middle East, forcing dealership closures and putting most of the key seasonal selling period at risk, Lamborghini CEO Stephan Winkelmann said.

🏎️ Supercar Stake: Abu Dhabi-based BlueFive Capital will back the buyout of Porsche AG’s stake in Bugatti by HOF Capital, the fund co-founded by a scion of Egypt’s billionaire Sawiris family, Bloomberg reports.

💶 Private Lifeline: California-based PIMCO has lent more than $10 billion to Gulf governments and state-backed firms through private bond deals since the war with Iran began, Bloomberg reports.

🏨 Fancy Drop: London-listed Dar Global appointed Saudi contractor Al Dahlawi Company to lead construction of its Amaya masterplan in Jeddah, home to a Trump-branded complex, touted as the “Beverly Hills of Jeddah.”

🧠 WhatsApp for Agents: Band, an Israeli startup building what it calls a “WhatsApp for AI agents” that lets autonomous systems communicate, coordinate tasks and share data, raised $17 million in a seed round led by Sierra Ventures, Hetz Ventures and Team8.

🇸🇾 FX Opening: Syria is moving to formalize its foreign exchange market as authorities look to stabilize the currency and attract investment, Arab News reports.

🛢️ Oil Rebound: Goldman Sachs says Gulf oil output could largely recover within months after the Strait of Hormuz reopens, though tanker shortages, logistics and well performance may slow the rebound.

💻 AI Ready: Dubai Integrated Economic Zones Authority has partnered with Dutch developer Volt to build a two-phase, AI-ready data center campus in Dubai Silicon Oasis.

🙏 Helping Hand: Egypt plans to commission the first phase of its Saudi electricity interconnection in coming months.

🇸🇦 Currency Highlight: Saudi Arabia’s riyal-denominated government sukuk will be added to both J.P. Morgan’s and Bloomberg’s emerging market bond indices.

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, said on X that within two years, 50% of government sectors, services, and operations will run on Agentic AI.

Qatar’s Emir Sheikh Tamim bin Hamad met with TotalEnergies Chairman and CEO Patrick Pouyanne in his office on Thursday. 

Sheikh Tamim also met with Guido Crosetto, Italy’s Defense Minister, on Thursday.

Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, held a phone call with Nabih Berri, Lebanon’s Parliament speaker, on Thursday.

Khalid Bin Kalban, Vice Chairman and CEO of Dubai Investments, told Zawya that it will decide by May 15 whether to proceed with the IPO of its real estate unit or move it to October.

Talal Ibrahim Almaiman, CEO of Saudi Prince Alwaleed bin Talal’s Kingdom Holding, expressed confidence in its long-term strategy, despite a sharp 38% fall in net profit for the first quarter of 2026.

Nassef Sawiris, the Egyptian billionaire, is shutting down his family office’s London branch after recently relinquishing his U.K. residency in the wake of tax changes, Bloomberg reports.

Taha Nazer was appointed as Acting CEO of Cruise Saudi, which is owned by the Public Investment Fund.

🌙 Eid Approaches: The UAE is looking forward to a six-day holiday next month, after the Sharjah Space and Astronomy Hub forecasted that Eid Al Adha will begin across the Arab world on Wednesday, May 27. The holiday is preceded by Arafat Day, an important date in the Hajj pilgrimage, which is marked by a public holiday in the UAE. Eid Al Adha is the second of two annual Eids and commemorates the Prophet Abraham’s willingness to sacrifice his son in obedience to God. It coincides with the end of the Hajj season, when pilgrims from around the world congregate in Mecca.

📷 Photo of the Day

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

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

May 3-6, Los Angeles. Milken Institute Global Conference 2026. The Milken Institute’s flagship annual event brings together leaders across health, finance, business, technology, philanthropy, and public policy. The Beverly Hilton & Waldorf Astoria Beverly Hills.

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

May 11-13, Abu Dhabi. Ai Everything. A one-day summit combined with a two-day expo explores how AI and humans can work together. ADNEC.

May 12-14, Dubai. Airport Show & Global Airport Leaders Forum. Bringing together top airport suppliers, aviation leaders, and thousands of professionals. Dubai World Trade Center. 

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

May 19-21, Damascus. Big5 Construct Syria. The inaugural edition of the platform for reconstruction and development. Syria Expo Center.

May 19-21, Riyadh. Middle East Museums & Heritage Expo. Saudi Arabia’s first dedicated museum, heritage and cultural development trade show. Riyadh Front Exhibition & Convention Center.

May 8-24, Dubai. Dubai Esports & Games Festival. More than two weeks of events, tournaments, game launches and free activities citywide, including GameExpo 2026. Dubai World Trade Center. 

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

MARKET GATEWAY

Saudi Arabia’s Public Investment Fund has become an anchor investor in a new exchange-traded fund run by Boston-based State Street Investment Management. The State Street Saudi Arabia Enhanced Active Equity ETF trades like a single stock while holding a basket of Saudi shares. It is the second State Street ETF backed by the sovereign wealth fund and part of a broader strategy that has seen the PIF invest in five ETFs across nine international markets – including Hong Kong, London, Shanghai, Tokyo and Frankfurt. PIF Deputy Governor Yazeed Al-Humied said the new ETF will help “open gateways for international investors, enable access and drive global capital inflow into the country.”

GOLDEN TRACKS

Dubai has unveiled plans for a $9 billion Metro Gold Line, billed as the emirate’s largest transportation project, that will serve more than 1.5 million residents. The project, which was announced by Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, is a 42-kilometer (26-mile) underground line that will connect 15 key districts and link existing metro routes with the Etihad Rail passenger services. The project will add 18 stations and expand the network by 35%, running from Al Ghubaiba in the old part of Dubai to Jumeirah Golf Estates through major residential and commercial hubs. The line is scheduled to open in 2032.

Public Investment Fund: Manara Minerals Investment Co., a joint venture between Saudi Arabian Mining Company and the PIF, is shifting its strategy away from global acquisitions to focus on loans to miners in return for offtake rights.

Masdar: Abu Dhabi’s green energy company and Montenegro’s national power utility, EPCG, have formed a 50/50 joint venture to develop and operate large-scale renewable energy projects in Montenegro.

Oman Investment Authority: Asyad Shipping, a company owned by OIA, has invested $72.7 million to acquire two bulk carriers.

Qatar Investment Authority: Malaysian used car platform Carsome, which is backed by the QIA and Singapore sovereign fund Temasek, is preparing to float on the Australian Securities Exchange, the Australian Financial Review reports.

Mubadala: Blue Owl Capital, a New York-based asset manager whose backers include Abu Dhabi’s Mubadala sovereign wealth fund and the Qatar Investment Authority, pitched a long-shot $400 million financing option as it faced a deepening liquidity crisis amid the private credit squeeze, Bloomberg reports.

💻 Soft Demand: California-based software company ServiceNow reported weaker-than-expected sales growth as Middle East deal delays tied to the Iran conflict slowed enterprise spending, Bloomberg reports.

💨 Shisha Trade: AIR, the Dubai-based owner of hookah tobacco brand Al Fakher, is moving ahead with plans to list on the Nasdaq.

👁️ Eyeing Exports: Egypt’s Pharco Pharmaceuticals opened a $58 million ophthalmic production line in Alexandria.

🛢️ Long Haul: Energy traders are positioning for a prolonged conflict with Iran, locking in strategies that assume extended supply disruptions and volatility in oil flows through key chokepoints, the Financial Times reports.

⚛ Helium Crunch: The shutdown of the Strait of Hormuz may disrupt helium supplies from Qatar critical to semiconductor manufacturing, threatening AI and data center expansion, Fortune reports.

⚖️  Law Bureau: U.S.-based law firm Kirkland & Ellis is setting up an entity at the Abu Dhabi Global Market that could lead to the firm launching its second Middle East office.

🏦 Fiscal Cushion: International Monetary Fund officials said Saudi Arabia has strong financial buffers to withstand the economic shock from the war, citing accumulated reserves and policy flexibility, Arab News reports.

UAE Sheikh Mohamed bin Zayed met with Syria’s President Ahmed al-Sharaa in Abu Dhabi on Wednesday for high-level talks aimed at strengthening bilateral ties. It was the third stop in al-Sharaa’s Gulf tour, following visits to Saudi Arabia and Qatar.

Sheikh Mohamed also met with Guido Crosetto, Italy’s Minister of Defense, for talks on efforts to boost security ties between the nations.

Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, met with Tom Berendsen, the Netherlands’ Foreign Minister, in Riyadh on Wednesday.

Sheikha Fatima bint Mubarak, wife of the late Sheikh Zayed, Chairwoman of the General Women’s Union, President of the Supreme Council for Motherhood and Childhood and Supreme Chairwoman of the Family Development Foundation, met with Widad Al Khaled, mother of Syria’s President Ahmed al-Sharaa.

Sheikh Hamdan bin Zayed, Ruler’s Representative in Al Dhafra Region, met with a delegation from AD Ports Group led by Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO.

Princess Reema Bandar Al-Saud, Saudi Arabia’s Ambassador to the U.S. and Founder of collective action platform Wave, said the organization was “delighted” to receive a Webby 2026 award for data platform Ocean Central.

Lebanese President Joseph Aoun, Syrian President Ahmed al-Sharaa, Egyptian President Abdel Fattah El Sisi, Jordan’s Crown Prince Hussein and GCC Secretary General Jasem Al Budaiwi have all confirmed they will attend a war summit in Cyprus with European counterparts.

Ronaldo, the two-time FIFA World Cup soccer winner, was signed by Abu Dhabi developer Aldar as its Global Brand Ambassador.

Sultan Al Shamsi, UAE Assistant Minister of Foreign Affairs for Development and International Organizations, led a delegation to attend the Ad Hoc Liaison Committee Ministerial Meeting on Palestine, held in Brussels, and chaired by Norway.

🇦🇪 Solidarity Songs: The Iran war has inspired an outpouring of patriotism among Gulf musicians and singers, with a wave of new songs about solidarity in testing times released since the conflict began. From ballads about loyalty and devotion, to asserting borders and strength against enemies, The National has rounded up its top 10 tracks. Among them is Emirati singer Hussain Al Jassmi’s “Ya Biladi,” which has lyrics attributed to Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai. “Courage and generosity are part of our nature,” Jassmi sings. “They are part of the inheritance of our first ancestors.”

📷 Photo of the Day

April 23, Dubai. Mawarid FinTech Summit. The event brings together industry leaders, innovators, regulators, and investors shaping the future of financial technology across the MENA region. Grand Hyatt Dubai Conference & Exhibition Centre.

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

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

May 3-6, Los Angeles. Milken Institute Global Conference 2026. The Milken Institute’s flagship annual event brings together leaders across health, finance, business, technology, philanthropy, and public policy. The Beverly Hilton & Waldorf Astoria Beverly Hills.

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

May 11-13, Abu Dhabi. Ai Everything. A one-day summit combined with a two-day expo explores how AI and humans can work together. ADNEC.

May 12-14, Dubai. Airport Show & Global Airport Leaders Forum. Bringing together top airport suppliers, aviation leaders, and thousands of professionals. Dubai World Trade Center. 

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

May 19-21, Damascus. Big5 Construct Syria. The inaugural edition of the platform for reconstruction and development. Syria Expo Center.

May 19-21, Riyadh. Middle East Museums & Heritage Expo. Saudi Arabia’s first dedicated museum, heritage and cultural development trade show. Riyadh Front Exhibition & Convention Center.

May 8-24, Dubai. Dubai Esports & Games Festival. More than two weeks of events, tournaments, game launches and free activities citywide, including GameExpo 2026. Dubai World Trade Center. 

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