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. 

FREIGHT VISION

Saudi Arabia is advancing plans to establish a railroad corridor with Jordan aimed at boosting trade links and positioning the kingdom as a regional transport hub linking Asia, Europe and Africa. The 1,700-kilometer (1,050-mile) international rail project connects King Abdulaziz Port in Saudi Arabia’s ports of Dammam and Jubail to Jordan and neighboring countries, with trains carrying over 400 containers. The route has previously featured in plans for a rail connection linking the Gulf and Israel’s Mediterranean port in Haifa. Officials say the project will strengthen regional connectivity, reduce shipping time by half, and lessen reliance on long-distance trucking. 

GROUNDED FLEET

Qatar Airways is seeking ways to preserve cash amid its fleet remaining grounded, including asking lessors to defer or reduce rental payments due to war-related disruptions. The airline has canceled thousands of flights since late February, making it the most affected carrier in the region by suspended services, Bloomberg reports. Building its reputation for luxury services and global sponsorships, the airline has been slower than rivals Emirates and Etihad Airways to restore operations, as its new CEO, Hamad Ali Al-Khater, navigates the crisis just months into the role. Around 20 large planes, including A380s and Boeing 787s, have been placed in storage abroad as the airline scales back operations.

Mubadala: The Abu Dhabi sovereign wealth fund and KKR are selling their stakes in Canada’s CoolIT Systems, a liquid cooling provider to data centres, for $4.75 billion, earning 15 times their investment.

Humain: The Saudi AI investment firm is teaming up with Silicon Valley-based Turing to build a marketplace for AI agents capable of handling business functions such as HR, finance, legal, operations and procurement.

Public Investment Fund: The PIF’s FII Institute announced at the Miami conference the launch of a “Capital in Motion” Index that tracks shifting global investment flows.

Qatar Investment Authority: Qatar’s Emir Sheikh Tamim bin Hamad Al Thani issued a decision to reconstitute the board of the Qatar Investment Authority.

Oman Investment Authority: The Omani government has acquired SalamAir to strengthen the national aviation sector while keeping it and Oman Air, an OIA company, as independent brands.

🏨Hotel Fund: Patel Family Office, a U.S. investment enterprise and Saudi-based Abdel Hadi A Al-Qahtani & Sons signed a $1 billion agreement to launch AYARA, a platform that aims to develop 50 international brand-name business hotels across Saudi Arabia by 2029.

🚢 Energy Assurances: TotalEnergies said it will honor all LNG contracts despite disruptions following attacks on facilities in Qatar, relying on its global portfolio to redirect supply around the world and maintain deliveries.

🏡High Value: Dubai Residential REIT, an Islamic‑compliant property investment trust, built 56 four‑bedroom villas at its Garden View Villas community after agreeing to buy them for about $65million.

🏗️ Property Jitters: UAE developers are trying to reassure investors that the property market will rebound after the war, emphasizing strong demand and ongoing project pipelines despite the heightened geopolitical risk, Bloomberg reports.

🛢️ Pipeline Revival: Plans for a Syria-Iraq oil pipeline are gaining renewed attention as regional players explore alternative export routes to bypass chokepoints and mitigate disruptions linked to the Iran conflict, Arab News reports.

🚢 Hormuz Force: The UAE has told the U.S. and Western allies it will promote a multinational “Hormuz Security Force” to reopen the Strait of Hormuz amid Iranian attacks, The Financial Times reports.

⚓Port Trouble: Kuwait’s Shuwaikh port was damaged by a drone attack as Iran intensified Gulf strikes in retaliation for US-Israeli actions.

💰Cost Help: The World Bank said it will support governments affected by the Middle East conflict with immediate financial relief, policy guidance, and fast-disbursing finance.

Saudi Crown Prince Mohamed bin Salman met with Ukrainian President Volodymyr Zelensky, who paid a surprise visit to Saudi Arabia on Thursday to discuss Ukrainian defense systems.

Prince Faisal bin Farhan, Saudi Foreign Minister, held separate meetings with Western counterparts, including British Foreign Secretary Yvette Cooper, Germany’s Johann Wadephul, France’s Jean-Noel Barrot, Canada’s Anita Anand, and Italy’s Antonio Tajani on the sidelines of the G7 meeting.

Sheikh Mohammed bin Abdulrahman, Qatar’s Foreign Minister, held talks with Pete Hegseth, U.S. Secretary of Defense, on Thursday in Washington to discuss strategic cooperation between the two countries.

Dr. Sultan Al Jaber and Roger Kearns will lead Bourouge Group International, a petrochemicals maker created through the merger of companies owned by ADNOC and Austria’s OMV. Al Jaber, ADNOC’s Chairman and UAE Minister of Industry and Advanced Technology, will be Chairman of Bourouge’s Supervisory Board. Kearns, chief of OMV’s Nova Chemicals, will be CEO. 

Dr. Al Jaber spoke to the crowd at the Middle East Institute that energy security is not a slogan but an important component in human life, adding that the Strait of Hormuz plays a significant role in it. 

Jared Kushner, the White House envoy and founder of Affinity Partners, said in an onstage interview at the FII Priority Summit in Miami that he’s been working with Saudi Arabia on starting a sovereign wealth fund to support reconstruction of Gaza.

Khaldoon Al Mubarak, Managing Director and Group CEO said in a letter to the U.S.-UAE business council that the sovereign fund “reaffirms the strength of the foundation we have built over two decades,” expressing confidence that Mubadala will emerge stronger” from the current conflict.

Basim Khudair, Iraq’s deputy oil minister, said that the country is repairing the war-damaged Kirkuk-Faysh Khabur pipeline to restore exports of up to 650,000 barrels per day of crude oil to Turkey.

Joel Tan, CEO of XinXi Asset Management, a newly established firm focusing on family offices, told Bloomberg the firm is helping at least seven clients move more than $100 million in combined assets from Dubai to Hong Kong.

🐎Horse Power: Horse racing star arrived in Dubai this week for the 30th Dubai World Cup, including Forever Young, trained by Yoshito Yahagi. A win of $12 million would make Forever Young the richest dirt racer and simultaneous holder of the Breeders’ Cup Classic, Saudi Cup, and Dubai World Cup titles. The World Cup takes place at Meydan race track on Saturday.

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. 

GULF GAMING

Blackstone has invested $250 million in an Abu Dhabi-based payments firm, valuing the company at about $1 billion in one of the first major private equity deals in the UAE since the start of the Iran war. The investment backs Advanced Digital Gaming Technology, which is building payments and compliance infrastructure for regulated digital markets. The deal comes as investors weigh geopolitical risks tied to the conflict while continuing to pursue opportunities in the Gulf. Blackstone’s move signals ongoing capital flows into the region despite heightened uncertainty, Bloomberg reports.

WESTERN PIVOT

Saudi Arabia is sharply increasing crude exports from its Red Sea port of Yanbu, with shipments climbing toward 5 million barrels a day as it redirects flows away from the disrupted Strait of Hormuz. Tanker-tracking data show exports from Yanbu have already surged to around 4 million barrels a day, up from well below 1 million earlier this year, Bloomberg reports. The shift relies on the kingdom’s East–West pipeline, which can carry about 5 million barrels a day to the Red Sea for export. But even with the diversions, piping oil to the Red Sea will only be enough to offset about half the lost Gulf shipments this month.

DAMAGE TOLL

Energy infrastructure repair costs across the Middle East could reach at least $25 billion Arab News reports, citing estimates by Rystad Energy. Key facilities including LNG trains, refineries, and gas-to-liquids plants, have been hit, leaving some sites offline for years. Qatar’s Ras Laffan Industrial City faces up to a five-year recovery due to destroyed LNG trains and a 17% capacity drop. The disruption is also driving steep costs for regional businesses, like Hapag-Lloyd, which faces $40-50 million in extra weekly expenses that will likely be passed to customers.

Public Investment Fund: The PIF’s NEOM unit has terminated Rome-based Webuild’s $4.7 billion contract to build three dams and related infrastructure at its Trojena ski resort.

Alterra: The Abu Dhabi-backed firm is investing in the U.K.-based Wireless Logic alongside General Atlantic to expand “Internet of Things” technology that connects devices like electric vehicle chargers, energy systems and industrial machines to mobile networks.

Mubadala: The Abu Dhabi sovereign wealth fund’s Mubadala Energy unit said it has secured a major exploration and production contract in Indonesia’s Southwest Andaman block.

🏗️ Kenya Capital: UAE-based Arise IIP plans to invest $3 billion in Kenya over five years, expanding infrastructure and industrial projects as Gulf capital continues moving into East Africa.

📦Cargo Hubs: Egypt Marine Ports and the Suez Canal Economic Zone signed agreements to develop and operate cargo terminals at Ain Sokhna Port, boosting capacity and advancing Egypt’s goal of becoming a regional transport and logistics hub.

💨 Wind Power: A consortium led by Engie has signed a 25-year power purchase agreement with the Egyptian Electricity Transmission Company to develop a 900-megawatt onshore wind farm near Ras Shokeir.

🛸Delayed Presence: The Iran war is likely to derail U.S. electric aviation startups’ plans to launch their first commercial flights in the Middle East, The Electric reports.

⚒️ Congo Copper: The UAE has secured control of key mining licences in the Democratic Republic of Congo’s Katanga region, including copper and cobalt deposits held by state miner Gécamines, African Intelligence reports. The assets were transferred last year to Kabulungu Kamilombe Mining, a joint venture with Falcon Resources, which is linked to Abu Dhabi-backed International Holding Co.

🥖 Food Shock: Shipping giant Maersk warned the Gulf faces a “pressing need” for food imports as war-related disruptions halt cargo flows, with the region reliant on imports for up to 85% of its food and companies scrambling to find alternative routes.

⛽ Iranian Gas: India has bought its first Iranian cargo of liquified petroleum gas in years after U.S. sanctions were eased, redirecting a tanker originally bound for China.

🚧 Port Cranes: DP World has added three new semi-automated quay cranes at Jeddah Islamic Port, boosting its ability to handle the world’s largest vessels.

UAE President Sheikh Mohamed bin Zayed met with Ahmed Abou Hashima, a member of the Egyptian Senate and Vice President of the Republican People’s Party.

Crown Prince Mohammed bin Salman of Saudi Arabia received a phone call on Wednesday from Pakistan’s Prime Minister Shehbaz Sharif to discuss mediation with Iran.

Sheikh Saud bin Saqr Al Qasimi, Ruler of the northern emirate of Ras Al Khaimah, met with Francisco Chacón Hernández, Ambassador of Costa Rica to the UAE; Gerardo Pérez Figueroa, Ambassador of El Salvador to the UAE; and Jorge Rafael Archila Ruiz, Ambassador of Guatemala to the UAE at his palace in Saqr bin Mohammed City on Wednesday.

Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, met with U.S. Vice President JD Vance in Washington D.C. Later Dr. Al Jaber received the 2026 Distinguished Global Leadership Award at the Middle East Institute gala dinner. Among others attending were former Secretary of State John Kerry, Amos Hochstein, the former Assistant Secretary of State for Energy Resources, and Fox anchor Brett Baier.

Jamal Bin Thaniah, Chairman of Dubai-based Emaar Properties, said at the company’s annual general meeting that the company expects the Iran war to have little impact on its business.

Lana Nusseibeh, UAE Minister of State, warned in an interview with Fox News about the global consequences of Iran’s near shutdown of the Strait of Hormuz. “We should not allow Iran, a state sponsor of terrorism, to set the global price for food and gas,” she said.

🐪 Saddle Up: Dubai’s all-female camel racing championship is continuing its season, standing out as one of the few cultural events still going ahead despite widespread cancellations across the region, Arabian Business reports. The C1 Championship finale is scheduled for this coming  Sunday at Dubai’s Al Marmoom Camel Race Track, with free entry for the sport’s avid fans.

March 23- 27, Houston, Texas. CERAWEEK. The annual event gathers global leaders to discuss energy transition, technology, and policy. Hilton Americas-Houston and George R. Brown Convention Center.

March 25-27, Miami Beach, Fla. FII PRIORITY Miami 2026. Saudi Arabia’s Future Investment Initiative holds an annual U.S. conference. Faena Hotel.

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. 

HEDGE SHIFT

Millennium Management, led by investor Izzy Englander may relocate some of its Dubai staff amid the disruptions and security concerns stemming from the Iran war. The New York-based firm, which had more than 100 employees based in Dubai before the war began, is prepared to expand its presence in the Channel Island of Jersey to staff members who have requested the move, The Financial Times reports. Other hedge funds and financial firms are weighing contingency plans, including splitting teams across locations, tightening travel and adjusting trading operations to manage risk. Damage from drone debris to a building in Dubai’s International Financial Centre that houses Millennium employees added to the fears about safety, according to the FT.

DR. SULTAN’S D.C. SWING

Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Group CEO of ADNOC, held meetings with U.S. senators this week in Washington, D.C., including Sen. Lindsey Graham of South Carolina, Sen. Dave McCormick of Pennsylvania and Sen. Bill Cassidy of Louisiana. The meetings come as ADNOC’s international arm, XRG, accelerates its expansion across the U.S. despite the national oil company’s installations in the UAE being attacked by Iran. “The message is clear: energy security is the foundation of economic security,” ADNOC said in an X post.⁣ Al Jaber is to receive the Middle East Institute’s Distinguished Global Leadership Award today at the Washington think tank’s gala dinner.

Abu Dhabi Investment Authority: ADIA and Aramco Ventures are among the Gulf wealth funds reaping hundreds of millions of dollars in gains from early investments in Chinese AI companies, Bloomberg reports.

Mubadala: The Abu Dhabi-based sovereign wealth fund is part of a group with Japan’s SoftBank and Singapore’s Temasek that will seek to raise as much as $1 trillion to strengthen supply chains for fuels and critical minerals, including $250 million pledged by the U.S. government under its Pax Silica alliance. Meanwhile, a delegation from the UAE will meet U.S. officials in Washington on Thursday to strengthen AI partnerships, The National reports. 

Saudi Aramco: The kingdom’s state-owned oil company signed a $370 million deal with Arabian Internet and Communications Services for a supercomputing project.

NEOM: The company owned by Saudi Arabia’s Public Investment Fund has terminated Eversendai Corporation Berhad’s Trojena contract effective March 26.

✈️ Credit Lift: Dubai Aerospace secured $2.8 billion in new long-term revolving credit lines, lifting its total borrowing capacity to about $4 billion.

🛢️ QatarEnergy: The Doha-based oil company declared force ‌majeure ‌on ​some ‌of ⁠its ​long-term ⁠LNG ⁠supply contracts with ‌customers in ‌Italy, Belgium, ‌South Korea, and ⁠China, saying its inability to fulfill the terms was beyond the firm’s control.

⛽ Desert Discovery: U.S. energy firm Apache Corp. and Egyptian General Petroleum Corp. announced a major new gas discovery in Egypt’s Western Desert region.

🏗️ Bond Stress: At least six Dubai real estate bonds have fallen into distress as the Iran war batters investor confidence, with property developers among the hardest hit, Bloomberg reports.

🌙 Islamic Finance: Vault22, backed by Standard Chartered’s innovation unit, plans to launch its AI-powered, Islamic-compliant personal finance and wealth platform Hafiq in the UAE mid-year.

🇦🇪 Indian Anchor:  Indian expatriates, the largest foreign community in Dubai, are largely choosing to remain in the city despite the missile barrage, citing deep economic ties and limited alternatives, The Financial Times reports.

🚀 Missile Defense: Volkswagen is discussing a deal with Israel’s Rafael Advanced Defense Systems to shift one of its factories in Germany from car production to making components for the Iron Dome missile defense system, The Financial Times reports.

UAE President Sheikh Mohamed bin Zayed held a phone call with Dr. Nataša Pirc Musar, President of Slovenia on Tuesday. Sheikh Mohamed also spoke with Anwar Ibrahim, Prime Minister of Malaysia.

Saudi Crown Prince Mohammed bin Salman held a phone call with British Prime Minister Keir Starmer about the Iran conflict.

Prince Khalid bin Salman, the Saudi Defense Minister, met French Defense Minister Catherine Vautrin in Riyadh to discuss defense cooperation.

Sheikh Hamad bin Jassim Al Thani, a Qatari billionaire and member of the royal family, is backing German robotics startup Neura, along with Amazon, Bloomberg reports.

Shane Heraty was appointed as the Vice President and General Manager for Cisco Middle East, Africa, Turkey and Romania effective May.1st.

Tomaso Rodriguez was named Non-Executive Chairman at UAE-based adtech company Flyby.

🎤 Stage Shift: More concerts and cultural events across the UAE are being postponed as the Iran war disrupts travel and logistics, forcing organizers to reshuffle crowded spring calendars. Art Dubai, originally set for April, has been moved to May 14–17 at Madinat Jumeirah, while the Offlimits Music Festival in Abu Dhabi will now take place on Nov. 21 with Shakira and the Jonas Brothers still slated to perform. Among other events, Arabian Travel Market is being pushed back to August and Middle East Comic Con to September.

March 23- 27, Houston, Texas. CERAWEEK. The annual event gathers global leaders to discuss energy transition, technology, and policy. Hilton Americas-Houston and George R. Brown Convention Center.

March 25, Washington, D.C. Middle East Institute Gala. MEI to present Dr. Sultan Al Jaber, the UAE’s Minister of Industry and Advanced Technology and ADNOC Group CEO, with its Distinguished Global Leadership Award. Ritz Carlton. 

March 25-27, Miami Beach, Fla. FII PRIORITY Miami 2026. Saudi Arabia’s Future Investment Initiative holds an annual U.S. conference. Faena Hotel.

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. 

ENVIRONMENTAL HAZARD

The conflict between Iran, the U.S. and Israel poses a major environmental threat to the Gulf’s fragile ecosystems, experts warn. Attacks on energy facilities and ships risk severe air and marine pollution, including oil spills and toxic emissions like the “black rain” reported in Tehran, The National reports. Damage to desalination plants could disrupt vital water supplies, worsening existing environmental stress and threatening public health and food systems, the newspaper says, citing Doug Weir, director of the London-based Conflict and Environment Observatory. The longer the conflict becomes, the greater and more unpredictable the environmental consequences will be, he said.

CHEEKY SHOPPING

Even as Iranian missiles score direct hits at adjoining hotels and office towers, the Dubai Mall is preparing to welcome Primark this week to its vast retail galleries. Primark will open its largest Middle East store in the world’s busiest shopping emporium on Thursday, part of a three-store rollout with UAE partner Alshaya Group, employing a staff of 600, Arabian Gulf Business Insights reports. Primark, a pioneer of bargain fast-fashion stores, will be sitting amid luxury boutiques operated by Prada, Gucci and Hermès. Executives say prolonged instability could impede supply chains, but alternative routes and strong inventory levels are helping maintain operations for now.

Qatar Investment Authority: Qatar’s sovereign fund is planning to buy about a 10% stake in Italian sneaker maker Golden Goose, joining investors including HSG, Temasek, and Permira following a deal valuing the company at over $2.9 billion.

Saudi Aramco: Saudi Arabia’s national oil company, the world’s biggest, is pressing ahead with plans to expand cooperation with state-owned Kuwait Petroleum Corp., which has been trying to lease part of its pipeline network, Bloomberg reports.

ADNOC Gas: The UAE-owned company resumed operations at its Habshan natural gas processing plant after an attack last week forced a halt in production.

🤝 Energy Merger: Saudi’s National Gas and Industrialisation Holding Co. will invest $33 million to acquire a 50% stake in Riyadh-based JACKO Gases.

🏗️ Supply Boost: The U.S. is committing $250 million to a new investment fund aimed at strengthening supply chains amid disruption from the Iran war, Bloomberg reports.

💰 Asset Surge: Jared Kushner’s Affinity Partners, backed largely by Gulf sovereign wealth funds, saw assets climb nearly 30% to $6.2 billion by the end of 2025, Bloomberg reports.

🏎️ F1 Comeback: Formula One owner Liberty Media should be able withstand the Middle East conflict and go ahead with its international racing schedule despite cancellation of races next month in Bahrain and Saudi Arabia, Reuters reports.

🍳 Homegrown Delivery: Talabat UAE, owned by Germany’s Delivery Hero, has launched a program offering 100 rent-free kitchen spaces to the country’s restaurant brands 

🛜 Storage Outage: Amazon Web Services in Bahrain endured disruptions this week attributed to Iranian drone attacks, marking the second outage in a month.

🌋 Sulphur Disruptions: Iran war is disrupting sulphur supplies, driving up prices of fertilizers, chemicals, and semiconductors, Arabian Gulf Business Insights reports.

UAE President Sheikh Mohamed bin Zayed met with Catherine Vautrin, French Minister of the Armed Forces and Veterans Affairs in Abu Dhabi on Monday.

Saudi Crown Prince Mohamed bin Salman received phone calls from King Philippe of Belgiumband Rob Jetten, Prime Minister of the Netherlands, on Monday.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, held calls with José Manuel Albares, Minister for Foreign Affairs for the European Union; Lê Hoài Trung, Minister of Foreign Affairs of Vietnam; and Tom Berendsen, Minister of Foreign Affairs of the Netherlands.

Sheikh Mohammed bin Abdulrahman, Qatar’s Prime Minister and Minister of Foreign Affairs, held a phone call with Ayman Safadi, Minister of Foreign Affairs of Jordan.

Italian Prime Minister Giorgia Meloni will travel to Algeria this week to secure alternative ​gas supplies Reuters reports.

Sultan bin Saeed Al Mansoori, Chairman of Dubai Chambers, chaired a meeting that included Ahmad Yousef Al-Hassan, CEO and Managing Director of DP World GCC, and other major private sector companies to discuss  shipping challenges. 

John Stevens was appointed CEO for Chestertons, a London-based real estate advisory firm, to lead MENA expansion.

🚶🏽Culture Walk: Dubai is seeking to revitalize one of the city’s oldest districts and its historic Al Ras Walkway. The project will create 12 kilometers (7.5 miles) of walking paths and 5 kilometers of cycling tracks. The trail will also include 10 stations along the way showcasing works by local artists, Arabian Gulf Business Insights reports. 

March 23- 27, Houston, Texas. CERAWEEK. The annual event gathers global leaders to discuss energy transition, technology, and policy. Hilton Americas-Houston and George R. Brown Convention Center.

March 25, Washington, D.C. Middle East Institute Gala. MEI to present Dr. Sultan Al Jaber, the UAE’s Minister of Industry and Advanced Technology and ADNOC Group CEO, with its Distinguished Global Leadership Award. Ritz Carlton. 

March 25-27, Miami Beach, Fla. FII PRIORITY Miami 2026. Saudi Arabia’s Future Investment Initiative holds an annual U.S. conference. Faena Hotel.

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. 

NEW NORMAL

Hundreds of Gulf delegates are set to attend Saudi Arabia’s Future Investment Initiative summit this week in Miami Beach amid the Iran war, which has shaken regional economies and global markets. FII chief Richard Attias said the event, at which U.S. President Donald Trump is scheduled to speak, will address how Middle East executives can adjust to the “volatile environment” created by the conflict. “Uncertainty is the new norm for years,” Attias told The National. Analysts warn the conflict’s impact on energy supplies and Gulf GDP could be severe, with the UAE and Saudi Arabia potentially contracting 5% and Kuwait and Qatar facing double-digit declines. The three-day event starts on Wednesday. 

BUBBLE BURSTS

The UAE’s real estate boom is showing signs of a rapid slowdown three weeks into the war with Iran, in the biggest test yet for the five-year long rally fueled by an influx of wealthy migrants. Real estate transaction volumes fell 49% month-on-month for the first 12 days of March and 37% when compared to the same period last year, according to estimates published by Goldman Sachs. Agents are reporting some properties already being offered at big discounts of 12% to 15% as owners seek quick sales, Reuters reports. One agent told the news agency that an off-plan flat in Dubai’s Palm Jumeirah was advertised at a 15% discount to its original price of $2 million. Shares in Emaar Properties, the developer behind the Burj Khalifa, have fallen more than 26% since the start of the war.

Public Investment Fund: Savvy Games Group, a PIF company, will acquire mobile gaming company Moonton from Tiktok’s ByteDance for about $6 billion.

Qatar Investment Authority: Qatar’s sovereign fund is reportedly preparing to buy a 10% stake in Italian luxury sneaker maker Golden Goose. The company was valued at about $2.9 billion in December, when private equity firm HSG acquired a majority stake. 

Mubadala Capital: Brazil’s President Luiz Inácio Lula da Silva said on Friday that Petrobras would attempt to repurchase the Mataripe refinery in Bahia, which was sold to Mubadala’s asset management arm in 2021 under his predecessor, Jair Bolsonaro.

🛡️ Fast Delivery: The U.S. has fast-tracked an $8 billion defense package to the UAE, approved under emergency measures by Secretary of State Marco Rubio, including F-16 munitions, THAAD air defences, and anti-drone systems.

🛢️ Iran Oil: The Trump administration waived sanctions on the purchase of Iranian oil at sea for 30 days on ​Friday, bringing some 140 million barrels ‌of oil to global markets and help relieve pressure on energy supply, Reuters reports. 

🎓 Education Bet: Arada has awarded the main $50 million construction contract for a branch of the U.K.’s prestigious Reigate Grammar School in Masaar, its megaproject in Sharjah.

🧈 Gold Bet: Gold prices suffered their biggest weekly drop in more than 14 years last week and fell a further 3% on Monday to reach a four-month low.

🏗️ In Storage: Group Amana won a DP World contract to develop a multi-tenant warehouse project at Jafza in Dubai.

✈️ Parked Jets: Qatar Airways has sent 20 of its largest aircraft to a site used for long-term storage in Spain, The Financial Times reports. 

🐴 Horse On Course: Calandagan, considered the best racehorse in the world, has been cleared to travel to compete in the Dubai World Cup this week despite earlier doubts due to the Iran war.

🏎️ Paradise Parking: Dozens of gleaming Porsches are sitting in a warehouse on the island of Lamu, a UNESCO World Heritage Site off Kenya, among more than 4,000 vehicles unloaded from ships that were unable to reach Dubai’s Jebel Ali port.

🛫 Flight Risk: Dozens of flights have arrived and departed from Middle East airports within minutes of Iranian strikes, raising concerns among some industry experts, The Wall Street Journal reports. 

🚢 Ship Shape: Saudi Arabia has launched five new maritime shipping services to boost supply chain resilience and expand alternative routes to the Strait of Hormuz.

UAE President Sheikh Mohamed bin Zayed met with Aleksandar Vučić, President of Serbia, on Sunday in Abu Dhabi to discuss developments in the region. Sheikh Mohamed met with Hakan Fidan, Turkey’s Minister of Foreign Affairs, on Friday.

Saudi Crown Prince Mohammed bin Salman held a phone call with French President Emmanuel Macron on Sunday to discuss regional developments.

Qatar’s Emir Sheikh Tamim bin Hamad performed a funeral prayerfor Qatari military personnel who died in a helicopter crash on Sunday.

Jeff Bezos, the billionaire founder of Amazon, traveled to the Middle East a few months ago to meet with sovereign wealth funds as he seeks to raise $100 billion for a new fund to buy up manufacturing companies for AI automation, the Wall Street Journal reports.

David Ellison, CEO of  Paramount, faces an uphill challenge of winning over Wall Street with his Gulf-backed $111 billion bet on Warner Bros. Discovery, The Ankler reports..

Luigi Di Maio, EU Special Representative for the Gulf region, met with Dr. Anwar Gargash, Diplomatic Advisor to UAE President, on Sunday to express full EU solidarity with the UAE.

Mansour AlMulla was appointed Chairman of Abu Dhabi Aviation.

🌙 Keeping Faith: Abu Dhabi’s Sheikh Zayed Grand Mosque welcomed nearly 1.7 million visitors during Ramadan and Eid Al Fitr, serving a record number of iftar meals to help worshippers break their daily fast. Despite regional conflict, worshippers continued to gather in large numbers, reflecting solidarity and faith, The National reports. Mosques across the UAE hosted more than 3.2 million guests collectively, highlighting their role in promoting tolerance and community initiatives. 

March 23- 27, Houston, Texas. CERAWEEK. The annual event gathers global leaders to discuss energy transition, technology, and policy. Hilton Americas-Houston and George R. Brown Convention Center.

March 25-27, Miami Beach, Fla. FII PRIORITY Miami 2026. Saudi Arabia’s Future Investment Initiative holds an annual U.S. conference. Faena Hotel.

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 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.