LIBYAN WINDFALL

Iran’s chokehold over the Strait of Hormuz is providing a bounty for Libya’s oil and gas industry. As Gulf producers scramble to find alternative channels for export, international oil companies have turned to Libya, which has the largest reserves in Africa, and can deliver to Europe and North America from its unobstructed Mediterranean ports, Arabian Gulf Business Insight reports. Most recently, Oman’s state-run oil company, OQE, signed a deal to explore the country’s energy resources. Several other oil companies have returned to Libya after a 15-year hiatus stemming from political instability, including Eni, BP, TotalEnergies, Repsol, OMV, and Chevron.

AIR TURBULENCE

Emirates, Qatar Airways and other Gulf airlines will be prominent this weekend in discussions about the impact of the Iran conflict at the International Air Transport Association’s summit in Rio de Janeiro. Representing 370 carriers, the IATA will likely be focused on surging wartime oil prices, along with aircraft delivery delays, at the June 6-8 conference, the industry’s largest, Reuters reports. The Gulf carriers have been hit particularly hard because many of their flights pass through Middle East airspace. Industry officials say longer routes and higher fuel bills are adding pressure even as passenger demand remains strong.

AD Ports: Safeen Drydocks, a joint venture between AD Ports Group and Premier Marine Engineering, won two major vessel construction contracts valued at $354 million.

ACWA Power: Saudi Arabia’s renewable energy company ACWA Power has leased land in the Philippines to build a 500-megawatt solar plant in New Clark City, a special economic zone north of Manila.

Mubadala: Hafeet Rail, a joint venture between Etihad Rail, Oman Rail, and Mubadala, has begun laying track on the UAE–Oman railway project.

💦 Blue Maker: UAE’s biggest lender FAB said it invested in the WaterEquity Everspring Fund, which is focused on expanding access to safe water and sanitation across emerging markets.

🤝 Rising Partner: South African investment in Dubai has risen to over $294 million over the past five years, spanning industries including information technology, pharmaceuticals and food. 

🛢 Work Delay: Oman’s Mina al Fahal terminal has resumed oil loading after a temporary suspension imposed after an explosion near its mooring berths, Bloomberg reports.

🛍️ Still Afloat: Middle Eastern consumers are spending heavily as usual despite the ongoing war, but they are seeking better bargains, NielsenIQ found in a survey.

🚓 Policing Syria: Syria has established a Tourism Police unit responsible for ensuring the safety and security of visitors, Tourism Minister Mazen Al Salhani told The National. 

🫶 Helping Hands: Dubai launched the “SME in a Box” program to help small and medium businesses start faster and more affordably by providing integrated access to licensing, banking, payments, logistics, and telecommunications.

Saudi Crown Prince Mohammed bin Salman held a phone call on Wednesday with Bahrain’s King Hamad bin Isa Al Khalifa.

Princess Reema bint Bandar Al Saud, Saudi Arabia’s Ambassador to the U.S., will participate in the annual Seminar 2026, an event featuring the highest-ranking communications and public affairs executives, to be held in Arizona on June 7-9.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defense, attended the graduation ceremony of the 13th cohort of the National Defense College in Abu Dhabi.

Badr Abdelatty, Egypt’s Foreign Minister, tells Reuters that the country is close to issuing $500 million of Samurai bonds on the Japanese market this year.

Saqr Ghobash, UAE Speaker of the Federal National Council, met with Serbian Prime Minister Đuro Macut during a visit to Belgrade.

Koen van Erp was appointed to lead EMEA Alliances and Channels at Cloudera, the hybrid data and AI platform company.

🍴 Foodie Fallout: The Michelin Guide’s Dubai edition needs more time to stage its annual awards ceremony because of the Iran conflict. The restaurant lovers’ bible issued a statement on Thursday saying present conditions “call for resilience and adaptability,” Arabian Gulf Business Insight reports. Michelin said the coveted prizes will be awarded to Dubai’s best restaurants in an event to be scheduled for an unspecified later date.

📷 Photo of the Day

June 5-7, Dubai. Dubai Esports & Games Festival. The three-week event concludes this weekend with GameExpo26. Dubai World Trade Center. 

June 10-11, Doha. Project Qatar. The international construction and building materials exhibition showcases cutting-edge innovations and sustainable solutions. Doha Exhibition and Convention Center.

June 15-18, Cairo. Africa Health Excon. An annual event that brings together leaders and policy makers in health care. AlManara International Conference Center. 

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

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

June 23-24, Abu Dhabi. Forbes Middle East Building the Future Summit. Industry leaders, investors, architects, and innovators explore the trends and technologies shaping the next era of real estate. Conrad Etihad Towers.

June 24, Dubai. Energy & Sustainability Summit. The summit aims to drive forward the effective decarbonization of the Middle East’s construction and energy sectors, in support of Net Zero agendas, and their short- and long-term goals. Habtoor Grand Beach Resort & Spa.

June 23-25, Cairo. Big5 Construct Egypt. Exploring the latest products, innovations and technologies in the construction industry. Egypt International Exhibition Center.

June 30-July 1, Berlin. GITEX Europe. One of the world’s biggest gathering of tech companies. Messe Berlin.

BLASTING OFF

Saudi Prince Alwaleed bin Talal is riding high on SpaceX and stands to boost his fortune significantly with the company’s IPO. Alwaleed, the world’s wealthiest Arab investor, has a net worth that was calculated at $24.5 billion after his firm confirmed a 0.63% stake in Elon Musk’s SpaceX, valued at $3.2 billion, Bloomberg reports. The stake now positions the Saudi royal at the center of the Musk ecosystem, the most valuable private technology cluster in the world. SpaceX’s IPO is expected to raise $75 billion when it goes public and eclipse Saudi Aramco’s 2019 record.

RAIL REVIVAL

Turkey is advancing plans to revive the historic Hejaz Railway and extend it through Jordan and Saudi Arabia to Oman, creating a new overland trade route that provides an alternative to shipping through the Strait of Hormuz. Turkish Transport Minister Abdulkadir Uraloğlu said the government is working with Syria and Jordan to reconnect existing rail lines and is discussing the project’s expansion with Saudi Arabia. The railway, originally built during the Ottoman era to link the Syrian capital of Damascus with the holy city of Medina in Saudi Arabia, would carry both freight and passengers. The Hejaz also features as the critical link in a plan connecting the Gulf to the Mediterranean through Israel, The Circuit has reported.

Abu Dhabi Investment Authority: Austrian gas-engine maker Innio raised $2.43 billion in its Nasdaq IPO after its principal shareholder, ADIA-backed AI Alpine sold 90 million of its shares.

Saudi Aramco: The world’s largest oil company said the current supply crisis shows underinvestment in refining after about 3 million barrels a day of capacity closed from 2020 to 2023.

TAQA: A consortium led by Abu Dhabi National Energy Co., known as TAQA, was awarded majority ownership of Abu Dhabi’s 2.6-gigawatt Taweelah C power project.

G42: Abu Dhabi’s G42 and global banking giant Santander have signed a draft agreement to co-develop artificial intelligence tools across Santander’s worldwide operations.

💵 Bond Test: Bahrain raised $1 billion in a bond sale that took place just hours after it was the target of Iranian missile attacks, Bloomberg reports.

🏝️ Island Icon: WOW Resorts awarded a contract to China Road and Bridge Corp. to build the $1.3 billion JW Marriott Al Marjan Island Resort and Residences in the UAE northern emirate of Ras Al Khaimah.

🖥️ Developer Tool: Coralogix, an Israeli startup that makes an AI platform to assist software developers, raised $200 million in a fundraising round that pegged the company’s value at $1.6 billion.

🚀 War Toll: The impact of missile and drone strikes on Dubai’s migrant workers, who comprise the largest group of casualties from the conflict with Iran, is explored in a New York Times story.

⛽ Accelerated Work: Kuwait’s merger of state-owned KIPIC into KNPC is expected to accelerate the long-delayed $10 billion Al Zour petrochemicals project since 2024.

🇸🇦 Saudi Shelter: Saudi Arabia’s economy is showing resilience, drawing new business from across the Gulf, despite an IMF report that projects a war-related decline in GDP growth.

UAE President Sheikh Mohamed bin Zayed met with Morocco’s King Mohammed VI during a private visit to the North African country.

Qatar’s Emir Sheikh Tamim bin Hamad held a phone call on Wednesday with U.S. President Donald Trump.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, held a phone call with Sheikh Jarrah Jaber Al-Ahmad, Kuwait’s Minister of Foreign Affairs. Sheikh Abdullah held a phone call with Dr. Abdullatif bin Rashid Al Zayani, Bahrain’s Minister of Foreign Affairs.

Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, met with Rafael Grossi, the Director General of the International Atomic Energy Agency, in Riyadh on Wednesday.

Sheikh Khaled Ahmad ​Al-Sabah, Kuwait Petroleum Corp.’s Managing Director for international marketing, said ​on Wednesday that Kuwait could restore nearly 70% of its oil production within ​six to eight weeks after the Strait of Hormuz reopens, Reuters reports. 

Sheikh Nahyan bin Mubarak Al Nahyan, UAE Minister of Tolerance and Coexistence, inaugurated Arqaam Capital’s 13th Annual MENA Investor Conference in Dubai.

Khaled Mohamed Balama, Governor of the Central Bank of the UAE, met with Khalid Humaidan, Governor of the Central Bank of Bahrain, at the bank’s headquarters in Abu Dhabi.

Armin Peter was appointed Managing Director, Markets, at the Dubai Financial Services Authority.

Maura Geertsma was appointed dnata Travel Group’s new Divisional Vice President, Corporate Travel

🌳 Green Cairo: Egypt plans a “Greening Cairo” project to turn evacuated urban spaces into parks while restoring the capital’s historic center. Prime Minister Mostafa Madbouly announced the initiative on Tuesday, outlining plans to enhance downtown Cairo’s attraction to foreign tourists with a range of cultural activities, citing the recently launched “Art Street” that has transformed central alleyways into open-air galleries.

📷 Photo of the Day

June 5-7, Dubai. Dubai Esports & Games Festival. The three-week event concludes this weekend with GameExpo26. Dubai World Trade Center. 

June 10-11, Doha. Project Qatar. The international construction and building materials exhibition showcases cutting-edge innovations and sustainable solutions. Doha Exhibition and Convention Center.

June 15-18, Cairo. Africa Health Excon. An annual event that brings together leaders and policy makers in health care. AlManara International Conference Center. 

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

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

June 23-24, Abu Dhabi. Forbes Middle East Building the Future Summit. Industry leaders, investors, architects, and innovators explore the trends and technologies shaping the next era of real estate. Conrad Etihad Towers.

June 24, Dubai. Energy & Sustainability Summit. The summit aims to drive forward the effective decarbonization of the Middle East’s construction and energy sectors, in support of Net Zero agendas, and their short- and long-term goals. Habtoor Grand Beach Resort & Spa.

June 23-25, Cairo. Big5 Construct Egypt. Exploring the latest products, innovations and technologies in the construction industry. Egypt International Exhibition Center.

SHIPPING SUGAR

Abu Dhabi’s AD Ports Group is making its first move into Latin America with an $835 million acquisition of Brazilian terminal operator Corredor Logistica e Infraestrutura. The deal gives AD Ports control of two strategically positioned assets – a terminal for sugar, corn, and soybean exports at Santos, Brazil’s largest port, and a second at Itaqui in the Arc of the North corridor. The acquisition comes as Gulf entities accelerate their push into trade infrastructure, with Brazil drawing investor interest over its food security concerns and its growing volume of exports, Arab News reports. AD Ports CEO Mohamed Juma Al-Shamisi called the deal “a game changer,” saying it deepens the group’s network into one of the world’s fastest-growing agricultural markets.

ROBOTAXI ROLLOUT

Humain, the Saudi artificial intelligence company backed by the Public Investment Fund, will team up with Nvidia to operate robotaxis across the kingdom. Humain will use the AI chipmaker’s Drive Hyperion platform to handle all steering, braking and navigation functions, CEO Tareq Amin said in a post on X. The Saudi company received a shipment of Nvidia’s latest AI chips last December to accelerate its construction of a data center. It secured up to $1.2 billion in financing from the National Infrastructure Fund in January to expand Saudi Arabia’s digital infrastructure.

ADNOC: The UAE’s national oil company is studying a new pipeline that would carry gasoline, diesel and jet fuel across the UAE to Fujairah, bypassing the Strait of Hormuz.

du: The UAE’s govenrnment-backed telecommunications company has launched a $50 million fund called du Ventures in partnership with Shorooq to invest in startups focused on AI, fintech, cybersecurity, cloud-computing and gaming.

OQ Exploration & Production: Oman’s government-owned energy exploration firm signed a cooperation agreement with the Libyan Investment Authority to pursue joint opportunities in oil, gas and related energy investments.

🤝 Market Exploration: New York’s State Street financial services firm and Riyadh-based Jadwa Investment signed an agreement to offer custody and asset servicing solutions to institutional clients in Oman.

📦 Regional Growth: Indian apparel company Arvind Ltd. launched Arvind Atelier, a wholly owned subsidiary, in the UAE’s Sharjah Free Zone, to strengthen its presence in international markets.

📝 Energy Contract: Saudi Anmat Technology for Trading secured an $84 million contract from Saudi Electricity Co. for an end-user device replacement and expansion project.

⏲️ Weight Watchers: Novo Nordisk launched its weight-loss pill Wegovy in the UAE following regulatory approval, making the country the second market after the U.S. to offer the drug.

⚛️ Nuclear Support: The International Atomic Energy Agency said it is providing technical assistance to the UAE after a drone strike damaged equipment and cut external power at the Barakah nuclear plant.

🇴🇲 Coaxing Oman: The U.S. is pressing Oman to distance itself from Iran, complicating Muscat’s long-standing role as a neutral mediator, The Wall Street Journal reports.

👚 Apparel Sale: Dubai-based Apparel Group is exploring an IPO for its Indian unit, Apparel Group India, with a potential listing expected later this year or in early 2027, Bloomberg reports.

📈 New in Town: Nasdaq-traded advisory firm WTW received approval to operate an investment business in the Dubai International Financial Center.

Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister and Ruler of Dubai, reviewed the progress of the government’s project to integrate AI into at least half of all its services within two years.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defense of the UAE, said the emirate will use “innovative solutions” to strengthen its economy and tourism.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, met with Rafael Grossi, Director General of the International Atomic Energy Agency, in Abu Dhabi on Tuesday. Sheikh Abdullah held a phone call with Paulo Rangel, Minister of Foreign Affairs of Portugal, on Wednesday.

Sheikha Al Mayassa Al Thani, the Emir of Qatar’s younger sister, was featured in Le Monde for advancing Qatar’s global arts profile through major art acquisitions, museum development, and hosting international fairs.

Serbian President Aleksandar Vucic, who sought support from UAE businessman Mohamed Alabbar to build a massive waterfront project in Belgrade, tells Bloomberg in an interview that Europe is sleepwalking into economic ruin because of complacency and poor productivity.

Dr. Rania Al-Mashat, a former Egyptian cabinet minister, has begun her tenure as U.N. Under-Secretary-General.

Rafael Grossi, Director General of the International Atomic Energy Agency, toured the Barakah Nuclear Energy Plant, accompanied by Hamad Al Kaabi, Deputy Chairman of the UAE Federal Authority for Nuclear Regulation’s management board.

Zhang Yiming, co-founder of TikTok parent ByteDance, has surpassed India’s Mukesh Ambani to become Asia’s second-richest person.

Lorenzo Fanara, Italy’s Ambassador to the UAE, wrote an op-ed in The National to discuss the friendly relations between the two countries. 

Gianni Infantino, President of the FIFA world football federation, is profiled in The New Yorker, which examines his close working relationships with the governments of Russia, the U.S., Qatar and Saudi Arabia, and says he has a “fascination with autocracy.”

📽️ Changing Places: Saudi filmmaker Mohammed Al Turki makes his acting debut in Guy Ritchie’s In The Grey, a film that also features Jake Gyllenhaal, Eiza González, and Rosamund Pike. Shot partly in Jeddah with Red Sea Film Foundation support, the production showcases Saudi Arabia’s growing appeal as an international filmmaking destination, GQ Middle East reports.

📷 Photo of the Day

June 1-4, Baghdad. Iraq Oil and Gas Technology Exhibition. Exploring industry-leading solutions propelling the oil, gas, and energy sectors into the future. Baghdad International Fairground.

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

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

June 10-11, Doha. Project Qatar. The international construction and building materials exhibition showcases cutting-edge innovations and sustainable solutions. Doha Exhibition and Convention Center.

June 15-18, Cairo. Africa Health Excon. An annual event that brings together leaders and policymakers in health care. AlManara International Conference Center. 

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

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

June 23-24, Abu Dhabi. Forbes Middle East Building the Future Summit. Industry leaders, investors, architects, and innovators explore the trends and technologies shaping the next era of real estate. Conrad Etihad Towers.

June 23-25, Cairo. Big5 Construct Egypt. Exploring the latest products, innovations and technologies in the construction industry. Egypt International Exhibition Center.

June 24, Dubai. Energy & Sustainability Summit. The summit aims to drive forward the effective decarbonization of the Middle East’s construction and energy sectors, in support of Net Zero agendas, and their short- and long-term goals. Habtoor Grand Beach Resort & Spa.

EDIBLE EMPIRE

International Holding Co., the sprawling Abu Dhabi conglomerate chaired by Sheikh Tahnoon bin Zayed, and Emaar Properties founder Mohamed Alabbar are among the parties that may submit bids for Dubai’s ailing IFFCO food company. The firm, whose interests range from producing the London Dairy ice cream brand to chemicals, logistics and packaging, is facing liquidation over some $2 billion in debt, Bloomberg reports. IFFCO has long played a key role in assuring food security for the UAE, but Iran’s shipping blockade in the Strait of Hormuz has hampered the company’s ability to import raw materials. A proposed restructuring agreement with creditors that include HSBC and Emirates NBD recently fell apart.

SOVEREIGN SPENDERS

The Gulf’s sovereign wealth funds aren’t letting the Iran war derail their investing. With $5.7 trillion in combined assets, the funds are holding steady this year in the pace of their spending, Global SWF says in its June report. Four of the five most active regional investors – the UAE’s ADIA, Mubadala and L’Imad, and Saudi Arabia’s Public Investment Fund – have shown little slowdown from the past five years. The Qatar Investment Authority’s spending, meanwhile, has fallen by at least $2 billion since the conflict began in March.

Mubadala: Khaldoon Al Mubarak, Mubadala’s Managing Director and Group CEO, led a UAE delegation to participate in the annual “Choose France” summit in Paris, where he met with French President Emmanuel Macron and a range of business leaders.

DP World: The Dubai-based ports operator and the Dominican Republic will invest an additional $100 million to expand logistics and warehousing capacity at the DP World Free Trade Zone in Caucedo.

ADNOC: Azerbaijan’s SOCAR, TotalEnergies, ADNOC International and Turkey’s BOTAS ​signed a natural gas sales and ‌purchase agreement for Azerbaijan’s Absheron field.

Mumtalakat: Bahrain’s sovereign wealth fund is teaming up with French investor TRAIL to invest in the SLAM private equity fund, which is focused on sports, luxury, arts, and music.

Oman Investment Authority: The sovereign wealth fund said it’s expanding its international portfolio with investments ranging from London-based CapVest and Arcus Infrastructure Partners to U.S. private equity firm Great Hill Partners and India’s Motilal Oswal.

🏭 Metal Makers: Aluminium Bahrain, known as Alba, will acquire France-based Aluminium Dunkerque in a $2.2 billion deal, with American Industrial Partners and Bpifrance taking minority stakes.

💅 Beauty Launch: Goldman Sachs is exploring a potential IPO of Kuwaiti online retailer Boutiqaat that could value it above $1 billion, Bloomberg reports.

💰 Funding Drive: UAE-based driverless delivery company CargoX has raised $250 million in a funding round led by BlueFive Capital, and appointed former Talabat CEO Tomaso Rodriguez to support the local and global expansion of its autonomous logistics network.

🤝 Handing Over: Kuwait Oil Company has awarded the $385 million Ahmadi Innovation Valley project, an advanced research and innovation hub, to a unit of global oilfield services giant SLB.

📡 Drone Acquisition: Motorola Solutions agreed to acquire D-Fend Solutions for $1.5 billion, adding the Israeli firm’s radio-frequency drone interception technology to its security portfolio.

🏠 Rent Freeze: Abu Dhabi Real Estate Center has frozen rents for residential, commercial and industrial properties until further notice.

🏘️ Under Scrutiny: George Azar, the CEO and owner of UK Sotheby’s International Realty, which has franchises in Dubai and Saudi Arabia, is facing allegations of misconduct from employees, Bloomberg reports. Lawyers acting for Sotheby’s International Realty and Azar responded that Azar has no recollection of making offensive comments that were alleged, and said there have been no formal HR complaints about Azar’s workplace conduct, the news agency said.

🏢 Looking East: U.S.-based Positron AI has opened an office in the Dubai International Financial Center as part of its global expansion, after raising more than $300 million in funding.

⚓ Sailor Concerns: The head of the International Maritime Organization said it remains too risky to move seafarers out of the Gulf region.

📊 Linking Markets: Jordan’s capital market institutions officially launched an electronic link with the Abu Dhabi Securities Exchange through the “Tabadul” platform in an effort to develop regional financial markets and enhance integration among them.

King Salman of Saudi Arabia sent a cable of congratulations to Italian President Sergio Mattarella on the occasion of Italy’s Republic Day, expressing hope for developing closer ties.

Saudi Crown Prince Mohammed bin Salman made a phone call on Monday to Yemen’s Nasser Abdrabbuh Mansour Hadi to express condolences and sympathy over the death of his father, former President Abdrabbuh Mansour Hadi.

Sheikh Jarrah Jaber Al Ahmad Al Sabah, Kuwait’s Foreign Minister, met in Kuwait on Monday with Rafael Grossi, Director-General of the International Atomic Energy Agency.

Mohamed Alabbar, Founder of Emaar Properties and Noon, is writing a 12-part series published in The Buzz, discussing his experience in business, with a focus on artificial intelligence. 

Richard Nordell, the head of Mubadala’s real estate business, was appointed chief of the sovereign wealth fund’s infrastructure unit, replacing Saed Arar.

Marc Rowan, CEO of Apollo Global Management, met with Qatar’s Minister of Commerce and Industry Sheikh Faisal bin Thani during a visit to Doha this week.

Saqr Ghobash, Speaker of the UAE Federal National Council, led an FNC delegation on an official visit to Serbia starting today.

Francis Alfred, Managing Director of Sobha Realty, told Zawya Projects that, regardless of market fluctuations, the company remains committed to its projects, including the launch of $24 billion worth of mega communities in the UAE.

☕ Bean Counters: The UAE’s specialty coffee roasters have spent months navigating rising freight and insurance costs, delayed cargo and unpredictable logistics as they ship high-quality beans from growers in countries including Peru, Ethiopia and Indonesia, The National reports. Yet, they have found ways to maintain quality and freshness, including using air freight to ship micro-lots of beans. “Small differences matter,” says Mohamad Merhi, co-founder of Cypher Urban Roastery in Dubai. “Coffees selected for delicate florals, fruit-forward profiles, or higher clarity can be more sensitive to handling and logistics conditions than lower-grade commercial coffees.”

📷 Photo of the Day

June 1-4, Baghdad. Iraq Oil and Gas Technology Exhibition. Exploring industry-leading solutions propelling the oil, gas, and energy sectors into the future. Baghdad International Fairground.

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

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

June 10-11, Doha. Project Qatar. The international construction and building materials exhibition showcases cutting-edge innovations and sustainable solutions. Doha Exhibition and Convention Center.

June 15-18, Cairo. Africa Health Excon. An annual event that brings together leaders and policy makers in health care. AlManara International Conference Center. 

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

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

June 23-24, Abu Dhabi. Forbes Middle East Building the Future Summit. Industry leaders, investors, architects, and innovators explore the trends and technologies shaping the next era of real estate. Conrad Etihad Towers.

June 24, Dubai. Energy & Sustainability Summit. The summit aims to drive forward the effective decarbonization of the Middle East’s construction and energy sectors, in support of Net Zero agendas, and their short- and long-term goals. Habtoor Grand Beach Resort & Spa.

June 23-25, Cairo. Big5 Construct Egypt. Exploring the latest products, innovations and technologies in the construction industry. Egypt International Exhibition Center.

CLAUDE CAPITAL

Abu Dhabi-based AI investment firm MGX joined Anthropic’s latest fundraising round, which valued the U.S. artificial intelligence company at $965 billion. MGX was among the major investors in the Series H round led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital. The investment deepens MGX’s growing presence in artificial intelligence alongside earlier funding of OpenAI and other tech ventures that have made Abu Dhabi one of AI’s global hubs. In October, MGX joined the Artificial Intelligence Infrastructure Partnership and BlackRock’s Global Infrastructure Partners consortium in a deal to acquire Plano, Texas-based Aligned Data Centers.

GROWING WEB

Abu Dhabi’s Generation 5 is managing the transfer of key Turkish military technologies to the UAE. The technologies include Aselsan’s Nefer turret system and its Aselflir 500 optronic sensors destined for UAE drones, Intelligence Online reports. Generation 5 also holds a 30% stake in BASE A.S., a Turkish manufacturer of armored vehicle subsystems that is preparing to open a production line in the UAE. In May, Generation 5 added an Embraer maintenance contract to its portfolio, underscoring Abu Dhabi’s ambitions to develop a broad domestic defense supply chain.

Abu Dhabi Investment Authority: Gas engine manufacturer Innio is hoping to tap investor appetite for companies powering AI infrastructure and raise up to $2 billion through a U.S. IPO. Innio’s main shareholder, AI Alpine, is co-owned by funds managed by Advent ​International and Abu Dhabi ​Investment Authority.

Mubadala Capital: The asset management arm of Abu Dhabi’s Mubadala sovereign wealth fund raised $1.9 billion by selling a block of shares in U.S.-based semiconductor manufacturer GlobalFoundries, according to a filing.

Qatar Energy: Saad Sherida Al-Kaabi, CEO of Qatar Energy and Qatar’s Minister of State for Energy Affairs, met virtually with Wang Hongzhi, the Administrator of the National Energy Administration of China.

📈 IPO Go: Saudi Arabia’s Mutlaq Al-Ghowairi Contracting Co. will raise up to $799 million in a Riyadh IPO, marking the Gulf’s first major listing of the year, Bloomberg reports.

🛡️ Defense Strategy: A U.S.-Saudi joint venture, SR2Vector, is building a factory near Riyadh to produce long-range SKYWASP combat drones to enhance Saudi deterrence capabilities.

📺 New Era: Sky UK is ending its joint venture with the UAE’s IMI, shifting to a brand-licensing deal for Sky News Arabia, Bloomberg reports. 

🏭 Guaranteed Risks: Oman has launched manufacturing investment opportunities worth up to $17 million each, backed by guaranteed purchase agreements to reduce investor risk and attract local and foreign investment in strategic industries.

🎥 Film Drama: Despite recently promising to up film rebates to as much as 60% in its bid to become a global production hub, some filmmakers are complaining of long delays getting their promised payouts from Saudi Arabia, Puck reports.

💰 Alternative Revenue: Canadian engineering group AtkinsRéalis is shifting work from Saudi Arabia to the UAE amid the kingdom’s pullback from gigaprojects. 

⛲ Water Matters: In a push for water security, GCC countries are increasingly using renewable water resources instead of groundwater extraction, according to new data. 

🛢️ Strained Routes: The heads of the International Energy Agency, International Monetary Fund, World Bank, and World Trade Organization warned on Friday that the U.S.-Israel war on Iran has disproportionately affected poorer countries.

⛽ Gas Deal: The U.S. and Thailand are negotiating a long-term LNG supply deal between Venture Global and PTT PCL, which has gained urgency after recent disruptions to Qatar’s production.

UAE President Sheikh Mohamed bin Zayed held a phone call with Serbian President Aleksandar Vučić on Sunday.

Sheikh Khaled bin Zayed, Crown Prince of Abu Dhabi, was profiled by the Financial Times as a key sovereign wealth dealmaker.

Emir of Qatar Sheikh Tamim held a phone call with U.S. President Donald Trump on Friday.

Sheikh Tahnoon bin Zayed, UAE National Security Advisor, met with U.S. Congressman Josh Gottheimer of New Jersey on Friday.

Sheikh Saoud bin Abdulrahman Al Thani, Qatar’s Deputy Prime Minister, told the Shangri-La dialogue that Qatar would oppose a permanent toll for passage through the Strait of Hormuz, but a temporary fee was negotiable.

Sheikh Bandar bin Mohammed, Governor of the Qatar Central Bank and Chairman of Qatar Investment Authority, met with Marc Rowan, CEO of Apollo Global Management, on Sunday in Doha.

Tom Barrack, U.S. Ambassador to Turkey, was announced as the new U.S. Special Presidential Envoy for Iraq and Syria.

Sofiane Haddadi was appointed as VP Marketing, Activations and Operations at ADNOC Distribution to accelerate its retail transformation.

Albert Manifold was removed as BP’s Chairman over alleged bullying behaviour towards employees at the oil major.

Sir Ben Ainslie, Olympic sailor and founder and CEO of Athena Sports Group, which includes the Emirates Great Britain SailGP team and the British America’s Cup team GB1, talked with the Financial Times about the rapid growth of SailGP, the high-speed sailing league based on foiling catamarans.

Kirill Dmitriev, a Russian banker who is under U.S. sanctions for his role in financing Russia’s war on Ukraine, has been shuttling from Moscow to Florida to meet with Steve Witkoff and Jared Kushner in and around the exclusive island known as Billionaire Bunker.

🧱 Brick-by-Brick: A newly-launched company in Dubai is building its trade on the growing number of adult Lego enthusiasts in the Middle East. Brick Borrow UAE is a rental service that allows subscribers to borrow sets, build them at home and return them afterward, reducing the cost of the hobby and the amount of clutter it creates at home. The business runs out of a shop in Dubai Investment Park, where stacks of Lego boxes line the walls, and large communal tables are used for building sessions, workshops and sorting returned sets, The National reports.

📷 Photo of the Day

June 1-4, Baghdad. Iraq Oil and Gas Technology Exhibition. Exploring industry-leading solutions propelling the oil, gas, and energy sectors into the future. Baghdad International Fairground.

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

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

June 10-11, Doha. Project Qatar. The international construction and building materials exhibition showcases cutting-edge innovations and sustainable solutions. Doha Exhibition and Convention Center.

June 15-18, Cairo. Africa Health Excon. An annual event that brings together leaders and policy makers in health care. AlManara International Conference Center. 

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

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

June 23-24, Abu Dhabi. Forbes Middle East Building the Future Summit. Industry leaders, investors, architects, and innovators explore the trends and technologies shaping the next era of real estate. Conrad Etihad Towers.

June 24, Dubai. Energy & Sustainability Summit. The summit aims to drive forward the effective decarbonization of the Middle East’s construction and energy sectors, in support of Net Zero agendas, and their short- and long-term goals. Habtoor Grand Beach Resort & Spa.

June 23-25, Cairo. Big5 Construct Egypt. Exploring the latest products, innovations and technologies in the construction industry. Egypt International Exhibition Center.

MINERAL MAPPING

Egypt plans to conduct its first nationwide aerial geological survey in more than 40 years to identify gold, copper and other mineral reserves as it seeks to attract foreign mining investment. Spain’s Xcalibur Smart Mapping will work with Egypt’s Nuclear Materials Authority to carry out the project. Energy Minister Karim Badawi said the survey will cover areas including Egypt’s Eastern and Western deserts and the Sinai Peninsula. The aim is to create a “modern, highly accurate mining database” to help investors identify commercially viable mineral deposits faster and with lower exploration risk, he said.

KEEPING FAITH

Saudi Arabia has welcomed more than 1.5 million foreign pilgrims for Hajj this week, despite the Iran conflict, exceeding the number of both international visitors last year and the resulting air-travel interruptions. The influx is evidence for the kingdom that its investments in religious tourism and property development around the holy cities of Mecca and Medina are paying off despite the broader drop-off in travelers to the region. Security forces in the country are on high alert amid the regional tensions and face the added complication of tens of thousands of worshippers coming from Iran and Iraq, where drone and missile barrages against the kingdom and its Gulf neighbors have originated.

Investment Corp. of Dubai: Alec Holdings, a subsidiary of the Dubai government fund, secured a $1.7 billion contract to design, procure and build the technically complex Sphere Abu Dhabi entertainment venue on Yas Island, set to open in 2029.

NEOM: Saudi Arabia’s megaproject development company has terminated a $1.6 billion contract won by Italy’s Webuild to construct a 57-kilometer high-speed rail link between its Oxagon and The Line sites, with the project only 20% complete.

MGX: Sheikh Tahnoon bin Zayed, Chairman of MGX and the UAE’s National Security Advisor, led the Abu Dhabi-based AI investment fund’s second board meeting of the year.

Qatar Investment Authority: Qatar Holding, an affiliate of the QIA, sold a $77 millionstake in Indian billionaire Gautam Adani’s Adani Energy Solutions.

💉 Healthcare Expansion: UAE developer Arada plans to invest $544.5 million to build an 800-bed healthcare network, expanding Reem Hospital into four locations across the country as part of a diversification strategy.

⛽ Clean Fuel: ENOC Group and Abu Dhabi-based Allied Biofuels Holding are working together to explore the offtake and distribution of Sustainable Aviation Fuel and e-SAF from a planned Uzbekistan facility.

💰 Muscat Bonds: Oman’s Sohar International Bank raised about $69 million by issuing mandatory convertible bonds.

⚙️ Steel Trade: India’s Jindal Saw plans to invest $390 million to build an integrated iron and steel plant in Oman’s Sohar to boost steel pipe production for domestic use and exports.

🛰️ Shadow Network: Iran’s Revolutionary Guards used a UAE-based company to procure advanced Chinese satellite communications equipment linked to its drone program, according to leaked contracts and shipping records reviewed by the Financial Times.

✈️ Green Light: Australia has expanded air services agreements with the UAE and Qatar to allow up to seven weekly flights each to the upcoming Western Sydney International Airport.

💺 Flight Boom: Etihad Airways will expand service between Tel Aviv and Abu Dhabi to six daily flights starting June 15, making Israel the airline’s busiest route with 42 weekly flights as demand for connections to Asia surges, Ynet reports.

🇨🇭 Risky Business: A little-known Swiss trading company played a key role in an oil supertanker’s transit through the Strait of Hormuz in a high-stakes gambit earlier this month, Bloomberg reports.

UAE President Sheikh Mohamed bin Zayed took part in a call on Sunday with U.S. President Donald Trump, King Hamad bin Isa Al Khalifa of Bahrain, Qatar’s Sheikh Tamim bin Hamad, Saudi Crown Prince Mohammed bin Salman, Jordan’s King Abdullah II, Egyptian President Abdel Fattah El-Sisi, Turkish President Recep Tayyip Erdoğan, and Field Marshal Asim Munir, Chief of Army Staff of Pakistan.

Sheikh Mohamed’s views on the Iran war and the UAE’s plans for the Middle East are analyzed by journalist Robert Worth in an interview with Le Grand Continent.

Sheikh Mohamed held a phone call with Qatar’s Emir Sheikh Tamim bin Hamad on Saturday.

Sheikha Shamma bint Sultan, President and CEO of Frontier25, a climate action advisory organization, called for stronger collaboration to accelerate global climate action.

Dr. Thani Al Zeyoudi, UAE Minister for Foreign Trade, said during a panel discussion at GLOBSEC Forum 2026 in Prague that the war with Iran has pushed Gulf countries to compress a decade-worth of logistics redesign into years. 

Abdulla Balalaa, UAE Assistant Minister for Energy and Sustainability Affairs, met with Amina J. Mohammed, Deputy Secretary-General of the United Nations, to discuss ways to further strengthen cooperation.

Jarrah bin Mohammed, Spokesperson for the Saudi Minister of Industry and Mineral Resources, said in a post on X that the kingdom issued 80 new mining licenses in March, which is more than double the number in February.

Pep Guardiola is leaving Manchester City, after 10 years of managing the Premier League soccer club owned by UAE Vice President Sheikh Mansour bin Zayed.

Andrés Iniesta will manage Dubai-based Gulf United FC, his first head-coaching role since retiring from professional soccer in 2024. 

🏺 Knockout Views: The ancient pyramids of Giza have long been used as a scenic backdrop to concerts, hosting stars from Frank Sinatra to the Red Hot Chili Peppers. Now, Egypt is turning to boxing, orchestrating a series of bouts dubbed “Glory in Giza,” in front of the 4,000-year-old monuments in an attempt to boost luxury tourism and generate hard-currency revenue, Bloomberg reports.

📷 Photo of the Day

June 1-4, Baghdad. Iraq Oil and Gas Technology Exhibition. Exploring industry-leading solutions propelling the oil, gas, and energy sectors into the future. Baghdad International Fairground.

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

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

June 10-11, Doha. Project Qatar. The international construction and building materials exhibition showcases cutting-edge innovations and sustainable solutions. Doha Exhibition and Convention Center.

June 15-18, Cairo. Africa Health Excon. An annual event that brings together leaders and policy makers in health care. AlManara International Conference Center. 

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

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

June 23-24, Abu Dhabi. Forbes Middle East Building the Future Summit. Industry leaders, investors, architects, and innovators explore the trends and technologies shaping the next era of real estate. Conrad Etihad Towers.

June 24, Dubai. Energy & Sustainability Summit. The summit aims to drive forward the effective decarbonization of the Middle East’s construction and energy sectors, in support of Net Zero agendas, and their short- and long-term goals. Habtoor Grand Beach Resort & Spa.

June 23-25, Cairo. Big5 Construct Egypt. Exploring the latest products, innovations and technologies in the construction industry. Egypt International Exhibition Center.

NO BONUS

Qatar Airways has told its 60,000 employees that they will not get bonuses this year, as it “prioritizes long-term stability” amid flight disruptions caused by the Iran conflict. The state-owned carrier has been the worst affected in the region by a number of suspended flights and is operating at less than 60% of its usual schedule, Bloomberg reports. By comparison, Emirates reduced this year’s staff bonus by just two weeks to 20 weeks of salary. The bonus cuts come even as airline staff have worked through high-stress conditions, with Iran repeatedly targeting airports and surrounding infrastructure with drones and missiles earlier in the conflict. Qatar Airways posted a more than 7% decline in annual net profit on Wednesday, but said it was making progress on rebuilding its global schedule.

DIGITAL WIN

Abu Dhabi’s International Holding Co. has executed a $30 million transaction using blockchain technology developed by the ADI Foundation, a part of its Sirius digital arm. The transaction using DDSC, a UAE dirham-backed stablecoin built on the ADI Chain, represents a “defining milestone” for the stablecoin system in the UAE and shows that it can handle high-value financial flows, IHC said in a statement. The company said it will now focus on increasing institutional adoption, expanding use cases and building cross-border payment and trade corridors linking the Middle East with key global markets. ADI Foundation, launched two years ago, is a philanthropic initiative closely tied to Abu Dhabi’s broader push to expand its influence in financial technology and data infrastructure, an effort spearheaded by Sheikh Tahnoon bin Zayed, Chairman of IHC and the UAE National Security Advisor.

Abu Dhabi Investment Authority: ADIA was named among the funds backing CVC Capital Partners’ voluntary offer to take Italian drugmaker Recordati private in a potential $12 billion deal, in one of the biggest European healthcare transactions this year.

Abu Dhabi Investment Authority: Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and Chairman, chaired ADIA’s first Board of Directors meeting for 2026 on the company’s 50th anniversary.

G42: Core42, a G42 company, has raised $550 million in structured trade finance from HSBC to expand its AI cloud and compute infrastructure across the U.S. and Europe.

Mubadala: Acelen, owned by Abu Dhabi’s Mubadala sovereign fund, has secured $1.5 billion from a consortium led by HSBC and International Finance Corporation to begin building a $3 billion biofuels refinery in Bahia, Brazil.

Mubadala: Mubadala Energy is expected to announce a final investment decision within months for its Tangkulo gas development in Indonesia’s South Andaman block.

Masdar: Masdar signed a deal with China’s Sungrow to supply 7.5GWh of battery storage and 2.6GW of solar inverter capacity for Abu Dhabi’s 24/7 gigascale solar project.

Public Investment Fund: Video-game publisher Take-Two Interactive, which counts the PIF’s Savvy Games Group as a major shareholder, has confirmed a Nov. 19 release date for “Grand Theft Auto VI,” expected to be one of the top-selling video games of all time, with a marketing campaign to begin this summer.

🛢️ Oil Discovery: Egypt has announced its largest oil and gas discovery in 15 years: a Western Desert well with an estimated 330 billion cubic feet of gas and 70 million barrels of oil equivalent.

🏦 Support Provided: Emirates NBD has provided a $100 million loan to Luxembourg-based CPI Property Group to cover deferred payments on its Dubai luxury property portfolio.

💰 Investing Inwards: Egypt’s Sky Investments Holding plans to invest $300-$350 million in logistics over three years, mainly expanding East Port Said Port and developing new projects in Ain Sokhna and Alexandria as part of a broader $500 million investment plan.

🏗️ Border Post: Two consortia of Omani and Saudi companies have secured contracts worth $192 million to develop infrastructure in an economic zone near the Omani-Saudi border, Arabian Gulf Business Insight reports.

👍 Thumbs Up: Cantor Bank, part of the New York financial services firm Cantor Fitzgerald, has been granted approval to operate within the Abu Dhabi Global Market.

🪙 Crypto War: One of the Iranian regime’s key financiers secretly moved billions of dollars through Binance, the world’s largest crypto exchange, despite repeated red flags, The Wall Street Journal reports.

⚓ Port Plot: Abu Dhabi National Company for Building Materials is exploring an integrated logistics hub at Oman’s Port of Salalah to expand re-exports of building materials to markets including India, China and East Africa.

💼 Touch Down: Dutch legal firm TMF Group will begin operating within the Dubai International Financial Center.

🗓️ New Dates: Dubai’s flagship tourism industry expo, Arabian Travel Market, postponed due to the Iran conflict, has been rescheduled again to Sept. 14-17.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Deputy Prime Minister and Minister of Defense, approved a $400 million economic relief package to support the city’s business and tourism sectors, including suspending the hotel tax. 

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, met with Julia Klöckner, President of the German Bundestag, Omid Nouripour, Vice President of the Bundestag, and Armin Laschet, Chairman of the Bundestag’s Foreign Affairs Committee, on Thursday as part of his working visit to Germany.

Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, held a phone call on Thursday with Asaad Al-Shaibani, his Syrian counterpart.

Mohamed Alabbar, the Emirati founder of Emaar, said his Noon e-commerce platform will cut staff numbers in half in the next three months, as he hires artificial intelligence agents across his companies.

Arif Amiri, CEO of DIFC Authority, met with Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund, on Thursday.

Yogesh Mehta, Founder of Petrochem, spoke with Arabian Gulf Business Insight about the effects of the Iran war, saying that with both imports and exports curbed, manufacturers have had to limit production. “The crisis has taken two wheels off the car,” he said.

🎥 Movie Magic: From the winding alleys of Al Seef to the gleaming skyline of One&Only One Za’abeel, Dubai is more than a backdrop in Tom Clancy’s “Jack Ryan: Ghost War,” The National reports. The latest installment in the espionage thriller franchise, which was shot in early 2025 in collaboration with the Media Council and Dubai Department of Economy and Tourism,  premiered on Prime Video on Wednesday. The film sweeps through Dubai Marina’s glittering waterfront and the desert’s vast silence, blending contrast into cinematic scale. Cameras also capture Emirates Towers, Gate Avenue in DIFC, and Burj Park.

📷 Photo of the Day

June 1-4, Baghdad. Iraq Oil and Gas Technology Exhibition. Exploring industry-leading solutions propelling the oil, gas, and energy sectors into the future. Baghdad International Fairground.

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

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

June 10-11, Doha. Project Qatar. The international construction and building materials exhibition showcases cutting-edge innovations and sustainable solutions. Doha Exhibition and Convention Center.

June 15-18, Cairo. Africa Health Excon. An annual event that brings together leaders and policy makers in health care. AlManara International Conference Center. 

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

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

June 23-24, Abu Dhabi. Forbes Middle East Building the Future Summit. Industry leaders, investors, architects, and innovators explore the trends and technologies shaping the next era of real estate. Conrad Etihad Towers.

June 24, Dubai. Energy & Sustainability Summit. The summit aims to drive forward the effective decarbonization of the Middle East’s construction and energy sectors, in support of Net Zero agendas, and their short- and long-term goals. Habtoor Grand Beach Resort & Spa.

June 23-25, Cairo. Big5 Construct Egypt. Exploring the latest products, innovations and technologies in the construction industry. Egypt International Exhibition Center.

DISCOUNT ROLLS

Tariffs on British goods entering the Gulf, from the luxury Rolls-Royce cars favored by royalty to the chocolate and butter that line the aisles of Waitrose supermarkets in Abu Dhabi and Dubai, will be dropped under the terms of a new trade deal. The Gulf Cooperation Council signed the milestone free-trade agreement with the United Kingdom on Wednesday, strengthening economic ties between post-Brexit Britain and the six-member bloc that comprises the UAE, Saudi Arabia, Bahrain, Kuwait, Qatar and Oman. The deal, announced by U.K. Prime Minister Keir Starmer on Wednesday, is expected to add as much as $5 billion to the U.K. economy and will eventually strip away $780 million in duties a year. The GCC nations combined are the U.K.’s 10th-largest trade partners, accounting for about $71 billion in bilateral trade.

DAMASCUS MOMENT

The UAE is accelerating its push into Syria, treating the country as a strategic gateway for expanding trade networks and regional influence. Central to this strategy are Syrian ports, particularly Tartus and Baniyas, which are increasingly viewed as alternatives to Gulf maritime routes and as anchors in a wider logistics corridor linking the Eastern Mediterranean to Europe and Iraq. The approach is being pursued through large-scale capital commitments, including an estimated $11 billion investment by Emaar Properties in Damascus and coastal projects, as well as a $800 million port expansion deal by DP World at Tartus, Foreign Policy reports.

ADNOC: The state energy company said that the UAE’s new crude pipeline bypassing the Strait of Hormuz is about 50% complete and being fast-tracked to double export capacity via Fujairah by 2027, Reuters reports.

Public Investment Fund: Saudi Awwal Bank has agreed to a $1.7 billion financing deal with PIF-backed construction firm AlBawani.

Dubai Holding: Dubai Holding Asset Management, a unit of Dubai Holding, has awarded a $185 million contract to Group AMANA to build the 390-home Lantana Hills gated community in Dubai Science Park.

Qatar Investment Authority: The QIA and COFIDES, Spain’s state-owned financial institution, announced a joint $330 million fund to invest in green transition, digital transformation and technological innovation projects in Spain.

Mubadala: Mubadala’s assets under management increased by 17% to $385 billion in 2025.

Mubadala Capital: Infrastructure investor I Squared Capital is among the firms that have advanced to the second phase of bidding to acquire a $5 billion Brazilian port owned by Trafigura Group and Mubadala Capital, Bloomberg reports.

🛍️ Going South: Dubai South and UAE retail conglomerate Majid Al Futtaim will jointly develop a $16.9 billion retail and living community near Al Maktoum International Airport.

💰 Funding Round: The Exploration Company, a UAE-linked European aerospace startup, is seeking $200 million in new funding from global and UAE sovereign investors to advance its rocket engine development and space projects.

🦄 Unicorn Play: Morocco’s credit guarantee agency Tamwilcom is signing agreements to provide “millions of dirhams” to three local gaming startups in a state-sponsored attempt to create 1-2 new companies worth at least $1 billion by 2032.

🛡️ High Growth: The GCC insurance market is projected to reach $61.8 billion by 2030, growing at 4.9% annually with Saudi Arabia leading regional expansion.

📉 IPO Doubts: The Indian IPO of Jio Platforms, a unit of Mukesh Ambani’s Reliance Industries, is facing delays and valuation concerns amid geopolitical tensions and market volatility.

💼 Consulting Slump: Saudi Arabia has stopped giving new work to consultants as the Iran war rattles its finances, the Financial Times reports.

🏘️ Property IPO: Dubai Investments expects to go ahead with listing its real estate unit Dubai Investments Park on the emirate’s stock exchange before the end of 2026, Arabian Gulf Business Insight reports.

UAE President Sheikh Mohamed bin Zayed met with a delegation of Al Ain Football Club players and staff, following the team’s victory in the ADNOC Pro League.

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, launched a batch of AI agents to be used in tax auditing and customer service.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, met with German Chancellor Friedrich Merz in Berlin on Wednesday. Sheikh Abdullah also met with Alexander Dobrindt, the German Minister of the Interior.

Sheikh Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister of Bahrain, met with Jihad Azour, Director at the International Monetary Fund of the Middle East, North Africa and Central Asia.

Dr. Thani Al Zeyoudi, UAE Minister of Trade, outlined the country’s aggressive logistics infrastructure expansion plans, speaking at a meeting with the UAE India Business Council. 

Louis Margueritte, CEO of Business France, told The National “nearly 500 decision-makers from the Gulf” are expected at next month’s Vision Golfe Forum in Paris.

Kamran Abbas was appointed CEO of real estate and facilities management company International Real Estate Partners.

🎤 Race Stage: U.S. pop-rock group Imagine Dragons has been added to the lineup for the after-race concert series at this year’s Abu Dhabi F1 Grand Prix. The band, known for hits including “Believer,” “Radioactive,” “Demons” and “Thunder,” will headline Saturday, Dec. 5 at Etihad Park. The race weekend runs from Dec. 3 to Dec. 6 at Yas Marina Circuit.

📷 Photo of the Day

June 1-4, Baghdad. Iraq Oil and Gas Technology Exhibition. Exploring industry-leading solutions propelling the oil, gas, and energy sectors into the future. Baghdad International Fairground.

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

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

June 10-11, Doha. Project Qatar. The international construction and building materials exhibition showcases cutting-edge innovations and sustainable solutions. Doha Exhibition and Convention Center.

June 15-18, Cairo. Africa Health Excon. An annual event that brings together leaders and policy makers in health care. AlManara International Conference Center. 

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

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

June 23-24, Abu Dhabi. Forbes Middle East Building the Future Summit. Industry leaders, investors, architects, and innovators explore the trends and technologies shaping the next era of real estate. Conrad Etihad Towers.

June 24, Dubai. Energy & Sustainability Summit. The summit aims to drive forward the effective decarbonization of the Middle East’s construction and energy sectors, in support of Net Zero agendas, and their short- and long-term goals. Habtoor Grand Beach Resort & Spa.

June 23-25, Cairo. Big5 Construct Egypt. Exploring the latest products, innovations and technologies in the construction industry. Egypt International Exhibition Center.

TAKING FLIGHT

Riyadh Air’s first commercial flight will finally take off on July 1, after delays in Boeing aircraft deliveries repeatedly pushed off its debut. The Saudi flag carrier has started selling tickets for its daily Riyadh-London service, which will be operated using its new Boeing 787-9 fleet. Backed by billions of dollars from the Public Investment Fund, Riyadh Air is aimed at business and luxury travelers, competing directly with Gulf rivals Emirates and Qatar Airways. British Airways, meanwhile, has postponed the restart of flights to Dubai, Doha and Tel Aviv until Aug. 1 because of the Iran war, while also cutting planned service levels and permanently dropping Jeddah from its route network.

FAIRWAY FALLOUT

Saudi-backed LIV Golf has begun preparing for the end. The upstart league that’s losing its funding from the Public Investment Fund is making contingency plans for a possible U.S. bankruptcy filing if it fails to secure new investors before the season ends in August, Bloomberg reports. LIV executives are seeking private equity firms, family offices and wealthy investors while also considering restructuring options if fundraising efforts fail, the news agency says. The league says revenues have doubled this year and insists its team-based golf model still has long-term potential despite ongoing financial losses and failed merger talks with the PGA Tour.

Public Investment Fund: Elon Musk’s rocket maker SpaceX could file publicly for an IPO as soon as today, after appointing Goldman Sachs as its lead bank in what could be the biggest stock market listing of all time. Saudi Arabia’s PIF holds a stake of just under 1% in SpaceX via its AI firm Humain and has been in talks to invest more in the stock market debut. Other Gulf funds have stakes, including Abu Dhabi’s AI investment vehicle MGX, which is backed by Mubadala and G42.

Public Investment Fund: The Saudi sovereign wealth fund is in talks with potential investors to sell a minority stake in Newcastle United to help finance stadium and infrastructure expansion plans that could cost more than $1.3 billion, Reuters reports.

MGX: Abu Dhabi’s MGX participated in a $2.1 billion Series B funding round for Isomorphic Labs, a U.K.-based drug design and development company.

Lunate: The Abu Dhabi-based alternative investment manager backed Manara Ventures, a $70 million Islamic-compliant fund, to support startups in Jordan.

ADNOC: The UAE national oil company’s logistics arm ADNOC Distribution  and Americana Restaurants formed a strategic partnership to expand restaurant and convenience retail offerings across roadside fuel stations.

Masdar: The Emirati renewable company is reportedly withdrawing from Spain’s Moeve-led 300MW Onuba green hydrogen project, the first phase of the planned 2GW Andalusian Green Hydrogen Valley.

QatarEnergy: Qatar’s state-owned oil company has entered Uruguay’s upstream sector by acquiring interests in three offshore exploration blocks from Shell.

📈 Doha IPO: Estithmar Holding, a Qatari conglomerate that’s part of the billionaire Al-Khayyat family’s empire, is working with Rothschild & Co. on a potential initial public offering of its healthcare unit Apex Health, Bloomberg reports.

🏠 Estate Sale: A 39-bedroom Bel Air mansion listed for $400 million, the most expensive U.S. home on the market, is being sold by a member of Qatar’s royal family.

📉 Scaling Back: Saudi Arabia cut its U.S. Treasury holdings by $10.8 billion to $149.6 billion in March, while the UAE reduced its portfolio by $5.8 billion to $114.1 billion.

⛏️ Mining Venture: Dubai-based Averi Finance is in talks with South African mining company Mantengu over a reverse takeover that would list Averi in Johannesburg, Bloomberg reports.

🏡 Broker Beachhead: Century 21 Real Estate established its Middle East regional headquarters in Dubai, using the emirate as a base for expansion across Gulf property markets.

🏘️ Shutting Down: Dubai’s real estate brokerage sector is undergoing rapid consolidation as a market slowdown is expected to force up to 30% of the emirate’s roughly 8,000 agencies to shut down in the coming months, Arabian Business reports.

🏀 Ball Drama: Liwa North America and CEO Paul Edalat claim in a lawsuit against the NBA that he helped initiate a deal with Emirates but was later excluded from final negotiations and left uncompensated, with the NBA denying liability and the dispute now continuing in federal court.

🏢 New Bureau: Swedish strategic communications consultancy Kreab Worldwide opened its first Middle East office in Riyadh, under the name “Kreab Saudi Arabia.”

🚂 Choo Choo: Etihad Rail has completed its first passenger station in Fujairah’s Madinat Al Hilal area  ahead of passenger service launches later this year.

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, honored the winners of the 2nd edition of the Zero Bureaucracy Award at a ceremony on Tuesday.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, UAE Deputy Prime Minister, Minister of Defense and Chairman of the Supreme Space Council, approved a $272 million international space cooperation program.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, met with Johann Wadephul, Germany’s Minister for Foreign Affairs, during a working visit by the UAE top diplomat to Berlin.

Sheikh Rashid bin Abdullah Al Khalifa, Bahrain’s Minister of Interior, visited the Tasleeh Holding stand during the International Exhibition for National Security and Resilience in Abu Dhabi. 

Jasem Albudaiwi, Secretary-General of the Gulf Cooperation Council, said that a Free Trade Agreement between the GCC and the United Kingdom will be signed in London today.

Alexus Grynkewich, U.S. Air Force General and NATO’s Supreme Allied Commander for Europe, said on Tuesday that NATO is not drawing up any plans for a potential mission in the Strait of Hormuz and would need a political decision to do so.

Mazen bin Mohammed Johar, CEO of Jeddah Airports Company, met with Sean Chiao, CEO of Singapore’s Surbana Jurong Group, to explore collaboration to support the airport’s expansion and development plans.

Yahya Shaheen Alhammadi was appointed Managing Director at defense company Raytheon Emirates, a subsidiary of U.S.-based multinational defense and aerospace company RTX.

⌚ Cuckoo Clock: A global shopping frenzy over a new watch collaboration has forced retailers in Dubai to cancel launch events and move stock off-site to avoid the chaotic scenes that have unfolded elsewhere, The National reports. The much-hyped Swatch x Audemars Piguet Royal Pop watch launched on May 16, but competition for the watches became so intense across cities around the world that police intervened to disperse crowds, in some cases using tear gas and dogs. In Dubai Mall and Mall of the Emirates, launches were cancelled before they even started, and the watches remain unavailable while retailers re-evaluate how to release them in an organized fashion.

📷 Photo of the Day

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

May 19-21, Abu Dhabi. International Exhibition for National Security & Resilience. This conference focuses on cybersecurity, policing, national security, emergency response, and advanced security technologies. ADNEC.

June 1-4, Baghdad. Iraq Oil and Gas Technology Exhibition. Exploring industry-leading solutions propelling the oil, gas, and energy sectors into the future. Baghdad International Fairground.

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

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

June 10-11, Doha. Project Qatar. The international construction and building materials exhibition showcases cutting-edge innovations and sustainable solutions. Doha Exhibition and Convention Center.

June 15-18, Cairo. Africa Health Excon. An annual event that brings together leaders and policy makers in health care. AlManara International Conference Center. 

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

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

June 23-24, Abu Dhabi. Forbes Middle East Building the Future Summit. Industry leaders, investors, architects, and innovators explore the trends and technologies shaping the next era of real estate. Conrad Etihad Towers.

June 24, Dubai. Energy & Sustainability Summit. The summit aims to drive forward the effective decarbonization of the Middle East’s construction and energy sectors, in support of Net Zero agendas, and their short- and long-term goals. Habtoor Grand Beach Resort & Spa.

June 23-25, Cairo. Big5 Construct Egypt. Exploring the latest products, innovations and technologies in the construction industry. Egypt International Exhibition Center.

AI CAPTAIN

The UAE will train 80,000 government workers in the use of AI agents as part of a plan to deliver at least half of government services using the technology within two years. The training program will target AI capabilities in five categories: leadership, technical skills, specialist roles, the general workforce and support for trainers. Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, unveiled the plans during a meeting of the UAE Cabinet at Qasr Al Watan palace in Abu Dhabi on Monday. He said the goal was to “be the best government in the world” at adopting Agentic AI.

DESERT EXPRESS

Saudi Arabia’s ultra-luxurious Dream of the Desert unveiled its Riyadh headquarters and announced the appointment of Raffaele Breschi as General Manager and CEO of Arsenale International, overseeing the project. The train was conceived as the kingdom’s answer to the Orient Express and built by Italy’s Arsenale Group. Passengers will pay between $4,000 and $28,000 for the 1,300-kilometer (810-mile) trip through the Saudi desert. The train evokes a gilded vision of Arabian travel, with interiors conceived by architect and interior designer Aline Asmar d’Amman. Each coach features plush sleeper cabins with private bathrooms, marble-accented dining cars serving regional cuisine, and lounges adorned with brass, walnut, and desert-hued fabrics.

Mubadala: Bahrain-based Investcorp Capital, backed by the Abu Dhabi sovereign wealth fund, acquired a diversified U.S. industrial real estate portfolio comprising 19 properties valued at more than $200 million.

Public Investment Fund: Taiba Investments Co., a PIF-backed company, finalized a $633 million deal to develop three hotels owned by Osool Integrated Real Estate in central Madinah.

Qiddiya: The Saudi entertainment city being built by the PIF picked Google Cloud to run its digital systems.

Aramco: Saudi Arabia’s national oil company teamed up with France-based Pasqal to launch the kingdom’s first quantum computer, which Aramco said would be used in efforts to accelerate lower‑carbon fuel development.

AD Ports Group: The Abu Dhabi-owned international ports operator agreed to acquire MBS Logistics, expanding its freight forwarding and logistics network.

Qatar Investment Authority: Doha has launched a $30 million Tech Venture Fund run by Qatar Science and Technology Park under the Qatar Foundation. The first set of partners includes Dubai-based Global Ventures and VentureSouq, as well as San Francisco’s Builders VC, U.S./U.K.-based White Star Capital, and Singapore’s Golden Gate Ventures.

☀️ Sun Power: Oman Nama Power and Water Procurement has signed a major renewables power deal to curb gas reliance, Arabian Gulf Business Insight reports.

🏋️ Money Muscle: UAE-based company GymNation  secured a $100 million investment facility from HPS Investment Partners, part of BlackRock, to expand in the Gulf. 

✈️ Mega Hangar: Emirates broke ground on a $5.1 billion engineering facility in Dubai, which is being delivered by China Railway Construction Corporation.

🚖 Robotaxi Cover: Dubai Insurance was selected as the insurer for Dubai Taxi Co.’s new autonomous taxi fleet

📈 ETF Trailblazer: SAB Invest, the investment arm of Saudi Awwal Bank, became the first market maker for ETFs on Saudi Arabia’s Tadawul Exchange  under new stock market rules.

🚦 Green Light: AI-powered digital Islamic finance platform Mal has secured preliminary approval from the Central Bank of the UAE to launch a bank.

🏰 Palace Living: Abu Dhabi’s opulent Emirates Palace Mandarin Oriental is planning to build 35 private mansions within its grounds. 

🌴 Dubai Style: Indonesia plans to create a tax-free financial center in Bali’s Kura Kura Special Economic Zone, modeled on the Dubai International Financial Centre, the Financial Times reports. 

✈️ Flight Path: Israel has put forward a proposal for Emirates airline to fly direct flights between Tel Aviv and New York, Jewish Insider reports.

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, chaired a UAE Cabinet meeting in the attendance of Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Chairman of the Presidential Court; Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defense; and Lt. Gen. Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior.

Sheik Mohammed has inaugurated the Dubai Electricity and Water Authority’s new headquarters in the Al Jaddaf neighborhood.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, met withYvette Cooper,  U.K. Foreign Secretary, on Tuesday, during his working visit to London.

Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Managing Director of ADNOC, said in a post on X that a drone assault on the Barakah nuclear plant on Sunday was a “terrorist attack on a peaceful project…, and on the right of every nation to build, to progress, and to deliver clean energy to its people.” 

Robert Smith, Chairman and CEO of Vista Equity Partners, said in a social media post that he met at the Milken Global Summit in Los Angeles earlier this month with Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Global Market, as the firm was preparing to establish an office in the financial center.

Bill Winters, CEO of Standard Chartered Bank, said that cutting 8,000 jobs is not just a cost-cutting move. “It’s replacing, in some cases, lower-value human capital with the financial capital and investment capital we’re putting in,” he told the Financial Times.

Dunja Gottweis, Director of Art Dubai – which wrapped up on Monday – told Artsy that despite being delayed due to the ongoing war in the region, “Our galleries, collectors, and partners have come together and really shown up.”

Archer Fu was appointed Senior Vice President, East, at Aramex, the shipping and logistics company acquired by ADQ.

Saqr Ghobash, Speaker of the UAE Federal National Council, will lead the Council’s delegation on an official visit to the European Parliament in France’s Strasbourg from May 19 to 22.

🎥 Courting Hollywood: Saudi Arabia is raising the stakes in its bid to become a global hub for film production, offering to pay back the majority of production costs and accelerate payouts to attract major productions to the kingdom. In an announcement at the Cannes Film Festival, the Saudi Film Commission said it would increase cash rebates from 40% to 60% of eligible expenditure, improve disbursement processes and create a “more supportive operating environment.”

📷 Photo of the Day

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

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

May 19-21, Abu Dhabi. International Exhibition for National Security & Resilience. This conference focuses on cybersecurity, policing, national security, emergency response, and advanced security technologies. ADNEC.

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

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

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

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