GREEN PAUSE

Neom, the $500 billion mega-project spearheading Saudi Arabia’s Vision 2030 plan for overhauling the economy, is facing another setback after an export arrangement for its $8.4 billion green hydrogen plant was put on hold. Air Products, a U.S. industrial gas company which has an exclusive off-take agreement with Neom Green Hydrogen Co., paused its $2.7 billion terminal in the English port town of Immingham over uncertainty related to U.K. incentives, Arabian Gulf Business Insight reports. Green hydrogen, a key component for decarbonizing industrial processes like steel making, is converted into more stable green ammonia for shipping and then reconstituted into hydrogen when it reaches its destination. The Immingham terminal was expected to produce 76,000 tons of hydrogen per year from imported green ammonia, which would then be sold to buyers in Britain. However, U.K. subsidy rules for domestic hydrogen production appear to exclude imported green ammonia. 

HALAL TRAVEL

Halal tourism, once a niche, is now a $200 billion market in the making, driven by young, affluent Muslim travelers seeking faith-aligned experiences. From the UAE to Cape Town, destinations are tapping into this demand with halal-certified dining, prayer facilities and culturally sensitive hospitality, Arabian Gulf Business Insights reports. Digital platforms and social media influencers are also helping by accelerating awareness, while mainstream operators are adapting with purpose-built offerings. With 70% of Muslim travellers under the age of 40, the sector’s growth will be shaped by tech-savvy consumers who expect both convenience and authenticity, AGBI says.

International Holding Co.: Modon, a real estate company owned by IHC, sold out its Wadeem residential development on Hudayriyat Island within 72 hours, generating $1.5 billion in sales, the highest-valued property launch in Abu Dhabi this year.

Masdar: India’s ReNew Energy Global has received a $3.2 billion non-binding offer to take the company private from a consortium including Abu Dhabi’s Masdar sustainable energy company, the Abu Dhabi Investment Authority’s Platinum Hawk, the Canada Pension Plan Investment Board and Sumant Sinha, the Founder, Chairman and CEO of ReNew. 

G42: Abu Dhabi’s G42 launched an AI-driven financial procurement tool through its  Inception subsidiary, which it says can cut business project sourcing cycles by 40% and streamline enterprise procurement with data-driven efficiency.

⚓ International Buyout: P&O Maritime Logistics, a subsidiary of Dubai’s DP World, bought a 51% stake in NovaAlgoma Cement Carriers, a Canada-based transporter of dry-bulk commodities.

🌀 Renewable Boost: U.K.-owned British International Investment will provide $300 million for two renewable energy projects in Egypt, including Africa’s largest onshore wind farm.

🏭 Hygiene Funds: Abu Dhabi-based Ruya Partners secured a $55 million private credit investment, in consortium with a regional fund, to support a fiber plant in Saudi Arabia.

🌆 Big Win: HanmiGlobal, a global project management specialist won a $18 million contract for a high-rise mixed-use complex in Mecca.

🚆 Metro Expansion: Iraq will retender its delayed Baghdad metro project under a new technical and financial framework, inviting bids from all companies.

☢️ Nuclear Focus: Turkey wants to sign international deals for two new nuclear power plants by year-end if it receives competitively priced offers that meet its localization goals, Reuters reports.

📱 Recycle Tech: The UAE Ministry of Climate Change and Environment has launched a project to pay residents to recycle old mobiles and computers. 

🚚 Cargo Space: Abu Dhabi Airports partnered with JD’s Jingdong Property to develop over 70,000 square meters of advanced logistics facilities at the Abu Dhabi Airports Free Zone.

UAE President Sheikh Mohamed bin Zayed visited Bahrain’s King Hamad bin Isa Al Khalifa at the King’s residence in Abu Dhabi on Thursday.

Saudi Crown Prince Mohammed bin Salman met Sheikh Tahnoon bin Zayed, UAE National Security Advisor, in Jeddah on Thursday.

Julie Kozack, an IMF spokeswoman, said on Thursday that the fund will combine the fifth and sixth reviews of Egypt’s $8 billion program to allow more time for key reforms, as staff work with authorities on finalizing critical economic policies, Reuters reports.

Fayez Rasamny, Lebanon’s Public Works and Transport Minister, told The National that the ministry is taking a “step-by-step” approach to ease airport congestion, starting with expanding Beirut’s Rafic Hariri Airport capacity to over 10 million passengers and installing new X-ray machines, e-gates and ticket scanners for faster processing.

Hussain Sultan Lootah has been appointed Acting Chief Executive Officer of ENOC Group, the global energy entity owned by the Government of Dubai. 

Mushtaq Masood has been appointed as Chief Operating Officer of Dubai Investments. He was previously Chief Financial Officer. 

🎹 Road Trip: A short road in the UAE’s northeastern emirate of Fujairah has turned into a popular sensation because of its musical capabilities. The 1-kilometer stretch behind Fujairah Police Headquarters plays the tune of Beethoven’s 9th Symphony via engineered “rumble strips” embedded in the road surface when cars travel over it.

July 3-5, Cairo. Lift City Expo. Showcasing the latest technology in the elevator industry. Cairo International Convention & Exhibition Center.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

Sept. 30-Oct. 2, Abu Dhabi. Global Rail and Transport Infrastructure Exhibition and Conference. A leading international event dedicated to the rail transport sector. ADNEC.

TAKING FLIGHT

The long-awaited era of flying taxis zipping over the UAE is getting closer since the General Civil Aviation Authority announced its framework to regulate the use of electric and conventional helicopters. The rollout of regulations on Wednesday came as two key companies ran test flights in the emirates this week. Archer Aviation held its first flight in Abu Dhabi yesterday, with its Midnight electric vertical take-off and landing (eVTOL) aircraft flying from the capital’s Al Bateen Executive Airport. Technicians tested performance in hot, humid and dusty conditions. “We’re very excited to test our aircraft in the hottest months of the year and, if we can show that we can be ready for these conditions, it means … we can operate anywhere, anytime,” Archer Aviation’s UAE General Manager Talib Alhinai told The National. It came after California-based Joby Aviation tested its own electric aircraft in Dubai on Monday.

TECH FOOTHOLD

French defense and technology giant Thales is advancing plans to deepen its footprint in Saudi Arabia through a radar production facility and expanded cooperation with Saudi Arabian Military Industries. The goal, Pascale Sourisse, Senior Executive Vice-President of International Development at Thales, told The National, is to bolster the kingdom’s air defense capabilities and contribute to its broader strategy of localizing military production and becoming a global defense supply chain player. With military spending reaching over $80 billion in 2024, Saudi Arabia remains a key market for Thales’ long-term growth and innovation in defense technologies, Sourisse said. Thales is also pursuing plans to establish an AI research center in Abu Dhabi, marking its first such hub in the Middle East.

Saudi Aramco: U.S. asset manager BlackRock is considering selling its stake in the lending rights to Aramco’s natural gas pipeline network back to the energy giant in a deal likely to be worth billions of dollars, Bloomberg reports.

Qatar Investment Authority: Qatar Investment Authority participated in a $250 million funding round for Canadian pharmaceutical startup Kardium, supporting the launch of its latest device for treating heart rhythm disorders.

Qatar Investment Authority: Golden Pass LNG, owned by QatarEnergy and Exxon Mobil, requested U.S. approval to re-export LNG to cool its nearly completed Texas export plant ahead of production.

Public Investment Fund: Lucid Motors, the U.S. electric vehicle maker majority-owned by the PIF, reported a 40% increase in orders in the second quarter of the year.

ADNOC: ADNOC’s Hail and Ghasha mega-project completed the sail-out and installation of two critical offshore steel jackets from NMDC Energy’s Mussafah yard.

Abu Dhabi Investment Authority: KKR, CVC Capital Partners and ADIA are among the potential investors considering buying a minority stake in Aggreko, one of the world’s biggest suppliers of portable power generators, Bloomberg reports. 

ADQ: AD Ports Group, majority-owned by ADQ, and China’s Ningbo Zhoushan Port Group have agreed to build an automotive logistics network linking Chinese manufacturing with markets in the Middle East, Central Asia, and Africa.

⚕️Can Do: Saudi Maaden has acquired its partner Alcoa’s 25.1% stake in a Saudi mining joint venture for $1.35 billion in cash and shares.

🏢 Hotel Sale: ACICO Group, a Kuwaiti construction and real estate conglomerate, transferred ownership of one of its hotels to a creditor bank to wipe $198 million in debt.

💵 New Finance: UAE-based venture capital fund EQIQ invested $3 million in Iraq’s digital bank Instabank, anchoring a $15 million funding round.

🚢 Building Bridges: Saudi Ports Authority began work on the $184 million logistics corridor connecting Jeddah Islamic Port to Al-Khumrah Logistics Park. 

🌀 Wind Supply: The Saudi Power Procurement Company signed a power purchase agreement for the 700 megawatt Yanbu Wind Independent Power Plant, located in the Al-Madinah Al-Munawwarah region.

💸 Digital Finance: Abu Dhabi Securities Exchange has begun pricing the region’s first high-tech bond, created using blockchain-like technology.

🛞 Hot Wheels: Ferrari’s booming sales in the Middle East, its fastest-growing market, reflects the success of a luxury marketing strategy that has turned the Italian brand into one of the world’s four most valuable carmakers, The Economist reports.

🛢️ Energy Moves: Global energy giants, including Chevron, ExxonMobil, TotalEnergies, and Eni, are among 37 bidders in Libya’s first energy exploration tender in decades, with contracts expected to be signed by the end of the year, Bloomberg reports. 

📈 Shopping Splurge: Dubai Duty Free reported more than $1 billion revenue in H1, boosted by Eid holidays and early summer travel, with perfumes, liquor, and tobacco among top-selling categories.

🌴 Food Security: Oman and Russia are planning joint investments to boost food security, agriculture, and water resources in Oman.

🏠 Property Owner: Dubai has launched a first home buyers initiative, partnering with developers and banks to ease property market entry for debut investors, with no salary criteria and a $1.36 million cap.

UAE President Sheikh Mohamed bin Zayed held a phone call with Greek Prime Minister Kyriakos Mitsotakis on Wednesday.

Sheikh Abdullah bin Zayed, UAE Foreign Minister and Deputy Prime Minister, held a phone call on Wednesday with Samuel Okudzeto Ablakwa, Foreign Minister of Ghana.

Raghav Maliah has been appointed Global Chairman of Investment Banking at Goldman Sachs, a position that he will take on alongside his existing regional responsibilities, Reuters reports.

Amos Hochstein, former U.S. energy envoy, has urged the U.S. and Lebanon to “activate” a deal to transport gas from Egypt to Lebanon through a pipeline in Syria, The National reports. 

🏀 Playing Ball: The NBA Abu Dhabi Games 2025, sponsored by ADQ, will air live across more than 200 countries on TV and online, the Department of Culture and Tourism – Abu Dhabi has announced. The New York Knicks and the Philadelphia 76ers will play two pre-season games at Etihad Arena on Yas Island in October. Tickets are now on sale.

July 3-5, Cairo. Lift City Expo. Showcasing the latest technology in the elevator industry. Cairo International Convention & Exhibition Center.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

Sept. 30-Oct. 2, Abu Dhabi. Global Rail and Transport Infrastructure Exhibition and Conference. A leading international event dedicated to the rail transport sector. ADNEC.

NInJA UNICORNS

Delivery firm Ninja is Saudi Arabia’s newest tech unicorn, reaching a valuation of $1.5 billion after it raised $250 million from local investors. The funding round was led by Riyad Capital, the investment banking arm of PIF-backed Riyad Bank, the kingdom’s third biggest lender by assets, Bloomberg reports. Ninja, which was founded in 2022, offers rapid delivery of food and groceries in Saudi, Qatar, Kuwait and Bahrain. It is targeting an IPO by 2027, according to Bloomberg. Startups in Saudi raised nearly $400 million in the first quarter of this year, highlighting the kingdom’s growing venture capital scene. Ninja joins several other Saudi start-ups with valuations over $1 billion, including fintech companies Tamara and Tabby. Meanwhile, Qatar has moved to regulate commercial licenses for its cloud kitchens, the hidden production facilities used by many restaurant brands for booming home delivery services.

WIND POWERHOUSE

French utility giant Engie has brought Africa’s biggest wind farm fully online in Egypt. After a phased introduction, Engie said the 650-megawatt Red Sea Wind Energy Project in Ras Ghareb, Egypt, reached 100% operation in June and will be capable of powering more than 1 million homes. The wind farm is expected to cut carbon emissions by 1.3 million tons annually under a 25-year power purchase agreement with Egypt’s national grid. Engie, which operates nearly 1GW of wind capacity in Egypt, said it is expanding its footprint across the region, targeting solar, wind and hybrid energy projects in North Africa and the Gulf.

Public Investment Fund: Aroya Cruises, which is owned by the Saudi sovereign wealth fund, launched its first Mediterranean voyage on June 28, offering an Arab hospitality-inspired tourism experience across top cruise destinations.
Oman Investment Authority: The Omani sovereign wealth fund identified its $100 million deal with Jordan’s Social Security Investment Fund and $500 million agreement with Turkey’s OYAK Fund as highlights of the year in its 2024 annual report.

Oman Tower Co.: Canadian investment firm Brookfield acquired a substantial stake in state-owned Oman Tower Co., which operates over 2,400 telecom sites.

🤝Tax Windfall: Kuwait is expected to generate annual revenues of nearly $819 million through the 15%  tax imposed on multinational companies operating across multiple jurisdictions.

🏎️Auto Hub: Autoworld International is investing $12.2 million to establish a new logistics and distribution hub in Dubai’s Jebel Ali Free Zone where it has leveraged multimodal infrastructure for over 16 years to distribute Bajaj vehicles to more than 25 countries.

💻Digital Boost: Meeza, Qatar’s IT services and data centres provider, signed a long-term agreement worth over $96 million with a global hyper-scaler to utilize its new 4MW data centre.

✈️ Iraqi Gateway: Civilian Nasiriyah International Airport in southern Iraq, built by China State Construction under a 2019 oil-for-infrastructure deal will begin operations by late 2025.

💵Consultancy Contract: Deloitte Middle East has been working with Qatar National Bank on a contract to build a digital banking platform to extend the bank’s operations in Saudi Arabia, Intelligence Online reports. 

📈Growth Surge: Morocco’s economy grew 4.8% in the first quarter of the year, the fastest in four years, due to stronger household spending and a rebound in the farming sector, according to the planning commission.

⚕️Mineral Benefit: The Egyptian Mineral Resources Authority signed an agreement with Elsewedy CAP Investments to explore, develop and extract phosphate ore from the Sebaiya mines in the Nile Valley.

📈 Market Reform: Syria will expand stock market trading to five days a week in July as part of a plan to modernize the Damascus Securities Exchange and boost investor activity.

UAE President Sheikh Mohamed bin Zayed received a phone call on Tuesday from Bola Ahmed Tinubu, President of Nigeria. Sheikh Mohamed also spoke to Lee Jae-myung, President of Korea on Tuesday.

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, and President of Al Jazira Sports and Cultural Club, ordered the restructuring of the Board of Directors of Al Jazira Sports Football Company.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, had a phone discussion with International Atomic Energy Agency Director-General Rafael Grossi on Tuesday.

Sheikh Hamad bin Mohammed Al Sharqi, Supreme Council Member and Ruler of Fujairah, received the Certified Government Innovative Organisation certificate on behalf of Fujairah Municipality, which earned a Five-Star Rating from the Global Innovation Institute.

Lana Nusseibeh, the UAE’s Assistant Minister for Political Affairs and Special Envoy of the Minister of Foreign Affairs, writes in The Financial Times that U.S. President Donald Trump should work to secure a permanent ceasefire in Gaza and broaden the Abraham Accords to “forge a second-term legacy of peace in the Middle East.”

Giel-Jan M. Van Der Tol, has been appointed as Group CEO of Al Ahli Bank of Kuwait, replacing acting head Abdulla Al Sumait, who will retain his position as Deputy Group CEO.

Hamood Al Alawi was appointed Deputy CEO for Oman Air after previously serving as acting CEO of Oman Airports Management Co.

🕌 Magic Carpets: An exhibition of Islamic imperial carpets in Hong Kong is exploring the rich cultural exchange between Islamic and Chinese civilizations over centuries. Doha’s Museum of Islamic Art has partnered with the Hong Kong Palace Museum, lending some of Qatar’s most prized carpets and other historical objects from between the 16th and 18th centuries for the unique exhibition, The National reports.

July 3. Riyadh, Fintech Revolution. Fintech leaders come together to discuss financial technology and investment opportunities. Radisson Blu Hotel & Convention Center.

July 3-5, Cairo. Lift City Expo. Showcasing the latest technology in the elevator industry. Cairo International Convention & Exhibition Center.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

Sept. 30-Oct. 2, Abu Dhabi. Global Rail and Transport Infrastructure Exhibition and Conference. A leading international event dedicated to the rail transport sector. ADNEC.

LAYING TRACKS

Etihad Rail could take a lead role in upgrading dilapidated railways in Africa, as the developer and operator of the UAE’s nascent national rail network eyes opportunities for overseas expansion. The company signed a host of initial cooperation agreements in May with governments in Uganda, Kenya, South Sudan and Chad, Arabian Gulf Business Insight reports. Chiefly, the UAE is being courted to provide a potential lifeline to Kenya’s Mombasa-Malaba standard gauge railway connection to Uganda, an ambitious project which stalled about 400 kilometers short of the border after China pulled back on lending. The railway will eventually continue on to South Sudan. Etihad Rail, established in 2009, successfully launched freight operations in the UAE in 2023, with passenger rail services expected to start next year.

FLIGHT PATH

The emirate of Ras Al Khaimah could become AirAsia’s new Gulf hub as the Malaysian budget airline looks to expand regional connectivity and tap into Europe-bound traffic, with RAK drawing attention due to its upcoming casino project. AirAsia CEO Tony Fernandes told radio station Dubai Eye that the airline is in talks with four cities, including one in Saudi Arabia, but has ruled out Dubai and Sharjah in favor of less congested airports. The expansion comes as AirAsia recovers from pandemic-era financial troubles and eyes a major push into Saudi Arabia, supported by a potential $100 million investment from the Public Investment Fund. Fernandes met with Gulf officials at the Paris Air Show, to discuss potential investments, the Financial Times reported on Sunday.

Mubadala: Mubadala Investment Co. will acquire a 30% stake in Hong Kong–based Loscam International, a leading Asia-Pacific provider of sustainable pallet pooling and logistics solutions, joining existing shareholders including Trustar Capital, FountainVest, and Sinotrans.

Public Investment Fund: PIF-backed utility giant ACWA Power is raising $1.9 billion through a rights issue, advised by SNB Capital, J.P. Morgan, and Citigroup Saudi Arabia.

ADNOC: ADNOC Drilling has secured a five-year oilfield services contract from ADNOC Onshore worth up to $800 million.

🐪 Desert Logistics: Abu Dhabi-listed developer Aldar has invested $144 million to acquire logistics assets in the Al Dhafra region.

💰 New Loan: The African Development Bank will grant Morocco $355 million to help the country stabilize its economy and create job opportunities.

☀️ Solar Power: Global South Utilities, a unit of Abu Dhabi’s Resources Investment, partnered with Madagascar’s energy ministry to build a 50MW solar plant with battery storage in Moramanga and plans further projects.

🟢 Green Light: Egypt approved a long-delayed $658 million phosphoric acid plant project with two Chinese firms, nearly six years after the initial agreement.

🛡️ Defense Deal: Israel’s Kinetica fund, launched by ex-intelligence and Air Force leaders with Mubadala-backed MizMaa Capital, is raising $150 million to invest in defense tech startups.

🚁 Desert Ride: Dubai’s Roads and Transport Authority, in partnership with Joby Aviation, has completed a test flight of the Joby Aerial Taxi at a desert site in Dubai.

📧 Logistics Collab: UAE holding company 7X will work with Amazon UAE to enhance last-mile delivery using its logistics arm EMX’s dark stores as hyperlocal fulfillment hubs for faster, more sustainable service.

🤝 Trade Ties: The GCC and Japan launched the second round of negotiations for a free trade agreement this week.

📊 Hat Trick: Saudi Arabia’s market regulator approved three IPOs, two on the NOMU Parallel Market by AlRamz Real Estate and Abdulaziz Ahmad Altwijri Trading Company, both making second listing attempts, while the third IPO is yet to be announced.

💳 New Transaction: Publicly listed Omani bank Sohar International has launched Oman’s first fully integrated open banking platform, enabling better data access and faster, more efficient financial transactions for businesses.

📈 Market Reform: Syria will expand stock market trading to five days a week in July as part of a plan to modernize the Damascus Securities Exchange and boost investor activity.

UAE President Sheikh Mohamed bin Zayed sent a message of condolences to Sheikh Meshal Al Sabah, Emir of Kuwait, on the passing of Sheikh Fahad Sabah Al-Nasser Al-Mubarak Al-Sabah. Sheikh Mohammed bin Rashid, UAE Vice President and Prime Minister and Ruler of Dubai, and Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, also dispatched messages of condolence.

Sheikh Mohammed bin Rashid reviewed a program on Monday to boost Emiratis’ economic, financial, and entrepreneurial skills, with the aim of ensuring every Emirati is financially stable.

Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, met H.D. Kumaraswamy, India’s Union Minister of Steel and Heavy Industries, at his palace in the city of Saqr bin Mohammed.

Zara Higgins has been appointed as the first female General Manager for business travel and event management firm ATPI in Saudi Arabia. 

Saad bin Abdulrahman AlSadhanhas been appointed as the Chief Executive Officer of Zain KSA, the leading telecom and digital services provider in the kingdom

😎 Summer Loving: As the summer break officially starts this week across much of the Gulf, residents who aren’t jetting out to cooler climes may be finding themselves in want of indoor activities. Don’t sweat it, The National’s culture vulture Saeed Saeed says there’s still plenty to do. On his list: Embracing the early mornings, exploring libraries and lesser-known cultural spaces, hitting up theme parks and bagging a great deal on a staycation.

July 3. Riyadh, Fintech Revolution. Fintech leaders come together to discuss financial technology and investment opportunities. Radisson Blu Hotel & Convention Center.

July 3-5, Cairo. Lift City Expo. Showcasing the latest technology in the elevator industry. Cairo International Convention & Exhibition Center.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

Sept. 30-Oct. 2, Abu Dhabi. Global Rail and Transport Infrastructure Exhibition and Conference. A leading international event dedicated to the rail transport sector. ADNEC.

CAPITAL GROWTH

The population of Abu Dhabi has crossed 4 million, spurred on by strong economic growth and a large increase in professionals flocking to the UAE capital, The National reports. The emirate’s population has increased by more than 50% in the past decade, with a 7.5% surge last year alone, data from Abu Dhabi’s Statistics Centre shows. The number of professional roles increased by 6.4% in 2024, reflecting the city’s focus on building its non-oil economy by attracting financial and technology firms. The rapid growth has not come without its challenges, with pressure growing on the housing market and a demographic imbalance that means men make up 67% of the population. The population of Dubai is also expected to pass 4 million this year.

AVIATION REFORM

Egypt is preparing to open up the operations of 11 major airports to private investment, in a sweeping modernization of its aviation infrastructure aimed at helping it to attract 30 million tourists annually. Backed by the World Bank’s International Finance Corp. as strategic advisor, the plan aims to boost efficiency and service standards while keeping state ownership intact. Egyptian President Abdel Fattah Al-Sisi reviewed the strategy over the weekend, endorsing a timeline that begins with offering Hurghada airport on the Red Sea to the private sector by the end of 2025. The initiative is set to be finalized next summer.

Multiply Group: CVC DIF, the Dutch infrastructure unit of private equity firm CVC, and UAE-based Tabreed have confirmed they will partner to acquire PAL Cooling Holding from Abu Dhabi’s Multiply Group in a deal valued at approximately $1 billion, including long-term concessions and nine district cooling plants.

Qatar Investment Authority: The Qatar Stock Exchange has welcomed the QIA’s $200 million partnership with Fiera Capital to launch the Fiera Qatar Equity Fund in an effort to boost market liquidity, increase free float and attract institutional capital in support of Qatar’s economic diversification.

G42: The UAE based artificial intelligence company has been named as one of Time Magazine’s top 100 influential companies for 2025. 

⚕️ Industrial Shift: Egypt has signed final contracts to begin construction on the $658 million Phosphoric Acid Complex Project in the Western Desert, marking a key step toward industrialising its mineral resources.

💲 Trade Deals: The UAE and China launched the Qingdao Overseas Integrated Service Centre at the China-Arab Business Forum to boost the $400 billion trade between China and the Arab world, alongside signing $5.9 billion worth of projects across key industries.

💰 Building Blocks: The Saudi Fund for Development has agreed to loan Tunisia $38 million to support rural development, as the North African nation continues to face debt challenges.

🚍 Heavy Duty: Kuwait’s Heavy Engineering Industries & Shipbuilding Co., Heisco, signed a credit facilities agreement with a local bank for up to $186 million to finance its new business activities.

🏭 Output Boost: Egypt boosted output from the Zohr gas field by 60 million cubic feet per day after redrilling Zohr-6, and expects an additional 55 million cubic feet per day from the newly started Zohr-13 well, according to the petroleum ministry.

🛢️ Energy Venture: India’s state-owned Oil and Natural Gas Corporation is reportedly in talks with Saudi Arabia to jointly develop a greenfield coastal refinery in Gujarat’s Jamnagar district through a joint venture company.

🤝 Oil Diplomacy: Iraq sent a high-level delegation to Kurdistan to discuss resuming oil exports through Turkey via the Kirkuk-Ceyhan pipeline, amid fears of future regional tensions that could disrupt oil exports. 

🪪 Visa Exempt: Saudi Arabia announced a one-time 30-day grace period, which started on June 26, allowing holders of expired visit visas to regularize their status and exit the kingdom without penalties.

💸 Investment Outreach: Saudi Arabia is deepening trade and investment ties with Africa as more than 30 top investors and officials, led by the Federation of Saudi Chambers, visit Mauritania and Morocco to explore opportunities.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, met Russia’s President Vladimir Putin on the sidelines of the Supreme Eurasian Economic Council meeting on Friday in Minsk, Belarus.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, chaired the BRICS Steering Committee meeting which was held through a video conference.Sheikh Maktoum bin Mohammed, UAE Minister of Finance and Deputy Prime Minister and First Deputy Ruler of Dubai, reviewed the Ministry of Finance’s 2024 annual report.

Sheikh Mansour bin Zayed, UAE Vice President, Chairman of Mubadala Investment Co. and owner of the U.K.’s Manchester City soccer team, is the subject of a profile in The New York Times.

Dr. Ahmed Naser Al Raisi, the Emirati President of INTERPOL, was awarded China’s “Great Wall Medal – Gold Class,” during an official ceremony held in Beijing, attended by Wang Xiaohong, China’s State Councilor and Minister of Public Security.

Shadi Malak, CEO of Etihad Rail, met with Kuwait’s Minister of Public Works, Dr. Noura Al-Mishaan, to discuss enhancing railway cooperation among GCC countries, with the minister praising the UAE-Oman Hafeet Rail project as a model of Gulf integration.

Masayoshi Son, SoftBank Group CEO, said he wants the Japanese technology investment group to become the biggest platform provider for “artificial super intelligence” within the next decade, Reuters reports.

🎩 Own It All: Riyadh will soon have its own custom edition of the Monopoly board game, with featured landmarks from the Saudi capital including the King Abdullah Financial District, government ministries and top schools. The game, licensed by U.S. toymaker Hasbro and produced by KEAD Entertainment, will hit shelves in the kingdom in September. Monopoly, originally invented as a critique of capitalism and landlords, has ironically become the best-selling board game in history, generating billions in sales, spin-offs and licensing deals.

July 3. Riyadh, Fintech Revolution. Fintech leaders come together to discuss financial technology and investment opportunities. Radisson Blu Hotel & Convention Center.

July 3-5, Cairo. Lift City Expo. Showcasing the latest technology in the elevator industry. Cairo International Convention & Exhibition Center.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

Sept. 30-Oct. 2, Abu Dhabi. Global Rail and Transport Infrastructure Exhibition and Conference. A leading international event dedicated to the rail transport sector. ADNEC.

REGIONAL SUPPORT

UAE President Sheikh Mohamed bin Zayed traveled to Qatar on Wednesday to meet Qatar’s Emir Sheikh Tamim bin Hamad Al Thani following an Iranian missile assault on the Al-Udeid U.S. Army base outside Doha and a ceasefire in the Iran-Israel war. The Emirati leader expressed his country’s support for Qatar following the attack, which frightened residents across the city but caused no injuries. The meeting was attended by Sheikh Hamdan bin Mohammed bin Rashid, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defense; and Sheikh Hamdan bin Mohamed bin Zayed, Deputy Chairman of the Presidential Court for Special Affairs. Also at the meeting was Sheikh Mohammed bin Abdulrahman, Qatar’s Prime Minister and Minister of Foreign Affairs.

FLYING BOXES

Abu Dhabi launched its first test flight for drone parcel delivery, seeking a solution to speed packages through the capital city’s chronic traffic jams.The pilot project by aviation technology company LODD, announced on Wednesday, took place through a partnership involving the Abu Dhabi Investment Office and 7X, an investment group. Emirates Post, the UAE mail service, and express delivery provider EMX are among 7X’s holdings.. In Dubai, the government has been testing a Chinese-made drone to deliver food and medicine.

ADQ: Abu Dhabi’s sovereign wealth fund is in negotiations to acquire a 35% stake in the vegetable seeds division of French agricultural group Limagrain, as part of a strategic partnership aimed at developing seeds suited for extreme climates.

Qatar Investment Authority: QIA-owned Qatar Airways cleared a backlog of over 20,000 passengers within 24 hours after airspace closures caused by the conflict with Iran diverted about 90 flights from Doha, Bloomberg reports.

💶 Direct Energy: Driven by energy reforms and industrial initiatives, U.S. foreign direct investment in Oman rose by 58% to $7.3 billion in Q1 2025.

🚄 Fast Lane: The World Bank approve $930 million to modernize Iraq’s railways, including a major line from Umm Qasr to Mosul, a project aimed at boosting trade, jobs and economic diversification.

💰Add-On: The International Monetary Fund approved $834 million in funding for Jordan to support economic reforms and climate-related initiatives.

💵 Financial Advice: Quinn, an Israeli startup that helps financial institutions give personalized, real time advice to underserved customers, raised $11 million in a seed funding round led by Viola, which counts Abu Dhabi sovereign wealth fund Mubadala among its investors.

⚡Power Grid: The Abu Dhabi Fund for Development signed a $205 million financing agreement with the GCC Interconnection Authority to expand the GCC power grid and enhance regional energy security and power exchange.

🔋Green Deal: Algeria’s Sonatrach signed an agreement with U.S.-based Hecate Renewable Energy and steelmaker Tosyali Algerie to develop a green hydrogen project for steel production, starting with feasibility studies.

🇹🇷 Turkish Expansion: Turkish Airlines, aiming to nearly double its fleet to 800 aircraft by 2033, is exploring strategic acquisitions to boost connectivity across key European and Asian markets, Arabian Gulf Business Insights reports. 

🛫 New Hub: Oman will issue a tender for Sohar Airport’s passenger terminal by the year-end, and a new aircraft hangar at Muscat International Airport will open this year as the country seeks to become a regional hub.

UAE President Sheikh Mohamed bin Zayed and Sheikh Mohammed bin Rashid , UAE Vice President, Prime Minister and Ruler of Dubai, sent congratulatory messages to other leaders of Islamic countries on the occasion of the new Hijri Year 1447.

Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and Deputy Prime Minister, presented Fouad Chehab Dandan, Lebanon’s Ambassador to the UAE, with the Order of Independence (First Class).

Sheikh Khaled bin Mohamed bin Zayed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council and Sheikh Hamdan bin Mohammed bin Rashid, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defense, and Chairman of the Executive Council of Dubai, took a tour togehter today at Dubai Mall.

Cristiano Ronaldo, the Portuguese soccer star, is reportedly close to agreeing on a new contract with Saudi Arabia’s Al Nassr team that would extend his stay in Saudi Arabia for another two years.

Mohammad Alfaraj, an award-winning Saudi Arabian multimedia artists, launched his first institutional solo exhibition this month at Jameel Arts Center in Dubai. 

Motaz Bukhari was appointed by insurance intermediary group Howden as CEO for its new office in Saudi Arabia.

🕹️ Joysticks Ready: Saudi Arabia is making final preparations to host the Esports World Cup next month as gamers from around the world stream in to compete for $70 million in prize money. The kingdom, whose leader Crown Prince Mohammed bin Salman, is an enthusiastic player of video games, has made the gaming industry a priority in his Vision 2030 economic diversification blueprint, plowing billions into the Public Investment Fund’s Savvy Sports Group, for which he serves as Chairman.

June 26-27, New Islamic Hijiri Year. The UAE and several other countries mark the public holiday on Friday while other celebrated today.

July 3. Riyadh, Fintech Revolution. Fintech leaders come together to discuss financial technology and investment opportunities. Radisson Blu Hotel & Convention Center.

July 3-5, Cairo. Lift City Expo. Showcasing the latest technology in the elevator industry. Cairo International Convention & Exhibition Center.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

UNLEASHING EQUITY

Quintet Private Bank, the Luxembourg-based wealth manager controlled by Qatar’s ruling Al Thani family, is expanding its partnership with BlackRock to broaden client access to alternative investments. The new arrangement will offer Quintet’s European clients exposure to private equity, private credit and real assets, with a U.K. launch expected by the end of the year. The move builds on an initial tie-up with the world’s largest asset manager in 2023, part of a wider strategy under chief executive Chris Allen to revive the lender’s fortunes, Bloomberg reports. Precision Capital, the Al Thani family’s investment vehicle, has injected more than $375 million into Quintet since acquiring it for about $1.1 billion in 2012.

YOUNGER BOSSES

​​Saudi Arabia is ushering in a new era of corporate leadership, with the average age of CEOs at top-listed companies falling to 47 in 2024. Global consulting firm Korn Ferry attributes the shift to the kingdom’s Vision 2030 industrial blueprint, as companies increasingly turn to younger, Saudi-born leaders to drive transformation. The data shows 65% of newly appointed CEOs are stepping into the role for the first time, and 71% were promoted from within, which the firm said is evidence of growing trust in homegrown talent. With 88% of recent appointments going to Saudi nationals, Korn Ferry says Saudi Arabia is focused on building a leadership pipeline from within its borders.

Public Investment Fund: Selfridges, the U.K. department store chain owned by the Saudi sovereign wealth fund and Thailand’s Central Group, won approval for a new private members club at its flagship London outlet, Bloomberg reports.

Qatar Investment Authority: The Fiera Qatar Equity Strategy, a new $200 million fund backed by the sovereign wealth fund, will invest in Qatari equities to boost market liquidity and deliver high risk-adjusted returns.

ADNOC: Borouge, a petrochemicals joint venture in which Abu Dhabi National Oil Co. holds a majority stake, is partnering with Honeywell to launch the industry’s first real-time AI-driven control room at its UAE plant.

🍺Alcohol-Friendly: Falcon Brews, the GCC’s first licensed brewery and spirits blending and bottling project, which is located in the emirate of Ras Al Khaimah, has secured a $25 million term loan facility from an unidentified Indian bank, Zawya reports.

⚕️Untapped Wealth: Saudi Arabia’s Najran region is emerging as a cornerstone for the kingdom’s mining strategy, with its untapped mineral resources now valued at over $38 billion.

🛢️Oil Deal: A unit of Russia’s Lukoil has signed an exploration deal for Egypt’s South Wadi El Sahel block to conduct a 3D seismic survey and six exploratory wells.

📈Quick Job: Red Sea International Co., majority owned by Al‑Dabbagh Group, is planning to list its mechanical, electrical and plumbing subsidiary on the Saudi stock market.

⛽Gas Hunting: Egypt has opened 12 oil and gas blocks – five offshore and seven onshore – for foreign investment as part of its latest licensing round to boost hydrocarbon resources.

🏢Regional Office: Kuwait’s National Investment Co. opened its first regional office at Dubai International Financial Centre, eying to expand in the Gulf and strengthen its position as a leading investment services provider.

🌐Network Tender: Turkey plans to launch the long-anticipated tender for 5G network services in August, marking a significant step in the country’s efforts to modernize its digital infrastructure.🐶Leash Holder: Pet care and snack foods are driving the strongest growth in consumer spending in Saudi Arabia, according to a NielsenIQ report.

UAE President Sheikh Mohamed bin Zayed held a phone call with Iran’s President Masoud Pezeshkian on Tuesday. Sheikh Mohamed also spoke with Qatar’s Emir Sheikh Tamim Al Thani and Austria’s Chancellor Christian Stocker. 

Qatar’s Emir Sheikh Tamim Al Thani met with Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, along with the foreign ministers of the GCC who were participating in the 49th Extraordinary Meeting of the GCC Ministerial Council that was held in Doha.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, held a phone discussion with Jeyhun Bayramov, Minister of Foreign Affairs of Azerbaijan, on Tuesday.

Fadel Abdulbaqi Al Ali, Chairman of the Dubai Financial Services Authority, will lead the new board of mall developer Majid Al Futtaim.

Suliman bin Khalid Al-Mazrou has been named the new President of the Saudi Ports Authority, succeeding Mazen bin Ahmed Al-Turki, who had been serving as acting president.

Khalil Ibn Salamah, Saudi Arabia’s Deputy Minister of Industry and Mineral Resources for Industrial Affairs, announced during the Saudi Industry Forum in Dhahran the launch of the second phase of an industrial incentives program to boost competitiveness and attract high-value investments.

Haifaa Al-Mansour, the pioneering Saudi female director, has been appointed to the kingdom’s Academy of Motion Picture Arts and Sciences Board of Governors and the Red Sea Film Foundation.

🏎️ Speed Demons: Vying with Brad Pitt for the lead role in Apple’s “F1 The Movie,” which hits screens across the Middle East on Thursday, is the Yas Marina Circuit racetrack itself. Scenes for the fictional tale about the grueling competition between Formula One drivers were filmed during the Abu Dhabi Grand Prix in both 2023 and 2024 when fans lined up on Yas Island and downtown to catch a glimpse of Pitt and costars Kerry Condon and Damson Idris.

June 23-26, Amman. JIMEX Exhibition 2025. The event is a showcase of industrial engineering in the Near East. Jordan International Exhibition Center.

June 24, Dubai. Zawya GCC Capital Markets Forum. The event will bring together a diverse panel of C-suite-level participants from banks and top financial institutions. Fairmont Dubai. 

June 24-25, Dubai. Middle East Rail. The two-day programme will host more than 250 speakers from the region and beyond. Dubai World Trade Center.

June 24-25, Dubai. Mobility Live. A free-to-attend multi-brand exhibition hosting multiple country pavilions and  showcasing cutting-edge solutions. Dubai World Trade Center.

June 26, Abu Dhabi. Supercharged. Annual tech forum hosted by G42. ADNEC Center.

July 3-5, Cairo. Lift City Expo. Showcasing the latest technology in the elevator industry. Cairo International Convention & Exhibition Center.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 30-Sept. 7, Abu Dhabi, UAE. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

MUSCLE BUILDING

Riyadh-based Sport Clubs Company is limbering up for an IPO that aims to raise $69 million, bringing one of Saudi Arabia’s largest fitness networks into the public eye. Since 1994, the company has built a strong presence across 18 cities, with 41 men’s gyms under the veteran Body Masters brand and 15 women’s clubs under the newer Body Motions banner. As Saudi Arabia’s IPO pipeline heats up, the listing taps into growing investor interest in lifestyle, health and wellness. The company set a price range for its IPO on Riyadh’s Tadawul Exchange between 7 and 7.50 Saudi riyals ($1.87-$2) per share, according to financial advisor Saudi Fransi Capital.

WEALTH MAGNET

Wealthbrix Capital Partners has formally launched its wealth management business in the UAE with $30 billion in assets. Opening its office at the Dubai International Financial Centre, the firm joins a wave of investment banks, hedge funds and money managers that have opened branches in the Gulf.  “This is the Dubai moment – an inflection point where global capital, regional ambition, and client expectations are converging,” Dr. Hamad Buamim, Chairman of the Wealthbrix Capital Advisory Board, said in a statement. More than 6,700 millionaires relocated to Dubai in 2024, pushing the country’s high- and ultra-high-net-worth population past 68,000.

Public Investment Fund: The Saudi sovereign wealth fund has launched its first commercial paper program to diversify funding sources, enhance short-term liquidity and complement its long-term capital-raising efforts.

Lucid Motors: The PIF-backed U.S. electric vehicle maker plans to produce to mid-size SUVs at a new factory in Saudi Arabia.

ADQ: Etihad Rail, the ADQ-backed operator of the UAE’s national railway network, signed an agreement with the Abu Dhabi Projects and Infrastructure Center to collaborate on designs, engineering plans and development strategies.

💰 Raising Capital: Kuwait is preparing to send a request for proposal to banks to raise about $6 billion from international debt markets for the fiscal year ending March 31, 2026, Bloomberg reports.

🛫 Revive Business: Adani Group has raised $750 million from global investors led by Apollo Global Management to refinance debt for Mumbai’s airport, Bloomberg reports.

⚓Port Authority: Saudi Ports Authority, Mawani, signed contracts worth more than $586 million for multipurpose cargo terminals at eight major ports across the kingdom. 

💊 Pharma Investor: Jadwa Investment Co. will seek to sell its 51% stake in Saudi pharmaceutical giant UniPharma, which is valued at around $267 million, Bloomberg reports.

📈 Market Debut: Valu, an Egyptian retail finance company, began trading on the Egyptian Exchange on Monday after its parent company, EFG Holding, gave 20.5% of its shares to its shareholders, including Amazon.

💵 Pay Hike: Syria raised the minimum public sector wage from $25 to $75 per month under a decree by interim President Ahmad Al-Sharaa, covering civilian and military employees in state-linked entities.

🖥️ Digital Divide: Computing power for artificial intelligence is so precious that the components in data centers, such as microchips, have become a crucial part of foreign and trade policies for China and the U.S., which are jockeying for influence in the Gulf, in Southeast Asia and elsewhere, The New York Times reports.

Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister of Foreign Affairs and Deputy Prime Minister met with Roberta Metsola, President of the European Parliament in Abu Dhabi on Monday. Sheikh Abdullah also met a delegation of the presidents of the national councils from the GCC countries in Abu Dhabi on Monday.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline, opened the third edition on Monday of ForsaTEK, an annual conference to display the company’s innovation.

Russian President Vladimir Putin and Iraqi Prime Minister Mohammed Shia al-Sudanidiscussed concerns over the emerging risks to global energy markets and emphasized the importance of continuing active cooperation within the OPEC+ format.

Joachim Nagel, Governing Council member of the European Central Bank, told Bloomberg on Monday that the bank shouldn’t commit to a certain interest-rate path, given how U.S. trade policy and the situation in the Middle East are clouding the outlook.

Saqr Ghobash, Speaker of the UAE’s Federal National Council, held official talks today with Roberta Metsola, President of the European Parliament, at the FNC headquarters in Abu Dhabi on Monday. 

Faisal Alibrahim, Minister of Economy and Planning, said during his speech at the 7th edition of the King Abdulaziz Quality Award that the kingdom’s Vision 2030 plan emphasizes improving institutional performance across all sectors to boost competitiveness, attract investment, expand service quality and create high-value jobs.

Peter Chernin, the media mogul who previously received a $150 million investment from the Qatar Investment Authority, signed a deal that gives Apple first crack at releasing new movies from Chernin’s North Road entertainment studio, Bloomberg reports. 

🍴Royal Tables: The Michelin Guide is getting ready to launch in Saudi Arabia, having already dispatched its reviewers to sites from Riyadh to Jeddah to review the kingdom’s finest restaurants. Selections will be unveiled on the guide’s website on the 15th of each month from October to December 2025, Gwendal Poullennec, Michelin’s international director, said in a statement. “These past few years, our Michelin inspectors have been keeping a watchful eye on the kingdom’s culinary progression and continue to relish the wonderful spectrum that this fast-developing country has to offer,” Poullennec said.

June 23-26, Amman. JIMEX Exhibition 2025. The event is a showcase of industrial engineering in the Near East. Jordan International Exhibition Center.

June 24, Dubai. Zawya GCC Capital Markets Forum. The event will bring together a diverse panel of C-suite-level participants from banks and top financial institutions. Fairmont Dubai. 

June 24-25, Dubai. Middle East Rail. The two-day programme will host more than 250 speakers from the region and beyond. Dubai World Trade Center.

June 24-25, Dubai. Mobility Live. A free-to-attend multi-brand exhibition hosting multiple country pavilions and  showcasing cutting-edge solutions. Dubai World Trade Center.

June 26, Abu Dhabi. Supercharged. Annual tech forum hosted by G42. ADNEC Center.

July 3-5, Cairo. Lift City Expo. Showcasing the latest technology in the elevator industry. Cairo International Convention & Exhibition Center.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 30-Sept. 7, Abu Dhabi, UAE. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

WASHINGTON CHAT

Abu Dhabi and Washington are working to identify tangible projects that could be bankrolled through the $1.4 trillion package the UAE has pledged to invest in America. U.S. President J.D. Vance hosted a meeting at the White House on Friday with Dr. Sultan Al Jaber, Chief Executive of ADNOC and Executive Chairman of XRG, and UAE Ambassador to the U.S. Yousef Al Otaiba where the initiative was discussed in detail. Talk centered on investments in artificial intelligence, semiconductors, energy and manufacturing, The National reports. The UAE has sought to position itself as a leader in AI infrastructure, developing partnerships and investments with U.S. companies including Microsoft, Nvidia and OpenAI.

TAX TALK

Oman’s Sultan Haitham bin Tarik has approved a personal income tax law to be implemented on individuals earning more than $110,000 annually. The measure, which will be imposed starting in 2028, positions Oman as the first Gulf state to levy personal income tax, part of broader efforts to diversify revenue away from oil. An earlier draft proposing separate thresholds for Omanis and expatriates was rejected by the Sultan. With 2.7 million workers – 1.8 million expatriates – the reform is projected to raise over $285 million annually.

Qatar Investment Fund: Qatar Airways announced at the 55th International Paris Air Show that it will introduce a next-generation, AI-powered in-flight entertainment system on its Boeing 777-9 fleet.

Oman Investment Authority:  The Omani sovereign wealth fund reported a $4.2 billion profit in 2024, pushing total assets to more than $52 billion.

💰New Investors: Bahrain has signed a $2.7 billion deal to invest in U.K. financial services, clean energy, manufacturing, and technology amid ongoing trade talks.

🤝 Helping Hands: Turkey has secured $740 million from the Islamic Development Bank to support regions impacted by the 2023 earthquake, including two Istanbul hospitals under a seismic risk reduction program.

🏦Nuclear Fund: Apollo Global Management will provide £4.5 billion ($6.1 billion) in financing for the U.K.’s Hinkley Point nuclear project through investments in fixed-rate callable notes issued by French power giant EDF, The Financial Times reports.

🏦Twinning Investments: Saudi-listed insurers United Cooperative Assurance Co. and Arabia Insurance Cooperative Co. are exploring a potential merger under a non-binding agreement due to regulatory pressures and weak profitability, which drive consolidation within the sector.

🚄Increasing Capacity: The Roads and Transport Authority will expand the Burj Khalifa/Dubai Mall metro station in collaboration with Emaar to increase its area and capacity by 70% as more people visit the station. 

📈 Succession Strategy: Hedge fund moguls looking to secure their fortunes could take a cue from private equity, as Millennium Management does by seeking to sell a minority stake at a $14 billion valuation, The Financial Times writes. 

⚖️Fighting Together: Saudi Arabia and Kuwait have signed an agreement to enhance cooperation against money laundering and terrorism financing, strengthening regional financial security efforts.

🚰Open Tap: Egypt is ending a long-standing state monopoly on water and wastewater treatment by allowing private investment under a new draft law approved by parliament. Licenses of up to 15 years will be issued, with annual operator fees capping at nearly $1 million.

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, announced creation of a new Ministry of Foreign Trade led by Dr. Thani Al Zeyoudi, renamed the Ministry of Economy to Ministry of Economy and Tourism under Minister of Economy Abdullah bin Touq Al Marri, and introduced the new National Artificial Intelligence System as an advisory body to federal councils starting January 2026.

Sheikh Mansour bin Zayed Al Nahyan, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, chaired a meeting of the Ministerial Development Council at Qasr Al Watan in Abu Dhabi on Monday.

Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah and President of the University of Sharjah, congratulated colleagues for achieving the top spot in the UAE in the U.S. News & World Report’s Best Global Universities rankings.

Sheikh Nahyan bin Mubarak Al Nahyan, UAE Minister of Tolerance and Coexistence, attended the celebration of the 11th International Day of Yoga, held as part of the Abu Dhabi Summer Sports Festival at the Abu Dhabi National Exhibition Centre.

Kristalina Georgieva, Managing Director of the International Monetary Fund, warned in an interview with Bloomberg TV that if the U.S. continues strikes on Iran, it could potentially have broader impacts beyond energy channels, as global uncertainty escalates.

Safaa El-Kogali, the World Bank’s Director for the Middle East , told The National in Riyadh that foreign direct investment in the Gulf could slow in the second half of this year as regional conflicts dent investor sentiment.

Niko Corneliswas named the new country manager for the GCC region at Engie, the Paris-based energy infrastructure and services company.

🎨Culture Hub: Saudi Arabia expects a $48 billion cultural boom by 2030, transforming the sector into a key economic force under its Vision 2030 strategy, Minister of Culture Prince Badr bin Abdullah says. Since the ministry’s launch in 2018, cultural jobs have increased by over 300%, festival crowds have topped 23 million, and Saudi heritage is making waves globally with eight UNESCO World Heritage sites. Prince Badr said in an interview with Arabic daily Al-Eqtisadiah. 

June 23-26, Amman. JIMEX Exhibition 2025. The event is a showcase of industrial engineering in the Near East. Jordan International Exhibition Center.

June 24, Dubai. Zawya GCC Capital Markets Forum. The event will bring together a diverse panel of C-suite-level participants from banks and top financial institutions. Fairmont Dubai. 

June 24-25, Dubai. Middle East Rail. The two-day programme will host more than 250 speakers from the region and beyond. Dubai World Trade Center.

June 24-25, Dubai. Mobility Live. A free-to-attend multi-brand exhibition hosting multiple country pavilions and  showcasing cutting-edge solutions. Dubai World Trade Center.

June 26, Abu Dhabi. Supercharged. Annual tech forum hosted by G42. ADNEC Center.

July 3-5, Cairo. Lift City Expo. Showcasing the latest technology in the elevator industry. Cairo International Convention & Exhibition Center.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 30-Sept. 7, Abu Dhabi, UAE. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

FOOD CENTRAL

Two of China’s top e-commerce companies, JD and Meituan, are joining the fray in Saudi Arabia’s booming home delivery market. JD has launched JoyExpress, a same-day delivery service across the kingdom. Meituan, meanwhile, is investing $267 million to expand its food delivery brand Keeta in the region. Both companies are rapidly scaling their operations in the kingdom, establishing warehouses, sorting centers and delivery networks to support their regional growth.

DUBAI DRAW

Dubai real estate agencies are reporting a surge of inquiries from Iran. Amid the weeklong missile war with Israel, Iranians are looking across the Gulf at property listings in the UAE, Forest Hills Real Estate sales manager Sidharth Kumar told Arabian Gulf Business Insight. “Many are reaching out through Iranian colleagues or family members already in the UAE to buy a home here,” Kumar said. Another agent told AGBI that some prospective buyers were selling assets in Iran and buying entire floors of buildings in the UAE directly from developers.

Public Investment Fund: Saudi Arabia’s sovereign wealth fund has launched the Expo 2030 Riyadh Company to build and operate facilities for the World Expo scheduled to be hosted by the kingdom in five years, Reuters reports. 

Mubadala: The sovereign wealth fund signed an agreement with Abu Dhabi Projects and Infrastructure Centre “to explore joint opportunities that support the future of Abu Dhabi’s infrastructure.”

International Holding Co.: Multiply Media Group, backed by Abu Dhabi-owned IHC, has teamed up with U.K.-based Wildstone to manage outdoor electronic billboards at London’s Wandsworth Roundabout.

🌴 Agri Billions: A Riyadh private equity firm backed by Saudi’s Prince Saud bin Abdulaziz Al Saud, Chairman of Aram Palms Company, is partnering with Canada’s Cordiant Group to launch a $5 billion agricultural fund across the GCC, aiming to invest $10 billion by 2035.

💰 Helping Hand: UAE banks led a $1 billion fundraising for Pakistan as the country secured Middle Eastern funding for the first time in over two years amid regional tensions.

💵 Good Money: Saudi Industrial Development Co.’s subsidiary, Emmdad Logistic Services, signed a five-year, Islamic-compliant $2.7 million financing deal with Saudi Arabia’s Social Development Bank to support capital expansion.

🏭 Capacity Boost: Hitachi Energy will invest $70 million to expand its transformer facility in Turkey, boosting capacity by 70% to meet rising electricity demand across Europe and Asia.

✈️ Service Interrupted: American Airlines has suspended daily flights to Qatar’s capital, Doha, and United Airlines paused service to Dubai, citing military actions and rising tensions in the Middle East, Bloomberg reports. 

🏀 Gulf Ballers: Less than two months after Mubadala Capital led a $10 billion investment in Mark Walter’s TWG Global in a two-way deal that gave TWG a 5% stake in the Abu Dhabi fund, the billionaire is buying a majority stake in the Los Angeles Lakers in a deal that values the basketball franchise at $10 billion.

💡 Energy Innovation: Iraq is building a second waste-to-energy plant in Baghdad, as part of efforts to ease its power shortage.

📈 Intelligence Setup: U.S. tech giant Oracle has opened a seven-story research and development center in Morocco.

🖥️ Job Creation: Saudi developer Roshn has created more than 200,000 jobs through its large-scale projects, with Saudis making up over 70% of its workforce, financial website Argaam reports.

UAE President Sheikh Mohamed bin Zayed sent a written message to Canadian Prime Minister Mark Carney, focusing on trade and tech cooperation between the two countries. The note was delivered in Ottawa by Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, who also met with François-Philippe Champagne, Canada’s Minister of Finance and National Revenue,during his visit to Canada.

Sheikh Shakhboot bin Nahyan, UAE Minister of State, met João Manuel Lourenço, President of Angola, who is on a working visit to the country.

Sheikh Ammar bin Humaid Al Nuaimi, Ajman’s Crown Prince and Chairman of Ajman Executive Council, received Gerardo Perez, Ambassador of El Salvador to the UAE, at the Ruler’s Court on Friday.

Mansoor Abulhoul, UAE Ambassador to the United Kingdom, collected the cup after Arabian Story’s win at the Britannia Stakes on Ladies’ Day at Royal Ascot. The racehorse is owned by Dubai Ruler Sheikh Mohammed bin Rashid’s Godolphin stables.

Pavel Durov, the billionaire founder of Telegram who resides in Dubai, plans to leave his vast fortune to the more than 100 children he has fathered naturally and via sperm donation, Bloomberg reports. 

Masayoshi Son, Founder of SoftBank Group Corp, wants to partner with Taiwan Semiconductor Manufacturing Co. on a trillion-dollar AI and robotics hub in Arizona, though it’s unclear if TSMC, already investing heavily in the area, will join the project, Bloomberg reports.

Tareq Muhmoodhas been appointed Visa’s Regional President for Central and Eastern Europe, the Middle East and Africa.

🍽️ Top Bites: Two Dubai restaurants have made this year’s World’s Best 50 Restaurants list. Tresind Studio and Orfali Bros both made the cut when the annual list was announced in Turin, Italy, last night. While Mediterranean eatery Orfali Bros climbed from number 64 to 37 on the list, fusion Indian restaurant Tresind Studio ranked at number 27 – down from 13 last year.

June 18-21, St. Petersburg, St. Petersburg International Economic Forum. Addressing thekey economic issues facing Russia, emerging markets, and the world as a whole. EXPOFORUM Convention and Exhibition Centre.

June 23-26, Amman. JIMEX Exhibition 2025. The event is a showcase of industrial engineering in the Near East. Jordan International Exhibition Center.

June 24, Dubai. Zawya GCC Capital Markets Forum. The event will bring together a diverse panel of C-suite-level participants from banks and top financial institutions. Fairmont Dubai. 

June 24-25, Dubai. Middle East Rail. The two-day programme will host more than 250 speakers from the region and beyond. Dubai World Trade Center.

June 24-25, Dubai. Mobility Live. A free-to-attend multi-brand exhibition hosting multiple country pavilions and  showcasing cutting-edge solutions. Dubai World Trade Center.

June 26, Abu Dhabi. Supercharged. Annual tech forum hosted by G42. ADNEC Center.

July 3-5, Cairo. Lift City Expo. Showcasing the latest technology in the elevator industry. Cairo International Convention & Exhibition Center.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 30-Sept. 7, Abu Dhabi, UAE. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.