JORDAN RAIL

Jordan and the UAE signed a $2.3 billion agreement to develop a rail project connecting the country’s phosphate and potash mines to the port of Aqaba. L’imad Holding, the new sovereign wealth fund overseen by Abu Dhabi’s Crown Prince Khaled bin Mohamed, will partner with multiple Jordanian entities to build and operate the 360-kilometer (225-mile) railway, with construction to begin in 2027. Jordan’s Transport Minister Nedal Katamine said it was the country’s largest transport project in decades and one of the biggest in the region. The deal  highlights L’imad’s growing role in Abu Dhabi’s dealmaking, Bloomberg reports.

QUIET BORROWING

Gulf states have raised nearly $10 billion through private bond sales in April, marking their first international borrowing since the Iran war disrupted regional economies. Abu Dhabi issued $4.5 billion, Qatar $3 billion and Kuwait $2 billion in dollar-denominated bonds via private placements rather than public markets, where borrowing conditions have become more volatile, The Financial Times reports. The fundraising comes as a tentative ceasefire with Iran opens a window to shore up finances following steep losses from reduced oil and gas exports and damage linked to the near shutdown of the Strait of Hormuz. Despite controlling more than $3.5 trillion in sovereign assets, the states are tapping debt markets to support spending plans after Qatar halted LNG exports and oil flows from Kuwait and the UAE declined sharply.

International Holding Co.: The Abu Dhabi-based conglomerate led by UAE National Security Advisor Sheikh Tahnoon bin Zayed has received regulatory approval for the acquisition of Pakistan’s First Women Bank. 

Mubadala: Dina Powell McCormick, President of Meta, said on Monday during her appearance at Semafor’s World Economy Summit in Washington, D.C. that she had recently spoken with Khaldoon Al Mubarak, Mubadala CEO and Managing Director, to discuss how the UAE’s investments in artificial intelligence and other technologies would support its economy amid the current conflict.

Mubadala: CFO Carlos Obeid reflects on the sovereign wealth fund’s financial evolution over the past 25 years in an interview with Mubadala’s in-house video series, The Exchange.

XRG: The global investment arm of the UAE’s ADNOC national oil company is looking for merger and acquisition opportunities in Europe, Bloomberg reports.

Saudi Electricity Co.: The state-owned utility formed a joint venture with Kraken Technologies to deploy AI-driven grid management technology.

EDGE: The UAE defense conglomerate and Spain’s Indra Group signed an agreement at LAAD Security 2026 in São Paulo to explore developing and producing next-generation radar systems in Brazil.

💵 Liquidity Help: Aldar Properties secured a five-year, $1.4 billion sustainability-linked revolving credit facility, boosting liquidity.

💰 FDI Friends: The UAE invested around $95 million between January and February of this year in Turkey, the state-owned Anadolu news agency reports.

💡 Chipping In: U.S. electronics giant Molex acquired Israeli optical chip startup Teramount for about $430 million, adding high-speed data-transfer technology used in next-generation AI infrastructure and data centers.

Flagging Funds: The sponsorship agreement between Fanatics and Saudi Arabia’s General Entertainment Authority for its Tom Brady-fronted flag football event is in peril following the relocation of the tournament from the kingdom to Los Angeles, Front Office Sports reports.

💰 Flexible Workplace: Dubai is easing compliance requirements, cutting paperwork and allowing greater remote work for financial firms as it tries to maintain its status as a hub for hedge funds amid the regional conflict, Bloomberg reports.

💼 New Arrival: Alternative investment manager Barings has opened a new office in Abu Dhabi’s ADGM free zone, as it pursues deeper relationships with sovereign funds, family offices and institutional investors across the Gulf. ​​ 

🌍 Global Reach: Qatar’s Estithmar Holding, which has interests ranging from construction and hotels to healthcare, outlined plans to expand operations in 10 countries, including Saudi Arabia, Iraq, Libya, the Maldives and Syria.

🇵🇭 New Bureau: Dubai International Chamber opened a new representative office in Manila to boost trade and investment ties between Dubai and the Philippines.

🍾 Spirits Disruption: French beverage producer Pernod Ricard expects up to a 4% annual sales decline due to disruption from the Middle East war.

Saudi Crown Prince Mohammed bin Salman met with Pakistan’s Prime Minister Shehbaz Sharif in Jeddah on Wednesday to discuss negotiations between the U.S. and Iran.

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

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, held a phone call with Mohammad Baqer Qalibaf, Speaker of the Parliament of Iran, on Wednesday to discuss de-escalation.

Sheikh Shakhboot bin Nahyan, UAE Minister of State, participated in the Third International Conference on Sudan, held in Berlin this week.

Matt Crocker quit as U.S. Soccer’s sporting director just months before the 2026 World Cup to take a senior role with Saudi Arabia’s football federation, highlighting the kingdom’s continued push to recruit global sports talent, ESPN reports.

Paolo Zampolli, U.S Special Representative for Global Partnerships, is profiled in The Financial Times as U.S. President Donald Trump’s longtime dealmaker, accustomed to blending power with money. 

Mohammed Al-Jadaan, Saudi Arabia’s Finance Minister, said at a meeting of the U.S. Chamber of Commerce in Washington, D.C. on Tuesday that the kingdom is pressing ahead with fiscal reforms and global economic engagement despite regional tensions.

Ali bin Ahmed Al Kuwari, Qatar’s Finance Minister, said on Wednesday that the latest oil price increases are just the “tip of the iceberg,” and that the full economic consequences of the Iran war are likely to hit globally by May or June 2026.

Reem Al Hashimy, the UAE Minister of State for International Cooperation, said at the Semafor World Economy conference in Washington, D.C. on Wednesday that the Strait of Hormuz should not be under anyone’s control, and reopening it as a free and open waterway is the UAE’s top priority in any security agreement between Iran and the U.S.

David Lynn was appointed CEO of inD, the joint venture between Informa and Dubai World Trade Centre. He previously was the President and CEO of ViacomCBS Networks International (now Paramount International).

Patrick Jany was appointed CFO of Borouge Group International. He was previously Executive Vice President and CFO of A.P. Moller-Maersk. 

🚙 Backseat Driver: Dubai is taking a novel approach to road safety with an appeal to road users to drive “as if their mother was in the car.” In a promotional film, Emirati personality Khaseibah uses a motherly tone to police a young driver as he navigates the roads, preventing him from taking risky decisions. The film launched by the Dubai Police and Road and Transport Authority is aimed at addressing serious road offenses, including tailgating, sudden lane changes and distracted driving.

April 20-22, Abu Dhabi. Abu Dhabi Global Entrepreneurship Festival 2026. Bringing entrepreneurs, investors and experts to support innovation, partnerships and economic diversification. Abu Dhabi Energy Centre. 

April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.

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

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

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

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

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

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

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

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

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

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

CLOUDY FORECAST

The International Monetary Fund slashed its economic forecast for the Middle East and North Africa and said it expects lower global growth, blaming the Iran war for disrupting trade and energy markets. The region’s GDP growth forecast has been cut to 1.1.% in the IMF’s latest World Economic Outlook, 2.8 percentage points lower than its January projection for this year. Saudi Arabia is faring better than other countries, while the economies of Iran, Bahrain, Iraq, Kuwait and Qatar are now expected to ​contract, Reuters reports. Growth is expected to rebound to 4.8% by 2027, presuming energy production and transportation return to normal over the next few months. “MENA countries are facing unprecedented challenges, exceptional uncertainty in their outlook,” IMF Deputy Managing Director Bo Li said during a panel discussion in Washington.

EV SHUFFLE

Electric vehicle maker Lucid named a new CEO as Saudi Arabia’s Public Investment Fund and Uber committed another $750 million to support the struggling Silicon Valley-based company. Silvio Napoli, the former head of Swiss elevator manufacturer Schindler Holding, was appointed chief of Lucid, replacing Marc Winterhoff, who has served as interim CEO since February 2025. Winterhoff returns to the role of Chief Operating Officer. In other automotive developments, sales of Nissan and Stellantis vehicles in the Middle East have dropped by roughly 40-60% – about half of prewar levels – primarily due to weakened demand resulting from the conflict, The Financial Times reports. 

L’imad Holding: Abu Dhabi-based shipping conglomerate AD Ports, which is owned by the sovereign wealth fund, signed an agreement with Romania’s National Company Maritime Ports Administration, the administrator of the Port of Constanța, the Black Sea’s largest port, to explore investments.

Oman Investment Authority: Oman’s OQ Exploration and Production, part of OIA, said it plans to acquire Amsterdam-based Mitsui E&P Middle East B.V.’s 35% stake in a site designated Block 27 for $75 million.

Norwegian Government Pension Fund Global: Norway is moving to lift a ban on its $2.2 trillion sovereign wealth fund investing in Syrian government bonds, while adding Iran to its exclusion list in a largely symbolic shift, Reuters reports.

💰 Consumer VC: Homegrown Ventures, a UAE-based company, closed its debut $22.8 million fund to invest in early-stage consumer brands across different sectors.

👜 Boutique Blues: Gucci reported an 8% drop in first-quarter sales, which it attributed in part to the Middle East conflict’s impact on tourism and demand for luxury goods. Hermes sales growth slumped 5.6%.

💶 Asset Departure: Kuwaiti National Investment Holding, a subsidiary of National Real Estate Co., will sell its entire 50% stake in Malta’s Mediterranean Investments Holding to two buyers for $87 million.

📚 Regional Expansion: Bain Capital plans to open an Abu Dhabi office with an initial team of 5-10 people in ADGM, marking one of the first regional expansions by a major financial firm since the war.

💸 Market Freeze: Global companies, including London-based Loveholidays and Turkish Airlines, are delaying IPOs and cutting dividends as the Middle East conflict rattles markets, disrupts supply chains and weakens investor confidence, Reuters reports.

🟤 Metal Rebound: Copper rebounded to erase war-driven losses, rising on renewed risk appetite fueled by ceasefire hopes, U.S.-Iran peace talks and improving Chinese demand.

✈️ Missed Opportunity: Lufthansa has grounded hundreds of flights and limited operations due to ongoing crew strikes just as it was hoping to take advantage of increased demand caused by disruptions to Gulf airlines amid the Iran war, The Financial Times reports.

UAE President Sheikh Mohamed bin Zayed met on Tuesday with António Costa, President of the European Council, who is visiting the UAE as part of a regional tour.

Qatar’s Emir Sheikh Tamim bin Hamad held a phone call with Oman’s Sultan Haitham bin Tariq on Tuesday to discuss regional events.

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, met with Jamshid Khodjaev, Deputy Prime Minister of Uzbekistan, and his accompanying delegation at Qasr Al Watan in Abu Dhabi on Tuesday.

Fatih Birol, the head of the International Energy Agency, said during spring meetings at the Atlantic Council in Washington that the world is becoming a dangerous place, noting that more than 80 facilities have been damaged, including oilfields, refineries and terminals.

Ali bin Ahmed Al Kuwari, Qatar’s Minister of Finance, held a series of bilateral meetings with a number of officials from global financial institutions and banks in New York City during his current visit to the U.S.

Hadi Badri, CEO of Dubai Economic Development Corp., said during the Semafor World Economy Summit in Washington that most people have stayed in Dubai “despite what some tabloids overseas have been saying.”

🏛️ Icon Overhaul: Dubai’s Burj Al Arab will close for 18 months to carry out its first major restoration in 25 years, aiming to modernize interiors while preserving the hotel’s iconic sail  design and “seven-star” identity. Led by French interior architect Tristan Auer, the project will focus on subtle upgrades, retaining most of the décor and craftsmanship to maintain the building’s original character.

April 20-22, Abu Dhabi. Abu Dhabi Global Entrepreneurship Festival 2026. Bringing entrepreneurs, investors and experts to support innovation, partnerships and economic diversification. Abu Dhabi Energy Centre. 

April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.

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

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

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

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

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

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

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

PLUNGING PRODUCTION

As prices hover around the $100-a-barrel mark, OPEC is reporting a steep decline in oil production attributed to the Iran war, which has blocked sea routes and damaged infrastructure. Looking further ahead, the International Energy Agency said oil demand will decline this year for the first time since the 2020 pandemic as the surge in prices restricts growth.  “The Iran war has thoroughly upended the global outlook for oil consumption,” the IEA says in its monthly report. “Demand destruction will spread as scarcity and higher prices persist.” The paralysis of shipping through the Strait of Hormuz has also sent aluminum prices soaring to a four-year high, stoked by the stalling of U.S. peace talks with Iran that have increased concerns over supply chains.

REINVENTING TOURISM

UAE tourism needs to “reinvent itself” to recover from the impact of regional war, officials and hospitality players told a special meeting convened to address the industry in crisis. From the dazzling Dubai Gold Souk and Burj Khalifa to Abu Dhabi’s cluster of brand new museums, the normally bustling sites that are the engine of the country’s tourism economy have fallen quiet since the start of the war. At a newly formed Tourism Majlis, organized by the Ministry of Economy and Tourism, leaders gathered to confront a sharp drop in visitors following the Iran crisis and share ideas to shape a coordinated recovery plan. Chaired by Ras Al Khaimah Ruler Sheikh Saud bin Saqr Al Qasimi, the discussion stressed that recovery would require a clear, unified strategy rather than quick fixes, with a focus on collaboration across all seven emirates.

Mubadala: Brazilian state-run oil firm Petrobras is in initial negotiations with Abu Dhabi’s Mubadala to repurchase the Mataripe refinery in Brazil, Reuters reports. 

Public Investment Fund: flyadeal, Saudi Arabia’s low-cost airline owned by the PIF, is launching scheduled flights between Jeddah and Dubai and restoring its route between Riyadh and Dubai that was suspended during the war with Iran.

Qatar Investment Authority: Golden Goose, the luxury Italian sneaker brand which counts the QIA among its shareholders, is marketing a $1 billion bond sale to prepare for its acquisition by Chinese private equity firm HSG.

Qatar Investment Authority: Al Rayan Bank, whose shareholders include QIA, intends to increase its capital to $67.6 million in its U.K. subsidiary.

🤖 AI Bet: Golden Gate Ventures’ MENA fund invested an undisclosed amount in Invisible Technologies, a San Francisco-based AI company.

🌍 Mineral Push: Botswana signed agreements with Oman to explore energy and mineral resources during a visit to the sultanate this week by Botswana’s President Duma Boko.

🚇 Metro Branding: The city of Riyadh launched bids for naming rights to five metro stations, opening a new revenue stream as the kingdom expands its public transport network.

💵 Debt Relief: The Central Bank of Bahrain will defer loans and provide liquidity of up to $18.5 billion to support Bahrain’s economy and the financial sector.

🏢 Swiss Outpost: Finreon, a Swiss quantitative asset manager, expanded to the Middle East by opening a representative office in the Dubai International Financial Centre.

💲 Funding Terrorism: French cement company Lafarge was fined $1.2 million by a court in Paris, and former CEO Bruno Lafont was sentenced to six years in prison for paying ISIS and other armed groups protection money in Syria.

📺 Standing Strong: More than 1,000 film and TV figures, including Joaquin Phoenix, Ben Stiller, and Kristen Stewart, signed an open letter opposing Paramount Skydance’s Gulf-backed planned acquisition of Warner Bros.

UAE President Sheikh Mohamed bin Zayed met with King Hamad bin Isa Al Khalifa of Bahrain during his trip to Manama on Monday.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, met in Beijing with China’s President Xi Jinping. The meeting was also attended by Sheikh Zayed bin Mohamed, the son of UAE President Sheikh Mohamed bin Zayed; Khaldoon Al Mubarak, Special Envoy of the UAE President to China and Managing Director and Group CEO of Mubadala; Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and ADNOC Group CEO; Mohamed Hassan Alsuwaidi, Minister of Investment; Dr. Thani Al Zeyoudi, Minister of Foreign Trade; and Lana Nusseibeh, Minister of State at the Ministry of Foreign Affairs.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, met with Ayman Safadi, Jordan’s Deputy Prime Minister and Minister of Foreign Affairs and Expatriates, on Monday in Abu Dhabi to discuss regional developments and security challenges.

Khaldoon Al Mubarak, Special Envoy of the UAE President to China and Managing Director and Group CEO of Mubadala, held a meeting on Monday in Beijing with Wang Yi, China’s Minister of Foreign Affairs.

Abdulla bin Touq, UAE Minister of Economy and Tourism, met with an Uzbek delegation including Jamshid Khodjaev, Deputy Prime Minister and Minister of Investment and Foreign Trade, and Laziz Kudratov, Minister of Investment, Industry and Trade, on Monday.

Khaled Darwish, HSBC’s Head of Debt Capital Markets for Central and Eastern Europe, the Middle East and Africa, will join Bank of America as Head of Middle East and North Africa Corporate Banking in Dubai, Bloomberg reports.

🍽️ Quiet Night Out: Restaurants and chefs across the UAE are adapting to a new reality as regional conflict and a lack of tourists reshapes the hospitality industry. Customers are trading in flashy high-end experiences for quieter, neighborhood dinners, The National reports. As a result, venues are making subtle changes to cater to more intimate gatherings, from introducing warmer lighting and softer music to slowing down the pace of the food service. “It’s less about volume and more about intention,” Sven Mostegl, founder of Sven The Baker’s Kitchen in Dubai, told the newspaper. “There’s a quieter, more grounded energy in the room.”

April 20-22, Abu Dhabi. Abu Dhabi Global Entrepreneurship Festival 2026. Bringing entrepreneurs, investors and experts to support innovation, partnerships and economic diversification. Abu Dhabi Energy Centre. 

April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.

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

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

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

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

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

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

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

TROUBLED LUXURY

Faltering sales in Dubai are threatening a much-needed recovery for the luxury retail market, just as LVMH, Kering and Hermès prepare to report earnings. Revenues at Mall of the Emirates were down 30-50% for some brands in March compared to the same period last year, while footfall declines across flagship retail hubs, including a steeper slump at Dubai Mall, point to a broader pullback in discretionary spending among tourists and residents alike. Even relatively resilient locations such as The Galleria Al Maryah Island in Abu Dhabi recorded weaker sales, suggesting the downturn is spreading beyond Dubai’s tourism-dependent economy. The figures cast doubt on the Middle East’s role as a rare growth engine for luxury brands, as geopolitical tensions threaten to delay an already fragile global recovery in the sector, Reuters reports.

BUYING MAYFAIR

Famed London venues including celebrity haunt Annabel’s and the Ivy restaurant chain are now in the hands of Abu Dhabi’s royal family. A unit of International Holding Co., the vast conglomerate led by UAE National Security Advisor Sheikh Tahnoon bin Zayed, purchased a majority stake in British businessman Richard Caring’s hospitality business in a deal valued at around $1.4 billion. The deal includes a portfolio of luxury restaurants and clubs, including the decadent and exclusive Annabel’s, the only nightclub ever visited by Queen Elizabeth II. Caring will stay on as Executive Chairman and will lead an international expansion in collaboration with IHC unit Diafa, which already owns high-end restaurants including Zuma and Roka via U.K.-headquartered Azumi Group, Arabian Business Insight reports.

Mubadala: Emirates Global Aluminium, a conglomerate owned by the Abu Dhabi sovereign wealth fund, declared force majeure for certain products after war-related damage to its Al Taweelah plant.

Qatar Energy: TotalEnergies E&P Congo, in which QatarEnergy is a shareholder, announced a new hydrocarbon discovery off the coast of Congo.

L’imad Holding: Etihad Airways, part of Abu Dhabi sovereign wealth fund L’imad Holding, announced an expansion of its mainland China network, with five new routes and 28 additional weekly flights.

🚂 Railway Business: Saudi Railways launched five new freight logistics routes to connect ports along the Arabian Gulf with central and northern regions of the kingdom.

✈️ Jet Deployment: Pakistan sent fighter jets to Saudi Arabia under a defense pact to strengthen the kingdom’s security during the regional conflict.

🏗️ Master Plan: UAE-based luxury developer Sobha Realty announced today its entry into the Abu Dhabi market with the launch of $10.9 billion Sobha City, a master-planned residential community located in Al Bahia.

⚡ Energy Coverage: Equity research firm Bernstein initiated coverage of the MENA energy sector, naming ADNOC Gas and Fertiglobe as its two top picks.

💰 Sum Seeker: Pakistan is in talks with Saudi Arabia and China to step in and provide financing of more than $3.5 billion after the UAE declined to roll over a similar-sized loan, Bloomberg reports.

🏡 Bubble Burst: New rental contracts in Dubai fell sharply in March as regional tensions linked to the Israel-U.S. war with Iran weighed on demand.

⛽ Gas Fields: Oman’s Ministry of Energy and Minerals is offering five concession areas in the oil and gas sector for competition among local and international petroleum companies.

UAE President Sheikh Mohamed bin Zayed met with India’s Minister of External Affairs Subrahmanyam Jaishankar in Abu Dhabi on Sunday to discuss regional developments.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, arrived in Beijing on Monday for an official visit.

Sheikh Maktoum bin Mohammed, UAE Minister of Finance and Chairman of the Dubai International Financial Centre, met with Bruce Flatt, CEO of Toronto-based asset manager Brookfield Corp., to discuss investment cooperation.

Badr Jafar, Special Envoy of the UAE Minister of Foreign Affairs for Business and Philanthropy, wrote in an opinion column for The New York Times that “oil for security” is no longer the sole basis for the UAE-U.S. relationship. “It is a 360-degree partnership – economic, technological, cultural and human –  that has been built quietly over decades by businesses, universities, hospitals and millions of individual choices,” Jafar writes.

Francis Belin, CEO of Mytheresa, told the Financial Times that the luxury retailer is eyeing further expansion in the Middle East despite the ongoing war.  

Bader Al-Ghanim was appointed as food delivery company Talabat’s Chief International Officer, a newly established role aimed at strengthening collaboration and driving consistent execution across markets within the MENA region.

🎤 Yodeling Mishap: American singer-songwriter and actress Sabrina Carpenter has apologized after mistaking an Arabic celebratory ululation from a fan as yodeling during her performance at Coachella on Friday. Clips from the set showed Carpenter reacting to a fan performing a zaghrouta. “I think I heard someone yodel. Is that what you’re doing? I don’t like it,” she said on stage. Carpenter later wrote on social media platform X that she had learned what it was and “welcomed all cheers and yodels from here on out.”

April 20-22, Abu Dhabi. Abu Dhabi Global Entrepreneurship Festival 2026. Bringing entrepreneurs, investors and experts to support innovation, partnerships and economic diversification. Abu Dhabi Energy Centre. 

April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.

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

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

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

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

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

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

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

DRONE DIPLOMACY

Ukraine is expanding the circle of Gulf customers for its battle-tested drone technology. President Volodymyr Zelenskiy told reporters in Kyiv on Thursday that he held discussions in Oman, Kuwait and Bahrain on new military partnerships connected to Ukrainian-developed unmanned aircraft systems, Reuters reports. Ukraine has already negotiated security agreements with Saudi Arabia, the UAE and Qatar while sending more than 200 personnel to the region to advise on interceptor systems and electronic warfare. Zelenskiy said Ukraine is negotiating additional 10-year cooperation frameworks and using its experience in fighting Russia to showcase its ability to shoot down Iranian drones.

SKIN IN THE GAME

China’s support for Iran has been tempered by its growing investments across the Middle East, where it has deployed about $270 billion since the pandemic. The region has been a key beneficiary of President Xi Jinping’s Belt & Road initiative, with Chinese investment and construction growing at its fastest pace of anywhere in the world, Bloomberg reports. Between 2014 and 2023, China provided roughly $2.34 in financing to Middle East countries for every $1 provided by the United States, the news agency added. Dubai airport, Jebel Ali power plant and Ras Laffan industrial complex are among the projects that received loans from Chinese state-owned creditors worth about $4.66 billion, according to AidData estimates. China, traditionally one of Iran’s biggest allies, has played a key role in convincing the country’s leaders to agree to the two-week ceasefire.

ADNOC: Dr. Sultan Al Jaber, Group CEO and Managing Director of the UAE’s national oil company, posted on X for the first time with the words, “We’ll emerge stronger,” and the text of the UAE’s national anthem.

Mubadala: Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of the sovereign wealth fund, wrote in the annual report that Mubadala is moving forward with a “clear vision” that aligns with the future direction of the UAE.

Oman Investment Authority: Abdulsalam Mohammed Al Murshidi, Chairman of OIA, met with a Libyan delegation to review further joint cooperation, as well as investment opportunities in Libya. Meanwhile, National Bank of Belarus Chairman Raman Halouchanka met with OIA’s Chief Investment Officer Ibrahim Al-Eisri on Thursday to discuss potential investments. 

Emirates Development Bank: The state-owned bank plans to approve up to $2.45 billion in funding this year to support local industrial growth.

💲 New Finance: UAE telecom company du has refinanced its revolving credit facility with a new $545 million agreement led by Emirates NBD and other major banks.

✈️ Mutual Benefit: Dubai Aerospace Enterprise and Blackstone Credit & Insurance have agreed to launch a platform to invest $1.6 billion annually in building and leasing a portfolio of commercial aircraft.

💰Foreign Investor: U.K. foreign direct investment in Oman rose 11% to $42 billion in 2025, making it the largest investor, as total FDI surpassed $81 billion.

✈️ Flight Cuts: British Airways is cutting Middle East flights and shifting capacity to Asia and Africa as carriers respond to security risks and weaker demand linked to the conflict.

🪙 Flexible Working: Cryptocurrency exchange Binance said it is offering temporary relocation to employees based in the UAE, where it has around 1,000 staff members, Bloomberg reports.

🏦Loan Request: Egypt is considering asking the IMF for a $3 billion loan, as foreign investment declines and economic pressures mount due to rising energy costs linked to the Iran war.

🛢️ Gas Bet: Egypt committed to buying the full output from Cyprus’ Aphrodite gas field, advancing plans to process and re-export offshore gas through its LNG facilities.

🏟️ Track Delay: The Diamond League season opener track competition in Doha has been postponed from May to June 19 due to security concerns tied to the Middle East conflict.

Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar, met in Doha today with U.K. Prime Minister Keir Starmer. The British leader met on Thursday night with King Hamad bin Isa Al Khalifa of Bahrain.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, met with Bruce Flatt, CEO of Brookfield Asset Management.

Prince Faisal bin Farhan, Saudi Foreign Minister, held a phone call with his Pakistani counterpart Mohammad Ishaq Dar on Thursday.

Sheikha Latifa bint Mohammed, Chairperson of the Dubai Culture and Arts Authority, met with key representatives from across Dubai’s cultural and creative ecosystem for a workshop at Etihad Museum on Thursday.

Mohamed Jameel Al Ramahi, CEO of Masdar, received the Sustainable Markets Initiative’s Terra Carta & Astra Carta Award, presented by King Charles III.

Kristalina Georgieva, Managing Director of the IMF, said the Middle East war could drive demand for as much as $50 billion in additional support from the international finance agency.

Khalaf Al Habtoor, Emirati billionaire and Chairman of Al Habtoor Group, plans to invest $1.4 billion in building a commercial tower within Al Habtoor City in Dubai.

Peter Hoeschele, an OpenAI Executive who played a key role in getting the Stargate effort off the ground, Shamez Hemani, who worked on compute strategy and business development, as well as Anuj Saharan, have all left the company, The Information reports.

🎭 Riviera Relevance: The 2026 Cannes Film Festival, its 79th edition, has unveiled a program spanning Competition, Un Certain Regard and other official sections. Three Red Sea Film Initiative-backed titles have been selected. Among them is “Parallel Tales,” an Asghar Farhadi project supported by the Red Sea Film Foundation. The film, a reinterpretation of Krzysztof Kieślowski’s “Dekalog VI,” features an ensemble cast including Isabelle Huppert, Virginie Efira, Vincent Cassel, Pierre Niney, Adam Bessa and Catherine Deneuve.

April 7-9, Marrakesh. GITEX Africa. Africa’s biggest tech and startup conference. Place Bab Jdid on Boulevard Al Yarmouk

April 20-22, Abu Dhabi. Abu Dhabi Global Entrepreneurship Festival 2026. Bringing entrepreneurs, investors and experts to support innovation, partnerships and economic diversification. Abu Dhabi Energy Centre. 

April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.

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

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

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

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

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

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

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

COMING HOME

Bankers at firms including JPMorgan Chase, Goldman Sachs and HSBC are weighing a return to the UAE following the U.S.-Iran ceasefire, after weeks in which staff were told to work remotely or temporarily relocate. Executives are now evaluating when to resume dealmaking, client meetings and on-the-ground staffing as conditions stabilize, Bloomberg reports. The timing of any return will depend on confidence that security has improved and that the rebound in Gulf markets and transactions can be sustained. Some investors say the UAE’s infrastructure and governance will help it recover, pointing to registrations at the ADGM, which rose 5% in March while Iranian missiles were targeting Abu Dhabi.

SOVEREIGN SURGE

Abu Dhabi’s Mubadala sovereign wealth fund said assets under management rose 17% to $385 billion in 2025. The fund said in a statement issued today that the U.S. accounted for 44% of its investments last year and 25% was spent in the UAE. Mubadala, which has major UAE holdings including tech firm G42, Aldar Properties and renewable energy company Masdar, said it will pursue new opportunities this year in artificial intelligence, robotics and data centers. Khaldoon Al Mubarak, Mubadala’s Managing Director and Group CEO, said the fund “remains resilient and well positioned to weather the current challenges facing the regional and global economy.”

Mubadala Capital: The sovereign wealth fund’s finance arm closed its largest Brazil-focused fund, Brazil Special Opportunities Fund III, at about $900 million, above its $750 million target, with strong backing from international investors and continued commitment to Brazil.

Abu Dhabi Investment Authority: ADIA has completed its minority stake investment in the $18.3 billion acquisition of U.S.-based women’s health company Hologic, alongside major private equity minority investors Blackstone, TPG, and GIC.

L’imad Holding: Etihad Airways, a unit of the Abu Dhabi sovereign wealth fund, will launch flights to Dhaka, Bangladesh, as part of its plan to boost connections to South Asia.

EDGE: Ukraine’s antitrust authority rejected an application by the UAE-owned defense contractor to acquire a 30% stake in drone maker Fire Point, saying the filing did not meet review requirements and leaving the proposed $760 million deal in limbo, Reuters reports.

2PointZero: A subsidiary of the Abu Dhabi based investment company will partner with Adani Green on renewable energy projects in India.

🔥 New Venture: Egypt-based Polyserve Group will develop a $215 million phosphate chemicals project in the Sokhna Industrial Zone, with an annual production capacity of up to 3.5 million tonnes.

🪨 More Phosphate: Singapore-based Indorama Corporation partnered with Egypt’s Misr Phosphate to develop a $525 million phosphate fertilizer plant in Sokhna Industrial Zone.

☁️ Cloud Deal: Nvidia-backed Amsterdam-based cloud provider Nebius is in talks to buy Israeli-based artificial intelligence startup AI21 Labs, The Information reports.

✈️ Neom Link: Flyadeal, the low-cost subsidiary of Saudia airline, is expanding its fleet and adding new routes, including a service from Riyadh to Neom four times a week.

💱 Currency Exchange: The UAE and Bahrain central banks signed a $5.5 billion currency swap agreement to boost local-currency use, financial cooperation and bilateral trade and investment.

📈 Outforming Shares: Saudi institutions have become major buyers of domestic equities, purchasing $1.9 billion in March, helping the Tadawul index outperform Gulf peers during the Iran war after a prolonged period of reduced stock exposure.

🍾 Bottle Stopper: Australian packaging company Orora, which produces bottles for brands including Grey Goose Vodka, halted production at its UAE plant due to the Iran conflict.

🛢 Striking Oil: Libya has announced three new oil and gas discoveries as it pushes to boost hydrocarbon production and attract further investment.

UAE President Sheikh Mohamed bin Zayed is expected to meet with U.K. Prime Minister Keir Starmer, who arrived in the UAE today on the second leg of his Gulf trip. Starmer met with Saudi Crown Prince Mohammed bin Salman in Jeddah on Wednesday.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of theExecutive Council, held a meeting with David Vélez, CEO of Brazil’s Nubank, on Wednesday to discuss cooperation in digital banking and financial services.

Sheikh Mohammed bin Rashid, UAE Vice-President and Ruler of Dubai, paid a surprise visit to Primark’s first UAE outlet at Dubai Mall.

Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, met with Kaja Kallas, EU High Representative for Foreign Affairs and Security Policy and Vice-President of the European Commission.

Dr. Thani Al Zeyoudi, UAE Minister of Foreign Trade, chaired a high-level coordination meeting hosted by the Ports, Customs and Free Zone Corporation at its headquarters in Dubai.

Sanjay Vig was appointed CEO of Al Mal Capital, a UAE‑based investment management and financial advisory firm.

Hakim Karoui was appointed by Abu Dhabi Islamic Bank as Global Head of its wholesale banking group.

Ben Salah was appointed Chief Investment Officer at IMI, a media company headquartered in the UAE. 

💄 Face Value: Homegrown Saudi Arabian beauty brands are reshaping the country’s cosmetics industry by blending modern pharmaceutical science with cultural heritage. The market is now seeing a surge of locally-made products putting a Saudi spin on the latest fashions, Arab News reports. “Our authenticity is the base, and from there we build around what the modern consumer actually needs,” Rana Banafa, founder of beauty brand Mraya said. “We look at global trends, but we filter them through our lifestyle, our preferences, and how beauty is used here. It’s about making trends feel relevant, not imported.”

April 7-9, Marrakesh. GITEX Africa. Africa’s biggest tech and startup conference. Place Bab Jdid on Boulevard Al Yarmouk

April 20-22, Abu Dhabi. Abu Dhabi Global Entrepreneurship Festival 2026. Bringing entrepreneurs, investors and experts to support innovation, partnerships and economic diversification. Abu Dhabi Energy Centre. 

April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.

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

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

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

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

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

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

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

LESS DIRE STRAIT

Global shipping firms remained wary of crossing the Strait of Hormuz, while cautiously welcoming news of a two-week ceasefire on Wednesday. Maersk said it was working urgently to get more information and was not making specific changes to its schedule yet. “The cease-fire may create transit opportunities, but it does not yet provide full maritime certainty and we need to understand all potential conditions attached,” the Danish logistics giant said in a statement. Maritime insurance company Vanguard urged shipping companies to exercise caution and assess all transits on a case-by-case basis. “All vessels are advised to remain aware of the extreme navigational hazards that could arise from attempts to mass exodus from the Strait,” it said.

ENERGY SUPPLY

Italy’s Eni has announced a gas and condensate discovery offshore Egypt that could help meet rising power demand in the Arab world’s most populous nation. The find in the eastern Mediterranean is estimated to hold about 2tn cubic feet of gas and 130mn barrels of condensates. Eni said the site lies within 10km of existing infrastructure, enabling a potential fast-track development, though it gave no timeline for production. The company said the discovery supports Egypt’s efforts to boost reserves, raise output and strengthen energy security. Meanwhile, the resumption of Israeli gas exports to Egypt has offered some relief to the energy crunch Egypt has suffered since the start of the Iran war, though soaring LNG prices mean Cairo still faces high costs. Supplies from Israel’s offshore fields have returned to near pre-conflict levels, aiding domestic networks and LNG exports.

L’imad Holding: AD Ports Group signed a deal with First Abu Dhabi Bank and Emirates NBD Capital to refinance its $2.5 billion syndicated loan.

Public Investment Fund: King Street Capital Management and the PIF signed a non-binding agreement in which the PIF will become an anchor of a new private credit fund targeting Saudi Arabia and the wider MENA region.

Mubadala Capital: The Abu Dhabi sovereign wealth fund’s asset management arm raised almost $1billion for its third Brazil fund, des­pite con­cerns that the war in the Middle East will cause Gulf states to review over­seas invest­ments.

Public Investment Fund: Paramount Skydance confirmed via a SEC filing that its acquisition of Warner Bros. Discovery is backed by Gulf funds, including Saudi Arabia’s PIF, Abu Dhabi’s L’Imad, and Qatar’s QIA and pointed to “strategic and commercial opportunities” presented by each of its equity partners.

G42: Space42, a G42 company, said that all its operations are proceeding normally and without any impact on services after an Iranian missile targeted the Thuraya Telecommunications Company in Sharjah on Tuesday.

💰 Lucky Hunch: Egyptian fintech Lucky raised $23 million in Series B funding to expand its consumer credit platform across North Africa.

🤝 Helping Hands: Jordan has launched a $1 billion stimulus package to boost bank liquidity and support struggling tourism businesses amid the regional conflict.

☕ Deal Brewing: Kuwait’s Alshaya Group acquired the Starbucks Greece and Cyprus licensed business from the Marinopoulos family, taking its ownership of global Starbucks stores to more than 2,000.

📅 Date Delayed: Doha has delayed its flagship annual Qatar Economic Forum, which was due to take place in May. New dates will be announced “in due course.

💶 Lower Fares: Etihad Airways has reduced fares by up to 50% on select global routes, with lower prices available for travel in April through June.

📈 War Dividend: Shell said its first-quarter results were boosted by strong oil trading despite Middle East assets being hit by the Iran conflict.

🏖️ Club Vibes: Miami-based luxury beach resort operator Nikki Beach Hospitality Group will open a branch in Marrakesh in 2028, taking up a prime location on the Route de l’Ourika.

UAE President Sheikh Mohamed bin Zayed held a phone call with Sanae Takaichi, Prime Minister of Japan, during which they discussed regional developments.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, met with David Vélez, Founder and CEO of Nubank, the São Paulo-based digital banking and financial services corporation.

Prince Faisal bin Farhan, Saudi Foreign Minister, held phone calls with both his Bahraini and Pakistani counterparts in separate conversations early Wednesday.

Dr. Anwar Gargash, diplomatic adviser to the UAE President, said following the ceasefire announcement that the UAE had “triumphed in a war we sincerely sought to avoid.”

Willie Walsh, Director General of the International Air Transport Association, told reporters in Singapore ⁠that jet fuel costs were likely to remain slightly elevated due to the impact on refineries.

Jasem Albudaiwi, GCC Secretary General, warned that regional military escalation could cut tourist arrivals by $8-19 million and cost up to 32 billion in revenue.

Ray Dalio, Founder of Bridgewater Associates, wrote on X about the challenges of the world economy given the ongoing wars.

🎨 Open Call: Louvre Abu Dhabi has announced the call for proposals for the sixth edition of Art Here and the Richard Mille Art Prize. This year, artists from India and the GCC are invited to submit proposals around the theme of “Confluences,” exploring how the world is shaped by overlapping histories, cultures and ecologies. The 2026 Richard Mille Art Prize includes a grand prize of $60,0000. Submissions are open until the end of May.

April 7-9, Marrakesh. GITEX Africa. Africa’s biggest tech and startup conference. Place Bab Jdid on Boulevard Al Yarmouk

April 20-22, Abu Dhabi. Abu Dhabi Global Entrepreneurship Festival 2026. Bringing entrepreneurs, investors and experts to support innovation, partnerships and economic diversification. Abu Dhabi Energy Centre. 

April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.

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

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

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

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

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

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

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

STRAIT DIPLOMACY

Britain hosts a military planning meeting today, bringing together officials from more than 40 countries to discuss securing safe passage through the Strait of Hormuz after the war in the Middle East ends. The virtual conference of the so-called “Coalition of the Willing” includes countries that previously signed a statement expressing readiness to contribute to efforts to ensure shipping through the waterway. Participants include France, Germany, Canada, Japan, South Korea, Australia and the United Arab Emirates, and the session will be opened by a senior British military officer, The Financial Times reports. The meeting, hosted from the Northwood military planning base near London, will explore measures for an international coalition that would not include the U.S. after Iran effectively closed the strait following strikes by the U.S. and Israel.

UP STREAM

A newly merged Abu Dhabi-backed production house will rival global streaming giants such as Netflix, Amazon and Apple, according to Jeff Zucker, the former president of CNN who runs Redbird IMI. Zucker told The National, an IMI-owned newspaper, that the merged entity of All3Media and Banijay, which will operate under the Banijay brand, would become the largest independent production company in the world. “We have scale like no one else,” he said. Banijay holds a library of global TV hits, including “MasterChef,” “Big Brother,” and “The Traitors,” and has a combined revenue of more than $5 billion. Zucker said the company’s strategy was focused on scale and adoption of artificial intelligence. “Abu Dhabi is an incredibly important center for a lot of what’s going on, not just because it’s a great home for long-term capital and for opportunities of scale,” he said. “It’s the center of what’s going on in the AI world.”

Public Investment Fund: War costs exceeding $10 billion and missed foreign investment targets are pushing the Saudi sovereign wealth fund to cut more spending, sell assets and scale back projects, including Neom, The Wall Street Journal reports.

Aramco: Saudi Arabia’s state-owned oil company benefited from higher prices and alternative routes while Iraq’s SOMO and Kuwait Petroleum saw revenues plunge more than 70% as the Hormuz shutdown stranded exports.

Aramco Ventures: The oil company’s investment arm is backing U.S. climate tech startup Via Separations as part of a $36 million funding round.

ADQ: Khalifa Economic Zones Abu Dhabi Group, part of AD Ports Group – which is majority-owned by sovereign wealth fund ADQ – secured five new industrial and logistics projects across Al  Ain and Abu Dhabi, with investors committing about $40 million. 

🏠 Property Plot: Saudi Arabia’s Kingdom Holding Co. said its subsidiaries appointed Sumou Real Estate as the exclusive development manager for a 3 million square-meter (32.3 million square-foot) Riyadh land project expected to generate about $1.1 billion in sales.

👍 Thumbs Up: Bahrain Family Leisure Co. approved a reverse merger to acquire Truffle Hospitality, giving parent company Dividend Gate Capital a 58% stake in the combined hospitality business.

🌐 Expanded Capacity: Saudi Arabia’s data center sector has grown sixfold since Vision 2030 was launched, attracting more than $4 billion in investment.

💵 Big Money: KKR has closed its North America-focused buyout fund at $23 billion, the largest solely North American PE fund, backed by major institutional investors like Washington State, New York State, and Minnesota pension boards.

🚀 Rocket Deal: Israel and Greece signed a $750 million arms deal under which Elbit Systems will supply the Greek Ministry of Defense with PULS precision rocket systems.

🌍 Export Club: The UAE entered the world’s top 10 exporters for the first time in 2025, driven by growth in re-exports and non-oil trade as companies expanded logistics and global supply chain roles.

💰 Standing Firm: BlackRock and State Street, which together manage some $20 trillion in assets, told The National that the current conflict in the Middle East has not altered their plans for expansion in the region.

🇸🇦 Hiring Mandate: Saudi Arabia has expanded its Saudization program – which requires private companies to hire Saudi nationals under a quota system – to include 69 additional administrative roles, including secretarial work, translation and data entry.

🛢️ Rebound-Ready: Iraq’s Basra Oil Co. said exports should quickly recover to about 3.4 million barrels a day within a week if the Strait of Hormuz reopens, as shipments have collapsed by roughly 80% during the Iran conflict.

UAE President Sheikh Mohamed bin Zayed met with Sheikh Jarrah Jaber Al-Ahmad Al-Sabah, Kuwait’s Minister of Foreign Affairs, in Abu Dhabi on Monday.

Qatar’s Emir Sheikh Tamim bin Hamad held a phone call with French President Emmanuel Macron on Monday to discuss developments in the region.

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, and Chairman of the Board of Directors of the Emirati Talent Competitiveness Council, announced the extension of the Nafis program, which promotes Emirati talent in the private sector, until 2040.

Jacob Helberg, U.S. Under Secretary of State for Economic Affairs, and Mohamed Al Suwaidi, UAE Minister of Investment, chaired the first interagency meeting of the U.S.-UAE AI Acceleration Partnership Working Group in Washington D.C. on March 26. Among those attending were UAE Ambassador to the U.S. Yousef Al Otaiba and G42’s Talal Al Kaissi and Marty Edelman.

Kristalina ​Georgieva, ​Managing Director of the International Monetary Fund, said that the war in the Middle East will lead to higher prices and slower growth. 

Waleed Al Awadhi, CEO of the UAE Capital Market Authority, said that the organization is developing governance for the use of artificial intelligence in the financial sector.

Sam Altman, the CEO of OpenAI, who has developed ties with Saudi Arabia and the UAE to expand large-scale AI infrastructure and partnerships in the Gulf region, was profiled by The New Yorker. 

Hassan El-Houry, Executive Chairman of Menzies Aviation, a subsidiary of Abu Dhabi-listed Agility Global, said that the ongoing war in the Middle East is “a small blip” and he remained confident the industry would recover.

🎪 Whisper It: The UAE’s national pavilion at this year’s Venice Biennale will present a show exploring contemporary soundscapes in the UAE. Titled “Washwasha,” which is a phonetic rendering of the Arabic word for “whispering,” the exhibition is curated by Bana Kattan, the Guggenheim Abu Dhabi Project’s Curator and Associate Head of Exhibitions. It brings together works by six artists: Alaa Edris, Mays Albaik, Jawad Al Malhi, Farah Al Qasimi, Lamya Gargash and Taus Makhacheva. The exhibition starts on May 9 and will run through Nov. 22.

April 7-8, Riyadh. Media Conference. Titled Artificial Intelligence Media: Opportunities and Challenges, the 10th edition will discuss key challenges facing media practitioners and review academic work in line with job market needs. 

April 7-9, Marrakesh. GITEX Africa. Africa’s biggest tech and startup conference. Place Bab Jdid on Boulevard Al Yarmouk

April 20-22, Abu Dhabi. Abu Dhabi Global Entrepreneurship Festival 2026. Bringing entrepreneurs, investors and experts to support innovation, partnerships and economic diversification. Abu Dhabi Energy Centre. 

April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.

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

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

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

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

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

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

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

BATTLE FATIGUE

Among the Gulf Cooperation Council’s six members, Bahrain’s economy is emerging as one of the major casualties of Iran’s missile and drone attacks. The mounting financial pressure could, in fact, “bring Bahrain to its knees,” The Economist reports. The magazine describes Manama’s “glitzy petro-skyline” as heavily damaged, with drone and missile strikes hitting refineries, factories, residential towers and the headquarters of the U.S. Fifth Fleet. The assaults come as Bahrain was already heading for a budget deficit exceeding 10% of GDP due to low oil prices and rising debt-servicing costs. Public debt has climbed to about 146% of GDP, with nearly a third of government revenue going toward interest payments, the magazine said.

HOLLYWOOD BILLIONS

Paramount Skydance is looking to secure almost $24 billion from Gulf sovereign wealth funds backing its takeover of Warner Bros. Discovery, including about $10 billion from Saudi Arabia’s Public Investment Fund. Abu Dhabi-based L’imad Holding and the Qatar Investment Authority are expected to make up the remainder, The Wall Street Journal reports. Paramount, run by Oracle co-founder Larry Ellison’s son David Ellison, secured a $111 billion deal for the Hollywood studio after aggressively pursuing a bidding war and scuppering its previous deal with Netflix. In a bid to avoid scrutiny from U.S. regulators, the Gulf investments are structured as non-voting stakes. 

ADNOC: Borouge, a petrochemical company jointly owned by ADNOC and Austria’s Borealis, suspended operations at its Abu Dhabi complex on Sunday after fires broke out as a result of falling debris from an intercepted Iranian missile.

Lunate: A workplace lawsuit in the U.S. has provided a view of how the Abu Dhabi fund became one of the key investors in Insight Partners, a major backer of Anthropic and OpenAI, Forbes reports.

Public Investment Fund: PIF’s Qiddiya City will open Aquarabia Qiddiya City, the largest water theme park in the Middle East, on April 23 of this year.

Qatar Investment Authority: The QIA, a 22% shareholder in U.K. supermarket chain Sainsbury’s, is supporting merger talks with Walmart-backed competitor Asda.

🚢 Crossing Hormuz: Iraq has informed Asian buyers that its crude shipments can safely transit the Strait of Hormuz under an Iranian exemption, Bloomberg reports.

⛽ Moving LNG: Two Qatari LNG tankers, Al Daayen and Rasheeda, are heading toward the Strait of Hormuz though their final destinations remain subject to change, Bloomberg reports.

🛢️ Symbolic Supply: OPEC+ member nations agreed on Sunday to boost output by about 200,000 barrels per day, though the move is largely symbolic since war-related disruptions and the closure of key export routes limit the ability of Gulf producers to raise actual shipments.

💰 Money Fleeing: Egypt has lost an estimated $8 billion in foreign portfolio outflows due to the ongoing war, according to global ratings agency Moody’s.

🇵🇰 Under Strain: Pakistan’s economy is facing a new setback after the country failed to reach an agreement to roll over a $3 billion loan from the UAE.

✈️ Partial Recovery: Gulf airlines are flying at just over half their pre-crisis capacity, recovering to about 52% of Feb. 27 levels by early April.

🔩 Sorting Production: Emirates Global Aluminium said it could take at least 12 months to restore full production at its heavily damaged Al Taweelah smelter after Iranian strikes.

🏙️ Business Buzz: A visiting journalist reports in The Monocle that roaming through Dubai and Abu Dhabi amid daily drone strikes from Iran convinced him that the UAE has managed “to keep its business buzz.”

UAE President Sheikh Mohamed bin Zayed met with Italian Prime Minister Giorgia Meloni in Abu Dhabi on Saturday.

Sheikh Mohamed also held a phone call with Ahmed Al-Sharaa, President of Syria, to discuss developments in the region.

Emir of Qatar Sheikh Tamim bin Hamad met with the Italian Prime Minister Giorgia Meloni in Doha on Saturday.

Saudi Crown Prince Mohammed bin Salman also met with Italian Prime Minister Giorgia Meloni in Riyadh on Friday.

Anwar Gargash, Advisor to the UAE President, said any settlement of the U.S.-Iran war must guarantee access through the Strait of Hormuz, Reuters reports. 

Abdulla bin Touq Al Marri, UAE Minister of Economy and Tourism, told Dubai Eye 103.8’s Business Breakfast show that the country is preparing a support package for the tourism sector.

Jeff Zucker, CEO RedBird IMI, told IMI’s Chief International AnchorHadley Gamble that a recent merger of two companies within its portfolio, All3Media and Banijay Entertainment, has produced the “largest independent production company in the world.”

Tariq Atiq was appointed CEO of Bank Nizwa, an Islamic bank in Oman.

🎤 Not Over: Dubai Opera has hosted its first concert since its season was disrupted by the Iran conflict. The special event on Saturday, which was put together in the space of two weeks, featured sets by UAE-based artists Lebanese singer Yara, Iraqi performer Mahmoud Al Turky and Syrian artist Mouhamad Khairy, The National reports. “I am a proud resident of this country and to be here performing tonight is even more special,” Khairy told the audience. “Like the UAE itself, we will be resilient and I am sure there will be plenty of better days to come.”

April 7-8, Riyadh. Media Conference. Titled Artificial Intelligence Media: Opportunities and Challenges, the 10th edition will discuss key challenges facing media practitioners and review academic work in line with job market needs. 

April 7-9, Marrakesh. GITEX Africa. Africa’s biggest tech and startup conference. Place Bab Jdid on Boulevard Al Yarmouk

April 20-22, Abu Dhabi. Abu Dhabi Global Entrepreneurship Festival 2026. Bringing entrepreneurs, investors and experts to support innovation, partnerships and economic diversification. Abu Dhabi Energy Centre. 

April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.

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

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

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

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

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

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

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

GOING GALACTIC

Saudi Arabia’s Public Investment Fund is in talks to take a $5 billion anchor stake in Elon Musk’s SpaceX when it makes its stock market debut, Reuters reports. The rocket maker, which also owns artificial intelligence firm xAI following a merger in February, has boosted its target valuation above $2 trillion for an IPO, which is expected to smash records, including the one set by Saudi Aramco’s debut in 2019. The company and its advisors have been floating the new valuation figure to prospective investors, including the PIF, Bloomberg reports. The PIF holds an existing stake of just under 1% in SpaceX via its AI firm Humain, which is also collaborating with xAI to build 500 megawatts of data center capacity in the kingdom. Other Gulf funds have backed SpaceX, including Abu Dhabi’s AI investment vehicle MGX, which is backed by Mubadala and G42.

THOUGHT FOR FOOD

Dubai’s restaurant sector faces potential closures by summer as the Iran war hits tourism and tightens cash flowin a market already operating on thin margins. Missile and drone activity across the Gulf, while mostly intercepted, has spooked visitors and residents, sharply reducing footfall and spending in luxury and casual dining, Arabian Gulf Business Insights reports. High-end venues report drops of up to 90% in customers, while some are cutting prices for the first time to attract local diners, further squeezing margins. Industry executives told the news website that without a rebound in tourism, many restaurants, particularly self-funded and premium outlets, may not survive the coming months.

Public Investment Fund: Marc Winterhoff, acting CEO at PIF-backed Lucid, said profit margins at the electric vehicle company are being squeezed by supply chain disruptions and rising logistics costs, which increase expenses but also force the company to be more flexible.

Public Investment Fund: U.S.-listed engineering firm Parsons Corporation has been appointed as project management consultant for a sports complex in Jeddah by the PIF’s Al Ittihad Club.

Public Investment Fund: Steven Greenway is stepping down after two years as CEO of flyadeal, the low-cost airline owned by PIF-backed flag carrier Saudia. 

Qatar Investment Authority: U.S.-based wearable tech company Whoop has signed a new partnership with soccer club Paris Saint-Germain, which is owned by the QIA. It comes after Whoop raised $575 million from investors, including the QIA, this week.

👍 Green Light: Emirates NBD, Dubai’s largest bank by assets, has been given approval by the Reserve Bank of India to acquire a 74% stake in RBL Bank.

🏘️ Buyer’s Market: Dubai developers have started offering discounts and flexible payment terms to draw investors towards off-plan homes, shaving prices as much as 10%, Arabian Gulf Business Insight reports.

🏦 Going Grand: Kuwait has approved $10 billion in capital spending for 2026-2027, more than a third higher than last year, to fund major infrastructure projects.

☀️ Solar Team: Wadico and Asunim Egypt signed a deal to build a 3.2-megawatt off-grid solar plant in Aswan to power mining operations, cut diesel use by 2.6 million liters annually, and reduce costs and fuel imports.

🏥 Health Benefit: Cambridge Health Group plans to invest $26.6 million to expand Cambridge Hospital Jeddah.

🛢️ Land Transport: Iraq has begun exporting oil via Syria’s Baniyas port, with hundreds of trucks entering through Al-Tanf to reinforce Syria’s role as a key transit hub amid regional conflict affecting energy markets.

🏞️ Heading North: Property sales in Oman have surged about a third to $550 million since late February, driven largely by increased demand from UAE investors.

🤝 Coordinated Action: The leaders of the International Energy Agency, International Monetary Fund and World Bank agreed to form a coordination group to strengthen their response to the war’s major economic and energy impacts in the Middle East.

🌐 Data Security: Qatar’s National Cyber Security Agency launched a Cloud Computing Privacy Assessment Tool to help organizations improve data protection practices.

UAE President Sheikh Mohamed bin Zayed held a phone call with King Abdullah II of Jordan on Thursday to discuss regional events. 

Saudi Crown Prince Mohammed bin Salman held a phone call with Russia’s President Vladimir Putin on Thursday.

Crown Prince of Kuwait Sheikh Sabah Al Khalid Al Sabah spoke with British Prime Minister Keir Starmer on Friday. The pair discussed the deployment of the U.K.’s Rapid Sentry air defense system to Kuwait to protect Kuwaiti and British personnel and interests in the region.

Suhail Mohamed Al Mazrouei, UAE Minister of Energy and Infrastructure, said no country has the right to disrupt global trade, calling Iran’s blockade of the Strait of Hormuz an unprecedented threat to supply chains and urging international cooperation.

Mostafa Madbouly, Egypt’s Prime Minister, said the country aims to achieve a 45% renewable energy share by 2028, two years earlier than the previous target.

Chiro Ghosh, Group Head of Research at Bahrain-based Sico Bank, told The National that governments may temporarily hold prices to ease inflation pressures, but costs will ultimately be passed on to consumers.

Abdulkarim Mohamed Alzakari was appointed acting CEO of Bahrain’s Khaleeji Bank, an Islamic lender in the kingdom.

Hend Al Otaiba, former UAE Ambassador to France, is building a consulting firm in Abu Dhabi called HAO Strategies, Intelligence Online reports.

⛪ Saving Culture: In southern Lebanon, thousands of years of heritage are increasingly at risk as conflict displaces over a million people, leaving historic sites vulnerable to damage. Archaeologists and NGOs warn that rural and unregistered sites, including cemeteries, mosques, churches, and ancestral homes, face the greatest threat, The National reports. Organizations like Biladi and Aliph are racing to protect cultural treasures, investing in emergency projects, storage expansion, and enhanced security. Cities such as Tyre, along with Harouf and Nabatieh, remain focal points of concern, highlighting the urgent need to safeguard Lebanon’s cultural identity amid turmoil.

April 7-9, Marrakesh. GITEX Africa. Africa’s biggest tech and startup conference. Place Bab Jdid on Boulevard Al Yarmouk

April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.

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

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

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

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

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

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