RED SEA AMMONIA

Jordan has signed a $1 billion agreement to build its first utility-scale green ammonia plant, as the kingdom pushes to establish itself as a regional hub for clean fuels and green hydrogen exports. The project, led by Jordan Green Ammonia Co., a Polish-Emirati consortium backed by Dutch expertise, will use off-grid solar power with up to 550 megawatts of renewable generation capacity to produce 100,000 tonnes of green ammonia annually. Located in Aqaba, the facility is expected to begin operations in 2030 and underscores the strategic importance of the Red Sea port as a gateway for exporting low-carbon energy products. Officials said the development would cut more than 200,000 tonnes of carbon emissions a year while attracting foreign investment, advanced technology and skilled jobs to Jordan’s emerging green industrial sector.

DEALS OFF

The Gulf’s rise as a global dealmaking powerhouse is facing its toughest test in years, as fees, IPOs and cross-border transactions all retreat in tandem, the Financial Times reports. After a strong first quarter which saw investment bank revenues on track to surpass $1 billion for the first time in almost two decades, fees are now down 14% for the first four months of the year, according to figures from data platform Dealogic. More than $106 billion in North American and European deals contingent on Gulf commitments remain incomplete and the highly-anticipated IPO of Emirates Global Aluminium, valued at more than $10 billion, has been pushed to at least next year, the newspaper reports. “In the short term, heightened uncertainty has created a more cautious environment, with some IPOs and cross-border transactions delayed as investors reassess risk and valuation expectations,” Jelena Janjusevic, a finance professor at Heriot-Watt University Dubai, said. 

Qatar Investment Authority: QIA and General Atlantic have expanded their strategic partnership, with the sovereign wealth fund committing $500 million to General Atlantic’s global growth equity investment strategies.

G42: Ashish Koshy, CEO of Inception, an AI company owned by G42, said in an interview that talent shortages and slow adoption are the main constraints on the UAE’s AI ambitions.

ADNOC: ADNOC Gas said the UAE’s key Habshan Gas Processing Plant, damaged during the Iran war, is operating at 60% capacity and is not expected to fully recover until 2027, Bloomberg reports.

Abu Dhabi Investment Authority: Innio Holding, backed by private equity firm Advent International and ADIA, filed for a U.S. IPO amid strong investor demand for industrial companies tied to booming AI-driven data center spending.

Mumtalakat: Singapore Gulf Bank, a company co-owned by Bahrain’s sovereign fund Mumtalakat and Whampoa Group, announced a partnership with Standard Chartered to enhance multi-currency and cross-border payment services across emerging markets in the Middle East and Asia.

🏭 Projects Pipeline: Abu Dhabi has unveiled a $15 billion public-private partnership pipeline of 24 transport, infrastructure, and social sector projects, led by the Abu Dhabi Investment Office and Abu Dhabi Projects and Infrastructure Centre, with rollout planned for 2026 and 2027.

🫙 Bottle IPO: A bottling company controlled by the billionaire Olayan family is among a raft of companies pressing ahead with plans to list in Saudi Arabia, potentially helping Riyadh’s stock exchange rebound and filling a gap in regional IPOs, Bloomberg reports. 

⛏ Digging Deep: Oman-based Mawarid Mining has secured a $166 million Islamic-compliant financing facility to develop Oman’s first underground copper mine.

⚡ Joining Forces: Oman power producers Al Batinah Power Company SAOG and Al Suwadi Power Company SAOG are looking into a possible merger of their operations. 

🚀 Secret Retaliation: The UAE carried out missile strikes on Iranian targets, including an oil refinery on Lavan Island, in response to Iran’s barrages, The Wall Street Journal reports.

💵 Forging Ahead: Arada’s CEO Ahmed Alkhoshaibi said the company plans to launch new projects in Dubai and Ras Al Khaimah this year, including a downtown development, despite market uncertainty linked to the Iran war.

💰 New Venture: Al Ramz Corporation has launched ARAM Capital Partners, a wholly owned subsidiary based in Abu Dhabi Global Market that will provide research-driven investment solutions across GCC and MENA markets.

🏢 Property Dive: Saudi Arabia’s real estate market has weakened sharply, with first-quarter transactions dropping by half and March sales falling nearly two-thirds year-on-year as regional tensions hit buyer sentiment.

⚓ Quiet Down: Qatar is asking ships at its main liquefied natural gas export facility to turn off their transponders as a safety measure amid the threat of attacks from Iran, Bloomberg reports.

UAE President Sheikh Mohamed bin Zayed held a phone call with Ukrainian President Volodymyr Zelenskyy on Monday.

Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, discussed the latest regional developments with his Iranian and Pakistani counterparts in separate calls on Monday.

Prince Faisal arrived in the U.K. on Monday, where he is expected to meet with Yvette Cooper, the Secretary of State for Foreign, Commonwealth and Development Affairs.

Sheikh Theyab bin Mohamed, Chairman of Etihad Rail, met with Shadi Malak, CEO of Etihad Rail, along with a number of the company’s senior leaders and employees, at Qasr Al Watan in Abu Dhabi on Monday to review final preparations for its freight and passenger rail projects, with passenger services set to launch later in 2026.

India’s Prime Minister Narendra Modi, will make an official visit on Friday to the UAE,  where he is expected to meet with the country’s leaders before embarking on a six-day tour of Europe.

Nicolas Sibuet was appointed as Chief Financial & Corporate Development Officer of Dubai-based logistics company Aramex.

Raja Al Mazrouei was appointed to the advisory board of Board Intelligence, a board technology and advisory firm.

🏁 Desert Rally: An intrepid group of motoring enthusiasts and their historic cars have completed a 13-day, 5,000-kilometer (3,106-mile) rally across the Saudi Arabian desert in one of the most demanding endurance rallies in the global calendar, even as this year’s Formula 1 Jeddah Grand Prix was shelved amid the outbreak of the Iran war. Among them was Spanish-British aristocrat, entrepreneur, and rally organizer Tomas de Vargas Machuca, driving a 1907 Itala, The Telegraph reports. The 120-year-old car drew plenty of attention from locals as it limped its way up the famed Sha’ar Pass, one of the most hazardous roads in the Kingdom, at 14-miles-per-hour and eventually puttered across the finish line in a respectable fifth place.

📷 Photo of the Day

May 11-13, Muscat. Oman Design and Build Week. Oman’s largest construction, design, and real estate event. Oman Exhibition and Convention Center. 

May 12-14, Abu Dhabi. Abu Dhabi Infrastructure Summit. Discussing the future of smart cities, urban development, and sustainable infrastructure. ADNEC. 

May 15-17, Dubai. Art Dubai. A special edition of the annual event taking place in Dubai, bringing together artists from the region and the Global South. Madinat Jumeirah.

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

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

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

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

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

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

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

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

CHIPPING IN

AI Chipmaker Cerebras is expected to raise as much as $4.8 billion when it goes public on the Nasdaq on Thursday. The California-based startup, which counts UAE tech investor G42 and Abu Dhabi’s Mohamed bin Zayed University of Artificial Intelligence as its biggest customers, is considering raising its IPO price range to as high as $150 to $160 a share, up from $115 to $125 per share previously, Reuters reports. It is also planning to increase the number of shares on offer from 28 million to 30 million amid strong investor demand. Cerebras shelved its original plans for an IPO last year amid U.S. regulatory scrutiny over foreign access to advanced chip technology. As well as being a major customer, G42 bought about 1% of the company for $40 million in 2021, meaning it stands to reap a huge paper windfall in the IPO.

TIME TO SHINE

Dubai is courting Cartier as it looks for ways to enhance its luxury sector amid headwinds from ongoing regional conflict. That was evident in the enthusiastic reception Louis Ferla, CEO of the luxury French jewelry brand, received when he visited Sheikh Maktoum bin Mohammed, UAE Minister of Finance and Deputy Ruler of Dubai, on Saturday. “Innovation and design are essential to enhancing the competitiveness of Dubai’s luxury retail sector and developing shopping experiences that meet the aspirations of its residents and visitors from around the world,” Sheikh Maktoum said in an X post. Dubai’s zeal for luxury brands has taken a hit from the Iran war, which has dampened consumer confidence and dramatically slashed tourism. Cartier’s most recognizable piece, the minimalist “Love” bracelet that starts at more than $5,000, is a regular feature on the wrists of wealthy Gulf nationals and expats.

Mubadala: The Abu Dhabi sovereign wealth fund increased its stake in Aldar Properties, one of the UAE’s biggest builders, to 27% from 26.3%.

Sanad: The Mubadala subsidiary is investing $131 million to build an advanced aircraft engine component repair facility in Al Ain.

Public Investment Fund: Saudi Arabia’s Riyad Capital, a subsidiary of PIF-backed Riyad Bank, is partnering with Naif AlRajhi Investment Company and Princess Munira bint Abdullah bin Faisal Al Saud, a member of the Saudi royal family, to establish a real estate fund for a development near Al-Takhassusi Metro Station in Riyadh.

Savvy Games: Shares of Nintendo, which is backed by PIF-owned Savvy Games, dropped as much as 10% after the Kyoto-based games maker gave a downbeat projection of Switch 2 console sales and warned the soaring cost of memory chips was eating into margins.

Abu Dhabi Investment Authority: Nicolas Bader has joined ADIA as Head of Cross-Asset and Systematic Execution, relocating from London to be based in Abu Dhabi.

🔋 Electric Investor: South Korean EV maker EL B&T plans to invest $250 million in Oman’s Duqm Special Economic Zone to build EVs and battery cells.

💰 Cash Aid: Egypt will receive an additional $300 million loan from the World Bank as part of a development financing package to help the country manage the economic impact of the Iran war.

💵 Fresh Funding: Riyadh-based loan agency SHL Finance secured a $53 million Islamic-compliant credit facility from Sohar International Bank to support lending expansion and business growth.

🏖️ Culture Investment: Oman’s Ministry of Heritage and Tourism has signed an agreement worth about $1.4 billion to develop the “Rawasi” integrated mountain tourism project in Muscat’s Jabal Bousher area.

🇨🇳 Heading East: UAE banks, including First Abu Dhabi Bank and Mashreq Bank, are expanding in Hong Kong as they deepen ties with China amid heightened geopolitical tensions and disrupted Gulf oil supplies, Reuters reports. 

🚢 Attacking Ships: A cargo vessel traveling from Abu Dhabi was attacked by a drone in Qatari waters northeast of Mesaieed port on Sunday, causing a small fire that was quickly contained, Reuters reports. 💵 Key Funds: Dubai-based Shuaa Capital and Key Capital have formed a partnership to develop the venture capital secondaries market across MENA and EMEA.

🤝 Debt Relief: UAE Central Bank loan deferrals under its emergency $2 billion support package launched in March have reached $1.7 billion.

UAE President Sheikh Mohamed bin Zayed held a phone call with Turkey’s President Recep Tayyip Erdoğan on Saturday.

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, launched a new initiative on Sunday to support ongoing efforts to eradicate river blindness.

Sheikh Maktoum bin Mohammed, UAE Minister of Finance and Deputy Ruler of Dubai, met with Hiroyuki Ogawa, founder of Japanese real asset group Kasumigaseki Capital, on Sunday. 

Sheikh Bandar bin Mohammed bin Saud Al Thani, Governor of Qatar Central Bank, met with William Ford, Chairman and CEO of General Atlantic, in Doha on Sunday. 

Sheikh Abdulla bin Mohammed bin Butti Al Hamed, Chairman of the UAE National Media Authority, will take part in a fireside chat titled “The power of credible media in a fragmented world: Building trust, bridging economies, and countering misinformation” on May 21, 2026, at the Rosewood hotel in Abu Dhabi.

Yousef Al Otaiba, UAE Ambassador to the U.S., said during his keynote speech on Friday at the SCSP AI+ Expo in Washington, D.C. that the first batch of advanced chips approved by Congress has been “delivered to the UAE, and more are on the way.”

Ahmad Yousef Al-Hassan, CEO & Managing Director of DP World GCC, spoke on a Khaleej Times podcast about how the company is building a resilient supply chain across the globe.

Dr. Bushra Al Blooshi, an Emirati academic, was selected as the Middle East’s sole representative in the Critical Digital Risks initiative.

Michelle Swanepoel was appointed as Head of Financing and Securities Services of the Middle East and Africa at Standard Chartered.

Ahmed bin Sulayem, Executive Chairman and CEO of Dubai Multi Commodities Centre, met with Clive Christison, Head of Origination and Business Development at Turkish energy company Vitol, in Istanbul.

🏛️ Landmark Performance: Rome’s Colosseum Archaeological Park provided a dramatic backdrop to a large-scale performance by the “Marvels of Saudi Orchestra” on Friday night. The concert at the Temple of Venus and Rome, organized by the Saudi Music Commission, brought together musicians from the Saudi National Orchestra and the Fontane di Roma Youth Orchestra, Arab News reports. Italian tenor Andrea Bocelli made a special appearance and described the collaboration as “a beautiful expression” of music’s ability to connect cultures.

📷 Photo of the Day

May 11-13, Muscat. Oman Design and Build Week. Oman’s largest construction, design, and real estate event. Oman Exhibition and Convention Center. 

May 12-14, Abu Dhabi. Abu Dhabi Infrastructure Summit. Discussing the future of smart cities, urban development, and sustainable infrastructure. ADNEC. 

May 15-17, Dubai. Art Dubai. A special edition of the annual event taking place in Dubai, bringing together artists from the region and the Global South. Madinat Jumeirah.

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

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

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

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

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

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

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

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

ARMS CALL

The U.S. approved the sale of $25.8 billion worth of air defense interceptors and other weapons to its Middle East partners, three times the amount disclosed last week. Secretary of State Marco Rubio gave emergency approval for the sales to the UAE, Qatar, Bahrain, Kuwait and Israel on May 1, Bloomberg reports. Last week, the U.S. administration said it had approved expedited sales of $8.6 billion in weapons. Despite the move to speed up delivery of munitions amid the conflict with Iran, there are doubts about how quickly the U.S. will be able to produce and deliver large orders, given its depleted stockpiles and the slow pace of manufacturing. 

CAPITAL MOVE

Singapore’s Hillhouse Investment Management, U.S.-based Bain Capital and London’s Rokos Capital Management are among the global financial firms that have established or expanded in Abu Dhabi Global Market since the beginning of the Iran war. The new arrivals are a sign that the country remains attractive to foreign hedge funds and asset managers despite the regional conflict, Zawya reports. Capital Group, which manages $3.3 trillion globally, is also preparing to open its first office in the free zone, which marked its 10-year anniversary last month. In Dubai, U.S. multi-strategy hedge fund Citadel, overseeing $67 billion in assets, is expected to begin operations at the Dubai International Financial Center. 

ADNOC: ADNOC, the UAE’s national oil company, has become the first partner in the nation’s $272 million National Industrial Resilience Fund, which aims to strengthen supply chain resilience, expand local manufacturing and link procurement demand with targeted financing for priority industries.

Public Investment Fund: Acwa Power secured $226 million from the Asian Development Bank, Asian Infrastructure Investment Bank and Standard Chartered Bank for its 300-megawatt Bash II wind farm in Uzbekistan.

Public Investment Fund: Faisal Sultan, President of PIF-backed Lucid Motors in the Middle East, told Asharq Al-Awsat that Saudi Arabia’s electric vehicle market is “witnessing strong and accelerating momentum,” despite being at an early stage.

Mubadala: Bios-IDs, a unit of the Abu Dhabi sovereign wealth fund, signed an agreement with U.S.-based L-Nutra to market nutrition products in the Gulf region.

Mubadala: Health-tracking device brand WHOOP and Mubadala announced a strategic partnership that includes a $75 million investment from the Abu Dhabi sovereign fund to advance preventive healthcare and health innovation in the UAE.

International Holding Co.: Syed Basar Shueb, CEO and Managing Director of IHC, told The National that the fund’s almost doubling of first-quarter income compared to the same period last year “tells you about the resilience we have built in the system.”

💵 Health Venture: UAE-based real estate firm Arada acquired an 80% stake in Reem Hospital as part of a $545 million investment to expand the healthcare provider across the UAE and make a strategic move into the sector.

🧪 Methanol Money: Abu Dhabi’s TA’ZIZ Methanol Company, a joint venture between government-owned TA’ZIZ and Swiss-based Proman, secured $2 billion in financing for a methanol plant, with backing from 11 regional and international banks.

🏫 School Stakes: Qatar’s Lesha Bank said it will acquire a 51% stake in Sharaka Education Holdings for about $53 million through its education subsidiary.

🎲 Gaming  Delay: Wynn Resorts CEO Craig Billings confirmed to analysts on a call that the company expects a modest delay to the opening of its new casino resort in the UAE, Bloomberg reports.

✈️ Shrinking Bonus: Emirates airline reduced employee bonuses to 20 weeks of salary from 22 weeks last year after disruptions from the Iran war lowered annual profit below initial projections.

💰 Debt Adviser: HSBC has been appointed an International Primary Dealer by Saudi Arabia’s Ministry of Finance and NDMC, allowing it to connect foreign investors with local government debt instruments amid growing global interest in the Kingdom’s economic transformation.

🏡 Buyers’ Market: Dubai’s residential property market is becoming more buyer-friendly as villa prices stabilize, sales slow, and sellers grow more open to negotiation, The National reports.

🎒 Posh Tots: Private schools in the U.K. have seen a jump in interest from families leaving the Gulf since the outbreak of the Iran conflict, the Financial Times reports.

UAE President Sheikh Mohamed bin Zayed met in Abu Dhabi with Egyptian President Abdel Fattah Al Sisi on Thursday. The pair walked through Yas Mall and visited an Egyptian fighter jet detachment stationed in the UAE.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, attended the 2026 commencement ceremony of Mohamed bin Zayed University of Artificial Intelligence on Thursday.

Sheikh Hamdan bin Mubarak, Chair of the UAE Football Association, affirmed the association’s full support for Gianni Infantino’s candidacy for the presidency of the International Federation of Association Football (FIFA) for the new electoral term 2027-2031.

Eric Trump and Donald Trump Jr. have invested in American Ventures, a Dominari Holdings unit, which has raised about $1 billion to back U.S. firms in AI, crypto, drones, and other strategic industries aligned with Trump administration priorities, the Financial Times reports.

Mariam Al Mheiri, Vice Chair and Managing Director of 2PointZero, met with Evan Spiegel, co-founder and CEO of Snap Inc., at the headquarters of Snapchat in Los Angeles. 

Dr. Sultan Al Jaber, the UAE’s Minister of Advanced Technology and CEO of ADNOC, inaugurated a new $54 million paper mill in Abu Dhabi on Thursday.

Ray Dalio, Founder of Bridgewater Associates, appeared on an episode of The New York Times’ “Interesting Times” podcast to discuss his views on how growing deficits, the wealth gap and political division are contributing to a tumultuous future for the U.S.

Arvind Krishna, Chairman and CEO of IBM, said the company wants to be seen by Saudi Arabia as a partner in the large-scale industrial and institutional execution of AI integration in the kingdom, speaking in an interview with Asharq Al-Awsat in Boston.

Mohammed Al-Rumaih, CEO of the Saudi Exchange, said the inclusion of its domestic bonds in two global indexes could draw billions of dollars of fresh money to the local debt market, Bloomberg reports. 

👠 In The Bag: The Louvre Abu Dhabi scored a starring role alongside Meryl Streep in the blockbuster movie “The Devil Wears Prada 2.” A bag designed in collaboration with luxury Italian leather goods company Dellaluna was seen tucked under Streep’s character Miranda Priestly’s arm in a red carpet scene, The National reports. The maxi clutch, called the Louvre Abu Dhabi Bag, is made in the Venetian brand’s signature embossed leather, inspired by the pattern of the museum’s Jean Nouvel-designed dome. The bag was officially launched on Wednesday at the Venice Biennale.

📷 Photo of the Day

May 11-13, Muscat. Oman Design and Build Week. Oman’s largest construction, design, and real estate event. Oman Exhibition and Convention Center. 

May 12-14, Abu Dhabi. Abu Dhabi Infrastructure Summit. Discussing he future of smart cities, urban development, and sustainable infrastructure. ADNEC. 

May 15-17, Dubai. Art Dubai. A special edition of the annual event taking place in Dubai, bringing together artists from the region and the Global South. Madinat Jumeirah.

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

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

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

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

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

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

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

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

OPEC LOW

OPEC oil production has fallen to the lowest level in 36 years. As the Iran war disrupted exports and infrastructure across the Gulf, supplies sunk by 420,000 barrels a day in April to 20.5 million barrels, according to a Bloomberg survey. The report reflects the shutdown of oil shipping in the Gulf that has sent prices for jet fuel, diesel and gasoline skyrocketing. It was released on Tuesday, almost a week after the UAE announced it would leave OPEC following years of friction with Saudi Arabia and other members over production quotas. The survey showed that Kuwait had the biggest losses last month – producing less than a third of pre-conflict levels – followed by Iran.

FLIGHT DELAY

The commercial launch of Riyadh Air, the new carrier backed by Saudi Arabia’s Public Investment Fund, is facing delays because of hold-ups in certification of its new jets by the U.S. Federal Aviation Administration. The airline was supposed to start taking delivery of its Boeing  787 widebody aircraft last year, but only a handful of the planes have been assembled and they are still awaiting certification, Bloomberg reports. The certification process has dragged on for months longer than expected and the FAA has not given a fresh timeline for final approvals, the news agency reports. Riyadh Air, which has not yet given an exact date for its planned 2026 launch, signed deals for more than 39 Boeing 787-9 models, with options for 33 more. It also has orders for 100 narrow and widebody aircraft from Airbus, which are yet to be delivered.

Mubadala: CredibleX, a UAE lender specializing in AI-driven financing for small businesses, raised $15 million in a Series A funding round led by the Abu Dhabi sovereign wealth fund.

Mubadala: Mubadala said it has made a minority investment in Power Factors alongside existing investor Vista Equity Partners to support the global expansion of its renewable energy management platform.

Oman Investment Authority: Oman’s sovereign wealth fund has invested in Elon Musk’s brain chip firm Neuralink.

Saudi Aramco: Asmo, a joint venture between the Saudi oil giant and DHL Supply Chain, has started building its first large logistics hub at King Salman Energy Park in Saudi Arabia.

EDGE: Lockheed Martin signed an agreement with the Tawazun Council for Defense Enablement to establish an advanced microelectronics design and assembly facility in the UAE, to be built in partnership with Abu Dhabi defense group EDGE.

Public Investment Fund: Saudi Arabia’s PIF is selling its first U.S. dollar bond since the start of the Iran conflict, Bloomberg reports.

🏥 Healthcare Buyout: Saudi Arabia’s Dr. Soliman Fakeeh Hospital Co. agreed to acquire Dr. Mohammed Bin Rashed Al Faqih & Partners Co. in a deal valued at about $425 million amid consolidation in the kingdom’s private healthcare sector.

🚧 Rebalancing Riyadh: The Royal Commission for Riyadh City has awarded $637 million in infrastructure contracts under a program aimed at providing affordable residential land to Saudi citizens.

🚗 Scrap Station: Stellantis, an Amsterdam-based car maker, has opened its first Middle East and Africa vehicle dismantling centre in Casablanca.

🔗 Aluminum Expansion: Egypt signed a strategic partnership with Trafigura to expand the Nag Hammadi Aluminum Complex, investing up to $900 million through the Metallurgical Industries Holding Company subsidiary, Egyptalum.

🛍️ Trust Building: Brookfield Asset Management is forming a joint venture with Alshaya Group to develop a 480,000-square-foot mixed-use project in Dubai Hills, in a bid of  confidence in the long-term strength of the Dubai property market.

₿ Crypto Acceleration: Wall Street giant BNY is collaborating with Finstreet and the ADI Foundation to launch regulated digital asset custody services within the Abu Dhabi Global Market.

🏰 Happiest News: Plans to build Disneyland Abu Dhabi remain on track despite the Iran conflict, with Disney CEO Josh D’Amaro saying in a letter to shareholders that the “strategic logic” of the UAE project remains unchanged. 

🚢 Port Pressure: The UAE’s eastern ports of Fujairah and Khor Fakkan have become the Gulf’s main trade lifeline since the Strait of Hormuz was effectively shut, with truck and container traffic surging even after Iranian drone attacks targeted Fujairah facilities, Reuters reports.

💵 Selling Assets: Italy’s UniCredit said it has reached a preliminary agreement to sell part of its Russian subsidiary to a private investor in the UAE for an undisclosed amount, The Wall Street Journal reports.

UAE President Sheikh Mohamed bin Zayed met today in Abu Dhabi with Sheikh Mohammed bin Abdulrahman Al Thani, Prime Minister and Minister of Foreign Affairs of Qatar. He also met with Nikos Christodoulides, President of Cyprus. On Wednesday, Sheikh Mohamed met with Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, at the Make it the Emirates expo in Abu Dhabi. He also met with John Mahama, President of Ghana, on the sidelines of the event.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, co-chaired with Sheikh Mohammed bin Abdulrahman Al Thani, Prime Minister and Minister of Foreign Affairs of Qatar, the seventh session of the UAE-Qatar Joint Higher Committee, held today at the Zayed National Museum in Abu Dhabi.

Sheikha Al Mayassa bint Hamad, sister of Emir of Qatar Sheikh Tamim bin Hamad, attended the opening of the new Qatar Pavilion at the Venice Biennale.

French President Emmanuel Macron said in a post on X that he spoke with Iranian President Massoud Pezeshkian and “condemned the unjustified strikes against Emirati civilian infrastructure and several ships.”

Saad Rafiq Al Hariri, the former Lebanese Prime Minister, was seen at the Make it in the Emirates exhibition in Abu Dhabi on Wednesday.

Mohamed Alsuwaidi, UAE Minister of Investment, said during a fireside chat at the Make it in the Emirates expo that the UAE’s economic landscape is driven more by the private sector than the government.

Mohamed Sultan Salim Al Habsi was appointed CEO of Oman Investment Bank.

🏅 Prized Landmark: Abu Dhabi’s newly-launched Zayed National Museum was named one of the World’s Most Beautiful Museums at the international architecture and design award Prix Versailles, presented at UNESCO Headquarters in Paris. Designed by Norman Foster of Foster + Partners and inspired by the wing of a falcon, the UAE’s national museum’s five steel towers soar elegantly above the Saadiyat cultural district, while also functioning as thermal chimneys to naturally regulate airflow within the building.

📷 Photo of the Day

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 12-14, Abu Dhabi. Abu Dhabi Infrastructure Summit. The event brings senior government leaders, global investors, developers, contractors, policymakers, and technology providers to discuss the future of smart cities, urban development, and sustainable infrastructure. ADNEC. 

May 15-17, Dubai. Art Dubai. Annual event taking place in Dubai, bringing artists from the region and the Global South. Madinat Jumeirah.

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

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.

FALLING SHORT

Saudi Arabia has posted its biggest quarterly budget deficit since 2018 in a sign of the challenges faced by the Middle East’s largest economy in the wake of the Iran war. The budget shortfall of 125.7 billion riyals ($33.5 billion) is more than double that for the same period last year. Despite the kingdom attempting to rein in some of its spending on big-budget projects and splashier investments like LIV Golf, expenditure rose about 20% to $103 billion during the quarter. While the conflict has caused disruption and damage to some infrastructure, Saudi Arabia has now diverted most of its oil exports to the Red Sea port of Yanbu and is benefiting from the higher oil price, meaning it could see improved revenues and a smaller shortfall for the second quarter if it maintains export levels, Bloomberg reports.

MILKEN FINALE

As the Milken Institute’s Global Conference 2026 wraps up today in Los Angeles, Gulf executives will be talking about attracting investment, gaming and the region’s role in the current conflict with Iran. A morning session on the UAE features Emirates NBD Chief Investment Officer Maurice Gravier, while Mubadala Co-CEO of Private Equity Camilla Languille joins a discussion on the growing influence of private capital in global markets. Laura Miele, whose Electronic Arts is being acquired by Saudi Arabia’s Public Investment Fund, appears at a gaming industry session and Tel Aviv Stock Exchange Chairman Eugene Kandel will discuss Israel’s capital market. Speaking on Monday, Dubai Economic Development Corp. CEO Hadi Badri said the emirate has learned from previous crises to work on improving logistics and infrastructure. “Now we’re saying: Don’t waste this challenge. Let’s turn it into an opportunity.

Mubadala: The Abu Dhabi sovereign wealth fund will co-invest $300 million with New York-based investment company Stonepeak to build the world’s largest shipping container leasing platform.

ADNOC: The UAE national oil company is preparing to launch shale-style oil and gas projects using hydraulic fracturing and horizontal drilling after the UAE’s exit from OPEC, Reuters reports.

AD Ports: Abu Dhabi-based LifePharma signed a $190 million agreement with AD Ports Group to build a pharmaceutical manufacturing platform aimed at boosting local drug production.

AD Ports: AD Ports Group signed an agreement with CMA Terminals, Khalifa Port container terminal and CMA CGM Group to expand inland reach across the UAE and the wider region via its rail-linked cargo network.

LIV Golf: The ailing league has appointed law firm Gibson Dunn & Crutcher, investment bank Ducera Partners and business advisory firm AlixPartners as it scrambles to find investors following the PIF’s departure.

Public Investment Fund: The PIF has opened an office in Shanghai, its second outpost in mainland China, Bloomberg reports.

🛠️ New Venture: The UAE plans to become a key producer of the advanced material Graphene, which is used in batteries, sensors and computer chips, after Dana Gas partnered with the U.K.’s Levidian to develop the Sharjah Graphene Park.

✈️ Defense Push: Brazil’s Embraer is pursuing new defense contracts across the Middle East after securing an aircraft order from the UAE, targeting regional demand for military transport and surveillance platforms, Reuters reports.

💳 Security Bet: A unit of UAE telecom company e& said it invested in U.S.-based payments security company MagicCube’s $10 million fundraising.

💰 Overland Route: Trade across the Oman-Saudi Arabia border has surged to record levels, nearly tripling to $830 million in March, as companies reroute goods like fertilizers, food, and machinery overland.

🌙 Record Sukuk: The International Islamic Liquidity Management Corporation raised $1.5 billion from its latest Islamic bonds offering, considered to be the largest single issuance in over a decade.

🛡️ Defense Fund: Top leaders in Abu Dhabi have held preliminary talks on creating a new defense-focused investment vehicle which would be mandated to take stakes in companies worldwide to diversify supplies for the UAE, Bloomberg reports. Among those reported participating were Crown Prince Sheikh Khaled bin Mohammed and Mubadala CEO Khaldoon Al Mubarak..

🛳️ Ship Hit: French shipping group CMA CGM said several crew members of the San Antonio container ship were injured and the vessel sustained damage when it was attacked by Iran in the Strait of Hormuz on Tuesday.

🛂 Visa Drop: Turkish President Recep Tayyip Erdoğan and Saudi Crown Prince Mohammed bin Salman are set to eliminate visa requirements between their countries to ease travel and strengthen economic ties following years of strained relations, Reuters reports.

🥗 Food Stamp: UAE’s First Abu Dhabi Bank and Emirates NBD, as well as Bahrain’s Arab Banking Corporation, are most likely to support Egypt’s request for $700 million from GCC banks to cover essential food imports.

💵 Big Wins: The Comprehensive Economic Partnership Agreements, which the UAE has put in place with 36 countries so far, enabled the UAE’s non-oil foreign trade to surpass $1 trillion in 2025.

🧑🏽‍🚒 Fighting Fire: Firefighters contained a blaze this morning at an under-construction 50-storey tower in Dubai Marina’s The Residences Al Habtoor Grand, which is owned by UAE conglomerate Al Habtoor Group.

UAE President Sheikh Mohamed bin Zayed met with Kyriakos Mitsotakis, Prime Minister of Greece, today. Sheikh Mohamed also held a phone call this week with Israel’s Prime Minister Benjamin Netanyahu, Bloomberg reports.

Kuwait’s Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah met with the GCC’s Secretary-General Jasem Mohamed Al-Budaiwi at the Bayan Palace in Kuwait on Tuesday.

Sheikh Hamad bin Mohammed, Ruler of Fujairah, Sheikh Mohammed bin Hamad, Crown Prince of Fujairah, and Sheikh Theyab bin Mohamed, Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs, and Chairman of Etihad Rail, visited Fujairah passenger station, the first completed passenger station on the UAE’s Etihad Rail network.

Yousef Al Otaiba, UAE Ambassador to the U.S., wrote in the Financial Times that leaving OPEC is not a commercial calculation alone, but reflects structural changes in energy markets. “The UAE has the capacity to contribute to global energy security and international economic stability at a moment when that security and stability is genuinely at risk. We intend to do so,” he said.

Ukrainian President Volodymyr Zelensky said he offered Bahrain a joint drone production deal during talks in Manama with Crown Prince Salman bin Hamad Al Khalifa. Zelensky seeking Gulf funding and cooperation to expand Ukraine’s defense manufacturing capacity amid the war with Russia.

Mohammed Alabbar, Emirati businessman and founder of Emaar Properties, visited Damascus on Tuesday, as he explores a potential $50 billion investment in two major construction projects.

Mohammed El-Kuwaiz, Chairman of the Saudi Capital Market Authority, told Al-Eqtisadiahthat the authority is prioritizing domestic listings over dual listings to curb capital outflows.

Abdulla Balalaa, UAE Assistant Minister of Foreign Affairs for Energy and Sustainability, took part in the 5th Istanbul International Water Forum on Tuesday.

🏰 Making Magic: A soaring crystalline castle inspired by “Frozen,” a branded hotel and a turn-of-the-century Main Street inspired by the fictional Middle East city of Agrabah from “Aladdin” are among the likely features of Disneyland Abu Dhabi, which is being built on Yas Island. Jim Shull, a former Disney theme park designer and creator of the Disney Journey YouTube channel, gave The National insight into how the features of the new park would be decided. “Abu Dhabi will want something that feels like a Disneyland, yet at the same time something that’s unique to them … something that you can only come to Abu Dhabi to see,” he said.

📷 Photo of the Day

May 4-7, Abu Dhabi. Make It In The Emirates. The UAE industrial promotion board’s annual event marks 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 12-14, Abu Dhabi. Abu Dhabi Infrastructure Summit. The event brings senior government leaders, global investors, developers, contractors, policymakers, and technology providers to discuss the future of smart cities, urban development, and sustainable infrastructure. ADNEC. 

May 15-17, Dubai. Art Dubai. Annual event taking place in Dubai, bringing artists from the region and the Global South. Madinat Jumeirah.

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

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.