MINERAL MAPPING

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

KEEPING FAITH

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

📷 Photo of the Day

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

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

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

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

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

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

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

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

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

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

NO BONUS

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

DIGITAL WIN

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

📷 Photo of the Day

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

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

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

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

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

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

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

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

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

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

DISCOUNT ROLLS

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

DAMASCUS MOMENT

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

📷 Photo of the Day

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

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

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

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

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

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

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

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

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

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

TAKING FLIGHT

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

FAIRWAY FALLOUT

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

📷 Photo of the Day

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

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

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

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

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

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

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

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

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

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

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

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