CHILLING OUT

As the Gulf sizzles into summer, its sovereign wealth funds are contemplating deals on district cooling, the chilled-water method of central air-conditioning used by the region’s soaring office towers. The King Abdullah Financial District, which is owned by Saudi Arabia’s Public Investment Fund, is in talks to sell its district cooling business and asking about $500 million, Bloomberg reports. Potential suitors include PIF-backed Saudi Tabreed District Cooling Co., and UAE-based Tabreed, whose biggest shareholders are Mubadala and Paris-based Engie. In Qatar, a merger appears to be in the works between Qatar Cool and Marafeq, both of which are backed by the Qatar Investment Authority.

GULF RETURN

The U.K. has updated its advisory for the UAE, removing it from a no-travel list for its citizens following the peace deal signed between the U.S. and Iran. Britain’s Foreign Commonwealth and Development Office also updated its advice for Kuwait, Qatar and Bahrain, saying it “no longer advises against all but essential travel” to those countries. Additionally, it downgraded warnings for Saudi Arabia’s Eastern Province and Riyadh Province. The move will be welcomed in the Gulf, where the events, hospitality and tourism industries have been badly affected by the war. Australia softened its travel advice for Bahrain, Israel, Kuwait, Qatar and the UAE from “Do Not Travel” to “Reconsider your need to travel.”

Abu Dhabi Investment Authority: Investors led by ADIA, Aberdeen Group and Factory Mutual Insurance Co. bought a 7.3% stake in Indian pharmaceutical company Corona Remedies.

Mubadala: The Abu Dhabi fund has backed a specialty insurance financing vehicle launched by global underwriter Everest Group. 

Public Investment Fund: Saudi Telecom Co. and PIF-backed Humain have extended their agreement to establish a joint venture for a Saudi AI data center by 6 months.

Qatar Investment Authority: The QIA participated in an $80 million Series C funding round for U.S. microchip maker Hyperlight. 

🏘️ Winning Deals: Malaysia’s WCT Holdings announced that its subsidiary, in a joint venture with UAE-based Construction General Contracting House, won a $130 million subcontract for the Yas Living development in Abu Dhabi.

🤝 Deal Sealed: Emirates NBD has completed its $2.7 billion acquisition of a majority stake in RBL Bank, marking the largest foreign direct investment in India’s banking sector.

📈 IPO Time: Indian billionaire Mukesh Ambani said Jio Platforms, the digital and telecoms unit of his Reliance Industries conglomerate, will file its listing documents today, Bloomberg reports.

💼 Consulting Cuts: Boston Consulting Group is facing the prospect of losing hundreds of millions of dollars in revenue, emerging as one of the worst-affected firms amid Saudi Arabia’s cutback on outside advisors, Bloomberg reports.

🏦 Banking Boom: HSBC has a pipeline of 45 mergers and acquisitions and initial public offering mandates across the Gulf and is anticipating a postwar boom in dealmaking, the London-based bank’s regional CEO told The National. 

✈️ New Route: Saudi Arabia’s new national carrier Riyadh Air has launched daily direct flights between Riyadh and Dubai, Arab News reports.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, inaugurated the Al Samha Housing Project in Abu Dhabi.

Sheikh Tahnoon bin Zayed, the UAE National Security Advisor, Chairman of Abu Dhabi Investment Authority and chief of some of the nation’s biggest firms, has taken on the role of diplomatic emissary seeking to rebuild the UAE’s relationship with Iran, Bloomberg reports.

Sheikh Hamad bin Mohammed Al Sharqi, Ruler of Fujairah, issued a decree to establish the Fujairah Ports Authority.

Dina Powell McCormick, President of Meta and former U.S. Deputy National Security Advisor, has become one of Silicon Valley’s most influential power brokers as she oversees the planned investment of more than $600 billion by the social media company that owns Facebook, the Financial Times reports.

Ahmed Al Khateeb, the Saudi Tourism Minister, said the kingdom is “bouncing back very fast” from a four-month drought of visitors, speaking Thursday at the FII Priority Europe summit in Rome. A strong influx of foreigners making the Hajj pilgrimage to Mecca provided a cushion to the drop in tourism caused by the conflict with Iran, Al Khateeb said.

Rajeev Garg was named Head of Wealth for Citibank in the UAE, overseeing the firm’s Citigold, Citigold Private Client and Credit Card units.

💎 Sparkling Tribute: A diamond-embossed model of the FIFA World Cup trophy on show in Dubai may be the world’s most expensive Lego set, estimated to be worth more than $80,000. Indian jeweller Hemant Karamchandan created the bespoke cup using a retail Lego model for the base and adding 18-carat gold elements and 900 diamonds, The National reports. 

📷 Photo of the Day

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

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

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

June 24-25, Dubai. Geospatial & Space Technology Forum. Bringing together government authorities, national space agencies, city planners, and technology innovators. Al Habtoor Grand Resort.

July 8-9, Abu Dhabi. Money Expo Abu Dhabi. Bringing together investors, traders, fintech innovators, and financial institutions to explore the future of finance. ADNEC Center. 

August 18-19, Dubai. Middle East Event Show. Bringing together professionals from the events industry. Dubai World Trade Center.  

August 28-Sept. 6, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition. An annual event celebrating traditional Emirati heritage and culture. 

August 31-Sept. 3, Riyadh. LEAP Expo Riyadh. A major tech trade show for the Middle East, which includes a global startup live pitch event. RECC Malham.

REBUILDING IRAN

Companies from the Gulf, the U.S., Asia, South America and Africa are likely to contribute the lion’s share to a planned $300 billion reconstruction fund tied to the draft Iran agreement. More than half the money has already been pledged for the proposed fund with portions earmarked for projects in energy, logistics, manufacturing and transportation, Reuters reports. President Donald Trump said no U.S. government money will go to the fund. “We’re not investing, we’re not putting up 10 cents,” he said.

GREEN LIGHT

Digital bank Revolut is launching its services in the UAE after gaining key authorization following a protracted approvals process. The London-based firm said that the UAE’s Central Bank had approved its application for so-called stored value facilities and retail payment services, Bloomberg reports. It now plans to build out its local operations before going live. Revolut has been planning to launch since it secured “in-principle” approvals in September last year. Historically, it has been complex for so-called neobanks to enter the Gulf market, where traditional banks have dominated. However, since the emergence of homegrown digital banks including Wio, Mashreq Neo and Liv — all tied to major UAE lenders — the market has started to open up. London-based money transfer company Wise also recently secured approvals, and homegrown Islamic digital finance startup Fasset has been expanding its services.

Public Investment Fund: Investors backed by the Saudi sovereign wealth fund have formally taken their proposed $55 billion acquisition of Electronic Arts into the European Union’s merger review process, with regulators expected to issue a decision by July 22, Reuters reports. 

Saudi Aramco: The world’s largest oil exporter is exploring sales of assets, including sulfur operations, export terminals and power infrastructure in deals that could raise as much as $50 billion, Reuters reports.

Qatar Investment Authority: Volkswagen’s plan to partner with Israeli arms maker Rafael to use its struggling Osnabrück plant is facing delays due to concerns raised by Qatar’s sovereign wealth fund, a major investor in the German carmaker, Reuters reports.

ALTÉRRA: The UAE climate investment fund announced its co-investment in Peruvian power producer Inkia Energy alongside Miami-based private equity firm I Squared Capital, to support the expansion of its renewable energy activities.

EDGE: Abu Dhabi-based defense group EDGE plans to form a joint venture with Italy’s Leonardo that is expected to generate around $4.6 billion in defense systems orders. 

EDGE: Spain’s EM&E Group and EDGE have formalized a joint venture to begin operations in Q4 2026, targeting a revised $1.7 billion pipeline and focusing on global marketing of EM&E weapon systems.

⛏️ Digging Deep: Syria has awarded ConocoPhillips and Novaterra, a company linked to Syrian-British billionaire Ayman Al Asfari, a deal with the Syrian Petroleum Company to develop gasfields and boost production at existing sites.

🩺 Health Wealth: A subsidiary of Saudi Arabia’s SMC Healthcare has been awarded a $1 billion contract by the Ministry of Health to operate and manage the SABIC Behavioral Care Specialist Hospital.

💰 Loan Deal: Mecca developer Jabal Omar Development Co. has signed a $533 million Murabaha financing agreement with Saudi National Bank to refinance existing facilities on improved terms.

💂 London Calling: Sharjah-based developer Arada is expanding in the U.K. property market with a new residential development in London, called 100 Avenue Road, which will have 172 apartments.

🛢️ Strait Open: Some oil and gas vessels have started crossing the Strait of Hormuz, including ships owned by Saudi Arabia’s state tanker giant Bahri, after the signing of an interim U.S.-Iran peace deal.

📱 Social Media Ban: The UAE has joined the growing list of countries banning children from social media, setting a minimum age of 15 years.

🛫 Libya Bound: flydubai has launched a service to Benghazi in Libya, becoming the first UAE carrier to operate flights to the city and expanding its network in Africa to 13 destinations.

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, has launched “Dubai-It”, a new initiative aimed at embedding a work culture of rapid execution, excellence and results-driven delivery across government institutions and companies.

Sheikh Mansour bin Zayed, UAE Vice President, and Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and the Managing Director and Group CEO of ADNOC, attended the graduation of Sheikh Mansour’s son Sheikh Mohammed bin Mansour, at New York University Abu Dhabi.

Princess Reema bint Bandar, Saudi Arabia’s Ambassador to the U.S., cheered the Saudi team’s FIFA World Cup match against Uruguay in Miami, which ended in a draw.

Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, said he sees a good chance the memorandum of understanding signed by the U.S. and Iran will calm discord in the region. “I am optimistic that there is real intent on both sides to give diplomacy a chance,” he told the European Council on Foreign Relations in Vienna on Wednesday.

Jessica Heaume joined Germany-based insurer HDI Global as Head of Cyber for the Middle East, relocating to Dubai after eight years at RSA Luxembourg.

Phillip Ross was appointed Director – Data Center, Design and Development at Phoenix Group PLC, an IHC portfolio company and global digital infrastructure operator.

Ahmed Bin Sulayem, Executive Chairman and CEO of the Dubai Multi Commodities Centre, told Arabian Gulf Business Insights that Dubai’s DMCC free zone saw only a brief dip in company registrations before returning to normal, with strong growth in commodities trading, especially gold and diamonds.

🛶 Paddle Power: An Australian kayaker has completed a 60-kilometer (37-mile) paddle around Abu Dhabi in a show of solidarity with the UAE. Ellecia Saffron, 43, battled headwinds, currents and summer heat to complete the impressive feat in about eight hours last Friday, The National reports. Saffron, who has lived in Abu Dhabi for 19 years, was supported by the Abu Dhabi Marine Sports Club, which arranged approvals from the coastguard and maritime authorities. “I don’t know many places in the world where someone says: ‘I’d like to do this challenge,’ and then they deliver a whole team to help make it happen,” she said.

📷 Photo of the Day

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

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

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

June 24-25, Dubai. Geospatial & Space Technology Forum. Bringing together government authorities, national space agencies, city planners, and technology innovators. Al Habtoor Grand Resort.

July 8-9, Abu Dhabi. Money Expo Abu Dhabi. Bringing together investors, traders, fintech innovators, and financial institutions to explore the future of finance. ADNEC Center. 

August 18-19, Dubai. Middle East Event Show. Bringing together professionals from the events industry. Dubai World Trade Center.  

August 28-Sept. 6, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition. An annual event celebrating traditional Emirati heritage and culture. 

August 31-Sept. 3, Riyadh. LEAP Expo Riyadh. A major tech trade show for the Middle East, which includes a global startup live pitch event. RECC Malham.

OIL VETERAN

Benoit Roulon, a veteran oil trader at hedge fund Squarepoint Capital, has been hired by Abu Dhabi National Oil Co. to head its trading arm. The move comes as ADNOC Trading plans to boost the volume it handles by two-thirds in the next few years as it undergoes a major international expansion, Bloomberg reports. It follows the UAE’s decision to quit OPEC in April, giving it more freedom to expand oil production and trading outside of restrictive quotas. The UAE is targeting oil production capacity of 5 million barrels a day, compared to 3.6 million barrels a day earlier this year. At Squarepoint, which has headquarters in London and New York, Roulon has been leading a push into physical oil since the start of the year. Before that, he was head of crude oil trading for Gunvor and also worked at TotalEnergies. ADNOC’s trading business has an office in Geneva and plans to open an outpost in Houston, Texas, next year.

RIYADH BOUND

Saudi Arabia’s new flag carrier Riyadh Air has been given the green light to operate flights between the kingdom and the U.S., one week after it launched its first commercial flight to London. The airline, which is backed by the Public Investment Fund, was granted permission by the U.S. Department of Transportation on Tuesday. Riyadh Air plans to fly to more than 100 global destinations by 2030, with plans to partner with at least 10 international carriers, including Delta Air Lines, Arabian Gulf Business Insight reports. Delta is planning to launch non-stop flights between Riyadh and Atlanta later this year.

DP World: Dubai’s logistics giant is planning to operate a U.S. container port for the first time in two decades, after entering into an exclusive negotiation for a long-term lease to operate a terminal at the Port of Corpus Christi in Texas, Bloomberg reports. DP World exited the U.S. port business in 2006 amid security concerns in the post-Sept. 11 political environment.

Public Investment Fund: The King Abdullah Financial District Development and Management Company secured a $3.2 billion 15-year Islamic Murabaha financing package from a consortium of 10 banks to support its long-term development plans.

Public Investment Fund: A post-IPO rally by SpaceX has seen its shares rise 49% since listing last week, delivering billions of dollars in paper profits to Gulf investors, including the PIF. SpaceX has now overtaken Amazon in value to become the fifth-largest listed company in the world, with a market capitalization of $2.65 trillion.

Libyan Investment Authority: Libya’s sovereign wealth fund, the Libyan Investment Authority, increased its assets by more than $900 million to $51.8 billion in the first quarter of 2026, driven by gains in its equity portfolio and income from dividends and interest on deposits.

EDGE: The UAE defense conglomerate has partnered with Hungarian defense and technology company 4iG S&D to establish a joint venture focused on non-lethal technologies. EDGE also signed an agreement with France’s Naval Group to conduct a series of firing trials for the SKYKNIGHT air defense missile using Naval Group’s Rampart.

Qatar Investment Authority: California-based Software maker Databricks, which is backed by Gulf funds including the QIA, Abu Dhabi’s MGX and Saudi Arabia’s PIF-backed Sanabil Investments, said its data warehousing business has more than doubled over the past year to a $1.5 billion annual run rate.

⚡ Energy Pact: King Salman Energy Park signed an agreement with Saudi Pan Kingdom Real Estate Co. to develop specialized ready-built factories.

🏗️ Empowered Automation: Adani Ports has partnered with U.S.-based Kaleris to deploy AI-powered terminal operating software across 15 container terminals, investing up to $100 million to boost automation.

💵 Trading Loan: Kraken-owned NinjaTrader has secured a $100 million private loan arranged by Bahrain-based Gulf Partners Group.

💻 Digital Deal: Bahrain-based alternative investment manager Investcorp has bought a stake in UAE-based IT distributor firm Metra.

🛢️Oil Market: Middle Eastern crude markets weakened sharply after a U.S.-Iran agreement to reopen the Strait of Hormuz boosted supply expectations.

💼 New Bureau: Oak Hill Advisors, a New York investment firm that manages $112 billion in assets, has received regulatory authorization from the Dubai Financial Services Authority. 

🏢 Expansion Plan: Franklin Templeton said it has secured UAE Capital Market Authority licenses for its Abu Dhabi entity, expanding its presence to all three UAE financial jurisdictions and strengthening its local investment capabilities.

🛂 Long Stay: Kuwait approved a new residency program allowing qualifying foreign investors, senior executives and their families to stay up to 15 years, provided they meet minimum investment thresholds.

📈 Growth Return: GDP across Gulf Cooperation Council economies will contract by 2.4% in 2026 due to conflict-related disruptions but will rebound strongly with 8.1% growth in 2027, according to a report published by ICAEW and Oxford Economics.

UAE President Sheikh Mohamed bin Zayed praised Dana White, president of the Ultimate Fighting Championship mixed martial arts organization, during his meeting with Donald Trump, telling the U.S. President, “Dana White is an amazing guy.” White has worked closely with Abu Dhabi since 2019, when UFC signed a long-term partnership with the emirate and began staging championship fights on Yas Island. 

Sheikh Mohamed held a phone call with Greek Prime Minister Kyriakos Mitsotakis on Wednesday, during which they discussed ways to further strengthen the Comprehensive Strategic Partnership Agreement between the two countries. 

Qatar’s Emir Sheikh Tamim bin Hamad Al Thani met with French President Emmanuel Macron, U.S. President Donald Trump and other G7 leaders during the summit, and participated in a discussion titled “Addressing Crises and Ensuring Stability in the Middle East.”

Karim Badawi, Egypt’s Minister of Petroleum and Mineral Resources, held talks on Tuesday with a delegation from the UAE headed by Hussain Sultan Lootah, CEO of ENOC, and Abdulkarim Al Maazmi, CEO of Dragon Oil, on opportunities to expand UAE investments in Egypt’s petroleum sector.

Mahdi Amjad, Chairman and founder of Omniyat Group, told The National that it aims to double its property portfolio to more than Dh200 billion ($54.4 billion) by 2030 and is looking to launch a new “large-scale project” in Abu Dhabi.

Hani Salem, Head of International Islamic Trade Finance Corp., signed a three-year framework agreement worth $250 million with Gambia’s Minister of Finance and Economic Affairs Seedy Keita.

💈 Cut Above: More than a dozen long-running businesses have been added to Abu Dhabi’s Urban Treasures list, including Sea Shell Cafeteria, Kanaan Gents Saloon and AD Co-op Hypermarket. The list recognizes small and medium-sized businesses that have helped shape daily life in the emirate for decades, often highlighting the retail outlets, cafes, tailors and barbershops that may lack the glamour of the UAE’s higher-end establishments, but are deeply popular with locals and residents. 

📷 Photo of the Day

June 15-18, Cairo. Africa Health Excon. An annual event that brings together leaders and policymakers in African 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 17-18, Guangzhou, China. AIM Talks. Industrial-commercial integration in a new global landscape, and connecting GBA intelligent manufacturing to the Middle East and the World. Jumeirah Guangzhou.

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

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

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

June 24-25, Dubai. Geospatial & Space Technology Forum. Bringing together government authorities, national space agencies, city planners, and technology innovators. Al Habtoor Grand Resort.

July 8-9, Abu Dhabi. Money Expo Abu Dhabi. Bringing together investors, traders, fintech innovators, and financial institutions to explore the future of finance. ADNEC Center. 

August 18-19, Dubai. Middle East Event Show. Bringing together professionals from the events industry. Dubai World Trade Center.  

August 28-Sept. 6, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition. An annual event celebrating traditional Emirati heritage and culture. 

August 31-Sept. 3, Riyadh. LEAP Expo Riyadh. A major tech trade show for the Middle East, which includes a global startup live pitch event. RECC Malham.

EUROPE BOUND

The UAE’s Edge Group and France’s Safran Electronics & Defence will jointly develop and commercialize advanced air-to-ground weapons systems. The partnership will initially focus on improving existing systems, with plans to expand into missile development and smart weapons that combine Safran’s propulsion and navigation technologies with Edge’s manufacturing capabilities, The National reports. Simultaneously, France is in talks with the UAE on a defense partnership for its Rafale combat plane after its plans to build a next-generation fighter with Germany failed, the Financial Times reports. Edge Group has been accelerating expansion into Europe, including the launch of its Edge Europe platform in Paris and deeper industrial ties in countries such as Italy.

PIF REGATTA

The E1 electric powerboat racing league, backed by Saudi Arabia’s Public Investment Fund, brought a celebrity showdown to Croatia this past weekend, with actor Will Smith’s Angola Westbrook Racing team beating NBA star LeBron James’ Team AlUla at the Dubrovnik Grand Prix. Angola Westbrook took first place, while NFL legend Tom Brady’s Team Brady finished second, and James’ Saudi-backed Team AlUla came in third. The victory extended Smith’s team’s lead in the championship standings ahead of the season finale in Miami in November. The E1 Series, the world’s first all-electric powerboat championship, is gaining momentum as PIF scales back its financial support for LIV Golf after years of heavy investment in the breakaway tour.

Mubadala: The Abu Dhabi fund has acquired a $200 million stake in Greenlink, a joint venture between Equitix and Baltic Cable, which operates a 504MW subsea electricity interconnector linking the U.K. with Ireland. 

L’Imad Holding: AD Ports Group, which is owned by Abu Dhabi fund L’Imad, has signed an agreement with China’s Dajin Heavy Industry Co. to explore long-term cooperation across the development of offshore wind projects.

Public Investment Fund: Raied Abuhimed, the official spokesperson for PIF-owned Folk Maritime, told Al-Eqtisadiah that the company is considering expanding its fleet and container capacity to support future growth.

🤝 Deal Maker: Saudi Arabia signed six agreements with Chinese entities and awarded housing projects worth more than $506 million in Riyadh and Dammam during a visit by officials to China.

🏝️ Island Dream: Three beachfront plots on the UAE’s coastal Naia Island sold for a combined $272 million, The National reports. 

🔋 Battery Power: China’s ROX Motor partnered with Egypt’s Ezz El Arab El Sewedy Industrial Investment Group to locally manufacture ROX range-extended electric vehicles and expand export capacity.

📈 Higher Returns: Some major European banks, including UBS, have explored offering clients leveraged deposits with Saudi lenders such as Al Rajhi Bank to boost returns, given the kingdom’s higher savings rates of around 5.1%, Bloomberg reports.

🧳 Sent Packing: BlackRock is cutting about 200 jobs, just under 1% of staff, in another round of ongoing, smaller-scale reductions spanning investment, operations, technology, and its private credit arm.

🏘️ Dubai Slump: The total value of Dubai’s residential property sales slumped 42% between April and May, down to $6.1 billion, as sales volumes retracted, Bloomberg reports.

UAE President Sheikh Mohamed bin Zayed is participating in the 52nd G7 Summit, taking place in the French town of Evian-les-Bains this week.

Sheikh Mohamed met with Egyptian President Abdel Fattah El-Sisi on Sunday in Cairo. 

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, approved the establishment of a federal authority to oversee artificial intelligence and data, led by UAE AI Minister Omar Al Olama.

Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy, met with Korea’s Minister of Trade, Industry and Energy, Kim Jung-kwan, in Riyadh, where they signed a memorandum of understanding to enhance cooperation in the oil and gas sector and strengthen broader energy partnership.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Minister of Defense, said that work on Al Maktoum International Airport is progressing on schedule toward Phase 1 opening in 2032.

Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC, met with Larry Fink, Chairman and CEO of BlackRock. Dr. Sultan also met with former U.S. Secretary of State John Kerry.

Andrew Littledale was appointed Chief Financial Officer of low-cost Kuwait-based carrier Jazeera Airways.

Maarten Geeraerts was appointed Group CEO for Seddiqi Holding, a luxury jewellery and watch business based in the UAE.

🎥 And Action!: Hollywood filmmaker Stephen Hopkins will direct a six-part Arabic-language thriller filmed in Saudi Arabia. The series, titled “Al Amir” (“The Prince”), is backed by funding from the General Entertainment Authority and based on an idea by its Chairman, Turki Al-Sheikh, and written by Egyptian screenwriter Salah El-Jheiny. The plot follows an Egyptian intelligence officer trying to infiltrate an international terrorist organization. It will be filmed at Al-Hisn Big Time Studios in Riyadh, as well as in key locations in Cairo, Arab News reports.

📷 Photo of the Day

June 15-18, Cairo. Africa Health Excon. An annual event that brings together leaders and policymakers in African 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 government and private-sector leaders to create new investment opportunities. CAEx – Kokand Hall.

June 17-18, Guangzhou, China. AIM Talks. Industrial-commercial integration in a new global landscape, and connecting GBA intelligent manufacturing to the Middle East and the World. Jumeirah Guangzhou.

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

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

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

June 24-25, Dubai. Geospatial & Space Technology Forum. Bringing together government authorities, national space agencies, city planners, and technology innovators. Al Habtoor Grand Resort.

July 8-9, Abu Dhabi. Money Expo Abu Dhabi. Bringing together investors, traders, fintech innovators, and financial institutions to explore the future of finance. ADNEC Center. 

August 18-19, Dubai. Middle East Event Show. Bringing together professionals from the events industry. Dubai World Trade Center.  

August 28-Sept. 6, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition. An annual event celebrating traditional Emirati heritage and culture. 

August 31-Sept. 3, Riyadh. LEAP Expo Riyadh. A major tech trade show for the Middle East, which includes a global startup live pitch event. RECC Malham.

ROCKET MAN

Shares in Elon Musk’s rocket maker and AI company SpaceX are set to start trading today, with predictions of a blockbuster debut, delivering a multi-billion-dollar windfall to Gulf investors. Shadow markets are indicating a jump of at least 35% for the Nasdaq-listed stock when markets open in New York. The historic $75 billion IPO values the company at $1.8 trillion and is likely to make Musk the world’s first trillionaire. Gulf funds are among the biggest investors in the IPO, with Saudi Arabia’s Public Investment Fund and the Kuwait Investment Authority each placing orders reportedly worth between $1 billion and $5 billion.

AI HELIX

The Kuwait Investment Authority has joined KKR, Nvidia and utility company Vistra as a founding investor in Helix Digital Infrastructure, a $10 billion venture to finance AI data centers, power generation and related infrastructure. Former Amazon Web Services CEO Adam Selipsky will lead the company, which aims to serve hyperscale AI customers by integrating data centers, energy supply and connectivity under a single platform, Reuters reports. Nvidia will provide data-center design expertise while Vistra will act as Helix’s preferred power partner as demand for AI computing capacity accelerates. The KIA, Kuwait’s sovereign wealth fund, became a co-investor in Brookfield Asset Management’s $10 billion AI infrastructure fund in November.

ADQ: AD Ports Group said its subsidiary Black Caspian has submitted a mandatory tender offer to Egypt’s FRA to increase its stake in Alexandria Container & Cargo Handling after its combined ownership with ADQ exceeded 50%.

Masdar: Masdar has signed a deal to buy a 49.99% stake in the renewable energy assets of Spain’s Repsol for 849 million euros ($978 million).

Mubadala: The private equity arm of the Abu Dhabi fund has become one of the industry’s most sought-after sources of capital and was involved in 16 transactions in just the past three months, Bloomberg reports.

🚧 Mega Development: Emaar Properties will launch a $55 billion megaproject in Dubai spanning over 4.5 million square meters, designed to house around 150,000 residents.

🛢️ Oil Relief: At least six supertankers carrying crude from the UAE and Oman are en route to Europe, due to a collapse in Chinese imports, Bloomberg reports.

🤝  Tourism Deal: Saudi Arabia and France signed an agreement to strengthen tourism cooperation across investment, innovation, sustainability, skills development, and destination marketing.

🕊️ Peace Promise: The U.S. and Iran are edging closer to signing an agreement to reopen the Strait of Hormuz as G7 leaders meet next week, according to senior officials, Bloomberg reports.

💰 Economic Benefits: Senior UAE and Iranian national security officials met face-to-face this week for the first time since the U.S.-Israeli war with Iran.

🚦 Green Light: Brookfield Arabia for Business Services has received approval to conduct investment management and fund operating activities in Saudi Arabia.

💺 Travel Guarantee: Emirates will offer insurance to global passengers to convince them to fly into or through the UAE, including offering to fly people home using other airlines if necessary.

Saudi Crown Prince Mohammed bin Salman said he will not be able to attend the G7 summit taking place in France on June 16.

Abdullah bin Zayed, UAE Minister of Foreign Affairs, held a phone call with Sheikh Jarrah Jaber Al-Ahmed Al-Sabah, Foreign Minister of Kuwait, on Friday.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defense, said the emirate’s goal is to become the “world’s leading hub for developing and deploying advanced AI solutions,” speaking at a meeting he chaired on Thursday of the Higher Committee for Future Technology Development and the Digital Economy.

Dr. Sultan Al Jaber, UAE Minister of Industry & Advanced Technology and Managing Director and Group CEO of ADNOC, took part in the 20th Forum of UAE Ambassadors in the World last week.

Jassem Busaibe, CEO of Aldar Investment, is stepping down after more than a decade with the group.

Ahmed Heikal, Qalaa Holdings’ Chairman and Founder, expects an initial public offering of its subsidiary, National Ports Management, to take place in September or October 2026, he told Zawya Arabic.

🎢 Riding High: Abu Dhabi developer Miral, in partnership with Warner Bros. Discovery, has announced two new DC-themed attractions at Warner Bros. World Abu Dhabi: the “Kryptonite Collider” ride opening on July 26 and the “Superman Up and Away” roller coaster, scheduled for construction completion in 2028. The latter is a “next-generation” rollercoaster designed to launch guests face-down alongside Superman, giving the feeling of flying.

📷 Photo of the Day

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

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

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

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

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

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

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

ORBITAL ORDERS

Gulf sovereign wealth funds are among the biggest investors lining up for SpaceX’s IPO, with Saudi Arabia’s Public Investment Fund and the Kuwait Investment Authority each placing orders reportedly worth between $1 billion and $5 billion. Other major investors seeking allocations include mutual fund giant Fidelity Investments and hedge funds led by billionaire investors, including Ken Griffin and Steve Cohen, Bloomberg reports. The offering is expected to value the company at about $1.8 trillion, making it the largest IPO in history when it launches on the Nasdaq tomorrow. SpaceX founder Elon Musk also has a range of ventures in the UAE: The Boring Co. has been hired to build the Dubai Loop, and Emirates airline is using Musk’s Starlink to upgrade onboard Wi-Fi.

DRIVE TIME

Saudi Arabia’s AI champion HUMAIN signed a deal with chipmaker Nvidia to lead the expansion of its robotaxi software platform in the Middle East. HUMAIN, backed by the Public Investment Fund, will invest heavily in infrastructure, including building 500 megawatts of data center capacity and deploying several hundred thousand NVIDIA GPUs over the next five years. The DRIVE Hyperion platform supports the deployment of so-called “Level 4” autonomous vehicles, which can operate without a driver within a predetermined geographic area. Gulf cities are rapidly expanding driverless technology, with companies including WeRide, Uber and Tesla all testing technology in the region. Uber CEO Dara Khosrowshahi said earlier this week that he expects the Gulf to move faster than many Western markets to expand autonomous technologies.

ADNOC: The Abu Dhabi National Oil Co.’s XRG investment arm is evaluating upstream oil, natural gas and LNG opportunities in Canada as it expands its international energy portfolio.

L’Imad Holding: Abu Dhabi’s sovereign wealth fund L’Imad raised its indirect stake in Abu Dhabi National Energy Company, TAQA, to 98% in a buyout from fellow Abu Dhabi entity 2PointZero Group.

EDGE: EDGE, the Abu Dhabi-based defense and technology group, has launched EDGE Europe, a Paris-headquartered company with an engineering hub in Bordeaux, to build tech-first, partner-driven defense capability across Europe.

Mubadala: New York-based ExodusPoint Capital raised $2 billion for a new fund with backing from the Abu Dhabi Investment Council, an independent unit of the sovereign wealth fund.

🛢️ Supply Squeeze: OPEC oil production fell to its lowest level since at least 2000 as the U.S. naval blockade sharply reduced Iranian exports, Reuters reports.

🔎 Basin Bounty: QatarEnergy announced a new offshore oil discovery in Namibia’s Orange Basin, extending its presence in one of the world’s most active exploration regions.

🏀 Euro Trip: Saudi-born entertainment and sports technology platform webook has expanded into Europe by acquiring Portugal-based event tech company SmartMove.

🚢 Ghost Ships: Oil tankers are increasingly switching off tracking transponders while crossing the Strait of Hormuz, allowing Gulf producers to keep crude exports flowing, Bloomberg reports. 

🏦 Rate Wars: Emirates NBD and other UAE banks are offering some of their most generous deposit rates in years as they battle digital competitors and seek to retain customer funds amid the Iran conflict.

⛽ Market Test: Kuwait Petroleum Corp. offered spot gasoline and diesel cargoes for the first time since the Iran war began.

🏦 Debt Free: Egypt announced that it has fully cleared all outstanding debt to foreign oil and gas companies, including firms such as BP and Eni, eliminating a key barrier to hydrocarbon investment.

💵 Currency Pivot: Gulf family offices are reducing reliance on the U.S. dollar and shifting toward diversified currency holdings, including the Swiss franc and euro, amid concerns about geopolitical risk.

UAE President Sheikh Mohamed bin Zayed met with Ambassador Mike Waltz, the U.S. Permanent Representative to the U.N., on Thursday. The meeting was attended by Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, and Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs.

Saudi Crown Prince Mohammed bin Salman has lifted a ban on imports from Lebanon five years after it was implemented, in a sign of support for Beirut’s embattled government. 

Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, took part in a ministerial meeting between the GCC and Canada in Bahrain on Wednesday.

Sheikha Latifa bint Mohammed, Chairperson of Dubai Culture and Arts Authority, witnessed the signing of two agreements aimed at strengthening cooperation with Sweden in the areas of Digital Transformation, Artificial Intelligence and Healthcare.

Rohit Ganguli was appointed Global Head of Wealth Planning at boutique financial services firm Kay Group.

Sultan bin Muhammad Al-Musallam, Secretary-General of the Federation of Saudi Chambers, led a delegation to the U.K.-Saudi Investment and Partnership Summit, held in London.

Mohammed Y. ⁠Al Qahtani, Saudi Aramco’s Downstream President, met with Song Hongkun, the Deputy Administrator of China’s National ​Energy ⁠Administration, in Beijing on Tuesday.

🩺 Long Shot: Dubai is planning to become a global hub for “regulated longevity” with the launch of a new authority to help people live longer, healthier lives. The body, launched by the emirate’s 76-year-old Ruler, Sheikh Mohammed bin Rashid, will be chaired by his son, Crown Prince Sheikh Hamdan bin Mohammed. It will be tasked with shaping the future of healthy aging by overseeing longevity-related therapies and innovations and attracting investment and specialized talent to Dubai. 

📷 Photo of the Day

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

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

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

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

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

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

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

EUROPE PROBE

The European Union will review the involvement of Gulf funds in Paramount Skydance’s $110 billion takeover of Warner Bros. Discovery. The deal, which has been partially bankrolled by $24 billion of equity finance from Saudi Arabia’s Public Investment Fund, Abu Dhabi’s L’Imad Holding Co. and the Qatar Investment Authority, will be probed under the EU’s Foreign Subsidies Regulation, Bloomberg reports. The FSR is designed to prevent firms funded by sovereign states from distorting fair competition in Europe. Paramount Skydance owns media assets across Europe and is reportedly prepared to divest some of its children’s television networks to help pass EU scrutiny. Abu Dhabi’s 11.7 billion-euro ($13.5 billion) takeover of German company Covestro via ADNOC’s XRG international investment arm faced a similar review but was ultimately cleared. 

TECH PARTNERSHIP

Fasset, a UAE-based fintech company, was selected as one of the World Economic Forum’s 2026 Technology Pioneers, a group of 100 startups recognized for developing technologies with the potential to shape business and society. Through the two-year program, Fasset will participate in WEF initiatives and discussions alongside policymakers, investors and industry leaders. The company said it is focused on expanding cross-border financial networks across Asia, Africa and the Gulf, including more than 50 banking corridors that support international money transfers.

Mubadala: The Abu Dhabi sovereign fund is preparing a bid for Restaurant Brands Europe, which manages Burger King, Popeyes and Tim Hortons across Spain and Portugal, in a deal that could value the company at between $2.3 billion to $3.5 billion, Spanish newspaper Expansión reported.

Mubadala: Abu Dhabi-based private equity firm BlueFive Capital has acquired a 49% stake in LeasePlan Emirates from global mobility company Ayvens. LeasePlan Emirates, which operates a fleet of 7,000 vehicles, is 51% owned by Mubadala subsidiary Solutions+. 

Qatar Investment Authority: The Iran war has dented prospects of surplus gas revenue that was at the center of plans for Qatar’s sovereign wealth fund to sharply step up its dealmaking following the appointment of Mohammed Al Sowaidi as CEO in late 2024, Bloomberg reports. 

Public Investment Fund: Saudi Arabia’s sovereign wealth fund said its assets climbed to about $910 billion in 2025.

Riyadh Air: Saudi Arabia’s new PIF-owned carrier launched its commercial service today with a new Boeing 787 Dreamliner taking off at 2:30 a.m. for London’s Heathrow Airport.

Temasek: Singapore’s sovereign wealth fund is attempting to create an Asian version of BlackRock by transforming its asset manager Seviora Group into one of the region’s biggest global asset managers, the Financial Times reports. Seviora opened an office in Abu Dhabi last year and has established strategic partnerships with Mubadala and Qatar’s Doha Bank.

🛎️ Hotel Deal: Dubai’s AHS Properties has acquired the Shangri-La hotel on Sheikh Zayed Road from a unit of First Abu Dhabi Bank in a deal valued at $272 million, CEO and founder Abbas Sajwani told The National.

🏖️ Property Opening: Qatar approved foreign ownership of real estate within the Simaisma Resort and Beach Project, extending residency-linked investment opportunities in one of the country’s largest tourism developments.

💳 Capital Boost: Egypt’s MNT-Halan raised $30 million in a funding round led by Al Ahly ​Capital, the ​investment arm of the National Bank of Egypt, valuing the fintech startup at $1.4 billion.

🏥 Healthcare Exit: Gulf Capital sold its stake in Eclat Health Solutions through a management buyout, marking another exit for the Abu Dhabi-based private equity firm from its healthcare services portfolio.

📦 Container Hub: Saudi Arabia’s Mawani signed a $533 million concession with Saudi Global Ports to operate a container terminal at Jubail Commercial Port.

🚢 Shipping Threats: A cargo vessel sailing near the Bab Al Mandeb strait off Yemen’s coast was attacked today, after the Iran-backed Houthis threatened to target ships linked to Israel in the Red Sea.

📈 Market Return: Investors are welcoming Bahrain’s return to international debt markets, with bankers seeing the government’s bond sale last week as a positive signal for Gulf sovereign borrowers in search of funding, International Financing Review reports.

🌍 Barreling Through: Kuwait offered additional crude cargoes to Asian buyers for the first time since the Iran war began, adding to evidence that Hormuz flows are starting to open up.

🏙️ Standing Tall: Dubai’s ability to withstand the missile attacks and other disruptions caused by the Iran war and retain its position as a commercial and logistics hub in the Gulf is the subject of a report by the New York Times.

⚽ Training Camp: The Saudi Arabia national soccer team has been using Austin, Tex., as its home base as it prepares for the World Cup.

UAE President Sheikh Mohamed bin Zayed met with the Presidential Camel Racing Team in the presence of Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, on Tuesday.

Sheikh Tahnoon bin Zayed, the UAE National Security Adviser, met with Dr. K. R. Sridhar, Chairman and CEO of Bloom Energy. The pair discussed the growing demand for energy driven by the rapid expansion of artificial intelligence.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Deputy Prime Minister and Minister of Defense, chaired the second Defense Council meeting of 2026 on Tuesday.

Sheikh Mansoor bin Mohammed, Chairman of the Dubai Sports Council, chaired a meeting of the Council’s Board on Tuesday.

Sheikha Latifa bint Mohammed, Chairperson of the Dubai Culture and Arts Authority, met withPrincess Victoria Ingrid Alice Désirée, Crown Princess of Sweden.

Anwar Gargash, Diplomatic ⁠Adviser to ‌the UAE President, visited the Institute of the Arab World in Paris and met with the Institute’s President Anne-Claire Legendre.

Princess Victoria Ingrid Alice Désirée, Crown Princess of Sweden, met with Sheikha Latifa bint Mohammed, Chairperson of the Dubai Culture and Arts Authority, in Stockholm.

Majid Jafar, CEO of Crescent Petroleum, told an audience of senior business, finance and government leaders at the Arab Gulf States Institute’s Petro Diplomacy 2026 conference in Washington, D.C., that the disruption to the Strait of Hormuz has become a “whole-economy story” with consequences reaching far beyond energy markets.

🤫 Golden Silence: Egypt’s pavilion at the Venice Biennale is quietly captivating visitors with a solo exhibition by Egyptian artist Armen Agop. “Silence Pavilion: Between the Tangible and the Intangible,” invites guests to enter in silence and put away phones and cameras before moving through three sequential spaces designed to enhance contemplation. “I believe silence is very important for us, in general,” Agop told Arab News. “Silence is not mute.”

📷 Photo of the Day

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

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

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

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

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

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

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

DELIVERY COMPETITION

Saudi Arabia’s quick-commerce startup Ninja is considering bidding for parts of Delivery Hero’s Middle East business, including HungerStation and possibly a stake in Talabat, potentially complicating Uber’s broader takeover ambitions. The move would likely focus first on Saudi-based HungerStation due to easier integration and fewer regulatory hurdles, while other assets like Talabat could involve partnerships with additional investors, the Financial Times reports. Competition among delivery businesses in the Middle East is intensifying as DoorDash and Prosus also seek ways to influence or counter Delivery Hero’s planned asset sales. 

IPO INTERMISSION

One of Saudi Arabia’s biggest construction firms has postponed its planned IPO, which would have been the Gulf’s first major share sale this year. Mutlaq Al-Ghowairi Contracting Co. decided to delay the projected $799 million share sale because of unfavorable market conditions and will reassess timing for a future offering, Bloomberg reports. Despite the decision to delay, a Saudi stock exchange filing indicated strong investor demand that exceeded the shares on offer. Mutlaq Al-Ghowairi said it remains committed to expansion plans.

ACWA Power: The Saudi utility, backed by the Public Investment Fund, is in talks with Egypt to cooperate on seawater desalination projects.

Kuwait Petroleum Corporation: The state-owned oil company shortlisted private equity firms including BlackRock Inc.’s Global Infrastructure Partners and Brookfield Asset Management to buy a stake in a pipeline network in a deal expected to be worth about $7.5 billion, Bloomberg reports.

MGX: OpenAI, which is backed by Gulf funds including Abu Dhabi AI investment fund MGX, has filed for an IPO, joining AI rival Anthropic and SpaceX, Elon Musk’s rocket maker which owns xAI, in the race to go public.

Oman Investment Authority: Oman Future Fund, owned by OIA, will invest about $1.5 billion across sectors, including energy, industry, tech, healthcare and tourism, to boost diversification, entrepreneurship and foreign investment in Oman’s economy.

Investment Corporation of Dubai: Dubai-based ALEC Holdings, majority owned by the ICD, said its Target Engineering subsidiary won three engineering, procurement and construction contracts across the Gulf worth a combined $500 million.

Qatar Investment Authority: French insect agriculture firm Innovafeed, which runs a commercial-scale black soldier fly production facility, raised $59 million in a round backed by investors including the QIA.

✈️ Profit Squeeze: The International Air Transport Association cut its forecast for global airline profits in 2026 to $23 billion from $41 billion, as soaring fuel prices linked to the Iran conflict drive industry costs sharply higher despite strong passenger demand.

🎆 Events Boom: Dubai World Trade Center generated approximately $6.8 billion in economic output through its calendar of large-scale business events in 2025.

🚂 Freight Route: Saudi Arabia Railways has awarded a contract to a joint venture between OHL Arabia and Hassan Allam Construction Saudi to build a freight rail link in Dammam’s 2nd Industrial City, connecting more than 1,000 facilities to national logistics hubs.

📊 Containing Costs: PointFive, an Israeli startup that developed an AI cost management platform, raised $60 million in a Series B funding round.

☀️ Green Boom: Renewable energy production in Arab countries jumped nearly 36% in 2025 as major investments in solar and wind projects across the Gulf accelerated the region’s shift toward cleaner power generation.

💰 Startup Scale: Abu Dhabi’s Hub71 said startups in its ecosystem have raised more than $2.7 billion in funding and generated over $1.5 billion in revenue since it launched in 2019.

🛢️ Fill it Up: OPEC+ agreed to raise oil output by about 188,000 barrels per day in July for a fourth straight monthly increase, The Wall Street Journal reports. 

⚽ Clubs for Sale: Saudi Arabia’s Ministry of Sport and the National Center for Privatization & PPP have announced the privatization of five soccer clubs, inviting investor submissions.

Saudi Arabia’s King Salman issued a royal order on Monday to appoint or promote 212 judges at various levels within the Ministry of Justice.

Sheikh Hamdan bin Mohammed bin Rashid, Crown Prince of Dubai and UAE Deputy Prime Minister and Minister of Defense, visited on Monday Dubai International Financial Center, where he met Essa Kazim, Governor of DIFC.

Sheikh Mohammed bin Hamad bin Tahnoon, Advisor of Special Affairs to the UAE presidential Court, met with Hemant Taneja, CEO of U.S. venture capital firm General Catalyst Partners, along with Faisal Abdulaziz Al Bannai, Advisor to the UAE President for Strategic Research and Advanced Technology Affairs and Chairman of EDGE Group.

Prince Faisal bin Nawaf, Governor of Saudi Arabia’s Al-Jouf Province, met with Pakistan’s Ambassador to the Kingdom, Ahmad Farooq, in Sakaka on Monday.

Ashok Kumar was appointed Vice President for Resources and Transformation at Abu Dhabi-based private jet operator RoyalJet.

Hatem El Nawawy was appointed Executive Head of Egypt’s Export Development Authority in a decree issued by Prime Minister Mostafa Madbouly.

Salem Saeed AlShamsi, Ambassador of the UAE to Nigeria, presented his credentials to Dr. Omar Alieu Touray, President of the Commission of the Economic Community of West African States, as Permanent Representative of the UAE to the organization.

🎬 Festival Transition: Shivani Pandya Malhotra has stepped down as Managing Director of the Red Sea Film Foundation after seven years helping build the Jeddah-based event into one of the Arab world’s leading film festivals. Her successor has not yet been named, with CEO Faisal Baltyuor overseeing operations while a search takes place, Deadline reports. The sixth edition of the Red Sea International Film Festival is scheduled to take place in Jeddah from Dec. 3-12.

📷 Photo of the Day

June 10, Dubai. The Briefing: 2026 Resilience & Recovery Conference. A forum for business owners, investors, senior executives, founders and decision-makers to discuss financial resilience. JW Marriott Marquis Hotel Dubai.

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

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

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

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

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

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

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

NIPPING AT NEOM

Saudi authorities expect that canceling parts of the NEOM megaproject over the next five years will cost more than continuing to build them. Around $16 billion is budgeted for 2026–2030 to pay penalties for terminating long-term contracts tied to NEOM developments, Semafor reports. The project, once projected to exceed $1 trillion in costs, is being scaled back after years of budget pressures and missed investment targets. The retrenchment reflects broader fiscal shifts as the kingdom prioritizes defense, AI, logistics and major event-related infrastructure.

WORLD CUP WAGERS

UAE fans will soon be able to place wagers legally on FIFA World Cup soccer matches for the first time through a locally licensed operator. Play971 is preparing World Cup-focused features, including dedicated match pages, player markets, and tournament-themed games for local users. The rollout reflects the UAE’s evolving gaming framework under the General Commercial Gaming Regulatory Authority and its push to develop a regulated market. The World Cup will serve as a key test of consumer demand as the country expands licensed sports wagering and broader gaming offerings.

Mubadala: The Abu Dhabi sovereign wealth fund was named the exclusive title sponsor of the Mubadala DC Open tennis tournament through 2030

Public Investment Fund: The Saudi sovereign wealth fund signed an agreement with Egyptian realtor Talaat Moustafa Group  to explore residential, commercial, hospitality and other opportunities across PIF-owned projects in the kingdom.

ADQ: Demand for flights through its hub in Abu Dhabi is so strong that ADQ-backed Etihad Airways is expected to surpass its capacity from before the Iran war without needing to aggressively cut prices to attract passengers, the Financial Times reports.

Masdar: The Abu Dhabi-backed renewable energy company signed a 15-year purchase agreement with EDF Power Solutions North America.

ADNOC: Abu Dhabi National Oil Co. sold at least 14 million barrels of crude oil to Asian buyers via tenders despite continued regional tensions.

💰Prime Purchase: An unidentified European buyer bought a prime coastal estate on Dubai’s Naïa Island for $152.5 million, marking one of the largest and most valuable beachfront land sales in the UAE.

🛢Crude Capacity: Kuwait’s Central Agency for Public Tenders approved a $992 million contract with India’s Larsen & Toubro for the Kuwait Oil Co.’s project to develop crude oil storage facilities. 

📉 Oil Slide: Saudi Arabia reduced prices for its main crude grades across Asia, Europe, and North America for the second month in a row.

📈 Awaiting OK: Egyptian investment platform Thndr is awaiting final regulatory approvals to launch in Saudi Arabia as part of its regional expansion strategy, following its entry into the Abu Dhabi Securities Exchange market last year.

🚢 Passage to China: A liquefied natural gas shipment from Qatar transited the Strait of Hormuz en route to China, according to ship-tracking data, amid heightened regional tensions affecting U.S.–Iran relations.

💻 AI Failure: The OECD warns that a prolonged Middle East conflict could derail Gulf countries’ AI ambitions by disrupting energy, trade, and investment flows.

UAE President  Sheikh Mohamed bin Zayed issued a resolution appointing Kamal Ishaq Almaazmi as Undersecretary of the Department of Finance.

Sheikh Maktoum bin Mohammed, UAE Minister of Finance, reviewed the agency’s 2025 Annual Report that focused on government efficiency and goals for both 2031 and 2071.

Sheikha Latifa bint Mohammed bin Rashid, Chairperson of the Dubai Culture and Arts Authority, begins a visit to Sweden today, leading a high-level delegation of ministers and government officials.

Khaldoon Al Mubarak, Managing Director and Group CEO of Mubadala, and the Executive Affairs Authority, met in Washington, D.C., with U.S. Vice President JD Vance, Secretary of the Treasury Scott Bessent, Secretary of Commerce Howard Lutnick, Under Secretary of State for Economic Affairs Jacob Helberg, House Speaker Mike Johnson and several other members of Congress.

Mariam bint Mohammed Almheiri, Vice Chair and Managing Director of 2PointZero Group, represented the parent company, International Holding Co., at the Adani Group’s annual Conference in Mumbai.

Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, visited Belarus, where he held meetings with Prime Minister Alexander Turchin, Minister of Foreign Affairs Maxim Ryzhenkov and Minister of Economy Yuri Chebotar.

Jugal Madaan was appointed Acting CEO of Abu Dhabi National Insurance Company, replacing Charalampos Mylonas.

🎞 Crime Thriller: Saudi director Haifaa Al-Mansour’s new murder mystery, “Unidentified,” will debut this week at New York’s Tribeca Film Festival. The film stars Saudi actress Mila Al-Zahrani as a young police officer investigating the death of a woman whose body is found in the desert. Al-Mansour received funding from the Saudi Film Commission for the crime thriller, which will be distributed internationally by Sony Pictures Classics, Arab News reports.

📷 Photo of the Day

June 10, Dubai. The Briefing: 2026 Resilience & Recovery Conference. A forum for business owners, investors, senior executives, founders and decision-makers to discuss financial resilience. JW Marriott Marquis Hotel Dubai.

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

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

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

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

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

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

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

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

LIBYAN WINDFALL

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

AIR TURBULENCE

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

📷 Photo of the Day

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

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

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

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

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

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

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

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

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