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.

BLASTING OFF

Saudi Prince Alwaleed bin Talal is riding high on SpaceX and stands to boost his fortune significantly with the company’s IPO. Alwaleed, the world’s wealthiest Arab investor, has a net worth that was calculated at $24.5 billion after his firm confirmed a 0.63% stake in Elon Musk’s SpaceX, valued at $3.2 billion, Bloomberg reports. The stake now positions the Saudi royal at the center of the Musk ecosystem, the most valuable private technology cluster in the world. SpaceX’s IPO is expected to raise $75 billion when it goes public and eclipse Saudi Aramco’s 2019 record.

RAIL REVIVAL

Turkey is advancing plans to revive the historic Hejaz Railway and extend it through Jordan and Saudi Arabia to Oman, creating a new overland trade route that provides an alternative to shipping through the Strait of Hormuz. Turkish Transport Minister Abdulkadir Uraloğlu said the government is working with Syria and Jordan to reconnect existing rail lines and is discussing the project’s expansion with Saudi Arabia. The railway, originally built during the Ottoman era to link the Syrian capital of Damascus with the holy city of Medina in Saudi Arabia, would carry both freight and passengers. The Hejaz also features as the critical link in a plan connecting the Gulf to the Mediterranean through Israel, The Circuit has reported.

Abu Dhabi Investment Authority: Austrian gas-engine maker Innio raised $2.43 billion in its Nasdaq IPO after its principal shareholder, ADIA-backed AI Alpine sold 90 million of its shares.

Saudi Aramco: The world’s largest oil company said the current supply crisis shows underinvestment in refining after about 3 million barrels a day of capacity closed from 2020 to 2023.

TAQA: A consortium led by Abu Dhabi National Energy Co., known as TAQA, was awarded majority ownership of Abu Dhabi’s 2.6-gigawatt Taweelah C power project.

G42: Abu Dhabi’s G42 and global banking giant Santander have signed a draft agreement to co-develop artificial intelligence tools across Santander’s worldwide operations.

💵 Bond Test: Bahrain raised $1 billion in a bond sale that took place just hours after it was the target of Iranian missile attacks, Bloomberg reports.

🏝️ Island Icon: WOW Resorts awarded a contract to China Road and Bridge Corp. to build the $1.3 billion JW Marriott Al Marjan Island Resort and Residences in the UAE northern emirate of Ras Al Khaimah.

🖥️ Developer Tool: Coralogix, an Israeli startup that makes an AI platform to assist software developers, raised $200 million in a fundraising round that pegged the company’s value at $1.6 billion.

🚀 War Toll: The impact of missile and drone strikes on Dubai’s migrant workers, who comprise the largest group of casualties from the conflict with Iran, is explored in a New York Times story.

⛽ Accelerated Work: Kuwait’s merger of state-owned KIPIC into KNPC is expected to accelerate the long-delayed $10 billion Al Zour petrochemicals project since 2024.

🇸🇦 Saudi Shelter: Saudi Arabia’s economy is showing resilience, drawing new business from across the Gulf, despite an IMF report that projects a war-related decline in GDP growth.

UAE President Sheikh Mohamed bin Zayed met with Morocco’s King Mohammed VI during a private visit to the North African country.

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

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, held a phone call with Sheikh Jarrah Jaber Al-Ahmad, Kuwait’s Minister of Foreign Affairs. Sheikh Abdullah held a phone call with Dr. Abdullatif bin Rashid Al Zayani, Bahrain’s Minister of Foreign Affairs.

Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, met with Rafael Grossi, the Director General of the International Atomic Energy Agency, in Riyadh on Wednesday.

Sheikh Khaled Ahmad ​Al-Sabah, Kuwait Petroleum Corp.’s Managing Director for international marketing, said ​on Wednesday that Kuwait could restore nearly 70% of its oil production within ​six to eight weeks after the Strait of Hormuz reopens, Reuters reports. 

Sheikh Nahyan bin Mubarak Al Nahyan, UAE Minister of Tolerance and Coexistence, inaugurated Arqaam Capital’s 13th Annual MENA Investor Conference in Dubai.

Khaled Mohamed Balama, Governor of the Central Bank of the UAE, met with Khalid Humaidan, Governor of the Central Bank of Bahrain, at the bank’s headquarters in Abu Dhabi.

Armin Peter was appointed Managing Director, Markets, at the Dubai Financial Services Authority.

Maura Geertsma was appointed dnata Travel Group’s new Divisional Vice President, Corporate Travel

🌳 Green Cairo: Egypt plans a “Greening Cairo” project to turn evacuated urban spaces into parks while restoring the capital’s historic center. Prime Minister Mostafa Madbouly announced the initiative on Tuesday, outlining plans to enhance downtown Cairo’s attraction to foreign tourists with a range of cultural activities, citing the recently launched “Art Street” that has transformed central alleyways into open-air galleries.

📷 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.

SHIPPING SUGAR

Abu Dhabi’s AD Ports Group is making its first move into Latin America with an $835 million acquisition of Brazilian terminal operator Corredor Logistica e Infraestrutura. The deal gives AD Ports control of two strategically positioned assets – a terminal for sugar, corn, and soybean exports at Santos, Brazil’s largest port, and a second at Itaqui in the Arc of the North corridor. The acquisition comes as Gulf entities accelerate their push into trade infrastructure, with Brazil drawing investor interest over its food security concerns and its growing volume of exports, Arab News reports. AD Ports CEO Mohamed Juma Al-Shamisi called the deal “a game changer,” saying it deepens the group’s network into one of the world’s fastest-growing agricultural markets.

ROBOTAXI ROLLOUT

Humain, the Saudi artificial intelligence company backed by the Public Investment Fund, will team up with Nvidia to operate robotaxis across the kingdom. Humain will use the AI chipmaker’s Drive Hyperion platform to handle all steering, braking and navigation functions, CEO Tareq Amin said in a post on X. The Saudi company received a shipment of Nvidia’s latest AI chips last December to accelerate its construction of a data center. It secured up to $1.2 billion in financing from the National Infrastructure Fund in January to expand Saudi Arabia’s digital infrastructure.

ADNOC: The UAE’s national oil company is studying a new pipeline that would carry gasoline, diesel and jet fuel across the UAE to Fujairah, bypassing the Strait of Hormuz.

du: The UAE’s govenrnment-backed telecommunications company has launched a $50 million fund called du Ventures in partnership with Shorooq to invest in startups focused on AI, fintech, cybersecurity, cloud-computing and gaming.

OQ Exploration & Production: Oman’s government-owned energy exploration firm signed a cooperation agreement with the Libyan Investment Authority to pursue joint opportunities in oil, gas and related energy investments.

🤝 Market Exploration: New York’s State Street financial services firm and Riyadh-based Jadwa Investment signed an agreement to offer custody and asset servicing solutions to institutional clients in Oman.

📦 Regional Growth: Indian apparel company Arvind Ltd. launched Arvind Atelier, a wholly owned subsidiary, in the UAE’s Sharjah Free Zone, to strengthen its presence in international markets.

📝 Energy Contract: Saudi Anmat Technology for Trading secured an $84 million contract from Saudi Electricity Co. for an end-user device replacement and expansion project.

⏲️ Weight Watchers: Novo Nordisk launched its weight-loss pill Wegovy in the UAE following regulatory approval, making the country the second market after the U.S. to offer the drug.

⚛️ Nuclear Support: The International Atomic Energy Agency said it is providing technical assistance to the UAE after a drone strike damaged equipment and cut external power at the Barakah nuclear plant.

🇴🇲 Coaxing Oman: The U.S. is pressing Oman to distance itself from Iran, complicating Muscat’s long-standing role as a neutral mediator, The Wall Street Journal reports.

👚 Apparel Sale: Dubai-based Apparel Group is exploring an IPO for its Indian unit, Apparel Group India, with a potential listing expected later this year or in early 2027, Bloomberg reports.

📈 New in Town: Nasdaq-traded advisory firm WTW received approval to operate an investment business in the Dubai International Financial Center.

Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister and Ruler of Dubai, reviewed the progress of the government’s project to integrate AI into at least half of all its services within two years.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defense of the UAE, said the emirate will use “innovative solutions” to strengthen its economy and tourism.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, met with Rafael Grossi, Director General of the International Atomic Energy Agency, in Abu Dhabi on Tuesday. Sheikh Abdullah held a phone call with Paulo Rangel, Minister of Foreign Affairs of Portugal, on Wednesday.

Sheikha Al Mayassa Al Thani, the Emir of Qatar’s younger sister, was featured in Le Monde for advancing Qatar’s global arts profile through major art acquisitions, museum development, and hosting international fairs.

Serbian President Aleksandar Vucic, who sought support from UAE businessman Mohamed Alabbar to build a massive waterfront project in Belgrade, tells Bloomberg in an interview that Europe is sleepwalking into economic ruin because of complacency and poor productivity.

Dr. Rania Al-Mashat, a former Egyptian cabinet minister, has begun her tenure as U.N. Under-Secretary-General.

Rafael Grossi, Director General of the International Atomic Energy Agency, toured the Barakah Nuclear Energy Plant, accompanied by Hamad Al Kaabi, Deputy Chairman of the UAE Federal Authority for Nuclear Regulation’s management board.

Zhang Yiming, co-founder of TikTok parent ByteDance, has surpassed India’s Mukesh Ambani to become Asia’s second-richest person.

Lorenzo Fanara, Italy’s Ambassador to the UAE, wrote an op-ed in The National to discuss the friendly relations between the two countries. 

Gianni Infantino, President of the FIFA world football federation, is profiled in The New Yorker, which examines his close working relationships with the governments of Russia, the U.S., Qatar and Saudi Arabia, and says he has a “fascination with autocracy.”

📽️ Changing Places: Saudi filmmaker Mohammed Al Turki makes his acting debut in Guy Ritchie’s In The Grey, a film that also features Jake Gyllenhaal, Eiza González, and Rosamund Pike. Shot partly in Jeddah with Red Sea Film Foundation support, the production showcases Saudi Arabia’s growing appeal as an international filmmaking destination, GQ Middle East 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 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 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 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.

EDIBLE EMPIRE

International Holding Co., the sprawling Abu Dhabi conglomerate chaired by Sheikh Tahnoon bin Zayed, and Emaar Properties founder Mohamed Alabbar are among the parties that may submit bids for Dubai’s ailing IFFCO food company. The firm, whose interests range from producing the London Dairy ice cream brand to chemicals, logistics and packaging, is facing liquidation over some $2 billion in debt, Bloomberg reports. IFFCO has long played a key role in assuring food security for the UAE, but Iran’s shipping blockade in the Strait of Hormuz has hampered the company’s ability to import raw materials. A proposed restructuring agreement with creditors that include HSBC and Emirates NBD recently fell apart.

SOVEREIGN SPENDERS

The Gulf’s sovereign wealth funds aren’t letting the Iran war derail their investing. With $5.7 trillion in combined assets, the funds are holding steady this year in the pace of their spending, Global SWF says in its June report. Four of the five most active regional investors – the UAE’s ADIA, Mubadala and L’Imad, and Saudi Arabia’s Public Investment Fund – have shown little slowdown from the past five years. The Qatar Investment Authority’s spending, meanwhile, has fallen by at least $2 billion since the conflict began in March.

Mubadala: Khaldoon Al Mubarak, Mubadala’s Managing Director and Group CEO, led a UAE delegation to participate in the annual “Choose France” summit in Paris, where he met with French President Emmanuel Macron and a range of business leaders.

DP World: The Dubai-based ports operator and the Dominican Republic will invest an additional $100 million to expand logistics and warehousing capacity at the DP World Free Trade Zone in Caucedo.

ADNOC: Azerbaijan’s SOCAR, TotalEnergies, ADNOC International and Turkey’s BOTAS ​signed a natural gas sales and ‌purchase agreement for Azerbaijan’s Absheron field.

Mumtalakat: Bahrain’s sovereign wealth fund is teaming up with French investor TRAIL to invest in the SLAM private equity fund, which is focused on sports, luxury, arts, and music.

Oman Investment Authority: The sovereign wealth fund said it’s expanding its international portfolio with investments ranging from London-based CapVest and Arcus Infrastructure Partners to U.S. private equity firm Great Hill Partners and India’s Motilal Oswal.

🏭 Metal Makers: Aluminium Bahrain, known as Alba, will acquire France-based Aluminium Dunkerque in a $2.2 billion deal, with American Industrial Partners and Bpifrance taking minority stakes.

💅 Beauty Launch: Goldman Sachs is exploring a potential IPO of Kuwaiti online retailer Boutiqaat that could value it above $1 billion, Bloomberg reports.

💰 Funding Drive: UAE-based driverless delivery company CargoX has raised $250 million in a funding round led by BlueFive Capital, and appointed former Talabat CEO Tomaso Rodriguez to support the local and global expansion of its autonomous logistics network.

🤝 Handing Over: Kuwait Oil Company has awarded the $385 million Ahmadi Innovation Valley project, an advanced research and innovation hub, to a unit of global oilfield services giant SLB.

📡 Drone Acquisition: Motorola Solutions agreed to acquire D-Fend Solutions for $1.5 billion, adding the Israeli firm’s radio-frequency drone interception technology to its security portfolio.

🏠 Rent Freeze: Abu Dhabi Real Estate Center has frozen rents for residential, commercial and industrial properties until further notice.

🏘️ Under Scrutiny: George Azar, the CEO and owner of UK Sotheby’s International Realty, which has franchises in Dubai and Saudi Arabia, is facing allegations of misconduct from employees, Bloomberg reports. Lawyers acting for Sotheby’s International Realty and Azar responded that Azar has no recollection of making offensive comments that were alleged, and said there have been no formal HR complaints about Azar’s workplace conduct, the news agency said.

🏢 Looking East: U.S.-based Positron AI has opened an office in the Dubai International Financial Center as part of its global expansion, after raising more than $300 million in funding.

⚓ Sailor Concerns: The head of the International Maritime Organization said it remains too risky to move seafarers out of the Gulf region.

📊 Linking Markets: Jordan’s capital market institutions officially launched an electronic link with the Abu Dhabi Securities Exchange through the “Tabadul” platform in an effort to develop regional financial markets and enhance integration among them.

King Salman of Saudi Arabia sent a cable of congratulations to Italian President Sergio Mattarella on the occasion of Italy’s Republic Day, expressing hope for developing closer ties.

Saudi Crown Prince Mohammed bin Salman made a phone call on Monday to Yemen’s Nasser Abdrabbuh Mansour Hadi to express condolences and sympathy over the death of his father, former President Abdrabbuh Mansour Hadi.

Sheikh Jarrah Jaber Al Ahmad Al Sabah, Kuwait’s Foreign Minister, met in Kuwait on Monday with Rafael Grossi, Director-General of the International Atomic Energy Agency.

Mohamed Alabbar, Founder of Emaar Properties and Noon, is writing a 12-part series published in The Buzz, discussing his experience in business, with a focus on artificial intelligence. 

Richard Nordell, the head of Mubadala’s real estate business, was appointed chief of the sovereign wealth fund’s infrastructure unit, replacing Saed Arar.

Marc Rowan, CEO of Apollo Global Management, met with Qatar’s Minister of Commerce and Industry Sheikh Faisal bin Thani during a visit to Doha this week.

Saqr Ghobash, Speaker of the UAE Federal National Council, led an FNC delegation on an official visit to Serbia starting today.

Francis Alfred, Managing Director of Sobha Realty, told Zawya Projects that, regardless of market fluctuations, the company remains committed to its projects, including the launch of $24 billion worth of mega communities in the UAE.

☕ Bean Counters: The UAE’s specialty coffee roasters have spent months navigating rising freight and insurance costs, delayed cargo and unpredictable logistics as they ship high-quality beans from growers in countries including Peru, Ethiopia and Indonesia, The National reports. Yet, they have found ways to maintain quality and freshness, including using air freight to ship micro-lots of beans. “Small differences matter,” says Mohamad Merhi, co-founder of Cypher Urban Roastery in Dubai. “Coffees selected for delicate florals, fruit-forward profiles, or higher clarity can be more sensitive to handling and logistics conditions than lower-grade commercial coffees.”

📷 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.

CLAUDE CAPITAL

Abu Dhabi-based AI investment firm MGX joined Anthropic’s latest fundraising round, which valued the U.S. artificial intelligence company at $965 billion. MGX was among the major investors in the Series H round led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital. The investment deepens MGX’s growing presence in artificial intelligence alongside earlier funding of OpenAI and other tech ventures that have made Abu Dhabi one of AI’s global hubs. In October, MGX joined the Artificial Intelligence Infrastructure Partnership and BlackRock’s Global Infrastructure Partners consortium in a deal to acquire Plano, Texas-based Aligned Data Centers.

GROWING WEB

Abu Dhabi’s Generation 5 is managing the transfer of key Turkish military technologies to the UAE. The technologies include Aselsan’s Nefer turret system and its Aselflir 500 optronic sensors destined for UAE drones, Intelligence Online reports. Generation 5 also holds a 30% stake in BASE A.S., a Turkish manufacturer of armored vehicle subsystems that is preparing to open a production line in the UAE. In May, Generation 5 added an Embraer maintenance contract to its portfolio, underscoring Abu Dhabi’s ambitions to develop a broad domestic defense supply chain.

Abu Dhabi Investment Authority: Gas engine manufacturer Innio is hoping to tap investor appetite for companies powering AI infrastructure and raise up to $2 billion through a U.S. IPO. Innio’s main shareholder, AI Alpine, is co-owned by funds managed by Advent ​International and Abu Dhabi ​Investment Authority.

Mubadala Capital: The asset management arm of Abu Dhabi’s Mubadala sovereign wealth fund raised $1.9 billion by selling a block of shares in U.S.-based semiconductor manufacturer GlobalFoundries, according to a filing.

Qatar Energy: Saad Sherida Al-Kaabi, CEO of Qatar Energy and Qatar’s Minister of State for Energy Affairs, met virtually with Wang Hongzhi, the Administrator of the National Energy Administration of China.

📈 IPO Go: Saudi Arabia’s Mutlaq Al-Ghowairi Contracting Co. will raise up to $799 million in a Riyadh IPO, marking the Gulf’s first major listing of the year, Bloomberg reports.

🛡️ Defense Strategy: A U.S.-Saudi joint venture, SR2Vector, is building a factory near Riyadh to produce long-range SKYWASP combat drones to enhance Saudi deterrence capabilities.

📺 New Era: Sky UK is ending its joint venture with the UAE’s IMI, shifting to a brand-licensing deal for Sky News Arabia, Bloomberg reports. 

🏭 Guaranteed Risks: Oman has launched manufacturing investment opportunities worth up to $17 million each, backed by guaranteed purchase agreements to reduce investor risk and attract local and foreign investment in strategic industries.

🎥 Film Drama: Despite recently promising to up film rebates to as much as 60% in its bid to become a global production hub, some filmmakers are complaining of long delays getting their promised payouts from Saudi Arabia, Puck reports.

💰 Alternative Revenue: Canadian engineering group AtkinsRéalis is shifting work from Saudi Arabia to the UAE amid the kingdom’s pullback from gigaprojects. 

⛲ Water Matters: In a push for water security, GCC countries are increasingly using renewable water resources instead of groundwater extraction, according to new data. 

🛢️ Strained Routes: The heads of the International Energy Agency, International Monetary Fund, World Bank, and World Trade Organization warned on Friday that the U.S.-Israel war on Iran has disproportionately affected poorer countries.

⛽ Gas Deal: The U.S. and Thailand are negotiating a long-term LNG supply deal between Venture Global and PTT PCL, which has gained urgency after recent disruptions to Qatar’s production.

UAE President Sheikh Mohamed bin Zayed held a phone call with Serbian President Aleksandar Vučić on Sunday.

Sheikh Khaled bin Zayed, Crown Prince of Abu Dhabi, was profiled by the Financial Times as a key sovereign wealth dealmaker.

Emir of Qatar Sheikh Tamim held a phone call with U.S. President Donald Trump on Friday.

Sheikh Tahnoon bin Zayed, UAE National Security Advisor, met with U.S. Congressman Josh Gottheimer of New Jersey on Friday.

Sheikh Saoud bin Abdulrahman Al Thani, Qatar’s Deputy Prime Minister, told the Shangri-La dialogue that Qatar would oppose a permanent toll for passage through the Strait of Hormuz, but a temporary fee was negotiable.

Sheikh Bandar bin Mohammed, Governor of the Qatar Central Bank and Chairman of Qatar Investment Authority, met with Marc Rowan, CEO of Apollo Global Management, on Sunday in Doha.

Tom Barrack, U.S. Ambassador to Turkey, was announced as the new U.S. Special Presidential Envoy for Iraq and Syria.

Sofiane Haddadi was appointed as VP Marketing, Activations and Operations at ADNOC Distribution to accelerate its retail transformation.

Albert Manifold was removed as BP’s Chairman over alleged bullying behaviour towards employees at the oil major.

Sir Ben Ainslie, Olympic sailor and founder and CEO of Athena Sports Group, which includes the Emirates Great Britain SailGP team and the British America’s Cup team GB1, talked with the Financial Times about the rapid growth of SailGP, the high-speed sailing league based on foiling catamarans.

Kirill Dmitriev, a Russian banker who is under U.S. sanctions for his role in financing Russia’s war on Ukraine, has been shuttling from Moscow to Florida to meet with Steve Witkoff and Jared Kushner in and around the exclusive island known as Billionaire Bunker.

🧱 Brick-by-Brick: A newly-launched company in Dubai is building its trade on the growing number of adult Lego enthusiasts in the Middle East. Brick Borrow UAE is a rental service that allows subscribers to borrow sets, build them at home and return them afterward, reducing the cost of the hobby and the amount of clutter it creates at home. The business runs out of a shop in Dubai Investment Park, where stacks of Lego boxes line the walls, and large communal tables are used for building sessions, workshops and sorting returned sets, The National 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.