WASHINGTON CHAT

Abu Dhabi and Washington are working to identify tangible projects that could be bankrolled through the $1.4 trillion package the UAE has pledged to invest in America. U.S. President J.D. Vance hosted a meeting at the White House on Friday with Dr. Sultan Al Jaber, Chief Executive of ADNOC and Executive Chairman of XRG, and UAE Ambassador to the U.S. Yousef Al Otaiba where the initiative was discussed in detail. Talk centered on investments in artificial intelligence, semiconductors, energy and manufacturing, The National reports. The UAE has sought to position itself as a leader in AI infrastructure, developing partnerships and investments with U.S. companies including Microsoft, Nvidia and OpenAI.

TAX TALK

Oman’s Sultan Haitham bin Tarik has approved a personal income tax law to be implemented on individuals earning more than $110,000 annually. The measure, which will be imposed starting in 2028, positions Oman as the first Gulf state to levy personal income tax, part of broader efforts to diversify revenue away from oil. An earlier draft proposing separate thresholds for Omanis and expatriates was rejected by the Sultan. With 2.7 million workers – 1.8 million expatriates – the reform is projected to raise over $285 million annually.

Qatar Investment Fund: Qatar Airways announced at the 55th International Paris Air Show that it will introduce a next-generation, AI-powered in-flight entertainment system on its Boeing 777-9 fleet.

Oman Investment Authority:  The Omani sovereign wealth fund reported a $4.2 billion profit in 2024, pushing total assets to more than $52 billion.

💰New Investors: Bahrain has signed a $2.7 billion deal to invest in U.K. financial services, clean energy, manufacturing, and technology amid ongoing trade talks.

🤝 Helping Hands: Turkey has secured $740 million from the Islamic Development Bank to support regions impacted by the 2023 earthquake, including two Istanbul hospitals under a seismic risk reduction program.

🏦Nuclear Fund: Apollo Global Management will provide £4.5 billion ($6.1 billion) in financing for the U.K.’s Hinkley Point nuclear project through investments in fixed-rate callable notes issued by French power giant EDF, The Financial Times reports.

🏦Twinning Investments: Saudi-listed insurers United Cooperative Assurance Co. and Arabia Insurance Cooperative Co. are exploring a potential merger under a non-binding agreement due to regulatory pressures and weak profitability, which drive consolidation within the sector.

🚄Increasing Capacity: The Roads and Transport Authority will expand the Burj Khalifa/Dubai Mall metro station in collaboration with Emaar to increase its area and capacity by 70% as more people visit the station. 

📈 Succession Strategy: Hedge fund moguls looking to secure their fortunes could take a cue from private equity, as Millennium Management does by seeking to sell a minority stake at a $14 billion valuation, The Financial Times writes. 

⚖️Fighting Together: Saudi Arabia and Kuwait have signed an agreement to enhance cooperation against money laundering and terrorism financing, strengthening regional financial security efforts.

🚰Open Tap: Egypt is ending a long-standing state monopoly on water and wastewater treatment by allowing private investment under a new draft law approved by parliament. Licenses of up to 15 years will be issued, with annual operator fees capping at nearly $1 million.

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, announced creation of a new Ministry of Foreign Trade led by Dr. Thani Al Zeyoudi, renamed the Ministry of Economy to Ministry of Economy and Tourism under Minister of Economy Abdullah bin Touq Al Marri, and introduced the new National Artificial Intelligence System as an advisory body to federal councils starting January 2026.

Sheikh Mansour bin Zayed Al Nahyan, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, chaired a meeting of the Ministerial Development Council at Qasr Al Watan in Abu Dhabi on Monday.

Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah and President of the University of Sharjah, congratulated colleagues for achieving the top spot in the UAE in the U.S. News & World Report’s Best Global Universities rankings.

Sheikh Nahyan bin Mubarak Al Nahyan, UAE Minister of Tolerance and Coexistence, attended the celebration of the 11th International Day of Yoga, held as part of the Abu Dhabi Summer Sports Festival at the Abu Dhabi National Exhibition Centre.

Kristalina Georgieva, Managing Director of the International Monetary Fund, warned in an interview with Bloomberg TV that if the U.S. continues strikes on Iran, it could potentially have broader impacts beyond energy channels, as global uncertainty escalates.

Safaa El-Kogali, the World Bank’s Director for the Middle East , told The National in Riyadh that foreign direct investment in the Gulf could slow in the second half of this year as regional conflicts dent investor sentiment.

Niko Corneliswas named the new country manager for the GCC region at Engie, the Paris-based energy infrastructure and services company.

🎨Culture Hub: Saudi Arabia expects a $48 billion cultural boom by 2030, transforming the sector into a key economic force under its Vision 2030 strategy, Minister of Culture Prince Badr bin Abdullah says. Since the ministry’s launch in 2018, cultural jobs have increased by over 300%, festival crowds have topped 23 million, and Saudi heritage is making waves globally with eight UNESCO World Heritage sites. Prince Badr said in an interview with Arabic daily Al-Eqtisadiah. 

June 23-26, Amman. JIMEX Exhibition 2025. The event is a showcase of industrial engineering in the Near East. Jordan International Exhibition Center.

June 24, Dubai. Zawya GCC Capital Markets Forum. The event will bring together a diverse panel of C-suite-level participants from banks and top financial institutions. Fairmont Dubai. 

June 24-25, Dubai. Middle East Rail. The two-day programme will host more than 250 speakers from the region and beyond. Dubai World Trade Center.

June 24-25, Dubai. Mobility Live. A free-to-attend multi-brand exhibition hosting multiple country pavilions and  showcasing cutting-edge solutions. Dubai World Trade Center.

June 26, Abu Dhabi. Supercharged. Annual tech forum hosted by G42. ADNEC Center.

July 3-5, Cairo. Lift City Expo. Showcasing the latest technology in the elevator industry. Cairo International Convention & Exhibition Center.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 30-Sept. 7, Abu Dhabi, UAE. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

FOOD CENTRAL

Two of China’s top e-commerce companies, JD and Meituan, are joining the fray in Saudi Arabia’s booming home delivery market. JD has launched JoyExpress, a same-day delivery service across the kingdom. Meituan, meanwhile, is investing $267 million to expand its food delivery brand Keeta in the region. Both companies are rapidly scaling their operations in the kingdom, establishing warehouses, sorting centers and delivery networks to support their regional growth.

DUBAI DRAW

Dubai real estate agencies are reporting a surge of inquiries from Iran. Amid the weeklong missile war with Israel, Iranians are looking across the Gulf at property listings in the UAE, Forest Hills Real Estate sales manager Sidharth Kumar told Arabian Gulf Business Insight. “Many are reaching out through Iranian colleagues or family members already in the UAE to buy a home here,” Kumar said. Another agent told AGBI that some prospective buyers were selling assets in Iran and buying entire floors of buildings in the UAE directly from developers.

Public Investment Fund: Saudi Arabia’s sovereign wealth fund has launched the Expo 2030 Riyadh Company to build and operate facilities for the World Expo scheduled to be hosted by the kingdom in five years, Reuters reports. 

Mubadala: The sovereign wealth fund signed an agreement with Abu Dhabi Projects and Infrastructure Centre “to explore joint opportunities that support the future of Abu Dhabi’s infrastructure.”

International Holding Co.: Multiply Media Group, backed by Abu Dhabi-owned IHC, has teamed up with U.K.-based Wildstone to manage outdoor electronic billboards at London’s Wandsworth Roundabout.

🌴 Agri Billions: A Riyadh private equity firm backed by Saudi’s Prince Saud bin Abdulaziz Al Saud, Chairman of Aram Palms Company, is partnering with Canada’s Cordiant Group to launch a $5 billion agricultural fund across the GCC, aiming to invest $10 billion by 2035.

💰 Helping Hand: UAE banks led a $1 billion fundraising for Pakistan as the country secured Middle Eastern funding for the first time in over two years amid regional tensions.

💵 Good Money: Saudi Industrial Development Co.’s subsidiary, Emmdad Logistic Services, signed a five-year, Islamic-compliant $2.7 million financing deal with Saudi Arabia’s Social Development Bank to support capital expansion.

🏭 Capacity Boost: Hitachi Energy will invest $70 million to expand its transformer facility in Turkey, boosting capacity by 70% to meet rising electricity demand across Europe and Asia.

✈️ Service Interrupted: American Airlines has suspended daily flights to Qatar’s capital, Doha, and United Airlines paused service to Dubai, citing military actions and rising tensions in the Middle East, Bloomberg reports. 

🏀 Gulf Ballers: Less than two months after Mubadala Capital led a $10 billion investment in Mark Walter’s TWG Global in a two-way deal that gave TWG a 5% stake in the Abu Dhabi fund, the billionaire is buying a majority stake in the Los Angeles Lakers in a deal that values the basketball franchise at $10 billion.

💡 Energy Innovation: Iraq is building a second waste-to-energy plant in Baghdad, as part of efforts to ease its power shortage.

📈 Intelligence Setup: U.S. tech giant Oracle has opened a seven-story research and development center in Morocco.

🖥️ Job Creation: Saudi developer Roshn has created more than 200,000 jobs through its large-scale projects, with Saudis making up over 70% of its workforce, financial website Argaam reports.

UAE President Sheikh Mohamed bin Zayed sent a written message to Canadian Prime Minister Mark Carney, focusing on trade and tech cooperation between the two countries. The note was delivered in Ottawa by Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, who also met with François-Philippe Champagne, Canada’s Minister of Finance and National Revenue,during his visit to Canada.

Sheikh Shakhboot bin Nahyan, UAE Minister of State, met João Manuel Lourenço, President of Angola, who is on a working visit to the country.

Sheikh Ammar bin Humaid Al Nuaimi, Ajman’s Crown Prince and Chairman of Ajman Executive Council, received Gerardo Perez, Ambassador of El Salvador to the UAE, at the Ruler’s Court on Friday.

Mansoor Abulhoul, UAE Ambassador to the United Kingdom, collected the cup after Arabian Story’s win at the Britannia Stakes on Ladies’ Day at Royal Ascot. The racehorse is owned by Dubai Ruler Sheikh Mohammed bin Rashid’s Godolphin stables.

Pavel Durov, the billionaire founder of Telegram who resides in Dubai, plans to leave his vast fortune to the more than 100 children he has fathered naturally and via sperm donation, Bloomberg reports. 

Masayoshi Son, Founder of SoftBank Group Corp, wants to partner with Taiwan Semiconductor Manufacturing Co. on a trillion-dollar AI and robotics hub in Arizona, though it’s unclear if TSMC, already investing heavily in the area, will join the project, Bloomberg reports.

Tareq Muhmoodhas been appointed Visa’s Regional President for Central and Eastern Europe, the Middle East and Africa.

🍽️ Top Bites: Two Dubai restaurants have made this year’s World’s Best 50 Restaurants list. Tresind Studio and Orfali Bros both made the cut when the annual list was announced in Turin, Italy, last night. While Mediterranean eatery Orfali Bros climbed from number 64 to 37 on the list, fusion Indian restaurant Tresind Studio ranked at number 27 – down from 13 last year.

June 18-21, St. Petersburg, St. Petersburg International Economic Forum. Addressing thekey economic issues facing Russia, emerging markets, and the world as a whole. EXPOFORUM Convention and Exhibition Centre.

June 23-26, Amman. JIMEX Exhibition 2025. The event is a showcase of industrial engineering in the Near East. Jordan International Exhibition Center.

June 24, Dubai. Zawya GCC Capital Markets Forum. The event will bring together a diverse panel of C-suite-level participants from banks and top financial institutions. Fairmont Dubai. 

June 24-25, Dubai. Middle East Rail. The two-day programme will host more than 250 speakers from the region and beyond. Dubai World Trade Center.

June 24-25, Dubai. Mobility Live. A free-to-attend multi-brand exhibition hosting multiple country pavilions and  showcasing cutting-edge solutions. Dubai World Trade Center.

June 26, Abu Dhabi. Supercharged. Annual tech forum hosted by G42. ADNEC Center.

July 3-5, Cairo. Lift City Expo. Showcasing the latest technology in the elevator industry. Cairo International Convention & Exhibition Center.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 30-Sept. 7, Abu Dhabi, UAE. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

CHILD’S PLAY

UAE school operator Taaleem has agreed to buy a 95% stake in Dubai-based early learning provider Kids First Group, which manages 34 nurseries catering to 5,000 students across the UAE and Qatar. KFG founder Kamil Najjar will retain a 5% stake and stay on as CEO. Taaleem, which is listed on the Dubai Financial Market, said the acquisition would be self-funded through equity and debt. Taaleem shares were up 6% today following the announcement. Last year Taaleem signed a deal with Harrow School, the 450-year-old British boys school that counts Winston Churchill among its alumni. It is set to open two new Harrow facilities in the UAE next year. 

ON THE MED

Qatar is in talks to inject $3.5 billion into a major tourism project on Egypt’s Mediterranean coast. The potential agreement, expected by late 2025, follows a record $35 billion investment last year by a consortium led by Abu Dhabi’s ADQ sovereign wealth fund, Bloomberg reports. Under the potential deal, Qatar would provide $1 billion to Egypt immediately after the signing, then deliver the balance over the following 12 months. The massive UAE investment helped address Egypt’s two-year economic crisis and fallout from the Israel-Hamas conflict in Gaza.

Mubadala: Mubadala Investment Co. and the Abu Dhabi Projects and Infrastructure Centre have partnered to advance Abu Dhabi’s infrastructure through collaborative planning, feasibility studies, and sustainable financing.

Oman Investment Authority: OQ Gas Networks, a subsidiary of OQ, the national energy conglomerate wholly owned by the OIA, has awarded a $273 million engineering, procurement and construction contract to Egypt’s Petrojet for the 193 kilometer Fahud–Suhar loop line. It also awarded the supply of line pipes to Jindal SAW.

Beeah: Khaled Al Huraimel, Chief Executive Officer of Beeah Group, a public-private partnership backed by members of Sharjah’s ruling family, told Bloomberg that the company is entering the real estate market with a $1.4 billion housing project.

ADQ: Egypt’s House of Representatives approved a tax exemption for the Abu Dhabi sovereign wealth fund on Sunday to pave the way for further investments from the UAE.

✈️ Airplane Order: Egyptair has ordered six more Airbus A350-900s at the Paris Air Show, which will bring its  fleet to 16 as it expands its long-haul network, The National reports. 

💻 AI Hub: Dubai-based proptech startup Prop-AI has raised $1.5 million in pre-seed funding to enhance its AI-driven real estate platform, expand regional data integration, and form strategic partnerships across MENA and Europe.

💵 IKEA Loans: Alsulaiman Group, operator of IKEA in Saudi Arabia and Bahrain, has acquired auto loan provider Taajeer Finance Company, marking its entry into financial services and helping Tajeer expand into personal, lifestyle and SME financing.

🤝 Helping Hands: The European Bank for Reconstruction and Development will provide $287 million in funding to young entrepreneurs in Turkey.

🪖 Drone Tech: Turkish defense supplier Baykar and Italian aerospace and defense company Leonardo have agreed to form a joint venture to develop next-generation unmanned aerial vehicles.

🏝️ Private Island: Mohamed Alabbar’s Eagle Hills will open a new Bvlgari Resort & Mansions – with its own yacht club and 40-berth private marina – on an island adjacent to Abu Dhabi’s Qasr Al Watan palace.

🛢️ China’s Iraq: Chinese oil companies now control more than two-thirds of Iraq’s oil and gas assets, managing around 3 million bpd and holding stakes in nearly 24 billion barrels of crude reserves.

⚕️ Future Proof: Despite rising geopolitical tensions, Syria has begun developing the 1.1 million square meter Idleb Free Zone Project, which will feature industrial, commercial, and dry port facilities, state-run Sana news agency reports. 

🍞 Take Away: Americana Restaurants is in early talks to acquire Cravia Inc., the Middle East operator of brands like Five Guys and Cinnabon, in a potential deal with Fajr Capital to expand its franchise network, Bloomberg reports. 

💰 Attracting Talent: Gulf financial firms, especially in asset management and hedge funds, are increasingly offering rare perks like sign-on bonuses reaching up to $5 million to attract and retain top talent, recruiters say.

🔋 Electric Mobility: Qatar is accelerating its e-mobility, aiming for 10% EV sales by 2030 and significant growth in battery and hybrid EV adoption by 2035, according to a PwC report.

UAE President Sheikh Mohamed bin Zayed met in Abu Dhabi with Aleksandar Vučić, President of Serbia, on Wednesday.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, attended the Abu Dhabi Infrastructure Summit on Wednesday.

Sheikh Sultan bin Hamdan, Chairman of the UAE’s Al Ain Football Club, exchanged souvenirs with FIFA President Gianni Infantino on the sidelines of the Club World Cup in Washington D.C. on Wednesday. Sheikh Sultan and Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, were seen attending the Al Ain vs. Juventus soccer match at Audi Field yesterday.

Wael Sawan, CEO of Shell, told an industry conference in Tokyo on Wednesday that the oil company is being “very careful” in the Middle East, preparing contingency plans for threats to shipping routes if the Israel-Iran conflict escalates further.

Abdulla Al Hamed, Chairman of the National Media Office and Chairman of the Board of Directors of the UAE Media Council, attended a panel session at Cannes Lions International Festival of Creativity in France on enhancing collaboration and innovation in the media and marketing sectors in the age of artificial intelligence.

Farzad Billimoria, a senior executive at HSBC, was hired by Barclays and named head of its Private Bank for the UAE, based in Dubai.

Lewis Hamilton, the British racing car driver, is launching a Soho House pop-up inside the Paddock Club the Abu Dhabi F1 Grand Prix, bringing a taste of the private member’s club experience with art, DJ sets and exclusive pit lane walks.

⚽ Kicking Goals: U.K. Premier League soccer matches will be broadcast across the Mena region by Qatar’s BeIN Media Group until the end of the 2027-28 season. The renewal deal, signed in Qatar by BeIN CEO Mohammad Al-Subaie and Premier League’s Chief Media Officer Paul Molnar, covers all 380 games per season, to be broadcast in 24 countries on the BeIN Sports network, Arabian Gulf Business Insight reports. No valuation was given for the deal, but the previous agreement was reported to be worth $500 million.

June 18-21, St. Petersburg, St. Petersburg International Economic Forum. Addressing thekey economic issues facing Russia, emerging markets, and the world as a whole. EXPOFORUM Convention and Exhibition Centre.

June 23-26, Amman. JIMEX Exhibition 2025. The event is a showcase of industrial engineering in the Near East. Jordan International Exhibition Center.

June 24, Dubai. Zawya GCC Capital Markets Forum. The event will bring together a diverse panel of C-suite-level participants from banks and top financial institutions. Fairmont Dubai. 

June 24-25, Dubai. Middle East Rail. The two-day programme will host more than 250 speakers from the region and beyond. Dubai World Trade Center.

June 24-25, Dubai. Mobility Live. A free-to-attend multi-brand exhibition hosting multiple country pavilions and  showcasing cutting-edge solutions. Dubai World Trade Center.

July 3-5, Cairo. Lift City Expo. Showcasing the latest technology in the elevator industry. Cairo International Convention & Exhibition Center.

July 7-Aug. 24, Riyadh. Esports World Cup. An seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 30-Sept. 7, Abu Dhabi, UAE. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

DRAWING FUNDS

Newly arrived hedge funds are looking at what appears to be a three-to-five-year window of opportunity in the UAE. The rise of Abu Dhabi and Dubai as bases for the funds coincides with the faltering of traditional financial hubs, Bloomberg reports. Unlike London, New York, or Hong Kong, the UAE lacks a deep-rooted hedge fund ecosystem or elite university pipeline, but it is winning ground by eliminating barriers, capitalizing on strict Covid rules in Asia, and attracting wealthy individuals disillusioned with U.K. tax reforms. Recent moves by firms such as Dymon Asia and Taula Capital signal that the shift aims to draw talent away from London with the UAE’s tax-free lifestyle and investor-friendly policies.

TRUMP BUMP

Dar Global, the Saudi developer behind Dubai’s planned $1 billion Trump Tower, expects the building to sell out by the end of summer and is planning to launch more projects with the Trump Organization. The project, launched in April, is expected to be finished in five years and will feature more than 500 homes, with two $20 million penthouses, a Trump-branded hotel and a clubhouse. “Sales have been strong, [there has been] very good reception for the brand, for the mix and the location,” Dar Global CEO Ziad El Chaar told The National. Dubai’s property market has continued its steep ascent, with the average price per square foot reaching Dh1,808 ($492) in May.

Public Investment Fund: Budget airline Flynas, backed by the Saudi sovereign wealth fund through its stake in Kingdom Holding, began trading today on the Saudi Exchange after raising $1.1 billion in the region’s largest IPO this year, despite regional conflict and market volatility.

G42: The Abu Dhabi-owned tech company has formed a partnership with Liquid AI, a Cambridge, Mass., developer of AI systems modeled on the neural network in the brain of a worm.

Abu Dhabi Investment Authority: Malaysian energy infrastructure company Yinson Production has closed a $1 billion investment from a consortium including a subsidiary of ADIA and funds managed by British Columbia Investment Management Corp and RRJ Group.

Qatar Investment Authority: Applied Intuition, a Silicon Valley-based supplier of software for automobiles, has more than doubled its valuation to $15 billion after raising $600 million in a funding round that includes new backing from the Qatar sovereign wealth fund, Reuters reports.

💵 Bond Sale: Saudi National Bank held its biggest bond sale ever, raising $1.25 billion amid strong investor interest that attracted over $4 billion in offers.

👍 Offshore Win: QatarEnergy has secured its first upstream entry into Algeria by winning a 24.5% stake in the onshore Ahara Block, alongside TotalEnergies and Sonatrach.

💰 Investor Plan: Kuwait’s Agility Public Warehousing Co. said it will invest more than  $326 million by 2030 in infrastructure and supply chain projects. 

📈 Prime Stake: Kuwait-listed Energyhouse is reviewing a preliminary offer to sell its 92.5% stake in its UAE subsidiary.

🔋 Battery Boom: Saudi Arabia and the UAE are ramping up purchases of Chinese battery energy storage systems as the prices are going down to support ambitious renewable energy targets, The Financial Times reports. 

🤝 Regional Support: Despite its own shortages, Egypt has increased natural gas supplies to Jordan to help offset disrupted flows from Israel, under a deal allowing Jordan to use Egyptian LNG facilities through 2026.

☀️ Climate Driven: The Islamic Development Bank Group partnered with Turkey’s Ministry of Industry and Technology to modernize industrial zones and promote sustainable manufacturing to support the country’s 2053 net-zero goal. 

👑 Crown Inheritance: As King Salman’s health declines, speculation grows over who will succeed the Crown Prince Mohammed bin Salman, who wants to keep power within his immediate family. While his brothers are positioned to benefit, he may also broaden his support by backing influential relatives like Turki bin Mohammed bin Fahd al-Saud, a key political player and business figure, The Intelligence Online reports.

🚢 Long Lines: QatarEnergy has instructed LNG vessels to wait outside the Strait of Hormuz until just before loading as a precaution amid regional tensions, in a move that has contributed to rising energy prices, Bloomberg reports.

UAE President Sheikh Mohamed bin Zayed held a phone discussion on Tuesday with Iranian President Masoud Pezeshkian. Sheikh Mohamed also spoke with Turkey’s President Recep Tayyip Erdogan.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, held a phone call on Tuesday with Kaja Kallas, the EU High Representative for Foreign Affairs and Security Policy and Vice-President of the European Commission.

Reem Al Hashimy, UAE Minister of State for International Cooperation, led a high-level delegation on a visit to Dublin to celebrate the 50th anniversary of diplomatic relations between the UAE and Ireland.

Maysarah Salim Eid, Director General of Abu Dhabi Projects and Infrastructure Centre, said that the UAE capital wants to sign $12.8 billion of infrastructure projects with the private sector in the second half of this year. 

Khalaf Al Habtoor, the Emirati billionaire and the founding Chairman of the Al Habtoor Group, announced plans to list his family’s hospitality business on the Dubai Financial Market.

📽️ Screen Success: Egyptian producer and writer Sarah Goher’s debut feature “Happy Birthday” took two of the top honors at New York’s Tribeca Film Festival. The film, which tells the story of an eight-year-old girl working as a child maid for a wealthy family in Cairo, won best international narrative feature and best screenplay in an international narrative feature.

June 16-19, Boston. BIO International Convention 2025. The largest  world conference in biotechnology, drawing 20,000 industry leaders from across the globe, including the Middle East. Boston Convention & Exhibition Center.

June 17-19, Cairo. Big 5 Construct Egypt. Showcasing the latest products, technologies, and innovations shaping the future of construction. Egyptian International Exhibition Center. 

June 23-26, Amman. JIMEX Exhibition 2025. The event is a showcase of industrial engineering in the Near East. Jordan International Exhibition Center.

June 24, Dubai. Zawya GCC Capital Markets Forum. The event will bring together a diverse panel of C-suite-level participants from banks and top financial institutions. Fairmont Dubai. 

June 24-25, Dubai. Middle East Rail. The two-day programme will host more than 250 speakers from the region and beyond. Dubai World Trade Center.

June 24-25, Dubai. Mobility Live. A free-to-attend multi-brand exhibition hosting multiple country pavilions and  showcasing cutting-edge solutions. Dubai World Trade Center.

July 3-5, Cairo. Lift City Expo. Showcasing the latest technology in the elevator industry. Cairo International Convention & Exhibition Center.

July 7-Aug. 24, Riyadh. Esports World Cup. An seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 30-Sept. 7, Abu Dhabi, UAE. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

PRICING RISK

The cost of shipping oil from the Middle East has surged, as tanker companies factor in the increased risk of hauling fuel through the Strait of Hormuz amid escalating attacks between Israel and Iran. Tanker rates for shipping fuels between the region and East Asia rose almost 20% since the current conflict began last week, while rates to East Africa rose more than 40%, Bloomberg reports. A collision between two tankers in waters in the Sea of Oman this morning appeared to be unrelated to the conflict, although jamming of navigation signals has increased the risk of accidents in the area, which is heavily congested with oil tankers. The vessels, Adalynn and Front Eagle, crashed about 24 nautical miles east of Khor Fakkan, drawing the attention of analysts and oil traders, who have been closely monitoring the Strait of Hormuz for any sign of the conflict spilling over into shipping and oil export infrastructure. Brent crude traded 1.3% higher after U.S. President Donald Trump called for the evacuation of Tehran.

PALACE 4 SALE

Palazzo Versace Dubai, one of the most luxurious hotels in the UAE is hitting the auction block with a starting price of $163 million, a figure significantly lower than its previous valuation of $380 million, after its owner ran into financial trouble. Among the interested buyers is Swiss-Italian banker Christopher Aleo, who is planning a bold move through his New York-listed iSwiss Hedge Fund to bring in global investors. More than just a real estate deal, this could mark a symbolic return of the opulent property to Italian hands, with Aleo aiming to blend luxury, heritage, and innovation in a refreshed vision for the hotel. If it goes through, the acquisition could become one of 2025’s most talked-about deals in global hospitality and finance. The hotel spans 130,000 square meters and features 215 rooms and suites, 169 private residences, and eight upscale restaurants and lounges along the shores of Dubai Creek. 

Public Investment Fund: The PIF has earned a perfect score in the 2025 Global SWF Index, ranking among the top nine sovereign wealth funds worldwide for governance, sustainability, and resilience; a sharp rise from just 28% in 2020.

Public Investment Fund: Saudi Arabia is making a bold push into the global video game industry by investing billions through its sovereign wealth fund and Savvy Games Group, building gaming cities like Qiddiya, hosting record-breaking esports events, and acquiring stakes in top game publishers, News Lines Magazine reports. 

Mubadala: Rio de Janeiro’s Mubadala-backed Base Exchange is now set to launch by April 2026, aiming to challenge São Paulo’s dominance in Brazil’s financial markets, Reuters reports. 

Masdar: The UAE Ministry of Defence, in collaboration with district cooling company Tabreed and Emerge, a joint venture between Masdar and France’s EDF, has completed a solar project in Abu Dhabi that delivers 2.4 MW of clean energy to power two cooling plants at the Ministry’s facilities in Abu Dhabi.

ADQ: AD Ports, majority owned by ADQ, signed three strategic agreements with Bahrain’s ASRY, including a joint venture for drydock operations, a partnership with India’s JM Baxi to develop green ship recycling facilities and plans for joint port investments.

M42: Cleveland Clinic Abu Dhabi, part of the M42 group, has become the first hospital in the GCC to offer continuous infusion therapy for advanced Parkinson’s disease.

Indonesia Sovereign Fund: Indonesia’s sovereign wealth fund has appointed Christopher Ganis and Andry Setiawan as co-chief investment officers, with the roles announced internally in late May, Bloomberg reports. 

💰 Hedging Bet: Schonfeld Strategic Advisors is allocating $500 million to Omar Newera, a former Waha Capital portfolio manager, to set up a new hedge fund in Abu Dhabi, Bloomberg reports.

🏢 Reviving History: Abu Dhabi developer Eagle Hills Properties and Italian investment vehicle Coima will invest $232 million to refurbish Grand Hôtel des Bains in Venice.

🤝 Friendly Neighbours: Oman and Saudi Arabia recorded $1.2 billion in trade in the first quarter of the year, driven by a new desert road that significantly cuts travel time and boosts cross-border commerce.

🦘 Down Under Deal: ADNOC’s deep pockets could help it win approval from regulators for its $18.7 billion bid for Santos, Australia’s second biggest gas producer, as the company has undeveloped resources that need capital investment.

📦 Moving Shop: Pharo Management, a New York-based $7 billion hedge fund, plans to establish an Abu Dhabi office and relocate its Africa Fund teams there, viewing the emirate as a strategic hub for emerging markets, Bloomberg reports. 

💼 New Arrival: Switzerland-based Partners Group, which manages $150 billion in assets, has opened a regional headquarters in Abu Dhabi’s ADGM free zone.

🪙 Token Pilot: The Dubai Financial Services Authority has launched the next phase of its Tokenisation Regulatory Sandbox, engaging selected firms in its Innovation Testing Licence programme. 

⛏️ Mining Project: Algeria’s parliament approved a law allowing foreign firms to own up to 80% of mining projects in a step to attract investment, boost extractive industries and reduce costly imports, Bloomberg reports. 

🛢️ Securing Supply: Egypt is urgently seeking alternative fuel supplies, including a tender to import up to 1 million tons of fuel oil, after regional conflict halted Israeli gas flows and threatened the country’s power generation, Bloomberg reports. 

⛰️ Peak Project: Oman has invited bids from international consultants to design the $3 billion Al Jabal Al Aali mountain resort project, a mixed-use development atop the popular Jabal Al-Akhdar.

UAE President Sheikh Mohamed bin Zayed held a phone call on Monday with Mohammed Shia’ Al Sudani, Prime Minister of Iraq. Sheikh Mohamed met on Monday with Sheikh Mohammed bin Rashid, Ruler of Dubai and UAE Vice President and Prime Minister, in the presence of Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, at Al Marmoom in Dubai.

Sheikh Mohammed bin Rashid, launched the second phase of the  Zero Government Bureaucracy programme, a national project designed to create simpler, faster, and more impactful government services.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, met with Stephen Schwarzman, Chairman, CEO and Co-Founder of Blackstone in New York. 

Sheikh Abdullah held phone calls with several foreign ministers including Muhammad Ishaq Dar, Minister of Foreign Affairs of Pakistan; Antonio Tajani, Minister of Foreign Affairs of Italy; Hakan Fidan, Minister of Foreign Affairs of Turkey; Péter Szijjártó, Minister of Foreign Affairs of Hungary; and Asaad Al-Shibani, Minister of Foreign Affairs of Syria.

Sheikh Abdullah also held a phone call with Dr. Nawaf Salam, Prime Minister of Lebanon.

Sheikh Zayed bin Hamdan, Chairman of 2PointZero, attended the ENACT Forum on Monday in Washington D.C.

Abdulla Al Messabi has been appointed as ADNOC Drilling’s new Chief Executive Officer, following the departure of the incumbent Abdulrahman Al Seiari, who will retire at the end of the year after 45 years with ADNOC. 

Shaikha Nasser Al Nowais, the Secretary-General-elect of the United Nations World Tourism Organisation, took part in VivaTech 2025 conference in Paris.

Adam Goldstein, Chief Executive Officer of Electric aircraft maker Archer Aviation, told Bloomberg the company expects defense to become the biggest part of their business in the near term.

💍 Love Quest: A matchmaking app that blends technology with cultural traditions is helping young people in Saudi Arabia find a suitor. Awaser, founded by psychiatrist Dr. Mohammed Alolayan, has features tailored to norms in the kingdom, including a strong emphasis on privacy and the option to search by preferences including regional origin, family background, sect and tribal affiliation, Arab News reports. “Awaser does not offer matchmaking in the conventional sense. Instead, it elevates traditional matchmaking by making it more accessible and efficient,” Alolayan said.

June 16-18, Riyadh. Sports Show Riyadh. The event connects exhibitors, architects, developers and key decision-makers from the sports infrastructure development, leisure facilities and public spaces industry. Riyadh International Convention and Exhibition Center.

June 16-18, Dubai. Credit Risk Management For Financial Investments. Credit risk professionals explore strategies for enhancing their frameworks. Venue TBA.

June 16-19, Boston. BIO International Convention 2025. The largest  world conference in biotechnology, drawing 20,000 industry leaders from across the globe, including the Middle East. Boston Convention & Exhibition Center.

June 17-18, Washington D.C. Atlantic Council Global Energy Forum. The go-to conference for navigating the geopolitics of energy. Waldorf Astoria.

June 17-18, Abu Dhabi. Abu Dhabi Infrastructure Summit. A platform for policymakers, investors, developers, contractors, and industry experts to explore emerging trends and unlock investment opportunities. Abu Dhabi Energy Center. 

June 17-18, Dubai. Middle East Event Show. Featuring exhibitors, speakers, and event professionals, MEES offers expert-led workshops, tech showcases, and networking. Dubai World Trade Center.

June 17-18, Abu Dhabi. RetrofitTech and Sustainable Buildings. The event will bring industry leaders together to explore technology’s role in cutting carbon emissions. Dusit Thani Abu Dhabi.

June 17-19, Cairo. Big 5 Construct Egypt. Showcasing the latest products, technologies, and innovations shaping the future of construction. Egyptian International Exhibition Center. 

June 18, Dubai. Critical Infrastructure Summit. Senior stakeholders explore opportunities and challenges in public transportation, climate resilience, green spaces, and robust soft infrastructure. Habtoor Grand JBR. 

June 23-26, Amman. JIMEX Exhibition 2025. The event is a showcase of industrial engineering in the Near East. Jordan International Exhibition Center.

June 24, Dubai. Zawya GCC Capital Markets Forum. The event will bring together a diverse panel of C-suite-level participants from banks and top financial institutions. Fairmont Dubai. 

June 24-25, Dubai. Middle East Rail. The two-day programme will host more than 250 speakers from the region and beyond. Dubai World Trade Center.

June 24-25, Dubai. Mobility Live. A free-to-attend multi-brand exhibition hosting multiple country pavilions and  showcasing cutting-edge solutions. Dubai World Trade Center.

TROUBLE AT SEA

Oil traders remain on edge after attacks between Israel and Iran escalated over the weekend, with Brent crude leaping higher at open on Monday before trading down as much as 1% in a volatile start to trading. While critical crude oil export infrastructure has so far been spared and the Strait of Hormuz remains open, the shipping industry is facing increasing challenges and some oil tanker companies have paused offering ships in the Middle East. Jamming of navigation signals in the Strait of Hormuz and the Arabian Gulf over the weekend forced ship crews to rely on low-tech methods, posing a higher risk of collisions. Data showed vessels sailing impossibly straight lines in the region and zig-zagging across the water, Bloomberg reports. The Joint Maritime Information Center said instances of “extreme jamming” originated from the Iranian port of Bandar Abbas. Meanwhile, Israel attacked a gas facility linked to the enormous South Pars field, which is critical to Iran’s domestic energy production.

SHOW GOES ON

AviLease has signed a deal for up to 77 Airbus planes, announced as the Paris Air Show opens in Le Bourget today. The global aircraft lessor backed by Saudi Arabia’s PIF has signed up for an initial 30 A320 Neo jets and 10 A350F freighters, which could increase to 55 A320 Neos and 22 A350Fs. Riyadh Air, Saudi’s new national carrier, also backed by the PIF,  announced an order of 25 A350-1000 aircraft at the event on Monday.  Meanwhile, Royal Air Maroc is nearing a major fleet renewal deal with Boeing as it moves to quadruple its fleet by 3030 ahead of co-hosting the World Cup. The deal could include more than 70  787s and 737 jets, Reuters reports. The airline is also planning a smaller order for 20 Airbus A220s, its first Airbus deal in nearly 25 years. The Paris Air Show opens against a somber backdrop following last week’s Air India tragedy and disruptions caused by rising tensions between Israel and Iran. Boeing CEO Kelly Ortberg and Commercial Airplanes chief Stephanie Pope have cancelled their trip to Paris, with Boeing scaling back its presence to focus on the India crash probe. However, Boeing’s branding remains highly visible at the show, including a gleaming Riyadh Air 787 parked behind the planemaker’s chalet at Le Bourget, Reuters reports. 

Aramco: Amin Nasser, CEO of Aramco, said during a video speech delivered at the Energy Asia Conference, that the ongoing conflicts highlight the critical role of oil and gas in energy security, warning that the shift to renewables alone won’t meet global demand or ensure affordability, Reuters reports. 

Public Investment Fund: Saudi Arabian dairy and food group Almarai, partly owned by the PIF, will acquire bottled water maker Pure Beverages for $277 million to expand its beverage portfolio.

Public Investment Fund: ACWA Power is advancing a $1.8 billion capital raising via rights issue to support its global expansion in clean energy, water desalination, and green hydrogen, as part of a broader plan to triple its assets by 2030.

International Holding Company: Mohamed Hesham has been named the new CEO of ePointZero, the renewable energy and decarbonization arm of 2PointZero, an investment platform owned by IHC.

💲 Beyond Building: Dubai developer Binghatti has launched Binghatti Capital, a DIFC-based asset management firm targeting $1 billion in Islamic-compliant private credit and real estate investments.

💰 Investment Power: Algeria launched new petrochemical and refining projects valued at $7 billion to diversify state revenue and address a long-standing budget deficit.

💸 Foreign Supply: Norway-based renewable energy company Scatec ASA signed a 25-year purchase agreement with the Egyptian Electricity Transmission Company for a 900MW wind power project in Ras Shukeir, located north of Hurghada on the Red Sea coast.

🏦 Raising Funds: Tristar, a subsidiary of Abu Dhabi-listed Agility Global, has secured a $255 million credit facility for refinancing and general corporate purposes.

☀️ Secure Money: UAE-based AMEA Power has secured a $72 million debt package from the International Finance Corporation to build Egypt’s first large-scale battery storage project, which will store energy from its solar plant in Kom Ombo.

🏎️ Electric Move: Tesla has officially entered the Moroccan market through a new entity, Tesla Morocco, to capitalize on growing business demand ahead of the 2030 FIFA World Cup.

📈 Public Spending: Total public expenditure by the six GCC countries is projected to reach $542 billion in the 2025 fiscal year, according to new figures.

🖥️ Media Risks: The Bridge Alliance released an inaugural Connecting Conversations report, based on a high-level roundtable in New York hosted by the UAE’s National Media Office, which highlights the urgent challenges reshaping global media.

🤖 Green Data: A consortium led by South Korea’s Naver, Nvidia, Nexus Core Systems, and Lloyd Capital plans to build a 500 MW renewable energy-powered AI data centre in Morocco to serve the EMEA region.

₿ Crypto Shop: Cryptocurrency services company, Bitcoin[dot]com, has established its regional headquarters in Dubai’s DMCC Crypto Centre, which is home to 650+ blockchain firms.

UAE President Sheikh Mohamed bin Zayed spoke to U.K. Prime Minister Sir Keir Starmer on Sunday. Sheikh Mohamed also held separate phone conversations with French President Emmanuel Macron and Italian Prime Minister Giorgia Meloni on Saturday. Sheikh Mohamed also held a phone call with Nikos Christodoulides, President of Cyprus on Sunday.

Sheikh Mohammed bin Rashid, Ruler of Dubai and UAE Vice President and Prime Minister, affirmed that the UAE’s non-oil foreign trade saw growth of 18.6% year-on-year in the first quarter of this year, reaching AED 835 billion ($227 billion) and was on track to reach AED 4 trillion ($1.09 trillion) by 2031.

Saudi Crown Prince Mohammed bin Salman held a phone call with Iran’s President Dr. Masoud Pezeshkian on Saturday. The Crown Prince also spoke to Turkish President Recep Tayyip Erdogan on Saturday to discuss the ongoing development. 

Qatar Emir’s Sheikh Tamim Al-Thani spoke on Saturday to Dr. Masoud Pezeshkian, President of Iran, about the ongoing regional and international developments.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, held a phone call with Johann Wadephul, Germany’s Minister of Foreign Affairs, on Sunday. Sheikh Abdullah also spoke to Dr. Subrahmanyam Jaishankar, India’s Minister of External Affairs, on Monday.

Oman’s Sultan Haitham bin Tarik received a phone call on Sunday from Turkish President Recep Tayyip Erdogan.Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai and UAE Minister of Finance and Deputy Prime Minister, and Chairman of the Dubai Judicial Council, launched the Dubai Judicial Authority’s 2024 annual report.

Ben Ashkenazy, the billionaire real estate developer, is staging a commercial real estate comeback, raising $750 million to scoop up distressed retail and hotel assets, backed in part by his own capital and previous allies, including the Saudi royal family and the Kushners.

Dr. Noura Khamis Al Ghaithi, Undersecretary of the Department of Health – Abu Dhabi, said that the high-level delegation heading to the U.S. for the BIO International Convention 2025, one of the world’s foremost biotechnology events, reflects the UAE’s commitment to shaping the future of health through collaboration, innovation, and shared purpose.

Rashed Abdulkarim Al Balooshihas been appointed as the new Chief Executive Officer of ADGM’s Registration Authority, effective immediately, by the board of directors of ADGM, the UAE capital’s financial free zone.

🏛️ Tourists Homecoming: Jordan’s tourism revenue hit $3.1 billion in the first five months of 2025, reflecting strong growth as visitor numbers surged. The increase was driven by a sharp rise in spending from both international tourists and Jordanian expatriates. European and U.S. visitors also contributed significantly, in a move that highlights a broad recovery across key markets.

June 16-18, Riyadh. Sports Show Riyadh. The event connects exhibitors, architects, developers and key decision-makers from the sports infrastructure development, leisure facilities and public spaces industry. Riyadh International Convention and Exhibition Center.

June 16-18, Dubai. Credit Risk Management For Financial Investments. Credit risk professionals explore strategies for enhancing their frameworks. Venue TBA.

June 16-19, Boston. BIO International Convention 2025. The largest  world conference in biotechnology, drawing 20,000 industry leaders from across the globe, including the Middle East. Boston Convention & Exhibition Center

June 17-18, Abu Dhabi. Abu Dhabi Infrastructure Summit. A platform for policymakers, investors, developers, contractors, and industry experts to explore emerging trends and unlock investment opportunities. Abu Dhabi Energy Center. 

June 17-18, Dubai. Middle East Event Show. Featuring exhibitors, speakers, and event professionals, MEES offers expert-led workshops, tech showcases, and networking. Dubai World Trade Center.

June 17-18, Abu Dhabi. RetrofitTech and Sustainable Buildings. The event will bring industry leaders together to explore technology’s role in cutting carbon emissions. Dusit Thani Abu Dhabi.

June 17-19, Cairo. Big 5 Construct Egypt. Showcasing the latest products, technologies, and innovations shaping the future of construction. Egyptian International Exhibition Center. 

June 18, Dubai. Critical Infrastructure Summit. Senior stakeholders explore opportunities and challenges in public transportation, climate resilience, green spaces, and robust soft infrastructure. Habtoor Grand JBR. 

June 23-26, Amman. JIMEX Exhibition 2025. The event is a showcase of industrial engineering in the Near East. Jordan International Exhibition Center.

June 24, Dubai. Zawya GCC Capital Markets Forum. The event will bring together a diverse panel of C-suite-level participants from banks and top financial institutions. Fairmont Dubai. 

June 24-25, Dubai. Middle East Rail. The two-day programme will host more than 250 speakers from the region and beyond. Dubai World Trade Center.

June 24-25, Dubai. Mobility Live. A free-to-attend multi-brand exhibition hosting multiple country pavilions and  showcasing cutting-edge solutions. Dubai World Trade Center.