MUSCLE BUILDING

Riyadh-based Sport Clubs Company is limbering up for an IPO that aims to raise $69 million, bringing one of Saudi Arabia’s largest fitness networks into the public eye. Since 1994, the company has built a strong presence across 18 cities, with 41 men’s gyms under the veteran Body Masters brand and 15 women’s clubs under the newer Body Motions banner. As Saudi Arabia’s IPO pipeline heats up, the listing taps into growing investor interest in lifestyle, health and wellness. The company set a price range for its IPO on Riyadh’s Tadawul Exchange between 7 and 7.50 Saudi riyals ($1.87-$2) per share, according to financial advisor Saudi Fransi Capital.

WEALTH MAGNET

Wealthbrix Capital Partners has formally launched its wealth management business in the UAE with $30 billion in assets. Opening its office at the Dubai International Financial Centre, the firm joins a wave of investment banks, hedge funds and money managers that have opened branches in the Gulf.  “This is the Dubai moment – an inflection point where global capital, regional ambition, and client expectations are converging,” Dr. Hamad Buamim, Chairman of the Wealthbrix Capital Advisory Board, said in a statement. More than 6,700 millionaires relocated to Dubai in 2024, pushing the country’s high- and ultra-high-net-worth population past 68,000.

Public Investment Fund: The Saudi sovereign wealth fund has launched its first commercial paper program to diversify funding sources, enhance short-term liquidity and complement its long-term capital-raising efforts.

Lucid Motors: The PIF-backed U.S. electric vehicle maker plans to produce to mid-size SUVs at a new factory in Saudi Arabia.

ADQ: Etihad Rail, the ADQ-backed operator of the UAE’s national railway network, signed an agreement with the Abu Dhabi Projects and Infrastructure Center to collaborate on designs, engineering plans and development strategies.

💰 Raising Capital: Kuwait is preparing to send a request for proposal to banks to raise about $6 billion from international debt markets for the fiscal year ending March 31, 2026, Bloomberg reports.

🛫 Revive Business: Adani Group has raised $750 million from global investors led by Apollo Global Management to refinance debt for Mumbai’s airport, Bloomberg reports.

⚓Port Authority: Saudi Ports Authority, Mawani, signed contracts worth more than $586 million for multipurpose cargo terminals at eight major ports across the kingdom. 

💊 Pharma Investor: Jadwa Investment Co. will seek to sell its 51% stake in Saudi pharmaceutical giant UniPharma, which is valued at around $267 million, Bloomberg reports.

📈 Market Debut: Valu, an Egyptian retail finance company, began trading on the Egyptian Exchange on Monday after its parent company, EFG Holding, gave 20.5% of its shares to its shareholders, including Amazon.

💵 Pay Hike: Syria raised the minimum public sector wage from $25 to $75 per month under a decree by interim President Ahmad Al-Sharaa, covering civilian and military employees in state-linked entities.

🖥️ Digital Divide: Computing power for artificial intelligence is so precious that the components in data centers, such as microchips, have become a crucial part of foreign and trade policies for China and the U.S., which are jockeying for influence in the Gulf, in Southeast Asia and elsewhere, The New York Times reports.

Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister of Foreign Affairs and Deputy Prime Minister met with Roberta Metsola, President of the European Parliament in Abu Dhabi on Monday. Sheikh Abdullah also met a delegation of the presidents of the national councils from the GCC countries in Abu Dhabi on Monday.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline, opened the third edition on Monday of ForsaTEK, an annual conference to display the company’s innovation.

Russian President Vladimir Putin and Iraqi Prime Minister Mohammed Shia al-Sudanidiscussed concerns over the emerging risks to global energy markets and emphasized the importance of continuing active cooperation within the OPEC+ format.

Joachim Nagel, Governing Council member of the European Central Bank, told Bloomberg on Monday that the bank shouldn’t commit to a certain interest-rate path, given how U.S. trade policy and the situation in the Middle East are clouding the outlook.

Saqr Ghobash, Speaker of the UAE’s Federal National Council, held official talks today with Roberta Metsola, President of the European Parliament, at the FNC headquarters in Abu Dhabi on Monday. 

Faisal Alibrahim, Minister of Economy and Planning, said during his speech at the 7th edition of the King Abdulaziz Quality Award that the kingdom’s Vision 2030 plan emphasizes improving institutional performance across all sectors to boost competitiveness, attract investment, expand service quality and create high-value jobs.

Peter Chernin, the media mogul who previously received a $150 million investment from the Qatar Investment Authority, signed a deal that gives Apple first crack at releasing new movies from Chernin’s North Road entertainment studio, Bloomberg reports. 

🍴Royal Tables: The Michelin Guide is getting ready to launch in Saudi Arabia, having already dispatched its reviewers to sites from Riyadh to Jeddah to review the kingdom’s finest restaurants. Selections will be unveiled on the guide’s website on the 15th of each month from October to December 2025, Gwendal Poullennec, Michelin’s international director, said in a statement. “These past few years, our Michelin inspectors have been keeping a watchful eye on the kingdom’s culinary progression and continue to relish the wonderful spectrum that this fast-developing country has to offer,” Poullennec said.

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.

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.