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.

MINERAL MAPPING

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

KEEPING FAITH

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

📷 Photo of the Day

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

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

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

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

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

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

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

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

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

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

NO BONUS

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

DIGITAL WIN

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

📷 Photo of the Day

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

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

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

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

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

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

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

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

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

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