PUMPING UP

Saudi Arabia is spreading the word that it is no longer willing to prop up the oil market with supply cuts and that it can withstand lower prices for a prolonged period. Officials are briefing allies and industry experts on what appears to be a shift in the Kingdom’s policy towards producing higher volumes to increase its market share after five years of OPEC+-led supply cuts  to balance prices, Reuters reports. Meanwhile, the International Monetary Fund has cut its 2025 growth forecast for Middle East oil exporters, including Saudi Arabia, to 2.3% amid global trade tensions and falling energy prices. The organization added that while non-oil growth is expected to be bolstered by infrastructure projects and other diversification efforts in the Gulf, government spending will be dampened by low oil prices, Bloomberg reports. The IMF expects increased natural gas production in Saudi Arabia, Qatar, the UAE, and Oman to drive medium-term growth, with Qatar set to nearly double its LNG output by 2030.

COOKING A DEAL

The Saudi PIF-backed ghost kitchen startup run by former Uber CEO Travis Kalanick is considering an IPO of its Middle East unit. CloudKitchens has hired Goldman Sachs to work on the deal, which would involve a listing in the UAE, Saudi Arabia, or both, Bloomberg reports, citing people familiar with the matter. The PIF, which invested $3.5 billion in Uber under Kalanick, pumped $400 million into his new kitchen venture in 2019, helping fund its rapid global expansion. Ghost kitchens are the unseen commercial cooking operations that largely fuel the food delivery business, using cheaper real estate in industrial areas to keep costs down for restaurant businesses. CloudKitchen’s Middle East operations include KitchenPark, which operates facilities in Saudi Arabia, the UAE and Kuwait. Meanwhile, Uber subsidiary Careem has branched out in an unlikely direction, offering to deliver certified 24-carat gold coins to Dubai residents in less than an hour.

Lunate: Alterra, the UAE’s $30 billion climate fund managed by Lunate, partnered with investors including Canada-based investment company Brookfield Asset Management to co-invest $100 million in Indian renewable energy company Evren. 

Public Investment Fund: Red Sea Global, a company owned by the PIF, plans to expand beyond its west coast projects with new developments in other Saudi cities and overseas, head of hospitality Sébastien Carre told Arabian Gulf Business Insights. 

Public Investment Fund: The PIF raised $1.25 billion by selling seven-year Islamic bonds, after strong investor demand helped it lower borrowing costs, Reuters reports.

Abu Dhabi Investment Authority: ADIA is considering selling its 50% stake in plastic container firm IFCO in a deal that could exceed $2.3 billion, while co-owner Triton plans to retain its share, Bloomberg reports.

Mubadala: Bugaboo, which the Abu Dhabi sovereign fund’s Mubadala Capital unit bought a majority stake in from Bain Capital last year, told customers in an email that it would raise prices across the majority of its luxury baby buggies and accessories from May 20, blaming U.S. tariffs.

🏢 Building Up: Property developer ASPECT, has launched in Egypt with a $295 million residential compound in New Cairo, and a $99 million residential tower in partnership with UAE-based Aldar.

💰 Stamp On: Saudi Arabia Capital Market approved Al Rajhi Bank’s plan to raise up to $2.6 billion by selling debt, giving it six months to complete the first sale.

📦 Logistical Hub: Saudi Ports Authority, known as Mawani, has signed two deals worth $134 million to develop logistics parks for vehicles and spare parts at Dammam’s King Abdulaziz Port with Alissa Universal Motors and Sultan Logistics.

⚡ Exit Strategy: Bahrain’s Investcorp, the Middle East’s largest alternative asset manager, has sold U.S.-based Resa Power to Kohlberg in the first exit from its $1.2 billion North America Private Equity Fund 1, after growing Resa’s revenue more than fourfold since acquiring it in 2021.

💲 New Style: Apollo Global Management, Carlyle Group, and Ares Management bought $375 million of the first known bonds from Sumitomo Mitsui that help the bank reduce risk from loans it gave to private credit funds, Bloomberg reports. 

🔋 Hydrogen Bid: Oman’s green hydrogen developer Hydrom has launched its third auction round, offering 300 sq km of development land near Duqm, with bidding expected to start mid-2025 and winners announced in early 2026.

⛏ Saudi Resources: Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef urged Kuwaiti investors to tap into the Kingdom’s $2.5 trillion mining sector during his visit to Kuwait. 

🚗 Market Share: Chinese carmakers are projected to capture 34% of the Middle East and Africa market by 2030, up from 10% in 2024, according to global consulting firm AlixPartners.

💲 Money In: Egypt may face a slowdown in foreign investments due to new U.S. tariffs, but upcoming GCC investments, led by Qatar and Kuwait, are expected to help fill a $10-12 billion funding gap through to 2026, according to the National Bank of Kuwait. The IMF has advised Egypt to proceed cautiously with interest rate cuts amid global uncertainty. 

🏨 ATM Bucks: Hotelier Rotana Group is IPO-ready and could go public immediately if shareholders agree, but is currently focused on further growth, according to co-founder Selim El Zyr.

UAE President Sheikh Mohamed bin Zayed met with Lebanese President Joseph Aoun on Wednesday at Qasr Al Shati palace in Abu Dhabi. Sheikh Mohamed also met with Daniel Noboa, President of Ecuador, to discuss trade partnerships. 

Lt. Gen. Sheikh Saif bin Zayed, UAE Deputy Prime Minister and Minister of Interior, sat down with Russia’s President Vladimir Putin during his visit to Russia. Sheikh Saif also met with Igor Krasnov, Russia’s Prosecutor General. 

Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai and UAE Deputy Prime Minister and Minister of Finance, met on Wednesday with Mark Read, CEO of WPP, one of the world’s largest marketing and communications services groups.

Ali bin Ahmed Al Kuwari, Qatar’s Minister of Finance, met with the Chairman and CEO of General Atlantic, William Ford, who visited Qatar this week. 

Paul Griffiths, Dubai Airports CEO, told Reuters that, despite global tourism volatility caused by U.S. tariffs, passenger traffic remains strong, helped by China’s travel rebound, with Dubai expecting 96 million travelers in 2025.

Richard Teng, CEO of Binance, said in an interview with The National that the U.S. is most likely to issue pro-crypto regulations in August. 

Ebru Pakcan, Citigroup Mena CEO, said during a virtual conversation hosted by the Atlantic Council that both the UAE and Egypt “may” benefit the most in the Mena region from the U.S.-led reordering of the global trade framework.

Mariam Al Mheiri, Head of the International Affairs Office at the UAE Presidential Court, discussed with Hugh Evans, CEO of Global Citizen, at the Global Citizen conference in New York, the shifting global narratives shaping our future, including the UAE’s role in a rapidly evolving world.

Fabien Toscano, CEO of AlUla Development Company, said that AlUla expects a record year for visits in 2026, following an international marketing campaign targeting overseas travellers who typically stay longer and generate more yield, Arabian Gulf Business Insights reports. 

⚽ Blue Living: Diehard fans of Chelsea Football Club will soon be able to literally live in a dream. The blue jersey-wearing English Premier League club has partnered with Dubai-based DAMAC Properties to launch Chelsea Residences by DAMAC, the first-ever soccer club-themed residential project, consisting of 1,400 seafront units in Dubai Maritime City. The partnership marks Chelsea’s push into the Middle East and reflects a broader trend of collaborations between elite football clubs and luxury developers.

April 25 – May 11, Dubai. Dubai Esports and Gaming Festival. Dubai’s gaming and esports extravaganza brings together global players, creators, fans, and industry leaders. Dubai World Trade Center. 

May 4 – 7, Los Angeles. Milken Institute Global Conference. Bringing together the world’s brightest minds to address urgent challenges and unlock the most promising opportunities of our time. Beverly Hilton.

May 5-6, Abu Dhabi. Governance of Emerging Technologies Summit. Shaping Responsible Governance of AI & Emerging Technologies in a Future Digital Economy. St. Regis Saadiyat Island Resort.

May 6-7, Dubai. MENA Capital Market Summit. The event will bring together 1,500 businesses, decision-makers and global financial leaders to discuss the capital market. Madinat Jumeirah.

May 6-8, Dubai. Airport Show. Showcasing the latest technological advancements in the airport industry. Dubai World Trade Center.

May 6-8, Dubai, GISEC. The 14th edition of the Middle East and North Africa’s largest cybersecurity event, under the theme “Securing an AI-Powered Future.” Dubai World Trade Center. 

May 12-13, Dubai. Dubai FinTech Summit. Exploring a future where finance is accessible, inclusive, and empowering. Madinat Jumeirah.

May 13, Riyadh. Saudi-U.S. Investment Forum. An invitation-only event to be held during U.S. President Donald Trump’s visit to Saudi Arabia. The forum will bring together government, business, finance and innovation to discuss the next chapter of business between the two countries. Venue TBA.

May 13-14, Dubai. Low Carbon Fuels MENA. The conference promises a space for industry leaders, potential partners, and innovators to discuss potential opportunities and challenges. Sheraton Dubai Creek Hotel & Towers.  

May 13-15, Dubai. CABSAT. The Middle East & Africa’s leading event for content, broadcast, media & entertainment industry professionals looking to leverage the latest technology and innovation in creating the next-gen content. Dubai World Trade Center.

May 13-15, Dubai. World Police Summit. Uniting law enforcement professionals, policymakers, industry leaders, and innovators to redefine the standards of modern policing. Dubai World Trade Center.

May 16, Milan. Investopia Europe 3rd Edition. Highlighting discussions around transforming the global economy. Featured speakers include Abdulla bin Touq Al Marri, UAE Minister of Economy and Chairman of Investopia, and UAE Minister of State for Entrepreneurship Alia Abdulla Al Mazrouei. Palazzo Mezzanotte.

May 16-17, Tirana, Albania. FII Priority Europe 2025. Saudi Arabia’s Public Investment Fund sponsors a regional business summit focused on Europe and is affiliated with the annual Future Investment Initiative conference in Riyadh. National Theater of Opera and Ballet.

May 20-22, Doha, Qatar. Qatar Economic Forum. Annual conference bringing together Qatari government and business leaders with corporate executives, investors and policymakers from around the world. Media City Qatar.

May 26-27, Abu Dhabi. Building the Future Summit. This Forbes event serves as an exclusive platform for industry leaders, investors, architects, and innovators to explore the latest trends shaping the future of real estate. Louvre Abu Dhabi.

May 29-30, Tripoli, Libya. Building the Future Summit. A Forbes event that is designed to help delegates from Libya understand their investment opportunities, foster strategic partnerships, and showcase key reforms that will drive economic progress. Venue TBA.

MAJOR SALE

ADNOC, the UAE energy giant, is raising $1.5 billion through its debut sale of Islamic bonds to beef up its capital reserves. Acting via primary debt entity ADNOC Murban, named after its flagship crude grade, ADNOC priced the 10-year bonds at 60 basis points over U.S. Treasuries and attracted more than $3.85 billion in demand, Reuters reports. When ADNOC raised $4 billion through conventional bonds last September, Chief Investment Officer Klaus Froehlich said that the energy giant would likely tap the market for between $3 billion and $5 billion a year, excluding alternative markets like Islamic bonds. Standard Chartered is the sole global coordinator for the latest sale, with several banks acting as bookrunners, the news agency reported.

FACE BOOKING

Abu Dhabi is testing a facial recognition system to verify guests and speed up the check-in process at hotels across the emirate. The system, unveiled during Dubai’s Arabian Travel Market, is now in its pilot phase at a handful of hotels. It will then be rolled out to all five-star hotels in Abu Dhabi city and the Al Ain and Al Dhafra regions, before targeting four-star establishments at a later date. The scheme, led by Abu Dhabi’s Department of Culture and Tourism (DCT) and the Federal Authority for Identity, Citizenship, Customs & Port Security (ICP), is a part of the UAE’s wider push to use technology to boost government efficiency and improve customer service. Travelers to the emirates are already familiar with biometric systems, which are widely used in the UAE’s airports. Upgrades to Abu Dhabi’s Zayed International Airport are expected to eliminate the need for travel documents altogether.

Abu Dhabi Investment Authority: The sovereign wealth fund is an investor in U.S. insurance broker Acrisure, which is in talks with a group led by Bain Capital’s BDT & MSD unit to invest as much as $2 billion in the firm, Bloomberg reports.

Abu Dhabi Investment Authority: ADIA is investing in Ather Energy’s $360 million IPO, supporting the electric scooter maker’s expansion and strengthening its growing presence in India.

Public Investment Fund: Saudi Arabia’s global aircraft lessor AviLease, owned by the PIF, received investment grade ratings from Fitch, strengthening its prospects for expansion.

ADQ: Antonoaldo Neves, CEO of Etihad Airways, which is owned by ADQ, said the decision on an IPO is with the shareholders. He said that so far, the airline is not seeing any effects from the turmoil caused by U.S. President Donald Trump’s tariff policies; however, it was too early to fully gauge the impact, Reuters reports. 

🛢️ New Venture: China’s Sinopec and Saudi Aramco’s Singaporean arm have signed a $3.9 billion deal to create an energy joint venture in China’s Fujian province.

🇶🇦 Bond Proposals: Bahrain may seek to raise $1.5 billion or more in a bond sale and requested proposals from banks for a potential offering, Bloomberg reports.

🚢 Port Authority: Saudi Arabia’s General Ports Authority, known as Mawani, signed a $79 million deal with Alissa International Motors to develop a 382,000 sq. m logistics zone at King Abdulaziz Port in the eastern province of Dammam.

💸 New Style: Los Angeles-based asset manager Capital Group and private equity giant KKR have teamed up to launch new funds blending traditional stocks and bonds with private assets like buyouts, infrastructure, and real estate, the Financial Times reports. 

🤖 Code Repair: Lightrun, an Israeli startup that lets AI developers spot and repair software code in real time, raised $70 million in a Series B funding round led by Accel and Insight Partners.

🇰🇼 LNG Exports: Australia’s Woodside Energy Group is in talks to sell an interest in its proposed U.S. LNG export project to state-owned Kuwait Foreign Petroleum Exploration Co., Bloomberg reports.

💲 Turkish Loan: Turkey wants to secure $41 billion in low-cost, long-term financing from global institutions over the next three years, Treasury and Finance Minister Mehmet Şimşek announced after meetings at the IMF and World Bank.

💍 On the Rocks: The relationship between Microsoft and Open AI CEOs Satya Nadella and Sam Altman has soured at a critical moment in the AI race, The Wall Street Journal reports.

🏨 Lost Plot: UAE billionaire Khalaf Al-Habtoor is considering hiring China Railway Construction Corp. to dismantle and relocate his 185-room Metropolitan Palace Hotel in Beirut by sea to another country after ending investments in Lebanon.

💵 Bridge to Beijing: China International Capital Corp., one of the country’s largest brokerages, is opening a new Dubai branch to target sovereign wealth funds and conglomerates in the Gulf region, Bloomberg reports. 

UAE President Sheikh Mohamed bin Zayed met with Sam Mostyn, Governor-General of Australia, at Qasr Al Shati in Abu Dhabi on Monday.

Emir of Qatar Sheikh Tamim bin Hamad inaugurated the Ras Laffan and Mesaieed solar photovoltaic power plants at the Ras Laffan Industrial City on Monday.

Sheikh Mohammed bin Rashid, Ruler of Dubai and UAE Vice President and Prime Minister, issued a decree to form a new Board for Dubai Ports and Borders Security Council, chaired by Sheikh Mansoor bin Mohammed. Lt. Gen. Mohammed Ahmed Al Marri will serve as Vice Chairman of the Board.

Prince Faisal bin Farhan, Saudi Arabia’s Minister of Foreign Affairs, arrived in Muscat on Monday for an official visit to Oman. He was received at Muscat International Airport by Omani Foreign Minister Badr bin Hamad Al Busaidi.

Frank Gehry, the 96-year-old architect who designed the soon–to–be–opened Guggenheim Abu Dhabi museum, attended the UAE capital’s Culture Summit on Monday, where he met with Solomon R. Guggenheim Museum and Foundation CEO Mariet Westermann.

Sherif Fathi, Egypt’s Tourism Minister, said Egypt’s tourism sector is expected to grow by 6% this year, boosted by the expected official opening of the Grand Egyptian Museum, speaking at a press conference during the Arabian Travel Market exhibition in Dubai.

Tony Douglas, Riyadh Air CEO, said that the airline is willing to buy Boeing planes that were once destined for Chinese airlines if orders are canceled due to the U.S.-China trade war, Reuters reports.

Khalid Al-Falih, Saudi Arabia’s Minister of Investment, said that 34 international companies have decided to open their regional headquarters in the Eastern Region, which is promoting more than 700 investment opportunities worth $88 billion.

Ali Mandour will serve as Middle East Managing Director for I Squared Capital, as the U.S. private equity fund expands in the region, with a new office set to open in Riyadh later this year.

🪦 Age Old Wisdom: A new discovery of an Iron Age burial site at one of the world’s oldest inhabited settlements in the Al Ain region of Abu Dhabi promises to transform knowledge of ancient culture. The 3,000-year-old necropolis may contain more than 100 burial plots, with some believed to be intact, despite historic looting hundreds of years ago. “For years, the Iron Age burial traditions remained a mystery, but now we have tangible evidence that brings us closer to the people who lived here 3,000 years ago,” Jaber Saleh Al Merri, director of the historic environment department, said in a press release.

April 25 – May 11, Dubai. Dubai Esports and Gaming Festival. Dubai’s gaming and esports extravaganza brings together global players, creators, fans, and industry leaders. Dubai World Trade Center. 

April 28-May 1, Dubai. Arabian Travel Market. This year’s theme, “Global Travel: Developing Tomorrow’s Tourism Through Enhanced Connectivity,” highlights the role of connectivity in the transformation of the tourism industry. Dubai World Trade Center. 

April 29-30, Abu Dhabi. Digital Transformation Summit UAE 2025. In its 37th edition, the summit is expected to be attended by over 300 C-suite executives, directors, and technology leaders. Sheraton Abu Dhabi Hotel and Resorts.

April 30- May 1, Dubai. Token2049 Dubai. A global conference dedicated to the crypto and blockchain ecosystem. Madinat Jumeirah.

May 5-6, Abu Dhabi. Governance of Emerging Technologies Summit. Shaping Responsible Governance of AI & Emerging Technologies in a Future Digital Economy. St. Regis Saadiyat Island Resort.

May 6-7, Dubai. MENA Capital Market Summit. The event will bring together 1,500 businesses, decision-makers and global financial leaders to discuss the capital market. Madinat Jumeirah.

May 6-8, Dubai. Airport Show. Showcasing the latest technological advancements in the airport industry. Dubai World Trade Center.

May 6-8, Dubai, GISEC. The 14th edition of the Middle East and North Africa’s largest cybersecurity event, under the theme “Securing an AI-Powered Future.” Dubai World Trade Center. 

May 12-13, Dubai. Dubai FinTech Summit. Exploring a future where finance is accessible, inclusive, and empowering. Madinat Jumeirah.

May 13, Riyadh. Saudi-U.S. Investment Forum. An invitation-only event to be held during U.S. President Donald Trump’s visit to Saudi Arabia. The forum will bring together government, business, finance and innovation to discuss the next chapter of business between the two countries. Venue TBA.

May 13-14, Dubai. Low Carbon Fuels MENA. The conference promises a space for industry leaders, potential partners, and innovators to discuss potential opportunities and challenges. Sheraton Dubai Creek Hotel & Towers.  

May 13-15, Dubai. CABSAT. The Middle East & Africa’s leading event for content, broadcast, media & entertainment industry professionals looking to leverage the latest technology and innovation in creating the next-gen content. Dubai World Trade Center.

May 16-17, Tirana, Albania. FII Priority Europe 2025. Saudi Arabia’s Public Investment Fund sponsors a regional business summit focused on Europe and is affiliated with the annual Future Investment Initiative conference in Riyadh. National Theater of Opera and Ballet.

May 20-22, Doha, Qatar. Qatar Economic Forum. Annual conference bringing together Qatari government and business leaders with corporate executives, investors and policymakers from around the world. Media City Qatar.

May 26-27, Abu Dhabi. Building the Future Summit. This Forbes event serves as an exclusive platform for industry leaders, investors, architects, and innovators to explore the latest trends shaping the future of real estate. Louvre Abu Dhabi.

May 29-30, Tripoli, Libya. Building the Future Summit. A Forbes event that is designed to help delegates from Libya understand their investment opportunities, foster strategic partnerships, and showcase key reforms that will drive economic progress. Venue TBA.