Iraq is reviving plans to build a new oil pipeline through Syria to the Mediterranean Sea as part of a series of measures aimed at diversifying its crude export routes away from the Strait of Hormuz.

The country’s cabinet approved a flurry of oil and gas sector decisions over the weekend, including signing a memorandum of understanding with Syria to move forward with the oil pipeline, The National reports.

The project would provide Iraq with a second direct Mediterranean export route, reducing its reliance on Gulf shipping lanes and the disruption-prone Iraq-Turkey pipeline.

Syria has emerged as a key energy transit route for Iraq, with daily truck shipments rising from 10 to 1,000 and 2.1 million tonnes of Iraqi fuel oil transported to Europe since April.

Iraq is also exploring Lebanon as an alternative transit route.

Brookfield Asset Management has cemented its rise as one of the largest foreign investors in the Gulf after successfully raising about $2 billion for its Saudi Arabia-backed Middle East fund.

The New York-based investment firm will commit $500 million to the private equity fund, which is backed by a group of strategic investors, including the kingdom’s Public Investment Fund.

The Brookfield Middle East Partners fund’s first close will help it capitalize on growing opportunities in the region, as sovereign wealth funds continue to aggressively chase deals despite the ongoing Iran conflict.

The fund will allocate 50% of its investments to Saudi Arabia, highlighting the PIF’s evolving approach to channeling international capital into the domestic economy, on top of the tens of billions it has invested with asset managers abroad.

“We see a compelling opportunity to partner with businesses across the region and position them for long-term growth,” Brookfield CEO Bruce Flatt said.

Saudi Arabia is rerouting more oil through Egypt’s Suez Canal, adding to a broader reshuffling of global oil flows as Gulf producers seek alternatives to the Strait of Hormuz.

At least four tankers carrying Saudi crude abruptly reversed course this week before reaching the Bab el-Mandeb Strait at the southern end of the Red Sea, instead heading north toward the Suez Canal, according to ship-tracking firm Vortexa, The Wall Street Journal reports.

On Sunday, two supertankers bound for Asia took the longer Suez Canal route, with the Greek-owned Olympic Luck already through the canal partially laden and the DHT Gazelle following, Bloomberg reports.

Vessels from nations including China and Pakistan continue to use the Bab el-Mandeb Strait.

Just days after agreeing to participate in a $16 billion oil pipeline partnership in Kuwait, marking the largest foreign direct investment in the country’s history, Blackstone announced it would open an office in the country.

The New York-based alternative asset manager, which already has an office in Abu Dhabi, said it would open its second Gulf outpost in the third quarter of this year via the Kuwait Direct Investment Promotion Authority, Bloomberg reports.

Kuwait Petroleum Company, Blackstone, Brookfield Asset Management and KKR & Co. signed a leasing agreement on Friday for KPC’s crude pipelines, held by subsidiary Kuwait Oil Company, helping to boost the country’s capital sources amid the conflict with Iran.

Blackstone’s commitment to a physical presence in the country comes even as Kuwait, which hosts multiple U.S. military facilities, has faced repeated threats from Iran amid a flare-up of hostilities that started on July 7.

“Kuwait has the resources, vision and leadership to be a key commercial and financial hub in the region,” Blackstone President and Chief Operating Officer Jon Gray said. “Private capital can play an important role to support the country’s long-term economic diversification efforts.”

Growing competition among private equity, private credit and infrastructure investors to win business from the Kuwait Investment Authority has already seen firms including BlackRock, Partners Group and Carlyle Group commit to opening offices in Kuwait.

Saudi Arabia’s burgeoning food delivery scene is being reshaped once again, as Uber consolidates its position in the kingdom’s app-based transport market.

The U.S. rideshare and delivery giant is taking direct control of some of the Middle East’s biggest food and grocery delivery networks via its $14.8 billion takeover deal for Berlin-based Delivery Hero.

In Saudi Arabia, the deal brings market leader HungerStation, which operates in more than 100 cities across the kingdom and Bahrain, under Uber’s umbrella. The Public Investment Fund has direct exposure via its 3.58% stake in Uber, which is valued at about $5.24 billion, Arab News reports.

Combined with its ride-hailing service, the deal effectively turns Uber into the biggest player in Saudi Arabia, where its main competitors, Jahez Group and Keeta, are also aggressively expanding. Industry commentators expect it will herald further consolidation as players look to strengthen their market positions.

Uber will also swallow a majority stake in Dubai-listed Talabat, a business which has transformed the food industry across the Middle East since its launch in Kuwait 20 years ago. Talabat was valued at more than $10 billion when Delivery Hero listed 20% of its shares in a $2 billion IPO in 2024.

Saudi Arabia’s Public Investment Fund-backed helicopter company is expanding into the private jet industry with a deal to purchase up to 60 aircraft from Canadian manufacturer Bombardier.

The Helicopter Co. signed a letter of intent for the purchase of five Challenger 3500s, five Global 5500s and two Global 8000s at England’s Farnborough International Airshow, with options for 48 more aircraft.

THC has also placed orders at the airshow for an additional 11 Leonardo AW139 helicopters and eight Airbus H145 helicopters.

THC was founded in 2018 as a part of the PIF’s plans to expand the kingdom’s aviation sector and is now rapidly expanding its fleet to meet growing demand for private charters and business aviation.

It currently operates a fleet of more than 60 aircraft serving emergency services, aerial work, private charters and tourism.

Saudi Arabia will be allowed to develop a civilian nuclear program with the help of U.S. companies under a landmark agreement expected to be announced today.

U.S. President Donald Trump has given formal approval to the 30-year agreement, which is expected to be worth tens of billions for American firms while shutting out Russian and Chinese competitors, The Wall Street Journal reported. Westinghouse, which manufactures the AP1000 reactor, is expected to be a major beneficiary.

While the accord is aimed at strengthening Saudi-U.S. relations amid the Iran conflict, some U.S. lawmakers and Israeli officials have expressed opposition amid concerns the kingdom could use a civilian program to eventually develop nuclear weapons.

Trump’s agreement with Crown Prince Mohammed bin Salman includes only limited inspections of nuclear sites and allows a pathway for Saudi Arabia to enrich uranium or reprocess plutonium on its own soil.

U.S. Energy Secretary Chris Wright traveled to Saudi Arabia shortly before Trump’s 2025 visit for discussions around building out the country’s nuclear power industry. 

ADNOC is writing another multibillion-dollar check to bolster its natural gas business, approving a $6.2 billion offshore project as it accelerates investment beyond crude oil.

The Abu Dhabi energy giant and partners TotalEnergies, Eni and China National Petroleum Corp. expect the Umm Shaif Gas Cap project to start producing in 2030, Bloomberg reports.

At full capacity, the project will deliver up to 600 million cubic feet of gas a day, about 10% of the UAE’s current consumption.

The package includes $5.1 billion of offshore contracts and a $365 million drilling program that will add 14 wells.

It’s the latest piece of ADNOC’s bigger expansion drive, which spans new gas fields, a major LNG buildout and a $150 billion spending plan aimed at growing both at home and abroad.