THIS MORNING: Cloud computing firm Rackspace launches its Riyadh RHQ

Good morning, ladies and gents. We lead with a sudden cooling in the listing pipeline, where cross-border tensions have pushed MGC and Arabian Dyar to pull the plug on their highly anticipated IPOs. We’re digging into what this new “wait-and-see” dynamic and what it means for institutional investor demand, just as final 1Q GDP data confirms the economy slowed to its weakest expansion in two years.

Rackspace opens Riyadh HQ

US cloud computing company Rackspace Technology has launched its regional headquarters in Riyadh to serve as a hub for its operations and customer engagement across Saudi Arabia, according to a press release. The office will be led by Shakeel Mohammed (LinkedIn) and will focus on expanding enterprise cloud adoption across the GCC, developing sovereign and regulated cloud offerings, and supporting AI-related digital transformation projects.

The move could help turn earlier MoUs into commercial projects. Rackspace and the Saudi Data and Artificial Intelligence Authority had previously signed an MoU to explore collaboration on cloud computing and AI, including a potential regional center of excellence, cloud infrastructure expansion, and digital skill training initiatives. With the headquarters’ launch, Rackspace now fulfills the Kingdom’s prerequisite for public-sector agreements under RHQ rules.

Opec fund taps LSE bond market

Opec Fund taps London market for EUR 500 mn bond: The Vienna-based Opec Fund for International Development (OFIDEV) — backed by Saudi Arabia, the UAE, and Kuwait — is looking to raise EUR 500 mn through a five-year fixed-rate bond under its Global Medium Term Note Program, Zawya reports. Early pricing suggests a spread of around 29 basis points above the market benchmark rate. The issuance will be listed on the London Stock Exchange and is “no-grow,” with the size fixed at EUR 500 mn.

Our take: The issuance is a channel for deploying Gulf-backed capital into developing markets. Because OFIDEV is structurally barred from investing inside its own member states, proceeds are directed to non-Opec developing economies. Under its 2030 strategic framework, allocations are likely to focus on Africa, food security, and climate-related financing.

ADVISORS- The fund tapped BofA Securities, Credit Agricole CIB, Deutsche Bank, and Goldman Sachs Bank Europe SE as joint lead managers.

Jet fuel exports shake off Hormuz closure

Our jet fuel exports to Europe are on track to surpass pre-war levels, with exports from Yanbu to the EU and UK hitting 118k bb / d in the first week of June, quantities not seen since mid-2025, according to Kpler and Vortexa data cited by Reuters. Our monthly high this year was the 77k bb / d seen in January.

Europe needs our jet fuel exports, with the continent currently experiencing an import gap triggered by the closure of the Strait of Hormuz.

Data point

55.6 points — that’s where Saudi Arabia’s Business ConfidenceIndex (BCI)(pdf) stood in May, up from 54.5 points in April. Sectoral level readings also showed monthly increases, with industry at 54.3 points (up 0.8 points), services at 54.6 points (up 0.7 points), and construction at 56.7 points (up 1 point).

You’ve spent decades building wealth, and the question now isn’t how to make money — it’s how to make sure it survives you, works across borders, and doesn’t quietly erode while you’re not looking. The rules have changed. Egyptian real estate, once a near-guaranteed store of value, is competing with markets in Greece, Spain, and Dubai.

Whether it’s art as an asset, crowdfunding or the tax implications quietly stacking up behind that second passport, the toolkit for serious capital deployment has expanded faster than most conventional advice — or most advisors— have.

In Issue 3 of EnterpriseAM Money Matters, we cover the decisions that matter most when you’re at the stage where capital preservation is just as important as capital growth — and where getting it wrong is no longer something you can simply recover from.

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The big story abroad

Geopolitical tensions are escalating once again after the US launched retaliatory airstrikes against Iran. The strikes follow Tehran shooting down a US helicopter over the Strait of Hormuz, with US forces targeting Iranian air defense and radar sites near the strait. “The mission is a proportional response to unjustified Iranian aggression,” the US Central Command said in a statement. The exchange threatens the stability of the already-fragile ceasefire and complicates negotiations for a peace agreement.

Everyone wants a piece of SpaceX: The IPO has so far attracted over USD 250 bn in orders, with investors lining up to get a piece of what is expected to be the largest-ever IPO. The figure is expected to rise further as the company continues its marketing push. The artificial intelligence and spaceflight player was looking to raise USD 75 bn from the offering.

The tech jitters are back: The S&P 500 and Nasdaq Composite closed lower on Tuesday, dragged down by a sector-wide tech selloff as investors shift their focus to defensive sectors. Some think SpaceX has something to do with it, noting that investors are repositioning ahead of the historic USD 1.75 tn listing, further worsening the pressure on mega-cap tech stocks.

Also worth reading this morning: The Wall Street Journal is out with a piece diving into The Future of Work and AI. With insight from 16 economists, the piece looks at what AI means for the economy, employees, and the workplace.