Good morning, friends. We have a brisk issue this morning with an IPO potentially on the horizon in Oman and large road development projects on the agenda for Abu Dhabi.

DISRUPTION WATCH-

Multiple tech and telecom companies have rerouted internet traffic on the back of Red Sea attacks and recent damage to undersea cables, reportedly caused by the sunken Rubymar’s anchor dragging along the seabed, The Financial Times reports. AT&T, Tata Communications, and Orange have the capacity to reroute traffic in the event that disruptions to cables arise, the FT writes. The situation can be more complicated if two or three high capacity cables fail at once. The situation in the Red Sea is problematic as cable pathways there are “very congested,” with a number of cables sharing the narrow pathway, chief executive at digital infrastructure company Colt Technology Keri Gilder told FT.

A Yemeni fishing boat was hijacked in the Gulf of Aden on Sunday,Reuters reports, citing British security firm Ambrey. The attack was unrelated to Somali piracy, but rather stemmed from a dispute between Yemeni fisherman and a local armed group in Bosaso, Somalia, Ambrey added in an update. The hijacking saw a crew member shot and killed, with the fishing vessel and crew expected to have returned to Yemen by yesterday, Ambrey also said.

MARKET WATCH-

#1- Oil prices saw modest gains on Monday, as supply concerns on the back of Ukraine’s attacks against Russian refineries spurred markets, with Brent briefly surpassing USD 86 during the day’s trading for the first time since November before retreating, Reuters reports. Brent crude futures for May increased USD 0.51 to USD 85.85 a barrel by 13.33 GMT, while West Texas Intermediate (WTI) contracts for April and May rose USD 0.62 cents at USD 81.66, and USD 0.60 at USD 81.18 a barrel, the newswire said. Traders are keeping a close eye on the US Federal Reserve's two-day meeting this week for indications on the timing of an upcoming interest rate cut. Cuts to interest rates will spur demand, buoying the oil market, the newswire explained.

#2- Iraq will cap oil exports to 3.3 mn barrels per day (bpd) in the coming months, to compensate for producing above its agreed OPEC+ limits in the first two months of the year, Bloomberg reports. OPEC+ agreed to cap production rates in a bid to prevent oversupply and shore up prices, with the move maintaining benchmark Brent above USD 80 a barrel despite flagging global demand and rising output from the Western Hemisphere, the outlet said. Iraq has a patchy record in terms of adhering to production limits, with OPEC data indicating that the country is exceeding its 4 mn bpd cap for March, while Iraqi officials say the contrary, Bloomberg also said.

CIRCLE YOUR CALENDAR-

The UAE will host Abu Dhabi Mobility Week from Wednesday, 24 April to Wednesday, 1 May in Abu Dhabi. The event, organized by The Department of Municipalities and Transport – Abu Dhabi (DMT), will feature announcements, forums, and introduce a mobility strategy for the emirate.

Iran will host the second Iran-Africa International Summitfrom Wednesday, 24 April through to Friday, 26 April in Tehran. The event will see Iran receive trade ministers from more than 40 African countries.

Saudi Arabia will host a special World Economic Forum event from Sunday, 28 April through to Monday, 29 April in Riyadh. The event will focus on global collaboration and energy.

The UAE will host the 23rd edition of the Airport Show from Tuesday, 14 May through to Thursday, 16 May in Dubai. The 23rd Airport Show will see representation from airport suppliers, airport service providers, aviation executives, and regional decision makers. The event will highlight current innovations and new technologies, while emphasizing this year’s "Sustainability and Innovation," theme.

The UAE will host The Electric Vehicle Innovation Summit from Monday, 20 May to Wednesday, 22 May in Abu Dhabi. The event will see industry leaders come together to discuss sustainable mobility and tapping into groundbreaking advancements in electric vehicles while engaging with key decision-makers.

Check out our full calendar at the bottom of this email for a comprehensive listing of upcoming news events and news triggers.