Stalling corridor

1

OPENING NOTE

Of employment and war risk

Good afternoon, friends. We open the week looking at employment — specifically whether the GCC can realistically recruit its next wave of workers from the Caucasus and Central Asia. The has drifted around Gulf ministries for years and has grown more concrete now that the war has made the established recruitment corridors more expensive and less predictable. Redirecting a labor pipeline built up over four decades is a slow business, and it’s not made easier by structural hurdles.

The number sitting underneath everything else today is USD 7-8. That’s what war risk cover now adds to a barrel of Gulf crude, David Osler of Lloyd's List tells AGBI. Marine insurers have paid out some USD 2 bn across more than 70 incidents since the conflict began, their second-worst stretch in more than a decade. Iraq’s August export volumes came in 36% below pre-war levels, according to tanker-tracking data — with Qatar and Saudi Arabia each down 48%, and the UAE, which can reach Fujairah without transiting the strait, effectively flat.

Meanwhile, in Benghazi: Nearly three dozen Italian companies — engineers, contractors, technology firms, healthcare providers and a university from Rome — are in the city through tomorrow, pitching proposals to redevelop the historic center. The Italians are kicking the tires on Libya at the same time as Syria is drawing in USD 1 bn in reconstruction agreements, as we note in our Investment Watch section, below.

Looking further out: Riyadh’s fall event calendar is finding a firm footing, with big Wall Street names, including Jamie Dimon, Ray Dalio, Larry Fink and Stephen Schwarzman, slated to speak at the Future Investment Initiative in October, Semafor reports. The fall calendar is stacked with everything that got pushed out of the spring, and the marquee names are showing up regardless. –Salma

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THE LEDE

Why the Gulf-Central Asia labor corridor is stuck, despite four years of relationship-building

Gulf states have spent four years signing labor agreements with Central Asia, but the workforce has hardly budged. The corridor has the ingredients — a young, increasingly skilled Central Asian workforce, real Gulf demand, and now an IMF endorsement — and it is stuck on price. Central Asian governments put the bar for skilled workers at roughly USD 2.5-3.0k a month, well above what the Gulf pays most of its migrant workforce, and those workers have somewhere else to go. Saudi Arabia, meanwhile, is training Uzbek engineers and health workers while its own nationalization quotas shrink the foreign-held share of those exact jobs.

A new IMF paper argues the two regions have significant room to deepen trade and investment ties — and labor is part of the picture. “The paper highlights the significant potential for scaling up investment and trade flows between countries of the two regions,” an IMF spokesperson tells EnterpriseAM. “The GCC countries, with their high demand for labor, represent a potential destination for [Caucasus and Central Asian, or CCA] workers,” the spokesperson says.

Nobody, on either side, publishes a figure for how many Central Asians are working in the Gulf today. “Although the UN data do not cover migration between GCC and CCA, mobility between the two regions is likely very limited at present. Greater labor mobility between the GCC and the CCA could deliver mutual benefits, including remittances,” the IMF spokesperson tells us. But with or without the data, the corridor is being built out.

MoUs are multiplying, but migration isn’t

Four years of agreements: Saudi Arabia and Uzbekistan signed a foundational employment-cooperation agreement in August 2022, as Uzbek President Shavkat Mirziyoyev visited Riyadh. Qatar followed with a “new stage” labor agreement with Uzbekistan in November 2025; Saudi Arabia deepened its own Uzbek partnership this past May, adding qualification exams and training programs in medicine, construction, tourism, and engineering.

Uzbekistan has signed 48 labor-migration agreements with 23 countries in total — 18 of them in 2025-26 — and has flagged the UAE (hospitality, tourism, aviation, logistics) and Saudi Arabia (construction, technical trades, mid-level healthcare) as priority destinations.

But even with all of these labor-migration agreements and the corridor to the Gulf opening up, Russia is still the preferred market for CCA laborers. Uzbekistan’s central bank counted over 1.3 mn Uzbeks working in Russia on official work patents in 1Q 2026, up 11.6% y-o-y — a figure migration researchers say can run closer to 2 mn in peak season. No equivalent count exists for the Gulf side.

“People in Central Asia would prefer the huge market in Russia,” Zuhra Halimova, senior advisor at Almaty-based think tank CAPS Unlock, tells EnterpriseAM. “They don’t need a visa and they don’t need to know English. They feel native in that environment.”

The money backs that up. Remittances from Russia make up close to half of Tajikistan’s GDP and roughly a quarter of Kyrgyzstan’s, according to World Bank data, placing both countries among the highest remittance-dependency ratios anywhere. “When you look at the numbers of remittances coming from Russia to Central Asia, particularly to Tajikistan, Kyrgyzstan and Uzbekistan, we are talking about very large amounts of money,” Halimova says.

The Gulf is a newer proposition, competing against options CCA workers already know well — Europe, South Korea, Japan. Kazakhstan joined South Korea’s EPS guest-worker program as part of the same diversification drive.

A different worker, at a different price

The workers the Gulf is recruiting from Central Asia look nothing like the labor force the region built its migration system on. The GCC’s roughly 30 mn-strong migrant workforce is overwhelmingly low-wage and blue-collar, drawn mainly from South and Southeast Asia — a corridor moving roughly 3.4 mn workers into the Gulf every year.

Central Asians heading to the Gulf, Halimova says, are mostly skilled professionals — banking, fintech, IT, construction, engineering, services. Gulf employers are targeting the same tier: Saudi Arabia is recruiting Uzbek healthcare workers, and Qatar Airways is chasing roughly 1.6k Uzbek specialists.

Saudi Arabia is also shrinking those same jobs. While it trains Uzbek engineers, health workers and tourism staff for its labor market, the Kingdom’s Saudization drive is squeezing foreign headcount in those same job categories. Engineering firms employing five or more accredited engineers must now hit a 30% Saudi-national quota. Tourism roles face a phased localization mandate reaching 40% from 22 June 2026. An Uzbek worker trained for a specific Saudi hospital or hotel role is being prepared for a market that is shrinking the foreign-held share of that exact job.

And skilled labor doesn’t come cheap. “It’s not going to be cheap labor coming from Central Asia,” Halimova says. Central Asian governments expect Gulf salaries to clear roughly USD 2.5k-3.0k a month before migration makes sense for skilled workers. “There is no need to actually go to the Middle East if the paycheck would be less than in Central Asia,” she argues.

As Central Asian economies build out their own tech and services sectors, the calculus cuts both ways: “There is some concern that the brain will be leaving Central Asia,” she says, pointing to rising domestic demand for digital and AI skills.

Gulf wages have a problem — they’re “very low,” S. Irudaya Rajan, founder and chair of the International Institute of Migration and Development, tells us. “If you are talking about USD 300-400, what are the wages we are talking about?”

Wage competition has already eroded migrant bargaining power in the Gulf’s larger, established sending corridors, Rajan says. “If you want to bargain USD 100 extra from the employer, they may say, ‘I will get somebody from Nepal or somebody from Bangladesh.’” Leverage, in his view, only exists where an employer can’t easily replace the worker. “If I lose her, this is not good for my company. So I may be ready to pay more,” he says. “That is where you have to work out.”

For Central Asia, that means building the route into the Gulf around where its workers hold a genuine wage or skills edge, rather than around volume.

Pricing vs. structural risks

Higher pay doesn’t insulate skilled migrants from the Gulf’s structural labor risks, warns Mustafa Qadri, founder and CEO of London-based labor-rights organization Equidem. “The kafala foreign employment system remains a risk for so-called high-skill and high-wage migrant workers because of the power imbalance between the sponsor and the worker,” he tells EnterpriseAM.

Equidem has documented cases of senior executives and managers barred from leaving their employer or the country, Qadri says. Skilled workers may have more room to fight back — “these workers may be more empowered or, due to their higher levels of education, have a greater ability to challenge their sponsor through the labor justice system” — but the structure underneath doesn’t change. Skilled foreign workers also generally lack a path to permanent residency or naturalization, have no industry associations to represent them in a dispute, and often answer to sponsors with direct or indirect ties to government officials who can tilt how a dispute gets resolved, per Qadri.

“For better paid workers the Gulf can appear to be a clean, modern and sophisticated labor market, but it remains one with a high risk of forced labor for all foreign workers regardless of the value or skill-level of their job,” Qadri says.

The missing piece

Rajan wants better matching before more agreements. “Today everybody talks, unfortunately, without evidence,” he says. Governments need a systematic read on what Gulf employers actually want and where Central Asian economies can supply it. “There should be a systematic understanding of the Gulf. What they want, we don’t know … We are all talking.”

His prescription is sector-specific labor strategies rather than one undifferentiated pool: “Central Asian countries have to decide what they can specialize in. You have to create your own package.”

Halimova makes the same case for training, pointing to South Korea’s model of building skills-and-language centers in the worker’s home country before departure. “If Saudi Arabia needs a particular skill, they can set up a skills center in Central Asia with some Arabic and English,” she says — training that could extend to labor law and workplace conditions, closing the gap Qadri’s findings point to.

Make the corridor worth choosing

The Gulf is competing for workers from multiple origins; Central Asian workers are choosing between multiple destinations. “For GCC, Central Asia is basically a new discovery as an opportunity to invest,” Halimova says.

Regional conflict isn’t a future risk to price in — it’s already slowing the pipeline. “These wars in the Middle East are actually stopping this whole process because people are not very sure whether they have to go,” Halimova says.

Central Asian workers already know the risks of Russia’s warzone economy; what they don’t know is what happens to them if a Gulf employer or country turns unstable mid-contract. “It’s all about safety,” she says. “Whenever the GCC countries in the Middle East will be safe enough, we can think about rapid growth.”

Pay and benefits will decide it too. “If the opportunities are there and they give good benefits like a good salary, medical ins., housing and so on, many more people would think about traveling and settling there to work long term,” she says.

Rajan’s test for the corridor is simple: “Right place, right skill, and right salary.” The Gulf has named the places and the skills. It has not yet met the salary — and Saudi quotas and a volatile neighborhood are pulling in the other direction.

3

INVESTMENT WATCH

Syria books USD 1 bn in agreements at Damascus fair as reconstruction interest deepens

Syria closed its Damascus International Fair with more than 10x the booked value of agreements compared to last year — from a crowd nearly 40% smaller. Organizers put preliminary output at SYP 150 bn (c. USD 1 bn), against SYP 935 bn (c. USD 95 mn) at the 2025 edition, while attendance fell to 1.4 mn from 2.3 mn.

SOUND SMART- Syria redenominated the SYP on 1 January, knocking two zeros off the currency, meaning the two years’ SYP figures aren’t comparable units.

The USD 1 bn headline figure is described as declared economic output, and one agreement alone — an industrial package in Hasiya — accounts for around half of that number. The total figure includes projects, agreements and memoranda across industry, agriculture, transport, water, energy, infrastructure, tourism and logistics — not signed and financed contracts. The remaining half is spread across Bab Al Hawa, Sheikh Najjar, Hama and Raqqa, plus trade agreements with Arab and international counterparts.

The granular deals are more instructive than the aggregate. The Syrian Investment Authority's Raqqa branch signed three contracts with local holding groups Glory and Kayan to rebuild the governorate’s tourism and sports infrastructure — an equestrian club, a resort island, and a regional urban master plan. A fourth brings in Turkey’s MYB alongside Kayan for an industrial crafts zone. Turkish firms also took the Bab Al Hawa industrial city expansion on the fair’s opening day, through iSRA.

Why it matters: The composition shows who’s underwriting which layer of the rebuild. Gulf capital is going after state-scale infrastructure — Saudi sent more than 50 companies and four government bodies and signed MoUs on roads, rail, aviation, postal services and steel, as we reported last week. Turkish firms are taking industrial zones and border-adjacent assets, where their supply lines are shortest. German firms — 13 at the fair, across consulting, engineering, logistics, medical technology, energy and fiber optics — are positioning on the technical work, with GIZ and KfW money behind them.

4

ECONOMY

Fitch affirms Qatar at AA, but negative outlook holds on war uncertainty

Fitch Ratings affirmed Qatar’s sovereign rating at AA and removed it from Rating Watch Negative, citing reduced risk to LNG facilities since the March attack on Ras Laffan. The outlook remains negative as “the impact of the war on the credit profile will take longer to discern.”

Fitch’s base case: Qatar’s economy contracts 18.8% in 2026, rebounding next year as LNG exports resume and North Field expansion — largely undamaged by the war — ramps production from 2027.

But the restart timeline assumes a US-Iran deal reopens the Strait of Hormuz to exports in 1Q 2027, taking roughly six months to reach pre-war volumes, minus the 17% of capacity still offline from the Ras Laffan strike through 2028. That’s a diplomatic assumption, and the reason why the outlook stays negative.

The fiscal math: Fitch forecasts a 2026 deficit of 2.7% of GDP, funded mainly through debt and the offshore fiscal stabilisation fund, with Qatar Investment Authority (QIA) drawdowns playing only a minor role. Debt is projected to hit 64.1% of GDP by end-2026, up from 51.3% a year earlier. Golden Pass LNG’s US ramp-up (70% QatarEnergy-owned) and higher energy-trading profits partly offset the hit.

The damage already shows: GDP contracted 7% y-o-y in 1Q 2026, hydrocarbon GDP down 25.8% against 3.5% non-hydrocarbon growth, per the National Planning Council. Qatar shipped 18 LNG cargoes in the war’s first six months, versus 509 a year earlier — a 96% decline, according to ICIS data cited by Reuters.

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5

Policy Watch

Lebanon’s PCH eyes USD 100 mn to restart subsidized mortgages at rates below Gulf-funded lender

Lebanon’s state housing agency wants back into the mortgage market for the first time since 2019 — and at a rate that would undercut the Gulf-funded lender doing the job in its absence. Public Corporation for Housing (PCH) Director Rony Lahoud and Social Affairs Minister Haneen Sayed have asked for USD 100 mn in the draft 2027 budget to finance housing loans at 3.5%, a PCH official tells L’Orient Today. Finance Minister Yassine Jaber sent the draft to Cabinet on 31 August and flagged the PCH restart among the “new measures” it contains.

Background: PCH stopped taking applications in 2019, when the crisis took out the Banque du Liban credit line that had subsidized its loans through commercial banks for two decades. The lender that filled the gap wasn’t a Lebanese bank — the sector still isn’t writing mortgages — but Banque de l’Habitat (BDH), which reopened applications in June 2024 on a c. USD 163 mn line from the Kuwait-based Arab Fund for Economic and Social Development.

SOUND SMART- The two are routinely confused. PCH is entirely state-run and subsidizes loans written by commercial banks. BDH is a bank in its own right, 80% owned by private banks and insurers and 20% by the state.

Why it matters: The state would be lending 225 bps cheaper than the Gulf-financed incumbent, and carrying the subsidy itself. BDH cut its housing-loan rate to 5.75% from 6% on 1 July and had granted 1,059 loans worth USD 74 mn as of 2 July, it told L'Orient — an average ticket just under USD 70k. At that size, USD 100 mn is roughly 1.4k mortgages in a country where displacement from the war has pushed prices up hard enough that BDH doubled its loan cap to USD 100k last year.

Gulf money is still the main event here. BDH has been negotiating a USD 300 mn, six-year line with the Qatar Fund for Development and a similar facility with the Abu Dhabi Fund for Development, alongside a separate Qatari USD 100 mn facility for war-damaged homes.

What’s next: Cabinet review, then parliament — which passed the 2026 budget at the end of January, just inside the constitutional deadline.

6

MOVES + KUDOS

New faces at Bank of Algeria + Finance Ministry

New FinMin + central bank leadership in Algeria: Mohand Bourai (LinkedIn) is now Algeria’s central bank governor, while outgoing Bank of Algeria Governor Mohammed Lamine Lebbou has transitioned to a new role as finance minister. Lebbou takes over from Abdelkrim Bouzred.

The changes took effect last week, after Algerian President Abdelmadjid Tebboune announced a partial cabinet reshuffle. Lebbou was tapped to lead the Finance Ministry only six months after he was appointed central bank governor. The shuffle also included changes for the ministries of labor, agriculture and communications.

Mohand Bourai is an experienced Algerian banking executive with a career spanning several decades in the country's financial sector. He has held top leadership positions, including serving as Director General of the Banque de l'Agriculture et du Développement Rural (BADR) and holding key executive roles at CNEP-Banque.

7

MARKETS + DEALS

Abu Dhabi capital fans out into India + US AI as G42 weighs US ownership

Abu Dhabi’s balance sheet is pointed in three directions this morning — Indian mid-caps, US AI infrastructure, and an Egyptian port operator that could end up with almost nothing trading. G42 is the exception: There, the open question is who ends up owning Abu Dhabi’s AI champion.

Investcorp is hunting two to three India deals a year, at USD 50-75 mn a check. Investcorp — the USD 62 bn alternative asset manager backed by Mubadala — is deploying a USD 500 mn India-focused fund with four or five deals left in it before it goes back to market for the next one, head of India investment business Gaurav Sharma tells The National.

That fund sits inside c. USD 1 bn Investcorp has put into Indian mid-market companies over the years: NephroPlus and Global Dental Services in healthcare, FreshToHome in e-commerce, and Unilog and NuSummit in tech. Last month it added logistics platform 20Cube 3PL Solutions for c. USD 53 mn.

Where the next money goes: Healthcare, pharma, consumer, business services, and industrials are the priority sectors, Sharma said, with manufacturing — through portfolio company Canpac — a likely focus for the next fund. Investcorp takes 10-40% minority positions or outright control, screening more than 150 Indian companies a year to land its two or three.


Abu Dhabi’s G42 is again said to be weighing US ownership. The emirate’s national AI champion is in exploratory talks over selling a majority stake to US companies as it looks for a permanent fix to Washington's chip-access strings, Bloomberg reports, citing people familiar with the matter.

BACKGROUND- G42 has spent two years managing US concerns about its China exposure — divesting Chinese holdings and taking a USD 1.5 bn investment from Microsoft in 2024 that came with security conditions attached. Selling control would go considerably further than any of that.


The last piece of Egypt’s blocking stake in Alexandria Container and Cargo Handling (ALCN) is formally off the table. The General Authority for Alexandria Port, which holds 7.63% of the EGX-listed port operator, has told ALCN it has no intention of selling any of its shares to AD Ports subsidiary Black Caspian Logistics, according to an EGX filing (pdf). ALCN disclosed the letter alongside a restatement of the Holding Company for Maritime and Land Transport's refusal, putting the full 43.9% state bloc on the record.

That leaves a tender aimed at a sliver of freefloat. With ADQ’s side at 51.33% and the state at 43.9%, ALCN's freefloat is c. 4.8% — and Black Caspian is tendering for up to 4.3% of the company. Full acceptance would leave the port operator with almost no tradable stock against the EGX’s minimum freefloat requirement, a question the FRA will have to answer before the offer clears. At EGP 27.47 a share, the offer sits c. 17% below the EGP 33.20 the stock is trading at, which gives freefloat holders little reason to tender anyway.


Energean has four weeks to turn a roughly USD 1 bn indicative offer for BP’s Egyptian upstream assets into a firm bid, after entering exclusive negotiations in late August. The clock is ticking as its own balance sheet is under nearly as much scrutiny as the deal itself, MEES says.

The strategic case is strong: BP’s West Nile Delta assets sit next to Energean’s Abu Qir, North El Amriya, and North Idku concessions, and combined they’d give Energean a ~99k boe/d Egypt base alongside Israel’s 113k boe/d. It’s also a comeback: Energean terminated a USD 945 mn sale of the same Egyptian assets to Carlyle just a year ago after regulatory approvals fell through.

The balance sheet won’t stretch easily — and it’s Israel that makes it stretch at all: Net debt of USD 3.3 bn, pushing leverage to 2.9x EBITDAX, already triggered a Fitch downgrade to ‘B+’ last month, and a Negative S&P outlook in April. Strip Israel out and net debt falls to USD 718 mn — Karish / Katlan alone generated 913 mn of adjusted EBITDAX last year, equivalent to 73% of group output. That’s the earnings power keeping a BP-sized bid feasible. But the risk is that a 41-day shutdown at Karish this year already tested Fitch’s tolerance for outages beyond three months.

ALSO WORTH KNOWING TODAY-

Mubadala Capital is backing Crusoe again, joining a USD 3 bn+ round that values the US AI infrastructure builder at c. USD 30 bn post-money — up from just over USD 10 bn 10 months ago, on a pre-money of c. USD 27 bn. Atreides Management and Valor Equity Partners co-led the finalised round; Mubadala Capital’s check size wasn’t disclosed, Bloomberg reports, citing people familiar with the matter.

Saudi Arabia’s Dar Al Balad Business Solutions signed a non-binding MoU to explore buying up to 100% of two UAE-based AI firms — Clouding Computer Systems and Clouding Intelligence Computer Systems — the company said in a Tadawul disclosure. This is a six-month MoU for due diligence, with no price tag or financial obligation if DBS walks away.

Market Snapshot

Tadawul 0.3% • ADX 0.5% • DFM 0.7% • EGX30 0.7%

Brent USD 96.77 / bbl • Gold USD 4,467 / oz • USD / SAR 3.75 • USD / EGP 50.95

8

ALSO ON OUR RADAR

Oman’s hydrogen ambitions have a named customer

OQ Alternative Energy and Asyad Group have signed an offtake term sheet, Oman Observer reports, where Asyad will explore drawing hydrogen from OQAE’s Duqm project to power its logistics operations. The term sheet mentions no price, volume target or investment figure.

This is OQAE’s first end-to-end green hydrogen deployment — spanning renewable power, production, certification, handling and commercialization — but it’s built to produce just 400 kg of hydrogen a day, meaning it’s not at commercial scale. A dedicated refuelling station in Duqm is the next milestone, if the pilot works. The project sits inside the Duqm Special Economic Zone specifically so production and end-use can be tested within one industrial ecosystem.

It’s also a round two: OQ, Asyad, the transport ministry, Oman Oil Marketing Company, and Air Liquide signed a similar concept-study pact back in 2023 for Duqm hydrogen fuelling stations. Three years later, that concept has a named counterparty and a delivery mechanism.

More caught in the crosshairs

Washington sanctioned Istanbul-based investment bank Golden Global Yatirim Bankasi and its two subsidiaries — asset manager Golden Global Portfoy Yonetimi and asset-leasing firm Golden Global Varlik Kiralama — for allegedly funneling Iranian oil revenue between China and Iran’s IRGC Qods Force, Reuters reports. The US Treasury alleges that Golden Global let Iran convert oil revenue into cash and gold via money exchangers, and offered correspondent banking to Iranian institutions tied to the IRGC.

The bank itself is small — about USD 516.6 mn in total assets in 2025 — but the message is aimed past it. “As the Gulf gets shut down, Turkey is the obvious place for this money to move next, and the Treasury is already there,” Miad Maleki of the Foundation for the Defense of Democracies told Reuters. Any foreign bank still transacting with Golden Global risks secondary exposure, which he called “the real point” of the action.

It’s the second bank hit in the US’ escalating “Operation Economic Outcast,” but the first NATO-country lender to be affected by the sanctions campaign. Last week, Treasury moved to sever five UAE branches of Egypt’s Banque Misr from US correspondent banking under Section 311, alleging USD 1.8 bn moved for 103 suspect Iranian shadow-banking firms — a move Egypt and the UAE jointly pledged to manage without disrupting normal banking.

Menzies eyes Gulf scale

Menzies Aviation is chasing more in the Gulf: The Agility Global-owned group handler is eyeing an growth in the UAE, Saudi Arabia, and possibly Kuwait, The National News reports, citing the company’s CEO Hassan El-Houry. Syria is also under consideration as its aviation market reopens, while Menzies plans to keep expanding in the US, where its footprint has doubled over the past two years to 108 airports.

Menzies was already talking about a GCC wide expansion in 2024 including Saudi Arabia and the UAE. Saudi ground handling in particular comes with strong existing players — as Saudi Ground Services this year landed a SAR 6.3 bn five-year Saudia contract, on top of existing agreements with Flynas and Riyadh Air, while dnata maintains an extensive ground-handling presence in the UAE.

And Menzies is still pressing the accelerator even as its airline customers squeeze the cost base. El-Houry says Gulf carriers have restored their networks to roughly 90% of prewar levels, but higher fuel costs and operational uncertainty are pushing airlines to cut weaker routes and revisit supplier contracts. The company itself describes its overall growth as aggressive with 2Q revenue rising 31% y-o-y to USD 908 mn, helped by new contracts and its USD 305 mn acquisition of US aviation services player G2.


September 2026

7-9 Sep — AIM Congress. UAE

8-11 Sep — ‘Circus’ Exhibition for Syrian Industries 2026. Saudi Arabia

15-16 Sep — US Federal Reserve Open Market Committee meeting.

15 Sep — IMF’s eighth review of Egypt’s USD 8 bn EFF arrangement. Egypt

16-17 Sep — Middle East Banking Innovation Summit. UAE

23 Sep — National Day (public holiday, markets closed). Saudi Arabia

23 Sep — Parliamentary elections. Morocco

24 Sep — Central Bank of Egypt monetary policy decision. Egypt

30 Sep-3 Oct — Cityscape Egypt 2026. Egypt

October 2026

3 Oct — National Day (public holiday, markets closed). Iraq

6 Oct — Armed Forces Day (public holiday, markets closed). Egypt

15 Oct — GCC Made in the Gulf Forum + Exhibition. TBD

15-17 Oct — Syria Cement and Concrete Industry Conference and Exhibition. Syria.

21 Oct — 12th World Green Economy Summit (WGES). UAE

25 Oct — Liberation Day (public holiday, markets closed). Libya

25-27 Oct — World Investment Forum 2026. Qatar

26-29 Oct — Future Investment Initiative. Saudi Arabia

27-28 Oct — US Federal Reserve Open Market Committee meeting.

29 Oct — Central Bank of Egypt monetary policy decision. Egypt

November 2026

1 Nov — Revolution Anniversary (public holiday, markets closed). Algeria

2 Nov — Abu Dhabi International Petroleum Exhibition + Conference (ADIPEC) opens (through 5 Nov). UAE

6 Nov — Green March Anniversary (public holiday, markets closed). Morocco

19 Nov — Jordan-EU Investment Conference. Jordan

16 Nov — Cityscape Global begins (through 19 Nov). Saudi Arabia

December 2026

17 Dec — Central Bank of Egypt monetary policy decision. Egypt

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