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Finally, a good night’s sleep?

1

OPENING NOTE

A big middle finger?

Good morning, friends, and happy Friday to you all. It’s been a blessedly quiet 24 hours across the region, with zero reports of missiles or drones in the UAE, Saudi, and Qatar.

We’re sliding into a big weekend: The US and Iran seem on track to hold peace talks in Islamabad tomorrow, and Egypt is taking a breather — Sunday is Coptic Easter and Monday is a national holiday for Sham El Nessim, the traditional spring festival.

The only person unhappy with prospects of peace talks bearing fruit: The CEO of Texas-based Atlas Survivor Shelters, who says demand from the GCC elite for safe rooms and underground bunkers is “up a lot.”

WATCH THIS SPACE- The UAE has thrown a USD 5.4 bn lifeline to Bahrain (pdf) — a move Saudi Twitter will doubtless interpret as a slap in the face. (The mudslinging between Saudi and Emirati booster boys and bots alike on X has been rather intense the past week…)

On deck for the week ahead: It’s IMF / World Bank spring meeting week in Washington (the bank just downgraded its GCC growth forecast by 3.1 percentage points to 1.3%) and EBRD said overnight that it will deploy EUR 5 bn this year to shore-up economies including Iraq, Jordan, Egypt, and Turkey, among others. –Patrick

2

THE LEDE

Roadkill

For over a decade, the shortest, lowest-cost land corridor from Europe to the GCC has had all the energy of a ghost town. Syria’s raging civil war had made it impassable — and forced a USD multi-bn rerouting economy: Cargo shifted to more expensive and slower land and intermodal detours, with Jordan and Iraq — and to a lesser extent Turkey and Israel — picking up the slack from the mix of sea and land detours, as well as so-called Ro-Ro combinations.

SOUND SMART- Ro-Ro, for those of you who don’t speak fluent Logistics, is roll-on, roll-off traffic: Imagine cargo-laden transport trucks rolling onto a ship, and then off on the other side.

But with a government in place and early signs of both reconstruction and economic policy trickling out of Syria, the map could reset. Geography is largely on Syria’s side, and a functional Syria corridor could offer Europe-GCC flows a cheap and fast pure road freight play – and Turkey’s Trade Ministry is counting down the days for when it will be “ fully operational,” which it says is next year.

Sounds good given what’s happening in Hormuz right now, yeah? Sure — just don’t hold your breath. Not yet, at least. Syria is still wrestling with regulatory and security issues, and cross-border coordination kinks are real.

Pre-war numbers explain why the corridor mattered, whether you were shipping through Syria or selling into what was once a vibrant market: Some 341k trucks carrying 8 mn tons of cargo crossed at the Jaber border crossing between Jordan and Syria in 2011, a critical link between Turkey and Europe, on the one hand, and GCC markets on the other, according to a survey by JICA, Japan’s international aid agency. And Turkish firms took advantage, selling some USD 1.7 bn in goods to sleepy pre-war Syria in 2010.

What happened during the war?

The war did two things to regional logistics: It broke the shortest north-south land path and created a portfolio of second-best routes — each with its own political constraints and rent extraction points.

Before the war, Jordan was Syria’s shortest route to the GCC through the Jaber-Nasib crossing. Iraq also offered the Syria corridor a path to the GCC through the Jadidat Arar border, but it came with a longer distance — and that border is currently closed.

When that corridor broke, freight rerouted — and got stuck: A JICA port master plan (pdf) focused on Iraq shows that when Syrian routes were suspended, most of the cargo to Iraq shifted to Port of Mersin (in Turkey) while some wen to Aqaba (Jordan) and a trickle was being unloaded at Haifa in Israel. A 2019 paper on Turkish logistics describes how truck flows to the Middle East shifted into Ro-Ro combinations, loading in Turkey’s Mersin and Iskenderun then unloading in Lebanon, Egypt, Israel, and Saudi Arabia, before embarking on a final road leg to their destination markets.

Meanwhile, the Suez Canal emerged as a key fix to shorten Ro-Ro trips on their way to Saudi Arabia, which ultimately gave Egypt leverage to increase the canal-transit fee to USD 236k per round-trip for a Ro-Pax ship with 95 truck capacity.

And that rerouting came with some geopolitical speedbumps: Many Arab countries do not allow trucks transiting via Israel to enter (Jordan is an exception). Even so, Turkish exports flowing through Israel into Jordan emerged as a viable route, with the number of trucks crossing between Israel and Jordan jumping 300% since 2011 to 10.6k trucks per year.

So many friction points

There are plenty of chokepoints that need to be resolved to re-open the Turkey-GCC land corridor — and not all of them are in Syria. Trucks incoming from Turkey need to be unloaded, then loaded up (also called back-to-back transfers) across different border points thanks to a patchwork of regulatory issues.

Syrian and Turkish truckers face difficulties getting Saudi visas, and even with a visa in hand, the kingdom maintains a strict ban on trucks older than 20 years. That takes most of Syria’s postwar trucking fleet out of Saudi.

That has made the domestic market become even more important for Syrian truckers, and Damascus has mandated back-to-back transfers at its borders in a bid to ensure its truck drivers are not out of work.

Insurance is patchy in some conflict-adjacent markets. Security affects how much private operators are willing to scale. And even when foreign trucks are allowed into Syria, they typically pay for armed escorts — driving costs up even further.

And don’t even get us started on long, often inchoate customs procedures…

What now?

The competitive map is more multi-corridor than single-corridor: Turkey has three southbound options — Syria, Iraq, or sea. A Turkey-Iraq-Jordan corridor under the TIR system (customs transit under a UN-backed framework) moved a first Istanbul-Amman shipment via Iraq in five days against the 4-5 weeks that same journey would take on a more traditional maritime route.

Iraq is no longer the fallback — it’s the cleaner commercial rival: Syria still has the edge for Jordan-bound cargo because it is shorter and more direct. But for Saudi and broader GCC flows, Iraq is increasingly attractive: lower transit costs, fewer handoffs, cheaper fuel, and potentially smoother access if border arrangements keep easing.

Jordan could be the biggest loser. It gained importance when Syrian routes collapsed and freight concentrated through its Aqaba port and its subsequent inland transit. Both land corridors through Iraq and Syria would take away the sea leg required for the Aqaba port to sustain its gains.

And Turkey has the clearest overall upside. A functioning southbound road route — whether through Syria or Iraq — means faster access to Jordan and Gulf consumers, more direct exports from Turkish industry, more transit-linked income captured inside, and more economic activity tied to logistics flow.

But it depends on friction: That upside depends on whether Syria behaves like a transit corridor or a controlled transfer economy: Some logistics firms win from back-to-back (handling fees, warehousing, local trucking contracts). Others win from true through-transit (fewer handoffs, fewer intermediaries).

The result is a more crowded field, competing on a different mix of distance, cost, border friction, security, and how many hands touch the cargo before it reaches its destination.

That’s why the shortest route is no longer automatically the winning one: Which corridor dominates will depend less on geography and more on border rules, trucking restrictions, and the cost of moving cargo across them. Syria may be faster on map, but Iraq is often cleaner on execution.

And also why means the winners and losers won’t line up neatly by country. They’ll line up by which nodes captured the workaround rents during the war years — and by which ones can stay competitive once direct land transit starts clawing back volume.

What to watch for: policy and regulation. If Syria relaxes foreign-truck limits or narrows the use of back-to-back, that’s a real pro-transit signal. If Jadidat Arar opens more fully and Saudi access through Iraq improves, Iraq’s hand gets stronger. Either way, the future of Levant trade looks less like a single restored road and more like a fight between parallel corridors.

3

TECH + INNOVATION

Not so fab?

It looks like we may not see a Saudi chip fab after all — the kingdom’s plan to build a USD 100 bn electronics manufacturing hub champion is being recalibrated. Alat, the Public Investment Fund’s advanced manufacturing investment platform introduced in 2024, dumped CEO Amit Midha and scrapped semiconductor manufacturing plans, Semafor reports. Muhammad Nasser Aldawood, PIF’s head of industrials and mining, has been tapped to lead Alat as acting CEO.

Behind the shift: Alat reassigned its semiconductor-focused team and related resources to instead focus on building out a plan to turn Saudi Arabia into a data center hub, according to the report. That change in focus comes as the kingdom reviews some of its major spending plans, but is doubling down on its data center ambitions. In January, data centers dominated project awards in Saudi Arabia, with a single SAR 10.1 bn (USD 2.7 bn) contract for a new 480 MW data center accounting for nearly 90% of all awarded contract value.

OUR TAKE- The changes at Alat are more of a reprioritization than a retreat from industrial policy. Rather than pouring USD tens of bns into high-stakes silicon fabrication plants that face stiff competition from the US, Europe, and Asia, Saudi Arabia is instead banking on what’s working in its favor. Cheap energy, strategic geography, and rising global demand for cloud and AI infrastructure make a focus on data centers a faster, more bankable pathway to capturing value in the digital economy.

In context: Saudi continues to tone down some of its more grandiose ambitions, including the scrapping in recent months of contracts worth USD bns for gigaprojects like the Trojena mountain resort-cum-ski destination in Neom.

4

PLANET STARTUP

Drying up?

“The March slowdown is primarily a function of LP capital allocation timing, not a fundamental shift in Egypt’s investability,” Foundation Ventures Managing Partner Mazen Nadim tells EnterpriseAM.

Publicly available data may also be misleading, he argues, as “founders and investors are keeping terms private during a volatile macro environment.” That being said, the traditional first-quarter slowdown in activity has been amplified this year by regional geopolitical uncertainty that created “short-term risk aversion among crossover investors” and “Egypt specific FX recalibration as the market digests post-reform valuations,” he adds.

Startups with export potential or USD-denominated earnings are reportedly commanding 20-30% valuation premiums over purely domestic plays, serving as a natural hedge against EGP volatility, we were told. Despite headline risks, Egypt’s structural case has also strengthened following FX reforms that removed the primary barrier to entry for foreign funds.

“Activity rebounds now, but disclosed funding will lag by six to nine months,” he predicts. “VCs don't stop working in volatile periods … the capital is moving,” even if the chatter is kept to a minimum.

5

TALENT

No Egyptians (or Indians or Lebanese) need apply…

Saudi Arabia and the UAE are doubling down on their talent nationalization drives, with each issuing directives earlier this week to expand programs designed to increase the number of nationals employed by the private sector.

In Saudi Arabia, the Human Resources Ministry expanded its 100% Saudization mandate to cover 69 job types. The decree, which went into effect on Sunday, applies to every private sector entity operating in the Kingdom that employs one or more workers in these targeted roles. Businesses subject to the decree are now required to immediately audit their front-line staff and have until 4 October to restructure (and localize) middle management and specialist roles.

Which jobs are being impacted? Let’s just say you’re going to see fewer Egyptian HR managers and institutional development managers, less Lebanese and Egyptian talent in public relations, and fewer Indian recruitment specialists. Looking for a general administrative assistant? Bank on hiring a Saudi. .

The cost mitigation strategy: Replacing expatriate back-office staff with Saudi nationals will likely trigger an immediate wage premium, making the Human Resources Development Fund (Hadaf) a critical pressure valve for some companies. Hadaf — which poured SAR 8.3 bn into private-sector wage subsidies and training in 2025 — will subsidize a portion of new Saudi hires' salaries for up to two years. We expect the April mandate to trigger an inflow of new applications, with SMEs already making up 94% of the fund’s beneficiaries last year.

MEANWHILE- The UAE is extending its Nafis Emiratization program through 2040 to expand support for Emirati talent and competitiveness in the private sector. Under the new program updates, women working in the private sector — whether Emiratis or women married to Emirati nationals — will be eligible for a new financial support program. The financial support will also be expanded to an unlimited number of these women’s children (after initially being capped at four), with the allowance per child increased to AED 800, from AED 600 previously.

Background: Launched in 2021, the Nafis program is aimed at increasing the number ofEmiratis employed in the private sector, with the goal of having 75k highly-trained Emiratis fill up 10% of positions in private firms across the country by 2026. Since its launch, the number of Emirati nationals working in the private sector climbed by 325% as of last August.

6

WAR WATCH

Finally, a good night’s sleep (if you’re not in Beirut)

Folks across the Gulf got an uninterrupted night of sleep last night as a shaky ceasefire remains in effect heading into a critical round of US-Iran peace talks tomorrow in Pakistan.

The UAE confirmed Thursday was the first day in nearly 40 days of war it was spared missile and drone attacks from Iran. Most other countries in the region appear to have also breathed a sigh of relief yesterday, although Kuwait reported drone strikes on “vital facilities” — an attack Iran insisted didn’t come from it.

Watch this space: Hours into the ceasefire announcement, the East-West pipeline — the Kingdom’s only way to move oil around the once-again closed Strait of Hormuz — was hit in a drone attack, according to unconfirmed reports from the Financial Times and Bloomberg. No further reports of attacks in Saudi Arabia emerged on Thursday.

Airspaces clear after ceasefire announcement: Iraq and Syria both moved to reopen their airspace and get planes back in the air on something resembling a normal schedule after weeks of war-driven closures and severe disruption across the Middle East. Bahrain also reopened its airspace and flights have been gradually leaving its airport as of Thursday morning.

Lebanon remains the key outlier — and the part of the puzzle that threatens to upend the fragile truce. After one of the deadliest days of attacks from Israel earlier this week that left 250 dead in Lebanon, Beirut’s government could begin talks with Tel Aviv on disarming Hezbollah.

Talks between Beirut and Tel Aviv could be make-or-break for the Gulf ceasefire: Iran has said that it refuses to attend talks with the US in Islamabad unless Israel halts attacks on Lebanon and agrees to bring it under the umbrella of the ceasefire.

Iran’s main bargaining chip continues to be the Strait of Hormuz, which it closed off again in response to the attacks on Lebanon.

The UAE is doubling down on the view that Iran is committing “economic terrorism”: The Strait is not open — and cannot remain under one state’s control, UAE Industry and Advanced Technology Minister Sultan Al Jaber said yesterday in a Linkedin post. “The Strait was not built, engineered, financed or constructed by any state. It is a natural passage governed by the United Nations Convention on the Law of the Sea, which guarantees transit as a matter of right; not a privilege to be granted, withheld or weaponized,” said Al Jaber, who double-hats as the head of Adnoc.

7

Energy

Drill, baby, drill

Egypt’s energy security got a nice shot in the arm this week thanks to discoveries at home and in Libya. The finds will take time to bring online, but are a welcome development for a country already staring into the teeth of an energy crisis thanks to disruption of supplies from Qatar (natural gas), Kuwait (crude) and other traditional Gulf suppliers.

Enidiscovered a reservoir in the Eastern Mediterranean believed to hold some 2 tcf of gas and c. 130 mn barrels of other light hydrocarbons. Critically, the fiend is in shallow water just 10km from existing infrastructure, meaning Eni and its partner (a local unit of BP) could bring the field into production quicker.

In context: Egypt has been on a drive for the past year to restore its credibility with Big Oil — and that campaign appears to be paying off, if the on-stage love-in at an American Chamber of Commerce in Egypt event) with the oil ministry was anything to go by.

MEANWHILE- The Libyan National Oil Corporation announced three shallow discoveries — two gas fields being tapped by Algeria’s Sonatrach and Eni, and an oil field by Spain’s Repsol — in a sign that relative stability is drawing IOCs back to low-cost Libyan exploration after years of conflict-driven suspension.

Why does Libya matter so much to Egypt? As we exclusively reported earlier this week, Cairo just signed up to buy 3% of Libya’s totalcrude output to compensate for supplies Egypt isn’t getting from the Gulf.

8

MARKETS + DEALS

Lights, camera … capital?

Gulf sovereign wealth is officially bankrolling Hollywood’s biggest-ever merger. The PIF, Abu Dhabi’s L’imad, and the Qatar Investment Authority have finalized commitments just shy of USD 24 bn to back Paramount’s takeover of Warner Bros. Discovery — and they’re far from the only sovereign names making moves this week.

PIF is providing the lion’s share at roughly USD 10 bn, with L’imad and QIA splitting the remainder, the Wall Street Journal reports, citing people it says are familiar with the matter. Paramount also secured c.USD 54 bn in debt financing from Bank of America, Citigroup, and Apollo. US-based Redbird Capital Partners, which was involved in an Abu Dhabi-backed bid for the UK’s Telegraph newspaper, is also backing the deal.

Foreign investment concernspreviously raised by some US politicians appear to have been addressed: The Gulf funds will hold minority, non-voting positions, each below the 25% threshold, a limit designed to minimize scrutiny from the Committee on Foreign Investment. Investors liked what they saw — Paramount shares rose almost 11% on Tuesday as the confirmed funding reduced uncertainty around the transaction.


ADIA takes a minority stake in USD 18.3 bn Hologic buyout. The Abu Dhabi Investment Authority has finalized its investment in the acquisition of US women’s health firm Hologic, partnering with Blackstone, TPG, and GIC, according to a company statement. The transaction, priced at USD 79 per share, takes Hologic private in the largest US medical services sector buyout in nearly two decades — and another marker of sovereign capital’s appetite for defensive, scaled healthcare assets.

DP World is reportedly eyeing USD 13.2 bn stake in the UK’s biggest port operator. A controlling 64% stake in Associated British Ports (ABP) is up for grabs, and DP World is interested, Bloomberg reports, citing people it says are familiar with the matter. Brookfield Asset Management, KKR & Co, and BlackRock’s Global Infrastructure Partners are also reportedly in the running for the stake, currently held by Canada Pension Plan Investment Board and Toronto-based Omers Administration. DP World already operates two deepwater ports and freight rail terminals at Southampton and London Gateway, the latter of which it had previously committed to investing GBP 1 bn into.

Abu Dhabi’s G42 is pushing forward with plans to spin off units and scale its flagship data center platform, with its data center arm Khazna eyeing a public debut as early as 2028, Bloomberg reports. The firm is maintaining its pre-war timeline to bring the first 200 MW of its 5 GW US-UAE AI data center campus online this year.

ALSO WORTH KNOWING THIS MORNING

Qatar National Bank (QNB)reported a bottom line of QAR 4.3 bn (USD 1.2 bn) in 1Q 2026, up 2% y-o-y. Net interest income rose 8.1%, net fees and commissions were up 10.7%, customer deposits grew 5%, and loans grew 8%.

Mubadala’s assets under management climbed 17% y-o-y to AED 1.4 tn (USD 385 bn) in 2025, according to a company post. The fund deployed AED 143 bn (USD 39 bn) globally while generating AED 138 bn (USD 38 bn) in proceeds, clocking a five-year annualized return of 10.7%.

Saudi Investment Bank (Saib)kicked off a private placement of AT1 capital sukuk under its SAR 5 bn program, running until 7 May for eligible investors. Minimum subscription is SAR 1 mn. Al Rajhi Capital and Alistithmar for Financial Securities are handling the placement.

Dubai Aerospace Enterprise (DAE) and Blackstone Credit and Insurance are partnering on the launch of Equator, an aircraft leasing investment platform targeting roughly USD 1.6 bn of deployment per year.

Market Snapshot

Tadawul flat • ADX -0.33% • DFM -1.45 • EGX30 +1.00%

Brent USD 96.41 / bbl • Gold USD 4,770.7 / oz • USD / SAR 3.7526 • USD / EGP 53.1254

9

ECONOMY

Jordan’s bank bailout

Jordanian banks and other players hit by fallout from the war in the Gulf are getting a USD 1.1 bn emergency package. The JOD 760 mn initiative will also include direct financing for hard-hit tourism players and to shore-up food security.

How it’s structured: Jordan’s central bank will cut its reserves requirement for banks to 5% (from 7%) for commercial banks and 4% (also from 7%) for Islamic lenders. That will unlock some JOD 300 mn in lendable liquidity. A further JOD 400 mn comes from slashing the central bank’s outstanding deposit certificates from JOD 550 mn to JOD 150 mn. Together, that puts some JOD 700 mn back into the financial system.

AND- Food companies will get some JOD 60 mn in concessional finance for essential imports.

The package also includes financing for tourism players to help them pay for operating expenses and salaries. Bookings in the sector have fallen by as much as 90% since war broke out in the Gulf..

Jordan is following a playbook from Egypt and the Gulf: Qatar’s central bank slashed reserve requirements to 3.5% instead of 4.5% earlier in March, and the UAE is estimated to have injected some USD 8 bn in liquidity in the banking sector as of last week, via a mega support package that was rolled out mid-March.

10

WHAT WE’RE TRACKING

Turkish delight?

#1- Two big Turkish banks are kicking the tires on Syria. State-owned Ziraat Bank and private lender Aktifbank are in advanced talks with Syrian regulators to launch operations in the country in the near future, Asharq Al Awsat reports. Interest in Syria’s banking sector has been building up. Qatar’s privately-owned Estithmar Holding was said in January to be closing in on a a 60% stake in Shahba Bank and a 30% stake in Syrian International Islamic Bank. Jordan’s state news agency quoted the kingdom’s central bank governor last December as sayingthat “several” Jordanian banks were also looking to expand into Syria.


#2- Global automaker Stellantis is making a second move to grow in Algeria this year with plans to expand its Fiat plant in the northwest port city of Oran. Stellantis is looking to boost the plant’s output to 135k vehicles per year by 2028, compared to 53k produced in 2025. It hopes to see 90k vehicles roll out of the plant this year.

Stellantis is expanding fast in Algeria: In January, the company announced it will build Opel’s largest plant outside Europe in Algeria, without providing further details on the ticket size or timeline for the project.


#3- Qatar and Kuwait both saw their non-oil private sector business activity nosedive in March. Each saw its purchasing managers’ index fall into contraction territory. Qatar recorded the most severe deterioration in its PMI reading since the height of the pandemic in May 2020, falling to 38.7 from 50.6 the month prior. Kuwait’s PMI fell into contraction for the first time in 19 months to 46.3.


#4- Morocco is stepping into the capital-market big leagues with the launch of futurestrading. The contract, MASI 20 Future, tracks the 20 largest and most liquid stocks listed on the Casablanca Stock Exchange and allows investors to take short and long positions.


#5- Iraq is pushing ahead with its USD 4.6 bnBasra-Haditha pipeline after cabinet gave the oil ministry go-ahead to solicit bids. The pipeline would move crude from Southern Iraq to the north, creating an alternative export route and bypassing Iraq’s semi-autonomous Kurdistan region. The pipeline is designed to carry around 2.3 mn bbl / d while helping feed Turkey’s Silopi-Ceyhan link.

Why it matters: Once the disruption in Hormuz choked Iraqi exports, storage filled up and southern output fell to around 800k bbl / d, exposing how little room Baghdad has when its main Gulf outlet is blocked.

SIGN OF THE TIMES

Kuwait is kinda-sorta going cashless? Cash transactions exceeding KWD 10 are no longerpermitted in a handful of sectors and types of transactions in Kuwait. The push to go cashless applies to private hospitals, medical centers, women’s and men’s salons, pharmacies, and sports clubs, among others. Businesses failing to comply could lose their commercial licenses.


April 2026

13 Apr — IMF / World Bank spring meetings begin (through 18 Apr). Washington (virtual)

14 Apr — QNB 1Q 2026 earnings guidance. Qatar

15 Apr — 2Q IPO listing window opens. Region-wide

25 Apr — Sinai Liberation Day (public holiday, markets closed). Egypt

28-29 Apr — US Federal Reserve Open Market Committee meeting.

28 Apr-1 May — Syria HiTech International ICT Exhibition. Damascus, Syria

May 2026

12 May — Qatar Economic Forum (through 14 May). Qatar

21 May — Central Bank of Egypt monetary policy decision. Egypt

25 May — Independence Day (public holiday, markets closed). Jordan

27-30 May — Eid Al Adha (public holiday, markets closed). Region-wide

28 May — Saudi Aramco ex-dividend date. Saudi Arabia

June 2026

7 June — OPEC+ ministerial meeting. Vienna/Virtual

9 June — King Abdullah II Accession Day (public holiday, markets closed). Jordan

10–14 June — Syria Buildex International Construction Exhibition. Syria

16-17 June — US Federal Reserve Open Market Committee meeting.

July 2026

5 July — Independence Day (public holiday, markets closed). Algeria

9 July — Central Bank of Egypt monetary policy decision. Egypt

14 July — Republic Day (public holiday, markets closed). Iraq

23 July — Revolution Day (public holiday, markets closed). Egypt

25 July — Republic Day (public holiday, markets closed). Tunisia

28-29 July — US Federal Reserve Open Market Committee meeting.

30 July — Throne Day (public holiday, markets closed). Morocco

August 2026

13 Aug — Women’s National Day. Tunisia

20 Aug — Revolution of the King and the People Day (public holiday, markets closed). Morocco

20 Aug — Central Bank of Egypt monetary policy decision. Egypt

21 Aug — Youth Day (public holiday, markets closed). Morocco

25 Aug — Prophet’s Birthday (public holiday, markets closed) — TBD. Region-wide

31 Aug-3 Sep — LEAP technology conference. Saudi Arabia

September 2026

7-9 Sep — AIM Congress. UAE

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

15 SepIMF’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

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

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

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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