Your thumbnail guide to this morning’s issue

Good morning, wonderful people. We have a packed issue for you this morning, leading with a look at how Morocco and Egypt are picking up tourism business because of (not despite) the war in the Gulf. And while our fellow finance nerds around the world wait for news later today about how much of SpaceX Elon Musk wants to sell — and at what price — we have a quick primer for normals who can’t keep track of how the UAE, Saudi, and Qatar are positioned ahead of three AI IPOs that could together be worth north of USD 3 tn.

Humain has direct exposure here: The Saudi AI giant holds shares in SpaceX, a spokesperson tells us.

The IPO theme carries through to the the news well: Oman is set to test foreign appetite for fresh paper in the midst of a war — the inventively named Oman India Fertilizer Co. is set to go public on the MSX. It sells most of its output to India — and is a particularly rich dividend play. Saudi issuers can go to market and rely on deep domestic liquidity to take up the shares, but a big Oman offering will likely need foreign money to come in.

And we’ve got the latest on the war this morning, which saw Iran hit Bahrain and Kuwait overnight and the US attack targets across Iran. –Patrick