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Here’s what we’re tracking today

Saudi, Pakistan, Turkey to meet Iranian officials in Tehran

US Federal Reserve expected to hold rates in last meeting before midterms

Investors are lining up for Masdar

First in line

First in line

Syria’s SMEs risk getting crowded out | Oman rolls out two data center deals in a week | No unified front in Libya’s central bank

Read today's issue

Monday, 26 October 2026

That's an expensive exit

Charter prices in Riyadh are up more than 50%, with war-risk premiums stacked on top of that, but supply is doing most of the work in pushing up the price tag.

AND- Freshfields learns the important lesson of keeping your inside thoughts off an email chain.

Today at a Glance

THE LEDE

A sovereign sukuk and foreign-led reconstruction are about to widen the credit gap for Syria’s small firms.

Tech

Oman becomes the Gulf’s newest AI compute destination with two data center deals in a week.

Banking

A family affair: The compromise that held Libya’s central bank together unravels as Naji Issa tenders his resignation.

Regulation Watch

Return to sender: Constitutional Council annuls three articles of Lebanon’s amended Bank Recovery Law.

MARKETS + DEALS

Casting wider nets: XRG, OIA and the EBRD broaden their reach as mandates widen past home markets.

Kalimera, Masdar: Masdar puts UAE’s EUR 15 bn Greece pledge into motion with a 550 MW solar buy and a Khazna data center tie-up

News

Lebanese banks offer depositors real estate, bonds, and even bank equity for frozen pre-2019 USD accounts — at a sixth of the market rate

Lebanese banks offer depositors real estate, bonds, and even bank equity for frozen pre-2019 USD accounts — at a sixth of the market rate

PLUS: Saudi Fund for Development to deploy first USD 406…

XRG, OIA and the EBRD broaden their reach as mandates widen past home markets

XRG, OIA and the EBRD broaden their reach as mandates widen past home markets

Banque du Caire ups its IPO as EBRD, IFC join as cornerstone investors

Banque du Caire ups its IPO as EBRD, IFC join as cornerstone investors

Morocco’s cars, planes, tourists, and the diaspora are bringing in more FCY, but the fuel bill is taking more out

Morocco’s cars, planes, tourists, and the diaspora are bringing in more FCY, but the fuel bill is taking more out

The extra spending on energy imports alone outstrips what tourism and remittances added this year combined

Oman is building tourism supply and demand together as it courts a different tourist demographic

Oman is building tourism supply and demand together as it courts a different tourist demographic

Banking

Constitutional Council annuls three articles of Lebanon’s amended Bank Recovery Law

Constitutional Council annuls three articles of Lebanon’s amended Bank Recovery Law

The compromise that held Libya’s central bank together unravels as Naji Issa tenders his resignation

The compromise that held Libya’s central bank together unravels as Naji Issa tenders his resignation

A sovereign sukuk and foreign-led reconstruction are about to widen the credit gap for Syria’s small firms

A sovereign sukuk and foreign-led reconstruction are about to widen the credit gap for Syria’s small firms

Finance

Saudi Arabia, the UAE, and Oman are each rewriting IPO rules to fix a credibility problem

Saudi Arabia, the UAE, and Oman are each rewriting IPO rules to fix a credibility problem

MNT-Halan rings the bell as Banque du Caire locks in foreign cornerstones

MNT-Halan rings the bell as Banque du Caire locks in foreign cornerstones

Egypt to widen the pool of companies that can run local investment funds amid push to keep capital at home

Egypt to widen the pool of companies that can run local investment funds amid push to keep capital at home

Gulf borrowers lean on Chinese lenders for scale and cheaper, longer-dated money

Gulf borrowers lean on Chinese lenders for scale and cheaper, longer-dated money

The steepest refinancing jump is coming to the Gulf’s strongest, lowest-coupon borrowers

The steepest refinancing jump is coming to the Gulf’s strongest, lowest-coupon borrowers

Business

GCC strategy roles grow as companies build in-house rather than call consultants

GCC strategy roles grow as companies build in-house rather than call consultants

Consultancies are facing AI-driven pressure and a demand slowdown, with…

Dubai Investments Park tests UAE appetite as Egypt’s listing slate runs ahead

Dubai Investments Park tests UAE appetite as Egypt’s listing slate runs ahead

Pricier debt pushes regional issuers into AED, offshore RMB, and JOD sukuk

Pricier debt pushes regional issuers into AED, offshore RMB, and JOD sukuk

Singapore’s Temasek will open its first Gulf offices in Abu Dhabi and Riyadh next year

Singapore’s Temasek will open its first Gulf offices in Abu Dhabi and Riyadh next year

One office follows the money already flowing. The other is more of a new bet

MENA to contract 3.8% this year before an 8% rebound, the IMF predicts

MENA to contract 3.8% this year before an 8% rebound, the IMF predicts

Sovereign funds

Masdar puts UAE’s EUR 15 bn Greece pledge into motion with a 550 MW solar buy and a Khazna data center tie-up

Masdar puts UAE’s EUR 15 bn Greece pledge into motion with a 550 MW solar buy and a Khazna data center tie-up

Bond windfall drives jump in Jordan pension fund income

Bond windfall drives jump in Jordan pension fund income

Qatar sizes its domestic investments target for the next five years at USD 61 bn

Qatar sizes its domestic investments target for the next five years at USD 61 bn

This is the second GCC sovereign to carve out a…

More Trojena contracts scrapped

More Trojena contracts scrapped

What we’re tracking this morning regionally and around the world

What’s behind Oman’s USD 7.5 bn sovereign windfall

What’s behind Oman’s USD 7.5 bn sovereign windfall

Infrastructure

Abu Dhabi’s L’imad is leading the Zero Hormuz push to route trade around the strait

Abu Dhabi’s L’imad is leading the Zero Hormuz push to route trade around the strait

Aramco is engineering two new export corridors while Iraq eats a markdown to keep crude flowing

Aramco is engineering two new export corridors while Iraq eats a markdown to keep crude flowing

Sabotage cuts Syrian gas again as Damascus builds a fuel transit business for Iraq

Sabotage cuts Syrian gas again as Damascus builds a fuel transit business for Iraq

Real estate

Saudi’s second mortgage-backed securitization is coming with top credit ratings

Saudi’s second mortgage-backed securitization is coming with top credit ratings

A stack of residency incentives is turning Sultan Haitham City into the GCC’s most accessible foreign-buyer real estate market

A stack of residency incentives is turning Sultan Haitham City into the GCC’s most accessible foreign-buyer real estate market

Foreign investors buy pricier property in Jordan as transaction values hit record high

Foreign investors buy pricier property in Jordan as transaction values hit record high

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

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

Gulf property markets split in 2Q as Dubai cools, Abu Dhabi surges and Kuwait bottoms out

Gulf property markets split in 2Q as Dubai cools, Abu Dhabi surges and Kuwait bottoms out

Scorecard

MENA startups set a mega-round record in Q3 as the early-stage deal base thinned 45%

MENA startups set a mega-round record in Q3 as the early-stage deal base thinned 45%

MENA sovereign funds lose global ground as sovereign investors elsewhere speed up

MENA sovereign funds lose global ground as sovereign investors elsewhere speed up

War drags Middle East private capital as global capital rises elsewhere

War drags Middle East private capital as global capital rises elsewhere

Tech

QNB Syria issues the country’s first internationally accepted payment card

QNB Syria issues the country’s first internationally accepted payment card

Syria’s first superapps bet on the country’s recovery as payment infrastructure lags behind

Syria’s first superapps bet on the country’s recovery as payment infrastructure lags behind

Licensing gaps shape cross-border fintech expansion across the Gulf and Egypt

Licensing gaps shape cross-border fintech expansion across the Gulf and Egypt

Inside the QIA-backed USD 3 bn strategy to build a global deep-tech hub in Doha

Inside the QIA-backed USD 3 bn strategy to build a global deep-tech hub in Doha

A regional reshuffle of MENA's startup fortunes sees Gulf capital dominating as new challengers emerge

A regional reshuffle of MENA's startup fortunes sees Gulf capital dominating as new challengers emerge

Energy

Saudi crude and Qatari LNG exports are clawing back around Hormuz, but both remain far below pre-war levels

Saudi crude and Qatari LNG exports are clawing back around Hormuz, but both remain far below pre-war levels

Doha has turned to ship-to-ship transfers in the Gulf of Oman, while Riyadh ships from both coasts

Gulf states commit to supply France with 10% of its diesel needs

Gulf states commit to supply France with 10% of its diesel needs

Libya’s central bank and NOC publicly clash over USD 839 mn in oil revenues unaccounted for

Libya’s central bank and NOC publicly clash over USD 839 mn in oil revenues unaccounted for

Washington pulls diplomats and Aramco evacuates Dhahran HQ amid escalating strikes

Washington pulls diplomats and Aramco evacuates Dhahran HQ amid escalating strikes

UK commits Typhoons to intercept Houthi drones and missiles over Saudi Arabia

UK commits Typhoons to intercept Houthi drones and missiles over Saudi Arabia

Qatar’s first North Field East LNG train to be ready in November to offset part of attack-hit LNG capacity

Qatar’s first North Field East LNG train to be ready in November to offset part of attack-hit LNG capacity

Shell has also partially restarted Pearl GTL

Kuwait eyes Saudi and UAE pipeline links to bypass the Strait of Hormuz

Kuwait eyes Saudi and UAE pipeline links to bypass the Strait of Hormuz

KPC is moving around 1 mn bbl / d of crude, using its own…

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