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Agriculture
25 May — Independence Day (public holiday, markets closed). Jordan 27-30 May — Eid Al…
Egypt leaves rates unchanged + Apex Health gearing up for IPO?
Plus: Hajj costs are on the rise
EgyptAlum + Alba’s USD 3 bn refinery gets int’l lender interest, CMA CGM expands Middle East footprint
Plus: AD Ports tightens Fujairah logistics network
Saudi Arabia’s Dar Al Balad may have been a small IPO, but it broke the wartime ice. Will others follow?
15 global financial services firms have set up shop in the UAE since the start…
AI
BYD overtakes Tesla as the Middle East’s top EV brand
EV sales in the Middle East rose more than 40% y-o-y in 2025
Dubai and Doha roll out new stimulus packages to support the private sector amid fallout from the war
Dubai’s AED 1.5 bn package primarily targets tourism and hospitality
UK and GCC finalize multi-bn GBP trade agreement
The UK becomes the first G7 economy to seal a trade pact with the GCC…
The first question for Iraq’s new prime minister isn’t whether he can reform Iraq — it’s whether he can make payroll
If he can’t pay civil servants, Ali Al Zaidi may need a bailout — and…
Automotive
The blows keep coming for consultants in Riyadh
Plus: Oman and Iran are reportedly negotiating permanent tolls for the Strait of Hormuz
21 May — Central Bank of Egypt monetary policy decision. Egypt 25 May — Independence…
Al Khayyat family eyes major African infrastructure projects
Plus: Small businesses + startups in Egypt added to tax, customs whitelist
Morocco plans USD 8 bn investments in new port developments
Plus: Oman has two mega green projects in the works
Banking
Full-speed ahead for Saudi ECM + DCM transactions
Plus: PIF kicks the tires on appetite for Newcastle
Can Riyadh Air defy a rewritten Gulf sky?
The luxury, premium-heavy brand is expected to launch this summer
The GCC is building for a post-Hormuz world
UAE is expanding pipelines and overseas capacity, whereas Saudi is looking at land bypasses
Chinese VLCCs pass Hormuz as Tehran + Washington exchange threats of renewed attacks
UAE confirms Barakah drone attacks originated from Iraq
Commodities
Even without the oil windfall, Oman shrank its budget deficit
Accounting methods mean that oil revenues are typically only reflected in the fiscal picture months…
What’s behind Oman’s USD 7.5 bn sovereign windfall
With OIA acting as the main architect for Oman’s major IPOs lately, the sovereign’s earnings…
The accidental Oman issue?
GCC-UK trade agreement could be finalized today
21 May — Central Bank of Egypt monetary policy decision. Egypt 25 May — Independence…
Construction
Saudi offers 60% rebate on production costs to attract global film and TV
Plus: Filmmakers said earlier incentives were too complicated to navigate
Lebanon, Israel extend their ceasefire as more strikes hit the region
The UAE and Saudi Arabia each reported new drone strikes on Sunday
Tale of two funds: PIF trims US equities as Mubadala ramps up
The PIF trimmed its US equity holdings to a five-year low of USD 12 bn,…
Saudi Aramco may be looking to raise USD 35 bn from asset sales — and we have M&A news from the UAE, Saudi, and Egypt
Plus: EGX bellwether CIB is pushing ahead with its launch of a digital bank
E-commerce
Results from airlines and retailers in 1Q 2026 foreshadow what markets can expect from everyone else in 2Q
The further you were from the blast zone, the less you were hit by the…
India doubles down on MENA ties in search of energy, compute for AI, and defense sales
A USD 5 bn pledge, 30 mn barrels of crude storage, an AI supercluster and…
The Central Bank of Syria has a new governor, but his credentials are thin
Raslan will be CBS’ third governor in less than two years
Tunisia’s strongest FDI year in a decade won’t be enough to fix its structural problems
Without the buffer of tourism and cheap energy that saved it last time, Tunisia will…
Education
One week until Eid Al Adha…
Good morning, friends — and happy Week Before Eid to you all. Five (or maybe…
May 2026 21 May — Central Bank of Egypt monetary policy decision. Egypt 25 May…
Modi to visit UAE, skipping the rest of the Gulf, as part of five-country tour
Plus: No summer salvation for Lebanon
Another Indian contractor sets up shop in the UAE
Plus: Morocco’s economy is on track to grow faster than expected this year
Energy
More wins for ADGM, L’Imad and Adnoc make big infrastructure bets, and Aramco wants USD 10 bn from its real estate portfolio
Plus: A rare cross-border securitization could open a new source of funding for fast-growing businesses
US-Saudi Business Council has a new board of directors
Olayan Group’s Lubna Olayan and Citi CEO Jane Fraser will co-chair the board
Alabbar plans USD 18 bn fund to invest in Syria
The investments would be skewed more heavily towards real estate development projects, with around USD…
Saudi sukuk are going from a local asset class to global benchmarks
Even as regional tensions could spur risk-off sentiments for emerging markets, Saudi Arabia is seen…
Finance
Israeli telecom major Bezeq is going after Egypt’s data corridor dominance
Redundancy is increasingly necessary for the Europe-Asia data corridor, but the question is whether this…
UAE-based BTC miner Phoenix pivots to AI infrastructure for Europe
“The window to establish strong positions [on AI infrastructure], with the right sites, power, and…
The AI race continues at full speed in the GCC, even as faultlines emerge thanks to the war
The GCC’s main draw has been its cheap energy, but add in nimble regulators and…
The robots aren’t coming for all jobs
We have a tech- and infrastructure-heavy issue for you this morning as we close the…
Fintech
May 2026 21 May — Central Bank of Egypt monetary policy decision. Egypt 25 May…
Iranian objections to Al Zaidi government delays cabinet formation in Iraq
Plus: G42’s USD 1 bn geothermal data center in Kenya hits another speedbump
Abu Dhabi has USD 4 bn in infrastructure projects to put out to tender
Plus: Saudi’s Retal Urban Development says it’s building a more than USD 800 mn residential…
MENA+ earnings in 1Q 2026 paint a very mixed (and still incomplete) picture of the war’s impact
Plus: Grocery retailers also had a mixed 1Q, while flynas’ bottom line was weighed down…
Healthcare
JLL + Altea Partners set up new hubs in Riyadh, tapping local talent to lead
JLL is establishing a sports and entertainment hub in the capital
Syria’s sanctions era comes to an end as UAE + IOCs eye more investments
The vote of confidence comes as more foreign investors circle a wide range of sectors…
Indian banks halt new GCC lending over worries of extended regional instability
While Gulf capital continues to flow into Indian assets, Indian lenders SBI and PNB are…
Foreign appetite bolstered Sharjah Islamic’s USD 710 mn rights issue
Plus: A new fund will buy shares off founders and others locked into pre-public startups
Infrastructure
Is Hynfra’s USD 1 bn Jordan green hydrogen announcement anything more than marketing … for its next announcement?
What we’re looking for: a final investment decision, a named offtaker … or any sign…
Saudi firms are lining up to IPO, while UAE and Egyptian outfits strike more cautious notes
Gulf investors will also have appetite to cash out risk through Western IPOs of their…
Who pays for Lebanon’s banking collapse?
The draft Financial Stabilization and Deposit Recovery Act — despite being a critical framework —…
Al Jaber decries Iran’s arithmetic of extortion
The UAE’s Minister of Everything is taking his case to the world: Sultan Al Jaber,…
Hospitality + tourism
May 2026 21 May — Central Bank of Egypt monetary policy decision. Egypt 25 May…
Egypt is looking at USD 19 bn investments in oil and gas over three years
Plus: Libya refinery resumed operations after localized armed clashes forced a two-day shutdown
DP World secures last-minute extension for its Thai port concession
Plus: Egypt and Jordan are backing Levant gas access with new infrastructure moves
Aramco’s net income posts 25% y-o-y growth in 1Q despite Hormuz disruptions
Higher oil prices outweighed any losses in export volumes
Manufacturing
Oman’s sovereign fund secures stakes in Turkish mining, defense players
The transaction is carried out by a 50-50 JV fund between Oman Investment Authority and…
Zoho rolls out UAE data centers as Gulf data sovereignty demands tighten
The Indian software major is expanding its local-first approach across the Gulf to meet growing…
2026’s largest US tech IPO has Abu Dhabi's AI thesis riding on it
UAE demand makes up 86% of the AI chipmaker’s revenue
The decoupling of revenue and headcount: What India’s export-oriented IT headcount slump means for MENA
Decision-makers in Egypt, Morocco, and Jordan think they can climb the value chain to stay…
Media
Bollywood and tech
There’s a distinct Bollywood-and-tech beat to this morning’s issue, including a look at why rising…
May 2026 12 May — Qatar Economic Forum (through 14 May). Qatar 21 May —…
Stellantis adds to Morocco portfolio
Plus: Eagle Hills is looking at USD 50 bn in Syria real estate projects
Brookfield + Alshaya Group form Dubai Hills JV and Apis Partners closes USD 1.23 bn third fund
Plus: First Abu Dhabi Bank tapped international markets with 2x oversubscribed sukuk
Mining
Higher defense + subsidy spending pushed Saudi Arabia’s widening 1Q 2026 budget deficit
The PIF followed the release of the deficit data with a new USD 7 bn…
Iran attacks US Navy vessels and the UAE
Tehran has yet to respond to Washington’s latest proposal to end the war
Defense localization takes the lead at MIITE
The UAE is now getting a defense free zone
UAE sets the tone that its long-term prospects are in good shape
Make It in the Emirates closed with USD 60 bn worth of contracts
NBFS
Chasing yields: Premium segments are the new frontier for aviation competition amid regional disruptions
From the robust connectivity of Turkish Airlines and the premium polish of Singapore Air to…
UAE wins BAU Sweepstakes
Good morning, wonderful people. It’s been an eventful week, capped off with an Iranian attack…
May 2026 12 May — Qatar Economic Forum (through 14 May). Qatar 21 May —…
QatarEnergy extends LNG force majeure until mid-June
Plus: UAE developers lower down payments to attract new buyers
Oil + gas
Neom Port finds new purpose during Hormuz disruptions
Plus: Chinese players to set up new production facilities in Oman, Tunisia
Ta’ziz locks in deals worth nearly USD 29 bn, giving the UAE’s industrial localization drive a huge boost
Plus: The second Gulf IPO since the war broke out is off the ground in…
Man Group and Capital Group join growing list of asset managers setting up shop in UAE despite Gulf conflict
Plus: Indian insurance leader Policybazaar is doing to double down on the UAE
UAE, Qatar, and Jordan hold onto sovereign ratings
The ratings affirmations came in even as economies face slowdowns
Private equity
Regional non-oil private sectors show mixed performance
Costs are spiraling for everyone — and supply chains remain snarled
Syria’s banking recovery: Can foreign investment alone revive the war-torn sector?
Syria’s banking sector is selling for cents on the dollar, but first-movers have a compliance…
Plenty of macro overhang, but the engine room is still humming
Halfway through the week, there’s no shortage of headline risk in the region. Tensions flared…
May 2026 12 May — Qatar Economic Forum (through 14 May). Qatar 21 May —…
Real estate
Regional air travel is beginning to normalize
Plus: Sanctions loom for Iran’s crypto exchange platform Nobitex after Reuters reveals founders’ ties to…
MSC’s new intermodal route to connect Europe to GCC via Saudi land bridges
Plus: Cairo Court upholds Juhayna’s decision to deny Qatar’s Baladna a board seat citing competition…
Egypt slashes exploration rents + red rape to attract foreign investment in mining
Lower rents, faster approvals, a smaller state cut — Egypt’s second swing at making mining…
Dubai hub expands its prescribed company regime to attract more global capital
The move comes at a time when Turkey is making a run at the “safe…
SMEs
Saudi tech founders want to IPO, but at least half of them aren’t ready for it
Tadawul remains the venue of choice for Saudi outfits, but that won’t do anything to…
Gulf capital markets are showing signs of life this morning even as the war shows no sign of ending
Plus: SPE Capital, Amethis, and EBRD set to exit Egypt’s GlobalCorp via private placement transaction
Lebanon’s tourism industry is holding the line with a narrow window to rescue the season
Despite record-low occupancies, business owners are resisting layoffs to avoid a permanent brain drain of…
On its third day of independence from OPEC, the UAE is clearly aiming to reach escape velocity
A USD 55 bn oil-and-gas contract-award program is going to fuel the UAE’s bid to…
Sports
May 2026 12 May — Qatar Economic Forum (through 14 May). Qatar 21 May —…
UAE expected to ramp up oil and gas investments after Opec exit
Plus: Not enough women on listed company boards
Latakia Port lands Syria’s first Ro-Ro service after war
Plus: Talabat opens its second mega distribution center at Yanmu Park
Emirates prices USD 750 mn AT1 issuance
Plus: Banking consortium arranging funding for the Kuwaiti pipeline sale takes shape
Telecoms
Could shale reserves be Libya’s next oil & gas frontier?
Plus: Indian-Algerian consortium announces its fifth discovery in its Ghadames basin concession block since it…
China’s zero-tariff policy for (nearly) all African countries takes effect
Plus: Jeddah Islamic Port has two new direct China services
GCC project awards slow down in 1Q as war hits gigaproject momentum
Saudi awards halved to USD 11 bn, and the UAE’s dropped by 18.5% y-o-y decrease,…
PIF cuts the LIV Golf cord amid softening macroeconomic backdrop in Saudi Arabia
Hormuz disruptions dented oil-driven GDP growth
Tech
From pricing power to peer rivalry: The structural collapse of the Saudi-led oil order
As the Saudi-led pricing floor possibly collapses, the shockwaves threaten to destabilize neighbors dependent on…
How geopolitical volatility and AI are reshaping regional cybersecurity
As traditional cyber defense faces more AI-powered attacks, businesses could be better off if they…
Another week and month in the books
Good morning, friends. We’re wrapping another week (and month) and the theme still feels a…
April 2026 28-29 Apr — US Federal Reserve Open Market Committee meeting. 28 Apr-1 May…
Trade + logistics
Former banker Ali Al Zaidi tapped as Iraq’s new prime minister
Plus: Turkish tax incentives package to cover transit trade and services exports
Egyptian contractors turn abroad amid high interest at home
Plus: WWE renews commitment to Riyadh despite other sports cancellations
Emirates NBD is testing appetite for an AT1, but Burjeel thinks investors are asking too much
Plus: War or not, Citadel is setting up shop in DIFC
MENA M&A were down 74% and bond issuances off 12% in 1Q as spreads widened on Gulf war
Signs of life at the start of 2Q suggest the back half of the year…
Transport
Dubai’s embedded finance startup Comfi raises USD 65 mn to expand into Saudi
AND: Fawry secures an on-lending package focused on SMES and founders
UAE, US reportedly back USD 100 mn paramilitary force to secure critical mines in Congo
The initiative marks the latest move by the Pax Silica alliance to secure critical minerals…
What does Libya’s first ‘unified’ budget in 13 years mean?
The US unilaterally pushed for the new budget, but how far its influence in Libya…
Qatar’s Estithmar Holding to acquire 49% of Syria’s Shahba bank
The move marks the first post-war foreign investment in Syria’s banking sector