Not a lot of love for UAE real estate debt

1

OPENING NOTE

Waitlists at Cairo schools as expats in the Gulf come home?

Good morning, wonderful people, and happy Friday to you all. We have for you today a tale of two regions:

There are growing signs investors are leery of real estate players as layoffs, salary cuts, and contract terminations become increasingly common features of the business landscape in the Emirates and Saudi. Meanwhile, AWS warned its clients overnight to spin-up backups outside our region, and more than 100 events across the GCC have now been postponed or cancelled, most of them in the UAE and Saudi. (Good luck booking an event space for September…)

The ultimate sign of the times: Schools in Cairo are running waitlists as more and more parents hit “Go” on their plan Bs.

It’s a starkly different story on Planet Finance (at least for now), where the region’s BSDs brought home a crazy string of high-profile transactions this week, as we chronicle in our final Markets + Deals column of the week.

Uhm, Enterprise? What’s a BSD? It’s a Liar’s Poker reference, young ‘un.

From the Dept. of Hype: It’s day two of the FII Priority Summit in Miami, where some 2k people are circling, hoping to snag a coin or two from MbS’s pocket. Among them: Turing, which nabbed some kind of “strategic partnership” with the always-all-caps Humain to “build the world’s first AI agent marketplace for enterprise.” As the kids said a generation ago: Whatevs.

AND- DIFC would really like you to know that whether Millennium stays in town or not, it is now number seven on the Global Financial Centres Index, the “highest ever [ranking] for a MEASA city.” That’s the Middle East, Africa, and South Asia, for you incognoscenti. –Patrick

Distressed?

Real estate bonds in the UAE are bracing for their first major war-related stress test — and distressed players are working hard to deliver messages of confidence to investors. UAE-based developers, including Binghatti, Aldar, Sobha, and Omniyat are on a PR offensive touting solid sales, strong track records, and their stellar liquidity positions.

Emaar, meanwhile, made a baller move: The company’s shareholders approved a 2025 dividend payout of AED 8.8 bn earlier this week even as the industry stares into the teeth of a slowdown.

What happened? Six USD-denominated property bonds by Binghatti Holding and Omniyat entered distressed territory earlier this week (at least one, from Omniyat, bounced back on Wednesday), where spreads blew past the 1k basis point threshold that typically signals deep investor concern about repayment risk.

Some of it had already been brewing — just exacerbated by the war. “Credit markets had already started differentiating between the top versus medium-quality developers since late 2025,” Muhammad Ahsan, senior head of treasury, global markets, investment banking, and international business at Oman’s Bank Nizwa, tells EnterpriseAM. “Stronger and more well-established property developers such as Damac were seeing tighter spreads on new issues this year, which was not the case for Binghatti and Omniyat,” he added.

Why it matters: This marks a sharp reversal from just a few months ago, when real estate players were aggressively tapping debt markets at tight spreads to bankroll new developments. A multi-year property price boom had allowed UAE developers to raise capital and cheaper and cheaper prices. Investors are now pricing in not just the war, but a possible cooling of the real estate market afterward in both Abu Dhabi and Dubai.

The pattern

Sovereign-backed players are showing more resilience than private-sector actors. Yields on bonds from Emaar and Aldar have been going up but at a slower pace — and far below the risk-free market rate.

UAE-based real estate developers are the most prolific issuers of bonds in the region, so the risk is concentrated in the Emirati market. (Still, some Saudi players have investors demand more since the start of the war, with state-backed players like Dar Al Arkan seeing some of their yield spreads go up by some 100 bps.)

It’s not just the household names: A 2030-dated bond issued by a Sobha Realty entity, for instance, saw its spread surge to around 700 bps from below 300 bps, while notes with a similar maturity from Arada Developments saw yields more than double to 707 bps, according to the data.

Blame foreign investors for the pressure? “The Dubai property market will get negatively affected [due to the war] and hence sukuks from these developers have seen [an] aggressive sell-off, mostly from international sellers who are exiting their positions,” Ahsan told us. Hedge fund short-selling has also contributed to the breadth and speed of the sell-off.

In numbers: Foreign investors pulled USD 843 mn out of the UAE last week, with the exodus almost entirely concentrated on property stocks and bonds, according to our friends at Mashreq Capital (pdf).

ZOOMING OUT- There’s been a massive drop in tradability across regional bond markets. Average liquidity for GCC sukuk is down roughly 20% this year, according to Fitch Ratings. But, the real pain is in high-yield real estate: bid-ask spreads have quadrupled to 2 points, according to Mashreq Capital, suggesting there are almost no natural buyers left, and leaving sellers trapped unless they accept a fire-sale price.

And Dubai as a whole is bearing the brunt of the regional repricing, with the cost of insuring paper against default rising to 19 bps versus just 6-7 bps in Abu Dhabi and Saudi Arabia, according to Mashreq Capital, reinforcing the view that Dubai’s more cyclical non-oil credit story is where investors see the most risk.

Watch for signs of stress in other industries: Hospitality, retail, tourism, logistics, and transportation players are all at risk because of the war, Ahsan said, but most of the flagship companies in these sectors are national champions such as Emirates, Emaar, Aldar, DP World, and Dubai Aerospace, he explained. “Smaller players in these sectors will definitely take a bigger hit but those are not in the public debt markets,” he noted.

We’re not talking default — yet

The war has made it much more difficult to access refinancing as a wall of maturities — roughly USD 8 bn through 2030 — begins to come into view. The good news is: These are mostly well spread out, and Omniyat and Binghatti’s maturing bonds are not due until 2027, giving them plenty of time to arrange internal liquidity through project deliveries this year or get bank financing, Ahsan said.

“Even if the primary markets are shut for them, they have strong banking relationships to get funding,” Ahsan said, adding that he doesn’t foresee any sukuk defaults.

But ratings agencies are watching this space: Fitch placed both Binghatti and Omniyat on watch for potential downgrades, citing the impact of geopolitical risk on demand and the possibility of higher construction costs, even as it acknowledged that both companies entered the current period with relatively solid balance sheets.

Moody’s, meanwhile, affirmed Binghatti’s rating last week, pointing to sufficient liquidity to cover its February 2027 maturity.

Hell-bent for leather

It sucks to be a real estate player in the UAE right now, but regional dealmakers barely blinked as week four of the Iran war limps to a close.

Blackstone wrote its first private equity check into the UAE since the war started, Saudi IPO candidates are racing to beat a June deadline, Trolley pulled off a rare Kuwait IPO, and Egypt rolled out incentives to get companies on the EGX. Earlier this week, Aramco signalled it’s pressing ahead with a USD 10 bn+ asset sale. Toss in a USD 2.8 bn credit facility for DAE, Borouge-Borealis crossing the finish line on a c. USD 60 bn platform (we had details on Wednesday), and fresh debt and securitization issuances in Cairo? Deals are getting done, war or no war.

UP FIRST- Blackstone is still writing checks into Abu Dhabi. The world’s largest alternative asset manager funneled USD 250 mn into Advanced Digital Gaming Technology (ADGT), a newly formed Abu Dhabi-based fintech for the gaming industry valued at around USD 1 bn, giving it instant unicorn status. (The games in question are cards and slots, not video games — we can’t use the more common name for the industry because the algos that govern our deliverability will get uppity with us.)

Who’s at the table? ADGT was set up under a partnership between Blackstone and Abu Dhabi’s Raya Holding, alongside Las Vegas-based gaming fintechs NRT Technology and Sightline. It’s the only licensed B2B player connecting a player’s money to a regulated gaming operator in the UAE (so far), positioning it to serve both physical venues (like Wynn’s USD 3.9 bn Ras Al Khaimah resort) and online operators.

Why it matters: It’s Blackstone’s first inbound PE investment since the Iran war broke out, and its third major ‘infrastructure’ (in one form or another) play in the UAE after its USD 5 bn logistics platform Glide and its stake in Property Finder. “We see significant opportunity to deploy capital at scale in the UAE,” Blackstone President Jon Gray said.

Trolley delivers rare Kuwait IPO

Kuwaiti convenience store operator Trolley listed a 35% stake on Boursa Kuwait’s Premier Market on Wednesday, wrapping a USD 195 mn IPO. The private placement, which marks a rare debut in one of the GCC’s quietest markets, was upsized after closing 15.2x oversubscribed on strong institutional demand, with bookbuilding kicking off just ahead of the military escalation. Trolley runs over 200 stores across Kuwait and Saudi Arabia and is guiding for a 90% payout ratio (pdf) for FY 2026.

Although the offering drew in solid demand, the stock closed 1.4% down on its first day of trading as it landed in a sour market, with Kuwait’s flagship index down 1.8% since the outbreak of the war.

ADVISORS- Our friends at EFG Hermes acted as joint global coordinators alongside National Investments Company.

Beating the IPO buzzer in Saudi

Saudi IPO candidates are racing the clock. Both Mutlaq Al Ghowairi Contracting and Arabian Dyar are reportedly pushing to list before their regulatory approvals expire in late June, Bloomberg reports. That comes even as bankers have been telling clients to move to the fall IPO window as war tanks valuations across the region. Saudi has held up better than many: The Tadawul All-Share Index is up 5.7% since the start of the year against a 9.7% dip for the DFM.

Arabian Dyar is looking for an SAR 16 bn valuation, while Mutlaq Al Ghowairi thinks it’s worth SAR 12-15 bn. They need to list before the end of June or restart the clock on an approvals process that can last just about as long as it takes to make a fully-formed human.

Also in the queue: Quick-delivery startup Ninja is sounding out the market for a potential listing, with executives meeting investors in London this month, and Networkers Services appointed Estidamah Capital to advise on its jump from the Nomu baby bourse to Tadawul’s main market.

IN OTHER IPO NEWS- India’s Jio Platforms — backed by Adia and Mubadala — is in talks with 13 foreign investors to sell down stakes ahead of its Mumbai IPO, Reuters reports. Each investor could divest roughly 8% of their holdings, representing about 2.5% of Jio’s total shares. At an estimated USD 180 bn valuation, even small percentage moves mean real money: Mubadala holds 1.85% and Adia owns 1.16%.

Egypt upping its IPO game?

IN EGYPT: The Finance Ministry is dangling tax breaks to get companies onto the EGX. Newly listed companies will receive a 30% reduction on payable corporate income tax in year one, 20% in year two, and 10% in year three, a senior government official tells EnterpriseAM. The scheme applies to the roughly 20 state-owned enterprises the government is looking to list or exit as part of its plan to generate USD 3-4 bn in divestment revenues by year-end.

Perhaps more significant: The decision to waive capital gains tax liabilities on stock transactions dating back to June 2023, which could help bolster investor appetite. Lost revenues will be cushioned by stamp tax receipts, which are expected to raise EGP 15 bn a year — double initial estimates.

AND- Miga is backing a USD 313.5 mn trade finance facility for the National Bank of Egypt, covering short-term revolving trade loans from HSBC and Standard Chartered, according to a project disclosure. The facility will target “strategic priority” sectors including energy and agriculture — a World Bank credit guarantee that makes it cheaper for NBE to tap international banks for trade financing.

GCC heavyweights ❤️ Chinese AI IPOs

ADIA and Aramco Ventures are in the money from writing tickets for the world’s two best-performing major IPOs, according to Bloomberg data. ADIA put USD 65 mn as a cornerstone investor in the January IPO of AI outfit MiniMax Group — a stake that’s now worth north of USD 400 mn. Aramco’s pre-listing commitment of USD 30 mn to Zhipu AI is now up an insane 14x. Both outfits went public in January on the Hong Kong Stock Exchange.

ALSO WORTH KNOWING

DAE lined up USD 2.8 bn in unsecured revolving credit facilities, replacing a smaller USD 1.4 bn facility and pushing total revolving capacity to USD 4 bn through March 2031, it said in a press release earlier this week. Fifteen banks participated, including First Abu Dhabi Bank, Emirates NBD, and Abu Dhabi Islamic Bank. The fact that lenders were willing to provide unsecured long-term financing points to strong confidence in DAE’s balance sheet — and the timing matters: rising war-risk premiums are beginning to strain smaller lessors and airlines, which could open doors for a well-capitalized player like DAE.

Moroccan agro-industrial group Africa Feed & Food (AFF) landed a MAD 850 mninvestment led by the North Africa Fund III (RNAF III) and French development finance institution Proparco. AFF will use the money to grow its industrial capacity in Morocco and accelerate its buildout in West Africa, specifically targeting Senegal and Mauritania.

Mubadala Energy is doubling down on Indonesia, taking a 100% participating stake and adding a fourth asset to its Andaman Sea growth cluster, it said in a press release.

AriseIIP is committing USD 3 bn to Kenya over five years, targeting industrial and export complexes along the coast, a facility in Naivasha, and the state-owned Rivatex textiles complex, Executive Director Nikhil Gandhi told Reuters. The Dubai-based infrastructure developer will fund 30-40% directly, with the rest coming from development finance institutions.

USD 30 bn climate investment vehicle Alterra deployed more capital from its Opportunity Fund, investing in UK-based IoT connectivity platform Wireless Logic alongside General Atlantic’s climate-focused BeyondNetZero fund, according to a press release.

Solutions by STC secured an SAR 1.4 bn contract to deploy upstream supercomputers for Aramco, providing high-performance computing systems, software licensing, and managed services for oil and gas exploration and reservoir analysis.

Market Snapshot

Tadawul -0.3% • ADX +0.8% • DFM flat • EGX30 +1.2%

Brent USD 74.10 / bbl • Gold USD 2,038 / oz • USD / SAR 3.7502 • USD / EGP 50.85

Bottleneck blues

Aerospace, electronics, and construction firms across Japan, the US, and the EU are the latest to take it on the chin from the US-Israeli war on Iran. Each of those territories imports 19-25% of its primary aluminum from the GCC — which accounts for some 9% of global supply — and the war is now threatening the flow of a metal those industries can’t easily substitute.

Aluminum prices hit a four-year high at USD 3.5k per metric ton earlier this week, but have since cooled to around USD 3.2k per metric ton. Still, prices are up c.10% compared to February’s average rates.

The state of play: Several regional aluminum players, including Aluminum Bahrain (Alba) and Qatar’s Qatalum, have partially shut-down operations, while Emirates Global Aluminium (EGA) remains operational but is relying on stockpiles of finished products and raw materials. Gulf smelters often rely on imported alumina and bauxite feedstocks, meaning that when Hormuz traffic stalls, the supply chain is squeezed on both ends.

“Gulf smelters that are affected are finding new ways to transport materials,” Fastmarkets analyst Andy Farida told EnterpriseAM. EGA is reportedly looking to reroute its aluminum exports and raw materials through Oman’s port of Sohar, with aluminum feedstock then transported by truck to either Dubai or Abu Dhabi for smelting. Alba has also been using trucks to export out of Jeddah, but these alternative routes “are likely to take a longer time [and at] higher costs,” Farida said.

What now? Countries and companies that depend on Gulf aluminium imports may soon start looking for alternative suppliers, but replacing Gulf supply quickly would be difficult — and will depend on how fast these alternative producers can re-start idled production capacity, which can take up to nine months.

China and Europe have the largest idle capacity, but both face their own challenges in restarting it. China is already producing at a record level and has a cap on how far it can go beyond this level — and “any meaningful increase would require a policy decision to relax the cap,” ING’s London-based commodity strategist Ewa Manthey told EnterpriseAM. Meanwhile, “Europe still has the largest pool of idled aluminium capacity, but restarts are conditional on power costs and typically take months, not weeks,” she added.

That leaves buyers with limited options to fill in the gap in the short term. “The longer Gulf supply is disrupted, the more the market has to rely on inventories, trade re‑routing and selective restarts — not a quick rescue from China or a single alternative producer," Manthey said.

For industries already grappling with higher energy costs and fragile supply chains, even temporary disruptions could push input costs higher and delay production schedules. And because aluminium sits at the heart of industries ranging from automotive and aerospace manufacturing to construction materials and beverage packaging, the effects would eventually filter down to consumers.

Really feeling the pinch: Carmakers, who are are “panic buying” aluminum out of fear that supplies from the Gulf could run out within months. Production will be scaled back within four months unless alternative supply sources are secured, manufacturers say. The global supply shortage is prompting some to resort to options including Russia, despite previous boycotts.

The clock is ticking: Smelters usually have 4-8 weeks of raw materials in storage and try to avoid shutdowns at all costs, even if it means operating at reduced rates. If they do have to shut down completely, a restart will be a long and complex process, costing from USD 10-50 mn — and taking up to a year while risking permanent damage to equipment.

Gold in the basement

Turkey turns to the gold in its basement: Turkey’s central bank has already sold some USD 8 bn worth of gold as part of a bullion-for-cash sale program that could be worth as much as USD 30 bn. Turkey could liquidate as much as USD 30 bn in gold it has parked at the Bank of England, liquidating a sizable chunk of its USD 135 bn gold stockpile as it looks to protect the TRY.

What’s happening? Turkey is facing down a skyrocketing energy bill as crude prices spiral and significant outflows of foreign capital amid the risk-off that has accompanied the war against Iran. Policymakers want to pull off the defense without having to resort to further interest rate hikes.

SOUND SMART- Turkey’s economy was just turning the corner when the war with Iran broke out. Tight monetary policy had brought inflation down to 31.5% — still one of the highest figures globally — from north of 85% in 2022.

Turkey’s woes in numbers: Turkey burned through some USD 28 bn in foreign reserves in the first few weeks of March, ING Group’s Chief Economist for Turkey, Muhammet Mercan, estimates. This was largely driven by a spate of exits that saw foreign debt holders sell some USD 6 bn in bonds and carry-trade investors dump USD 12 bn worth of long TRY positions in the first weeks of the Iran war.

And Ankara isn’t alone: Other emerging-market gold bugs could follow suit, pundits suggest.

Gold bugs, unite

Turkey isn’t the only country to have joined Naguib Sawiris in his love of gold: Both emerging and developed economies have recently been increasing their reserve of the metal — a trend that has been on the rise since Russia’s invasion of Ukraine in 2022, but recently accelerated in the wake of Israel’s destabilizing wars in our region.

WHO ELSE could sell? Any net-energy importer with reasonable gold stocks, pundits suggest. Selling gold for cash reserves could allow central banks in Egypt and Jordan avoid a massive swing in the balance of payments without higher interest rates that could trigger stagflation, given the growing signs of a global slowdown. The value of Egypt’s gold reserves almost doubled y-o-y to USD 21.5 bn as of February of this year, and Jordan’s reserves stand now at about USD 9.6 bn — almost tripling in value between 2022 and 2026, according to data from CEIC.

Developed markets have traditionally held the larger share of the world’s gold stockpile, but emerging economies are catching up as part of a push to diversify currency hedging strategies amid rising economic and geopolitical uncertainty. In 2022, gold holdings stood at 1.8% of the world’s GDP. In 2024, this rose to 2.5%, with the emerging markets' gold-to-GDP ratio growing at a slightly faster pace in our calculation.

This trend is one of the main drivers that contributed to the unconventional price volatility of what is otherwise a reliable asset. As of February 2025, central banks and the IMF held about 20% of the global stock of gold.

From delivery to adtech

Tomaso Rodriguez (LinkedIn) is joining adtech company Flyby as non-executive chairman after spending six years at the helm of regional on-demand delivery platform Talabat. Rodriguez is credited with growing the platform more than ninefold and steering it to a USD 2 bn listing on the DFM. He also headed up APAC regional operations at Uber Eats. Rodriguez joins Flyby as it works towards a series A.

A growing repair bill

How much is it going to cost to patch up all the war-damaged energy facilities in Iran and the Gulf? Some USD 25 bn, according to researchers at energy intel group Rystad Energy. The growing price tag comes as dozens of energy facilities — including some of the world’s most vital oil fields, refineries, natural gas facilities, ports (and one nuclear power plant in Iran) — have been hit over four weeks of war.

At this point, the extent of the damage means that a reopened Hormuz won’t be the only factor in returning to pre-war energy output. Some energy facilities could take years to restore due to structural limitations in repair operations.

Qatar’s Ras Laffan has had the worst of it, with damage to LNG facilities taking out 17% of its production capacity. Procuring new turbines to operate refrigeration compressors could be delayed since the world’s few suppliers are already facing long backlogs that are partly driven by data center power demands. Full restoration could take up to five years due to procurement obstacles.

Bahrain had barely completed a USD 7 bn upgrade to its BAPCO Sitra refinery before having to declare force majeure after the facility was struck… and there goes revenue that was supposed to cover revamp costs. Bringing back contractors to repair two damaged crude distillation units and a tank farm with higher re-mobilization costs and war-level insurance markups will be costly, the report estimates.

Also facing repair projects: Iran’s South Pars offshore gas field and Tehran Refinery, as well as multiple downstream facilities including the Shahran, Shahid Dolati, and Shahr-e Rey oil depots. Qatar is also looking at moderate repair work at its Pearl GTL downstream facility, as are the UAE and Iraq at the Ruwais and Lanaz refineries.

The recovery timeline for facilities across the region will also depend on how fast capital is deployed and how efficient execution would be, Rystad notes. Rising shipping costs — which Hapag Lloyd estimates are racking up an additional USD 50 mn per week — are “likely to be passed onto consumers.”

Another Neom contract canceled

More gigaprojects blues for contractors: In the second gigaproject-related cancellation that we know of this month, Malaysia’s steel firm Eversendai Corp Bhd said its structural steel contract for Neom’s mountain ski resort, Trojena, has been terminated.

Taking out the trash? The company blamed the war, but we’ve been hearing since last summer plans to scale back gigaprojects as part of a recalibration driven by fiscal concerns. (Taking out the trash is a time-honored PR tactic involving dumping out ‘bad news’ during a news cycle when nobody will notice — or late in the afternoon on the last business day of the week.)

Background: Construction on the project, which was initially scheduled to launch in 2026 with an estimated USD 19 bn ticket, has not been going as planned — and the Kingdom recently pulled out from the race to host the 2029 Asian Winter Games, which were supposed to be held in a developed Trojena.

One man’s trash is another’s treasure?

Morocco is moving to launch a secondary market for non-performing loans (NPLs) as bad debt levels creep up, in a move designed to get those loans off bank books and free up credit for the private sector. NPLs hit MAD 100 bn by the end of 2025 — roughly 8.2% of total banking assets — and the ratio ticked up to 8.3% in January.

By securitizing and selling these NPLs, Rabat hopes to reduce financial fragmentation and prevent a clogged banking system. The Central Bank of Morocco is trying to engineer a domestic credit recovery through the secondary market, the success of which will serve as a signal to businesses of whether local banks have the appetite to fund the infrastructure projects the IMF is currently touting.

Data point

80% — that’s the drop in Iraq’s southern oil output from pre-war levels, with production falling to roughly 800k bbl / d as blocked exports through Hormuz push storage capacity toward critical limits. Basra Oil Company has ordered further cuts at the Rumaila oil field and Zubair oil field.

This pressure was already building: Iraq already slashed nearly 1.5 mn bbl / d on 3 March, forcing the country to later declare force majeure on foreign-operated oilfields as southern production dropped to around 900k bbl / d.

The escape route? Baghdad and the Kurdistan Regional Government have agreed to restart oil exports through Turkey’s Ceyhan port — pushing for more alternative routes.

Jordan’s industrial sector grew 5.2% in 3Q 2025, accelerating nearly two full percentage points from one year earlier. Overall, industrial growth in 2025 was led by construction industries, which grew 830% y-o-y, while mining grew 16%. Industrial exports rose 10.2% y-o-y in 2025 to JOD 8.9 bn, accounting for 92% of total exports during the year.

CALENDAR

April 2026

10 Apr — Central Bank of UAE policy rate decision. UAE

12 Apr — Central Bank of Egypt monetary policy decision. Egypt

13 Apr — LEAP 2026 conference opens, Riyadh (through 16 Apr). Saudi Arabia

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; DIP prospectus expected. UAE

18 Apr — Kuwait Stock Exchange sector rebalancing effective. Kuwait

20 Apr — GCC Supreme Council economic session (dates pending confirmation). Saudi Arabia

22 Apr — Saudi Aramco ex-dividend date. Saudi Arabia

30 Apr — OPEC+ ministerial meeting, June production decisions. Vienna / Virtual

May 2026

3 May — SAMA 1Q 2026 inflation report. Saudi Arabia

5 May — Central Bank of Egypt 1Q 2026 monetary policy outlook. Egypt

8 May — Qatar Central Bank 1Q 2026 financial stability review. Qatar

10 May — Tadawul 1Q 2026 market review and foreign investor activity report. Saudi Arabia

12 May — Emirates Global Aluminium IPO window opens (pending). UAE

15 May — Emirates NBD 1Q 2026 earnings. UAE

18 May — First Abu Dhabi Bank 1Q 2026 results. UAE

20–22 May — Arab League economic cooperation session, Cairo. Egypt

22 May — Central Bank of UAE policy rate decision. UAE

25 May — ADNOC Drilling 1Q 2026 results. UAE

28 May — QNB 1Q 2026 results. Qatar

29 May — Saudi Telecom Company 1Q 2026 earnings. Saudi Arabia

31 May — Regional central banks publish Ramadan financial impact assessments. Region-wide

Sections

About

Privacy & Support

Get EnterpriseAM daily