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Summer salvation

1

OPENING NOTE

The UAE is looking to hit escape velocity

It’s day three of the New Oil Order, and [redacted]’s already getting interesting: OPEC+ pushed ahead yesterday with a 188k barrel per day increase in production for June…

…and ADNOC boss Sultan Al Jaber just unleashed a USD 55 bn oil and gas contract-award program through 2028 as the UAE looks to hit (and presumably blow past) its goal of 5 mn barrels of production per day by 2027.

Perhaps even more interesting: What ADNOC is billing as a “Local+” expansion of the in-country value program will pump bns of USD into the UAE economy over the next five years as it brings more Emirates-based companies into the energy industry supply chain. For a certain type of company, that’s a pretty big anchor against any tendency to declare some other city its “regional headquarters.”

The UAE’s push comes as the amateur Orientalists continue their tour of our region, saying Saudi’s pullback from gigaprojects “raises questions about its plans” and suggesting that the “Saudi mirage” is fading.

One of the smartest guys we know in MENA+ said he thought there was an outside chance that Iran’s attacks on the region could have been a watershed moment — that we could have seen the burying of the hatchet between Riyadh and Abu Dhabi and, with it, a new push on joint military procurement and defense strategy.

Hot Tub Time Machine: Instead, there’s a very real risk we may be sliding back into the 1980s and 1990s — when low oil prices were a cap on economies across the region. The UAE is clearly betting that it is so far down the diversification highway that if that’s the case, it’s better to go it alone and be the first to hit escape velocity. –Patrick

2

THE LEDE

Salvaging summer

Lebanon’s fragile tourism industry is hoping for summer season salvation: With a ceasefire (mostly) in place and air traffic gradually resuming, an early uptick in bookings have given tourism industry players a narrow window to rescue what they can of this year’s peak season. With the industry’s summer typically starting in mid-June and peaking in July and August, the next few weeks will be decisive.

“There’s still a chance to catch up with part of the summer season… It won’t be a normal summer — demand won’t return to previous standards or be enough for all hotels, but if conditions calm, the season won’t be lost entirely,” Cynthia Flouty, director of operations at Mövenpick Beirut, tells EnterpriseAM.

Early green shoots: Bookings have started to recover since the ceasefire came into effect last month, our sources tell us, albeit weakly and from a low base. “Before the conflict, we were averaging 70-80 bookings a day,” Flouty says, with that number dropping to just one or two during the war. “Most visitors now are Lebanese nationals living abroad, coming to check on their families or properties — and they’re not staying long,” she adds.

The full resumption of air travel is going to be a critical signal of the return to normalcy, Flouty tells us. “As soon as flights start resuming, it sends a positive signal, security-wise — especially for Lebanese nationals living abroad; and that’s usually enough to bring people back,” she says. “It doesn’t mean a full recovery overnight, but it reflects some positivity.”

Background: A handful of airlines, including Emirates, EgyptAir, Air Arabia, and Qatar Airways have resumed service to Beirut in the past few weeks, with plans to increase flight frequency if the ceasefire holds and demand picks up.

The survival playbook

For now, travel and tourism players are looking to keep their head above water by leaning on specific segments of travelers. The survival playbook also entails holding onto staff at almost any cost to avoid setting themselves up for failure down the road when demand picks up once again.

Niche demand to keep the lights on: “We’re now relying on journalists working for international outlets who stay in the hotel to cover the conflict, along with UN and NGO personnel, to stay afloat,” Flouty says. For other five-star hotels, demand is coming from embassy staff, airline crews, and corporate employees. That narrow band of travelers that’s keeping higher-tier hospitality afloat is nowhere near enough to cover the costs, but it’s keeping doors open. “These segments account for only around 20% of what would normally be full occupancy during a peak season, which hardly keeps the business going,” Flouty explains.

Mid-tier hotels, meanwhile, have an unexpected buffer. “Three-and four-star hotels are holding up better — they host displaced families coming from the south,” Alin Ghanem, managing director of Beirut-based travel agency Exclusive Services Group, tells EnterpriseAM. “Only around 5% of displaced people are staying in five-star hotels like Mövenpick or Le Royal. Anyone who can afford USD 150-200 a night usually opts to rent an apartment for longer stays… That’s why high-end hotels are taking the biggest hit. Stays are short. A journalist might come in for a day or two, then leave,” she adds.

DATA POINT- Beirut occupancy rates are currently in the range of 7-10%, occasionally edging up to around 12%, according to data picked up in the local media from Pierre Achkar, head of the Hotel Owners Association.

Businesses are also leaning on short-term expat and regional demand, which can move faster than international interest. Initial visitor flows are expected to originate from nearby regional markets — particularly Iraq, Qatar, Kuwait, Jordan, and Egypt — where proximity and flexible travel patterns traditionally support last-minute bookings. “We’re hoping Eid Al Adha will help offset some losses. We’re offering flexible terms — free cancellations, refunds, last-minute payments — otherwise people simply won’t book visits,” Ghanem says.

European tourists are a write-off — at least for now, our sources say. They tend to plan ahead, and a fragile ceasefire isn’t enough to anchor their travel plans.

And even as things are looking very stop-and-go, industry players are doing their best to stave off staffing cuts, which would gut the sector’s ability to scale back up when demand returns. “For now, layoffs remain limited, but many hotels are cutting costs by putting staff on unpaid leave for a week or so every month. It’s a way to reduce cost without losing people,” Flouty says.

Avoiding layoffs is both an act of self-preservation and an important move for the country’s economy as a whole, as some 20% of Lebanon’s workforce is employed in the travel and tourism industry. “Laying off skilled personnel isn’t easy here. Once demand picks up again, it can take months to replace them, and the sector is already facing a shortage of experienced personnel, as many leave the country whenever conditions deteriorate,” Flouty tells us.

But holding on comes at a cost. “The longer this drags on, the harder it gets. Everyone is absorbing the costs, but there’s a limit to how much each hotel can bear,” she adds.

Gazing into the crystal ball

“A clear and lasting ceasefire in the coming weeks could still rescue the summer season, but it’s unlikely to match previous levels, especially with elevated airfares,” Nassib Ghobril, chief economist at Byblos Bank, tells EnterpriseAM. “If volatility persists, the peak months will take a direct hit… Those with dates in June have already been postponed or canceled, while others later in the season are still waiting after paying deposits and securing flights and hotels,” he added.

Either way, some segments are already lost. Anything that needs planning lead time is essentially written off for the rest of the year. “One early sign: no major festivals, cultural or artistic, have been announced yet, even though planning would normally be underway by now,” Ghobril adds.

“As long as the ceasefire remains fragile, we can’t operate or market properly. And ins. is a major barrier — no company will cover travelers heading into a war zone,” Ghanem said.

Why the stakes are high

While tourism is a natural victim of conflict, Lebanon’s tourism industry entered the crisis with no buffer left. “Tourism is always the first sector to take a hit when the security situation deteriorates,” Ghobril says. Tourism and hospitality players in Lebanon are well-accustomed to stop-start cycles, but the last few years have layered repeat crises from a mix of internal dysfunction and repeated attacks from Israel, leaving businesses with no breathing room for recovery.

Lebanese tourism hinges on momentum — one season feeding into the next, from the year-end holidays into a spring build-up ahead of the summer peak. This year, that sequence broke, disrupting not just leisure travel but the wider web of demand — from expatriate weddings and family reunions to conferences, exhibitions, and festivals.

The regional scope of the disruptions also makes it harder for Lebanon. “In the past, conflicts were more contained, and once they ended, we would see a quick rebound, particularly from Gulf visitors in Qatar and Kuwait. Now, the disruption is regional — and Gulf markets themselves are affected, which makes the recovery much more uncertain,” Flouty says. Gulf-based travelers, whether Lebanese expatriates or GCC nationals, constitute a good chunk of the hospitality economy’s customer base in Lebanon, we are told.

The downturn is rippling across the entire industry — hitting not just hotels, but the wider network of businesses that depend on visitor spending: restaurants, nightlife, taxis, and tourist sites are all suffering.

Tourism and remittances are Lebanon’s primary engines of growth and FX liquidity. With the collapse of tourism and an ongoing banking crisis, the impact ripples across the economy — with the Institute of International Finance (IIF) describing the sector’s woes as the “primary driver” of a forecasted GDP contraction of 12-16%.

BY THE NUMBERS: Tourism revenues have averaged around USD 6 bn annually between 2002 and 2024, before slipping to roughly USD 4.7 bn in 2025. If you think that was a sharp drop, wait until you see the 2026 data in a few months.

3

MARKETS + DEALS

Open the floodgates

Markets are showing signs of life this morning despite the war. AT1 sukuk are pricing again, EFG Hermes just got tapped to run a hotly anticipated Egypt IPO (hell, when’s the last time you saw the words “Egypt” next to “hotly anticipated IPO?), and another big global financial services player is opening in the UAE. And as we noted on Friday, Emirates NBD is about to wrap the largest cross-border GCC bank M&A in a generation.

The counterpoint: Stressors in the real economy are really starting to show. The UAE’s IFFCO is heading to provisional liquidation with USD 2 bn of debt — and HSBC appears to be the one pulling the trigger.

Here’s the rundown:

IFFCO is heading to provisional liquidation — and this looks like the first major UAE family conglomerate of its profile to be taken to court by its own bank syndicate. An HSBC-led group of lenders, including several Dubai and Abu Dhabi banks, has nominated FTI Consulting as provisional liquidator in courts in the Isle of Man and Singapore — the two jurisdictions where IFFCO’s main legal entities sit.

The background: The conglomerate has more than 12k employees in 50 countries, USD 2 bn of debt, and product lines that include olive oil, biscuits, poultry, and animal feed. It’s perhaps best known to most UAE residents as the operator of the London Dairy ice cream brand.

The trigger was a board reshuffle two weeks ago. IFFCO had been in restructuring talks formonths: Alvarez & Marsal was the original adviser, replaced by Rothschild & Co a few months later. The company brought in an independent board under creditor pressure and dropped in a regional restructuring veteran. Two weeks ago, the founding Allana family restructured that independent board themselves. That move flipped lenders from negotiation to litigation.

Watch this space: The optics of a major Emirati family conglomerate getting taken to court by its bankers — including its own home-market lenders — is a rare.


The Gulf sukuk market is unfreezing. Saibclosed an SAR 1.85 bn AT1 sukuk at 6.5% (Alistithmar and Al Rajhi Capital as joint leads), Alinmakicked off another SAR-denominated AT1 issuance under its SAR 5 bn private placement program (Alinma Capital and HSBC Saudi Arabia leading), and even smaller players like Intelligent Oud are moving forward with public retail-and-institutional offerings. The signal: GCC bank capital appetite is recovering despite regional volatility.

Emirates NBD reopened the regional AT1 market last week, successfully pricing its USD 750mn issuance at 50 bps tighter than its initial guidance. The move marked the first re-entry by a GCC player into debt markets since the war began.


Egypt’s GlobalCorp is up for sale, with anchor investors SPE Capital, Amethis, and EBRD lining up an exit that could see up to 100% of the homegrown non-bank financial services player change hands within two to four months, our Egypt desk confirms. Word on the street has the transaction valued at USD 200 mn (EGP 10.7 bn), against the EGP 914 mn the consortium paid for 90% in 2022. Arqaam Capital is quarterbacking, with more than half a dozen strategic and financial bidders circling — including a UAE-based bank that’s been sniffing around since last year.

In context: A clean transaction here would be the second M&A validation for Egypt’s financial services sector this year and a real shot in the arm for the local PE market.


EFG Hermes has the Misr Life IPO mandate, named sole global coordinator and bookrunner by the Sovereign Fund of Egypt for the 20% float of the state-owned life insurer. That now makes it one of two hotly anticipated IPOs on deck in Egypt after Banque du Caire, where EFG Hermes and CI Capital are sharing duties.


Egypt’s new competition law nearly triples the M&A review thresholds — a recognition that successive EGP devaluations had collapsed company valuations in USD terms, leaving the old thresholds catching small or competitively insignificant deals at the cost of regulatory bandwidth. Foreign acquirers of Egyptian targets now need combined global sales above EGP 15 bn (up from EGP 7.5 bn) and a target with sales above EGP 500 mn (up from EGP 200 mn) before mandatory review kicks in — clearing a wider lane for mid-market cross-border M&A. The law is on Sisi’s desk; 90 days from signing to live.


Egypt is heading back to Tokyo for a USD 500 mn Samurai bond expected this month or by early June, a report suggests. It would be the country’s third Samurai issuance (after USD 500 mn each in March 2022 and November 2023) and its first under a sustainable finance framework, with the African Development Bank wrapping the deal with a USD 400 mn partial credit guarantee covering 80% of the issuance.


State-owned Omani bunkering logistics players O Bunkering and Marafi Services have finalized a merger that will bring services from both players under the banner of O Bunkering. The move ultimately folds Marafi services under Oman’s logistics giant Asyad Group, the parent company of O Bunkering. The merger comes a few weeks after the government folded budget carrier Salam Air under flagship airline Oman Air in what looks like a wider push to consolidate state-owned logistics players.

ALSO WORTH KNOWING THIS MORNING-

Rokos Capital Managementopened in ADGM, joining Bain Capital and Hillhouse from the past month. The news comes just a week after Citadel confirmed it’s setting up in DIFC.

e& has completed its EUR 95 mn takeover of broadband operator UPC Slovakia via subsidiary O2 Slovakia, agreed last December, continuing the international scaling that has also seen the UAE telecom take Telenor Pakistan and a Miami wholesale hub.

O Gold — the UAE-based fractional gold and silver ownership app integrated into Botimlastyear — has secured an undisclosed Silicon Valley check from Plug and Play Ventures, per a release, with proceeds going to international expansion and product rollout.

Udora, the UAE gifting startup, raised USD 10 mn in a private round ahead of a Saudi market entry slated for 3Q. Funds also go to product expansion and AI integration.

Market Snapshot

Tadawul +0.1% • ADX +0.1% • DFM 0.0% • EGX30 +1.1%

Brent USD 108.38 / bbl • Gold USD 4,626 / oz • USD / SAR 3.75 • USD / EGP 53.60

4

PLANET STARTUP

Ready Player None

Just over three-quarters of 30 Saudi founders surveyed by Endeavor and SVC are pursuing a public listing within the next two to three years — and as you’d expect from a cohort of Saudi founders, they’re looking at Tadawul for their exit.

There are two problems with that: Founders themselves are candid that they’re not yet structured to go public — that they lack the plumbing they need to succeed as publicly traded companies. And going public on Tadawul won’t do anything to improve their international prospects.

It’s easy to chalk up the preference for going public in Riyadh as a sign of domestic market maturity. That’s what the boosters on Saudi Twitter will tell you, and they’re not wrong. But listing at home comes with limitations: Saudi IPOs are tapping domestic capital. International growth investors, the ones who set the price for tech listings in mature markets, aren’t part of the equation.

What’s happening: Tadawul’s upgrades have seen inflows from passive funds, but emerging-market fund managers aren’t taking big positions in the Saudi market, which is anchored by domestic institutions — and where, for a generation, momentum has come from the chatter of retail investors.

Saudi tech IPOs aren’t doing their job

Saudi venture-backed IPOs come to market at a pre-IPO valuation of USD 545 mn — more than 2.5x the median across peer markets (India, Brazil, Indonesia, South Korea, Turkey, Hong Kong), the report notes. On valuation per USD invested, the Kingdom returns USD 3.10, fourth among that group. Capital intensity is high too: USD 215 mn per VC-backed company on average, second only to Brazil.

But the gap between pre- and post-IPO valuations is just 6.99%. You can try to read that as pricing discipline, but what it means in practice is that companies aren’t raising much new capital at listing. That’s a problem for high-growth tech, where the IPO is supposed to fund the next phase, not just mark a milestone or give founders and early backers the chance to cash out some risk.

Governance is the other blocker. Around half of the firms surveyed admit their corporate structures don’t yet meet listing requirements — they fall short on (or entirely lack) everything from risk management frameworks and independent board oversight to dedicated IR and legal leadership. The report’s framing is sharper than the usual: founders need to treat IPOs as transformational rather than transitional — you don’t bolt on governance the quarter before you list.

Only five VC-backed IPOs have hit Tadawul since 2020. That means the so-called alumni network that compounds in mature markets — founders mentoring founders, recycled capital, repeat listings — barely exists. There’s no Saudi equivalent of the Careem or PayPal mafias, and those are the types of multiplier that the report points to as the prize over the next cycle.

And there’s not much sense in focusing on the baby bourse: Nomu, Saudi’s parallel market, has gone from nine listed companies in 2017 to roughly 125 today. The growth in absolute terms is real, but Nomu listings are less liquid and relatively few companies have yet made the leap from the baby bourse to the big show.

With more than 80% of Saudi VC funding at the early stage, there’s time for this all to work out — but the answer will be hard work for management teams and regulators alike, and a lot less time spent talking about what you’re doing “for the ecosystem.”

5

Regulation

Opening up

DIFC, one of two financial services hubs in the UAE, is making key regulatory changes that could attract new types of firms at a time when capital flight is a major concern in the wake of the Iran war. The amendments would position the financial hub as a regional alternative to popular offshore jurisdictions, but with a regulated, tax-transparent framework.

IN CONTEXT- Other regional players are making a run at the “safe haven” pitch that has long defined the UAE’s image as a welcoming hub for capital and talent. Turkey has been ramping up “safe haven” messaging in the last few weeks and is fast-tracking an ambitious tax incentives package that would slash taxes for services and manufacturing exporters, transit trade players, and foreign firms wanting to set up shop in the Istanbul Financial Center.

DIFC is looking to open up its prescribed company (PC) regime — a low-cost, lightly regulated holding structure pitched as a regional answer to Cayman or BVI SPVs — to make the regime globally accessible. A new consultation paper (pdf) proposes scrapping remaining eligibility restrictions tied to ownership, purpose, or geographic nexus, and allowing any applicant to set up a PC. Currently, you need to demonstrate a qualifying purpose (like a structured financing) or a nexus to DIFC (like being a GCC citizen or being controlled by a DIFC-registered entity).

The trade-off: Most PCs would have to appoint a DFSA-regulated corporate service provider to handle filings, maintain records, and act as the main compliance interface with the registrar. Existing PCs that don’t qualify for exemption get six months to comply or face fines of up to USD 20k and potential loss of PC status, meaning conversion into a fully licensed DIFC entity with higher fees and office requirements.

6

Regulation

Mining for investors

Egypt really, really wants big mining outfits to take it seriously. Global majors have long been curious, with Pharaonic gold mines having literally just scratched the surface of the country’s mineral potential, which extends from precious metals to rare earths.

Surveys now underway are using drones and AI to map out the contours of ancient mines — and policymakers are pushing ahead with a second round of changes to industry regulations that had previously been a massive barrier to foreign interest in the industry.

The latest fix: A new round of changes to industry regulations that slash exploration rents by up to 60%, cut the newly rebranded Mineral Resources and Mining Industries Authority’s joint-venture stake to 10% from 25%, and promise players 30-day turnaround cycles on key approvals.

Other highlights: Companies will be allowed to work multiple ore types in a single concession; there’s a clear royalty framework for ores not previously listed; new lab licensing rules aim to ensure there’s a domestic testing and analysis industry that players can count on; and miners will be able to file applications and pay fees via the Egypt Mining Portal.

It looks like EMRA is gearing up for an international charm offensive: The rule changes give the regulator the authority to open branch offices abroad as well as inside Egypt — clearing the way for it to pitch international investors in general and Gulf players in particular.

Why it matters. Mining contributes about 1% of Egypt’s GDP. With a target of 5-6% by 2030, there’s a gap that won’t close without significant foreign capital. The reforms from 2019 and 2020 saw the industry’s economics shift from production-sharing to royalty-tax — but the result was thin follow-through on the ground after a promising bid round. Centamin’s Sukari gold mine — the industry’s pathfinder — is still the only foreign-operated project at meaningful scale.

The competition is regional: Saudi Arabia has put mining at the centre of Vision 2030, with a 2020 law overhaul and a sustained promotion campaign anchored by the Future Minerals Forum. Egypt has the geology and a lower cost base. The question is whether the regulator can clear projects at the speed it’s now promising — the 30-day approvals clause is where Egyptian bureaucracy usually wins.

What to watch. Spain’s Xcalibur Smart Mapping starts Egypt’s next big comprehensive airborne geological survey this coming June.

BACKGROUND- Egypt used to run mining like petroleum — and the two don’t operate on the same clock. Oil and gas can live with production-sharing because capex is bounded and discoveries reach cash flow fast. Mining can’t: Exploration cycles run a decade or more, most prospects come up dry, and the rare hits have to carry the cost of everything that didn’t. The 2019-2020 reforms moved Egypt to a royalty-and-tax model in line with global standards, but EMRA’s 25% stake, single-mineral concessions, and high upfront rents capped interest.

7

ALSO ON OUR RADAR

No Hormuz, no problem

The name of the game is intermodal

Shipping giant MSC is set to launch a Europe-Red Sea-Middle East express service on 10 May, giving Europe-origin cargo a direct Red Sea gateway into Saudi Arabia before onward movement to the UAE and Upper Gulf via inland trucking and feeder maritime connections.

Formalizing the intermodal bypass: MSC had already been pushing Asia-to-Gulf cargoinland — connecting King Abdullah and Jeddah to ports in the Arabian Gulf with its Dragon and Jade services, giving cargo another route into Asian markets without relying on the disrupted Strait of Hormuz.

AD Ports could soon land on the ground in Azerbaijan

AD Ports Group and Azerbaijan’s Azcon Holding signed an MoU to explore joint investments in ports, shipping, and digital trade hubs in Azerbaijan. The agreement comes a few weeks after the two countries’ trade and economic partnership agreement officially entered into force. The CEPA aims to eliminate or reduce tariffs on 95% of goods and includes a dedicated services chapter designed to stimulate supply-chain integration.

Abu Dhabi has been expanding its reach across the Middle Corridor — this month, AD Ports signed a strategic agreement with Romania’s National Company Maritime Ports Administration to modernize the Port of Constanța, which is a European gateway for cargo from the Caspian Sea and Central Asia. AD Ports is also active in Kazakhstan, with joint ventures spanning rail and ports projects.

Board seat denied

The Cairo Economic Court is backing EGX-listed Juhayna’s decision to block Qatari dairy rival Baladna from seeking board representation, Juhanya said in a statement.

The court upheld Juhayna’s decision to bar Baladna’s candidate from standing for election to the company’s board of directors, citing what it said was a “violation of competition standards and anti-monopoly regulations.”

It’s the latest exchange in a testy minority-rights battle that has so far had no impact on bilateral ties between Doha and Cairo. Egypt’s Financial Regulatory Authority in December struck down a competitor clause in the company’s articles of association that Juhayna had designed to prevent Baladna from seeking a board seat. Baladna has been the second-largest shareholder in Juhayna since 2022 with a 16% share of the company. The founding Thabet family’s Pharon Investment holds just over 50%.

8

WHAT WE’RE TRACKING

Cleared for takeoff

Watch this space

A spate of airlines is steadily restoring their schedules as security conditions continue to improve over the course of the fragile US-Iran ceasefire. In Kuwait, Jazeera and Kuwait Airlines resumed full operations at the Kuwait International Airport yesterday, while the UAE officially ended what’s left of its airspace restrictions, some of which had remained in place for foreign carriers over the last two months despite a limited but steady activity for UAE carriers. Meanwhile, Indian carriers also staged a return to Bahraini and Qatari airports over the weekend.

Caution still prevails: The Indian embassy in Doha cautioned that flight schedules remain subject to the region's fragile security situation, whereas the UAE said real-time monitoring remains in place, suggesting a wait-and-see approach rather than a full risk reset.

The easing of restrictions means more seats for any given destination, potentially creating downward pressure on record-high fares, but any reductions would be limited due to the surge in jet fuel prices. Fares for long-haul routes, however, are likely to lag. Assuming a truce that holds, prices are expected to normalize in August.


Enter the next likely target of US sanctions against Iran: Nobitex. Despite avoiding a spate of Western sanctions against Iran over the last few years, Iranian crypto trading platform Nobitex is coming under the spotlight after a Reuters investigation revealed that it was founded by two siblings from the well-connected Kharrazi family.

This could be bad news for Iran as the US ramps up efforts to crack down on the crypto workaround, with about 70% of Iran’s crypto transactions taking place on Nobitex. The platform serves as a key “bridge to global crypto markets,” helping ordinary Iranians and regime-affiliated entities move money around the US-controlled global financial system. Earlier in April, the US Treasury froze some USD 344 mn in crypto assets linked to Iran’s central bank.

Nobitex remained online even during the government-imposed internet shutdowns as the war raged on, moving around USD 100 mn, or 20% of its usual transactions, Reuters reports, citing data from the investigative firm Crystal Intelligence.

Sign of the times

The region’s digital recovery is going to be a long haul: Amazon’s restoration of its cloud operations in the UAE and Bahrain following damage from drone strikes earlier in the conflict will take several months. The tech giant has suspended billing for affected customers in the region as it grapples with the physical aftermath of the conflict.

The current state of play: AWS’s service health dashboard currently lists 37 services across both countries as disrupted. The company is advising clients to migrate accessible workloads to other global regions or restore from remote backups.


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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