{"id":113719,"date":"2026-03-27T00:00:00","date_gmt":"2026-03-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/menaplus\/?post_type=issue&#038;p=113719"},"modified":"2026-04-14T07:32:35","modified_gmt":"2026-04-14T07:32:35","slug":"not-a-lot-of-love-for-uae-real-estate-debt","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/menaplus\/issues\/not-a-lot-of-love-for-uae-real-estate-debt\/","title":{"rendered":"Not a lot of love for UAE real estate debt"},"content":{"rendered":"<section id=\"113721\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"113721\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">OPENING NOTE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/waitlists-at-cairo-schools-as-expats-in-the-gulf-come-home\/\">\r\n                            Waitlists at Cairo schools as expats in the Gulf come home?                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/waitlists-at-cairo-schools-as-expats-in-the-gulf-come-home\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/waitlists-at-cairo-schools-as-expats-in-the-gulf-come-home\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/waitlists-at-cairo-schools-as-expats-in-the-gulf-come-home\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Waitlists at Cairo schools as expats in the Gulf come home?&url=https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/waitlists-at-cairo-schools-as-expats-in-the-gulf-come-home\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/waitlists-at-cairo-schools-as-expats-in-the-gulf-come-home\/&title=Waitlists at Cairo schools as expats in the Gulf come home?\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Waitlists+at+Cairo+schools+as+expats+in+the+Gulf+come+home%3F+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F03%2F27%2Fwaitlists-at-cairo-schools-as-expats-in-the-gulf-come-home%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/waitlists-at-cairo-schools-as-expats-in-the-gulf-come-home\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-113721\" class=\"content-area-description single-story post-113721 post type-post status-publish format-standard hentry category-opening-note tag-difc tag-enterpriseam tag-opening-note tag-saudi-arabia wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, wonderful people<\/strong>, and happy Friday to you all. We have for you today a tale of two regions:<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There are growing signs investors are leery of real estate players as layoffs, salary cuts, <\/strong><strong>and contract terminations<\/strong> 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\u2026)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The ultimate sign of the times:<\/strong> Schools in Cairo are running waitlists as more and more parents hit \u201cGo\u201d on their plan Bs.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a starkly different story on Planet Finance<\/strong> (at least for now), where the region\u2019s BSDs brought home a crazy string of high-profile transactions this week, as we chronicle in our final Markets + Deals column of the week. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Uhm, Enterprise? What\u2019s a BSD? <\/strong>It\u2019s a <a target=\"_blank\" href=\"https:\/\/www.amazon.com\/Liars-Poker-25th-Anniversary-Wreckage-ebook\/dp\/B00KSHZT2O\/\" style=\"\">Liar\u2019s Poker<\/a> reference, young \u2018un. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>From the Dept. of Hype: It\u2019s day two of the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/fii-institute.org\/conference\/fii-priority-miami-2026#:~:text=When%20and%20where%20will%20the,the%20Faena%20Hotel%2C%20Miami%20Beach.\" style=\"\">FII Priority Summit<\/a><\/strong> in Miami, where some 2k people are circling, hoping to snag a coin or two from MbS\u2019s pocket. Among them: Turing, which nabbed some kind of \u201cstrategic partnership\u201d with the always-all-caps Humain to \u201cbuild the world\u2019s first AI agent marketplace for enterprise.\u201d As the kids said a generation ago: Whatevs. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- DIFC would really like you to know that whether Millennium stays in town or not<\/strong>, it is now number seven on the <a target=\"_blank\" href=\"https:\/\/www.difc.com\/whats-on\/news\/dubai-advances-to-7th-ranking-in-global-financial-centres-index-highest-ever-in-its-history\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.difc.com\/whats-on\/news\/dubai-advances-to-7th-ranking-in-global-financial-centres-index-highest-ever-in-its-history\" style=\"\">Global Financial Centres Index<\/a>, the \u201chighest ever [ranking] for a MEASA city.\u201d That\u2019s the Middle East, Africa, and South Asia, for you incognoscenti. \u2013Patrick<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/difc\/\">DIFC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/opening-note\/\">Opening Note<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"113722\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"113722\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">THE LEDE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/investors-arent-loving-dubai-real-estate-debt\/\">\r\n                            Distressed?                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share 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    \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/investors-arent-loving-dubai-real-estate-debt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/3\/1216.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"113723\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/investors-arent-loving-dubai-real-estate-debt\/1216-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/3\/1216.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1216.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/3\/1216.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/3\/1216.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-113722\" class=\"content-area-description single-story post-113722 post type-post status-publish format-standard has-post-thumbnail hentry category-the-lede tag-capital-markets tag-debt tag-debt-watch tag-enterpriseam tag-real-estate tag-the-lede tag-uae wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Real estate bonds in the <\/strong><strong>UAE <\/strong><strong>are bracing for their first major war-related stress test \u2014 <\/strong><strong>and distressed players are working hard to deliver messages of confidence to investors. <\/strong>UAE-based developers, including <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/binghatti-maintains-home-delivery-timelines-amid-resilient-sales-performance-low-cancellation-rate-t9tnb219\" style=\"\">Binghatti<\/a>, <a target=\"_blank\" href=\"https:\/\/ent.news\/internal\/112601.pdf\" style=\"\">Aldar<\/a>, Sobha, and <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/business\/real-estate\/dubai-luxury-builder-omniyat-says-liquidity-strong-enough-to-cover-debt-maturities-d77udejq\" style=\"\">Omniyat<\/a> are on a PR offensive touting solid sales, strong track records, and their stellar liquidity positions. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Emaar, meanwhile, made a baller move: <\/strong>The company\u2019s shareholders <strong>approved a 2025 <\/strong><strong>dividend payout of AED 8.8 bn <\/strong><a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/3\/1212.pdf\" style=\"\">earlier this week<\/a> even as the industry stares into the teeth of a slowdown.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What happened? <\/strong>Six USD-denominated property bonds by Binghatti Holding and Omniyat <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/03\/25\/this-morning-iran-linked-institutions-in-the-uae-are-under-scrutiny-millennium-management-eyes-up-relocating-regional-staff\/\" style=\"\">entered distressed territory<\/a> 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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some of it had already been brewing \u2014 just exacerbated by the war. <\/strong>\u201cCredit markets had already started differentiating between the top versus medium-quality developers since late 2025,\u201d Muhammad Ahsan, senior head of treasury, global markets, investment banking, and international business at Oman\u2019s Bank Nizwa, tells EnterpriseAM. \u201cStronger 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,\u201d he added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong> This marks a sharp reversal from <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2025\/09\/23\/this-morning-signs-of-cracks-in-dubais-property-market-start-to-show-a-flurry-of-debt-activity-with-issuances-from-aldar-binghatti\/\" style=\"\">just a few months ago<\/a>, when real estate players were aggressively tapping debt markets <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/02\/23\/aldar-locks-in-usd-1-bn-from-apollo-tightens-grip-on-income-arm\/\" style=\"\">at tight spreads<\/a> 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. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">The pattern<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sovereign-backed players are showing more resilience <\/strong>than private-sector actors. Yields on bonds from <a target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/DFM-EMAAR\/bonds\/\" style=\"\">Emaar<\/a> and <a target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/ADX-ALDAR\/bonds\/\" style=\"\">Aldar<\/a> have been going up but at a slower pace \u2014 and far below the risk-free market rate. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>UAE-based real estate developers are the most prolific issuers of bonds in the region, so <\/strong><strong>the risk is concentrated in the Emirati market.<\/strong> (Still, some Saudi players have investors demand more since the start of the war, with state-backed players like <a target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/TADAWUL-4300\/bonds\/\" style=\"\">Dar Al Arkan<\/a> seeing some of their yield spreads go up by some 100 bps.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s not just the household names:<\/strong> 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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Blame foreign investors for the pressure? <\/strong>\u201cThe 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,\u201d Ahsan told us. Hedge fund short-selling has <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-03-24\/six-dubai-real-estate-bonds-fall-into-distress-as-war-rolls-on?accessToken=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJzb3VyY2UiOiJTdWJzY3JpYmVyR2lmdGVkQXJ0aWNsZSIsImlhdCI6MTc3NDQxOTkwMiwiZXhwIjoxNzc1MDI0NzAyLCJhcnRpY2xlSWQiOiJUQ0VQNURLSVAzTTIwMCIsImJjb25uZWN0SWQiOiIwRUYxRTM4RjE2RDI0MDY3ODY0QTk1Q0E2MTgyQzQ4NiJ9.yLkGTvmHRt7HMreThSrjpu4_hklnBzGXa4BA5O0tmIg\" style=\"\">also contributed<\/a> to the breadth and speed of the sell-off.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In numbers: <\/strong>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 <a target=\"_blank\" href=\"https:\/\/ent.news\/internal\/114464.pdf\" style=\"\">Mashreq Capital (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ZOOMING OUT- There\u2019s been a massive drop in tradability across regional bond markets. <\/strong>Average liquidity for GCC sukuk is down roughly 20% this year, according to <a target=\"_blank\" href=\"https:\/\/www.fitchratings.com\/research\/non-bank-financial-institutions\/global-sukuk-gcc-dcm-liquidity-show-varying-effects-from-iran-war-24-03-2026\" style=\"\">Fitch Ratings<\/a>. 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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And Dubai as a whole is bearing the brunt of the regional repricing<\/strong>, 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\u2019s more cyclical non-oil credit story is where investors see the most risk.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Watch for signs of stress in other industries:<\/strong> 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. \u201cSmaller players in these sectors will definitely take a bigger hit but those are not in the public debt markets,\u201d he noted.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">We\u2019re not talking default \u2014 yet<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The war has made it much more difficult to access refinancing<\/strong> as a wall of maturities \u2014 roughly USD 8 bn through 2030 \u2014 begins to come into view. The good news is: These are mostly well spread out, and Omniyat and Binghatti\u2019s 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. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cEven if the primary markets are shut for them, they have strong banking relationships to <\/strong><strong>get funding<\/strong>,\u201d Ahsan said, adding that he doesn\u2019t foresee any sukuk defaults.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But ratings agencies are watching this space:<\/strong> Fitch placed both <a target=\"_blank\" href=\"https:\/\/www.fitchratings.com\/research\/corporate-finance\/fitch-places-binghatti-on-rating-watch-negative-13-03-2026\" style=\"\">Binghatti<\/a> and <a target=\"_blank\" href=\"https:\/\/www.fitchratings.com\/research\/corporate-finance\/fitch-places-omniyat-on-rating-watch-negative-18-03-2026\" style=\"\">Omniyat<\/a> 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. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Moody\u2019s, meanwhile, affirmed Binghatti\u2019s rating last week<\/strong>, pointing to sufficient liquidity to cover its February 2027 maturity. <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/capital-markets\/\">Capital Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/debt\/\">Debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/debt-watch\/\">DEBT WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/the-lede\/\">The Lede<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"113724\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"113724\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">MARKETS + DEALS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/drones-what-drones-the-gulfs-bsds-are-pushing-big-deals-across-the-finish-line\/\">\r\n                            Hell-bent for leather                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/drones-what-drones-the-gulfs-bsds-are-pushing-big-deals-across-the-finish-line\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Earlier this week, Aramco signalled it\u2019s 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? <strong>Deals are getting done, war or no war.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>UP FIRST- Blackstone is still writing checks into Abu Dhabi.<\/strong> The world\u2019s largest alternative asset manager funneled <a target=\"_blank\" href=\"https:\/\/www.blackstone.com\/news\/press\/blackstone-raya-holding-nrt-and-sightline-announce-partnership-to-invest-in-uae-payments-infrastructure-platform\/\" style=\"\">USD 250 mn<\/a> 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 \u2014 we can\u2019t use the more common name for the industry because the algos that govern our deliverability will get uppity with us.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who\u2019s at the table? <\/strong>ADGT was set up under a partnership between Blackstone and Abu Dhabi\u2019s Raya Holding, alongside Las Vegas-based gaming fintechs NRT Technology and Sightline. It\u2019s the only licensed B2B player connecting a player\u2019s money to a regulated gaming operator in the UAE (so far), positioning it to serve both physical venues (like Wynn\u2019s USD 3.9 bn Ras Al Khaimah resort) and online operators. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters: <\/strong>It\u2019s Blackstone\u2019s first inbound PE investment since the Iran war broke out, and its third major \u2018infrastructure\u2019 (in one form or another) play in the UAE after its USD 5 bn logistics platform Glide and its stake in Property Finder. \u201cWe see significant opportunity to deploy capital at scale in the UAE,\u201d Blackstone President Jon Gray said.<\/p>\n<p class=\"tag-border-left\">Trolley delivers rare Kuwait IPO<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Kuwaiti convenience store operator <\/strong><strong>Trolley<\/strong> <strong><a target=\"_blank\" href=\"https:\/\/www.trolley.com.kw\/media\/trolley-general-trading-company-kscc-marks-major-milestone-with-its-successful-listing-on-boursa-kuwait\" style=\"\">listed a 35% stake<\/a><\/strong><strong> on Boursa Kuwait\u2019s <\/strong><strong>Premier Market<\/strong> on Wednesday, wrapping a USD 195 mn IPO. The private placement, which marks a rare debut in one of the GCC\u2019s 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 <a target=\"_blank\" href=\"https:\/\/ent.news\/internal\/114535.pdf\" style=\"\">90% payout ratio (pdf)<\/a> for FY 2026.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Although the offering drew in solid demand, the stock closed 1.4% down on its first day <\/strong><strong>of trading<\/strong> as it landed in a sour market, with Kuwait\u2019s flagship index down 1.8% since the outbreak of the war.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- <\/strong>Our friends at EFG Hermes acted as joint global coordinators alongside National Investments Company. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Beating the IPO buzzer in Saudi<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi IPO candidates are racing the clock.<\/strong> Both <strong>Mutlaq Al Ghowairi Contracting<\/strong> and <strong>Arabian Dyar<\/strong> are reportedly pushing to list before their regulatory approvals expire in late June, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-03-24\/saudi-arabian-firms-press-ahead-with-ipo-plans-despite-iran-war\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-03-24\/saudi-arabian-firms-press-ahead-with-ipo-plans-despite-iran-war\" style=\"\">Bloomberg<\/a> 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. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Arabian Dyar is looking for an SAR 16 bn valuation<\/strong>, while Mutlaq Al Ghowairi thinks it\u2019s 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. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also in the queue: <\/strong>Quick-delivery startup <strong>Ninja<\/strong> is sounding out the market for a potential listing, with executives meeting investors in London this month, and <strong>Networkers Services<\/strong> appointed Estidamah Capital to <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=93793&anCat=1&cs=9543&locale=en\" style=\"\">advise on its jump<\/a> from the Nomu baby bourse to Tadawul\u2019s main market.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN OTHER IPO NEWS- India\u2019s Jio Platforms \u2014 backed by Adia and Mubadala \u2014 is in talks <\/strong><strong>with 13 foreign investors to sell down stakes ahead of its Mumbai IPO<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/india\/reliance-jio-woos-investors-sell-8-individual-stakes-ipo-sources-say-2026-03-25\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/india\/reliance-jio-woos-investors-sell-8-individual-stakes-ipo-sources-say-2026-03-25\/\" style=\"\">Reuters<\/a> reports. Each investor could divest roughly 8% of their holdings, representing about 2.5% of Jio\u2019s 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%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Egypt upping its IPO game?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN EGYPT: The Finance Ministry is dangling tax breaks to get companies onto the EGX.<\/strong> 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 <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/18\/egypt-eyes-usd-3-4-bn-by-year-end-in-renewed-post-eid-privatization-push\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/18\/egypt-eyes-usd-3-4-bn-by-year-end-in-renewed-post-eid-privatization-push\/\" style=\"\">plan to generate USD 3-4 bn in divestment revenues<\/a> by year-end. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Perhaps more significant: The decision to waive capital gains tax liabilities on stock <\/strong><strong>transactions dating back to June 2023<\/strong>, 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 \u2014 double initial estimates.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Miga is backing a USD 313.5 mn trade finance facility for the National Bank of <\/strong><strong>Egypt<\/strong>, covering short-term revolving trade loans from HSBC and Standard Chartered, according to a <a target=\"_blank\" href=\"https:\/\/www.miga.org\/project\/trade-finance-facility-national-bank-egypt\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.miga.org\/project\/trade-finance-facility-national-bank-egypt\" style=\"\">project disclosure<\/a>. The facility will target \u201cstrategic priority\u201d sectors including energy and agriculture \u2014 a World Bank credit guarantee that makes it cheaper for NBE to tap international banks for trade financing.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">GCC heavyweights \u2764\ufe0f Chinese AI IPOs<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADIA and Aramco Ventures are in the money from writing tickets for the world\u2019s two <\/strong><strong>best-performing major IPOs<\/strong>, according to Bloomberg data. ADIA put USD 65 mn as a cornerstone investor in the January IPO of AI outfit <a target=\"_blank\" href=\"https:\/\/www.minimax.io\/about\" style=\"\">MiniMax Group<\/a> \u2014 a stake that\u2019s now worth north of USD 400 mn. Aramco\u2019s pre-listing commitment of USD 30 mn to <a target=\"_blank\" href=\"https:\/\/www.zhipuai.cn\/en\" style=\"\">Zhipu AI<\/a> is now up an insane 14x. Both outfits went public in January on the Hong Kong Stock Exchange. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">ALSO WORTH KNOWING <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DAE lined up USD 2.8 bn in unsecured revolving credit facilities<\/strong>, replacing a smaller USD 1.4 bn facility and pushing total revolving capacity to USD 4 bn through March 2031, it said in a <a target=\"_blank\" href=\"https:\/\/dubaiaerospace.com\/2026\/03\/24\/dae-signs-us2-8-billion-of-unsecured-revolving-credit-facilities\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/dubaiaerospace.com\/2026\/03\/24\/dae-signs-us2-8-billion-of-unsecured-revolving-credit-facilities\/\" style=\"\">press release<\/a> 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\u2019s balance sheet \u2014 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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Moroccan agro-industrial group Africa Feed & Food (AFF) landed a <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.moroccoworldnews.com\/2026\/03\/284132\/moroccos-aff-raises-mad-850-million-strengthening-agro-industrial-sector\/\" style=\"\">MAD 850 mn<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.moroccoworldnews.com\/2026\/03\/284132\/moroccos-aff-raises-mad-850-million-strengthening-agro-industrial-sector\/\" style=\"\">investment<\/a><\/strong> led by the <a target=\"_blank\" href=\"https:\/\/www.rmbv.net\/\" style=\"\">North Africa Fund III (RNAF III)<\/a> and French development finance institution <a target=\"_blank\" href=\"https:\/\/www.proparco.fr\/en\" style=\"\">Proparco<\/a>. AFF will use the money to grow its industrial capacity in Morocco and accelerate its buildout in West Africa, specifically targeting Senegal and Mauritania. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mubadala Energy is doubling down on Indonesia<\/strong>, taking a 100% participating stake and adding a fourth asset to its Andaman Sea growth cluster, it said in a <a target=\"_blank\" href=\"https:\/\/www.mubadalaenergy.com\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.mubadalaenergy.com\" style=\"\">press release<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AriseIIP is committing USD 3 bn to Kenya over five years<\/strong>, targeting industrial and export complexes along the coast, a facility in Naivasha, and the state-owned Rivatex textiles complex, Executive Director Nikhil Gandhi told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/uae-based-ariseiip-says-invest-3-billion-kenya-next-five-years-2026-03-25\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/uae-based-ariseiip-says-invest-3-billion-kenya-next-five-years-2026-03-25\/\" style=\"\">Reuters<\/a>. The Dubai-based infrastructure developer will fund 30-40% directly, with the rest coming from development finance institutions. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>USD 30 bn climate investment vehicle Alterra deployed more capital from its Opportunity <\/strong><strong>Fund<\/strong>, investing in UK-based IoT connectivity platform Wireless Logic alongside General Atlantic\u2019s climate-focused BeyondNetZero fund, according to a press release. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Solutions by STC secured an SAR 1.4 bn contract<\/strong> to deploy <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=93774&anCat=1&cs=7202&locale=en\" style=\"\">upstream supercomputers<\/a> for Aramco, providing high-performance computing systems, software licensing, and managed services for oil and gas exploration and reservoir analysis.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Market Snapshot<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tadawul<\/strong> -0.3% \u2022 <strong>ADX<\/strong> +0.8% \u2022 <strong>DFM<\/strong> flat \u2022 <strong>EGX30<\/strong> +1.2%<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Brent USD 74.10 \/ bbl \u2022 Gold USD 2,038 \/ oz \u2022 USD \/ SAR 3.7502 \u2022 USD \/ EGP 50.85<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/adia\/\">Adia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/aramco-ventures\/\">Aramco Ventures<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/capital-markets\/\">Capital Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/kuwait\/\">Kuwait<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/markets-deals\/\">Markets + Deals<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/swfs\/\">SWFs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"113726\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"113726\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">THE CORRIDOR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/gcc-aluminum-output-nosedives-putting-pressure-on-buyers-to-find-alternatives\/\">\r\n                            Bottleneck blues                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/gcc-aluminum-output-nosedives-putting-pressure-on-buyers-to-find-alternatives\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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  <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=GCC aluminum output nosedives, putting pressure on buyers to find alternatives&url=https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/gcc-aluminum-output-nosedives-putting-pressure-on-buyers-to-find-alternatives\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/gcc-aluminum-output-nosedives-putting-pressure-on-buyers-to-find-alternatives\/&title=GCC aluminum output nosedives, putting pressure on buyers to find alternatives\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=GCC+aluminum+output+nosedives%2C+putting+pressure+on+buyers+to+find+alternatives+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F03%2F27%2Fgcc-aluminum-output-nosedives-putting-pressure-on-buyers-to-find-alternatives%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/gcc-aluminum-output-nosedives-putting-pressure-on-buyers-to-find-alternatives\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/3\/952.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"113727\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/gcc-aluminum-output-nosedives-putting-pressure-on-buyers-to-find-alternatives\/952-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/3\/952.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"952.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/3\/952.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/3\/952.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-113726\" class=\"content-area-description single-story post-113726 post type-post status-publish format-standard has-post-thumbnail hentry category-the-corridor tag-bahrain tag-enterpriseam tag-gcc tag-qatar tag-the-corridor tag-uae tag-usa wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Aerospace, electronics, and construction firms across Japan, the US, and the EU are the <\/strong><strong>latest to take it on the chin<\/strong> from the US-Israeli war on Iran. Each of those territories imports 19-25% of its primary aluminum from the GCC \u2014 which accounts for some 9% of global supply \u2014 and the war is now threatening the flow of a metal those industries can\u2019t easily substitute.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Aluminum prices hit a four-year high<\/strong> 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 <a target=\"_blank\" href=\"https:\/\/www.westmetall.com\/en\/markdaten.php?action=averages&field=LME_Al_cash\" style=\"\">February\u2019s<\/a> average rates. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The state of play:<\/strong> Several regional aluminum players, including <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/bahrains-alba-shuts-19-aluminium-capacity-hormuz-disruption-continues-2026-03-15\/\" style=\"\">Aluminum Bahrain<\/a> (Alba) and <a target=\"_blank\" href=\"https:\/\/www.aluminium-journal.com\/qatalum-to-shut-down-aluminium-smelter#:~:text=Most%20read%20articles,LinkedIn\" style=\"\">Qatar\u2019s Qatalum<\/a>, have partially shut-down operations, while Emirates Global Aluminium (EGA) remains operational but is <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-03-16\/aluminum-rises-as-major-smelter-slashes-output-in-middle-east?srnd=phx-industries-energy\" style=\"\">relying<\/a> on stockpiles of finished products and raw materials. Gulf smelters often <a target=\"_blank\" href=\"https:\/\/discoveryalert.com.au\/gcc-aluminium-supply-disruption-2026-critical-vulnerabilities\/\" style=\"\">rely on imported<\/a> alumina and bauxite feedstocks, meaning that when Hormuz traffic stalls, the supply chain is squeezed on both ends. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cGulf smelters that are affected are finding new ways to transport materials,\u201d<\/strong> Fastmarkets analyst Andy Farida told EnterpriseAM. EGA is <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/ega-export-aluminium-via-oman-amid-gulf-disruption-sources-say-2026-03-17\/\" style=\"\">reportedly looking<\/a> to reroute its aluminum exports and raw materials through Oman\u2019s 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 <a target=\"_blank\" href=\"https:\/\/www.mining.com\/web\/bahrains-alba-routes-aluminum-exports-via-jeddah-due-to-hormuz-closure\/\" style=\"\">export out of Jeddah<\/a>, but these alternative routes \u201care likely to take a longer time [and at] higher costs,\u201d Farida said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What now? <\/strong>Countries and companies that depend on Gulf aluminium imports may soon start looking for alternative suppliers, but replacing Gulf supply quickly would be difficult \u2014 and will depend on how fast these alternative producers can re-start idled production capacity, which can take <a target=\"_blank\" href=\"https:\/\/aluminpro.com\/smelter-restart-guide\/\" style=\"\">up to nine months<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>China and Europe have the largest idle capacity, but both face their own challenges in <\/strong><strong>restarting it.<\/strong> China is already producing at a record level and has a cap on how far it can go beyond this level \u2014 and \u201cany meaningful increase would require a policy decision to relax the cap,\u201d ING\u2019s London-based commodity strategist Ewa Manthey told EnterpriseAM. Meanwhile, \u201cEurope still has the largest pool of idled aluminium capacity, but restarts are conditional on power costs and typically take months, not weeks,\u201d she added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That leaves <\/strong><strong>buyers<\/strong><strong> with limited options to fill in the gap in the short term.<\/strong> \u201cThe longer Gulf supply is disrupted, the more the market has to rely on inventories, trade re\u2011routing and selective restarts \u2014 not a quick rescue from China or a single alternative producer,\" Manthey said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>For industries already grappling with higher energy costs and fragile supply chains, even <\/strong><strong>temporary disruptions could push input costs higher<\/strong> 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. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Really feeling the pinch: Carmakers<\/strong>, who are <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/167fdf4b-0afd-4a05-a6bd-e3d1518cd84d?syn-25a6b1a6=1\" style=\"\">are \u201cpanic buying\u201d aluminum<\/a> 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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The clock is ticking: <\/strong>Smelters usually have <a target=\"_blank\" href=\"https:\/\/discoveryalert.com.au\/middle-eastern-aluminium-production-dependencies-2026\/\" style=\"\">4-8 weeks<\/a> 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 <a target=\"_blank\" href=\"https:\/\/aluminpro.com\/smelter-restart-guide\/\" style=\"\">restart<\/a> will be a long and complex process, <strong>costing from USD 10-<\/strong><strong>50<\/strong><strong> mn<\/strong> \u2014 and taking up to a year while risking permanent damage to equipment. <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/bahrain\/\">Bahrain<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/gcc\/\">GCC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/qatar\/\">Qatar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/the-corridor\/\">The Corridor<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/usa\/\">USA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"113728\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"113728\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">ECONOMY + PUBLIC POLICY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/turkey-swaps-gold-for-foreign-reserves-as-war-raises-inflationary-pressures-on-emerging-markets\/\">\r\n                            Gold in the basement                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/turkey-swaps-gold-for-foreign-reserves-as-war-raises-inflationary-pressures-on-emerging-markets\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Turkey could liquidate <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-03-24\/turkey-mulls-tapping-135-billion-gold-reserves-for-lira-defense\" style=\"\">as much as USD 30 bn in gold<\/a> 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. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s happening? <\/strong>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. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART- Turkey\u2019s economy was just turning the corner <\/strong>when the war with Iran broke out. Tight monetary policy had brought inflation down to 31.5% \u2014 still one of the highest figures globally \u2014 from north of 85% in 2022. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Turkey\u2019s woes in numbers:<\/strong> Turkey burned through some USD 28 bn in foreign reserves in the first few weeks of March, ING Group\u2019s Chief Economist for Turkey, Muhammet Mercan, <a target=\"_blank\" href=\"https:\/\/think.ing.com\/articles\/fx-daily-central-bankers-need-to-talk-tough\" style=\"\">estimates<\/a>. 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. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And Ankara isn\u2019t alone: Other emerging-market gold bugs <\/strong>could follow suit, pundits suggest.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Gold bugs, unite<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Turkey isn\u2019t the only country to have joined Naguib Sawiris in his love of gold: <\/strong>Both emerging and developed economies have recently been increasing their reserve of the metal \u2014 a trend that has been on the rise since Russia\u2019s invasion of Ukraine in 2022, but recently accelerated in the wake of Israel\u2019s destabilizing wars in our region. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WHO ELSE could sell? <\/strong>Any net-energy importer with reasonable gold stocks, pundits suggest. Selling gold for cash reserves could allow central banks in <strong>Egypt<\/strong> and <strong>Jordan<\/strong> 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\u2019s gold reserves almost doubled y-o-y to USD 21.5 bn as of February of this year, and Jordan\u2019s reserves stand now at about USD 9.6 bn \u2014 almost tripling in value between 2022 and 2026, according to <a target=\"_blank\" href=\"https:\/\/www.ceicdata.com\/en\/indicator\/egypt\/gold-reserves\" style=\"\">data<\/a> from CEIC.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Developed markets have traditionally held the larger share of the world\u2019s gold stockpile, <\/strong><strong>but emerging economies are catching up <\/strong>as part of a push to diversify currency hedging strategies amid rising economic and geopolitical uncertainty. In 2022, gold holdings <a target=\"_blank\" href=\"https:\/\/www.brookings.edu\/articles\/how-important-are-central-bank-holdings-of-gold\/\" style=\"\">stood<\/a> at 1.8% of the world\u2019s 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. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This trend is one of the main drivers that contributed to the unconventional price <\/strong><strong>volatility of what is otherwise a reliable asset. <\/strong>As of February 2025, central banks and the IMF held <a target=\"_blank\" href=\"https:\/\/www.gold.org\/goldhub\/data\/how-much-gold\" style=\"\">about 20%<\/a> of the global stock of gold.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/economy-public-policy\/\">Economy + Public Policy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/egypt\/\">Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/jordan\/\">Jordan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/turkey\/\">Turkey<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"113730\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"113730\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">MOVES + KUDOS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/tomaso-rodriguez-jumps-ship-from-talabat\/\">\r\n                            From delivery to adtech                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/tomaso-rodriguez-jumps-ship-from-talabat\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/tomaso-rodriguez-jumps-ship-from-talabat\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/tomaso-rodriguez-jumps-ship-from-talabat\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Tomaso Rodriguez jumps ship from Talabat&url=https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/tomaso-rodriguez-jumps-ship-from-talabat\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/tomaso-rodriguez-jumps-ship-from-talabat\/&title=Tomaso Rodriguez jumps ship from Talabat\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Tomaso+Rodriguez+jumps+ship+from+Talabat+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F03%2F27%2Ftomaso-rodriguez-jumps-ship-from-talabat%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/tomaso-rodriguez-jumps-ship-from-talabat\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/114235.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"114235\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/tomaso-rodriguez-jumps-ship-from-talabat\/flyby\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/internal\/114235.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"flyby\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/internal\/114235.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/internal\/114235.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-113730\" class=\"content-area-description single-story post-113730 post type-post status-publish format-standard has-post-thumbnail hentry category-moves-kudos tag-enterpriseam tag-flyby tag-moves-kudos tag-talabat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tomaso Rodriguez (<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/tomasorodriguez\/\">LinkedIn<\/a><\/strong><strong>) <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/people-in-the-news\/flyby-appoints-former-talabat-ceo-tomaso-rodriguez-as-chairman-ahead-of-series-a-and-global-expansion-iu5ebenb\">is joining adtech company Flyby<\/a><\/strong><strong> as non-executive <\/strong><strong>chairman<\/strong> 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.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/flyby\/\">Flyby<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/moves-kudos\/\">Moves + Kudos<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/talabat\/\">Talabat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"113731\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"113731\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">THE SCORECARD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/a-growing-repair-bill\/\">\r\n                            A growing repair bill                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/a-growing-repair-bill\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Some USD 25 bn<\/strong>, according to researchers at energy intel group <a target=\"_blank\" href=\"https:\/\/www.arabnews.com\/node\/2637626\/business-economy\" style=\"\">Rystad Energy<\/a>. The growing price tag comes as dozens of energy facilities \u2014 including some of the world\u2019s most <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/power\/125328\/%D9%85%D9%86%D8%B4%D8%A2%D8%AA-%D8%A7%D9%84%D8%B7%D8%A7%D9%82%D8%A9-%D9%81%D9%8A-%D8%A7%D9%84%D8%AE%D9%84%D9%8A%D8%AC-%D8%AA%D8%AD%D8%AA-%D8%B6%D8%BA%D8%B7-%D8%A7%D9%84%D8%AD%D8%B1%D8%A8-%D9%82%D8%A7%D8%A6%D9%85%D8%A9-%D8%A7%D9%84%D9%85%D9%88%D8%A7%D9%82%D8%B9-%D8%A7%D9%84%D9%85%D8%AA%D8%B6%D8%B1%D8%B1%D8%A9\/\" style=\"\">vital<\/a> oil fields, refineries, natural gas facilities, ports (and one nuclear power plant in Iran) \u2014 have been hit over four weeks of war.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>At this point, the extent of the damage means that a reopened Hormuz won\u2019t be the only <\/strong><strong>factor in returning to pre-war energy output.<\/strong> Some energy facilities could take years to restore due to structural limitations in repair operations.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Qatar\u2019s Ras Laffan has had the worst of it<\/strong>, 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\u2019s few suppliers are already facing long backlogs that are partly driven by data center power demands. Full restoration <a target=\"_blank\" href=\"https:\/\/www.rystadenergy.com\/news\/middle-east-conflict-rebuild-energy-cost\" style=\"\">could take up to five years<\/a> due to procurement obstacles.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Bahrain had barely completed a USD 7 bn upgrade to its BAPCO Sitra refinery before <\/strong><strong>having to declare force majeure after the facility was struck<\/strong>\u2026 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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also facing repair projects:<\/strong> Iran\u2019s 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. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The recovery timeline for facilities across the region will also depend on how fast capital <\/strong><strong>is deployed<\/strong> and how efficient execution would be, Rystad notes. Rising shipping costs \u2014 which Hapag Lloyd estimates are racking up an additional USD 50 mn per week \u2014 are \u201clikely to be passed onto consumers.\u201d <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/energy\/\">ENERGY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/gcc\/\">GCC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/the-scorecard\/\">The Scorecard<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"113733\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"113733\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">WHAT WE\u2019RE TRACKING<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/another-neom-contract-canceled\/\">\r\n                            Another Neom contract canceled                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/another-neom-contract-canceled\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/another-neom-contract-canceled\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/another-neom-contract-canceled\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Another Neom contract canceled&url=https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/another-neom-contract-canceled\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/another-neom-contract-canceled\/&title=Another Neom contract canceled\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Another+Neom+contract+canceled+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F03%2F27%2Fanother-neom-contract-canceled%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/another-neom-contract-canceled\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1878.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"113734\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/another-neom-contract-canceled\/1878-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1878.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1878.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1878.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1878.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-113733\" class=\"content-area-description single-story post-113733 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking tag-capital-markets tag-defense tag-energy tag-enterpriseam tag-gigaprojects tag-iraq tag-morocco tag-saudi-arabia tag-what-were-tracking wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>More gigaprojects blues for contractors:<\/strong> In the second gigaproject-related cancellation that we know of this month, Malaysia\u2019s steel firm Eversendai Corp Bhd said its structural steel contract for Neom\u2019s mountain ski resort, Trojena, has been <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-03-24\/neom-scraps-steel-contract-with-malaysia-firm-on-mideast-crisis\" style=\"\">terminated<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Taking out the trash? <\/strong>The company blamed the war, but we\u2019ve been <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/08\/20\/neoms-trojena-ski-resort-completion-faces-time-pressure\/\" style=\"\">hearing since last<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/08\/20\/neoms-trojena-ski-resort-completion-faces-time-pressure\/\" style=\"\">summer<\/a> 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 \u2018bad news\u2019 during a news cycle when nobody will notice \u2014 or late in the afternoon on the last business day of the week.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background: <\/strong>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 \u2014 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.<\/p>\n<p class=\"tag-border-left\">One man\u2019s trash is another\u2019s treasure?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt2\"><\/a> <strong>Morocco <\/strong><strong>is <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.moroccoworldnews.com\/2026\/03\/284112\/morocco-prepares-secondary-market-for-bad-loans-to-boost-credit-flow\/\" style=\"\">moving to launch<\/a><\/strong><strong> a secondary market for non-performing loans <\/strong><strong>(NPLs) as bad debt levels creep up<\/strong>, 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 \u2014 roughly 8.2% of total banking assets \u2014 and the ratio ticked up to 8.3% in January.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By securitizing and selling these NPLs, Rabat hopes to reduce financial fragmentation <\/strong><strong>and prevent a clogged banking system.<\/strong> 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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Data point <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>80% \u2014 that\u2019s the drop in Iraq\u2019s southern oil output from pre-war levels<\/strong>, with <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/iraq-oil-output-further-plunges-storage-fills-hormuz-exports-blocked-by-conflict-2026-03-25\/\" style=\"\">production<\/a><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/iraq-oil-output-further-plunges-storage-fills-hormuz-exports-blocked-by-conflict-2026-03-25\/\" style=\"\">falling to roughly 800k bbl \/ d<\/a> 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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This pressure was already building:<\/strong> Iraq already <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/logistics\/issues\/the-disruption-in-hormuz-is-giving-the-red-sea-route-a-second-chance\/\" style=\"\">slashed<\/a> nearly 1.5 mn bbl \/ d on 3 March, forcing the country to later declare <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/logistics\/2026\/03\/24\/energy-infrastructure-airports-targeted-over-the-eid-break\/\" style=\"\">force majeure<\/a> on foreign-operated oilfields as southern production <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/iraq-declares-force-majeure-foreign-operated-oilfields-over-hormuz-disruption-2026-03-20\/\" style=\"\">dropped<\/a> to around 900k bbl \/ d.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The escape route?<\/strong> Baghdad and the Kurdistan Regional Government have <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/logistics\/2026\/03\/18\/today-trucks-offer-a-little-solace-for-gulf-trade\/\" style=\"\">agreed<\/a> to restart oil exports through Turkey\u2019s Ceyhan port \u2014 pushing for more alternative routes. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>Jordan\u2019s industrial sector <\/strong><strong><a target=\"_blank\" href=\"https:\/\/jordantimes.com\/news\/business\/industrial-sector-sees-strong-growth-in-2025-jci\" style=\"\">grew 5.2%<\/a><\/strong><strong> in 3Q 2025, accelerating nearly two full<\/strong><strong> percentage points<\/strong> 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. <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/capital-markets\/\">Capital Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/defense\/\">defense<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/energy\/\">ENERGY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/gigaprojects\/\">GIGAPROJECTS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/iraq\/\">Iraq<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/morocco\/\">Morocco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/what-were-tracking\/\">WHAT WE\u2019RE TRACKING<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"113735\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/113735\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-113735\" class=\"content-area-description single-story post-113735 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">April 2026<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">10 Apr<\/span><span style=\"\"> \u2014 Central Bank of UAE policy rate decision. <\/span><span style=\"font-weight:400;\">UAE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">12 Apr<\/span><span style=\"\"> \u2014 Central Bank of Egypt monetary policy decision. <\/span><span style=\"font-weight:400;\">Egypt<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">13 Apr<\/span><span style=\"\"> \u2014 LEAP 2026 conference opens, Riyadh (through 16 Apr). <\/span><span style=\"font-weight:400;\">Saudi Arabia<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">13 Apr<\/span><span style=\"\"> \u2014 IMF \/ World Bank spring meetings begin (through 18 Apr). <\/span><span style=\"font-weight:400;\">Washington \/ Virtual<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">14 Apr<\/span><span style=\"\"> \u2014 QNB 1Q 2026 earnings guidance. <\/span><span style=\"font-weight:400;\">Qatar<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">15 Apr<\/span><span style=\"\"> \u2014 2Q IPO listing window opens; DIP prospectus expected. <\/span><span style=\"font-weight:400;\">UAE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">18 Apr<\/span><span style=\"\"> \u2014 Kuwait Stock Exchange sector rebalancing effective. <\/span><span style=\"font-weight:400;\">Kuwait<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">20 Apr<\/span><span style=\"\"> \u2014 GCC Supreme Council economic session (dates pending confirmation). <\/span><span style=\"font-weight:400;\">Saudi Arabia<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">22 Apr<\/span><span style=\"\"> \u2014 Saudi Aramco ex-dividend date. <\/span><span style=\"font-weight:400;\">Saudi Arabia<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">30 Apr<\/span><span style=\"\"> \u2014 OPEC+ ministerial meeting, June production decisions. <\/span><span style=\"font-weight:400;\">Vienna \/ Virtual<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">May 2026<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">3 May<\/span><span style=\"\"> \u2014 SAMA 1Q 2026 inflation report. <\/span><span style=\"font-weight:400;\">Saudi Arabia<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">5 May<\/span><span style=\"\"> \u2014 Central Bank of Egypt 1Q 2026 monetary policy outlook. <\/span><span style=\"font-weight:400;\">Egypt<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">8 May<\/span><span style=\"\"> \u2014 Qatar Central Bank 1Q 2026 financial stability review. <\/span><span style=\"font-weight:400;\">Qatar<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">10 May<\/span><span style=\"\"> \u2014 Tadawul 1Q 2026 market review and foreign investor activity report. <\/span><span style=\"font-weight:400;\">Saudi Arabia<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">12 May<\/span><span style=\"\"> \u2014 Emirates Global Aluminium IPO window opens (pending). <\/span><span style=\"font-weight:400;\">UAE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">15 May<\/span><span style=\"\"> \u2014 Emirates NBD 1Q 2026 earnings. <\/span><span style=\"font-weight:400;\">UAE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">18 May<\/span><span style=\"\"> \u2014 First Abu Dhabi Bank 1Q 2026 results. <\/span><span style=\"font-weight:400;\">UAE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">20\u201322 May<\/span><span style=\"\"> \u2014 Arab League economic cooperation session, Cairo. <\/span><span style=\"font-weight:400;\">Egypt<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">22 May<\/span><span style=\"\"> \u2014 Central Bank of UAE policy rate decision. <\/span><span style=\"font-weight:400;\">UAE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">25 May<\/span><span style=\"\"> \u2014 ADNOC Drilling 1Q 2026 results. <\/span><span style=\"font-weight:400;\">UAE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">28 May<\/span><span style=\"\"> \u2014 QNB 1Q 2026 results. <\/span><span style=\"font-weight:400;\">Qatar<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">29 May<\/span><span style=\"\"> \u2014 Saudi Telecom Company 1Q 2026 earnings. <\/span><span style=\"font-weight:400;\">Saudi Arabia<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">31 May<\/span><span style=\"\"> \u2014 Regional central banks publish Ramadan financial impact assessments. <\/span><span style=\"font-weight:400;\">Region-wide<\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Big week for dealflow, but not for real estate debt. Neom contract scrapped. Gold bugs, unite.<\/p>\n","protected":false},"featured_media":113720,"menu_order":0,"template":"","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-113719","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"63f307f3-a85b-456d-9f73-b00a2994aacd","teaser":"Big week for dealflow, but not for real estate debt. Neom contract scrapped. 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