{"id":114315,"date":"2026-04-20T00:00:00","date_gmt":"2026-04-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/menaplus\/?post_type=issue&#038;p=114315"},"modified":"2026-04-20T07:07:20","modified_gmt":"2026-04-20T07:07:20","slug":"building-redundancy-for-gulf-carriers","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/menaplus\/issues\/building-redundancy-for-gulf-carriers\/","title":{"rendered":"Building redundancy for Gulf carriers"},"content":{"rendered":"<section id=\"114317\" 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=\"114317\">\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\/04\/20\/a-week-that-will-test-the-optimism-of-even-the-most-positive-among-us\/\">\r\n                            A week that will test the optimism of even the most positive among us                        <\/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\/04\/20\/a-week-that-will-test-the-optimism-of-even-the-most-positive-among-us\/\" 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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Mr. Mobius, who passed away late last week in Singapore, wrote last year on his 88th birthday, <a target=\"_blank\" href=\"https:\/\/www.markmobius.com\/news-events\/another-year-wiser\" style=\"\">\u201cThe world belongs to optimists.\u201d<\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This week looks set to test the resolve of our fellow optimists region-wide. <\/strong>The US-Israel-Iran ceasefire ends on Wednesday. Donald Trump is sending a delegation to Pakistan for talks tomorrow, but it\u2019s unclear who they\u2019ll be chatting with: Tehran has reportedly threatened not to show up as tensions ratchet up in Hormuz. And the \u2018ceasefire\u2019 (we used the word loosely) in Lebanon? That runs out this coming Sunday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That leaves all of us holding our collective breath. <\/strong>Dealmakers and entrepreneurs, execs and journalists \u2014 none of us want to see this extend into May, which would slam the IPO window shut until September and leave everyone with precious little time to get 2026 business plans back on track before the end of the first half. The world may belong to optimists, but nobody said it would be easy to keep faith. <a target=\"_blank\" href=\"https:\/\/markmobius.com\/news-events\/joseph-bernhard-mark-mobius-1936-2026-obituary\" style=\"\">Rest easy, Mr. Mobius.<\/a> \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\/gulf-war\/\">Gulf war<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/mark-mobius\/\">Mark Mobius<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"114318\" 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=\"114318\">\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\/04\/20\/will-the-war-drive-gulf-carriers-to-build-redundancy-into-their-hub-and-spoke-model\/\">\r\n                            Skyfall                        <\/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\/04\/20\/will-the-war-drive-gulf-carriers-to-build-redundancy-into-their-hub-and-spoke-model\/\" 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\/04\/20\/will-the-war-drive-gulf-carriers-to-build-redundancy-into-their-hub-and-spoke-model\/')\">\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\/04\/20\/will-the-war-drive-gulf-carriers-to-build-redundancy-into-their-hub-and-spoke-model\/\">\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=Will the war drive Gulf carriers to build redundancy into their hub-and-spoke model?&url=https:\/\/enterpriseam.com\/menaplus\/2026\/04\/20\/will-the-war-drive-gulf-carriers-to-build-redundancy-into-their-hub-and-spoke-model\/\">\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\/04\/20\/will-the-war-drive-gulf-carriers-to-build-redundancy-into-their-hub-and-spoke-model\/&title=Will the war drive Gulf carriers to build redundancy into their hub-and-spoke model?\">\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=Will+the+war+drive+Gulf+carriers+to+build+redundancy+into+their+hub-and-spoke+model%3F+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F04%2F20%2Fwill-the-war-drive-gulf-carriers-to-build-redundancy-into-their-hub-and-spoke-model%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\/04\/20\/will-the-war-drive-gulf-carriers-to-build-redundancy-into-their-hub-and-spoke-model\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/830.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"114319\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/20\/will-the-war-drive-gulf-carriers-to-build-redundancy-into-their-hub-and-spoke-model\/830-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/830.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"830.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/830.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/830.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-114318\" class=\"content-area-description single-story post-114318 post type-post status-publish format-standard has-post-thumbnail hentry category-the-lede tag-aviation tag-enterpriseam tag-gcc tag-jordan tag-saudi-arabia tag-the-lede tag-turkey tag-turkish-airlines 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>The Gulf aviation industry\u2019s biggest strength became a liability during the war. <\/strong>For the past decade, Gulf air carriers have built around a simple but powerful idea: the hub-and-spoke model. Instead of flying passengers directly between cities, airlines funnel travelers from multiple \u201cspoke\u201d cities into a central hub \u2014 Dubai, Doha, or Abu Dhabi \u2014 before redistributing them onward. The system has allowed carriers to aggregate demand, make the most efficient use of their fleets, and offer long-haul routes on a frequency that wouldn\u2019t be viable if they ran point-to-point.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By perfecting this model<\/strong>, Gulf carriers turned their cities into <a target=\"_blank\" href=\"https:\/\/www.sciencedirect.com\/science\/article\/abs\/pii\/S0969699716300849\" style=\"\">global crossroads,<\/a> capturing a significant share of the <a target=\"_blank\" href=\"https:\/\/www.brandinginasia.com\/as-global-air-routes-shift-can-asia-based-airlines-build-the-brands-gulf-carriers-did\/?utm_source=chatgpt.com\" style=\"\">Asia-West corridor<\/a> and intensifying competition for legacy airlines such as Lufthansa. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But the war has put the model under a structural stress test.<\/strong> The model assumes stability and consumer confidence \u2014 and during the war, airlines and passengers alike are rerouting around the Middle East altogether, giving rise to nascent alternative routes \u2014 and if these prove sticky even after conditions stabilize, regional carriers could face real competition.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What made this disruption stand out is that it is not just a traffic shock, but a network <\/strong><strong>efficiency shock<\/strong>, Sindy Foster, principal managing partner at Avaero Capital Partners, tells EnterpriseAM. \u201cThe hub model depends on tightly synchronized connection banks, and when that breaks, revenue deteriorates faster than costs,\u201d Foster adds.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cAt peak disruption, close to 80% of Asia-Europe services via the Gulf were effectively <\/strong><strong>removed,\u201d<\/strong> Foster says, adding that \u201cthe gap left behind is larger than the rest of the system can absorb in the short term.\u201d Avaero provides strategic, commercial, and investment banking advisory services to the aviation and aerospace industry across emerging markets.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Foster figures Gulf carriers are losing an average of USD 625-750 mn each week, <\/strong>going by \u201cdisclosed revenue run-rates and observed capacity reductions. That scales to roughly USD 8 bn over three months and USD 30 bn or more over a year if conditions persist.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gulf majors have good reasons to worry if the ceasefire doesn\u2019t hold. <\/strong>Some of the flow that once moved through Dubai, Doha, and Abu Dhabi may shift elsewhere, Edmond Rose, aviation consulting director at ASM Global Route Development Consultants, tells EnterpriseAM. More airline networks outside the Middle East are likely to redeploy capacity to capture demand that would otherwise flow through Gulf hubs, he adds. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And even as the ceasefire helps regional airlines restore some of their pre-war activity<\/strong>, we\u2019re still far from a return to pre-war frequencies and volumes. The GCC\u2019s top three \u2014 Emirates, Etihad, and Qatar Energy \u2014 entered the ceasefire with some 18k flights and 5.4 mn seats are still missing from April\u2019s pre-war schedule, and many of the high-frequency routes on the Europe-Asia corridor are still seeing flight reductions ranging from 5-40%, according to <a target=\"_blank\" href=\"https:\/\/www.cirium.com\/thoughtcloud\/immediate-current-impacts-middle-east-hub-airports-airlines\/\" style=\"\">data<\/a> from aviation analytics outfit Cirium. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Still, the Gulf model\u2019s underlying economics \u2014 scale, connectivity, and cost efficiency \u2014 <\/strong><strong>are still intact<\/strong>, Foster tells us. That could change, however, if the war drags on: \u201cIf disruption extends into a 6-12 month window, behaviour begins to shift \u2014 corporate travel policies adjust, passengers avoid perceived risk corridors, and airlines start reallocating aircraft more permanently,\u201d Foster said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>With the ceasefire (mostly) in place, how recovery unfolds will come into focus.<\/strong> \u201cRecovery will come in two phases. Schedules can recover relatively quickly once airspace stabilises \u2014 but demand will follow only if confidence returns,\u201d she adds.<\/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 brutal math of the detour<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The immediate hit to end-of-season earnings will be defined by the cost of the detour. <\/strong>Rerouting a single long-haul flight around restricted airspace could add up to <a target=\"_blank\" href=\"https:\/\/www.hindustantimes.com\/india-news\/alternative-routes-technical-stops-airlines-rerouting-services-to-operate-flights-to-us-europe-amid-iran-conflict-101772409072608.html\" style=\"\">two hours<\/a> of block time. According to industry cost-modeling, this adds <a target=\"_blank\" href=\"https:\/\/simpleflying.com\/7500-per-hour-massive-cost-gulf-airlines-iranian-airspace\/\" style=\"\">USD 7.5k<\/a> in unbudgeted fuel and crew costs per flight hour. With <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/logistics\/2026\/03\/26\/hormuz-closure-tests-egypt-aviation-fuel-buffers\/\" style=\"\">fuel prices trending upward globally<\/a>, the fuel burn penalty of a two-hour detour is becoming the primary driver of margin erosion for the quarter.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>At the same time, war-risk ins. is becoming a key differentiator:<\/strong> While non-Gulf carriers are being quoted <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/logistics\/2026\/03\/31\/today-red-sea-back-in-focus-as-houthis-threaten-disruptions\/\" style=\"\">USD 70k\u2013150k per flight<\/a> into the region, Emirates has secured fleet-wide coverage of roughly USD 100k per week \u2014 allowing risk to be priced across its network rather than per rotation, materially lowering its marginal cost base.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gulf carriers benefit from structurally more favorable ins. terms<\/strong> \u2014 supported by sovereign backing, scale, frequency of operations, and closer coordination with local regulators \u2014 creating a cost advantage even amid disruption.<\/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\">What\u2019s next<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Watch for the recovery to take one of two trajectories, <\/strong>depending on whether the current ceasefire will last. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Scenario A is a quick-ish bounce-back:<\/strong> This scenario assumes that the most intense disruption has peaked, with a full restoration of regional supply and traffic likely not to occur until the summer months. Airlines will still suffer from rising costs due to crude flow disruptions through 2Q, with unhedged jet fuel prices expected at <a target=\"_blank\" href=\"https:\/\/www.spglobal.com\/ratings\/en\/regulatory\/article\/-\/view\/type\/HTML\/id\/3546153\" style=\"\">USD 140-150 per barrel<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Scenario B? The ceasefire breaks and we have a long-term slump. <\/strong>If the conflict persists, volumes drop and stay down \u2014 and we may have serious challenges to the Gulf\u2019s main carriers. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In either recovery scenario, keep an eye on the next frontier of competition. <\/strong>The main medium-to-long term risk for GCC carriers now is not just losing market share \u2014 It\u2019s losing the share that matters the most for their revenues, and that is higher-yield traffic. <\/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\/aviation\/\">aviation<\/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\/jordan\/\">Jordan<\/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\/the-lede\/\">The Lede<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/turkish-airlines\/\">Turkish Airlines<\/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=\"114320\" 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=\"114320\">\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\">THE CORRIDOR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/20\/abu-dhabi-weighs-folding-china-assets-held-by-mubadala-limad-into-a-single-investment-vehicle\/\">\r\n                            One China policy                        <\/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\/04\/20\/abu-dhabi-weighs-folding-china-assets-held-by-mubadala-limad-into-a-single-investment-vehicle\/\" 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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The goal is to ensure multiple arms of the emirate aren\u2019t tripping over each other\u2019s feet as Abu Dhabi looks to deepen its exposure to the world\u2019s second-largest economy, the business information service cites a source as telling it.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We saw this coming:<\/strong> We said <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/17\/this-weeks-big-signal-the-uae-and-china-are-cosying-up-amid-geopolitical-tensions\/\" style=\"\">last week<\/a> that the UAE\u2019s many investment arms would launch a China-focused investment platform after Abu Dhabi Crown Prince Khaled bin Mohamed bin Zayed Al Nahyan led a visit to Beijing. The stop included a symbolically important grip-and-grin with Xi Jinping. The UAE in general \u2014 and Abu Dhabi specifically \u2014 has been pushing to deepen ties with China. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Abu Dhabi wants a bigger China footprint, but it doesn\u2019t want to bid against itself.<\/strong> Mubadala has invested more than USD 20 bn across 100+ transactions since 2015, while L\u2019Imad inherited additional exposure through ADQ-linked assets transferred earlier this year. Mubadala has also said it wants Asia to account for roughly 25% of its portfolio by decade-end.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT: Abu Dhabi stepped back a bit from Beijing<\/strong> under pressure from Washington as it sought <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/china\/uae-set-deepen-ai-links-with-united-states-after-past-curbs-over-china-2025-05-15\/\" style=\"\">clearance for key AI investments<\/a>. With a commitment to building the largest AI facility outside the United States now in the bag and Washington distracted by a war in Iran, Abu Dhabi has a freer hand to court China. Competition from Saudi Arabia is also a factor in the UAE\u2019s push: Saudi accelerated a full-court press for Chinese investment in 2024, courting FDI in manufacturing and advanced technologies, stepping up oil sales, and launching a bid to convince Chinese capital to flow into Tadawul via <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2024\/08\/21\/saudi-eyes-asian-investors-to-ramp-up-foreign-investments\/\" style=\"\">Hong Kong-listed exchange-traded funds<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND- Abu Dhabi has been restructuring its sovereign portfolio for more than a <\/strong><strong>year now. <\/strong>The past few months alone have seen some of Abu Dhabi\u2019s biggest names consolidating and merging their holdings. IHC recently <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/02\/16\/ihc-establishes-an-aed-100-bn-investment-powerhouse-as-abu-dhabi-centralizes-capital\/\" style=\"\">formed Judan Financial<\/a>, its financial services powerhouse with over AED 870 bn (USD 237 bn) in AUM, while <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2025\/11\/13\/ihc-shareholders-approve-multiply-ghitha-2pointzero-merger-appoint-leadership-for-post-merger-aed-120-bn-firm\/\" style=\"\">at the end of last year<\/a> it folded three of its subsidiaries together. ADQ was also consolidated under L\u2019imad Holding, the UAE\u2019s newer sovereign investment platform, <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/02\/02\/limad-takes-adq\/\" style=\"\">at the start of this year<\/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\/abu-dhabi\/\">Abu Dhabi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/adq\/\">ADQ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/china-investment\/\">China investment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/khaled-bin-mohamed-bin-zayed\/\">Khaled bin Mohamed bin Zayed<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/limad-holding\/\">L&#039;Imad Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/mubadala\/\">Mubadala<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/sovereign-portfolio-consolidation\/\">sovereign portfolio consolidation<\/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-sovereign-wealth\/\">UAE sovereign wealth<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/uae-china-relations\/\">UAE-China relations<\/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=\"114322\" 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=\"114322\">\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\">MARKET WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/20\/mena-startups-will-feel-the-wars-squeeze-starting-in-3q-2026-magnitt-says\/\">\r\n                            Jetlag                        <\/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\/04\/20\/mena-startups-will-feel-the-wars-squeeze-starting-in-3q-2026-magnitt-says\/\" 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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Deal volume plummeted 20% q-o-q and some 41% y-o-y to reach a five-year low at 115 closed transactions. The drop in volumes was effectively offset by a jump in the average size of transactions.<\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong>While the data may look like an indication of startups\u2019 resilience, it\u2019s more of a rearview <\/strong><strong>mirror than a window.<\/strong> These transactions typically take six to nine months to move from handshake to a close, meaning 1Q numbers are largely an indicator of 2025 sentiment. <strong>\u201cThe <\/strong><strong>deal <\/strong><strong>that\u2019s being announced today is a <\/strong><strong>deal <\/strong><strong>that was already discussed earlier,\u201d<\/strong> Magnitt Research Director Farah El Nahlawi tells EnterpriseAM. \u201cThe expected [impact of the war] is going to start reflecting in the region in 3Q numbers,\u201d she added.<\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong>AND-<\/strong> Some startups opted against disclosing funding, possibly to avoid publicizing flat rounds or lower valuations or simply because the geopolitical environment doesn\u2019t allow it. \u201cThis does not mean the deals were not there, but they were not announced because the situation did not support them,\u201d El Nahlawi explains.<\/p>\n<p class=\"tag-border-left\">The investor taxonomy <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The composition of the investor base showed a marked shift in 1Q.<\/strong> International participation fell to 26% of capital deployed in the first quarter of the year, down from 49% in 2025, although it\u2019s not a uniform withdrawal. El Nahlawi categorizes the foreign base into three risk profiles:<\/p>\n<ul>\n<li>\n<h3 id=\"h.qlqr1rbxj4ru\" style=\"display:inline\"><strong>The entrenched investors:<\/strong> Firms with physical offices and permanent teams in Dubai, Riyadh, or Cairo. They\u2019re \u201cpart of the investment landscape\u201d and remain steady.<\/h3>\n<\/li>\n<li><strong>The fundraisers:<\/strong> Global firms tapping local capital for their own funds. Regional deployment is often a secondary, strategic neighborly gesture, and is also set to remain steady. <\/li>\n<li><strong>The diversifiers:<\/strong> This is the high-risk group \u2014 purely international firms (largely US-based) with no regional boots on the ground. \u201cThose are the ones that are going to pull back the hardest,\u201d El Nahlawi says. Their share of capital cratered from 22% to just 5% this quarter.<\/li>\n<\/ul>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong>The UAE is the most exposed to this shift in foreign investor sentiment. <\/strong>The country took a 53% share of total funding in the region, but 70% of that capital came from international sources. <\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong>It\u2019s a little different over in Saudi: <\/strong>KSA was the most transacted market (41% share) with 70% of its funding sourced \u2014 largely from sovereign wealth funds \u2014 making it much more insulated.<\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong>Does this mean we will see more local investors filling that gap down the line? <\/strong>El Nahlawi doesn\u2019t think that there is going to be a big gap in the medium-long term to begin with, but the 3Q and 4Q investor mix is worth watching closely once the war\u2019s real impact lands in the data.<\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\">\n<p class=\"tag-border-left\">By the industry<\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong>Fintech still reigns supreme<\/strong>, accounting for 31% of all funding (USD 246 mn) despite seeing a 48% y-o-y drop. But its absolute dominance is \u201crelatively seeing a decline,\u201d El Nahlawi says. \u201cWe are now seeing a reshuffling at the top funded,\u201d as capital seeks out more tangible, operational business models. Real estate and F&B have muscled into the top ten deals list, with three-digit growth rates, albeit largely off small bases and on the back of individual mega rounds: Property Finder\u2019s USD 170 mn round from Mubadala in January and USD 50 mn rounds from Egypt\u2019s Breadfast and the UAE\u2019s Kitopi.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Investment in AI-led themes plunged by nearly half <\/strong><strong> y-o-y<\/strong> to USD 57 mn, while its share of the total number of transactions fell to 12% from 36% across 17 deployments. The drop was seen across the top three markets of 1Q: Egypt, Saudi, and the UAE, El Nahlawi says. Even as US investors pulled back overall, they led AI deployments alongside UAE investors. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Funding stage composition changed, too. <\/strong>Unlike 2025, where deployments were <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/02\/13\/mena-ai-funding-hits-usd-858-mn-in-2025-led-by-the-uae-and-saudi-arabia\/\" style=\"\">balanced<\/a> between early-stage and more mature companies, the concentration of funding during 1Q 2026 was in early-stage players, with the majority of transactions falling in the USD 1-5 mn range \u2014 almost 3 mn less than 1Q\u2019s average. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How can we read this data? <\/strong>Quarterly data on their own are not enough to confidently pinpoint a trend, let alone 1Q of 2026. But a likely explanation for both fintech and AI data is that we are seeing deployment delays following the strong base that both sectors showed in 2025, El Nahlawi tells us. <\/p>\n<p class=\"tag-border-left\">Morocco scores another win<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Morocco was a rare bright spot among periphery markets, showing growth in both deal <\/strong><strong>count and funding.<\/strong> The country\u2019s funding size rose by 1092% y-o-y to record USD 42 mn, largely driven by a single mega USD 15 mn round for a real estate outfit, El Nahlawi tells us.<\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong>In these smaller ecosystems, a single deal can distort the entire data set<\/strong>, though \u201chaving an IPO or an M&A at least once a year is a great achievement\u201d for a market of that scale, El Nahlawi explains.<\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\">\n<p class=\"tag-border-left\">The outlook<\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong>If you want to know what happens next, look back to 2020:<\/strong> El Nahlawi draws a direct parallel between the current period and the onset of the pandemic. Back then, it took exactly two quarters for the shock to manifest in the data. \u201cWe saw it in COVID... the real activity dropped in 3Q,\u201d she adds.<\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong>Expect investors to go big on their safest bets \u2014 and that could be good news for<\/strong><strong> startups <\/strong><strong>with the strongest fundamentals. <\/strong>Those who make the cut in 2Q and 3Q will likely outraise their targets as capital concentrates, El Nahlawi tells us. With average deal sizes already trending up over the last few quarters before hitting an all-time high of USD 8.1 mn in 1Q 2026, expect bigger averages ahead, alongside a reduction in overall activity and value. <\/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\/ai\/\">AI<\/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\/investments\/\">investments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/market-watch\/\">Market Watch<\/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\/planet-startup\/\">Planet Startup<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/saudi\/\">Saudi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/startups\/\">Startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/tech\/\">TECH<\/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\/vc\/\">VC<\/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=\"114324\" 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=\"114324\">\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<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/20\/moodys-downgrades-bahrain-and-iraqs-credit-outlook-to-negative\/\">\r\n                            Downgraded                        <\/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\/04\/20\/moodys-downgrades-bahrain-and-iraqs-credit-outlook-to-negative\/\" 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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The two countries\u2019 long-term ratings were also affirmed \u2014 Bahrain at B2 and Iraq at Caa1 \u2014 in junk territory. The agency cited oil exports disruptions (plus aluminum for Bahrain) as the regional war slows Hormuz flows to a trickle. For both Iraq and Bahrain, Moody assesses that an upgrade in the near term is \u201cunlikely.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In numbers: <\/strong>Iraq saw its oil exports decline to 600k bbl \/d from around 3.6 mn bbl \/d before the conflict. Crude production also fell nearly 61% in Iraq and around 50% in Kuwait and Bahrain as storage fills up during the Hormuz blockage. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Zero fiscal margin for error:<\/strong> Bahrain entered 2026 with a debt-to-GDP ratio already hovering at an unsustainable 147%. While Iraq boasts healthy reserves (USD 73 bn, excluding gold), the country is painfully dependent on the hydrocarbons sector, which accounts for half of the country\u2019s GDP and 90% of its revenue \u2014 making current export rates unsustainable fiscally. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>With no oil revenues and limited access to affordable debt, both countries\u2019 spe<\/strong><strong>nding drives could be at least partly derailed.<\/strong> Iraq is looking at big capex infrastructure investments in roads, rail, and ports as part of its Development Road Project that aims to leverage the country as a transit hub. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- It would <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.agbi.com\/oil-and-gas\/2026\/04\/iea-chief-predicts-two-years-for-middle-east-energy-recovery\/\" style=\"\">take<\/a><\/strong> <strong> two years for oil and gas production in the region to go back <\/strong><strong>to pre-war levels<\/strong>. And it could <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/how-50-days-iran-war-led-loss-50-billion-worth-oil-2026-04-17\/\" style=\"\">take<\/a> four to five months for heavier crude fields in Kuwait and Iraq, extending the shock into the summer. Moody\u2019s agrees with this sentiment: \u201cEven under a scenario in which the ceasefire were to be sustained, we expect it will likely take some time for flows through the strait to return to normal.\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\/bahrain\/\">Bahrain<\/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\/economy\/\">ECONOMY<\/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\/iraq\/\">Iraq<\/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=\"114326\" 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=\"114326\">\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\">WAR WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/20\/iran-turns-away-from-fresh-round-of-talks-after-us-seizes-cargo-ship\/\">\r\n                            Open and shut                        <\/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\/04\/20\/iran-turns-away-from-fresh-round-of-talks-after-us-seizes-cargo-ship\/\" 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\/04\/20\/iran-turns-away-from-fresh-round-of-talks-after-us-seizes-cargo-ship\/')\">\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\/04\/20\/iran-turns-away-from-fresh-round-of-talks-after-us-seizes-cargo-ship\/\">\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=Iran turns away from fresh round of talks after US seizes cargo ship&url=https:\/\/enterpriseam.com\/menaplus\/2026\/04\/20\/iran-turns-away-from-fresh-round-of-talks-after-us-seizes-cargo-ship\/\">\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\/04\/20\/iran-turns-away-from-fresh-round-of-talks-after-us-seizes-cargo-ship\/&title=Iran turns away from fresh round of talks after US seizes cargo ship\">\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=Iran+turns+away+from+fresh+round+of+talks+after+US+seizes+cargo+ship+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F04%2F20%2Firan-turns-away-from-fresh-round-of-talks-after-us-seizes-cargo-ship%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\/04\/20\/iran-turns-away-from-fresh-round-of-talks-after-us-seizes-cargo-ship\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/4\/1059.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"114327\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/20\/iran-turns-away-from-fresh-round-of-talks-after-us-seizes-cargo-ship\/1059-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/4\/1059.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1059.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/4\/1059.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/4\/1059.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-114326\" class=\"content-area-description single-story post-114326 post type-post status-publish format-standard has-post-thumbnail hentry category-war-watch tag-enterpriseam tag-gcc tag-iran tag-lebanon tag-shipping tag-war-watch 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>The ceasefire may be holding (relatively speaking), but things appear to be going south <\/strong><strong>in the Strait of Hormuz.<\/strong> The US Navy <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/trump-iran-cite-progress-talks-uncertainty-hangs-over-strait-2026-04-19\/?utm_source=chatgpt.com\" style=\"\">seized an Iranian cargo ship overnight<\/a> as Washington maintains a blockade on Iran\u2019s ports, with the US holding the vessel in its custody and \u201cseeing what\u2019s on board,\u201d US President <a target=\"_blank\" href=\"https:\/\/truthsocial.com\/@realDonaldTrump\/116433000897070863%20Today,%20an%20Iranian-flagged%20cargo%20ship%20named%20TOUSKA,%20nearly%20900%20feet%20long%20and%20weighing%20almost%20as%20much%20as%20an%20aircraft%20carrier,%20tried%20to%20get%20past%20our%20Naval%20Blockade,%20and%20it%20did%20not%20go%20well%20for%20them.%20The%20U.S.%20Navy%20Guided%20Missile%20Destroyer%20USS%20SPRUANCE%20intercepted%20the%20TOUSKA%20in%20the%20Gulf%20of%20Oman,%20and%20gave%20them%20fair%20warning%20to%20stop.%20The%20Iranian%20crew%20refused%20to%20listen,%20so%20our%20Navy%20ship%20stopped%20them%20right%20in%20their%20tracks%20by%20blowing%20a%20hole%20in%20the%20engineroom.%20Right%20now,%20U.S.%20Marines%20have%20custody%20of%20the%20vessel.%20The%20TOUSKA%20is%20under%20U.S.%20Treasury%20Sanctions%20because%20of%20their%20prior%20history%20of%20illegal%20activity.%20We%20have%20full%20custody%20of%20the%20ship,%20and%20are%20seeing%20what%E2%80%99s%20on%20board!%20President%20DONALD%20J.%20TRUMP\" style=\"\">Donald Trump said<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The seizure of the Iranian vessel follows <\/strong><strong><a target=\"_blank\" href=\"https:\/\/timesofindia.indiatimes.com\/world\/middle-east\/turn-around-immediately-moment-iranian-navy-blocks-indian-tanker-in-strait-of-hormuz-watch\/articleshow\/130366248.cms\" style=\"\">a separate attack<\/a><\/strong><strong> from Iran\u2019s navy on two Indian <\/strong><strong>ships attempting to pass through the strait<\/strong> over the weekend. Iran had briefly reopened the strait \u2014 jumpstarting a flurry of vessel movement \u2014 before deciding to close the waterway again in response to the US\u2019 continued blockade. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Iran is refusing to come back to the negotiating table and will not be attending the next<\/strong><strong> round of talks scheduled to take place in Islamabad tomorrow.<\/strong> A US delegation led by Vice President JD Vance is meant to be heading to Pakistan for the negotiations. It remains unclear whether the two sides will agree to extend the ceasefire, as earlier <a target=\"_blank\" href=\"https:\/\/www.france24.com\/en\/live-news\/20260419-turkey-optimistic-middle-east-ceasefire-will-be-extended\" style=\"\">reports<\/a> had suggested. <\/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\/gcc\/\">GCC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/iran\/\">Iran<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/lebanon\/\">Lebanon<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/shipping\/\">Shipping<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/war-watch\/\">WAR WATCH<\/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=\"114328\" 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=\"114328\">\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\">MOVES + KUDOS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/20\/partners-group-names-kuwait-chief-as-it-expands-beyond-uae\/\">\r\n                            New market, new faces                        <\/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\/04\/20\/partners-group-names-kuwait-chief-as-it-expands-beyond-uae\/\" 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\/04\/20\/partners-group-names-kuwait-chief-as-it-expands-beyond-uae\/')\">\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\/04\/20\/partners-group-names-kuwait-chief-as-it-expands-beyond-uae\/\">\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=Partners Group names Kuwait chief as it expands beyond UAE&url=https:\/\/enterpriseam.com\/menaplus\/2026\/04\/20\/partners-group-names-kuwait-chief-as-it-expands-beyond-uae\/\">\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\/04\/20\/partners-group-names-kuwait-chief-as-it-expands-beyond-uae\/&title=Partners Group names Kuwait chief as it expands beyond UAE\">\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=Partners+Group+names+Kuwait+chief+as+it+expands+beyond+UAE+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F04%2F20%2Fpartners-group-names-kuwait-chief-as-it-expands-beyond-uae%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\/04\/20\/partners-group-names-kuwait-chief-as-it-expands-beyond-uae\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/899.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"114329\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/20\/partners-group-names-kuwait-chief-as-it-expands-beyond-uae\/899-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/899.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"899.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/899.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/899.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-114328\" class=\"content-area-description single-story post-114328 post type-post status-publish format-standard has-post-thumbnail hentry category-moves-kudos tag-enterpriseam tag-kuwait tag-moves-kudos tag-pe 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>Switzerland-based private markets <\/strong><strong>player<\/strong> <strong><a target=\"_blank\" href=\"https:\/\/www.partnersgroup.com\/en\/about-us\/our-approach\" style=\"\">Partners Group<\/a><\/strong><strong> has <\/strong><strong>named <\/strong><strong>Abdullah <\/strong><strong>Alshamlan <\/strong><strong>(<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/abdullah-alshamlan-caia-227b9b30\/\" style=\"\">LinkedIn<\/a><\/strong><strong>) as head of Kuwait operations. <\/strong>The <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/abdullah-alshamlan-caia-227b9b30_im-proud-to-join-partners-group-one-of-activity-7449323498054959104-kKrw?utm_source=share&utm_medium=member_desktop&rcm=ACoAABeIIFgB_QgVFqTf6oLzY3AV-IWyDOqaF_g\" style=\"\">appointment<\/a> comes as the company awaits regulatory approvals for the launch of its Kuwait office, which the company <a target=\"_blank\" href=\"https:\/\/www.partnersgroup.com\/en\/news-and-views\/press-releases\/corporate-news\/detail?news_id=dae28cc7-1a29-48e7-8c00-545722204086\" style=\"\">announced<\/a> in February as part of its GCC expansion. Partners Group already has offices in Dubai and Abu Dhabi. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Alshamlan\u2019s mandate includes client coverage, business development, and partnerships <\/strong><strong>in Kuwait<\/strong> across sovereign funds, pensions, and private wealth channels. His track record includes stints at NBK Wealth and the Kuwait Investment Authority\u2019s London arm. <\/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\/kuwait\/\">Kuwait<\/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\/pe\/\">PE<\/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=\"114330\" 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=\"114330\">\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\">MARKETS + DEALS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/20\/mena-ecm-activity-plunged-in-1q-but-it-was-a-good-quarter-for-ma\/\">\r\n                            Well, that sucked\u2026                        <\/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\/04\/20\/mena-ecm-activity-plunged-in-1q-but-it-was-a-good-quarter-for-ma\/\" 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\/04\/20\/mena-ecm-activity-plunged-in-1q-but-it-was-a-good-quarter-for-ma\/')\">\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\/04\/20\/mena-ecm-activity-plunged-in-1q-but-it-was-a-good-quarter-for-ma\/\">\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=MENA+ ECM activity plunged in 1Q \u2014 but it was a good quarter for M&#038;A&url=https:\/\/enterpriseam.com\/menaplus\/2026\/04\/20\/mena-ecm-activity-plunged-in-1q-but-it-was-a-good-quarter-for-ma\/\">\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\/04\/20\/mena-ecm-activity-plunged-in-1q-but-it-was-a-good-quarter-for-ma\/&title=MENA+ ECM activity plunged in 1Q \u2014 but it was a good quarter for M&#038;A\">\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=MENA%2B+ECM+activity+plunged+in+1Q+%E2%80%94+but+it+was+a+good+quarter+for+M%26%23038%3BA+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F04%2F20%2Fmena-ecm-activity-plunged-in-1q-but-it-was-a-good-quarter-for-ma%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\/04\/20\/mena-ecm-activity-plunged-in-1q-but-it-was-a-good-quarter-for-ma\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/948.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"114331\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/20\/mena-ecm-activity-plunged-in-1q-but-it-was-a-good-quarter-for-ma\/948-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/948.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"948.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/948.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/948.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-114330\" class=\"content-area-description single-story post-114330 post type-post status-publish format-standard has-post-thumbnail hentry category-markets-deals tag-banque-du-caire tag-egx tag-enterpriseam tag-ipo-watch tag-ma-watch tag-markets-deals tag-tadawul 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> We all knew it was going to be bad \u2014 now we know how bad. <\/strong>Regional equity capital markets activity came to a screeching halt in the first quarter as the war in the Gulf forced issuers into a defensive crouch. Total ECM proceeds plunged 91% y-o-y to just USD 427.9 mn, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/898.pdf\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/898.pdf\" style=\"\">an LSEG report (pdf)<\/a>. That makes it the worst first quarter on record since 2018. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Only four IPOs made it to market:<\/strong> <strong>Saleh Abdulaziz Al Rashed & Sons<\/strong> in Saudi Arabia, <strong>Silah Gulf<\/strong> in Bahrain, <strong>Trolley<\/strong> in Kuwait, and <strong>Gourmet<\/strong> in Egypt, raising a combined USD 296.6 mn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It was a strikingly different story on the M&A side of the house<\/strong>, with transactions worth north of USD 47 bn closing since late February \u2014 a 120% y-o-y jump that defies an 8% slip in global dealmaking, according to figures compiled by <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/newsletters\/2026-04-17\/gulf-acquisitions-rise-more-than-120-since-war\" style=\"\">Bloomberg<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The takeaway: <\/strong>Issuers are kicking IPO plans to the last four months of the year (nobody goes to market in the summer here in the Middle East), but acquirers (particularly those with sovereign backing) aren\u2019t waiting. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Elsewhere in the region:<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Banque du Caire should be on track to release its IPO prospectus before June<\/strong>, a senior government official tells us. We could see 30-40% of BdC up for grabs in what would be the most significant IPO Egypt has seen in years. We first broke the news <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/17\/will-plans-to-ipo-banque-du-caire-make-the-imf-happy\/\" style=\"\">back in December<\/a>. The bank is led by Hussein Abaza \u2014 well known to global investors from his time leading CIB \u2014 and taking it to market this year would be a clear signal to the IMF that the state is serious about stepping back from direct competition with the private sector. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What to watch: <\/strong>We\u2019re hoping officials green-light the offering of as much as 49% \u2014 the biggest stake permissible under current regulations. Bankers found heavy appetite on a global roadshow to prospective cornerstone investors before the outbreak of the war in the Gulf.<\/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\"><strong>Abu Dhabi\u2019s Axight is buying into Australian private credit:<\/strong> Axight, the private equity arm of Abu Dhabi\u2019s <strong>Lunate<\/strong>, is grabbing a significant minority stake in Australian private credit platform <strong>La Trobe Financial<\/strong> from <strong>Brookfield<\/strong> in a deal that values the target at roughly USD 2.1 bn, per a <a target=\"_blank\" href=\"https:\/\/ent.news\/internal\/115659.pdf\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/internal\/115659.pdf\" style=\"\">statement (pdf)<\/a>. The move is a classic Abu Dhabi play \u2014 shifting from a passive LP role to an active GP stake, buying into the firms that manage the money rather than the funds themselves. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By the numbers: <\/strong>La Trobe manages about AUD 23 bn in assets, giving Axight a ready-made international credit platform and exposure to high-yield Australian residential mortgages.<\/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\"><strong>Egypt megaproject: Talaat Moustafa Group announced plans to build an EGP 1.4 tn (c. <\/strong><strong>USD 27 bn) mixed-use city<\/strong> in New Cairo\u2019s Madinaty, called The Spine, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/870.pdf\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/870.pdf\" style=\"\">press release (pdf)<\/a>. The Spine will house 165 residential, business, and commercial towers or districts.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Two things stand out: <\/strong>It\u2019s being built as a special investment zone and will have free-zone status in places, potentially making it attractive to businesses. And TMG is going to offer 15-year payment terms, a sign it\u2019s sensitive to what industry players tell us is a <strong>middle-class affordability crisis<\/strong> in the Arab world\u2019s most populous market. <\/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\"><strong>Sulzer launches Libya JV:<\/strong> Switzerland-based industrial engineering group <strong>Sulzer<\/strong> has <a target=\"_blank\" href=\"https:\/\/www.sulzer.com\/en\/shared\/news\/260416-libya-jsil\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.sulzer.com\/en\/shared\/news\/260416-libya-jsil\" style=\"\">formed<\/a> a joint venture with <strong>Jawaby Services and Investments (JSIL)<\/strong>, a subsidiary of Libya\u2019s <strong>National Oil Corporation (NOC)<\/strong>, to provide localized repair and maintenance for gear used in the manufacturing, oil and gas, and power-generation industries. The JV will build a facility in the Misrata Free Zone. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT- <\/strong>There\u2019s been <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/10\/big-oil-and-gas-discoveries-in-the-mediterranean-and-libya-are-very-welcome-news-for-egypt\/\" style=\"\">new<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/10\/big-oil-and-gas-discoveries-in-the-mediterranean-and-libya-are-very-welcome-news-for-egypt\/\" style=\"\">international interest<\/a> in Libya\u2019s oil and gas sector, given the return of exploration bidding rounds and NOC\u2018s push to bring production back to pre-conflict levels.<\/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 this morning<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PIF<\/strong>\u2018s <strong>Savvy Games Group<\/strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/03\/24\/savvy-to-snap-up-bytedances-moonton-for-usd-6-bn\/\" style=\"\">is set to acquire<\/a> mobile studio <strong>Moonton<\/strong> for USD 6 bn \u2014 bolstering Saudi Arabia\u2019s standing as a serious heavyweight in the global gaming industry even as there are suggestions the Kingdom <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/17\/pif-has-a-new-strategy-it-wants-the-business-community-to-invest\/\" style=\"\">may be pulling back from sports<\/a>. It helps when the de facto head of state is the world\u2019s wealthiest gamer.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Egypt\u2019s <strong>Ebdaa Real Estate Development<\/strong> partnered with Saudi Arabia\u2019s <strong>Bravo Facility <\/strong><strong>Management<\/strong> to launch <strong>Ouda Developments<\/strong>, which will build residential and commercial projects across Egypt. Ouda plans to pour over EGP 50 bn (USD 960 mn) into the Egyptian market between 2026 and 2029, starting with a mixed-use project in New Obour City.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Saudi fashion platform <strong>Aya<\/strong><a target=\"_blank\" href=\"https:\/\/www.wamda.com\/2026\/04\/aya-closes-7-million-series-a-scale-demand-fashion-model\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.wamda.com\/2026\/04\/aya-closes-7-million-series-a-scale-demand-fashion-model\" style=\"\">secured<\/a> SAR 26 mn (USD 6.9 mn) in a Series A round led by <strong>Raed <\/strong><strong>Ventures<\/strong>, with participation from <strong>Nuwa Capital<\/strong>, <strong>Sanabil Investments<\/strong>, <strong>Khwarizmi Ventures<\/strong>, and <strong>Joa Capital<\/strong>. The raise follows a <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/03\/11\/pif-launches-al-waha-saudi-arabias-first-dutyfree-retailer\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/03\/11\/pif-launches-al-waha-saudi-arabias-first-dutyfree-retailer\/\" style=\"\">USD 1.6 mn<\/a> seed round in 2025. Founded by Munira Al Kadi (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/muniraalkadi\/\" style=\"\">LinkedIn<\/a>) and Abdulrahman Al Ammar (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/abdurhman-alammar\/?locale=en\" style=\"\">LinkedIn<\/a>), <strong>Aya<\/strong> is a fashion marketplace focused on forecasting trends and providing local producers with demand insights. Funds will go toward new product categories and broader fashion and lifestyle verticals.<\/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> -0.8% \u2022 <strong>ADX<\/strong> +1.7% \u2022 <strong>DFM<\/strong> +1.0% \u2022 <strong>EGX30<\/strong> +1.6%<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Brent USD 95.29 \/ bbl \u2022 Gold USD 4,792 \/ oz \u2022 USD \/ SAR 3.75 \u2022 USD \/ EGP 51.64<\/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\/banque-du-caire\/\">Banque du Caire<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/ipo-watch\/\">IPO WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/ma-watch\/\">M&amp;A Watch<\/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\/tadawul\/\">Tadawul<\/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=\"114332\" 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=\"114332\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">ALSO ON OUR RADAR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/20\/is-ankara-going-to-play-hardball-with-tehran-on-a-key-gas-import-agreement\/\">\r\n                            Turkish delight?                        <\/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\/04\/20\/is-ankara-going-to-play-hardball-with-tehran-on-a-key-gas-import-agreement\/\" 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\/04\/20\/is-ankara-going-to-play-hardball-with-tehran-on-a-key-gas-import-agreement\/')\">\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\/04\/20\/is-ankara-going-to-play-hardball-with-tehran-on-a-key-gas-import-agreement\/\">\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=Is Ankara going to play hardball with Tehran on a key gas import agreement?&url=https:\/\/enterpriseam.com\/menaplus\/2026\/04\/20\/is-ankara-going-to-play-hardball-with-tehran-on-a-key-gas-import-agreement\/\">\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\/04\/20\/is-ankara-going-to-play-hardball-with-tehran-on-a-key-gas-import-agreement\/&title=Is Ankara going to play hardball with Tehran on a key gas import agreement?\">\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=Is+Ankara+going+to+play+hardball+with+Tehran+on+a+key+gas+import+agreement%3F+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F04%2F20%2Fis-ankara-going-to-play-hardball-with-tehran-on-a-key-gas-import-agreement%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\/04\/20\/is-ankara-going-to-play-hardball-with-tehran-on-a-key-gas-import-agreement\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/936.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"114333\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/20\/is-ankara-going-to-play-hardball-with-tehran-on-a-key-gas-import-agreement\/936-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/936.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"936.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/936.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/936.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-114332\" class=\"content-area-description single-story post-114332 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-energy tag-enterpriseam tag-iran tag-turkey 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>Turkey\u2019s long-term natural gas supply agreement with Iran is about to expire in July \u2014 <\/strong><strong>and the pair haven\u2019t discussed renewal just yet<\/strong>, Turkish Energy Minister <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/turkey-says-iran-gas-pipeline-contract-nearing-expiry-no-talks-yet-extension-2026-04-18\/\" style=\"\">Alparslan Bayraktar said<\/a>. The agreement covered 9.6 bn cubic meters of gas annually, or about 13% of Turkey\u2019s imports last year, though Iranian flows have often failed to live up to the contracted amounts.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Turkey\u2019s domestic energy needs are covered by a patchwork of agreements. <\/strong>Russian pipeline gas still accounts for c. 35% of its mix, though state importer BOTA\u015e said it was shifting toward short-dated supply agreements last December, when it agreed to a one-year extension of two legacy Gazprom contracts through end-2026. Bayraktar said at the time Ankara would pursue \"one-year deals\" and shorter arrangements going forward.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND- <\/strong>Ankara is <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/logistics\/2026\/02\/03\/egypt-leans-on-toll-booth-gas-hub-model-as-it-navigates-gas-shortfall\/\" style=\"\">leveraging<\/a> its unique geographic location and advanced gas infrastructure to double down on its role as a re-export hub to serve Europe. Turkey has also been working for more than a year to diversify its natural gas sources away from Russia, its largest supplier over the last two decades, to create its own \u201cTurkish blend\u201d \u2014 an export product created by mixing gas from different countries \u2014 setting it up as Russia\u2019s backdoor into Europe\u2019s gas markets. <\/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\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/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\/iran\/\">Iran<\/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=\"114334\" 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=\"114334\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/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\/04\/20\/sawiris-al-nowais-eye-moroccos-tourism-industry\/\">\r\n                            Sawiris, Al Nowais eye Morocco\u2019s tourism industry                        <\/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\/04\/20\/sawiris-al-nowais-eye-moroccos-tourism-industry\/\" 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\/04\/20\/sawiris-al-nowais-eye-moroccos-tourism-industry\/')\">\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\/04\/20\/sawiris-al-nowais-eye-moroccos-tourism-industry\/\">\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=Sawiris, Al Nowais eye Morocco\u2019s tourism industry&url=https:\/\/enterpriseam.com\/menaplus\/2026\/04\/20\/sawiris-al-nowais-eye-moroccos-tourism-industry\/\">\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\/04\/20\/sawiris-al-nowais-eye-moroccos-tourism-industry\/&title=Sawiris, Al Nowais eye Morocco\u2019s tourism industry\">\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=Sawiris%2C+Al+Nowais+eye+Morocco%E2%80%99s+tourism+industry+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F04%2F20%2Fsawiris-al-nowais-eye-moroccos-tourism-industry%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\/04\/20\/sawiris-al-nowais-eye-moroccos-tourism-industry\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/114381.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"114381\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/20\/sawiris-al-nowais-eye-moroccos-tourism-industry\/morocco10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/internal\/114381.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"Morocco10\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/internal\/114381.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/internal\/114381.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-114334\" class=\"content-area-description single-story post-114334 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking tag-energy tag-enterpriseam tag-lebanon tag-morocco tag-oil-watch tag-tourism tag-what-were-tracking wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t\n<p class=\"tag-border-left\">Watch this space<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>#1- Sawiris, Al Nowais eye Morocco\u2019s booming tourism sector: <\/strong>An Egyptian-Emirati consortium is planning to invest EUR 200 mn in the first phase of a large-scale tourism project in Essaouira, Morocco, <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/economics\/128886\/%D8%AA%D8%AD%D8%A7%D9%84%D9%81-%D9%85%D8%B5%D8%B1%D9%8A-%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA%D9%8A-%D9%8A%D8%B6%D8%AE-200-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D9%8A%D9%88%D8%B1%D9%88-%D8%A8%D9%85%D8%B4%D8%B1%D9%88%D8%B9-%D8%B3%D9%8A%D8%A7%D8%AD%D9%8A-%D9%81%D9%8A-%D8%A7%D9%84%D9%85%D8%BA%D8%B1%D8%A8\/\">a report suggests<\/a>. The consortium includes Egyptian hospitality group Sunrise and b\u2019naire <strong>Samih Sawiris<\/strong>, and the UAE-based <strong>Al Nowais Group<\/strong>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>The details so far:<\/strong> The partners are looking to build out 800 hotel rooms as well as retail and entertainment space over a five-year period. The first 270-room hotel is reportedly slated to be ready by the end of 2027.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Why Morocco? The kingdom\u2019s tourism momentum \u2014 and resilience \u2014 are doing much of <\/strong><strong>the selling. <\/strong>Morocco welcomed a record 19.8 mn visitors in 2025, up 14% y-o-y, and is targeting more than 26 mn tourists before 2030. Tourist arrivals to Morocco <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/08\/moroccos-tourism-industry-had-a-good-1q-as-others-in-the-region-struggled\/\">rose<\/a> 18% last month despite a region-wide tourism drop in the wake of the US-Israel war on Iran. The March surge drove an overall 7% y-o-y rise in 1Q arrivals to Morocco, with 4.3 mn people touching down.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;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;text-align:left\"><strong>#2- Speaking of travel and tourism: Hajj flight season has started<\/strong>, with Saudi \u2014 the kingdom\u2019s flagship carrier \u2014 saying on Sunday that the first flight carrying pilgrims for the upcoming 2026 season had arrived in Jeddah. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">\n<p class=\"tag-border-left\">Setting the record straight<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>Lebanon\u2019s next liquidity lifeline could come from the World Bank (WB) \u2014 not the IMF<\/strong>, Lebanese Finance Minister Yassine Jaber <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/economics\/128945\/%D9%84%D8%A8%D9%86%D8%A7%D9%86-%D9%8A%D9%86%D9%81%D9%8A-%D8%A7%D8%AA%D9%81%D8%A7%D9%82%D8%A7-%D9%85%D8%B9-%D8%B5%D9%86%D8%AF%D9%88%D9%82-%D8%A7%D9%84%D9%86%D9%82%D8%AF-%D8%B9%D9%84%D9%89-%D8%AA%D9%85%D9%88%D9%8A%D9%84-%D8%A8%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1\/\">said on Friday<\/a>. Previous reports had suggested the country might be looking for as much as USD 1 bn in emergency funding, but from the IMF. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>The World Bank is open to the idea, but it\u2019s a bit early to talk about the size of a facility<\/strong>, President Ajay Banga <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/economics\/129080\/%D8%B1%D8%A6%D9%8A%D8%B3-%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A-%D9%84-%D8%A7%D9%84%D8%B4%D8%B1%D9%82-%D9%85%D8%B3%D8%AA%D8%B9%D8%AF%D9%88%D9%86-%D9%84%D8%AF%D8%B9%D9%85-%D9%84%D8%A8%D9%86%D8%A7%D9%86-%D8%A8%D8%B9%D8%AF-%D9%88%D9%82%D9%81-%D8%A7%D9%84%D8%AD%D8%B1%D8%A8\/\">said<\/a> a day later. Officials will first need to take stock of the damage and reconstruction needs in the wake of Israel\u2019s latest war on the country. Lebanon lined up a USD 200 mn package from the bank last week to shore-up its emergency safety net program.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">\n<p class=\"tag-border-left\">Data point<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><a id=\"wwtt3\"><\/a><strong> USD 50 bn \u2014 that\u2019s the value of lost crude production since the start of the Iran war<\/strong>, according to <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/how-50-days-iran-war-led-loss-50-billion-worth-oil-2026-04-17\/\">Reuters<\/a> calculations. The data point confirms what we already knew in our guts: This is the largest energy disruption to the global energy market in modern history. More than 500 mn barrels of crude and condensate were shaved off the global \u2060market in just 50 days, the equivalent of 5 days of global consumption of crude. Gulf countries\u2019 production alone lost about 8 mn bb \/ d in March. <\/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\/lebanon\/\">Lebanon<\/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\/oil-watch\/\">Oil Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/tourism\/\">Tourism<\/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=\"114335\" 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\/04\/20\/114335\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-114335\" class=\"content-area-description single-story post-114335 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\">25 Apr<\/span><span style=\"\"> \u2014 Sinai Liberation Day (public-sector holiday \u2014 government offices closed). <\/span><span style=\"\">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\">28-29 Apr<\/span><span style=\"font-weight:400;\"> \u2014 US Federal Reserve Open Market Committee meeting.<\/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 Apr-1 May<\/span><span style=\"\"> \u2014 Syria HiTech International ICT Exhibition. <\/span><span style=\"\">Damascus<\/span><span style=\"\">, <\/span><span style=\"font-weight:400;\">Syria <\/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\">12 May<\/span><span style=\"\"> \u2014 Qatar Economic Forum (through 14 May).<\/span><span style=\"\"> 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\">21 May<\/span><span style=\"\"> \u2014 Central Bank of Egypt monetary policy decision. <\/span><span style=\"\">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\">25 May<\/span><span style=\"\"> \u2014 Independence Day (public holiday, markets closed). <\/span><span style=\"\">Jordan<\/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\">27-30 May<\/span><span style=\"\"> \u2014 Eid Al Adha (public holiday, markets closed). <\/span><span style=\"\">Region-wide<\/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 Saudi Aramco ex-dividend date. <\/span><span style=\"\">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\">June 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\">7 June<\/span><span style=\"\"> \u2014 OPEC+ ministerial meeting. <\/span><span style=\"\">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\">9 June<\/span><span style=\"\"> \u2014 King Abdullah II Accession Day (public holiday, markets closed). <\/span><span style=\"\">Jordan<\/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\u201314 June <\/span><span style=\"\">\u2014 Syria Buildex International Construction Exhibition. <\/span><span style=\"\">Syria<\/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\">16-17 June<\/span><span style=\"font-weight:400;\"> \u2014 US Federal Reserve Open Market Committee meeting. <\/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\">July 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\">5 July<\/span><span style=\"\"> \u2014 Independence Day (public holiday, markets closed). <\/span><span style=\"\">Algeria<\/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\">9 July<\/span><span style=\"\"> \u2014 Central Bank of Egypt monetary policy decision. <\/span><span style=\"\">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\">14 July<\/span><span style=\"\"> \u2014 Republic Day (public holiday, markets closed). <\/span><span style=\"\">Iraq<\/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\">23 July<\/span><span style=\"\"> \u2014 Revolution Day (public holiday, markets closed). <\/span><span style=\"\">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\">25 July<\/span><span style=\"\"> \u2014 Republic Day (public holiday, markets closed). <\/span><span style=\"\">Tunisia<\/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\">28-29 July<\/span><span style=\"font-weight:400;\"> \u2014 US Federal Reserve Open Market Committee meeting.<\/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 July<\/span><span style=\"\"> \u2014 Throne Day (public holiday, markets closed). <\/span><span style=\"\">Morocco<\/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\">August 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\">13 Aug<\/span><span style=\"\"> \u2014 Women\u2019s National Day. <\/span><span style=\"\">Tunisia<\/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 Aug<\/span><span style=\"\"> \u2014 Revolution of the King and the People Day (public holiday, markets closed). <\/span><span style=\"\">Morocco<\/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 Aug<\/span><span style=\"\"> \u2014 Central Bank of Egypt monetary policy decision. <\/span><span style=\"\">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\">21 Aug<\/span><span style=\"\"> \u2014 Youth Day (public holiday, markets closed). <\/span><span style=\"\">Morocco<\/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 Aug<\/span><span style=\"\"> \u2014 Prophet\u2019s Birthday (public holiday, markets closed) \u2014 TBD. <\/span><span style=\"font-weight:400;\">Region-wide<\/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 Aug-3 Sep<\/span><span style=\"\"> \u2014 LEAP technology conference.<\/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\">September 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\">7-9 Sep<\/span><span style=\"\"> \u2014 AIM Congress. <\/span><span style=\"\">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\">15-16 Sep<\/span><span style=\"font-weight:400;\"> \u2014 US Federal Reserve Open Market Committee meeting.<\/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 Sep<\/span><span style=\"\"> \u2014 <\/span><span>IMF\u2019s eighth review of Egypt\u2019s USD 8 bn EFF arrangement. <\/span><span style=\"\">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\">16-17 Sep<\/span><span style=\"\"> \u2014 Middle East Banking Innovation Summit. <\/span><span style=\"\">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\">23 Sep<\/span><span style=\"\"> \u2014 National Day (public holiday, markets closed). <\/span><span style=\"\">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\">24 Sep<\/span><span style=\"\"> \u2014 Central Bank of Egypt monetary policy decision. <\/span><span style=\"\">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\">30 Sep-3 Oct<\/span><span style=\"\"> \u2014 Cityscape Egypt 2026. <\/span><span style=\"\">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\">October 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 Oct<\/span><span style=\"\"> \u2014 National Day (public holiday, markets closed). <\/span><span style=\"\">Iraq<\/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\">6 Oct<\/span><span style=\"\"> \u2014 Armed Forces Day (public holiday, markets closed). <\/span><span style=\"\">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\">15 Oct<\/span><span style=\"\"> \u2014 GCC Made in the Gulf Forum + Exhibition. <\/span><span style=\"\">TBD<\/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 Oct<\/span><span style=\"\"> \u2014 Liberation Day (public holiday, markets closed). <\/span><span style=\"\"> Libya<\/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\">25-27 Oct<\/span><span style=\"\"> \u2014 World Investment Forum 2026. <\/span><span style=\"\">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\">26-29 Oct<\/span><span style=\"\"> \u2014 Future Investment Initiative.<\/span><span style=\"\"> 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\">27-28 Oct<\/span><span style=\"font-weight:400;\"> \u2014 US Federal Reserve Open Market Committee meeting.<\/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 Oct<\/span><span style=\"\"> \u2014 Central Bank of Egypt monetary policy decision. <\/span><span style=\"\">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;\">November 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\">1 Nov<\/span><span style=\"\"> \u2014 Revolution Anniversary (public holiday, markets closed). <\/span><span style=\"font-weight:400;\">Algeria<\/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\">2 Nov<\/span><span style=\"\"> \u2014 Abu Dhabi International Petroleum Exhibition + Conference (ADIPEC) opens (through 5 Nov). <\/span><span style=\"\">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\">6 Nov<\/span><span style=\"\"> \u2014 Green March Anniversary (public holiday, markets closed). <\/span><span style=\"\">Morocco <\/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\">16 Nov<\/span><span style=\"\"> \u2014 Cityscape Global begins (through 19 Nov). <\/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\">December 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\">17 Dec<\/span><span style=\"\"> \u2014 Central Bank of Egypt monetary policy decision. <\/span><span style=\"\">Egypt<\/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>One vehicle to hold all Abu Dhabi\u2019s China assets? Wait for 3Q startup data to see war impact | Moody\u2019s negative on Bahrain, Iraq<\/p>\n","protected":false},"featured_media":114316,"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-114315","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"4e54d8b0-41e9-43e6-9699-dece5f974769","teaser":"One vehicle to hold all Abu Dhabi\u2019s China assets? 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