{"id":114513,"date":"2026-04-24T00:00:00","date_gmt":"2026-04-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/menaplus\/?post_type=issue&#038;p=114513"},"modified":"2026-04-24T06:39:17","modified_gmt":"2026-04-24T06:39:17","slug":"crude-awakening","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/menaplus\/issues\/crude-awakening\/","title":{"rendered":"Crude awakening"},"content":{"rendered":"<section id=\"114515\" 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=\"114515\">\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\/24\/investors-placed-orders-for-5x-more-than-was-on-offer-in-uae-islamic-treasury-auction\/\">\r\n                            The message from the UAE: It\u2019s extra BAU                        <\/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\/24\/investors-placed-orders-for-5x-more-than-was-on-offer-in-uae-islamic-treasury-auction\/\" 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\/24\/investors-placed-orders-for-5x-more-than-was-on-offer-in-uae-islamic-treasury-auction\/')\">\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\/24\/investors-placed-orders-for-5x-more-than-was-on-offer-in-uae-islamic-treasury-auction\/\">\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=Investors placed orders for 5x more than was on offer in UAE Islamic treasury auction.&url=https:\/\/enterpriseam.com\/menaplus\/2026\/04\/24\/investors-placed-orders-for-5x-more-than-was-on-offer-in-uae-islamic-treasury-auction\/\">\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\/24\/investors-placed-orders-for-5x-more-than-was-on-offer-in-uae-islamic-treasury-auction\/&title=Investors placed orders for 5x more than was on offer in UAE Islamic treasury auction.\">\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=Investors+placed+orders+for+5x+more+than+was+on+offer+in+UAE+Islamic+treasury+auction.+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F04%2F24%2Finvestors-placed-orders-for-5x-more-than-was-on-offer-in-uae-islamic-treasury-auction%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\/24\/investors-placed-orders-for-5x-more-than-was-on-offer-in-uae-islamic-treasury-auction\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-114515\" class=\"content-area-description single-story post-114515 post type-post status-publish format-standard hentry category-opening-note tag-enterpriseam tag-investment-watch tag-opening-note wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, wonderful people. It\u2019s another week in the books for us all<\/strong>, and the message from the UAE two months into this senseless war is that wallah, wallah it\u2019s BAU. Extra BAU, in fact:<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Exhibit #1: <\/strong>The <a target=\"_blank\" href=\"https:\/\/x.com\/DXBMediaOffice\/status\/2046913945848689030\/photo\/1\" style=\"\">fanfare yesterday<\/a> about the 42 km, AED 34 bn Gold Metro line expected to open by September 2029, which will come into service at around the same time that the AED 20.5 bn <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2024\/12\/20\/rta-awards-aed-20-5-bn-contract-for-blue-metro-line-development\/\" style=\"\">Blue Line<\/a> extension does. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Exhibit #2:<\/strong> <a target=\"_blank\" href=\"https:\/\/gulfnews.com\/gn-focus\/voices-of-pride-messages-of-hope-and-progress-from-uae-business-titans-1.500516452#google_vignette\" style=\"\">\u201cVoices of Pride: Messages of hope and progress<\/a><a target=\"_blank\" href=\"https:\/\/gulfnews.com\/gn-focus\/voices-of-pride-messages-of-hope-and-progress-from-uae-business-titans-1.500516452#google_vignette\" style=\"\">from UAE business titans.\u201d<\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Exhibit #3: <\/strong>From a press release we will not be \u201crunning,\u201d thank you: \u201cUber places \u2018Pass It On\u2019 notebooks in vehicles for Dubai riders to share messages of solidarity and appreciation for the UAE.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Better to simply let the facts speak for themselves: Investors placed orders for 5x more <\/strong><strong>than was on <\/strong><strong>offer <\/strong>in the UAE\u2019s AED 1.1 bn Islamic treasury sukuk auction yesterday, as we note in this morning\u2019s Opinion piece, below. That\u2019s how you close a week. \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\/investment-watch\/\">investment watch<\/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=\"114516\" 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=\"114516\">\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\/24\/can-high-quality-oil-reserves-and-a-massive-reconstruction-opportunity-draw-global-investors-to-libya\/\">\r\n                            Crude awakening                        <\/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 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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>A growing number of international businesses are signaling that it\u2019s time to get in on the <\/strong><strong>ground floor in post-conflict Libya: <\/strong>Even with two competing governments in place, dilapidated infrastructure, and a messy basket of fiscal problems, oil and gas majors are now following in the footsteps of Egyptian construction players \u2014 and there are signs players in other industries are putting out feelers, analysts and execs tell us. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Proximity, politics, and a proven ability to take on and mitigate risk saw Egyptian players <\/strong><strong>move in first<\/strong>, including state-backed <a target=\"_blank\" href=\"https:\/\/arabcont.com\/projects?location=Libya\" style=\"\">Arab Contractors<\/a> and players with close government ties, such as El Argany (a key player born out of post-insurgency Sinai) and Wadi El Nile. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>From energy to oil and dry ports: <\/strong>Egypt is in talks to <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/15\/egypt-libya-fast-track-2-gw-power-link-in-boost-to-reconstruction-efforts-and-the-egyptian-players-taking-part-2\/\" style=\"\">scale its<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/15\/egypt-libya-fast-track-2-gw-power-link-in-boost-to-reconstruction-efforts-and-the-egyptian-players-taking-part-2\/\" style=\"\">electricity interconnection<\/a> to Eastern Libya to a 2 GW line from c. 150 MW today, we previously reported \u2014 a ramp-up that could help solve eastern Libya\u2019s chronic blackouts and unblock bns of USD in Egyptian-led reconstruction work in Benghazi and Derna, where projects have been hamstrung by a fragmented grid. Egypt has <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/07\/egypt-secures-libyan-crude-to-compensate-for-hormuz-strait-closure-disruptions\/\" style=\"\">locked-in a good chunk of Libya\u2019s crude output<\/a> to make up for lost supply thanks to the war in the Gulf. And Libya announced a planned dryport late last year as a prelude to a joint free zone with Egypt \u2014 officials in the east have consistently signaled more infrastructure contracts are coming Egyptian contractors\u2019 way.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More adventurous European outfits came in next \u2014 and global oil majors and big African <\/strong><strong>outfits are following. <\/strong>Italy\u2019s Eni and Spain\u2019s Repsol, which had paused drilling in Libya for more than a decade thanks to the war, were early pathfinders, resuming exploration in 2024 and 2025. A recent bid round saw Nigeria\u2019s <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/libya-awards-new-oil-gas-blocks-chevron-eni-others-first-licensing-round-since-2026-02-11\/\" style=\"\">Aiteo<\/a> and <a target=\"_blank\" href=\"https:\/\/www.chevron.com\/newsroom\/2026\/q1\/chevron-enters-libya-with-new-block-award-as-part-of-broader-exploration-growth-strategy\" style=\"\">Chevron<\/a> clinch exploration concessions. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And service providers are taking note: <\/strong>Switzerland-based engineering services firm Sulzer recently said it plans to set up shop in Libya and build an on-ground equipment maintenance facility in Misrate to serve the sector, <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/20\/mena-ecm-activity-plunged-in-1q-but-it-was-a-good-quarter-for-ma\/\" style=\"\">we previously<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/20\/mena-ecm-activity-plunged-in-1q-but-it-was-a-good-quarter-for-ma\/\" style=\"\">reported<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cThe broad interest now visible across sectors like healthcare, infrastructure, telecom, <\/strong><strong>and construction has a straightforward explanation:<\/strong> both Libyan governments have been spending at an extraordinary rate,\u201d Jalel Harchaoui, a Libya analyst at the Royal United Services Institute, told EnterpriseAM. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Libya has two governments:<\/strong> The UN-recognized government in Tripoli in the west and the Benghazi government in the east, which maintains close ties to Egypt. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Most of the interest from non-oil actors stops short of them committing significant <\/strong><strong>capital to Libya <\/strong>\u2014 it\u2019s about servicing contracts, not building new plants. Interest is skewed towards players from \u201ccountries that already have a political stake in Libya, like Egypt, the UAE, Italy, and Turkey,\u201d Connor Coleman, senior MENA analyst at the Economist Intelligence Unit, told us. This enables them to navigate risks that would scare off most Western players, he added. <\/p>\n<p class=\"tag-border-left\">It\u2019s all about the geology\u2026<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>To understand why the investment outlook for Libya\u2019s oil and gas sector outpaces <\/strong><strong>others, you need to turn to geology. <\/strong>\u201cIt\u2019s all about the geological quality of Libya\u2019s reserves, both onshore and offshore,\u201d Harchaoui says. \u201cFor companies operating on time horizons of 15 to 25 years, the calculus was straightforward: They needed to be present. Libya offered experienced technical crews, limited uncertainty regarding reserves and exploration prospects, and vast untapped potential \u2014 particularly offshore, but also in large onshore patches that remain essentially untouched,\u201d he adds.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This geology is Libya\u2019s competitive advantage: <\/strong>Unlike the complex, capital-intensive deepwater fields in the region like Egypt\u2019s Zohr, Libya\u2019s shallow onshore fields can be quickly brought into service and have much lower costs of production. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Case in point: <\/strong>Italian energy giant Eni <a target=\"_blank\" href=\"https:\/\/www.eni.com\/en-IT\/media\/press-release\/2026\/03\/pr-eni-announces-new-gas-discoveries-lybia.html\" style=\"\">announced<\/a> two offshore natural gas discoveries with a 1 tn cubic feet (tcf) in the Metlaoui Formation, some 16 km south of the operational Bahr Essalam field. While the specific reserve volumes are modest compared to the East Mediterranean\u2019s massive fields, these shallow fields are quick to get into production and cheap to operate. And now, all <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/feed\/update\/urn:li:activity:7452261825334882304\/\" style=\"\">eyes are on<\/a> the soon-to-be announced outcome for the gas exploration drilling carried out by an Eni-BP JV in the Al\u2011Matsola\u20111 offshore field in the Sirte basin. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But even with all this progress, major challenges remain: <\/strong>Libya may have the capacity to ramp up crude output as planned this year to 1.6 mn bb\/d, but its <a target=\"_blank\" href=\"https:\/\/www.mees.com\/2024\/11\/15\/oil-gas\/libya-crude-output-hits-11-year-high-as-2mn-bd-target-expedited\/5a06da20-a353-11ef-a632-e31ffa39c42e\" style=\"\">target<\/a> to go up to 2 mn bb\/d within the next few years will be very difficult to achieve with the current flows of infrastructure investments, Ayed Guembri, the former director of Baker Hughes North Africa, tells us.<\/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 infrastructure problem<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Libya\u2019s 2 mn bb\/d target is physically constrained by a decade of infrastructure decay <\/strong>despite its theoretical viability, as many brownfield projects can afford improvement in production. \u201cThe infrastructure is quite affected by the war,\u201d Guembri said. \u201cI\u2019m talking about the old pipeline that is linking all the infrastructure ... it was quite damaged, and it\u2019s an old one, impacted by corrosion.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cWe need new roads, new laws, security, and a reliable customs system,\u201d<\/strong> Peter Loshi, the Libya Director of the Malta-based oil logistics provider MedservRegis, tells us. \u201cLibya is a huge country. If somebody has to drive 2k km, they might as well get a plane,\u201d he said, arguing that many of the oil fields that await tapping into would need investment in new airstrips and small airports in the desert. Otherwise, these projects remain \u201cjust an idea on paper,\u201d he added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And Italy\u2019s fleet of rigs is an issue: <\/strong>There were 50 available in Libya before the war \u2014 and 20 today, Guembri told us. Bringing in more rigs adds to both expense and lead time. <\/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 elephant(s) in the room with us<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Banking and the repatriation of profits remain key challenges. <\/strong>\u201cLibya doesn't have a banking system, it\u2019s very primitive,\u201d and decoupled from the global system, MedservRegis\u2019 Loshi tells us. \u201cIf you send a payment from one institution to another, it stays a week in the bank... You cannot run a business like that.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>For most players, that means taking local payment in one of two forms. <\/strong>Behind door number one: Taking cash in-country, with all of the risk that comes with it \u2014 from theft and fraud to your board asking why they can\u2019t use that money to finance other operations or pay dividends. When does that cash get out of the country? How? It could take years to sort that out. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Behind door number two:<\/strong> Taking what Eni, a multinational player with a long history in Libya, would <a target=\"_blank\" href=\"https:\/\/www.eni.com\/en-IT\/media\/press-release\/2026\/02\/eni-awarded-a-new-offshore-exploration-license-in-libya.html#:~:text=San%20Donato%20Milanese%20(Milan)%2C,NOC%20and%20the%20consortium%20partners.\" style=\"\">describe<\/a> as \u201cequity hydrocarbon\u201d \u2014 payment in crude, not cash. Few players have the risk tolerance for either approach to payment. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Libya\u2019s divided government and longstanding issues with corruption are the biggest <\/strong><strong>obstacles to a large-scale return of investments. <\/strong>Libya has two competing governments in the east and the west \u2014 and parallel spending reached a level that ultimately contributed to the collapse of the currency last year. Corruption also remains a pervasive issue, with \u201clarge volumes\u201d of crude oil slipping out through unofficial channels \u201cbefore they can be monetized and deposited as USD revenues\u201d with the state, Harchaoui said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Libya has been sending some positive <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/17\/qatar-could-extend-fm-on-gas-beyond-june-edison-says\/\" style=\"\">signals<\/a><\/strong> <strong> on these fronts. <\/strong>A Tripoli court sentenced a former marketing executive at national oil company NOC to 10 years in prison on corruption charges, and NOC recently terminated a co-development agreement with Arkenu Oil Company, also amid allegations of corruption. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A joint budget? <\/strong>Then there\u2019s <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/libya-signs-first-unified-state-budget-over-decade-2026-04-11\/\" style=\"\">the prospect of a \u2018unified\u2019 budget<\/a> \u2014 Libya\u2019s first in 13 years. \u201c[The budget] implies a degree of revenue sharing \u2026 covering expenditures for both rival governments,\u201d EIU\u2019s Coleman tells us. \u201cProgress on the budgets is real, but it sits within a political order that is still very transactional,\u201d adds. \u201cThere are real positive steps and a cleanup of the political order, but they're not a clean break with the old system. The power brokers haven't changed.\u201d<\/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>The Libya business story in 2026 isn\u2019t really about security<\/strong>, but whether the governing institutions can turn building momentum into something that lasts. \u201cI think a lot of players will come in as soon as big American companies like Chevron, BP, and Shell are back,\u201d Guembri said. But some of these players, as in the case of Chevron or Exxon, are only back on paper for now. \u201cThey're not moving in tomorrow. They are studying the country and taking their time,\u201d Loshi said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What to watch: How the unified budget unfolds. <\/strong>A key signal is whether the competing governments stay the course and take real steps toward ending parallel spending. \u201cThe unification of the budget is a good signal for everybody\u2026. [It] will help stabilize and overcome the challenge of illegal sales of oil,\u201d as well as currency pressures, Guembri believes. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The catch: The budget can\u2019t be a paper tiger. <\/strong>It needs to translate into fiscal discipline: \u201cIf you end up with a unified budget, but parallel spending starts again? Then the pressures reemerge,\u201d Coleman concludes.<\/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\/investments\/\">investments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/libya\/\">Libya<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/oil-gas\/\">Oil &amp; Gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/reconstruction\/\">Reconstruction<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"114518\" 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=\"114518\">\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\">OPINION<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/24\/the-uae-doesnt-want-a-loan-from-dc-but-it-does-want-to-send-a-message\/\">\r\n                            A swap, not a sop                        <\/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\/24\/the-uae-doesnt-want-a-loan-from-dc-but-it-does-want-to-send-a-message\/\" 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 long and the short of it: The UAE probably has opened talks on a currency swap \u2014 it\u2019s an entirely sensible technocratic move that\u2019s being filtered through (a) financial illiteracy (and poor headline writing) in the global press and (b) a separate leak that\u2019s all about geopolitical posturing. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Let\u2019s start with the facts: <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fact #1: The UAE has plenty of greenbacks in the bank, thank you very much.<\/strong> The Central Bank of the UAE had c. USD 300 bn in foreign currency reserves at the end of February, just before the war began, according to <a target=\"_blank\" href=\"https:\/\/tradingeconomics.com\/united-arab-emirates\/foreign-exchange-reserves\" style=\"\">Trading Economics data<\/a>. It won\u2019t have burned even a fraction of that despite the drying up of FX revenue streams since the war began.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fact #2: Abu Dhabi Inc has continued to deploy capital abroad throughout the conflict<\/strong>, writing multiple multi-bn USD tickets across industries and continents, as regular readers of our Markets + Deals column will know. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fact #3: The UAE has easy, affordable access to the global debt market. <\/strong>To pick but one recent data point: Investors placed bids for nearly 5x more than was on offer in the UAE\u2019s <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/government-news\/islamic-treasury-sukuk-auction-for-april-2026-attracts-bids-worth-aed-520bln-tri8paci\" style=\"\">AED 1.1 bn Islamic treasury sukuk auction<\/a> yesterday. The Finance Ministry priced the 2033 tranche at a 10 bps spread over US Treasuries, anchoring the long end of the AED curve.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Okay, so where\u2019s all this talk of a \u201cloan\u201d for the UAE coming from? <\/strong>From Washington to London and New Delhi, journalists who just don\u2019t know better have written in various combinations that the UAE has asked for a \u201cbailout,\u201d a \u201cloan,\u201d and a \u201clifeline.\u201d The <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2026\/04\/22\/us\/politics\/bessent-support-emirates.html\" style=\"\">New York Times<\/a>, which should know better, positioned it as \u201cfinancial support.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A report in the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/middle-east\/u-a-e-asks-u-s-for-a-wartime-financial-lifeline-3f9ea3a0\" style=\"\">Wall Street Journal<\/a><\/strong><strong> seems to have set it all off. <\/strong>Wall Street\u2019s favorite newspaper wrote this week that CBUAE Governor Khaled Balama \u201craised the idea of a currency-swap line with Treasury Secretary Scott Bessent and Treasury and Federal Reserve officials in meetings in Washington last week.\u201d The Journal, which should really know better, wrote that UAE officials had said \u201cthey had so far avoided the worst economic effects of the conflict but might still need a financial lifeline.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Donald pumped oxygen into the story. <\/strong>Asked if a currency swap might be in the cards, Trump told <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/video\/2026\/04\/21\/watch-cnbcs-full-interview-with-president-donald-trump.html\" style=\"\">CNBC\u2019s Squawk Box<\/a> that \u201cit is\u201d and then added, \u201cI mean, I'm surprised, because they are really rich. If I \u2060could help them, I would, I mean, we're helping them much more with what we're doing with the war.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Bessent told the US Senate that the UAE was one of several Gulf <\/strong>and Asian countries that had asked about a swap. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But the UAE insists it doesn\u2019t need financial backing: <\/strong>\u201cAny suggestion that the UAE requires external financial backing misreads the facts,\u201d <a target=\"_blank\" href=\"https:\/\/x.com\/UAEEmbassyUS\/status\/2046660665121595409\" style=\"\">Youssef Otaiba<\/a>, the UAE\u2019s ambassador to DC, said on X. \u201cThe UAE is one of the world\u2019s most financially resilient economies, underpinned by more than USD 2 tn in sovereign investment assets,\u201d Otaiba said, adding that \u201cwe very much appreciate President Trump\u2019s recognition of the UAE as one of America\u2019s most important economic [and] trade partners.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We still believe the UAE asked for a swap. Why? <\/strong><strong>Why would you need a \u201cfinancial <\/strong><strong>lifeline\u201d if you have USD 300 bn in the vault? <\/strong>Think of it this way: Most of the UAE\u2019s USD holdings are parked in the central bank or locked up in big sovereigns including ADIA, Mubadala, ADQ, L\u2019Imad. Meanwhile, the banking system is being starved of USD inflows from the oil trade and tourism thanks to the war \u2014 but banks still need to clear trade, settle payments, and roll their own USD liabilities. <strong>Oh, and the swap? It costs nothing <\/strong>and may never be used. It\u2019s cheap insurance.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What the UAE wants is the country-level equivalent of a secured credit card. <\/strong>The UAE is facing a \u201cliquidity mismatch,\u201d not running out of cash, says Ryan Lemand, a former advisor to the UAE government and founder and CEO of wealth manager NeoVision. He writes in a <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/feed\/update\/urn:li:activity:7452585750514065408\/\" style=\"\">LinkedIn post<\/a> that \u201c<strong>No one is giving anyone money. It's a currency loan, secured by a currency deposit, with no credit risk on either side.\u201d<\/strong> The Fed, he notes, has standing swap lines with the EU, Canadian, Japanese, and UK central banks. \u201cNone of those counterparties were receiving \u2018aid.\u2019\u201d<\/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\">Geopolitics rears its ugly head<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>So where does geopolitics come into this? <\/strong>For starters, the US doesn\u2019t want to see countries around the world \u2014 squeezed by the fallout from its war on Iran \u2014 start dumping treasuries. Bessent told the Senate that \u201cswap lines, whether it\u2019s from the Federal Reserve or the Treasury, are to maintain order in the USD funding markets and to prevent the sale of the US assets in a disorderly way. The swap line would both benefit the UAE and the US.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Wall Street Journal also warned that the UAE had intimated it was considering <\/strong><strong>pricing oil in RMB<\/strong>, and that claim spread like wildfire, feeding into a multiyear story arc that has seen actors including Russia, China, and in some emerging markets picking at the USD\u2019s position as the world\u2019s currency of choice for trade and reserves. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why would the UAE float pricing oil in RMB? <\/strong>It\u2019s about a better position at the bargaining table. On the one hand, no US administration can accept a challenge to the dominance of the petrodollar. On the other, the UAE is looking to bolster its bargaining position on a host of issues including continued access to AI chips and compute (a thorny issue until Abu Dhabi turned its back on Chinese tech), the restocking of air defense systems, <a target=\"_blank\" href=\"https:\/\/www.uae-embassy.org\/sites\/default\/files\/2021-11\/f-35_white_paper.pdf\" style=\"\">finally getting access to the F-35 program<\/a> (still stalled), ensuring that UAE investments in the US (demanded by Trump) get preferential treatment by prickly regulators (hello, CFIUS \u2014 and pre-cleared investment corridors or AI and critical tech infrastructure), and a seat at the post-war regional table. <strong>There\u2019s a reason, friends, that the crown prince of Abu Dhabi was in Beijing last week. <\/strong> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We wouldn\u2019t be surprised to see tariffs on Emirates Global Aluminium ease in the months <\/strong><strong>ahead<\/strong> as EGA starts working to repair damage to its production lines incurred during the war\u2026 <\/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\/debt\/\">Debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/macroeconomics\/\">macroeconomics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/opinion\/\">Opinion<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/usa\/\">USA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"114520\" 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=\"114520\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">THE CORRIDOR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/24\/china-absorbs-displaced-aluminum-as-gulf-outage-deepens\/\">\r\n                            Chokehold                        <\/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\/24\/china-absorbs-displaced-aluminum-as-gulf-outage-deepens\/\" 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 supply-side shock is compounded by the <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/03\/30\/aluminum-and-steel-producers-are-now-fair-game-for-air-strikes-2\/\" style=\"\">damage<\/a> that several production lines have taken as a result of Iranian airstrikes in the war. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Refresher:<\/strong> The Gulf typically accounts for 9% of global aluminum output, but production fell roughly <a target=\"_blank\" href=\"https:\/\/international-aluminium.org\/iai-figures-show-attacks-on-production-facilities-and-dwindling-stocks-of-raw-materials-have-had-a-serious-impact-on-gulf-producers\/\" style=\"\">6% m-o-m in March<\/a> and remains suppressed. Qatar\u2019s Qatalum has been operating at roughly 60% capacity <a target=\"_blank\" href=\"https:\/\/www.hydro.com\/en\/global\/media\/news\/2026\/qatalum-maintaining-scaled-down-aluminium-production\/\" style=\"\">since mid-March<\/a>, while Bahrain\u2019s Alba has dropped closer to 30%, from 81% before the war. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>China can absorb the raw material, but it can\u2019t fix the output shortage.<\/strong> \u201cChina\u2019s domestic refineries are already running an excess \u2014 we\u2019re talking 95-100 mn tonnes of alumina,\u201d Andy Farida, senior metals analyst at Fastmarkets, tells EnterpriseAM. Even as more refinery capacity comes online in China \u2014 with previously delayed projects there starting to ramp up \u2014 that higher capacity, which Farida estimates at 4-5 mn tonnes, smelters ultimately face a 45 mn tonne output cap in China. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Raising output caps would be a significant policy shift for China that risks putting it in <\/strong><strong>the line of fire for anti-dumping and protectionist measures in other markets<\/strong>, Farida notes. \u201cPart of the reason for the 45 mn cap is due to their strong desire to have better control of the market,\u201d he said, in addition to balancing the environmental impact of the industry as Beijing looks to hit net zero targets by 2060. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In other words:<\/strong> More alumina in China doesn\u2019t mean more aluminum for the rest of the world.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The road to recovery for GCC players is long and complicated:<\/strong> Neither Qatalum nor Alba have their own sources of alumina (the crucial feedstock for producing metal aluminum), and typically rely on imported feedstock, Farida notes. These companies \u201cnow have to source from neighboring partners\u201d transported by truck through Oman, which is keeping their production lines running for now but \u201cis not feasible in the long run.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Restarting production lines is a six- to twelve-month process<\/strong> \u2014 and that\u2019s assuming the ceasefire holds and no further damage is inflicted, Farida says.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Beyond the logistics hurdles, energy is also a roadblock for Qatalum<\/strong>, as QatarEnergy\u2019s suspension of gas production threw another spanner in the works. \u201cRebuilding that infrastructure will take years,\u201d Farida notes. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cThe supply shock is already here. The risk now is that prices become too high \u2014 and <\/strong><strong>that\u2019s when demand starts to pull back,\u201d<\/strong> Farida said. Prices are hovering around their highest point since the war broke out at USD 3.6k per tonne, with some forecasts suggesting they could breach the USD 4k mark. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Enter\u2026 Russia?<\/strong> With few alternatives, buyers are starting to look at options that would have been off the table not too long ago. Russia is emerging as the fastest \u2014 and in many cases the only \u2014 way to plug the gap. But it\u2019s not exactly a comfortable shift for many, even though it\u2019s one of the few sources where volumes are immediately available, Farida says. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That leaves the market stuck between limited supply and difficult trade-offs.<\/strong> Market rumors suggest there is enough high-quality Russian materials to \u201cflood the market,\u201d which could actually end up being good news for the GCC. \u201cIt would give the GCC smelters time to repair and get back on their feet, but it\u2019s [an unpopular] solution,\u201d Farida says.<\/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\/china\/\">China<\/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\/manufacturing\/\">manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/qatar\/\">Qatar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/supply-chains\/\">supply chains<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/the-corridor\/\">The Corridor<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"114522\" 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=\"114522\">\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\">Banking<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/24\/despite-fallout-from-the-war-emirates-nbd-and-fab-beat-earnings-expectations-in-1q-2026\/\">\r\n                            That wasn\u2019t so bad, was it?                        <\/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\/24\/despite-fallout-from-the-war-emirates-nbd-and-fab-beat-earnings-expectations-in-1q-2026\/\" 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 earnings are the first reports out of the banking sector since the war began nearly two months ago and reflect one month of the impact from the conflict. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Emirates NBD said its net income rose 3% to AED 6.4 bn<\/strong> while revenues surged 21% to a record AED 14.4 bn. Deposits grew 6% in the quarter and the trend continued into April, the bank said. ENBD saw its gross loans grow even faster (+7% compared to the same period last year), but it\u2019s unclear how much of the loan or deposit growth was driven by activity with government or government-related entities. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ENBD also signalled that its big Indian acquisition is on track<\/strong>, with CEO Shayne Nelson quoted as saying <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/1240.pdf\" style=\"\">in the group\u2019s earnings release (pdf)<\/a>, \u201cOur international expansion strategy remains a core pillar as we look forward to closing the RBL transaction and welcoming them to the Group.\u201d A the start of this month. India\u2019s bank regulator <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/04\/03\/emirates-nbd-is-one-step-closer-to-acquiring-rbl-bank\/\" style=\"\">gave Emirates NBD the nod<\/a> for the more than USD 3 bn acquisition of up to 74% of RBL Bank. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>First Abu Dhabi Bank (FAB) saw net income slip 2% y-o-y to AED 5.0 bn in 1Q 2026<\/strong>, even as operating income rose 6% to AED 9.3 bn, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/1189.pdf\" style=\"\">management discussion and analysis report (pdf)<\/a>. The drag came from higher provisioning rather than weaker core activity, with net interest income climbing 12% to AED 5.61 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FAB said it is booking impairment charges of AED 1.1 bn<\/strong> \u201cin response to the evolving external environment,\u201d a more than 50% increase over last year. Emirates NBD booked impairments of AED 1.1 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN OTHER EARNINGS NEWS: UAE Telco du\u2019s net income rose 15.5% y-o-y to AED 834 mn <\/strong><strong>in 1Q 2026<\/strong>, on revenue of AED 4.1 bn, up 6.9% y-o-y, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/1138.pdf\" style=\"\">earnings release (pdf)<\/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\/banking\/\">Banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/earnings-watch\/\">EARNINGS WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/emirates-nbd\/\">Emirates NBD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/fab\/\">FAB<\/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=\"114524\" 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=\"114524\">\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\/24\/lebanon-israel-agree-to-three-week-ceasefire\/\">\r\n                            Buying time                        <\/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\/24\/lebanon-israel-agree-to-three-week-ceasefire\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/24\/lebanon-israel-agree-to-three-week-ceasefire\/1219-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/1219.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1219.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/1219.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/1219.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-114524\" class=\"content-area-description single-story post-114524 post type-post status-publish format-standard has-post-thumbnail hentry category-war-watch tag-enterpriseam tag-geopolitics 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>Lebanon and Israel <\/strong><strong><a target=\"_blank\" href=\"https:\/\/truthsocial.com\/@realDonaldTrump\/116456113408853958%20The%20President%20of%20the%20United%20States,%20DONALD%20J.%20TRUMP,%20Vice%20President%20of%20the%20United%20States,%20JD%20Vance,%20Secretary%20of%20State,%20Marco%20Rubio,%20Ambassador%20to%20Israel,%20Mike%20Huckabee,%20and%20Ambassador%20to%20Lebanon,%20Michel%20Issa,%20met%20today%20with%20High%20Ranking%20Representatives%20of%20Israel%20and%20Lebanon%20in%20the%20Oval%20Office.%20The%20Meeting%20went%20very%20well!%20The%20United%20States%20is%20going%20to%20work%20with%20Lebanon%20in%20order%20to%20help%20it%20protect%20itself%20from%20Hezbollah.%20The%20Ceasefire%20between%20Israel%20and%20Lebanon%20will%20be%20extended%20by%20THREE%20WEEKS.%20I%20look%20forward%20in%20the%20near%20future%20to%20hosting%20the%20Prime%20Minister%20of%20Israel,%20Bibi%20Netanyahu,%20and%20the%20President%20of%20Lebanon,%20Joseph%20Aoun.%20It%20was%20a%20Great%20Honor%20to%20be%20a%20participant%20at%20this%20very%20Historic%20Meeting!%20President%20DONALD%20J.%20TRUMP\" style=\"\">agreed<\/a><\/strong><strong> to a three-week ceasefire extension for three weeks<\/strong> following talks at the White House overnight, with Lebanon\u2019s Joseph Aoun and Israeli Prime Minister Benjamin Netanyahu expected to follow up with another round of talks for a more permanent peace deal. As part of the agreement, the US will \u201cwork with Lebanon in order to help it protect itself from Hezbollah,\u201d US President Donald Trump said after the agreement was reached, without giving further details on what that help could look like. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, the US and Iran don\u2019t seem to have made much progress on their own <\/strong><strong>ceasefire talks<\/strong>, with Trump saying he is seeking the \u201cbest deal\u201d with Iran to make it \u201ceverlasting.\u201d Trump has <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israel-lebanon-extend-ceasefire-trump-seeks-best-deal-with-iran-2026-04-24\/\" style=\"\">also suggested<\/a> that the progress on an agreement with Iran could be slow-moving because Tehran\u2019s leadership is in disarray \u2014 a claim that Ayatollah Mojtaba Khamenei said was part of \u201cthe enemy\u2019s media operations.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Iran and the US are still very much fighting over control of the Strait of Hormuz<\/strong>, with traffic halted earlier this week after Tehran <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/livecoverage\/iran-war-us-ceasefire-2026\" style=\"\">attacked three ships<\/a>, escorting two of them into Iranian waters. Beyond the strait, US forces <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/us-intercepts-three-iranian-oil-tankers-asian-waters-sources-say-2026-04-22\/\" style=\"\">attacked<\/a> at least three Iranian-flagged tankers in Asian waters, signaling that Washington\u2019s naval blockade is active despite its ongoing ceasefire with Tehran. Partly laden with crude, the vessels were rerouted from their locations off the coasts of India, Sri Lanka, and Malaysia.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Washington appears to be working on dismantling Iran\u2019s reach in the region in other <\/strong><strong>moves, including reportedly blocking the delivery of USD 500 mn to Iraq<\/strong> as payment for oil sales, the <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/middle-east\/u-s-blocks-iraqs-dollar-shipments-to-squeeze-its-iran-backed-militias-3270d5af\" style=\"\">Wall Street Journal<\/a> reports. The suspended payment \u2014 the second since the war began \u2014 comes as the US pressures Iraq to \u201cdismantle powerful Iranian-backed militias,\u201d including groups that attacked US facilities in Iraq during the war. <\/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\/geopolitics\/\">geopolitics<\/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=\"114526\" 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=\"114526\">\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\">MARKETS + DEALS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/24\/saudi-equities-land-in-europe-via-state-streets-new-etf\/\">\r\n                            Saudi equities, Euro access                        <\/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\/24\/saudi-equities-land-in-europe-via-state-streets-new-etf\/\" 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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Meanwhile, Saudi equities are getting a Europe-ready ETF wrapper and a Dubai shisha maker is taking the SPAC route to Nasdaq, and there are more signs that Egypt\u2019s IPO pipeline may finally be taking real shape.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>All of this comes as allocators across MENA+ continue to push beyond their home <\/strong><strong>markets, war or not:<\/strong> Saudi\u2019s Sumou is making a move in Egypt, Masdar has appetite for Montenegro, M42 is investing in Brazil, and a Sawiris-led consortium into Morocco.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Up first:<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Boston-headquartered asset manager State Street rolled out a Saudi-focused equity ETF <\/strong><strong>in Europe<\/strong> <a target=\"_blank\" href=\"https:\/\/www.pif.gov.sa\/en\/news-and-insights\/press-releases\/2026\/pif-anchors-state-street-newly-launched-saudi-equity-etf-further-expanding-international-access-to-investment-opportunities-within-saudi-arabia\/\" style=\"\">anchored by<\/a> the Public Investment Fund (PIF). The ETF, which launched with USD 100 mn in assets, is cross-listed on Xetra in Germany and the London Stock Exchange under the ticker SAQL. The move is part of a broader push to turn Tadawul into a default allocation in emerging market portfolios \u2014 the exchange has so far failed to get significant traction with active fund managers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART- <\/strong>The ETF is structured as a UCITS vehicle, meaning it\u2019s accessible to institutional and professional investors across Europe (including asset managers, pension funds, and private banks), as well as retail flows in the markets where it\u2019s registered \u2014 a swath of Western Europe spanning 13 countries from France and Germany to Ireland.<\/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>Gulf sovereigns and state-linked issuers have quietly tapped PIMCO for more than USD <\/strong><strong>10 bn in private debt since the regional war began<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-04-23\/pimco-privately-lends-10-billion-to-gulf-in-wartime-bond-deals\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-04-23\/pimco-privately-lends-10-billion-to-gulf-in-wartime-bond-deals\" style=\"\">Bloomberg<\/a> reports \u2014 including up to USD 2.5 bn in Abu Dhabi government bonds. Top-tier Gulf issuers are paying up for discreet private credit to bridge wartime funding gaps.<\/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>Saudi\u2019s SAR-denominated sovereign sukuk <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/saudi-arabia-philippines-join-jpmorgan-emerging-market-bond-index-2027-2026-04-23\/\" style=\"\">will be joining<\/a><\/strong><strong> JPMorgan\u2019s emerging markets <\/strong><strong>government bond index<\/strong> (EMGBI) starting 29 January 2027. The sukuk will be added incrementally to EMGBI, eventually comprising 2.5% of the index. Eight Saudi sovereign sukuk \u2014 totaling nearly USD 69 bn \u2014 currently meet the requirements for inclusion.<\/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> After exiting several investments in Egypt two years ago, <\/strong><strong>Kuwaiti franchise giant Alshaya <\/strong><strong>Group opened its first global talent center in Cairo<\/strong> to manage its tech and customer service operations across MENA, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/1141.pdf\" style=\"\">press release (pdf)<\/a>. The facility will serve as a central hub for IT solutions, digital marketing, and multilingual customer service, covering MENA, Turkey, Central and Eastern Europe, Greece, and Cyprus, it said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Alshaya pulled back from Egypt in 2024 amid an FX crisis <\/strong>that saw the operator of brands including Shake Shack, Starbucks, and H&M pull back to limit its losses. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In context: <\/strong>The Communications and IT Ministry has been pushing hard to turn Egypt into a global destination for what the industry now calls \u201cglobal capabilities centers\u201d \u2014 what we called \u201coutsourcing\u201d a generation ago. Last year alone, Egyptians doing digital, back-office, and customer service work for the rest of the world brought a staggering USD 7.4 bn into the country, of which USD 4.8 bn came from outsourcing services.<\/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>Manara Minerals shifts gears: <\/strong>PIF-backed Manara Minerals is reportedly shifting from its global M&A agenda to pursue debt investments and JVs with global trading firms, unnamed sources told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-04-22\/saudi-mining-vehicle-said-to-shift-strategy-away-from-global-m-a?srnd=homepage-americas\" style=\"\">Bloomberg<\/a>. This shift will see Manara prioritize loans to miners in exchange for offtake rights, securing future production benefits without requiring upfront equity. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A new school of thought for Saudi investment?<\/strong> The move dovetails neatly with the <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/04\/16\/this-morning-pifs-five-year-strategy-inches-closer-to-the-light\/\" style=\"\">PIF\u2019s<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/04\/16\/this-morning-pifs-five-year-strategy-inches-closer-to-the-light\/\" style=\"\">new strategy<\/a> to prioritize investments that directly accelerate local economic growth, which should be the hallmark of the sovereign fund\u2019s next five years.<\/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>Dubai-based flavored tobacco giant Advanced Inhalation Rituals (AIR \u2014 get it?) is <\/strong><strong>pushing ahead with a US Nasdaq listing<\/strong> at a USD 1.75 bn valuation via a merger with Cantor Equity Partners III, a Spac. Shareholders of the Spac will vote on12 May to merge with AIR after getting SEC clearance yesterday, <a target=\"_blank\" href=\"https:\/\/www.businesswire.com\/news\/home\/20260423619558\/en\/AIR-and-Cantor-Equity-Partners-III-Announce-Effectiveness-of-F-4-Registration-Statement-Ahead-of-Planned-Merger-and-Nasdaq-Listing\" style=\"\">per a statement<\/a>. The shisha maker is seeking a USD 1.75 bn valuation in the transaction, which was first announced last November. Regional issuers had largely written off the Spac route to market back in 2023 \u2014 AIR is the latest to signal that it may be worth revisiting. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi\u2019s Sumou Holding is making its Egypt debut with an EGP 70 bn mixed-use project <\/strong><strong>in New Cairo<\/strong>, launched via a JV between its investment arm Adeer International and Egypt\u2019s Paragon Developments, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/1043.pdf\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/1043.pdf\" style=\"\">press release (pdf)<\/a>. Sumou Boulevard \u2014 at 500k sqm \u2014 is a template for marrying Saudi capital with Egyptian execution, and a model the two sides will look to replicate across the region.<\/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>The Egyptian government is readying big state-owned oil and gas players for possible <\/strong><strong>listing on the EGX<\/strong>, <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/23\/egx-could-soon-welcome-up-to-10-state-owned-oil-assets\/\" style=\"\">our Egypt desk reports<\/a>, saying as many as 10 petroleum-related companies could be on deck, including services giant Enppi (which has been on deck to IPO since before covid) and the General Petroleum Corporation. Administrative procedures could be in place by summer, including temporary listings, but the actual sell-downs will come one at a time as bankers test appetite and build the pool of potential strategic buyers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- CapitalMed is heading toward a 25% float on the EGX in 2Q 2026<\/strong>, targeting an EGP 2 bn raise, per reports in the press that confirm what former EGX head and FRA Executive Chairman <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/22\/egx-boss-on-who-will-ipo-next\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/22\/egx-boss-on-who-will-ipo-next\/\" style=\"\">Islam Azzam hinted at to EnterpriseAM<\/a> earlier this year. The 144-acre Badr City medical complex \u2014 developed by Hassan El Kalla\u2019s Egyptians for Healthcare Services (EHCS), with CIRA holding 28% \u2014 would list at around EGP 8 bn by our math.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Uhm, Enterprise\u2026 how is a preprofit venture going public?<\/strong> Article 7 of the Capital Market Law lets greenfield projects list without two years of audited earnings, provided they show a path to black within three.<\/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-based AppliedAI is taking its enterprise AI model to Asia: <\/strong>UAE\u2013based AI firm AppliedAI is expanding into Singapore, Malaysia, and Hong Kong this month, along with launching its latest platform Opus 2.0, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/1134.pdf\" style=\"\">press release (pdf)<\/a>. The firm counts state AI firm <strong>G42<\/strong>, Abu Dhabi sovereign wealth fund <strong>Mubadala<\/strong>, and tech and telecom giant <strong>e&<\/strong> among its backers. AppliedAI is targeting regulated sectors including banking, ins., and healthcare.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>These markets stand out for their regulatory depth and sector concentration<\/strong>, founder and CEO Arya H. Bolurfrushan tells EnterpriseAM. The operating model is intentionally hands-on, he said, adding that \u201cAI adoption will be extremely localized [\u2026] You want folks to be in the office with you, helping you go through this, because it is your core process.\u201d<\/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 Masdar and Montenegro\u2019s state utility EPCG <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/bzuf9ci-masdar-epcg-form-joint-venture-enhance-energy\" style=\"\">agreed to set up<\/a><\/strong><strong> a 50\/50 joint <\/strong><strong>venture<\/strong>, which will develop large-scale renewable projects in the Balkan nation. The JV will focus on solar PV, wind, hydropower, pumped hydro energy storage, standalone battery energy storage systems, and hybrid solutions. The JV will serve domestic demand and look to export power to the Western Balkans and Southeastern Europe. <\/p>\n<p class=\"tag-border-left\">ALSO WORTH KNOWING TODAY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ashmore<\/strong> Saudi Arabia\u2019s Education Investment Fund <a target=\"_blank\" href=\"https:\/\/www.ashmoregroup.com\/en-sa\/press-release\/ashmore-saudi-completes-second-education-acquisition-riyadh\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.ashmoregroup.com\/en-sa\/press-release\/ashmore-saudi-completes-second-education-acquisition-riyadh\" style=\"\">closed its second acquisition<\/a>, buying <strong>Matrix International Schools<\/strong> and <strong>Wahat Al Alson School<\/strong> in Riyadh. The fund is working to build a scalable K-12 platform and deploy c. SAR 1 bn into the sector, with an eventual Tadawul listing potentially in the cards.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">A consortium led by <strong>Samih Sawiris\u2019 SOSTNT<\/strong> is deploying EUR 200 mn to restart the long-stalled Mogador resort in Morocco \u2014 joined by the UAE\u2019s <strong>Al Nowais<\/strong>, Egypt\u2019s Sunrise Resorts & Cruises, and the Orascom Construction\u2013Besix JV, per EnterpriseAM reporting. The build lines up with Morocco\u2019s push to hit 26 mn annual tourists ahead of the 2030 World Cup.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AD Ports Group<\/strong> sold three warehouses in its Kezad Logistics Park to <strong>Aldar Properties<\/strong><a target=\"_blank\" href=\"https:\/\/www.adportsgroup.com\/en\/news-and-media\/2026\/04\/23\/ad-ports-group-completes-third-sale-of-warehouses-in-kezad-for-aed-650-million\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.adportsgroup.com\/en\/news-and-media\/2026\/04\/23\/ad-ports-group-completes-third-sale-of-warehouses-in-kezad-for-aed-650-million\" style=\"\">for<\/a><a target=\"_blank\" href=\"https:\/\/www.adportsgroup.com\/en\/news-and-media\/2026\/04\/23\/ad-ports-group-completes-third-sale-of-warehouses-in-kezad-for-aed-650-million\" style=\"\">AED 650 mn<\/a>, completing 65% of its AED 1 bn asset-monetization target for 2026 in one go. The deal extends an asset-recycling loop between the two Abu Dhabi heavyweights \u2014 Aldar gets scaled logistics yield, AD Ports frees up the balance sheet.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Abu Dhabi healthtech conglomerate <strong>M42<\/strong> pushing deeper into Latin America, with renal-care subsidiary <strong>Diaverum<\/strong><a target=\"_blank\" href=\"https:\/\/www.diaverum.com\/en\/footer-links\/media\/news\/a-transformational-milestone-in-brazil\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.diaverum.com\/en\/footer-links\/media\/news\/a-transformational-milestone-in-brazil\/\" style=\"\">acquiring four dialysis clinics<\/a> in Brazil\u2019s S\u00e3o Paulo state. The deal brings Diaverum\u2019s Brazilian network to 18 clinics and 220k treatments a year.<\/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> -1.2% \u2022 <strong>ADX<\/strong> -0.4% \u2022 <strong>DFM<\/strong> -0.67% \u2022 <strong>EGX30<\/strong> 0.79%<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Brent USD 106.13 \/ bbl \u2022 Gold USD 4,708 \/ oz \u2022 USD \/ SAR 3.75 \u2022 USD \/ EGP 52.52<\/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\/markets-deals\/\">Markets + Deals<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/pif\/\">PIF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/private-equity\/\">private equity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/swfs\/\">SWFs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"114528\" 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=\"114528\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">WHAT WE\u2019RE TRACKING<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/24\/iraq-is-readying-a-newly-rehabilitated-pipeline-that-could-boost-its-stalled-exports\/\">\r\n                            A new shortcut                        <\/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\/24\/iraq-is-readying-a-newly-rehabilitated-pipeline-that-could-boost-its-stalled-exports\/\" 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 pipeline, out of service since 2014 after it was damaged during fighting with ISIS, has been undergoing intense repairs over the last month. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Uh, isn\u2019t there already a 900-km Kirkuk-Ceyhan pipeline? Yes, but this pipeline is <\/strong><strong>different-ish. <\/strong>While the pipeline ultimately moves between the same points, it\u2019s more of a <a target=\"_blank\" href=\"https:\/\/www.upstreamonline.com\/energy-security\/iraq-readies-pipeline-for-resumption-of-oil-exports-via-turkey\/2-1-1965049\" style=\"\">300-km patch<\/a> that connects to the Kirkuk-Ceyhan pipeline at Iraq\u2019s Baiji and Turkey\u2019s Fishkhabour, effectively bypassing Kurdistan altogether. It also has more capacity at 1.6 mn bbl\/d \u2014 the Kirkuk-Ceyhan now moves <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/03\/mena-oil-exporters-search-for-sustainable-rerouting-alternatives\/\" style=\"\">just<\/a> 200k bbl\/d. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The revived pipeline would be a boost for both Iraq and the global oil markets<\/strong>, but only if there are sufficient flows to take advantage of it. Before the US and Israel started bombing Iran. Iraq accounted for some 20% of crude that shipped through Hormuz \u2014 <a target=\"_blank\" href=\"https:\/\/www.atlanticcouncil.org\/blogs\/menasource\/iraqs-oil-export-vulnerability-exposes-the-cost-of-unresolved-disputes\/\" style=\"\">more than 90%<\/a> of Iraq\u2019s 3.3 mn bbl\/d of crude exports flow through the chokepoint. Iraq is now exporting just <a target=\"_blank\" href=\"https:\/\/www.rudaw.net\/english\/opinion\/13042026\" style=\"\">580k bbl\/d<\/a> (an average of March exports), leaving a <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/20\/moodys-downgrades-bahrain-and-iraqs-credit-outlook-to-negative\/\" style=\"\">big hole<\/a> in state coffers \u2014 90% of state revenues come from hydrocarbon exports. <\/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\">More on Syria\u2019s rehabilitation<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>Syria\u2019s President Ahmed Al Sharaa <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/presidencysyr\/posts\/pfbid0FYChDXktra9UrB8oinjKcKjSF9bCFKiC8xqr6cL9SqVjN8AKSMgW5g4R1V2hRdzpl\" style=\"\">met with<\/a><\/strong><strong> President Sheikh Mohamed bin Zayed Al <\/strong><strong>Nahyan yesterday<\/strong>, landing in the UAE as part of a wider Gulf tour that includes Saudi Arabia and Qatar. The readout from the meeting was light on substance. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Yesterday was Al Sharaa\u2019s third visit to the UAE. <\/strong>He was in town <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2025\/07\/08\/president-meets-with-syrian-counterpart-for-the-second-time-this-year-economic-cooperation-with-cuba\/\" style=\"\">last July<\/a> and again in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/629b20df-f6bf-4ea8-9926-fa7f84978db5\/the-uae-continues-its-discussions-with-the-us-and-supports-mediation-with-iran\" style=\"\">April<\/a>. Previous talks focused on economic cooperation and encouraging more UAE firms to invest in post-Assad Syria. State-owned logistics giant DP World was among the first to do so, with a <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2025\/05\/16\/uae-eyes-investments-in-syria-starting-with-dp-world-following-lifting-of-sanctions\/\" style=\"\">USD 800 mn agreement<\/a> to develop and operate Syria\u2019s Tartous port.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO FROM SYRIA- The central government <\/strong><strong>wants to clamp down on the black market <\/strong><strong>for hard currency and gold <\/strong>by forcing trade through a <a target=\"_blank\" href=\"https:\/\/sana.sy\/economy\/2457884\/\" style=\"\">now-in-the-works trading platform<\/a> being built by the Central Bank of Syria. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">ALSO WORTH KNOWING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#1- The US is moving to normalize relations with Eritrea and lift the sanctions <\/strong>it imposed in 2021. Washington has <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/africa\/u-s-seeks-to-reset-ties-with-reclusive-but-strategically-vital-african-state-c8380995\" style=\"\">reportedly<\/a> informed allies about the plan. The move comes as geopolitical tensions and trade disruptions revive interest in the Horn of Africa and its sprawling Red Sea coasts.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>The Central Bank of Turkey (TCMB) <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/en\/tcmb+en\/main+menu\/announcements\/press+releases\/2026\/ano2026-17\" style=\"\">left<\/a><\/strong><strong>interest rates unchanged at 37% <\/strong>despite a boost to inflation thanks to fallout from the war in the Gulf. Turkey suggested it would try to avoid or delay monetary policy changes in response to inflationary pressure to avoid a slowdown, resorting instead to <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/turkey-swaps-gold-for-foreign-reserves-as-war-raises-inflationary-pressures-on-emerging-markets\/\" style=\"\">selling<\/a> some USD 8 bn worth of gold reserves to manage the strain on its currency. <\/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\/iraq\/\">Iraq<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/logistics\/\">LOGISTICS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/pipelines\/\">pipelines<\/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\/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=\"114530\" 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\/24\/114530\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-114530\" class=\"content-area-description single-story post-114530 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>Libya\u2019s open to business | What\u2019s behind UAE currency swap talks | Aluminum output reshuffle. Lebanon, Israel agree to extend ceasefire.<\/p>\n","protected":false},"featured_media":114514,"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-114513","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"9ab1a324-66a6-4384-beb5-56f884067414","teaser":"Libya\u2019s open to business | What\u2019s behind UAE currency swap talks | Aluminum output reshuffle. Lebanon, Israel agree to extend ceasefire.","photo_url":"https:\/\/ent.news\/2025\/5\/1874.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Crude awakening - MENA+ Edition<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/menaplus\/issues\/crude-awakening\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crude awakening\" \/>\n<meta property=\"og:description\" content=\"Libya\u2019s open to business | What\u2019s behind UAE currency swap talks | Aluminum output reshuffle. 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