{"id":114642,"date":"2026-04-29T00:00:00","date_gmt":"2026-04-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/menaplus\/?post_type=issue&#038;p=114642"},"modified":"2026-04-29T06:01:59","modified_gmt":"2026-04-29T06:01:59","slug":"shifting-center-of-gravity","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/menaplus\/issues\/shifting-center-of-gravity\/","title":{"rendered":"Shifting center of gravity"},"content":{"rendered":"<section id=\"114644\" 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=\"114644\">\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\/29\/a-widening-schism-between-riyadh-and-abu-dhabi\/\">\r\n                            A widening schism between Riyadh and Abu Dhabi                        <\/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\/29\/a-widening-schism-between-riyadh-and-abu-dhabi\/\" 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\/29\/a-widening-schism-between-riyadh-and-abu-dhabi\/')\">\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\/29\/a-widening-schism-between-riyadh-and-abu-dhabi\/\">\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=A widening schism between Riyadh and Abu Dhabi&url=https:\/\/enterpriseam.com\/menaplus\/2026\/04\/29\/a-widening-schism-between-riyadh-and-abu-dhabi\/\">\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\/29\/a-widening-schism-between-riyadh-and-abu-dhabi\/&title=A widening schism between Riyadh and Abu Dhabi\">\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=A+widening+schism+between+Riyadh+and+Abu+Dhabi+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F04%2F29%2Fa-widening-schism-between-riyadh-and-abu-dhabi%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\/29\/a-widening-schism-between-riyadh-and-abu-dhabi\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-114644\" class=\"content-area-description single-story post-114644 post type-post status-publish format-standard hentry category-opening-note tag-enterpriseam tag-opec 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>The rift between the UAE and Saudi Arabia got a lot wider <\/strong>after the UAE said yesterday that it\u2019s leaving Opec this coming Friday, casting doubt on the future of the cartel.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But the body blow didn\u2019t stop there: It\u2019s anyone\u2019s guess what the GCC\u2019s political and <\/strong><strong>security architecture looks like this morning<\/strong> after the UAE sent its foreign minister, not MbZ, to yesterday\u2019s Saudi-led \u201cextraordinary summit\u201d in Jeddah. The heads of state of Qatar, Bahrain, and Kuwait were all on hand when Crown Prince Mohammed bin Salman called the meeting to order. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The moves came just a day after closely watched UAE presidential advisor Anwar <\/strong><strong>Gargash hammered the GCC as a political body<\/strong>, saying out loud what no UAE official has ever said before: The GCC\u2019s response to two months of Iranian attacks is \u201cthe weakest historically considering the nature of the attack and the threat it poses to everyone.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It gets worse: <\/strong>The GCC\u2019s response to Iran was the kind of <a target=\"_blank\" href=\"https:\/\/gulfnews.com\/uae\/government\/iranian-aggression-on-gcc-countries-was-premeditated-not-a-reaction-gargash-1.500520428\" style=\"\">weak sauce you\u2019d expect from the Arab League<\/a>, he said, <a target=\"_blank\" href=\"https:\/\/www.khaleejtimes.com\/uae\/uae-iran-ties-trust-with-tehran-will-take-time-gargash\" style=\"\">\u201cnot from the GCC, and I am surprised by it.\u201d<\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>None of this is happening at a good time for the private sector: <\/strong>GCC project awards are down nearly 10%, MEED says, regional tourism is facing a USD 56 bn hit per <a target=\"_blank\" href=\"https:\/\/www.oxfordeconomics.com\/resource\/tourism-impacts-in-middle-east-from-iran-war\/\" style=\"\">Oxford Economics<\/a>, and everyone\u2019s cashflows are strained. Happy hump day, friends. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>One (very nice) ray of sunshine: <\/strong>Citadel is setting up shop in Dubai \u2014 an opening that would have been one of the most important in DIFC history even if it wasn\u2019t happening in the middle of a war. \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\/opec\/\">Opec<\/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=\"114645\" 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=\"114645\">\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\/29\/opecs-center-of-gravity-shifts-to-saudi-arabia-as-uae-exits-group\/\">\r\n                            A new oil order                        <\/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 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        <\/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\/29\/opecs-center-of-gravity-shifts-to-saudi-arabia-as-uae-exits-group\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/3\/692.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"114646\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/29\/opecs-center-of-gravity-shifts-to-saudi-arabia-as-uae-exits-group\/692-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/3\/692.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"692.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/3\/692.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/3\/692.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-114645\" class=\"content-area-description single-story post-114645 post type-post status-publish format-standard has-post-thumbnail hentry category-the-lede tag-energy tag-enterpriseam tag-opec tag-the-lede wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The UAE\u2019s exit from Opec and Opec+ leaves Saudi Arabia as the cartel\u2019s <\/strong><strong>undisputed anchor<\/strong> \u2014 the only producer with the spare capacity to move markets \u2014 at a time when regional disruptions are already rattling supply chains and pricing.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It may have been an abrupt exit, but the policy split between Riyadh and Abu Dhabi over <\/strong><strong>production strategy has been growing<\/strong> in lock-step with their political ostracization. \u201cThe outcome has long been in the making,\u201d Harry Tchilinguirian, a global oil markets strategist and former head of research at Onyx Group, tells EnterpriseAM. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The UAE\u2019s departure is a body blow to the cartel:<\/strong> The UAE has long been one of the bloc\u2019s heavyweights alongside Saudi Arabia, with meaningful spare capacity \u2014 the key lever Opec uses to move markets \u2014 making its departure structurally different from past defections. \u201cThe UAE\u2019s exit is very significant as it\u2019s a top-tier producer with high spare capacity and strong compliance with prior quotas,\u201d Rabobank Energy Strategist Florence Schmit tells EnterpriseAM.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>KEY CONTEXT- <\/strong>The UAE has seethed for years that it has been rock-steady about not exceeding its production quotas when Iraq and Opec+ member Russia routinely lied about their own adherence. Meanwhile, political ties between Abu Dhabi and Riyadh had gone sour long before Iran started launching drones and rockets at the Gulf in response to attacks by the US and Israel.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mechanically, the exit removes 3-4 mn barrels daily of the swing capacity <\/strong>that allows breathing room and gives Opec the ability to respond when Hormuz closes or pipelines rupture, Wolfgang Lehmacher, former head of supply chain and transport industries at the World Economic Forum, tells EnterpriseAM. Opec\u2019s ability to smooth out supply imbalances without the UAE in the mix is significantly undermined, Carnegie\u2019s Sergey Vakulenko adds. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cMost participants lack excess capacity and need pooled coordination<\/strong> as protection against volatility they cannot absorb individually,\u201d Lehmacher notes. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Saudi position now:<\/strong> With the UAE heading to the exit as of Friday, 1 May, Saudi Arabia stands as the market\u2019s sole swing producer, raising questions about how sustainable that role is without internal alignment, Rystad Energy\u2019s Jorge Leon tells <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/view-uae-leave-opec-opec-oil-producer-groups-2026-04-28\/\" style=\"\">Reuters<\/a>. <\/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\">Pulling back the curtain<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The keyword for the UAE: Flexibility.<\/strong> \u201cThe decision reflects a policy-driven evolution in the UAE\u2019s approach, enhancing flexibility to respond to market dynamics while continuing to contribute to stability in a measured and responsible manner,\u201d the <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/bzxzuh7-uae-announces-decision-exit-opec-opec%2B\" style=\"\">Emirati government said<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The UAE has been planning to ramp up production by as much as 30%, which doesn\u2019t fit <\/strong><strong>neatly in Opec\u2019s quota system<\/strong>, Vakulenko told Reuters. Even the group\u2019s shift toward capacity-based quotas \u2014 <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2025\/12\/08\/opecs-new-capacity-audit-explained\/\" style=\"\">designed<\/a> to better align targets with real production \u2014 has <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/logistics\/2025\/11\/06\/today-cold-chain-maker-cgs-is-on-tadawul-ceva-logistics-acquisition-of-borusan-tedarik-is-complete\/\" style=\"\">failed to bridge the gap<\/a> between the UAE\u2019s <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/03\/opec-extends-supply-cuts-granting-the-uae-a-higher-production-quota-for-2025\/\" style=\"\">expanding capacity<\/a> and the limits imposed by the system. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART- <\/strong>Opec is effectively managing three different versions of supply \u2014 self-reported output, secondary data, and official targets. \u201cBy exiting Opec, the UAE could increase production beyond its current quota \u2026 potentially achieving a capacity closer to 4.8 mn barrels per day,\u201d MENA economist Hamzeh Al Gaaod says in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/1459.pdf\" style=\"\">note (pdf)<\/a> shared with EnterpriseAM. The UAE also has around \u201c1.85 mn barrels daily of stranded throughput capacity from USD 150 bn in built infrastructure, Lehmacher adds. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The move was entirely the UAE\u2019s and the country didn\u2019t consult other members<\/strong> before pulling the trigger, Energy Minister Suhail Al Mazrouei tells <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/uae-says-it-quits-opec-opec-statement-2026-04-28\/\" style=\"\">Reuters<\/a>, framing the rupture as the result of a review of current and future production policies. \u201cThe UAE\u2019s exit from OPEC would mark a decisive shift toward an independent, state-driven oil strategy,\u201d Al Gaaod says. This allows the country to leverage its position as a supplier of some of the world\u2019s lowest-cost barrels. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What it\u2019s (officially) not about:<\/strong> \u201cThis has nothing to do with any of our brothers and friends within the group\u2026 We have the highest respect for the Saudis for leading Opec,\u201d Al Mazrouei also said. The UAE chose now to make the announcement to avoid a severe impact on oil prices and on Opec cartel members, Al Mazrouei added, citing the closure of the Strait of Hormuz and the shortages it\u2019s leading to in the market. <\/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\">A well-timed exit?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The market is already distorted: <\/strong>\u201cNow is probably the least damaging time to announce it \u2014 oil prices are high, \u2060and there are genuine shortages because of Hormuz closure,\u201d Vakulenko says, noting that even \u201cafter Hormuz reopens, there will be elevated demand as countries will be replenishing reserves that were drawn down since February, \u2060so prices will stay high.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Many analysts and market watchers remain \u201cperplexed\u201d<\/strong> considering \u201cthe timing of this decision, in the context of the ongoing disruptions,\u201d Tchilinguirian tells us. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The \u201cimmediate\u201d impact of the UAE\u2019s exit is likely to be muted<\/strong>, Al Mazrouei says. Analysts broadly agree, with Capital Economics Chief Climate and Commodities Economist David Oxley saying in a note that \u201cthe prospect of the UAE pumping more oil is somewhat moot at present given the near-complete cessation in flows through Hormuz.\u201d Plus, markets are still pricing in the closure of Hormuz and will need to absorb that \u201cbefore they can fully price the UAE leaving Opec,\u201d Rabobank\u2019s Schmit 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\">What this means for the market<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Outside Opec, the UAE gains the freedom to increase output<\/strong> \u2014 and the incentive to do so \u2014 which could reshape supply dynamics once the current disruption cycle fades. For the UAE, the move is \u201cnot only for the good of its flagship Murban futures contract, but also for its longer-term economic development, using oil revenues to finance its longer-term [economic diversification],\u201d Tchilinguirian says.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A structurally weaker Opec points to a potentially more volatile oil market once current <\/strong><strong>disruptions ease<\/strong>, as the group\u2019s ability to manage supply diminishes, Leon says. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Market response:<\/strong> \u201cWhen both transit infrastructure and governance protocols fail, operators shift from spot exposure to long-term contracted capacity with built-in resilience premiums,\u201d Lehmacher adds. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The upshot: <\/strong>\u201cThe main market impact would be a significant reduction in Opec\u2019s influence over oil prices and coordination of output,\u201d Al Gaaod says.<\/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 end of Opec?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Contagion risk?<\/strong> \u201cIf other producers begin prioritizing market share over quota discipline, Opec\u2019s ability to manage orderly markets through coordinated supply adjustments may increasingly be called into question,\u201d head of Commodity Strategy at Saxo Bank Ole Hansen said in a research note shared with EnterpriseAM. If discipline erodes too far, the group\u2019s capacity to shape the market shifts from enforcement to mere signaling.\u201cThis could be the thin end of the wedge if it triggers further disintegration of the group,\u201d Capital Economics\u2019 Oxley adds.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The great system rewrite:<\/strong> \u201cWhile the UAE could potentially rejoin OPEC if market conditions stabilize, such a departure would signal more than a temporary adjustment. It would represent a fundamental transformation in both energy strategy and geopolitical alignment, with profound implications for the structure and stability of global oil markets,\u201d Al Gaaod adds. <\/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\/opec\/\">Opec<\/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=\"114647\" 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=\"114647\">\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\">Banking<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/29\/qatars-estithmar-holding-to-acquire-49-of-syrias-shahba-bank\/\">\r\n                            First movers                        <\/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\/29\/qatars-estithmar-holding-to-acquire-49-of-syrias-shahba-bank\/\" 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 deal will see Estithmar Holding unit Masaref buy Shahba Bank equity held by two other Syria-based players: Bemo Saudi Fransi Bank and Ahli Trust Bank. Estithmar Holding is led by Syrian-Qatari investors Moutaz Al Khayyat (chairman) and Ramez Al Khayyat (vice chairman).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters: <\/strong>\u201cThe significance lies in the signal: The market is open enough for Gulf capital to move from MoUs to equity. And this could inspire more confidence in the banking sector more broadly, and perhaps more specifically among Qatari investors, who may see this as a credible entry point and a familiar channel for deploying capital,\u201d Benjamin F\u00e8ve, senior researcher at Karam Shaar Advisory, tells EnterpriseAM. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Syrian government has been ramping up efforts to de-risk its banking sector<\/strong> and has <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/22\/syria-taps-world-bank-oliver-wyman-for-financial-sector-reform\/\" style=\"\">enlisted<\/a> Oliver Wyman and the World Bank to conduct assessments and provide advice on needed reforms in the Central Bank of Syria and the wider financial sector. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Shahba Bank: <\/strong>The bank\u2019s origins trace back to Lebanon when Byblos Bank founded it as a Syria branch in 2005. Syrian investors took over the bank afterward, but it is among a number of Syrian institutions with a similar origin story and exposure to the crumbling Lebanese financial system. Syrian banks had some USD 4.9 bn in deposits as of 2024, out of which USD 1.6 are Lebanon-exposed, Asharq Al Awsat <a target=\"_blank\" href=\"https:\/\/english.aawsat.com\/business\/5199689-syria-gives-banks-six-months-absorb-losses-lebanese-crisis%C2%A0\" style=\"\">reported<\/a> last year.<\/p>\n<p class=\"tag-border-left\">The pattern<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The profile of interested investors is in line with an overall trend we\u2019re seeing across <\/strong><strong>other post-war markets:<\/strong> First movers tend to be players that are able to take on and mitigate the associated risks. They\u2019re usually state-backed players \u2014 whether openly state-owned or big private ones with the right connections \u2014 from nations that have a clear political stake in post-conflict markets. In Syria, that means a lot of Turkish, Qatari, UAE, and Saudi interest. And in Libya, we\u2019ve seen Egyptian and Turkish outfits (and to a lesser extent, Italian and Greek companies) <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/24\/can-high-quality-oil-reserves-and-a-massive-reconstruction-opportunity-draw-global-investors-to-libya\/\" style=\"\">make the first moves<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Case in point: <\/strong>Saudi Arabia <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/logistics\/2026\/02\/09\/saudi-arabia-takes-the-lead-in-syrias-multi-sector-reconstruction\/\" style=\"\">launched<\/a> the <strong>Elaf<\/strong> Investment Fund earlier this year to lead on investments in Syria, earmarking SAR 7.5 bn for airport projects. Saudi telecom major <strong>STC<\/strong> said it would invest SAR 3 bn to develop Syria\u2019s fiber-optic backbone, data centers, subsea links, and internet connectivity under the Silk Link project. Meanwhile, Qatar\u2019s <strong>UCC<\/strong> Holding is <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/logistics\/2025\/08\/11\/qatar-us-turkish-consortium-to-overhaul-damascus-intl-airport-for-usd-4-bn\/\" style=\"\">co-investing<\/a> USD 4 bn alongside Turkish construction companies in the rehabilitation of the Damascus Airport, and Turkish players are going all in on zones and rail projects. The UAE also made moves on the Syrian market in 2025, securing a foothold in Syrian <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/7ae78a13-8685-4350-9187-1a21a49e69b1\/dp-world-to-invest-in-tartus-port-under-30-year-agreement\" style=\"\">ports<\/a>, <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/logistics\/2025\/08\/19\/more-regional-investments-are-coming-to-syrias-way\/\" style=\"\">cement manufacturing<\/a>, and <a target=\"_blank\" href=\"https:\/\/sana.sy\/en\/syria\/359150\/\" style=\"\">aviation<\/a>. <\/p>\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>Will others follow? <\/strong>Turkish players \u2014 like state-owned Ziraat Bank and private lender Aktifbank \u2014 are also <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/10\/turkish-banks-are-eyeing-syria-and-stellantis-is-doubling-down-on-algeria\/\" style=\"\">circling<\/a> Syria and are reportedly in advanced talks with the regulator there to open shop as early as this year. Meanwhile, Etisthmar Holding was also tied to the Syrian International Islamic Bank, with reports suggesting a 30% equity uptake could be in the works. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There are two pathways for foreign players wishing to enter the Syrian banking sector<\/strong> \u2014 buy stakes in existing banks or partner up with a local player to launch something new. Foreign ownership of Syrian banks is capped at 49% under the rules today, but that could go up to 60% for investors designated by the government as \u201cstrategic partners,\u201d F\u00e8ve tells us. <\/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\/banks\/\">banks<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/investment\/\">Investment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/lebanon\/\">Lebanon<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/ma\/\">M&amp;A<\/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\/syria\/\">Syria<\/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=\"114649\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        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       <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-114649\" class=\"content-area-description single-story post-114649 post type-post status-publish format-standard has-post-thumbnail hentry category-three-questions tag-economy tag-enterpriseam tag-libya tag-macroeconomics tag-public-policy tag-three-questions 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>Libya will have a \u201cunified\u201d budget for the first time in 13 years, but it still has two <\/strong><strong>governments. <\/strong>The new unified budget \u2014 announced on 11 April \u2014 could mark a significant shift from the chaos that has marred the country\u2019s finances since the central government was split in two in 2014: There are governments today in the East (in Benghazi) and the west (Tripoli, the nominal capital). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s changed: <\/strong>Libya has a budget that provides a degree of revenue sharing for the rival governments. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>While this is very welcome news for Libya, its promise also comes with plenty of caveats <\/strong><strong>and what-ifs<\/strong>, as we <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/24\/can-high-quality-oil-reserves-and-a-massive-reconstruction-opportunity-draw-global-investors-to-libya\/\" style=\"\">previously reported<\/a> in our deep dive on the country\u2019s massive reconstruction potential. We spoke with Jalel Harchaoui, a Libya analyst at the Royal United Services Institute, to get a deeper understanding of what the unified budget means, why now, and what\u2019s next. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM: What does this unified budget mean? What changes and what remains the <\/strong><strong>same?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Jalel Harchaoui: <\/strong>The most significant shift is the introduction of a hard ceiling on expenditure levels. It also forces a level of transparency that simply didn\u2019t exist before. For the first time, the expenditures of the Benghazi government (in the east) are being explicitly put in writing. Previously, the lack of oversight meant that spending data only surfaced months after the fact.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">By putting the eastern and western administrations on a level playing field, the new framework provides visibility into competing interests. You can see the amount of construction money spent by the Haftar family (in the east) and how much is spent by the Dbeibeh family (in the west). This visibility extends to the public payroll, where salary levels for public servants are finally documented in a way that allows for basic oversight. And when you look at the salaries, they are very reasonable. Some may even say they\u2019re too low to sustain. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Now, the primary concern is that this budget is a document, not a law. In a standard legislative environment, a budget is voted on by a parliament. Here, it was merely signed by individual members from the Parliament and the High Council of State. Without a firm legislative basis, the accounting conventions and the legal authority of the central bank to execute the document remain unclear.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">And there are also significant gaps in oversight. It remains to be seen if the Central Bank can report on disbursements in real-time or if it even has full visibility into all spending. Furthermore, the budget for the National Oil Corporation remains separate from the state budget, leaving a major piece of the economic puzzle outstanding. While the US has pledged to return in August to monitor progress, ignoring certain parts of the underlying conflict could make this progress dangerous if not handled with care.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM: Who\u2019s driving this process, and why now?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>JH:<\/strong> The impetus for this unified document has come almost unilaterally from the Trump administration, which stands in contrast with the Biden administration\u2019s laziness on Libya and other identical issues. The US role was positive and is moving things in the right direction. Historically, these kinds of efforts were handled by the IMF, the World Bank, and the UN.<\/p>\n<p>An impulse for business is driving the US push in Libya, often led by figures like Massad Boulos (Trump\u2019s senior advisor on Arab and Middle Eastern affairs). So when he moved on Libya \u2014 primarily for business reasons \u2014 he ended up mobilizing professionals within the departments of treasury, energy, and state, all of whom are people with technical expertise, to do what they do best. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">While this approach isn\u2019t perfect and could even be dangerous by ignoring certain parts of the conflict, it is a relatively refreshing change in momentum.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM: So, where do we go from here? <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>JH:<\/strong>The next major milestone is August, when the Americans have pledged to return and audit the execution of the document. They are going to be more catholic than the pope and more Libyan than the Libyans themselves. They successfully pushed their military track for Libya in the form of the Flintlock joint exercises in mid-April. And they also unveiled the unified spending framework, which is the unified budget, if you will. That is the economic track.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Now, they intend to push the political track immediately by announcing a big effort to unify the governments themselves. But that is not going well at all. It is likely going to prove much slower and more laborious than they initially planned. <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/economy\/\">ECONOMY<\/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\/macroeconomics\/\">macroeconomics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/public-policy\/\">Public policy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/three-questions\/\">THREE QUESTIONS<\/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=\"114651\" 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=\"114651\">\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\">THE CORRIDOR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/29\/uae-us-reportedly-back-usd-100-mn-paramilitary-force-to-secure-critical-mines-in-congo\/\">\r\n                            Guarding the motherlode                        <\/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\/29\/uae-us-reportedly-back-usd-100-mn-paramilitary-force-to-secure-critical-mines-in-congo\/\" 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 paramilitary force would secure production, oversee traceable transport of minerals, and replace \u201cdefense forces currently deployed in mining zones.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The likely backdrop: AI.<\/strong> While it\u2019s unclear whether the funding is public or private, the move fits squarely within Pax Silica, the US-led initiative to counter China\u2019s dominance over critical minerals supply chains tied to AI. The UAE joined the initiative in January alongside other countries, including Japan, India, the UK, South Korea, and Qatar. The bloc has since rolled out a framework to mobilize public and private capital into <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/02\/09\/this-morning-pax-silica-in-action-another-indian-acquisition-from-emirates-nbd\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/02\/09\/this-morning-pax-silica-in-action-another-indian-acquisition-from-emirates-nbd\/\" style=\"\">critical minerals<\/a>, as well as <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/03\/25\/mubadala-joins-critical-minerals-investment-fund-as-war-puts-supply-chains-into-focus\/\" style=\"\">an investment consortium<\/a> that includes Mubadala focused on supply chain resilience across the energy and critical minerals sectors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In parallel, a player in the UAE seems to be making a move: <\/strong>Paradigm Holdings, a UAE-based outfit that describes itself as an \u201cinvestment group\u201d with interests spanning mining, real estate, hospitality, and other sectors, says it has <a target=\"_blank\" href=\"https:\/\/www.arabianbusiness.com\/finance\/markets\/uae-based-paradigm-holdings-signs-drc-gold-deal-to-expand-supply-network-through-dubai\" style=\"\">signed a gold supply agreement<\/a> with the government of the Democratic Republic of Congo. The aim is to build a \u201cscalable, long-term supply network that connects directly back into the UAE\u2019s role as a global trading center,\u201d Paradigm founder Steven Hawkins is quoted as saying. <\/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\/critical-minerals\/\">critical minerals<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/the-corridor\/\">The Corridor<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/usa\/\">USA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"114653\" 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=\"114653\">\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\">PLANET STARTUP<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/29\/dubais-embedded-finance-startup-comfi-raises-usd-65-mn-to-expand-into-saudi\/\">\r\n                            Good news for SMEs?                        <\/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\/29\/dubais-embedded-finance-startup-comfi-raises-usd-65-mn-to-expand-into-saudi\/\" 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\/29\/dubais-embedded-finance-startup-comfi-raises-usd-65-mn-to-expand-into-saudi\/')\">\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\/29\/dubais-embedded-finance-startup-comfi-raises-usd-65-mn-to-expand-into-saudi\/\">\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=Dubai\u2019s embedded finance startup Comfi raises USD 65 mn to expand into Saudi&url=https:\/\/enterpriseam.com\/menaplus\/2026\/04\/29\/dubais-embedded-finance-startup-comfi-raises-usd-65-mn-to-expand-into-saudi\/\">\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\/29\/dubais-embedded-finance-startup-comfi-raises-usd-65-mn-to-expand-into-saudi\/&title=Dubai\u2019s embedded finance startup Comfi raises USD 65 mn to expand into Saudi\">\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=Dubai%E2%80%99s+embedded+finance+startup+Comfi+raises+USD+65+mn+to+expand+into+Saudi+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F04%2F29%2Fdubais-embedded-finance-startup-comfi-raises-usd-65-mn-to-expand-into-saudi%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\/29\/dubais-embedded-finance-startup-comfi-raises-usd-65-mn-to-expand-into-saudi\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/1390.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"114654\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/29\/dubais-embedded-finance-startup-comfi-raises-usd-65-mn-to-expand-into-saudi\/1390-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/1390.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1390.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/1390.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/1390.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-114653\" class=\"content-area-description single-story post-114653 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-startup tag-debt tag-egypt tag-enterpriseam tag-planet-startup tag-startups tag-uae wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dubai-based B2B embedded finance platform Comfi closed a USD 65 mn pre-Series A <\/strong><strong>round<\/strong> including both equity and debt to help it grow its regional footprint and expand \u201caggressively\u201d into Saudi Arabia by next year, co-founder and CEO Sanjar Samiev tells EnterpriseAM. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who\u2019s on board? <\/strong>The equity portion was led by Iliad Partners, with Yango Ventures and Raw Ventures making their first-ever regional investments, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/1384.pdf\" style=\"\">statement (pdf)<\/a>. The round also includes a credit facility from US-based private credit provider Partners for Growth and a mezzanine facility from Shorooq Partners.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This round \u201cgives us 18 months of operational runway to grow<\/strong> without the pressure of fundraising in an even more uncertain environment,\u201d Samiev says. It\u2019s good news for Comfi given fewer investors are likely to <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/04\/20\/a-strong-1q-for-uae-startups-but-regional-war-threatens-momentum-come-2h\/\" style=\"\">write tickets<\/a> amid headwinds from the war. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters now: <\/strong>Well, there\u2019s a war on, for starters? It\u2019s also a time when the SME clients that Comfi serves are more likely to see distress: Fallout from the conflict sees SME margins more squeezed than ever, input costs are skyrocketing \u2014 from gasoline to raw materials \u2014 and supply chain disruptions are straining plenty of companies. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cDemand has never been higher<\/strong>,\u201d Samiev says. \u201cWhen margins compress and costs rise unpredictably, the one lever SMEs can control is timing \u2014 when they pay and when they get paid,\u201d he adds.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Across the UAE, freezones, lenders, and government entities have rolled <\/strong><strong>out support packages<\/strong> for the sector in recent weeks. From <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/04\/08\/this-morning-washington-and-tehran-agree-to-a-two-week-ceasefire\/\" style=\"\">Emirates NBD<\/a> to Dubai South and startups like Qashio, help for small businesses has included deferred fees and waived penalties.<\/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>Also in Egypt: Cairo-based adtech startup Amzolute<\/strong><strong><a target=\"_blank\" href=\"https:\/\/amzolute.com\/\" style=\"\"><\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/amzolute.com\/\" style=\"\">sold 100% to US-based InvenTel<\/a><\/strong> in a deal that will see founder Ahmed El Hefny leave the business. The company runs Amazon ads for 850+ brands across eight countries at USD 92 mn in client sales. It\u2019s the third major US acquisition of a Cairo digital media operator after <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/14\/a15-sells-controlling-stake-in-connect-ads-to-us-outfit-aleph-holding\/\" style=\"\"><\/a> <strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/14\/a15-sells-controlling-stake-in-connect-ads-to-us-outfit-aleph-holding\/\" style=\"\">Aleph<\/a><\/strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/14\/a15-sells-controlling-stake-in-connect-ads-to-us-outfit-aleph-holding\/\" style=\"\">\u2019s 86% stake in<\/a> <strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/14\/a15-sells-controlling-stake-in-connect-ads-to-us-outfit-aleph-holding\/\" style=\"\">Connect Ads<\/a><\/strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/14\/a15-sells-controlling-stake-in-connect-ads-to-us-outfit-aleph-holding\/\" style=\"\">from A15<\/a> and <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/15\/converted-acquires-egyptian-fashion-platform-mitcha\/\" style=\"\"><\/a> <strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/15\/converted-acquires-egyptian-fashion-platform-mitcha\/\" style=\"\">Converted<\/a><\/strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/15\/converted-acquires-egyptian-fashion-platform-mitcha\/\" style=\"\">\u2019s purchase of<\/a> <strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/15\/converted-acquires-egyptian-fashion-platform-mitcha\/\" style=\"\">Mitcha<\/a><\/strong> \u2014 Cairo as a high-margin services hub for global digital media is becoming a thing.<\/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>Egyptian tech unicorn Fawry\u2019s microfinance arm secured EGP 250 mn (c. USD 5 mn) <\/strong><strong>from the European Bank for Reconstruction and Development (EBRD) for on-lending to entrepreneurs<\/strong>, with a focus on small businesses led or majority-owned by founders under 35 and those in underserved rural areas, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/1378.pdf\" style=\"\">press release (pdf)<\/a>. The facility aims to help the economy absorb the growing number of young people entering the labor market.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters: <\/strong>Lending to youth-led startups in an inflationary environment is risky for local institutions. By attaching a 10% first-loss risk cover and an EU-backed liquidity incentive for the borrower, the EBRD makes it easier for Fawry\u2019s micro- and small-business finance arm to take on new clients.<\/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>Sharjah launches another wartime buffer for startups:<\/strong> Sharjah Entrepreneurship Center (Sheraa) launched a AED 5 mn Entrepreneurs Resilience Fund offering non-dilutive, non-repayable grants and fast-tracked support for Sharjah-based startups and SMEs, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/government-news\/sheraa-launches-aed-5mln-entrepreneurs-resilience-fund-q8p2wth8\" style=\"\">press release<\/a>. The fund targets businesses in sectors like manufacturing, food security, and healthcare, while recipients will also receive mentorship, market visibility, and operational support.<\/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\/egypt\/\">Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/planet-startup\/\">Planet Startup<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/startups\/\">Startups<\/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=\"114655\" 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=\"114655\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">THE SCORECARD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/29\/mena-ma-were-down-74-and-bond-issuances-off-12-in-1q-as-spreads-widened-on-gulf-war\/\">\r\n                            After the gold rush?                        <\/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\/29\/mena-ma-were-down-74-and-bond-issuances-off-12-in-1q-as-spreads-widened-on-gulf-war\/\" 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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Hell, so much has happened that it\u2019s easy to forget that the quarter includes not just the war (and the run-up to it) but also the seasonal impact of Ramadan. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>M&A activity collapsed 74% y-o-y in 1Q to USD 18.8 bn<\/strong> while bond issuance fell 12% to USD 48.1 bn \u2014 and in both markets, nine of every ten meaningful transactions closed in January, our review of the data suggests. The pattern is identical across equity and debt: Front-loaded activity through Ramadan, then a sharp deceleration and an effective shutdown by mid-March as the war on Iran pushed spreads wider and investors tapped the brakes amid rising uncertainty.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the M&A side<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/business\/m-a\/as-mena-m-and-a-activity-drops-74-in-q1-goldman-sachs-forecasts-re-prioritising-in-regional-dealmaking-anogahfd\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/business\/m-a\/as-mena-m-and-a-activity-drops-74-in-q1-goldman-sachs-forecasts-re-prioritising-in-regional-dealmaking-anogahfd\" style=\"\">LSEG data<\/a> shows inbound activity at a 10-year low of USD 4.6 bn (-90%) and outbound at a two-year low of USD 11.5 bn (-55%). The headline transactions all closer early: <strong>Adia\u2019s<\/strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2025\/07\/07\/dp-world-acquires-controlling-stake-in-switzerlands-novaalgoma\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2025\/07\/07\/dp-world-acquires-controlling-stake-in-switzerlands-novaalgoma\/\" style=\"\">USD 4 bn exit<\/a> from its 18.4% stake in Pension Insurance Corporation, <strong>ePointZero\u2019s<\/strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/03\/31\/dp-world-russias-rosatom-form-jv-a-gaming-supplier-eyes-the-uae-empower-secures-a-contract-from-meraas-epointzero-acquires-us-energy-firm-for-usd-2-3-bn-egf-backs-carnistore\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/03\/31\/dp-world-russias-rosatom-form-jv-a-gaming-supplier-eyes-the-uae-empower-secures-a-contract-from-meraas-epointzero-acquires-us-energy-firm-for-usd-2-3-bn-egf-backs-carnistore\/\" style=\"\">USD 2.3 bn purchase<\/a> of Traverse Midstream, and <strong>Aluminium Bahrain\u2019s<\/strong><a target=\"_blank\" href=\"https:\/\/www.albasmelter.com\/en\/article\/alba-and-american-industrial-partners-enter-into-an-exclusive-agreement-for-alba-to-acquire-aluminium-dunkerque\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.albasmelter.com\/en\/article\/alba-and-american-industrial-partners-enter-into-an-exclusive-agreement-for-alba-to-acquire-aluminium-dunkerque\" style=\"\">USD 2.2 bn acquisition<\/a> of Aluminium Dunkerque. <strong>Goldman Sachs<\/strong> topped the <a target=\"_blank\" href=\"https:\/\/www.globaldata.com\/media\/business-fundamentals\/goldman-sachs-top-ma-financial-adviser-in-middle-east-africa-during-q1-2026-reveals-globaldata\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.globaldata.com\/media\/business-fundamentals\/goldman-sachs-top-ma-financial-adviser-in-middle-east-africa-during-q1-2026-reveals-globaldata\/\" style=\"\">league tables<\/a> on three deals worth a combined USD 34.8 bn, including PIF\/Savvy\u2019s <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/03\/24\/savvy-to-snap-up-bytedances-moonton-for-usd-6-bn\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/03\/24\/savvy-to-snap-up-bytedances-moonton-for-usd-6-bn\/\" style=\"\">USD 6 bn buy of Shanghai Moonton<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The debt market told a very similar story.<\/strong> Saudi Arabia carried 58% of regional issuance volume with USD 32.54 bn \u2014 including a USD 11.42 bn four-tranche January sale and <strong>Aramco\u2019s<\/strong> USD 3.95 bn raise \u2014 but the GCC effectively shut down by mid-March as spreads widened 20-30 bps and made fresh issuance uneconomic. <strong>Burjeel Holdings<\/strong><a target=\"_blank\" href=\"https:\/\/www.semafor.com\/article\/04\/27\/2026\/burjeel-healthcare-group-puts-islamic-bond-on-hold\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.semafor.com\/article\/04\/27\/2026\/burjeel-healthcare-group-puts-islamic-bond-on-hold\" style=\"\">paused its USD 1.5 bn debut Islamic bond<\/a> in the most concrete signal of the freeze \u2014 CEO Shamsheer Vayalil\u2019s remarks that \u201cspreads have changed\u201d is the entire 1Q debt story in three words. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sukuk fell harder than conventional paper<\/strong>, the data shows, dropping 17% y-o-y to USD 14.6 bn \u2014 just 30% of total proceeds, the <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/03\/15\/gcc-debt-markets-hit-the-brakes-as-geopolitical-risk-spikes\/\" style=\"\">lowest share in three years<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The structural drivers, though, remain intact.<\/strong> Tim Ingrassia, who leads M&A globally for Goldman Sachs, <a target=\"_blank\" href=\"https:\/\/www.goldmansachs.com\/insights\/articles\/ma-volume-expected-to-surge-this-year-despite-economic-uncertainty\" style=\"\">sees global pure M&A<\/a> hitting USD 3.8 tn this year \u2014 surpassing both 2021 and 2025 \u2014 driven by what he calls the \u201ctyranny of terminal value\u201d: AI is calling into question long-term business models, and investors are bidding on year-six-to-infinity worth, not year-one. PE distributions globally sit at a 16-year low, making exits a priority for GPs. Moreover, regional sovereigns and corporates with maturing debt don\u2019t have the luxury of staying away from the markets indefinitely.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What the 1Q numbers really capture is timing \u2014 not some enduring or structural change <\/strong><strong>to fundamentals.<\/strong> Pipelines are loaded and 2Q shows that markets are coming back to life, albeit cautiously: <strong>Emirates NBD\u2019s<\/strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-04-27\/emirates-nbd-plans-middle-east-s-first-at1-bond-sale-since-war\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-04-27\/emirates-nbd-plans-middle-east-s-first-at1-bond-sale-since-war\" style=\"\">USD 750 mn AT1 test<\/a>, <strong>XRG\u2019s<\/strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/e48d4c9b-36b8-476c-81a8-faccb1a981c0?syn-25a6b1a6=1\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/e48d4c9b-36b8-476c-81a8-faccb1a981c0?syn-25a6b1a6=1\" style=\"\">29 US natgas deals under review<\/a>, and <strong>Egypt\u2019s<\/strong><a target=\"_blank\" href=\"https:\/\/www.londonstockexchange.com\/news-article\/ZO30\/publication-of-offering-circulars-and-final-terms\/17561134\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.londonstockexchange.com\/news-article\/ZO30\/publication-of-offering-circulars-and-final-terms\/17561134\" style=\"\">USD 1 bn sovereign tap on the LSE<\/a> are early signs that the back half of the year will likely be \u201cokay\u201d at least. January\u2019s pace looks more like a baseline than a peak \u2014 provided the ceasefire in the Gulf stays in place, helping spreads tighten.<\/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-capital-markets\/\">debt capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/debt-watch\/\">DEBT WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/the-scorecard\/\">The Scorecard<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"114657\" 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=\"114657\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">MARKETS + DEALS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/29\/emirates-nbd-is-testing-appetite-for-an-at1-but-burjeel-thinks-investors-are-asking-too-much\/\">\r\n                            Taking the plunge?                        <\/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\/29\/emirates-nbd-is-testing-appetite-for-an-at1-but-burjeel-thinks-investors-are-asking-too-much\/\" 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 latest: One of the UAE\u2019s largest banks is out to raise capital \u2014 but a healthcare giant isn\u2019t willing to pay the premium investors are demanding. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>GO? Emirates NBD is testing the AT1 market with a<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-04-27\/emirates-nbd-plans-middle-east-s-first-at1-bond-sale-since-war\" style=\"\"><\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-04-27\/emirates-nbd-plans-middle-east-s-first-at1-bond-sale-since-war\" style=\"\">USD 750 mn perpetual non-call<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-04-27\/emirates-nbd-plans-middle-east-s-first-at1-bond-sale-since-war\" style=\"\">six-year<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-04-27\/emirates-nbd-plans-middle-east-s-first-at1-bond-sale-since-war\" style=\"\">issuance<\/a><\/strong> at initial price guidance of around 6.75% \u2014 the first AT1 sale by a regional lender since the war began. All the big names are on as bookrunners: ADCB, ENBD Capital, FAB, HSBC, Barclays, Citi, JP Morgan. The AT1 follows a <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/04\/01\/emirates-nbd-defies-credit-freeze-with-usd-2-25-bn-syndicated-loan\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/04\/01\/emirates-nbd-defies-credit-freeze-with-usd-2-25-bn-syndicated-loan\/\" style=\"\">USD 2.25 bn syndicated facility at record-tight pricing<\/a>, a <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/04\/13\/abu-dhabi-shifts-to-private-debt-to-navigate-war-driven-market-volatility\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/04\/13\/abu-dhabi-shifts-to-private-debt-to-navigate-war-driven-market-volatility\/\" style=\"\">USD 325 mn private placement<\/a>, a EUR 500 mn green bond and a USD 1 bn blue-green bond \u2014 all this year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ENBD is building war-chest liquidity ahead of its<\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/04\/03\/emirates-nbd-is-one-step-closer-to-acquiring-rbl-bank\/\" style=\"\"><\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/04\/03\/emirates-nbd-is-one-step-closer-to-acquiring-rbl-bank\/\" style=\"\">USD 3 bn acquisition of RBL Bank<\/a><\/strong> <strong> in <\/strong><strong>India<\/strong>. If the order book covers, every other regional bank with Tier-1 plans gets a benchmark to follow. ADCB, FAB, and DIB will be watching.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>NO GO? <\/strong>Read this against ADX-listed healthcare outfit Burjeel Holdings putting on hold a planned USD 1.5 bn Islamic bond issuance, as we note above in this morning\u2019s Scorecard. The company\u2019s CEO noted simply that \u201cspreads have changed.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Uh, Enterprise? <\/strong><strong>I\u2019m a normal<\/strong><strong>, not a finance nerd like you guys. What\u2019s an AT-1? <\/strong>An AT-1 is banker-speak for \u201cadditional tier-1 capital.\u201d Banks raise them through AT-1 bonds to strengthen their capital base under global banking rules known as Basel III. The bank is basically to take on capital that it will only use if the bank\u2019s capital falls below a specific threshold in a period of financial distress. AT-1s are standard instruments for UAE banks. <\/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>Citadel is setting up shop in DIFC:<\/strong> The hedge fund got the <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-04-28\/citadel-said-to-get-greenlight-to-begin-operating-in-dubai\" style=\"\">regulatory greenlight to begin<\/a><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-04-28\/citadel-said-to-get-greenlight-to-begin-operating-in-dubai\" style=\"\">operating from the DIFC<\/a>, with fixed income and macro teams setting up first. The USD 67 bn AUM outfit is probably the most consequential opening in DIFC history \u2014 all the more significant that it\u2019s launching here during the war.<\/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>PIF-owned SRC<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2572549\" style=\"\"><\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2572549\" style=\"\">signed a SAR 3 bn agreement<\/a><\/strong><strong> to buy a residential mortgage portfolio <\/strong><strong>from <\/strong><strong>AlRajhi Bank<\/strong> \u2014 taking old paper off the bank\u2019s books to free origination capacity for fresh deals. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART- <\/strong>SRC is doing what Fannie Mae does in the US. The move comes as Vision 2030 calls for more and more Saudis to own homes \u2014 and as more and more pundits raise questions about the crowding-out of the private sector from the banking system amid a boom in borrowing to back state projects. <\/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>GCC-based crypto brokerage Rain Financial<\/strong><strong><a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/1405.pdf\" style=\"\">acquired Saudi-based fintech-media outfit<\/a><\/strong><strong>Digital Ma\u2019arefa. <\/strong>Neither side disclosed the value of the transaction, which looks a lot like the type of Robinhood \/ Stocktwits model that has been successful with brokerage and crypto in the West.<\/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>XRG, Adnoc\u2019s overseas investment arm, has<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/e48d4c9b-36b8-476c-81a8-faccb1a981c0?syn-25a6b1a6=1\" style=\"\"><\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/e48d4c9b-36b8-476c-81a8-faccb1a981c0?syn-25a6b1a6=1\" style=\"\">29 US natural gas deals under review<\/a><\/strong> \u2014 controlled buys, drilling JVs, and minority stakes spanning production, pipelines, processing, liquefaction, and regas. CIO Nameer Siddiqui says the total cost of the program will be in the \u201ctens of billions\u201d against XRG\u2019s now-USD 151 bn enterprise value. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART- <\/strong>The asymmetry is the trade: US banks are stepping back from LNG financing on oversupply concerns, leaving a vacuum that a deep-pocketed sovereign-backed buyer can walk into without a bidding war. This is what XRG was built for. Watch how many of those 29 deals get announced in 2H.<\/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>IPO WATCH- Endeavor and SVC<\/strong><strong><a target=\"_blank\" href=\"https:\/\/saudi.endeavor.org\/from-startup-to-public-offering-strengthening-the-ipo-pipeline-in-saudi-arabia\/\" style=\"\">found that 77%|<\/a><\/strong><strong> of 30 prominent Saudi founders they <\/strong><strong>surveyed are <\/strong><strong>actively exploring an IPO<\/strong>, with Tadawul as the venue of choice. Most are going to have to do a lot of work on governance and reporting before they can start thinking about life as public companies: Founders surveyed admit their corporate structure isn\u2019t anywhere near listing-grade, and over 80% of local venture capital is deployed at the early stage with a Series A+ vacuum.<\/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>Foreign appetite for good yield is high:<\/strong> Egypt raised <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/29\/cairo-blocks-new-fb-licences-in-its-most-lucrative-districts\/\" style=\"\">USD 1 bn through a three-tranche<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/29\/cairo-blocks-new-fb-licences-in-its-most-lucrative-districts\/\" style=\"\">reopening of existing notes<\/a> on the LSE at yields ranging from 7.60% to 9.45%. The Madbouly government opted for taps over a fresh issuance, building benchmark size while sidestepping the execution risk of a full new deal amid the ongoing war in the region. Proceeds went to repaying a EUR 1 bn April Eurobond maturity without dipping into FX reserves. <\/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>Jamjoom Pharma<\/strong><a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/jamjoom-pharma-signs-agreement-to-acquire-pharmaceutical-manufacturing-facility-in-saudi-arabia-from-pfizer-qxqmmcli\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/jamjoom-pharma-signs-agreement-to-acquire-pharmaceutical-manufacturing-facility-in-saudi-arabia-from-pfizer-qxqmmcli\" style=\"\">signed an agreement to acquire<\/a> <strong> Pfizer Saudi\u2019s <\/strong>oral-solid-dosage manufacturing facility in King Abdullah Economic City. Neither party disclosed the value of the transaction. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>An Adia subsidiary<\/strong><a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/business\/investment\/abu-dhabis-adia-unit-joins-terahop-capital-raise-kf1zrdbq\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/business\/investment\/abu-dhabis-adia-unit-joins-terahop-capital-raise-kf1zrdbq\" style=\"\">joined a fresh capital raise for TeraHop<\/a>, the Singapore- and Thailand-based supplier of high-speed optical transceivers used in data centers. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">UAE-based <strong>Alpha Smart<\/strong><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/SCZONE.EG\/posts\/pfbid0KWkLN1UqXBay9rnUjnLdreMa9ciGgWczYavGYbAX7gcmvyqUPeqJSzr7rtA1HgWol\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/SCZONE.EG\/posts\/pfbid0KWkLN1UqXBay9rnUjnLdreMa9ciGgWczYavGYbAX7gcmvyqUPeqJSzr7rtA1HgWol\" style=\"\">inked a USD 100 mn integrated industrial complex<\/a> deal with <strong>SCZone<\/strong> \u2014 500k sqm at Ain Sokhna across two phases, expected to attract another USD 150 mn in industrial investment.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EGX-listed CIRA Education tells our Egypt desk it\u2019s going to be pursuing M&A <\/strong>and more growth in the West. CEO Mohamed El Kalla spoke after the company reported that <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/1385.pdf\" style=\"\">normalized 1H FY 2025-26 net income jumped 67% y-o-y<\/a> to EGP 678.3 mn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Hazem Moussa<\/strong><a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/1383.pdf\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/1383.pdf\" style=\"\">is stepping down as chairman of EGX-listed Contact Financial Holding<\/a> after 25 years. Moussa helped invent consumer credit and securitization in Egypt and is \u201cmoving on to new ventures.\u201d A name to watch.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> Market Snapshot<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tadawul<\/strong> 0.10% \u2022 <strong>ADX<\/strong> 0.08% \u2022 <strong>DFM<\/strong> -0.22% \u2022 <strong>EGX30<\/strong> -0.93%<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Brent USD 111.26 \/ bbl \u2022 Gold USD 4,611 \/ oz \u2022 USD \/ SAR 3.75 \u2022 USD \/ EGP 52.98<\/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\/markets-deals\/\">Markets + Deals<\/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=\"114659\" 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=\"114659\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">ALSO ON OUR RADAR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/29\/egyptian-contractors-turn-abroad-amid-high-interest-at-home\/\">\r\n                            Overseas wagers                        <\/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\/29\/egyptian-contractors-turn-abroad-amid-high-interest-at-home\/\" target=\"_blank\">\n                    Open in new tab   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class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"114660\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/29\/egyptian-contractors-turn-abroad-amid-high-interest-at-home\/2253-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/3\/2253.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2253.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/3\/2253.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/3\/2253.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-114659\" class=\"content-area-description single-story post-114659 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-construction tag-egypt tag-enterpriseam tag-infrastructure tag-jordan tag-saudi-arabia wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">More overseas moves from Egyptian contractors<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Egyptian construction giants are landing more regional projects: <\/strong>Orascom Construction and Arab Contractors are part of a consortium <a target=\"_blank\" href=\"https:\/\/mena.org.eg\/news\/%D9%85%D8%AF%D9%8A%D8%B1-%D8%A7%D9%84%D9%86%D8%A7%D9%82%D9%84-%D8%A7%D9%84%D9%88%D8%B7%D9%86%D9%8A-%D9%84%D9%84%D9%85%D9%8A%D8%A7%D9%87-%D8%A8%D8%A7%D9%84%D8%A7%D8%B1%D8%AF%D9%86-3da87769-bcf4-4812-bd40-e9645a5fcf71\" style=\"\">developing<\/a> Jordan\u2019s largest-ever infrastructure project, the USD 5.8 bn Aqaba-Amman Water Desalination and Conveyance project, while our friends at Hassan Allam Holding, together with Saudi Arabia\u2019s AlBawani Holding, will <a target=\"_blank\" href=\"https:\/\/www.hassanallam.com\/news\/hassan-allam-construction-saudi-arabia-and-albawani-awarded-490m-contract-for-saudi-arabia-museum-of-contemporary-art-samoca\" style=\"\">build<\/a> the Saudi Arabia Museum of Contemporary Art, after being awarded the USD 490 mn contract. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong> Egyptian contractors have tons of experience building fast after a decade-long construction boom in their home market. That boom has quieted down after the Sisi administration curtailed infrastructure and other spending in the wake of the 2022-2024 currency crisis. Other regional players are taking advantage: 25 Egyptian contracting firms <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/14\/new-entry-rules-for-egyptian-contractors-eyeing-saudi-sar-200-bn-project-pipeline\/\" style=\"\">recently<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/14\/new-entry-rules-for-egyptian-contractors-eyeing-saudi-sar-200-bn-project-pipeline\/\" style=\"\">qualified<\/a> to compete for the Saudi National Housing Company\u2019s massive SAR 200 bn pipeline of projects \u2014 they were invited to apply by Riyadh.<\/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\">One is canceled, another is happening<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The World Snooker Tour canceled the Saudi Arabia Snooker Masters and the World Pool <\/strong><strong>Championship<\/strong>, it said in a <a target=\"_blank\" href=\"https:\/\/www.wst.tv\/news\/2026\/april\/25\/saudi-arabia-snooker-masters\/\" style=\"\">statement<\/a>. The cancellation comes amid <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/04\/19\/liv-golf-funding-uncertainty-sparks-questions-over-pif-sports-strategy\/\" style=\"\">speculation<\/a> about a reassessment of Saudi sports spending, including potential changes to funding for major international projects, reports that the PIF is <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/04\/16\/liv-golfs-future-is-uncertain\/\" style=\"\">pulling the plug<\/a> on LIV Golf, and Saudi Arabia stepping back from events such as the Next Gen ATP and WTA Finals.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, the WWE <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/09\/14\/tamara-reportedly-in-talks-to-borrow-at-least-usd-1-4-bn\/\" style=\"\">renewed<\/a><\/strong> <strong> its commitment to Riyadh:<\/strong> The WWE is bringing a new iteration of its biggest show, WrestleMania, to Riyadh in 2027, marking the first time it will be held outside North America. The news comes after WWE said its \u201cNight of Champions\u201d event will <a target=\"_blank\" href=\"https:\/\/www.wrestlinginc.com\/2155408\/wwe-night-of-champions-2026-riyadh-saudi-arabia\/\" style=\"\">take place<\/a> in Riyadh on 27 June as planned for the <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/06\/30\/gdp-growth-to-reach-4-6-by-2027-a-new-saudi-egyptian-ro-ro-shipping-line-in-the-cards\/\" style=\"\">second year<\/a> in a row. <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/construction\/\">construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/egypt\/\">Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/jordan\/\">Jordan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"114661\" 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=\"114661\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">WHAT WE\u2019RE TRACKING<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/29\/former-banker-ali-al-zaidi-tapped-as-iraqs-new-prime-minister\/\">\r\n                            Banking on neutrality                        <\/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\/29\/former-banker-ali-al-zaidi-tapped-as-iraqs-new-prime-minister\/\" 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\/29\/former-banker-ali-al-zaidi-tapped-as-iraqs-new-prime-minister\/')\">\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\/29\/former-banker-ali-al-zaidi-tapped-as-iraqs-new-prime-minister\/\">\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=Former banker Ali Al Zaidi tapped as Iraq\u2019s new prime minister&url=https:\/\/enterpriseam.com\/menaplus\/2026\/04\/29\/former-banker-ali-al-zaidi-tapped-as-iraqs-new-prime-minister\/\">\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\/29\/former-banker-ali-al-zaidi-tapped-as-iraqs-new-prime-minister\/&title=Former banker Ali Al Zaidi tapped as Iraq\u2019s new prime minister\">\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=Former+banker+Ali+Al+Zaidi+tapped+as+Iraq%E2%80%99s+new+prime+minister+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F04%2F29%2Fformer-banker-ali-al-zaidi-tapped-as-iraqs-new-prime-minister%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\/29\/former-banker-ali-al-zaidi-tapped-as-iraqs-new-prime-minister\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/1498.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"114662\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/29\/former-banker-ali-al-zaidi-tapped-as-iraqs-new-prime-minister\/1498-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/1498.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1498.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/1498.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/1498.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-114661\" class=\"content-area-description single-story post-114661 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking tag-enterpriseam tag-iraq tag-what-were-tracking wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Watch this space<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>Iraq now has a businessman and former banker running its government<\/strong> after Iraqi President Nizar Amede <a target=\"_blank\" href=\"https:\/\/x.com\/nizarAmede\/status\/2048843984202879415\" style=\"\">tapped Ali Al Zaidi<\/a> as the country\u2019s new prime minister earlier this week. Al Zaidi \u2014 who was nominated by the country\u2019s majority Shia faction, the Coordination Framework \u2014 is now tasked with forming a new cabinet within 30 days that must also land a vote of confidence from nearly half of the 329-seat parliament.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The appointment comes as Washington has been ratcheting up pressure on Baghdad to <\/strong><strong>form a new government<\/strong>, with that pressure taking different forms in the past several months. Iraq\u2019s outgoing prime minister, Mohammed Shia Al Sudani, failed to secure parliament backing for a second term, while former prime minister Nour Al Maliki withdrew from the race after US President Donald Trump <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/trump-says-us-wont-help-iraq-if-it-picks-maliki-prime-minister-2026-01-27\/\" style=\"\">threatened to withdraw<\/a> US support for Iraq if Al Maliki took the position. Al Zaidi is considered a politically neutral choice, particularly as he has no political background. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Egypt, Turkey angle for more of Hormuz disruption tailwinds: <\/strong>Turkey and Egypt are reportedly working on plans to invest in oil storage and logistics projects, as interest builds up in projects that can help GCC-based oil producers hedge against Hormuz closure. Egypt \u2014 already <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/09\/ten-red-sea-facilities-in-egypt-open-as-gcc-producers-run-out-of-space\/\" style=\"\">leveraging<\/a> existing oil storage infrastructure on the Red Sea \u2014 is <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/power\/129943\/%D9%85%D8%B5%D8%B1-%D8%AA%D8%AA%D8%AC%D9%87-%D9%84%D8%A5%D9%86%D8%B4%D8%A7%D8%A1-%D9%85%D9%86%D8%B7%D9%82%D8%A9-%D9%84%D8%AA%D8%AF%D8%A7%D9%88%D9%84-%D8%A7%D9%84%D9%85%D9%86%D8%AA%D8%AC%D8%A7%D8%AA-%D8%A7%D9%84%D8%A8%D8%AA%D8%B1%D9%88%D9%84%D9%8A%D8%A9\/\" style=\"\">reportedly<\/a> moving to build a USD 600 mn integrated petroleum logistics zone at Alexandria Port. Turkey, meanwhile, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/turkish-botas-investment-raise-ceyhan-crude-oil-capacity-45-mln-barrels-paper-2026-04-27\/\" style=\"\">said<\/a> it will roll out a multi-year development to quadruple oil storage capacity at Ceyhan Port to reach 45 mn barrels by 2031. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND- <\/strong>Egypt has around 29 mn barrels of storage across its main ports \u2014 a figure that positions it as a viable option for traders looking for optionality and a strategic location.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>More details on Turkey\u2019s anticipated tax incentives package: <\/strong>Transit trade and Turkish services exports \u2014 including gaming, software, and medical tourism \u2014 are set to <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/turkey-unveils-steep-tax-cuts-boost-competitiveness-investment-2026-04-27\/\" style=\"\">get 100%<\/a><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/turkey-unveils-steep-tax-cuts-boost-competitiveness-investment-2026-04-27\/\" style=\"\">corporate tax exemptions<\/a> under a new package the government is rolling out to boost competitiveness and attract foreign capital, Finance Minister Mehmet Simsek said at a presser on Monday. Other incentives that Turkey previously said would be included in the package include extending tax benefits to foreign firms that set up offices in the Istanbul Financial Center, and reducing taxes for export manufacturers to 9% from 20%,<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The new details showcase the level of ambition Turkey has as it pushes its <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/27\/turkey-positions-istanbul-as-safe-haven-with-new-tax-incentives-plan\/\" style=\"\">\u201csafe haven\u201d<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/27\/turkey-positions-istanbul-as-safe-haven-with-new-tax-incentives-plan\/\" style=\"\">pitch<\/a><\/strong><strong> to investors<\/strong>, particularly while the conflict in the region undermines other hubs in the region, like Dubai and Doha.<\/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\">Sign of the times<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>Gulf-backed transactions worth <\/strong><strong>USD <\/strong><strong>106 bn across North America and Europe are <\/strong><strong>currently in limbo<\/strong> as the war forces investors in the region to revisit their strategies, according to Pitchbook data cited by the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/53951801-5a60-4016-b978-ebbf71417111?syn-25a6b1a6=1\" style=\"\">Financial Times<\/a>. Rising defense spending and energy risks are pushing governments to prioritize domestic investment over assets like VC or entertainment, says Oxford\u2019s Ana Nacvalovaite. Still, high-profile transactions like the USD 110 bn <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/04\/09\/pif-gcc-swfs-reportedly-commit-usd-24-bn-to-warner-bros-takeover\/\" style=\"\">Paramount-Skydance<\/a> and the USD 55 bn <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/03\/30\/this-morning-jpmorgan-offloads-usd-15-bn-in-debt-to-finance-the-pif-led-electronic-arts-buyout\/\" style=\"\">Electronic Arts<\/a> takeovers reportedly remain on track. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT- <\/strong>Six of the world\u2019s 10 largest SWFs are based in our part of the world, controlling nearly USD 5 tn in assets. Even marginal shifts in their allocation can filter through to global M&A pipelines that depend on their anchor investments.<\/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\/iraq\/\">Iraq<\/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=\"114663\" 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\/29\/114663\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-114663\" class=\"content-area-description single-story post-114663 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\">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>Opec\u2019s center of gravity shifts | First post-war investment in Syria\u2019s banking sector | Capital markets ran out of road in March | More regional projects for Egyptian players<\/p>\n","protected":false},"featured_media":114643,"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-114642","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"b36bfa1b-0ae1-4dec-8908-63f474bd0eaf","teaser":"Opec\u2019s center of gravity shifts | First post-war investment in Syria\u2019s banking sector | Capital markets ran out of road in March | More regional projects for 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