{"id":114837,"date":"2026-05-06T00:00:00","date_gmt":"2026-05-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/menaplus\/?post_type=issue&#038;p=114837"},"modified":"2026-05-06T06:23:20","modified_gmt":"2026-05-06T06:23:20","slug":"swift-road-to-recovery","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/menaplus\/issues\/swift-road-to-recovery\/","title":{"rendered":"SWIFT road to recovery"},"content":{"rendered":"<section id=\"114839\" 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=\"114839\">\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\/05\/06\/plenty-of-macro-overhang-but-the-engine-room-is-still-humming\/\">\r\n                            Plenty of macro overhang, but the engine room is still humming                        <\/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\/05\/06\/plenty-of-macro-overhang-but-the-engine-room-is-still-humming\/\" 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\/05\/06\/plenty-of-macro-overhang-but-the-engine-room-is-still-humming\/')\">\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\/05\/06\/plenty-of-macro-overhang-but-the-engine-room-is-still-humming\/\">\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=Plenty of macro overhang, but the engine room is still humming&url=https:\/\/enterpriseam.com\/menaplus\/2026\/05\/06\/plenty-of-macro-overhang-but-the-engine-room-is-still-humming\/\">\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\/05\/06\/plenty-of-macro-overhang-but-the-engine-room-is-still-humming\/&title=Plenty of macro overhang, but the engine room is still humming\">\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=Plenty+of+macro+overhang%2C+but+the+engine+room+is+still+humming+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F05%2F06%2Fplenty-of-macro-overhang-but-the-engine-room-is-still-humming%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\/05\/06\/plenty-of-macro-overhang-but-the-engine-room-is-still-humming\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-114839\" class=\"content-area-description single-story post-114839 post type-post status-publish format-standard hentry category-opening-note tag-enterpriseam tag-macroeconomics 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>Halfway through the week, there\u2019s no shortage of headline risk in the region.<\/strong> Tensions flared up again as the UAE accused Iran of attacking one of its tankers attempting to pass through the Strait of Hormuz on Monday, shortly after Iran said two <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/iran-war-live-tehran-issues-warning-after-trump-offers-us-help-ships-hormuz-2026-05-04\/\" style=\"\">missiles<\/a> hit a US vessel, though US Central Command denied any strike. Residents in the UAE also began receiving public safety warnings again as Iran fired missiles into the country, seemingly targeting every oil export route the UAE has. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, Riyadh just confirmed what was already foreshadowed, with its 1Q 2026<\/strong><strong> fiscal deficit widening<\/strong> to its highest level since 2018 at SAR 125.7 bn (c. 35.5 bn). That figure is dangerously close to the USD 44 bn the government has penciled in for the entire year, thanks to a dip in oil revenues and an uptick in government spending. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND-<\/strong> The latest PMI figures across the Gulf, Egypt, and Turkey mostly landed on the disappointing side. Output, new orders, and hiring all lost momentum last month, signaling mounting cost pressures and slowing demand. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Look past the macro overhang, though, and the deal pipeline paints a different picture.<\/strong> For the second issue in a row, our Markets + Deals column points to a rather busy time for capital markets. Bookrunners are working through a healthy slate of IPOs, transactions are being priced, and M&A is \u2014 if anything \u2014 picking up pace. \u2013Patrick and Salma <\/p>\n\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\/macroeconomics\/\">macroeconomics<\/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=\"114840\" 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=\"114840\">\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\/05\/06\/syrias-banking-recovery-can-foreign-investment-alone-revive-the-war-torn-sector\/\">\r\n                            SWIFT road to recovery                        <\/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\/05\/06\/syrias-banking-recovery-can-foreign-investment-alone-revive-the-war-torn-sector\/\" 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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USD 20-30 mn would reactivate the entire banking system here in Syria.\u201d<\/p>\n<p><strong>You can\u2019t exactly rebuild a country wit<\/strong><strong>h suitcases of cash.<\/strong> While the Central Bank of Syria being reconnected to SWIFT and opening its first US Federal Reserve account since 2011 are major milestones, the country\u2019s ailing banking system remains a binding constraint on large-scale investment. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT- War and financial isolation have squeezed Syrian banks dry.<\/strong> A 2025 Blominvest Bank <a target=\"_blank\" href=\"https:\/\/blog.blominvestbank.com\/wp-content\/uploads\/2025\/05\/A-Look-at-Syria%E2%80%99s-Banking-Sector.pdf\" style=\"\">report<\/a> puts total banking assets (the loans, deposits, and investments they hold) at roughly USD 4-5 bn. That figure may <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/29\/qatars-estithmar-holding-to-acquire-49-of-syrias-shahba-bank\/\" style=\"\">include<\/a> some USD 1.6 bn in deposits in Lebanese banks and, well, only God knows their fate. Total shareholder equity in the system is even more alarming, standing at just USD 795 mn as of 4Q 2025, according to Karam Shaar Advisory <a target=\"_blank\" href=\"https:\/\/karamshaar.com\/syria-in-figures\/syrian-private-banks-recapitalization-options\/\" style=\"\">estimates<\/a>. Meanwhile, about 40% of public-facing bank branches are non-operational. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>To put that in perspective<\/strong>, the entire Syrian banking sector\u2019s capital base now is roughly the equivalent of that of a single mid-sized bank in Jordan, Egypt, or Tunisia. If the whole sector were treated as a single bank, it would fall in the lowest quartile among the largest 100 Arab banks.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But the system is starting to come back online: <\/strong>The Central Bank of Syria (CBS) has reconnected to SWIFT, reopened an account at the Federal Reserve Bank of New York, and is working to establish correspondent banking relationships with countries including Turkey, Germany, and Canada. Governor Abdulkader Husrieh has also been lobbying European capitals, including Paris and Vienna, to re-engage with Syria\u2019s banking system. Support signals have also been trickling in from Western economies, even if serious capital has yet to follow: The EU is <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/eu-restore-syria-relations-strengthen-trade-security-ties-document-shows-2026-04-17\/\" style=\"\">working<\/a> on resuming full trade ties, while Norway, home to the world\u2019s largest sovereign wealth fund, recently lifted a ban on investment in Syrian bonds.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The latest case in point: <\/strong>QNB has <a target=\"_blank\" href=\"https:\/\/english.enabbaladi.net\/archives\/2026\/05\/qnb-launches-international-card-acceptance-in-syria\/\" style=\"\">become<\/a> the first foreign bank to allow international card acceptance in Syria \u2014 that means Syrian merchants can process Visa and Mastercard transactions for the first time in over a decade. The move follows a landmark announcement by the Central Bank of Syria to re-integrate with Visa and Mastercard global payment networks, effectively dismantling a major barrier to foreign exchange and international tourism \u2014 and possibly creating conditions for fintech players in the country. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That progress is opening a lucrative window for foreign investors. <\/strong>\u201cIf you acquire a Syrian bank today, you\u2019re acquiring it for cents on the dollar,\u201d Al Jundi says. This is why some early movers are moving quickly despite the risks \u2014 they\u2019re betting that the low entry cost of a Syrian bank outweighs the massive due diligence risks of sanctioned shareholders and wartime liabilities.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And those liabilities run deep: <\/strong>Many board members and shareholders of active banks were sanctioned individuals, Al Jundi tells us. \u201cAre those banks implicated in what happened in Jobar or Idlib? Did they finance these things? Did they disperse any salaries for the Assad regime?\u201d These are the types of questions that will bedevil due diligence processes by would-be acquirers anxious to avoid falling into a legal and PR nightmare. \u201cWhoever is going to acquire might be questioned 10 or 12 years from now. It\u2019s a very sweet deal for any outside bank, but a very strong due diligence [process] needs to take place,\u201d Al Jundi adds. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- <\/strong>In addition to acquisition of a 49% stake in Shahba Bank from Syria-based Bemo Saudi Fransi Bank and Ahli Trust Bank, Estithmar Holding is also believed to be in advanced talks to acquire a 30% stake in the Syrian International Islamic Bank.<\/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\">Regional competition<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who\u2019s looking to buy into the sector is being driven by politics more than economics.<\/strong> \u201cRegional geopolitics are pretty much shaping the order of re-entry,\u201d Benjamin F\u00e8ve, senior researcher at Karam Shaar Advisory, tells us. \u201cTurkey looks like the fastest mover because it combines political backing, trade exposure, proximity, and direct commercial interest in reopening payment corridors with Syria,\u201d he adds. Turkish players \u2014 like state-owned Ziraat Bank and private lender Aktifbank \u2014 are reportedly in advanced talks with the regulator there to open shop as early as this year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But Al Jundi thinks the Saudis could beat the Turks to the banking sector. <\/strong>His logic is simple: Acquiring or backing a local bank could provide a direct financial channel to back the USD 6.5 bn in Saudi Arabia pledges for reconstruction investments, he tells us. \u201cAt the end of the day Turkey\u2019s interest in Syria is going to be a private sector interest\u2026 I don\u2019t think the government is going to intervene much. They already have their own crisis,\u201d Al Jundi adds.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Outside of those state-aligned bids, private players are mostly a write-off for now<\/strong> \u2014 except a very few that are backed by governments with political stakes in the country, F\u00e8ve tells us. \u201cPrivate banks still need guarantees, as Syria\u2019s banking system remains too degraded to attract market-driven investment at this stage of the transition,\u201d F\u00e8ve notes. \u201c[Their entry] will take a lot of time because they would usually wait until they are able to point to a precedent, to functioning correspondent channels, and a tolerable compliance narrative for their boards and regulators before entering,\u201d he adds. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Remaining hurdles<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Even for those willing to jump on the first-mover advantage, the dealmaking environment <\/strong><strong>is complicated.<\/strong> \u201cThe most pressing structural bottlenecks lie in compliance, balance sheet weakness, and payment connectivity, more than the lack of investor curiosity,\u201d F\u00e8ve tells us. He ranks compliance as the single biggest risk for banking investors today, ahead of macro and security concerns: \u201cThough all three actually matter, of course, but I\u2019d say that the risk appetite for shaky compliance is much lower than for, let's say, security issues.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Compliance starts with the FATF problem. <\/strong>Syria is on the Financial Action Task Force (FATF) gray list and is still designated by the US as a state sponsor of terrorism. While the lifting of Western sanctions technically means it is legal to move cash to and from Syria\u2019s banks, the gray list designation requires a higher level of due diligence from banks dealing with Syria, Al Jundi tells us. Many international banks find the cost of this required due diligence too high to justify, given how limited the volumes of Syria-linked transactions are. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That makes getting off the gray list potentially make-or-break, but the government needs <\/strong><strong>to push harder. <\/strong>\u201cWhat needs to happen is a technical visit from the FATF global team. They need to do an on-site assessment. And no one in the Syrian government is pushing the FATF organization to do this visit fast enough. They do the visit for one week, and the removal could be out,\u201d Al Jundi explains. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A Qatari-funded Oliver Wyman <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/22\/syria-taps-world-bank-oliver-wyman-for-financial-sector-reform\/\" style=\"\">assessment<\/a><\/strong><strong> of financial sector reform <\/strong><strong>is also key to <\/strong><strong>watch. <\/strong>\u201cAn externally backed diagnostic of what is broken, what must be fixed, and what sequencing is realistic,\u201d F\u00e8ve says, calling it essential reading for foreign investors and compliance teams. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The hard part is just starting:<\/strong> With sanctions lifted and SWIFT reconnection serving as proof of concept, the government is now at the most challenging stage of bank reform: \u201cbank-by-bank restructuring, [anti-money laundering] upgrades, reserve management reforms, we need to have statistics [and] supervisory credibility,\u201d F\u00e8ve tells us.<\/p>\n\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\/investments\/\">investments<\/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\/syria\/\">Syria<\/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=\"114842\" 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=\"114842\">\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\">ECONOMY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/06\/regional-non-oil-private-sectors-show-mixed-performance\/\">\r\n                            Mixed bag                        <\/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\/05\/06\/regional-non-oil-private-sectors-show-mixed-performance\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n         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data-attachment-id=\"114843\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/06\/regional-non-oil-private-sectors-show-mixed-performance\/303-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/303.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"303.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/303.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/303.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-114842\" class=\"content-area-description single-story post-114842 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-egypt tag-enterpriseam tag-kuwait tag-pmi tag-qatar tag-saudi-arabia tag-turkey 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>It was a mixed April for the private sector across MENA+<\/strong>, with business conditions rebounding in Saudi and Qatar, while the UAE, Egypt, Kuwait, and Qatar continued to take it on the chin. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the rebound:<\/strong> Saudi Arabia\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/232.pdf\" style=\"\">purchasing managers\u2019 index (PMI)<\/a> rose to 51.5 in April, up from <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/04\/06\/non-oil-sector-braces-for-geopolitical-storm-as-pmi-dips-below-50\/\" style=\"\">March\u2019s<\/a> contraction of 48.8, supported by new business growing as local clients returned to the market after a jittery March. <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/266.pdf\" style=\"\">Qatar also had<\/a> a better April, although its non-oil private sector remained in contraction territory at 46.4 \u2014 jumping from 38.7 in March, which was its lowest level in nearly six years. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Not so much:<\/strong> The UAE had <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/235.pdf\" style=\"\">its weakest month<\/a> in more than five years in April amid increased cost pressures and ongoing supply chain disruptions due to the regional war, with the country\u2019s seasonally adjusted PMI slipping further to 52.1 from 52.9 the month prior. The last time the UAE\u2019s non-oil sector was in contraction territory was in 2020, at the peak of covid-19. Egypt sustained its fifth consecutive monthly drop to 46.6 in April, <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/06\/non-oil-sector-hits-two-year-low-as-regional-volatility-stokes-costs\/\" style=\"\">down from 48.0 in March<\/a>. Meanwhile, <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/267.pdf\" style=\"\">Kuwait\u2019s PMI<\/a> reading remained flat month-on-month at 46.3, and <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/268.pdf\" style=\"\">Turkey\u2019s PMI<\/a> also dipped to 45.7 in April from 47.9 in May. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s the war, silly:<\/strong> All six countries felt a continued drag from the regional conflict, which has dented demand, slowed shipping, and fueled hesitancy among clients. In Saudi Arabia, the ceasefire holding up for nearly a month \u201chas allowed for business activity to resume, flight activity to resume, and that has had a boost in some customer confidence,\u201d MENA Economist Hamzeh Al Gaaod tells EnterpriseAM. Egypt and Turkey both tied fuel and raw material shortages directly to the conflict, and Qatari businesses cited market instability and reduced client activity as the war\u2019s reach extended further into the non-energy economy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Costs are climbing everywhere, and execs are <\/strong><strong>battening<\/strong><strong> down the hatches:<\/strong> Companies reported a sharp acceleration in input-cost inflation, with many also passing higher prices onto consumers. Saudi Arabia recorded its steepest rise in business expenses on record, while the UAE\u2019s selling prices climbed at the fastest pace in almost 15 years. Egypt\u2019s cost pressures hit a three-year high, Turkey\u2019s a two-year high, and Qatar\u2019s a 16-month high. Kuwait was the lone outlier, where weak demand actually dragged input costs lower. Firms across the region reported similar strategies to shield their margins, including cutting headcount, running down inventories, and scaling back purchasing. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sentiment on the year ahead is also split, with firms in Saudi Arabia and Dubai staying <\/strong><strong>cautiously optimistic.<\/strong> Pessimism among the business community in Qatar eased from the month prior on hopes of a lasting ceasefire, with the share of firms expecting weaker activity dropping to 29% from 70% the previous month. Kuwait\u2019s business confidence, meanwhile, slipped to its lowest reading since June 2020. <\/p>\n\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\/egypt\/\">Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/kuwait\/\">Kuwait<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/pmi\/\">PMI<\/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\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/turkey\/\">Turkey<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/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=\"114844\" 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=\"114844\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">ECONOMY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/06\/uae-qatar-and-jordan-hold-onto-sovereign-ratings\/\">\r\n                            Holding steady                        <\/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\/05\/06\/uae-qatar-and-jordan-hold-onto-sovereign-ratings\/\" 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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S&P Global says outlook on Qatar\u2019s long-term credit rating is stable, leaving unchanged its AA rating.<\/p>\n<p><strong>Abu Dhabi\u2019s strong buffers are a big anchor:<\/strong> Fitch <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/research-and-studies\/fitch-affirms-abu-dhabi-at-aa-outlook-stable-vuqqntw6\" style=\"\">pointed<\/a> to robust fiscal and external metrics even as the emirate steps up spending and borrowing amid regional tensions, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/research-and-studies\/fitch-affirms-abu-dhabi-at-aa-outlook-stable-vuqqntw6\" style=\"\">press release<\/a>. Government debt is projected to climb to 25.3% of GDP this year from 19.5% in 2025 as the emirate ramps up support for key government-related entities, while sovereign net foreign assets \u2014 estimated at around 291% of GDP \u2014 remain among the highest globally. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The rating also reflects \u201cthe resilience of oil export revenue during the Iran war,\u201d<\/strong> with the Habshan-Fujairah pipeline keeping crude flowing at up to 1.8 mn bbl \/ d despite the blockade. Fitch flagged \u201csignificant risks of a renewed flare-up\u201d and warned that a structural deterioration in regional security would challenge economic diversification \u2014 the emirate\u2019s high oil reliance is what's holding it back from a higher rating. Fitch sees the economy contracting by around 1% in 2026 before a gradual recovery.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/www.spglobal.com\/ratings\/en\/regulatory\/article\/-\/view\/type\/HTML\/id\/3555418\" style=\"\">S&P\u2019s affirmation<\/a><\/strong><strong> of its <\/strong><strong>Qatar rating rests on Doha\u2019s \u201csizable external and fiscal net asset <\/strong><strong>stock positions\u201d<\/strong> anchored by the Qatar Investment Authority and other state funds, which are expected to help the country weather heightened security and trade flow disruption risks tied to the regional conflict. S&P expects Qatar\u2019s economy will contract by 5% in 2026 before rebounding from 2027 as LNG expansion comes online. The stable outlook assumes the conflict stays limited in duration and contained without significant further damage to Qatar's production facilities.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Jordan held onto its BB- on reform momentum<\/strong>, with Fitch <a target=\"_blank\" href=\"https:\/\/www.fitchratings.com\/research\/sovereigns\/fitch-affirms-jordan-at-bb-outlook-stable-04-05-2026\" style=\"\">citing<\/a> the country\u2019s track record of macroeconomic stability, continued progress in fiscal and administrative reforms, and access to flexible domestic and international financing. All of these factors are also backed by a strong banking sector and sustained international support. The agency expects growth of around 2.6% in 2026 and inflation averaging 2.2% across 2026-2027. <\/p>\n\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\/jordan\/\">Jordan<\/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\/pmi\/\">PMI<\/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\/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=\"114846\" 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=\"114846\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p 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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/313.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"313.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/313.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/313.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-114846\" class=\"content-area-description single-story post-114846 post type-post status-publish format-standard has-post-thumbnail hentry category-the-corridor tag-adgm tag-enterpriseam tag-hedge-funds tag-investments tag-private-equity tag-the-corridor 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>ADGM is on a tear this week, pushing out a string of announcements about high-profile <\/strong><strong>financial services players <\/strong>opting to set up shop in the financial services hub despite the overhang from the war in the region. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- US-based, privately-held PE player Capital Group is the headline here.<\/strong> The <a target=\"_blank\" href=\"https:\/\/www.adgm.com\/media\/announcements\/capital-group-announces-plans-to-open-first-office-in-the-middle-east\" style=\"\">USD 3.3 tn<\/a><a target=\"_blank\" href=\"https:\/\/www.adgm.com\/media\/announcements\/capital-group-announces-plans-to-open-first-office-in-the-middle-east\" style=\"\">US asset manager<\/a> will make ADGM its first Middle East office and relocate Benno Klingenberg-Timm to head investment, ops, and client functions later this year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a big endorsement of the UAE\u2019s continued attractiveness to global capital. <\/strong>\u201cWe take a long-term and deliberate approach to building our global footprint, and we move only when we have high conviction\u2026 Establishing a presence in Abu Dhabi demonstrates our commitment to being closer to our business partners across the Middle East as well as our intent to explore further investments in this dynamic region,\u201d CEO Mike Gitlin said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.man.com\/about-us\" style=\"\">Man Group<\/a><\/strong><strong>, the world\u2019s largest publicly-traded hedge fund, is also setting up shop in <\/strong><strong>ADGM.<\/strong> The London-listed alternative asset manager has already been active in the UAE, working with ADGM and partnering with local investors, <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/314.pdf\" style=\"\">ADGM said in a statement (pdf)<\/a>. The USD 228.7 bn fund has already filed an application for a Category 3A licence.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The move has been in the works since last year \u2014 <\/strong>and the announcement that it\u2019s still happening two months since the war started is testament for the long-term health of the UAE\u2019s safe haven pitch<strong>.<\/strong> \u201cAbu Dhabi has established itself as a dynamic and important global financial centre with a strong focus on innovation and AI, which aligns well with our business,\u201d a company spokesperson told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-12-05\/uae-man-group-joins-hedge-fund-peers-opening-offices-in-abu-dhabi\" style=\"\">Bloomberg<\/a> back in December. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Man Group is playing boomerang here. <\/strong>It left DIFC in 2016 for London after a nine-year run. It\u2019s back in the UAE, but in Abu Dhabi, not Dubai, driven in part by its growing focus on AI and tech investments.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT- <\/strong>The two are just the latest to set up shop in ADGM since the conflict broke out, following in the footsteps of <strong><a target=\"_blank\" href=\"https:\/\/www.adgm.com\/media\/announcements\/adgm-announces-rokos-capital-managements-abu-dhabi-office-opening-following-authorisation\" style=\"\">Rokos Capital Management<\/a><\/strong>, <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/04\/16\/more-adgm-action-ihc-seals-pakistan-acquisition-another-dubai-international-chamber-office-in-asia-and-cbuae-rolls-out-e-kyc\/\" style=\"\"><\/a> <strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/04\/16\/more-adgm-action-ihc-seals-pakistan-acquisition-another-dubai-international-chamber-office-in-asia-and-cbuae-rolls-out-e-kyc\/\" style=\"\">Bain Capital<\/a><\/strong>, and <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/04\/03\/this-morning-global-pe-firm-pushes-ahead-with-adgm-expansion-igcse-a-level-exams-also-scrapped\/\" style=\"\"><\/a> <strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/04\/03\/this-morning-global-pe-firm-pushes-ahead-with-adgm-expansion-igcse-a-level-exams-also-scrapped\/\" style=\"\">Hillhouse<\/a><\/strong>. And last week, <strong>Citadel<\/strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/29\/emirates-nbd-is-testing-appetite-for-an-at1-but-burjeel-thinks-investors-are-asking-too-much\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/29\/emirates-nbd-is-testing-appetite-for-an-at1-but-burjeel-thinks-investors-are-asking-too-much\/\" style=\"\">confirmed it\u2019s heading to DIFC<\/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\">Indian players also have appetite for the UAE<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>India\u2019s largest digital ins. player, Policybazaar, is doubling down on the UAE<\/strong>, brushing off short-term volatility from the regional conflict to focus on strengthening its product offerings and post-sales experience in the emirates. \u201c[The UAE] remains our primary focus. We\u2019ve invested significantly, but there\u2019s still considerable headroom, especially in product depth, technology, and accessibility,\u201d CEO of Policybazaar UAE Neeraj Gupta tells EnterpriseAM.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Building a corridor product: <\/strong>While the UAE business initially mirrored Policybazaar\u2019s India model, it is increasingly evolving into a cross-border proposition. Motor, health, and life ins. remain the company\u2019s core lines in the UAE. Health and motor contribute the bulk of revenues, while life ins. is the fastest-growing segment. \u201cThe Indian diaspora is a natural starting point. They are a large demographic and already aware of our brand,\u201d Gupta tells us, adding that the company is now seeing an uptick in traction from other nationalities, including Arab and European expats. This diaspora demand is reflected in product design, with offerings tailored to cross-border mobility, including health ins. plans that provide continuity and portability back to India.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cExpansion beyond the UAE will come when we see the right [opening]<\/strong>,\u201d Gupta said. The UAE business has been consistently profitable and grew <a target=\"_blank\" href=\"https:\/\/www.business-standard.com\/markets\/news\/pb-fintech-share-zooms-5-on-robust-q2-insurance-growth-buy-sell-or-hold-125103000197_1.html\" style=\"\">64% y-o-y<\/a> in 2Q FY 2026 (July-September). The approach indicates confidence in the region even as global firms continue to reassess exposure amid geopolitical risks.<\/p>\n\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\/adgm\/\">ADGM<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/hedge-funds\/\">Hedge funds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/investments\/\">investments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/private-equity\/\">private 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class=\"index-number\">6<\/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\/05\/06\/taziz-locks-in-deals-worth-nearly-usd-29-bn-giving-the-uaes-industrial-localization-drive-a-huge-boost\/\">\r\n                            Hungry for more                        <\/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 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status-publish format-standard has-post-thumbnail hentry category-markets-deals tag-capital-markets tag-egypt tag-enterpriseam tag-ipo-watch tag-ma-watch tag-markets-deals tag-saudi-arabia 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>Make it in<\/strong><strong> the Emirates continues to make headlines across the region<\/strong> (it\u2019s a massive message from Abu Dhabi to Riyadh and the world) and the second Gulf IPO since the war broke out proves some investors still have appetite for fresh paper. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>UP FIRST- Ta\u2019ziz locked in deals worth USD 28.5 bn (AED 104.6 bn)<\/strong> with the Adnoc-ADQ Ruwais JV <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/taziz-announces-agreements-valued-at-285bln-at-make-it-in-the-emirates-to-expand-uaes-chemicals-ecosystem-qvqgivgy\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/taziz-announces-agreements-valued-at-285bln-at-make-it-in-the-emirates-to-expand-uaes-chemicals-ecosystem-qvqgivgy\" style=\"\">signing long-term sales, feedstock, and offtake<\/a> sales running from five to 25 years across methanol, PVC, EDC, VCM, caustic soda, salt, and natural gas. It\u2019s the single biggest commercial commitment to come out of the 2026 edition of the gathering. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters: <\/strong>The sovereign-backed JV is locking in Asian and Western sales for the coming two decades, taking a huge step toward locking in its industrial localization thesis with long-dated contracts well before the plant event gets built in the Ta\u2019ziz Industrial Chemicals Zone, which aims to have 4.7 mtpa in combined output by 2028 <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Big-name <\/strong><strong>counterparties<\/strong><strong> include Mitsubishi, Mitsui, India\u2019s Sanmar Group<\/strong>, Switzerland\u2019s Proman, Tricon, Vinmar, Sama Salt, and Emirates Global Aluminium. There\u2019s also a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/244.pdf\" style=\"\">25-year agreement worth more than USD 5 bn for natural gas<\/a> with Adnoc Gas for the methanol plant. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The move came just after ADNOC said it would award AED 200 bn (USD 55 bn) in project <\/strong><strong>contracts<\/strong> to UAE-based suppliers over the next three years, as we noted on Monday. The message from Abu Dhabi is clear: Drones or not, we\u2019re building. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The second Gulf IPO since the war broke out proved that institutional investors still have <\/strong><strong>plenty of appetite for fresh paper in the region.<\/strong> Dar Al Balad Business Solutions <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/185.pdf\" style=\"\">priced its IPO<\/a> at the <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/04\/27\/dar-al-balad-tests-wartime-appetite-for-tech-stocks\/\" style=\"\">top of its guiding range<\/a> at SAR 9.75 per share \u2014 implying a transaction size of around SAR 205 mn (USD 55 mn) \u2014 after the institutional book-build was 66.6x oversubscribed. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The pricing values the company at SAR 682 mn (USD 182 mn)<\/strong>, equivalent to roughly 13.5x its 2025 net income of SAR 51 mn. That\u2019s not cheap for an IT services firm, but not out of line with the multiples Tadawul-listed tech names have been trading at.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we\u2019re watching for next: <\/strong>Berain, the bottled water player. The CMA gave it approval to head to market the same day Dar Al Balad published its prospectus.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors: <\/strong>AlJazira Capital is sole financial advisor, lead manager and underwriter, with Emirates NBD on as joint bookrunner. Baker McKenzie is counsel. <\/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>IHC\u2019s 2PointZero posted its first full quarter as a merged entity<\/strong>, with <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/168.pdf\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/168.pdf\" style=\"\">revenue jumping<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/168.pdf\" style=\"\">1,823% y-o-y to AED 9.9 bn<\/a> and net income hitting AED 2.3 bn at 30% margins. Mining accounted for 52% of revenues, followed by consumer (37%) and investments (12%). The group stayed acquisitive through the quarter \u2014 picking up 60.8% of Italy\u2019s Isem Packaging for AED 704 mn, signing a USD 2.3 bn agreement to acquire US-based Midstream Partners, and putting capital into Whoop\u2019s Series G.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also from IHC: <\/strong>Judan Financial converted Reem Finance into a community bank, after the Central Bank of the UAE <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/reembank-uae-aeqaeuaerabraezaeyaet-ugcPost-7457040328039047168-F4Xn\/\" style=\"\">granted Reem Bank a community banking license<\/a> targeting SMEs, fintechs, and digital wallets, led by ex-FAB banker Sara Al Binali. IHC stood up Judan earlier this year as a financial services platform spanning banking, asset management, and fintech, and has already taken a majority stake in Alpha Wave Global (giving it OpenAI and SpaceX exposure) and pushed into Indian lending via Sammaan Capital. <\/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 Halal Products Development Company (HPDC) <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/11\/02\/pifs-hpdc-snaps-up-sadia-halal-for-usd-2-1-bn\/\" style=\"\">finalized<\/a><\/strong><strong> its SAR 8 bn <\/strong><strong>investment in Brazil-based MBRF\u2019s food platform Sadia Halal<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/halal-products-development-company-and-mbrf-announce-financial-closing-of-sadia-halal-transaction-youcz9z5\" style=\"\">press release<\/a>. The firm confirmed its commitment to hold a minimum 20% stake in Sadia, up from 10% previously. Sadia\u2019s regional headquarters will also reportedly relocate to the Kingdom.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Next stop: Tadawul. <\/strong>Sadia has already initiated the required steps and procedures for a potential listing on Tadawul, according to the presser. Meanwhile, HPDC has the option to increase its holding to up to 40% ahead of the anticipated IPO.<\/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>LifePharma signed an MoU with AD Ports for an<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/lifepharma-announces-aed-700-million-kezad-manufacturing-platform-at-make-it-in-the-emirates-2026-emn9my97\" style=\"\"><\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/lifepharma-announces-aed-700-million-kezad-manufacturing-platform-at-make-it-in-the-emirates-2026-emn9my97\" style=\"\">AED 700 mn (USD 190 mn) pharma<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/lifepharma-announces-aed-700-million-kezad-manufacturing-platform-at-make-it-in-the-emirates-2026-emn9my97\" style=\"\">manufacturing<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/lifepharma-announces-aed-700-million-kezad-manufacturing-platform-at-make-it-in-the-emirates-2026-emn9my97\" style=\"\">platform<\/a><\/strong> at Khalifa Economic Zones Abu Dhabi, targeting vaccines, oncology, and advanced injectables including peptides and biologics. Ajman Bank is putting up financing. LifePharma also launched a separate <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/lifepharma-launches-aed-100mln-region-first-gene-therapy-initiative-targeting-rare-inherited-blood-disorders-mk9wy9v9\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/lifepharma-launches-aed-100mln-region-first-gene-therapy-initiative-targeting-rare-inherited-blood-disorders-mk9wy9v9\" style=\"\">AED 100 mn gene therapy spin-off<\/a> \u2014 Equigene Therapeutics, targeting hemophilia and sickle cell \u2014in a bid to move up the value chain.<\/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>Green Sky Capital secured financing for its USD 200 mn SAF facility in Egypt\u2019s Ain <\/strong><strong>Sokhna<\/strong>, with the <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/177.pdf\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/177.pdf\" style=\"\">Doha-headquartered firm<\/a> closing on USD 140 mn in debt and the balance in equity from sponsors Al Mana Holding and Saudi Vision Invest. Arab Energy Fund was the largest lender and co-mandated lead arranger, while Rothschild advised the borrower. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The offtake is locked in: <\/strong>SAFFly Egypt will produce 200k tons annually starting late 2027, with Shell Aviation <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b65740ad-cb3b-4471-851b-5db17513ad64\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b65740ad-cb3b-4471-851b-5db17513ad64\/\" style=\"\">taking 100% of output<\/a>, as we noted last year. A project that looked like a sustainability play before the war now looks a lot more like a supply-security plan.<\/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>EFG Hermes\u2019 Egypt Education Platform is the latest education player to file for an EGX <\/strong><strong>listing<\/strong>, applying <a target=\"_blank\" href=\"https:\/\/www.egx.com.eg\/en\/newsdetails.aspx?NewsID=287636\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.egx.com.eg\/en\/newsdetails.aspx?NewsID=287636\" style=\"\">to list 199.4 mn shares<\/a> on the main market. Float size and primary-versus-secondary structure haven\u2019t been disclosed, but the bourse rule sets a 10% minimum, and EEP has six months to land a formal application. Timing is the story: education led the EGX\u2019s 14.2% April rally with a 51.7% monthly gain. EEP runs 25 K-12 and pre-K assets across Egypt. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">ALSO WORTH KNOWING THIS MORNING<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>GameStop<\/strong> is courting <strong>GCC sovereign wealth funds<\/strong> to bridge the equity gap in CEO Ryan Cohen\u2019s <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/business\/deals\/gamestop-is-offering-to-buy-ebay-for-56-billion-ceo-ryan-cohen-says-fd330f5a\" style=\"\">USD 55.5 bn unsolicited takeover bid for eBay<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">The Gulf-funded <strong>Paramount-Warner Bros<\/strong> merger is meeting its first regulatory headwind, with FCC commissioner Anna Gomez <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/fcc-commissioner-seeks-rigorous-review-foreign-investment-warner-bros-deal-2026-05-05\/\" style=\"\">flagging<\/a> Paramount\u2019s bid to bypass statutory limits on foreign ownership of US broadcasting as a national security risk. The deal is backed by c. USD 24 bn from <strong>PIF<\/strong>, Abu Dhabi\u2019s <strong>L\u2019imad Holding<\/strong>, and other Gulf sovereign wealth funds.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BinDawood<\/strong> got regulatory approval to acquire 51% of <strong>Vaza Food Company<\/strong> for SAR 217.9 mn after the <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=94899&anCat=1&cs=4161&locale=en\" style=\"\">General Authority for Competition issued a non-objection<\/a> certificate. It\u2019s part of the retailer\u2019s vertical integration play. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">In other M&A news, <strong>Adnoc Drilling<\/strong> <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/162.pdf\" style=\"\">completed its acquisition<\/a> of an 80% stake in <strong>MB Petroleum <\/strong><strong>Services<\/strong> (MBPS), a Muscat-based drilling and oilfield services provider, locking in a key leg of its regional expansion. The acquisition \u2014 closed ahead of schedule \u2014 lifts its fleet to 170 rigs.<\/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> -0.75% \u2022 <strong>ADX<\/strong> -0.30% \u2022 <strong>DFM<\/strong> -0.88% \u2022 <strong>EGX30<\/strong> 1.12%<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Brent USD 109.87 \/ bbl \u2022 Gold USD 4,560 \/ oz \u2022 USD \/ SAR 3.75 \u2022 USD \/ EGP 53.82<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/capital-markets\/\">Capital Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/egypt\/\">Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/ipo-watch\/\">IPO WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/markets-deals\/\">Markets + Deals<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/saudi-arabia\/\">Saudi Arabia<\/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=\"114850\" 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=\"114850\">\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\">ALSO ON OUR RADAR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/06\/neom-port-finds-new-purpose-during-hormuz-disruptions\/\">\r\n                            Finding purpose                        <\/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\/05\/06\/neom-port-finds-new-purpose-during-hormuz-disruptions\/\" 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 port \u2014 initially built to move construction material to the now scaled-back Neom project \u2014 is reportedly fully operational, with a 1.5 mn TEU capacity, and is handling rising cargo flows to help reroute trade away from the strait. It\u2019s part of a gradual westward shift in the logistics center, supported by growing investment in ports and logistics along the Red Sea.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Despite the wider Neom gigaproject being scaled back, its infrastructure is being used<\/strong>, with Sage Institute for Foreign Affairs\u2019 Elana DeLozier noting that Neom \u201cwas probably not originally about hedging against threats to the Hormuz, but that could theoretically become more of a focus.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Limited secondary infrastructure, however, continues to weigh on the shift<\/strong>, including the lack of a direct Red Sea rail link, capacity constraints at Yanbu Port, and delays to the Riyadh-Jeddah landbridge rail project (now expected by 2034), according to the salmon-colored paper.<\/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\">My AI is smarter than yours<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The AI competition between Abu Dhabi and Riyadh is heating up. <\/strong>Abu Dhabi\u2019s Technology Innovation Institute sold cryptographic AI tech to US-based Opaque in a deal that also gave <a target=\"_blank\" href=\"https:\/\/www.tii.ae\/news\/opaque-acquires-abu-dhabi-developed-cryptographic-ai-technology-tii-extending-confidential-ai\" style=\"\">TII an equity stake in the buyer<\/a>. Meanwhile, Humain said it was expanding its partnership with AWS to include <a target=\"_blank\" href=\"https:\/\/www.humain.com\/en\/news\/humain-one--powered-by-aws--will-be-the-industry-s-first-enterpr\" style=\"\">Humain One<\/a>, an enterprise software platform for building, deploying, and governing autonomous AI agents. It piggybacks on the upcoming AWS Saudi Region \u2014 sovereign-by-design for regulated industries in the Kingdom. It\u2019s part of a plan, announced a year ago this month, that will see Saudi invest USD 5 bn in AI infrastructure and training.<\/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\">Chinese player to set up auto assembly plant in Oman<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>China\u2019s <\/strong><strong>Spruce Group is planning to set up a vehicles assembly plan in Oman\u2019s <\/strong><strong>Khazaen Economic City, <\/strong><a target=\"_blank\" href=\"https:\/\/www.muscatdaily.com\/2026\/05\/03\/chinese-firm-to-build-ro20mn-car-assembly-hub-in-khazaen\/\" style=\"\">Muscat Daily<\/a> reports. An OMR 5 mn (USD 13 mn) agreement was signed for the first phase of the project, which includes a labor localization component that will see the Chinese company train 20 Omani nationals. The OMR 20 mn (USD 52 mn) project has an overall investment ticket of OMR 20 mn, targets an output of 3.2k vehicles once fully completed with the goal of exporting to African and the Middle Eastern markets. No timeline or further details on what type of vehicles were disclosed. <\/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\">And another one for Tunisia<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Chinese precision mechatronics systems manufacturer Taikang Electronics is setting up <\/strong><strong>a <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.nessma.tv\/ar\/%D8%A3%D8%AE%D8%A8%D8%A7%D8%B1-%D9%88%D8%B7%D9%86%D9%8A%D8%A9\/actu\/%D8%B4%D8%B1%D9%83%D8%A9-taiking-electronics-%D8%AA%D8%AE%D8%AA%D8%A7%D8%B1-%D8%AA%D9%88%D9%86%D8%B3-%D9%83%D8%A3%D9%88%D9%84-%D9%88%D8%AC%D9%87%D8%A9-%D9%84%D9%87%D8%A7-%D9%84%D9%84%D8%A5%D9%86%D8%AA%D8%A7%D8%AC-%D8%AE%D8%A7%D8%B1%D8%AC-%D8%A7%D9%84%D8%B5%D9%8A%D9%86\/576880\" style=\"\">TND 40 mn<\/a><\/strong><strong> (USD 13.7 mn) industrial facility in Tunisia<\/strong> and has <a target=\"_blank\" href=\"https:\/\/x.com\/TapNewsAgency\/status\/2051341827765096584\" style=\"\">signed an agreement<\/a> to acquire land for the facility. Construction on the factory will begin \u201csoon,\u201d Tunisia\u2019s TAP news outlet said.<\/p>\n\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\/logistics\/\">LOGISTICS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/ports\/\">PORTS<\/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=\"114852\" 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=\"114852\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">WHAT WE\u2019RE TRACKING<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/06\/qatarenergy-extends-lng-force-majeure-until-mid-june\/\">\r\n                            Majeure delay                        <\/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\/05\/06\/qatarenergy-extends-lng-force-majeure-until-mid-june\/\" 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\/05\/06\/qatarenergy-extends-lng-force-majeure-until-mid-june\/')\">\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\/05\/06\/qatarenergy-extends-lng-force-majeure-until-mid-june\/\">\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=QatarEnergy extends LNG force majeure until mid-June&url=https:\/\/enterpriseam.com\/menaplus\/2026\/05\/06\/qatarenergy-extends-lng-force-majeure-until-mid-june\/\">\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\/05\/06\/qatarenergy-extends-lng-force-majeure-until-mid-june\/&title=QatarEnergy extends LNG force majeure until mid-June\">\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=QatarEnergy+extends+LNG+force+majeure+until+mid-June+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F05%2F06%2Fqatarenergy-extends-lng-force-majeure-until-mid-june%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\/05\/06\/qatarenergy-extends-lng-force-majeure-until-mid-june\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/3\/1250.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"114853\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/06\/qatarenergy-extends-lng-force-majeure-until-mid-june\/1250-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/3\/1250.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1250.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/3\/1250.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/3\/1250.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-114852\" class=\"content-area-description single-story post-114852 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking tag-energy tag-enterpriseam tag-qatar tag-qatarenergy tag-what-were-tracking wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<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>Some real estate developers in the UAE are introducing indirect discounts<\/strong>, including lowering down payments for units to 2-20%, as well as rolling on or waiving the standard 4% registration fee, <a target=\"_blank\" href=\"https:\/\/www.alkhaleej.ae\/2026-05-04\/%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF\/%D8%A3%D8%B3%D9%88%D8%A7%D9%82-%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA\/%D9%85%D8%B7%D9%88%D8%B1%D9%88%D9%86-%D9%8A%D8%AE%D9%81%D8%B6%D9%88%D9%86-%D8%A7%D9%84%D8%AF%D9%81%D8%B9%D8%A9-%D8%A7%D9%84%D8%A3%D9%88%D9%84%D9%89-%D9%84%D8%B4%D8%B1%D8%A7%D8%A1-%D8%A7%D9%84%D8%B4%D9%82%D9%82-%D9%81%D9%8A-%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA\" style=\"\">Al Khaleej<\/a> reports. Most are not touching their headline prices in a bid to protect their baseline pricing when the war ends. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Others, however, aren\u2019t making any changes<\/strong>, with Emaar CEO Mohamed Alabbar telling <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/videos\/2026-05-04\/alabbar-dubai-property-market-resilient-video\" style=\"\">Bloomberg<\/a> that the firm wouldn\u2019t lower sales points by a single USD, pointing to the fact that Emirati firms had bounced back quickly following previous regional tensions. Alabbar also said monthly customer data showed clients were still confident in local real estate, but noted that Emaar was delaying offering tenders for new construction.<\/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=\"wwtt2\"><\/a> <strong>1Q 2026 was the first quarter in a while where Dubai International Airport (DXB) did not <\/strong><strong>report a rise in traffic. <\/strong>The airport <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.ae\/en\/news\/2026\/may\/04-05\/dubai-international-dxb\" style=\"\">saw traffic fall<\/a> 20.6% y-o-y during the quarter, while March traffic plunged 65.7%. Even during the war, around 6 mn passengers moved through DXB, and 213k tons of cargo came through as of 30 April. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Only up from here? <\/strong>\u201cAviation has a long track record of rebounding quickly from shocks,\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Richard Maslen, head of analysis at CAPA - Centre for Aviation, tells EnterpriseAM. \u201cDubai International Airport remains one of the most structurally advantaged hubs in global aviation. The question is not whether it recovers \u2014 but how quickly confidence returns to match demand.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt3\"><\/a> <strong>QatarEnergy has extended force majeure on its LNG supply until mid-June<\/strong>, as the strait remains effectively shut to tanker traffic, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-04\/qatar-extends-force-majeure-on-lng-supply-through-mid-june\" style=\"\">Bloomberg<\/a> reports, citing people familiar with the matter. \u201cThey are giving the understanding that as soon as the situation normalizes, they will start the operations and they will start supplying the gas,\u201d India\u2019s Petronet Managing Director Akshay Kumar Singh <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-04\/india-s-petronet-lng-sees-no-clarity-on-qatar-supply-for-june\" style=\"\">said<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background: <\/strong>QatarEnergy invoked the contractual clause back in <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/logistics\/2026\/03\/05\/conflict-spreads-into-different-countries-and-more-sectors\/\" style=\"\">March<\/a> at the start of the conflict, along with Aluminium Bahrain, <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/logistics\/2026\/04\/14\/today-can-a-port-blockade-squeeze-iran-without-closing-hormuz\/\" style=\"\">Emirates Global Aluminium<\/a>, <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/logistics\/2026\/04\/21\/today-irans-toll-play-for-hormuz-passage-relies-on-loopholes\/\" style=\"\">Kuwait Petroleum<\/a>, and Bapco Energies.<\/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>Iraq\u2019s<\/strong> <strong>Prime Minister-designate Ali Al Zaidi is <\/strong><strong><a target=\"_blank\" href=\"https:\/\/ina.iq\/ar\/reports\/262441-.html\" style=\"\">expected<\/a><\/strong> <strong> to submit the lineup of the <\/strong><strong>country\u2019s new cabinet next week, <\/strong>two weeks ahead of deadline<strong>. <\/strong>The new government is expected to include 22 ministers \u2014 12 seats for the ruling Shiite bloc the Coordination Framework, six for Sunni parties, and four Kurdish ministers. <\/p>\n<p><strong>IN CONTEXT-<\/strong> Iraq\u2019s messy post-2003 political process <a target=\"_blank\" href=\"https:\/\/english.aawsat.com\/arab-world\/5269692-intense-negotiations-underway-form-new-iraqi-govt\" style=\"\">allocates<\/a> cabinet seats to religious groups via an informal points system that has previously caused deadlocks, but observers are hopeful that the PM-designate \u2014 a former banker \u2014 has the <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/29\/former-banker-ali-al-zaidi-tapped-as-iraqs-new-prime-minister\/\" style=\"\">political support<\/a> he needs from both Iraqi political actors and the US to get to the finish line. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Libyan Investment Authority (LIA) is <\/strong><strong><a target=\"_blank\" href=\"https:\/\/libyaherald.com\/2026\/05\/lia-discusses-with-germany-reinvestment-of-frozen-libyan-funds-in-germany-within-security-council-resolutions-sentry-report-disagrees\/\" style=\"\">exploring<\/a><\/strong><strong> ways<\/strong><strong> to invest some of its frozen <\/strong><strong>liquid assets in Germany, <\/strong>after LIA chairman Ali Mahmoud discussed the issue with German diplomats at the UN. LIA assets in Germany reportedly stand at USD 8 bn and include energy assets, cash deposits, and equities. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background: <\/strong>The LIA has about USD 63 bn in assets overseas that were frozen in 2011 under a Security Council resolution. This includes some USD 20 bn liquid assets that could be reinvested, the investigative policy organization the Sentry <a target=\"_blank\" href=\"https:\/\/thesentry.org\/reports\/libyan-investment-authoritys-not-so-frozen-billions\/\" style=\"\">reports<\/a>. A UN exemption framework allows for reinvestments of some unutilized assets, but still prevents repatriation of returns. Other estimates put LIA\u2019s assets at the territory of USD 70 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Data point<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>5.6 mn \u2014 that\u2019s the number of tourists visiting Egypt in 1Q 2026<\/strong>, a 43.5% y-o-y increase from the 3.9 mn recorded during the same period last year, Tourism Minister Sherif Fathi <a target=\"_blank\" href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=04052026&id=47bd527e-9a42-4ac3-8598-cdf217b1d972\" style=\"\">told a press pool<\/a> on the sidelines of an event at the Grand Egyptian Museum. The surge in arrivals pushed quarterly tourism revenues to nearly USD 5.1 bn, up 34% y-o-y. Egypt is looking to hit 21 mn tourists in 2026, a 10.5% y-o-y increase.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tourist arrivals in Jordan <\/strong><strong><a target=\"_blank\" href=\"https:\/\/jordantimes.com\/news\/local\/tourist-visits-reach-632000-in-early-2026-as-revenues-show-decline\" style=\"\">fell by 29% y-o-y<\/a><\/strong><strong> to 632k during the first four months of the <\/strong><strong>year<\/strong>, with international visitors accounting for nearly two-thirds of that figure. Jordan\u2019s tourism revenues fell 3.8% y-o-y in 1Q 2026 to USD 1.7 mn.<\/p>\n\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\/qatar\/\">Qatar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/qatarenergy\/\">QatarEnergy<\/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=\"114854\" 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\/05\/06\/114854\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-114854\" class=\"content-area-description single-story post-114854 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\">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\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>Compliance + liabilities stand in the way of Syria\u2019s banking | Mixed private sector performance | Sovereign ratings remain unchanged for UAE, Qatar, Jordan<\/p>\n","protected":false},"featured_media":114838,"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-114837","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"c55e02a6-1b25-42b6-a1a7-2c6a6aceb578","teaser":"Compliance + liabilities stand in the way of Syria\u2019s banking | Mixed private sector performance | Sovereign ratings remain unchanged for UAE, Qatar, Jordan","photo_url":"https:\/\/ent.news\/2023\/12\/1609.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO 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