{"id":115057,"date":"2026-05-13T00:00:00","date_gmt":"2026-05-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/menaplus\/?post_type=issue&#038;p=115057"},"modified":"2026-05-13T06:52:44","modified_gmt":"2026-05-13T06:52:44","slug":"drawing-fire","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/menaplus\/issues\/drawing-fire\/","title":{"rendered":"Drawing fire"},"content":{"rendered":"<section id=\"115059\" 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=\"115059\">\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\/13\/al-jaber-decries-irans-arithmetic-of-extortion\/\">\r\n                            Arithmetic of extortion                        <\/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\/13\/al-jaber-decries-irans-arithmetic-of-extortion\/\" 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\/13\/al-jaber-decries-irans-arithmetic-of-extortion\/')\">\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\/13\/al-jaber-decries-irans-arithmetic-of-extortion\/\">\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=Al Jaber decries Iran\u2019s arithmetic of extortion&url=https:\/\/enterpriseam.com\/menaplus\/2026\/05\/13\/al-jaber-decries-irans-arithmetic-of-extortion\/\">\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\/13\/al-jaber-decries-irans-arithmetic-of-extortion\/&title=Al Jaber decries Iran\u2019s arithmetic of extortion\">\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=Al+Jaber+decries+Iran%E2%80%99s+arithmetic+of+extortion+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F05%2F13%2Fal-jaber-decries-irans-arithmetic-of-extortion%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\/13\/al-jaber-decries-irans-arithmetic-of-extortion\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/725.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"115060\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/13\/al-jaber-decries-irans-arithmetic-of-extortion\/725-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/725.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"725.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/725.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/725.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115059\" class=\"content-area-description single-story post-115059 post type-post status-publish format-standard has-post-thumbnail hentry category-opening-note tag-enterpriseam tag-opening-note tag-sultan-al-jaber tag-uae wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The UAE\u2019s Minister of Everything is taking his case to the world: <\/strong>Sultan Al Jaber, whose current portfolio includes the ministry of industry and advanced technology as well as the flow of money to pay for that industrial transformation (better known as ADNOC), took to X to decry what he calls <a target=\"_blank\" href=\"https:\/\/x.com\/SultanAlJaber\/status\/2054174751434949119\" style=\"\">Iran\u2019s \u201carithmetic of extortion.\u201d<\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cEvery day the Strait is held hostage, the costs go up \u2026 for families, farms, <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>factories and economies around the world,\u201d <\/strong>he wrote as Brent crude again broke north of USD 100 \/ bbl. Al Jaber, the UAE\u2019s ace troubleshooter, called Iran\u2019s actions \u201cblackmail\u201d and said the loss from global markets of 1 bn barrels of oil has driven fertilizer prices up 50%, fuel prices up 30%, and airline tickets up 20%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT- Gulf politics very often play out on X <\/strong>(extending even to local officials subtweeting national leaders), and Al Jaber\u2019s post is very much a message to the rest of the world that the UAE is running out of patience \u2014 its stance is hardening.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The risk here is clear: <\/strong>There have already been claims out there that <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/the-u-a-e-has-been-secretly-carrying-out-attacks-on-iran-f1745a0d\" style=\"\">the UAE had launched<\/a><a target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/the-u-a-e-has-been-secretly-carrying-out-attacks-on-iran-f1745a0d\" style=\"\">air strikes against Iran earlier in the war<\/a>. The ceasefire remains on shaky ground \u2014 throw in Reuters\u2019 report this morning that <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/saudi-arabia-launched-covert-attacks-iran-regional-war-widened-sources-2026-05-12\/\" style=\"\">Riyadh, too, hit Iran in the war\u2019s early days<\/a> and the NYT\u2019s report that <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2026\/05\/12\/us\/politics\/iran-missiles-us-intelligence.html\" style=\"\">Iran retains most of its missile sites, launchers, and underground facilities<\/a> and \u2026 where\u2019s that offramp, Messrs. Trump and Netanyahu? \u2013Patrick <\/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\/opening-note\/\">Opening Note<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/sultan-al-jaber\/\">Sultan Al Jaber<\/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=\"115061\" 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=\"115061\">\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\/13\/who-pays-for-lebanons-banking-collapse\/\">\r\n                            Drawing fire                        <\/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\/13\/who-pays-for-lebanons-banking-collapse\/\" 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\/13\/who-pays-for-lebanons-banking-collapse\/')\">\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\/13\/who-pays-for-lebanons-banking-collapse\/\">\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=Who pays for Lebanon\u2019s banking collapse?&url=https:\/\/enterpriseam.com\/menaplus\/2026\/05\/13\/who-pays-for-lebanons-banking-collapse\/\">\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\/13\/who-pays-for-lebanons-banking-collapse\/&title=Who pays for Lebanon\u2019s banking collapse?\">\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=Who+pays+for+Lebanon%E2%80%99s+banking+collapse%3F+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F05%2F13%2Fwho-pays-for-lebanons-banking-collapse%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\/13\/who-pays-for-lebanons-banking-collapse\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/685.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"115062\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/13\/who-pays-for-lebanons-banking-collapse\/685-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/685.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"685.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/685.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/685.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115061\" class=\"content-area-description single-story post-115061 post type-post status-publish format-standard has-post-thumbnail hentry category-the-lede tag-banking tag-banque-du-liban tag-enterpriseam tag-lebanon tag-regulation-watch tag-the-lede wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Lebanon\u2019s first formal blueprint for dividing up the USD 70-80 bn in losses left behind by <\/strong><strong>its 2019 <\/strong><strong>financial collapse is drawing fire<\/strong> from economists who say the numbers simply do not add up, raising fresh doubts about a reform package central to unlocking IMF support.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong>draft<\/strong><strong> Financial Stabilization and Deposit Recovery Law<\/strong> \u2014 commonly known as the <a target=\"_blank\" href=\"https:\/\/carnegieendowment.org\/middle-east\/diwan\/2026\/01\/unpacking-lebanons-gap-law\" style=\"\">\u201cfinancial gap law\u201d<\/a> \u2014 <strong>would require roughly USD 22 bn in repayments to smaller depositors over four years<\/strong>, including nearly USD 9.5 bn in the first year alone. These are \u201csums neither Banque du Liban nor commercial banks are currently able to finance,\u201d Byblos Bank Group Chief Economist Nassib Ghobril tells EnterpriseAM. The draft law was approved by the cabinet of Prime Minister Nawaf Salam on 30 April and is set to face its final round of approvals in parliament. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The proposal has also reopened one of the country\u2019s most sensitive post-crisis <\/strong><strong>questions: Who\u2019s going to absorb the losses?<\/strong> Under the proposed law, banks would cover just 40% of deposit recovery costs despite their deep involvement in the collapse, with the rest shifted onto treasury-backed state bonds, and haircuts on larger accounts.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The legislation marks Beirut\u2019s first serious attempt to formally allocate losses from the <\/strong><strong>2019 collapse between the state<\/strong>, Banque du Liban (BDL, the nation\u2019s central bank) and commercial banks \u2014 and would give individual depositors haircuts, too. It\u2019s part of a broader IMF-backed reform package designed to revive the banking system and unlock long-stalled international financial support. Even before it becomes law, it\u2019s running into the same questions of fairness, liquidity, and political responsibility that have stalled reform for nearly seven years.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND-<\/strong> Parliament <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/lebanon-passes-banking-secrecy-law-third-attempt-meet-imf-demands-2025-04-24\/\" style=\"\">approved<\/a> amendments to Lebanon's banking secrecy law in April 2025 and passed the <a target=\"_blank\" href=\"https:\/\/limslb.com\/news-58422\/\" style=\"\">Banking Restructuring Law<\/a> that July, but implementation of those frameworks remains tied to the far more contentious financial gap.<\/p>\n<p class=\"tag-border-left\">A plan resting on revenue that doesn\u2019t exist <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>At the core of the proposal is a tiered repayment system.<\/strong> Depositors with balances of up to USD 100k would gradually recover their savings over four years, with some 782k accounts expected to be fully repaid during the initial phase. Anyone who had deposits above that threshold would receive the same USD 100k in cash as smaller depositors and anything above that threshold would be converted into long-term bonds backed by BDL with maturities of 10, 15, and 20 years. \u201cBut even over that timeframe, it is still unclear where the money will come from,\u201d Ghobril says. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cParts of the law are simply unworkable as currently drafted,\u201d<\/strong> Ghobril says. \u201cBDL does not generate the kind of revenue needed to cover liabilities of that magnitude,\u201d he adds, warning that the plan rests on expectations of future income that could take years to materialize as Lebanon still struggles to revive growth and bring foreign capital back into the economy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DATA POINT-<\/strong> BDL\u2019s <a target=\"_blank\" href=\"https:\/\/today.lorientlejour.com\/article\/1505919\/the-fragility-of-monetary-policy-exposed-by-the-war-.html\" style=\"\">foreign currency reserves<\/a> have declined by roughly USD 642 mn since mid-February, bringing total reserves to a paltry USD 11.4 bn as of the end of April 2026.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The scale of the problem dwarfs the country\u2019s capacity to absorb it.<\/strong> \u201cThe main problem is the scale of the losses, which amount to more than twice the current size of the Lebanese economy. And no political leader or monetary authority wants to take political responsibility for this before depositors and the Lebanese public in general, who have suffered de facto haircuts \u2014 a massive loss of purchasing power,\u201d Sibylle Rizk, director of public policies at political advocacy group <a target=\"_blank\" href=\"https:\/\/www.google.com\/search?q=Kulluna+Irada&rlz=1C5OZZY_enCA1187CA1187&oq=Kulluna+Irada&gs_lcrp=EgZjaHJvbWUyBggAEEUYOdIBBzE0M2owajeoAgCwAgA&sourceid=chrome&ie=UTF-8\" style=\"\">Kulluna Irada<\/a>, tells EnterpriseAM.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The draft in its current form \u201cdid not resolve the gap, but merely deferred it without <\/strong><strong>providing a convincing plan for its financing,\u201d<\/strong> Rizk says, adding that available liquidity has fallen further and projections for public debt have shifted because of the consequences of the war.<\/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\">Who falls on the sword?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IMF officials <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.imf.org\/en\/news\/articles\/2026\/02\/13\/pr-26050-lebanon-imf-staff-concludes-visit\" style=\"\">described the law<\/a><\/strong><strong> earlier this year as a necessary starting point, but warned <\/strong><strong>that key elements still fall short of international restructuring standards<\/strong> \u2014 particularly on depositor protections and the order in which losses are absorbed. Fund officials have since called for amendments to ensure a more independent and transparent resolution process.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That sequencing \u2014 the hierarchy of claims \u2014 sits at the center of the dispute.<\/strong> \u201cSince the crisis broke out in 2019, the banking association \u2014 a very powerful lobby \u2014 has strongly resisted the strict application of the hierarchy of claims for the allocation of losses \u2026 Since 2019, we have seen losses being allocated primarily to depositors,\u201d Rizk said. \u201cThis issue has been at the heart of the disagreement with the IMF, which insists that strict application of the hierarchy of claims is a prerequisite for the Bank Resolution Law and the gap law.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The absence of capital controls, \u201cwhich should have been enacted as early as October <\/strong><strong>2019,\u201d has produced unequal treatment among depositors<\/strong>, Rizk adds, while a \u201cnon-transparent bailout\u201d has played out over the past two and a half years through budget surpluses paid out under BDL circulars. Resolving the crisis, she said, will ultimately require government support, particularly the recapitalization of the central bank \u2014 though the scale of that contribution depends on a debt sustainability analysis that has yet to be done.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Even if the financial mechanics can be fixed, the broader question is whether banking <\/strong><strong>reform alone can revive investor confidence.<\/strong> In a <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/79eeb92a-da05-42b7-9a31-25785c03059c\" style=\"\">recent Financial Times op-ed<\/a>, BDL Governor Karim Souaid argues that Lebanon\u2019s collapse was not the product of a single shock but of years of government overspending, monetary mismanagement, and the misuse of depositors\u2019 money by banks \u2014 and warned that economic reform alone will not be enough if conflict and political instability continue to weigh on investor sentiment.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ghobril makes a similar point from the private-sector side.<\/strong> \u201cWhile the deposit recovery law and the bank restructuring law are necessary steps toward securing an IMF agreement, they are not enough on their own to restore Lebanon's standing as an investment hub,\u201d he says, citing public sector reform, tax evasion, judicial independence, and relations with Gulf states as unresolved drags on confidence. \u201cThe banking sector does not operate in isolation from the rest of the country's problems.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The cost of that lost confidence is already visible.<\/strong> Earlier this year, UAE-based Al Habtoor Group <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/business\/2026\/01\/28\/al-habtoor-group-to-cease-operations-in-lebanon-and-fire-all-employees\/\" style=\"\">announced<\/a> plans to scale back and eventually exit Lebanon after years of struggling to access funds trapped in the banking system, and ultimately <a target=\"_blank\" href=\"https:\/\/www.habtoor.com\/en\/news\/26\/2287\/official-statement\" style=\"\">began pursuing international arbitration in April<\/a> to recover USD 1.7 bn in losses. The proposal also leaves major operational questions unresolved: Which banks are solvent enough to repay deposits, which may need mergers or liquidation, and how loss-sharing burdens would ultimately be divided across individual lenders.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The upshot: The draft law is becoming a test of whether Lebanon can finally translate <\/strong><strong>long-promised restructuring into a credible recovery framework<\/strong> \u2014 one able to restore trust among depositors, investors, and international lenders alike. The real battle is set to unfold in parliament, where financial realities will collide with domestic political interests and mounting international pressure.<\/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\/banque-du-liban\/\">Banque du Liban<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/lebanon\/\">Lebanon<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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     <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/13\/saudi-firms-are-lining-up-to-ipo-while-uae-and-egyptian-outfits-strike-more-cautious-notes\/\">\r\n                            Buzzer beaters?                        <\/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\/13\/saudi-firms-are-lining-up-to-ipo-while-uae-and-egyptian-outfits-strike-more-cautious-notes\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/13\/saudi-firms-are-lining-up-to-ipo-while-uae-and-egyptian-outfits-strike-more-cautious-notes\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/429.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"115064\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/13\/saudi-firms-are-lining-up-to-ipo-while-uae-and-egyptian-outfits-strike-more-cautious-notes\/429-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/429.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"429.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/429.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/429.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115063\" class=\"content-area-description single-story post-115063 post type-post status-publish format-standard has-post-thumbnail hentry category-ipo-watch tag-capital-markets tag-enterpriseam tag-ipo-watch tag-markets-deals wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The simple read is that GCC dealmaking is back on ice \u2014 that\u2019s how the<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/405dc8b8-6f34-412e-8603-f1bca854d239?syn-25a6b1a6=1\" style=\"\">Financial Times<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/405dc8b8-6f34-412e-8603-f1bca854d239?syn-25a6b1a6=1\" style=\"\">frames it<\/a><\/strong> after the war in the Gulf nuked the 1Q recovery that bankers had quietly hoped would help generate some of the USD 1 bn they thought they could make in MENA this year. <strong>The reality is a bit more hopeful \u2014 though that hope is very localized<\/strong> as a handful of players sprint to market before the 1Q window closes and others eye fall offerings.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tadawul looks right now like it could be the bankers\u2019 only hope \u2014 and the fees there will <\/strong><strong>be modest.<\/strong> Would-be Saudi issuers are pressing ahead with bets that the bourse\u2019s deeply local investor base \u2014 retail and domestic institutions alike \u2014 have appetite for fresh paper. And they\u2019re not wrong: Investors in London and New York are tepid on Saudi equities at best, but state-backed institutions in the Kingdom have political pressure to pile into domestic offerings as Riyadh looks to distinguish itself from Abu Dhabi and Dubai. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mighty mouse: <\/strong>IT services outfit Dar Al Balad broke the wartime logjam \u2014 its offering to retail investors closes tomorrow after the <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/05\/dar-al-balads-tadawul-ipo-sees-robust-institutional-demand\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/05\/dar-al-balads-tadawul-ipo-sees-robust-institutional-demand\/\" style=\"\">institutional book<\/a> cleared at the top of the range \u2014 30% of the company at SAR 9.75 per share. The sale is tiny \u2014 a SAR 205 mn (USD 55 mn) book at a SAR 682 mn (USD 182 mn) valuation \u2014 but It\u2019s the first IPO in the region since the war kicked off in February. In that respect, the symbolism matters more than the size.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s a pipeline now forming behind Dar Al Balad.<\/strong> Delivery app <strong>Ninja<\/strong> is lining up advisors for a USD 1 bn Tadawul IPO in late 2026 or early 2027, as we have previously noted, with Citigroup, Goldman Sachs, Riyad Capital, and UBS all said to have been given a piece of the mandate. And both <strong>Mutlaq Al Ghowairi Contracting<\/strong> and <strong>Arabian Dyar<\/strong> are racing late-June deadlines to list before their CMA approvals run out (or need renewal). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And there\u2019s more: <\/strong>Olayan-backed <strong>Health Water Bottling<\/strong> is working with Lazard, <strong>Etihad <\/strong><strong>Salam Telecom<\/strong> is shopping for junior banking advisors, PIF-backed <strong>ArcelorMittal Tubular Products Jubail<\/strong> has hired JPMorgan and HSBC, <strong>Alkhorayef Petroleum<\/strong> is preparing regulatory approval, and <strong>Ejada Systems<\/strong> is renewing its approval, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-12\/billionaire-olayans-tech-firms-look-to-ignite-saudi-ipo-revival\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-12\/billionaire-olayans-tech-firms-look-to-ignite-saudi-ipo-revival\" style=\"\">per Bloomberg<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a lot quieter in the UAE and Egypt.<\/strong> The headline UAE pushback is <strong>Emirates Global <\/strong><strong>Aluminium (EGA)<\/strong>, whose USD 10-15 bn offering will slip to at least next year, a source familiar with the matter told the FT. Investor meetings had <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/02\/03\/emirates-global-aluminium-taps-investors-ahead-of-ipo\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/02\/03\/emirates-global-aluminium-taps-investors-ahead-of-ipo\/\" style=\"\">started before the war<\/a>, in which one of EGA\u2019s smelters <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/03\/30\/attacks-hit-industry-threatening-higher-commodity-prices-and-investor-caution\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/03\/30\/attacks-hit-industry-threatening-higher-commodity-prices-and-investor-caution\/\" style=\"\">suffered severe damage<\/a>. <strong>Dubai Holding<\/strong> has also paused preparations to list its retail assets, the FT says, with tourism cancellations doing the damage on the demand side \u2014 inbound arrivals to Dubai could contract 27% y-o-y this year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s much the same story in Egypt.<\/strong> Bankers had already taken the hotly anticipated IPO of <strong>Banque du Caire <\/strong>on the road, <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/17\/will-plans-to-ipo-banque-du-caire-make-the-imf-happy\/\" style=\"\">lining up substantial appetite from early looks for prospective cornerstone investors<\/a> in London, New York, the UAE, Saudi, and South Africa. A <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/04\/sovereign-fund-taps-efg-hermes-for-the-20-misr-life-float\/\" style=\"\">20% slice of<\/a> <strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/04\/sovereign-fund-taps-efg-hermes-for-the-20-misr-life-float\/\" style=\"\">Misr Life Insurance<\/a><\/strong> is also in the pipeline. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The mood in Cairo, Abu Dhabi, and Dubai is exactly the wait-and-see<\/strong> that Elaeo Partners founder Kapil Jobanputra described to the FT \u2014 \u201cbroadly on hold\u201d while investors reassess risk and valuation. Analysts and investors we\u2019ve spoken with think regional fundamentals remain intact even as the calendar slips, saying the war has not yet reshaped how the global capital views MENA+.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, Gulf investors are happy to cash out some risk by monetizing mature, <\/strong><strong>non-strategic foreign investments. <\/strong><strong>Adia<\/strong>-backed <strong>Innio<\/strong> is heading for a Nasdaq IPO at a USD 15 bn target valuation, per <a target=\"_blank\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/2109150\/000119312526216625\/ck0002109150-20260511.htm\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/2109150\/000119312526216625\/ck0002109150-20260511.htm\" style=\"\">SEC filings<\/a>. The Munich-based gas-engine maker follows UAE-backed Cerebras, which prices its hotly anticipated <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/legal\/transactional\/cerebras-raise-ipo-price-range-150-160-demand-surges-sources-say-2026-05-10\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/legal\/transactional\/cerebras-raise-ipo-price-range-150-160-demand-surges-sources-say-2026-05-10\/\" style=\"\">USD 4.8 bn book<\/a>. Adia and a co-investor will retain joint control of Innio through a holding entity after the listing.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Mumbai version of that same play just collapsed.<\/strong> Reliance Industries restructured <strong>Jio <\/strong><strong>Platforms\u2019<\/strong> planned IPO as a fresh-share issue rather than an offer-for-sale, sending the proceeds to Jio rather than to existing shareholders, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/finance\/ambanis-jio-platforms-ipo-pivots-pure-fundraise-no-investor-exits-sources-say-2026-05-11\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/finance\/ambanis-jio-platforms-ipo-pivots-pure-fundraise-no-investor-exits-sources-say-2026-05-11\/\" style=\"\">Reuters reports<\/a>, citing sources it says are in the know. Jefferies had valued Jio at USD 180 bn in November, implying a USD 4.5 bn raise from a 2.5% fresh issue. <strong>Adia<\/strong> (around USD 750 mn in) and <strong>PIF<\/strong> (around USD 1.5 bn) are now long India whether they want to be or not\u2026<\/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\/ipo-watch\/\">IPO 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 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next announcement?&url=https:\/\/enterpriseam.com\/menaplus\/2026\/05\/13\/is-hynfras-usd-1-bn-jordan-green-hydrogen-announcement-anything-more-than-marketing-for-its-next-announcement\/\">\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\/13\/is-hynfras-usd-1-bn-jordan-green-hydrogen-announcement-anything-more-than-marketing-for-its-next-announcement\/&title=Is Hynfra\u2019s USD 1 bn Jordan green hydrogen announcement anything more than marketing \u2026 for its next announcement?\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n        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      <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/727.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"115066\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/13\/is-hynfras-usd-1-bn-jordan-green-hydrogen-announcement-anything-more-than-marketing-for-its-next-announcement\/727-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/727.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"727.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/727.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/727.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115065\" class=\"content-area-description single-story post-115065 post type-post status-publish format-standard has-post-thumbnail hentry category-opinion tag-egypt tag-enterpriseam tag-green-ammonia tag-investments tag-jordan tag-opinion tag-renewables 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>Polish developer Hynfra has signed another investment agreement on another green <\/strong><strong>ammonia project \u2014 this time a USD 1 bn play in Jordan\u2019s Aqaba<\/strong> with UAE-based <strong>Fidelity Group<\/strong> via the Jordan Green Ammonia JV, <a target=\"_blank\" href=\"https:\/\/petra.gov.jo\/ar\/news\/%D8%A7%D9%84%D8%A3%D8%B1%D8%AF%D9%86-%D9%8A%D8%AF%D8%AE%D9%84-%D8%B9%D8%B5%D8%B1-%D8%A7%D9%84%D8%A3%D9%85%D9%88%D9%86%D9%8A%D8%A7-%D8%A7%D9%84%D8%AE%D8%B6%D8%B1%D8%A7%D8%A1-%D9%85%D9%86-%D8%A8%D9%88%D8%A7%D8%A8%D8%A9-%D8%A7%D9%84%D8%B9%D9%82%D8%A8%D8%A9-%D8%A8%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1-%D9%8A%D8%AA%D8%AC%D8%A7%D9%88%D8%B2-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/petra.gov.jo\/ar\/news\/%D8%A7%D9%84%D8%A3%D8%B1%D8%AF%D9%86-%D9%8A%D8%AF%D8%AE%D9%84-%D8%B9%D8%B5%D8%B1-%D8%A7%D9%84%D8%A3%D9%85%D9%88%D9%86%D9%8A%D8%A7-%D8%A7%D9%84%D8%AE%D8%B6%D8%B1%D8%A7%D8%A1-%D9%85%D9%86-%D8%A8%D9%88%D8%A7%D8%A8%D8%A9-%D8%A7%D9%84%D8%B9%D9%82%D8%A8%D8%A9-%D8%A8%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1-%D9%8A%D8%AA%D8%AC%D8%A7%D9%88%D8%B2-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1\" style=\"\">according to<\/a> the Jordanian Energy Ministry. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By the numbers: <\/strong>The project imagines 100k tons of annual ammonia production powered by a 550 MW off-grid solar farm. The same JV signed an engineering agreement on the same project in April, and a final investment decision is still expected sometime in 2027.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Read that sequence again, because the order matters.<\/strong> The JV inked an engineering agreement in April, an investment agreement this week, and FID is still well over a year away. Each step is being marketed as progress. None of these are the final decision to commit capital (or not). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Hynfra has yet to bring a single green ammonia plant online anywhere.<\/strong> Its pipeline runs to Mauritania, Oman, Greece, Ukraine, India, and \u2014 biggest of the lot \u2014 Egypt, where the <strong>Hynfra-Coxswains<\/strong> JV <strong>Egypt Amun<\/strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/27\/polands-hynfra-is-making-egypt-its-biggest-green-ammonia-bet\/\" style=\"\">recently quadrupled its first-phase production target<\/a> to 400k tons at a USD 5 bn investment ticket, with full build-out pegged at 1 mn tons and USD 10 bn invested. First production at Egypt Amun has slipped to 2031, and Coxswains itself is a strategic-marketing and commercial-services firm rather than an industrial developer.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The industry behind these announcements is in worse shape than the pipeline numbers <\/strong><strong>suggest.<\/strong> Globally, only 4% of green hydrogen and ammonia projects have so far reached construction or FID, and only 13% have binding offtake agreements. Most of these projects don\u2019t get built. Most of the ones that do don\u2019t have buyers locked in at prices that make them economic. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What you\u2019re seeing here is would-be developers staking their claims<\/strong>, gold-rush style, in an industry where the real problem is the demand side. Green ammonia is structurally more expensive than grey ammonia, and the gap doesn\u2019t close without serious carbon pricing, contracts-for-difference mechanisms, or the European Union\u2019s CBAM producing actual willingness-to-pay in the market rather than letters of intent. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The<\/strong><strong><a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/544.pdf\" style=\"\">OECD\u2019s own assessment<\/a><\/strong><strong> of Egypt\u2019s green hydrogen economics<\/strong> \u2014 the upstream segment of the industry that feeds green ammonia \u2014 concluded that capex grants do 70-90% of the work to close the competitiveness gap. Even then, the projects only get to FID if offtake agreements are signed at prices the market has so far refused to commit to.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt Amun claims USD 490 mn in annual export revenue locked in with Central and <\/strong><strong>Eastern European buyers<\/strong>, but the buyer identities haven\u2019t been disclosed. That\u2019s unusual for a USD 10 bn project asking bankers and others to underwrite the offtake. Until the buyers have names and the contracts have price floors, the export revenue is just a line in a press release.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What would change our read:<\/strong> An FID on any one of Hynfra\u2019s projects, a publicly named offtaker willing to commit to a 15-20 year price floor, or a financing close that puts real debt behind one of the headline numbers. Until then, treat the drip-drip-drip of announcements you\u2019re seeing as little more than marketing for the next announcement.<\/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\/egypt\/\">Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/green-ammonia\/\">green ammonia<\/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\/jordan\/\">Jordan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/opinion\/\">Opinion<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/renewables\/\">RENEWABLES<\/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=\"115067\" 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=\"115067\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">MARKETS + DEALS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/13\/foreign-appetite-bolstered-sharjah-islamics-usd-710-mn-rights-issue\/\">\r\n                            Foreigners with appetite                        <\/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\/13\/foreign-appetite-bolstered-sharjah-islamics-usd-710-mn-rights-issue\/\" 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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It\u2019s the first major UAE equity raise since the war began.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- Dubai Holding has become Emaar Properties\u2019 largest shareholder<\/strong> after completing the acquisition of a 22.27% stake from the Investment Corporation of Dubai (ICD), taking its overall holding to 29.73%, per a <a target=\"_blank\" href=\"https:\/\/www.dubaiholding.com\/en\/media-hub\/press-releases\/dubai-holding-and-icd-announce-completion-of-strategic-transaction-in-emaar-properties\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.dubaiholding.com\/en\/media-hub\/press-releases\/dubai-holding-and-icd-announce-completion-of-strategic-transaction-in-emaar-properties\" style=\"\">press release<\/a>. Financial terms weren\u2019t disclosed, but <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-12\/dubai-ruler-tightens-grip-on-emaar-with-6-5-billion-reshuffle?srnd=homepage-middle-east\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-12\/dubai-ruler-tightens-grip-on-emaar-with-6-5-billion-reshuffle?srnd=homepage-middle-east\" style=\"\">Bloomberg<\/a> pegged the transferred stake at roughly AED 23.9 bn (USD 6.5 bn) based on Emaar\u2019s latest close. The deal came on the back of Emaar\u2019s <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/05\/12\/emaar-binghatti-salik-spinneys-orient-ins-also-post-1q-results\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/05\/12\/emaar-binghatti-salik-spinneys-orient-ins-also-post-1q-results\/\" style=\"\">strong 1Q earnings<\/a>, the company\u2019s bottom line up 38% y-o-y to AED 6.4 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Think of it as a shuffle rather than a takeover:<\/strong> This is more \u201ca government-level restructuring rather than a commercial transaction, as the ultimate ownership remains within the Dubai government,\u201d CI Capital\u2019s Marlene Milad says.<\/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>Mubadala has invested USD 325 mn in \u00d8rsted\u2019s Hornsea 3 offshore wind farm off the UK <\/strong><strong>coast<\/strong>, joining a consortium led by Apollo Global Management, Mubadala said in a <a target=\"_blank\" href=\"https:\/\/www.mubadala.com\/en\/news\/mubadala-invests-in-hornsea-3-offshore-wind-farm-alongside-consortium-led-by-apollo-funds\" style=\"\">statement<\/a>. Apollo holds a 50% stake in the JV, with \u00d8rsted retaining the other half and operational control. At 2.9 GW, Hornsea 3 will be the world\u2019s single largest offshore wind farm when it comes online in 2028 \u2014 and it sits inside a broader Mubadala renewables push that also includes <a target=\"_blank\" href=\"https:\/\/www.mubadala.com\/en\/what-we-do\/skyborn-renewables\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.mubadala.com\/en\/what-we-do\/skyborn-renewables\" style=\"\">Skyborn Renewables<\/a>, <a target=\"_blank\" href=\"https:\/\/www.mubadala.com\/en\/news\/tata-power-create-indias-most-comprehensive-renewable-energy-platform\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.mubadala.com\/en\/news\/tata-power-create-indias-most-comprehensive-renewable-energy-platform\" style=\"\">Tata Power Renewables<\/a>, <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2025\/12\/23\/mubadala-is-now-a-joint-owner-of-romanian-renewables-player-rezolv\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2025\/12\/23\/mubadala-is-now-a-joint-owner-of-romanian-renewables-player-rezolv\/\" style=\"\">Rezolv<\/a>, and <a target=\"_blank\" href=\"https:\/\/www.mubadala.com\/en\/news\/mubadala-invests-in-zenobe-reinforcing-commitment-to-sustainable-infrastructure\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.mubadala.com\/en\/news\/mubadala-invests-in-zenobe-reinforcing-commitment-to-sustainable-infrastructure\" style=\"\">Zenob\u0113<\/a>.<\/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>Shuaa Capital and Key Capital have launched the region\u2019s first dedicated venture capital <\/strong><strong>secondaries fund<\/strong> \u2014 a USD 50 mn ADGM-domiciled limited partnership that has already closed two transactions, the two said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/551.pdf\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/551.pdf\" style=\"\">statement (pdf)<\/a>. Dubai-based Shuaa is bringing the institutional advisory and capital markets know-how, while Abu Dhabi-based Key Capital is the sourcing and investment strategy side of the equation. The fund targets shares from the cap table \u2014 angels, founders, employees \u2014 rather than LP positions. \u201cWe think they have the biggest need, [because] it impacts their life directly,\u201d Key Capital Managing Partner Basil Moftah tells EnterpriseAM.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Pricing reflects the asset class.<\/strong> Haircuts in the region run \u201canywhere between 20% and 40% for immediate liquidity based on current valuations,\u201d Moftah says \u2014 which makes sense, considering \u201cyou\u2019re holding an illiquid asset that you need to sell now.\u201d The regional secondaries market is already worth over USD 1 bn by Key Capital\u2019s count, and Moftah says demand has grown 20-25% in the past month alone. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our take:<\/strong> With IPO windows still tight (see our story above), this is the kind of release valve a maturing VC ecosystem may have been waiting for.<\/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>SRMG, the influential Tadawul-listed media group that publishes Asharq Al-Awsat and <\/strong><strong>Arab News, is pushing deeper into digital media<\/strong>, saying in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=95273&anCat=1&cs=4210&locale=en\" style=\"\">filing with Tadawul<\/a> that it\u2019s going to take its ownership of digital platform Thmanyah to 75% from 51% today. Thmanyah will raise its capital by tapping SAR 52.4 mn in accumulated funding already extended by SRMG\u2019s Arab Media, alongside a SAR 45 mn cash payment to minority partners. Arab Media will also pour in some SAR 200 mn in additional funding over the next four years.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters: <\/strong>Thamanyah\u2019s has evolved from a niche podcast network into a serious digital media play, buying up the exclusive rights to broadcast (state-backed) Saudi sports competitions for six seasons and pushing deeper into live sports and digital advertising.<\/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>A joint fund of Beltone Venture Capital and UAE-based Citadel International Holdings has <\/strong><strong>exited its stake in Egyptian last-mile logistics player Bosta at a 75% IRR<\/strong>, Beltone\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/493.pdf\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/493.pdf\" style=\"\">said in a statement (pdf)<\/a>. Buyer and valuation weren\u2019t disclosed. Bosta is reportedly <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/02\/bosta-may-soon-be-delivering-itself-to-the-egx\/\" style=\"\">lining up a USD 170 mn EGX listing<\/a> later this year. A 75% IRR is a real number in a market where devaluation of the EGP has eaten through three years of growth. It\u2019s Beltone\u2019s fifth exit since the VC arm launched in 2023.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Beltone isn\u2019t fully out:<\/strong> \u201cWe have exited via our joint fund with Citadel, but Beltone Venture Capital still holds an undisclosed stake in Bosta,\u201d Beltone Venture Capital CEO and managing partner Ali Mokhtar tells EnterpriseAM.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt\u2019s PickAlbatros has filed to acquire M\u00f6venpick Casablanca from Casablanca-listed <\/strong><strong>insurer Sanlam Morocco<\/strong> and its hotel-holding subsidiary Luxor, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/internal\/701583.pdf\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/internal\/701583.pdf\" style=\"\">competition watchdog notice (pdf)<\/a>. It\u2019s the group\u2019s second Casablanca acquisition in roughly a month \u2014 after <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/pickalbatros-hospitality-luxuryhotels-share-7458290830244597760-Snhs\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/pickalbatros-hospitality-luxuryhotels-share-7458290830244597760-Snhs\" style=\"\">Sofitel Casablanca Tour Blanche for USD 47 mn<\/a> in April \u2014 and the third hotel purchase inside a USD 200 mn 2026 pipeline that also includes <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/11\/andalusia-health-gets-a-booster-shot-from-banque-misr\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/11\/andalusia-health-gets-a-booster-shot-from-banque-misr\/\" style=\"\">the EGP 3.8 bn cash acquisition of Oberoi Sahl Hasheesh<\/a> from EBank. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Driving the interest: <\/strong>Morocco logged 19.8 mn arrivals and USD 13.9 bn in tourism revenues last year, and the country is co-hosting the 2030 World Cup.<\/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 TODAY<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>GameStop<\/strong>\u2019s audacious USD 55.5 bn bid for <strong>eBay<\/strong> has been rejected \u2014 and a quiet <strong>Gulf <\/strong><strong>subplot<\/strong> may go out with it unless the game goes hostile. GameStop CEO Ryan Cohen had been <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/business\/deals\/gamestop-ebay-bid-fd330f5a\" style=\"\">courting GCC sovereign wealth funds<\/a> to bridge a roughly USD 26.1 bn equity gap on his 50-50 cash-and-stock offer, which carried a 20% premium to eBay\u2019s closing price. eBay\u2019s board called the proposal \u201cneither credible nor attractive\u201d yesterday, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/sustainability\/sustainable-finance-reporting\/ebay-rejects-gamestops-audacious-56-billion-takeover-bid-2026-05-12\/\" style=\"\">per Reuters<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MENA corporate venture capital<\/strong> is now an 86%-Gulf story, with <strong>Saudi Arabia<\/strong> leading on 57% of regional capital deployed over the past five years (c. USD 1.1 bn across 170 transactions) per a Magnitt report seen by EnterpriseAM. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> Market Snapshot<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tadawul<\/strong> -1.1% \u2022 <strong>ADX<\/strong> -0.9% \u2022 <strong>DFM<\/strong> -0.6% \u2022 <strong>EGX30<\/strong> -0.8%<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Brent USD 107.27 \/ bbl \u2022 Gold USD 4,724 \/ oz \u2022 USD \/ SAR 3.75 \u2022 USD \/ EGP 53.02<\/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\/beltone\/\">Beltone<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/capital-markets\/\">Capital Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/hotels\/\">hotels<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/key-capital\/\">Key Capital<\/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\/media\/\">Media<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/mubadala\/\">Mubadala<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/sharjah-islamic-bank\/\">Sharjah Islamic Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/shuaa-capital\/\">Shuaa Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/sovereign-wealth-funds\/\">sovereign wealth funds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/srmg\/\">SRMG<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/venture-capital\/\">Venture Capital<\/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=\"115069\" 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=\"115069\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">THE CORRIDOR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/13\/indian-banks-halt-new-gcc-lending-over-worries-of-extended-regional-instability\/\">\r\n                            On hold                        <\/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\/13\/indian-banks-halt-new-gcc-lending-over-worries-of-extended-regional-instability\/\" 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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Emirates NBD, for example, is pushing ahead with its <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/03\/emirates-nbd-is-closing-in-on-a-usd-3-bn-acquisition-of-a-60-stake-in-indias-rbl-bank\/\" style=\"\">USD 3 bn acquisition of Indian lender RBL Bank<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But Indian bank capital coming the other way? Not so much.<\/strong> India\u2019s largest state-owned bank just paused new Gulf lending. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cWe have decided to take no new business in the GCC until we get some clarity on the <\/strong><strong>situation,\u201d<\/strong> State Bank of India (SBI) Chairman CS Setty told the <a target=\"_blank\" href=\"https:\/\/economictimes.indiatimes.com\/industry\/banking\/finance\/banking\/indian-banks-avoid-fresh-gulf-bets-as-iran-crisis-drags-on\/articleshow\/130998580.cms\" style=\"\">Economic Times<\/a>. Punjab National Bank has matched the move and pulled officials from Dubai back to India as part of business-continuity planning. SBI\u2019s UAE and Bahrain books together account for 14% of its INR 7.42 tn overseas loan portfolio.<\/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\/bahrain\/\">Bahrain<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/gcc\/\">GCC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/india\/\">India<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/the-corridor\/\">The Corridor<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"115071\" 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=\"115071\">\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\">DIPLOMACY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/13\/syrias-sanctions-era-comes-to-an-end-as-uae-iocs-eye-more-investments\/\">\r\n                            Thawing                        <\/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\/13\/syrias-sanctions-era-comes-to-an-end-as-uae-iocs-eye-more-investments\/\" 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 vote puts to rest the last relic of Europe\u2019s sanctions regime against Syria, which began in 2011 in response to grave human rights violations believed to be perpetuated by the now-ousted Bashar Al Assad regime. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This is the latest in a series of moves derisking the Syrian market for foreign players and<\/strong><strong> investors to do business there<\/strong> and support reconstruction efforts. However, even as the US and EU scrap sanctions against Damascus, there remain some key risks and market friction standing in the way of the revived business interest in the country. Compliance and lack of access to reliable banking still prevent many interested players from committing to Syria, as we previously reported <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/27\/the-reconstruction-gold-rush-is-mostly-stuck-at-the-starting-line\/\" style=\"\">here<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What to watch for: <\/strong>Whether the official end of sanctions will be enough to encourage European companies \u2014 which have generally been avoiding committing to Syria, as we <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/27\/the-reconstruction-gold-rush-is-mostly-stuck-at-the-starting-line\/\" style=\"\">previously reported<\/a> \u2014 to begin earmarking capital for the country. So far, the playing field in Syria has been crowded by Turkish, Qatari, Emirati, and Saudi players. Some American companies are also recently getting in on the game (more on this below). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Case in point:<\/strong> The UAE is doubling down on investments in Syria, with the two countries <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/uae-sees-rapidly-growing-trade-with-syria-ties-warm-2026-05-12\/\" style=\"\">inking<\/a><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/uae-sees-rapidly-growing-trade-with-syria-ties-warm-2026-05-12\/\" style=\"\">dozens of agreements<\/a> spanning infrastructure, tourism, construction, and logistics at the Syria-UAE Investment Forum this week. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Freezones could be the focus of the next batch of Emirati investments in Syria as part of <\/strong><strong>a wider push led by the private sector<\/strong>, UAE\u2019s Trade Minister Thani Al-Zeyoudi <a target=\"_blank\" href=\"http:\/\/semafor.com\/article\/09\/22\/2025\/kenya-us-china-tech-war-ai-data-center?utm_medium=flagship&utm_campaign=flagshipnumbered4&utm_source=newsletterlink\" style=\"\">is quoted as saying<\/a>. This could be another area of Turkey-UAE business competition \u2014 up until this remark, only Turkish players have shown serious interest in developing Syria\u2019s freezones and industrial areas since Assad was ousted in late 2024. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The Emiratis were among the first to rush to the Syrian market, securing a foothold in the country\u2019s ports infrastructure after DP World\u2019s announced a Tartus port concession last July, and AD Ports secured a Latakia port concession back in November. And most recently, real estate moguls like Al Habtoor and Al Abbar are considering whether to press ahead with USD multi-bns real estate and tourism projects in the country. <\/p>\n<p class=\"tag-border-left\">More IOCs want in <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Oil and gas majors TotalEnergies, ConocoPhillips, and QatarEnergy will begin a technical <\/strong><strong>review of an offshore area (Block 3) in a step that could precede signing an exploration agreement<\/strong> with the Syrian Petroleum Corporation (SPC). The trio already signed an MoU for the technical review, which the SPC <a target=\"_blank\" href=\"https:\/\/sana.sy\/en\/economic\/2316337\/\" style=\"\">said<\/a> \u201cstipulates that [they] will conduct the necessary technical studies, develop a work program, and draft an exploration contract, paving the way for a transition to advanced implementation phases in offshore exploration activities.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Chevron and Power International Holding are already ahead: <\/strong>Chevron and Qatar-based PIH \u2014 which signed a <a target=\"_blank\" href=\"https:\/\/sana.sy\/en\/syria\/2294808\/\" style=\"\">similar MoU<\/a> for an offshore technical review in February \u2014 could be moving onto exploration activities as soon as this summer after the SPC announced a site had been identified for exploration to begin, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/legal\/litigation\/syria-selects-offshore-block-first-deep-water-oil-gas-project-with-chevron-2026-05-11\/\" style=\"\">Reuters<\/a> reports. The exact exploration block was not disclosed. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background: <\/strong>The new government is planning to offer up to five offshore blocks in the East Mediterranean basin for IOCs, meaning three more could be up for grabs soon, <a target=\"_blank\" href=\"https:\/\/www.mees.com\/2025\/12\/19\/geopolitical-risk\/syria-eyes-major-players-for-offshore-blocks\/37650d70-dcd4-11f0-86bc-ed8ff88c0d8f\" style=\"\">Mees<\/a> previously reported. <\/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\/diplomacy\/\">diplomacy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/european-union\/\">European Union<\/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\/syria\/\">Syria<\/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=\"115073\" 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=\"115073\">\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\">MOVES + KUDOS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/13\/jll-altea-partners-set-up-new-hubs-in-riyadh-tapping-local-talent-to-lead\/\">\r\n                            Big feet                        <\/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  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data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/723.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/723.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115073\" class=\"content-area-description single-story post-115073 post type-post status-publish format-standard has-post-thumbnail hentry category-moves-kudos tag-altea-partners tag-enterpriseam tag-jll tag-moves-kudos 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>Two firms are deepening their Riyadh footprints \u2014 and tapping local leadership to run <\/strong><strong>their <\/strong><strong>new units.<\/strong> Real estate services firm JLL <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/jll-launches-international-hub-in-riyadh-g72m2p1r\" style=\"\">is setting up<\/a> a sports and entertainment hub in Riyadh, while London-based merchant bank Altea Partners is establishing <a target=\"_blank\" href=\"https:\/\/www.prnewswire.com\/news-releases\/altea-partners-appoints-nawaf-alotaibi-as-chief-executive-officer-of-altea-partners-saudi-arabia-302764696.html\" style=\"\">a Saudi arm<\/a> in partnership with a local investment holding company. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>JLL\u2019s new base will serve clients across the region and globally<\/strong>, offering everything from leasing and operations to development advisory and investment support for stadiums, arenas, theme parks, cinemas, and other entertainment venues.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ahmed Abas (<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/ahmed-abas-3802a43b\/\" style=\"\">LinkedIn<\/a><\/strong><strong>) has been appointed regional head of sports and entertainment <\/strong><strong>for the Middle East and Africa.<\/strong> He\u2019s a PPP specialist with over 15 years in the region, and sits on the advisory boards of the Middle East Sports Investment Forum and the World Stadiums and Arenas Summit.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Altea Partners, meanwhile, appointed Nawaf AlOtaibi (<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/nawaf-alotaibi-mba-963058b\/\" style=\"\">LinkedIn<\/a><\/strong><strong>) of Altea Partners Saudi <\/strong><strong>Arabia<\/strong>, which will operate onshore once regulatory approvals are secured. AlOtaibi joins from BSF Capital, where he most recently headed wealth management. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Altea Partners\u2019 expansion is part of a broader trend of global financial institutions <\/strong><strong>establishing a footprint in Saudi Arabia<\/strong>, although Altea has not declared Riyadh as its regional headquarters. JLL declared Riyadh its regional HQ back in 2023. HSBC <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/cgs-awarded-two-contracts-from-aramco-and-almarai\/\" style=\"\">secured<\/a> a regional headquarters license for its capital markets hub in December, joining <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/10\/22\/crown-prince-due-in-washington-in-november-to-close-out-investment-agreements\/\" style=\"\">Goldman Sachs<\/a> \u2014 the first major bank to do so \u2014 <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2024\/11\/24\/aramco-digital-mulls-usd-1-bn-stake-in-us-based-telecom-software-company-mavenir\/\" style=\"\">Citigroup<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/816c2136-452b-4201-adbb-837e14ec20dd\/fresh-executive-regs-for-product-specs-and-quality\" style=\"\">Morgan Stanley<\/a>, and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/288d3f69-0146-4215-9575-914b65b56c8b\/this-morning:-aramco-trading-eyes-copper-as-it-pushes-into-metals-markets\" style=\"\">JPMorgan<\/a>. <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/04\/19\/this-morning-hormuz-closed-again\/\" style=\"\">Barclays<\/a> is also pushing for a 2026 launch.<\/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\/altea-partners\/\">Altea Partners<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/jll\/\">JLL<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/moves-kudos\/\">Moves + Kudos<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"115075\" 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=\"115075\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/13\/mena-earnings-in-1q-2026-paint-a-very-mixed-and-still-incomplete-picture-of-the-wars-impact\/\">\r\n                            Diverging                        <\/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\/13\/mena-earnings-in-1q-2026-paint-a-very-mixed-and-still-incomplete-picture-of-the-wars-impact\/\" 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 first quarter carries the hit from just one month of the war \u2014 and that month would have been a little slower anyway because of the seasonal impact of Ramadan. With Hormuz still shut, tourists staying home, and dealflow in the dumpster, 2Q is likely shaping up to be even more challenging for corporates across the region. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>UP FIRST- Adnoc Gas\u2019 net income fell 15% y-o-y to USD 1.1 bn<\/strong>, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/630.pdf\" style=\"\">financials<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/630.pdf\" style=\"\">(pdf)<\/a>, and revenue declined 18% to USD 5 bn. The company\u2019s exports of LNG, LPG, and naptha were disrupted by the closure of the Strait of Hormuz in 1Q 2026, falling 20% y-o-y and weighing on earnings through March.<\/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:\/\/enterpriseam.com\/uae\/2026\/04\/14\/this-morning-operations-are-back-on-at-dana-gas-khor-mor-cma-issues-virtual-assets-framework\/\" style=\"\">Damage to the Habshan gas processing facility<\/a><\/strong><strong> from Iranian attacks in April is expected <\/strong><strong>to keep parts of the complex offline into 2027<\/strong>, with the site currently operating at around 60% capacity and Adnoc Gas targeting an 80% restoration rate by year-end, according to the gas firm\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/631.pdf\" style=\"\">management discussion and analysis report (pdf)<\/a>. The site was hit on 3 and 8 April during Iran's strikes on UAE energy infrastructure.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The fallout is expected to spill into 2Q: <\/strong>Adnoc Gas warned the strait\u2019s closure could shave USD 400-600 mn off net income in the second quarter assuming maritime operations normalize before quarter-end. Even so, management still expects FY 2026 net income of USD 3.5-4 bn, helped by stronger LNG and LPG pricing in 2H if shipping routes reopen.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But the gas giant is still going to ramp up its capex spending: <\/strong>Adnoc Gas raised its FY 2026 capex guidance by around USD 500 mn to USD 4.5-5 bn as regional disruption and supply chain pressures lift project costs. <strong>The board also approved a quarterly dividend<\/strong> of USD 941 mn, showing no signs of backing away from growing annual dividends by 5% through 2030.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Adnoc Drilling had a strikingly different experience in the first quarter<\/strong>, posting USD 1.2 bn in revenue (up 5% y-o-y) and net income up 2% to USD 347 mn, <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/529.pdf\" style=\"\">it said (pdf)<\/a>. Net income was supported by higher oilfield services and offshore drilling activity, plus lower financing costs after <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2025\/10\/17\/adnoc-drilling-raises-usd-2-bn-from-loan-credit-facility\/\" style=\"\">last year\u2019s refinancing exercise<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Adnoc Drilling\u2019s investment budget is even more ambitious than Adnoc Gas: <\/strong>Drilling is plans to commit some USD 1 bn to new opportunities at home and abroad this year, our friend Youssef Salem, the company\u2019s CFO, told CNBC <a target=\"_blank\" href=\"https:\/\/www.cnbcarabia.com\/152055\/2026\/11\/05\/%D8%A7%D9%84%D8%B1%D8%A6%D9%8A%D8%B3-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A-%D9%84%D8%B4%D8%B1%D9%83%D8%A9-%D8%A3%D8%AF%D9%86%D9%88%D9%83-%D9%84%D9%84%D8%AD%D9%81%D8%B1-%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA%D9%8A%D8%A9-%D9%84%D9%80-CNBC-%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9:\" style=\"\">(watch, runtime: 6:54)<\/a>. Adnoc Drilling is targeting a longer-term shift beyond its traditional drilling model, with management recently outlining plans for a <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/05\/07\/this-morning-another-adnoc-vessel-passes-through-hormuz-adnoc-wants-to-hit-the-gas-on-unconventional-gas-project\/\" style=\"\">50-50 revenue split<\/a> between drilling and manufacturing and oilfield services over the next five years.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Adnoc Drilling reaffirmed its <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2025\/05\/09\/earnings-updates-keep-coming\/\" style=\"\">c.USD 5 bn FY 2026 revenue guidance<\/a><\/strong><strong> despite the regional <\/strong><strong>backdrop<\/strong>, saying there has been \u201cno material impact\u201d on core drilling operations. The board recommended a 1Q 2026 dividend of USD 262.5 mn, payable in June.<\/p>\n<p class=\"tag-border-left\">Earnings also look mixed in other industries <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Emaar Properties kicked off 2026 with another strong quarter<\/strong>, with property sales rising 16% y-o-y, supported by Dubai\u2019s real estate momentum. The developer reported net income after tax of AED 6.4 bn in 1Q, up 38% y-o-y, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/537.pdf\" style=\"\">financials (pdf)<\/a> and <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/539.pdf\" style=\"\">earnings release (pdf)<\/a>. Revenue rose 23% to AED 12.4 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dubai toll gate operator Salik saw 1Q 2026 traffic volumes soften amid weaker March <\/strong><strong>mobility trends tied to regional disruption.<\/strong> Net income was broadly stable, dipping just 0.4% y-o-y to AED 369.3 mn, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/528.pdf\" style=\"\">earnings release (pdf)<\/a>, while revenue slipped 3.0% y-o-y to AED 728.9 mn as total trips fell 6.4% to 197.2 mn. Softer traffic weighed on toll usage fees, though the impact was partly offset by Dubai\u2019s variable pricing system and growth in tag activation fees and ancillary revenues.<\/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>Grocery players broadly had a disappointing quarter<\/strong>, with Spinneys eking out bottom-line growth while Lulu Retail and Talabat saw earnings squeezed by softer non-food demand and elevated investment spend<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Lulu Retail\u2019s net income fell 32.8% y-o-y to USD 47 mn<\/strong> as a March slowdown in lifestyle and electrical sales dragged revenue 2.9% lower to USD 2 bn, according to its <a target=\"_blank\" href=\"https:\/\/www.luluretail.com\/media\/5vzepmbz\/lulu-retail-q1-2026-earnings-release_eng_110526.pdf\" style=\"\">earnings release<\/a>. Higher-margin private labels rose nearly 1 percentage point to 30.2% of sales as shoppers shifted to value, and e-commerce sales jumped 61% y-o-y to USD 150 mn on a refreshed app and website. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Talabat\u2019s net income fell 18% y-o-y to USD 87 mn as it spent some USD 25 mn to scale <\/strong><strong>Talabat Mart and bolster Talabat Pro<\/strong>, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/621.pdf\" style=\"\">its earnings release (pdf)<\/a>. Gross merchandising value rose 19% y-o-y to USD 2.7 bn (18% on a constant currency basis) and revenue climbed 23% to USD 1 bn, helped by strong Ramadan and Eid trading and a shift toward \u201ceat-at-home\u201d consumption. Non-GCC markets \u2014 led by Egypt, Jordan, and Iraq \u2014 grew GMV 52% to USD 563 mn, while GCC contributed USD 2.1 bn (+12%). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Spinneys was the lone gainer, with net income up 1.9% y-o-y to AED 87 mn<\/strong> and revenue rising 11.9% to AED 1.01 bn, it said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/569.pdf\" style=\"\">earnings release (pdf)<\/a>. Adjusted EBITDA edged 1.2% higher to AED 184 mn. Growth was driven by like-for-like sales, new store openings, higher online penetration, and stronger fresh and private label sales \u2014 transaction volumes rose 8.5% y-o-y to 10.8 mn and average basket size grew 3.4% to AED 92.9.<\/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>Capacity growth supported Flynas\u2019 top line, but rising costs weighed on profitability. <\/strong>The low-cost carrier saw its net income fall 20.3% y-o-y to SAR 117.9 mn in 1Q 2026, according to its <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=95222&anCat=1&cs=4264&locale=en\" style=\"\">financials<\/a>. The bottom-line dip was driven by higher fuel costs, alongside increased handling and navigation charges, elevated maintenance expenses from greater operating activity, and additional wet-lease costs. Revenue rose 9.7% y-o-y to SAR 2 bn during the same period, buoyed by capacity expansion and continued passenger demand across the airline\u2019s network.<\/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\/adnoc-drilling\/\">Adnoc Drilling<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/adnoc-gas\/\">Adnoc Gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/earnings-watch\/\">EARNINGS WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/energy\/\">ENERGY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/flynas\/\">Flynas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/oil-and-gas\/\">oil and gas<\/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=\"115077\" 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=\"115077\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">ALSO ON OUR RADAR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/13\/abu-dhabi-has-usd-4-bn-in-infrastructure-projects-to-put-out-to-tender\/\">\r\n                            Send in the builders                        <\/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\/13\/abu-dhabi-has-usd-4-bn-in-infrastructure-projects-to-put-out-to-tender\/\" 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\/13\/abu-dhabi-has-usd-4-bn-in-infrastructure-projects-to-put-out-to-tender\/')\">\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\/13\/abu-dhabi-has-usd-4-bn-in-infrastructure-projects-to-put-out-to-tender\/\">\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=Abu Dhabi has USD 4 bn in infrastructure projects to put out to tender&url=https:\/\/enterpriseam.com\/menaplus\/2026\/05\/13\/abu-dhabi-has-usd-4-bn-in-infrastructure-projects-to-put-out-to-tender\/\">\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\/13\/abu-dhabi-has-usd-4-bn-in-infrastructure-projects-to-put-out-to-tender\/&title=Abu Dhabi has USD 4 bn in infrastructure projects to put out to tender\">\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=Abu+Dhabi+has+USD+4+bn+in+infrastructure+projects+to+put+out+to+tender+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F05%2F13%2Fabu-dhabi-has-usd-4-bn-in-infrastructure-projects-to-put-out-to-tender%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\/13\/abu-dhabi-has-usd-4-bn-in-infrastructure-projects-to-put-out-to-tender\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/3\/1070.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"115078\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/13\/abu-dhabi-has-usd-4-bn-in-infrastructure-projects-to-put-out-to-tender\/1070-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/3\/1070.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1070.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/3\/1070.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/3\/1070.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115077\" class=\"content-area-description single-story post-115077 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-enterpriseam tag-infrastructure tag-real-estate wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Abu Dhabi\u2019s big PPP push<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>AED 55 bn (USD 14.9 bn) worth of public-private partnership infrastructure projects are <\/strong><strong>up for grabs in <\/strong><strong>Abu Dhabi<\/strong> as part of a push from the Abu Dhabi Investment Office and Abu Dhabi Projects and Infrastructure Centre (Adpic), according to <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.abudhabi\/en\/economy\/abu-dhabi-investment-office-and-abu-dhabi-projects-and-infrastructure-centre-launch-aed55bn-public-private-partnership-pipeline\/\" style=\"\">Abu Dhabi Media Office<\/a>. Eleven of the projects are geared towards road and transport upgrades, while five will be going towards water and flood management systems.<\/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\">Another Saudi developer enters Omani market<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi real estate developer Retal Urban Development <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=95201&anCat=1&cs=4322&locale=en\" style=\"\">says it will build<\/a><\/strong><strong> a SAR 3.1 bn (USD <\/strong><strong>830 mn) residential community in Oman\u2019s Sultan Haitham City.<\/strong> The development will be Retal\u2019s first in the Sultanate, and comes as part of a wider regional expansion plan. Retal will serve as lead developer for the community.<\/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\">Sanad to build AED 480 mn aircraft engine repair hub in Al Ain<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>UAE sovereign wealth fund Mubadala\u2019s aerospace engineering and leasing arm Sanad is <\/strong><strong>investing AED 480 mn (USD 130.7 mn) in a repair center for advanced aircraft engines<\/strong> in Al Ain, according to <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.abudhabi\/en\/economy\/sanad-to-build-aed480m-engine-repair-hub-in-al-ain-region-advancing-abu-dhabis-aerospace-ecosystem\/\" style=\"\">Abu Dhabi Media Office<\/a>. Once fully operational, the center is expected to lift repaired component volumes in Sanad to around 65k annually. By 2030, the site is expected to support all major engine platforms.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The plan comes as the UAE works to <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/05\/11\/how-miite-2026-became-an-inflection-point-for-the-uaes-industrial-strategy-amid-regional-disruption\/\" style=\"\">reduce reliance on external suppliers<\/a><\/strong>, as well as expand its technical offerings and compete more directly with larger international MRO players, especially as newer engine technologies enter the commercial fleet.<\/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\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"115079\" 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=\"115079\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/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\/13\/iranian-objections-to-al-zaidi-government-delays-cabinet-formation-in-iraq\/\">\r\n                            Spanners in the works                        <\/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\/13\/iranian-objections-to-al-zaidi-government-delays-cabinet-formation-in-iraq\/\" 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\/13\/iranian-objections-to-al-zaidi-government-delays-cabinet-formation-in-iraq\/')\">\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\/13\/iranian-objections-to-al-zaidi-government-delays-cabinet-formation-in-iraq\/\">\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=Iranian objections to Al Zaidi government delays cabinet formation in Iraq&url=https:\/\/enterpriseam.com\/menaplus\/2026\/05\/13\/iranian-objections-to-al-zaidi-government-delays-cabinet-formation-in-iraq\/\">\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\/13\/iranian-objections-to-al-zaidi-government-delays-cabinet-formation-in-iraq\/&title=Iranian objections to Al Zaidi government delays cabinet formation in Iraq\">\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=Iranian+objections+to+Al+Zaidi+government+delays+cabinet+formation+in+Iraq+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F05%2F13%2Firanian-objections-to-al-zaidi-government-delays-cabinet-formation-in-iraq%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\/13\/iranian-objections-to-al-zaidi-government-delays-cabinet-formation-in-iraq\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/1498.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"115080\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/13\/iranian-objections-to-al-zaidi-government-delays-cabinet-formation-in-iraq\/1498-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/1498.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1498.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/1498.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/1498.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115079\" class=\"content-area-description single-story post-115079 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking tag-enterpriseam tag-iraq tag-what-were-tracking wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>HAPPENING THIS WEEK-<\/strong> Indian Prime Minister Narendra Modi will be in the UAE this Friday, where he\u2019ll be kicking off a five-nation tour that will take him to the Netherlands, Sweden, Norway, and Italy, according to a <a target=\"_blank\" href=\"https:\/\/www.mea.gov.in\/press-releases.htm?dtl\/41126\/Visit_of_Prime_Minister_to_UAE_Netherlands_Sweden_Norway_and_Italy_May_15__20_2026\" style=\"\">statement<\/a>. Modi is scheduled to meet President Mohamed bin Zayed Al Nahyan to discuss energy cooperation and a comprehensive strategic partnership, among other topics.<\/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\">Watch this space<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The path to a new Iraqi government has a hurdle to clear: Iran.<\/strong> Tehran is reportedly throwing a last-minute wrench at Iraq\u2019s plans to form a new cabinet, just days after Iraq\u2019s Prime Minister-designate Ali Al Zaidi was well on his way to secure parliamentary approval for his ministerial lineup. Iran\u2019s objection is to what it perceives as a path leading to a \u201cpurely American government,\u201d two Iraqi officials tell <a target=\"_blank\" href=\"https:\/\/english.aawsat.com\/arab-world\/5271856-sudden-%E2%80%98veto%E2%80%99-iran-thwarts-govt-formation-efforts-iraq\" style=\"\">Asharq Alawsat<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The context: <\/strong>A high-level Iranian delegation led by Esmail Qaani, the commander of the IRGC\u2019s foreign arm, the Quds Force, held <a target=\"_blank\" href=\"https:\/\/ina.iq\/en\/security\/48597-iraqi-iranian-high-security-committee-held-a-meeting-in-baghdad.html\" style=\"\">meetings<\/a> with Iraqi security officials in Baghdad earlier this week. The visit came as Al Zaidi, who is backed by Washington and a broad group of Iraqi political parties, was <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/06\/qatarenergy-extends-lng-force-majeure-until-mid-june\/\" style=\"\">reported<\/a> to have reached a consensus on who would sit around the cabinet table, but the exclusion of a group of Iran-aligned political groups in the consultations likely sprung Tehran into action.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What to watch for: <\/strong>It remains unclear whether Iran\u2019s \u201cveto,\u201d as one of the Iraqi officials described it to Asharq Alawsat, will actually be upheld. The tacit approval of both the US and Iran has been important in the post-2003 political system \u2014 the US controls most of Iraq\u2019s oil revenues and has military bases in the country, whereas Iran funds and controls political groups with armed wings that are quasi-integrated in the state. <\/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>UAE state-backed AI champion G42\u2019s plan for a USD 1 bn geothermal-fired data center in <\/strong><strong>Kenya just hit another speedbump<\/strong>, after the Kenyan government reportedly said it was unable to commit to the fixed payments G42 and its project partner Microsoft were seeking, people familiar with the matter told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-10\/microsoft-s-african-data-center-falters-on-payment-demands\" style=\"\">Bloomberg<\/a>. The two were reportedly asking for the Kenyan government to pay for a fixed amount of the center\u2019s final capacity, originally planned to have a capacity of up to 1 GW. The project could be scaled back, with details on the financing and how the data center will be powered still unclear. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background: <\/strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/23\/microsoft-and-g42-invest-usd-1-bn-in-kenya-geothermal-data-center\/\" style=\"\">Back in 2024<\/a>, Microsoft and G42 teamed up to build the data center in Olkaria, a geothermal-rich area in Kenya. The original timeline had it running with 100 MW of capacity by this year. Last year, a <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2025\/09\/23\/this-morning-signs-of-cracks-in-dubais-property-market-start-to-show-a-flurry-of-debt-activity-with-issuances-from-aldar-binghatti\/\" style=\"\">report<\/a> suggested that G42 had not broken ground as developers struggled to find a business case for the project. <\/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>A UAE-managed LPG carrier with a track record of moving Iranian cargo is sailing <\/strong><strong>through the Strait of Hormuz under Indian colors.<\/strong> Tara Gas \u2014 owned by UAE-based Global Gas and managed by Dubai-based Matrix Maritime \u2014 is broadcasting Indian ownership and crew as it transits the strait, according to ship-tracking data cited by <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-11\/iran-linked-lpg-tanker-signals-indian-ownership-through-hormuz?srnd=phx-india-v2\" style=\"\">Bloomberg<\/a>. The vessel has previously carried Iranian LPG, including a shipment to China earlier this year.<\/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\/iraq\/\">Iraq<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/what-were-tracking\/\">WHAT WE\u2019RE TRACKING<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"115081\" 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\/13\/115081\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115081\" class=\"content-area-description single-story post-115081 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\">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\">2 July<\/span><span style=\"\"> \u2014 Parliamentary elections. <\/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\">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>Who pays for Lebanon\u2019s banking collapse? Saudi firms line up to IPO, but UAE + Egypt markets are more cautious | Indian banks halt new GCC lending | MENA+ earnings diverge<\/p>\n","protected":false},"featured_media":115058,"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-115057","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"6f11a3d3-654f-42ab-91e0-65db620320e1","teaser":"Who pays for Lebanon\u2019s banking collapse? Saudi firms line up to IPO, but UAE + Egypt markets are more cautious | Indian banks halt new GCC lending | MENA+ earnings diverge","photo_url":"https:\/\/ent.news\/2025\/12\/1376.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Drawing fire - MENA+ Edition<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/menaplus\/issues\/drawing-fire\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Drawing fire\" \/>\n<meta property=\"og:description\" content=\"Who pays for Lebanon\u2019s banking collapse? 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