{"id":115200,"date":"2026-05-18T00:00:00","date_gmt":"2026-05-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/menaplus\/?post_type=issue&#038;p=115200"},"modified":"2026-05-18T06:01:07","modified_gmt":"2026-05-18T06:01:07","slug":"tightrope","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/menaplus\/issues\/tightrope\/","title":{"rendered":"Tightrope"},"content":{"rendered":"<section id=\"115202\" 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=\"115202\">\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\/18\/one-week-until-eid-al-adha\/\">\r\n                            One week until Eid Al Adha\u2026                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/18\/one-week-until-eid-al-adha\/\" 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\/18\/one-week-until-eid-al-adha\/')\">\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\/18\/one-week-until-eid-al-adha\/\">\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=One week until Eid Al Adha\u2026&url=https:\/\/enterpriseam.com\/menaplus\/2026\/05\/18\/one-week-until-eid-al-adha\/\">\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\/18\/one-week-until-eid-al-adha\/&title=One week until Eid Al Adha\u2026\">\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=One+week+until+Eid+Al+Adha%E2%80%A6+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F05%2F18%2Fone-week-until-eid-al-adha%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\/18\/one-week-until-eid-al-adha\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115202\" class=\"content-area-description single-story post-115202 post type-post status-publish format-standard hentry category-opening-note tag-enterpriseam tag-opening-note tag-tourism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends \u2014 and happy Week Before Eid to you all. <\/strong>Five (or maybe four, if you\u2019re in Cairo \/ Doha \/ Riyadh) more days and we can all slide into some time off. God knows we\u2019ve earned it after the events of the past three-and-a-half months. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>From the EnterpriseAM Dept. of Tourism Promotion: <\/strong>If you\u2019re thinking about booking into Egypt for the holiday, you might want to get a move on. The Mediterranean coast was long a secret known only to Egyptians, but holidaymakers from Saudi and the UAE have made it their own the past two years. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Rooms for next week are starting to fill up<\/strong> \u2014 and El Gouna, the Red Sea destination loved by Europeans and Egyptians alike, selling out even faster, we\u2019re told.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Added bonus: <\/strong>Rates in Sahel go up for the Eid days, but they\u2019re still substantially lower than you\u2019ll pay in July and August. It\u2019s not really swimming weather, but as a break from the heat and tension? Hard to beat. \u2013Patrick and Salma<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/opening-note\/\">Opening Note<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/tourism\/\">Tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"115203\" 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=\"115203\">\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\/18\/tunisias-strongest-fdi-year-in-a-decade-wont-be-enough-to-fix-its-structural-problems\/\">\r\n                            Tightrope                        <\/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\/18\/tunisias-strongest-fdi-year-in-a-decade-wont-be-enough-to-fix-its-structural-problems\/\" 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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On the flipside, oil import costs are running at nearly double the government\u2019s working assumption, GCC remittances are softening, growth forecasts have been cut by a full percentage point, and the deficit is on track to hit 6% of GDP \u2014 and there\u2019s very little political room to negotiate an IMF backstop.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The country sidestepped a balance-of-payments crisis the last time it walked this <\/strong><strong>tightrope in 2023<\/strong>, after President Kais Saied rejected a USD 1.9 bn IMF bailout. That escape ran on luck \u2014 remittances rose; tourism bounced back; a drought ended, sending agricultural output up; and energy prices fell. None of those conditions hold today, with the Strait of Hormuz effectively shut and Brent trading near double the budget\u2019s USD 63 \/ barrel assumption.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>For investors already inside the country<\/strong> \u2014 Germany\u2019s Leoni, France\u2019s Faurecia, the cluster of <a target=\"_blank\" href=\"https:\/\/trovit.tn\/news\/enquete-ahk-les-entreprises-allemandes-en-tunisie-prevoient-daugmenter-leurs-investissements-en-2024\" style=\"\">German<\/a> biopharma, pharma and IT names \u2014 <strong>the near-shoring case still holds.<\/strong> But the inflows are concentrated, capital-intensive, and largely a story of incumbents scaling existing plants rather than new entrants taking the plunge. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cThese companies are scaling up their own factories. They already have the <\/strong><strong>infrastructure and know how to deal with the market,\u201d<\/strong> Birgit Lamm, country director for Tunisia and Libya at the Friedrich Naumann Foundation for Freedom, told EnterpriseAM. The structural drag \u2014 a non-convertible TND, an overpowering bureaucracy, oligarchic monopolies, and laws that bar foreign retail and wholesale \u2014 means the headline FDI figure masks how narrow the gains really are.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">\n<p class=\"tag-border-left\">Looming fiscal and inflationary pressures<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cOne of Tunisia\u2019s biggest macroeconomic challenges is that its growth rate is extremely <\/strong><strong>low,\u201d<\/strong> Deputy Director of the <a target=\"_blank\" href=\"https:\/\/timep.org\/author\/kaldas\/\" style=\"\">Tahrir Institute for Middle East Policy<\/a> Timothy Kaldas tells us \u2014 and the war is making it worse. The <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/854.pdf\" style=\"\">IMF<\/a> cut its 2026 and 2027 growth forecasts by a full percentage point, to 2.1% and 1.6%, citing the spillover from the Iran conflict. <a target=\"_blank\" href=\"https:\/\/www.spglobal.com\/ratings\/en\/regulatory\/article\/tunisian-banking-outlook-2026-slow-economic-growth-constrains-earnings-s101666317\" style=\"\">S&P Global<\/a> was more pessimistic still at 1.7% for 2026, \u201cexcluding any major external or internal shocks,\u201d and warned that stalled structural reform would crimp public and private investment and constrain bank earnings. The government\u2019s own 3.3% target looks increasingly aspirational.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The fiscal picture is tightening fast:<\/strong> Higher commodity import costs, rising sovereign borrowing costs, and softening GCC remittances are converging on a small, oil-importing economy with little room to absorb shocks. The budget deficit hit <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/economics\/130692\/%D8%AA%D9%88%D9%86%D8%B3-%D9%81%D9%8A-%D8%A7%D8%AE%D8%AA%D8%A8%D8%A7%D8%B1-%D8%A7%D9%84%D8%B9%D8%AC%D8%B2-%D9%88%D8%A7%D9%84%D8%AA%D8%B6%D8%AE%D9%85-%D9%88%D8%B3%D8%B7-%D8%AA%D8%AF%D8%A7%D8%B9%D9%8A%D8%A7%D8%AA-%D8%AD%D8%B1%D8%A8-%D8%A5%D9%8A%D8%B1%D8%A7%D9%86\/\" style=\"\">TND 5.2 bn<\/a> (USD 1.8 bn) in 1Q 2026 alone \u2014 more than half of last year\u2019s full-year deficit of TND 9.6 bn (5.5% of GDP). It is now projected to widen to TND 11 bn (USD 3.8 bn), or 6% of GDP, driven largely by the spike in oil prices thanks to the war in the Gulf.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Policymakers don\u2019t have much wiggle room: \u201cMore than two-thirds of the budget is <\/strong><strong>blocked for things that don\u2019t give you room for maneuver<\/strong> in stimulating the economy,\u201d Lamm says, noting that only about 10% is allocated to investment and management \u2014 insufficient, in her view, to move the dial. Roughly 40% \u2014 about TND 25 bn (USD 8.3 bn) \u2014 goes to public sector wages and salaries, and another 32% \u2014 about TND 20 bn (USD 6.8 bn) \u2014 to subsidies and other social-affairs line items. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The areas drawing the most FDI \u2014 automotive and textiles \u2014 are not labor-intensive<\/strong>, and the value generated often leaves the country, says Jalel Ben Romdhane (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/jalel-ben-romdhane\/\" style=\"\">LinkedIn<\/a>), an independent Tunisian expert in alternative finance and financial markets. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The official breakdown \u2014 63% in manufacturing, 16.3% in energy, 18.8% in services \u2014 <\/strong><strong>looks healthy in aggregate<\/strong>, but Ben Romdhane points to a more rigid labor code and a shrinking domestic market as reasons Tunisia\u2019s competitive edge is eroding. In automotive, while the majors run plants in Tunisia, Morocco, and Egypt, \u201cthe real value does not stay in the country,\u201d he says.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s a looming tipping point.<\/strong> \u201cIf [the fallout from the war in the Gulf] doesn\u2019t stop quickly, there will be a moment when [policymakers] can\u2019t do anything else but raise fuel prices,\u201d Lamm said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tunisia isn\u2019t alone: <\/strong><a target=\"_blank\" href=\"https:\/\/www.fitchsolutions.com\/bmi\/country-risk\/us-iran-conflict-egypt-most-exposed-in-north-africa-under-base-case-non-uniform-exposure-should-war-escalate-09-03-2026?mkt_tok=NzMyLUNLSC03NjcAAAGhkTSAlQlNWR-zKSonVH3mNhmRPmo16qh6LVZthzoR9z-pHsfGSFkysU94ULYWaAnOOvo_KjhY4-OLlkLx5SZ1AgtWDVqJ8Rfavr5XhnLvTg24X-4X_A\" style=\"\">Fitch\u2019s analysis<\/a> ranks Egypt as the most exposed in the region, followed by Morocco and Tunisia, given thin external buffers, limited fiscal space, and constrained monetary policy flexibility across all three.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">\n<p class=\"tag-border-left\">Structural roadblocks<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cTunisia\u2019s administrative setup is considered internationally as being rather rigid and <\/strong><strong>bureaucratic,\u201d<\/strong> Lamm tells us. Beyond the public-sector wage bill, an \u201coverpowering bureaucracy\u201d slows everyday business. Authorizing a signature on an employment contract, for example, requires a half-day trip to the municipality just to get the stamp that makes it legally binding.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A financial system that doesn\u2019t easily allow for expatriation of funds creates another <\/strong><strong>layer of problems.<\/strong> \u201cYou cannot freely convert TND into other currencies. If you want to invest in Tunisia, you cannot take money out without permission from the Central Bank. You can bring all the money you like in, but the money stays here,\u201d Lamm told us. Tunisia\u2019s tightly-managed exchange rate has come under more pressure amid fallout from the war in the Gulf, while Egypt\u2019s fully flexible rate has allowed the currency to serve as a shock absorber. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Then there\u2019s the monopoly problem.<\/strong> \u201cThe oligarchic families that have monopolies in Tunisia fundamentally make it almost impossible to attract new investment outside of partnerships with them,\u201d Kaldas notes, citing the distribution of goods and the banking sector as the most affected. Last month, a Tunisian court <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/tunisia-jails-tycoon-mabrouk-ex-pm-chahed-corruption-charges-2026-03-03\/\" style=\"\">sentenced<\/a> businessman Marouan Mabrouk \u2014 a relative of ousted president Zine El Abidine Ben Ali \u2014 along with the former prime minister and several other ex-cabinet members on corruption charges. The Mabrouk family, with interests spanning trade, banking, communications, and car dealerships, has long been criticized for receiving protection from successive post-2011 governments.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The legal architecture reinforces the closure.<\/strong> Foreign companies are banned under <a target=\"_blank\" href=\"https:\/\/www.trade.gov\/country-commercial-guides\/tunisia-distribution-sales-channels\" style=\"\">Tunisian<\/a><a target=\"_blank\" href=\"https:\/\/www.trade.gov\/country-commercial-guides\/tunisia-distribution-sales-channels\" style=\"\">law<\/a> from operating in the wholesale or retail sectors. Domestic distribution is restricted to nationals, and majority-foreign joint ventures are rare across the economy.. A 2022 <a target=\"_blank\" href=\"https:\/\/www.carthage.tn\/sites\/default\/files\/public\/%D9%85%D8%B1%D8%B3%D9%88%D9%85%20%D8%B9%D8%AF%D8%AF%2014%20%D9%84%D8%B3%D9%86%D8%A9%202022.pdf\" style=\"\">law<\/a> criminalized \u201cillegal speculation\u201d \u2014 covering offenses including hoarding and price manipulation \u2014 but stopped short of addressing the distribution monopolies created by the agency laws themselves.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">!_Subhed_! Silver linings<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The picture isn\u2019t uniformly grim.<\/strong> \u201cTunisia\u2019s economic problems are manageable compared to Egypt or Lebanon, but a balance of payment crisis can still arise,\u201d Kaldas says, noting that the government is currently leaning on exceptional measures \u2014 zero-interest borrowing from the central bank, pulling liquidity out of the banking sector. \u201cAt some point, those domestic options will be exhausted.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Reform is possible, analysts say, if politically uncomfortable.<\/strong> \u201cA progressive reform is possible. In Tunisia, it is easier than in most of North Africa to tax wealth. They have a high capacity for taxation \u2014 their tax-to-GDP ratio is double Egypt\u2019s,\u201d Kaldas says. \u201cBut that has to be coupled with removing the privileges of the monopolists and creating space for businesses to scale and compete.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The hub thesis still has legs \u2014 provided the plumbing gets fixed.<\/strong> \u201cIntegrating the Tunisian currency into the international monetary system would cause some initial shocks for the local market, but if you want to develop Tunisia as an economic hub, you need to cut down on red tape and make the government more transparent and agile,\u201d Lamm says.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Planet Startup is the bright spot \u2014 for now.<\/strong> The IT sector represents 7.5% of GDP and creates over 7.5k jobs a year. But Ben Romdhane warns the broader macro damage isn\u2019t visible to citizens yet because the budget is absorbing it. \u201cStartups and technology companies are booming, but until now, the shock is absorbed by the budget. What will happen is the budget deficit will grow and, in one way or another, it will become inflation. It\u2019s not very visible to the citizen yet,\u201d he tells us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But even among startups, there\u2019s a ceiling to be reckoned with:<\/strong> \u201cFor a startup to grow, it must go international very quickly. Then you enter the complicated structure of international money transfers and banking. You would need easier structures and more facilities from the government to help these startups grow. The people are there, but unfortunately, when they reach a certain level, they often think of moving out of Tunisia,\u201d Lamm explains.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And remember: A good chunk of that \u201cIT sector\u201d is offshoring <\/strong>\u2014 a sector where we think <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/11\/the-decoupling-of-revenue-and-headcount-what-indias-export-oriented-it-headcount-slump-means-for-mena\/\" style=\"\">the numbers out of India indicate AI is already taking jobs from humans<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">\n<p class=\"tag-border-left\">IMF to the rescue?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>No bailout deal is in sight, and the country\u2019s failed 2023 talks with the Fund still cast a <\/strong><strong>long shadow.<\/strong> Saied explicitly rejected a USD 1.9 bn bailout, citing national sovereignty and what he termed \u201c <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/tunisian-president-rejects-imf-dictats-says-public-peace-not-game-2023-04-06\/\" style=\"\">foreign diktats<\/a>.\u201d In response to EnterpriseAM\u2019s questions, an IMF spokesperson said that \u201cThe 2023 Article IV consultation was postponed at the request of the authorities.\u201d <strong>The Fund tells us that it has not received a request for financial assistance from Tunisia<\/strong>, but \u201cremains committed to supporting the authorities in their reform efforts to reduce macroeconomic imbalances, enhance social equity, and support growth and job creation.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The 2023 package had real flaws of its own, Kaldas notes. <\/strong>\u201cThe staff-level agreement that ultimately was rejected by Kais Saied had flaws in terms of austerity and its reliance on value-added tax as opposed to more progressive sources of revenue.\u201d Two sticking points dominated: the IMF\u2019s view that energy subsidies were unsustainable, and Saied\u2019s political objection to borrowing from the Fund at all. The division split the government \u2014 Saied <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-01-25\/tunisia-default-averted-despite-saied-s-rejection-of-imf-bailout\" style=\"\">fired<\/a> the economy and planning minister after publicly rejecting the deal.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A return to the table looks hard to engineer.<\/strong> \u201cIn the end, the government will probably need to talk to the IMF again. But after the earlier clash, where the president was very clear about national sovereignty and not being patronized, it makes it hard for him to explain a change of mind to the public. You would need a different narrative or instrument to justify it,\u201d Lamm tells us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>For now, Tunisia is leaning on its European partners for funding<\/strong>, on Algeria for energy imports, and on a long-standing development cooperation with the World Bank.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next is unclear \u2014 but the conditions that bailed Tunisia out last time aren\u2019t on <\/strong><strong>offer.<\/strong> In 2023, the economy was spared the brunt of a BoP crisis because remittances went up, tourism recovered, drought ended, agricultural production rose, and energy prices dropped. <strong>\u201cSaied got lucky,\u201d as Kaldas puts it<\/strong>. The current geopolitical landscape and macroeconomic conditions don\u2019t lend themselves to a repeat.<\/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\/debt\/\">Debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/economy\/\">ECONOMY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/macroeconomics\/\">macroeconomics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/the-lede\/\">The Lede<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/tunisia\/\">Tunisia<\/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=\"115205\" 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=\"115205\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Banking<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/18\/the-central-bank-of-syria-has-a-new-governor-but-his-credentials-are-thin\/\">\r\n                            Featherweight?                        <\/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\/18\/the-central-bank-of-syria-has-a-new-governor-but-his-credentials-are-thin\/\" 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\/18\/the-central-bank-of-syria-has-a-new-governor-but-his-credentials-are-thin\/')\">\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\/18\/the-central-bank-of-syria-has-a-new-governor-but-his-credentials-are-thin\/\">\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=The Central Bank of Syria has a new governor, but his credentials are thin&url=https:\/\/enterpriseam.com\/menaplus\/2026\/05\/18\/the-central-bank-of-syria-has-a-new-governor-but-his-credentials-are-thin\/\">\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\/18\/the-central-bank-of-syria-has-a-new-governor-but-his-credentials-are-thin\/&title=The Central Bank of Syria has a new governor, but his credentials are thin\">\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=The+Central+Bank+of+Syria+has+a+new+governor%2C+but+his+credentials+are+thin+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F05%2F18%2Fthe-central-bank-of-syria-has-a-new-governor-but-his-credentials-are-thin%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\/18\/the-central-bank-of-syria-has-a-new-governor-but-his-credentials-are-thin\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1025.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"115206\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/18\/the-central-bank-of-syria-has-a-new-governor-but-his-credentials-are-thin\/1025-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1025.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1025.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1025.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1025.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115205\" class=\"content-area-description single-story post-115205 post type-post status-publish format-standard has-post-thumbnail hentry category-banking tag-banking tag-enterpriseam tag-syria 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 Central Bank of Syria (CBS) has a new governor. <\/strong>President Ahmed Al Sharaa appointed Safwat Raslan (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/safwatraslan\/details\/experience\/\" style=\"\">LinkedIn<\/a>) as the head of the CBS, replacing Abdulkader Husrieh, who becomes Syria\u2019s ambassador to Canada. Raslan was most recently the first director general of the Syrian Development Fund (SDYF), a donation-based fund founded in the summer of 2025 to mobilize capital for reconstruction. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Like Husrieh, Raslan\u2019s career was interrupted by more than a decade of civil war<\/strong>, but there\u2019s no escaping the reality that his credentials as a central banker are thin. The new governor comes from a banking and consulting background, having worked as a young banker in Syria from 2002 to 2014 before migrating to Germany, where he consulted for EY, among other jobs. Raslan\u2019s most senior leadership role to date is the ten months he spent running the year-old SDF.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART- Central bank governors usually arrive with a particular kind of CV:<\/strong> The standard profile is an economist \u2014 often with a doctorate in monetary economics \u2014 who has risen through a central bank\u2019s policy ranks, run a finance ministry or debt-management office, or held a senior post at the IMF, the World Bank, or the upper reaches of a major commercial or investment bank. The job demands command of monetary policy, exchange-rate and reserves management, and banking supervision, and the governor's own track record is itself part of how a fragile currency and banking system earn credibility with foreign counterparties. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters so much: <\/strong>Raslan is CBS\u2019 third governor in less than two years, and he\u2019s taking on the role as Al Sharaa\u2019s administration is pushing ahead with a demanding and highly watched financial reform program. Syria is trying to rebuild a war-shattered banking system, reconnect to global payment networks, and convince foreign investors and businesses alike that the institution managing its currency and reserves is technically credible. A governor whose track record is in credit administration rather than monetary policy raises an obvious question: Who, in practice, sets and defends policy?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What to watch: <\/strong>Husrieh started a push to formalize currency exchange, reform the weak SYP, and reconnect banks to the global Visa and Mastercard payments systems. Also worth watching is the Qatar-funded, World Bank-backed financial sector assessment that the US-based consulting firm Oliver Wyman is currently conducting for the CBS. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Syria is in a tight spot: <\/strong>Raslan\u2019s appointment fits a pattern in post-conflict transitions, where new governments reach for diaspora returnees and trusted insiders rather than orthodox officials. And as Egypt and other \u201csocieties in transition\u201d across the region found after 2011, competent execs are often reluctant to serve in messy situations. Raslan deserves credit for stepping up \u2014 the question is whether he has the chops (and credibility with the international community) to deliver.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>GO DEEPER-<\/strong> We had <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/06\/syrias-banking-recovery-can-foreign-investment-alone-revive-the-war-torn-sector\/\" style=\"\">a long look at Syria\u2019s banking industry<\/a> earlier this month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- Raslan\u2019s appointment came as part of a wider government shuffle <\/strong>that began a week ago when President Ahmed Al Sharaa <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/syria-sets-first-cabinet-reshuffle-since-assad-ouster-state-media-reports-2026-05-09\/\" style=\"\">replaced<\/a> several top officials, including removing his own brother from his role as secretary-general of the president\u2019s office.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The SYDF announced its first allocation on Raslan\u2019s last day on the job<\/strong>, disbursing USD 15 mn to support recovery efforts in education, healthcare, economic recovery, and rubble removal. The funds will contribute to the safe return of displaced Syrians and to improving basic services, the SYDF <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sdf.syria1\/posts\/%D9%86%D8%A8%D8%AF%D8%A3-%D9%85%D8%B9%D9%83%D9%85-%D8%A3%D9%88%D9%84%D9%89-%D8%AE%D8%B7%D9%88%D8%A7%D8%AA-%D8%A7%D9%84%D8%AA%D8%AE%D8%B5%D9%8A%D8%B5%D8%AD%D9%8A%D8%AB-%D9%8A%D8%B9%D9%84%D9%86-%D8%B5%D9%86%D8%AF%D9%88%D9%82-%D8%A7%D9%84%D8%AA%D9%86%D9%85%D9%8A%D8%A9-%D8%A7%D9%84%D8%B3%D9%88%D8%B1%D9%8A-%D8%B9%D9%86-%D8%AA%D8%AE%D8%B5%D9%8A%D8%B5-%D8%A3%D9%88%D9%84%D9%8A-%D8%A8%D9%82%D9%8A%D9%85%D8%A9-15\/122139087842997631\/\" style=\"\">said in a statement<\/a>. <\/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\/syria\/\">Syria<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"115207\" 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=\"115207\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">THE CORRIDOR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/18\/india-doubles-down-on-mena-ties-in-search-of-energy-compute-for-ai-and-defense-sales\/\">\r\n                            Send money, guns, and \u2026 compute                        <\/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\/18\/india-doubles-down-on-mena-ties-in-search-of-energy-compute-for-ai-and-defense-sales\/\" 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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Throw in a handful of recent Indian moves to shore up its fertilizer supply with stocks from MENA+, and it\u2019s clearer than ever that New Delhi is leaning into our region. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The logic is brutally simple: MENA is India\u2019s single largest source of crude and LNG<\/strong>, the feedstock for the fertilizer its farm economy runs on, and the workplace for some 9 mn Indian nationals whose remittances home are among the country\u2019s most dependable sources of hard currency. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where\u2019s the USD 5 bn coming from?<\/strong> ADIA and India\u2019s National Investment and Infrastructure Fund are exploring up to USD 1 bn in infrastructure. IHC <a target=\"_blank\" href=\"https:\/\/www.sammaancapital.com\/downloads\/Sammaan%20Capital%20x%20IHC%20Press%20Release%20&%20Investor%20Presentation%20Oct\" style=\"\">will invest USD 1 bn<\/a> into Sammaan Capital. And India has cleared Emirates NBD\u2019s c. USD 3 bn takeover of RBL Bank, the largest foreign investment ever into Indian banking. On the energy side, an ADNOC pact with India\u2019s strategic petroleum reserve operator expands UAE crude held in-country toward 30 mn barrels, alongside a long-term LPG supply deal with Indian Oil.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On defense, the two sides agreed a framework for a strategic partnership<\/strong> that includes industrial collaboration, technology sharing, and regional security coordination, though the communiqu\u00e9 was thin on specifics. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Defense has become a top national priority for the UAE<\/strong> since the strikes and disruption that forced it to <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/03\/05\/iranian-drone-attacks-show-gcc-needs-to-rethink-air-defense\/\" style=\"\">rethink parts of its strategy<\/a> and approach to supply-chain resilience. Analysts <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=\"\">told our UAE desk<\/a> the country is moving to localize and own more of the end-to-end defense supply chain. India has some of what the UAE is shopping for: Make in India has built a defense-industrial base that turns out missiles, artillery and naval vessels at price points well below Western alternatives.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019re keeping a close eye on the AI agreements:<\/strong> G42 and the Indian government <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/g42-and-government-of-india-formalize-commercial-framework-for-condor-galaxy-india-ai-supercomputer-rqgtmwpt\" style=\"\">formalized<\/a><a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/g42-and-government-of-india-formalize-commercial-framework-for-condor-galaxy-india-ai-supercomputer-rqgtmwpt\" style=\"\">the commercial framework<\/a> for Condor Galaxy India, an eight-exaflop AI supercomputer built from 64 Cerebras CS-3 systems \u2014 nearly 19 times the combined peak capacity of India\u2019s two flagship machines. G42 will build and run the cluster, but the system sits under Indian governance with all data held inside national jurisdiction. Abu Dhabi is supplying the hardware and operating muscle while New Delhi keeps sovereignty over the intelligence it produces. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That\u2019s the template the Gulf is now selling down the corridor: Compute as statecraft<\/strong> that also routes demand straight back to Abu Dhabi\u2019s own stack. The CS-3 is Cerebras silicon, and Cerebras is the G42-backed chipmaker that priced a USD 5.55 bn Nasdaq IPO days earlier with the bulk of its revenue already tied to the Emirati AI complex. We called <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/02\/23\/g42-doubles-down-on-india-with-massive-supercomputer\/\" style=\"\">this bet<\/a> when the project first surfaced in February.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But nowhere are India\u2019s Gulf ties more critical than in fertilizer.<\/strong> State-run Indian Potash (IPL) has just locked in over 1.3 mn tons of diammonium phosphate (DAP), 42% of it from producers in our region. Saudi takes the lion\u2019s share \u2014 over 400k tons from the likes of Ma\u2019aden and VB Venture \u2014 while Egypt, Morocco and Jordan together send roughly 156.5k tons. Egyptian producers are also in for an estimated 15% of an international tender to supply India with <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/12\/local-fertilizer-firms-to-supply-india-with-350k-tons\/\" style=\"\">2.5 mn tons of nitrogen fertilizers<\/a> this June. The deals were struck in the last week at roughly double pre-war pricing.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>India also wants to own the supply:<\/strong> Three Indian companies are <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2026\/05\/12\/1967050\" style=\"\">reportedly<\/a> weighing investments that could be worth as much as a combined USD 1 bn in Egypt\u2019s phosphate and fertilizer sector, including extraction, manufacturing, and export-linked logistics hubs in Ain Sokhna and the New Valley. And India\u2019s fertilizers minister <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/en\/N2583383\" style=\"\">met<\/a> Saudi\u2019s industry minister last week to tighten phosphate and fertilizer cooperation and open the door to private-sector participation. India has decided fertilizer is too important to leave to the spot market \u2014 the same conclusion it <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/04\/24\/fertilizer-joins-crude-oil-as-indias-top-geopolitical-vulnerability\/\" style=\"\">reached on crude<\/a>.<\/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\/defense\/\">defense<\/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\/investment-watch\/\">investment watch<\/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\/tech\/\">TECH<\/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=\"115209\" 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=\"115209\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/18\/results-from-airlines-and-retailers-in-1q-2026-foreshadow-what-markets-can-expect-from-everyone-else-in-2q\/\">\r\n                            This is fine                        <\/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\" 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src=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1044.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"115210\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/18\/results-from-airlines-and-retailers-in-1q-2026-foreshadow-what-markets-can-expect-from-everyone-else-in-2q\/1044-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1044.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1044.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1044.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1044.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115209\" class=\"content-area-description single-story post-115209 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-aviation tag-construction tag-earnings-watch tag-enterpriseam tag-gulf-war-of-2026 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\"> <a id=\"wwtt1\"><\/a> <strong>Aluminium Bahrain just posted the best quarter in its history \u2014 <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.albasmelter.com\/en\/article\/alba-reports-its-financial-results-for-the-first-quarter-of-2026\" style=\"\">net income up<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.albasmelter.com\/en\/article\/alba-reports-its-financial-results-for-the-first-quarter-of-2026\" style=\"\">316%<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.albasmelter.com\/en\/article\/alba-reports-its-financial-results-for-the-first-quarter-of-2026\" style=\"\"><\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.albasmelter.com\/en\/article\/alba-reports-its-financial-results-for-the-first-quarter-of-2026\" style=\"\">y-o-y<\/a><\/strong><strong> \u2014 with most of its smelters <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/24\/china-absorbs-displaced-aluminum-as-gulf-outage-deepens\/\" style=\"\">knocked offline by Iranian missiles<\/a><\/strong><strong>. <\/strong>That paradox is the real story of the 1Q 2026 MENA+ earnings season, and it is not the one the headline numbers tell.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we\u2019ve seen this quarter is the echo of what had been set to be a very strong year<\/strong>, with the line between winners and losers being simple: distance from the war\u2019s blast radius. The quarter carries the hit from a single month of fighting, a month already softened by Ramadan and closed-out with <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=\"\">the Strait of Hormuz still shut<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Aramco\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/11\/aramcos-net-income-posts-25-y-o-y-growth-in-1q-despite-hormuz-disruptions\/\" style=\"\">net income rose 25% to USD 32.5 bn<\/a><\/strong><strong> because its East-West pipeline moved <\/strong><strong>more than 7 mn bpd around the strait.<\/strong> AD Ports <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/758.pdf\" style=\"\">turned in a 41% rise in net income 41%<\/a> by rerouting cargo through Fujairah and Khorfakkan. Emaar <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/537.pdf\" style=\"\">climbed 38%<\/a> on Dubai property the war never touched, and Emsteel <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/745.pdf\" style=\"\">surged 246%<\/a> selling 80% of its output at home. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Further out, the insulation was near-total:<\/strong> EGX-listed Orascom Construction more than doubled net income to USD 53.4 mn thanks to a backlog of data centers and aviation work in the United States worth USD 2.9 bn and growing. Cairo-based food giant Edita and payments unicorn Fawry rode Egyptian domestic demand to healthy bottom-line results. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Airlines and retailers are the leading indicator for what we can expect to see in many <\/strong><strong>companies\u2019 2Q results. <\/strong>The spiraling price of jet fuel, airspace closures, and rerouting sent Flynas <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=\"\">net income down 20.3%<\/a> and Air Arabia <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/936.pdf\" style=\"\">off by about a fifth<\/a>, while Jazeera Airways <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/841.pdf\" style=\"\">tipped into a net loss<\/a> after nearly clearing it last quarter. Only <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/logistics\/2026\/05\/11\/emirates-books-record-revenue-despite-war-hit-routes\/\" style=\"\">Emirates<\/a>, which does not report quarterly, held up. <a target=\"_blank\" href=\"https:\/\/www.luluretail.com\/media\/5vzepmbz\/lulu-retail-q1-2026-earnings-release_eng_110526.pdf\" style=\"\">Lulu Retail fell 32.8%<\/a> as discretionary spending collapsed in March.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The likely winners in 2Q? <\/strong>Anyone operating pipelines, selling domestic property, catering to local consumer demand \u2014 and anything priced in EGP rather than shipped through Hormuz. <\/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\/aviation\/\">aviation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/construction\/\">construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/earnings-watch\/\">EARNINGS WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/gulf-war-of-2026\/\">Gulf war of 2026<\/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=\"115211\" 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=\"115211\">\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\">MARKETS + DEALS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/18\/saudi-aramco-may-be-looking-to-raise-usd-35-bn-from-asset-sales-and-we-have-ma-news-from-the-uae-saudi-and-egypt\/\">\r\n                            Dry powder                        <\/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\/18\/saudi-aramco-may-be-looking-to-raise-usd-35-bn-from-asset-sales-and-we-have-ma-news-from-the-uae-saudi-and-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The pipeline runs from a sale-and-leaseback of real estate that could include its <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/14\/this-morning-aramco-explores-usd-10-bn-sale-and-leaseback-of-its-real-estate-portfolio\/\" style=\"\">Dhahran headquarters<\/a> to stake sales in oil export and storage terminals and deals for gas-fired power and water infrastructure. If the plan goes through, it would keep full ownership of its upstream production assets while selling minority stakes in just about anything midstream on down. The catalyst was the BlackRock-led <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/08\/17\/aramco-signs-usd-11-bn-lease-agreement-for-jafurah\/\" style=\"\">USD 11 bn Jafurah lease<\/a> last August, which drew enough fund appetite to convince Aramco there\u2019s a market for the rest.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our take: <\/strong>A year ago we\u2019d have read this as Aramco trimming non-core assets. Now it looks like the Kingdom is looking to max-out liquidity while the war continues and FDI is still <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/03\/25\/saudis-peace-premium-spared-it-the-brunt-of-the-conflict-but-time-is-not-on-our-side\/\" style=\"\">well short<\/a> of the USD 100 bn-a-year target. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>Emirates NBD has cleared the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/919.pdf\" style=\"\">last regulatory hurdle<\/a><\/strong><strong> on its roughly USD 3 bn acquisition <\/strong><strong>of India\u2019s RBL Bank<\/strong>, securing final sign-off from the Indian government. That will make it the first foreign lender to take majority control of a profitable listed Indian bank. The deal is structured as a preferential equity issue that leaves ENBD with <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/04\/03\/emirates-nbd-is-one-step-closer-to-acquiring-rbl-bank\/\" style=\"\">51-74%<\/a> of RBL\u2019s share capital (with voting rights capped at 26%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong> Western lenders are pulling back from India and MENA+ \u2014 and GCC banks including Emirates NBD and private-sector champion Mashreq are pushing in. <\/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>BlueFive Capital has locked in a binding 42% of Tadawul-listed Gulf General Insurance <\/strong><strong>(GGI)<\/strong> \u2014 a rescue wrapped in a restructuring. GGI will cut its capital to SAR 124 mn from SAR 300 mn to wipe out most of its accumulated losses, then issue new shares that hand the Abu Dhabi firm its stake (<a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/966.pdf\" style=\"\">press release pdf<\/a>). It needed the lifeline: 2025 losses widened to SAR 120.5 mn, <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=95017&anCat=1&cs=8260&locale=en\" style=\"\">raising going-concern doubt<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Watch for a rollup play to follow: <\/strong>BlueFive launched <a target=\"_blank\" href=\"https:\/\/bluefivecapital.com\/newsroom\/bluefive-capital-launches-bluefive-insurance-to-lead-consolidation-of-gcc-insurance-market\/\" style=\"\">BlueFive Insurance<\/a> in November to roll up a fragmented GCC insurance market, and a distressed listed shell makes a useful vehicle for the buy-and-build to come. SNB Capital and A&O Shearman advised BlueFive; the deal still needs final regulatory and shareholder sign-off.<\/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>BP is weighing a sale of <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/bp-considers-sale-some-egyptian-gas-assets-sources-say-2026-05-15\/\" style=\"\">select Egyptian natural gas assets<\/a><\/strong><strong> as part of a global <\/strong><strong>restructuring<\/strong> to trim debt, Reuters reports. The targets are East and West Nile Delta plays. BP has put more than USD 35 bn into Egypt over six decades and once supplied 60% of its gas, so even a partial divestment reshapes the country\u2019s LNG-export-hub ambitions \u2014 even as BP keeps chasing higher-yield plays, including new offshore concessions and a 50% stake in Temsah\u2019s <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/08\/what-does-a-two-week-ceasefire-mean-for-egypt\/\" style=\"\">Denise W 1 well<\/a>, which holds c. 2 tcf of gas.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi Contractor Mutlaq Al Ghowairi (MGC) is taking 30% to Tadawul<\/strong> in a pure secondary sale that will see founder Mutlaq Al Otaibi trims his stake to 32% from 52.5% and Terad Al Ghowairi to 15.7% from 22.5%. Both will be locked up for six months (<a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/898.pdf\" style=\"\">press release pdf<\/a>, <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/897.pdf\" style=\"\">prospectus pdf<\/a>). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong>MGC is one of several Saudi firms trying to beat the buzzer before their CMA approvals lapse in June. <strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/10\/this-morning-ninja-lines-up-banks-for-ipo-keeps-options-open\/\" style=\"\">Ninja<\/a><\/strong> is lining up banks for a potential USD 1 bn IPO by late 2026 or early 2027, <strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/05\/dar-al-balads-tadawul-ipo-sees-robust-institutional-demand\/\" style=\"\">Dar Al Balad<\/a><\/strong> is targeting USD 55 mn, and <strong>Arabian Dyar<\/strong> is <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/03\/26\/this-morning-ipo-ambitions-hold-steady-against-valuation-markdowns-as-june-deadlines-loom\/\" style=\"\">eyeing<\/a> a listing. Saudi issuers are crowding the window while <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/13\/saudi-firms-are-lining-up-to-ipo-while-uae-and-egyptian-outfits-strike-more-cautious-notes\/\" style=\"\">UAE and Egyptian companies play it more cautiously<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What to watch: <\/strong>MGC is the test of whether Tadawul still has the appetite for thin-margin contractor plays amid the Kingdom\u2019s project reshuffling.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>Cairo-headquartered Korra Energi opened books on the EGX\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/1006.pdf\" style=\"\">second private-sector IPO<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/1006.pdf\" style=\"\">of the year<\/a><\/strong>, looking to raise up to EGP 735 mn for 11% of the company. The institutional tranche (60%) closes 24 May and retail the next day. It\u2019s only the second private-sector float since <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/11\/gourmet-shares-hit-40-regulatory-limit-in-egx-debut\/\" style=\"\">Gourmet in February<\/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>EGX bellwether Commercial International Bank (CIB) will launch its digital-banking <\/strong><strong>subsidiary, Yomo<\/strong>, in 4Q 2026, CEO Hisham Ezz Al Arab told the Arabic press (<a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/banks\/132609\/cib-%D9%8A%D8%B7%D9%84%D9%82-%D8%A8%D9%86%D9%83-%D9%8A%D9%88%D9%85%D9%88-%D8%A7%D9%84%D8%B1%D9%82%D9%85%D9%8A-%D9%81%D9%8A-%D9%85%D8%B5%D8%B1-%D9%88%D9%8A%D8%AD%D8%B0%D8%B1-%D9%85%D9%86-%D8%A7%D9%84%D8%AA%D9%85%D9%88%D9%8A%D9%84-%D8%BA%D9%8A%D8%B1-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%81%D9%8A\/\" style=\"\">watch, 28:48<\/a>). Egypt\u2019s largest private-sector lender already has regulatory approval to set up the digital bank\u2019s holding company in Abu Dhabi \u2014 a regulatory and tax-optimization play \u2014 and is in the final stretch of getting the Central Bank of Egypt\u2019s nod for the Cairo operating company.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT-<\/strong> Yomo joins a wave of digital-native banks arriving just as rates start to fall. State-owned Banque Misr is finally standing up long-planned its digital arm, <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/16\/egypts-digital-banks-are-coming-soon\/\" style=\"\">Onebank<\/a>, targeting EGP 40 bn in deposits in year one. CIB is putting EGP 300 mn into Yomo over three years, and Ezz Al Arab <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/06\/cib-ceo-hisham-ezz-al-arab-on-why-egypt-is-ready-to-welcome-digital-native-banks\/\" style=\"\">told us<\/a> last month it\u2019s a market-expansion play, not just a defensive move against the fintechs. <\/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>Sab Invest has become Saudi Arabia\u2019s first ETF market maker under the Saudi <\/strong><strong>Exchange\u2019s new <\/strong><a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/979.pdf\" style=\"\">framework (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong>Tadawul\u2019s still-embryonic ETF segment won\u2019t ever become liquid enough to matter without market makers. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">ALSO WORTH KNOWING THIS MORNING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mubadala Energy<\/strong> has joined a USD 9.75 bn financing package behind the <a target=\"_blank\" href=\"https:\/\/mubadalaenergy.com\/news\/mubadala-energy-kimmeridge-and-cpp-investments-announce-final-investment-decision-for-caturus-commonwealth-lng-investment-in-the-u-s\/\" style=\"\">USD 13 bn<\/a><a target=\"_blank\" href=\"https:\/\/mubadalaenergy.com\/news\/mubadala-energy-kimmeridge-and-cpp-investments-announce-final-investment-decision-for-caturus-commonwealth-lng-investment-in-the-u-s\/\" style=\"\">Commonwealth LNG project<\/a> in Louisiana, a move some pundits think suggests the UAE\u2019s post-Opec hedge runs through American gas. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IHC\u2019s Alpha Wave Global<\/strong> is weighing a <a target=\"_blank\" href=\"https:\/\/economictimes.indiatimes.com\/industry\/transportation\/airlines-\/-aviation\/global-investors-temasek-alpha-wave-global-eye-1-3-bn-investment-in-adani-airports\/articleshow\/131102325.cms\" style=\"\">USD 1.3 bn investment<\/a> in <strong>Adani Airport Holdings <\/strong>alongside Singapore sovereign fund <strong>Temasek<\/strong>, the airport unit\u2019s first external equity raise, at a USD 18-20 bn valuation. Alpha Wave is a unit of IHC\u2019s Judan Financial, chaired by UAE National Security Advisor Sheikh Tahnoon bin Zayed, a long-standing Adani backer. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Stitch<\/strong>, a Saudi financial-infrastructure firm, raised USD 25 mn in a Series A led by <strong><a target=\"_blank\" href=\"https:\/\/a16z.com\/\" style=\"\">Andreessen<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/a16z.com\/\" style=\"\">Horowitz<\/a><\/strong> \u2014 a16z\u2019s <a target=\"_blank\" href=\"https:\/\/www.wamda.com\/2026\/05\/a16z-backs-saudi-fintech-stitch-gcc-deal\" style=\"\">first investment in the GCC<\/a>. The 2022-founded firm builds cloud-native lending, cards, payments, and ledger software across the GCC, Africa and Southeast Asia.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Raya Holding<\/strong> has finally closed the loop on a six-year exit from <strong>Ostool<\/strong>, with its board approving the sale of its 90% stake to a <a target=\"_blank\" href=\"https:\/\/ent.news\/internal\/702898.pdf\" style=\"\">Qalaa\/Ascom Mining subsidiary for EGP 641 mn<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> Market Snapshot<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tadawul<\/strong> -0.3% \u2022 <strong>ADX<\/strong> -0.3% \u2022 <strong>DFM<\/strong> -0.5% \u2022 <strong>EGX30<\/strong> -1.5%<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Brent USD 110.33 \/ bbl \u2022 Gold USD 4,549 \/ oz \u2022 USD \/ SAR 3.75 \u2022 USD \/ EGP 53.36<\/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\/finance-watch\/\">finance watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/ipo-watch\/\">IPO WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/markets-deals\/\">Markets + Deals<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"115213\" 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=\"115213\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">THE SCORECARD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/18\/tale-of-two-funds-pif-trims-us-equities-as-mubadala-ramps-up\/\">\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\/18\/tale-of-two-funds-pif-trims-us-equities-as-mubadala-ramps-up\/\" 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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Mubadala, on the other hand, doubled down. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- The PIF trimmed its US equity holdings in <\/strong><strong>1Q <\/strong><strong>to <\/strong><strong>USD <\/strong><strong>12 bn \u2014 <\/strong>down from USD 12.95 bn in 4Q 2025 and marking the lowest level in five years, according to <a target=\"_blank\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1767640\/000101143826000338\/xslForm13F_X02\/primary_doc.xml\" style=\"\">US Securities<\/a><a target=\"_blank\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1767640\/000101143826000338\/xslForm13F_X02\/primary_doc.xml\" style=\"\">and Exchange Commission data<\/a>. <strong>The PIF now holds just four US-listed positions<\/strong> \u2014 Uber (USD 5.2 bn), Electronic Arts (USD 5.1 bn), Lucid Group (USD 1.7 bn) and Clarivate (USD 20.9 mn), according to <a target=\"_blank\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1767640\/000101143826000338\/0001011438-26-000338.txt\" style=\"\">PIF\u2019s first 13F filing of the year<\/a>. <a target=\"_blank\" href=\"https:\/\/www.argaam.com\/en\/article\/articledetail\/id\/1906235\" style=\"\">Argaam<\/a> first reported the results last week. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PIF\u2019s portfolio of US holdings peaked at USD 56.7 bn<\/strong> across 36 positions at the end of 2021, and has been contracting ever since. The fund also recently cut its international allocation target <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/06\/gulf-swfs-have-become-the-swing-vote-in-global-capital-flows\/\" style=\"\">to 20% in April<\/a> down from 30%, signaling a broader shift toward deploying more sovereign capital at home. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- The Mubadala way: <\/strong>The Abu Dhabi SWF raised its US stock holdings to USD 20.5 bn<strong>, <\/strong>up from USD 17.9 in the previous quarter. This included new positions in 13 companies, including microchip maker ASML Holding, data and intelligence outfit Palantir, and expanding positions in players including Blue Owl and Aris Mining Corporation. <\/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\/mubadala\/\">Mubadala<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/pe\/\">PE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/pif\/\">PIF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/swfs\/\">SWFs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/the-scorecard\/\">The Scorecard<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/usa\/\">USA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"115215\" 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=\"115215\">\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\">WAR WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/18\/lebanon-israel-extend-their-ceasefire-as-more-strikes-hit-the-region\/\">\r\n                            Tenuous                        <\/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\/18\/lebanon-israel-extend-their-ceasefire-as-more-strikes-hit-the-region\/\" 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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In the UAE, three drones were detected by the Defense Ministry <a target=\"_blank\" href=\"https:\/\/x.com\/modgovae\/status\/2056014348993360147?s=20\" style=\"\">yesterday<\/a>, with one landing near the Barakah nuclear power plant and <a target=\"_blank\" href=\"https:\/\/x.com\/ADMediaOffice\/status\/2055953520302682178?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet\" style=\"\">causing a fire<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>No injuries, but definitely alarm bells: <\/strong>No injuries were reported from the Baraka plant fire, with all units continuing to operate normally at the power plant. The International Atomic Energy Agency also <a target=\"_blank\" href=\"https:\/\/x.com\/iaeaorg\/status\/2055974241313361927?s=46&t=eQkyOOTe-J3UW1b7k5d2xA\" style=\"\">said<\/a> radiation levels at the plant remained normal, but Director General Rafael Grossi described military activity threatening nuclear facilities as \u201cunacceptable\u201d and renewed calls for restraint around nuclear sites.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>So far, there\u2019s been neither blame nor claim <\/strong>for the drone strike targeting a plant that is the UAE\u2019s <a target=\"_blank\" href=\"https:\/\/www.enec.ae\/barakah-plant\/\" style=\"\">largest source<\/a> of electrical energy, as well as a key pillar of its diversification strategy away from oil. The strike follows news that the Emirates\u2019 largest gas plant, Adnoc Gas\u2019 Habshan facility, won\u2019t be fully operational again <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/05\/13\/adnoc-gas-says-habshan-complex-to-be-fully-operational-next-year-as-earnings-strained-in-1q-on-hormuz-disruptions\/\" style=\"\">until next year<\/a> following an Iranian strike.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The drones hit as Israel and Lebanon <\/strong><strong><a target=\"_blank\" href=\"https:\/\/x.com\/statedeptspox\/status\/2055349600211312889\" style=\"\">agreed to extend<\/a><\/strong><strong> their fragile ceasefire following <\/strong><strong>two days of negotiations in Washington<\/strong>, with the extension running for an additional 45 days. Negotiations are set to resume at the end of the month, with the Pentagon kicking off a \u201csecurity track\u201d for the talks on 29 May, while the \u201cState Department will reconvene the political track of negotiations on June 2 and June 3.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The ceasefire remains tenuous at best, with Israel continuing to carry out deadly strikes<\/strong><strong> in Lebanon.<\/strong> An Israeli airstrike in south Lebanon yesterday <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/articles\/cqlpzzl0d67o\" style=\"\">killed six people<\/a>, including three paramedics, and left a fourth paramedic injured. Yesterday\u2019s strike followed another attack on Wednesday that killed 22 people, including eight children. <\/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\/us-iran-war\/\">US-Iran war<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/war-watch\/\">WAR WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"115217\" 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=\"115217\">\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\">CULTURE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/18\/saudi-offers-60-rebate-on-production-costs-to-attract-global-film-and-tv\/\">\r\n                            Sweetener                        <\/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\/18\/saudi-offers-60-rebate-on-production-costs-to-attract-global-film-and-tv\/\" 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 commission made the <a target=\"_blank\" href=\"https:\/\/www.instagram.com\/filmmoc\/p\/DYXlHtmCff_\/\" style=\"\">announcement<\/a> at the Cannes Film Festival on Friday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The rebate scheme was first introduced at Cannes in 2022, but filmmakers had <\/strong><strong>previously complained that it was too complicated to navigate<\/strong>, the US-based entertainment industry news outlet <a target=\"_blank\" href=\"https:\/\/variety.com\/2026\/film\/global\/saudi-arabia-film-and-tv-production-rebate-60-1236749844\/\" style=\"\">Variety<\/a> reports. \u201cWe have worked on developing a number of regulatory and operational aspects related to the incentives program, most notably the launch of the financial audit and disbursement procedures guide, with the aim of improving implementation efficiency and providing filmmakers with greater clarity,\u201d commission chief Abdullah bin Nasser Al-Qahtani said. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/culture\/\">culture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/filmmaking\/\">Filmmaking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"115219\" 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\/18\/115219\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115219\" class=\"content-area-description single-story post-115219 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\">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=\"font-weight:400;\">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\">21-24 June<\/span><span style=\"\"> \u2014 Afreximbank Annual Meetings. <\/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\">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>Tunisia\u2019s structural issues catch up | Syria\u2019s new central bank governor | Airline + retailer earnings foreshadow the 2Q bite | Tenuous ceasefire extended as more drones hit.<\/p>\n","protected":false},"featured_media":115201,"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-115200","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"267e7e53-52e3-41ce-9dc2-f70af95ef780","teaser":"Tunisia\u2019s structural issues catch up | Syria\u2019s new central bank governor | Airline + retailer earnings foreshadow the 2Q bite | Tenuous ceasefire extended as more drones hit.","photo_url":"https:\/\/ent.news\/2024\/4\/731.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium 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