{"id":115261,"date":"2026-05-20T00:00:00","date_gmt":"2026-05-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/menaplus\/?post_type=issue&#038;p=115261"},"modified":"2026-05-20T07:31:56","modified_gmt":"2026-05-20T07:31:56","slug":"sovereign-windfall","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/menaplus\/issues\/sovereign-windfall\/","title":{"rendered":"Sovereign windfall"},"content":{"rendered":"<section id=\"115263\" 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=\"115263\">\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\/20\/the-accidental-oman-issue\/\">\r\n                            The accidental Oman issue?                        <\/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\/20\/the-accidental-oman-issue\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/menaplus\/2026\/05\/20\/the-accidental-oman-issue\/')\">\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\/20\/the-accidental-oman-issue\/\">\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 accidental Oman issue?&url=https:\/\/enterpriseam.com\/menaplus\/2026\/05\/20\/the-accidental-oman-issue\/\">\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\/20\/the-accidental-oman-issue\/&title=The accidental Oman issue?\">\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+accidental+Oman+issue%3F+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F05%2F20%2Fthe-accidental-oman-issue%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\/20\/the-accidental-oman-issue\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1220.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"115264\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/20\/the-accidental-oman-issue\/1220-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1220.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1220.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1220.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1220.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115263\" class=\"content-area-description single-story post-115263 post type-post status-publish format-standard has-post-thumbnail hentry category-opening-note tag-enterpriseam tag-opening-note tag-trade 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>Oman doesn\u2019t usually make a lot of noise, but this morning it\u2019s very much leading our <\/strong><strong>coverage<\/strong> with the biggest two stories of the day, as we unpack the Oman Investment Authority\u2019s 2025 blockbuster performance and the country\u2019s narrowed 1Q budget deficit. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019ll be keeping an eye out for progress on the GCC-UK trade agreement, which could<\/strong><strong> be finalized today<\/strong> as representatives from both sides meet in London, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-19\/uk-on-verge-of-trade-deal-with-gulf-states-says-saudi-arabia?embedded-checkout=true\" style=\"\">Bloomberg<\/a> reports, citing comments made by GCC Secretary-General Jasem Albudaiwi. From the UK side, officials said talks were ongoing but steered clear of specifying whether the agreement would come today.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, in the tech world: <\/strong>Google is further integrating AI in its search function while introducing what it calls <a target=\"_blank\" href=\"https:\/\/blog.google\/innovation-and-ai\/sundar-pichai-io-2026\/#agents\" style=\"\">Gemini Spark<\/a>, an AI \u201cagent\u201d that is designed to function independently and act on a user\u2019s behalf. The tech giant is also rolling out smart glasses that will include a camera and speaker in a bid to challenge moves made by its rival Meta.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We still think human labor isn\u2019t going away anytime soon, <\/strong><strong>but the robots<\/strong><strong> are coming for<\/strong><strong> some jobs<\/strong> \u2014 at least 8k of them at Standard Chartered, which <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/ff678495-2a99-4a70-a340-31c0f8094b4c?syn-25a6b1a6=1\" style=\"\">is looking<\/a> to rely more heavily instead on AI. The cuts will primarily affect its human resources and risk and compliance functions, which the company\u2019s CEO describes as a shift away from \u201clower-value human capital.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO: <\/strong>Elon Musk\u2019s SpaceX has reportedly <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/legal\/government\/goldman-sachs-set-be-named-lead-left-underwriter-spacex-ipo-source-says-2026-05-19\/\" style=\"\">tapped<\/a> Goldman Sachs to lead its highly anticipated IPO, with the bank set to assume the most prominent spot among the underwriters involved. Goldman and Morgan Stanley will reportedly be serving as lead bankers. \u2013Salma <\/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\/trade\/\">Trade<\/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=\"115265\" 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=\"115265\">\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\/20\/whats-behind-omans-usd-7-5-bn-sovereign-windfall\/\">\r\n                            On top of the world                        <\/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\/20\/whats-behind-omans-usd-7-5-bn-sovereign-windfall\/\" 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\/20\/whats-behind-omans-usd-7-5-bn-sovereign-windfall\/')\">\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\/20\/whats-behind-omans-usd-7-5-bn-sovereign-windfall\/\">\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=What\u2019s behind Oman\u2019s USD 7.5 bn sovereign windfall&url=https:\/\/enterpriseam.com\/menaplus\/2026\/05\/20\/whats-behind-omans-usd-7-5-bn-sovereign-windfall\/\">\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\/20\/whats-behind-omans-usd-7-5-bn-sovereign-windfall\/&title=What\u2019s behind Oman\u2019s USD 7.5 bn sovereign windfall\">\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=What%E2%80%99s+behind+Oman%E2%80%99s+USD+7.5+bn+sovereign+windfall+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F05%2F20%2Fwhats-behind-omans-usd-7-5-bn-sovereign-windfall%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\/20\/whats-behind-omans-usd-7-5-bn-sovereign-windfall\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1218.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"115266\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/20\/whats-behind-omans-usd-7-5-bn-sovereign-windfall\/1218-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1218.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1218.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1218.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1218.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115265\" class=\"content-area-description single-story post-115265 post type-post status-publish format-standard has-post-thumbnail hentry category-the-lede tag-enterpriseam tag-ipo-watch tag-ipos tag-oia tag-oman tag-oman-investment-authority tag-swfs tag-the-lede wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Oman\u2019s <\/strong><strong>sovereign wealth fund delivered the strongest vindication yet of Muscat\u2019s<\/strong><strong> post-2020 economic plan. <\/strong>The Oman Investment Authority (OIA) posted 14.6% y-o-y bottom line growth in 2025 to reach OMR 2.9 bn (c. USD 7.5 bn), riding a wave of global market rallies, strong domestic portfolio performance, and a sweeping domestic consolidation strategy. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A globally competitive return: <\/strong>The 2025 headline figures cap an annualized five-year return of 10.4%, placing the OIA third globally among sovereign wealth funds for overall returns on investments and first for equities returns, according to <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/feed\/update\/urn:li:activity:7462472771542003712\/\" style=\"\">data<\/a> from Global SWF. \u201cOIA\u2019s 2025 results are genuinely remarkable for a fund of its size and age\u2026 [It] validates the sovereign's investment capability,\u201d Ramon Pedrosa, CEO of European Equity Research Partners, tells EnterpriseAM.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A strategy doing exactly what it was designed to do:<\/strong> \u201cOIA is implementing the top economic priority of the Sultanate, which is to reduce the debt burden, Bank Nizwa Senior Head of Treasury & Global Markets and Investment Banking Muhammad Ahsan tells EnterpriseAM. \u201cThe debt reduction in 2025 is the extension of the same agenda \u2014 lower corporate debt levels to make them financially competitive and creditworthy.\u201d Companies under the OIA umbrella have seen \u201cefficient debt management and consolidated decision making,\u201d he adds, with downstream benefits for banks engaging in credit discussions backed by deals that \u201chave gone through the highest level of scrutiny by the shareholders and the government.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Local for the win<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The impressive bottom line was propped up by OIA\u2019s domestic portfolio<\/strong>, which delivered OMR 1.8 bn of returns. Meanwhile, OIA\u2019s foreign-asset-focused vehicle the Future Generations Fund brought in OMR 1.1 bn. \u201cOIA remains more local than global with nearly two-thirds of assets invested in Oman, followed by North America at 19%, Europe at 9%, Asia-Pacific at 4% and other markets at 7%,\u201d Daniel Brett, senior analyst at Global SWF, tells EnterpriseAM. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The local focus is a key feature of OIA\u2019s mandate:<\/strong> The current breakdown of OIA\u2019s portfolio is \u201ctypical of a strategic fund of OIA\u2019s type in that it has a domestic core with international holdings used to provide yield, diversification, reserve growth, and dividends to the government,\u201d Brett explains. The fund is \u201cfocused on improving state-owned enterprises\u2019 profitability, preparing selected assets for sale, and using foreign partnerships to bring capital and expertise into Oman,\u201d he adds.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Unpacking OIA\u2019s strategy<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">While 2025 was generally a good year for equities, the blockbuster performance reflects more than that. \u201cOman's government previously had a fragmented asset base, with overlapping mandates and uneven commercial discipline. Consolidation has given OIA cleaner sector platforms, enabling better control of debt and cash flow. Assets are now easier to take to IPO, private placement, or strategic partnership,\u201d Brett says.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Divestment as a lever: <\/strong>The OIA has generated more than OMR 2.8 bn from IPOs and private placements for some 24 companies under its portfolio since 2022. Another 30 state-owned enterprises (SOEs) are also set to see government divestment over the next five years, OIA\u2019s President Abdulsalam al Murshidi <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/economy\/gcc\/oman-oia-targets-stake-sale-in-30-company-divestment-drive-u5lee5y8\" style=\"\">said<\/a> earlier this year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT- <\/strong>The OIA has led an aggressive balance sheet cleaning for SOEs since 2021 when Muscat brought these companies under the SWF\u2019s management. The push saw OIA slash SOE debt by some USD 2.5 bn to USD 8.9 bn. It also forced these state-owned players to cut costs and implement strict commercial accounting, all the while folding many of them under one umbrella \u2014 energy players under OQ and shipping players under Asyad. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Eleven priority sectors anchor the medium-term play: \u201cOman\u2019s government has announced 11 priority sectors including healthcare, tourism, mining, alternative energy, and education,\u201d Ahsan notes. \u201cThe focus is to increase the contribution of these priority sectors to the economy. These are the sectors to focus on over the medium term.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">What\u2019s MSX got to do with it<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A pipeline that's about to be tested:<\/strong> Oman is heading into another round of high-profile listings, with Oman India Fertilizer Co (Omifco) and Minerals Development Oman (MDO) expected this year. Omifco\u2019s listing \u201cis now imminent,\u201d Ahsan says \u2014 and despite regional jitters, \u201cI am of the view that the deals expected this year will go through and the response to these will determine the fate of deals next year.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>OIA\u2019s stellar results should be good news for this upcoming wave of IPOs.<\/strong> \u201cIPOs and listings are a key strategic initiative covering lower government ownership, broadening of capital markets and improving the investor base, especially in the equity markets in Oman,\u201d Ahsan says. \u201cThese listings have offered very attractive returns to attract new sources of both domestic and foreign capital, which was missing a few years ago.\u201d For banks, the upside is concrete: \u201cMore avenues in terms of widening their credit portfolio by going to more clients and also managing equity investments actively,\u201d he adds. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But this only works if Oman can tell the right story.<\/strong> \u201c[Previous] IPOs have been well-structured, the regulatory environment has been progressively modernised,\u201d Pedrosa says, adding that there is a \u201cneed to do more in terms of connecting Western investors and [Omani] issuers, and making sure companies receive enough coverage to be globally understood.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The frontier market problem: <\/strong>\u201cWhen issuers come to market individually, without a pre-existing country presence, international investors naturally apply a wider discount,\u201d Pedrosa explains. \u201cNot because they doubt the company, but because they\u2019re pricing in the cost of building coverage from scratch. That's a structural feature of frontier markets. That is a fact Oman market players need to take into account.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That\u2019s why Muscat cannot simply rely on the OIA publishing excellent headline earnings<\/strong>, Pedrosa argues. Oman needs an active, coordinated effort from the whole domestic ecosystem to sell the broader investment case. \u201cIf the market and market players invest in building a coordinated, macro-driven country narrative ahead of the next wave of IPOs, that would tighten that discount, support better pricing for the state as the seller, and improve post-listing performance,\u201d Pedrosa adds.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And Muscat has the conditions to distinguish itself among the pack: <\/strong>\u201cThe premise of competing on the same axis as Riyadh or Abu Dhabi is, I think, the wrong starting point,\u201d Pedrosa tells us. \u201cOman doesn't need to be a smaller version of anyone. It has its own profile, and it has to grow on its own. <strong>What it lacks is a full-fledged narrative to make sure global markets understand its full value.<\/strong>\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A crowded GCC field competing for capital has its own pitch, too<\/strong>, Pedrosa says. \u201cInvestors already holding GCC weight benefit from diversification within the region, and Oman offers a different risk profile, a different sector mix, and a different geopolitical positioning,\u201d he says. And the audience for this pitch ranges from \u201cfrontier and emerging-market specialists, yield-oriented mandates, and Asian sovereigns looking to balance their Gulf exposure.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The benchmark is already there.<\/strong> Asyad listed in 2025 and OQ Exploration & Production (OQEP) made history a year earlier with Oman's largest IPO ever \u2014 drawing some USD 5.5 bn in total demand and accounting for about <a target=\"_blank\" href=\"https:\/\/www.muscatdaily.com\/2024\/10\/08\/oqep-to-make-up-11-6-of-total-market-cap-on-msx\/\" style=\"\">11.6%<\/a> of the MSX\u2019s public market capitalization at the time. Omifco and MDO are the next test of whether Muscat can turn a run of standout deals into the sustained, country-level story that international investors will price on.<\/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\/ipo-watch\/\">IPO WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/ipos\/\">IPOs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/oia\/\">OIA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/oman\/\">Oman<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/oman-investment-authority\/\">Oman Investment Authority<\/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-lede\/\">The Lede<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"115267\" 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=\"115267\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">ECONOMY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/20\/even-without-the-oil-windfall-oman-shrank-its-budget-deficit\/\">\r\n                            Narrowing                        <\/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\/20\/even-without-the-oil-windfall-oman-shrank-its-budget-deficit\/\" 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\/20\/even-without-the-oil-windfall-oman-shrank-its-budget-deficit\/')\">\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\/20\/even-without-the-oil-windfall-oman-shrank-its-budget-deficit\/\">\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=Even without the oil windfall, Oman shrank its budget deficit&url=https:\/\/enterpriseam.com\/menaplus\/2026\/05\/20\/even-without-the-oil-windfall-oman-shrank-its-budget-deficit\/\">\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\/20\/even-without-the-oil-windfall-oman-shrank-its-budget-deficit\/&title=Even without the oil windfall, Oman shrank its budget deficit\">\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=Even+without+the+oil+windfall%2C+Oman+shrank+its+budget+deficit+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F05%2F20%2Feven-without-the-oil-windfall-oman-shrank-its-budget-deficit%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\/20\/even-without-the-oil-windfall-oman-shrank-its-budget-deficit\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/4\/532.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"115268\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/20\/even-without-the-oil-windfall-oman-shrank-its-budget-deficit\/532-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/4\/532.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"532.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/4\/532.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/4\/532.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115267\" class=\"content-area-description single-story post-115267 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-enterpriseam tag-oman 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>Oman\u2019s budget deficit shrank to OMR 25 mn (USD 65 mn) in 1Q 2026<\/strong>, narrowing from the OMR 136 mn (USD 353.7 mn) gap recorded one year earlier, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/1215.pdf\" style=\"\">Finance Ministry figures (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In reality, the sultanate\u2019s fiscal performance is likely even better than these figures<\/strong><strong> suggest<\/strong> \u2014 the accounting method used to record oil revenues means the quarter\u2019s results don\u2019t yet capture the windfall from surging crude prices. Oil sales are not booked at the point of sale, but only after delivery and financial collection are complete, the Finance Ministry says. Crude sold in January, for example, is delivered in March and proceeds are collected in April. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The breakdown:<\/strong> Total state revenues climbed 13% y-o-y to OMR 2.99 bn (USD 7.78 bn), outpacing a 9% rise in expenditure to OMR 3.01 bn (USD 7.83 bn). Net oil revenues rose 5% y-o-y to OMR 1.54 bn, with the realized price averaging USD 64 \/ barrel. Net gas revenues delivered a standout performance, rising 36% y-o-y to OMR 593 mn. Current revenues, which capture non-hydrocarbon receipts and serve as a barometer of Oman\u2019s diversification push, rose 13% to OMR 817 mn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the spending side, development expenditure \u2014 which funds Oman\u2019s economic <\/strong><strong>transformation projects \u2014 rose 31% y-o-y<\/strong> to OMR 334 mn (USD 868.7 mn), equivalent to 26% of the full year\u2019s budgeted development spend. Social protection support hit OMR 154 mn, electricity subsidies were at OMR 80 mn, and petroleum product subsidies clocked in at OMR 17 mn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Public debt held steady at OMR 14.5 bn at the end of the quarter<\/strong>, inching up just 2% y-o-y and remaining flat q-o-q. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The promising fiscal picture comes as inflation in April eased slightly to 3.2%<\/strong>, bringing the January-April average to 2.6%, according to data from the <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/1216.pdf\" style=\"\">National Center for Statistics and Information (pdf)<\/a>. The cooling headline figure came despite vegetable prices jumping 25% and fruit prices rising 11.6% y-o-y, bringing the total food and non-alcoholic beverage inflation rate to 6.2%. The housing, water, electricity, gas and fuels basket remained flat, serving as a reminder of the cushioning role of the utility and fuel subsidies that continue to absorb a meaningful share of recurrent spending. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/economy\/\">ECONOMY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/oman\/\">Oman<\/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=\"115269\" 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=\"115269\">\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\">WAR WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/20\/chinese-vlccs-pass-hormuz-as-tehran-washington-exchange-threats-of-renewed-attacks\/\">\r\n                            New fronts?                        <\/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\/20\/chinese-vlccs-pass-hormuz-as-tehran-washington-exchange-threats-of-renewed-attacks\/\" 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\/20\/chinese-vlccs-pass-hormuz-as-tehran-washington-exchange-threats-of-renewed-attacks\/')\">\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\/20\/chinese-vlccs-pass-hormuz-as-tehran-washington-exchange-threats-of-renewed-attacks\/\">\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=Chinese VLCCs pass Hormuz as Tehran + Washington exchange threats of renewed attacks&url=https:\/\/enterpriseam.com\/menaplus\/2026\/05\/20\/chinese-vlccs-pass-hormuz-as-tehran-washington-exchange-threats-of-renewed-attacks\/\">\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\/20\/chinese-vlccs-pass-hormuz-as-tehran-washington-exchange-threats-of-renewed-attacks\/&title=Chinese VLCCs pass Hormuz as Tehran + Washington exchange threats of renewed attacks\">\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=Chinese+VLCCs+pass+Hormuz+as+Tehran+%2B+Washington+exchange+threats+of+renewed+attacks+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F05%2F20%2Fchinese-vlccs-pass-hormuz-as-tehran-washington-exchange-threats-of-renewed-attacks%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\/20\/chinese-vlccs-pass-hormuz-as-tehran-washington-exchange-threats-of-renewed-attacks\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1220.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"115270\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/20\/chinese-vlccs-pass-hormuz-as-tehran-washington-exchange-threats-of-renewed-attacks\/1220-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1220.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1220.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1220.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1220.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115269\" class=\"content-area-description single-story post-115269 post type-post status-publish format-standard has-post-thumbnail hentry category-war-watch tag-enterpriseam tag-us-iran-war tag-war-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Two loaded Chinese oil tankers reportedly <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.seatrade-maritime.com\/tankers\/two-chinese-vlccs-cross-the-strait-of-hormuz%5C\" style=\"\">passed through<\/a><\/strong><strong> the Strait of Hormuz today<\/strong>, after US Vice President JD Vance <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/live\/cg5pm3nl9qnt\" style=\"\">told reporters overnight<\/a> that Washington and Tehran have made \u201ca lot of progress\u201d in their talks to end the war. That sentiment, however, is being dampened by US President Donald Trump\u2019s threats to launch fresh attacks on Iran amid the impasse, with Iran\u2019s army spokesperson saying it is prepared to \u201copen new fronts against [the US], with new equipment and new methods.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- The Emirati Defense Ministry <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/modgovae\/posts\/pfbid0yY3E69yMxddkrBcm7ZAQPxVXiNjd82NPyq64T3uRpau7GrynuzCx2Tm7hfs989Arl\" style=\"\">identified<\/a><\/strong><strong> the source of the drones that hit the Barakah<\/strong><strong> Nuclear Power Plant earlier this week<\/strong>, saying that \u2014 along with three others it has intercepted over the past two days \u2014 they came from Iraqi territory. It wasn\u2019t just us: Saudi Arabia\u2019s Defense Ministry also said earlier this week that it intercepted three drones entering the Kingdom from Iraqi airspace, without specifying what the drones were targeting or who launched them. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Six more drones destroyed:<\/strong> Air defenses intercepted six drones that targeted \u201ccivilian and vital areas\u201d over the past two days, according to a <a target=\"_blank\" href=\"https:\/\/x.com\/modgovae\/status\/2056750382194528552\" style=\"\">statement<\/a> from the Defense Ministry. The statement did not specify the source of the attacks. <\/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=\"115271\" 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=\"115271\">\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\">LOGISTICS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/20\/the-gcc-is-building-for-a-post-hormuz-world\/\">\r\n                            Redundancy                        <\/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\/20\/the-gcc-is-building-for-a-post-hormuz-world\/\" 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\/20\/the-gcc-is-building-for-a-post-hormuz-world\/')\">\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\/20\/the-gcc-is-building-for-a-post-hormuz-world\/\">\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 GCC is building for a post-Hormuz world&url=https:\/\/enterpriseam.com\/menaplus\/2026\/05\/20\/the-gcc-is-building-for-a-post-hormuz-world\/\">\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\/20\/the-gcc-is-building-for-a-post-hormuz-world\/&title=The GCC is building for a post-Hormuz world\">\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+GCC+is+building+for+a+post-Hormuz+world+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F05%2F20%2Fthe-gcc-is-building-for-a-post-hormuz-world%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\/20\/the-gcc-is-building-for-a-post-hormuz-world\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1027.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"115272\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/20\/the-gcc-is-building-for-a-post-hormuz-world\/1027-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1027.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1027.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1027.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1027.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115271\" class=\"content-area-description single-story post-115271 post type-post status-publish format-standard has-post-thumbnail hentry category-logistics tag-enterpriseam tag-logistics tag-pipelines tag-saudi-arabia tag-trade tag-uae wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The UAE and Saudi Arabia are engineering their way out of geographic vulnerabilities<\/strong>, pouring resources into bypass infrastructure designed to hedge against future trade disruptions. Adnoc is <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.abudhabi\/ar\/crown-prince-news\/khaled-bin-mohamed-bin-zayed-chairs-meeting-of-executive-committee-of-adnoc-board-of-directors-may-2026\/\" style=\"\">accelerating<\/a> plans to double the amount of crude it can export from Fujairah outside Hormuz, as Sharjah is ramping up border crossing logistics with Oman. Meanwhile, Riyadh is looking further north with a push to revive a regional rail link to Europe via Lebanon and Syria. <\/p>\n<p class=\"tag-border-left\">The Emirati bypass push<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The UAE\u2019s strategy hinges on two parallel hedges:<\/strong> Expanding pipeline capacity at home and locking down more overseas storage capacity. On the pipeline side, the planned <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/business\/2026\/may\/15\/uae-oil-pipeline-strait-of-hormuz-by-2027\" style=\"\">expansion<\/a> would push the Habshan-Fujairah pipeline \u2014 known as Abu Dhabi Crude Oil Pipeline (Adcop) \u2014 to a throughput of some 3.6 mn bbl \/ d. On the storage side, India is emerging as a critical partner after the two countries <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-15\/modi-agrees-with-uae-to-build-strategic-crude-gas-stockpiles\" style=\"\">agreed<\/a> to nearly triple the roughly <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/modi-likely-seek-more-energy-supplies-uae-during-short-visit-sources-say-2026-05-14\/\" style=\"\">11 mn barrels-equivalent<\/a> of capacity that Adnoc currently leases in India to 30 mn barrels. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More pipeline capacity also means more flexibility on the kind of crude that flows<\/strong><strong> through it.<\/strong> Adcop today carries only Murban, but the expanded line would eventually outstrip Murban production altogether \u2014 opening the door to rerouting offshore grades like <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-15\/uae-to-complete-new-hormuz-bypass-oil-pipeline-by-2027\" style=\"\">Upper Zakum<\/a> through Fujairah as well. That matters because the UAE produces around 1 mn bbl \/ d of Upper Zakum, of which around two-thirds are exported. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>India isn\u2019t the first country to eye Emirati crude in its backyard: <\/strong>Japan secured a commitment from the UAE <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/logistics\/2026\/05\/07\/today-the-gulfs-land-bridge-play-is-here-to-stay\/\" style=\"\">earlier this month<\/a> to increase joint crude oil stockpiles, while South Korea already enjoys a <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/logistics\/2026\/03\/09\/today-fertilizer-supply-under-pressure-from-hormuz-disruption\/\" style=\"\">storage agreement<\/a> with Adnoc that allows the company storage access in Northeast Asia.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The logic running through each of these agreements is the same: Distribute the risk <\/strong><strong>before the next disruption hits.<\/strong> Strategic reserves \u2014 once treated as static emergency stockpiles \u2014 are increasingly being repositioned as geographically flexible logistics tools, allowing buyers to position barrels close to alternative routes, refining centers, and safer export corridors outside immediate chokepoint exposure. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Zooming out:<\/strong> Now unshackled from production quotas after Opec\u2019s exit, Abu Dhabi is pushing ahead with plans to raise oil output to 5 mn bbl \/ d next year, and the added pipeline capacity gives Adnoc room to monetize those barrels even if shipping conditions through Hormuz remain unstable. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">The latest Saudi hedge effort<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi\u2019s bypass bet is now tilting inland: <\/strong>With long coastlines on both sides and a resilient set of pipeline workarounds already in place, the Kingdom is now turning its attention to multiplying its land-based options. The most ambitious of these is the long-discussed revival of the Ottoman-era Hejaz railway, which once linked Saudi Arabia to Turkey via Jordan and Syria. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT- <\/strong>Riyadh\u2019s continued push for the project despite Syria\u2019s still-fragile landscape is itself a signal that the Kingdom is thinking long-term. It remains too early to know whether the railway will actually move ahead, but Saudi officials have been holding <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/22\/abu-dhabi-deepens-china-ties-with-financial-hub-pact\/\" style=\"\">meetings<\/a> with counterparts in Syria and Jordan to push it along. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Lebanon also wants in:<\/strong> Beirut just <a target=\"_blank\" href=\"https:\/\/www.nna-leb.gov.lb\/en\/news\/203659\/rasamny-launches-tripoli-abboudieh-railway-tender-from-tripoli-port-security-key-to-investment-success-north-lebanon-poised-for-economic-growth-2\" style=\"\">launched<\/a> a tender for the design of its portion of the Hejaz railway, which is set to connect the port city of Tripoli to the Aabboudiye area on the country\u2019s northernmost border with Syria. For a country whose rail network has been dysfunctional for more than four decades since the civil war, even a credible plan would be a significant shift. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background: <\/strong>Syria could unlock a new set of inland corridor options for the GCC, routes that make sense on both cost and speed, but whether they actually get used depends on a string of conditions that have yet to fall into place. We unpacked Syria\u2019s inland corridor potential in more depth in our deep dive <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/10\/the-gulfs-next-lifeline-to-europe-hinges-on-syrias-recovery-and-cutting-through-knots-of-red-tape\/\" style=\"\">here<\/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\">The era of redundancy is here<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Taken together, these moves capture how Gulf trade is being reorganized around <\/strong><strong>chokepoint <\/strong><strong>resilience.<\/strong> Our logistics desk <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/logistics\/2026\/04\/16\/how-routes-decide-and-will-define-fortunes-in-the-gulf\/\" style=\"\">argued<\/a> a month ago that the region is moving away from dependence on a single optimal route and towards a \u201cportfolio of corridors\u201d model built around redundancy, <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/logistics\/2026\/05\/07\/how-the-gulf-trucked-their-way-out-of-hormuz\/\" style=\"\">inland logistics<\/a>, storage, <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/logistics\/2026\/04\/20\/gulf-oil-exporters-weigh-working-around-the-workaround\/\" style=\"\">pipelines<\/a>, and <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/logistics\/2026\/03\/05\/can-gulf-ports-outrun-geography\/\" style=\"\">alternative ports<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It also says something about how exporters view risk: <\/strong>Where oil shippers once optimized for the shortest and cheapest route to market, the new playbook prioritizes survivability under stress \u2014 even when that means paying more for less capacity. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The appetite for redundancy is also no longer confined to export-heavy industries like oil.<\/strong> GCC airlines, for instance, are now grappling with how the hub-and-spoke model \u2014 built for efficiency and scale \u2014 has become a liability during the war. <\/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\/logistics\/\">LOGISTICS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/pipelines\/\">pipelines<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/trade\/\">Trade<\/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=\"115273\" 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=\"115273\">\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\">AVIATION<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/20\/can-riyadh-air-defy-a-rewritten-gulf-sky\/\">\r\n                            Turbulence at takeoff                        <\/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\/20\/can-riyadh-air-defy-a-rewritten-gulf-sky\/\" 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\/20\/can-riyadh-air-defy-a-rewritten-gulf-sky\/')\">\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\/20\/can-riyadh-air-defy-a-rewritten-gulf-sky\/\">\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=Can Riyadh Air defy a rewritten Gulf sky?&url=https:\/\/enterpriseam.com\/menaplus\/2026\/05\/20\/can-riyadh-air-defy-a-rewritten-gulf-sky\/\">\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\/20\/can-riyadh-air-defy-a-rewritten-gulf-sky\/&title=Can Riyadh Air defy a rewritten Gulf sky?\">\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=Can+Riyadh+Air+defy+a+rewritten+Gulf+sky%3F+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F05%2F20%2Fcan-riyadh-air-defy-a-rewritten-gulf-sky%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\/20\/can-riyadh-air-defy-a-rewritten-gulf-sky\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/2\/274.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"115274\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/20\/can-riyadh-air-defy-a-rewritten-gulf-sky\/274-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/2\/274.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"274.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/2\/274.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/2\/274.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115273\" class=\"content-area-description single-story post-115273 post type-post status-publish format-standard has-post-thumbnail hentry category-aviation tag-aviation tag-enterpriseam tag-riyadh-air 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>Riyadh Air is gearing up to launch commercial services this summer in one of the most <\/strong><strong>punishing Middle East aviation markets in years.<\/strong> A month into a still-fragile ceasefire with Iran, regional flight networks remain distorted, transit corridors fractured, and the GCC\u2019s legacy majors are short an estimated 5.4 mn seats from pre-war April schedules. Layer on jet fuel above USD 160 \/ barrel and Boeing delivery delays, and the Saudi luxury carrier\u2019s premium-heavy debut looks like a stress test for a region still counting the cost of a historic structural shock. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The timeline is still intact \u2014 at least officially.<\/strong> Riyadh Air\u2019s 182-aircraft order book from Airbus and Boeing is locked in and the carrier is transitioning from its \u201coperational readiness\u201d phase \u2014 which saw initial invite-only flights to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/2dfc4118-7746-4a04-b079-867d2844326b\/%253cmark%253eriyadh-air%253c%2Fmark%253e-gears-up-for-maiden-london-route,-rolls-out-loyalty-program\" style=\"\">London Heathrow<\/a> operate on technical spare jets \u2014 to a full commercial rollout. Routes to Dubai and <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/02\/25\/saipems-aramco-contract-asmos-logistics-hub-isdb-financing-and-riyadh-airs-cairo-route\/\" style=\"\">Cairo<\/a> are on the slate and a <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/01\/22\/hsbc-tops-mena-dcm-leagues\/\" style=\"\">cargo division<\/a> is up and running, anchored on belly capacity from its planned 120-aircraft wide-body fleet. <\/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\">Fuel shock and the money pinch<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Every regional carrier is bleeding on rerouting.<\/strong> Flying around restricted airspace has <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/04\/21\/will-the-war-drive-gulf-carriers-to-build-redundancy-into-their-hub-and-spoke-model\/\" style=\"\">tacked<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/04\/21\/will-the-war-drive-gulf-carriers-to-build-redundancy-into-their-hub-and-spoke-model\/\" style=\"\">on<\/a> up to two hours of block time per long-haul rotation, running up roughly USD 7.5k per hour in unbudgeted fuel and crew costs. Unhedged jet fuel <a target=\"_blank\" href=\"https:\/\/www.iata.org\/en\/publications\/economics\/fuel-monitor\/\" style=\"\">now sits<\/a> above USD 160 per barrel. \u201cThe impact is broadly the same,\u201d John Grant, partner at Midas Aviation, tells EnterpriseAM. \u201cThe issue is how much reserves you have and what your strategy has been towards hedging your fuel requirement \u2026 Those who are large enough, well-managed, and well-resourced will work their way through the current set of challenges.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">The rollout math<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Riyadh Air\u2019s blueprint is aggressive<\/strong> \u2014 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/abce7c6a-f7d3-4e38-975b-07970552e093\/this-morning:-saudi-national-omar-yaghi-gets-a-nobel-in-chemistry-%2B-gaza-agreement-reached\" style=\"\">uptake<\/a> one new Boeing 787-9 Dreamliner per month, a new destination <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/06\/19\/riyadh-air-to-serve-100-cities-by-2030-ceo\/\" style=\"\">every two months<\/a>, scaling to 100 cities by 2030. But with the delivery of its <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/02\/25\/saipems-aramco-contract-asmos-logistics-hub-isdb-financing-and-riyadh-airs-cairo-route\/\" style=\"\">first owned aircraft<\/a> heavily delayed by Boeing\u2019s supply chain struggles, analysts are skeptical. A more realistic pace would be \u201cadding four or five destinations at a time every quarter or IATA season rather than one every two months,\u201d Grant says. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Pricing strategy is the other unknown:<\/strong> It\u2019s unclear whether Riyadh Air will try to steal market share from Emirates and Qatar Airways by undercutting them. CEO Tony Douglas suggested <a target=\"_blank\" href=\"https:\/\/www.semafor.com\/article\/10\/09\/2025\/saudis-new-airline-says-not-hit-by-pif-spending-review\" style=\"\">in October<\/a> that early ticket lines might be \u201cless price sensitive because demand will be significantly greater than our ability to supply,\u201d with the carrier focused on \u201coutstanding value\u201d over markdowns. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Competition is fierce out of the gate. <\/strong>Of Riyadh Air\u2019s 15 debut routes, 12 are already operated out of Riyadh by rival carriers, according to OAG Schedules Analyser data. Saudia serves all 12, while Flynas operates seven and flyadeal serves six. Only Madrid, Manchester, and Jakarta currently lack direct service from Riyadh.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">The big picture<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The war hit the regional sector precisely during peak travel windows \u2014 the final weeks of<\/strong><strong> Ramadan and overlapping school holidays<\/strong> \u2014 and the demand picture has shifted under Riyadh Air\u2019s feet. \u201cIt will certainly be challenging for Riyadh Air,\u201d Grant warns. \u201cThe market is very different to what they planned against three or four years ago, and the Saudi Vision 2030 projects have been scaled back, and tourism numbers are not perhaps as high as they hoped, so it is going to be very tough.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi Arabia was nonetheless the region\u2019s most resilient market during the conflict<\/strong>, absorbing only a 10% dip in traffic versus the severe operational distress seen in Kuwait or Bahrain. This resilience was mostly anchored by heavy domestic point-to-point flows and price-inelastic religious tourism.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">What it's got going for it<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>If there is a silver lining to Riyadh Air\u2019s entry, it\u2019s that the war exposed the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/20\/will-the-war-drive-gulf-carriers-to-build-redundancy-into-their-hub-and-spoke-model\/\" style=\"\">structural<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/20\/will-the-war-drive-gulf-carriers-to-build-redundancy-into-their-hub-and-spoke-model\/\" style=\"\"><\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/20\/will-the-war-drive-gulf-carriers-to-build-redundancy-into-their-hub-and-spoke-model\/\" style=\"\">vulnerabilities<\/a><\/strong><strong> of the traditional Gulf hub-and-spoke model.<\/strong> As tightly synchronized banks at Doha and Dubai failed during airspace closures, Riyadh Air\u2019s point-to-point model \u2014 pulling traffic directly into the capital \u2014 looks comparatively insulated. The carrier is also leaning on tech-native partnerships to bypass legacy inefficiencies: Cloud-based AI and the FLYR platform for dynamic retailing and pricing, plus agreements with <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/05\/15\/ades-inks-sar-816-mn-rig-extension-gas-arabian-services-awarded-sar-830-mn-in-contracts\/\" style=\"\">Sabre<\/a> and <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/08\/10\/ksa-lands-mastercards-first-middle-east-cyber-resilience-hub\/\" style=\"\">Amadeus<\/a> to expand corporate and travel agency reach. <\/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\/riyadh-air\/\">Riyadh Air<\/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=\"115275\" 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=\"115275\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">MARKETS + DEALS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/20\/full-speed-ahead-for-saudi-ecm-dcm-transactions\/\">\r\n                            Risk-on                        <\/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\/20\/full-speed-ahead-for-saudi-ecm-dcm-transactions\/\" 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\/20\/full-speed-ahead-for-saudi-ecm-dcm-transactions\/')\">\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\/20\/full-speed-ahead-for-saudi-ecm-dcm-transactions\/\">\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=Full-speed ahead for Saudi ECM + DCM transactions&url=https:\/\/enterpriseam.com\/menaplus\/2026\/05\/20\/full-speed-ahead-for-saudi-ecm-dcm-transactions\/\">\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\/20\/full-speed-ahead-for-saudi-ecm-dcm-transactions\/&title=Full-speed ahead for Saudi ECM + DCM transactions\">\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=Full-speed+ahead+for+Saudi+ECM+%2B+DCM+transactions+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F05%2F20%2Ffull-speed-ahead-for-saudi-ecm-dcm-transactions%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\/20\/full-speed-ahead-for-saudi-ecm-dcm-transactions\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1212.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"115276\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/20\/full-speed-ahead-for-saudi-ecm-dcm-transactions\/1212-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1212.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1212.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1212.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1212.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115275\" class=\"content-area-description single-story post-115275 post type-post status-publish format-standard has-post-thumbnail hentry category-markets-deals tag-bluefive-capital tag-capital-markets tag-debt-watch tag-enterpriseam tag-ipo-watch tag-markets-deals tag-saudi-arabia wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Saudi\u2019s capital markets are very much in the spotlight<\/strong>, with a total of three ECM and DCM transactions in motion, including Alinma\u2019s second issuance this month \u2014 while Abu Dhabi capital keeps rolling up assets at home and across Europe. Further afield: The regional conflict is starting to leave fingerprints on hotel investment.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The retail tranche of Saudi IT player Dar Al Balad\u2019s IPO was 3.75x covered<\/strong>, drawing SAR 231 mn (USD 62 mn) in orders from over 90.2k investors at an offer price of <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/05\/dar-al-balads-tadawul-ipo-sees-robust-institutional-demand\/\" style=\"\">SAR 9.75<\/a> per share, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=95470&anCat=1&cs=1002&locale=en\" style=\"\">Tadawul disclosure<\/a>. The retail portion of the IPO accounts for 30% of the total shares on offer. The company had priced its IPO at the top of its guidance range, implying a transaction value of SAR 205 mn (USD 55 mn) and a company valuation of SAR 682 mn (USD 182 mn).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS-<\/strong> AlJazira Capital is quarterbacking the transaction as financial advisor, lead manager, and underwriter. It is also acting as joint bookrunner alongside Emirates NBD. Baker McKenzie is counsel.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;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 real estate developer <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.daralarkan.com\/\" style=\"\">Dar Al Arkan<\/a><\/strong><strong> will issue USD-denominated senior unsecured <\/strong><strong>sukuk<\/strong>, with investor calls starting earlier this week, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=95472&anCat=1&cs=4300&locale=en\" style=\"\">Tadawul disclosure<\/a>. The issuance follows a trend <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/11\/25\/corporates-will-turn-to-global-debt-markets-as-investment-needs-overwhelm-internal-funding-resources-sp\/\" style=\"\">S&P expected to see<\/a> among private-sector companies looking to increase their USD-denominated issuance as they seek long-term, fixed-rate financing for big projects.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS-<\/strong> Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Al Rayan Investment, Arqaam Capital, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, JP Morgan, Mashreq, Sharjah Islamic Bank, Standard Chartered Bank, and Warba Bank are all acting as joint lead managers and bookrunners.<\/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>Alinma Bank is tapping the USD debt market for the second time this month<\/strong> with a USD-denominated sustainable AT1 issuance, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=95508&anCat=1&cs=1150&locale=en\" style=\"\">Tadawul disclosure<\/a>. The shariah-compliant lender had also <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/04\/27\/hassan-allam-albawani-to-work-on-usd-490-mn-museum-of-contemporary-art\/\" style=\"\">kicked off<\/a> an issuance of SAR-denominated AT1 sukuk earlier this month under an existing SAR 5 bn program. The issuance wrapped on Sunday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS-<\/strong> The bank tapped Abu Dhabi Islamic Bank, Alinma Capital, Arqaam Capital, ASB Capital, Citi, DBS Bank, Emirates NBD Capital, First Abu Dhabi Bank, Goldman Sachs, JPMorgan, Mashreq, Standard Chartered, and Warba Bank as joint lead managers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The institutional tranche of Egyptian firm <\/strong><strong>Korra<\/strong><strong> Energi\u2019s IPO was 2.7x covered on the first day o<\/strong><strong>f bookbuilding<\/strong>, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/internal\/703760.pdf\" style=\"\">a bourse filing (pdf)<\/a>. Korra is selling an 11% stake on the EGX, with 60% of the offering earmarked for institutional investors. The remaining 40% of shares goes to retail subscriptions, which opened yesterday and will run until 25 May. Individual investors can book up to 2 mn shares each and no less than 1k.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">!_InsertLien_!<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Abu Dhabi-based alternative investment platform BlueFive Capital is expanding its <\/strong><strong>buy-and-build ambitions across ins. and mobility<\/strong> through new acquisitions in Saudi Arabia and the UAE.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Up first:<\/strong> The firm locked in a binding 42% stake in Tadawul-listed Gulf General Ins. (GGI) via a restructuring agreement that will recapitalize the Saudi insurer, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/1067.pdf\" style=\"\">press release (pdf)<\/a>. GGI will cut its capital by nearly 60% to SAR 124 mn (USD 33 mn) to wipe out accumulated losses before issuing new shares to BlueFive and existing substantial shareholders. BlueFive Capital is being advised by SNB Capital and A&O Shearman, while GIB Capital and AS&H Clifford Chance are acting for GGI.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A rollup play will likely follow:<\/strong> \u201cGGI is the first step in our vision to build the first global leader in ins. out of the Middle East,\u201d founder and CEO Hazem Ben-Gacem said. BlueFive will pursue a buy-and-build strategy, initially focused on the GCC, before expanding into other high-growth markets, particularly shariah-compliant insurers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mobility moves:<\/strong> BlueFive <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/1066.pdf\" style=\"\">separately said (pdf)<\/a> it acquired a 49% stake in fleet-management and mobility company Massar Solutions from Taqa. Massar manages more than 8.5k vehicles across the UAE and Saudi Arabia and plans to expand into Oman and Bahrain. The Massar acquisition is part of a wider strategy to build a regional mobility platform that integrates leasing and transport services under a single ecosystem, as Gulf investors increasingly chase fragmented sectors with consolidation potential.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;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>AD Ports signed a EUR 70 mn agreement to buy 100% of Germany-based MBS Logistics\u2019 <\/strong><strong>core business<\/strong>, effectively tightening its grip on the global freight business through the heart of Europe's logistics network, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/1101.pdf\" style=\"\">press release (pdf)<\/a>. AD Ports will fold the freight forwarder into its growing Noatum Logistics platform, adding 26 offices to Noatum Logistics\u2019 existing network of 80 offices across 26 countries. AD Ports took over Noatum <a target=\"_blank\" href=\"https:\/\/www.noatum.com\/en\/ad-ports-group-completes-landmark-noatum-acquisition\/\" style=\"\">back in 2023<\/a> for USD 680 mn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gulf hotel investment has slipped into pause mode<\/strong> as the regional conflict drags on, with analysts now modelling 20-25% declines in UAE hotel valuations if the war runs into late 2026, <a target=\"_blank\" href=\"https:\/\/skift.com\/2026\/05\/19\/gulf-hotel-investment-enters-pause-mode-as-iran-war-clouds-pipeline\/\" style=\"\">Skift reports<\/a>. Most deals are being pushed back rather than killed, and the construction pipeline \u2014 anchored by Saudi giga-projects and UAE branded resorts \u2014 remains intact. But transactional appetite has cooled as occupancy slumps and <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/travel\/2026\/05\/12\/iran-war-middle-east-flight-status\/\" style=\"\">airline capacity sits at roughly 80%<\/a> of pre-war levels.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong> This is the first hard read on second-order damage to a hospitality investment thesis that underpins a large share of GCC non-oil FDI \u2014 and it lands just as Saudi pushes through its Tourism Investment Forum and Diriyah ramps up contracting.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PIF to sell minority stake in Newcastle United?<\/strong> The PIF is reportedly pitching a minority share of Newcastle United to potential investors as part of its <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/02\/27\/saff-approves-2024-budget-new-stadium-for-newcastle-united\/\" style=\"\">stadium fundraising<\/a> efforts, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/sports\/soccer\/saudi-pif-talks-with-potential-investors-fund-newcastle-united-plans-sources-say-2026-05-18\/\" style=\"\">Reuters<\/a> reports, citing three unnamed sources. The jury is still out on whether the sovereign wealth fund will opt to revamp the Premier League club\u2019s stadium \u2014 St. James\u2019 Park \u2014 or establish a GBP 1 bn multi-sport, 70k-seater stadium.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">\n<p class=\"tag-border-left\">ALSO WORTH KNOWING TODAY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Abu Dhabi-based proptech firm eVoost AI <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.wamda.com\/2026\/05\/uae-based-evoost-ai-expands-globally-2-2m-funding-round\" style=\"\">pulled in<\/a><\/strong><strong> USD 2.2 mn in fresh funding<\/strong> to finance expansion plans in new and existing markets, as well as new product development. The round drew capital from a Mubadala Investment-backed syndicated vehicle tied to Hub71. The raise was led by Spain\u2019s First Drop VC, with angel investors tied to the UAE and Romania also taking part.<\/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> +0.2% \u2022 <strong>ADX<\/strong> +0.9% \u2022 <strong>DFM<\/strong> +0.9% \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 111.28 \/ bbl \u2022 Gold USD 4,484 \/ oz \u2022 USD \/ SAR 3.75 \u2022 USD \/ EGP 53.20<\/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\/bluefive-capital\/\">BlueFive Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/capital-markets\/\">Capital Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/debt-watch\/\">DEBT 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\/markets-deals\/\">Markets + Deals<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"115277\" 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=\"115277\">\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\">ALSO ON OUR RADAR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/20\/morocco-plans-usd-8-bn-investments-in-new-port-developments\/\">\r\n                            Anchors up                        <\/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\/20\/morocco-plans-usd-8-bn-investments-in-new-port-developments\/\" 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\/20\/morocco-plans-usd-8-bn-investments-in-new-port-developments\/')\">\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\/20\/morocco-plans-usd-8-bn-investments-in-new-port-developments\/\">\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=Morocco plans USD 8 bn investments in new port developments&url=https:\/\/enterpriseam.com\/menaplus\/2026\/05\/20\/morocco-plans-usd-8-bn-investments-in-new-port-developments\/\">\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\/20\/morocco-plans-usd-8-bn-investments-in-new-port-developments\/&title=Morocco plans USD 8 bn investments in new port developments\">\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=Morocco+plans+USD+8+bn+investments+in+new+port+developments+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F05%2F20%2Fmorocco-plans-usd-8-bn-investments-in-new-port-developments%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\/20\/morocco-plans-usd-8-bn-investments-in-new-port-developments\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1214.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"115278\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/20\/morocco-plans-usd-8-bn-investments-in-new-port-developments\/1214-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1214.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1214.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1214.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1214.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115277\" class=\"content-area-description single-story post-115277 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-enterpriseam tag-infrastructure tag-investment-watch tag-morocco tag-oman wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"tag-border-left\">More than one gateway <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Morocco plans to invest around USD 8 bn under its Ports 2030 strategy to develop new<\/strong><strong> ports <\/strong>\u2014 expand existing infrastructure, and build shipyards for construction and repair, Sanaa El Omrani, Director of Ports and Maritime Public Domain at the Ministry of Equipment and Water, told the <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/economics\/133166\/%D8%A7%D9%84%D9%85%D8%BA%D8%B1%D8%A8-%D9%8A%D8%B6%D8%AE-8-%D9%85%D9%84%D9%8A%D8%A7%D8%B1%D8%A7%D8%AA-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%84%D8%B1%D9%81%D8%B9-%D8%B3%D8%B9%D8%A9-%D9%85%D9%88%D8%A7%D9%86%D8%A6%D9%87-%D8%A5%D9%84%D9%89-%D9%86%D8%B5%D9%81-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%B7%D9%86\/\" style=\"\">Arabic press<\/a>. The plan looks to increase national port capacity by 15% to around 450 mn tons by 2030.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tanger Med anchors the scale of Morocco\u2019s port system.<\/strong> The port handled 11.1 mn TEUs in 2025, up 8.4% year-on-year, after surpassing the 10 mn TEU mark in 2024, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/1090.pdf\" style=\"\">press release (pdf)<\/a>. Total cargo traffic reached 161 mn tons, while TIR truck flows rose 3.6% to 535,200 units, reflecting strong industrial and agri-food export momentum.<\/p>\n<p class=\"tag-border-left\">Still going green<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Oman\u2019s sustainability week yields two mega green projects: <\/strong>Oman is <a target=\"_blank\" href=\"https:\/\/www.tradearabia.com\/News\/462644\/Italy%2c-Oman-sign-150-MW--green-data-centre-project\/OGN\" style=\"\">getting<\/a> a 150 MW data center powered by renewables, and a massive 2.7 GW around-the-clock renewable power project that includes solar, wind, and battery storage infrastructure. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we know: <\/strong>The green data center project will be executed by a consortium composed of Omani firm Ahlam Group (a traditional oil & gas player) and Italian firms Rina, Vitali, Forte Secur Group, and Corpolgia, whereas the non-stop renewables project will be <a target=\"_blank\" href=\"https:\/\/tradearabia.com\/News\/462595\/Nama%2C-O-Green-launch-2.7-GW-renewables-project-in-Oman\" style=\"\">developed<\/a> by the state-owned firm O-Green, which signed a power purchase agreement with Nama Power, the sole procurer of electricity and water in the Sultanate. The project will span Mahout and Duqm Governorates, with at least 770 MW of earmarked capacity for the initial phase. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Oman is on a push to wean the country off its dependency on gas for electricity <\/strong><strong>generation.<\/strong> The country has more than doubled its total renewables capacity in 2025 to reach 1.8 GW, up from 0.7 GW in 2024. Renewables <a target=\"_blank\" href=\"https:\/\/www.agbi.com\/renewable-energy\/2026\/05\/oman-signs-major-renewables-power-deal-to-curb-gas-reliance\/\" style=\"\">accounted<\/a> for 9% of the country\u2019s energy mix in 2025, up from just 2% in 2021 \u2014 and the 2040 target is even more <a target=\"_blank\" href=\"https:\/\/www.omanobserver.om\/ampArticle\/1189568\" style=\"\">ambitious<\/a>: bring renewables to produce some 60-70% of the country\u2019s energy mix.<\/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\">Emaar goes solo in Syria <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Emaar Properties <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/c09wiex-emaar-properties-exits-structure-for-the-eighth\" style=\"\">is exiting its joint venture<\/a><\/strong><strong> structure on The Eighth Gate project in<\/strong><strong> Syria\u2019s Yafour <\/strong>near Damascus, and will continue operating in Syria on its own, state news agency <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/c09wiex-emaar-properties-exits-structure-for-the-eighth\" style=\"\">Wam<\/a> reports. The JV was launched in 2005 to work on Syria\u2019s first master-planned community, which spans roughly 300k sqm, with an estimated USD 500 mn plan. Emirates founder Mohamed Alabbar said the exit from the JV structure reflects a reset in how Emaar is handling its presence in the country.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>Emaar founder Mohamed Alabbar <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/15\/alabbar-plans-usd-18-bn-fund-to-invest-in-syria\/\" style=\"\">said last week<\/a> he plans to invest up to USD 18 bn in large-scale real estate, tourism, and infrastructure projects across Syria. That includes projects in Damascus and along the coastline.<\/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\">Investcorp keeps piling into US industrial real estate<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Abu Dhabi-listed Investcorp Capital <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/investcorp-capital-deploys-over-200mln-in-us-industrial-real-estate-across-texas-illinois-indiana-and-ohio-ntr4u8uh\" style=\"\">spent more than USD 200 mn<\/a><\/strong><strong> on a new US industrial<\/strong><strong> real estate portfolio<\/strong> across Texas, Illinois, Indiana, and Ohio. The leased assets span the logistics, manufacturing, distribution, industrial services, and consumer-related sectors. Investcorp is tapping US industrial real estate as it remains \u201cone of the most resilient real asset sectors globally,\u201d supported by evolving supply chains, domestic manufacturing activity, and continued demand for logistics infrastructure. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background: <\/strong>Investcorp has been building its US real estate footprint, including with a <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2025\/12\/05\/investcorp-acquires-us-industrial-property-portfolio-nrtc-takes-over-ripe-organic\/\" style=\"\">USD<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2025\/12\/05\/investcorp-acquires-us-industrial-property-portfolio-nrtc-takes-over-ripe-organic\/\" style=\"\">400 mn US industrial portfolio acquisition<\/a> last year and a separate <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/04\/22\/aldar-mubadala-acquire-the-link-investcorp-leans-deeper-into-us-housing-sharjah-gets-more-ev-infrastructure-another-emirati-name-lands-in-ras-el-hekma\/\" style=\"\">USD 200 mn deployment<\/a> into US senior living and multifamily assets last month. <\/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\">AD Ports locks in Congo terminal buildout<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Abu Dhabi-based ports operator AD Ports Group <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.adportsgroup.com\/en\/news-and-media\/2026\/05\/18\/ad-ports-group-awards-three-contracts-for-noatum-ports-pointe-noire-terminal\" style=\"\">awarded<\/a><\/strong><strong> three contracts worth AED 735 <\/strong><strong>mn for the Noatum Ports Pointe-Noire Terminal in the Republic of the Congo<\/strong>, moving the project ahead toward construction, which is expected to wrap up in around two years. The marine and topside works contracts went to MAR Contracting Sarlu and MBTP SA JV, while a crane contract went to Chinese port equipment manufacturer ZPMC.<\/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\">Plugging into the quantum era<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Aramco and France\u2019s Pasqal <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.aramco.com\/en\/news-media\/news\/2026\/aramco-and-pasqal-launch-commercial-quantum-computing-as-a-service-platform\" style=\"\">launched<\/a><\/strong><strong> the Middle East's first commercial quantum <\/strong><strong>computing-as-a-service platform.<\/strong> The 200-qubit system at Aramco\u2019s Dhahran data center lets global users access quantum hardware via secure cloud to tackle complex problems in energy, materials, and logistics. Aramco will deploy it for port logistics, CO2 storage, well placement, and rig scheduling. The partnership \u2014 first inked in 2023 after Aramco's Wa\u2019ed Ventures backed Pasqal\u2019s <a target=\"_blank\" href=\"https:\/\/www.wamda.com\/2023\/01\/waed-invests-pasqals-108-million-series-b\" style=\"\">USD 108 mn<\/a> series B \u2014 also includes a joint research center for quantum algorithm development.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/morocco\/\">Morocco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/oman\/\">Oman<\/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=\"115279\" 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=\"115279\">\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\">WHAT WE\u2019RE TRACKING<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/20\/al-khayyat-family-eyes-major-african-infrastructure-projects\/\">\r\n                            Going deeper in Africa                        <\/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\/20\/al-khayyat-family-eyes-major-african-infrastructure-projects\/\" 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\/20\/al-khayyat-family-eyes-major-african-infrastructure-projects\/')\">\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\/20\/al-khayyat-family-eyes-major-african-infrastructure-projects\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Al Khayyat family eyes major African infrastructure projects&url=https:\/\/enterpriseam.com\/menaplus\/2026\/05\/20\/al-khayyat-family-eyes-major-african-infrastructure-projects\/\">\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\/20\/al-khayyat-family-eyes-major-african-infrastructure-projects\/&title=Al Khayyat family eyes major African infrastructure projects\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Al+Khayyat+family+eyes+major+African+infrastructure+projects+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F05%2F20%2Fal-khayyat-family-eyes-major-african-infrastructure-projects%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\/20\/al-khayyat-family-eyes-major-african-infrastructure-projects\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/944.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"115280\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/20\/al-khayyat-family-eyes-major-african-infrastructure-projects\/944-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/944.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"944.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/944.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/944.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115279\" class=\"content-area-description single-story post-115279 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking tag-enterpriseam tag-infrastructure tag-power-international-holding tag-what-were-tracking wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Watch this space<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>Al Khayyats want more African infrastructure:<\/strong> Qatar\u2019s Al Khayyat family-owned Power International Holding (PIH) is bidding for Ethiopia\u2019s planned USD 12.5 bn airport \u2014 set to be Africa\u2019s biggest aviation hub \u2014 and a 400 km highway project in the Democratic Republic of Congo. The move comes as \u201cAfrica is becoming a much larger percentage of our business,\u201d PIH subsidiary UCC Holding Group CEO Boyd Merrett tells <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-18\/billionaire-qatari-family-bids-for-ethiopian-airport-congo-road\" style=\"\">Bloomberg<\/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\"><a id=\"wwtt2\"><\/a> <strong>Egypt\u2019s Finance Ministry is adding small businesses and startups to its tax <\/strong><strong>and customs \u201cwhite list\u201d <\/strong>\u2014 a new classification that grants qualifying companies expedited customs clearance, accelerated tax refunds, and access to the customs green lane, a government official tells EnterpriseAM. Eligible businesses must be \u201ccompliant with tax regulations and enrolled under the simplified tax regime,\u201d the source adds.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What is the white list, anyway? <\/strong>The <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/24\/finmin-to-introduce-33-step-tax-reform-package-end-arbitrary-tax-assessments\/\" style=\"\">white list<\/a> is a roster of trusted companies with clean operational records and no history of smuggling or customs value manipulation. The government is <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/03\/25\/govt-forms-new-committees-designed-to-adapt-to-potential-incoming-trade-war-protect-local-industry\/\" style=\"\">expanding the previously limited roster<\/a> to support local investments and boost corporate liquidity through perks like doubled immediate VAT refunds. The list may expand again during a potential second phase, with disbursements tied to performance-based criteria, we\u2019re told. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Sign of the times<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>The UAE and Saudi Arabia trimmed their US Treasury bond holdings in March<\/strong>, joining a long roster of sovereigns that cut their exposure to the US during the war. Saudi holdings fell 6.7% to USD 149.6 bn, whereas the UAE saw its bond holdings decrease 4.9% to USD 114.1 bn, the <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/financial-markets\/133330\/%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D9%88%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA-%D8%AA%D8%AE%D9%81%D8%B6%D8%A7%D9%86-%D8%AD%D9%8A%D8%A7%D8%B2%D8%A7%D8%AA%D9%87%D9%85%D8%A7-%D9%85%D9%86-%D8%A7%D9%84%D8%B3%D9%86%D8%AF%D8%A7%D8%AA-%D8%A7%D9%84%D8%A3%D9%85%D9%8A%D8%B1%D9%83%D9%8A%D8%A9\/\" style=\"\">Arabic press<\/a> reports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Still, this isn\u2019t a wholesale reduction in exposure. <\/strong>Both Saudi and the UAE maintained higher bond holdings on a yearly basis, with their combined wallet recording USD 263.7 bn in March 2026, compared to USD 235.9 bn in the same month in 2025.<\/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\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/power-international-holding\/\">Power International Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/what-were-tracking\/\">WHAT WE\u2019RE TRACKING<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"115281\" 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\/20\/115281\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115281\" class=\"content-area-description single-story post-115281 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=\"font-weight:400;\">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>Oman\u2019s USD 7.5 bn sovereign windfall + narrowing budget deficit | Redundancy building | Turbulence at takeoff for Riyadh Air | Morocco\u2019s USD 8 bn port investments<\/p>\n","protected":false},"featured_media":115262,"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-115261","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"1af45553-4e35-4079-a262-39f01c6e8fc0","teaser":"Oman\u2019s USD 7.5 bn sovereign windfall + narrowing budget deficit | Redundancy building | Turbulence at takeoff for Riyadh Air | Morocco\u2019s USD 8 bn port investments","photo_url":"https:\/\/ent.news\/2024\/3\/752.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Sovereign windfall - MENA+ Edition<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/menaplus\/issues\/sovereign-windfall\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sovereign windfall\" \/>\n<meta property=\"og:description\" content=\"Oman\u2019s USD 7.5 bn sovereign windfall + narrowing budget deficit | Redundancy building | Turbulence at takeoff for Riyadh Air | Morocco\u2019s USD 8 bn port investments\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/menaplus\/issues\/sovereign-windfall\/\" \/>\n<meta property=\"og:site_name\" content=\"MENA+ Edition\" \/>\n<meta property=\"article:modified_time\" content=\"2026-05-20T07:31:56+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/752.jpg?fit=%2C&ssl=1\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/menaplus\/issues\/sovereign-windfall\/\",\"url\":\"https:\/\/enterpriseam.com\/menaplus\/issues\/sovereign-windfall\/\",\"name\":\"Sovereign windfall - MENA+ Edition\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/menaplus\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/menaplus\/issues\/sovereign-windfall\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/menaplus\/issues\/sovereign-windfall\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/752.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2026-05-20T00:00:00+00:00\",\"dateModified\":\"2026-05-20T07:31:56+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/menaplus\/issues\/sovereign-windfall\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/menaplus\/issues\/sovereign-windfall\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/menaplus\/issues\/sovereign-windfall\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/752.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/752.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/menaplus\/issues\/sovereign-windfall\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/menaplus\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Issues\",\"item\":\"https:\/\/enterpriseam.com\/menaplus\/AMarchives\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Sovereign windfall\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/menaplus\/#website\",\"url\":\"https:\/\/enterpriseam.com\/menaplus\/\",\"name\":\"MENA+ Edition\",\"description\":\"MENA+ Edition\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/menaplus\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/menaplus\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/menaplus\/#organization\",\"name\":\"MENA+ Edition\",\"url\":\"https:\/\/enterpriseam.com\/menaplus\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/menaplus\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/42998.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/42998.svg\",\"caption\":\"MENA+ Edition\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/menaplus\/#\/schema\/logo\/image\/\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Sovereign windfall - MENA+ Edition","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/menaplus\/issues\/sovereign-windfall\/","og_locale":"en_US","og_type":"article","og_title":"Sovereign windfall","og_description":"Oman\u2019s USD 7.5 bn sovereign windfall + narrowing budget deficit | Redundancy building | Turbulence at takeoff for Riyadh Air | Morocco\u2019s USD 8 bn port investments","og_url":"https:\/\/enterpriseam.com\/menaplus\/issues\/sovereign-windfall\/","og_site_name":"MENA+ Edition","article_modified_time":"2026-05-20T07:31:56+00:00","twitter_card":"summary_large_image","twitter_image":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/752.jpg?fit=%2C&ssl=1","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/menaplus\/issues\/sovereign-windfall\/","url":"https:\/\/enterpriseam.com\/menaplus\/issues\/sovereign-windfall\/","name":"Sovereign windfall - MENA+ Edition","isPartOf":{"@id":"https:\/\/enterpriseam.com\/menaplus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/menaplus\/issues\/sovereign-windfall\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/menaplus\/issues\/sovereign-windfall\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/752.jpg?fit=%2C&ssl=1","datePublished":"2026-05-20T00:00:00+00:00","dateModified":"2026-05-20T07:31:56+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/menaplus\/issues\/sovereign-windfall\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/menaplus\/issues\/sovereign-windfall\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/menaplus\/issues\/sovereign-windfall\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/752.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/752.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/menaplus\/issues\/sovereign-windfall\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/menaplus\/"},{"@type":"ListItem","position":2,"name":"Issues","item":"https:\/\/enterpriseam.com\/menaplus\/AMarchives\/"},{"@type":"ListItem","position":3,"name":"Sovereign windfall"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/menaplus\/#website","url":"https:\/\/enterpriseam.com\/menaplus\/","name":"MENA+ Edition","description":"MENA+ Edition","publisher":{"@id":"https:\/\/enterpriseam.com\/menaplus\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/menaplus\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/menaplus\/#organization","name":"MENA+ Edition","url":"https:\/\/enterpriseam.com\/menaplus\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/menaplus\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/42998.svg","contentUrl":"https:\/\/ent.news\/internal\/42998.svg","caption":"MENA+ Edition"},"image":{"@id":"https:\/\/enterpriseam.com\/menaplus\/#\/schema\/logo\/image\/"}}]}},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/menaplus\/wp-json\/wp\/v2\/issue\/115261","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/menaplus\/wp-json\/wp\/v2\/issue"}],"about":[{"href":"https:\/\/enterpriseam.com\/menaplus\/wp-json\/wp\/v2\/types\/issue"}],"version-history":[{"count":1,"href":"https:\/\/enterpriseam.com\/menaplus\/wp-json\/wp\/v2\/issue\/115261\/revisions"}],"predecessor-version":[{"id":115299,"href":"https:\/\/enterpriseam.com\/menaplus\/wp-json\/wp\/v2\/issue\/115261\/revisions\/115299"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/menaplus\/wp-json\/wp\/v2\/media\/115262"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/menaplus\/wp-json\/wp\/v2\/media?parent=115261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/menaplus\/wp-json\/wp\/v2\/categories?post=115261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/menaplus\/wp-json\/wp\/v2\/tags?post=115261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}