{"id":115320,"date":"2026-05-22T00:00:00","date_gmt":"2026-05-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/menaplus\/?post_type=issue&#038;p=115320"},"modified":"2026-05-22T07:55:31","modified_gmt":"2026-05-22T07:55:31","slug":"can-iraqs-new-prime-minister-make-payroll-without-the-imf","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/menaplus\/issues\/can-iraqs-new-prime-minister-make-payroll-without-the-imf\/","title":{"rendered":"Can Iraq\u2019s new prime minister make payroll without the IMF?"},"content":{"rendered":"<section id=\"115322\" 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=\"115322\">\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\/22\/the-blows-keep-coming-for-consultants-in-riyadh\/\">\r\n                            The blows keep coming for consultants in Riyadh                        <\/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\/22\/the-blows-keep-coming-for-consultants-in-riyadh\/\" 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\/22\/the-blows-keep-coming-for-consultants-in-riyadh\/')\">\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\/22\/the-blows-keep-coming-for-consultants-in-riyadh\/\">\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 blows keep coming for consultants in Riyadh&url=https:\/\/enterpriseam.com\/menaplus\/2026\/05\/22\/the-blows-keep-coming-for-consultants-in-riyadh\/\">\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\/22\/the-blows-keep-coming-for-consultants-in-riyadh\/&title=The blows keep coming for consultants in Riyadh\">\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+blows+keep+coming+for+consultants+in+Riyadh+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F05%2F22%2Fthe-blows-keep-coming-for-consultants-in-riyadh%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\/22\/the-blows-keep-coming-for-consultants-in-riyadh\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115322\" class=\"content-area-description single-story post-115322 post type-post status-publish format-standard hentry category-opening-note tag-enterpriseam tag-ma-watch tag-opening-note tag-saudi tag-sovereign-funds 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>Happy FRIDAY, wonderful people. <\/strong>Well, maybe not so happy for our readers among the Big Four global consulting firms?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Riyadh is putting new work for McKinsey, BCG, and other firms on pause<\/strong>, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/9855a284-8109-4d66-8b3e-e08da0e97dd8\" style=\"\">Financial<\/a><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/9855a284-8109-4d66-8b3e-e08da0e97dd8\" style=\"\">Times<\/a> reports. It\u2019s the latest in a series of spending cuts and pauses that Mohammed bin Salman has accelerated since the outbreak of the war in the Gulf. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The news comes as Saudi takes a page out of the Abu Dhabi playbook. <\/strong>Yeah, we know \u2014 them\u2019s fighting words these days. But that\u2019s how we\u2019re reading <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-21\/saudi-1-trillion-wealth-fund-weighs-creating-a-logistics-giant?srnd=homepage-middle-east\" style=\"\">a report<\/a> that the PIF is looking to combine its ports, rail, and shipping assets into a single logistics platform. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi has until now been better known for ambitious greenfield gigaprojects<\/strong> rather than building corporate platforms with bulk. Abu Dhabi, meanwhile, has long built single-industry assets with scale, from ADQ\u2019s creation of AD Ports to the combination of more than two dozen defense firms into Edge and the more recent creation of L\u2019Imad as a sovereign investment platform. We\u2019re curious to see whether Saudi stops with logistics \u2014 PIF had earlier made noises about consolidation in construction and engineering, too.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we\u2019re keeping an eye on this weekend: <\/strong>We\u2019re hoping to catch up on season two of the HBO medical drama <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=Xq8x47ky2Tw\" style=\"\">The Pitt<\/a> \u2014 while keeping another window open to watch what Oman and Iran are doing with talks about a permanent toll on Hormuz, a move that\u2019s almost certain to draw fire from Washington. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Finally, a sign of the times: <\/strong>Riyadh <a target=\"_blank\" href=\"https:\/\/www.esportsworldcup.com\/en\/news\/ewc26-to-be-hosted-in-paris-france\" style=\"\">is shifting<\/a> this year\u2019s Esports World Cup tournament to Paris amid the \u201ccurrent regional situation.\u201d Last year\u2019s EWC hit viewership records, <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/01\/05\/from-buyer-to-builder-3\/\" style=\"\">drawing 750 mn global viewers<\/a>, if you can believe it. \u2013Patrick<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/opening-note\/\">Opening Note<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/saudi\/\">Saudi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/sovereign-funds\/\">sovereign funds<\/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=\"115323\" 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=\"115323\">\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\/22\/the-first-question-for-iraqs-new-prime-minister-isnt-whether-he-can-reform-iraq-its-whether-he-can-make-payroll\/\">\r\n                            From the Dept. of Sisyphean Tasks                        <\/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\/22\/the-first-question-for-iraqs-new-prime-minister-isnt-whether-he-can-reform-iraq-its-whether-he-can-make-payroll\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The new cabinet will need to immediately take on an economic crisis that threatens its survival, with the Strait of Hormuz still shut and oil exports sharply reduced. That has the state treasury drawing down its reserves, and it faces the prospect of missing public-sector payroll within months.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s no domestic route out of the hole, and If the strait stays closed, the endgame is a <\/strong><strong>bailout, likely from the IMF. <\/strong>But taking money from the IMF comes with conditions \u2014 including demands to cut the public wage bill that a quarter of the country lives on, making it untouchable by every one of Al Zaidi\u2019s predecessors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The optimism that greeted Al Zaidi was grounded in something real.<\/strong> He\u2019s 40 \u2014 Iraq\u2019s youngest PM ever \u2014 with business interests spanning banking, logistics, and retail, and no deep ties to the factional blocs that have paralyzed Baghdad for a decade. Standout assets in his portfolio include <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/@DijlahTV\" style=\"\">Dijlah TV<\/a> and <a target=\"_blank\" href=\"https:\/\/www.jib.iq\/\" style=\"\">Al-Janoob Islamic Bank<\/a>, which he chaired until 2019. He\u2019s also <a target=\"_blank\" href=\"https:\/\/www.alestiklal.net\/en\/article\/from-behind-the-scenes-to-the-iraqi-premiership-how-businessman-ali-al-zaidi-rose-to-power\" style=\"\">behind<\/a> conglomerates including Al-Watania Holding (involved in agriculture and food wholesale, among other sectors) and Al Oways Group, which helps the government execute its ration-card food subsidy program.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND- Al Zaidi emerged as a consensus alternative to Nouri Al Maliki<\/strong>, Iraq\u2019s former prime minister and a dominant figure in post-2003 Shia politics, after US objections ended his bid. Al Zaidi was not a fixture in Iraq\u2019s most important political movement, the Coordination Framework (CF), until the Shia-dominated group catapulted him into the country\u2019s premiership. <\/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\">Up against the world<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Al Zaidi ended up taking office with an incomplete cabinet <\/strong>despite early expectations that he was heading for a smooth Parliamentary process. Absent from cabinet are ministers for critical security posts including defense and interior. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The new PM has inherited an <\/strong><strong>economy pushed to the brink <\/strong>by a combination of the Iran-US-Israel war in the Gulf, successive oil crises, and decades of paralysis on structural reforms. His government will need to grapple with the disappearance of oil revenues thanks to the closure of Hormuz; sky-high unemployment, especially among youth; a liquidity crisis in the banking industry; and a massively bloated public sector weighing down the country\u2019s budget and, with it, the state\u2019s ability to spend and invest on anything else. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The war has also severed Iraq\u2019s main source of revenue streams: <\/strong>Iraq is painfully dependent on hydrocarbon revenues, which account for about half of the country\u2019s GDP and 90% of its revenue. With Hormuz shut down, Iraq\u2019s oil exports are now at 600k bbl \/d, down from around 3.3 mn bbl \/d before the conflict. Crude production fell nearly 61%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The math is stark: <\/strong>\u201cThey need about USD 84 a barrel just to balance their budget,\u201d economics professor and Iraq expert <a target=\"_blank\" href=\"https:\/\/business.lehigh.edu\/directory\/frank-r-gunter\" style=\"\">Frank Gunter<\/a> tells EnterpriseAM. The war-fuelled rise in the price of oil isn\u2019t enough to compensate for the drop in crude volumes. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Al Zaidi will also face the challenge of keeping Iraq\u2019s most important geopolitical <\/strong><strong>partners \u2014 Iran and the US \u2014 happy. <\/strong>\u201cThe US will use its financial, diplomatic and security leverage to press for tighter controls on Iran-backed groups, while Iran will seek to preserve the influence of its Iraqi allies across the [Hashd al-Sha'abi] PMF, parliament and patronage networks,\u201d Connor Coleman, senior analyst the Economist Intelligence Unit, tells EnterpriseAM. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That may give him limited room to maneuver: <\/strong>\u201cAlthough Mr. Zaidi has pledged to rein in Iran-backed groups, he will struggle to meaningfully dismantle their entrenched position. He will probably pursue limited but visible steps to avoid punitive US measures like excluding overtly sanctioned or militia-linked figures from sensitive posts, tightening banking oversight and reaffirming the state\u2019s monopoly over arms \u2014 while avoiding direct confrontation,\u201d Coleman 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\">A bloated public service<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Iraq\u2019s bloated public sector is a boat anchor for any PM looking to drive reforms: <\/strong>\u201cYou have 4 mn government workers for a country of 34 mn people, which is the largest public sector bill in the world,\u201d independent MENA economist Hamzeh Al Gaaod tells EnterpriseAM. \u201cYou also have to take into consideration the military, the PMF, and various factions, [are] all funded through the Defense Ministry budget,\u201d he adds. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART- <\/strong>The PMF is a quasi-state militia group that includes dozens of political organizations under its umbrella, many of which have strong ties to Iran. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And there\u2019s a real risk the state treasury may not be able to make payroll, <\/strong>experts tell us, in direct contrast to Governor of Central Bank of Iraq (CBI) Governor Ali Al Alaq\u2019s recent assurances to the public. \u201cZaidi's government will struggle to meet public sector payroll in the coming months\u2026 This could be a huge financial disaster for Iraq and could lead to great domestic unrest,\u201d Hamzeh Hadad, Iraq fellow at the Center for a New American Security, tells us. \u201c<strong>Iraq is going to literally draw down on its reserves and sell local assets<\/strong> until it gets to a stage where it can no longer finance its massive wage bill,\u201d Al Gaood says. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Look for cabinet to delay spending on investment as it plays for time<\/strong>, Gunter says. \u201cIt's considered political suicide to touch salaries or pensions, so the only thing that gets crushed is the non-oil investment. Now, I'd hate to see that happen right now because Iraq [has been] involved in this incredible effort to diversify its economy,\u201d Gunter says, pointing to <strong>massive logistics projects<\/strong> including Al Faw Grand Port and new rail networks. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Al Zaidi is also going to have to reckon with a banking system that\u2019s under significant stress. <\/strong>Despite boasting healthy reserves (around USD 73 bn, excluding gold or USD 97 bn with it), the banking system was stretched thin by liquidity crises driven by low oil prices in 2014 and 2020. \u201c<strong>Rafidain and Rasheed, the two largest state-owned banks and the two largest banks in Iraq, are bankrupt<\/strong>. They have a negative net worth. We've known this, and the World Bank has known this, now for almost 20 years. So, there's your first problem,\u201d Gunter says. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How it goes down: <\/strong>\u201cWhen the government of Iraq tries to finance its needs, it is not doing so through international borrowing \u2014 international debt is actually down \u2014 but through selling bonds and borrowing money domestically. Rafidain, Rashid, the smaller state-owned banks, and the many very small private banks, are buying this government debt and then immediately turning around and reselling it to the Central Bank of Iraq,\u201d Gunter tells us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The result: <\/strong>\u201cThe assets of the Central Bank of Iraq are gradually replacing very liquid USD assets with very illiquid IQD government debt. This is not a healthy thing,\u201d Gunter adds. As has been the case in Egypt through successive currency devaluations, banks that load up on government paper rarely make an effort to lend to the private sector, \u201cbecause lending to the government is the safest thing you're going to find for a risk-free investment,\u201d Gunter notes. <\/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\">Political paralysis = no reforms<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Iraq has done little in recent years to drive the type of reforms that put the domestic <\/strong><strong>private sector in the driver\u2019s seat <\/strong>\u2014 let alone attract foreign direct investment. \u201cThere is zero regulatory landscape. It is impossible to diversify away from oil because there is no legal framework that supports the private sector unless through corruption,\u201d Al Gaood tells us. \u201cLook at wheat,\u201d he says, pointing out that wheat growers haven\u2019t been paid a promised subsidy for a year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gunter agrees. <\/strong>\u201cFinance is not the most serious problem the private sector faces in Iraq,\u201d Gunter tells us. \u201cIn my opinion, the most serious problem is regulatory hostility... The progress is so slow. You could read the 2005 economic development plan published by the Iraqi government right after the constitution was approved, and the analysis of their problems is almost exactly the same as in the current plan,\u201d he adds. Iraq is ranked last for friendliness to the private sector among 16 upper-middle income countries ranked in the World Bank\u2019s most recent Business Ready survey.<\/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\">Al Zaidi has a narrow window<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Iraq is coming off five years of relative stability that had allowed Al Zaidi\u2019s predecessor to <\/strong><strong>make some progress.<\/strong> \u201cFor what Iraq has experienced in the past \u2014 war with ISIS, invasion by the US, the Gulf War, Iran-Iraq war \u2014 this has been the most stable it has been. And before this regional war with neighbouring Iran, Iraq had half a decade of relative stability,\u201d Haddad tells us. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cI think everyone was very cynical that no progress would be made against corruption,\u201d<\/strong> Gunter notes. \u201cThe World Bank does an annual evaluation called the Worldwide Governance Indicators, and last year Iraq had the biggest improvement of any country in the world. It's still not good, but it went from desperately bad to much better. I don't think anyone expected that there would be so much progress against corruption,\u201d he adds.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There was also \u201csome progress toward helping private businesses.<\/strong> Towards the end of the last prime ministership, the one-stop shop established by the Ministry of Trade actually did allow businesses to become more efficient with business registration,\u201d Gunter says.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The war risks ending that momentum:<\/strong> \u201cYou need more than just five years of stability to prove yourself to investors, especially since the previous four decades have been very difficult,\u201d Haddad says. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">What now<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Would Iraq knock the IMF door? <\/strong>If the Hormuz disruptions continue, Iraq needs access to foreign liquidity, not domestic. IMF is one option, but that \u201csimply won't work because that requires complete control of the country as we see in Egypt. Sisi has complete sovereignty over the Egyptian economy. Iraq does not, quite simply,\u201d Al Gaood tells us. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Iraq signed up for a USD 5.3 bn assistance program in July 2016<\/strong>, adding to a 2015 emergency facility, during the Daesh war and oil crash the time. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The IMF could be too costly for Iraq\u2019s political elite. <\/strong>\u201cThe IMF is going to have conditions, and those conditions are going to be both at the macro level \u2014 that the deficit has to be reduced \u2014 and at the micro level\u2014that the government of Iraq has to revise its regulatory system and its commercial code to make it more friendly to the private sector. Politically, it would be seen as a defeat by the government of Iraq to negotiate a new agreement, to have the IMF flying into Baghdad and saying: You will do this and that,\u201d Gunter says.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Is there a compromise? <\/strong>A stabilization program, rather than sweeping reform, could also be an option, Coleman tells us. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ultimately, if Hormuz remains shut, Gunter thinks the government would fold: <\/strong>\u201cI don't think this new government is immediately going to approach the IMF, but if the strait stays closed, eventually they're going to have to,\u201d Gunter argues. That\u2019s when things will get tricky: Washington to apply pressure for reforms, while Tehran would push factions aligned with it to resist.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/banking\/\">Banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/economics\/\">Economics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/geopolitics\/\">geopolitics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/iraq\/\">Iraq<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/macroeconomics\/\">macroeconomics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/the-lede\/\">The Lede<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"115325\" 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=\"115325\">\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\">TRADE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/22\/uk-and-gcc-finalize-multi-bn-gbp-trade-agreement\/\">\r\n                            London calling                        <\/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\/22\/uk-and-gcc-finalize-multi-bn-gbp-trade-agreement\/\" 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\/22\/uk-and-gcc-finalize-multi-bn-gbp-trade-agreement\/')\">\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\/22\/uk-and-gcc-finalize-multi-bn-gbp-trade-agreement\/\">\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=UK and GCC finalize multi-bn GBP trade agreement&url=https:\/\/enterpriseam.com\/menaplus\/2026\/05\/22\/uk-and-gcc-finalize-multi-bn-gbp-trade-agreement\/\">\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\/22\/uk-and-gcc-finalize-multi-bn-gbp-trade-agreement\/&title=UK and GCC finalize multi-bn GBP trade agreement\">\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=UK+and+GCC+finalize+multi-bn+GBP+trade+agreement+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F05%2F22%2Fuk-and-gcc-finalize-multi-bn-gbp-trade-agreement%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\/22\/uk-and-gcc-finalize-multi-bn-gbp-trade-agreement\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1322.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"115326\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/22\/uk-and-gcc-finalize-multi-bn-gbp-trade-agreement\/1322-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1322.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1322.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1322.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1322.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115325\" class=\"content-area-description single-story post-115325 post type-post status-publish format-standard has-post-thumbnail hentry category-trade tag-diplomacy tag-enterpriseam 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> The GCC and UK have closed a trade deal after years of cross-administration <\/strong><strong>negotiations<\/strong>, according to statements from <a target=\"_blank\" href=\"https:\/\/www.gcc-sg.org\/en\/MediaCenter\/News\/Pages\/\/news2026-5-20-5.aspx\" style=\"\">the GCC<\/a> and the <a target=\"_blank\" href=\"https:\/\/www.gov.uk\/government\/news\/uk-and-gulf-strike-historic-multi-billion-pound-trade-deal\" style=\"\">UK government<\/a>. It makes the UK the first G7 country to land an agreement with the bloc.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The terms:<\/strong> The agreement removes duties on some GBP 580 mn of UK exports to the GCC annually and will slash customs clearance times to 48 hours \u2014 or just six hours for perishables. There are also fresh commitments on investment and industrial cooperation. The pact spans \u201ctrade in goods and services, financial services, digital trade, investment protection, government procurement, telecommunications, and the movement of natural persons,\u201d GCC Secretary General Jasem Albudaiwi said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong> The agreement could add some GBP 3.7 bn a year to a struggling UK economy. It also gives a marquee G7 anchor for a bloc that's been steadily diversifying its trade and investment ties even as the GCC itself has come under strain during the Iran war. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s an AI-and-data angle, too: <\/strong>UK firms will be allowed to store and process data from the GCC outside the bloc \u2014 the agreement framed it as a way to \u201csave businesses money on setting up costly data centres in the Gulf.\u201d Read another way: It\u2019s a quiet concession on the region\u2019s years-long data sovereignty push. The timing is awkward \u2014 Gulf data infrastructure took a literal hit when Iranian drone strikes <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/03\/03\/dubais-data-center-outage-exposes-vulnerable-region-ecosystem\/\" style=\"\">facilities in Dubai and Bahrain<\/a> triggered a prolonged outage earlier this spring. Experts warned at the time it could dent the region\u2019s pitch as a secure home for AI investment.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND-<\/strong> Talks have run for around four years, with reports of an imminent deal going back to <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2024\/11\/21\/this-morning-uk-prime-minister-to-head-to-the-gcc-next-month\/\" style=\"\">2024<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/diplomacy\/\">diplomacy<\/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=\"115327\" 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=\"115327\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">ECONOMY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/22\/dubai-and-doha-roll-out-new-stimulus-packages-to-support-the-private-sector-amid-fallout-from-the-war\/\">\r\n                            Stacked stimulus                        <\/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\/22\/dubai-and-doha-roll-out-new-stimulus-packages-to-support-the-private-sector-amid-fallout-from-the-war\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/menaplus\/2026\/05\/22\/dubai-and-doha-roll-out-new-stimulus-packages-to-support-the-private-sector-amid-fallout-from-the-war\/')\">\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\/22\/dubai-and-doha-roll-out-new-stimulus-packages-to-support-the-private-sector-amid-fallout-from-the-war\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Dubai and Doha roll out new stimulus packages to support the private sector amid fallout from the war&url=https:\/\/enterpriseam.com\/menaplus\/2026\/05\/22\/dubai-and-doha-roll-out-new-stimulus-packages-to-support-the-private-sector-amid-fallout-from-the-war\/\">\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\/22\/dubai-and-doha-roll-out-new-stimulus-packages-to-support-the-private-sector-amid-fallout-from-the-war\/&title=Dubai and Doha roll out new stimulus packages to support the private sector amid fallout from the war\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Dubai+and+Doha+roll+out+new+stimulus+packages+to+support+the+private+sector+amid+fallout+from+the+war+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F05%2F22%2Fdubai-and-doha-roll-out-new-stimulus-packages-to-support-the-private-sector-amid-fallout-from-the-war%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\/22\/dubai-and-doha-roll-out-new-stimulus-packages-to-support-the-private-sector-amid-fallout-from-the-war\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/3\/1407.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"115328\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/22\/dubai-and-doha-roll-out-new-stimulus-packages-to-support-the-private-sector-amid-fallout-from-the-war\/1407-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/3\/1407.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1407.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/3\/1407.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/3\/1407.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115327\" class=\"content-area-description single-story post-115327 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-enterpriseam tag-lebanon tag-qatar 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> Reaching deeper into the stimulus toolkit:<\/strong> Dubai and Doha each rolled out fresh support measures aimed at keeping private-sector businesses afloat. Both governments are zeroing in on the same pressure points: Payroll, rent, and operating costs for services-heavy sectors taking the brunt of the regional fallout. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dubai has gone bigger on its second time around the block:<\/strong> Another AED 1.5 bn is heading into Dubai\u2019s economy as Dubai Crown Prince Hamdan bin Mohammed bin Rashid Al Maktoum signed off on a second and larger incentives package aimed at easing costs across tourism, trade, education, customs, transport, and aviation, according to a <a target=\"_blank\" href=\"https:\/\/x.com\/HamdanMohammed\/status\/2057401706737197103?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2057401706737197103%7Ctwgr%5E7fe5f607560af3b62b8c123c61a94edbd83bd2e4%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.arabianbusiness.com%2Ffinance%2Feconomy%2Fsheikh-hamdan-dubai-economy\" style=\"\">post on X<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND- <\/strong>Dubai pushed out an AED 1 bn package at the <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/03\/31\/dubai-is-offering-financial-stimulus-for-tourism-art-and-more\/\" style=\"\">end of March<\/a> to ease the strain on the private sector. The latest support targets a wider range of sectors than the initial hospitality-specific package.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where the relief is going:<\/strong> The package includes 33 initiatives running between three to 12 months. Tourism and hospitality get the heaviest support, including fee exemptions for hotels, restaurants, tour operators, and event organizers, plus a suspension of the collection of tourism fees. SMEs registered with the Mohammed bin Rashid Establishment get automatic two-year license extensions. Final retention assurances for supply contractors engaged by government entities are being slashed from 10% to 2%, and ins. exemption thresholds are being raised. The package also cuts fines and fees for importers, civil aviation, and real estate projects, in addition to deferring some payments for transport activities. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Doha is moving in parallel:<\/strong> Qatar Development Bank <a target=\"_blank\" href=\"https:\/\/www.qdb.qa\/ar-QA\/about\/news\/news\/qatar-development-bank-launches-two-new-programs\" style=\"\">rolled out two new financing programs<\/a> to shore up liquidity for private sector companies hit by the same regional headwinds. The programs offer central bank guarantees to national banks lending to Qatar-based companies in the services sector, as well as direct QDB lending to national factories with an interest rate capped at 3%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Both programs cover salaries, rent, and other operating expenses for up to three months<\/strong>, with repayment terms of up to four years, including a grace period of up to two years. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- The Lebanese government is rolling out a European-funded <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.eeas.europa.eu\/delegations\/lebanon\/lebanon-launches-eur-32-million-programme-conflict-affected-areas-support-european-union-denmark-and_en#:~:text=Implemented%20over%20four%20years%20(2026,Lebanon%20and%20the%20Bekaa%20Valley.\" style=\"\">EUR 32 mn<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.eeas.europa.eu\/delegations\/lebanon\/lebanon-launches-eur-32-million-programme-conflict-affected-areas-support-european-union-denmark-and_en#:~:text=Implemented%20over%20four%20years%20(2026,Lebanon%20and%20the%20Bekaa%20Valley.\" style=\"\">recovery<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.eeas.europa.eu\/delegations\/lebanon\/lebanon-launches-eur-32-million-programme-conflict-affected-areas-support-european-union-denmark-and_en#:~:text=Implemented%20over%20four%20years%20(2026,Lebanon%20and%20the%20Bekaa%20Valley.\" style=\"\">and stabilization program<\/a><\/strong> aimed at supporting conflict-affected regions in the country, primarily in south Lebanon and the Bekaa Valley. The four-year program is primarily financed through a EUR 24.8 mn grant from the EU, while Denmark and France are providing the rest. It comes as Israel and Lebanon agreed last week to <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/18\/lebanon-israel-extend-their-ceasefire-as-more-strikes-hit-the-region\/\" style=\"\">extend<\/a> their fragile ceasefire by another 45 days.<\/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\/lebanon\/\">Lebanon<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/qatar\/\">Qatar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"115329\" 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=\"115329\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">THE SCORECARD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/22\/byd-overtakes-tesla-as-the-middle-easts-top-ev-brand\/\">\r\n                            Shifting gears                        <\/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\/22\/byd-overtakes-tesla-as-the-middle-easts-top-ev-brand\/\" 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\/22\/byd-overtakes-tesla-as-the-middle-easts-top-ev-brand\/')\">\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\/22\/byd-overtakes-tesla-as-the-middle-easts-top-ev-brand\/\">\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=BYD overtakes Tesla as the Middle East\u2019s top EV brand&url=https:\/\/enterpriseam.com\/menaplus\/2026\/05\/22\/byd-overtakes-tesla-as-the-middle-easts-top-ev-brand\/\">\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\/22\/byd-overtakes-tesla-as-the-middle-easts-top-ev-brand\/&title=BYD overtakes Tesla as the Middle East\u2019s top EV brand\">\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=BYD+overtakes+Tesla+as+the+Middle+East%E2%80%99s+top+EV+brand+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F05%2F22%2Fbyd-overtakes-tesla-as-the-middle-easts-top-ev-brand%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\/22\/byd-overtakes-tesla-as-the-middle-easts-top-ev-brand\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1364.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"115330\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/22\/byd-overtakes-tesla-as-the-middle-easts-top-ev-brand\/1364-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1364.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1364.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1364.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1364.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115329\" class=\"content-area-description single-story post-115329 post type-post status-publish format-standard has-post-thumbnail hentry category-the-scorecard tag-automotive tag-electric-vehicles tag-enterpriseam tag-the-scorecard wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> It\u2019s BYD\u2019s world and we\u2019re just living in it.<\/strong> The Chinese automaker has overtaken Tesla as the dominant EV brand in the Middle East, capturing around 60% of regional sales just three years after entering the market, according to the International Energy Agency\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/1366.pdf\" style=\"\">Global EV Outlook (pdf)<\/a>. Tesla, which accounted for about half of regional EV sales in 2020, now only holds a market share of around 15%. That sharp reversal mirrors the broader displacement of Western and legacy carmakers by Chinese rivals across emerging EV markets. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BYD is capturing a bigger slice of a bigger pie:<\/strong> Overall, electric vehicle sales in the Middle East were at around 75k in 2025, rising more than 40% y-o-y, the report said. The UAE continued to lead the pack, accounting for nearly half of all regional sales \u2014 although its share of the regional total dipped from more than 60% in 2023, as Qatar and Saudi Arabia began to catch up. The two Gulf neighbors together now represent close to 45% of regional demand. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BYD\u2019s rise in the Gulf is part of a wider Chinese push into emerging EV markets after an <\/strong><strong>intense domestic price war in China<\/strong> squeezed automakers\u2019 profit margins and prompted them to seek higher returns abroad. Chinese-made electric car exports doubled globally in 2025, and more than half of overseas sales took place outside Europe and the US. Exports to the Middle East jumped 60% from 2024 levels, compared with a 130% rise in Southeast Asia and a 55% increase in Latin American. Middle East and African markets now import more than 80% of their electric cars from China. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to go deeper? <\/strong>Check out <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/11\/why-egypts-ceos-are-opting-for-chinese-luxury-cars-over-range-rovers\/\" style=\"\">Why Egypt\u2019s CEOs are opting for Chinese luxury cars over<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/11\/why-egypts-ceos-are-opting-for-chinese-luxury-cars-over-range-rovers\/\" style=\"\">Range Rovers<\/a> and <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/21\/egypts-ev-future-is-here-it-just-has-a-backup-engine\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/21\/egypts-ev-future-is-here-it-just-has-a-backup-engine\/\" style=\"\">Egypt\u2019s EV future is here \u2014 it just has a backup engine from our Egypt desk<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/automotive\/\">Automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/electric-vehicles\/\">electric vehicles<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/the-scorecard\/\">The Scorecard<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"115331\" 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=\"115331\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">MARKETS + DEALS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/22\/saudi-arabias-dar-al-balad-may-have-been-a-small-ipo-but-it-broke-the-wartime-ice-will-others-follow\/\">\r\n                            First to finish                        <\/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\/22\/saudi-arabias-dar-al-balad-may-have-been-a-small-ipo-but-it-broke-the-wartime-ice-will-others-follow\/\" 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\/22\/saudi-arabias-dar-al-balad-may-have-been-a-small-ipo-but-it-broke-the-wartime-ice-will-others-follow\/')\">\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\/22\/saudi-arabias-dar-al-balad-may-have-been-a-small-ipo-but-it-broke-the-wartime-ice-will-others-follow\/\">\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=Saudi Arabia\u2019s Dar Al Balad may have been a small IPO, but it broke the wartime ice. Will others follow?&url=https:\/\/enterpriseam.com\/menaplus\/2026\/05\/22\/saudi-arabias-dar-al-balad-may-have-been-a-small-ipo-but-it-broke-the-wartime-ice-will-others-follow\/\">\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\/22\/saudi-arabias-dar-al-balad-may-have-been-a-small-ipo-but-it-broke-the-wartime-ice-will-others-follow\/&title=Saudi Arabia\u2019s Dar Al Balad may have been a small IPO, but it broke the wartime ice. 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Domestic <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/05\/dar-al-balads-tadawul-ipo-sees-robust-institutional-demand\/\" style=\"\">institutional<\/a> and <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/19\/dar-al-balads-retail-tranche-3-7x-oversubscribed\/\" style=\"\">retail<\/a> appetite were strong.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The much bigger test comes right after Eid:<\/strong> Contractor Mutlaq Al Ghowairi (MGC) will open the order books on Sunday, 31 May for a listing expected to raise some SAR 3 bn, roughly 15x the size and a far harder read on how deep domestic appetite for new paper really is. MGC is a pure secondary sale of 30% (<a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/898.pdf\" style=\"\">press release pdf<\/a> | <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/897.pdf\" style=\"\">prospectus pdf<\/a>). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MGC is one of several Saudi issuers exploring a listing. <\/strong>Delivery platform <strong>Ninja<\/strong> is <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/10\/this-morning-ninja-lines-up-banks-for-ipo-keeps-options-open\/\" style=\"\">lining up<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/10\/this-morning-ninja-lines-up-banks-for-ipo-keeps-options-open\/\" style=\"\">banks<\/a> for a potential USD 1 bn float in late 2026 or early 2027, and <strong>Arabian Dyar<\/strong> is also <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/03\/26\/this-morning-ipo-ambitions-hold-steady-against-valuation-markdowns-as-june-deadlines-loom\/\" style=\"\">testing the waters<\/a>. Behind them sits a deeper bench, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-12\/billionaire-olayans-tech-firms-look-to-ignite-saudi-ipo-revival\" style=\"\">Bloomberg<\/a> reports: Olayan-backed <strong>Health Water Bottling<\/strong> is working with Lazard, <strong>Etihad Salam Telecom<\/strong> is shopping for junior advisors, PIF-backed <strong>ArcelorMittal Tubular Products Jubail<\/strong> has hired JPMorgan and HSBC, <strong>Alkhorayef Petroleum<\/strong> is preparing its regulatory paperwork, and <strong>Ejada Systems<\/strong> is renewing its approval. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- Dubai Investments<\/strong> says it remains committed to floating a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/1350.pdf\" style=\"\">24% stake in Dubai<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/1350.pdf\" style=\"\">Investments Park<\/a> before year-end, subject to approvals. Management puts DIP\u2019s valuation at AED 10.8-11 bn. It\u2019s the sole UAE listing still in the chute that we\u2019re aware of: <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/05\/13\/this-morning-ipo-plans-cool-for-dubai-holding-and-ega-more-uae-syria-collaboration-is-on-the-way\/\" style=\"\">Dubai Holding has paused<\/a> its prep, and Emirates Global Aluminium has pushed to next year at the earliest. <\/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>War or not, global money managers are still flocking to ADGM and the DIFC.<\/strong> US investment bank <strong>Cantor<\/strong> secured <a target=\"_blank\" href=\"https:\/\/www.adgm.com\/media\/announcements\/cantor-receives-adgm-approval\" style=\"\">final approval<\/a> from ADGM\u2019s Financial Services Regulatory Authority to run regulated activities out of Abu Dhabi, while Dutch corporate-services and fund administrator <strong>TMF Group<\/strong>, which works across <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/tmf-group-receives-authorisation-to-expand-into-the-dubai-international-financial-centre-qskbgobp\" style=\"\">87 jurisdictions<\/a>, and <strong>Gordian Capital<\/strong>, the IQ-EQ-owned cross-border fund platform that runs some <a target=\"_blank\" href=\"https:\/\/www.difc.com\/whats-on\/news\/gordian-capital-secures-dfsa-approval-difc\" style=\"\">USD 17 bn<\/a>, both got nods to open in DIFC. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT- <\/strong>This means 15 global shops have said they will set up shop or expand in ADGM or DIFC since the start of the war: 11 in ADGM and four in DIFC. <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/15\/more-wins-for-adgm-limad-and-adnoc-make-big-infrastructure-bets-and-aramco-wants-usd-10-bn-from-its-real-estate-portfolio\/\" style=\"\">Other names include<\/a> Partners Capital, Bain, Barings, Hillhouse, Capital Group, and Man Group. <\/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> Cenomi Retail has been rocked by a massive corruption scandal:<\/strong> The Capital Market Authority is taking 17 people to criminal court over alleged manipulation of Cenomi Retail\u2019s share price. Among the accused are current and former board members, an unnamed CEO, finance managers, and audit-team members at the former external auditor, per a CMA <a target=\"_blank\" href=\"https:\/\/cma.gov.sa\/en\/MediaCenter\/NEWS\/Pages\/CMA_N_4057.aspx\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/cma.gov.sa\/en\/MediaCenter\/NEWS\/Pages\/CMA_N_4057.aspx\" style=\"\">statement<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Cenomi Retail has been in survival mode for years now: <\/strong>The Zara franchisee formerly known as Fawaz Alhokair, has been deep in restructuring since 2024 and was rescued by <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/07\/21\/uaes-al-futtaim-takes-big-stake-in-cenomi-retail\/\" style=\"\">Al-Futtaim\u2019s SAR 2.52 bn purchase<\/a> of the founders\u2019 49.95% stake last July. It\u2019s now rebranding to AFG International. The stock is down c. 34.6% YTD. <\/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>We also have for you this morning a pile of AI news:<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Humain has Goldman Sachs to bankroll the compute race.<\/strong> PIF AI champion <strong>Humain<\/strong> has tapped Goldman Sachs to arrange a financing package of at least SAR 20 bn for data centers around Riyadh, with the money earmarked for infrastructure and GPUs to stand up 2 GW of capacity \u2014 about a third of the company\u2019s 2034 target, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/finance\/saudi-arabias-humain-picks-goldman-sachs-advise-data-centre-financing-sources-2026-05-19\/\" style=\"\">Reuters<\/a> reports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi is racing the UAE and Qatar to be the Gulf\u2019s compute hub<\/strong>, and it\u2019s financing that race like project infrastructure rather than a tech bet \u2014 even after Iranian drones hit AWS sites in the UAE and Bahrain.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Having to raise money is no surprise: <\/strong>The IEA pegs global data-center investment needs at <a target=\"_blank\" href=\"https:\/\/iea.blob.core.windows.net\/assets\/3179f7f8-01f6-4dd6-bffa-c9f7b73f1dc9\/KeyQuestionsonEnergyandAI.pdf\" style=\"\">USD 3.9 tn through 2030<\/a> and calls it \u201ctoo large to be funded solely from the balance sheets of AI companies.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- The UAE\u2019s Core42 is funding AI the way you\u2019d fund a power plant:<\/strong> The G42 unit has lined up <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/1354.pdf\" style=\"\">USD 550 mn in structured trade finance<\/a> from our friends at HSBC to push AI cloud and compute capacity into the US and Europe. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- MGX adds a fourth frontier-AI bet.<\/strong> Abu Dhabi\u2019s MGX joined a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/1275.pdf\" style=\"\">USD 2.1 bn Series B<\/a> for UK drug-discovery firm Isomorphic Labs, alongside leads Thrive Capital, Alphabet, GV, Temasek, CapitalG, and the UK Sovereign AI Fund. MGC has now added AI-designed drugs to a year that has seen it invest in OpenAI, xAI and Anthropic as it looks to build toward more than USD 100 bn plus in AI-related assets under management.<\/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>Adia is trimming Medline again.<\/strong> An Abu Dhabi Investment Authority (Adia) subsidiary, alongside shareholders linked to Blackstone and Hellman & Friedman, <a target=\"_blank\" href=\"https:\/\/newsroom.medline.com\/releases\/medline-inc-announces-launch-of-secondary-offering-of-class-a-common-stock\/\" style=\"\">is selling 60 mn shares<\/a> in US healthcare giant Medline through a secondary offering. <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/03\/06\/adia-pivots-capital-into-paypay-nasdaq-listing-following-usd-3-1-bn-medline-exit\/\" style=\"\">Earlier this year<\/a>, an Adia subsidiary sold Medline shares worth north of USD 200 mn as it exits maturing investments in favour of new opportunities. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Speaking of Adia: <\/strong>It is being courted alongside state-linked UAE alternative investment firm Lunate for a rocket-engine raise. Europe\u2019s The Exploration Company is <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/business\/2026\/05\/20\/europes-exploration-company-seeks-uae-investors-for-200m-financing-round\/\" style=\"\">talking with the two<\/a> for a USD 200 mn round to build what it says will be Europe\u2019s largest rocket engine.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, in Brazil\u2026 <\/strong>Mubadala Capital\u2019s exit of Brazilian iron-ore terminal Porto Sudeste has reached <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-20\/i-squared-among-bidders-for-5-billion-trafigura-mubadala-port\" style=\"\">round two<\/a>. Its Brazilian arm, Acelen, has meanwhile <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/mubadalas-acelen-secures-15-bln-launch-brazil-saf-biorefinery-project-2026-05-21\/\" style=\"\">locked-in USD 1.5 bn<\/a> to start building a USD 3 bn refinery in Bahia, with a 10-institution consortium led by HSBC and the IFC funding part of it. Mubadala recently <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/04\/08\/mubadala-capital-closes-third-brazil-fund-nearing-usd-1-bn\/\" style=\"\">closed a third Brazil fund<\/a> near USD 1 bn and is in on-again talks to sell the Mataripe refinery back to Petrobras. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Qatar Investment Authority (QIA) and Spain\u2019s state-owned Cofides <\/strong><strong><a target=\"_blank\" href=\"https:\/\/qia.qa\/en\/Newsroom\/Pages\/QIA-and-COFIDES-launch-a-joint-investment-fund-to-support-Spain%E2%80%99s-green-and-digital-transition.aspx\" style=\"\">are launching<\/a><\/strong><strong> a <\/strong><strong>EUR 300 mn joint fund<\/strong> to back Spanish companies driving the country\u2019s green transition, digital transformation, and tech innovation. The vehicle \u2014 the Ispania Growth Fund \u2014 will primarily back SMEs.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Averi goes public the back way:<\/strong> Dubai investment firm Averi Finance is pursuing a <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-20\/uae-s-averi-targets-johannesburg-listing-through-reverse-merger?srnd=homepage-middle-east\" style=\"\">reverse<\/a><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-20\/uae-s-averi-targets-johannesburg-listing-through-reverse-merger?srnd=homepage-middle-east\" style=\"\">takeover of Johannesburg-listed miner Mantengu<\/a> that would hand it 66.7% of the enlarged group via 650 mn new shares, implying c. USD 179 mn enterprise value and a likely move to the JSE main board. A reverse merger sidesteps the cost and timeline of an IPO, and Averi wants the listing for institutional access as it scales across Africa, where it claims USD 15 bn of transactions in a decade. The JSE keeps drawing UAE names \u2014 <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2025\/11\/05\/waha-capital-pockets-usd-119-from-optasia-exit-adia-divests-stake-in-ayvens-as-part-of-a-consortium\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2025\/11\/05\/waha-capital-pockets-usd-119-from-optasia-exit-adia-divests-stake-in-ayvens-as-part-of-a-consortium\/\" style=\"\">Optasia IPO\u2019d there<\/a> last year for USD 375 mn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SAB eats a SAR 6.4 bn ticket whole.<\/strong> Saudi Awwal Bank signed a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/saudi-awwal-bank-signs-sar-64bln-financing-agreement-with-albawani-pzwtyu2k\" style=\"\">SAR 6.4 bn bilateral<\/a><a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/saudi-awwal-bank-signs-sar-64bln-financing-agreement-with-albawani-pzwtyu2k\" style=\"\">financing<\/a> with PIF-backed <strong>Albawani<\/strong>, ramping up its exposure to the kingdom\u2019s slowing gigaproject pipeline, where Albawani works Diriyah, Seven, and Aramco Stadium. SAB loaned <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/04\/27\/avilease-obtains-usd-1-5-bn-revolving-financing-facility-from-20-global-banks\/\" style=\"\">SAR 2<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/04\/27\/avilease-obtains-usd-1-5-bn-revolving-financing-facility-from-20-global-banks\/\" style=\"\">bn loan<\/a> last year Binladin Group for King Fahd Sports City.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019re reading this against the news that Saudi Arabia plans up to <\/strong><strong><a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/economics\/133279\/%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D8%AA%D8%B9%D8%AA%D8%B2%D9%85-%D8%A5%D8%B5%D8%AF%D8%A7%D8%B1-%D8%B5%D9%83%D9%88%D9%83-%D8%B9%D9%82%D8%A7%D8%B1%D9%8A%D8%A9-%D8%A8%D9%86%D8%AD%D9%88150-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%B1%D9%8A%D8%A7%D9%84-%D8%AD%D8%AA%D9%89-2030\/\" style=\"\">SAR 150 bn (USD 40<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/economics\/133279\/%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D8%AA%D8%B9%D8%AA%D8%B2%D9%85-%D8%A5%D8%B5%D8%AF%D8%A7%D8%B1-%D8%B5%D9%83%D9%88%D9%83-%D8%B9%D9%82%D8%A7%D8%B1%D9%8A%D8%A9-%D8%A8%D9%86%D8%AD%D9%88150-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%B1%D9%8A%D8%A7%D9%84-%D8%AD%D8%AA%D9%89-2030\/\" style=\"\">bn)<\/a><\/strong><strong> of international real estate sukuk by 2030<\/strong>, opening with a SAR 20 bn tranche this year if rates and geopolitics cooperate \u2014 a push to move housing-finance funding off domestic banks and onto global markets.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- Lenders are still backing top-end Dubai.<\/strong> <strong>Emirates NBD<\/strong> extended an <a target=\"_blank\" href=\"https:\/\/www.tradingview.com\/news\/eqs:d57f07acd094b:0-cpi-property-group-and-emirates-nbd-strike-financing-for-cpipg-s-ultra-luxury-residential-portfolio-in-dubai\/\" style=\"\">AED<\/a><a target=\"_blank\" href=\"https:\/\/www.tradingview.com\/news\/eqs:d57f07acd094b:0-cpi-property-group-and-emirates-nbd-strike-financing-for-cpipg-s-ultra-luxury-residential-portfolio-in-dubai\/\" style=\"\">367.3 mn facility<\/a> to CPI Property Group against a portfolio of 19 Dubai ultra-prime homes to finance deferred payments through 2027. Banks are still underwriting the prime end even as the broad market cools because prime is holding even as overall activity fell 51% in the war\u2019s first weeks.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi fintech <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.wamda.com\/2026\/05\/arib-targets-saudi-digital-lending-boom-23-5m-funding-round\" style=\"\">Arib<\/a><\/strong><strong> closed a USD 23.5 mn round<\/strong> led by Merak Capital, blended with shariah-compliant murabaha facilities, to fund tech and new lending products. Arib runs a marketplace matching borrowers to banks and licensed lenders; Merak also led its 2022 seed round.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>UAE-founded HR and payroll platform RemotePass <\/strong><strong><a target=\"_blank\" href=\"https:\/\/newsroom.remotepass.com\/265841-remotepass-raises-17-4m-series-b-led-by-ebrd-venture-capital-as-global-employment-and-fintech-converge\/\" style=\"\">raised USD 17.4 mn<\/a><\/strong> in a Series B led by EBRD Venture Capital. The funds are earmarked for Europe and US expansion and deeper compliance coverage in existing markets.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EFG Hermes brokers Oman\u2019s first ABB.<\/strong> EFG Hermes was <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/1271.pdf\" style=\"\">sole global coordinator<\/a> on a USD 92.5 mn block sale of OQ Base Industries shares for the Saudi Omani Investment Company \u2014 the first accelerated bookbuild ever run in Oman\u2019s capital markets. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO WORTH KNOWING THIS MORNING<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SpaceX<\/strong> filed for what would be the largest IPO ever \u2014 a Nasdaq listing targeted for 12 June at a USD 1.75 tn valuation and USD 70\u201375 bn in proceeds, more than 2x Aramco\u2019s 2019 record, per its <a target=\"_blank\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1181412\/000162828026036936\/spaceexplorationtechnologi.htm\" style=\"\">prospectus<\/a>. <strong>The Gulf is on every side of it:<\/strong> PIF and Mubadala are longtime holders and GCC family offices bought in through secondary sales. The listing hands them a liquidity windfall just as PIF <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/06\/gulf-swfs-have-become-the-swing-vote-in-global-capital-flows\/\" style=\"\">trims its international allocation<\/a> from 30% to 20%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Paramount<\/strong>\u2018s <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/democratic-senators-raise-alarm-over-foreign-investment-paramount-warner-bros-2026-05-21\/\" style=\"\">USD 111 bn takeover<\/a> of Warner Bros. Discovery is drawing fire over its Gulf backing, with six Democratic senators writing the FCC to flag the roughly <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/04\/09\/pif-gcc-swfs-reportedly-commit-usd-24-bn-to-warner-bros-takeover\/\" style=\"\">USD 24 bn<\/a> from Abu Dhabi\u2019s L\u2019imad and other GCC funds in a group that would control CBS and CNN. Banks are separately <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-20\/banks-eye-30-billion-of-high-grade-bonds-for-warner-bros-lbo\" style=\"\">lining up<\/a> a c. USD 49.5 bn debt package, and CFIUS review is the next hurdle.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Dubai developer <strong>Select Group<\/strong> <a target=\"_blank\" href=\"https:\/\/www.ttnworldwide.com\/ArticleTA\/462725\/dubai%E2%80%99s-select-group-acquires-3-uk-delta-hotels-by-marriott-golf-resorts\" style=\"\">acquired three Delta Hotels by Marriott golf-and-country-club<\/a><a target=\"_blank\" href=\"https:\/\/www.ttnworldwide.com\/ArticleTA\/462725\/dubai%E2%80%99s-select-group-acquires-3-uk-delta-hotels-by-marriott-golf-resorts\" style=\"\">resorts<\/a> in the UK.<\/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> +0.4% \u2022 <strong>ADX<\/strong> +0.4% \u2022 <strong>DFM<\/strong> +0.6% \u2022 <strong>EGX30<\/strong> +0.3%<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Brent USD 104.34 \/ bbl \u2022 Gold USD 4,548.30 \/ oz \u2022 USD \/ SAR 3.75 \u2022 USD \/ EGP 52.92<\/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\/ai-investments\/\">AI investments<\/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\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/markets-deals\/\">Markets + Deals<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"115333\" 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=\"115333\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">ALSO ON OUR RADAR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/22\/egyptalum-albas-usd-3-bn-refinery-gets-intl-lender-interest-cma-cgm-expands-middle-east-footprint\/\">\r\n                            Bypass race                        <\/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\/22\/egyptalum-albas-usd-3-bn-refinery-gets-intl-lender-interest-cma-cgm-expands-middle-east-footprint\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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EgyptAlum will fund half of the estimated cost of the project (c.USD 1.5 bn) with the financing structure open to review at a later date. \u201cConstruction and production startup should take around three years once all procedures are complete,\u201d Agour tells us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Alba comes to the table under pressure:<\/strong> The Bahraini company\u2019s main smelter was <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/03\/30\/aluminum-and-steel-producers-are-now-fair-game-for-air-strikes-2\/\" style=\"\">targeted<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/03\/30\/aluminum-and-steel-producers-are-now-fair-game-for-air-strikes-2\/\" style=\"\">in March<\/a> by Iran\u2019s air strikes, bringing its production down to around 30%, compared to 81% before the war. The EgyptAlum project doubles as a strategic diversification play as much as a growth play \u2014 pushing upstream into alumina and into a market with cheaper power and Red Sea export access. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt has been on the opposite end of that equation:<\/strong> With no <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/403.pdf\" style=\"\">functioning alumina refineries<\/a>, Egypt imports the raw material to feed the Naga Hammadi smelter, which has historically left Egyptalum exposed to global alumina pricing and shipping cycles. Together with the <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/10\/trafigura-takes-minority-stake-in-egyptalum-smelter-expansion\/\" style=\"\">Trafigura-backed smelter expansion<\/a> announced earlier this month and a new <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/05\/intl-players-want-in-on-egyptalum\/\" style=\"\">600k-ton greenfield<\/a> EgyptAlum is negotiating in East Al Tafreah with Gulf and foreign investors, the Alba agreement could lift Egypt\u2019s total aluminum production capacity to around 1.2 mtpa from roughly 300k tons today, Agour says.<\/p>\n<p class=\"tag-border-left\">AD Ports tightens Fujairah logistics network<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fujairah\u2019s eastern corridor Hormuz bypass moving forward.<\/strong> AD Ports subsidiary Fujairah Terminals <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/c0b3dpr-fujairah-terminals-signs-strategic-land-lease\" style=\"\">signed three land agreements<\/a> with Fujairah International Airport, Fujairah Freezone Authority, and Al Dahra Agriculture Trading. The agreements are for a combined 130k sqm footprint aimed at expanding logistics capacity tightening movement between port, industrial, and adjacent infrastructure. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The agreements come amid a wider push to make use of Fujairah\u2019s eastern position.<\/strong> Borouge and AD Ports are looking at <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/05\/20\/first-it-was-crude-now-we-might-also-get-an-export-hub-for-petrochemicals-on-the-east-coast\/\" style=\"\">exporting petrochemicals<\/a> via Fujairah, and Adnoc is <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/05\/18\/adnoc-set-to-accelerate-west-east-pipeline-construction-as-it-hedges-against-supply-chain-bottlenecks\/\" style=\"\">speeding up plans<\/a> to develop its West-East pipeline to hedge against Hormuz bottlenecks.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The bypass is gaining more importance than ever, with Adnoc CEO Sultan Al Jaber <\/strong><strong>expecting that full oil flows through Hormuz won\u2019t return before 1H 2027<\/strong>, even if the regional conflict were to end now. The warning \u2014 among the bleakest recovery outlooks yet \u2014 points to how long disruption could continue rippling through supply chains. <\/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\">ADSB signs EUR 320 mn Leonardo supply contract <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The UAE is cementing its position as a Gulf defense hub.<\/strong> State-owned Edge\u2019s Abu Dhabi Ship Building (ADSB) <a target=\"_blank\" href=\"https:\/\/www.leonardo.com\/en\/press-release-detail\/-\/detail\/20-05-2026-leonardo-signs-major-naval-combat-systems-contract-with-edge-entity-adsb-for-kuwait-navy-s-al-dorra-program\" style=\"\">signed a EUR 320 mn contract<\/a> with Italy\u2019s Leonardo to supply next-gen combat systems for Kuwait\u2019s navy, fitting the Falaj 3 missile boats under the Al Dorra program. The contract sits on top of <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/01\/28\/edges-adsb-secures-aed-6-6-bn-kuwait-contract-and-tie-up-on-autonomous-logistics-pilot-dubai-rolls-out-gold-district\/\" style=\"\">ADSB\u2019s AED 6.6 bn deal<\/a> to build eight Falaj missile boats for Kuwait\u2019s Defense Ministry, which was itself part of a wider AED 9 bn package agreed <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2025\/06\/04\/edge-signs-aed-9-bn-missile-boats-contract-with-kuwaits-defense-ministry\/\" style=\"\">last summer<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Two birds with one stone:<\/strong> The agreement speaks to two of the UAE\u2019s top post-war priorities \u2014 <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/05\/07\/tawazun-ad-ports-partner-on-new-defense-manufacturing-hub-in-abu-dhabi\/\" style=\"\">defense<\/a> and <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/05\/06\/adnoc-adq-nmdc-edge-more-join-localization-push\/\" style=\"\">localization<\/a> \u2014 as Iranian drone attacks force <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/03\/05\/iranian-drone-attacks-show-gcc-needs-to-rethink-air-defense\/\" style=\"\">a regional air defense rethink<\/a> and the Strait of Hormuz disruption straining supply chains. Leonardo itself is eyeing <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2025\/11\/24\/dubai-airshow-wraps-up-with-plenty-of-agreements-to-boost-evtol-manufacturing-and-defense-sectors\/\" style=\"\">full manufacturing operations<\/a> in Dubai.<\/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\">CMA CGM\u2019s Syria move<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>French shipping giant CMA CGM is moving into Syria\u2019s logistics sector, taking on the <\/strong><strong>operation of two dry ports<\/strong> in the Adra Freezone in Damascus Countryside and the Aleppo Freezone under <a target=\"_blank\" href=\"https:\/\/sana.sy\/economy\/syrian-economy\/2479749\/\" style=\"\">an agreement<\/a> with Syria\u2019s General Authority for Ports and Customs. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background:<\/strong> Syria had landed a <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/logistics\/2026\/04\/22\/today-syria-lands-usd-200-mn-world-bank-funding-for-rail-sector\/\" style=\"\">USD 200 mn package from the World Bank<\/a> in April to restore its railway network, financing infrastructure upgrades, new locomotives and equipment, maintenance, and workforce training. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> First moves<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>QatarEnergy is making its first move into Uruguay\u2019s upstream sector, picking up minority <\/strong><strong>stakes in three offshore exploration blocks<\/strong> from Shell subsidiary BG International, the state-owned company <a target=\"_blank\" href=\"https:\/\/www.qatarenergy.qa\/en\/MediaCenter\/Pages\/newsdetails.aspx?ItemId=3906\" style=\"\">said<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The expansion drive comes as QatarEnergy works to offset losses from the Iran war:<\/strong> Repairs to Qatar\u2019s LNG facilities after March\u2019s missile strikes could take up to five years, <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/03\/25\/governments-across-mena-are-looking-for-energy-alternatives-the-disruption-bites\/\" style=\"\">knocking off 17%<\/a> of Qatar\u2019s LNG capacity and forcing QatarEnergy to declare force majeure on long-term contracts with buyers in Europe and Asia.<\/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\/ad-ports\/\">AD Ports<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/aluminium-bahrain\/\">Aluminium Bahrain<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/aluminum\/\">aluminum<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/egyptalum\/\">EgyptAlum<\/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\/syria\/\">Syria<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"115335\" 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=\"115335\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">WHAT WE\u2019RE TRACKING<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/22\/egypt-leaves-rates-unchanged-apex-health-gearing-up-for-ipo\/\">\r\n                            Please hold                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/22\/egypt-leaves-rates-unchanged-apex-health-gearing-up-for-ipo\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n        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wp-post-image\" alt=\"\" data-attachment-id=\"115336\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/22\/egypt-leaves-rates-unchanged-apex-health-gearing-up-for-ipo\/918-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/918.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"918.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/918.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/918.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115335\" class=\"content-area-description single-story post-115335 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking tag-enterpriseam tag-monetary-policy tag-saudi-arabia 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\"><a id=\"wwtt1\"><\/a> <strong>The Central Bank of Egypt <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/story.php?story_fbid=122156576012973357&id=61579200725518&mibextid=wwXIfr&rdid=W4N2bEKkANGgCJ8D#\" style=\"\">left interest rates unchanged<\/a><\/strong> for the second time in a row at its meeting yesterday, pointing to \u201cinflation dynamics amid an unfavorable external environment. The bank\u2019s Monetary Policy Committee kept the overnight deposit rate at 19.0% and the overnight lending rate at 20.0%, in line with the projections of the majority of analysts and economic experts <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/17\/analysts-expect-cbe-to-keep-interest-rates-steady-on-thursday\/\" style=\"\">polled by EnterpriseAM<\/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\">Watch this space<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>Estithmar Holding\u2019s Apex Health could become the third company to IPO on the <\/strong><strong>Qatar Stock Exchange since 2020<\/strong>, with the Al Khayyat family-owned company reportedly tapping Rothschild & Co. on a potential listing, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-20\/billionaire-family-s-firm-taps-rothschild-for-rare-qatar-ipo\" style=\"\">Bloomberg<\/a> reports, citing people with knowledge of the matter. No details are available on the potential size or timing of the listing. <\/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>Regional construction giant Hassan Allam Construction could be working on Syrian aviation <\/strong><strong>infrastructure projects<\/strong>, after <a target=\"_blank\" href=\"https:\/\/sana.sy\/en\/syria\/2318013\/\" style=\"\">company representatives discussed<\/a> expanding, rehabilitating, and boosting the operational readiness of Deir Ezzor and Qamishli airports with Syria\u2019s Civil Aviation Authority on Wednesday. The meeting follows a <a target=\"_blank\" href=\"https:\/\/sana.sy\/en\/presidency\/2314446\/\" style=\"\">sit-down<\/a> earlier this month in Damascus between President Ahmad Al Sharaa and Hassan Allam Holding CEO Hassan Allam to discuss partnerships across real estate, construction, and infrastructure rehabilitation. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT-<\/strong> Damascus has been pushing to reposition Syria as a regional transport hub across air, land, and sea. Earlier this month, Latakia Port welcomed its <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/01\/latakia-port-lands-syrias-first-ro-ro-service-after-war\/\" style=\"\">first Ro-Ro<\/a> (roll-on\/roll-off) transit vessel, a key step in linking Gulf overland freight with Mediterranean shipping routes via Syria. Saudi officials have been in talks with Syria and Jordan to revive the historic, Ottoman-era <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/20\/the-gcc-is-building-for-a-post-hormuz-world\/\" style=\"\">Hejaz railway<\/a>, which could eventually reconnect Saudi Arabia to Turkey. These developments come as reconstruction efforts in Syria \u2014 as well as Lebanon, Libya, and Palestine \u2014 have broadly stalled after the regional war broke out, as <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/13\/syrias-sanctions-era-comes-to-an-end-as-uae-iocs-eye-more-investments\/\" style=\"\">we previously reported<\/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\">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>Hajj travel package prices are up \u201cthree or four times\u201d this year<\/strong> as the ongoing regional war drives up aviation costs and forces fewer flights into regional airspace, <a target=\"_blank\" href=\"https:\/\/www.semafor.com\/article\/05\/20\/2026\/iran-war-drives-up-hajj-pilgrimage-costs\" style=\"\">Semafor<\/a> reports, citing a Jeddah-based travel agent. <\/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>British Airways flights to the Middle East are set to resume a month later than planned<\/strong>, with the return of flights to Doha, Dubai, and Tel Aviv now set for 1 August, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/british-airways-pushes-middle-east-flight-restart-august-1-2026-05-19\/\" style=\"\">Reuters<\/a> reports. The airline will also cut the number of flights to these three cities to one per day once services resume. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Data point<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi Arabia\u2019s crude oil exports dropped to a record low of 5 mn bbl \/ d in March<\/strong>, down 2.3 mn bbl \/ d, according to <a target=\"_blank\" href=\"https:\/\/www.jodidata.org\/oil\/database\/customisable-charts\/jodi-highlights\" style=\"\">Jodi data<\/a>. Refinery crude throughput dropped by 746k bbl \/ d to 2.3 mn bbl \/ d. Crude production also fell by 3.9 mn bbl \/ d to a record low of 7 mn bbl \/ d. Meanwhile, direct crude burn also increased by 82k bbl \/ d to 330k bbl \/ d.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>Opec and the IEA both cut their 2026 global oil demand growth outlooks amid the war\u2019s economic fallout. Opec now expects demand growth of 1.2 mn bbl \/ d in 2026, down from 1.4 mn bbl \/ d previously. The IEA, meanwhile, flipped from forecasting a surplus to projecting a 1.8 mn bbl \/ d supply deficit in 2026.<\/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\/monetary-policy\/\">Monetary Policy<\/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\/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=\"115337\" 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\/22\/115337\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115337\" class=\"content-area-description single-story post-115337 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\">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>Can Iraq\u2019s new PM avoid an IMF bailout? | GCC trade deal does data end-run | BYD overtakes Tesla in MENA | Cenomi rocked by corruption scandal<\/p>\n","protected":false},"featured_media":115321,"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-115320","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"35fa6e21-f38b-4574-acdd-65e3913d3145","teaser":"Can Iraq\u2019s new PM avoid an IMF bailout? | GCC trade deal does data end-run | BYD overtakes Tesla in MENA | Cenomi rocked by corruption scandal","photo_url":"https:\/\/ent.news\/2025\/7\/533.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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