{"id":115902,"date":"2026-06-19T00:00:00","date_gmt":"2026-06-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/menaplus\/?post_type=issue&#038;p=115902"},"modified":"2026-06-19T07:50:40","modified_gmt":"2026-06-19T07:50:40","slug":"a-narrowing-map","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/menaplus\/issues\/a-narrowing-map\/","title":{"rendered":"A narrowing map"},"content":{"rendered":"<section id=\"115904\" 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=\"115904\">\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\/06\/19\/exhale-but-dont-unclench\/\">\r\n                            Exhale, but don\u2019t unclench                        <\/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\/06\/19\/exhale-but-dont-unclench\/\" 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\/06\/19\/exhale-but-dont-unclench\/')\">\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\/06\/19\/exhale-but-dont-unclench\/\">\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=Exhale, but don\u2019t unclench&url=https:\/\/enterpriseam.com\/menaplus\/2026\/06\/19\/exhale-but-dont-unclench\/\">\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\/06\/19\/exhale-but-dont-unclench\/&title=Exhale, but don\u2019t unclench\">\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=Exhale%2C+but+don%E2%80%99t+unclench+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F06%2F19%2Fexhale-but-dont-unclench%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\/06\/19\/exhale-but-dont-unclench\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115904\" class=\"content-area-description single-story post-115904 post type-post status-publish format-standard hentry category-opening-note tag-enterpriseam tag-geopolitics tag-opening-note wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends.<\/strong> After weeks of holding our collective breath, the region is finally exhaling. The interim US-Iran peace agreement <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-06-18\/us-ends-hormuz-blockade-downplays-tolls-as-negotiations-restart?srnd=homepage-middle-east\" style=\"\">took effect<\/a> yesterday, shipping is trickling back through the Strait of Hormuz, and the DFM celebrated by rallying 2.5% to its highest close since before the war \u2014 dragging itself back into positive YTD territory in the process. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s the kind of morning where you let yourself feel cautiously optimistic<\/strong>, but then immediately find reasons to worry again. The Strait may be open (<a target=\"_blank\" href=\"https:\/\/edition.cnn.com\/world\/strait-of-hormuz-tracker-vis\" style=\"\">seven vessels crossed yesterday<\/a>) but US-Iran talks that were penciled in for today are off, and Israel seems to have decided it wants no part in the peace. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Elsewhere, we\u2019re keeping an eye on SpaceX, which is lining up a <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/8b73b4ce-3855-4b89-9110-3d892567f28a?syn-25a6b1a6=1\" style=\"\">USD 20 bn bond sale<\/a><\/strong><strong> as <\/strong><strong>soon as next week<\/strong> \u2014 days after pulling in USD 86 bn in the biggest IPO in history \u2014 to clear the bridge loan from March\u2019s xAI-X merger. Moody\u2019s handed it an investment-grade Baa1 on Thursday, with a caveat about \u201celevated execution and financial risks\u201d: the company burned USD 6.4 bn last year and is still cash-flow negative. A USD 2.4 tn close on Thursday, good for sixth-largest company on the planet, apparently buys a lot of benefit of the doubt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>If you\u2019re a parent \u2014 or just an elder millennial who laments how \u201ckids these days\u201d are <\/strong><strong>growing up with TikTok \u2014 you\u2019ll likely tip your hat this morning to the UAE Cabinet<\/strong>, which <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/c0scy35-uae-cabinet-issues-resolution-regulating-childrens\" style=\"\">decided yesterday<\/a> to set 15 as the minimum age for a social media account. The new resolution allows for no exceptions (not even with parental consent). The move is a first for any Arab country and follows similar rules pushed through in the UK. Platforms have a 12-month grace period to figure out how to enforce the rules. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Don\u2019t forget to plan something nice for your dad over the weekend<\/strong> \u2014 Father\u2019s Day is this coming Sunday, 21 June. \u2013Salma<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/geopolitics\/\">geopolitics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/opening-note\/\">Opening Note<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"115905\" 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=\"115905\">\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\/06\/19\/a-regional-reshuffle-of-menas-startup-fortunes-sees-gulf-capital-dominating-as-new-challengers-emerge\/\">\r\n                            A narrowing map                        <\/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\/06\/19\/a-regional-reshuffle-of-menas-startup-fortunes-sees-gulf-capital-dominating-as-new-challengers-emerge\/\" 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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According to <a target=\"_blank\" href=\"https:\/\/www.wamda.com\/2026\/01\/record-year-mena-startups-funding-climbs-7-5-billion-n-2025\" style=\"\">Wamda\u2019s annual investment report<\/a>, 647 startups across the region raised a combined USD 7.5 bn last year, a 225% jump in total funding value and the strongest performance on record. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>While the topline figure is impressive, the underlying data shows a lot more capital <\/strong><strong>consolidation<\/strong>, particularly in Saudi Arabia and the UAE. Last year, the UAE and Saudi Arabia together accounted for some 86% of total startup funding in the region. \u201cA couple of years earlier, that 86% was coming from three countries combined,\u201d Magnitt Research Director Farah El Nahlawi tells EnterpriseAM. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The concentration is only half the story:<\/strong> As the two Gulf countries take the lead in funding values, the region\u2019s former leader, Egypt, has stumbled, and a new tier of smaller markets \u2014 led by Morocco \u2014 is positioning to take its place. The result is a market that is both more concentrated and more contested than the record topline suggests.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The record-year momentum carried into 2026, though at a more measured pace.<\/strong> The region drew USD 492.6 mn in capital in 1Q 2026, down from USD 3 bn a year earlier, with venture capital making up the bulk of it, according to GPCA data shared with EnterpriseAM. Regional investors are doing most of the work, participating in 64% of deals last year, according to Wamda, though the region splits on its appetite for foreign capital, with Saudi Arabia leaning less on international investors than the UAE.<\/p>\n<p class=\"tag-border-left\">Hardly homogeneous <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MENA\u2019s<\/strong><strong><a target=\"_blank\" href=\"https:\/\/dealroom.co\/guides\/middle-east-and-north-africa\" style=\"\"><\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/dealroom.co\/guides\/middle-east-and-north-africa\" style=\"\">startup market<\/a><\/strong><strong> has never moved as one, and the divides are sharpening as it <\/strong><strong>grows.<\/strong> Its biggest cities now show up in the global rankings: Tel Aviv, Dubai, Riyadh and Abu Dhabi lead the region, with Cairo and Casablanca behind them, according to Startup Genome's <a target=\"_blank\" href=\"https:\/\/startupgenome.com\/report\/the-global-startup-ecosystem-report-2026\/regional-rankings-2026\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/startupgenome.com\/report\/the-global-startup-ecosystem-report-2026\/regional-rankings-2026\" style=\"\">2026 Global Startup Ecosystem Report<\/a>, which places several MENA hubs in the top 40 of its Global Leaders list and the top 200 of its Emerging Ecosystems list.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cMaybe you could say there are four different regions in MENA.<\/strong> There is the Maghreb \u2014 Morocco, Tunisia, Algeria \u2014 and then there is Egypt. Egypt is kind of its own thing. Then there is the Levant \u2014 Jordan, Syria, Lebanon \u2014 and you have the GCC,\u201d Jeff Schlapinski, managing director of research at GPCA, tells EnterpriseAM.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cSince 2023, the UAE and Saudi [have been] the leaders. Then you have Egypt, followed <\/strong><strong>by Jordan, Morocco, and Tunisia.<\/strong> Below that, you have Lebanon, Bahrain, Iraq, and Oman, and then a step down before you get to Algeria and Palestine,\u201d Schlapinski says.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What separates these blocs is, increasingly, money.<\/strong> The Gulf\u2019s dominance is underwritten by sovereign wealth \u2014 state-backed funds in the UAE and Saudi Arabia have poured capital into the venture space and drawn in international investors behind them. By Wamda\u2019s count, Saudi Arabia was the most funded in 2025, followed by the UAE, with Egypt a distant third. <\/p>\n<p class=\"tag-border-left\">Egypt\u2019s explosive rise and teetering fall\u2026<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>No country illustrates the re-sorting better than Egypt, which not long ago led the region.<\/strong> Egypt closed more deals than any other MENA country in 2022, according to <a target=\"_blank\" href=\"https:\/\/magnitt.com\/research\/2022-egypt-venture-investment-report-50861\" style=\"\">Magnitt data<\/a>, with fintech being the crown jewel. Then the top three spots reshuffled, and the UAE and Saudi Arabia pulled ahead.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The collapse in transaction sizes was stark.<\/strong> \u201cIn 2020 and 2021, some strong Egyptian startups were getting term sheets for anywhere between USD 10-50 mn, but a lot of USD 20-30 mn discussions were going on from international investors. From 2022 to 2024, these same companies were starting to raise USD 1-2 mn,\u201d Algebra Ventures Managing Partner Tarek Assaad tells EnterpriseAM. Much of the capital that remained came from Gulf investors, who took over the market for seed, pre-series A, and series A funding.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A sharp devaluation of the EGP in the years since its startup scene peaked and global<\/strong><strong> fiscal tightening converged into what Assaad describes as a \u201cdouble whammy,\u201d<\/strong> with <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/vc-funding-for-egyptian-startups-is-drying-up\/\" style=\"\">liquidity draining out around 2022<\/a>. \u201cBy 2024, everyone exited; liquidity dried up. Between 2024 and 2025, geopolitical conflicts started, bringing massive issues, so everyone halted funding and stopped high valuations. There was no engine for growth,\u201d says Seif Bahgat, director of strategic partnerships at Sanad and a program manager at Flat6Labs.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt has since steadied, but at a far lower altitude.<\/strong> \u201cThere\u2019s movement \u2014 healthy movement \u2014 but it\u2019s neither the crazy high of 2020-2021 nor the crazy low of 2022-2023,\u201d Bahgat says. The damage shows most at the earliest-stage startups: \u201cWe are not seeing innovative startups like before, so a seed investor does not have a large pool of options today,\u201d he tells us. \u201cBy 2025, seed funding had dropped so low it was practically non-existent. Now, it is starting to return through individuals and angel investors, but there is no dedicated entity focusing on seed investment because it is a very risky level of investment.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The pressure has also pushed founders out the proverbial door:<\/strong> More Egyptian startups are now incorporating in regional hubs like Abu Dhabi, or in Delaware, to escape slower bureaucracy and clunky banking at home.<\/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\">\u2026and Morocco\u2019s rise to fame <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>As Egypt slid, Morocco climbed.<\/strong> Within North Africa, it has drawn the most investor interest, positioning it as one of the most funded ecosystems in the region and, for stretches of 2025, lifting it ahead of Egypt in monthly rankings, according to Wamda\u2019s <a target=\"_blank\" href=\"https:\/\/www.wamda.com\/research\/2025-year-review-investments-mena\" style=\"\">2025 year in review<\/a>. Tunisia, Algeria, and Libya trail well behind.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cMorocco is probably the farthest ahead with some of their initiatives and the support of <\/strong><strong>local investors.<\/strong> I\u2019m thinking of local ins. groups and asset managers that are active in the public markets there, alongside support from the government,\u201d Schlapinski says.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That mix of exceptional talent and a welcoming investment environment is what drew <\/strong><strong>Algebra Ventures into the market<\/strong>, and what Middle East Venture Partners (MEVP), one of the region's oldest institutional venture firms, is betting on. \u201cWe love to enter ecosystems early, right when we think they are about to grow. Morocco is now ready for scale-up, so we want to be among the first funds to invest in that stage there,\u201d MEVP co-founder and co-CEO Walid Mansour tells EnterpriseAM.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The marquee case is <\/strong><strong><a target=\"_blank\" href=\"https:\/\/algebraventures.com\/achievement\/from-data-to-diagnosis-deepechos-mission-to-end-preventable-maternal-deaths\/\" style=\"\">DeepEcho<\/a><\/strong><strong>, which Assaad says \u201cis considering literally everywhere <\/strong><strong>in the world as potential expansion markets<\/strong> because they have very unique technology.\u201d DeepEcho is an AI-first healthtech startup that was recently awarded FDA approval for its AI-powered fetal ultrasound. Algebra Ventures backed the startup in 2023. <\/p>\n<p class=\"tag-border-left\">The emergence of new corridors <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>If the map is fragmenting, it is also reconnecting along new lines \u2014 and the most <\/strong><strong>promising of them runs between Egypt and Morocco.<\/strong> \u201cWe see a big opportunity for a corridor between Egypt and Morocco. We see Egyptian startups going to Morocco \u2014 many from our portfolio, like <a target=\"_blank\" href=\"https:\/\/dsquares.com\/\" style=\"\">Dsquares<\/a> and <a target=\"_blank\" href=\"https:\/\/convertedin.com\/\" style=\"\">Convertedin<\/a>, are already there, and there are several others exploring the market. We also expect Moroccan companies to come to Egypt as well,\u201d Assaad says.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The two hubs are complementary.<\/strong> Egypt is older and more mature; Morocco is still building, but with crucial advantages. \u201cOne key difference is the currency has been much more stable in Morocco than it has been in Egypt,\u201d Assaad notes, adding that Morocco\u2019s links to Europe and to Francophone Africa make it a natural bridge between markets. Egypt, in turn, offers scale: \u201cEgypt has a large population, a low-cost base for serving other markets, and deep technical expertise. You have potentially significant upside if you can hedge against macro risks. In my view, these are both very attractive long-term opportunities because in Egypt, the growth potential is massive.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The convergence is already underway on both sides.<\/strong> \u201cIt\u2019s happening at the startup level and at the investment level,\u201d Assaad says. \u201cAlgebra invested in Morocco, Flat6Labs has been there for a while, so there\u2019s that movement.\" Moroccan capital is flowing the other way too: <a target=\"_blank\" href=\"https:\/\/www.almadaventures.com\/about-us.html\" style=\"\">Al Mada<\/a> Ventures, one of the largest private investment funds in Africa, and <a target=\"_blank\" href=\"https:\/\/www.akwagroup.com\/\" style=\"\">Akwa Group<\/a>, one of Morocco\u2019s largest conglomerates, have both invested in Egypt.<\/p>\n<p class=\"tag-border-left\">Pressure points<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>While the regional war <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/20\/mena-startups-will-feel-the-wars-squeeze-starting-in-3q-2026-magnitt-says\/\" style=\"\">may squeeze startup funding<\/a><\/strong><strong>, there are other challenges to <\/strong><strong>grapple with beyond geopolitics.<\/strong> El Nahlawi flags three major pressure points: Global venture capital slowing, particularly among investors who were only beginning to eye the region; a sluggish graduation rate from early stage to series A, which has averaged 6-7% over the past decade and where the UAE leads; and a recalibration of sovereign support as the countries most affected by the war redirect tightening revenues. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some downplay the geopolitical impact on funding.<\/strong> \u201cFor many of the global investors who have set up shop in the region, the playbook is probably largely the same because the policy of local policymakers and their agenda is clear. They want to support economic diversification, innovation, and bringing in technologies from outside into the region,\" Schlapinski says. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What will shift is the spending mix:<\/strong> \u201cThere\u2019s going to be a concerted effort to rebuild infrastructure, invest more in defensive capabilities, and potentially focus on local sourcing for some of those things. Some of the smaller economies in the region specifically targeted by the conflict will have to invest in recovery and rebuilding.\u201d MEVP\u2019s Mansour reports no notable change either \u2014 roughly 70-80% of the capital raised for the firm\u2019s Fund IV came from international investors.<\/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>The next chapter may belong to the smaller players.<\/strong> Morocco, Jordan, Lebanon, and Tunisia are increasingly seen as the markets to watch. \u201cIn smaller countries, the value of the VC space and the tech ecosystem is starting to become more visible,\u201d El Nahlawi says.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But visibility is not yet leverage.<\/strong> The Gulf still commands the overwhelming share of the region\u2019s capital, and nothing in the 2025 numbers suggests that balance is about to tip. The likelier near-term map has two dominant poles in Riyadh and the UAE, ringed by a widening field of smaller hubs, from Casablanca to Amman, each angling to become the region\u2019s new third center of gravity. <\/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\/investments\/\">investments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/pe\/\">PE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/startups\/\">Startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/the-lede\/\">The Lede<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/vc\/\">VC<\/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=\"115907\" 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=\"115907\">\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\">WAR WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/06\/19\/us-iran-peace-talks-are-off-to-a-rocky-start-after-signing-14-point-mou\/\">\r\n                            Now comes the hard part                        <\/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\/06\/19\/us-iran-peace-talks-are-off-to-a-rocky-start-after-signing-14-point-mou\/\" 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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A long spate of thorny issues await \u2014 as well as spoilers lurking to bring back the fighting \u2014 mainly Israel and hardliners in Iran. For many in the GCC, the absence of any provisions that limit Iran\u2019s ballistic capabilities is alarming. Meanwhile, Israel is yet to commit to a ceasefire in Lebanon despite MoU provisions pledging to end hostilities there. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The process is already off to a rough start as talks that were scheduled to take place later<\/strong><strong> today in Geneva <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/us-iran-peace-talks-geneva-called-off-clouding-prospects-lasting-truce-2026-06-19\/\" style=\"\">were called off<\/a><\/strong> and US Vice President JD Vance scrapped his travel plans to Switzerland. It remains unclear when the talks are now scheduled to begin. <\/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\">Windfall expected for Iran \u2014 now it has to sell it to hardliners<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Iran could emerge with a score of wins if this moves ahead. <\/strong>On top of lifting oil sanctions and the USD 300 bn investment vehicle that were reported on earlier this week, Iran could <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/middle-east\/iran-frozen-assets-7e926b39\" style=\"\">regain access<\/a> to some USD 100 bn in frozen assets abroad, mostly from unrepatriated crude revenues. Estimates put China as the top holder with some USD 20-50 bn, followed by Iraq with about USD 15 bn, USD 7 bn in each of India and South Korea, USD 6 bn in Qatar, and USD 3 bn from Japan. Luxemburg and the US also hold USD 2 bn each. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But all this windfall may be too little for an increasingly influential camp of hardliners in <\/strong><strong>Iran. <\/strong>An emerging group of parliamentarians has been raising public pressure and staging public protests against Foreign Minister Abbas Araghchi and Parliament Speaker Mohammad-Bagher Ghalibaf, who both are leading Iran\u2019s negotiations with Israel, the <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/world\/2026\/jun\/16\/iran-reaction-peace-deal-agreement-us-trump\" style=\"\">Guardian<\/a> reports. <\/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\">Hormuz rush loading<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Everyone now is rushing to load crude from Iraq and the GCC \u2014 but the outcome is<\/strong><strong> uneven. <\/strong>Chinese importers PetroChina and Sinochem have so far failed to secure very large crude carriers (VLCCs) at a reasonable rate for late June, with all the offers from shippers coming in at least at three times the pre-war rates, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/petrochina-indian-oil-fail-secure-tankers-load-iraqi-crude-sources-say-2026-06-18\/\" style=\"\">Reuters<\/a> reports, citing unnamed company officials and shipping industry sources who are in the know. Meanwhile, India\u2019s refining major the Indian Oil Company received no offers at all in a recent tender to lift crude from Iraq next week, one of the sources adds. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>While Chinese and Asian players are struggling, others may already be lifting from Iraq<\/strong>, freeing up storage space and setting the stage for the major producer to restore its production levels that <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/iraq-oil-output-further-plunges-storage-fills-hormuz-exports-blocked-by-conflict-2026-03-25\/\" style=\"\">collapsed<\/a> earlier in the war due to lack of storage capacity, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-06-17\/iraq-takes-steps-to-boost-oil-exports-when-hormuz-reopens\" style=\"\">Bloomberg<\/a> reports. The push has allowed Iraq to reach some 1.6 mn bb \/ d this week, up from 900k earlier this month, and some 20 tankers are already scheduled to arrive later this week, Basim Abdul Karim, director general of the Basra Oil Operations Center, <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/power\/137108\/%D8%A7%D8%B1%D8%AA%D9%81%D8%A7%D8%B9-%D8%A5%D9%86%D8%AA%D8%A7%D8%AC-%D8%A7%D9%84%D9%86%D9%81%D8%B7-%D9%81%D9%8A-%D8%AC%D9%86%D9%88%D8%A8-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D9%85%D8%B9-%D8%A7%D8%B3%D8%AA%D8%A6%D9%86%D8%A7%D9%81-%D8%B9%D9%85%D9%84%D9%8A%D8%A7%D8%AA-%D8%A7%D9%84%D8%B4%D8%AD%D9%86\/\" style=\"\">reportedly<\/a> said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, Qatar is <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-06-17\/qatar-moves-lng-ships-back-to-mideast-ahead-of-hormuz-reopening\" style=\"\">moving<\/a><\/strong><strong> LNG tankers back toward the Gulf. <\/strong>Five empty Qatar-owned vessels are heading to Ras Laffan after idling outside Hormuz, with four more Qatar-linked tankers waiting in the Gulf of Oman that could attempt a Hormuz passage into the Persian Gulf.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Iran's tankers are moving too<\/strong>: Four Iran-linked vessels \u2014 including two supertankers capable of hauling 2 mn barrels each \u2014 switched on their transponders and sailed out of Hormuz or the Gulf of Oman ahead of the agreement signing, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-06-16\/iran-is-moving-its-oil-tankers-around-ahead-of-us-deal-signing\" style=\"\">Bloomberg<\/a> reports. At least three ships waiting at Chabahar port had also left their positions. <\/p>\n<p class=\"tag-border-left\">Bypass redundancy here to stay<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gulf producers are building Hormuz out of their supply chains \u2014 peace deal or not.<\/strong> The UAE is planning a third oil pipeline on top of fast-tracked expansion of the Habshan-Fujairah bypass to hit \u201czero Hormuz dependency,\u201d Foreign Trade Minister Thani Al Zeyoudi told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-06-17\/uae-moves-to-cut-dependency-on-strait-of-hormuz-to-zero\" style=\"\">Bloomberg<\/a>. The UAE is also accelerating investments in new infrastructure, including a new harbor to sit alongside the Eastern ports of Dibba, Fujairah, and Khor Fakkan, as well as more rail and road networks to eliminate reliance on the strait, Al Zeyoudi said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Overseas storage is growing as a Gulf playbook: <\/strong>Saudi Aramco is meanwhile <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/business\/energy-oil\/saudi-aramco-weighs-expanding-storage-capacity-after-iran-war-fbd3a1c1\" style=\"\">eyeing larger<\/a><a target=\"_blank\" href=\"https:\/\/www.wsj.com\/business\/energy-oil\/saudi-aramco-weighs-expanding-storage-capacity-after-iran-war-fbd3a1c1\" style=\"\">overseas crude storage<\/a> \u2014 starting with an <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/amp\/power\/136661\/%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D8%AA%D9%88%D8%B3%D8%B9-%D8%AA%D8%AE%D8%B2%D9%8A%D9%86-%D9%86%D9%81%D8%B7%D9%87%D8%A7-%D9%81%D9%8A-%D9%83%D9%88%D8%B1%D9%8A%D8%A7-%D9%84%D8%AA%D8%B9%D8%B2%D9%8A%D8%B2-%D8%A3%D9%85%D9%86-%D8%A7%D9%84%D8%A5%D9%85%D8%AF%D8%A7%D8%AF%D8%A7%D8%AA\/\" style=\"\">expanded South Korea deal<\/a> \u2014 joining Adnoc and Kuwait, which already run similar Ulsan storage-for-priority-access deals.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/energy\/\">ENERGY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/iran\/\">Iran<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/logistics\/\">LOGISTICS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/shipping\/\">Shipping<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/usa\/\">USA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/war-watch\/\">WAR WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"115909\" 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=\"115909\">\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\/06\/19\/saudi-arabia-oman-will-be-the-gccs-only-growing-economies-in-2026\/\">\r\n                            Outliers                        <\/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\/06\/19\/saudi-arabia-oman-will-be-the-gccs-only-growing-economies-in-2026\/\" 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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That\u2019s a sharp downgrade from the 0.2% contraction it forecast three months ago, and a reversal of the 3.6% expansion the wider Middle East was tracking before the war. The region is now seen shrinking 4.1%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In Saudi Arabia, oil is taking the hit while the rest holds:<\/strong> The Kingdom posted <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/06\/10\/saudi-arabias-economy-slows-in-1q-hampered-by-oil-activities\/\" style=\"\">3% y-o-y<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/06\/10\/saudi-arabias-economy-slows-in-1q-hampered-by-oil-activities\/\" style=\"\">growth in 1Q 2026<\/a> \u2014 its slowest since 2Q 2024 \u2014 with oil being the primary drag, though strategic rerouting and the East-West pipeline cushioned the downturn. Food inflation has stayed contained, as <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/06\/16\/inflation-subdued-in-may-despite-war-pressures\/\" style=\"\">CPI inched up 1.8% in May<\/a>, in contrast to pressure building in Kuwait, Oman, and Qatar. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Oman, the other outlier:<\/strong> The IMF backed up ICAEW\u2019s forecast, <a target=\"_blank\" href=\"https:\/\/www.imf.org\/en\/news\/articles\/2026\/06\/15\/pr-26206-oman-imf-staff-concludes-staff-visit-to-the-sultanate-of-oman\" style=\"\">saying in a statement<\/a> it expects Oman\u2019s economy will grow 3.7% this year before cooling to 3% in 2027. The Fund expects higher oil production to do the heavy lifting. Non-hydrocarbon growth is set to ease to 2.5% in 2026 as the conflict hits tourism and construction, then rebound to 3.2% in 2027. Fiscal and external positions are strengthening \u2014 after narrowing to 0.6% of GDP in 2025 on lower oil prices and higher capital spending, the fiscal surplus is projected to widen to 4.5% of GDP in 2026 and 4.2% in 2027. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The oil shock, in numbers:<\/strong> GCC oil output faces its steepest decline in decades, down 14.5% this year on the shipping disruption, before a 23.5% rebound in 2027 off a depressed base. ICAEW sees Brent averaging USD 90 \/ bbl this year, easing over the medium term as the UAE's exit from Opec+ and a planned West-East pipeline set to double export capacity through Fujairah. Inbound tourist arrivals across the GCC are forecast to fall 30% as security concerns reshape booking and destination decisions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What's next:<\/strong> ICAEW pegs the recovery to the Strait reopening to normal transit, which it expects to come slowly. It sees GCC headline inflation at 2.6% y-o-y in 2026, easing to 2.1% in 2027 as supply-side pressures fade. The Fed is expected to hold rates until December, with regional central banks following the lead.<\/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\/gdp\/\">GDP<\/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=\"115911\" 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=\"115911\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">MARKETS + DEALS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/06\/19\/emirates-nbd-closes-rbl-bank-acquisition-ninja-inches-closer-to-delivery-heros-gulf-assets\/\">\r\n                            Mad rush                        <\/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\/06\/19\/emirates-nbd-closes-rbl-bank-acquisition-ninja-inches-closer-to-delivery-heros-gulf-assets\/\" 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\/06\/19\/emirates-nbd-closes-rbl-bank-acquisition-ninja-inches-closer-to-delivery-heros-gulf-assets\/')\">\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\/06\/19\/emirates-nbd-closes-rbl-bank-acquisition-ninja-inches-closer-to-delivery-heros-gulf-assets\/\">\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=Emirates NBD closes RBL Bank acquisition + Ninja inches closer to Delivery Hero\u2019s Gulf assets&url=https:\/\/enterpriseam.com\/menaplus\/2026\/06\/19\/emirates-nbd-closes-rbl-bank-acquisition-ninja-inches-closer-to-delivery-heros-gulf-assets\/\">\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\/06\/19\/emirates-nbd-closes-rbl-bank-acquisition-ninja-inches-closer-to-delivery-heros-gulf-assets\/&title=Emirates NBD closes RBL Bank acquisition + Ninja inches closer to Delivery Hero\u2019s Gulf assets\">\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=Emirates+NBD+closes+RBL+Bank+acquisition+%2B+Ninja+inches+closer+to+Delivery+Hero%E2%80%99s+Gulf+assets+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F06%2F19%2Femirates-nbd-closes-rbl-bank-acquisition-ninja-inches-closer-to-delivery-heros-gulf-assets%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\/06\/19\/emirates-nbd-closes-rbl-bank-acquisition-ninja-inches-closer-to-delivery-heros-gulf-assets\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/6\/200.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"115912\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/06\/19\/emirates-nbd-closes-rbl-bank-acquisition-ninja-inches-closer-to-delivery-heros-gulf-assets\/200-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/6\/200.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"200.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/6\/200.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/6\/200.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115911\" class=\"content-area-description single-story post-115911 post type-post status-publish format-standard has-post-thumbnail hentry category-markets-deals tag-debt-watch tag-emirates-nbd tag-enterpriseam tag-ma-watch tag-markets-deals wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"> <strong>Banks are in a race against time to compress months of dealmaking into a few crowded<\/strong><strong> weeks of open market<\/strong>, with investment-grade spreads back inside pre-war levels and a <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/06\/14\/debt-activity-picked-up-in-the-gulf-in-may-and-it-could-be-the-same-this-month-before-a-summer-lull\/\" style=\"\">summer lull<\/a> \u2014 plus the Fed \u2014 set to close the window. A handful <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Emirates NBD has closed the largest FDI ever made in India\u2019s banking sector, taking a <\/strong><strong>60% stake in Mumbai\u2019s RBL Bank for USD 2.8 bn<\/strong>, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/6\/1059.pdf\" style=\"\">a statement (pdf)<\/a>. It\u2019s the first time a foreign bank has taken majority control of a profitable Indian lender \u2014 a barrier that held for decades and required sign-off from both the Reserve Bank of India and markets regulator SEBI. The deal institutionalizes the UAE-India capital corridor at the banking level, giving Dubai\u2019s largest lender by assets a direct foothold across 600+ branches serving 1.4 bn+ people.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The mechanics:<\/strong> Emirates NBD bought in through a preferential share issue. Public shareholders, offered an exit under India\u2019s mandatory open-offer rules, <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/6\/1058.pdf\" style=\"\">didn\u2019t tender (pdf)<\/a>, leaving the bank with 60% rather than the 74% it could have taken. Emirates NBD will fold its existing Indian branches into RBL and reshape the board \u2014 two existing directors are resigning, replaced by five Emirates NBD executives including Group CEO Shayne Nelson and Group CFO Patrick Sullivan.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ninja is inching closer to carving up Delivery Hero\u2019s Gulf assets.<\/strong> The Saudi quick-commerce unicorn <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/companies\/136872\/%D9%86%D9%8A%D9%86%D8%AC%D8%A7-%D8%AA%D8%B3%D8%AA%D8%B9%D9%8A%D9%86-%D8%A8%D8%A8%D9%86%D9%88%D9%83-%D8%B9%D8%A7%D9%84%D9%85%D9%8A%D8%A9-%D9%88%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D9%84%D8%B5%D9%81%D9%82%D8%A9-%D8%A3%D8%B5%D9%88%D9%84-%D8%AF%D9%84%D9%8A%D9%81%D8%B1%D9%8A-%D9%87%D9%8A%D8%B1%D9%88\/\" style=\"\">is working with<\/a> Saudi and international investment banks to acquire some of Delivery Hero's holdings in the Kingdom and the UAE. Goldman Sachs, Citigroup, UBS and Riyad Capital are advising. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ninja was reportedly <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/06\/09\/ninja-mulls-bid-for-delivery-heros-middle-east-portfolio\/\" style=\"\">weighing<\/a><\/strong><strong> a bid for parts of Delivery Hero\u2019s Middle East portfolio<\/strong>, including Saudi unit HungerStation and a joint acquisition of Dubai-based Talabat. It\u2019s also <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/10\/this-morning-ninja-lines-up-banks-for-ipo-keeps-options-open\/\" style=\"\">gearing up<\/a> for a potential IPO that could raise USD 1 bn by late 2026 or early 2027.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dubai Islamic Bank is back in debt markets for the second time this month<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/capital-markets\/loans\/dubai-islamic-bank-set-to-raise-750mln-in-islamic-financing-htz9yvca\" style=\"\">raising USD<\/a><a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/capital-markets\/loans\/dubai-islamic-bank-set-to-raise-750mln-in-islamic-financing-htz9yvca\" style=\"\">750 mn<\/a> via a three-year senior unsecured Islamic financing \u2014 jumping on the chance again while spreads recover. DIB just last week <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/06\/11\/dib-prices-usd-1-bn-at1-sukuk-after-one-day-virtual-roadshow\/\" style=\"\">priced<\/a> a USD 1 bn AT1 sukuk at 6.25%, drawing a book of over USD 2.3 bn in a single-day roadshow, with MENA investors taking 83%. HSBC, Mizuho and Standard Chartered are lead arrangers and bookrunners.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Aljazira Bank <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=96209&anCat=1&cs=1020&locale=en\" style=\"\">closed its USD 500 mn<\/a><\/strong><strong> Reg S perpetual AT1 sukuk under its USD 1.5 bn<\/strong><strong> program<\/strong>, priced at 650 bps above US treasuries. The five-year callable certificates will list on the London Stock Exchange's International Securities Market. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>First Abu Dhabi Bank (FAB) <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/capital-markets\/bonds\/abu-dhabis-fab-mandates-3-year-euro-green-benchmark-ipts-out-jabf8owk\" style=\"\">is heading back<\/a><\/strong><strong> to debt markets with a green label<\/strong>, mandating a three-year EUR-denominated green bond under its USD 20 bn Euro Medium Term Note Program at initial price thoughts of mid-swap plus 100-105 bps. Proceeds will fund or refinance projects under its Sustainable Finance Framework, with the bond expected to list in London. BBVA, HSBC, ICBC, Societe Generale and Standard Chartered are joint lead managers alongside FAB, and Standard Chartered is billing and delivery bank.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Abu Dhabi is placing a wager on fusion.<\/strong> Government-owned early-stage fund Plynth Energy has taken a minority stake in US-based Commonwealth Fusion Systems (CFS) \u2014 one of the world\u2019s best-funded fusion startups, with nearly USD 3 bn raised to date, <a target=\"_blank\" href=\"https:\/\/www.neimagazine.com\/news\/middle-east-invests-in-fusion\/?cf-view\" style=\"\">Nuclear Engineering International<\/a> reports. <a target=\"_blank\" href=\"https:\/\/www.axios.com\/pro\/climate-deals\/2026\/06\/16\/cfs-plynth-deal-price\" style=\"\">Axios<\/a> put the stake at more than USD 100 mn, though terms aren't officially disclosed. Plynth is targeting precision manufacturing, advanced materials and diagnostic systems while gaining exposure to CFS\u2019 SPARC reactor in Massachusetts and its planned ARC commercial plant in Virginia.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>No bang for the buck just yet:<\/strong> Commercial fusion is still years out, but governments and investors are already jockeying for position around the supply chains expected to form around it. CFS expects SPARC to hit first plasma \u2014 the milestone marking initial charged-gas generation \u2014 this year or next, though grid-scale production could be a decade away.<\/p>\n<p class=\"tag-border-left\">ALSO WORTH KNOWING TODAY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Cntxt AI, an Arabic AI startup, <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.wamda.com\/2026\/06\/uae-cntxt-ai-acquires-actualize-expand-enterprise-grade-arabic-ai-agents\" style=\"\">raised USD 60 mn<\/a><\/strong><strong> in a series A<\/strong> co-led by PE firm BlueFive Capital and AI71, a subsidiary of Abu Dhabi's Advanced Technology Research Council. It\u2019s one of the larger early-stage Gulf AI raises this year and will fund product development and expansion into new markets.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MENA-focused fintech Sovra raised just over USD 2 mn in pre-seed funding<\/strong> to build a platform offering self-custodial USD accounts on stablecoin infrastructure, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/6\/1061.pdf\" style=\"\">press release (pdf)<\/a>. The round was led by Pharsalus Capital and drew a roster of angel heavyweights: Ramp founder Karim Atiyeh, Lean Technologies founder Hisham Al-Falih, 21Shares founder Hany Rashwan, and Egyptian b\u2019naire and Orascom Development Holding Chairman Naguib Sawiris. <\/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> 0.1% \u2022 <strong>ADX<\/strong> 1.2% \u2022 <strong>DFM<\/strong> 2.5% \u2022 <strong>EGX30<\/strong> 1.1%<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Brent USD 79.03 \/ bbl \u2022 Gold USD 4,206.9 \/ oz \u2022 USD \/ SAR 3.75 \u2022 USD \/ EGP 49.99<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/debt-watch\/\">DEBT WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/emirates-nbd\/\">Emirates NBD<\/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=\"115913\" 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=\"115913\">\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\">A MESSAGE FROM MASHREQ<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/06\/19\/the-economics-of-speed-why-gulf-consumers-reject-slow-banking\/\">\r\n                            The economics of speed: why Gulf consumers reject slow banking                        <\/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\/06\/19\/the-economics-of-speed-why-gulf-consumers-reject-slow-banking\/\" 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\/06\/19\/the-economics-of-speed-why-gulf-consumers-reject-slow-banking\/')\">\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\/06\/19\/the-economics-of-speed-why-gulf-consumers-reject-slow-banking\/\">\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 economics of speed: why Gulf consumers reject slow banking&url=https:\/\/enterpriseam.com\/menaplus\/2026\/06\/19\/the-economics-of-speed-why-gulf-consumers-reject-slow-banking\/\">\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\/06\/19\/the-economics-of-speed-why-gulf-consumers-reject-slow-banking\/&title=The economics of speed: why Gulf consumers reject slow banking\">\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+economics+of+speed%3A+why+Gulf+consumers+reject+slow+banking+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F06%2F19%2Fthe-economics-of-speed-why-gulf-consumers-reject-slow-banking%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\/06\/19\/the-economics-of-speed-why-gulf-consumers-reject-slow-banking\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/2109.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"115914\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/06\/19\/the-economics-of-speed-why-gulf-consumers-reject-slow-banking\/2109-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/2109.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2109.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/2109.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/2109.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115913\" class=\"content-area-description single-story post-115913 post type-post status-publish format-standard has-post-thumbnail hentry category-a-message-from-mashreq tag-a-message-from-mashreq tag-banking tag-enterpriseam tag-mashreq 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\u2019s shift toward real-time finance is changing how consumers and businesses evaluate financial institutions.<\/strong> Payments settle in seconds, onboarding is expected to happen remotely, and access to credit is now embedded directly into digital platforms. In this environment, delays are no longer interpreted solely as an inconvenience. They create operational friction.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Banks are increasingly restructuring products around these expectations.<\/strong> Mashreq recently launched instant digital cross-border accounts for Egyptians and Pakistanis living in the UAE, allowing customers to open accounts remotely and transfer funds across markets more efficiently. For expatriate customers, the value is straightforward: fewer branch steps, faster account opening, and easier movement of money across the markets they live and work between.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Embedded finance is also becoming part of how consumers expect to access credit. <\/strong>Through its partnership with Toothpick, Mashreq provides patients with access to fully digital healthcare financing at the point of care for dental and aesthetic treatments. Separately, its collaboration with Cashew integrates near-instant financing into merchant platforms across sectors, including healthcare, education, and home services, reducing delays between purchase decisions and access to financing.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Together, these products point to a wider change in banking.<\/strong> Customers now judge banking by how quickly it turns a need into access. Mashreq's cross-border accounts, embedded healthcare financing, and merchant credit integrations reflect what this shift looks like in practice: banking products designed to reduce the time between need, access, and action.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ghazal Al Sakaal, Global Head of Ecosystems and Platform Banking<\/strong><\/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\/a-message-from-mashreq\/\">A MESSAGE FROM MASHREQ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/mashreq\/\">Mashreq<\/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=\"115915\" 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=\"115915\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">THE CORRIDOR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/06\/19\/china-ups-egypt-currency-swap-as-beijing-pushes-yuan-internationalization\/\">\r\n                            Beyond the buck                        <\/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\/06\/19\/china-ups-egypt-currency-swap-as-beijing-pushes-yuan-internationalization\/\" 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\/06\/19\/china-ups-egypt-currency-swap-as-beijing-pushes-yuan-internationalization\/')\">\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\/06\/19\/china-ups-egypt-currency-swap-as-beijing-pushes-yuan-internationalization\/\">\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=China ups Egypt currency swap as Beijing pushes yuan internationalization&url=https:\/\/enterpriseam.com\/menaplus\/2026\/06\/19\/china-ups-egypt-currency-swap-as-beijing-pushes-yuan-internationalization\/\">\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\/06\/19\/china-ups-egypt-currency-swap-as-beijing-pushes-yuan-internationalization\/&title=China ups Egypt currency swap as Beijing pushes yuan internationalization\">\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=China+ups+Egypt+currency+swap+as+Beijing+pushes+yuan+internationalization+https%3A%2F%2Fenterpriseam.com%2Fmenaplus%2F2026%2F06%2F19%2Fchina-ups-egypt-currency-swap-as-beijing-pushes-yuan-internationalization%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\/06\/19\/china-ups-egypt-currency-swap-as-beijing-pushes-yuan-internationalization\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/6\/834.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"115916\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/06\/19\/china-ups-egypt-currency-swap-as-beijing-pushes-yuan-internationalization\/834-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/6\/834.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"834.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/6\/834.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/6\/834.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115915\" class=\"content-area-description single-story post-115915 post type-post status-publish format-standard has-post-thumbnail hentry category-the-corridor tag-debt tag-debt-market tag-egypt tag-enterpriseam tag-the-corridor 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>What does China\u2019s expanded currency swap line with Egypt mean? <\/strong>China expanded its local-currency swap line with Egypt and extended it three years <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/06\/04\/tourism-ministry-ups-charter-flight-incentives-to-usd-165-mn\/\" style=\"\">earlier this month<\/a>, lifting the ceiling 67% to CNY 30 bn (c. USD 4.4 bn). While a renewal is routine, the scale of the increase raises the question of whether this is a mere FX liquidity play with a partner Egypt runs a wide deficit against, or if Cairo being drawn further into Beijing's drive to internationalize the CNY.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The context: A growing Egypt-China corridor.<\/strong> \u201cRaising the ceiling by this magnitude reflects the significant development in economic and financial relations between Egypt and China over recent years,\u201d banking analyst Ahmed Shawky tells EnterpriseAM. Since the original 2016 agreement, trade and investment have expanded, Egypt has joined Brics, and the search for USD alternatives hardened. \u201cThere are genuine needs stemming from the expansion of Chinese trade and investment in Egypt. On the other hand, the move fits within a long-standing Chinese strategy aimed at strengthening the CNY\u2019s role and reducing dependence on the USD.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>For Egypt, it\u2019s a balance-sheet buffer, not a statement.<\/strong> \u201cInstead of relying entirely on bond issuances or external borrowing, this mechanism offers an alternative source of foreign-currency liquidity, helping diversify the state's available financing tools,\u201d EFG Hermes Head of Macroeconomic Analysis Mohamed Abou Basha tells us. China's operational footprint has also created onshore demand: Egypt has begun <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/17\/our-maiden-panda-bond-issuance-hits-the-chinese-market\/\" style=\"\">issuing CNY-denominated bonds<\/a> backed by Chinese guarantees, and Chinese firms operating locally need EGP to cover wages, inputs, and obligations, Abou Basha says. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Don\u2019t oversell it:<\/strong> \u201cWe should not exaggerate its effect,\u201d Shawky notes \u2014 these are precautionary backstops, more useful as trade financing becomes the corporate norm. The line would still ease commercial USD demand, enabling direct CNY settlement while supporting exchange-rates stability and preserving reserves,\u201d banking analyst Mohamed Abdel Moneim says. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who benefits in Egypt? <\/strong>Heavy industries importing Chinese machinery, large infrastructure and energy projects run by Chinese contractors, firms inside the Suez Canal Economic Zone, and Egyptian companies dealing directly with Chinese suppliers will be better off as they pick up a pricing edge on Chinese intermediate goods, Abdel Moneim adds.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>China has the bigger upside.<\/strong> Because Egypt imports far more from China than it sells \u2014 China's surplus with Egypt widened to roughly USD 19 bn last year \u2014 the line's near-term use is set to support financing Chinese imports, not closing the gap. \u201cThe agreement itself does not address the trade deficit. It may simply make import transactions easier and more flexible,\u201d Shawky says. To make it a net gain, Egypt would have to push exports to China, attract more export-oriented Chinese investment, and raise the value-added content of what it makes. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ZOOMING OUT- The Gulf plays the same instrument differently.<\/strong> Where Cairo reaches for the CNY out of liquidity need, the GCC holds it for optionality and, perhaps, geopolitical leverage as well. Saudi signed a CNY 50 bn (USD 6.98 bn) swap with Beijing in 2023, and the UAE has had a line since 2012, and both sit on enough dollars \u2014 Abu Dhabi alone on roughly USD 270 bn in reserves \u2014 to make the CNY a choice rather than a necessity. That difference turned explicit this spring: as Iranian strikes squeezed USD flows during the war, a US swap line for the UAE was floated, and the WSJ <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/middle-east\/u-a-e-asks-u-s-for-a-wartime-financial-lifeline-3f9ea3a0?eafs_enabled=false\" style=\"\">reported<\/a> that the UAE signaled it might settle some oil in CNY if USD got short \u2014 an implicit jab at the petrodollar.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/debt\/\">Debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/debt-market\/\">debt market<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/egypt\/\">Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/the-corridor\/\">The Corridor<\/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=\"115917\" 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=\"115917\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">ALSO ON OUR RADAR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/06\/19\/dp-world-eyes-return-to-us-container-ports-after-20-year-exile-starting-in-texas\/\">\r\n                            Ports of return                        <\/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\/06\/19\/dp-world-eyes-return-to-us-container-ports-after-20-year-exile-starting-in-texas\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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It has since kept logistics operations in Pennsylvania and North Carolina, with Vancouver as its main North American cargo gateway via rail to Chicago and inland markets \u2014 but no container terminals on US soil.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Corpus Christi gives DP World a Gulf Coast container play as nearshoring reshapes US <\/strong><strong>trade flows. <\/strong>The Texas port handles more overall tonnage than most US peers, though mainly on energy, chemicals, and bulk cargo rather than containers. DP World says the new terminal would help it capture rising container demand as manufacturers diversify supply chains away from Asia \u2014 a trend that has made Gulf Coast capacity a strategic priority.<\/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+<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>IMF praises Jordan economic reform: <\/strong>Jordan is set to receive USD 187 mn in funding from the IMF, after it cleared the multilateral lenders\u2019 reviews for two ongoing financing programs with flying colors. The approval gives Jordan access to some USD 134 mn as the sixth tranche of the four-year USD 1.3 bn Extended Fund Facility focused on fiscal reform and supporting private sector growth. The remaining USD 54 mn will come as a third tranche of the 30-month USD 700 mn Resilience and Sustainability Facility (RSF) focused on supporting the water, electricity, and public health sectors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Jordanian economy remained resilient despite regional headwinds, but external <\/strong><strong>support is still paramount, <\/strong>the IMF said. \u201cFiscal discipline\u201d got a special nod from the multilateral lender, which also stressed the need for sustained donor support to \u201csupport Jordan\u2019s development objectives, while shouldering the cost of hosting a large number of refugees.\u201d The IMF expects Jordan\u2019s GDP to grow at 2.7% this year and 3.1% in 2027. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Another step for Riyadh Air<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Riyadh Air just cleared US airspace: <\/strong>The US Transportation Department <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/saudi-backed-riyadh-air-wins-approval-operate-us-flights-2026-06-16\/\" style=\"\">granted<\/a> the PIF-owned carrier the right to run scheduled and charter service between the Kingdom and the US. It\u2019s another box ticked for an airline that flew its first commercial London Heathrow flight only <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/06\/14\/this-morning-riyadh-air-launches-its-first-commercial-flight\/\" style=\"\">last week<\/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\/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\/dp-world\/\">DP World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/logistics\/\">LOGISTICS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/ports\/\">PORTS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/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=\"115919\" 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=\"115919\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">WHAT WE\u2019RE TRACKING<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/06\/19\/iraqs-pm-heads-to-washington-in-july-to-pitch-investment-and-trade-to-trump\/\">\r\n                            Pipeline diplomacy?                        <\/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\/06\/19\/iraqs-pm-heads-to-washington-in-july-to-pitch-investment-and-trade-to-trump\/\" target=\"_blank\">\n                    Open in new tab                    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class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/1498.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"115920\" data-permalink=\"https:\/\/enterpriseam.com\/menaplus\/2026\/06\/19\/iraqs-pm-heads-to-washington-in-july-to-pitch-investment-and-trade-to-trump\/1498-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/1498.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1498.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/1498.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/1498.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115919\" class=\"content-area-description single-story post-115919 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking tag-diplomacy tag-enterpriseam tag-iraq tag-usa tag-what-were-tracking wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Watch this space<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>Iraq\u2019s new Prime Minister is heading to Washington next month to <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/iraq-pm-visit-washington-boost-economic-ties-with-us-2026-06-16\/\" style=\"\">meet<\/a><\/strong> <strong> Trump<\/strong>, in the first major diplomatic test for the former banker and businessman, who will be leading a delegation of Iraqi business leaders to pitch investment and trade opportunities. <br \/><strong>The business agenda: <\/strong>Securing US investment for rehabilitating the Syria-Iraq pipeline will be on top of Al-Zaidi\u2019s agenda during the visit, with Al Zaidi <a target=\"_blank\" href=\"https:\/\/aawsat.com\/%D8%A7%D9%84%D8%B9%D8%A7%D9%84%D9%85-%D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A\/%D8%A7%D9%84%D9%85%D8%B4%D8%B1%D9%82-%D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A\/5284895-%D8%A7%D9%84%D8%AA%D8%B2%D8%A7%D9%85-%D8%A3%D9%85%D9%8A%D8%B1%D9%83%D9%8A-%D8%B9%D8%B1%D8%A7%D9%82%D9%8A-%D8%A8%D9%80%D9%86%D8%B2%D8%B9-%D9%83%D8%A7%D9%85%D9%84-%D9%84%D8%B3%D9%84%D8%A7%D8%AD-%D8%A7%D9%84%D9%81%D8%B5%D8%A7%D8%A6%D9%84\" style=\"\">expected<\/a> to sign an MoU with the US-based TI Capital to rehabilitate the Kirkuk-Baniyas pipeline at an estimated cost of USD 8 bn. Other areas would be supporting US companies to resume operations after they ceased due to security concerns. Iraq also just granted Musk\u2019s Starlink the license to provide internet services in the country after Al Zaidi met with the US special presidential envoy for Syria and Iraq Tom Barrack. <\/p>\n<p><strong>The timing matters: <\/strong>The visit was announced just after the US and Iran announced an interim agreement to end the war, which we think is ultimately good for a productive visit for Al Zaidi. The new US-Iran de-escalation could take off the heat over two major fraught issues in US-Iraqi relations: the US demand that Iraq disarm the powerful Iran-backed, quasi-state militias and sever Iranian energy imports that Baghdad depends on for electricity \u2014 possibly giving Al Zaidi breathing room to focus on business and trade ties. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Sign of the times<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>The US is now pushing to unify Libya\u2019s rival governments \u2014 the political track of a wider <\/strong><strong>business-driven US push that <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/29\/what-does-libyas-first-unified-budget-in-13-years-mean\/\" style=\"\">we reported<\/a><\/strong><strong> was coming last April. <\/strong>Massad Boulos, President Trump\u2019s senior adviser for Arab and African affairs, told the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/f5c43a41-3fa1-486e-a592-7933bc1bdcbd?syn-25a6b1a6=1\" style=\"\">FT<\/a> that Washington wants to fold Libya\u2019s split institutions into a single government, with the explicit aim of clearing the way for American oil majors to scale up in the country.<\/p>\n<p><strong>The business case for Libya is clear: <\/strong>Many international oil companies (IOCs) view Libya as very promising medium and long-term investment ground \u2014 that\u2019s why some IOCs, including many US-based ones like Chevron, ExxonMobil, and ConocoPhillips, rushed to Libya\u2019s first tender in 17 years back in February. Libya holds the largest crude reserves on the African continent and also boasts friendly extraction geology, with shallow fields that are quick to bring into service and cheap to operate. For IOCs working on 15- to 25-year horizons, securing a foothold in Libya despite political fragmentation is seen as a rational business decision. <\/p>\n<p><strong>How the US plan would work:<\/strong> Washington\u2019s focus on Libya is on three sequenced tracks, Jalel Harchaoui, a Libya analyst at the Royal United Services Institute, previously told us. The military track came first \u2014 the Flintlock joint exercises in mid-April that <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-06-17\/trump-s-libya-push-aims-to-turn-a-fragile-truce-into-an-oil-bonanza\" style=\"\">Bloomberg<\/a> just reported on, which brought eastern and western forces together for the first time since the 2020 ceasefire. The economic track followed with the US-engineered unified budget in April \u2014 Libya's first in 13 years, which forced a degree of revenue-sharing and transparency between the two governments. And the political track \u2014 folding the rival administrations into one, which is the hardest of the three, and the one now in motion.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next: <\/strong>Harchaoui argued that the political track would be complicated and slow. The real test for Washington\u2019s ability to get things done in Libya would be how compliant the competing governments would be on the unified budget \u2014 and the moment to check in on that would be next August when the US is expected to audit the execution of the budget for the first time. <\/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\/iraq\/\">Iraq<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/menaplus\/tag\/usa\/\">USA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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=\"115921\" 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\/06\/19\/115921\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-115921\" class=\"content-area-description single-story post-115921 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\">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\">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 <\/p>\n<p><\/span><span style=\"font-weight:700\">19 Nov <\/span><span style=\"\">\u2014 <\/span><span style=\"\">Jordan-EU Investment Conference. <\/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\">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>The new tentpoles of StartupLand | US-Iran talks are off to a rocky start | Saudi Arabia, Oman to beat regional economic downturn?<\/p>\n","protected":false},"featured_media":115903,"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-115902","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"1a427e66-3682-42ac-bc24-1fd122909327","teaser":"The new tentpoles of StartupLand | US-Iran talks are off to a rocky start | Saudi Arabia, Oman to beat 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