{"id":117829,"date":"2026-06-03T00:00:00","date_gmt":"2026-06-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/?p=117829"},"modified":"2026-06-03T02:58:46","modified_gmt":"2026-06-03T02:58:46","slug":"this-morning-adnoc-resumes-naphtha-exports-via-oman-eyes-a-multi-fuel-pipeline-bypassing-hormuz","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2026\/06\/03\/this-morning-adnoc-resumes-naphtha-exports-via-oman-eyes-a-multi-fuel-pipeline-bypassing-hormuz\/","title":{"rendered":"THIS MORNING: Adnoc resumes naphtha exports via Oman + eyes a multi-fuel pipeline bypassing Hormuz"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends. <\/strong>Our Big Story Today will bring welcome relief to tenants in <strong>Abu Dhabi, as the emirate puts a blanket freeze on rent increases<\/strong> across residential, commercial, and industrial properties, in what experts told us is \u201cone of the most significant real estate regulatory interventions in recent years.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Meanwhile, some of the UAE\u2019s biggest names are making expansion moves, with <strong>Core42 upping capacity at one of its US AI infrastructure sites <\/strong>and <strong>AD Ports expanding into Brazil with a USD 835 mn acquisition<\/strong>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We also have more news of Adnoc hedging against future disruptions in the Strait of Hormuz<\/strong>, with plans for a multi-fuel pipeline to export gasoline, diesel, and jet fuel. It\u2019s also been restarting naphtha exports through Oman\u2019s Sohar port to buyers in Asia.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Plus: <\/strong>ADCB is integrating its banking infrastructure with Binance, and BlueFive Capital has made another bumper investment, this time by leading a USD 250 mn funding round for autonomous delivery startup CargoX.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BUT FIRST- <\/strong><strong>The latest war updates: <\/strong>Iran <a target=\"_blank\" href=\"https:\/\/www.centcom.mil\/MEDIA\/PUBLIC-RELEASES\/Article\/4507109\/us-partner-forces-defend-against-aggressive-iranian-behavior\/\" style=\"\">launched fresh attacks<\/a> on Kuwait and Bahrain last night \u2014 some failed en route and others were intercepted. In response, US forces launched \u201cself-defense\u201d strikes on Iran\u2019s Qeshm Island. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong>Look for highs of 39-40\u00b0C in both Dubai and Abu Dhabi, and a low of 31\u00b0C, according to our favorite weather app.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/6\/144.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Earning well is not the same as investing well \u2014 and for most mid-level executives and entrepreneurs, the gap between the two is wider than they\u2019d like to admit. The financial landscape has shifted. Regional markets are opening up, AI is rewriting how portfolios get managed, and Real Estate Investment Trusts (REITs) are entering the conversation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">And the questions that used to feel straightforward \u2014 buy or rent, fund the startup or play it safe, finance the car now or wait it out \u2014 are harder to answer than ever.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">In Issue 2 of EnterpriseAM Money Matters, we get into the decisions that don\u2019t have easy answers, because at this stage, playing it safe is the riskiest move you can make.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a target=\"_blank\" href=\"https:\/\/sub.ent.news\/eg\/\" style=\"\">Tap or click here to subscribe to the Egypt edition<\/a>, delivered to your inbox today, 12pm UAE. <\/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\">Adnoc is preparing for a tough landscape ahead for global flows<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>State oil giant Adnoc resumed naphtha exports using<\/strong><strong> a different route <\/strong>through Oman\u2019s Sohar port, driving prices down to their lowest levels since the start of the war, traders told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/adnoc-resumes-naphtha-exports-via-alternative-oman-route-traders-say-2026-06-02\/\" style=\"\">Reuters<\/a>. The alternative route opens up a way to ship exports to Asia and comes as Adnoc pushes to develop similar routes that <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/05\/18\/adnoc-set-to-accelerate-west-east-pipeline-construction-as-it-hedges-against-supply-chain-bottlenecks\/\" style=\"\">bypass the Strait of Hormuz<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The route has eased price pressures as well:<\/strong> Prices for naphtha delivery in the second half of July dipped to USD 788 per ton in Asia, down from USD 1.3k in March for a region which is heavily dependent on Gulf imports. Adnoc had been holding on to around 1 mn tons per month of naphtha since April on account of the Hormuz disruption.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Adnoc is also offering up barrels in a spot tender<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/adnoc-offers-crude-delivery-via-tender-document-shows-2026-06-02\/\" style=\"\">Reuters<\/a> reports elsewhere. Up to 2 mn barrels of Upper Zakum, Das, and Umm Lulu crude are available per customer.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our take:<\/strong> Spot tenders are usually used to clear surplus barrels, which are likely sitting due to the blockade. Still, some Adnoc LNG tankers have <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/06\/01\/this-morning-fuel-prices-are-up-again-some-hope-for-adxs-ipo-pipeline\/\" style=\"\">passed through the strait<\/a> with their tracking systems off.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This comes as Philippe<\/strong><strong> Khoury, <\/strong><strong>Adnoc\u2019s executive vice president for sales and trading, says he <\/strong><strong>sees August as a <\/strong><strong>potential tipping point for oil prices<\/strong> if demand increases and the Iran war keeps Hormuz flows below pre-war levels, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/adnoc-trading-chief-flags-august-tipping-point-oil-prices-2026-06-02\/\" style=\"\">Reuters<\/a> reports. Economies have been absorbing the supply shock by reducing demand, keeping prices around USD 100 \/ bbl, but that buffer will be tested if demand rises in August with no resolution to the crisis, he said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT- Recovery has a long tail:<\/strong> Global oil flows could take <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/logistics\/2026\/06\/01\/today-the-gulfs-export-problem-could-become-a-storage-problem\/\" style=\"\">at least four months after the war ends<\/a> to recover to 80% of pre-conflict levels, while a full return to normal Hormuz volumes may not come before 1Q or 2Q 2027, Adnoc CEO Sultan Al Jaber also stated.<\/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\">It\u2019s also planning another Hormuz bypass pipeline<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a>  <strong>Adnoc is also now planning on building<\/strong><strong> a multi-fuel pipeline to hedge against future disruptions to shipping through the Strait of Hormuz<\/strong>, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/d604f90a-3570-446b-bf05-ec2a713a9856\" style=\"\">Financial Times<\/a> reports, citing comments Khoury made at a conference.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The plan: <\/strong>The pipeline will be able to export refined oil products, including gasoline, jet fuel, and diesel. Khoury didn\u2019t specify a timeline or an exact location for the pipeline, but Adnoc has increasingly been looking to the UAE\u2019s east coast to <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/05\/18\/adnoc-set-to-accelerate-west-east-pipeline-construction-as-it-hedges-against-supply-chain-bottlenecks\/\" style=\"\">develop export alternatives<\/a> to complement its existing <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/business\/2026\/may\/15\/uae-oil-pipeline-strait-of-hormuz-by-2027\" style=\"\">Habshan-Fujairah pipeline<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">More signs that the UAE is getting more serious about crypto<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>Abu Dhabi Commercial Bank (ADCB) fully integrated its banking infrastructure with Binance<\/strong>, allowing UAE users to move between AED and crypto directly with zero deposit fees, according to a <a target=\"_blank\" href=\"https:\/\/www.binance.com\/en\/square\/post\/06-02-2026-binance-dubai-launches-direct-aed-deposits-and-withdrawals-329682228207681\" style=\"\">statement<\/a>. The tie-up removes the foreign exchange conversions and third-party intermediaries that have historically made fiat-to-crypto friction a barrier for mainstream users.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Binance side of the agreement is also going live separately:<\/strong> Binance Dubai is rolling out direct AED deposits and withdrawals platform-wide, sweetening adoption with USDT voucher incentives.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT-<\/strong> Binance is not the first exchange to offer AED on\/off-ramping \u2014 BitOasis has supported it for years, Crypto.com added it in April 2025, and Bybit launched it in February 2026. What's different here is the counterparty: ADCB is one of the UAE's largest retail banks, and a direct integration at the banking infrastructure level \u2014 rather than a third-party payment rail \u2014 signals something beyond a feature launch. It suggests incumbent UAE banks are now willing to treat crypto exchanges as peer financial infrastructure, not just a niche customer segment to accommodate at arm's length.<\/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\">Barakah repairs are underway<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Checking in on Barakah: <\/strong>Fully repairing the Barakah Nuclear Power Plant will take a \u201cmatter of weeks,\u201d International Atomic Energy Agency chief Rafael Grossi told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/iaea-says-it-is-offering-technical-support-uae-after-attack-nuclear-plant-2026-06-02\/\" style=\"\">Reuters<\/a> yesterday, adding that the repairs have already kicked off. The nuclear energy watchdog has offered the UAE technical support in fixing the damage, which requires physical repair and maintenance to an external power line.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A recap:<\/strong> The site was <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/05\/18\/this-morning-drone-strike-targets-barakah-nuclear-plant-ihc-subsidiary-eyes-a-usd-1-3-bn-investment-in-adani-airport-holdings\/\" style=\"\">targeted last month<\/a> when drones \u2014 <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/05\/20\/this-morning-uae-earmarks-aed-1-bn-investment-for-space-sector-is-a-gcc-uk-trade-agreement-coming-our-way-today\/\" style=\"\">identified<\/a> as coming from Iraqi territory \u2014 struck the facility and triggered a fire. Power was fully restored at the plant days after.<\/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\">PSA<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>British Airways pushed back the return of its flights to Dubai \u2014 again<\/strong><strong> \u2014 to the end of October<\/strong>, according to its <a target=\"_blank\" href=\"https:\/\/www.britishairways.com\/content\/en\/es\/information\/travel-news\" style=\"\">website<\/a>. It was initially set to resume flights to Dubai, Doha, Abu Dhabi, Amman, Bahrain, Tel Aviv, Jeddah, and Riyadh at the start of August. The airline <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/05\/20\/this-morning-uae-earmarks-aed-1-bn-investment-for-space-sector-is-a-gcc-uk-trade-agreement-coming-our-way-today\/\" style=\"\">noted<\/a> that the \u201ccontinuing situation in the Middle East remains worrying for many of our customers\u201d and that its flights continue to be suspended amid ongoing uncertainty and airspace restrictions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> The big story abroad<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>No single story is dominating the global front pages this morning <\/strong>\u2014 but among the stories making headlines: <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- SpaceX will reportedly raise USD 75 bn in its highly-anticipated IPO<\/strong>, selling 555.6 mn shares at USD 135 a pop, unnamed sources told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/media-telecom\/spacex-plans-raise-75-billion-ipo-135-per-share-source-says-2026-06-03\/\" style=\"\">Reuters<\/a>. These figures put the firm\u2019s valuation at USD 1.75 tn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Microsoft <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2026\/06\/02\/microsoft-unveils-new-ai-models-lessen-reliance-on-openai-lower-costs.html\" style=\"\">launched<\/a><\/strong><strong> its own AI offerings<\/strong> at its Build conference to compete with proprietary models, including coding assistants and reasoning models, which would lower costs and reliance on OpenAI products. The tech giant also unveiled Project Solara, a <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/china\/microsoft-expected-showcase-new-pc-cloud-ai-tools-developer-conference-2026-06-02\/\" style=\"\">family of prototype devices<\/a> designed to host AI agents that carry out complex tasks autonomously.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Investors seem bullish and unafraid: <\/strong>Concerns over inflation and elevated asset prices are trumped by optimistic sentiments, as financial markets currently exhibit \u201cmore greed than there is fear,\u201d Goldman Sachs CEO David Solomon <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/09d94a90-a228-4c86-b01c-f9cb99d4e3a8?syn-25a6b1a6=1\" style=\"\">said<\/a>. He added that so long as investors remain bullish, there is ample liquidity to absorb massive upcoming IPOs from companies like SpaceX, Anthropic, and OpenAI.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- The UN General Assembly <\/strong><strong><a target=\"_blank\" href=\"https:\/\/news.un.org\/en\/story\/2026\/06\/1167626\" style=\"\">has elected<\/a><\/strong><strong> its next head. <\/strong>Bangladeshi Foreign Minister Khalilur Rahman narrowly defeated Cyprus\u2019 Andreas Kakouris to secure the presidency of the UN General Assembly. <\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>You\u2019re reading EnterpriseAM UAE<\/strong>, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We\u2019re out Monday through Friday by 7am UAE time.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM UAE is available without charge <\/strong>thanks to the generous support of our friends at Mashreq and Hassan Allam Properties.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Were you forwarded this email?<\/strong> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/user\/news-letters\" style=\"\">Tap or click here<\/a> to get your own copy of EnterpriseAM UAE. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? <\/strong>Reach out to us on  <a target=\"_blank\" href=\"mailto:UAE@enterpriseAM.com\" style=\"\">UAE@enterpriseAM.com<\/a> .<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DID YOU KNOW that we also cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\" style=\"\">Egypt<\/a><\/strong><strong>, <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\">Saudi Arabia<\/a><\/strong>, and the MENA <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\" style=\"\">logistics<\/a> industry?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***<\/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\"> Circle your calendar<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: ADCB integrates banking infrastructure with binance<\/p>\n","protected":false},"author":1,"featured_media":117830,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","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,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1543],"tags":[215,57,1176,107,7,538,266,470,6],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-117829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-abu-dhabi-commercial-bank","tag-adnoc","tag-binance","tag-crypto","tag-enterpriseam-uae","tag-exports","tag-oil-and-gas","tag-oman","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"bd4d5db9-b1b9-452f-99c5-5689ad8e9f7e","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2026\/6\/180.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS 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