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Qatar Airways is teaming up with British Airways parent IAG SA and Malaysia Aviation Group Bhd to create a joint cargo business as the airlines seek to expand their networks and streamline services at a time of growing uncertainty around global trade.
The partnership would integrate the cargo operations to offer enhanced connectivity and more route options across key freight markets, the companies said in a joint statement Tuesday. The alliance would also work on greater service flexibility, shorter transit times and new routing options to customers worldwide, tapping into the combined infrastructure of the three carriers.
The move comes as businesses look to reassess supply chains and seek strategic alliances to hedge against policy shocks in response to President Donald Trump’s reciprocal tariffs that have led to volatile trade patterns and geopolitical tensions.
Qatar Airways has 28 Boeing Co. 777 freighters, making it one of the largest cargo operators among airlines globally. The carrier also owns a 25% share of IAG.
Venture capital investment in the Middle East and North Africa surged in the first quarter as interest rate cuts boosted sentiment.
Startups in the region raised $678 million, the strongest quarter since the end of 2023, according to data platform Magnitt. The median deal size rose, reflecting an increase in the capital flowing to larger startups.
Saudi Arabia held the top spot for MENA investment and ranked first globally among emerging markets, attracting $391 million, Magnitt said. The United Arab Emirates raised about half of that.
The Middle East defied a broader slowdown in fundraising across emerging markets, thanks in part to active sovereign wealth funds and events in Riyadh and Dubai that catalyzed activity, according to Magnitt. That momentum is now under threat, it said, as US tariff policies create global uncertainty and declining oil prices threaten to weigh on investment decisions at funds like Saudi Arabia’s PIF.
“In venture capital, this uncertainty is likely to impact three areas: the deployment of capital from LPs to VCs, VC’s willingness to make decisions in uncertain times and finally, startups’ ability to raise funds,” said Philip Bahoshy, chief executive officer and founder of Magnitt.
Strong local capital and pro-startup government policies still position the region for long-term growth and tech-led sectors look poised to attract fresh capital, Bahoshy said.
Fintech funding accounted for 57% of all VC capital raised in the MENA region in the first quarter, led by Saudi Arabia-based Tabby’s $160 million funding round. The enterprise software and education technology sectors also experienced strong growth, while e-commerce and retail slowed, Magnitt said.
The Middle East and Africa also had a record number of mergers and acquisitions in the first quarter. The total regional deal count more than doubled from a year earlier to 21, Magnitt said. Egypt and the UAE led the way with nine deals each.
A list of Saudi Arabian food and beverage firms are readying new share sales in deals that will be exposed to the outlook of consumers in an economy that is grappling with the prospect of lower-for-longer oil prices.
Coffee chain Half Million and biscuit-maker Deemah are among firms speaking to banks about an IPO, according to people familiar with the matter, who asked not to be identified. Other deals in the pipeline include Barn’s coffee and Hashi Basha, which operates a chain of restaurants featuring camel meat on the menu.
Representatives for Half Million couldn’t be reached for comment, and Deemah declined to comment.
The firms’ rush to the market coincides with the kingdom’s efforts to open up its entertainment sector as part of efforts to slash its reliance on oil. That’s given residents more opportunities to fork out money on recreation, where the share of spending grew two-thirds from 2017 to 2024, according to Capital Economics.
That was reflected in the kingdom’s busy pipeline of initial public offerings last year, when listings from food and beverage firms accounted for a major chunk of new deals. Still, while companies are looking to capitalize on the momentum in Saudi consumer spending, some analysts still sounded a note of caution.
“Salaries have not gone up as much as the avenues to spend have in the past few years,” said Nishit Lakhotia, head of research at SICO Bank. Several listed grocery stores and restaurants chains have recently warned of pressure on consumer disposable income, he added.
Americana Restaurants, which operates chains including KFC, Pizza Hut and TGI Friday’s across the Middle East, said consumer demand had started to soften over the past year. The economy could come under further stress if low oil prices persist and force the government to curtail spending.
“An important contributor to the consumption growth forecasts comes from the idea of expats moving to Saudi,” according to Lakhotia. “So, if there is some level of slowdown in things like projects, this could impact future growth in consumption and spending.”
And for IPO hopefuls reliant on consumers opening up their wallets, hitting the right valuation will be key, especially given tepid debuts for some high profile regional listings in the last few months. While recent deals in Saudi Arabia have done relatively well, investors will likely be more discerning.
“With most names trading below or near IPO prices, the strength of business model and valuation is the key now,” said Sanat Sachar, a portfolio manager at Azimut Difc Ltd. in Dubai.
In the bustling Gold Souk in Dubai, dubbed the "City of Gold", 22-karat gold jewellery is a traditional favourite for weddings, religious celebrations, and as a family investment.
Yet with bullion prices hitting record highs above $3,400 an ounce, there are signs of change, as buyers look to diamonds and lighter gold jewellery, instead.
While U.S. tariffs and other factors have added fire to already hot demand for gold as an investment, the impact is different for gold jewellery, according to Andrew Naylor, head of Middle East and Public Policy at the World Gold Council (WGC).
"In markets like Dubai, this creates a two-fold effect: on one hand, you see stronger interest in gold as a safe-haven asset, on the other, high prices dampen jewellery demand."
At Dubai’s Gold Souk, retailers told Reuters they are seeing this trend, as current prices prompt shoppers to look for alternatives.
"There are no potential customers nowadays because of the gold prices," said Fahad Khan, a sales representative at retailer Damas Jewellery.
"It’s a little bit tough to afford gold, so I think it’s better to go with diamonds," said Lalita Dave, 52, as she browsed around the Gold Souk.
LAB-GROWN DIAMONDS
Dubai has been a magnet for gold buyers for at least 80 years, starting with Iranian and Indian traders, both cultures sharing a tradition of 22-karat jewellery for adornment and investment.Yet as gold prices rose 27% last year, demand for gold jewellery in the UAE fell by around 13%, outpacing an 11% drop globally, according to the WGC.
From crisis hedge to record setter: Gold hits $3,200 milestone
Jewellery demand could face further pressure across key regions in 2025 if gold prices remain elevated or volatile, the WGC said in its gold demand trends report published in February.
Price swings, more than price levels, are increasingly shaping consumer behaviour, particularly in India, it noted.
Shifts in Indian purchasing patterns often ripple through Gulf markets such as the UAE, where buyers are a key driver of sales.
Item 1 of 5 People shop for jewelry in Dubai's Gold Souq, Dubai, United Arab Emirates, April 17, 2025. REUTERS/Amr Alfiky
Goldman Sachs recently raised its end-2025 gold forecast to $3,700 per ounce and said prices could climb as high as $4,500.
"Higher gold prices are likely to dampen demand for jewellery, in a classic example of how the best cure for high prices is high prices,” said Russ Mould, investment director at AJ Bell.
UAE's gold jewelry demand softens in 2024
One sign of economising has been the rise of lab-grown diamonds.
India exported $171 million worth of lab-grown diamonds to the UAE in 2024, up almost 57% from $109 million two years earlier, data from the Gem and Jewellery Export Promotion Council showed.
India's exports of cut and polished diamonds to the UAE in the April–November 2024 were up 3.7%.
UAE ranked third in global diamond imports in 2023, trade data shows, its primary trade partners including India, South Africa, and Belgium.
While the UAE accounted for just 1.5% of the global diamond jewellery market by revenue in 2023, it is projected to grow by 5.9% annually to reach nearly $2 billion by 2030, according to Grand View Research.
That outpaces the global growth forecast of 4.5% and makes the UAE the fastest growing market in the Middle East and Africa.
TRADE TENSIONS
One impact from recent trade tensions with the U.S. has been accelerated talk about finding alternative markets and production hubs, two executives at major Indian diamond exporters told Reuters.
If tensions persist, potentially spanning years, one of the sources speaking to Reuters on condition of anonymity said his company's contingency plans included shifting some Indian production overseas, including to the UAE.
Shamlal Ahamed, managing director of international operations at retailer Malabar Gold & Diamonds, told Reuters the rise in lab-grown diamond jewellery sales in the UAE appeared to be driven more by design preferences than pricing and he remained bullish on gold jewellery demand.
"While price-conscious buyers may wait for a dip, our experience shows that such declines are often short-lived, with buyers quickly adapting to new price levels."
The International Monetary Fund on Tuesday lowered its 2025 GDP growth forecast for Saudi Arabia, while flagging headwinds for the broader region, including a more gradual resumption of oil production. Oil-dependent governments are coming under pressure from the lowest crude prices since the COVID-19 pandemic, with officials preparing policy responses for a drop in revenue such as issuing more debt and reducing spending.
In its World Economic Outlook, the IMF cut the forecast for Saudi Arabia's GDP growth in 2025 to 3% versus a January estimate of a 3.3% increase. IMF also reduced the projection for growth in 2026 by 0.4 percentage point to 3.7%.
Meanwhile, the growth projection for the broader Middle East and Central Asia region was lowered to 3% this year versus a 3.6% estimate earlier.
"Compared with that in January, the projection is revised downward, reflecting a more gradual resumption of oil production, persistent spillovers from conflicts, and slower-than-expected progress on structural reforms," the report said.
Saudi Arabia, the world’s top oil exporter and a G20 economy, had been expected to see a sharp growth rebound in 2025 on the back of higher crude output, with an October Reuters poll forecasting expansion of 4.4%.
But market volatility, weaker prices, and mounting global risks now threaten to weigh on the recovery, even as the kingdom pushes to diversify its economy beyond oil.
Still, Gulf oil exporters are seen as relatively well insulated from oil market volatility thanks to higher reserves, lower debt and ongoing diversification efforts, economists say.
S&P raised, opens new tab Saudi Arabia’s long-term sovereign credit rating to 'A+' in March, citing stronger institutions and solid non-oil growth under Vision 2030, while cautioning that weaker oil revenue could widen fiscal deficits and lead to delays or cutbacks in major infrastructure projects.
Most stock markets in the Gulf reversed earlier losses to close higher on Tuesday, helped by a slew of corporate earnings, although concerns persist over economic headwinds from tariffs and U.S. monetary policy.
Saudi Arabia's benchmark index (.TASI), opens new tab rose 0.3%, with the country's biggest lender Saudi National Bank (1180.SE), opens new tab jumping 4% as the bank surpassed analysts' expectations for first-quarter profit.
Dubai's main share index (.DFMGI), opens new tab gained 0.6%, led by a 1.8% rise in Emirates NBD (ENBD.DU), opens new tab after the top lender beat first-quarter profit estimates, supported by strong growth in loans and interest income.
ENBD - whose total assets surpassed the 1 trillion dirham ($272.29 billion) milestone - reported net profit of 6.2 billion dirhams for the first quarter, beating analysts' expectations of about 5.1 billion dirhams.
U.S. President Donald Trump stepped up his criticism of Federal Reserve Chair Jerome Powell for not cutting interest rates in a social media post on Monday, raising concerns about the president's influence over the central bank.
The continued attacks on Powell increased worries about the Fed's independence and the path of monetary policy in the world's largest economy.
Oil prices - a catalyst for the Gulf's financial markets - rose due to short-covering, but traders remained worried about U.S. tariffs impacting fuel demand.
On Sunday, the bank reported first-quarter profit of 251.6 million riyals ($69.09 million), up from 231.3 million riyals a year earlier.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab - which traded after a two-session break - dropped 0.7%, weighed down by a 2.3% slide in tobacco monopoly Eastern Company (EAST.CA), opens new tab.
When David Solomon admitted to Ken Griffin that hopes for a surge in companies going public this year had so far been miserably unfulfilled, a nervous laugh rippled through the room.
That wasn’t even the grimmest dose of anxiety at last week’s gathering in Abu Dhabi, which drew hedge fund titans eying a slice of the Gulf city’s riches.
Just a day earlier, Paul Singer, founder of Elliott Investment Management, warned the crowd that he feared the US dollar might lose its reserve currency status, according to people present, who asked not to be named discussing a private conference. Singer also cautioned that geopolitical tensions could boil over into war, without specifying which conflict.
The hedge fund chiefs had gathered for a private event convened by Goldman Sachs Group Inc. at a luxury hotel in the United Arab Emirates capital. It came against the backdrop of tariff-driven turmoil that’s roiled global markets and triggered losses at firms which, just weeks earlier, had been staunchly bullish on US President Donald Trump’s economic agenda.
Some in attendance, including Griffin’s Citadel, have emerged relatively unscathed. But for many hedge funds, their sights were set on one thing: The growing pot of money in the Middle East, which is looking increasingly attractive as US investors brace for recession risks.
Representatives for Goldman, Citadel and Elliott declined to comment.
Intended to introduce hedge funds to investors with dry powder to deploy, the summit was Goldman’s first official “cap-intro” event in the region, bringing about 100 traders and allocators to Abu Dhabi’s Al Maryah — a hub so densely packed with financial firms it’s been dubbed “hedge fund island.”
The event also underscored Abu Dhabi’s emergence as a serious global financial center. Sitting atop 6% of the world’s oil reserves and stewarding $1.7 trillion in sovereign wealth, the emirate has turned its deep pockets into a magnet for global capital. Khaldoon Al Mubarak, chief executive officer of Mubadala Investment Co. — the world’s most active sovereign wealth fund in 2024 — was among the most prominent attendees.
Over the past few years, it has drawn marquee firms — from Wall Street banks and asset managers to hedge funds like Marshall Wace and Brevan Howard Asset Management. Together with neighboring Dubai, Abu Dhabi has fashioned itself into a financial nerve center — and events like Goldman’s summit are quickly becoming staples for global money managers.
In Griffin’s fireside chat with Goldman CEO Solomon, the billionaire hedge fund manager discussed the ripple effects of tariffs on markets — particularly the need to understand and address the turmoil in Treasuries.
The Citadel chief criticized Europe’s reliance on US defense spending, calling the arrangement lopsided and echoing Trump’s complaint that nations on that continent benefited from American protection without shouldering their fair share. He also took aim at government inefficiency back home, once again praising Elon Musk’s Department of Government Efficiency, which recently hired one of his own staffers.
Griffin, who donated at least $100 million to pro-Republican political action committees during the last presidential cycle — though none of it went to Trump’s campaign — was among the prominent finance executives to speak out about the risks of the president’s tariff policy.
At the conference, Solomon was accompanied by Jared Cohen, Goldman’s president of global affairs and a former US State Department official who has helped steer the company through geopolitical headwinds since joining in 2022.
“In the case of UAE, they remain the preferred location for international business to headquarter and the place where people find most attractive to live in the region,” Cohen said in a discussion earlier this year. “They want to maintain that first-mover advantage.”
Top hedge fund managers Andreas Halvorsen of Viking Global Investors and Paul Marshall of Marshall Wace also appeared at the conference, discussing their management styles amid the recent market turmoil.
But while headline speakers took the stage, much of the real action unfolded on the margins. Tables on the cafe at the ground floor buzzed with fund managers pitching to allocators and entrepreneurs courting backers. Attire ranged from sharp suits to kanduras and sandals, as Emirati investors rotated through meetings in small groups.
Some hedge fund firms, including Viking, Caxton Associates and D1 Capital Partners, as well as alternative investor Blue Owl Capital, had dedicated breakout rooms. High-profile attendees included SurgoCap Partners’ Mala Gaonkar and Balyasny Asset Management’s Middle East and North Africa chief Tarek Rizk were spotted at the invitation-only event.
Representatives for the firms did not respond to requests for comment.
It wasn’t all shop talk.
During the day, attendees tested their skills on virtual Formula One racing simulators set up at the conference center. When the programming wrapped, the crowd split: A select group of clients attended a private gathering, while most others headed to the Art Lounge at Abu Dhabi’s Louvre museum for dinner.
There, they were offered a night tour of an exhibit, titled “Forms and Figures of Power.”
Gulf issuers, including Saudi Arabia's $925 billion sovereign wealth fund, are working on a round of bond offerings, according to sources, braving debt markets despite recent turmoil ignited by U.S. President Donald Trump's tariff policies.
Markets have been volatile since Trump announced sweeping tariffs on April 2, even after he rolled most of them back, as investors struggle to gauge where his policies are headed.
Saudi Arabia's Public Investment Fund (PIF) is seeking to raise between $1.5 billion and $2 billion with a sukuk, or Islamic bond, in coming weeks, according to two sources with direct knowledge of the matter. The fund has already raised $11 billion this year.
Its push comes as the kingdom faces mounting pressure to raise debt or cut spending after a plunge in crude prices which threatens to erase tens of billions of dollars.
"In the Middle East, the main concern is oil prices, but both corporates and governments have very strong fundamentals, reserve increase, everything's doing well," Zeina Rizk, co-head of fixed income at Amwal Capital Partners, told Reuters.
Abu Dhabi Ports Company (ADPORTS.AD), opens new tab is looking to raise $2 billion in the coming weeks, the two sources said.
Meanwhile, renewable energy firm Masdar is aiming to raise $1 billion from a green bond, one of the sources said, which was confirmed by a third person.
However, plans were not yet finalised, the sources added.
PIF declined to comment, while AD Ports and Masdar were not immediately available for comment.
State-owned firms in Saudi Arabia and the United Arab Emirates have been raising debt in recent years to finance a spree of acquisitions abroad as part of government mandates to build national champions and diversify economies.
However, recent bond market turmoil means issuers face higher borrowing costs. Rizk said she was not concerned provided markets remained relatively stable as they were last week.
"There is appetite," she said, adding Dubai's Mashreq (MASB.DU), opens new tab launch of a $500 million sukuk last week was a good indicator.
The sources said Saudi Arabia's Banque Saudi Fransi (BSF) (1050.SE), opens new tab also aims to raise funds from an above benchmark bond this week. Saudi National Bank raised $750 million through a dollar-bond issued in Taiwan in March. BSF was not immediately available for comment.
Banks in Saudi Arabia have played an instrumental role in financing giga-projects such as NEOM, Qiddiya and Red Sea projects, collectively requiring hundreds of billions of dollars in funding.
Fitch forecasts 2025 Saudi banking sector credit growth of 12% to 14% with lending growth continuing to outpace deposits, further widening the deposit gap which was forecast at 0.3 trillion riyals ($79.96 billion) in 2024.
Most stock markets in the Gulf ended lower on Monday as U.S. President Donald Trump's aggressive tariffs and his criticism of the Federal Reserve's chief continued to erode investor confidence.
Last week, Trump attacked Fed Chair Jerome Powell, fuelling speculation about his potential removal and raising questions about the U.S. central bank's autonomy and the country's financial stability.
The Fed's credibility as the world's most powerful central bank rests largely on its historic independence to act free from political influence.
Aramco said on Monday it signed a joint development agreement with Chinese electric vehicle manufacturer BYD to explore collaboration in the development of new energy vehicle technologies.
Oil prices - a catalyst for the Gulf's financial markets - fell more than 2% on signs of progress in talks between the U.S. and Iran, while investors remained concerned about economic headwinds from tariffs which could curb demand for fuel.
Saudi Arabia's stock market ended higher on Sunday amid investor focus on radical changes to U.S. trade policy, although the Qatari index finished flat.
Investor confidence improved after U.S. President Donald Trump temporarily halted steep tariffs last week, easing pressure on global economies. Markets were also monitoring negotiations between Japan and the United States that Trump lauded as productive.
Oil prices settled more than 3% higher on Thursday, supported by hopes for a trade deal between the United States and the European Union and new U.S. sanctions to curb Iranian oil exports, which continued to elevate supply concerns.
KKR (KKR.N), opens new tab and I Squared Capital are among global asset managers bidding for a district cooling business owned by Abu Dhabi's Multiply Group, part of a $1.5 trillion empire overseen by one of the UAE's most powerful Sheikhs, three sources said.
District cooling plants, which deliver chilled water via insulated pipes to cool offices, industrial and residential buildings, have been developed as a more economical and environmentally friendly alternative to air conditioning.
The Middle East's biggest alternative investment manager, Investcorp, is among the potential suitors for PAL Cooling Holding (PCH), the three people with knowledge of the matter told Reuters, declining to be named as the details are not public.
Abu Dhabi energy and utilities firm TAQA (TAQA.AD), opens new tab is also eyeing the deal, which is approaching its second round with potential buyers expected to put forward binding bids next month, they said.
KKR, Investcorp and Taqa declined to comment, while Multiply, I Squared Capital, CVC and Tabreed were not immediately available for comment.
Reuters reported last month that Tabreed was working with Citi on a potential bid.
The interest in PCH underscores how buyout groups are now looking at local investment opportunities in the Gulf as governments in the region implement ambitious programmes to diversify their economies from oil. Before, equity firms would raise money there to invest elsewhere.
Last week, KKR became the latest asset manager to announce plans to build a team in the region to go after Gulf deals.
Multiply is controlled by IHC (IHC.AD), opens new tab, whose chairman is Sheikh Tahnoon bin Zayed Al Nahyan, the UAE's national security adviser and brother of the country's president who controls a sprawling business empire including two sovereign wealth funds.
Private equity funds worldwide secured around $680 billion in 2024, a 30% decrease from about $966 billion raised in 2023, S&P Global Market Intelligence data said in January.
Stock exchanges in the United Arab Emirates closed higher on Friday, driven by oil prices that rose on hopes of a trade deal between the United States and the European Union while U.S. sanctions to curb Iranian oil exports elevate supply concerns.
U.S. President Donald Trump and Italian Prime Minister Giorgia Meloni met in Washington and expressed optimism about resolving trade tensions that have strained relations between the U.S. and Europe.
Oil prices - a catalyst for the Gulf's financial markets - advanced 3% to $67.85 a barrel by 1110 GMT.
Dubai's main market (.DFMGI), opens new tab rose 0.7%, with most stocks in positive territory.
The Dubai market continues to be underpinned by solid fundamentals and an easing of global trade tensions could provide further support for its recovery trajectory, said Tickmill's Joseph Dahrieh.
The Dubai index gained 2.6% over the week, its biggest weekly advance so far this year, while Abu Dhabi registered a 1.3% weekly gain after two weeks of losses, LSEG data shows.
State-owned oil services company Adnoc Drilling (ADNOCDRILL.AD), opens new tab rose 1.2% after securing $1.63 billion five-year integrated drilling services contract from Adnoc Offshore.
Abu Dhabi-based entities are starting to dip back into British assets, indicating that relations could be starting to thaw after a period of diplomatic tensions.
The emirate’s $330 billion sovereign wealth fund, Mubadala Investment Co., said Thursday it’s buying a minority stake in London-based Nord Anglia Education Ltd. The state-backed investor is committing $600 million to the firm, which has been bolstered by a surge in demand for premium private education services.
That came hours after Abu Dhabi’s main power utility, TAQA, said it will acquire Transmission Investment Holdings, one of the largest operators of assets connecting offshore wind farms to the UK grid. TI manages about £3 billion ($4 billion) in assets, and the deal was announced a month after the UK government greenlit the acquisition following a national security review.
The moves will add to the United Arab Emirates’ portfolio in Britain. Nord Anglia already counts an entity owned by Dubai’s ruler as one of its backers, while Mubadala has previously invested in CityFibre, which provides broadband infrastructure. Meanwhile, Emirates Telecommunications Group Co., a UAE state-backed firm, is the largest shareholder in Vodafone Group Plc.
The twin announcements follow a period of cooling ties between the countries. Relations soured under the UK’s previous Conservative administration amid the forced sale of the Telegraph newspaper, due to its ties to UAE Deputy Prime Minister Sheikh Mansour bin Zayed Al Nahyan. There was also a dispute over the UAE’s alleged role in the Sudanese civil war.
Meanwhile, Manchester City — the Premier League football club also owned by Sheikh Mansour — faces a potentially costly hearing over alleged breaches of fair play rules. And Abu Dhabi has written off its entire stake in Thames Water, the UK’s largest water utility, which is seeking new ownership while restructuring its debt.
The UK is in the final stages of negotiating a free trade agreement with a group of oil-rich Middle Eastern nations, including Saudi Arabia, Bloomberg News has reported. A deal with the six-member Gulf Cooperation Council is a priority for Prime Minister Keir Starmer, who traveled to the region late last year.
That visit came two months after Starmer and Chancellor of the Exchequer Rachel Reeves convened a summit aimed at repositioning the UK as a country open for business. The event was attended by Yasir Al Rumayyan, the governor of Saudi Arabia’s $925 billion wealth fund and chairman of Newcastle United Football Club, though none of the UAE’s state-owned investors participated.
Abu Dhabi, whose sovereign wealth funds control over $1.7 trillion in assets, has announced a series of big-ticket investment pledges around the world — $1.4 trillion in the US, $52 billion in France and $40 billion in Italy. Three years ago, the oil-rich city pledged to invest $14 billion in post-Brexit Britain.
