Mena Insights

Mena Insights A window into business and investments in the MENA region

Pimco has lent over $10 billion to Gulf state-backed borrowers through private placements since Feb. 28, out of $13 bill...
04/26/2026

Pimco has lent over $10 billion to Gulf state-backed borrowers through private placements since Feb. 28, out of $13 billion total raised by regional borrowers.

The $2.27 trillion asset manager bought bonds from Abu Dhabi, Qatar, and Kuwait governments, including deals that expanded existing Abu Dhabi bonds by a combined $2.5 billion.

Qatar’s privately placed bond carried a 4.8% coupon, roughly 0.3 percentage points above its publicly traded yield curve, reflecting the premium issuers pay for private placements.

Saudi Arabia’s PIF sovereign wealth fund will reorganize its investments into three portfolios as it seeks to boost retu...
04/16/2026

Saudi Arabia’s PIF sovereign wealth fund will reorganize its investments into three portfolios as it seeks to boost returns into 2030:

• “Vision Portfolio” to integrate key sectors of the domestic economy and drive growth. The fund identified six priority ecosystems: tourism, travel and entertainment; urban development and livability; advanced manufacturing and innovation; industrials and logistics; clean energy, water and renewables infrastructure; and Neom.

• “Strategic Portfolio” will focus on actively managing key assets to maximize financial returns and economic impact, while supporting portfolio companies in attracting capital and scaling into global champions. The fund said it would also continue to pursue investments linked to long-term global trends.

• “Financial Portfolio” will manage the fund’s direct and indirect investments in global markets.

New reporting from Bloomberg Intelligence suggests that Gulf equities are set to stabilize earnings expectations if the ...
04/10/2026

New reporting from Bloomberg Intelligence suggests that Gulf equities are set to stabilize earnings expectations if the region remains calm, with hardest-hit UAE real estate offering the most scope to rebound.

UAE and Qatari banks face potential EPS misses of 5-15% from a 1-2 month disruption vs a more contained drag for Saudi and Kuwaiti lenders. UAE transport and travel, and real estate look best placed for earnings upgrades and a recovery as the ceasefire takes hold. Prior outperformers are also poised for a return of foreign flows as positioning rebuilds. Yet sustained EPS upgrades will depend on the durability of de-escalation. Saudi Arabia remains most resilient, with earnings revised up 3 points to 22% full-year growth, driven by materials.

Active emerging market equity managers’ allocation to the MENA region has declined to -3% vs the MSCI EM benchmark, from -2.57% at the start of the conflict, based on Copley research data as of March 31. This points to a tactical retreat rather than capitulation, largely driven by reduced positions in prior outperformers such as Emaar and Aldar.

To unlock long-term prosperity in the Gulf region, the regime in Tehran will have to change eventually...Iran holds a $1...
04/05/2026

To unlock long-term prosperity in the Gulf region, the regime in Tehran will have to change eventually...

Iran holds a $1.7 trillion PPP economy and 93 million consumers: the largest untapped market in the Middle East, locked away by ideology and poor management.

Real change in Iran could open that market to GCC firms, compress the geopolitical risk premium embedded in every Gulf asset, and permanently defuse the Hormuz chokepoint that costs the region billions every time tensions spike. The security dividend alone — defense spending redirected to Vision 2030, tourism, and tech hubs — would be transformational, while $1.3 trillion in Iranian diaspora wealth awaits stable rule-of-law to flow back into the region. Gulf sovereign wealth funds alongside private capital would have direct runway to deploy into real estate, retail, infrastructure, plus immense tourism potential.

Iran’s energy sector alone requires an estimated $130-145 billion in investment to reach capacity, capital that could flow through GCC financial intermediaries. Full North-South trade corridor activation linking India, the Gulf, Iran, and Central Asia could unlock an estimated $30-50 billion in annual trade flows that currently route around Iran at significant cost and delay.

The FII PRIORITY Summit, running March 25–27 in Miami under the theme “Capital in Motion,” brings together global invest...
03/26/2026

The FII PRIORITY Summit, running March 25–27 in Miami under the theme “Capital in Motion,” brings together global investors, policymakers, and innovators to address cross-border investment, AI, digital infrastructure, and energy transition, with extra focus on the Middle East.

Some notable speakers include:

• Donald J. Trump – 47th President of the United States
• H.E. Yasir O. Al-Rumayyan – Governor, Public Investment Fund (PIF); Chairman, Saudi Aramco; Chairman, FII Institute
• H.R.H. Prince Faisal bin Bandar bin Sultan Al Saud Chairman Saudi Esports Federation, Vice Chairman Savvy Games Group
• Steve Witkoff – Middle East Envoy, United States
• Mary Callahan Erdoes – CEO, JPMorganChase Asset & Wealth Management
• Gianni Infantino – President, FIFA
• Yie-Hsin Hung – President & CEO, State Street Investment Management
• Dina Powell McCormick – President and Vice Chairman, Meta

A recent report from Bloomberg provides a deeper look into MGX, Abu Dhabi’s AI-focused sovereign investment fund conceiv...
02/19/2026

A recent report from Bloomberg provides a deeper look into MGX, Abu Dhabi’s AI-focused sovereign investment fund conceived in 2023.

MGX co-led Anthropic’s $30 billion funding round, invested in OpenAI and xAI, partnered with BlackRock on a $40 billion data center acquisition, and backed TikTok’s US entity, all while targeting $100 billion in assets under management.

The fund’s AI chief Ali Osman plans to deploy up to $10 billion per year into select companies, operating on the conviction that generative AI becomes a $700 billion market within five years, a forecast more aggressive than most mainstream estimates.

Mubadala Capital and TWG Global have agreed to acquire Clear Channel Outdoor Holdings, one of the largest global adverti...
02/10/2026

Mubadala Capital and TWG Global have agreed to acquire Clear Channel Outdoor Holdings, one of the largest global advertising operators with billboards, digital displays, and transit media across major urban markets.

The deal values Clear Channel at a $6.2bn enterprise value, and the offer represents a 71% premium to the unaffected share price.

The UAE has confirmed final plans for Etihad Rail’s national passenger network, with phased services launching in 2026 t...
02/02/2026

The UAE has confirmed final plans for Etihad Rail’s national passenger network, with phased services launching in 2026 to connect major cities across all seven emirates.
• Initial routes link Abu Dhabi–Dubai–Fujairah as the core spine
• Network will ultimately serve 11 cities and regions nationwide
• Trains designed to carry up to 400 passengers per journey with multiple daily services
• Stations include Mohammed bin Zayed City, Jumeirah Golf Estates, Al Ruwais, Sharjah, and Al Dhaid

The 2026 World Economic Forum in Davos brought together global political and business leaders, with MENA governments and...
01/24/2026

The 2026 World Economic Forum in Davos brought together global political and business leaders, with MENA governments and funds emerging as some of the most influential players in the room. Discussions included:

• Saudi Arabia (PIF / Humain): Saudi-backed Humain advanced roughly $1.2bn of financing tied to AI data centers and digital infrastructure buildout.

• UAE (Mubadala): Mubadala emphasized AI and robotics as priority investment areas, reinforcing a shift toward technology-driven growth assets.

• UAE: Officials focused on expanding trade corridors and investment flows, including TradeTech initiatives to reduce friction.

• UAE (Investcorp): Noted that Gulf IPO markets are improving, with a stronger listing pipeline expected in 2026.

• Qatar (QIA): QIA outlined plans with Goldman Sachs for up to $25bn in co-investments, signaling deeper long-term global investment partnerships.

Saudi Arabia will open its capital markets to all foreign investors from February 1, abolishing the Qualified Foreign In...
01/07/2026

Saudi Arabia will open its capital markets to all foreign investors from February 1, abolishing the Qualified Foreign Investor (QFI) regime in a move aimed at boosting liquidity and broadening participation. Foreign ownership already exceeds SAR 590bn ($157bn), with international holdings in the main market at ~SAR 519bn, up 4% YoY as of 3Q25, suggesting the immediate impact may be incremental.

JPMorgan expects limited near-term upside, noting most institutions already had access; the real catalyst remains a potential relaxation of foreign ownership limits, unlikely before 2H 2026. Looking ahead, the rule change supports Saudi Arabia’s ability to absorb a heavy IPO pipeline of up to ~100 companies, but sustained foreign re-engagement will still depend on regulatory follow-through and a stable oil price rather than access alone.

A new global workforce study from ServiceNow estimates Saudi Arabia and the UAE will need more than 1.5 million addition...
12/28/2025

A new global workforce study from ServiceNow estimates Saudi Arabia and the UAE will need more than 1.5 million additional workers by 2030, even with rapid AI adoption.

In Saudi Arabia, Vision 2030-driven expansion is leading to a labor gap: ~650,000 additional workers would be needed without AI-driven productivity gains, and overall workforce growth is projected at +11.6% by 2030.

In the UAE, workforce demand is expected to rise even faster, with total workforce projected to grow +12.1% by 2030.

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