Arabian Gulf Business Insight (AGBI)

An Egyptian consortium is one of four shortlisted by the state-backed Petroleum Development Oman to bid for its $6 billion project portfolio. The consortium comprises Petroleum Projects and Technical Consultations Company (Petrojet) and the Engineering for the Petroleum and Process Industries Company (Enppi), Egypt’s petroleum ministry said.

Oman is seeking local bidders for two limestone mining sites in Salalah, a coastal area near the Arabian Sea, as the country seeks to expand its building materials industry to ensure a steady supply. The bids will be accepted from July 19 until October 18, the Ministry of Energy and Minerals said in a social media post. The tenders are open only to Omani companies. Limestone production from the two sites is restricted to domestic use and exports will not be permitted.

Saudi Arabia’s Etihad Etisalat Company (Mobily) has approved a dividend payment for the first half of 2026 after a rise in profit and revenue. The dividend payout will exceed SAR1 billion ($266 million) in the first six-month period, or SAR1.4 per share, the telco said in a statement to the Saudi stock exchange. The payment date has been set for August 19.

Foreign investment in Abu Dhabi’s real estate exceeded the total for 2025 in the first half of 2026, as the number of property deals doubled. Foreign direct investment reached nearly AED14 billion ($3.8 billion) in the first half of 2026, an increase of 309 percent year on year, the state-run Wam news agency reported, citing Abu Dhabi Real Estate Centre (Adrec) data. The number of foreign nationalities investing in the real estate market rose to 116 from 82 during the same period last year.

The UAE’s non-oil foreign trade rose 13 percent in the first half of 2026 compared to the year-earlier period, despite four months of geopolitical tension due to the Iran war. Foreign trade outside the oil sector reached AED1.9 trillion ($517 billion) in the first half, Sheik Mohammed bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai, said in a statement published by the Wam news agency.

Fresh military strikes by the US against Iran helped push oil prices almost 3 percent higher in early Monday trade, with Brent rising above $90 per barrel. Brent crude futures rose 2.74 percent to $90.51 by 02:30 GMT. The global benchmark has jumped 11 percent so far this month and 33 percent in the year to date. US West Texas Intermediate crude climbed 2.41 percent to $84.48. WTI is up more than 9 percent this month and 33 percent so far this year.

Regulator approves $100m fund Local production of proven tech Target to become an exporter US and allied defence manufacturers are looking to set up production in Saudi Arabia as global supply chains come under strain, according to the head of the kingdom’s first dedicated defence venture fund. “We are seeing US and allied OEMs (original equipment manufacturers) coming to us seeking a Saudi manufacturing path,” said Lucien Zeigler, co-founder of Masna.

Nuclear weapons are not the only source of leverage or deterrence in a conflict. Iran has shown that disrupting oil flows can be just as effective, so long as the pressure is sustained. The latest attacks on vessels in the Strait of Hormuz make clear that Tehran has no intention of relinquishing control over the waterway, a reality that is pushing countries across the region to accelerate investment in alternative routes. One of the most notable contingency plans comes from the UAE.

Fractional stakes in whiskey casks Platform powered by stablecoins Holding period up to eight years A maker of Irish whiskey is using the UAE as the launchpad for a global tokenised investment platform powered by stablecoins. Marrowbone Lane plans to allow investors to buy fractional stakes in whiskey casks, making an investment that typically costs between £3,500 (AED17,160) and £8,500 more accessible to retail investors through digital assets.

Construction cost index up 5% Material and labour costs rising Builders’ margins narrowing Profitability in the UAE real estate sector is being squeezed by a combination of rising material costs, a shortage of contractors and higher land prices, and developers are increasingly turning to higher-margin luxury projects to protect returns. Copper prices are up more than 12 percent year on year and crude oil is up more than 13 percent, according to the Dubai government’s futures data up to mid-July.