Saudi Arabia boosts oil exports through the Strait of Hormuz as oil prices fall toward $100, with diplomacy and improved flows easing supply concerns. The UK plans to provide Saudi Arabia with defensive support against the Houthis, while Goldman Sachs flags the risk of oil reaching $120. Libya’s Sharara oil output falls by more than half.
The AI trade roars back as Asian stocks rally on optimism around Meta’s AI agents, with Meta’s Muse driving gains in AI chip stocks. Taiwan’s TAIEX reaches an intraday record, Alibaba unveils a new AI chip to compete with Nvidia, and Korean chip stocks lift the won for a second day. Bitcoin retreats from an eight-month high, while the yen weakens for a third day as Japan remains on holiday.
The US and China wrap up a second day of trade talks as negotiations continue. African central banks are expected to keep interest rates high amid risks from the Middle East war and US policy, with Nigeria and Morocco set to announce rate decisions Tuesday.
In the Gulf, Dubai and Abu Dhabi property firms target a $12 billion Maldives development that could create 45,000 construction jobs and attract $31 billion in foreign investment. Gulf developers continue expanding abroad despite regional war risks, while retail sales at Dubai malls have fallen 15%. Qatar raises $3 billion in its first public bond sale of the year, and Qatar Investment Authority targets a $20 billion partnership with JPMorgan covering equities and credit.
The US plans a $5 billion Middle East reconstruction fund, while a major air traffic outage hits the US Northeast after a fiber line is accidentally cut.
Horizons Middle East & Africa is your daily spotlight on one of the world’s fastest-growing regions. Live from Dubai, we bring you the latest global markets and analysis, plus news-making interviews, with a special focus on MEA. All that and more, as you head to the office in the Gulf, pause for lunch in Hong Kong, or start your day in London or Johannesburg.
Chapters:
00:00:00 – Introduction
00:05:31 – Aarthi Chandrasekaran, Shuaa Capital Head of Public Markets
00:11:43 – US, China Wrap Up Second Day of Trade Talks
00:16:36 – Oil Drops Toward $100 on Hormuz Flows, Diplomacy
00:19:29 – African Central Banks Poised to Keep Rates High
00:27:17 – Luke Barrs, Goldman Sachs Asset Management Fundamental Equity Chief Business & Client Officer
00:34:18 – Mohamed Alabbar, Emaar Properties Founder & Chairman
00:35:56 – Abdulla Muththalib, Maldives Infrastructure Minister
00:37:25 – Dubai, Abu Dhabi Property Firms Eye $12B Maldives Project
00:41:16 – QIA Targets $20B JPMorgan Partnership
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