News & Insights

IATA data released Friday shows the Middle East was the world's worst-performing aviation market in April, with a 46.6% year-on-year plunge in passenger demand — severe enough to push global air traffic into its first year-on-year decline since the pandemic recovery began. Source: The National (https://www.thenationalnews.com/business/aviation/2026/05/29/middle-east-was-worst-performing-aviation-market-in-april-as-passenger-traffic-plunged/)

Brent crude held around $94/barrel on Friday after falling nearly 9% for the week, with traders marking time on unconfirmed reports that Washington and Tehran were nearing a deal to lift Strait of Hormuz shipping restrictions. Source: Arab News (https://www.arabnews.com/node/2645332/business-economy)

JLL's first-quarter market review shows Saudi hospitality and prime offices holding firm on Vision 2030 demand, even as housing transactions in Riyadh and Jeddah more than halved year-on-year. Source: Arab News (https://www.arabnews.com/node/2644979/business-economy)

Analysts polled by The National expect headline CPI to roll over from a 4.8% April print, but the disinflation path is contingent on the Strait of Hormuz reopening and supply chains normalising in H2. Source: The National (https://www.thenationalnews.com/business/economy/2026/05/26/dubai-inflation-may-ease-but-not-because-life-is-becoming-cheaper/)

The board removed Manifold with immediate effect on Tuesday, citing "unacceptable" governance lapses; shares fell more than 4% in London and New York as activist Elliott Management circles. Source: Al Jazeera (https://www.aljazeera.com/economy/2026/5/26/albert-manifold-ousted-as-bp-chair-over-governance-and-conduct-concerns)

Oil added more than 2% in early Asian trade after overnight US strikes in southern Iran rattled hopes of an imminent ceasefire, while bonds rallied and gold slipped on a stronger dollar. Source: Arab News (https://www.arabnews.com/node/2644962/business-economy)

SpaceX has filed paperwork for what would be the largest IPO in history, targeting a $1.75 trillion valuation that would eclipse Saudi Aramco's $1.7 trillion 2019 listing. The Elon Musk-led firm aims to raise more than $75 billion and debut on Nasdaq under the ticker SPCX on June 11. Source: Al Jazeera (https://www.aljazeera.com/economy/2026/5/20/elon-musks-spacex-unveils-filing-for-blockbuster-ipo)

Moody's reaffirmed Kuwait's A1 sovereign rating with a stable outlook on Sunday — the same week it forecast a 2026 real GDP contraction exceeding 20% as crude production drops by nearly half amid the Iran war and Hormuz blockade. Source: Arab News (https://www.arabnews.com/node/2644766/business-economy)