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Global hunger report warns of rising malnutrition and famine risks | Infographic News

Famine was confirmed in two places in 2025 – areas of the Gaza Strip and Sudan – the first such dual confirmation since formal famine reporting began, according to the Global Report on Food Crises (GRFC) 2026.

The annual report, produced by a coalition of 18 humanitarian and development partners, found that acute food insecurity remained widespread in 2025.

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Across 47 countries and territories experiencing food crises, 22.9 percent of their populations – or about 266 million people – experienced acute food insecurity last year, a marginal rise from 22.7 percent in 2024 but nearly double the 11.3 percent recorded in 2016.

INTERACTIVE_FAO_GLOBAL_REPORT_2025_APRIL23_2026-02-1777011588

The proportion of analysed populations facing acute hunger has now stayed above 20 percent every year since 2020. In absolute terms, the number of people affected has grown from 108 million in 2016 to 265.7 million in 2025, having peaked at 281.6 million in 2023.

The GRFC cautioned that the slightly lower headline figure compared with 2024 mainly reflects a reduction in the number of countries covered – from 53 to 47 – rather than any real decline in needs.

 

Famine, catastrophe and emergency

Famine – the most extreme classification under the hunger-monitoring Integrated Food Security Phase Classification (IPC) system – was confirmed in parts of the Gaza Strip and Sudan in 2025. The risk of famine remained in other areas of Gaza, Sudan and South Sudan, and those projections extended into 2026.

According to the IPC, famine is when:

  • At least 20 percent of households face extreme food shortages.
  • Acute malnutrition affects more than 30 percent of the population.
  • The death rate due to starvation or hunger-related causes exceeds two deaths per 10,000 people per day.
INTERACTIVE - Famine Gaza measurement
(Al Jazeera)

Six countries and territories had populations facing “catastrophic conditions”, or Phase 5, the highest level in the IPC’s classification of food insecurity. They numbered 1.4 million people, a more-than ninefold increase since 2016.

The Gaza Strip was the worst affected, with 640,700 people facing famine conditions, equivalent to 32 percent of its population, the highest share recorded globally. Sudan followed with 637,200 people, or 1 percent of its population.

Four other countries recorded catastrophic food shortages among specific groups of people: South Sudan – 83,500 (1 percent of the population), Yemen – 41,200 (0.1 percent), Haiti – 8,400 (0.1 percent) and Mali – 2,600 (0.01 percent).

Additionally, more than 39 million people in 32 countries were in Phase 4, or emergency conditions, representing 3.8 percent of the population analysed, a marginal increase from 2024.

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Conflict remains the main driver of hunger

Conflict and violence were the primary drivers of acute food insecurity in 19 countries where 147.4 million people were affected. They represented more than half of those facing acute hunger globally.

Weather extremes were the primary driver in 16 countries, affecting 87.5 million people, while economic shocks led in 12 countries, with 29.8 million people affected.

Against that backdrop, humanitarian and development financing for areas facing food crises declined in 2025, falling back to levels last seen in 2016-2017, the report said.

As for 2026, the report said that based on a partial picture as of March, severity levels remain critical in multiple contexts. It added that the escalation of conflict in the Middle East exposes food-crisis countries to direct and indirect risks of global agricultural and food market disruptions.

A generation of malnourished children

An estimated 35.5 million children were acutely malnourished in 2025 across 23 countries experiencing nutrition crises, including just under 10 million with severe acute malnutrition, the most life-threatening form.

A further 25.7 million children suffered from moderate acute malnutrition. About 9.2 million pregnant and breastfeeding women were also acutely malnourished across 21 countries with available data.

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(Al Jazeera)

Displacement is concentrated in food-crisis countries

The number of forcibly displaced people in the 46 countries covered fell slightly in 2025 to 85.1 million.

About 62.6 million of them were internally displaced across 34 countries, and 22.5 million were refugees and asylum seekers in 44 countries.

Without a sustained push to address the structural drivers of hunger, the world’s most fragile countries will continue to bear a disproportionate share of the global hunger burden well into 2026, the report concluded.

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China’s DeepSeek unveils latest models a year after upending global tech | Technology News

Chinese startup says DeepSeek-V4-Pro beats all rival open models for maths and coding.

China’s DeepSeek has unveiled the latest versions of its signature artificial intelligence-powered chatbot, a year after its flagship model sent shockwaves through the global tech scene.

The Chinese startup launched preview versions of DeepSeek-V4-Pro and DeepSeek-V4-Flash on Friday as it touted its ability to go toe-to-toe with US rivals such as OpenAI and Google.

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Like DeepSeek’s previous chatbots, V4-Pro and V4-Flash follow an open-source model, meaning developers are free to use and modify the source code at will.

DeepSeek-V4-Pro beats all rival open models for maths and coding, and trails only Google’s Gemini 3.1-Pro, a closed model, for world knowledge, DeepSeek said in an announcement on social media.

The “pro” version’s performance falls only “marginally short” of OpenAI’s GPT‑5.4 and Gemini 3.1-Pro, “suggesting a developmental trajectory that trails state-of-the-art frontier models by approximately 3 to 6 months,” the Hangzhou-based startup said.

The “flash” model has similar reasoning abilities to the “pro” version, while offering faster response times and “highly cost-effective” usage pricing, the firm said.

The release comes after DeepSeek-R1 stunned the tech sector upon its launch in January last year with capabilities broadly comparable with those of ChatGPT and Gemini.

Marc Andreessen, a prominent Silicon Valley venture capitalist with close ties to United States President Donald Trump, hailed the model’s release at the time as “AI’s Sputnik moment”.

The performance of the Chinese-developed model attracted particular attention as its developers claimed to have spent less than $6m on computing costs – a fraction of the multibillion-dollar budgets that are usual in Silicon Valley.

Some tech analysts challenged DeepSeek’s account of working with such scant resources, arguing that the startup most likely had access to greater funding and more advanced chips than acknowledged.

DeepSeek’s arrival on the scene prompted blowback in some countries amid concerns about data protection and Chinese government censorship.

Multiple US states, Australia, Taiwan, South Korea, Denmark and Italy introduced bans or other restrictions on DeepSeek-R1 shortly after its release, citing privacy and national security concerns.

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Why UAE Is Becoming the Global Hub for Entrepreneurs and Investors

In recent years, the United Arab Emirates (UAE) has transformed itself into one of the most attractive destinations for entrepreneurs, startups, and international investors. What used to be primarily known as an oil-driven economy has now evolved into a diversified, innovation-focused business hub with strong global connections.

For anyone considering international expansion, relocation, or asset structuring, the UAE offers a combination of strategic advantages that are difficult to match elsewhere. From tax optimization to ease of doing business, the country continues to attract companies from Europe, Asia, and beyond.

Strategic Location and Global Connectivity

One of the key reasons why the UAE stands out is its geographic position. Located between Europe, Asia, and Africa, it serves as a natural gateway for international trade. Major cities like Dubai and Abu Dhabi are well connected through world-class airports and seaports, making logistics and operations significantly more efficient.

This strategic positioning allows businesses to operate across multiple markets with minimal friction. Whether you’re running an e-commerce operation, a consulting firm, or a trading company, the UAE provides access to billions of consumers within a few hours’ flight.

Business-Friendly Environment

The UAE government has made significant efforts to create a pro-business environment. Over the past decade, regulations have been simplified, and bureaucratic barriers have been reduced.

Some of the key advantages include:

  • Fast company registration processes
  • Minimal reporting requirements compared to many Western jurisdictions
  • Strong legal framework protecting investors
  • Access to free zones with tailored business benefits

Entrepreneurs who previously struggled with complex regulatory systems in their home countries often find the UAE refreshingly straightforward.

If you’re exploring international expansion, understanding the process of company formation in uae is one of the first steps to unlocking these advantages.

Tax Efficiency and Financial Benefits

One of the most compelling reasons businesses move to the UAE is its tax structure. While global tax regulations are evolving, the UAE still offers highly competitive conditions:

  • 0% personal income tax
  • Competitive corporate tax rates
  • No capital gains tax in many cases
  • No withholding taxes

For founders and business owners, this translates into significantly higher retained earnings and better capital allocation.

However, it’s important to approach this strategically. Many entrepreneurs make the mistake of focusing only on “zero tax” narratives without understanding compliance requirements, substance rules, and international reporting obligations. Poor structuring can eliminate all the benefits you’re aiming for.

Free Zones vs Mainland: What Actually Matters

A common misconception is that choosing between free zones and mainland structures is just a formality. In reality, this decision has long-term consequences for your operations.

Free zones offer:

  • 100% foreign ownership
  • Simplified setup
  • Industry-specific ecosystems

Mainland companies provide:

  • Access to the local UAE market
  • Fewer restrictions on business activities
  • More flexibility in scaling

The right choice depends entirely on your business model. If you’re running a digital business or international service company, a free zone might be sufficient. But if you plan to operate locally or work with government contracts, mainland becomes necessary.

Most founders underestimate this decision and later face restructuring costs. That’s avoidable if the setup is done correctly from the beginning.

Reputation and Credibility

Beyond operational and tax benefits, the UAE also provides a strong reputational advantage. Having a company registered in Dubai or Abu Dhabi often enhances credibility when dealing with international partners.

Clients and investors tend to view UAE-based companies as more stable and globally oriented compared to entities registered in offshore or less regulated jurisdictions.

This matters especially in industries like:

  • Finance and consulting
  • E-commerce and trading
  • IT and digital services

A well-structured UAE company can significantly improve your positioning in competitive markets.

Banking and Financial Infrastructure

Opening a corporate bank account has become more complex globally, and the UAE is no exception. However, compared to many jurisdictions, it still offers relatively accessible banking solutions—if your structure and documentation are prepared correctly.

Key considerations include:

  • Clear business activity
  • Transparent ownership structure
  • Proof of business operations
  • Compliance with AML requirements

Many entrepreneurs fail at this stage not because the system is broken, but because they approach it unprepared. Proper planning significantly increases approval chances.

Scaling Opportunities

The UAE is not just a place to register a company—it’s a platform for scaling.

The country actively supports:

  • Startups and innovation hubs
  • Venture capital and investment funds
  • Tech and digital transformation initiatives

Dubai, in particular, has become a hotspot for founders building global products. Access to capital, talent, and infrastructure creates an environment where scaling is not just possible—it’s expected.

However, there’s a blind spot many entrepreneurs have: they move to the UAE expecting growth to happen automatically. It doesn’t. The environment amplifies good strategies, but it also exposes weak ones.

If your business model is flawed, the UAE won’t fix it—it will just make the problems more expensive.

Cost Considerations

While the UAE offers numerous advantages, it’s not a “cheap” jurisdiction.

Typical costs include:

  • Company registration fees
  • License renewals
  • Office requirements (depending on structure)
  • Visa costs

This is where many people miscalculate. They focus on tax savings but ignore operational expenses. The result? A setup that looks good on paper but doesn’t make financial sense.

The correct approach is to evaluate total cost vs. total benefit—not just taxes.

Long-Term Perspective

The biggest mistake entrepreneurs make when entering the UAE is treating it as a short-term hack rather than a long-term strategic move.

If you approach it purely as a tax-saving tool, you’ll likely:

  • Underinvest in structure
  • Ignore compliance
  • Face issues with banks or authorities

But if you treat it as a base for international growth, the UAE becomes one of the most powerful jurisdictions available today.

Final Thought

The UAE isn’t a magic solution—but it’s one of the few places where business, tax efficiency, global access, and infrastructure align at a high level.

Most people either overestimate it (“it solves everything”) or underestimate it (“just another offshore”). Both views are wrong.

The real advantage comes from execution:

  • Choosing the right structure
  • Setting up properly from day one
  • Aligning your business model with the environment

If done correctly, the UAE doesn’t just optimize your business—it changes the trajectory of it.

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Global nuclear leaders gather in Busan for AI-era energy

Visitors look at a South Korea-developed innovative small modular reactor model during this year’s International Nuclear Energy Expo at the BEXCO exhibition center in Busan, South Korea, 22 April 2026. Photo by YONHAP / EPA

April 22 (Asia Today) — Global nuclear industry leaders gathered in Busan on Tuesday, highlighting the growing role of nuclear power in meeting surging electricity demand driven by artificial intelligence and data centers.

The Korea Atomic Industrial Forum opened its annual conference at BEXCO, bringing together policymakers, industry leaders and researchers under the theme “Nuclear energy for the AI era.”

This year’s event is being held alongside the Pacific Basin Nuclear Conference, which returned to South Korea for the first time in 14 years, and the Busan International Nuclear Industry Exhibition. Organizers expect around 19,000 participants.

The event features representatives from 19 countries and 156 companies, making it the largest exhibition of its kind to date.

Participants emphasized that rapid growth in AI technologies is fundamentally reshaping global energy demand. Electricity consumption by data centers is projected to reach 1,300 terawatt-hours by 2035, while AI-related power demand is expected to grow at an annual rate exceeding 120% through 2028.

To meet this demand, major technology companies have significantly increased investments in nuclear energy, with total spending surpassing $30 billion over the past 18 months.

Government policy is also shifting. The United States has set a target to expand nuclear capacity to 400 gigawatts by 2050 – roughly four times current levels – while about 15 new nuclear reactors are expected to come online globally in 2026.

Keynote speakers included Mesut Ozman of Fermi Nuclear, who is leading an 11-gigawatt nuclear project in Texas, and Tomas Ehler of the Czech Ministry of Industry and Trade, along with other senior officials and industry executives.

The conference also includes sessions focused on Southeast Asia, where countries such as Singapore, Malaysia and Vietnam are exploring nuclear energy adoption.

Discussions are covering a wide range of issues, including reactor lifetime extensions, carbon neutrality, artificial intelligence, energy security, small modular reactors and radioactive waste management.

South Korean companies are also expanding their global footprint. Hyundai Engineering & Construction is participating as an engineering, procurement and construction partner in negotiations for four AP1000 reactor projects, while Doosan Enerbility is supplying key components such as reactor vessels and steam generators.

The Czech Republic is also pursuing an expanded nuclear strategy, aiming to increase the share of nuclear power in its energy mix to as much as 50% to 60% through new projects at Dukovany and Temelin.

As energy demand accelerates in the AI era, industry leaders said nuclear power is increasingly being viewed as a reliable and scalable solution to ensure energy security and meet climate goals.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260422010007146

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Global markets on edge as investors await outcome of US-Iran negotiations

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Oil prices edged slightly higher, European indices traded flat, while Asian markets surged on Tuesday morning as investors monitored potential US-Iran negotiations and the final 48 hours of the current ceasefire.


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At the time of writing, US benchmark crude was up 8.5% from last Friday’s low to around $86.3 a barrel, while Brent crude, the international standard, was around 9.5% higher at roughly $94.5 a barrel.

As for European markets, the Euro Stoxx 50 and the broader pan-European Stoxx 600 were trading within a 0.2% range.

The UK’s FTSE 100, Germany’s DAX 30, France’s CAC 40 and Italy’s FTSE MIB were all similarly trading within a 0.3% range.

On Wall Street, US futures were also all trading within a 0.3% range with the tech-heavy Nasdaq leading. The S&P 500 closed marginally lower by 0.2% on Monday at 7109 points.

Despite US representatives, including special envoy Steve Witkoff and senior adviser Jared Kushner, travelling to Islamabad as part of renewed efforts to secure an agreement, no concrete progress on US-Iran negotiations has been announced.

The Strait of Hormuz remains closed and the current ceasefire ends on Wednesday keeping markets in a state of uncertainty.

US President Donald Trump has asserted that the deal currently being negotiated will be better than the Joint Comprehensive Plan of Action (JCPOA), which was signed by US President Barack Obama in 2015 and from which Trump withdrew in 2018.

Latest on US-Iran negotiations

Following the arrival of US representatives to Islamabad there has been no developments on the negotiations with Iran.

Even though US President Donald Trump confidently declared that there is a historic deal in the works, public statements from major Iranian figures seem to indicate otherwise.

Mohammad Ghalibaf, the speaker of Iran’s parliament and the person previously heading the talks with the US, made sweeping declarations via X on Monday stating that the country will “not accept negotiations under the shadow of threats” and “has prepared to reveal new cards on the battlefield”.

Previously, other Iranian representatives have also described US demands as “excessive”.

For the time being, markets eagerly await developments and are highly sensitive to any headlines about the situation.

Associated British Foods and Primark demerger

Although European markets are trading flat, major news in the retail consumer sector has come out of the UK.

Associated British Foods (ABF) is poised to announce the outcome this week of a strategic review into demerging its fast-fashion retail arm Primark, from its diversified food business.

The conglomerate, controlled by the billionaire Weston family, has been working with advisers from Rothschild & Co to assess whether the split would maximise long-term shareholder value.

Analysts argue the move makes sense because of the limited operational synergies between the two divisions: the food arm generates steady cash flows from brands such as Twinings, Patak’s, Jordans cereals and Allied Bakeries, while Primark has pursued aggressive international expansion in a fiercely competitive retail sector.

The decision comes as ABF faces tough trading conditions, with the group warning in January of flat annual sales and declining profits, further pressured by rising costs and the fallout from the Iran conflict, including potential increases in petrochemical prices.

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World’s Best Investment Banks 2026: Global Winners By Sector

In 2025, some of the world’s top investment banks demonstrated their leadership across diverse sectors, driving major deals that shaped global markets.

For 2025, some of the world’s most influential investment banks demonstrated their ability to adapt, innovate, and lead across diverse sectors. From major M&A to groundbreaking IPOs, these financial powerhouses have cemented their positions as industry leaders by executing high-profile deals that shaped global markets.

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Financial Services

With a dedicated team of 150 specialists in the category, UBS delivered some of the year’s most closely watched finance deals. In the US, the Swiss powerhouse played a leading role in the $1.6 billion acquisition of Paramount Group by global alternative-asset manager Rithm Capital. In Europe, UBS served as financial adviser to Monte dei Paschi di Siena in connection with the voluntary public purchase and exchange offer for Mediobanca for over €16.5 billion (about $19 billion). UBS also advised financial services provider Baloise in its 17.8 billion Swiss franc (about $22 billion) merger of equals with Helvetia, one of the sector’s most important deals. UBS acted as an active bookrunner on the May IPO of Israel’s eToro retail trading platform, valued at $4.2 billion. The bank also acted as a joint bookrunner on Swedish fintech Klarna’s $1.4 billion IPO in September.         —Thomas Monteiro

Healthcare

With a specialized healthcare team of more than 100 advisory bankers in 20 offices globally, Rothschild secured several of the most complex and high-profile deals of 2025.

Balancing IPO and private-sale options, the London-based firm supported Sanofi’s disposal of French multinational pharmaceutical company Opella, valued at €16 billion. The bank also acted as joint lead adviser in the €10 billion sale of pharma company Stada Arzneimittel to investment firm CapVest—one of Europe’s largest leveraged buyouts of 2025. In Switzerland, Rothschild advised Swiss multinational medical-technology company Ypsomed on the carve-out and sale of its Diabetes Care division to TecMed for 420 million Swiss francs.

Beyond Europe, the bank supported healthcare deals in Asia and North America, including India’s landmark sale of a controlling stake in JB Chemicals and Pharmaceuticals to Torrent Pharmaceuticals for roughly $3 billion. —TM

Industrials/Chemicals

2025 saw a surge in industrials and chemicals M&A activity, with major deals in the US and Europe reshaping the market. UK-based Barclays played a key advisory role, including on Berkshire Hathaway’s $9.7 billion acquisition of OxyChem, spun off from Occidental Petroleum..

Barclays also advised the buy side on the $13.4 billion acquisition of Nova Chemicals by a consortium led by Abu Dhabi National Oil Company and OMV, the year’s largest cross-border deal in the sector, which played a key role in strengthening global polyolefins production.

In industrial technology, Barclays advised CVC Capital Partners on its £2 billion ($2.5 billion) acquisition of Smiths Detection from Smiths Group, highlighting continued private-equity interest in high-tech industrial assets. —TM

Infrastructure Finance

As global infrastructure investment accelerated in 2025, French giant Societe Generale played a central role in some of the year’s most significant infrastructure transactions. In the UK, Societe Generale acted as mandated lead arranger and bookrunner on £5.5 billion (about $7.3 billion) of financing for the Sizewell C nuclear power station, one of Europe’s most important new energy-infrastructure projects and a cornerstone of the country’s long-term energy-security strategy.

The bank was also a key arranger on nearly $1.1 billion in green financing for the Eastern Green Link 2 transmission project, a 505 km (about 314-mile) subsea electric cable connecting Scotland and England. The project will transport up to 2 GW of renewable electricity from coastal wind farms to southern demand centers, enough to power more than 2 million homes while strengthening the UK’s electricity grid. Digital infrastructure has also been an important pillar of Societe Generale’s franchise. The bank participated in €650 million financing for the development of a European hyperscale data-center platform backed by Iliad Group and InfraVia, to support the expansion of cloud computing and AI infrastructure.         —TM

After reaching record highs in 2025, prices for base metals and critical minerals continue to be whipsawed as economic risks and uncertainty persist, with shifting tariffs and supply disruptions related to the conflict in Iran. Strong price appreciation contributed to increased capital-markets activity, with many companies opting to increase scale or sell noncore assets. BMO Capital Markets continues to help clients successfully navigate these complex markets with advisory mandates and capital-markets execution on the largest transactions.

Globally, BMO covered 21 transactions in 2025 valued at $38 billion. It is also the sector’s top bank in equity capital-markets underwriting. In one of the largest metals and mining transactions of the past 10 years, BMO advised the $50-billion merger of Teck Resources and Anglo American. With BMO’s dominant market position, it has cultivated many long-term relationships. One of these clients is Coeur Mining, which the firm advised on the acquisition of SilverCrest Metals with a total implied equity value of approximately $1.7 billion. BMO was also named adviser for Coeur Mining’s announced buy of New Gold, valued at about $7 billion. —David Sanders

Power/Energy

The global power and energy investment outlook remained robust in 2025, driven by rising infrastructure spending amid the rearranging of supply chains due to increased geopolitical tensions and continuously accelerating renewable energy transition projects. Against this backdrop, our best bank for the sector, Brazilian heavyweight BTG Pactual, took advantage of its region’s large-scale privatizations, transmission-asset sales, and growing private investment to notch a banner year.

Among the bank’s main deals of the year in the sector, BTG served as the exclusive financial adviser to Equatorial Energia on the 9.4 billion Brazilian-real (about $1.8 billion) sale of its electricity-transmission portfolio to Canada’s CDPQ, one of the year’s largest infrastructure transactions. BTG also advised Eletrobras on the 535 million-real sale of its stake in Eletronuclear to a subsidiary of J&F Investimentos, a strategic divestment aimed at streamlining the Brazilian utility’s portfolio. The firm was equally active in energy transition investments. BTG acted as exclusive financial adviser to Orizon on the 275 million-real sale of a minority stake to eB Capital, supporting expansion in the waste-to-energy sector.  —TM

Real Estate Finance

As one of the leading banks in the Asia-Pacific region, DBS has been recognized as a global leader in real estate finance. Southeast Asia’s largest bank notably issued 300 million Singapore dollars (about $235 million) in five-year noncallable green subordinate perpetual securities at 3.18%. This issuance is one of the largest corporate perpetual securities in Singapore dollars and has the lowest fixed rate in 2025. DBS also acted as one of the bookrunners/managers for the Hysan Development-related $750 million bond issuance.

Lastly, DBS issued multitranche 3.5 billion offshore yuan (about $508.5 million) senior unsecured green notes due in 2028, 2030, and 2035. This was the first 10-year offshore yuan public bond.        —Lyndsey Zhang

Sports Finance

In 2025, Guggenheim was a key player in sports finance, advising on major franchise transactions and strategic deals. The firm facilitated CEO Mark Walter’s historic $10 billion acquisition of the Los Angeles Lakers; it was the highest valuation ever for a professional sports team.. Guggenheim also advised Major League Baseball on a $9 billion debt-restructuring deal with Main Street Sports Group (formerly Diamond Sports Group), helping it emerge from Chapter 11 bankruptcy. The firm played a key role in Liberty Media’s €4.2 billion acquisition of Dorna Sports and published research suggesting the NFL’s media rights are undervalued. Additionally, Guggenheim developed structured credit solutions for sports teams, allowing them to leverage non-game day revenue streams.

In 2025, UBS played a central role in the tech dealmaking rebound, benefiting from increased capital inflows. The bank served as exclusive financial adviser to Veeco Instruments on its $4.4 billion merger with Axcelis Technologies, combining semiconductor equipment suppliers to meet growing demand in AI and data centers. UBS also led Fermi America’s $13.8 billion dual-listing IPO on the London Stock Exchange and Nasdaq, marking the first such dual listing in over a century. In Europe, UBS was a joint bookrunner for the Swiss Marketplace Group’s €901.6 million IPO, one of the continent’s largest digital platform listings.  

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Global fallout grows over Israeli soldier smashing Jesus statue in Lebanon | Israel attacks Lebanon

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Outrage continues to grow over the Israeli soldier who was photographed desecrating a statue of Jesus Christ in southern Lebanon, including among Trump’s former MAGA allies. From a Polish MP to a Palestinian theologian, observers say it reveals a wider pattern.

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Brazil’s Lula warns of global disorder, calls for U.N. reform

Brazilian President Luiz Inacio Lula da Silva speaks during a media tour at the Hanover Fair 2026 Hanover, Germany, on Monday. Photo by Hannibal Hanschke/EPA

April 20 (UPI) — Brazilian President Luiz Inácio Lula da Silva has warned about the deterioration of the international order and the paralysis of the United Nations in a message published on X.

He urged strengthening multilateralism while on an official visit to Germany, where he also promoted the trade agreement between the European Union and Mercosur.

“It is useless to have one’s house in order in a world that is in disorder. The prevalence of force over law is the greatest threat to international peace and security,” Lula wrote in a message that addresses multiple global conflict hotspots.

Lulu expressed concern over “the risks of a new conflict in Iran” and a possible escalation in Lebanon, as well as the situation in Palestine, where he said that “the survival of the Palestinian state and its people remains under threat.”

He also mentioned the war in Ukraine, noting that “the long-awaited peace remains distant.”

In his message, Lula criticized the lack of international action.

“Between the actions of those who provoke wars and the silence of those who prefer to remain quiet, the United Nations is once again paralyzed,” he said. He added that Brazil and Germany have defended for decades a reform of the Security Council that restores its legitimacy.

“Revitalized multilateralism is the only path to restore diplomacy and cooperation as tools for peace and sustainable development,” he said, and concluded with a broader call: “Humanity must recover the idea that peace is morally necessary and politically possible.”

The message aligns with a series of recent statements by the Brazilian leader on the global order and the role of major powers.

In an interview published Thursday by the Spanish newspaper El País, Lula criticized U.S. President Donald Trump over his rhetoric toward other countries and questioned the use of threats in foreign policy.

“Trump does not have the right to wake up in the morning and threaten a country,” Lula said, also calling for greater responsibility from international leaders to preserve peace.

In the same interview, he defended dialogue as the main diplomatic tool and warned about the risk of global escalation.

“I do not want a war with the United States. I decided to be very patient,” he said, explaining that his government prioritizes negotiation and national interests over ideological differences.

He also questioned the use of tariffs by Washington and said that the arguments to apply measures against Brazil “were not true.”

Lulu already has raised the need to reform international institutions.

“The time has come to redefine the United Nations to give it credibility,” he said, in line with his most recent call on social media.

In Germany, Lulu participated in the opening of the Hannover Industrial Fair alongside Chancellor Friedrich Merz.

Both leaders highlighted the free-trade agreement between the European Union and Mercosur, whose provisional entry into force is scheduled for May 1.

Merz said the agreement “will make all participating economies stronger, more independent and more resilient.” Lula, for his part, presented it as an alternative to unilateralism.

“Mercosur and the European Union chose cooperation,” he said, adding that increased trade will boost employment and investment in both regions.



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Karol G at Coachella was a global hit. Yet other foreign acts fear touring the U.S.

On the first Sunday night of Coachella, headliner Karol G told her American fans, and her global audience, to keep fighting.

“This is for my Latinos that have been struggling in this country lately,” the Colombian superstar told the tens of thousands watching her in person, and many more on the fest’s livestream. She’d recently criticized ICE in a Playboy interview, but this set was about her fans’ resolve. “We want everyone to feel welcome to our culture, so I want everyone to feel proud of where you come from. Don’t feel fear — feel pride!” she said.

Any artist would be proud to play that caliber of headline slot. But right now, many foreign acts also feel fear — or at least wariness — about booking substantial tours in the United States. A year of brutal ICE raids, tensions at border crossings and policed political speech, coupled with sky-high prices for expedited visas, fuel and other touring logistics, could push international acts away from the U.S.

“The fears that ICE would raid shows didn’t really materialize, but there is a chilling effect,” said Andy Gensler, editor of the touring-biz trade bible Pollstar. “Trump’s only been back in office a year, so we haven’t fully seen the effects, but it does send a message that if you’re a political artist you won’t get a visa. With the economic shock of gas prices and tourism way down, the signifiers are out there.”

The music economy is still thriving in SoCal. Coachella sold out with record spending from fans, and fears that ICE might show up for a prominent Latin headliner proved unfounded. (The agency did not respond to a request for comment on Coachella, and Lt. Deirdre Vickers of the Riverside County Sheriff’s office said that their office “does not participate in immigration enforcement operations.”)

But in smaller venues featuring emerging and mid-tier global acts, some see trouble ahead.

Pollstar’s Gensler estimates that the total number of concerts in the U.S. they tracked for the first quarter of 2026 was down about 17% from last year. That could be due to many economic factors — but slower international touring could be contributing.

“The U.S. is still incredibly lucrative market, the arena and stadium level buildings are vast and you can make more money here than any market in the world,” Gensler said. “But I’ve heard anecdotally that fewer people are going to South by Southwest, and tourism from Canada is way down, and that includes music tourism to California. As barriers go up, and the economic shock of gas prices impacts touring, it’s hard to know how that will all shake out.”

Talent firms who specialize in bringing young acts to the U.S. began noticing pullback before this year’s festival season. Adam Lewis is the head of Planetary Group, a marketing agency that produces and promoting musician showcases in the U.S., with a significant roster of artists from abroad. He said that performers who ordinarily would leap at the chance to play U.S. festivals are taking hard looks at the payoffs and risks.

“Artists are thinking twice, based on what the government is doing right now,” Lewis said. “You can look at the economics — the fees are cost prohibitive to get a visa. People are scared, at the bottom line. Artists and industry people are afraid to come to the U.S. for any music event. The money is going elsewhere.”

South by Southwest, the March Texas confab for music, film and tech, was among the first festivals to feel a pinch this year. Several sources said they saw fewer foreign showcases and acts amid a broader culling of music. In 2025, Canada canceled its popular annual showcase, after deciding that hostile policies made the risks not worth the rewards. Many still pulled off successful events, but acknowledged the mood has shifted.

“The perception of how hard it’s gotten has taken root, and that has meant that not as many acts will take the chance on the threat of being turned away or risking future entry,” said Angela Dorgan, the director of Music From Ireland, the Irish Music Export office (which is funded by Culture Ireland). That organization has helped break acts like CMAT (a hit at Coachella this year) and Fontaines DC in the U.S.

“Artists want to continue to come here in spite of the trouble and not stay away because of it. There’s a unique pull to America for all Irish people, so we don’t want to see you hurting,” Dorgan said. ”Irish artists feel that their U.S. fans need music more than ever now and want to continue to connect with and support their fans.”

Takafumi Sugahara, the organizer of “Tokyo Calling X Inspired By Tokyo,” a Japanese showcase at South by Southwest, agreed: “Bringing artists to the United States has always been challenging when it comes to obtaining visas, but it feels like the process has become even more difficult than before — perhaps due to the current political climate under the current administration.”

Fans hold up phones during a set at Coachella.

Fans watch Karol G perform at the Coachella stage last weekend. “We want everyone to feel welcome to our culture, so I want everyone to feel proud of where you come from. Don’t feel fear — feel pride!” the Colombian superstar said.

(Christina House / Los Angeles Times)

After high-profile incidents of tourist detainments and fear of reprisals for political speech, those worries and long-dreaded expenses may shift their priorities. “From my point of view, the impact of global conflicts or wars does not seem to be affecting artists’ decisions very strongly for now,” they said. “However, if the current situation were to worsen, it’s possible that we could begin to see that change.”

Coachella usually hits a few visa snafus every year (this year, the English electronic artist Tourist had to cancel. Last year, it was FKA Twigs). Yet the Grammy-winning Malian Algerian group Tinariwen had to cancel a major tour this year, after the Trump administration placed severe new travel restrictions on 19 countries, including Mali. Folk legend Cat Stevens scotched a book tour after visa problems. Outspoken acts like the U.K.’s Bob Vylan have been denied U.S. visas for criticizing Israel, and the Irish rap group Kneecap faced hurdles after their visa sponsor, Independent Artist Group, dropped them for similar reasons last year.

The Times spoke to one European band (who asked not to be named, for fear of reprisals from the U.S. government) who had a substantial tour of U.S. theaters booked last year, before their visas were denied just days before the tour was due to begin. They were forced to cancel those dates and reschedule for spring 2026, losing tens of thousands of dollars in up-front costs and non-refundable fees. (A performance visa routinely costs $6,000 with now-necessary expedited processing.)

“Our manager said, ‘This has never happened before, but even though you paid lot of money and the check cleared, you won’t have visas,’” the band said. They wondered if their pro-Palestinian advocacy might have played a role, but now believe it was due to changes in their application forms.

That small discrepancy “meant we lost tens of thousands of [dollars], which for a mid-tier band with a loyal cult following, was quite ruinous,” they said. “We had to put on fundraising shows to get to zero, then re-apply for visas, and paid four grand extra to expedite them. We took out a loan to pay it. We felt relentlessly fleeced,” they said. “We love the U.S., but now there is a reality in which we have to cut our losses and stop coming. A lot of bands are giving up on the U.S., for sure.”

“It’s a different feeling now where the U.S. government can do anything to us, and we just have to take it,” they added. “They’re moving the goalposts the whole time. It’s scary.”

That fate can befall even major acts, particularly those from Latin America.

Last year, superstar Mexican singer Julión Álvarez canceled his concert for a planned 50,000 fans in Arlington, Texas, when his touring visa was revoked. Grupo Firme faced a similar fate at the La Onda festival in Napa Valley. Los Alegres del Barranco saw their visas canceled after they projected an image of drug kingpin “El Mencho” during a concert.

“That was a moment where people realize how serious or scary it can get for promoters with this administration when comes to the visa situation, how quickly things can change and you can lose millions,” said Oscar Aréliz, a Latin music expert at Pollstar.

An act the caliber of Karol G might not face quite the same risks, though she told Playboy that “If you say the thing, maybe the next day you’ll get a call: ‘Hey, we are taking your visa away.’ You become bait, because some people want to show their power.”

If it can happen to a stadium-filler like Álvarez, it can happen to anyone. That might make some Latin acts prioritize other regions.

Bad Bunny demurred on touring the continental U.S. for fear of ICE raids at his shows, opting for a lengthy residence in his home territory of Puerto Rico instead.

Local Latin music hubs like Santa Fe Springs and Pico Rivera have suffered greatly under recent ICE raids and have seen fans retreat in fear. Las Vegas is a major touring destination for acts during Mexican independence celebrations in September, but now “it feels different,” Aréliz said. He expects the city — typically boisterous with Latin acts then — to lose a big chunk of music tourism from the north and south.

“Vegas’ top tourist countries are Canada and Mexico, so we’re going to see other countries benefit from this. If acts struggle to tour here because of the visa situation, they’re going to tour Mexico and Latin America instead,” he added.

Tours typically book a year in advance, so the full effects of the visa issues and ICE fears may not be felt until later in 2026 or 2027. The results of the midterm elections may change global perception of America’s safety. The country is still an incredibly valuable touring market for acts that can make it work.

But the world’s music community now looks at the U.S. like an old friend going through a rough patch: They’ll be happy to see us once we pull it together.

“Certainly over the last number of years in the U.S., we have been thinking of where we could find these new audiences for Irish music,” Dorgan said. “The unofficial theme of our at home showcase Ireland Music Week was, ‘America. We are not breaking up with you, but we are seeing other people.’”

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Pope Leo Emerges as a Forceful Global Voice, Clashing with Trump

Pope Leo XIV has stepped into a more assertive global role, adopting a sharper and more direct tone on international issues during his recent Africa tour. After maintaining a relatively cautious profile in the early months of his papacy, Leo has begun openly criticising war, inequality, and global power imbalances. His remarks have drawn repeated criticism from Donald Trump, particularly over his condemnation of the U.S.-Israeli war involving Iran.

Shift in Tone and Leadership Style:
Leo’s recent speeches mark a clear departure from traditional Vatican restraint. Speaking in African देशों such as Cameroon and Algeria, he has issued strong warnings about global injustice, accusing powerful actors of undermining peace and violating international norms. This more confrontational approach reflects a deliberate effort to position the papacy as an active moral voice in global affairs.

Clash with Political Power:
The pope’s remarks have brought him into direct conflict with Trump, who has publicly criticised Leo’s views on foreign policy. This exchange underscores a broader tension between moral authority and political leadership, particularly as the pope challenges the conduct of powerful nations in ongoing conflicts.

Moral Authority on the Global Stage:
Observers suggest Leo is consciously embracing a more visible and influential role, using his platform to highlight the human cost of war and inequality. His decision to deliver strong messages while visiting regions affected by poverty and conflict adds weight and immediacy to his statements, reinforcing his image as a global moral leader.

Breaking with Vatican Convention:
Traditionally, the Vatican has balanced moral advocacy with diplomatic neutrality to preserve its role as a mediator. Leo’s more direct criticism signals a shift in that balance, prioritising clarity and urgency over cautious diplomacy. This approach echoes, but may exceed, the tone of predecessors such as Pope Francis, who also spoke out on global injustices but often with more measured language.

Personal Experience and Perspective:
Before becoming pope, Leo formerly Robert Prevost spent decades in Peru, where he witnessed conflict, poverty, and political instability firsthand. These experiences appear to inform his willingness to speak bluntly about violence, corruption, and the failures of global leadership.

Analysis:
Pope Leo’s emergence as a more forceful voice reflects a strategic and moral recalibration of the papacy’s role in global politics. By speaking more directly, he aims to assert the Church’s relevance in an increasingly volatile world, particularly at a time when traditional diplomatic mechanisms appear strained.

However, this approach carries risks. Greater outspokenness may enhance moral clarity but could also limit the Vatican’s ability to act as a neutral mediator in conflicts. The public clash with Trump highlights how easily moral interventions can become entangled in political disputes.

Ultimately, Leo’s leadership signals a shift toward a more activist papacy, one that prioritises direct engagement with global crises over cautious neutrality. Whether this strengthens the Church’s influence or complicates its diplomatic role will depend on how effectively he balances moral authority with geopolitical realities.

With information from Reuters.

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How Coachella grew from a small desert festival into a global cultural behemoth

Commenters who never have been — and never will go — complain about the cost, the influencers, the hype. Purists wax poetic about the days when they disappeared into three days of music and the field wasn’t overtaken by brands like Barbie and e.l.f. cosmetics. Defenders claim they can camp their way to an affordable weekend, and others spend the whole time posting. A select few even talk about great performances they saw — it’s still a music festival.

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But one thing everybody can agree on: Coachella has changed. I should know. I’ve been covering it as a journalist since 2007.

Rapid advancements in technology and mass adoption of social media have brought out the best and worst of the festival — not just on screens thousands of miles away, but to those of us trying not to trip over the makeshift photoshoot you might have seen on Instagram.

Coachella pre-2010 was a purist’s paradise

Some of Coachella’s most iconic moments happened before smartphones: The Flaming Lips in a human hamster ball in 2004; Daft Punk’s 2006 pyramid set; Rage Against the Machine reuniting and calling for the George W. Bush administration to be tried for war crimes in 2007. If you even had a cellphone when Coachella started in 1999 it was probably a Nokia brick or a flip phone with an antenna that had limited talk and text options.

In the early years, there were no brand activations on the field; nobody knew what an influencer was and the only corporate sign you saw was for Heineken in the beer gardens. (There was no Heineken House with its own stage, just signs advertising the beer.)

The grounds were also considerably smaller, making it easier to explore the different stages and discover new music. You didn’t have fancy food options, but a slice of Spicy Pie was less than $10. (Coachella upgraded its food options from festival staples to weekend outposts of L.A. restaurants in 2014.)

The music was the draw. The festival’s track record includes artists like the Killers, the Black Keys, Childish Gambino and Kendrick Lamar climbing up from small type to headliner on the lineup poster.

Livestreams and influencers made Coachella’s reach global

The vibes started to shift in 2010 as smartphones grew in popularity, although the service on the field was spotty. It was the first year Coachella offered a livestream — available via Facebook and MySpace. The next year, the stream moved to YouTube, where it remains and draws millions of viewers.

As Coachella expanded to twin weekends due to popular demand on the ground in 2012, it also had the first viral moment fans could enjoy from thousands of miles away: Dr. Dre and Snoop Dogg brought 2Pac back to life via a hologram.

Celebrities were always at Coachella (I spotted Ryan Seacrest, Corbin Bernsen, David Hasselhoff and Danny DeVito in my early years), but the rise of social media made celebrity culture a key part of the event. By 2011, TMZ was posting about stars like Lindsay Lohan. Clips from Coachella went viral and ended up on shows like “Tosh.0” and referenced in “Community.”

The art, which was always part of the festival, became bigger and more iconic. On the growing photo app Instagram, larger-than-life sculptures of astronauts started appearing in selfies.

Brands saw an opportunity. American Express, H&M and Samsung launched activations on-site in 2015. The party scene outside the festival, with non-affiliated events that were timed because everyone was in town for Coachella, became marketing vehicles. Brands are still cashing in more than a decade later.

The next watershed moment was Beyoncé in 2018. Today, most headlining sets at the fest feel as if they are designed for the viewing experience on the livestream rather than the fans on the field (ahem, Justin Bieber and his laptop). But Beyoncé’s spectacle was just as mind-blowing on-site as it was at home. A year later, the “Homecoming” special debuted on Netflix, widening the reach.

Coachella became a key part of the pop culture landscape, and then it became a cornerstone of the influencer economy.

Behind all the hype, there’s still a music festival hiding

I inadvertently photobombed approximately 500 people just trying to go to and from the press tent last weekend and my inbox is overflowing with requests for coverage of off-site events with brands, celebs and TikTok influencers, including social media clips.

But at the end of the day, Coachella is still a music festival, and a really good one at that. The Strokes, David Byrne, Jack White, Iggy Pop, Turnstile, Wet Leg, Fujii Kaze and even Less Than Jake in the Heineken House were some of the best performances I had seen in years.

Coachella is what you make of it. And besides, everyone knows there are fewer influencers on Weekend 2.

Today’s top stories

A health worker administers a measles test.

A health worker administers a measles test on Fernando Tarin, of Seagraves, Texas, at a mobile testing site outside Seminole Hospital District on Feb. 21, 2025.

(Julio Cortez / Associated Press)

Increasing measles cases in California

  • California in 2026 has already seen its highest number of annual measles cases in seven years amid an ongoing resurgence of a disease once considered effectively eradicated in the U.S.
  • The re-emergence comes as vaccination rates have tumbled nationwide in recent years.

Testing LAX’s long-awaited train

  • LAX’s 2.25-mile electric train system will begin running without passengers next week as testing advances following a series of delays.
  • The Automated People Mover system began construction in 2019 and was initially slated to open to the public in 2023.
  • Specific bottles of Xanax, one of the most widely prescribed medications to treat anxiety and panic disorders, has been recalled due to its failure to dissolve at a standard rate.
  • FDA officials are not warning against consuming the product at this time.

What else is going on

Commentary and opinions

This morning’s must-read

Another must-read

For your downtime

A reporter lies on an AI massage table.

Reporter Deborah Vankin gets a massage by an “Aescape” robot at Pause Wellness Studio.

(Christina House / Los Angeles Times)

Going out

Staying in

A question for you: Are you planning on leaving California for another state? If so, tell us why.

Laura says, “I left California during the pandemic. Part of the push factor for me was politics, but not blue politics. I had been living in OC since 2018 and was surprised it was so Conservative (and conservative). That became a bigger source of discomfort for me as the vaccine question demonstrated how our neighbors’ decisions can impact us directly. Rather than moving elsewhere in California, which would have sorted out the political discomfort nicely, I moved to a much more affordable state where I had family.”

Email us at essentialcalifornia@latimes.com, and your response might appear in the newsletter this week.

And finally … from our archives

Kendrick Lamar rapping into a microphone on a dark smoky stage with a dark red backdrop

Kendrick Lamar performs at Coachella Music & Arts Festival at the Empire Polo Club on April 16, 2017.

(Amy Harris / Invision / AP)

On April 16, 2018, Compton’s own Kendrick Lamar became the first hip-hop artist to win the Pulitzer Prize for music.

He won for his album “Damn.,” which the Times’ Mikael Wood heralded as Lamar’s graduation to pop superstardom.

Have a great day, from the Essential California team

Jim Rainey, staff reporter
Hugo Martín, assistant editor, fast break desk
Kevinisha Walker, multiplatform editor
Andrew Campa, weekend writer
Karim Doumar, head of newsletters

How can we make this newsletter more useful? Send comments to essentialcalifornia@latimes.com. Check our top stories, topics and the latest articles on latimes.com.

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Global Finance Taps Paul Curcio As New Editorial Leader

The publication’s shift in leadership signals both continuity and evolution—positioning the storied magazine for its next phase of growth.

After 15 years at the helm of Global Finance Magazine, Andrea Fiano is stepping into a new role as Editor at Large, marking the close of a defining chapter for the publication and the beginning of a new era under Paul Curcio.

Fiano, who led the magazine since 2011, played a central role in shaping its authoritative voice while expanding its digital and print reach. He expressed confidence in the transition, noting he is “incredibly grateful” for his time leading the publication and optimistic about its future.

“I am confident Paul Curcio will lead the publication to new heights,” Fiano said. 

During his tenure, Fiano upheld rigorous editorial standards, drawing on breaking news and features from a worldwide network of correspondents. He also guided Global Finance Magazine through defining market events—from the aftermath of the Dot-com Bubble and the Global Financial Crisis to the upheaval of the COVID-19 market crash and recovery. His leadership helped reinforce the publication’s standing among top movers and shakers, including CEOs, CFOs, and institutional leaders worldwide.

In his new position, Fiano will continue contributing strategic insight and thought leadership.

Curcio steps into the role immediately, determined to build on that legacy. 

“I’m excited to join the team at Global Finance during this pivotal moment in its evolution. I’m grateful for the strong foundation and legacy left by my predecessor, Andrea Fiano, and I look forward to working with the team to chart a vibrant course for the publication that resonates with our audience,” he said. Curcio previously held leadership roles at InvestmentNews, TheStreet and The Associated Press.

With more than 50,000 subscribers worldwide, the leadership shift signals both continuity and evolution—positioning Global Finance for its next phase of growth.

Founded in 1987 by Joseph D. Giarraputo, Global Finance has long served as a trusted voice on financial globalization, reaching senior decision-makers across 163 countries. With offices in New York, London, and Milan, the magazine has built a reputation for authoritative coverage of banking, corporate finance and economic policy.

“I want to thank Andrea for 15 years of inspired leadership and wise council that we will all miss,” Giarraputo said. “And welcome, Paul. I’m sure he will build on what Andrea has left behind.”

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Saudi Arabia: IPO Magnet | Global Finance Magazine

Saudi Arabia’s IPO market is entering a more mature phase as listings surge and foreign investor engagement grows. But can it weather the crisis in the Gulf?

Saudi Arabia has established itself as the Gulf region’s most consistent destination for new corporate listings. While other regional exchanges occasionally produce blockbuster transactions, the kingdom has distinguished itself through a steady pipeline of offerings across sectors and company sizes.

Last year, Saudi Arabia hosted 37 of the Gulf Cooperation Council’s 42 IPOs, through both the Saudi Stock Exchange’s Main Market and Nomu (a parallel market), according to Kuwait-based Kamco Invest. Nomu accounted for 24 listings while the Main Market saw 13 deals. Despite a slight dip in deal flow from 2024, total proceeds reached $4.2 billion. As a result, the kingdom overtook the United Arab Emirates as the region’s leading IPO market.

As in other emerging economies, Saudi Arabia’s capital markets remain sensitive to geopolitical developments. The unfolding crisis following the US-Israel strikes on Iran in late February and the subsequent constriction of trade through the Strait of Hormuz have increased uncertainty across markets in the Middle East.

But the kingdom’s lengthening record of sustained capital markets activity reflects both the scale of the Gulf’s largest economy, and more than a decade of financial-sector reforms tied to the Saudi government’s Vision 2030 development plan.

As the government pushes to diversify away from hydrocarbons, the equity market has become an important platform for financing growth, widening ownership, and attracting foreign capital.

“Today the Tadawul All Share Index [TASI], which tracks the Main Market, includes more than 265 companies, alongside nearly 130 on the Nomu parallel market,” says Tarek Fadlallah, chief executive of Nomura Asset Management Middle East. “Together, they provide a much more representative picture of the kingdom’s evolving economy.”

While Saudi Aramco remains the index’s anchor, Fadlallah notes that the exchange now embraces industries ranging from technology and healthcare to logistics, retailing, and real estate.

“Many of these companies are privately owned rather than state-controlled entities,” he adds, “reflecting the growing role of the private sector in the Saudi economy. These changes position the TASI as a more credible vehicle for capturing Saudi Arabia’s structural growth story.”

Underpinning the steady flow of listings is a broader transformation of Saudi Arabia’s capital markets infrastructure.

“Three to four years ago, the Saudi IPO market was not as active or as developed as it is today,” says a Riyadh-based equity capital markets banker. “Since then, we’ve seen a broader ecosystem take shape, including more international banks establishing a stronger local presence and greater foreign investor engagement.”

The mechanics of bringing companies to market have also evolved.

“Pre-IPO preparation is deeper, due diligence is more rigorous, and book building has become more sophisticated,” the banker says.

This evolution is closely tied to Vision 2030’s Financial Sector Development Program, which aims to deepen capital markets, expand financing channels, and encourage more private-sector listings. Regulators have also taken steps to gradually open the market to international investors. In February 2026, authorities removed the Qualified Foreign Investor requirement, allowing a wider pool of global investors to access Saudi equities more easily.

Domestic Capital Still Anchors Demand

Despite reforms and growing international investor interest, domestic investors remain the backbone of the Saudi IPO market. Local institutional investors, including asset managers, pension funds, and family offices, anchor demand for new listings while retail investors play a larger role than in many other emerging markets.

“Retail participation has supported liquidity alongside domestic mutual funds and institutional investors,” says the Riyadh-based banker.

Foreign investors are nevertheless becoming more active as Saudi Arabia integrates more closely with global capital markets. A milestone occurred when major benchmarks included Saudi Arabia in 2019, including the MSCI Emerging Markets Index and the FTSE Russell Emerging Markets Index. Saudi equities could then enter global portfolios and generate passive inflows from index-tracking funds.

“Saudi Arabia’s inclusion in global indices has driven additional foreign investment interest,” says Sawsan Abdullatif, research associate at Bahrain-based asset manager SICO.

Sawsan Abdullatif, research associate at Bahrain-based asset manager SICO
Sawsan Abdullatif, SICO

Even so, domestic capital continues to provide the foundation for most IPO demand.

As the pipeline of listings has expanded, investor behavior has evolved, but the larger supply of deals has also brought greater scrutiny.

Institutional investors are placing greater emphasis on earnings visibility, governance standards, and credible growth strategies.

“Deal flow quality varies from one offering to another and is closely linked to earnings visibility, strength of management guidance, sector positioning, and the clarity of disclosure in the prospectus,” notes Abdullatif.

Valuation dynamics have also begun to shift.

Imad Chukrallah, founding partner and fund manager at Amwal Capital Partners, observes that the market has matured significantly as more companies prepare to list: “The process to IPO is clear and the pace of listings largely depends on investor appetite.”

“As valuations compressed and the premium to emerging markets largely disappeared, new listings have had to price more attractively,” Chukrallah says.

Foreign investors are also contributing to market inflows, he adds: “The largest inflows into the market have been coming from international investors, who remain underweight in Saudi Arabia relative to benchmark indices.”

Regional Leadership

Saudi Arabia remains the deepest equity market regarding market capitalization, tradable stocks, and daily trading volumes, Chukrallah notes, and recent deals suggest the pipeline remains active.

Last year, low-cost Saudi airline Flynas launched a major IPO tied to the kingdom’s expanding tourism sector.

Other Gulf markets, however, remain active. The UAE has hosted multiple high-profile listings in recent years while Oman’s listing of OQ Exploration & Production in 2024 demonstrated that landmark deals can emerge elsewhere in the region. Qatar has also seen some limited listing activity.

But the scale of the Saudi market provides a clear advantage.

“The depth of its domestic institutional base, breadth of sectors and scale of the economy provide structural advantages,” Abdullatif observes.

Alongside the Main Market, Nomu has become an important pipeline for smaller companies seeking access to public capital. The parallel market offers lighter listing requirements than the main exchange, and while liquidity remains comparatively limited, Nomu serves as a steppingstone for companies that may later graduate to the main board.

Imad Chukrallah, Amwal Capital Partners
Imad Chukrallah, Amwal Capital Partners

Navigating Geopolitical Uncertainty

To be sure, the crisis that began with the US-Israeli assault on Iran looms over these more positive changes.

“The geopolitical environment remains uncertain,” the Riyadh-based banker acknowledges. “Any further deterioration would likely affect sentiment, issuance timelines, and potentially, the wider diversification story.”

So far, however, the Saudi market has shown resilience.

“While the recent developments increase uncertainty, the Saudi market was not much impacted,” Chukrallah said last month. “In fact, the market is net up since the start of the war. Appetite for successful companies with a unique value proposition remains strong.”

Saudi Arabia’s IPO market is increasingly defined not just by the pace of listings but by deeper institutional participation, broader sector representation, and a growing pipeline of private-sector issuers.

The combination of regulatory reforms, expanding investor participation, and a stronger listing pipeline suggest it will remain not only the region’s busiest IPO market but also one of the world’s more structurally important financial centers.

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Global Sumud Flotilla sets sail from Barcelona for Gaza | Gaza

NewsFeed

Thousands gathered at Barcelona’s port as the largest ever Global Sumud Flotilla prepared to depart for Gaza, aiming to break Israel’s blockade. Al Jazeera’s @Mohammadfff_ reports, as organisers and volunteers insist they will sail to Gaza despite the risks.

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Challenge to Trump’s 10% global tariffs goes to court

April 10 (UPI) — President Donald Trump‘s tariffs are back in court Friday to decide on their legality.

The U.S. Court of International Trade will consider the president’s 10% global tariff that he created on Feb. 20 after the U.S. Supreme Court struck down his previous tariffs over his use of emergency powers. The new tariffs are based on Section 122 of the Trade Act of 1974.

That law allows the president to unilaterally surcharge imports up to 15% for up to 150 days “to deal with large and serious United States balance-of-payments deficits.”

Challenging the new levies are Democratic-led states and small businesses.

“This is another case where the president invokes a statute to impose whatever tariffs he wants, its limits be damned,” the states wrote in court filings.

Timothy C. Brightbill, a trade lawyer for the Washington law firm Wiley Rein, told The New York Times that he expects the court to be “skeptical of President Trump’s ability to impose broad tariffs,” including the global 10% rate.

Brightbill said it could be months before the legal system can give a full verdict.

“By then, there will most likely be a new tariff regime in place,” Brightbill said.

The White House said in a statement that Trump was “lawfully using the executive powers granted to him” and the administration was “committed to robustly defending the legality of the president’s actions in court.”

“For over a century, Congress has supplemented the president’s constitutional power over foreign affairs and national security by delegating to him the authority to manage foreign trade in response to international conditions, including by imposing tariffs,” the administration said.

But critics say Trump’s position only includes the U.S trade deficit. They argue that the president is ignoring inflows of foreign capital and financial investment. Those help “balance” the deficit.

They argue that a balance-of-payments crisis is impossible because the United States stopped using the gold standard and a fixed exchange rate system in the 1970s.

“A balance-of-payments crisis is a currency crisis that was of great concern when Congress enacted Section 122, but which can no longer exist,” the states wrote in court filings.

There are 24 states in the suit, along with two small businesses: spice and e-commerce business Burlap & Barrel and Basic Fun!, a toy company that designs and markets Tonka, Lincoln Logs, K’nex and others. They filed separate suits against the tariffs, but the cases will be heard together.

“When these tariffs were first announced last April, we made two promises: we would not raise our prices, and we would not ask our partner farmers to absorb the costs,” Burlap & Barrel wrote on its website. “A year later, we’re proud to say we’ve kept those promises. This lawsuit is about protecting our ability to continue doing that.”

The plaintiffs are represented by the Liberty Justice Center, a libertarian firm that worked on the tariff case that the administration lost at the Supreme Court. The three-judge panel is made up of different judges from the previous panel at the Court of International Trade.

Secretary of Defense Pete Hegseth speaks during a press briefing at the Pentagon on Wednesday. Yesterday, the United States and Iran agreed to a two-week ceasefire, with the U.S. suspending bombing in Iran for two weeks if the country reopens the Straight of Hormuz. Photo by Bonnie Cash/UPI | License Photo

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Can global supply chains recover from the Iran war? | US-Israel war on Iran

Conflict upends flow of critical raw materials for manufacturing, aviation and technology.

The United States and Iran may have agreed to a ceasefire for now, but the world’s supply chains will continue to feel the effects.

Beyond oil and gas, Iran’s near closure of the Strait of Hormuz has blocked shipments of critical raw materials from the Gulf.

Petrochemicals, helium and aluminium are just some of the products that have not been able to reach manufacturing hubs around the world.

Many everyday items are affected, from plastic packaging to the advanced semiconductors in our smartphones.

How will our supply chains recover, and can they become more resilient to global shocks?

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The Gulf’s Digital Transformation | Global Finance Magazine

The UAE has carefully crafted a position for itself as a hub for digital assets. Can the good times last?

The United Arab Emirates (UAE) positions itself as a center for digital assets, a market that may be worth up to $500 billion over the next few years by some estimates. Dubai and Abu Dhabi are already acknowledged as global hubs, based not only on quality of regulatory oversight but their early strategic bet on tokenization as the basis of a new financial infrastructure.

But the UAE’s pioneering moment may soon end. The US-Israeli war against Iran, launched in February, has sown doubts as to whether the Persian Gulf monarchies are the haven of stability they claim to be. And for all the regional talk of tokenization and fintech, longestablished financial centers elsewhere are taking the lead in drawing up a unified set of rules to govern crypto regulation. If a clear regulatory framework emerges, it could reshape crypto market dynamics at the UAE’s expense.

In January, the New York Stock Exchange (NYSE), the world’s largest financial market, said it was launching a platform for 24×7 trading and on-chain settlement of tokenized securities, a development some analysts predict will spark a revolution in capital markets. The move by NYSE could leave some other financial centers behind as liquidity and institutional investors shift to more efficient, always-on markets.

Financial centers, including London, Singapore, and Hong Kong, are also evaluating tokenization.

And other Gulf Cooperation Council (GCC) member states, notably Saudi Arabia, Qatar, and Bahrain, are increasingly embracing tokenization, backed by financial war chests of various sizes.

Management consultancy Kearney earlier this year estimated that by 2030, close to $500 billion of assets across the GCC could be placed on-chain, the most fertile ground being in private markets, public equities, funds of tokenized sovereign wealth fund (SWF) assets, commodities, real estate, and bank deposits. Tokenizing these assets would unlock some of the GCC’s most prized but difficult-to-access holdings, such as SWF assets and family offices. Tokenizing listed securities, for example, could simplify cross-border transactions and open markets to fractional ownership, a move likely to attract global investors looking to participate at smaller ticket sizes.

UAE real estate is already on the road to wider tokenization. Last year, Dubai launched a real estate tokenization sandbox pilot, the first regulatory body in the region to adopt blockchain-based tokenization for fractional ownership. The initiative coordinates with the emirate’s Virtual Assets Regulatory Authority (VARA), which monitors issuance, trading, and custody, together with the Central Bank of the UAE, which ensures compliance with national financial regulations.

For some analysts, the holy grail would be the tokenization of the GCC’s oil output. In January, Bahrain and UAE-based Gulf Energy Exchange announced plans for the first oil-backed stablecoin, aptly named OIL1, subject to regulatory approval by the Central Bank of Bahrain (CBB). OIL1 is to be collateralized by verified reserves of Persian Gulf crude oil and pegged to the US dollar, creating a link between the energy sector and digital assets.

Regulatory Oases

To stay competitive, however, the UAE will need to continue innovating, given that adoption of tokenization and digital assets is moving at breakneck speeds. Tokenization’s market growth “looks like an express ride to the top of the Burj Khalifa,” Kearney noted, a reference to the world’s tallest building, located in Dubai.

Dubai and Abu Dhabi operate offshore free-zone financial centers—the Dubai International Financial Center (DIFC) and Abu Dhabi Global Market (ADGM)—both of which have taken leading roles in ensur ing the UAE remains at the forefront of digital-asset innovation, says Jason Barsema, president and co-founder of Chicago-based Halo Investing. “The UAE’s ascendancy as the destination for digital assets is rooted in a unique policy-to-production approach that separates it from purely speculative markets,” he notes.

Shivkumar Rohira, Klay Group
Shivkumar Rohira, CEO of EMEA at Klay Group

The UAE’s Securities and Commodities Authority offers a comprehensive regulatory regime straddling the central bank while Dubai’s onshore VARA, Abu Dhabi’s Financial Services Regulatory Authority (FSRA), and the Dubai Financial Services Authority (DFSA), which are offshore entities, operate at the local emirate level.

This regulatory landscape gives international investors a degree of comfort that governance standards are aligned with global legal standards. Its core advantage is a sophisticated yet “pragmatic regulatory architecture that offers something most emerging markets still lack: clarity,” says Shivkumar Rohira, CEO of EMEA at financial services firm Klay Group.

“Dubai’s VARA, alongside the DFSA in the DIFC, has built a tiered, activity-based framework that sets out clear permissions for exchanges, custodians, and token issuers, while tightening standards around AML, investor protection, and market integrity,” he adds.

Abu Dhabi’s ADGM has gone further in positioning itself as an institutional-grade venue with a regime that accommodates tokenized securities, funds, derivatives, and increasingly, staking, among other yield-generating activities.

“This integration keeps Dubai and Abu Dhabi the default GCC base for global digital-asset players even as regional rivals race to catch up,” says Rohira.

Even within the UAE, however, there are fundamental differences of approach between Dubai and Abu Dhabi, notes Martin Leinweber, director of Digital Asset Research and Strategy at MarketVector. The result is a layered system that gives firms the flexibility to structure licensing around their business model, not the other way around.

“What strikes me most from an institutional perspective,” Leinweber says, “is how deliberately the UAE constructed its regulatory architecture at a time when most major financial centers were still debating whether crypto deserved a framework at all.”

Leinweber, MarketVector
Martin Leinweber, director of Digital Asset Research and Strategy at MarketVector

In creating VARA, Dubai established a purpose-built regulator with its own mandate, rulebooks, and enforcement capacity rather than grafting virtual asset oversight onto an existing regulator. In comparison, Abu Dhabi took a complementary path through ADGM’s FSRA, he notes.

Other GCC States Wake Up

While the UAE may be in the lead, other GCC states are finding a place for tokenization in their financial markets as well.

Bahrain’s regulatory framework is closest to the UAE’s, but with the CBB as sole authority for virtual assets. That includes a regulatory sandbox where firms can test and modify digital asset models; Rain was the first crypto-asset firm to be accepted into the program, in 2017.

Bahrain FinTech Bay, the island kingdom’s fintech center, acts as an incubator, bringing together startups, regulators, and financial institutions.

Qatar is taking a more gradual approach; the Qatar Financial Center (QFC) is over seen by the QFC Regulatory Authority, which has recognized tokenized assets, custody, and transfer within a virtual assets framework under the QFC’s jurisdiction.

The GCC’s largest economy, Saudi Arabia, remains underdeveloped when it comes to digital asset readiness, Kearney found, but the authorities have signaled openness to some use cases, including tokenized deposits and stablecoins. Further announcements are expected this year as tokenization becomes embedded in regional capital markets. The Kingdom is home to the buy-now-pay-later juggernaut Tabby, which was valued at $4.5 billion following a recent secondary share sale.

Oman, which recently announced it was establishing a financial center, is moving toward a digital assets framework under the auspices of the Central Bank of Oman, in compliance with existing AML standards. Conversely, Kuwait has adopted the GCC’s most restrictive digital assets policy. Several crypto activities increasingly accepted in other markets, including payments, trading, mining, and tokenization, are banned. The government cites market stability and risk as the primary reasons; the Kuwaiti stock market has a history of instability and volatility.

Although the NYSE threatens to jump ahead of the competition, it has done so against a backdrop of regulatory uncertainty; there is yet to be a definitive set of laws as to how tokenized assets are classified, issued, held, and traded in the US. Dubai and Abu Dhabi may be ahead of that curve, but even they have work to do to allay wider concerns, as does the rest of the GCC.

Those concerns, underscored by the conflict with Iran, center around the question of whether the GCC is a long-term stable environment for global investors. And with the US on the cusp of approving the CLARITY Act, creating a comprehensive regulatory framework for digital assets, and Europe moving toward unified regulation, investors may prove more inclined to opt for the safety of more established financial markets. If so, the UAE’s outsized position in the digital assets market may not be as secure as it would like.

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Shaping New Trade Corridors | Global Finance Magazine

War in Iran and US tariffs are destabilizing global trade. But commerce hasn’t slowed; it’s simply rerouting.

As last fall’s G20 summit closed in Johannesburg, the United Arab Emirates announced plans to inject up to $1 billion in AI infrastructure funding across Africa. The pledge is the latest in a growing wave of investment from the Gulf Cooperation Council states that signals a broader shift.

Together, the Middle East and Africa represent roughly 2 billion consumers and a combined GDP of more than $5 trillion. Investment and trade spanning the regions are already accelerating. GCC countries have deployed over $100 billion in Africa and bilateral trade grew at an annual rate of about 8% between 2021 and 2022, reaching $154 billion.

Europe and China remain the continent’s largest capital providers, but the Gulf states are closing the gap. As war, supply-chain disruptions, and new US tariffs reshape global trade, countries across the MENA region see an opportunity to position themselves as the logistical and financial bridge linking Asia, Europe, and Africa.

Gateways And Corridors

The two natural points of entry are Egypt and Morocco. They have a foot in both regions and long experience navigating between the Arab world and the African continent.

Egypt acts as a gateway to East Africa, with commercial routes extending toward Sudan, Kenya, and Uganda. Morocco has established itself as a hub for west Africa, leveraging decades of political and economic ties with francophone markets. Businesses from both countries are expanding across the continent in sectors including food processing, manufacturing, pharmaceuticals, chemicals, telecoms, and technology.

Over the past decade, the Gulf states have also steadily expanded their presence, deploying capital through longterm strategic investments to reshape Africa’s trade routes while securing access to land, natural resources, and fast-growing markets.

Gulf investors are targeting corridors along the Red Sea and the Horn of Africa, including the Berbera–Ethiopia trade route and points of access to the Indian Ocean, the Atlantic, and the Mediterranean. Their aim is to anchor supply chains that direct African trade through Gulf logistics hubs before it reaches global markets.

Tarek el Nahas, Mashreq Bank
Tarek El Nahas, group head of International Banking at Mashreq Bank

“The GCC is becoming more and more of a trade hub for Africa,” says Tarek El Nahas, group head of International Banking at Dubai-headquartered Mashreq Bank. “We’ve got a lot of clients that have their regional operations here for both Middle East and Africa.”

Infrastructure is central to these developments. The UAE and Saudi Arabia are investing heavily in ports, logistics hubs, and industrial zones, laying the foundations for new Global South supply chains.

The UAE is by far Africa’s largest Gulf stakeholder. Dubai’s DP World and Abu Dhabi Ports have secured concessions to operate and develop ports in Algeria, Egypt, Somalia, Somaliland, Tanzania, South Africa, Guinea, Senegal, Sudan, the Democratic Republic of Congo, Mozambique, Congo-Brazzaville, Eritrea, Rwanda, and Niger.

Air connections are also an investment target, with Qatar Airways supporting several African airlines including South Africa’s Airlink while Doha in 2019 acquired 60% of Rwanda’s new international airport.

Telecom operators such as Qatar’s Ooredoo and the UAE’s e& (formerly Etisalat) support cable infrastructure and data centers and have signed partnerships with local providers like Maroc Telecom as part of a plan to reach several dozen countries across the continent by 2030.

In light of the recent Iranian attacks on GCC infrastructure, UAE and Saudi Arabia are also considering shifting some AI assets to secure locations in Africa. Abu Dhabi’s G42 is already building a $1 billion data center in Kenya.

Commodities, Food, And Energy

What, then, are these closely connected regions trading? Exchange often begins with natural resources.

Oil and gas dominate Gulf exports to Africa, while the continent supplies metals. Gold is a major African export to the UAE, already a hub for precious metals and stones; Gulf investors are also targeting rare metals and minerals critical to energy transition and AI supply chains.

Deal activity reflects this shift. Last year, Abu Dhabi-based International Resources Holding acquired 51% of Zambia’s Mopani Copper Mines for $1.1 billion. Saudi Arabia’s Maaden Holding, through Manara Minerals, is pursuing similar deals in Zambia and elsewhere.

These ventures sometimes feed Western markets. In November, the US and Saudi Arabia agreed to cooperate on mineral supplies to reduce reliance on China, and in March, US-based Cove Capital and Saudi Arabia’s AHQ announced a “multibillion dollar” fund to invest in African minerals including cobalt, copper, lithium, and rare earths.

Renewable energy is another focus. The UAE’s Masdar has committed $10 billion to African clean energy projects by 2030, backing solar projects in Angola, Uganda, Zambia, and Mozambique. Late last year, Saudi Arabia’s Acwa Power signed a deal with the African Development Bank to invest up to $5 billion in renewable energy and water systems in countries including South Africa, Egypt, and Morocco.

Food security is also a major driver for GCC countries, which buy over 80% of their comestibles from abroad. The UAE and Saudi Arabia import agricultural products and livestock from across Africa while investing in farmland and production projects to secure long-term supply. Qatar has made important commitments in North African countries, including a $3.5 billion dairy farm in Algeria.

North African manufacturers, meanwhile, are increasingly targeting African markets. Egyptian pharmaceutical companies, for example, have become major exporters across the continent.

Regulatory challenges and logistical bottlenecks persist, but African trade integration is supported by a growing web of multilateral agreements. Regional frameworks including the Common Market for Eastern and Southern Africa (COMESA), the Agadir Agreements, and the African Continental Free Trade Area (AfCFTA)— launched in 2021 and designed to unify a market of 1.5 billion people—facilitate investment and commercial exchange.

Several countries also benefit from US and European trade preference programs such as the African Growth and Opportunity Act (AGOA), which allows some 30 African economies to export certain goods to the US duty-free. These arrangements make parts of Africa and MENA increasingly attractive as manufacturing and re-export bases for companies seeking to access Western markets.

“We’re starting to see more companies from Asia, for example, setting up a presence in the MENA region to benefit from a lower tariff environment, and I think Egypt will become a big beneficiary in terms of manufacturing,” El Nahas says.

Financing The Corridors

Moroccan and Egyptian banks have taken the lead in cross-border expansion, financing trade and infrastructure projects across the continent. Most international lenders, by contrast, maintain a limited on-the-ground presence in Africa but operate through regional hubs that circle the continent, notably in Morocco, Egypt, Nigeria, Kenya, and South Africa.


“Egypt is pivoting its export strategy toward Europe and Africa.”

Hisham Ezz Al-Arab, CIB


Several pan-African banks, meanwhile, including United Bank for Africa, Standard Group, and Ecobank, have set up a presence in the GCC—mainly in Dubai or Abu Dhabi—to facilitate trade and investment flows between the two regions. Gulf banks tend to manage African operations from Dubai, Abu Dhabi, or Doha, increasingly partnering with local lenders on large infrastructure projects and exploring collaboration in areas such as AI applications in banking.

The long-term potential is vast. Africa accounts for roughly 20% of the global population but just 3% of GDP. For now, intra-African trade represents only about 15% of the continent’s total trade, compared to over 50% in Asia and almost 70% in the European Union. For investors and policymakers, the opportunity lies in unlocking that untapped connectivity.

There is a geostrategic factor as well.

The US-Israeli war with Iran and the accompanying disruptions in the Strait of Hormuz have heightened the need for additional trade corridors, notably through the Red Sea and the Suez Canal.

“Egypt is pivoting its export strategy toward Europe and Africa to leverage its geographical proximity, filling supply gaps caused by delays from Asian competitors,” says Hisham Ezz Al-Arab, CEO of Commercial International Bank (CIB), Egypt’s largest private sector bank, which has a presence in Kenya and Ethiopia. “This surge in demand is expected to offset revenue losses of exports to the Gulf.”

In an increasingly fragmented global economy, both regions see value in strengthening ties. The geopolitical landscape in the Middle East and Africa remains volatile, but investors argue that deeper south-south integration may offer one of the most resilient growth paths.

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