The GCC projects market experienced a slowdown in the first quarter due to the Middle East conflict with the total value of contracts plunging 9.7% to $61.2 billion, according to a report. This contraction was driven largely by a substantial downturn in contract awards within Saudi Arabia and UAE.
In a shock move poised to rattle global oil markets, the UAE has announced it will exit the Organisation of the Petroleum Exporting Countries and its wider Opec+ grouping, effective May 1, 2026.
The UAE’s decision to exit Opec and Opec+ marks a significant turning point in global oil markets, said a leading market analyst, highlighting shifting geopolitical dynamics and evolving supply expectations. The UAE is leaving the alliance effective May 1, ending nearly six decades of membership.
The UAE will establish a National Industrial Resilience Fund with a capital of AED1 billion ($272.3 million) to support the localisation of critical industries and strengthen supply chain resilience in the country.
Qatar Airways resumed flights from Doha to key Middle East destinations, restoring daily services to the UAE and Syria. Flights to Dubai and Sharjah restarted April 23, 2026, with Damascus service beginning May 1, 2026.
The Emirates Drug Establishment (EDE) has announced the country’s first fully AI-discovered and developed drug candidate by a research team at Insilico Medicine.
ADCB, a leading UAE banking group, has delivered record profit before tax of AED3.781 billion ($1.03 billion) in Q1’26, up 30% year on year, extending profit growth track record to 19 consecutive quarters.
Travel demand to the UAE is recovering steadily, with travellers favouring flexibility, faster decisions and shorter booking cycles. Data from UAEVisaTravel.com shows dip in February–March, followed by stabilisation and growth to 30–50% of pre-disruption levels.
The United Arab Emirates National Pavilion continued to attract significant international attention on the second day of the Defence Services Asia Exhibition and Conference (DSA) 2026, held at the Malaysia International Trade and Exhibition Centre (MITEC) in Kuala Lumpur.
Emirates Integrated Telecommunications Company (du) delivered a resilient financial performance in the first quarter, with revenue growing by 6.9% to AED4.1 billion ($1.116 billion), a record EBITDA margin of 49.5%, and net profit growing by 15.5% to AED0.8 billion ($217.8 million).
