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  • Syria

Syria’s Global Financial System Return Begins With a Visa Card

Syria’s global financial system return took visible shape this week, and it happened over a cup of coffee. President Ahmed Al-Sharaa used

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ADNOC Gas Q2 2026 net income
  • Abu Dhabi

ADNOC Gas Q2 2026 net income reached $665 million, a figure that carries the strain of the months behind it. In early April, security-related incidents hit the Habshan processing site, and Reuters tied them to intercepted drone and missile attacks in the region. Supply from the site fell. Shipping through the Strait of Hormuz slowed. The company still cleared the top of its own forecast, which had run from $400 million to $600 million.

Margins in the domestic gas business held firm, and that steadiness carried the numbers when exports came under pressure. Recovery at Habshan moved faster than planned. Gas supply returned to 85 percent, past the year-end target the company had set in May. Managers leaned on inventory and rerouted logistics to keep customers supplied while the Strait of Hormuz disruption dragged on. ADNOC Gas supplies close to 60 percent of the UAE’s sales gas and reaches customers in more than 20 countries, so a stalled export lane touches a wide base. None of it erased the damage. It softened the edges.

A larger bet behind the numbers

The quarter’s real weight sits in a decision made beside it. ADNOC Gas took final investment decisions on Phases 2 and 3 of its Rich Gas Development project and awarded $8.2 billion in engineering, procurement and construction contracts. Wison Engineering won the $3.9 billion Phase 2 award to build a new gas processing train at Habshan. Tecnimont took the $4.3 billion Phase 3 award for a natural gas liquids fractionation train at Ruwais. Added to the $5 billion Phase 1 committed in 2025, total spending on the project reaches $13.2 billion. Chief Executive Officer Fatema Al Nuaimi framed the awards as a step up in ambition rather than steady progress.

ADNOC Gas Q2 2026 net income against a longer plan

Set against that spending, the ADNOC Gas Q2 2026 net income reads as one marker on a long line. The company lifted its ADNOC Gas EBITDA growth 2030 target to 60 percent versus 2023, up from an earlier goal of more than 40 percent through 2029. Reaching it means roughly $28 billion of investment between 2026 and 2030. Four megaprojects anchor the plan: Ruwais LNG, MERAM, the Rich Gas Development work, and Estidama, together expected to generate $13.4 billion in In-Country Value. MERAM is due in 2027, with the others advancing on schedule.

Part of the efficiency story runs through hardware. ADNOC Gas is putting aerial drones, four-legged inspection robots and tank-climbing crawlers across its sites. The company says the tools can cut some inspection costs by up to 75 percent and finish certain checks as much as 15 times faster. They also pull workers out of hazardous spots. The direction points toward more autonomous operations over time, and it feeds the same goals behind the earnings.

Dividend and the road ahead

Shareholders drew a clear signal. The board approved a $940 million ADNOC Gas dividend for September, holding to a promise of 5 percent annual dividend growth through 2030. ADNOC Gas remains the largest dividend payer on the Abu Dhabi exchange. Guidance for the third quarter runs from $600 million to $800 million, and it assumes the Strait stays contested. If maritime routes reopen by the fourth quarter and pricing steadies, the company expects full-year net income between $3.5 billion and $4 billion. The ADNOC Gas Q2 2026 net income gives that range a firmer base. Read against a year ago, the picture is harder. Reuters reported net income fell 52 percent from $1.39 billion in the same quarter of 2025. The ADNOC Gas Q2 2026 net income shows a company earning through the pressure, not around it.

  • 3 min read
Emaar Properties H1 2026 Results
  • Real Estate

A number sits at the center of the Emaar Properties H1 2026 results, and it is worth pausing on. The revenue backlog reached roughly AED164.9 billion, or about US$44.9 billion, as of 30 June 2026. That figure is money already committed by buyers but not yet booked as revenue. It tells you what the next few years might look like before they arrive.

Emaar reported revenue of AED23.9 billion, up 21 percent against the same period last year. EBITDA rose 24 percent to AED12.9 billion. Net profit before tax reached AED12.8 billion, a gain of 23 percent. These are the headline lines, and they build on a first quarter that already ran ahead of 2025.

The backlog matters because it de-risks what comes next. When a developer sells homes before completion, the cash lands over time as construction hits each stage. Emaar’s backlog grew 13 percent year-on-year, giving the group visibility that many builders lack.

Where the sales came from

Emaar property sales reached approximately AED26.6 billion in the first half, drawn from its master-planned communities and a set of timed launches. The company said pricing held firm across those developments, a sign buyers kept their confidence through the period.

Eleven residential launches went out across Emaar South, Dubai Hills Estate, The Heights Country Club, The Oasis, Rashid Yachts and Marina, and Expo Living. Alongside these, the group announced a new AED200 billion masterplan, adding to a pipeline that already spans a large share of Dubai’s developable land.

The development engine

Emaar Development, the build-to-sell arm, carried much of the weight. It reported revenue of AED13.3 billion, up 34 percent, with net profit before tax of AED7.8 billion, a rise of 41 percent. Counting other UAE operations, Emaar Development revenue from property development in the country reached AED17.7 billion, up 30 percent.

The backlog for UAE development projects stood at AED135.7 billion as of 30 June, up 6 percent on the first half of 2025. Mohamed Alabbar, founder of Emaar, tied the group’s steady footing to Dubai itself. He said the city never stands still, and that its stable, business-friendly environment continues to draw capital and talent even against a more uncertain global backdrop.

The recurring side of the ledger

Beyond selling homes, Emaar runs malls, hotels, and leased space that produce income year after year. That side held its ground. Recurring revenue reached AED5.1 billion, close to the prior year, with recurring EBITDA at AED4.0 billion.

The malls, retail, and commercial leasing portfolio brought in AED3.5 billion, up 9 percent, with occupancy near 98 percent. Hospitality, leisure, and entertainment generated AED1.6 billion, and UAE hotels ran at 60 percent average occupancy. International work, led by Egypt and India, added property sales of AED4.2 billion and revenue of AED1.1 billion, about 4.6 percent of the group total.

Emaar net profit before tax, then, rests on two engines running together. One sells the city as it grows. The other collects rent on what is already built. The Emaar Properties H1 2026 results suggest both kept pace through the half.

  • 3 min read
Iran war impact
  • GCC Economy

The Iran war impact has fallen unevenly across the Gulf, and two economies are absorbing the worst of it. Kuwait and Qatar are forecast to contract this year, while their neighbors keep growing at a slower pace. The Arab Monetary Fund (AMF), a regional lender based in Abu Dhabi, laid out the split in an 80-page report on Arab economies.

Why Kuwait and Qatar sit most exposed

Both countries depend almost entirely on the Strait of Hormuz to ship their hydrocarbons. The strait is the narrow sea passage that connects the Gulf to global buyers. It carries more than a fifth of the world’s traded oil. When conflict between Iran and the United States disrupted the route, Gulf oil exports from these two states had few alternatives. Oil and gas earnings make up more than two-thirds of government revenue in Kuwait and Qatar, according to their governments. That concentration left little room to cushion the blow. Unlike Saudi Arabia and the UAE, neither state can route cargoes through a pipeline that reaches the sea beyond Hormuz.

Qatar holds the world’s third largest proven gas reserves. The Strait of Hormuz closure has cut off most of its Qatar LNG exports, the shipments of liquefied natural gas that anchor its economy. Iranian missile and drone strikes on Qatari energy sites added to the damage.

How the Iran war impact splits the GCC

The wider Gulf Cooperation Council (GCC) has fared better. Saudi Arabia and the UAE run large non-oil sectors, and each operates a pipeline that carries crude around Hormuz. Those routes kept their shipments moving. Oman drew the least harm because its main export terminals sit outside the strait. Bahrain leans little on crude sales, since its oil resources are limited.

The AMF growth forecast puts numbers on the gap. For 2026, it projects Saudi Arabia to expand 3.2 percent, Oman 2.9 percent, the UAE 1.7 percent and Bahrain 1.4 percent. Kuwait is set to contract 2.9 percent and Qatar 5.9 percent.

“Qatar and Kuwait are affected by the crisis more than the other GCC countries because their non-oil economies are not very big and they are almost completely dependent on Hormuz for their hydrocarbon exports,” said Jamal Banoun, manager of the Saudi SMS economic consultancy centre.

Kuwait economy under strain

The Kuwait economy shows clear signs of pressure. Repeated Iranian strikes have hit the country. To cover the gap, it has raised borrowing from both local and foreign markets, a step that points to a worsening cash position. The Iran war impact here reaches beyond lost sales and into public finances.

A rebound projected for 2027

The same report expects the region to recover quickly next year. Its GCC growth forecast for 2027 shows Saudi Arabia at 4.2 percent, the UAE at 9.8 percent, Qatar at 5.5 percent, Kuwait at 6 percent, Oman at 3.1 percent and Bahrain at 2.9 percent. Those figures assume the disruption eases and trade routes reopen.

For now, the Iran war impact continues to divide a region often treated as one bloc. Access to open water, not oil wealth alone, is deciding which economies hold up.

  • 3 min read
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