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GCC banks navigate Credit Suisse fallout

31 March 2023

 

Saudi National Bank chairman Ammar al-Khudairy’s abrupt resignation on 27 March capped a turbulent few weeks for the world’s financial system. This period saw the kingdom’s champion bank dragged into the harsh glare of the global spotlight and serious questions asked about Gulf financial institutions’ readiness to serve as props in an increasingly jumpy financial order.

A short sentence uttered in an interview by a senior Saudi banker precipitated the collapse of a 160-year-old institution. Ruling out extending beyond its 10 per cent stake as it would entail a higher capital cost led to the fellow Swiss bank UBS buying the troubled lender at a steep discount.

Al-Khudairy took the rap for what was deemed an avoidable crisis, in which SNB took a hosing: it bought the Credit Suisse stock at CHF3.82 ($4.2) a share; UBS has paid just CHF0.76 ($0.83) a share.

The pain goes wider than SNB and the Qatar Investment Authority (QIA), the other Gulf institution directly impacted by Credit Suisse’s troubles, given its 6.9 per cent stake in the lender.

The crisis poses serious questions about the role of wealthy Gulf institutions in a global system that is increasingly reliant on them, but has yet to stress test the relationship.

On the one hand, Gulf investors have been spooked about their exposure to venerable banking institutions that were once seen as copper-bottomed plays. Conversely, Western banks may now legitimately ask whether their Gulf counterparts are reliable partners in a crisis.

Volatile landscape

The backdrop is one of wider concern about the health of global financial markets. The Credit Suisse crisis was prefaced by US regulators shutting Silicon Valley Bank (SVB) on 10 March, following mass withdrawals of customer deposits.

For now, analysts caution against panic. First, SNB’s exposure – and that of other prominent Gulf lenders – appears limited.

“The impact of SNB’s investment in Credit Suisse and the subsequent takeover by UBS on SNB are limited because the initial investment represents less than 2 per cent of SNB’s investment portfolio and 70-80 bps of the bank’s risk-adjusted capital ratio,” says Mohamed Damak, senior director, Financial Institutions Ratings, at ratings agency S&P.

As to problems in the Western markets, again, exposures are manageable. “On average, banks we rate in GCC had exposure to the US of 4.6 per cent of assets and 2.3 per cent of liabilities at year-end 2022,” says Damak.

“Generally, GCC banks would have limited lending activity in the US and most of their assets there would be in high-credit quality instruments or with the Federal Reserve. The exposure to Europe tends to be limited as well, except for banks that have a presence in some European countries like France or the UK. Most of the activity in these jurisdictions tends to be linked to home countries or generally made of high-quality exposures.”

This will not end SNB shareholder anxiety that the bank’s raison d’etre – supporting domestic projects related to Vision 2030 – had been sidelined in the pursuit of equity positions in global blue chips.

Qatari contagion

Similar questions will be asked in Qatar, where the QIA provided ballast for the Swiss bank’s balance sheet in 2021, when it issued $2bn in convertible notes. The Qatari wealth fund will be reviewing its bank holdings and stress-testing its wider portfolio.

Others will do the same. “Gulf sovereign wealth funds will probably review their asset allocations, regardless of this current crisis,” one Gulf-based economist tells MEED. “The reality is that their role is changing. They were, in the past, more opportunistic investors. Today they are becoming strategic vehicles.”

If Gulf funds like QIA will no longer serve as the global financial system’s white knights – as they proved in the 2008 financial crisis – this may prompt a reconfiguration of investment strategies.

There will be a steep learning curve, says one Gulf-based economist – on both sides.

Governance implications

In light of the growing financial strength of the Gulf institutions come new responsibilities and governance requirements, reflecting the dawning reality that Gulf institutions are growing into increasingly globally systemically significant investors or sources of capital.

“They need to act accordingly,” says the economist. “Not just from the global governance perspective, but also from the perspective of protecting their assets.”

Gulf institutions’ transformation into opportunistic investors was well-timed when liquidity was required at short notice.

“The money centres of the world turned to one of the biggest honey pots they could identify. And, of course, some of the old reservations were conveniently parked aside, at least for the time being,” says the economist.

The challenge for the Gulf institutions was the lack of deep experience or institutional frameworks needed to underpin those initial investments.

“Opportunities arose, these countries chose to take them and they got lucky because they helped stabilise the global financial system, and they helped protect the reputation of these institutions. And no major mistakes were made. But that initial opportunistic approach will no longer fly,” says the economist.

Gulf sector outlook

The Credit Suisse saga has also prompted much ruminating in Western media to the extent that Western institutions may cast a more wary eye in future over their Gulf counterparts.

But absent new funding sources, the GCC's appeal may prove irresistible to them. After all, says the economist, beggars can’t be choosers.

“What is the alternative to resorting to institutions such as the Gulf sovereign funds? They’re not going to go to China, that’s for sure. The only real alternative is to get some sort of a backstop from national central banks. And that is pretty much as close as you can get to a moral hazard,” he says.

The broader global picture is evolving. How Gulf institutions related to primarily Western institutions will also be influenced by the change in the GCC states’ foreign policy.

Gulf governments are increasingly cognisant of the need for a balanced, multi-directional foreign policy. And that is something they will also want to reflect in their wealth funds and banks’ investment behaviour.

The next year should provide an insight into how the post-Credit Suisse modus vivendi will play out.

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James Gavin

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  • Necessity is the mother of invention for Kuwaiti lenders

    6 August 2026

     

    If 2025 was marked by the advent of reform in the shape of public debt and mortgage laws, 2026 has been a year of resilience in the face of sharp shifts in the operating environment.

    Like their peers across the GCC, Kuwait’s banks have stood out this year for their crisis preparedness. With Kuwait facing sustained attacks from Iran – testing a hydrocarbons-based economy that is uniquely vulnerable to such shocks – banks are focusing on maintaining durability under especially challenging conditions.

    The sector entered 2026 in a relatively strong position. As of March 2026 – one month into the US-Israeli campaign against Iran – the non-performing loan (NPL) ratio stood at a creditable 1.7%. A capital adequacy ratio of 17.5% in Q1 is another sign of resilience, underscoring banks’ capacity to absorb unexpected losses.

    Kuwaiti banks’ reserve coverage stands at 223% of problem loans, one of the highest levels of loan-loss allowance coverage for Stage 3 exposures in the region. This is in large part due to the Central Bank of Kuwait’s (CBK’s) strict regulatory requirements.

    Overall, banks have strong capitalisation, solid liquidity, high loan loss-absorption buffers and sound asset quality. That mix provides confidence that the banking sector can continue to support the economy in difficult circumstances.

    Kuwait has retained significant sovereign financial strength. There are large fiscal buffers, there is the existential hydrocarbon wealth, and there is a long track record of supporting the banking sector when required
    Abdulla Al-Hammadi, Moody’s

    Bank dominance

    Banks also remain central to Kuwait’s economy. As the Washington-based IMF has noted, financial intermediation is overwhelmingly bank-based, with domestic currency bond and equity markets underdeveloped by emerging-market standards.

    “Kuwait has retained significant sovereign financial strength. There are large fiscal buffers, there is the existential hydrocarbon wealth, and there is a long track record of supporting the banking sector when required,” says Abdulla Al-Hammadi, an analyst at Moody’s.

    Bank assets reached 250% of GDP in 2024 – among the highest in the GCC, according to the IMF. This is supported by strong balance sheets, high liquidity and a large Islamic finance segment. Kuwait Finance House, Boubyan Bank, Kuwait International Bank and Warba Bank – the four main Islamic lenders – together account for KD53bn ($172bn), or 51% of total banking sector assets.

    Early 2026 performance metrics show a solid rise in assets at listed Kuwaiti banks, growing by 12.5% year-on-year to KD130.82bn ($366.4bn) in Q1. Net profits increased by a smaller margin, 1.1%, to KD382.96m ($1.07bn) in the same quarter, according to KPMG.

    National Bank of Kuwait (NBK), the largest bank by assets, reported net profit of KD324.8m ($1.06bn) for the first half of 2026, a 3% year-on-year increase. Despite the impact of the conflict, the second quarter saw profits rise 4.5% to KD181.2m ($588.4m).

    Ratings support

    Ratings agencies have retained their confidence in Kuwaiti banks. In a rating action announced on 18 June, Moody’s affirmed the long-term deposit ratings of eight Kuwaiti banks, reflecting their resilient credit profiles supported by strong capital, provisioning reserves and liquidity buffers.

    Under Moody’s central scenario – which assumes a prolonged disruption to the Strait of Hormuz through autumn and persistently high and volatile energy prices – the expected deterioration in operating conditions remains within the absorption capacity of these banks’ baseline credit assessments.

    Kuwait’s strong sovereign ratings and high level of system support provide additional comfort. Government financial assets are estimated at more than 475% of GDP, while the debt burden was around 19% of GDP as of March 2026 – factors that underpin the government’s capacity to support the banking system in the event of stress.

    Nor is Kuwait at particular risk of external funding outflows. According to S&P Global, Kuwait has a comfortable net external asset position that mitigates such risks.

    “Depositor confidence has remained stable. The banks continue to access international interbank markets,” says Al-Hammadi. “Their liquidity buffers will support their ability to continue lending and absorb any potential shock.”

    Regulatory response

    Regulatory supervision is another core strength. The CBK has a reputation for hands-on oversight of the banking sector. In March, it rolled out a stimulus package to encourage banks to lend as the Iran conflict buffeted the region. The measures included a temporary easing of macroprudential requirements, with the minimum liquidity coverage ratio and net stable funding ratio reduced from 100% to 80%. The minimum regulatory ratio was cut from 18% to 15%.

    These measures appear to have had the intended effect. According to NBK’s research arm, domestic credit growth picked up in May, rising by half a percentage point over the previous month to 6.7% in year-on-year terms. Signs of stronger business lending, with gains across services, trade and real estate, will have been particularly welcome.

    “Many Kuwaiti banks have concentrated their lending activity around the Kuwait economy,” says Al-Hammadi. “Overall GDP is under pressure given recent developments in the hydrocarbon sector. It’s still an oil-driven economy, but if you look at non-oil activity, it has continued to benefit from government investment.”

    Credit growth will be supported by improving economic sentiment, so long as deposit growth keeps pace. However, lending is unlikely to match previous years’ levels.

    “Our expectation is that lending growth will drop, given what is happening in the macroeconomic environment. Growth could be a bit slower compared to previous years,” says Al-Hammadi.

    The CBK has urged local banks to be flexible towards customers, although anecdotal evidence suggests greater caution, including tighter personal loan limits.

    Reforms, including the mortgage and housing law, provide an additional opportunity for Kuwaiti banks to support broader growth. The Real Estate Financing Law permits banks to offer supported loans under which the state covers interest payments via the Kuwait Credit Bank, while borrowers repay only the principal.

    Although hydrocarbon-sector growth will be negatively impacted by events in the Gulf this year, banks should be able to secure growth by focusing on the non-hydrocarbon economy.

    “We see growth driven by the non-oil economy and some of the project finance opportunities, which will benefit from the banking sector’s capital and liquidity position. It places the banks in the right place to grab this opportunity,” says Al-Hammadi.

    MEED’s September 2026 report on Kuwait also includes:

    > OIL & GAS: Regional war to have lasting impact on Kuwaiti oil sector
    > CONSTRUCTION: Kuwait construction holds up despite regional strife

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  • PDO floats tender for major flare gas monetisation scheme

    6 August 2026

     

    Petroleum Development Oman (PDO) has launched a major scheme to monetise gas flared across two of its largest hydrocarbon-producing zones in the sultanate. The initiative aligns with PDO’s commitment to achieve zero routine flaring and net-zero methane emissions by 2030, on the way to attaining full carbon neutrality by 2050.

    The scheme involves the monetisation of flare gas and gas associated with oil production in the Qarn Alam cluster and the Fahud field, both of which fall under PDO’s northern portfolio within its main hydrocarbon concession area, Block 6.

    The scope of the flare gas and associated gas monetisation scheme has been divided into two parts. Bundle A involves the offtake of associated gas from the Wadi Umayri oil field development, located in the Qarn Alam cluster. Bundle B relates to the monetisation of flare gas and natural gas liquids (NGLs) from the Fahud North Oman Crude Stabilisation (FNOCS) facility, located at the Fahud field.

    PDO issued the request for proposal document for the flare gas monetisation scheme on 21 July, inviting local and international developers to submit technical and commercial proposals by 25 August.

    Developers have the option of submitting proposals for the complete design, financing, construction, operation and maintenance of offtake or monetisation facilities for one or both bundles. PDO will evaluate proposals for each bundle separately and award contracts independently.

    PDO is the operator of Block 6, Oman’s largest and most prolific hydrocarbon concession. Situated onshore and covering an area of 75,119 square kilometres, Block 6 contains 202 oil fields and 43 gas fields, with PDO producing approximately 680,000 barrels a day (b/d) of oil and condensate from those fields.

    The Omani government holds a 60% stake in PDO through Energy Development Oman (EDO). The other shareholders are UK-based Shell (34%), France’s TotalEnergies (4%) and Thailand’s state-owned PTTEP (2%).

    Scope of Bundle A

    The Wadi Umayri field development, located within the Qarn Alam cluster, produces crude oil from the Lekhwair, Shuaiba and Sudair reservoirs. A permanent processing facility is planned to come onstream by the first quarter of 2030.

    As a by-product of oil production, the development will generate associated gas at an initial rate of approximately 60,000 to 68,000 standard cubic metres a day (cm/d), declining over field life.

    PDO will install a sweetening unit as part of its own scope to meet Oman’s regulatory requirement of all gas with sulphur dioxide (SO₂) concentrations above 0.035 g/m³ to be treated prior to any disposal.

    At the delivery point (battery limit flange), the gas made available to the future developer will consist of a blended stream from two sources: approximately 80% sweetened separator gas and 20% flashed gas recovered from atmospheric storage tanks. This blended gas composition forms the basis for downstream utilisation, processing, or disposal considerations under the development concept.

    The duration of the contract to be awarded by PDO to the developer is 10 years.

    The scope of work on Bundle A is split between PDO and the developer, and covers the following:

    PDO tie-in scope:

    • Tie-in works from the production separator and oil tank to the defined delivery point (flange at battery limit), including piping, metering and ESD/control valves.
    • Sweetening unit upstream of the delivery point to treat the main gas stream and meet regulatory SO₂ limits for any non-routine flaring events.
    • Allocate a designated plot plan adjacent to the permanent facility, at no cost to the developer.
    • The gas delivery point is defined as the flange at PDO’s battery limit of the Wadi Umayri permanent facility. Gas will be supplied as-is at approximately 1.00 bar, with PDO bearing no obligation to provide gas at higher pressure or low hydrogen sulphide (H₂S) concentration.

    Developer scope:

    • Design, build, maintain and operate the gas monetisation system outside PDO’s battery limit.
    • Provide all equipment, infrastructure, compression, conditioning and downstream handling from the delivery point onward.
    • Bear full capital expenditure (capex), operational expenditure (opex), leases, health, safety and environment (HSE), and regulatory responsibilities for all developer scope.
    • Self-generation of all required utilities, such as power, water and chemicals.
    • Handling, treatment and disposal of all product and by-product streams.
    Scope of Bundle B

    FNOCS is a centralised processing facility at the Fahud field. The facility processes associated hydrocarbons from producing fields in PDO’s northern portfolio, generating two primary streams: produced NGL stream at FNOCS is blended into the Main Oil Line (MOL), while the produced fuel gas is supplied to the Fahud power plant.

    The continued flaring of NGLs at FNOCS is an interim risk-mitigation measure and not a sustainable operating solution. To identify a viable long-term outlet for these volumes, and to meet PDO’s broader strategy to eliminate flaring and comply with its zero routine flaring commitment by 2030, the company is seeking third-party developers to monetise hydrocarbon streams currently being flared at FNOCS.

    PDO’s target is to secure an attractive commercial structure to stop flaring by offering two independently proposed operating options:

    Option 1 – Monetise the flare gas stream, upstream of main gas compressor: Take the currently flared gas, at an output rate of 90,000 standard cm/d, as-is in the current interim operating mode. Developer to design, build and operate a gas monetisation system outside PDO’s battery limit. This option has the highest zero routine flaring compliance impact and eliminates the need for re-operating the main gas compressor and its associated equipment.

    Option 2 – Monetise NGL + fuel gas: Restart the main gas compressor and stabiliser to separate NGL and fuel gas streams for sale. Vendor takes NGL (downstream of stabiliser), at a current rate of 106,000 standard cm/d and fuel gas (upstream of Fahud power plant), at a current rate of 44,000 standard cm/d, through a combined commercial structure.

    The duration of the contract to be awarded by PDO to the developer for Bundle B is five years, with the proposed facility to come onstream by the first quarter of 2029.

    The scope of work on Bundle B is also split between PDO and the developer, and covers the following:

    PDO tie-in scope:

    Approximately 200 metres of piping to FNOCS fence, including control/ESD/relief valves and a flowmeter.

    Allocate a designated plot plan approximately 4km from the existing FNOCS facility for the developer’s monetisation system.

    • The delivery point for option 1 is defined as the flange at FNOCS’s fence, upstream of the main gas compressor. The delivery points for option 2 are: (i) the NGL outlet downstream of the stabiliser, and (ii) the fuel gas outlet upstream of the Fahud power plant. Streams from both options will be supplied as-is at approximately 1.00 bar, with PDO bearing no obligation to provide gas at higher pressure or low H₂S concentration.

    Developer scope:

    • Design, build, maintain and operate the gas monetisation system outside PDO’s battery limit.
    • Provide all equipment, infrastructure, compression, conditioning and downstream handling from the delivery point onward.
    • Bear full capital expenditure (capex), operational expenditure (opex), leases, health, safety and environment (HSE), and regulatory responsibilities for all developer scope.
    • Self-generation of all required utilities, such as power, water,and chemicals.
    • Handling, treatment and disposal of all product and by-product streams.

    PDO has been striving to curb, and eventually end, flaring across its operations for several years, as part of its own targets, as well as in alignment with the environmental sustainability framework under Oman Vision 2040.

    In May last year, PDO initiated a flare gas recovery project at the Zulaiyah station in Hazar South in partnership with Hungary-based Enerhash, which aims to convert flare gas into a sustainable energy source through modular digital mining infrastructure.

    Enerhash’s technology powers containerised data centres directly with flare gas, offering a decentralised solution suitable for remote oil fields.

    The project is designed to avoid around 25,000 tonnes a year of carbon-dioxide-equivalent emissions, and builds on PDO’s earlier South AP flare recovery project, which sought vendors to recover gas from atmospheric dehydration tanks across sites such as Bahja, Rima, Amal, Marmul and Nimr.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/18157702/main4946.jpg
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  • Sabic completes $450m divestment of thermoplastics business

    6 August 2026

    Saudi Basic Industries Corporation (Sabic) has completed a transaction to divest its engineering thermoplastics business in the Americas and Europe to German venture capital and private equity firm Mutares, for an enterprise value of $450m.

    Sabic’s Americas and Europe engineering thermoplastics business produces polycarbonate, polybutylene terephthalate and acrylonitrile butadiene styrene resins and compounds, and operates manufacturing sites in Mt Vernon, Bay St Louis and Burkville in the US; Ottawa, Canada; Tampico, Mexico; Campinas, Brazil; Cartagena, Spain; and Bergen op Zoom, the Netherlands.

    The divestment process was initiated by Sabic in January this year and marks a significant milestone in the company’s broader portfolio optimisation programme.

    “The transaction supports Sabic’s continued focus on exiting structurally underperforming assets, reducing cash losses, improving return on capital employed and maximising long-term shareholder value,” the Saudi chemicals giant said.

    The divested business reported an operating loss of approximately $498m for full-year 2025, and approximately $173m for the first half of this year.

    On a pro forma basis, the carve-out of the engineering thermoplastics business improved Sabic’s earnings before interest, taxes, depreciation and amortisation (Ebitda) margin by approximately 130-140 basis points, “reflecting the positive impact of the transaction on the company’s overall profitability and portfolio quality”.

    In addition to agreeing the sale of its engineering thermoplastics business in January, Sabic also began a process to divest its European petrochemicals business to Aequita for an estimated enterprise value of $500m.

    Aequita is a Munich-based venture capital and private equity firm.

    Sabic’s European petrochemicals business produces and markets ethylene, propylene, low- and high-density polyethylene, polypropylene and value-added polymer compounds, and operates manufacturing sites in Teesside, the UK; Geleen, the Netherlands; Gelsenkirchen, Germany; and Genk, Belgium.

    Q2 2026 financial results

    Sabic reported a net loss of $100m for the second quarter of 2026, which it attributed to the impact of the Iran-US regional conflict on its business.

    The company had only returned to profit in the first quarter, registering a net income of $3.52m, after posting a full-year 2025 loss of $6.87bn.

    The Saudi petrochemicals giant also said Q2 2026 revenue fell 5% year-on-year to $6.62bn.

    Sabic posted adjusted Ebitda of $900m for the three months to 30 June, a drop of 18% compared to the previous quarter.

    Adjusted earnings before interest and taxes in Q2 also fell by 72% quarter-on-quarter to $110m, while adjusted earnings per share stood at $0.03.

    Saudi Exchange-listed Sabic said its net debt position remained largely unchanged at $730m at the end of June, compared with $740m at the end of March.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/18153251/main4445.jpg
    Indrajit Sen
  • UAE leads Mena project pipeline recovery

    6 August 2026

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    The Middle East and North Africa’s construction project pipeline strengthened in June 2026, recovering some of the momentum lost earlier in the year as the effects of the Israel-Iran conflict continued to work through regional project markets.

    GlobalData’s Construction Projects Momentum Index (CPMI) for the Mena region rose to 0.84 in June, up 5% from 0.80 in May, leaving the region third globally behind South Asia and Sub-Saharan Africa. The three-month moving average held at 0.95, unchanged from May.

    The recovery was led by execution-stage activity, where the score rose to 1.18 in June from 1.06 in May. Pre-execution momentum, however, continued to soften, falling to 0.68 from 0.73. The pre-execution stage captures project planning, design development and procurement preparation, and a sustained decline there can point to a thinning of the future pipeline even when near-term execution holds up.

    Infrastructure drove the sector-level gains, with momentum rising sharply to 1.03 in June from 0.25 in May, the largest increase among the region’s sectors. Industrial momentum rose to 0.78 from 0.40. Residential activity remained elevated at 1.17, easing only marginally from 1.22.

    The gains were partly offset by a steep pullback in institutional activity, where momentum fell to 0.45 in June from 1.72 in May, the largest decline of any sector. Commercial and leisure momentum eased to 0.88 from 1.13, and energy and utilities to 0.59 from 0.82.

    The UAE posted the region’s highest score in June at 1.52, up from 1.16 in May. Algeria rose to 1.26 from 0.68, and Kuwait recovered to 0.76 from 0.26. Egypt reached 1.36, Oman held at 0.87, Qatar rose to 0.86 and Iran eased to 0.81.

    Saudi Arabia was the main exception among the larger markets, with its score falling to 0.31 in June from 1.16 in May. GlobalData linked the decline to procurement disruption on renewable energy projects under the Public Investment Fund’s giga developments and to the Najran-Asir-Jizan direct road, which faced consecutive bidding delays and consortium withdrawals.

    Israel recovered to 0.65 in June from -1.66 in May, having recorded the region’s weakest scores through the earlier phase of the conflict.

    Whether the June recovery is sustained will depend on the direction of pre-execution activity, which continued to weaken even as execution-stage momentum firmed.

    READ THE AUGUST 2026 MEED BUSINESS REVIEW – click here to view PDF

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  • Mubadala backs Moove in $250m funding round

    6 August 2026

    UAE-headquartered mobility company Moove has raised $250m in a Series C funding round led by Abu Dhabi’s Mubadala Investment Company, giving the company a valuation of $2.1bn.

    The round was co-led by Woven Capital, the growth fund of Japan’s Toyota, and by Ion Pacific. It also brought in BlueCrest Capital Management and Sona Capital, alongside existing backers including BlackRock, Japan’s MUFG, Franklin Templeton, Uber and the Ontario Power Generation Pension Plan.

    Moove said the funding will support the expansion of its autonomous vehicle business, including fleet ownership and what it terms robotics-first depot infrastructure, or “Nests”, where autonomous fleets are charged, serviced, maintained and orchestrated. The company said the funds will also support new market launches.

    The company expects to grow its autonomous vehicle workforce by more than 220% by the end of the year, increasing from about 150 employees to about 500.

    Founded in 2020 and headquartered in the UAE, Moove finances, owns and operates mobility assets for ride-hailing platforms. It employs 3,300 people and operates about 42,000 vehicles across 29 cities in 13 countries, and has grown to $420m in annual recurring revenue. It has expanded through organic growth and acquisitions, including Kovi in Brazil and Tokyo Taxi in Japan.

    Moove is the largest global fleet partner of ride-hailing company Uber. Through a partnership with Waymo, the autonomous driving unit of US technology group Alphabet, it operates autonomous vehicle fleets in Phoenix and Miami in the US, with operations also planned in London.

    Mubadala first invested in Moove three years ago. The Series C round marks its continued backing of the company as it moves into autonomous fleet operations.

    READ THE AUGUST 2026 MEED BUSINESS REVIEW – click here to view PDF

    Saudi Arabia builds for the global stage; Rising uncertainty creates fresh set of challenges in the Maghreb; Gulf banks remain robust in the face of geopolitical tensions.

    Distributed to senior decision-makers in the region and around the world, the August 2026 edition of MEED Business Review includes:

    > MARKET FOCUS: Maghreb fortunes diverge
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/18151593/main.jpg
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