Mubadala Investment Company has committed $325 million to the Hornsea 3 offshore wind project in the United Kingdom, as part of its strategy to expand investments in global infrastructure and energy transition assets.

The investment is being made through a consortium led by funds managed by Apollo Global Management, following the firm’s acquisition of a 50% stake in the joint venture that owns the project.

Developed by Ørsted, which will retain the remaining 50% stake and continue to lead construction and operations, Hornsea 3 is located off the UK’s eastern coast in the North Sea.

Karim El Jazzar, head of EMEA infrastructure at Mubadala, said the investment reflects the company’s approach of partnering with established operators to back large-scale infrastructure projects that support the energy transition.

Hornsea 3 is expected to generate 2.9 gigawatts (GW) of electricity, with the capacity to power more than 3.3 million homes. The project forms part of the United Kingdom’s broader plan to expand offshore wind capacity to up to 50GW by 2030 as it works toward net-zero emissions targets.

Rising electricity demand, driven by electrification across transport, heating and digital infrastructure, is expected to support long-term growth in the sector.

The investment adds to Mubadala’s portfolio of renewable energy assets, which includes stakes in companies such as Tata Power Renewables, Skyborn Renewables, PAG Renewables and Rezolv Energy.

Earlier this month, Mubadala also acquired a minority stake in Power Factors to support its global expansion.

The sovereign wealth fund, which manages assets of around $385 billion, continues to expand its presence across infrastructure and energy sectors as part of a diversified global investment strategy.

Saudi Arabia has opened subscriptions for its May issuance of government-backed “Sah” savings Sukuk, offering an annual return of 4.56%, up from 4.50% in the previous month, according to the National Debt Management Center.

The subscription window opened on May 3 at 10:00 a.m. local time and will close on May 5 at 3:00 p.m., as part of the Kingdom’s 2026 Sukuk issuance programme aimed at encouraging personal savings and financial participation.

The minimum subscription amount is $266.56, with a maximum of $53,302 per investor. The Sukuk carries a one-year maturity and offers fixed returns payable at redemption.

The “Sah” Sukuk is part of Saudi Arabia’s Financial Sector Development Programme, which seeks to increase the national savings rate from around 6% to 10% by 2030.

The product is designed as a low-risk, Shariah-compliant savings instrument, offering fee-free participation, flexible redemption and returns linked to prevailing market conditions.

Subscriptions are available to Saudi nationals aged 18 and above through approved platforms, including SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest and Al Rajhi Capital.

The latest issuance follows continued activity in the Kingdom’s domestic debt market. In April, the NDMC raised SR16.94 billion through its riyal-denominated Sukuk programme across five tranches, with maturities ranging from 2031 to 2041.

The offering comes amid stable sovereign credit conditions, with Fitch Ratings reaffirming Saudi Arabia’s A+ rating with a stable outlook earlier this year, citing strong fiscal metrics and financial reserves.

The Islamic Development Bank (IsDB) Group President, Muhammad Al Jasser, is visiting Azerbaijan from today to 8, as part of preparations for the IsDB Group Annual Meetings scheduled in Baku next month.

The visit comes ahead of the Annual Meetings, set to take place from June 16 to 19, 2026, under the theme “Regional Integration for Sustainable Prosperity,” and is aimed at strengthening cooperation between the IsDB Group and Azerbaijan.

During the trip, Al Jasser is expected to meet senior government officials and hold discussions on ongoing and future development initiatives.

The programme also includes visits to key development sites, such as the Alat Free Economic Zone, Aghdam Industrial Park, Garabagh University and education facilities in Fuzuli, reflecting a focus on economic and social development projects.

According to the IsDB, the visit is intended to deepen its partnership with Azerbaijan and support preparations for the upcoming Annual Meetings, which will bring together policymakers and development stakeholders from member countries.

Saudi Arabia’s real gross domestic product increased 2.8% year-on-year in the first quarter, according to flash government estimates issued on Thursday. 

Non-oil activities rose 2.8% while oil-related activities grew 2.3% year-on-year, data by the General Authority for Statistics (GASTAT) suggested. 

However, seasonally adjusted real GDP for the first quarter decreased 1.5% on the previous quarter, driven by a 7.2% decline in oil activities, as the implications of the Iran-US war come into play. Government and non-oil activities grew 0.8% and 0.2% respectively. 

“Oil activities were the main contributor to the decline in seasonally adjusted real GDP, -1.7 (percentage points). Non-oil activities and government activities each contributed 0.1 (percentage points),” the report added. 

Gulf oil exporters directly affected by the war face steep downward revisions of up to 15 percentage points this year. The International Monetary Fund has lowered its GDP growth prediction for the kingdom for this year and next. 

The Saudi economy is now expected to expand 3.1 percent this year, down 0.9 percent from the IMF’s last review in October, and 4.5 percent in 2027, up 1.3% from its October’s forecast. 

On balance, Saudi Arabia is assessed to be less sensitive to price increase versus decline in volumes compared to other GCC economies such as Kuwait, the fund said in its latest review. Hence, a 10% increase in oil prices or a 10% decline in export volumes will impact the current account by slightly more than 1 percentage point.

Saudi Arabia activated its East-West Crude Pipeline at full capacity for the first time in its 40-year history in the wake of the US-Iran conflict. The petroline - that runs 1,201 kilometres connecting the Abqaiq oil field in the eastern province to Yanbu on the Red Sea coast, was built during the Iran-Iraq war in the 1980s. 

Saudi Aramco confirmed last March that it had increased the pipeline’s capacity to seven million barrels a day. Exactly a year later, the petroline reached its full operational capacity. 
 

Bond and sukuk issuances in the GCC reached $55.04 billion in the first quarter of 2026, marking a 5.6% increase year-on-year, according to data from Kuwait Financial Centre (Markaz).

The total was raised through 95 deals during the quarter, driven largely by government-backed issuances and continued investor demand for fixed income instruments across the region.

Saudi Arabia accounted for the largest share of issuances at $32.54 billion, representing 59.1% of the total market, followed by the United Arab Emirates at $13.57 billion, or 24.7%. Qatar contributed $4.2 billion, while Bahrain, Kuwait and Oman recorded $2.1 billion, $1.98 billion and $650 million respectively.

Government entities were the largest issuers during the quarter, raising $20.46 billion, followed by the financial sector at $19.45 billion. The energy sector accounted for $5.52 billion in issuances.

Conventional bonds made up the majority of issuances, reaching $35.89 billion, or 65.2% of the total, while sukuk issuances stood at $19.15 billion.

Large transactions played a significant role in overall volumes, with issuances exceeding $1 billion contributing $33.33 billion to the total.

The data reflects steady activity in the GCC’s fixed income market, supported by sovereign borrowing needs and sustained investor participation.

The United Arab Emirates will leave OPEC next month, its government said on Tuesday, ending decades of membership as it seeks greater flexibility to increase oil production during a period of geopolitical tension and market disruption linked to the Iran conflict.

The UAE, a member of the group since 1967 through Abu Dhabi, said the decision aligns with its long-term economic strategy and plans to expand energy investment. The move comes as oil markets face volatility and supply constraints, including disruptions to shipments through the Strait of Hormuz, a key transit route for global energy supplies.

“The U.A.E.’s decision to exit from OPEC reflects a policy-driven evolution aligned with long-term market fundamentals,” Energy Minister Suhail al-Mazrouei said in a social media post. “We thank OPEC and its member countries for decades of constructive cooperation.”

In a statement published by WAM, the government said leaving the group would provide greater “flexibility” and support its “long-term strategic and economic vision.” Officials added that constraints on shipping through the Strait of Hormuz mean the immediate market impact of the decision is likely to be limited.

The departure is expected to take effect on Friday and includes withdrawal from both OPEC and its wider alliance, OPEC+. The move reduces the group’s production capacity at a time when it has been managing supply to stabilise prices.

Before the current conflict, the UAE was producing about 3.6 million barrels of oil per day, accounting for roughly 12% of OPEC’s output, according to the International Energy Agency. Analysts say its exit could weaken the group’s ability to influence global markets over time.

Oil prices have risen sharply since the escalation of the Iran conflict, with Brent crude reaching as high as $119.50 a barrel. Prices were up 3.4%  on Tuesday at around $111.67.

The decision also highlights growing differences between the UAE and Saudi Arabia, OPEC’s leading member. The two countries have diverged on regional strategy and energy policy in recent years.

Tensions have intensified during the conflict with Iran. The UAE has faced repeated missile and drone attacks and has voiced dissatisfaction with the response from regional organisations. 

The UAE’s exit also aligns with broader criticism of OPEC from Donald Trump, who has accused the group of inflating oil prices and linked US security support for Gulf states to energy costs.

Despite leaving the group, UAE officials said the country would continue to increase production gradually, in line with demand and market conditions.