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- Saudi Bypasses Hormuz; Citi Shuts UAE Branches; Pakistan Navigates Blockade
Saudi Bypasses Hormuz; Citi Shuts UAE Branches; Pakistan Navigates Blockade
Wednesday, March 17, 2026
Happy and Safe Wednesday, everyone!
In the wake of developments in the region, we hope everyone stays safe. At this critical moment, it is essential to remain united and follow guidance issued by official authorities from your country.
Markets
EGX30 | 46,054.61 | 1.92% |
DFMGI | 5505.68 | 9.89% |
ADX | 9,406.14 | 0.59% |
Tadawul | 10,946.26 | 0.55% |
Riyadh Ramps Up Yanbu Exports as Hormuz Blockade Tightens
What Is It About?
With the Strait of Hormuz paralyzed, Saudi Arabia has tripled its tanker activity at the Red Sea port of Yanbu. Ship-tracking data shows 27 crude carriers anchored on Monday, up from 11 on Friday. Riyadh is racing to hit an export target of 5 million barrels per day via its East-West pipeline to bypass the conflict zone.
Why It Matters?
What’s Next?
Watch for Iranian proxies to potentially target the Bab el-Mandeb strait to choke off this new Saudi lifeline. Analysts suggest that if the Red Sea route is also threatened, oil could quickly breach $120, further destabilizing Asian and Gulf equities.
Binance Scores Second U.S. Legal Victory in Anti-Terrorism Act Case
Binance, the world’s largest cryptocurrency exchange, has secured a second major U.S. legal win in just two weeks, after a federal court in Alabama dismissed all claims against the company under the Anti-Terrorism Act. The court criticized the plaintiffs’ complaint as a “shotgun pleading,” citing its failure to clearly outline allegations or distinguish individual liability, and granted the plaintiffs until April 10, 2026, to amend the filing or risk dismissal.
This follows a similar victory in New York, reinforcing Binance’s defense against allegations of supporting terrorism. General Counsel Eleanor Hughes emphasized that the rulings reflect the need for legal rigour and evidence, and reiterated Binance’s commitment to compliance, transparency, and lawful operations. With these back-to-back wins, Binance strengthens its position in the U.S. legal landscape and signals its readiness to vigorously defend the platform and its community against unfounded claims.
Citi and HSBC Shutter UAE Operations
What Is It About?
Citigroup and HSBC have indefinitely closed multiple branches in the UAE and Qatar following Iranian threats against Western-linked financial institutions. The move follows drone strikes on Dubai’s International Financial Centre (DIFC) and warnings from the Revolutionary Guard that banks affiliated with the U.S. or Israel are now "legitimate targets."
Why It Matters?
The closures signal a collapse in business confidence in the Gulf. Historically, Dubai was the regional sanctuary; its targeting has caused local markets to "tank," with banking stocks leading the decline. The financial contagion is spreading to Asia, where banks with heavy Middle East exposure are seeing their valuations slashed by panicked investors.
What’s Next?
Expect a mass migration of regional treasury operations to Singapore or London if the closures persist. Watch for whether local banks can fill the void or if the entire GCC financial system faces a liquidity freeze due to heightened war-risk premiums.
The "Karachi" Passage: A Rare Breach of the Blockade
What Is It About?
In a rare successful transit, the Pakistan-flagged tanker Karachi exited the Strait of Hormuz on Sunday and is currently sailing toward Sohar. Operated by the Pakistan National Shipping Corporation, the vessel is one of the few to navigate the waterway since U.S.-Israeli strikes on Iran triggered a near-total shipping halt.
Why it Matters?
The Karachi’s passage suggests Tehran is implementing a "selective" blockade, allowing vessels from friendly or neutral nations while barring Western ships. This geopolitical favoritism is fracturing the global trade order, as Asian nations like Pakistan and China secure energy while G7 economies face a total shut-out, further depressing Western market futures.
What’s Next?
Market analysts are looking for signs of "grey-listing"—where tankers from neutral nations become the only way to move Gulf crude. Watch for a surge in shipping insurance rates for any vessel attempting this route, regardless of flag, as the risk of "accidental" strikes remains at an all-time high.
👨💻From Smashi Business’ Desk
UAE is spending nearly $1 million to intercept one Iranian missile or drone
Abu dhabi’s MGX-backed OpenAI sees ChatGPT app uninstalls jump 295% in the US
UAE Successfully Intercepts Iranian Missiles, Naguib Sawiris Voices Support
CEO Mudassir Sheikha says the company’s top priority is the “safety of our captains”
Khalaf Al Habtoor: “Dubai Remains One of the Safest Destinations on Earth”
'Cancel ChatGPT': Sam Altman Under Fire for Pentagon Deal as US Attacks Iran
🔍In other news…
Oil loading resumes at UAE's Fujairah port after an attack, sources say
Ukraine wants technology and cash in exchange for helping Gulf nations repel Iranian drone attacks, President Volodymyr Zelenskyy said Saturday, a sign of Kyiv’s newfound international leverage.
Pakistan Oil Tanker Transits Hormuz After Hugging Iran Coast
UAE Oil Production Is Down by Almost Half Amid Hormuz Closure
Citi to keep most UAE branches closed indefinitely due to Iran war
Bahrain's Alba to cut 19% of aluminium production capacity amid Hormuz disruption
🦄 World of Startups
Stake Raises $31M Series B Led by Emirates NBD, Total Funding Hits $58M
US-based Luma AI is planting its flag in Riyadh — opening a regional headquater
Singapore's Ascentium continues its aggressive expansion, acquiring UAE legaltech pioneer Clara in a strategic Middle East play
Abu Dhabi is quietly becoming one of the most influential financiers of the global AI race, with its latest participation in Anthropic’s massive $30B funding round
Safqah Capital has just closed one of Saudi Arabia’s largest-ever seed rounds, raising $15.2 million in a deal that was four times oversubscribed
🗓️ Plan Your Events (March-April 2026)
UAE
31 March - 2 April (Tuesday-Thursday): Arab Media Summit, Dubai.
26-28 March (Thursday-Saturday): Social Capital Conference, Dubai.
7-9 April (Tuesday-Thursday): Future Health Summit, Adnec Center Abu Dhabi.
13-15 April (Monday-Wednesday): AIM Congress, Dubai World Trade Center.
14-16 April: (Tuesday-Thursday): the International Property Show, Dubai World Trade Center.
Saudi Arabia
13-16 April (Monday-Thursday): Leap Tech Conference, Riyadh Exhibition & Convention Center - Malham.
20-22 April (Monday-Wednesday): Sports Investment Forum (SIF), Riyadh
Egypt
30 March – 1 April (Monday-Wednesday): Egypt International Energy Conference and Exhibition (EGYPES).
