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- Solve Our Problems Ourselves: AlAbbar; Saudi's Plan B for Hormuz; Revolut in UAE
Solve Our Problems Ourselves: AlAbbar; Saudi's Plan B for Hormuz; Revolut in UAE
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Friday, June 19, 2026
Happy Friday everyone!
At FII’s Priority Europe 2026 event, Emaar and Noon founder Mohamed Alabbar urged regional businesses to prepare for repeated global shocks, stressing that Gulf states must solve their own challenges rather than rely on external powers. In parallel, PIF Governor Yasir Al-Rumayyan highlighted how Saudi Arabia’s East-West Pipeline proved vital during disruptions to the Strait of Hormuz, reinforcing long-term energy security planning. Meanwhile, UK fintech Revolut is moving closer to a UAE launch after securing key central bank licences, signaling rising competition and innovation in the region’s financial services sector.
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“No One is Coming from New York,” Mohamed Alabbar Says Gulf Must Solve Its Own Problems
What Is It About?
Speaking at the FII Priority Europe 2026 conference in Rome, Emaar and Noon founder Mohamed Alabbar said businesses in the Gulf must adapt to an era of constant disruption. Referring to recent regional tensions, including the US-Israel-Iran conflict and its economic fallout, Alabbar argued that crises are becoming more frequent and that companies need sufficient financial reserves to withstand prolonged periods of uncertainty.
Why It Matters?
Alabbar’s comments reflect growing concerns among Gulf business leaders about the economic impact of geopolitical instability. He warned that disruptions from wars, pandemics, weather events, supply shortages and artificial intelligence are likely to become recurring challenges. His message also highlighted the need for regional self-reliance, saying Gulf countries must increasingly address their own economic and strategic challenges.
What’s Next?
As governments and businesses assess the consequences of recent regional tensions, companies may place greater emphasis on financial resilience, contingency planning and long-term risk management. Alabbar suggested that future success will depend on maintaining strong balance sheets and preparing for repeated shocks, while Gulf leaders continue efforts to strengthen economic cooperation and regional stability.
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Decades-Old Saudi Pipeline Proved Critical During Strait Of Hormuz Disruption, Says PIF Governor
What Is It About?
Speaking at the FII Priority Europe 2026 conference in Rome, PIF Governor Yasir Al-Rumayyan said Saudi Arabia's East-West Pipeline played a crucial role during the recent disruption of shipping through the Strait of Hormuz. He noted that the pipeline was originally developed in the 1980s when Iran threatened to block the strategic waterway, allowing Saudi oil exports to bypass the Gulf and reach the Red Sea.
Why It Matters?
Al-Rumayyan said the pipeline effectively became a "lifeline" for the Saudi economy during the latest crisis. Before the conflict, Saudi Arabia was producing around 10 million barrels of oil per day, with capacity of up to 12 million barrels. The East-West Pipeline was able to transport up to 7 million barrels daily, helping maintain exports despite risks to one of the world's most important energy chokepoints.
What’s Next?
The experience is likely to reinforce Saudi Arabia's focus on energy security and export diversification. As geopolitical tensions continue to threaten key shipping routes, the kingdom may accelerate investments in alternative infrastructure, storage capacity and logistics networks designed to ensure uninterrupted energy supplies to global markets during future crises.
Revolut Moves Closer To UAE Launch After Securing Key Central Bank Licences
What Is It About?
UK fintech giant Revolut has taken a major step toward launching full-scale operations in the UAE after securing Stored Value Facilities and Category 2 Retail Payment Services licences from the Central Bank. The approvals allow the company to offer services including digital wallets, domestic and international money transfers, and merchant payment solutions as it prepares its local product offering.
Why It Matters?
Revolut serves more than 75 million customers globally and its entry could intensify competition in the UAE’s rapidly growing digital banking sector. Industry experts expect additional fintech competition to lower remittance costs, improve customer service, accelerate innovation and provide consumers with more choice in payments and banking services.
What’s Next?
Revolut representative told The National it is focused on building the infrastructure, operational capabilities and customer experience needed for a successful launch, though it has not announced a timeline. The company is also expanding its partnerships across the UAE ecosystem as it prepares to introduce its full suite of financial services to customers in one of the world’s fastest-growing fintech markets.
Smashi Business Exclusive: Al Haboob Racing Founders On Turning Camel Racing Into A Global Franchise Model
Ahmed Al Haboob and Safwan Modir, founders of Al Haboob Racing, spoke on Smashi Business about building the world’s first professional camel racing team in Saudi Arabia. They explained how they are transforming a traditional, individual sport into a structured, franchise-style model inspired by Formula 1, with teams, sponsorships and long-term commercial value.
The founders discussed leaving corporate careers during the pandemic to pursue entrepreneurship in a “virgin” sports market, despite high operational risks tied to livestock performance. They also highlighted media ventures like their Netflix series Camel Quest, partnerships including Paul Pogba, and their vision to modernize the sport using data and technology.
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🦄 World of Startups
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