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- Trump's Board of Peace is Empty; UAE Trade Resilience; Mubadala's $2B GlobalFoundries Sale
Trump's Board of Peace is Empty; UAE Trade Resilience; Mubadala's $2B GlobalFoundries Sale
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Thursday, May 28, 2026
Happy Thursday everyone!
Gaza’s reconstruction effort faces mounting uncertainty as the Trump-backed aid mechanism remains without funding despite billions in pledges, delaying projects on the ground. Meanwhile, the UAE is moving quickly to reinforce its position as a global trade hub, rolling out alternative logistics corridors and emergency economic support as regional conflict disrupts supply chains. And in Abu Dhabi, Mubadala has raised nearly $2 billion through a major share sale in GlobalFoundries, underscoring continued investor confidence in the emirate’s global investment strategy.
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Trump-backed Gaza reconstruction board yet to receive donor funds, projects stalled
What Is It About?
The official fund created to finance Donald Trump’s Board of Peace for Gaza reconstruction has yet to receive any donor money, leaving the initiative stalled months after it was announced. According to the Financial Times, despite around $7 billion in pledges from participating countries and Trump’s public commitment of $10 billion in US support, the World Bank-administered mechanism established to channel reconstruction funding remains empty.
Why It Matters?
Instead, donations are reportedly being routed through a separate JPMorgan account overseen directly by the board, prompting concerns over transparency and accountability because it does not follow the same independent reporting standards. So far, only limited funding has been mobilised. Morocco has reportedly contributed about $20 million to support the office of the board’s Gaza envoy, Nickolay Mladenov, as well as salaries for a Palestinian technocratic committee involved in planning.
What’s Next?
The UAE is also said to have committed $100 million towards establishing a new Gaza police force, but the programme has not yet launched and the funds remain frozen. No reconstruction contracts have been awarded, and officials say no US money has yet been deployed on the ground. Legal questions over governance, combined with continued uncertainty around Gaza’s security and political transition, continue to delay implementation, leaving the board’s future role increasingly uncertain.
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UAE outlines trade response to regional disruption at GLOBSEC Forum 2026
What Is It About?
UAE Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi used the GLOBSEC Forum 2026 in Prague to outline how the UAE is responding to disruption in global trade routes caused by the Iran war, while reinforcing the country’s role as a stable global trade and logistics hub.
Why It Matters?
Speaking on a panel focused on the economic and political ripple effects of the conflict, Al Zeyoudi detailed a series of immediate measures taken by the UAE, including activating alternative trade corridors through Fujairah and Khorfakkan, launching air freight bridges for critical pharmaceutical and food cargo, establishing a Green Corridor with Oman, and creating a new Sharjah–Dammam trade bridge. He also highlighted an AED1 billion economic support fund aimed at business continuity and targeted SME relief, alongside a five-pillar financial resilience package launched by the Central Bank to maintain liquidity and credit flows.
What’s Next?
Al Zeyoudi said the conflict has accelerated infrastructure and logistics plans already underway, while reaffirming that the UAE’s long-term trade strategy remains intact, with its CEPA programme and diversified trade network continuing to position the country as a bridge between Gulf, African, and Asian markets.
Mubadala raises nearly $2 billion from GlobalFoundries share sale
What Is It About?
Abu Dhabi sovereign investor Mubadala Investment Company has raised nearly $2 billion after selling 22 million shares in semiconductor manufacturer GlobalFoundries. The shares were sold in a block trade on May 26 at $89.96 each, according to a filing with the US Securities and Exchange Commission. The transaction was brokered by Morgan Stanley. Despite the sale, Mubadala continues to hold around 73 percent of GlobalFoundries and remains committed to the company’s long-term strategy, according to statements cited by Bloomberg.
Why It Matters?
GlobalFoundries shares recovered during trading following the sale and closed at the same $89.96 price after initially dropping nearly 7 percent. The chipmaker recently reported preliminary first-quarter 2026 results showing revenue up 3 percent year-on-year to $1.6 billion, while net income fell 60 percent to $104 million.
What’s Next?
This is Mubadala’s latest monetisation of its GlobalFoundries stake, following a $950 million share sale in 2024, two years after the company listed on Nasdaq. Mubadala manages a portfolio worth $385 billion across six continents, spanning sectors including technology, healthcare, infrastructure and private equity. Its assets under management increased by nearly 20 percent in 2025, reflecting continued expansion across global markets.
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👨💻From Smashi Business’ Desk
Exclusive: Bezos’ $38 Billion “Project Prometheus” AI Play, Which Has a Quiet Gulf Angle
The Gulf box office is telling a bigger story than just the strong debut of Michael.
Saudi Arabia’s first Hollywood-scale blockbuster Desert Warrior has opened modestly at the US box office.
Despite a market cap of just $15.7 million — well below Nasdaq’s $35 million threshold — Swvl Holdings Corp is not on the brink of delisting.
UK universities under fire after reports of £440k spent spying on pro-Palestine student activity
🔍In other news…
Saudi Arabia's Aramco exits Malaysian refinery venture with Petronas
Oman’s Eid trade with UAE fired up by Hormuz disruption
Bahrain’s Mumtalakat sees earnings jump 87% in 2025
Egypt launches first aerial mining survey in more than 40 years as it seeks investment
Alec Holdings secures $1.7bn construction contract for Sphere Abu Dhabi
🦄 World of Startups
Dubai gifting marketplace Udora secures $10M
Saudi fashion platform Aya secures $7m to scale real time production
Jordan-based Tamatem has acquired Istanbul-founded Playable Factory, strengthening its push into performance marketing and user acquisition.
Egypt’s Lucky Raises USD 23M Series B. Its Consumer Credit Model is Expanding Into North Africa
“We Got Funded!” Maison Safqa Raises US$620,000 in Pre-Seed Funding to Expand Luxury Flash-Sale Platform Across GCC
Via Separations, US-based deeptech startup, raised $36M in funding from Aramco Ventures (Saudi), and other global investors.
