Gulf

1. EU probes ADNOC deal
2. Israel’s US support wanes
3. Space42 to map Africa
4. Saudi remittances surge
5. Gulf’s new streaming bundle

Data centers, in space.

ADNOC $14B deal faces EU scrutiny

The EU will investigate Abu Dhabi National Oil Co.’s planned $14 billion takeover of German chemical company Covestro, a move that may hamper other Gulf investment plans in Europe. Regulators said the probe stems from concerns that state support for ADNOC could distort competition in the bloc’s market. ADNOC has been working on the deal for two years and sees it as central to its strategy to expand in chemicals and extract more value from hydrocarbons. The company has contested the EU’s accusation.

Launched under rules enacted in 2023, the probe marks a tougher stance on foreign government-backed acquisitions and could deter other Gulf investors if too many obstacles are placed on the deal. The EU’s move contrasts with that of the US, which aims to attract more foreign capital under the America First Investment Policy.

Following US President Donald Trump’s trip to the region in May, the Committee on Foreign Investment in the United States said it was working on a fast-track process for approving investments by allied nations — addressing a common complaint from Gulf state-backed firms about regulatory delays.

Arab hopes rise as US sours on Israel

The US consensus on Israel is showing cracks, providing a potential opening for initiatives like French-Saudi efforts to recognize a Palestinian state. Some of Israel’s allies are becoming critics. President Donald Trump contradicted Israeli Prime Minister Benjamin Netanyahu over starvation in Gaza, and US public approval of Israel’s war with Hamas has plunged, according to Gallup.

Netanyahu’s favorability rating among American adults is lower than at any point since 1997. In New York, Democratic voters backed Zohran Mamdani’s pro-Palestinian stance, a data point that confirms other polling showing a gap between voters and party leaders on US support for Israel, Semafor’s David Weigel reports.

Still, Israel’s influence in Washington remains strong. American Israel Public Affairs Committee-backed Democrats overwhelmingly won their primary races, and anti-Israel candidates lost in the last election, an AIPAC spokesman said.

UAE firm leads Africa mapping project

Abu Dhabi-based Space42, Microsoft, and US mapping software company Esri are deploying satellites and artificial intelligence to create a comprehensive digital map of Africa. The five-year project aims to map 54 countries — home to more than 1.4 billion people — which suffer from data gaps that the companies say hinder infrastructure development, investment, and planning. Space42 will provide satellite data and fundraising, as well as develop digital twin models to produce the maps. Microsoft is supplying the cloud infrastructure and AI tools, while Esri is overseeing the map production process.

The initiative aims to support logistics, renewable energy, and urban planning, and provide maps to help governments monitor borders, manage natural resources, and coordinate emergency responses. The UAE was Africa’s largest foreign investor last year, with $44 billion committed in 2024, nearly matching the combined investments of the UK and China.

Remittances from Saudi Arabia surge

The amount that expatriate workers in Saudi Arabia sent out of the country in May, an increase of 21% compared with a year earlier. The rise in remittances comes as Saudi Arabia attracts more skilled professionals to help with its economic diversification plans, while still drawing large numbers of construction workers. More than 1 million expatriates have joined the Saudi labor force over the past year. Saudi citizens are also sending more money abroad: international transfers rose 13% to almost $8 billion in the first five months of 2025 compared to the same period a year earlier, according to central bank data.

Netflix, Shahid launch streaming bundle

Netflix and MBC Group’s Shahid are launching the Middle East’s first joint streaming subscription, aiming to capture each other’s audiences. Shahid leads the Middle East’s $1 billion streaming market with a 22% share, according to research firm Omdia, and is the go-to for new Arabic dramas and MBC classics popular with older viewers. Netflix is ranked third with 17%, far ahead of international rivals like Amazon Prime and Disney+, which each have about 5% of the market. The bundle costs subscribers about 20% less than paying for both services separately. Saudi Arabia’s Public Investment Fund owns a 54% stake in MBC, which it acquired last year for around $2 billion.

Courts

• The UAE has launched a federal bankruptcy court to handle corporate insolvencies, a move lawyers said could encourage investors and entrepreneurs because it will improve companies’ ability to restructure debt and can also aid in recovery of unpaid loans. — The National

Economy

• The International Monetary Fund raised its growth forecast for Saudi Arabia, and the world, on lower-than-expected tariff rates and a weaker US dollar. The kingdom also benefited from oil trading above previous projections, prompting the IMF to increase Saudi Arabia’s growth outlook by 0.6 percentage points to 3.6% this year.

Energy transition

• Oman is planning another green hydrogen plant. Geneva-based Hynat is considering a project in the Port of Sohar’s free zone, one of the main terminals for proposed hydrogen exports to the EU. Oman aims to become the world’s sixth-largest exporter of the fuel by 2030. — AGBI

Sports

• Athletes in Saudi looking for something more challenging than triathlons on stationary bikes and resort pools in AlUla may soon have a new option. PIF-backed SURJ Sports Investment led a $40 million funding round for Professional Triathletes Organisation, which aims to broaden race formats and hold events in the kingdom. The kingdom is spending billions on global sports, notably in soccer, boxing, gaming, and golf. — Reuters

An Abu Dhabi firm wants to put data centers in space. Madari Space plans its first mission in the third quarter of 2026, its CEO Shareef Al Romaithi told Bloomberg’s Joumanna Bercetche. The proposed data centers will operate in low Earth orbit and primarily provide compute for artificial intelligence models processing data generated in space. They could also be used by countries and companies looking to store data securely outside their territory. Al Romaithi said his company couldn’t have existed even a decade ago, but the significant decline in satellite launch costs has made data centers in space both feasible and essential for deeper space exploration.

The Trump administration is easing off its tough-on-China approach to technology export controls as it searches for leverage in trade talks and looks to propel US dominance on artificial intelligence, Semafor’s Morgan Chalfant and Burgess Everett wrote.

The administration is debating whether to scrap its plans to replace a Biden-era rule rescinded in May that set up a global framework for export controls designed to prevent US-designed AI technology like chips from flowing to China or Russia, two industry sources told Semafor.