1/ Nearly five months into the Hormuz crisis, with the US naval blockade still in force and Houthi strikes hitting near Saudi’s Jizan refinery, MENA deal-making and diplomacy kept moving regardless.
2/ BMI’s July 20 update pushed the region deeper into contraction: MENA GDP now seen shrinking 0.7% in 2026, rebounding 6.5% in 2027, contingent on Hormuz reopening. Oman leads GCC growth (3.1%) via its bypass route; Iraq, Qatar, Kuwait, and Bahrain are now in contraction.
3/ 🇸🇦 Saudi Arabia: Signed a civil nuclear cooperation deal with the US on July 23, a “decades-long, multibillion-dollar partnership.” A day later, Trump said it barred enrichment and was contingent on Saudi joining the Abraham Accords.
4/ 🇮🇶 Iraq: PM Al-Zaidi’s Washington visit yielded ~$200bn in oil and gas deals (Chevron, Halliburton, HKN Energy), plus new Ceyhan and Baniyas pipeline routes to cut Hormuz dependence after exports fell from 4.2m to 1.45m bpd.
5/ 🇦🇪 UAE: Launched globally-accepted Jaywan co-badged cards, rolled out a 5-year multi-entry tourist visa, and crossed 1,000 registered aircraft for the first time, continued growth in trade and travel infrastructure.
6/ 🇴🇲 Oman: An Egyptian consortium signed a $6bn EPC framework deal, adding to Oman’s run as the GCC economy best insulated from the Hormuz shock.