Gulf

1. Aramco targets India
2. Israel’s ‘Qatargate’
3. Sentencing in rabbi killing
4. Tesla to launch in Saudi
5. Luxury watch boom
6. Bumper Eid travel

Islamic empires’ most valuable swords.

Aramco eyes Indian refinery deals

Saudi Aramco is considering investing in two planned refineries in India, as the world’s biggest crude exporter seeks to cement its foothold in the third-largest oil market. The move, reported by Reuters, comes as India plans to expand its refining capacity and Saudi’s share of Indian imports decline, shifting to cheaper, sanctioned, Russian crude. Aramco is reportedly committing to supply a specific volume of crude to the new refineries, but Indian officials said they want more flexibility on where to source the oil. A deal could be finalized this year, according to the outlet.

Aramco has been ramping up international investments in an effort to control the distribution of its oil and lubricants. Last month, it acquired a Peruvian fuel distributor, after making investments in gas station chains in Chile, Pakistan, and the Philippines.

The oil industry is having a moment as the push to phase out fossil fuels loses momentum, power demand grows, and geopolitical risks increase: “We can all feel the winds of history in our industry’s sails again,” Aramco’s CEO Amin Nasser said in March.

Israel rocked by its ‘Qatargate’

Qatar has long faced scrutiny in regional and international media, and Israeli outlets are the latest to attach a “gate” to the gas-rich nation. This particular “Qatargate” refers to allegations that Doha paid advisers to Israeli Prime Minister Benjamin Netanyahu to improve the Gulf state’s image in the country. The arrangement was reportedly uncovered by Israel’s domestic intelligence agency, contributing to Netanyahu’s decision to fire its chief — a decision that sparked protests and a High Court of Justice hearing set for April 8. Qatar has not commented on the developments.

Public evidence remains scarce, but the war of narratives in Israel is on. One specific allegation is that a Netanyahu aide arranged interviews for The Jerusalem Post’s editor-in-chief on leading Israeli news programs after his visit to Doha last year, according to a detailed report — which was sharply critical of Qatar — by Jewish Insider.

UAE death sentences over rabbi murder

The UAE sentenced three people to death for the murder of an Israeli Moldovan rabbi who was killed in the country in November. The Uzbek nationals were arrested in Turkey and brought back to the UAE, while a fourth person received a life sentence for aiding in the killing of Zvi Kogan. The 28-year-old victim — who ran a kosher grocery store in Dubai, and who was a member of the Chabad branch of Orthodox Judaism — died in what Israel at the time called an “antisemitic act of terror.” He had worked to establish a community for Jews in the UAE after it normalized ties with Israel as part of the 2020 Abraham Accords.

Tesla takes on the Saudi market

Tesla will soon start selling its cars in Saudi Arabia, with a launch event set for April 10 in Riyadh. The electric carmaker will showcase its self-driving Cybercab and humanoid robot Optimus — both still under development — alongside its existing lineup. Tesla is likely to face stiff competition from EV makers Lucid and Ceer, both backed by the Saudi government’s Public Investment Fund, as well as the growing list of options from Chinese EV makers. In Europe, Tesla sales have cratered amid opposition to Musk’s role in the Trump administration; the carmaker will be hoping Saudi drivers are less swayed by US politics.

Hadi Badri, CEO, Dubai Economic Development Corporation, will join top global leaders at Semafor’s 2025 World Economy Summit, taking place April 23-25, 2025, in Washington, DC. As the first major gathering since the new US administration took office, the summit will feature on-the-record discussions with more than 100 CEOs.

Bringing together leaders from both the public and private sectors — including congressional leaders and global finance ministers — the three-day summit will explore the forces shaping the global economy and geopolitics. Across 12 sessions, it will foster transformative, news-making conversations on how the world’s decision-makers are tackling economic growth in increasingly uncertain times.

April 23-25, 2025 | Washington, DC | Learn More

No ceiling for Gulf’s luxury watch market

Time is most definitely money in the Gulf, where the market for luxury watches is booming. Swiss watchmakers saw their revenues decline globally last year, but in the Middle East sales were up more than 50%, fuelled by wealthy local collectors and expats with high tax-free salaries. Luxury brands like Breguet, Jacob & Co., and Vacheron Constantin are highly sought after, with timepieces selling for hundreds of thousands of dollars each — and often more on the secondhand market, Bloomberg reported. It has provided a timely boost for the industry, which saw sales in China slump by a quarter last year. To keep Middle East collectors buying, some watchmakers are developing pieces with a more local flavor, from Arabic numbering to oil-themed dials.

Riyadh’s surging tourism

Annual growth in the number of Eid al-Fitr bookings to Saudi Arabia, according to travel website halalbooking. The kingdom is now the second-most popular destination for Gulf travelers this year, behind only Turkey, a company executive told AGBI, with visitors primarily targeting the religious cities of Mecca and Medina, while other hubs such as Jeddah lag behind. Domestic tourism has surged in the country over recent Eid periods, Arab News noted, thanks to a sharp expansion in low-cost air travel and growing hotel capacity.

Energy

• Dubai’s Alpha MBM Investments has acquired a 60% stake in a Ugandan crude oil refinery. The 60,000-barrel-per-day facility plays a critical role as the East African country looks to modernize its energy mix. — Reuters

Risk & Diplomacy

• The US Treasury has slapped sanctions on four UAE entities, including a hardware supplier and financial intermediaries, accused of being part of Iran’s procurement network for drones as the Trump administration ramps up pressure on Tehran. — Reuters

Food

• Abu Dhabi conglomerate International Holding Company (IHC), New York-based Alpha Wave Global, and Singapore sovereign wealth fund Temasek have invested in Indian snacks. IHC and Alpha Wave together purchased a 6% stake in Haldiram Snacks Food, while Temasek bought 10%, valuing the company at $10 billion as it eyes expansion into the Middle East and US. — AGBI

Sports

• In a bit of teamwork, Qatar, the UAE, and Saudi Arabia are preparing a joint bid to host the Rugby World Cup in 2035 or 2039. World Rugby would have to change the rules to allow them to play if their national teams do not qualify. — The Times
• The NFL may kick off in Abu Dhabi. The American football league is considering a regular season game in the Emirati capital after adding the UAE to its list of international markets in a push for global growth. — NBC Sports
  

“A charming array of daggers.” This, according to Sotheby’s — along with over 100 sabers, helmets, and shields from the Islamic world’s largest empires — will be on view at the auction house’s Dubai outpost from April 7-11. The collection, amassed by the late scholar Philippe Gilles René Missillier over half a century, will then hit the auction block in London on April 29, followed by the Biannual Arts of the Islamic World & India Auction on April 30.

The 100-plus lot includes weaponry from the Safavid dynasty of Iran, the Ottoman empire, and India’s Mughal empire — spanning 500 years. The “World Capturer” sword, a blade dating back to the 17th century that once belonged to Mughal emperor Shah Jahan, is the sale’s showpiece, and is expected to fetch as much as £800,000.

A pair of US senators is warning the White House that recent US strikes on the Houthis in Yemen risk “emboldening” the Iranian-backed group.

The letter from Sens. Jeff Merkley, D-Ore., and Rand Paul, R-Ky., shared first with Semafor’s Morgan Chalfant, concerns the strikes that have made headlines recently for a different reason — top Trump administration officials’ discussion of the operation on a Signal chat that included a journalist.

The senators’ letter made no mention of the Signal debacle. Instead, Merkley and Paul raised concerns about the strikes themselves, as well as the administration’s justification, and requested a classified briefing.