MBZ flew to Kuwait. CENTCOM hit 90 more targets. Hormuz is near standstill.
Brent touched $80. Gulf equities down across the board. Abu Dhabi's family office is on Wall Street's speed dial.
Friday 10 July 2026
Good morning. MBZ flew to Kuwait hours after Iranian missiles struck the kingdom. CENTCOM hit ~90 Iranian targets Wednesday night. Iran fired on US bases in Kuwait, Bahrain and Qatar. One civilian injured. Brent settled at $77.60 after touching $80. Dubai –0.8%, Abu Dhabi –0.5%, Saudi Arabia –0.4%. Hormuz is at a near standstill. War insurers advise pausing laden voyages. Islamabad is nominally still on.
A K2 Airways freighter from Sharjah is down in the Arabian Sea — five crew members are missing. Dubai Taxi closed its AED 1.5bn National Taxi deal. Dubai has the world’s first commercial vertiport. Bloomberg published a rare look inside AC Limited, MBZ’s family office.
MBZ flies to Kuwait
UAE President Sheikh Mohamed bin Zayed arrived in Kuwait for a “fraternal visit” hours after Iranian missiles and drones struck the country, meeting Emir Sheikh Meshal at Bayan Palace. The delegation included Sheikh Mansour, Sheikh Saif and Sheikh Hamdan bin Mohamed bin Zayed. It followed the UAE MoFA’s condemnation of Iran’s “flagrant violation” of Kuwaiti and Bahraini sovereignty and Gargash’s statement that Iran cannot “turn the page” while striking Gulf neighbours.
Second night of strikes; Iran hits Bahrain, Kuwait and Qatar
CENTCOM struck around 90 Iranian targets and port infrastructure Wednesday night — broader than Tuesday’s 80-target wave. Iranian officials say US strikes have killed 14 and wounded 78 across five provinces over two nights.
Iran’s IRGC targeted US bases in Kuwait, Bahrain and Qatar — a Patriot system in Kuwait, a satellite antenna in Qatar, and fuel storage in Bahrain. Kuwait intercepted four missiles (three ballistic, one cruise) and ten drones; one person was injured by debris. Sirens twice in Bahrain. Qatar declared the situation “back to normal.” Qalibaf: the Strait will open “only under Iranian arrangements.”
Khamenei buried; Mojtaba out of view
Iran buried Khamenei in Mashhad on Thursday. Mojtaba remains out of public view following injuries when his father was killed. Whether the IRGC or Pezeshkian controls Tehran’s messaging to Islamabad is what Gulf capitals are watching today.
Hormuz near standstill; insurers advise pausing voyages
Tanker traffic was near a standstill on Thursday, per Reuters. Most activity on Iranian-approved routes; the Omani corridor saw limited movement. Some war insurers advised pausing laden voyages. Iran’s IRGC Navy threatened a “crushing response” to any US attempt to direct traffic.
Brent $77.60 after $80 spike; Gulf equities down
Brent settled at $77.60 (–0.3%) after touching $80 intraday for the first time since 22 June. Dubai fell 0.8% — Emaar –1%, Emirates NBD –0.7%, Air Arabia –2%+. Abu Dhabi –0.5%, FAB –0.6%. TASI –0.4%, Al Rajhi –0.8%. Etisalat/e& –0.4% following a service outage.
Gulf Q2 earnings start next week — Emirates NBD, ADCB, FAB, DIB, DP World and Emaar — first read on the war’s toll on trade finance, tourism and Dubai residential.
Islamabad nominally still on
Pakistan is urging both sides to uphold the MoU. Mediators have reopened backchannels. Trump took the older Air Force One at NATO Ankara on Secret Service advice rather than the Qatari 747-8. Watch whether Araghchi lands and whether Qatar, UAE and Oman are in the room.
K2 Airways freighter down off Ormara; five missing
A K2 Airways 737-400 freighter flying from Sharjah to Karachi crashed into the Arabian Sea Tuesday night. Wreckage found 53 nautical miles south of Ormara after a 12-hour search. All five crew members are missing — two pilots, two engineers, and one loader. The 27-year-old aircraft had spent ten days in Sharjah awaiting a spare part. Navigation problem reported at 9:18 pm; down at 9:21 pm.
DTC closes AED 1.5bn National Taxi deal; Dubai’s first vertiport; Ajman’s AED 1.8bn plan
Dubai Taxi Company bought National Taxi for AED 1.5bn — 9,500+ vehicles, 59% of the Dubai market share, ~12% in Abu Dhabi. Dubai’s GCAA and Skyports certified VDX near DXB as the world’s first commercial vertiport; Joby Aviation flies by year-end, with three more under construction. Ajman’s AM30x30: 30 projects to 2030, AED 1.8bn, roads +43%, cycling +33%.
AC Limited: MBZ’s family office
Bloomberg’s Going Private published a rare look at AC Limited, MBZ’s family office at ICD Brookfield Place. Since last year: backed Ardian’s $30bn secondaries fund, financed the Hayfin MBO, invested in the ~$700m Uzbek national fund listing. Positions at Amazon, Microsoft, and Nvidia. Relationships with Blackstone, Carlyle, Apollo, Silver Lake, Brookfield, Fortress. CEO Ossama Khoreibi and Dae Ha are Mubadala alumni; Khaldoon Al Mubarak is on the board; Sheikh Khaled bin Mohamed oversees. AUM undisclosed; Al Nahyan fortune estimated $335bn+. One loss: lent to Rene Benko’s Signa, which collapsed in 2023. Staff get ~50% off McLarens.
Blackstone’s QTS abandons $100bn Virginia data-centre
QTS terminated the Digital Gateway project in Prince William County — 2,100 acres, $100bn — after community opposition, lawsuits and a zoning-notice technicality. Compass Datacenters pulled out in May; QTS had no partner for utility costs. Virginia has passed a data-centre energy tax; more states are threatening moratoriums. Relevant for ADQ, G42 and Mubadala deploying into US compute.
Watch this weekend
Islamabad: Whether the round opens, who attends from the Gulf.
Hormuz routing: Nakilat, QatarEnergy and ADNOC L&S routing decisions; Yanbu re-routing watch; JMIC and P&I advisories.
Gulf Q2 earnings: Emirates NBD, ADCB, FAB, DIB, DP World and Emaar.
Emirates Wire is published daily. Email steve@emirateswire.co.uk