Business from Sunday, May 3rd, 2026
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OPEC+ agrees third oil output quota hike since Hormuz closure
OPEC+ agreed on Sunday a modest oil output hike for June, an increase that will remain largely on paper as long as the Iran war continues to disrupt Gulf oil supplies through the Strait of Hormuz.
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ADNOC to award AED200 billion in projects to advance growth strategy
ADNOC announced on Sunday plans to award contracts worth AED200 billion over the next three years, as part of efforts to expand production capacity and strengthen the UAE’s industrial base.
News
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UAE President marks Armed Forces unification anniversary with message of strength, unityIn a statement marking the 50th anniversary of the unification of the UAE Armed Forces, President His Highness Sheikh Mohamed bin Zayed Al Nahyan said the nation’s strength lies in its military, the unity of its society and the resilience of its development model.
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UAE air defences respond to missile, drone threatsThe UAE’s air defence systems are responding to incoming missile and drone threats from Iran.
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Gulf leaders condemn Iranian attacks in call with UAE President
Leaders of Saudi Arabia, Qatar and Bahrain have expressed their strong condemnation of the Iranian attacks during separate calls with UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan.
