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Some $35bn worth of potential deals were announced during the Omani leader’s two-day state visit to neighbouring UAE, with the project to develop a rail link between Sohar port and Abu Dhabi now officially up and running – and among measures that could help improve previously sometimes strained relations.

Sheikh Mohammed Bin Maktoum Bin Juma Al-Maktoum’s private office Alpha MBM Investments has aligned with Abu Dhabi-based Venom Blockchain to develop central bank digital currencies and stablecoins in Uganda, Somalia and Central African Republic, as the ambitious junior member of Dubai’s ruling family and interests in Abu Dhabi move further into African business.

The volume of seizures of the amphetamine-like stimulant Captagon by Saudi border guards appears to have dropped sharply over the past year – it could be a sign the diplomatic rapprochement with Syria (the main source of the illegal drug) is bearing fruit, or it may just be that the authorities are being less transparent.

Distantly related to Dubai Ruler Sheikh Mohammed Bin Rashid, Sheikh Ali announced plans to set up a $500m family office in the Chinese territory in March, but that now appears to have been pushed back until late May. 

Dubai’s transport sector was badly affected as more than one year’s worth of rain fell in a day across the UAE, leaving a clean-up operation that is likely to be expensive, although the authorities are trying to shield locals from much of the initial cost.

Abu Dhabi sovereign wealth fund ADQ is buying a 49% stake in Alpha Dhabi Construction Holding, following a major real estate deal involving ADQ and IHC, another part of national security adviser Sheikh Tahnoun Bin Zayed’s business empire.

The G42 artificial intelligence company chaired by UAE national security adviser Sheikh Tahnoun Bin Zayed Al-Nahyan has raised funds from the US tech giant in return for an unspecified shareholding and a seat on the board.

A fund owned by Abu Dhabi conglomerate Chimera Investments’ Lunate has acquired a 40% stake in Adnoc Oil Pipelines from private equity giants BlackRock and KKR, in a move to take overwhelming control of a strategic local asset.

UAE national security advisor Sheikh Tahnoun Bin Zayed Al-Nahyan (TBZ) controls a $1trn-plus investment empire that, mixing private and public funds, is in full expansion mode. Although now widely commented on, the structure of Tahnoun’s business empire and the identities of those individuals who work most closely with TBZ often remain opaque, as is the nature of financial links with his powerful Bani Fatima brothers.

The Saudi government is reportedly scaling back its ambitions for some vastly expensive megaprojects, such as The Line linear city in Neom, in a sign that Riyadh is still struggling to attract the amount of foreign direct investment needed to underpin Crown Prince Mohammed Bin Salman’s long-term economic reform agenda, while the UAE leads rivals in drawing in FDI.

Commerce and industry minister Sheikh Mohammed Bin Hamad Al-Thani has been appointed to chair Qatar’s free zones regulator, replacing Ahmed Al-Sayed who had led QFZA for more than seven years.

A deal between Abu Dhabi giant Adnoc and UK major BP to co-invest in Egyptian gas assets highlights how wealthy Gulf national oil companies are seeking lower-carbon expansion opportunities across Africa, with actors from Qatar and Kuwait also among those on the hunt.

Kuwait stands out in the region for its relatively open political system, which includes a freely-elected parliament that often clashes with a government appointed by the ruling Al-Sabahs. As a small state with vast oil wealth, it was a pioneer in establishing a sovereign wealth fund, but these days its economy lags behind its more commercially adept neighbours. The perennial stand-off between the executive and legislature often leads to policy gridlock, with neither side able to provide the bold leadership Kuwait needs to forge ahead

The Bahraini sovereign wealth fund will fold its existing agriculture assets into the new body, as part of efforts to improve food security

The merger of Abu Dhabi-listed Bayanat AI and satellite operator Yahsat to form Space42 is set to go ahead, with the UAE national security adviser holding 50% of the combined group. Another vehicle in Tahnoun Bin Zayed’s stable, Group 42, is setting up an AI investment company with Mubadala called MGX