Happy Monday everyone!

The clock is ticking as US President Donald Trump makes his way to the Gulf to land in Saudi Arabia, UAE and Qatar from May 13-16. And the whole business world has their eyes set on what will come out of the trip. Two of the main stories today are linked to this trip.

Donald Trump may receive a luxury Qatari jet amid delays to Air Force One, fueling headlines during his regional visit. Meanwhile, Syria is making an audacious pitch for sanctions relief, dangling a Trump Tower in Damascus and energy deals, reports Reuters. And in Riyadh, Saudi hospital operator SMC saw its $500 million IPO fully subscribed within hours, signaling investor confidence in the Kingdom’s healthcare push.

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Trump May Receive Luxury Qatari Jet Amid Air Force One Delays, ABC Reports

📰 What’s it about:

• Former U.S. President Donald Trump is reportedly set to receive a luxury Boeing 747-8 jet from Qatar’s royal family, according to ABC News.

• The aircraft, described as a super-luxury jumbo jet, could become Trump’s version of Air Force One, amid delays in Boeing’s delivery of new presidential aircraft.

• Qatar later denied the gift claim, saying the aircraft’s temporary use as Air Force One is under consideration but no final decision has been made.

• Trump had previously inspected the plane in Florida and expressed dissatisfaction with Boeing’s delays, saying his administration might "go and buy a plane."

💸 Why it matters:

• If confirmed, the jet would be one of the most valuable gifts ever accepted from a foreign government by a U.S. president.

• The move raises questions about diplomatic protocol, ethics, and legality, although Trump aides say the gift is legally permissible if routed through his presidential library.

• The situation unfolds as Trump ramps up preparations for a possible second term, and highlights his continuing tensions with Boeing over missed Air Force One deadlines.

• The aircraft was formerly used by Hamad bin Jassim bin Jaber Al Thani, a wealthy and influential member of Qatar’s ruling family.

🚀 What’s next:

• An official announcement could come during Trump’s upcoming visit to Qatar as part of his Middle East tour.

• The White House and U.S. government have not commented publicly, while Qatar’s clarification signals ongoing negotiations rather than a finalized agreement.

• If accepted, the aircraft’s transfer will be scrutinized by legal experts and political observers, especially in the context of U.S. laws governing foreign gifts.

• The situation could set a new precedent for presidential logistics and diplomacy, and potentially escalate political controversy over Trump’s ties to Gulf states.

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Markets

Syria Eyes Trump Meeting With Trump Tower, Oil Deals In Bid For Sanctions Relief: Reuters

🗞️ What It’s About

• Syrian President Ahmed al-Sharaa is seeking a face-to-face meeting with U.S. President Donald Trump during the latter’s Middle East tour.

• The pitch includes bold incentives: a Trump Tower in Damascus, normalization with Israel, and U.S. access to Syrian oil and gas.

• The effort is being led by Jonathan Bass, a U.S. pro-Trump activist who met with Sharaa for four hours on April 30 in Damascus.

• Gulf Arab states and Syrian activists are also involved in trying to broker the meeting, potentially during Trump’s stops in Saudi Arabia, Qatar, or the UAE.

• Syria has struggled under U.S. sanctions, and sees this outreach as a way to gain economic breathing room and re-enter the international fold.

💡 Why It Matters

• A Trump-Sharaa meeting would represent a historic and highly controversial shift in U.S. foreign policy.

• Sharaa remains a U.S.-designated terrorist due to his past al-Qaeda affiliations, making any official engagement deeply contentious.

• Advocates of the meeting argue that Trump’s past willingness to bypass diplomatic norms, such as meeting North Korea’s Kim Jong Un, could open the door.

• The proposed cooperation includes counterterrorism efforts, curbing Iranian influence, and regional stability, which could appeal to Washington’s strategic interests.

• Sharaa reportedly told Bass he wants to make peace with Syria’s neighbors and sees parallels between his own survival and Trump’s resilience.

🔜 What’s Next

• A direct Trump-Sharaa meeting remains unlikely, but sources say a high-level Syria-U.S. dialogue is expected to take place this week.

• No official comment has been made by the Syrian presidency, though Sharaa did speak with Saudi Crown Prince Mohammed bin Salman on Sunday.

• Observers believe the push to bypass U.S. bureaucracy and go directly to Trump is rooted in frustration with ideological roadblocks within the administration.

• The White House has yet to define a coherent Syria policy, though insiders say the focus is increasingly on counterterrorism.

• Whether the proposed meeting materializes may depend on last-minute diplomacy and Trump’s personal willingness to engage.

Saudi Hospital Operator SMC's $500 Million IPO Fully Subscribed Within Hours

🗞️ What It’s About:

• Specialized Medical Co. (SMC), a leading Saudi hospital operator, saw all shares in its $500 million IPO fully subscribed within hours of opening the books in Riyadh.

• The company is offering 75 million shares (30% stake) priced between 24 and 25 riyals ($6.40–$6.67) each, implying a valuation of nearly $1.7 billion.

• The IPO’s bookbuilding phase for institutional investors runs until May 15.

💡 Why It Matters:

• The swift demand shows strong investor appetite for healthcare assets in Saudi Arabia, which remains a priority sector under Vision 2030.

• It adds momentum to the region's IPO pipeline, even as global markets face uncertainty tied to U.S. trade policy.

• SMC joins a wave of recent healthcare IPOs in the Kingdom, including Fakeeh Hospital and Almoosa Health, which raised $763M and $450M, respectively.

🔜 What’s Next:

• SMC plans to use IPO proceeds to expand its hospital footprint, with three new facilities set to open in Riyadh’s northern districts.

• With revenue of 1.4 billion riyals and net profit of 185 million riyals in 2024, SMC’s public debut could strengthen investor confidence in the long-term growth of Saudi healthcare.

• The broader Gulf IPO pipeline remains active, with Flynas and Ejada Systems also preparing listings, and a Dubai royal family-backed REIT on the horizon.

🔍From Smashi Business’ Desk

• Women are leading the way in Saudi Arabia’s hospitality sector.

🔍In other news…

• Dubai's Global Village announces extension of Season 29.

• Dubai launches In-Country Value Programme to boost local manufacturing.

• Gold's bull run unlikely to end anytime soon, analysts say.

• Saudi Arabia bets on luxury in hotel sector as nearly 150 million tourists visit.

• AqlanX secures $10 million investment from DoxAI to launch Arabic-first enterprise AI in Middle East.

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