The regional war – and resulting disruption to oil and gas shipping – has triggered a major global energy security shock that is likely to recalibrate long-term decisions on how energy is produced and consumed.

The effective closure of the Strait of Hormuz is exposing the vulnerability of Middle East supply chains and pushing import-dependent countries to strengthen energy security by expanding domestic fossil fuels, speeding up nuclear projects, and investing in renewables and storage.

At the same time, higher prices are encouraging producers unencumbered by reliance on the Strait to boost output.

Like the oil shocks of the 1970s, the conflict is likely to have lasting effects, reshaping energy policies and partnerships and accelerating diversification away from existing arrangements. Read more here. 

The conflict is also undermining the business case for Middle East liquefied natural gas (LNG) projects, as prices rise, demand drops and confidence in the reliability of the region’s suppliers is eroded. 

May’s market focus is on the UAE, where disruption from the Iran war has challenged every assumption behind the country’s non-oil model.

This edition also includes our industry report on Gulf capital markets, as well as analysis on the region’s initial public offering market.

In the latest issue, we explore why regional banks are feeling the strain despite strong buffers; consider why force majeure offers no shield against construction breaches; examine the Public Investment Fund’s 2026-30 strategy and talk to Estelle Brachlianoff, CEO of water infrastructure operator Veolia.   

We hope our valued subscribers enjoy the May 2026 issue of MEED Business Review. 

Must-read sections in the May 2026 issue of MEED Business Review include:

> AGENDA: War in the Middle East recalibrates global energy markets

> REGIONAL LNG: War undermines business case for Middle East LNG

> INTERVIEW: Desalination holds steady amid tensions, says Veolia CEO

> LEGAL: Force majeure will not cure pre-existing construction industry breaches  

> BANKS: GCC banks to feel the strain despite strong buffers

> PIF STRATEGY: Public Investment Fund approves 2026-30 strategy

> UAE MARKET FOCUS: 
> COMMENT: Conflict tests UAE diversification
> GVT &: ECONOMY: UAE economy absorbs multi-sector shock
> BANKING: UAE banks ready to weather the storm
> ATTACKS: UAE counts energy infrastructure costs
> UPSTREAM: Adnoc builds long-term oil and gas production potential
> DOWNSTREAM: Adnoc Gas to rally UAE downstream project spending
> POWER: Large-scale IPPs drive UAE power market
> WATER: UAE water investment broadens beyond desalination
> CONSTRUCTION: War casts shadow over UAE construction boom
> TRANSPORT: UAE rail momentum grows as trade routes face strain
> DATABANK: UAE GDP projection corrects on conflict

> MEED COMMENTS: 
> War takes a rising toll on Kuwait’s oil sector
> Libya budget approval could lead to surge in oil and gas projects
> Masdar’s move abroad will not be the last
> Saudi Landbridge finds its moment in Gulf turmoil

> GULF PROJECTS INDEX: Gulf index plateaus despite ceasefire

> MARCH 2026 CONTRACTS: Middle East contract awards

> ECONOMIC DATA: Data drives regional projects

> OPINION: The road to hell is paved with gold

> BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts