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Elon Musk’s SpaceX lays out IPO details, targets early June roadshow

IPO aims to raise $75 billion, valuing SpaceX up to $1.75 trillion

Reuters
Reuters

07 April, 2026

Elon Musk’s SpaceX lays out IPO details, targets early June roadshow
Image: Getty Images

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SpaceX outlined details of its highly anticipated IPO at a meeting with its team of bankers Monday night, telling them it plans to earmark a large portion of shares for retail investors and will host 1,500 of them at an event in June following the IPO roadshow launch, according to two people familiar with the matter.

“Retail is going to be a critical part of this and a bigger part than any IPO in history,” Chief Financial Officer Bret Johnsen said during the virtual meeting, the two people said, asking not to be identified because the discussion was private.

Johnsen said the large retail component is by design as “those are folks that have been incredibly supportive of us and of Elon (Musk) for a long time, and we want to make sure that we recognise that.”

Reuters reported last month that SpaceX is rewriting the IPO playbook with a large retail portion in the offering.

The meeting brought together the full syndicate for the first time as part of the process for what is expected to be the biggest initial public offering ever as the rocket maker seeks to raise $75bn, valuing SpaceX at as much as $1.75tn, Reuters has previously reported.

The Elon Musk-led company plans to launch its roadshow the week of June 8, when executives and bankers will pitch the IPO to investors, the people said. About 125 financial analysts from the 21 banks on the deal are scheduled to meet with the company the day before, they added.

On June 11, SpaceX plans to host 1,500 retail investors at what the people described as a major investor event. In addition to the US, everyday retail investors in the UK, EU, Australia, Canada, Japan and Korea would have the opportunity to participate in the offering, the people added.

One of SpaceX‘s lead underwriters told the group of 21 investment banks the retail demand and allocation will be something they’ve “never seen before,” the two people said.

The structure of the deal and precise amount of the retail allocation are expected to be finalised closer to the IPO launch, they said.

Reuters previously reported that founder Elon Musk wanted to set aside up to 30 per cent of the company’s shares for smaller investors, compared with 5 to 10 per cent for most companies.

The company plans to make its IPO prospectus public in late May, they said.

SpaceX did not immediately respond to a request for comment.

Morgan Stanley, Bank of America, Citigroup, JP Morgan and Goldman Sachs are leading the deal as active bookrunners, with 16 other banks in smaller roles spanning institutional, retail and international channels, Reuters previously reported.

The $1.75tn target represents a significant step up from the $1.25 trillion combined valuation set when SpaceX merged with Musk’s artificial intelligence startup xAI in February.

Typically, SpaceX’s roughly twice-yearly tender offers — in which employees and investors are able to sell their existing shares, allowing them to cash out from a company that has remained private for nearly 25 years — have served as the primary valuation anchor. The most recent, in December 2025, valued the company at $800bn, before the merger with xAI.

Elon Musk, chief executive officer of Tesla Inc., during the US-Saudi Investment Forum at the Kennedy Center in Washington, DC, US, on Wednesday, Nov. 19, 2025. The US-Saudi Investment Forum 2025 brings together visionaries, leaders, and changemakers shaping the future of global investment. Photographer: Stefani Reynolds/Bloomberg via Getty Images

Iran rejects ceasefire as Trump ramps up threats ahead of deadline

Trump threatens to attack civilian infrastructure if Iran fails to meet Tuesday deadline

Reuters
Reuters

06 April, 2026

Iran rejects ceasefire as Trump ramps up threats ahead of deadline

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Article Summary
Iran has rejected a temporary ceasefire, demanding a lasting resolution with ten clauses, including regional peace, safe passage through the Strait of Hormuz, sanctions relief, and reconstruction.

Iran said on Monday it wanted a lasting end to the war with the US and Israel, and pushed back against pressure to reopen the Strait of Hormuz, while US President Donald Trump warned the country could be “taken out” if it did not meet his Tuesday night deadline to reach a deal.

Responding to a US proposal through mediator Pakistan, Tehran rejected a ceasefire and said a permanent end to the war was necessary, the official IRNA news agency reported.

Read more: This is Iran’s 10-point proposal to end the war

The Iranian response consisted of 10 clauses, including an end to conflicts in the region, a protocol for safe passage through the Strait of Hormuz, lifting of sanctions and reconstruction, the agency added.

The Pakistani-brokered framework for ending the war proposed an immediate ceasefire, followed by talks on a broader peace settlement to be concluded within 15 to 20 days, a source aware of the proposals said.

Trump, who has threatened to rain “hell” on Tehran if it did not make a deal by 8 p.m. EDT Tuesday (midnight GMT) to open the Strait of Hormuz, a vital route for global energy supplies, rejected the Iranian response and said his deadline was final.

At a news conference, Trump said Iran could be “taken out” in one night “and that night might be tomorrow night,” referring to Tuesday. He vowed to destroy Iranian power plants and bridges, brushing off concerns that such actions would be a war crime or alienate Iran’s 93 million people.

Without an agreement with Tehran, Trump said “every bridge in Iran will be decimated” by midnight EDT (0400 GMT) on Wednesday and “every power plant in Iran will be out of business, burning, exploding, and never to be used again.”

Date revealed: When does Saudi and Russia visa-free travel begin?

The ministry emphasised that the arrangement does not extend to work, study, residency, or Hajj

Gulf Business
Gulf Business

06 April, 2026

Date revealed: When does Saudi and Russia visa-free travel begin?

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Article Summary
Saudi Arabia and Russia will introduce visa-free travel for tourism, business, and family visits from May 11th. Citizens can stay for up to 90 days per year without a visa. This agreement, announced in December 2025, excludes work, study, residency, and Hajj pilgrimages, requiring appropriate visas for these activities.

Saudi Arabia and Russia will implement visa-free travel starting May 11, the Ministry of Foreign Affairs announced Monday.

The deal, first revealed on Dec. 1, 2025, allows citizens of both countries to visit each other without a visa, the Saudi Gazette reported.

Travellers can remain for up to 90 days, either continuously or intermittently, within a single year. The exemption covers tourism, business, and family visits.

The ministry emphasised that the arrangement does not extend to work, study, residency, or Hajj. “Visitors must obtain appropriate visas for these purposes,” officials said.

KEZAD attracts Dhs147m investment in five new projects

The projects will span more than 84,000 sqm and are expected to generate around 500 jobs

Rajiv Pillai
Rajiv Pillai

06 April, 2026

KEZAD attracts Dhs147m investment in five new projects
Image courtesy: Kezad Group

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KEZAD Group has secured five new industrial and logistics projects across KEZAD Al Ain and KEZAD Al Ma’mourah, with total investments of Dhs147m ($40m), reinforcing demand for industrial infrastructure in Abu Dhabi.

The projects will span more than 84,000 sqm and are expected to generate around 500 jobs, adding to the emirate’s growing industrial and logistics base, WAM reported.

The new investments include facilities across multiple sectors, such as an oilfield chemicals blending plant by Haber/Elixir, a car cleaning products manufacturing unit by Grand Line Industries, and a metal forming and coating facility by Precent Enterprises Metals Coating.

Additional projects include Unibal Group Investment’s second industrial and logistics development in Abu Dhabi — and its first in KEZAD Al Ain — alongside a large-scale warehousing project by Al Lul Transport & General Contracting in KEZAD Al Ma’mourah.

Four of the projects are located in KEZAD Al Ain, accounting for AED47m in investment, over 37,400 sqm of space and approximately 200 jobs. The fifth project, in KEZAD Al Ma’mourah, represents AED100m in investment, more than 46,500 sqm and around 300 jobs.

Abdullah Al Hameli, chief executive officer, Economic Cities & Free Zones at AD Ports Group, said: “These new projects reflect steady demand for industrial and logistics assets that support real economic activity in Abu Dhabi. The combined scale of investment, the diversity of sectors involved, and the 500 jobs these projects are expected to create are the highlights of these projects. This is the kind of growth that strengthens Abu Dhabi’s industrial base in practical terms, adding production capability, warehousing capacity, and long-term value across the wider trade ecosystem.”

The latest agreements build on strong momentum for KEZAD, which recorded 73.6 sq km of leased land in 2025, including 3.3 sq km of new leases. Industrial and manufacturing activity accounted for 67 per cent of total land leases during the year.

The Economic Cities & Free Zones cluster of AD Ports Group, which includes KEZAD, reported Dhs2.87bn in revenue in 2025, up 45 per cent year-on-year.

KEZAD also expanded its logistics infrastructure, delivering 146,000 sqm of new warehouse capacity last year while maintaining a high occupancy rate of 91 per cent, underscoring sustained demand despite additional supply.

The group continues to develop specialised industrial hubs, including Metal Park, Rahayel Auto and Mobility City, Agtech Park and Abu Dhabi Food Hub, as it broadens its offering across key sectors.

Read: Emirates Global Aluminium says its KEZAD site damaged amid Iranian attacks

Loaded Qatar LNG vessels retreat after nearing Strait of Hormuz

Had the vessels successfully crossed the strait, it would have been the first transit of LNG cargoes through the waterway since the US-Israel conflict with Iran began on February 28

Reuters
Reuters

06 April, 2026

Loaded Qatar LNG vessels retreat after nearing Strait of Hormuz

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Two vessels loaded with liquefied natural gas (LNG) from Ras Laffan, Qatar, turned back after they moved eastward towards the Strait of Hormuz, ship-tracking data showed on Monday.

Had the vessels successfully crossed the strait, it would have been the first transit of LNG cargoes through the waterway since the US-Israel conflict with Iran began on February 28.

Data from analytics firms Kpler and LSEG showed the vessels, Al Daayen and Rasheeda, loaded their cargoes in late February. The data also indicated that the Al Daayen tanker was signalling for China at the moment.

Read-Anwar Gargash: Hormuz passage must be guaranteed in any US-Iran deal

Additionally, Kpler data showed both tankers as controlled by QatarEnergy.

QatarEnergy did not immediately respond to a Reuters request for comment.

Previously, a Japanese LNG tanker, the Sohar LNG, managed to cross the strait, its joint owner Mitsui OSK. Lines said on Friday. The tanker, however, was empty, and a company spokesperson declined to disclose when the passage took place or whether any negotiations were involved.

It has been more than five weeks since the US and Israel began striking Iran in a conflict that has killed thousands and damaged economies by driving up oil prices, with tanker traffic through the Strait of Hormuz choked by the fighting and retaliatory attacks on a route that carries about a fifth of global oil and LNG flows.

Qatar is the world’s second-largest exporter of LNG, with shipments mostly going to buyers in Asia. Iranian attacks, however, knocked out 17 per cent of Qatar’s LNG export capacity, with repairs expected to sideline 12.8 million tonnes per year of the fuel for three to five years.

New weight-loss pill lands in UAE: Here’s what you need to know

Unlike traditional injectable GLP-1 therapies, the drug is a small molecule, non-peptide pill taken once daily, with no restrictions on food, water, or timing

Nida Sohail
Nida Sohail

06 April, 2026

New weight-loss pill lands in UAE: Here’s what you need to know

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Article Summary
Metabolic will be the first organisation outside the US to offer Eli Lilly’s new oral GLP-1 therapy, Foundayo, in the UAE. This provides a more accessible, convenient maintenance option for patients transitioning from injectable treatments. Metabolic integrates Foundayo into its structured programme, combining medication, monitoring, and support for long-term weight management and improved patient outcomes.

The UAE is positioning itself at the forefront of global healthcare innovation following the approval and early rollout of a groundbreaking oral treatment for chronic weight management, offering new hope to millions living with obesity.

Metabolic (formerly GluCare.Health) announced it will provide early access to Eli Lilly’s newly approved oral GLP-1 therapy, Foundayo (orforglipron), shortly after receiving approval from the US Food and Drug Administration (FDA). The move makes Metabolic the first provider outside the US to offer the treatment, highlighting both its strategic partnership with Eli Lilly and the UAE’s growing status as a hub for advanced medical therapies.

The development comes just days after the Emirates Drug Establishment (EDE) formally approved Foundayo on April 3, making the UAE the second country globally to register the innovative drug.

Read more-Rising health insurance premiums in the UAE: What you need to know now

Foundayo represents a major leap forward in obesity care. Unlike traditional injectable GLP-1 therapies, the drug is a small molecule, non-peptide pill taken once daily, with no restrictions on food, water, or timing.

This shift from injections to an oral format is expected to dramatically improve accessibility and patient adherence, particularly among those hesitant about needles or long-term injectable treatments.

“By eliminating injection fatigue and reducing needle-related hesitation, Foundayo fits seamlessly into daily routines and travel,” said Dr Ihsan Almarzooqi, co-founder and MD of Metabolic. “This makes the treatment psychologically and practically easier for many patients, while still delivering meaningful weight loss.”

Clinical trials have already demonstrated promising results, with participants receiving the highest dose achieving an average weight loss of 12.4 per cent when combined with lifestyle modifications.

UAE among first to approve innovative therapy

The Emirates Drug Establishment’s swift approval underscores the country’s commitment to accelerating access to cutting-edge treatments.

Dr Fatima Al Kaabi, director-general of the Emirates Drug Establishment, described the approval as a milestone moment. “The UAE’s approval of Orforglipron, being the second country in the world, is a significant step demonstrating the nation’s commitment to adopting the latest pharmaceutical innovations, particularly for people living with obesity,” she said.

Al Kaabi emphasised that the move aligns with national strategies to build a sustainable, innovation-driven pharmaceutical ecosystem while ensuring patients gain rapid access to high-quality therapies, a WAM report said.

She added: “The establishment is committed to supporting an integrated and sustainable pharmaceutical ecosystem based on innovation and strengthened collaboration with its partners across the pharmaceutical sector. We will continue to operate according to the highest global regulatory standards to ensure the availability of high-quality treatments within accelerated timeframes.”

Bridging a critical gap in long-term weight management

While GLP-1 therapies have transformed obesity treatment in recent years, maintaining weight loss after stopping medication remains a major challenge.

Metabolic is positioning Foundayo as a key solution to this issue by integrating it into structured, medically supervised care pathways, particularly for patients transitioning off injectable treatments.

“Obesity is a chronic, multifaceted disease, and meaningful outcomes require more than initial weight loss,” Dr Almarzooqi explained.

“Real-world evidence shows most patients struggle to maintain weight loss after intensive injectable therapy, with up to 70 per cent regaining weight after stopping GLP-1s.”

To address this, Metabolic has developed protocols involving microdosing and gradual down-titration strategies, designed to prevent weight regain.

“Without structured maintenance, which is often absent in traditional care, patients frequently drift back to baseline,” he noted.

The introduction of Foundayo provides what clinicians describe as a critical “off-ramp,” allowing patients to transition from intensive treatment phases into sustainable, long-term management.

A holistic, data-driven approach to care

Metabolic’s model goes beyond medication, combining pharmacological treatment with continuous monitoring and behavioral support to improve long-term outcomes.

According to the company’s 2025 Outcomes Report, 52.2 per cent of patients lost more than 10 per cent of their body weight after 12 months, while also preserving muscle mass more effectively than conventional approaches.

“This is significant because most patients treated with prescription-only approaches regain weight and may experience muscle loss,” Dr Almarzooqi said. “Obesity is a complex metabolic disease, not a willpower issue or cosmetic concern.”

The program incorporates:

  • Monthly GLP-1 dose adjustments based on real-time metabolic data
  • Continuous engagement across nutrition, behavioral, and clinical care
  • Frequent patient touch points throughout the year
  • Advanced data tracking and quarterly health assessments

This integrated approach aligns with global research showing that structured, ongoing engagement significantly improves treatment outcomes.

Expanding access to innovation in the UAE

The approval and rollout of Foundayo also reflect broader national efforts to strengthen healthcare delivery and innovation.

Eli Lilly’s regional leadership highlighted the importance of expanding treatment options for patients.

Roberta Marinelli, president and general manager for Eli Lilly, META Hub, said the therapy represents a meaningful addition to obesity care.

“The new once-daily oral treatment provides an additional option for people living with obesity, supporting disease management approaches,” she said, noting that availability in the UAE will allow eligible patients to benefit from the latest advancements.

Health authorities have also stressed the urgency of tackling obesity due to its strong links to serious health conditions, including type 2 diabetes, hypertension, and multiple forms of cancer.

With the integration of oral GLP-1 therapies into structured care models, experts believe the UAE is setting a new benchmark for obesity treatment in the region.

Metabolic, an ICHOM-certified provider, says its approach ensures adherence to internationally recognized outcome standards while prioritizing patient-centered care.

“Foundayo is a hugely important addition to our toolbox,” Dr Almarzooqi said. “When combined with structured care and continuous engagement, it enables patients to preserve their progress and achieve sustained outcomes, raising the standard for obesity management in the region.”

The treatment is expected to become available to eligible patients starting May 2026, with initial supplies arriving in the first week of the month.

As healthcare systems worldwide grapple with rising obesity rates, the UAE’s rapid adoption of innovative therapies like Foundayo signals a proactive approach, one that could reshape how chronic weight conditions are treated for years to come.

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Elon Musk’s SpaceX lays out IPO details, targets early June roadshow