Oil prices climbed on Thursday after Iraqi security officials said Iranian explosive-laden boats had hit two fuel oil tankers amid other global supply disruptions from the US-Israeli war on Iran.

Brent futures rose $5.69, or 6.19 per cent, to $97.67 a barrel at 0118 GMT, and US West Texas Intermediate (WTI) crude CLc1 was up $5.11, or 5.86 per cent, to $92.36.

Two foreign tankers carrying Iraqi fuel oil were hit by unidentified attackers in Iraq’s territorial waters, causing them to catch fire, the director general of the General Company for Ports, Farhan al-Fartousi, told Reuters on Wednesday.

An initial investigation from Iraqi security officials showed explosive-laden boats from Iran had hit the two tankers.

“This appears to mark a direct and forceful Iranian response to the IEA’s overnight announcement of a massive strategic reserve release aimed at cooling runaway prices,” said Tony Sycamore, an IG analyst.

The International Energy Agency agreed to release a record 400 million barrels of oil to help rein in prices that have spiked due to supply shocks from the US-Israeli war on Iran. The US is contributing the bulk of that release – 172 million barrels – from its Strategic Petroleum Reserve.

“The IEA’s release of oil reserves may be only a temporary solution, as disruptions to oil shipments through the Strait of Hormuz and a major production halt in some Middle Eastern countries could cause a long-term supply crunch,” said Tina Teng, market strategist at Moomoo ANZ.

US President Donald Trump said on Wednesday that Washington was in “very good shape” in its war on Iran and that the U.S. was “going to look very strongly at the straits.”

US intelligence indicates, however, that Iran’s leadership is still largely intact and is not at risk of collapse any time soon, according to sources familiar with the matter.

“Oil prices continued to face upside pressure as there were no signs of war de-escalation in the Middle East,” said Teng.

Dubai authorities announced the Eid Al Fitr holidays for the emirate’s public sector on March 12.

According to the Dubai Government Human Resources Department, employees will enjoy a four-day holiday starting Thursday, March 19, with work resuming on Monday, March 23.

As the Islamic calendar follows the lunar cycle, the UAE will officially confirm the start of Eid following the sighting of the Shawwal crescent moon after Maghrib prayers on Tuesday, March 18.

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Last month, the UAE Federal Authority for Government Human Resources and the Ministry of Human Resources and Emiratisation have announced Eid Al Fitr holidays for federal government and private sector employees.

Federal government entities have declared the Eid break from Thursday, March 19, until Sunday, March 22.

Official working hours will resume on Monday, March 23.

Eid Al Fitr holidays for the private sector

What’s On magazine also reported that Eid holidays were declared for the private sector, from Thursday, March 19, until Saturday, March 21.

If the holy month of Ramadan is 30 days long, the holiday will extend to Sunday, March 22.

Read: UAE public holidays in 2026: Plan ahead to enjoy longer breaks

Across the Middle East, women are playing an increasingly visible role in entrepreneurship, from fintech startups in the UAE to family businesses and SMEs in Saudi Arabia. As their presence grows, so too does interest in understanding the social dynamics that shape women’s entrepreneurial journeys.

To explore this, Gulf Business spoke with researchers Aneeta Rattan, professor of Organisational Behaviour at London Business School; Raina A Brands, professor at UCL School of Management; and Ezgi Ozgumus, assistant professor of Management at NYU Stern Abu Dhabi.

Their insights are drawn from their 2025 research titled “When Form Leads to Function: Network Closure and Social Identity Threat Among Women Entrepreneurs.” The study examines how the structure of professional networks affects women founders’ confidence, resilience and ability to navigate entrepreneurial ecosystems. Their findings suggest that tightly connected networks can help women entrepreneurs overcome stereotype-based pressures and focus more fully on growing their ventures.

A growing force in the region

The Middle East has witnessed a rapid rise in female entrepreneurship over the past decade, supported by government initiatives, funding programmes and growing recognition of women’s role in economic diversification. “The Middle East has experienced a significant, rapid rise in the number of female entrepreneurs,” says professor Aneeta Rattan. Women now own more than 45 per cent of small and medium-sized businesses in Saudi Arabia. In the UAE, a report by the Emirates Businesswomen Council shows that businesswomen make up 18 per cent of all entrepreneurs.”

The figures reflect an ecosystem gaining momentum and creating new opportunities for women entrepreneurs. “While this figure highlights that there is still room for growth, it also points to a strong and expanding base of women-led ventures supported by an increasingly dynamic ecosystem,” Rattan notes.

Despite this progress, women founders in the region still encounter many of the same challenges faced by entrepreneurs globally. “Female entrepreneurs around the globe face challenges accessing capital,” says Ezgi Ozgumus. “Our research has also revealed another subtle but powerful dynamic shaping women’s entrepreneurial journeys: the interplay between the social networks they access, which provide both tangible resources (for eg., funding, advice) and intangible support (e.g., trust, emotional backing), and concerns about negative gender stereotyping.”

Why networks matter in entrepreneurship

Entrepreneurship is often framed as an individual pursuit. But in reality, success rarely happens in isolation.

“Entrepreneurship is often described as a lonely road, but in reality, it is anything but solitary,” says Raina Brands. “Business success depends on access to resources, information, and support—assets that flow through social networks.”

The researchers examined the concept of “network closure,” which refers to how interconnected someone’s professional network is. “Network closure’ refers to how tightly knit or interconnected a person’s network is,” Brands explains. “In a closed network, most members know each other, forming a cohesive, trusted circle. This can foster trust and facilitate the sharing of sensitive information, which is especially valuable in the high-risk world of startups.”

By contrast, open networks provide different advantages. “In an open network, people get a different benefit – they access new ideas and opportunities and may have more chances to meet people they are not yet connected to,” says Ozgumus.

However, building networks remains one of the most difficult aspects of entrepreneurship. “As essential as networks are, entrepreneurs also find building their network to be one of the biggest challenges they face,” says Rattan.

For women founders, this challenge can be compounded by what researchers call social identity threat. “Women entrepreneurs are further burdened by the anxiety or concern that being a woman will cause them to be devalued or lead to discrimination,” Rattan explains. “This threat of being judged based on gender stereotypes can undermine their confidence, ambition, and persistence.”

At the same time, the region’s entrepreneurial landscape is evolving. “In the MENA region, however, we are seeing a meaningful shift,” says Ozgumus. “As entrepreneurship ecosystems mature, there is growing recognition of the value women bring as founders, leaders and innovators.”

“Here, women are playing an increasingly visible role in shaping the region’s entrepreneurial future, supported by governments, investors, and institutions that are expanding opportunities for women to launch and grow successful ventures.”

The power of trust-based networks

To explore how network structure affects entrepreneurs, the researchers surveyed 150 early-stage founders and analysed their professional networks.

“In our research, we examined how the structure of entrepreneurs’ networks shapes women’s experiences in building their ventures,” says Ozgumus. “Surveying 150 early-stage founders, we mapped their professional networks and measured how interconnected their contacts were.”

The findings revealed a striking pattern. “We found a striking pattern: women with tightly knit, interconnected networks felt significantly less worried about being judged through negative gender stereotypes,” says Rattan.

“For men, network structure made no difference.” The effect was not simply about having supportive individuals in a network. “This effect held even after accounting for factors such as network size, prior experience, and who was in the network,” says Brands. “In short, it was the overall connectedness of the network, not just having supportive individuals, that mattered for women.”

To better understand the mechanism behind this effect, the researchers conducted an experiment involving nearly 500 entrepreneurs. “Participants who formed more interconnected networks reported higher levels of trust among their contacts,” says Ozgumus. “That trust, in turn, reduced women’s concerns about being evaluated unfairly because of their gender; again, there was no comparable effect for men.”

Other explanations did not account for the results. “Other explanations, such as simply feeling more comfortable or more confident in one’s identity, did not explain the findings,” Brands adds.

The implication is significant: trust within networks can shield women founders from the psychological burden of stereotype-based scrutiny. “The takeaway is clear: tightly knit networks foster trust, and that trust can shield women entrepreneurs from the psychological toll of stereotype-based scrutiny at a critical stage of building their businesses,” says Rattan. “This means that women in these interconnected, high-trust networks would feel freer to focus on their business goals, without the distraction of worrying about bias.”

Implications for the MENA ecosystem

For the Middle East, the findings offer important insights as governments and institutions continue to invest in entrepreneurship and women’s economic participation.

“These findings have important implications for women entrepreneurs in the MENA region,” says Brands. “The entrepreneurial ecosystem in the region is rapidly evolving, with governments and organisations investing in women’s empowerment and economic participation.”

However, cultural and structural barriers remain. “Yet, cultural norms and structural barriers persist,” Brands notes. “In this context, women’s networks can be both a lifeline and a potential constraint.”

The researchers argue that unlocking the full potential of women founders requires addressing both sides of the network equation. “To unlock the full potential of women entrepreneurs, both sides of the network closure equation must be addressed,” says Rattan. “This means creating environments where women feel safe to engage with broader, more diverse networks without fear of gender discrimination. It also means challenging the biases, conscious and unconscious, that fuel social identity threat in the first place.”

Building more inclusive networks

According to the researchers, organisations, investors and policymakers all have a role to play in fostering stronger, more inclusive networks. “First, organisations and policymakers must prioritise reducing the biases that women face,” says Ozgumus. “This involves not only formal policies against discrimination but also active efforts to create cultures of inclusion.”

Initiatives such as mentorship programmes, networking events and incubators can be particularly powerful when designed with women’s experiences in mind. “Mentorship programmes, networking events, and incubators should be designed with an awareness of the unique challenges women face, ensuring that all participants feel valued and respected,” Ozgumus adds. “Our research suggests that when these programs are designed, they may be most positively impactful if they bring women together in ways that encourage them to develop interconnected networks.”

The researchers also emphasise the importance of engaging men as allies. “Second, men must be engaged as allies,” says Brands. “Too often, the burden of navigating bias falls solely on women. Male leaders and peers can play a transformative role by advocating for inclusion, challenging stereotypes, and opening doors to new opportunities.”

Finally, women’s networks themselves can evolve into platforms for broader engagement. “Third, women’s networks themselves must evolve,” says Rattan. “While closed networks provide crucial support, they should also serve as springboards to broader engagement. Women can be encouraged to leverage their trusted circles as launching pads for reaching out to new contacts, exploring cross-sector collaborations, and accessing untapped resources.”

Unlocking the full potential of women entrepreneurs

For the researchers, the study ultimately highlights how invisible social dynamics shape entrepreneurial success. “The barriers facing women entrepreneurs are not just external; they are woven into the fabric of social interactions and networks,” says Rattan. “By understanding the dynamics of network closure and social identity threat, we can begin to dismantle these invisible barriers.”

But lasting change will require more than policy reforms or funding programmes. “Empowering women entrepreneurs in the MENA region requires more than investment and policy change,” Rattan adds. “It demands a cultural shift, one that values diversity, fosters psychological safety, and encourages women to step beyond the confines of closed networks.” If that shift continues, the region’s growing community of women founders could play an even greater role in driving innovation and economic growth.

Wynn Resorts said on Wednesday it has resumed construction on an integrated resort in the UAE following a short pause, even as the US-Israeli crisis with Iran continues to disrupt businesses in the Middle East.

The Las Vegas-based casino operator said it has taken steps to ensure the safety and security of all employees working on site.

“Wynn employees have been offered the opportunity to work from abroad if their home embassy recommends they do so,” the company said.

Besides severely disrupting shipping through the Strait of Hormuz, the crisis has disrupted flight operations at two of the world’s busiest international hubs – the Dubai International Airport and Abu Dhabi’s Zayed International Airport.

Wynn Al Marjan Island expected to open in Q1 2027

The casino operator, which won the UAE’s first commercial gaming operator’s licence in 2024, is building the luxury resort at Wynn Al Marjan Island in Ras Al Khaimah.

Last month, Wynn said it expected the resort to open in the first quarter of 2027.

HH Sheikh Mohammed bin Rashid Al Maktoum has issued Law No. (4) of 2026 regulating the management and occupancy of shared housing across the emirate.

The law establishes a framework governing shared housing in Dubai, covering private development zones and free zones, as well as property owners authorised to allocate their real estate units for shared accommodation and tenants residing in those units. It also applies to establishments licensed to lease and manage units on behalf of owners or to lease units for the purpose of subleasing them to tenants.

Units designated for collective labour accommodation are excluded from the scope of the law.

The new legislation aims to regulate shared housing while protecting the rights of property owners and residents and ensuring safe and healthy living conditions. It also seeks to curb overcrowding and informal housing practices, address building and land-use violations, promote fair rental practices and support the stability and overall appearance of Dubai’s real estate market.

Under the law, Dubai Municipality will oversee the regulation of shared housing in the emirate. The municipality will develop policies and strategic plans, define the conditions for allocating units — including maximum occupancy limits, space per resident and required shared facilities — and designate the areas where shared housing is permitted.

These areas will be determined based on urban planning considerations, population density, infrastructure capacity and the social character of neighbourhoods. Dubai Municipality will also operate a unified digital platform to process permits, maintain records and allow relevant authorities access to shared housing data.

Meanwhile, Dubai Land Department will manage the electronic registry for shared housing units and integrate it with the municipality’s digital platform. The department will determine the data required for registration and ensure that records are updated whenever changes occur.

It will also define the information required in lease and management contracts, including landlord details, number of residents, unit specifications and allocated space. Standardised contract templates will be made available through the department’s official platforms.

The Dubai Land Department will also oversee compliance by licensed establishments involved in leasing and managing shared housing units and coordinate with relevant licensing authorities. In addition, the department will establish and periodically update a rental index for shared housing based on unit specifications.

The law prohibits any individual or entity from allocating a unit for shared housing without obtaining a permit. Permits will be issued and renewed according to regulations set by the Director General of Dubai Municipality in coordination with the Dubai Land Department and other relevant authorities.

All units designated for shared housing must meet technical and safety requirements, including building standards, occupancy limits, space per resident and the provision of shared facilities.

Permits will be valid for one year and may be renewed for similar periods. Property owners may also apply for a two-year permit, while renewal requests must be submitted at least 30 days before the permit’s expiry.

Under the law, only the property owner or an authorised establishment may lease a shared housing unit. Tenants or other parties are prohibited from subleasing any portion of the unit.

Leasing may take place directly through the owner, through an establishment managing the property on the owner’s behalf or through an establishment leasing the unit from the owner for the purpose of subleasing it to tenants.

All units must comply with health and safety standards covering building regulations, fire safety, sanitation, security and electrical requirements. The law also outlines the obligations of landlords and tenants, along with rules governing the promotion and advertising of shared housing units.

Violations of the law or related regulations may result in fines ranging from Dhs500 to Dhs500,000. Repeat violations within one year may lead to fines being doubled, up to a maximum of Dhs1m.

Authorities may also impose additional penalties, including suspension of business activities for up to six months, cancellation of permits, revocation of commercial licences, disconnection of public services until violations are rectified or eviction of occupants from units that fail to meet permit requirements.

Under the law, the Dubai Rental Disputes Center will have exclusive jurisdiction to resolve disputes related to the rights and obligations outlined in the legislation.

Owners of units currently used for shared housing, along with establishments operating in the sector — including those in private development zones and free zones — must bring their operations into compliance within one year from the law’s implementation. The Director General of Dubai Municipality may grant a one-time extension if necessary.

Any provisions in existing legislation that conflict with the new law will be annulled. The law will come into force 180 days after its publication in the Official Gazette.

Read: Dubai’s Sheikh Mohammed has just published a new building safety law: read it here