Kuwait suspended air traffic and diverted flights to alternative airports on Wednesday after hostile objects struck Kuwait International Airport’s Terminal One, as authorities responded to what they described as Iranian aggression targeting the country overnight.

The Public Authority for Civil Aviation (PACA) announced the suspension of air traffic and flight operations after the attack caused casualties and damage at the airport. A PACA official said flights were being redirected to alternative airports while authorities assessed the situation and worked to ensure the safety of passengers and aviation infrastructure.

Defense ministry confirms injuries, damage

The Kuwaiti Ministry of Defense later confirmed that hostile drones struck Terminal One, injuring a number of people and causing material damage.

Ministry spokesman Saud Al-Atwan said in a statement that those injured received the necessary medical care, according to a Kuwait News Agency report.

He added that the armed forces were closely monitoring developments in coordination with relevant authorities as security agencies responded to the incident.

The Public Authority for Civil Aviation reiterated that air traffic had been suspended and flights transferred to alternative airports following the attack on the terminal.

Bahrain intercepts missiles and drones

Elsewhere in the Gulf, Bahrain said its air defenses successfully intercepted and destroyed three missiles and several drones amid what it described as continued Iranian attacks targeting the Kingdom.

In a statement issued on Wednesday, Bahrain’s General Command of the Defence Force accused Iran of pursuing a “systematic hostile approach” through attacks directed at civilian facilities.

The General Command said all military units remained at the highest levels of readiness and defensive preparedness to safeguard the Kingdom and protect critical infrastructure.

Authorities also urged citizens and residents to avoid approaching suspicious or unidentified objects that may have resulted from the attacks and to report them immediately to relevant authorities. The statement noted that personnel from the Royal Field Engineering Unit were fully prepared to safely handle and dispose of such objects.

Bahrain further said the deliberate use of missiles and drones against civilian facilities and private property represented a flagrant violation of international humanitarian law, underscoring growing concerns over regional security as Gulf states heightened defensive measures.

Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said strengthening the resilience of the emirate’s economy remains a strategic priority as Dubai seeks to sustain growth and adapt to changing global economic conditions.

Sheikh Hamdan, who is also the UAE’s Deputy Prime Minister, Minister of Defence and Chairman of The Executive Council of Dubai, said the goal is embedded within the Dubai Economic Agenda, D33, which aims to build a diversified economy driven by innovation and effective partnerships.

“We continue to work on developing a resilient economic system capable of navigating global shifts by adopting innovative policies and enhancing integration between various sectors, which in turn supports the competitiveness of Dubai’s economy and consolidates its position as a global trade and investment hub,” Sheikh Hamdan said.

“We are keen to strengthen partnerships between the public and private sectors and provide an attractive business environment that offers exceptional opportunities for growth and expansion. This contributes to achieving our economic objectives and enhancing Dubai’s readiness to cope with future demand,” he added.

The comments came during a visit to the Dubai Department of Economy and Tourism (DET), where Sheikh Hamdan was briefed on plans aimed at accelerating economic growth across the emirate.

During the visit, he directed officials to continue efforts to reinforce Dubai’s economic resilience and maintain growth momentum, while highlighting the importance of collaboration between public and private sector stakeholders in supporting the emirate’s position as a global centre for trade, tourism and investment.

Sheikh Hamdan was received at DET headquarters by Helal Saeed Almarri, DG of the Dubai Department of Economy and Tourism, along with senior department officials.

Almarri outlined ongoing and planned DET initiatives designed to support both the wider economy and individual sectors, and reviewed the department’s contribution to the city’s response to recent developments, including food security and hospitality.

Building on the recent Dubai Majlis gathering, where Sheikh Hamdan met nearly 300 senior leaders from Dubai’s business community, the Crown Prince reaffirmed his confidence in the city’s ability to deliver sustainable growth across key sectors.

He also praised DET’s efforts to advance the objectives of the Dubai Economic Agenda, D33, and strengthen Dubai’s standing among the world’s leading destinations for business, investment and innovation.

In line with the long-term vision

Almarri said Dubai’s economic performance continued to reflect the leadership’s long-term vision and the city’s coordinated approach to managing challenges and opportunities.

“Guided by the leadership and vision of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the guidance of HH Sheikh Hamdan, our city continues to demonstrate economic resilience, with a coordinated response driven by speed, clarity and confidence,” Almarri said.

“The strategic approach we are taking, in collaboration with our stakeholders across the public and private sectors, means we can address short-term challenges with agility, while remaining focused on meeting the longer-term goals of the Dubai Economic Agenda, D33, and our commitment to reinforcing the city’s status as a leading global destination for business and leisure,” added.

Collaboration can drive innovation

“Sheikh Hamdan’s remarks underscore the practical and strategic mindset of Dubai’s leadership in leveraging global challenges as catalysts for the economy, particularly within the tourism sector,” said Dr Raymond Khoury, partner and lead, Public Sector Practice, Arthur D. Little Middle East. “The emphasis on fostering true public-private partnerships is vital in these uncertain times, as such collaborations can drive innovation, accelerate infrastructure development, and enhance service delivery, ultimately realising quick and impactful results. By proactively identifying opportunities for growth and aligning efforts across sectors, Dubai is well-positioned to elevate its status as a premier global destination, ensuring a continued recovery and resilience in the face of the regional geopolitical tensions that disrupted travel flows earlier this year.”

In a surprise move ahead of its investor roadshow, Elon Musk’s SpaceX plans to fix its IPO price at $135 ‌per share to raise a record-setting $75bn, according to a source familiar with the matter.

The rocket and satellite communications company plans to sell 555.6 million shares, the source said. It is aiming for a valuation of $1.75tn, two other people said.

The listing leads a wave of high-profile private companies preparing to test public markets after years of muted large-cap IPO activity, with SpaceX expected to be followed by artificial intelligence giants OpenAI and Anthropic.

SpaceX aims to set records and break tradition with the public offering.

A fixed price ahead of presentations to investors and bookbuilding is highly unusual.

Read more-Blue Origin faces months of delays after rocket explosion, bolstering SpaceX’s dominance

Companies planning to go public typically set a price range to frame valuation expectations and allow pricing to be adjusted based on investor demand. Strong demand can push the final price to the top of the range, or above it, ahead of the market debut.

SpaceX’s roadshow begins on Thursday. It earlier held some “testing the waters” meetings with investors.

The company’s plans, including the size of the raise, are subject to change as investor meetings get under way, the sources cautioned.

There is no rule banning SpaceX’s unconventional plan for setting a fixed price for the IPO, said Weiheng Chen, a senior partner in Hong Kong at US law firm Wilson Sonsini Goodrich & Rosati.

“Musk is simply taking a ‘take-it-or-leave-it’ approach which works for his followers and is also sensible given the market conditions and the lack of comparables,” Chen said.

Mission: Mars and space data centers

Musk has rewritten the IPO playbook for SpaceX in many other ways, from planning to give retail investors a larger role in allocations to pushing for early index inclusion, and structuring governance to preserve strong founder control.

The company’s valuation relies on SpaceX dominating technologies and markets that do not yet exist – from Mars missions to AI data centers in space.

Reuters previously reported that the company is considering allocating as much as 30 per cent of the offering to individual investors, an unusually large retail tranche aimed at tapping into Musk’s cult-like following and broadening ownership of the company.

The IPO is expected to be structured as an all-primary offering, meaning all proceeds would go to the company and existing SpaceX shareholders will not be able to sell any of their shares in the IPO, the sources said.

Musk will be required to hold his SpaceX shares for 366 days after the IPO, one of the sources said, a signal to investors of his commitment to the company.

Proceeds of the IPO will be used for purposes including expanding AI computing resources and SpaceX’s satellite network, the source added.

SpaceX merged with Musk’s AI startup xAI earlier this year in a deal that valued the rocket company at $1 trillion and the developer of the Grok AI chatbot at $250bn.

The company has no direct peers, making valuing the company subject to interpretation.

Morningstar placed a $780bn price tag on SpaceX, 48 per cent below its current private-market valuation, according to a June 1 research note. Most of that comes from its Starlink satellite communications business, which drove most of its revenue, profits and growth last year.

SpaceX, however, has tied most of its growth prospects to AI, and its plans rely on yet-to-be-built technologies for a significant portion of future revenue, including solar-powered data centers in space, as it targets a potential $28.5 trillion market, Reuters previously reported.

At a $1.75tn valuation with the company booking revenue of $18.67 billion in 2025, SpaceX would trade at a trailing price-to-revenue multiple of 93.7 times.

On the same basis, space company Rocket Lab is trading on a multiple of 118, data analytics firm Palantir Technologies PLTR.O at 81, and Tesla at nearly 17.

SpaceX cannot be evaluated on a price-to-earnings basis as it reported a net loss last year.

Mega IPO wave

The listing is expected to kick off a wave of mega IPOs, with SpaceX, OpenAI and Anthropic together poised to add almost $4tn in market capitalization to public markets and intensify competition for investor dollars.

For many investors, the bet is as much on Musk as on SpaceX. His track record at electric-vehicle company Tesla and his ability to galvanize retail traders could likewise spur strong demand for shares, as his reputation has done for past ventures.

“When you’re the most anticipated IPO ever, you can ask investors to adapt to your process rather than the other way around,” said Craig Coben, former Bank of America co-head Asia-Pacific global capital markets, referring to SpaceX’s unusual approach to the IPO.

Still, two of SpaceX’s three businesses are burning cash, with only its connectivity segment, home to the Starlink satellite constellation, generating profits and widely viewed as the company’s cash cow.

SpaceX revenue rose to $4.69bn in the three months ended March 31 from $4.07bn a year ago. Losses widened to $1.27 per share versus 18 cents per share over the same period.

In 2025, it swung to a net loss of $4.94bn from a profit of $791m.

Since a large part of SpaceX’s pitch to investors hinges on Musk, some corporate governance concerns could give investors pause, experts have said. Measures, including a dual-class share structure laid out in the IPO prospectus, concentrate voting power in the hands of Musk and a small group of insiders.

SpaceX is aiming to trade on the Nasdaq under the ticker symbol “SPCX.” The debut is expected on June 12, two of the sources said.

Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup and J.P. Morgan are the joint book-running managers for the offering, leading a syndicate of global investment banks underwriting the deal.

Lunate, an Abu Dhabi-based global investment firm, said on Monday it has launched the GCCDIV exchange-traded fund, a Shariah-compliant ETF set to list on the Abu Dhabi Securities Exchange (ADX) on June 23.

The Chimera Solactive GCC Shariah Dividend ETF (Bloomberg: GCCDIV) will offer diversified exposure to high-dividend-yielding, Shariah-compliant companies across the Gulf Cooperation Council region, with semi-annual dividend payments.

The ETF is designed to track the Solactive GCC Shariah Dividend Index, which comprises dividend-paying, Shariah-compliant equities across the GCC.

The index includes companies from the UAE, Saudi Arabia and Qatar across sectors including materials, telecommunications, energy and industrials.

The fund will provide exposure to income-generating equities structured under Shariah-compliant principles, and will distribute dividends on a semi-annual basis. It carries a total expense ratio of 0.50 per cent and will be traded in UAE dirhams.

“This is the first Shariah-compliant ETF globally to offer investors access to multiple GCC markets in a single dividend-paying product,” said Sherif Salem, partner and head of Public Markets at Lunate.

“It is a natural extension of our platform, complementing our existing single-market equity exposures and fixed income and thematic offerings while giving investors a more diversified way to access the region. Its listing on ADX also marks our 20th ETF listing on the exchange,” he added.

Abdulla Salem Alnuaimi, group CEO of ADX Group, said the listing expands the range of financial instruments traded on the exchange and supports growing ETF activity.

He said ETF trading more than tripled year on year to Dhs155m in the first quarter of 2026, as investors increasingly sought diversified exposure to different indexes and themes.

“As the most liquid ETF hub in the region, we will continue to expand our investment offering to support Abu Dhabi’s long-term economic vision and status as a diversified, resilient, and globally integrated financial hub,” he said.

The ETF will be managed by Lunate Capital, with Bank of New York Mellon acting as global custodian. Authorised participants include International Securities, BHM Capital Financial Services, EFG Hermes, Arqaam Securities, FAB Securities, Daman Securities, HSBC and QMM.

The Solactive GCC Shariah Dividend Index is maintained by Solactive AG and excludes companies involved in non-compliant business activities or with excessive leverage, based on Islamic screening standards.

The latest launch brings Lunate’s total ETF listings on UAE exchanges to 22, the company said, as it seeks to expand its range of investment products and support the region’s development as a global capital markets hub.

Al Ansari Exchange reported a more than 151 per cent increase in the number of companies processing salaries through its Wage Protection System (WPS) platform on June 1, as UAE businesses adjusted payroll operations to comply with new nationwide salary payment regulations.

The spike in activity coincided with the implementation of Ministerial Resolution No. 340 of 2026, which requires all private sector establishments registered with the Ministry of Human Resources and Emiratisation (MoHRE) to pay employee salaries through the Wage Protection System by the first day of each month.

The Wage Protection System, jointly overseen by MoHRE and the Central Bank of the UAE, is designed to ensure timely wage payments, strengthen regulatory compliance and improve transparency across the labour market.

According to Al Ansari Exchange, employer activity on its WPS platform more than doubled on the first day the new requirements took effect, reflecting the broader market response as businesses moved to align payroll processes with the updated framework.

The company said the increase highlights the growing importance of the Wage Protection System in supporting wage protection, compliance and operational efficiency, while also reflecting the increasing adoption of digital payroll solutions across the UAE.

Ali Al Najjar, chief executive officer of Al Ansari Exchange, said: “The implementation of the Ministerial Resolution represents an important step in advancing the UAE’s labour market ecosystem and reinforcing the principles of transparency, accountability and employee protection. As employers adapt to the updated requirements, access to efficient and reliable payroll solutions becomes increasingly important. Al Ansari Exchange remains committed to supporting businesses across the UAE through continued investment in digital innovation and payment technologies that facilitate compliance and contribute to a more efficient payroll environment.”

The introduction of the revised WPS requirements forms part of the UAE’s wider efforts to strengthen labour market governance, improve employer compliance and safeguard employee rights.

By standardising salary payment timelines across the private sector, the framework aims to enhance consistency in wage disbursement practices while supporting the country’s broader objectives of fostering a competitive and sustainable business environment.

Al Ansari Exchange said it will continue investing in its Wage Protection System infrastructure and digital payroll capabilities to help employers meet regulatory requirements and manage workforce payments more efficiently.