OPEC concluded its meeting in Vienna without reaching a consensus on a new output ceiling, maintaining its current production policy. The decision was influenced by an 80 percent rise in oil prices since December and signs of a diminishing global supply glut. Oil prices fell after the meeting, but analysts see the appointment of a new secretary general from Nigeria as positive. Iran is expected to increase production to pre-sanction levels, while Saudi Arabia's output rise will likely be seasonal for domestic demand. Analysts predict the crude market will recover and find support from further supply disruptions.

A year after Saudi Arabia's stock market, Tadawul, opened to foreign investors, participation remains low with only 4.29 percent of market capitalization. Experts cite the need for market reforms and the potential inclusion in the MSCI Emerging Market Index as catalysts for investment. The anticipated IPO of Saudi Aramco is also expected to attract significant foreign investment. Saudi Arabia's new economic reforms aim to increase FDI and allow full foreign ownership in certain sectors, despite potential added costs from VAT, subsidy cuts, and possible income tax on expats.

Souq.com, the largest e-commerce platform in the Arab world, has secured AED 1 billion in venture capital funding for expansion, technology investment, scaling marketplace operations, and talent acquisition. CEO Ronaldo Mouchawar emphasizes the company's focus on technology, job creation, and mobile commerce, aiming to make Souq.com a household brand and a destination for young Arab professionals. The Saudi market remains a priority, with logistics improvements and a doubled fulfillment network. Despite the prevalence of cash-on-delivery in the region, Mouchawar believes its usage will decrease over time while still being offered to meet customer preferences.

The UK's Brexit decision is anticipated to impact the UAE's economy, particularly its non-oil sectors such as real estate and tourism. Currency fluctuations, especially the weakening pound and strong US dollar, are expected to complicate Gulf economies. Analysts predict weaker private consumption and investment in the UAE, increased foreign borrowing rates for GCC entities, and pressure on domestic borrowing. The tourism sector may suffer due to reduced UK tourist inflow and property investment. Market volatility is expected to persist until the UK's exit plan becomes clearer.

Dubai's construction sector is anticipated to see improvement following a strong first quarter with $6.6 billion in new contracts, the highest since Q1-2014. These contracts represent a significant portion of the UAE and GCC region's construction deals. The positive outlook is driven by sentiment, with expectations of a market recovery from 2017, particularly in residential real estate. Expo 2020 is a key factor, with projects like the Dubai Metro expansion and the $1 billion tower at Dubai Creek Harbour by Emaar Properties. Despite this, challenges such as funding access and end user demand persist, with potential project delays and the impact of low oil prices causing concern among analysts.

OPEC has decided to maintain its oil output target, which is expected to be around 31 million barrels per day. This decision was made amidst an ongoing oil price slump and the anticipation of Iran's return to the oil market after sanctions are lifted. Market strategist Noureldeen Al Hammoury predicts that this could lead to lower earnings and potential acquisitions in the oil industry. Following the announcement, oil prices dropped significantly. Experts like Robin Mills suggest that the persistence of low oil prices will necessitate economic adjustments in GCC countries, including spending cuts and efforts to diversify revenue. OPEC plans to meet again to assess the situation after Iran increases its oil exports and aims to discuss strategies with non-OPEC members to rebalance the market.

Masood Ahmed, director of the IMF's Middle East and Central Asia Department, discussed Saudi Arabia's fiscal reforms with Argaam, highlighting the need for clarity in strategy to boost private sector confidence. The IMF forecasts low oil prices to persist, affecting Saudi's GDP growth, which is expected to drop to 2.2 percent in 2016 from 3.4 percent in 2015. Saudi Arabia is also facing a significant budget deficit, estimated at 21 percent of GDP in 2015, with little change expected if fiscal reforms are not implemented. The IMF revised the fiscal deficit forecast for GCC countries to 13 percent of GDP for 2015. Ahmed suggested VAT as a viable option for addressing financial needs and commended the UAE and Kuwait for their energy pricing reforms. Qatar and Kuwait are expected to see economic growth in 2016.

Graham Hawkes, an engineer and explorer, has been working on creating advanced submarines for deep-sea exploration. His company, Ocean Hawkes Technologies, has developed the Deep Flight Super Falcon, a winged submarine that allows passengers to dive over 1,000 feet below sea level. The technology has attracted the attention of billionaires like Tom Perkins and Richard Branson, who have purchased these submarines for personal use. Branson's Necker Nymph, part of the Virgin Limited Edition collection, is available for rent. Other wealthy individuals, such as Paul Allen and Roman Abramovich, have also invested in luxury submarines. Hawkes believes that as the technology becomes less scarce, prices will decrease, making these submarines more accessible, similar to the cost of light aircraft.