Welcome to the May edition of Middle East Investment Nabd, a newsletter from Institutional Investor.

As a reminder to our non-Arabic speakers, nabd means "pulse." This month, that pulse has returned to a steadier rhythm and — importantly — investors across the region are getting back to work.

The conversation across Gulf markets has shifted. Where recent weeks prompted pause and reflection, May has brought renewed momentum. New office openings are being announced across the region. Key institutional partnerships are being forged. In-person meetings and forums are filling calendars again — a quiet but telling sign that long-term confidence in the region remains firmly intact.

That is the real story this month. Simply put, business is moving forward. International institutions are committing to the Gulf with fresh conviction, drawn by the depth, reform trajectory, and opportunity that its markets continue to offer. Meanwhile, Gulf allocators and trading desks are evolving how they manage liquidity, turning what was once a passive buffer into a precision instrument for navigating faster, more dynamic markets.