UNICORN LENS

Wearables start-up Xpanceo has joined Dubai’s tech unicorns after it raised $250 million to help develop night-vision contact lenses. The futuristic company, founded by Russian entrepreneur Roman Axelrod and Ukrainian scientist Valentyn Volkov, is developing “smart” lenses with integrated extended reality and the ability to conduct real-time health checks. The company plans to produce a model lens ready for clinical trials by the end of next year. The Series A round led by Hong Kong’s Opportunity Venture propels Xpanceo into the “unicorn” category with a valuation of $1.35 billion, Bloomberg reports.

RIYADH CHOCOLATE


Saudi Arabia may be on the path to its own “Dubai Chocolate” success story, with a boom in entrepreneurs in the cocoa and chocolate manufacturing sector. The kingdom has established itself as the largest producer of chocolate among the Gulf Cooperation Council countries, according to market research firm Mordor Intelligence, which estimates the Saudi chocolate market size at $1.2 billion. The report found that Saudi Arabia’s strong manufacturing base and ability to innovate meant that chocolate makers were keeping up with shifting consumer preferences and around 50% of chocolate consumed in the kingdom was produced domestically. Meanwhile, the chef behind the viral “Dubai Chocolate” recipe is rumored to be developing an “Abu Dhabi Chocolate” product featuring a blend of spices like saffron and cardamom.

Mubadala: The Abu Dhabi sovereign wealth fund is in talks to buy a $100 million stake in London-based digital bank Revolut, Sky News reports.

Kuwait Investment Authority: The Kuwaiti sovereign wealth fund has sold off a $3.1 billion stake in Bank of America, which it has held since the 2008 financial crisis, Bloomberg reports.

Abu Dhabi Investment Authority and Ontario Teachers’ Pension Plan are considering selling their stake in Equis, an Asian renewable energy company, Bloomberg reports.

Oman Investment Authority: The sovereign wealth fund’s Oman Chromite unit increased its stake in Gulf Alloys and Metals, the operator of a low-carbon ferrochrome smelter at Sohar Port and Freezone.

Temasek: The Singapore sovereign wealth fund’s portfolio has reached a record high of $339 billion despite significant divestments, including some assets sold to Gulf interests, Bloomberg reports.

⚓ Ships Ahoy: Abu Dhabi shipbuilder Al Seer Marine, a unit of International Holding Co., secured a $207 million financing package from Abu Dhabi Commercial Bank for a variety of uses, including the manufacture of naval vessels and unmanned boats.

🤝 Financing Pakistan: Dubai Islamic Bank arranged a $1 billion sovereign financing deal for Pakistan’s government, in a five-year transaction partially guaranteed by the Asian Development Bank.

🚆 Metro Deal: U.S. engineering consultancy Parsons has been appointed Project Management Consultant on the $5.6 billion Dubai Metro Blue Line project.

🌱 Giving SaaS: Rekaz, a Saudi-based start-up, raised $5 million in a seed funding round led by COTU Ventures to scale its operating system for service-based businesses, including gyms and salons, Zawya reports.

🛢️ Exploring Libya: BP and Shell have signed energy exploration deals with Libya’s National Oil Corp., signaling renewed interest in the North African country from major international energy companies, Bloomberg reports.

☀️ Solar Surge: Egyptalum and a renewable energy firm connected to Norway’s Scatec are teaming up to build a 1,000-megawatt-hour solar power plant in Egypt’s eastern city of Nagaa Hammadi, which is to be developed in two 500-megawatt-hour phases over 24 months.

🔌 Morocco Electrifies: Egypt’s Blu EV, backed by billionaire Naguib Sawiris, plans to invest $100 million in Morocco’s electric mobility market, with an entry anticipated by the end of this year, Asharq Business reports.

🌍 African Reach: The UAE is expanding its influence in African countries bordering Sudan by establishing a logistical network that includes field hospitals and airstrips, projecting power across the region, Bloomberg reports.

☎️ Seeking Connection: A new 275 kilometer fiber optic submarine cable between the UAE and Oman has been activated by du and Omantel, connecting three international data centers and helping fast-track Oman’s digital transformation goals.

UAE President Sheikh Mohamed bin Zayed received Mohammed bin Rashid, Ruler of Dubai and UAE Vice President and Prime Minister, at Qasr Al Bahr palace in Abu Dhabi on Tuesday. Also in attendance were Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, and Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Deputy Prime Minister and Minister of Defence.

Saudi Crown Prince Mohammed bin Salman met with Iranian Foreign Minister Abbas Araghchi in Jeddah on Tuesday, in Araghchi’s first visit to a Gulf country since Iran fired missiles at Qatar’s Al Udeid Air Base.

Sheikh Abdullah bin Mohammed bin Saud Al-Thani, Qatar’s Ambassador to the U.K., met with Vice Admiral Sir Jerry Kyd, the Governor of Jersey in the island’s capital Saint Helier on Tuesday.

UAE Energy Minister Suhail Al Mazrouei said he’s not worried that a production hike OPEC+ announced for August will lead to oversupply in the oil market. Al Mazrouei spoke to reporters today before attending the OPEC International Seminar in Vienna.

Elon Musk announced on Tuesday that his Starlink internet service has gone live in Qatar, expanding connectivity options within the country and extending the satellite company’s global network.

Peter Magee, director of Abu Dhabi’s Zayed National Museum, which is preparing to open its doors, told Arab News that he sees the cluster of new museums in the Saadiyat Cultural District, including the neighbouring Louvre Abu Dhabi and Guggenheim museums, each as “its own star” within a constellation.

👠 High Fashion: Saudi couturier Mohammed Ashi’s Ashi Studio presented its Fall/Winter 2026 collection during Paris Haute Couture Week. The collection focused on structured silhouettes with exaggerated proportions and whimsical touches, including a wooden corset adorned with carved monkeys, Arab News reports. U.S. rapper Cardi B was among the celebrity guests. Ashi was the first couturier from the Gulf region admitted to the Fédération de la Haute Couture in Paris in 2023 and was tapped to design the uniforms for Saudi Arabia’s new airline Riyadh Air, which is expected to launch this year.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 9-10, Vienna, Austria. OPEC International Seminar. Two-day gathering draws OPEC member-nation cabinet ministers, oil company executives and policy experts to discuss state of world energy market. Hofburg Palace.

July 9-13, Sun Valley Idaho. Sun Valley Summit. The invite list for this year’s Allen & Company “Summer camp for billionaires” includes Sam Altman, Mark Zuckerberg and Jeff Bezos among the Silicon Valley power players.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

Sept. 30-Oct. 2, Abu Dhabi. Global Rail and Transport Infrastructure Exhibition and Conference. A leading international event dedicated to the rail transport sector. ADNEC.

GABFEST GURU

Richard Attias, an impresario of global financial conferences, is getting ready to go public. His events and consulting firm, Richard Attias & Associates, which runs Saudi Arabia’s Future Investment Initiative gathering each year, is working with Evercore and other banks to prepare for a possible IPO, Bloomberg reports. Attias was previously executive producer of the World Economic Forum in Davos, Switzerland, from 1996 to 2008. Sanabil, an investment arm of Saudi Arabia’s Public Investment Fund, owns about 75% of the Attias firm, while he holds the remaining stake.

DEAL A DAY

Merger and acquisition activity in the Middle East region is heating up, clocking the strongest first-half of the year on record, according to LSEG Deals Intelligence. Deals involving MENA companies hit $115.5 billion in the first half of 2025, a 149% increase on the same period last year, while the volume of deals rose by 16%. The figures were boosted by the Borealis-Borouge petrochemicals mega merger, which is pending completion. The UAE accounted for $39.8 billion of the total, while Saudi Arabia came in at $3.5 billion. “The strong half-year performance reflects deep investor confidence and a sustained appetite for cross-border deal making,” Norton Rose Fulbright Senior Partner Zubair Mir told Zawya. “Furthermore, the region will continue to benefit from strong sovereign capital and strategic diversification initiatives.”

ADIA: French alternative asset manager Tikehau Capital raised $1.2 billion for portfolio company Egis, a global engineering firm, from a consortium led by a subsidiary of the Abu Dhabi Investment Authority. U.S.-based private equity funds Apollo S3 and Neuberger Berman also invested in the Egis continuation fund.

Masdar: Abu Dhabi green energy company Masdar has awarded a Chinese consortium an Engineering, Procurement, and Construction contract for Oman’s 500-megawatt Ibri 3 solar plant, implying that its consortium with Korea Midland Power (KOMIPO) and Al Khadra Partners has won the project, MEED reports. Masdar was bidding for the $400 million project against a consortium led by PIF-backed Saudi energy giant ACWA Power, as well as groups from France and Singapore.

Mubadala: Ophir Shmuel was hired by Abu Dhabi’s Mubadala Capital as Head of Business Development, based in London. He was previously Managing Director and Head of EMEA at Eaton Partners.

🤝 Debt Investment: Tali Ventures, the venture capital arm of Saudi Arabia’s Stc telecom, has taken a minority stake in Tarmeez Capital, a Saudi debt investment platform, Bloomberg reports.

🏭 Clean Steel: Dubai lender Mashreq said it will provide a $34 million financing package to Arabian Gulf Steel Industries to assist the Abu Dhabi-based company’s transition to cleaner industrial practices by 2030.

📦 Freight Credit: TruKKer Holding, a Saudi digital freight and logistics company, secured $15 million in private credit investment from Abu Dhabi-based Ruya Partners to fund its regional expansion.

🏘️ Luxury Streak: Sales of Dubai properties priced over $10 million surged to $2.6 billion in the second quarter of 2025, shrugging off regional tensions.

🛢️ Over a Barrel: Saudi Arabia increased prices for its main crude oil grade for customers in Asia, in a sign of confidence that the market will absorb output hikes from OPEC+, Bloomberg reports.

🚒 Trading Halt: Egypt’s stock exchange suspended trading on Tuesday, blaming ongoing disruptions to communications following a fire at a telecoms data center in Cairo.

📈 Taking Stock: The Saudi Exchange has unveiled its first Saudi Depositary Receipts, a tool that allows local investors to trade global shares in Saudi riyals. 

💰 Mining Scam: A Dubai resident lost Dh700,000 ($190,605) to scammers via a fake online investment platform for gold mining, The National reports.

📋 Not Cool: Middle East tech figures are among the signatories of an open letter urging venture capital firm Sequoia Capital to take action against one of its partners over comments he made about New York mayoral candidate Zohran Mamdani.

UAE President Sheikh Mohamed bin Zayed received Ahmad Al-Sharaa, President of Syria, yesterday at Qasr Al Shati in Abu Dhabi. Al-Sharaa is on a working visit to the country. Among the UAE dignitaries attending the meeting were Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, and Sheikh Hamed bin Zayed, managing director of ADIA. The Syrian delegation included Asaad Al-Shaibani, Syrian Minister of Foreign Affairs and Expatriates.

Sheikh Mansour bin Zayed, UAE Vice President and Deputy Prime Minister, and Sheikh Hamad bin Mohammed Al Sharqi, Ruler of Fujairah, inaugurated Fujairah’s Sheikh Khalifa Hospital on Tuesday.

Amr Kamel has been promoted by Microsoft to General Manager, UAE, after nearly 20 years with the company. Microsoft said in a statement that Kamel would lead its efforts to support the UAE’s national digital and AI priorities.

Abdullah Sultan bin Awad Al Nuaimi, UAE Minister of Justice, received Ridwaan Jadwat, Australian Ambassador to the UAE, at the ministry’s headquarters in Abu Dhabi. 

Shihab Alfaheem, Ambassador Extraordinary and Plenipotentiary of the UAE to Japan and Commissioner General of the UAE Pavilion at Expo 2025 Osaka, celebrated the milestone of two million visitors at the pavilion since it opened in April.

🥊 Knock Out: Former world champion boxer Ricky Hatton has shocked fans with the announcement of a comeback against UAE fighter Eisa Al Dah in a Dubai bout dubbed “Destiny in the Desert”. Manchester-based Hatton, 46, last fought a professional match in 2012. Al Dah, also 46, is a promoter of the sport with plans to turn Dubai into the “Las Vegas of boxing”. “It will be a true fight, true action,” he told a press conference. “I will do my best, because everybody in the UAE and the Gulf, they will watch this fight.” The fight is scheduled for UAE National Day on Dec. 2.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July, Idaho. Sun Valley summit. The invite list for this year’s Allen & Company “Summer camp for billionaires” includes Sam Altman, Mark Zuckerberg and Jeff Bezos among the Silicon Valley power players.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

Sept. 30-Oct. 2, Abu Dhabi. Global Rail and Transport Infrastructure Exhibition and Conference. A leading international event dedicated to the rail transport sector. ADNEC.

NO DRIVERS

Dubai is opening up its streets to Pony.ai for test driving of the Chinese company’s autonomous vehicles. The firm said today it signed a preliminary agreement with Dubai’s Roads and Transport Authority to launch pilot trials of a self-driving taxi service in the emirate, using technology developed in collaboration with manufacturers including Toyota and GAC. The testing program is scheduled to begin later this year, paving the way for the launch of a fully driverless commercial service in 2026. Pony.ai’s vehicles are equipped with advanced artificial intelligence algorithms, supported by sensors, radars, and cameras.

ONLINE VISAS

Kuwait is the latest of the Gulf states to introduce an e-visa system aimed at making the country more accessible for tourism and business. The new tourist visa, which can be obtained online and is valid for up to 90 days, will be accompanied by a marketing campaign promoting Kuwait’s cultural heritage, scenic coastline and commercial attractions. A new business e-visa, valid for 30 days, is designed for representatives of foreign companies and institutions visiting Kuwait for meetings and conferences. The government is also offering a family visa, also valid for 30 days, that will make it easier for expats in Kuwait to invite relatives to visit.

ACWA Power: The energy and desalination company owned by Saudi Arabia’s Public Investment Fund plans a series of mergers after securing more than $15 billion in financing, CFO Abdulhameed Al-Muhaidib said in an interview with Al-Eqtisadiah.

Kuwait Investment Authority: KIA sold its 3.7% stake in Hong Kong-based insurer AIA Group for $3.4 billion through a series of block trades, Bloomberg reports.

Mubadala: Ahmed Al Calily, Mubadala’s Chief Strategy and Risk Officer, told WAM that the fund’s pioneering investments in AI and advanced technology are aimed at building a strong and diversified economic future for the UAE.

Nadec: Al-Ra’i National Livestock Company, a subsidiary of Saudi Arabia’s National Agricultural Development Company and the family-owned Al Muhaidib Group, has launched a $533 million livestock project in the Hail region, with $293 million in government financing. The initiative aims to reduce the kingdom’s dependency on imports.

🏦 Saudi Credit: SAB Invest, Saudi Awwal Bank’s investment arm, aims to raise up to $266 million for its inaugural private credit fund, marking its first venture into the MENA private credit market, Bloomberg reports.

💵 Top Notch: National Bank of Kuwait’s $800 million bond issue was oversubscribed nearly three times, reaching $2.2 billion.

🏘️ Hot Property: Dubai Financial Market-listed Al Mal Capital REIT has launched a follow-on public offering to raise up to $66 million.

🏦 Saudi Credit: SAB Invest, Saudi Awwal Bank’s investment arm, aims to raise up to $266 million for its inaugural private credit fund, marking its first venture into the MENA private credit market, Bloomberg reports.

💵 Top Notch: National Bank of Kuwait’s $800 million bond issue was oversubscribed nearly three times, reaching $2.2 billion.

🏘️ Hot Property: Dubai Financial Market-listed Al Mal Capital REIT has launched a follow-on public offering to raise up to $66 million.

🏡 Crypto Properties: The Dubai Land Department is teaming up with Crypto dot com.com to advance a digital real estate investment plan, moving the emirate closer to facilitating property transactions using cryptocurrencies. 

🖥️ Empty Deskers: While office occupancy rates at Abu Dhabi’s ADGM financial hub are at 97%, quiet hallways and empty desks are evidence that some firms are maintaining only a token presence, Bloomberg reports.

🇫🇷 Paris Pivot: TRENDS Research & Advisory has launched a “virtual office” in Paris, paving the way for the UAE-based think tank to produce content in French and build partnerships in the Francophone sphere.

🇬🇧 Gaza Highways: A proposed reconstruction plan for postwar Gaza that was developed with participation from the Tony Blair Institute and the Boston Consulting Group includes central roads named after UAE President Sheikh Mohamed bin Zayed and Saudi Crown Prince Mohammed bin Salman, and a smart manufacturing zone named for Elon Musk, the Financial Times reports.

Mark Walter, the CEO of Guggenheim Partners, was profiled by The Wall Street Journal on the weekend in an article highlighting his high-profile purchase of the Los Angeles Lakers last month through TWG Global, which is partly owned by Abu Dhabi’s Mubadala Capital.

Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council, visited the GCC countries’ pavilions at Expo 2025 Osaka in Japan.

Ahmed Al-Rajhi, Saudi Arabia’s Minister of Human Resources, issued a decision classifying work permits of expatriate workers into three main skill categories: high-skill, skilled, and basic.

🐪 Hump Day: The Al Ain Camel Racing Festival kicked off over the weekend at Al Rawda Racetrack, under the patronage of UAE President Sheikh Mohamed bin Zayed and Sheikh Hazza bin Zayed, Ruler’s Representative in Al Ain Region. The festival, which continues until Oct. 9, includes 605 races with cash prizes and trophies across a range of categories. A traditional sport in the Gulf, camel racing has gained a reputation as quite a spectacle, with tiny robotic jockeys controlling the animals and the audience often chasing the action from moving vehicles.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July, Idaho. Sun Valley summit. The invite list for this year’s Allen & Company “Summer camp for billionaires” includes Sam Altman, Mark Zuckerberg and Jeff Bezos among the Silicon Valley power players.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

Sept. 30-Oct. 2, Abu Dhabi. Global Rail and Transport Infrastructure Exhibition and Conference. A leading international event dedicated to the rail transport sector. ADNEC.

GREEN PAUSE

Neom, the $500 billion mega-project spearheading Saudi Arabia’s Vision 2030 plan for overhauling the economy, is facing another setback after an export arrangement for its $8.4 billion green hydrogen plant was put on hold. Air Products, a U.S. industrial gas company which has an exclusive off-take agreement with Neom Green Hydrogen Co., paused its $2.7 billion terminal in the English port town of Immingham over uncertainty related to U.K. incentives, Arabian Gulf Business Insight reports. Green hydrogen, a key component for decarbonizing industrial processes like steel making, is converted into more stable green ammonia for shipping and then reconstituted into hydrogen when it reaches its destination. The Immingham terminal was expected to produce 76,000 tons of hydrogen per year from imported green ammonia, which would then be sold to buyers in Britain. However, U.K. subsidy rules for domestic hydrogen production appear to exclude imported green ammonia. 

HALAL TRAVEL

Halal tourism, once a niche, is now a $200 billion market in the making, driven by young, affluent Muslim travelers seeking faith-aligned experiences. From the UAE to Cape Town, destinations are tapping into this demand with halal-certified dining, prayer facilities and culturally sensitive hospitality, Arabian Gulf Business Insights reports. Digital platforms and social media influencers are also helping by accelerating awareness, while mainstream operators are adapting with purpose-built offerings. With 70% of Muslim travellers under the age of 40, the sector’s growth will be shaped by tech-savvy consumers who expect both convenience and authenticity, AGBI says.

International Holding Co.: Modon, a real estate company owned by IHC, sold out its Wadeem residential development on Hudayriyat Island within 72 hours, generating $1.5 billion in sales, the highest-valued property launch in Abu Dhabi this year.

Masdar: India’s ReNew Energy Global has received a $3.2 billion non-binding offer to take the company private from a consortium including Abu Dhabi’s Masdar sustainable energy company, the Abu Dhabi Investment Authority’s Platinum Hawk, the Canada Pension Plan Investment Board and Sumant Sinha, the Founder, Chairman and CEO of ReNew. 

G42: Abu Dhabi’s G42 launched an AI-driven financial procurement tool through its  Inception subsidiary, which it says can cut business project sourcing cycles by 40% and streamline enterprise procurement with data-driven efficiency.

⚓ International Buyout: P&O Maritime Logistics, a subsidiary of Dubai’s DP World, bought a 51% stake in NovaAlgoma Cement Carriers, a Canada-based transporter of dry-bulk commodities.

🌀 Renewable Boost: U.K.-owned British International Investment will provide $300 million for two renewable energy projects in Egypt, including Africa’s largest onshore wind farm.

🏭 Hygiene Funds: Abu Dhabi-based Ruya Partners secured a $55 million private credit investment, in consortium with a regional fund, to support a fiber plant in Saudi Arabia.

🌆 Big Win: HanmiGlobal, a global project management specialist won a $18 million contract for a high-rise mixed-use complex in Mecca.

🚆 Metro Expansion: Iraq will retender its delayed Baghdad metro project under a new technical and financial framework, inviting bids from all companies.

☢️ Nuclear Focus: Turkey wants to sign international deals for two new nuclear power plants by year-end if it receives competitively priced offers that meet its localization goals, Reuters reports.

📱 Recycle Tech: The UAE Ministry of Climate Change and Environment has launched a project to pay residents to recycle old mobiles and computers. 

🚚 Cargo Space: Abu Dhabi Airports partnered with JD’s Jingdong Property to develop over 70,000 square meters of advanced logistics facilities at the Abu Dhabi Airports Free Zone.

UAE President Sheikh Mohamed bin Zayed visited Bahrain’s King Hamad bin Isa Al Khalifa at the King’s residence in Abu Dhabi on Thursday.

Saudi Crown Prince Mohammed bin Salman met Sheikh Tahnoon bin Zayed, UAE National Security Advisor, in Jeddah on Thursday.

Julie Kozack, an IMF spokeswoman, said on Thursday that the fund will combine the fifth and sixth reviews of Egypt’s $8 billion program to allow more time for key reforms, as staff work with authorities on finalizing critical economic policies, Reuters reports.

Fayez Rasamny, Lebanon’s Public Works and Transport Minister, told The National that the ministry is taking a “step-by-step” approach to ease airport congestion, starting with expanding Beirut’s Rafic Hariri Airport capacity to over 10 million passengers and installing new X-ray machines, e-gates and ticket scanners for faster processing.

Hussain Sultan Lootah has been appointed Acting Chief Executive Officer of ENOC Group, the global energy entity owned by the Government of Dubai. 

Mushtaq Masood has been appointed as Chief Operating Officer of Dubai Investments. He was previously Chief Financial Officer. 

🎹 Road Trip: A short road in the UAE’s northeastern emirate of Fujairah has turned into a popular sensation because of its musical capabilities. The 1-kilometer stretch behind Fujairah Police Headquarters plays the tune of Beethoven’s 9th Symphony via engineered “rumble strips” embedded in the road surface when cars travel over it.

July 3-5, Cairo. Lift City Expo. Showcasing the latest technology in the elevator industry. Cairo International Convention & Exhibition Center.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

Sept. 30-Oct. 2, Abu Dhabi. Global Rail and Transport Infrastructure Exhibition and Conference. A leading international event dedicated to the rail transport sector. ADNEC.

TAKING FLIGHT

The long-awaited era of flying taxis zipping over the UAE is getting closer since the General Civil Aviation Authority announced its framework to regulate the use of electric and conventional helicopters. The rollout of regulations on Wednesday came as two key companies ran test flights in the emirates this week. Archer Aviation held its first flight in Abu Dhabi yesterday, with its Midnight electric vertical take-off and landing (eVTOL) aircraft flying from the capital’s Al Bateen Executive Airport. Technicians tested performance in hot, humid and dusty conditions. “We’re very excited to test our aircraft in the hottest months of the year and, if we can show that we can be ready for these conditions, it means … we can operate anywhere, anytime,” Archer Aviation’s UAE General Manager Talib Alhinai told The National. It came after California-based Joby Aviation tested its own electric aircraft in Dubai on Monday.

TECH FOOTHOLD

French defense and technology giant Thales is advancing plans to deepen its footprint in Saudi Arabia through a radar production facility and expanded cooperation with Saudi Arabian Military Industries. The goal, Pascale Sourisse, Senior Executive Vice-President of International Development at Thales, told The National, is to bolster the kingdom’s air defense capabilities and contribute to its broader strategy of localizing military production and becoming a global defense supply chain player. With military spending reaching over $80 billion in 2024, Saudi Arabia remains a key market for Thales’ long-term growth and innovation in defense technologies, Sourisse said. Thales is also pursuing plans to establish an AI research center in Abu Dhabi, marking its first such hub in the Middle East.

Saudi Aramco: U.S. asset manager BlackRock is considering selling its stake in the lending rights to Aramco’s natural gas pipeline network back to the energy giant in a deal likely to be worth billions of dollars, Bloomberg reports.

Qatar Investment Authority: Qatar Investment Authority participated in a $250 million funding round for Canadian pharmaceutical startup Kardium, supporting the launch of its latest device for treating heart rhythm disorders.

Qatar Investment Authority: Golden Pass LNG, owned by QatarEnergy and Exxon Mobil, requested U.S. approval to re-export LNG to cool its nearly completed Texas export plant ahead of production.

Public Investment Fund: Lucid Motors, the U.S. electric vehicle maker majority-owned by the PIF, reported a 40% increase in orders in the second quarter of the year.

ADNOC: ADNOC’s Hail and Ghasha mega-project completed the sail-out and installation of two critical offshore steel jackets from NMDC Energy’s Mussafah yard.

Abu Dhabi Investment Authority: KKR, CVC Capital Partners and ADIA are among the potential investors considering buying a minority stake in Aggreko, one of the world’s biggest suppliers of portable power generators, Bloomberg reports. 

ADQ: AD Ports Group, majority-owned by ADQ, and China’s Ningbo Zhoushan Port Group have agreed to build an automotive logistics network linking Chinese manufacturing with markets in the Middle East, Central Asia, and Africa.

⚕️Can Do: Saudi Maaden has acquired its partner Alcoa’s 25.1% stake in a Saudi mining joint venture for $1.35 billion in cash and shares.

🏢 Hotel Sale: ACICO Group, a Kuwaiti construction and real estate conglomerate, transferred ownership of one of its hotels to a creditor bank to wipe $198 million in debt.

💵 New Finance: UAE-based venture capital fund EQIQ invested $3 million in Iraq’s digital bank Instabank, anchoring a $15 million funding round.

🚢 Building Bridges: Saudi Ports Authority began work on the $184 million logistics corridor connecting Jeddah Islamic Port to Al-Khumrah Logistics Park. 

🌀 Wind Supply: The Saudi Power Procurement Company signed a power purchase agreement for the 700 megawatt Yanbu Wind Independent Power Plant, located in the Al-Madinah Al-Munawwarah region.

💸 Digital Finance: Abu Dhabi Securities Exchange has begun pricing the region’s first high-tech bond, created using blockchain-like technology.

🛞 Hot Wheels: Ferrari’s booming sales in the Middle East, its fastest-growing market, reflects the success of a luxury marketing strategy that has turned the Italian brand into one of the world’s four most valuable carmakers, The Economist reports.

🛢️ Energy Moves: Global energy giants, including Chevron, ExxonMobil, TotalEnergies, and Eni, are among 37 bidders in Libya’s first energy exploration tender in decades, with contracts expected to be signed by the end of the year, Bloomberg reports. 

📈 Shopping Splurge: Dubai Duty Free reported more than $1 billion revenue in H1, boosted by Eid holidays and early summer travel, with perfumes, liquor, and tobacco among top-selling categories.

🌴 Food Security: Oman and Russia are planning joint investments to boost food security, agriculture, and water resources in Oman.

🏠 Property Owner: Dubai has launched a first home buyers initiative, partnering with developers and banks to ease property market entry for debut investors, with no salary criteria and a $1.36 million cap.

UAE President Sheikh Mohamed bin Zayed held a phone call with Greek Prime Minister Kyriakos Mitsotakis on Wednesday.

Sheikh Abdullah bin Zayed, UAE Foreign Minister and Deputy Prime Minister, held a phone call on Wednesday with Samuel Okudzeto Ablakwa, Foreign Minister of Ghana.

Raghav Maliah has been appointed Global Chairman of Investment Banking at Goldman Sachs, a position that he will take on alongside his existing regional responsibilities, Reuters reports.

Amos Hochstein, former U.S. energy envoy, has urged the U.S. and Lebanon to “activate” a deal to transport gas from Egypt to Lebanon through a pipeline in Syria, The National reports. 

🏀 Playing Ball: The NBA Abu Dhabi Games 2025, sponsored by ADQ, will air live across more than 200 countries on TV and online, the Department of Culture and Tourism – Abu Dhabi has announced. The New York Knicks and the Philadelphia 76ers will play two pre-season games at Etihad Arena on Yas Island in October. Tickets are now on sale.

July 3-5, Cairo. Lift City Expo. Showcasing the latest technology in the elevator industry. Cairo International Convention & Exhibition Center.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

Sept. 30-Oct. 2, Abu Dhabi. Global Rail and Transport Infrastructure Exhibition and Conference. A leading international event dedicated to the rail transport sector. ADNEC.

NInJA UNICORNS

Delivery firm Ninja is Saudi Arabia’s newest tech unicorn, reaching a valuation of $1.5 billion after it raised $250 million from local investors. The funding round was led by Riyad Capital, the investment banking arm of PIF-backed Riyad Bank, the kingdom’s third biggest lender by assets, Bloomberg reports. Ninja, which was founded in 2022, offers rapid delivery of food and groceries in Saudi, Qatar, Kuwait and Bahrain. It is targeting an IPO by 2027, according to Bloomberg. Startups in Saudi raised nearly $400 million in the first quarter of this year, highlighting the kingdom’s growing venture capital scene. Ninja joins several other Saudi start-ups with valuations over $1 billion, including fintech companies Tamara and Tabby. Meanwhile, Qatar has moved to regulate commercial licenses for its cloud kitchens, the hidden production facilities used by many restaurant brands for booming home delivery services.

WIND POWERHOUSE

French utility giant Engie has brought Africa’s biggest wind farm fully online in Egypt. After a phased introduction, Engie said the 650-megawatt Red Sea Wind Energy Project in Ras Ghareb, Egypt, reached 100% operation in June and will be capable of powering more than 1 million homes. The wind farm is expected to cut carbon emissions by 1.3 million tons annually under a 25-year power purchase agreement with Egypt’s national grid. Engie, which operates nearly 1GW of wind capacity in Egypt, said it is expanding its footprint across the region, targeting solar, wind and hybrid energy projects in North Africa and the Gulf.

Public Investment Fund: Aroya Cruises, which is owned by the Saudi sovereign wealth fund, launched its first Mediterranean voyage on June 28, offering an Arab hospitality-inspired tourism experience across top cruise destinations.
Oman Investment Authority: The Omani sovereign wealth fund identified its $100 million deal with Jordan’s Social Security Investment Fund and $500 million agreement with Turkey’s OYAK Fund as highlights of the year in its 2024 annual report.

Oman Tower Co.: Canadian investment firm Brookfield acquired a substantial stake in state-owned Oman Tower Co., which operates over 2,400 telecom sites.

🤝Tax Windfall: Kuwait is expected to generate annual revenues of nearly $819 million through the 15%  tax imposed on multinational companies operating across multiple jurisdictions.

🏎️Auto Hub: Autoworld International is investing $12.2 million to establish a new logistics and distribution hub in Dubai’s Jebel Ali Free Zone where it has leveraged multimodal infrastructure for over 16 years to distribute Bajaj vehicles to more than 25 countries.

💻Digital Boost: Meeza, Qatar’s IT services and data centres provider, signed a long-term agreement worth over $96 million with a global hyper-scaler to utilize its new 4MW data centre.

✈️ Iraqi Gateway: Civilian Nasiriyah International Airport in southern Iraq, built by China State Construction under a 2019 oil-for-infrastructure deal will begin operations by late 2025.

💵Consultancy Contract: Deloitte Middle East has been working with Qatar National Bank on a contract to build a digital banking platform to extend the bank’s operations in Saudi Arabia, Intelligence Online reports. 

📈Growth Surge: Morocco’s economy grew 4.8% in the first quarter of the year, the fastest in four years, due to stronger household spending and a rebound in the farming sector, according to the planning commission.

⚕️Mineral Benefit: The Egyptian Mineral Resources Authority signed an agreement with Elsewedy CAP Investments to explore, develop and extract phosphate ore from the Sebaiya mines in the Nile Valley.

📈 Market Reform: Syria will expand stock market trading to five days a week in July as part of a plan to modernize the Damascus Securities Exchange and boost investor activity.

UAE President Sheikh Mohamed bin Zayed received a phone call on Tuesday from Bola Ahmed Tinubu, President of Nigeria. Sheikh Mohamed also spoke to Lee Jae-myung, President of Korea on Tuesday.

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, and President of Al Jazira Sports and Cultural Club, ordered the restructuring of the Board of Directors of Al Jazira Sports Football Company.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, had a phone discussion with International Atomic Energy Agency Director-General Rafael Grossi on Tuesday.

Sheikh Hamad bin Mohammed Al Sharqi, Supreme Council Member and Ruler of Fujairah, received the Certified Government Innovative Organisation certificate on behalf of Fujairah Municipality, which earned a Five-Star Rating from the Global Innovation Institute.

Lana Nusseibeh, the UAE’s Assistant Minister for Political Affairs and Special Envoy of the Minister of Foreign Affairs, writes in The Financial Times that U.S. President Donald Trump should work to secure a permanent ceasefire in Gaza and broaden the Abraham Accords to “forge a second-term legacy of peace in the Middle East.”

Giel-Jan M. Van Der Tol, has been appointed as Group CEO of Al Ahli Bank of Kuwait, replacing acting head Abdulla Al Sumait, who will retain his position as Deputy Group CEO.

Hamood Al Alawi was appointed Deputy CEO for Oman Air after previously serving as acting CEO of Oman Airports Management Co.

🕌 Magic Carpets: An exhibition of Islamic imperial carpets in Hong Kong is exploring the rich cultural exchange between Islamic and Chinese civilizations over centuries. Doha’s Museum of Islamic Art has partnered with the Hong Kong Palace Museum, lending some of Qatar’s most prized carpets and other historical objects from between the 16th and 18th centuries for the unique exhibition, The National reports.

July 3. Riyadh, Fintech Revolution. Fintech leaders come together to discuss financial technology and investment opportunities. Radisson Blu Hotel & Convention Center.

July 3-5, Cairo. Lift City Expo. Showcasing the latest technology in the elevator industry. Cairo International Convention & Exhibition Center.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

Sept. 30-Oct. 2, Abu Dhabi. Global Rail and Transport Infrastructure Exhibition and Conference. A leading international event dedicated to the rail transport sector. ADNEC.