CAPITAL EXPANSION

Abu Dhabi is planning a $16 billion expansion of its ADGM free zone, as the hedge funds, banks and fintech companies that have been flocking to one of the region’s fastest growing financial hubs demand more space to expand. The emirate’s Mubadala sovereign fund and its biggest developer, Aldar Properties, are partnering on the mixed-use development, which will double the Grade A office space available on Al Maryah Island and add another 3,000 luxury residences, Bloomberg reports. The number of operational entities within ADGM rose to 3,227 in the third quarter, up 43% year-on-year. Billionaire Alan Howard told Abu Dhabi Finance Week that his hedge fund, Brevan Howard Asset Management, which is Abu Dhabi’s largest, has run out of office space and is looking for more. Balyasny Asset Management, a $29 billion multi-strategy hedge fund, is the latest newcomer, with plans to open an office early next year.

SPIRITS SHIFT

Saudi Arabia has quietly eased its strict alcohol rules this week, allowing non-Muslim foreign residents who earn at least 50,000 riyals ($13,300) per month to purchase liquor from the country’s only licensed store in Riyadh if they show proof of income, Bloomberg reports. Previously, only foreign diplomats had access to alcohol sales – and more recently, residents with so-called premium visas. The store operates under a system where buyers’ income is checked via a Saudi platform before purchases are allowed. Loosening the restrictions is part of broader efforts to make the kingdom more attractive to expats, investors and international businesses.

Public Investment Fund: PIF-backed U.S. electric vehicle maker Lucid has expanded its network in Saudi Arabia.

ADQ: AD Ports Group’s Karachi Gateway Terminal Multipurpose Limited and Louis Dreyfus Company have signed a long-term agreement to develop and operate a modern clean-bulk agricultural handling and storage facility at Karachi Port.

Abu Dhabi Investment Authority: ADIA is among investors who bought out British American Tobacco’s $776 million stake in India’s ITC Hotels.

Oman Investment Authority: OQ Gas Networks, part of OIA, has invited bids to build Oman’s first 800km carbon-waste pipeline, linking major industrial free zones in Sohar, Duqm, and Salalah.

🤝 Afghan Alliance: DP World signed an agreement with the Afghan Ministry of Finance to modernize the country’s ports.

🌐 Fintech Milestone: Turkey’s Paribu has acquired a majority stake in Bahrain- and Dubai-based CoinMENA in a deal valuing the firm at up to $240 million.

💰 Funding Found: U.K.-based Wood Group secured access to $450 million in new funding from Dubai-based suitor Sidara after meeting key conditions, marking a major milestone in the year-long takeover bid.

💼 New Bureau: U.K.-based hedge fund Man Group has applied for a license to open an Abu Dhabi office next year. 

🏗️ Big Bucks: Egypt’s Palm Hills Developments aims to generate more than $7 billion in sales from its first UAE project and expects to begin construction next spring, chairman Yassin Mansour told Reuters.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, and Sheikh Tahnoon bin Zayed, UAE National Security Advisor, met with Microsoft CEO Satya Nadella in Abu Dhabi on Sunday. Sheikh Khaled also met with Daniel Noboa, President of Ecuador, on the sidelines of the Abu Dhabi Formula One Grand Prix on Sunday.

Sheikh Theyab bin Mohamed, Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs, met with Bill Gates, Chairman of the Gates Foundation, on the sidelines of Abu Dhabi Formula One Grand Prix on Sunday.

Sheikha Latifa bint Mohammed, Chairperson of Dubai Culture and Arts Authority, met with a delegation of Africa’s leading business and philanthropic figures to discuss opportunities for collaboration. 

Noura Al Kaabi, UAE Minister of State, was among the figures who paid tribute to famed architect Frank Gehry, after he died on Friday aged 96. Gehry designed the Guggenheim Abu Dhabi, which is due to open next year.

Jihad Azour, International Monetary Fund Regional Director, told The National that the U.S.’s November decision to allow advanced chip exports to the UAE’s G42 and Saudi Arabia’s Humain marked a major boost to both countries’ AI ambitions, signalling their emergence as serious players in the sector.

Saad Sherida Al Kaabi, Qatar’s Energy Minister, said at the Doha Forum on Saturday that he’s “really worried” that a lack of investment and a surge in energy use from AI will create a shortage of LNG and natural gas supplies beyond 2035, Bloomberg reports.

Yasir Al Rumayyan, Governor of the Public Investment Fund, took part in a mini-hackathon where he personally built a “fantastic” stock trading assistant with Replit, Amjad Masad, CEO of Replit tweeted on Sunday.

Hamad Ali Al Khater was named Qatar Airways Group CEO, succeeding Badr Mohammed Al-Meer after just two years in the post. 

Maryam AlBalooshi, Senior Manager of the Environmental Affairs Office at the UAE’s General Civil Aviation Authority, has been elected as Chair of the Committee on Aviation Environmental Protection of the International Civil Aviation Organization.

🌷 Art Roulette: A 66 million-year-old triceratops skull fossil, Jeff Koons’ large-scale “Tulips” sculpture and a 17th century tapestry are among the eclectic pieces to be displayed at Wynn’s Al Marjan Island casino resort when it opens in 2027, The National reports. Wynn has shared a preview of the extensive collection of art and artifacts it has curated for an “immersive living gallery” experience at the Ras Al Khaimah resort, which will be the first gaming facility to open in the Gulf region.

Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.

Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.

Dec. 8-9, Kuwait City. Kuwait Risk Management Summit. Equipping leaders in enterprise risk, audit, and compliance with the latest insights and actionable strategies to tackle the evolving risk landscape. Kuwait Four Seasons Hotel.

Dec. 8-9, Abu Dhabi. Global AI Show. A leading forum examining investment opportunities in artificial intelligence. Space42 Arena.

Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.

Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the world’s top minds to redefine and shape the future of global markets. The Grand Steps, Al Maryah Island.

Dec. 18-23, Abu Dhabi. Games of the Future. A forum to discuss trends and investment opportunities in digital gaming. ADNEC. 

Dec. 29-30, Dubai. World Sports Summit. Athletes, investors and decision makers discuss how sports can change the face of humanity. Madinat Jumeirah Arena.

STARTING YOUNG

Saudi Arabia is working to engage its sports fans from the bottom up. As Crown Prince Mohammed bin Salman pours billions of dollars into international golf, tennis and football, Danny Townsend, CEO of Saudi Arabia’s SURJ Sports Investments, says it’s vital to get the young generation hooked when they’re young. “Frankly, I care far more about engaging a 10-year-old in a sport we invest in than engaging someone my age,” Townsend said in a panel discussion about sports at the Milken Summit. “If we get the product right and deliver it the right way for that young fan, the long-term value follows.” Ben Harburg, the American investor who bought Saudi Arabia’s Al-Kholood pro soccer club in July, said he’s constantly amazed by the dedication of local fans. “I’ve had fans come up to me at matches with printed A4 pages – line-by-line recommendations on how we should compete in the league, which players to pursue, what style of play to adopt, even preferred formations.”

NETFLIX AND DEAL

Netflix agreed to buy Warner Bros. Discovery in a $72 billion deal that pairs the world’s dominant paid streaming service with one of Hollywood’s oldest studios. Under the deal announced today, Warner Bros. shareholders will receive $27.75 a share in cash and stock in Netflix, Bloomberg reports. Netflix beat out a competing bid by David Ellison’s Paramount Skydance, which had backing from the Gulf’s three biggest sovereign wealth funds: Saudi Arabia’s Public Investment Fund, the Qatar Investment Authority and the Abu Dhabi Investment Authority. The sale will reshape the media and entertainment landscape globally, including in the Gulf, where Warner Bros. Discovery has interests ranging from content streaming and theme park branding deals to a CNN bureau. Earlier this year it paid $57 million for a 30% share in Dubai-based streamer OSN, which hosts HBO content in the region. 

Investment Corp. of Dubai: Emirates NBD, majority owned by the Dubai Government’s investment arm, is among the potential bidders for India’s $7 billion majority stake in IDBI Bank, in what could become the largest state-backed bank divestment in decades.

Public Investment Fund: The Saudi Bahraini Investment Co., owned by the PIF, signed an agreement with Mumtalakat, Bahrain’s sovereign wealth fund, to enhance cooperation and investment in strategic sectors.

Oman Investment Authority: OQ Alternative Energy, the OIA backed renewable energy company, is reportedly preparing to approve final investment decisions on 2 gigawatts of projects before year-end, the Oman Daily Observer reports.

⚽ Star Power: Saudi Arabia-based billionaire footballer Cristiano Ronaldo has taken a stake in Perplexity AI and signed up for a global sponsorship agreement with the California-based startup. 

💵 Building Blocks: Abu Dhabi-listed Investcorp Capital has acquired a $400 million diversified portfolio of industrial assets including properties across coastal markets in the eastern and western U.S.

🚢 Strategic Powerhouse: Morocco’s $4.2 billion Nador West Med port, located in the country’s northeast, is likely to become operational by the end of 2026, CEO Mohamed Jamal Benjelloun told Asharq Business.

🚙 Fancy Drops: Saudi Arabia is now the world’s laregst importer of classic cars, with investments exceeding $26.7 million, amid increased interest in classing car rallies.

💼 ETF Bonanza: U.S. financial services firm State Street is expanding further in Saudi Arabia, with plans to add a dozen staff and launch a range of new Saudi exchange-traded funds, Bloomberg reports.

🎲 Winning Hand: Las Vegas casino operator Wynn Resorts has told investors that it expects almost 90% of revenue from its UAE project to come from gambling, Arabian Gulf Business Insights reports.

🤝 Good Job: The IMF welcomed Saudi Arabia’s recalibration of Vision 2030 spending as the kingdom moves to narrow its fiscal deficit.

🌱 Solid Growth: The UAE’s economy will grow by 4.8% in 2025, according to the World Bank’s Fall 2025 Gulf Economic Update, as the country continues to achieve strong and broad-based growth.

🛢️ Oil Pricing: Saudi Arabia cut the price of its Arab Light crude to a five-year low, amid signs of a growing surplus, Bloomberg reports.

📈 Kuwait Market: Infracorp, a Bahrain- and Gulf-focused infrastructure and real estate investor, is considering a Kuwait Stock Exchange listing.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, met with Michael Milken and former U.S. Secretary of the Treasury Steven Mnuchin on the sidelines of the Milken Summit.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, held a phone call with Antonio Tajani, Italy’s Deputy Prime Minister and Minister of Foreign Affairs on Thursday.

Prince Faisal bin Farhan, Saudi Arabia’s Minister of Foreign Affairs, and his Qatari counterpart, Sheikh Mohammed bin Abdulrahman, co-chaired the executive committee meeting of the Saudi-Qatari Coordination Council on Thursday in Riyadh.

Sheikh Ammar bin Humaid, Crown Prince of the northern UAE emirate of Ajman and Chairman of Ajman Executive Council, met with Fares Akkad, Regional Director for the Middle East and Africa at Meta, Mariam Obaid Al Mheiri, Public Policy Manager at Meta, and Ahmad Shehada, Head of Government, Politics and Nonprofits for the Middle East and North Africa at Meta.

Omar Al Olama, UAE Minister of State for AI, Digital Economy and Remote Work Applications, told attendees at the Milken Summit that his country plans to produce 60 trillions AI tokens, which is equivalent to about 60% of global production and is a key part of the Emirates’ ambitions to be the world’s factory of intelligence.

AbdulKader Husrieh, Syria’s Central Bank Governor, appearing via video link, told the Reuters NEXT conference in New York on Thursday that the country’s economy is growing much faster than the World Bank’s 1% estimate for 2025 as refugees flow back after the end of a 14-year civil war.

Richard Teng, Binance Co-CEO, told The National that the rising convergence of AI, blockchain and rising stablecoin adoption is propelling a major five-to-ten-year transformation in financial services.

🏎️ Broom Broom: Excitement is building for this weekend’s Etihad Airways Formula One Grand Prix, the first time in 15 years that more than two drivers are in contention for the world championship title at the last race of the season. McLaren driver Lando Norris, Red Bull’s Max Verstappen and second McLaren driver Oscar Piastri, are all in the running. Adding to the already high stakes, McLaren’s resurgence comes just three months after Abu Dhabi’s CYVN Holdings and Bahrain’s sovereign fund, Mumtalakat, became full owners of the team in a $5 billion deal. 

Dec. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island. The Circuit is an official media partner for Milken Summit and is publishing special editions covering the conference. Make sure you are receiving updates from the Circuit Team!

Dec. 6-7, Doha. Doha Forum. Bringing together leaders in policy to discuss critical challenges facing our world. Sheraton Grand Doha Resort and Convention Hotel.

Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit. 

Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.

Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.

Dec. 8-9, Kuwait City. Kuwait Risk Management Summit. Equipping leaders in enterprise risk, audit, and compliance with the latest insights and actionable strategies to tackle the evolving risk landscape. Kuwait Four Seasons Hotel.

Dec. 8-9, Abu Dhabi. Global AI Show. A leading forum examining investment opportunities in artificial intelligence. Space42 Arena.

Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.

Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the world’s top minds to redefine and shape the future of global markets. The Grand Steps, Al Maryah Island.

Dec. 18-23, Abu Dhabi. Games of the Future. A forum to discuss trends and investment opportunities in digital gaming. ADNEC. 

Dec. 29-30, Dubai. World Sports Summit. Athletes, investors and decision makers discuss how sports can change the face of humanity. Madinat Jumeirah Arena.

GLOBAL PUSH

Mubadala Capital, the asset management arm of Abu Dhabi’s Mubadala sovereign fund, and developer Aldar are pairing up to launch a platform that aims to connect global investors with real estate projects in the UAE and wider Gulf. The new venture, to be called Aldar Capital and based out of Abu Dhabi’s ADGM free zone, is planning to raise $1 billion for its first fund next year. “We have received significant inbound interest from a number of our existing investors who want exposure to the region,” Mubadala Capital CEO Hani Barhoush told Bloomberg. The fund will invest across office buildings, residential real estate and logistics, transforming one of the UAE’s biggest developers into a manager of global capital. The biggest shareholder in Abu Dhabi-listed Aldar is Alpha Dhabi, which is controlled by International Holding Co., the vast conglomerate overseen by UAE National Security Advisor Sheikh Tahnoon bin Zayed. 

BILLIONAIRE DELIVERY

Jeff Bezos, the founder of Amazon and one of the five richest people in the world, paid a visit to UAE President Sheikh Mohamed bin Zayed on Wednesday, praising the Emirates’ approach to embracing future technology during a meeting at Qasr Al Shati palace in Abu Dhabi. The meeting, which covered innovation, advanced technology and AI, was also attended by Sheikh Tahnoon, and Khaldoon Al Mubarak, Group CEO and Managing Director of the Mubadala sovereign wealth fund and Chairman of Abu Dhabi’s Executive Affairs Authority. Sheikh Tahnoon previously met Bezos along with Elon Musk to discuss AI collaboration on the sidelines of Sheikh Mohamed’s official visit to the U.S.  last year.

ADNOC: Germany has begun preliminary talks with potential investors including the UAE’s Abu Dhabi National Oil Co. about selling the trading unit of nationalized energy company SEFE, formerly Gazprom’s European arm, as it weighs options for the business’s future structure, Bloomberg reports. 

International Holding Co.: The Financial Times traces how Abu Dhabi’s International Holding Co. expanded from a small firm into a sprawling conglomerate spanning multiple sectors that now accounts for a mammoth share of the emirate’s stock-market value. 

International Holding Co.: Abu Dhabi-based fintech Zelo, formerly known as eFunder, has received $715 million from parent company IHC to expand its financing services for small and medium-sized enterprises. 

Mubadala: The Abu Dhabi Investment Council, part of Mubadala sovereign wealth fund, is suing U.S. private equity firm Energy & Minerals Group to try to block its sale of Ascent Resources, one of America’s largest private gas drillers, to one of the firm’s sister funds. ADIC alleges that Energy & Minerals Group coerced investors to support the deal by concealing alternatives and undervaluing the company.

Public Investment Fund: Saudi Arabia’s PIF will own 93.4% of Electronic Arts after its $55 billion buyout backed by Jared Kushner’s investment firm Affinity Partners and Silver Lake, filings have revealed. Silver Lake will own 5.5% and Affinity 1.1%. The PIF will need to find about $29 billion in cash to fund its share of the leveraged deal, The Wall Street Journal reports.

Public Investment Fund: National Grid, a subsidiary of PIF-owned Saudi Electricity Co., will design and construct a $346 million power network for luxury tourism destination Soudah Peaks in the southwest of Saudi Arabia.

🔥 Fired Up: Bahrain-based asset manager Investcorp has acquired U.S.-based safety company Guardian Fire Services from private equity firm Northern Lakes Capital. 

🛢️ Drill Down: Omani company Abraj Energy Services has won a $280 million oil drilling contract from state-run Petroleum Development Oman.

🌳 Tree Change: Sharjah-based deleloper Arada has awarded $735 million worth of contracts to deliver its forested megaproject Masaar 2, including 1,997 homes.

🌱 Startup Surge: Abu Dhabi-based investor Plus VC plans to fund more than three dozen startups in 2026, focusing on Saudi Arabia as a growing venture hub while increasing annual capital deployment to about $10 million from $4.5 million this year, Bloomberg reports.

⚓ Finally Free: Yemen’s Houthis have released nine Filipino mariners held since a July attack on the ship Eternity C in the Red Sea, during which at least four people were killed, Arab News reports.

🦂 Attack Drones: The U.S. is launching a new task force, named Scorpion Strike, for its military’s first one-way attack drone squadron based in the Middle East. 

🏢 Desk Rents: Saudi Arabia is driving a surge in prime office rents across the Gulf, with Grade-A rents in Riyadh climbing 15.1% year-on-year in the third quarter, according to a new report by U.K.-based consultancy Knight Frank.

🐪 Desert Retreat: KKR’s decision to set up its third Middle East office in Abu Dhabi came as the buyout giant deployed about $2 billion in the Gulf over the past year, including buying a stake in one of the largest data center firms in the region, Bloomberg reports. 

King Hamad of Bahrain, chaired the 46th GCC Summit on Wednesday and gave a closing speech stressing the importance of advancing paths related to food and water security and the digital economy, and of continuing to support political efforts aimed at achieving regional stability. Italian Prime Minister Giorgia Meloni, the guest of honor, also delivered a speech in which she said that Italy could serve as a gateway for Gulf states into the European market. GCC Secretary-General Jasem Albudaiwi noted that trade exchange with Italy surpassed $35 billion in 2024.

Saudi Crown Prince Mohammed bin Salman and Bahrain’s Crown Prince Salman bin Hamad Al Khalifa, co-chaired the fourth meeting of the Saudi-Bahraini Coordination Council in Manama on Wednesday. The Saudi Crown Prince also met with Italian Prime Minister Giorgia Meloni on the sidelines of the GCC Summit.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, met today with Zac Brown, CEO of McLaren Racing, in advance of this weekend’s F1 Abu Dhabi Grand Prix.

Mohammed Al-Jadaan, the Saudi Finance Minister, said the kingdom is open to canceling some projects under its Vision 2030 program if needed, in some of the strongest public remarks yet on scaling back costly developments.

Shivani Pandya, Red Sea International Film Festival Managing Director, told Arab News that the organization had to choose from more than 2,000 film submissions from 71 countries for this year’s festival, which opens in Jeddah today with the Middle East premiere of Rowan Athale’s boxing biopic “Giant.”

Michael Saylor, CEO of Strategy, the world’s biggest corporate Bitcoin holder, urged investors to avoid getting caught up by news of volatility in the crypto sector, speaking at Binance Blockchain Week in Dubai on Wednesday.

Zach Witkoff, co-founder and CEO of Trump family-backed World Liberty Financial, told Binance Blockchain Week that the U.S. is still playing catch-up with the UAE on crypto regulation. 

Will Ahmed, the Egyptian-American founder of wearable fitness tracker Whoop, told The National that he credits his father’s decision to move to the U.S. with fuelling his entrepreneurial journey.

Fawaz bin Mohammed Al-Jasser has been named CEO of Saudi Arabian dairy giant Almarai.

👻 Good Spirits: Beloved Japanese animation house Studio Ghibli will take over Abu Dhabi’s Manarat Al Saadiyat next year for an exhibition exploring almost four decades of storytelling. Tickets go on sale on Dec. 8 for The World of Studio Ghibli, which will open on May 30. The show has toured South Korea, Taiwan, Hong Kong, Bangkok and Singapore since it was first presented in Japan more than 10 years ago. Visitors will be able to meet characters including Chihiro from “Spirited Away” and San from “Princess Mononoke,” The National reports. 

Dec. 3-5, Jeddah. AgroFood Jeddah. Bringing together developing businesses in the agricultural and food products field in Saudi Arabia. Jeddah Center for Exhibitions and Events.

Dec. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island. The Circuit is an official media partner for Milken Summit and is publishing special editions covering the conference. Make sure you are receiving updates from the Circuit Team!

Dec. 6-7, Doha. Doha Forum. Bringing together leaders in policy to discuss critical challenges facing our world. Sheraton Grand Doha Resort and Convention Hotel.

Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit. 

Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.

Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.

Dec. 8-9, Kuwait City. Kuwait Risk Management Summit. Equipping leaders in enterprise risk, audit, and compliance with the latest insights and actionable strategies to tackle the evolving risk landscape. Kuwait Four Seasons Hotel.

Dec. 8-9, Abu Dhabi. Global AI Show. A leading forum examining investment opportunities in artificial intelligence. Space42 Arena.

Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.

Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the world’s top minds to redefine and shape the future of global markets. The Grand Steps, Al Maryah Island.

Dec. 18-23, Abu Dhabi. Games of the Future. A forum to discuss trends and investment opportunities in digital gaming. ADNEC. 

Dec. 29-30, Dubai. World Sports Summit. Athletes, investors and decision makers discuss how sports can change the face of humanity. Madinat Jumeirah Arena.

MEETING MILKEN

Michael Milken returns to Abu Dhabi on Thursday for his annual business gathering, bringing hundreds of finance, government, sports, entertainment and philanthropic leaders together for a two-day talkfest. The storied billionaire financier will open proceedings at the two-day Milken Institute Middle East and Africa Summit in conversation with GCC Secretary-General Jasem Al Budaiwi and 2pointZero Managing Director Mariam bint Mohammed AlMheiri. He’ll conclude the conference on Friday chatting onstage with Mubadala CEO Khaldoon Al Mubarak. In between, the event will feature speakers including Emaar’s Mohamed Alabbar, Alterra’s Majid Al Suwaidi, Liberty Strategic Capital’s Steven Mnuchin, Nova Sky Stories’ Kimbal Musk, Diriyah’s Jerry Inzerillo, Greycroft’s Dana Settle, Brightstar’s Andrew Weinberg, Mahindra’s Nilesh Shah, Maaden’s Bob Witt and singer/songwriter Camila Cabello.

GROCERY SALE

The Qatar Investment Authority plans to sell roughly $360 million worth of shares in Sainsbury’s, ending its almost 20-year reign as the London-based supermarket chain’s largest investor. The package includes about 84 million ordinary shares via a secondary offering, with a derivatives-linked block sale raising the total to nearly 98 million shares. After the selloff, QIA’s stake will drop to about 6.8%, making it the fourth-largest shareholder. The share sale comes after Sainsbury’s stock climbed 23% this year.

Public Investment Fund: Saudi’s PIF increased its stake in LIV Golf to $5 billion after Governor Yasir Al Rumayyan authorized a $113 million increase in the share capital of LIV Golf Investments, the company behind the upstart league, Money In Sport reports.

Aramco: The Saudi oil company started production at its new Jafurah gas-processing plant, part of a $100 billion project that Aramco describes as central to its ambitions to become a global leader in the natural gas market.

Saudi National Bank is seeking a $1 billion syndicated loan as part of a five-year deal managed by DBS Bank Ltd. and Mitsubishi UFJ, Bloomberg reports.

💰 Budget Building: Saudi Arabia gave approval on Tuesday to a 1.3 trillion-riyal ($346 billion) state budget for 2026, which was slightly below its 2025 spending plan, with a narrower projected deficit as it seeks to increase non-oil revenue.

⛏️ Mineral Push: Saudi Arabia launched a bidding round for exploration licenses covering 13,000 square kilometers (5,019 square miles) as part of its efforts to diversify its base of natural resources beyond oil.

🚀 F-16 Support: The U.S. gave approval to a possible $455 million deal to supply maintenance and sustainment support for Bahrain’s F-16 fleet. 

🚁 Helicopter Aid: U.S. authorities gave authorization to a potential $1 billion package providing support and training for Saudi Arabia’s military helicopter fleet.

🛒 Second-Hand: Apax Partners, a U.K. private equity firm, signed an agreement to acquire Israel’s second-hand market site Yad2 from KKR for $950 million, beating out Blackstone and CVC.

🧠 AI Faceoff: Anthropic plans to hire law firm Wilson Sonsoni as it races OpenAI to go public what could be one of the largest IPOs ever, the Financial Times reports.

🤝 Iraq Talks: ExxonMobil is in discussions with Iraq to acquire a stake in the giant West Qurna-2 oil field currently held by Lukoil, Reuters reports. 

✈️ Flight Delay: Airbus has cut its annual commercial aircraft delivery target for this year after issues with its best-selling A320 narrow-body model, The National reports.

🛡️ Joint Defense: Gulf countries are focused on finalising a joint defensive air shield “in the near future”, GCC Secretary General Jasem Al Budaiwi said on Tuesday in Bahrain on the eve of the 46th Gulf Co-operation Council summit.

UAE President Sheikh Mohamed bin Zayed was joined by Supreme Council Members and Rulers of the Emirates, Crown Princes, Deputy Rulers, and Sheikhs at the official ceremony marking the UAE’s 54th Eid Al Etihad, held at the Zayed National Museum in Abu Dhabi on Tuesday under the theme “United.”

Saudi Arabia’s Crown Prince Mohammed bin Salman arrived in Bahrain today to attend the 46th Session of the Supreme Council of the Gulf Cooperation Council. He was received by Bahrain’s Crown Prince and Prime Minister Salman bin Hamad Al Khalifa.

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, is leading the UAE delegation to the GCC Summit.

Bill Gates, the billionaire Microsoft founder, is expected to appear on stage to unveil a major investment “in humanity” at next week’s Abu Dhabi Finance Week.

Murat Tasci, a veteran of JPMorgan Chase and the U.S. Federal Reserve, was appointed by Turkey’s Central Bank on Tuesday as its Chief Economist.

Pope Leo XIV ended his first overseas trip in Lebanon on Tuesday by leading 100,000 worshippers in a mass prayer at the Beirut waterfront.

Benjamin Netanyahu, the Israeli Prime Minister, was invited to the White House again in a phone call with U.S. President Donald Trump to discuss next steps in implementing the Gaza ceasefire.

🇦🇪 National Pride: Its looming oblong wings having already etched themselves into the Abu Dhabi skyline over the past few years during construction, visitors can finally get a glimpse inside the imposing Zayed National Museum in Abu Dhabi’s Saadiyat Cultural District. Opening today, a day after the UAE celebrated its 54th National Day, the museum tells the story of the country’s history through a collection of artifacts, from Paleolithic stone tools and a reconstructed 4,000-year-old boat to family heirlooms and a replica of a Chrysler owned by the UAE’s Founding Father Sheikh Zayed.

Dec. 3-5, Jeddah. AgroFood Jeddah. Bringing together developing businesses in the agricultural and food products field in Saudi Arabia. Jeddah Center for Exhibitions and Events.

Dec. 4, Abu Dhabi. Family Office Summit. Dedicated to fostering innovation and wealth management within the family office community. Park Hyatt Hotels and Villas. 

Dec. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island. The Circuit is an official media partner for Milken Summit and is publishing special editions covering the conference. Make sure you are receiving updates from the Circuit Team!

Dec. 6-7, Doha. Doha Forum. Bringing together leaders in policy to discuss critical challenges facing our world. Sheraton Grand Doha Resort and Convention Hotel.

Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit. 

Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.

Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.

Dec. 8-9, Kuwait City. Kuwait Risk Management Summit. Equipping leaders in enterprise risk, audit, and compliance with the latest insights and actionable strategies to tackle the evolving risk landscape. Kuwait Four Seasons Hotel.

Dec. 8-9, Abu Dhabi. Global AI Show. A leading forum examining investment opportunities in artificial intelligence. Space42 Arena.

Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.

Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the world’s top minds to redefine and shape the future of global markets. The Grand Steps, Al Maryah Island.

Dec. 18-23, Abu Dhabi. Games of the Future. A forum to discuss trends and investment opportunities in digital gaming. ADNEC. 

Dec. 29-30, Dubai. World Sports Summit. Athletes, investors and decision makers discuss how sports can change the face of humanity. Madinat Jumeirah Arena.

CITY PLAY

Qiddiya officials say the $40 billion “city for play” project will rely comfortably on Saudi sovereign funding for years, despite recent calls for greater involvement from the private sector. “We recognise that creating a brand-new city from scratch in the desert is a sovereign undertaking,” Qiddiya Investment Company Vice Chairman Morgan Parker said at the Cityscape conference held in Riyadh last week. He added that building a city the size of Las Vegas will “take some time.” Qiddiya is located outside Riyadh with a motor racing track, 12 theme parks, 40 sports venues and 27 entertainment attractions. The city expects to develop around 120 hotels with 41,000 rooms over the next 20 years. The Six Flags Qiddiya amusement park held its soft-opening earlier this month, with an official launch expected on New Year’s Eve.

BUYING ITALY

Abu Dhabi’s Eagle Hills and Italy’s Coima will jointly invest $463 million to transform Rome’s Guido Reni Barracks in the Flaminio district, as cash-rich UAE developers increasingly eye overseas projects. The Rome initiative builds on Eagle Hills’ expanding European footprint, including its €200 million restoration of Venice’s Hotel Des Bains and a recently announced €3 billion waterfront development in the Latvian capital, Riga. Founded by Emirati businessman Mohamed Alabbar, the company now operates more than 35 luxury hotels and leads major mixed-use projects across 14 countries. Alabbar also recently purchased the historic Castello di Antognolla in Umbria for $55 million to convert it into a luxury resort and wellness center.

Public Investment Fund: ACWA Power, a subsidiary of the PIF, secured $5.9 billion in funding through loans for seven renewable projects in the kingdom that will jointly generate 15,000 megawatts.

TAQA: Abu Dhabi National Energy Company, known as TAQA, and Dubal Holding will acquire Emirates Global Aluminium’s power and water generation assets for $1.9 billion.

Mubadala: Investcorp has become the cornerstone investor for Chinese company Chuangxin Industries Holdings’ $813 million IPO on the Hong Kong Stock Exchange.

🚢 Energy Buyout: Gulf Navigation Holding, a Dubai-listed maritime and logistics company, completed its $871 million acquisition of all Brooge Energy assets.

💰 Gulf Attraction: The India Global Forum launched a $250 million fund to help India’s leading consumer and industrial brands expand into key markets including the Middle East.

⚓ Port Project: Oman’s Sohar Port will spend $220 million to expand its free zone with new facilities for clean marine fuel and bunkering.

🤝 Abu Dhabi Approved: Ripple’s RLUSD token, a stablecoin pegged to the U.S. dollar, has been approved by Abu Dhabi’s financial regulator for use within the Abu Dhabi Global Market.

📜 Top Notch: Saudi Arabia’s King Abdullah University of Science and Technology has secured the top spot in the Times Higher Education Arab University Rankings for the third year in a row.

🗼 Wynn Tower: The 305-meter Wynn Al Marjan Island tower, now at its 70th floor with roof-deck work underway, is expected to top out by late November ahead of its planned Spring 2027 opening.

🏗️ Production Increase: UAE-based Emirates Global Aluminium plans to boost sustainable aluminium output  to as much as 50% of total primary production by 2028.

UAE President Sheikh Mohamed bin Zayed ordered the release of 2,937 prisoners ahead of Eid Al Etihad, the UAE’s 54th National Day. He will also cover the cost of fines incurred by the inmates as part of their sentencing.

Sheikh Mohamed appointed Hasan Jasem Nasser Al Nowais as Undersecretary of the Ministry of Industry and Advanced Technology. Al Nowais previously held several leadership roles, including Managing Director and Group CEO of M42.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, UAE Deputy Prime Minister and Minister of Defense, and Chairman of The Executive Council of Dubai, directed government entities to intensify support for the private sector.

Lana Nusseibeh, UAE Minister of State and Envoy to the EU, said that the UAE welcomes a push to end fighting in Sudan.

Shayne Nelson, CEO of Emirates NBD, said the bank plans to expand wealth management services in India following its $3 billion acquisition of Mumbai-based RBL Bank.

Gianni Infantino, FIFA President, said in comments to beIN Sports that if it was up to him he would “host the next 10 World Cups in Qatar.”

Hadi Badri, CEO of the Dubai Economic Development Corporation, told The National that it has onboarded more than 500 tech focused companies since the launch of Dubai Founders HQ last month. 

🎤 Ringing In 2026: Alicia Keys, the 17-time Grammy Award-winner, will return to Abu Dhabi for a special New Year’s Eve performance at the open-air concert series Saadiyat Nights. The American singer-songwriter will kick off a season of performances at a purpose-built venue near Manarat Al Saadiyat, including a double-header featuring The Supremes star Diana Ross and Seal on Jan. 9, as well as performances by John Mayer, Ricky Martin, Mariah Carey and Bryan Adams.

Dec. 1-2, UAE. UAE National Day. A two-day public holiday to celebrate the UAE’s 54th National Day, also known as Eid Al Etihad. 

Dec. 1-3, Riyadh. Saudi Intermobility Expo. A platform dedicated to advancing next-generation road networks, from sustainability to integrating AI and EVs. Riyadh Front Exhibition and Convention Center. 

Dec. 3-5, Jeddah. AgroFood Jeddah. Bringing together developing businesses in the agricultural and food products field in Saudi Arabia. Jeddah Center for Exhibitions and Events.

Dec. 4, Abu Dhabi. Family Office Summit. Dedicated to fostering innovation and wealth management within the family office community. Park Hyatt Hotels and Villas. 

Dec. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island. 

Dec. 6-7, Doha. Doha Forum. Bringing together leaders in policy to discuss critical challenges facing our world. Sheraton Grand Doha Resort and Convention Hotel.

Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit. 

Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.

Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.

Dec. 8-9, Kuwait City. Kuwait Risk Management Summit. Equipping leaders in enterprise risk, audit, and compliance with the latest insights and actionable strategies to tackle the evolving risk landscape. Kuwait Four Seasons Hotel.

Dec. 8-9, Abu Dhabi. Global AI Show. A leading forum examining investment opportunities in artificial intelligence. Space42 Arena.

Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.

Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the world’s top minds to redefine and shape the future of global markets. The Grand Steps, Al Maryah Island.

Dec. 18-23, Abu Dhabi. Games of the Future. A forum to discuss trends and investment opportunities in digital gaming. ADNEC. 

Dec. 29-30, Dubai. World Sports Summit. Athletes, investors and decision makers discuss how sports can change the face of humanity. Madinat Jumeirah Arena.

TRUMP TUMBLE

The Trump family’s $1.5 billion crypto deal with Canada’s Alt5 Sigma is going south. Alt5 CEO Peter Tassiopoulos was suspended after the merger and the company has warned employees it may face lawsuits and regulatory probes, The Information reports. The merger, announced in August and signed by Eric Trump and Donald Trump Jr. on behalf of their company, World Liberty Financial, was meant to boost both firms through a new Trump-linked WLFI cryptocurrency. Eric Trump earlier touted the digital coin at the TOKEN2049 conference in Dubai before it was first generated. Now, Alt5’s stock has fallen 75% on the Nasdaq and the WLF token has plunged by nearly half its value.

REVVING UP

All eyes will be on Qatar’s F1 Grand Prix in Doha this weekend to see what shape the race leaders will be in going into the final showdown of the season at Abu Dhabi’s Yas Marina Circuit. The Etihad Airways Abu Dhabi Grand Prix, the biggest sporting event on the Gulf calendar, is expected to see a record-breaking crowd next week, as speculation grows for a potential three-driver showdown between Briton Lando Norris, Australian Oscar Piastri and Dutchman Max Verstappen. Four days of squealing tires will be topped off with after-race concerts headlined by Benson Boone, Post Malone, Elyanna, Metallica and Katy Perry. 

Aramco: Saudi Arabia’s state-owned oil company has picked Citigroup to arrange a potential multibillion-dollar sale of a stake in its oil export and storage terminals business.

EDGE: The UAE’s largest arms manufacturer says developing a homegrown air-defense system is its top priority, reflecting heightened concern over drone and missile threats in the Gulf, Bloomberg reports. 

2PointZero: Multiply Media Group announced the full acquisition of London Lites, one of London’s leading digital display advertising companies

International Holding Co.: Abu Dhabi investment firm Alpha Dhabi Holding has acquired a $436 million stake in NMDC Group previously held by AD Ports Group.

Mubadala: Bahrain-based Investcorp, partially owned by Mubadala, will sell its majority stake in Denmark-based digital business platform Shine to Cegid, a cloud and AI solutions business majority owned by Silver Lake.

🏗️ Trump Jeddah: Developer Dar Global awarded Arabian Construction Company the main contract to build the $532 million Trump Tower Jeddah.

🏢 New Office: Jefferies Financial Group has made its first move into Saudi Arabia’s private credit market by leading a $125 million financing deal for startup Erad.

🔌 Energy Push: Abu Dhabi-based Global South Utilities announced new energy-sector projects worth around $1 billion in Yemen.

🌀 Sea Cables: Qatari-listed telecom Ooredoo will put more than $500 million into international cable projects to reduce connectivity risks due to disruptions in the Red Sea and the Strait of Hormuz.

⚡ Power Towers: Oman Electricity Transmission Co. has awarded $640 million in contracts to supply power to eight new towns under construction.

🚕 Robotaxi Launch: Uber and WeRide launched fully driverless robotaxis on Abu Dhabi’s Yas Island, the first location outside the U.S. to host such commercial rides on the Uber platform. 

💸 Gulf Expansion: The Kuwait Financial Centre, an asset management firm known as Markaz, plans to launch a new equity fund and open its first foreign branch in Saudi Arabia, as part of its strategy to expand across the Gulf. 

⛏️ New Ore: Saudi miner Amak has discovered new copper, zinc, gold and silver reserves in its Najran exploration area.

💰 Gold Enterprise: UAE based Aditum Investment Management plans to raise up to $50 million to fund Wiz Financial’s gold-backed private credit expansion in India.

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, asked the UAE public to support a nationwide drive to send more than 10 million meals to Gaza on a ship bearing his name.

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, attended the Zayed Camel Race Grand Prize 2025.

Sheikh Ahmed bin Saeed, Chairman of the Dubai Integrated Economic Zones Authority,  inaugurated the Dubai edition of the Doers Summit, which links venture capital and investors with startups.

Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, received a phone call on Wednesday from Rashif Meredov, his Turkmen counterpart.

Sheikha Jawaher bint Mohammed Al Qasimi, Wife of the Ruler of Sharjah and Chairperson of the Sharjah Family and Community Council, inaugurated the third edition of the Child Safety Forum 2025.

Abdulla bin Touq Al Marri, UAE Minister of Economy and Tourism, witnessed the launch of a digital platform for buying and selling trademarks.

Habiba Alsafar, Dean of the College of Medicine and Health Sciences at Khalifa University of Science and Technology in Abu Dhabi, has been awarded Belgium’s top honor of Knight in the Order of Leopold for her contribution to a biomedical research partnership between Belgium and the UAE. 

James Holder, Head of Citi Private Bank for the U.K., Europe, the Middle East and Africa, told The National that capital inflows and the migration of the super wealthy to the UAE are likely to continue for at least another decade.

Abdulsalam Sulaiman Alrajhi, a board member of Liwan Real Estate Development, told Zawya Projects that he expects rising foreign ownership, policy reforms and sustained domestic demand to support Riyadh’s property market over the medium term.

👣 Famous Fossil: Lucy, the fossil of one of the earliest human ancestors, has been put on display at the newly opened Natural History Museum Abu Dhabi, The National reports. The 3.2 million-year-old skeleton was found at the Hadar site in Ethiopia’s Afar region in 1974 by American paleoanthropologist Donald Johanson and his team. Named after the Beatles song “Lucy in the Sky with Diamonds,” Lucy offered scientific insights into early humanity, including evidence for when bipedalism emerged in human evolution.

Dec. 1-2, UAE. UAE National Day. A two-day public holiday to celebrate the UAE’s 54th National Day, also known as Eid Al Etihad. 

Dec. 1-3, Riyadh. Saudi Intermobility Expo. A platform dedicated to advancing next-generation road networks, from sustainability to integrating AI and EVs. Riyadh Front Exhibition and Convention Center. 

Dec. 3-5, Jeddah. AgroFood Jeddah. Bringing together developing businesses in the agricultural and food products field in Saudi Arabia. Jeddah Center for Exhibitions and Events.

Dec. 4, Abu Dhabi. Family Office Summit. Dedicated to fostering innovation and wealth management within the family office community. Park Hyatt Hotels and Villas. 

Dec. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island. 

Dec. 6-7, Doha. Doha Forum. Bringing together leaders in policy to discuss critical challenges facing our world. Sheraton Grand Doha Resort and Convention Hotel.

Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit. 

Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.

Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.

Dec. 8-9, Kuwait City. Kuwait Risk Management Summit. Equipping leaders in enterprise risk, audit, and compliance with the latest insights and actionable strategies to tackle the evolving risk landscape. Kuwait Four Seasons Hotel.

Dec. 8-9, Abu Dhabi. Global AI Show. A leading forum examining investment opportunities in artificial intelligence. Space42 Arena.

Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.

Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the world’s top minds to redefine and shape the future of global markets. The Grand Steps, Al Maryah Island.

Dec. 18-23, Abu Dhabi. Games of the Future. A forum to discuss trends and investment opportunities in digital gaming. ADNEC. 

Dec. 29-30, Dubai. World Sports Summit. Athletes, investors and decision makers discuss how sports can change the face of humanity. Madinat Jumeirah Arena.

DIGITAL DICE

Momentum, the company behind the UAE’s only licensed lottery, has launched two online betting and casino platforms, TrueWin and Dream Island, Arabian Gulf Business Insights reports. Both sites offer casino games and sports betting and are already live. Their launch comes as the UAE weighs a historic policy shift that could generate an estimated $6.6 billion in annual gaming revenue. Both TrueWin and Dream Island were registered in March 2023, several months before the General Commercial Gaming Regulatory Authority was established. The UAE Lottery, meanwhile, announced on Tuesday that it would be revamping its flagship Lucky Draw, just weeks after handing out its first 100 million-dollar ($27 million) grand prize.

NATIVE SPECIES

Scientists have uncovered a new ant species in the rugged Hajar Mountains of the UAE and named it Carebara sharjahensis in honor of the emirate of Sharjah. The insect – a so-called “soldier” ant – was found in the remote Wadi Shees region and bears unique anatomical features such as horn-like head appendages and fine setae that mark it as distinct, The National reports. The Carebara sharjahensis was identified by Mostafa Sharaf, an ant expert at the Sharjah Environment and Protected Areas Authority, who wrote a paper about his discovery in the Journal of Natural History. Sharaf said the Sharjah ant highlights the urgent need for environmental protection in the region where rapid development is threatening sensitive habitats.

Public Investment Fund: The PIF sold 3.3% of its stake in Mecca developer Umm Al Qura for Development and Construction, known as Masar, for $253 million.

ADNOC: ADNOC Gas has signed a $4 billion agreement with UAE-based steel manufacturer Emsteel to supply natural gas.

Oman Investment Authority: Abdulsalam Mohammed Al Murshidi, Chairman of the OIA, met with Botswana’s President Duma Gideon Boko at the Presidential Palace in the capital Gaborone. Botswana has been seeking Gulf backing for its plan to take control of diamond giant De Beers and reverse ailing prices for natural stones.

L’imad Holding: Abu Dhabi-based master developer Modon Holding, majority owned by government company L’imad Holding, has taken a stake in Wellington Lifestyle Partners, which is developing an equestrian-led luxury project in Florida’s Palm Beach County.

✈️ Airport Upgrades: Saudi airport operator Matarat Holding has chosen U.K.-based engineering and consulting firm Mott MacDonald to advise on long-term development and investment planning for 25 airports across the kingdom.

💺 Private Jets: VistaJet, the first foreign airline approved for private domestic flights in Saudi Arabia, has already operated 37 flights, mostly between Riyadh andJeddah, since August, with rates starting at $15,000 per hour.

💵 Property Deal: A unit of Bahrain-based GFH Financial Group has acquired a controlling stake in UAE-based Devmark Real Estate Brokers. 

💰 Doubling Down: BlackRock plans to double its investments in Saudi Arabia, where it has already deployed more than $35 billion,supported by four Riyadh-based teams targeting opportunities from infrastructure to AI, Bloomberg reports. 

🛩️ Flight Bundles: Saudia has launched a new Flight Pass subscription offering prepaid economy-class trip bundles that could boost revenue from Saudi Arabia’s domestic market.

🔋 EV Maker: Morocco is nearing entry into the world’s top five electric-vehicle battery value-chain producers, Minister of Industry and Trade Riad Mezzour said.

🛢️ Oil Search: Egypt plans to drill more than 100 exploratory wells in 2026 after boosting crude production by nearly 200,000 barrels per day.

📉 Economy Collapse: A UNCTAD report said that the two-year Gaza war and West Bank restrictions have caused the worst economic collapse in Palestinian history, with the economy shrinking 30% in 2024 compared with 2022.

💸 Flying Contest: As Gulf’s major airports expand capacity, they are shifting from competing with Europe’s major hubs to vying against one another to attract hundreds of millions of future passengers, The Financial Times reports.

UAE President Sheikh Mohamed bin Zayed met with Sheikh Fahad Yousef Saud Al Sabah, First Deputy Prime Minister and Minister of Interior of Kuwait, at Qasr Al Bahr palace in Abu Dhabi on Tuesday.

Sheikh Mohamed also met with Farid Ahmadov, Minister of Justice of Azerbaijan, on Tuesday in Abu Dhabi.

Saudi Crown Prince Mohammed bin Salman received a phone call on Tuesday from King Abdullah II of Jordan.

Sheikh Tahnoon bin Zayed, UAE National Security Advisor, met with Christian Klein, CEO of German software company SAP on Tuesday.

Pope Leo plans to visit both Turkey and Lebanon on his first overseas trip, meeting with Orthodox Christian leaders and making appeals for peace in the region. 

Gianni Infantino, President of the FIFA soccer federation, was granted Lebanese citizenship by President Joseph Aoun during a visit to Lebanon’s Presidential palace in Baabda on Tuesday. Infantino’s wife, Leena Al Ashqar, is Lebanese.

Hessa Alshuwaihi has been appointed as the UAE’s Consul General in Los Angeles.

Saeed bin Mubarak Al Hajeri, UAE Minister of State at the Ministry of Foreign Affairs, told Bloomberg that the government plans to expand commerce within sub-Saharan Africa as it seeks to bolster food security and tap into Africa’s rapid growth.

🎬 Shakespeare in the Desert: Barbara Broccoli’s Eon Productions, the former James Bond franchise producer, has signed up to make a screen adaptation of William Shakespeare’s “Othello” with financing from Qatar’s Katara Studios, to be shot in Doha next year. The production will be directed by British actor David Oyelowo, who will also star alongside “The Marvelous Mrs. Maisel’s” Rachel Brosnahan. It will be Broccoli’s first project since her company sold the Bond rights to Amazon MGM, Variety reports. The adaptation is based on a production directed by Sam Gold at the New York Theater Workshop in 2016. Entertainment news site Deadline reports that the screenplay reimagines the story in a contemporary Middle East, set in a U.S. barracks in Iraq.

Nov. 24-27, Dubai. Big 5 Global. Addressing the challenges shaping the construction and urban development industries. Dubai World Trade Center.

Nov. 26-27, Abu Dhabi. CyberQ 2025. The UAE’s flagship summit for cybersecurity and quantum technologies. ADNEC Center.

Dec. 1-2, UAE. UAE National Day. A two-day public holiday to celebrate the UAE’s 54th National Day, also known as Eid Al Etihad. 

Dec. 1-3, Riyadh. Saudi Intermobility Expo. A platform dedicated to advancing next-generation road networks, from sustainability to integrating AI and EVs. Riyadh Front Exhibition and Convention Center. 

Dec. 2-5, Abu Dhabi: Sotheby’s Abu Dhabi Collectors’ Week. Auction house runs a series of public sales, masterclasses, panel discussions and exhibitions. St. Regis Saadiyat Island Resort.

Dec. 3-5, Jeddah. AgroFood Jeddah. Bringing together developing businesses in the agricultural and food products field in Saudi Arabia. Jeddah Center for Exhibitions and Events.

Dec. 4, Abu Dhabi. Family Office Summit. Dedicated to fostering innovation and wealth management within the family office community. Park Hyatt Hotels and Villas. 

Dec. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island. 

Dec. 6-7, Doha. Doha Forum. Bringing together leaders in policy to discuss critical challenges facing our world. Sheraton Grand Doha Resort and Convention Hotel.

Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit. 

Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.

Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.

Dec. 8-9, Kuwait City. Kuwait Risk Management Summit. Equipping leaders in enterprise risk, audit, and compliance with the latest insights and actionable strategies to tackle the evolving risk landscape. Kuwait Four Seasons Hotel.

Dec. 8-9, Abu Dhabi. Global AI Show. A leading forum examining investment opportunities in artificial intelligence. Space42 Arena.

Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.

Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the world’s top minds to redefine and shape the future of global markets. The Grand Steps, Al Maryah Island.

Dec. 18-23, Abu Dhabi. Games of the Future. A forum to discuss trends and investment opportunities in digital gaming. ADNEC. 

Dec. 29-30, Dubai. World Sports Summit. Athletes, investors and decision makers discuss how sports can change the face of humanity. Madinat Jumeirah Arena.

OLYMPICS TORCHED

Saudi Arabia and the International Olympic Committee have “mutually” ended a deal to jointly hold the Olympic Esports Games. The IOC and the kingdom will pursue their own esports ambitions separately, Bloomberg reports. The 12-year agreement, signed last year, was supposed to see Saudi Arabia host the inaugural Esports Olympics, a part of its ambition to be a global hub for gaming. The kingdom held its second Esports World Cup over the summer, attracting more than 2,000 professional players from over 100 countries, and its Public Investment Fund has since signed a blockbuster $55 billion deal to take gaming company Electronic Arts private.

AIRPORT EXPANSION

Abu Dhabi is already planning a major expansion of Zayed International Airport, just two years after it doubled its capacity to 45 million passengers a year with the opening of Terminal A. Construction work will start in two years, with plans to increase capacity to 65 million, The National reports. “We opened in November 2023 and at the first board meeting, I broke the news to the board that we had to think about expansion,” Abu Dhabi Airports Managing Director and CEO Elena Sorlini told the Skift Global Forum East event in the capital. The expansion is partly needed to meet the demands of Etihad Airways, which is planning to double in size and carry 38 million passengers by 2030. The airport is also rolling out the use of biometrics to transit passengers to speed up transfers within the airport, which make up 60% of its current traffic.

International Holding Co.: IHC Real Estate Holding and Alpha Dhabi, both subsidiaries of IHC, sold their stakes in investment and real estate company Modon for more than $7 billion to Abu Dhabi government entity L’imad Holding Co.

International Holding Co.: Alpha Dhabi is also planning to sell about 2% of its 26.5% stake in Abu Dhabi developer Aldar Properties for around $400 million, Bloomberg reports.

Lunate: Alternative investment firm HPS Investment Partners and Abu Dhabi’s Lunate are launching a new investment platform. Lunate will anchor the project with a projected commitment of at least $1 billion.

Mubadala: Pakistan is negotiating with Abu Dhabi Investment Co., a subsidiary of Mubadala, to run Islamabad airport in exchange for 60% of the revenue, Bloomberg reports.

Public Institution for Social Security: Kuwait’s pension fund is restarting private equity allocations and is in discussions with multiple leading buyout firms, Bloomberg reports.

🏭 Mega Project: Egypt’s Ain Sokhna Industrial Zone, within the Suez Canal Economic Zone, will host three major new projects valued at $3.5 billion under an agreement between Kemet Industries Group and Emirati-Chinese company Al Qalaa Red Flag.

💰 Sharjah Sukuk: Sharjah Islamic Bank plans to issue a $500 million islamic bond, to be listed on Euronext Dublin and Nasdaq Dubai, with Emirates NBD Capital and Standard Chartered Bank appointed as joint global coordinators.

🚦 Green Light: U.K. oil services company John Wood Group has published its half-year financial results, a condition of its $292 million takeover by UAE engineering firm Sidara.

👷 Pipe Dream: A Saudi consortium has secured funding to develop a 587km water pipeline in the kingdom, with the project valued at $2.3 billion.

🛢️ Fuel Fraud: Lebanon’s judiciary has charged six companies and four individuals and issued arrest warrants over an alleged Russian oil scam, The National reports.

🎮 Banking Games: Emirati lender Commercial Bank International has launched a venture arm to build and invest in products for gamers, starting with a credit card in partnership with Mastercard.

🛡️ Standing Together: The U.K. has signed an enhanced defense agreement with Qatar to deepen military cooperation.

₿ Virtual World: The Abu Dhabi Real Estate Center signed an agreement with five partners to advance blockchain integration in Abu Dhabi’s real estate sector.

🦘 Aussie Connection: Abu Dhabi Investment Office and the Australia Arab Chamber of Commerce and Industry have signed a strategic partnership to boost trade and investment and support Australian companies entering Abu Dhabi’s high-growth sectors.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, met with South Korean President Lee Jae Myung on the sidelines of the Asia-Pacific Economic Co-operation forum in Gyeongju, South Korea, on Friday. The Crown Prince also met with Lawrence Wong, Prime Minister of Singapore, and Christopher Luxon, Prime Minister of New Zealand.

Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister and Ruler of Dubai, launched the Mohammed bin Rashid Endowment District.

Sheikh Sabah Al Khalid Al Sabah, Crown Prince of Kuwait, met with Yuriko Koike, Gov. of Japan, at Bayan Palace in Kuwait on Thursday.

Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai and UAE Deputy Prime Minister and Minister of Finance, met with Georges Elhedery, Group CEO of HSBC, at the Dubai International Financial Centre on Thursday.

Sheikh Jarrah Jaber Al Ahmad Al Sabah, Deputy Foreign Minister of Kuwait, met with Muhammad Anis Matta, his Indonesian counterpart, in Kuwait City on Thursday.

Jamie Dimon, CEO of JPMorgan Chase, told The National that his “cockroach” comment about the health of the private credit market was “blown out of proportion.”

Ed Bastian, CEO of U.S. carrier Delta Airlines, told Arabian Gulf Business Insight that the airline hopes to capitalize on economic development in Saudi Arabia and the potential growth of passenger traffic between the two countries with its new direct flights from Atlanta to Riyadh.

Eric Schmidt, the former CEO of Google, told The National at Saudi Arabia’s FII conference in Riyadh that the rise of AI will create more jobs than it destroys.

James Reynolds, the global co-head of Goldman Sachs Asset Management, said in an interview with Asharq Business that the bank is in “productive” talks with the Public Investment Fund and other players in the region.

Rashid Saeed Al Shamsi, Non-Resident Ambassador of the UAE to Niger, met with Ali Mahamane Lamine Zeine, Prime Minister of Niger, at his headquarters in the capital, Niamey. 

🏛️ Rebuilding History: Palmyra’s archaeological museum, which was badly damaged by bombings during the Syrian civil war, will be restored with international funding, The National reports. One of Syria’s most popular sites before the war, Palmyra made headlines in 2025 when ISIS destroyed the Temple of Bel and the Arch of Victory and killed its head of antiquities. Swiss-based foundation Aliph will fund the restoration of the museum, starting with the guesthouse, which will house archaeologists working on the project. Aliph is mostly funded by nations, including the UAE, Saudi Arabia, Kuwait and Morocco, and private donors.

Oct 29-31, Abu Dhabi. International Forum of Sovereign Wealth Funds. An annual forum hosted by Abu Dhabi Investment Authority and Mubadala, bringing together global CEOs and senior executives from sovereign wealth funds. ADGM 

Nov. 1-2, Dubai. Women’s Empowerment Convention. The 3rd Women’s Leadership Forum unites global trailblazers, headlined by fashion icon Anna Wintour and storytelling pioneer Candace Bushnell. Atlantis The Royal Conference Center.

Nov. 3-6, Abu Dhabi. ADIPEC. Bringing together professionals, companies, and government leaders to discuss and showcase the latest developments in oil, gas, and cleaner energy technologies. ADNEC Center.

Nov. 4-6, Dubai. Gulfood Manufacturing. Billed as the most influential F&B manufacturing event in the world. Dubai World Trade Center. 

Nov. 4-9, Dubai. Dubai Design Week. The Middle East’s largest creative festival, showcasing more than 200 events across architecture, product, furniture, interior and graphic design. D3.

Nov. 10-12, Abu Dhabi. DRIFTx. An international exhibition showcasing smart and autonomous mobility solutions. Yas Marina Circuit.

Nov. 10-15, Abu Dhabi. RoboCup Asia-Pacific. A regional competition and event for AI and robotics where teams compete on challenges including humanoid robot soccer matches. ADNEC Center.

Nov. 11-14, Dubai. ICOM 2025. Bringing together museum professionals and cultural experts from around the world to explore the evolving role of museums. Dubai World Trade Center.

Nov. 17-19. Doha. Qatar Entrepreneurship Conference (ROWAD). Qatar’s national entrepreneurship platform and a flagship Global Entrepreneurship Week event, connecting startups, SMEs, and ecosystem leaders. Doha Exhibition & Convention Center.

Nov. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.

Nov. 25-26. Riyadh. Global Sustainability Expo. Dedicated to advancing sustainability practices across industries. The Arena Riyadh.

Nov. 26-27, Abu Dhabi. CyberQ 2025. The UAE’s flagship summit for cybersecurity and quantum technologies. ADNEC Center.

Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.

Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.

Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.

CHIP DRIVE

Electric vehicle maker Lucid is partnering with chip giant Nvidia to launch cars with near-full autonomy. The California-based company, which is backed by Saudi Arabia’s Public Investment Fund, will use Nvidia’s Drive AV system in its mid-sized vehicles, Lucid revealed at the FII conference in Riyadh on Wednesday. The system has level 4 autonomous driving capability, which is the second-highest level. Level 5, the highest level, does not even require vehicles to have a steering wheel. “We’re taking the next step by combining cutting-edge artificial intelligence with Lucid’s engineering excellence to deliver the smartest and safest autonomous vehicles on the road,” Marc Winterhoff, interim CEO of Lucid, said. It comes after Lucid agreed in July to supply 20,000 vehicles fitted with a level 4 platform developed by U.S. robotics company Nuro to ride-hailing company Uber for its global robotaxi program.

OPEN DOORS

Abu Dhabi’s Rotana hotel chain is among the global hospitality groups planning to launch in Syria as the country opens up and requires more rooms to house an expected boom in business and leisure travelers. “If Syria opens up again, as it is now, Emiratis will be going there to do business and we need to be there,” Rotana CEO Philip Barnes told The National. Among those lining up for meetings with Syrian President Ahmed Al Sharaa at the FII conference in Riyadh this week were executives from Accor and Hilton Worldwide Holdings. Accor is already in talks with developers and plans to have 10 to 15 hotels in Syria within five years, the newspaper reports.

Mubadala: The Abu Dhabi sovereign fund, alongside private equity firm Cinven and UAX founder Jesús Núñez, will acquire a majority stake in Madrid’s Universidad Alfonso X el Sabio Group from CVC Funds.

Abu Dhabi Investment Authority: ADIA, Nordic private equity house EQT and Auba Investment have sold 8.4% of their stake, worth $3.27 billion, in Swiss skincare specialist Galderma, Zawya reports. Galderma, which makes Cetaphil, went public last year in one of Europe’s largest IPOs.

G42: The Abu Dhabi AI powerhouse has expanded its collaboration with U.S. networking and security company Cisco. Under a new agreement Cisco will power, connect, and secure a large-scale AI cluster deployed by G42, featuring AMD’s advanced MI350X GPUs. 

Public Investment Fund: PIF-backed utility Acwa Power has announced clean energy deals worth $10 billion. The biggest is a $6 billion deal signed between Acwa, Aramco and PIF unit Badeel to develop 70% of Saudi Arabia’s 2030 renewable energy targets.

Public Investment Fund: Saudi Arabia’s sovereign wealth fund and U.S. asset manager BlackRock have partnered to launch mutual funds.

ADQ: AD Ports Group, controlled by the Abu Dhabi sovereign fund, signed an initial agreement with the Indian government of Maharashtra paving the way to invest up to $2 billion in the state’s ports and shipbuilding sectors.

ADQ: Abu Dhabi National Energy Company, known as TAQA, sold its entire stake in an Indian coal power plant for $105 million as part of a pivot towards green power.

🛒 Shopping Trip: Dubai retail conglomerate Al-Futtaim is planning to invest an additional $2.7 billion in Saudi Arabia over the next three years.

💰 Cash Zap: Emirates NBD has inked a $423 million credit facility with Egypt’s El Sewedy Electric for regional expansion across Egypt, Saudi Arabia and the UAE.

📷 Tourism Boost: Oman signed 36 contracts worth $260 million for the construction of tourism projects as part of its Vision 2040 project.

🚢 Ship Shape: Dubai-based global terminal operator DP World has committed to invest an additional $5 billion in India’s maritime infrastructure.

🔍 Breaking Ground: Dubai Investments is investing $163 million to build a second production line for its subsidiary Emirates Float Glass.

🧊 Chilling Offer: Saudi-Swiss cold-chain tech company Consolidated Grünenfelder Saady is planning an IPO on the Saudi stock exchange next month.

📈 GDP Boost: Saudi Arabia’s economy expanded at 5% year-on-year in the third quarter, the fastest pace since early 2023, helped by rising oil production and big state investments in non-oil sectors. 

🏘️ Crypto Homes: Dubai property company Idealist Real Estate entered a strategic partnership with Citi Developers to integrate crypto payments into real estate transactions.

🏦 Fed Cuts: Gulf central banks cut interest rates in tandem with the U.S. Federal Reserve’s second reduction of 25 basis points this year.

Saudi Arabia’s Crown Prince Mohammed bin Salman held meetings with heads of state on the sidelines of the FII conference in Riyadh on Wednesday, including Ahmed Al Sharaa, President of Syria; Vjosa Osmani, President of Kosova; Manuel Marrero Cruz, Prime Minister of Cuba; Gustavo Petro, President of Colombia; Teodoro Obiang Nguema Mbasogo, President of Equatorial Guinea; and Han Zheng, Vice President of China. The meetings were also attended by various ministers and dignitaries, including Saudi Foreign Minister Prince Faisal bin Farhan.

Adel Al-Jubeir, Saudi Arabia’s Minister of State for Foreign Affairs, Cabinet Member, and Climate Envoy met with former Canadian Prime Minister Stephen Harper on the sidelines of the FII conference on Wednesday.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, met with Michel Demaré, Chair of biopharmaceutical company AstraZeneca, along with other members of AstraZeneca’s board, in Abu Dhabi on Wednesday.

António Costa, President of the European Council, visited the Sheikh Zayed Grand Mosque in Abu Dhabi on Wednesday, accompanied by Lucie Berger, Ambassador of the European Union to the UAE, and several senior EU officials. 

Faisal Alibrahim, Saudi Arabia’s Minister of Economy and Planning, met with Vietnam’s Deputy Prime Minister Ngugen Chi Dung in Riyadh for talks to enhance cooperation. 

Yuriko Koike, Tokyo Gov., arrived in Kuwait on Wednesday for an official visit and was greeted at the airport by Sheikh Abdullah Salem Al-Ali Al-Sabah, Gov. of the Kuwait City.

Syrian President Ahmed Al Sharaa met with FIFA President Gianni Infantino on the sidelines of the FII conference in Riyadh on Wednesday.

Mohamed Alabbar, founder of Dubai-listed Emaar Properties, said during a panel discussion at the FII conference in Riyadh that his company is looking to enter China’s real estate market.

Belkasem Haftar, son of Libyan military strongman Khalifa Haftar, is using the FII conference in Riyadh to drum up interest in Libya as an attractive destination for investment, Bloomberg reports.

Bill Winters, Group CEO of Standard Chartered, told The National on the sidelines of the FII conference that the Middle East wealth management business is one of the fastest growing in the world for U.K.-based lenders.

Will Ahmed, Founder & CEO of wearable tech company Whoop, spent several days touring the Gulf, visiting Qatar, Saudi Arabia and the UAE. He announced the launch of an R&D center called Whoop Labs Doha in partnership with Invest Qatar and a partnership with digital health platform Lean Business Services in Saudi Arabia. 

🎤 Learning Moment: Maharat, the Arab world’s answer to the popular American subscription service MasterClass, is now offering bite-sized versions of its courses, The National reports. The platform, which launched in February, features lessons in business, fashion and music from the likes of Toufic Kreidieh, Executive Chairman of Brands for Less Group, celebrity make-up artist Bassam Fattouh and Lebanese singer Ragheb Alama. The new feature, called Playlists, condenses the courses into 2-3 minute videos and is touted as the company’s antidote to doom-scrolling.

Oct 29-31, Abu Dhabi. International Forum of Sovereign Wealth Funds. An annual forum hosted by Abu Dhabi Investment Authority and Mubadala, bringing together global CEOs and senior executives from sovereign wealth funds. ADGM 

Nov. 1-2, Dubai. Women’s Empowerment Convention. The 3rd Women’s Leadership Forum unites global trailblazers, headlined by fashion icon Anna Wintour and storytelling pioneer Candace Bushnell. Atlantis The Royal Conference Center.

Nov. 3-6, Abu Dhabi. ADIPEC. Bringing together professionals, companies, and government leaders to discuss and showcase the latest developments in oil, gas, and cleaner energy technologies. ADNEC Center.

Nov. 4-9, Dubai. Dubai Design Week. The Middle East’s largest creative festival, showcasing more than 200 events across architecture, product, furniture, interior and graphic design. D3.

Nov. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.

Dec 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.

DAMASCUS MOMENT

Saudi Arabia is preparing to launch a series of funds in Syria to oversee the billions of riyals it is committing to rebuilding the economy of the wartorn country, Saudi Investment Minister Khalid Al Falih told the Saudi-Syrian investment roundtable in Riyadh. Saudi Banks are also setting up operations in Damascus, with two already operating and moving funds between the two countries, as they deepen financial and banking cooperation. Syrian President Ahmad Al Sharaa is set to address investors in a keynote speech to the FII conference this afternoon, where he will set out his vision for attracting high-value investments and advancing reconstruction efforts. During his visit Al Sharaa is also expected to meet with Crown Prince Mohammed bin Salman, who was instrumental in lobbying U.S. President Donald Trump to lift sanctions on Syria.

WAGE WOES

Employees in the UAE are facing a contraction in salaries, as booming population growth means that the number of jobseekers is far outstripping the available roles in many industries, The National reports. Once considered “hardship” positions with high salaries for expats, professional jobs in Dubai and Abu Dhabi are now highly sought after as the cities mature, offering an attractive lifestyle along with tax benefits. Trefor Murphy, Founder and CEO of recruitment company Cooper Fitch, told the newspaper that new arrivals were “doing anything” just to get a job and it was making it harder for existing talent to get a justifiable wage increase. “We’ve had dentists come to the UAE to work as real estate agents,” he said. Cooper Fitch data showed hiring activity in the Emirates increased 3% in the three months to the end of September.

Public Investment Fund: The PIF has signed a memorandum of understanding worth $6.8 billion with U.K. Export Finance, the British export credit agency, to build financial cooperation and expand trade and investment opportunities.

Public Investment Fund: The Red Sea Gateway Terminal, partly owned by the PIF, signed an $433 million agreement with French-based CMA CGM Group to develop and operate a fourth container terminal at Jeddah Islamic Port, Arab News reports.

Public Investment Fund: PIF-owned Saudi Arabian developer Red Sea Global raised a $1.7 billion credit facility through Riyad Bank to finance the development of its luxury tourism destination Amaala.

ADNOC: XRG, the low-carbon investment arm of Abu Dhabi’s state-owned oil company, is looking at investing in a liquefied natural gas project developed by Argentina’s state-owned YPF, Bloomberg reports.

Masdar: India’s Nasdaq-listed ReNew Energy Global has accepted a revised buyout offer from a consortium led by Abu Dhabi renewable energy company Masdar, Abu Dhabi Investment Authority subsidiary Platinum Hawk, the Canada Pension Plan Investment Board and Sumant Sinha, Founder, Chairman and CEO of ReNew. The revised cash offer values the deal at more than $3 billion.

Mubadala: Bahrain’s Investcorp, the alternative asset manager backed by Mubadala, aims to raise as much as $7 billion in new funding and make exits and distribution to investors of a similar amount in the current financial year, CFO and Vice Chairman Rishi Kapoor told The National on the sidelines of the FII conference.

☁️ Cloud Deal: Qatar-based data center and IT provider Meeza signed a $205 million agreement with a global hyperscaler and cloud service provider to provide 6 megawatts of data center services. 

⚕️ New Contracts: Modon, Saudi Arabia’s authority for Industrial Cities and Technology Zones, signed five new industrial contracts in the critical medical and pharmaceutical industries worth $62.6 million.

🏭 Green Investment: The Green Climate Fund will help build a $6 billion water desalination project in Jordan, marking the fund’s largest investment in a single project, Reuters reports.

💸 Fintech Cash: Viola Credit, an Israel-based asset manager specializing in alternative credit, has raised a $2 billion fund to lend to financial technology startups, Bloomberg reports.

📈 Taking Stock: Dubai-listed education provider Amanat Holdings has launched the IPO of its subsidiary Almasar Alshamil Education on the Saudi Tadawul Exchange.

🇵🇰 Trade Pact: Saudi Arabia and Pakistan agreed to launch an Economic Cooperation Framework to strengthen trade and investment relations.

💸 Less Impact: Dubai is not likely to raise substantial debt over the next two years as more fiscal surpluses are expected between 2025 and 2028, S&P said in a new report.

✈️ Airport Award: Iraq selected a consortium of Luxembourg-based Corporación América Airports and local company Amwaj International to develop and operate Baghdad International Airport.

💰 Dubai Bound: Dublin-based Avia Solutions Group, the world’s largest aircraft, crew, maintenance and insurance provider, will establish its new regional headquarters at Dubai South.

Saudi Arabia’s Crown Prince Mohammed bin Salman met in Riyadh on Tuesday with FIFA President Gianni Infantino to review areas of sports cooperation. Also present were Minister of Sport Prince Abdulaziz bin Turki bin Faisal, Minister of Commerce Majid Al-Kassabi, PIF Gov. Yasser Al-Rumayyan, Advisor at the Royal Court Abdulaziz Tarabzouni and President of the Saudi Arabian Football Federation Yasser Al-Misehal.

UAE President Sheikh Mohamed bin Zayed met with António Costa, President of the European Council, at Qasr Al Shati palace in Abu Dhabi on Tuesday. The pair discussed ongoing negotiations on a trade deal between the UAE and the EU.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, met with Chuck Robbins, Chair and CEO of Cisco, in Abu Dhabi on Tuesday.

Crown Prince Hussein of Jordan and his delegation arrived in Riyadh on Tuesday to participate in the FII conference.

Ahmed Al Sharaa, President of Syria, arrived in Riyadh on Tuesday to participate in the FII conference. 

Sheikha Latifa bint Mohammed, Chairperson of Dubai Culture and Arts Authority, delivered a keynote address at the Emirati Media Forum at the Museum of the Future in Dubai on Tuesday.

Sheikha Bodour bint Sultan Al Qasimi, President of the American University of Sharjah and Chairperson of the Sharjah Book Authority, has been named UNESCO Goodwill Ambassador for Education and Book Culture.

Sheikh Mansoor bin Mohammed, President of the UAE National Olympic Committee, met with Gao Zhidan, President of the Chinese Olympic Committee, on Tuesday in Dubai.

Abdullah Alswaha, Saudi Arabia’s Minister of Communications and Information Technology, met with global technology leaders on the sidelines of the FII conference, including Vimal Kapur, Chairman and CEO of Honeywell; Steven Mnuchin, Chairman and CEO of Liberty Strategic Capital and former U.S. Treasury Secretary; Amjad Masad, Founder and CEO of Replit; and Emirati businessman Hussain Sajwani, Founder and Chairman of Damac Properties and EDGNEX Data Centers.

Jasem Albudaiwi, GCC Secretary-General, is attending the FII conference in Riyadh, commenting that the event is a source of pride for all Gulf citizens.

Amer Ghalib, U.S. President Trump’s pick to serve as ambassador to Kuwait, is unlikely to make the cut after three key Republican senators said they would oppose the nomination, The New York Times reports.

Georges Elhedery, Group CEO of HSBC, told The National on the sidelines of the FII conference that the bank was halfway through a revamp of its global business and was betting on expanding its wealth management offering in the Middle East and Asia to boost growth.

Yie-Hsin Hung, President and CEO of State Street Investment Management, played down fears of an AI bubble in comments to Asharq Bloomberg on the sidelines of the FII conference. 

Karim Abi Nader was appointed Executive Director and Banker at JPMorgan Private Bank in the Middle East.

🎨 Art Auction: Palestinian-American artist Samia Halaby’s “Morning Honey” and Fahrelnissa Zeid’s “Carnations” were among works auctioned at Sotheby’s Modern and Contemporary Middle Eastern Art sale in London on Tuesday. The bi-annual event featured a curated selection of artworks from the Arab world, North Africa, Iran and Turkey. Halaby’s 1992 painting had one of the highest estimated sales prices, at $93,000-$133,000. The result is pending.

Oct. 27-30, Riyadh. Future Investment Initiative, 9th Edition. Investors, corporate executives, cabinet ministers and political leaders from around the world attend Saudi Arabia’s flagship business conference. King Abdulaziz International Conference Center.

Oct 29-31, Abu Dhabi. International Forum of Sovereign Wealth Funds. An annual forum hosted by Abu Dhabi Investment Authority and Mubadala, bringing together global CEOs and senior executives from sovereign wealth funds. ADGM 

Nov. 1-2, Dubai. Women’s Empowerment Convention. The 3rd Women’s Leadership Forum unites global trailblazers, headlined by fashion icon Anna Wintour and storytelling pioneer Candace Bushnell. Atlantis The Royal Conference Center.

Nov. 3-6, Abu Dhabi. ADIPEC. Bringing together professionals, companies, and government leaders to discuss and showcase the latest developments in oil, gas, and cleaner energy technologies. ADNEC Center.

Nov. 4-9, Dubai. Dubai Design Week. The Middle East’s largest creative festival, showcasing more than 200 events across architecture, product, furniture, interior and graphic design. D3.

Nov. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.

Dec 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.