GREEN CHALLENGE

The chief of Oman’s state-owned oil producer says the company needs “to be brave and challenge the status quo” as it leads the Sultanate’s energy transition on the path to its net-zero 2050 target. Petroleum Development Oman, majority-owned by the government – with Shell, Total and PTTEP owning minority stakes – accounts for more than 70% of Oman’s crude oil output and most of its natural gas. PDO is also investing in carbon-reduction projects and green energy, including two wind farms due to go online next year. PDO Managing Director Aflah Al Hadhrami told Forbes Middle East that Oman “isn’t giving up” on fossil fuels. “The desert is no longer just a place where hydrocarbons are extracted,” he said. “It’s where the future of sustainable energy is being engineered.”

IPO PREP

CloudKitchens, the Los Angeles food startup led by former Uber CEO Travis Kalanick, is adding more banks to its lineup for managing an IPO if it moves ahead with plans for a dual listing in Riyadh and Abu Dhabi. The company, backed by Saudi Arabia’s Public Investment Fund, added JPMorgan, SNB Capital, and First Abu Dhabi Bank to existing adviser Goldman Sachs, Bloomberg reports. CloudKitchens has connections to both the UAE and Saudi Arabia, with its Middle East unit based in Abu Dhabi and the PIF’s $400 million stake in the company. Kalanick, who was ousted from Uber in 2017, had deep ties to the PIF, which invested $3.5 billion in Uber.

ADNOC: This week’s decision by Abu Dhabi National Oil Co.’s XRG unit to scrap a $19 billion takeover of Australia’s Santos followed media reports of a methane leak at one of its operations, Bloomberg reports.

ADQ: Etihad Airways, owned by ADQ, will launch four weekly Airbus A320 flights to Damascus starting June 2026 – 14 years after shutting the route down because of civil war.

ADQ: AD Ports Group, owned by ADQ, is deploying Low Earth Orbit satellite services across its global fleet and terminal operations to improve connectivity. 

₿ Blockchain Land: UAE-based Pulsar Group led a $300 million investment in Nasdaq-listed crypto treasury firm Brera, rebranded as Solmate, which plans Solana-focused infrastructure projects in Abu Dhabi and a potential dual listing in the UAE.

💰 Oman Invests: Oman’s state-owned Omran Group will acquire a stake in German travel group TUI.

💵 Making Gains: The board of UAE remittance and foreign exchange house Al Ansari Financial Services approved an interim dividend of $41 million for H1 2025.

💳 Spare Change: Spare, a Saudi fintech startup, raised $5 million in a pre-Series A round led by anb Seed Fund to build up its open-banking platform, expand work with GCC banks and speed up regional growth.

📈 Valuation Spike: India’s Adani Group, which has strong ties to the Gulf, saw its value increase by more than $8 billion after India’s securities regulator dismissed some allegations against the conglomerate and founder Gautam Adani, Bloomberg reports. 

💣 Long Friends: Saudi Arabia, which is dependent on U.S. weapons and technology, is signaling its alternative alliances by forging a defense pact with nuclear-armed Pakistan, The Financial Times reports. 

🏝️ Resort Growth: Rising demand for high-end tourism is fueling expansion at Egypt’s El Gouna resort, CEO Mohamed Amer told Arab News.

🏭 Boosting Facilities: Egypt will launch a rescue scheme offering loans to revive nearly 6,000 struggling factories as part of its plan to boost exports and reduce its trade deficit.

☀️ Energy Transition: Morocco’s government has confirmed completion of the preliminary phase of the country’s flagship green hydrogen project, while approving land deals for six green hydrogen projects worth $31.2 billion.

🟡 Melted Artifact: Egypt arrested four suspects in the theft of a 3,000-year-old gold bracelet from the Egyptian Museum in Cairo, which was sold for $4,000 and melted down.

Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister and Ruler of Dubai, met with his core team in the presence of Sheikh Ahmed bin Mohammed, Second Deputy Ruler of Dubai, during an annual gathering held at Dubai’s Museum of the Future.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, attended the UAE Day celebrations at Expo 2025 Osaka.

Sheikh Tahnoon bin Zayed, UAE National Security Adviser and Chairman of MGX, met with Piyush Goyal, the Indian Minister of Commerce and Industry, to discuss advances in artificial intelligence.

Sheikh Saud bin Saqr, Ruler of the northern emirate of Ras Al Khaimah, attended a reception hosted by Ambassadors of Costa Rica, El Salvador and Guatemala to the UAE to mark their joint 204th anniversary of independence.

Tariq Al-Roumi, Kuwait’s Minister of Oil, said on Thursday that he expects higher oil demand following an interest rate cut in the U.S. this week, particularly from Asian markets, Reuters reports.

Khalaf Al Habtoor, the billionaire Emirati entrepreneur, announced a $2.7 million community package for Syria to support restoration of Umayyad Mosque in Damascus, as well as provide some assistance to vulnerable groups in society.

Mutaz Nazzal was appointed as the Managing Director of TotalEnergies Marketing Egypt, a joint venture between TotalEnergies Marketing Afrique and ADNOC.

Billy Daly has been announced as Group Chief Investment Officer of MBS Global Investments, the strategic investment arm of the Private Office of Qatar’s royal Sheikh Nayef Bin Eid Al Thani. Franck Lopez was appointed Chief Investment Officer.

Ray Dalio, Founder of the Bridgewater Associates, warned during a panel discussion at FutureChina Global Forum in Singapore that U.S. spending is piling up debt and threatening the monetary order, Bloomberg reports.

🛢️ Oil Painting: The latest works by Monira Al Qadiri, one of the Middle East’s most prominent contemporary artists, aims to throw new light on humanity’s interdependent relationship with fossil fuels. Among them are a set of giant sculptural drill bits covered in iridescent colors, constituting a “monument” to oil’s demise as a fuel. The Kuwaiti visual artist joined Bloomberg’s Zero podcast on Thursday to talk about her exhibition, “Deep Fate,” at Helsinki’s Kiasma Museum of Contemporary Art. “I’m making art about the end of oil in a country that would not be able to survive without it,” Al Qadiri told the podcast. 

Sept. 23, New York. U.S.-UAE Business Council Roundtable. The Council will hold a discussion with Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade.

Sept. 23-24, Dubai. MENA EV. Connecting stakeholders in the electric vehicle industry, from early-stage companies and investors to governments and established automakers.The Agenda, Dubai Media City.

Sept. 23-25, Dubai. ArabLab. The Middle East and Africa’s longest-running event dedicated to the laboratory and analytical industry. Dubai World Trade Center. 

Sept. 24, Abu Dhabi. Syria Recovery and Investment Forum – Abu Dhabi Edition. Convening influential business leaders, regional investors, policymakers, and advisory experts to explore practical avenues for engagement in Syria’s recovery. ADNEC. 

Sept. 30- Oct.1, Abu Dhabi. MENA Investment Congress. Hosted by the CFA Society in the UAE, the event brings together investors to discuss new strategies. Rosewood Hotel.

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

Sept. 30-Oct.2, Dubai. WETEX. The region’s biggest exhibition dedicated to sustainability and clean energy technology. Dubai World Trade Center. 

Oct 1-2, Dubai. World Green Economy Summit. Supporting international cooperation in the face of pressing global challenges. Dubai World Trade Center.

Oct. 9-15, Abu Dhabi. IUCN World Conservative Congress. A gathering of conservation experts and leaders from around the world. ADNEC.

Oct. 14-16, Dubai. Global Future Council. The event on the Future of Growth convenes senior economists and thought leaders from across academia, business, government and civil society to provide intellectual guidance on new approaches to growth. 

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.