LINING UP

Saudi Arabia’s $500 billion NEOM mega-project is getting off the ground. Speaking on Friday at the Public Investment Fund’s Private Sector Forum in Riyadh, NEOM Chief Development Officer Denis Hickey said the first phase of its 170-kilometer city The Line will be built at the Hidden Marina site on the kingdom’s Red Sea coast. The first segment of the project will stretch 2.5 kilometers in length and rise 500 meters high. It is expected to accommodate over 200,000 residents in 80,000 residential units, with 9,000 hotel rooms, as well as commercial and retail spaces, fire stations, schools, police and security services.

MINERAL WEALTH

Saudi Arabia’s Northern Borders region is emerging as a key driver of economic growth and investment with its $1.2 trillion in mineral resources. Its phosphate, coal, dolomite, limestone and silica sand deposits have made Saudi Arabia a leading mineral exporter. The kingdom boasts five phosphate ore sites and has granted 29 active mining licenses, according to government statistics. Mining and mineral exports have become a central part of Saudi Arabia’s shift from dependence on oil, which aligns with the government’s goal of diversifying the economy and deriving revenue from non-petroleum sources.

Public Investment Fund: The Saudi sovereign wealth fund’s Asfar tourism company is planning new hotel and entertainment projects in the kingdom’s lesser-known cities, Bloomberg reports.

Saudi Aramco: The venture arm of the world’s largest oil company invested in UK-based AI cloud startup Ori, backed by Spanish telecom giant Telefonica SA, to establish a regional subsidiary in Riyadh.

Mubadala: The Abu Dhabi sovereign wealth fund will acquire a minority stake in Apleona, a European provider of integrated facility management based in Neu-Isenburg near Frankfurt, Germany.

ADQ: ADQ opened its second Community Carnival, which runs from Feb. 14-23 at Abu Dhabi’s Khalifa Park, an initiative aligned with UAE President Sheikh Mohamed bin Zayed’s declaration of 2025 as the Year of Community.

🇪🇬 Egyptian Frontier: Emaar Properties plans to invest another $7 billion in Egypt over the next three years, bringing its total investments in the country to $25 billion, founder Mohamed Alabbar told Al Arabiya in a television interview.

📞 Telco Finance: Zain KSA, a Mobile Telecommunication Company in Saudi Arabia, signed a five-year, Islamic-compliant $515 million financing deal with Al Rajhi Bank to refinance its existing Murabaha facility on improved terms.

⚡ Powering Oman: The GCC Interconnection Authority and Qatar Development Fund signed a $100 million agreement to link the GCC power network to Oman, which is expected to be completed by 2027.

🌽 Crop Protection: IBI Ag, an Israeli agricultural startup, raised $6.1 million to bring pharma-inspired crop protection to farms in a Series A funding round led by Corteva Catalyst.

🏦 Financial Rescue: Gulf countries, the IMF and other global institutions are leading an “unprecedented” effort to help conflict-affected countries recover, with a focus on Syria, Bloomberg reports.

💼 Fresh Fields: London-based asset manager Janus Henderson is looking at new prospects in Saudi Arabia as it seeks to build up its presence in the Middle East and boost regional investment, Bloomberg reports.

💨 No to Nuclear: Emirates Global Aluminium plans to explore clean energy options in Indonesia, according to Indonesia’s Ministry of Economic Affairs, which revised an earlier statement, denied by EGA, that it intended to build a nuclear plant, Reuters reports.

💸 Asset Adviser: German asset manager Patrizia, with $58 billion in assets, has been granted regulatory approval to operate in Abu Dhabi’s ADGM, enabling it to advise and arrange investments in the Middle East.

UAE President Sheikh Mohamed bin Zayed met with Denis Manturov, Russia’s First Deputy Prime Minister, on Sunday. Sheikh Hamdan bin Mohamed, the Deputy Chairman of the Presidential Court for Special Affairs, attended the meeting. Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, also met with Manturov on a separate occasion attended by Khaled Mohamed Balama, Governor of the Central Bank of the UAE.

Lt. Gen. Sheikh Saif bin Zayed, UAE Deputy Prime Minister and Minister of Interior, met with Sheikh Abdullah Ali Al Sabah, Kuwait’s Minister of Defence, on the sidelines of the 42nd session of the Council of Arab Interior Ministers, held in Tunisia. Sheikh Saif also met with Lt Gen. Sheikh Rashid bin Abdullah Al Khalifa, Bahrain’s Minister of Interior; Maj. Gen. Mahmoud Tawfik, Egypt’s Minister of Interior; Mazen Al Faraya, Jordan’s Minister of Interior; and Margarida Blasco, Portugal’s Minister of Interior.

Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, met Michigan Governor Gretchen Whitmer and her delegation to discuss strengthening ties and economic cooperation.

Jordan’s Princess Iman bint Abdullah II and her husband, Jameel Alexander Thermiotis, have welcomed a baby girl, Princess Amina, Queen Rania announced on Instagram on Sunday.

U.S. Secretary of State Marco Rubio arrived in Saudi Arabia today, ahead of talks with Russian officials aimed at ending the war in Ukraine and negotiations over the future of the Gaza Strip. Rubio, who is accompanied on the trip by Middle East special envoy Steve Witkoff and National Security Advisor Mike Waltz, is expected to meet Crown Prince Mohammed bin Salman during his visit. Rubio visited Israel on Sunday and met with Prime Minister Benjamin Netanyahu. 

Russian Finance Minister Anton Siluanov spoke at the AlUla Conference for Emerging Market Economies in Saudi Arabia ahead of talks between Russia and the United States in the kingdom. Mohamed bin Hadi Al Hussaini, UAE Minister of State for Financial Affairs, participated in the AlUla Conference.

Fatih Karahan, Turkish Central Bank Governor, told a conference for emerging market economies in Saudi Arabia that the bank is “ready to act” against risks in the current rate-cutting cycle, Reuters reports.

Ali bin Ahmed Al-Kuwari, Qatar’s Finance Minister, said during the AlUla Conference for Emerging Market Economies that countries in the Middle East have engaged in healthy competition as they pursue their economic diversification journeys.

🎶 Culture Circuit

🪕All Eyes: Imaan Hammam, the model of Dutch, Moroccan and Egyptian descent, has launched a new archival project called Ayni to highlight Arab film, art, music and literature. “Meet Ayni (@ayni.vault), an archive dedicated to the preservation and promotion of Arab artistic expression through ‘my eyes,’” Hammam wrote on Instagram.

Feb. 17-21, Abu Dhabi: IDEX/Navdex 2025. Military contractors worldwide show their wares at one of the most prominent international defense exhibitions. ADNEC Center.

Feb. 17-21, Dubai. Gulf Food. In its 30th edition, the exhibition brings in many more companies to show their work on food and the industry’s use of technology. Dubai World Trade Center. 

Feb. 18-19, Abu Dhabi. The Future of Asset Management Middle East. A two-day conference that gathers leading executives from top asset management companies in the Middle East region. The Ritz-Carlton, Grand Canal.

Feb. 18-19, Dubai. Global Trade Review. A two-day event that brings together over 80 industry experts to explore the latest trends and developments and offer future projections of the market. Jumeirah Emirates Towers.

Feb. 19-20, Dubai. IDC Middle East. Examining how to design AI-fueled businesses. Grand Hyatt Dubai.

Feb. 21-22, Doha. Visit Qatar E1 Doha GP 2025. Round Two of the UIM E1 World Championship presented by PIF. The Pearl Island, Qatar.

 Feb. 22-23, Miami, Fla. FII Priority. Saudi Arabia’s Future Investment Initiative connects U.S. and Middle Eastern investors. Faena Hotel & Forum, Miami Beach.

Feb. 25, Dubai. Family Office Summit 2025. Global fund leaders managing $1 trillion in assets will meet under the theme, “Taking Money Out of Cash.” Ritz Carlton Jumeirah Beach.

Feb.25-March 1, Dubai. WCA World 2025. The conference brings together some of the world’s biggest independent freight forwarders. Dubai World Trade Centre.

Feb. 26-27, Abu Dhabi. Investopia 2025. The fourth edition of the summit, to be held under the theme “Leveraging the Power of Massive Investments.” St. Regis, Abu Dhabi.

March 17-19, Dubai. Dubai International Horse Fair. A gathering of the equestrian industry and horse lovers from around the world. Dubai World Trade Centre.