TRUMP TAKEOFF

U.S. President Donald Trump will make his first official trip next week aboard the plane gifted by Qatar’s Emir, Sheikh Tamim bin Hamad Al Thani. Trump flies aboard the Boeing 747-8 to North Dakota on July 1 for the Theodore Roosevelt Presidential Library dedication and is then scheduled to visit Mount Rushmore on July 3 before returning to Washington for America’s 250th birthday celebrations on July 4, Bloomberg reports. The aircraft, which underwent a renovation costing hundreds of millions of dollars to make it secure enough for presidential travel, will serve as a temporary Air Force One until Boeing delivers a new presidential fleet in 2028. The Qatari gift, one of the largest ever made by a foreign government to the U.S., has sparked criticism over ethics and national security. Trump said it would be foolish to turn it down, given Boeing’s repeated delays.

BUNGA BUY

A Qatari company has agreed to purchase an infamous villa owned by the late Italian Prime Minister Silvio Berlusconi in one of Italy’s biggest-ever private real estate sales. Berlusconi’s heirs have agreed to sell Villa Certosa in the Costa Smeralda region on the island of Sardinia to Sheikh Jassim bin Hamad al Thani’s Constellation Hotels Holding for about $395 million, Reuters reports. Often used to host heads of state, billionaires and celebrities, the villa was also the setting for Berlusconi’s notorious “bunga bunga” parties, which were the subject of multiple investigations. Set on 300 acres overlooking the Mediterranean Sea, the property includes 126 rooms, an amphitheater, a rare cactus collection and a James Bond-style underground grotto for boats to dock.

ADNOC: Adnoc Drilling has activated its newest artificial intelligence-powered walking island rig. The rig is part of a $1.5 billion program awarded by Adnoc Offshore comprising six similar rigs, aimed at boosting output capacity and automation, The National reports.

Masdar: Masdar City has launched Biosphere Labs, the GCC’s first commercially scaled shared life sciences lab, in partnership with M42 and Attentive Science to provide researchers and biotech firms with access to specialized laboratory infrastructure in Abu Dhabi.

Masdar: Mohamed Jameel Al Ramahi, CEO of Masdar, met with Khamis Al Mazrouei, CEO of Sharjah National Oil Corporation, to mark one year since the inauguration of Sharjah’s first utility-scale solar plant, which was developed through Emerge, Masdar’s joint venture with French energy company EDF.

G42: Peng Xiao, CEO of Abu Dhabi-based G42, has been profiled by Block News International, in an article highlighting his leadership in positioning the company as a major force in global artificial intelligence development and infrastructure.

💰 Settlement Fund: Saudi-listed Ladun Investment Company said its consortium has signed a framework agreement to establish a $1 billion fund for a Mecca redevelopment project.

👨🏻‍🎓 Education Investment: GEMS Education, part of the Dubai-based Varkey Group, plans to invest up to $30 million over three to five years to expand in India with the addition of more than 30 schools.

🌊 Trade Corridor: The UAE and Syria have begun talks to create a logistics corridor linking Syrian ports with Iraq’s Umm Qasr Port and the UAE’s Khalifa Port.

🏙️ Business Shield: Dubai has recruited top executives from banks, airlines, hotels and major companies into a crisis task force to help preserve the emirate’s reputation as the Middle East’s safest business hub, Reuters reports.

🏢 New Bureau: Paris-based investment manager Varenne Capital Partners has opened an office in the Dubai International Financial Centre, marking its expansion into the UAE.

💺 Winged Seat: A viral video posted by Dubai-based artist Naya Rajji shows a new Emirates economy seat with a winged headrest that unfolds for extra comfort and privacy. 

UAE President Sheikh Mohamed bin Zayed met with Asaad Al-Shaibani, Syria’s Minister of Foreign Affairs and Expatriates, in Abu Dhabi on Thursday.

Sheikh Mohamed sent a message of congratulations to Emir of Qatar Sheikh Tamim bin Hamad Al Thani today, on the anniversary of his accession to power. Dubai Ruler Sheikh Mohammed bin Rashid, UAE Vice President and Prime Minister, and Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, also sent similar messages.

Dubai Crown Prince Sheikh Hamdan bin Mohammed, UAE Deputy Prime Minister and Minister of Defense and Chairman of the Executive Council of Dubai, approved a new package of Dubai Municipality development projects on Thursday.

Georgios Donis, coach of Saudi Arabia’s national soccer team, said guiding his players in the FIFA World Cup just a month after starting the job has been challenging. “You cannot go to training and just ‌press ⁠a button and have the team play the way the coach wants to play,” Donis told reporters on Thursday. “It takes time.”

Raja Agrawal was appointed Vice President for the Middle East and Africa at Nebius, an AI cloud company listed on Nasdaq and headquartered in Amsterdam.

Mohammed Al-Jadaan, Saudi Arabia’s Minister of Finance, called for stronger global partnerships at the OPEC Fund for International Development Forum this week in Vienna.  

🎭 Arts Launch: Abu Dhabi is planning a major new addition to Saadiyat Island’s cultural district with the announcement of a performing arts center designed by the late Frank Gehry. Dar Al Funoon Abu Dhabi, meaning “house of the arts,” is expected to open in 2030 and will feature a multipurpose performance hall with more than 2,000 seats and an orchestra pit capable of holding up to 120 musicians, The National reports. It will also include a 3,500-seat outdoor amphitheater and a smaller studio theater and a 250-seat jazz venue for more intimate performances. Gehry, the famed architect who died in December aged 96, also designed Guggenheim Abu Dhabi, which is due to open later this year.

📷 Photo of the Day

June 29-30, Riyadh. GlobalAiShow. An event focused on generative AI, sovereign AI, and digital infrastructure. Crowne Plaza Riyadh RDC Hotel & Convention. 

July 7-11, Sun Valley, Idaho. Allen & Co. Conference. Annual invitation-only gathering of top figures in technology, finance, media and government. Sun Valley Lodge.

July 8-9, Abu Dhabi. Money Expo Abu Dhabi. Bringing together investors, traders, fintech innovators, and financial institutions to explore the future of finance. ADNEC Center.

July 14-15, Carlisle, Pa.: Pennsylvania Defense and Innovation Summit. U.S. President Donald Trump to headline event at U.S. Army War College in Carlisle, joining defense, technology, finance and government leaders for discussions on military innovation and investment.

August 18-19, Dubai. Middle East Event Show. Bringing together professionals from the events industry. Dubai World Trade Center.  

August 28-Sept. 6, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition. An annual event celebrating traditional Emirati heritage and culture. ADNEC Center.

August 31-Sept. 3, Riyadh. LEAP Expo Riyadh. A major tech trade show for the Middle East, which includes a global startup live pitch event. RECC Malham.

Sept. 11-13, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles. ADNEC Center.  

Sept. 13-18, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC Center.

Sept. 17-19, Abu Dhabi. International Real Estate & Investment Show 2026. An event targeting investors and consumers rather than trade visitors. ADNEC Center.

UNDER THE SEA

Subsea cable project delays in the Middle East are expected to persist despite the U.S.-Iran ceasefire, raising risks to the region’s ambitions to become a digital hub. Analysts interviewed by the Financial Times said security concerns, insurance restrictions and the need for seabed surveys and redeployed cable-laying ships mean disruptions across the Strait of Hormuz and Gulf are effectively indefinite. They added that the region’s infrastructure now has the reputation of being “a fragile chokepoint,” with past Red Sea cable cuts and geopolitical tensions reinforcing perceptions of vulnerability and deterring new investment. Affected projects include Meta’s 2Africa Gulf segment, the proposed $700mn WorldLink network, Ooredoo’s Fiber in the Gulf, and Sea-Me-We 6, which links Southeast Asia to Europe, all of which are being slowed or paused as geopolitical risk deters new investment.

SAFE PASSAGE

Iran and Oman are working with the International Maritime Organization on a plan to manage ship traffic through the Strait of Hormuz, raising questions over who will oversee one of the world’s busiest oil chokepoints. The discussions follow U.S. President Donald Trump’s rejection of any proposal that allows Iran to charge tolls for using the strait. The IMO is coordinating with Iran, Oman and the U.S. on safe shipping routes while discussing a broader agreement on administration of the waterway, Bloomberg reports. Meanwhile, more than 11,000 stranded seafarers are being evacuated in stages, with ships instructed to wait for routing orders before sailing through either Iranian or Omani waters. 

Public Investment Fund: AviLease, the aircraft leasing company owned by the PIF, priced a $650 million five-year bond that attracted more than $4 billion in orders.

Dubai Holding: Dubai’s government investment arm is considering buying a stake in HScale, the global data center platform backed by Bain Capital, Bloomberg reports. 

Aramco: Sofon Industries, owned by Aramco, is gradually building Saudi Arabia’s sovereign shipbuilding sector by acquiring private shipyards, including one from Zamil in Dammam, as part of a broader strategy to develop and operate major naval industrial complexes, the Intelligence Online reports. 

Qatar Investment Authority: The QIA said it would invest 432 million euros ($491 million) as a cornerstone investor in German power company RWE’s 4 billion euro equity capital raising. The QIA is increasing its stake from 9.27% to 9.87%.

Qatar Investment Authority: Ari Emanuel’s U.S.-based investment vehicle MARI, which is backed by the QIA, is in advanced talks to acquire West End and Broadway group ATG Entertainment from Providence Equity Partners for $6 billion, the Financial Times reports.

📈 Investor appetite: Burjeel Holdings raised $500 million through its first international Islamic bond, with investor demand exceeding the amount offered by more than three times.

🎓 Education Playground: Aldar Education and Cranleigh UK announced a $105 million investment to relocate Cranleigh Abu Dhabi to a new purpose-built campus on Saadiyat Island, opening in 2027-2028, which will accommodate up to 2,178 students.

⚡ Electric Dreams: Qatar General Electricity and Water Corporation awarded contracts worth over $605 million to expand and upgrade electricity transmission infrastructure in western Qatar, including new substations and power lines.

💳 Market Debut: Egyptian fintech MNT-Halan is working with Citigroup and EFG Hermes on a Cairo IPO of its domestic business that could value the company at $900 million to $1 billion, Bloomberg reports.

🏛️ Embassy Reopens: The U.S. reopened its embassy in Kuwait during a visit by ‌Secretary of State Marco Rubio on Wednesday, months after it was shut down because of Iranian attacks.

🛑 Road Bloc: Iraq said it might consider leaving OPEC unless the group accommodates it with a higher oil production quota, just a few months after the UAE quit the bloc, Bloomberg reports.

🚂 Choo-Choo: The UAE emirate of Fujairah is preparing for a tourism boom after Etihad Rail announced that its first passenger rail service from Abu Dhabi to the emirate will start next week.

UAE President Sheikh Mohamed bin Zayed met on Wednesday with Marco Rubio, U.S. Secretary of State, who visited the UAE as part of a tour of the Middle East. Also attending the meeting were Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi; Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and National Security Adviser; Sheikh Abdullah bin Zayed, Deputy Prime Minister and Minister of Foreign Affairs; Sheikh Mohammed bin Hamad bin Tahnoun, Adviser to the UAE President; and a number of officials.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, held a phone call with Yvette Cooper, the United Kingdom’s Secretary of State for Foreign, Commonwealth and Development Affairs.

Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, held a phone discussion with Iran’s Foreign Minister Abbas Aragchi on the progress of the peace talks.

Kuwaiti Colonel Sabah Al Sabah described the dramatic opening moments of Iranian missile attacks to senior British and Nato officers at the Royal United Services Institute Land Warfare conference held in London this week. “The first salvo of Iranian ballistic missiles took flight, and that air defence operation centre became a different kind of place,” Col Al Sabah said. “Every screen aligned, every frequency occupied, every fire unit in the network snapping into a terrible choreography it was designed for.”

Iraq’s Prime Minister Ali Al-Zaidi told Sky News Arabia that U.S. businesses will be given top priority for investment in Iraq, and that up to 500,000 bpd of Iraqi oil could be used to replenish the U.S. Strategic Petroleum Reserve.

Omar Alaoui Mhamdi, ACWA Power’s country manager in Morocco, said in an interview with Asharq Bloomberg that the company is seeking to expand its investments in Morocco’s renewable energy sector and also exploring opportunities in seawater desalination and green hydrogen. 

Abbas Sajwani, son of Emirati billionaire Hussain Sajwani, is nearing a deal to purchase one of London’s priciest mansions, known as the Holme, for about 190 million pounds ($250 million), the Financial Times reports. 

Mohammed Ali Al Shorafa, Chairman of Abu Dhabi’s Department of Municipalities and Transport, took part in the World Economic Forum annual meeting of the New Champions 2026 in Dalian, China.

🏖️ Beach Vibes: As popular Dubai beach bar Barasti prepares to temporarily close its doors this weekend, The National takes a look back at the club’s evolution. A fixture of Dubai’s nightlife since the 1990s, the venue at Le Meridien Mina Seyahi Beach Resort & Waterpark is preparing for a renovation before it reopens next year. The bar, which started out as a beachfront shack-style spot, has grown over the years into a sprawling venue with a beach club, multiple bars, a restaurant and live music space. “Barasti is more than a venue; it is part of Dubai’s story,” Ugur Lee Kanbur, multi-property general manager of Destination Mina Seyahi, told the newspaper. 

📷 Photo of the Day

June 22-25, San Diego. BIO International Convention 2026. The world’s largest event for biotechnology, with 20,000 industry leaders from across the globe. San Diego Convention Center.

June 23-25, Cairo. Big5 Construct Egypt. Exploring the latest products, innovations and technologies in the construction industry. Egypt International Exhibition Center.

June 24-25, Dubai. Geospatial & Space Technology Forum. Bringing together government authorities, national space agencies, city planners, and technology innovators. Al Habtoor Grand Resort.

July 7-11, Sun Valley, Idaho. Allen & Co. Conference. Annual invitation-only gathering of top figures in technology, finance, media and government. Sun Valley Lodge.

July 8-9, Abu Dhabi. Money Expo Abu Dhabi. Bringing together investors, traders, fintech innovators, and financial institutions to explore the future of finance. ADNEC Center. 

July 14-15, Carlisle, Pa.: Pennsylvania Defense and Innovation Summit. U.S. President Donald Trump to headline event at U.S. Army War College, featuring discussions on military innovation and investment.

August 18-19, Dubai. Middle East Event Show. Bringing together professionals from the events industry. Dubai World Trade Center.  

August 28-Sept. 6, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition. An annual event celebrating traditional Emirati heritage and culture. 

August 31-Sept. 3, Riyadh. LEAP Expo Riyadh. A major tech trade show for the Middle East, which includes a global startup live pitch event. RECC Malham.

BUNKER BILLIONS

Saudi Arabia’s Public Investment Fund has injected another $267 million into LIV Golf. The figure puts the PIF on track to exceed $6 billion in spending on the renegade league by the end of this year, the Money In Sport newsletter reports. It comes as the PIF and its Governor, golfing enthusiast Yasir al-Rumayyan, face tough questions about the future of the league, which has endured four years of lower-than-expected TV ratings and sparse attendance. Talks to merge with the PGA Tour have faltered and several high-profile players have been lured back to the dominant league.

TERMINAL TAKE-OFF

Egypt plans to build a fourth terminal at Cairo International Airport and has drawn interest from 68 global firms to manage an airport in the Red Sea resort city of Hurghada. Speaking to legislators, Civil Aviation Minister Sameh El-Hefny said the new Terminal 4 will substantially increase Cairo airport’s capacity and transform it into a regional hub. Regarding Hurghada, El-Hefny said contractors selected will handle the airport’s management and commercial activities, introducing e-gates and paperless travel systems. EgyptAir, meanwhile, will implement a major expansion, adding 34 new aircraft to its fleet, El-Hefny said.

Public Investment Fund: Saudi Arabia’s $32 billion bet on turning Qiddiya into a vast entertainment hub anchored by Six Flags is examined in a Bloomberg story placing it as part of a broader push to make life more appealing for residents and attract international tourists.

Qatar Investment Authority: Qatar’s wealth fund is investing hundreds of millions in 5C Investment Partners, a private credit firm run by former Goldman Sachs Group Inc. partners Tom Connolly and Michael Koester, Bloomberg reports. 

Abu Dhabi Investment Authority: ADIA joined the IPO of Clean Max Enviro Energy Solutions as an anchor investor, taking a stake valued at $3.3 million.

✈️ Aircraft Assets: Dubai Aerospace Enterprise’s DAE Capital is nearing a deal to buy control of Macquarie AirFinance after a competitive auction that also drew Saudi Arabia’s AviLease and Qatar’s Lesha Bank amid strong demand for aircraft leasing assets.

🔌 Electric Exchange: A Saudi-Egypt power project, now being trialled, will become operational in the coming weeks, enabling the two countries to exchange up to 3,000 megawatts through a 1,350-kilometer (840-mile) network of transmission lines and Red Sea submarine cables.

🚗 Road Revival: Tunisia is ramping up road infrastructure spending with a $2.4 billion program covering 16 new projects aimed at improving connections between cities and stimulating economic development.

🛡️ Cyber Alarm: The UAE said it foiled a wave of AI-enabled cyberattacks targeting vital sectors, warning of a “qualitative shift” in terrorist tactics.

💼 Suing Beirut: Dubai-based Al Habtoor Group has appointed law firm White & Case as it prepares to begin arbitration proceedings with Lebanon to recover some $1.7 billion in losses, eying funds held in the U.S., The National reports.

📈 IPO Dilemma: Several Saudi firms are pursuing local listings in Riyadh despite oil price volatility and geopolitical risks weighing on the market.

🌊 Maritime Borders: Saudi Arabia’s Foreign Ministry said it is closely monitoring Iraq’s submission of maritime coordinates to the U.N., which its says encroach on its territory.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, and Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister  and Chairman of the Presidential Court, attended the Abu Dhabi Government’s Ramadan Majlis, Barzat Abu Dhabi, organized by the Abu Dhabi Media Office at Qasr Al Hosn.

Sheikh Abdullah bin Zayed, UAE Deputy Prime Minister and Minister of Foreign Affairs, met with Ambassador Rabbi Yehuda Kaploun, U.S. Special Envoy to Monitor and Combat Antisemitism, during a working visit to Washington. Sheikh Abdullah also met with Massad Boulos, U.S. President’s Senior Advisor for Arab and African Affairs.

Sheikh Theyab bin Mohamed, UAE Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs and Chair of Board of Trustees of Erth Zayed Philanthropies, approved a contribution of 100 million dirhams ($27 million) from Erth Zayed Philanthropies to the Mother of the Nation Endowment for Orphans initiative.

Jon Gray, President and Chief Operating Officer of Blackstone, told Bloomberg he sees a “tipping point” for deals in the Middle East, and that Blackstone’s presence in the region will “grow materially over time.”

Chamath Palihapitiya, a Canadian-American venture capitalist and entrepreneur, offers business advice in a YouTube video, recommending that “if you want to be in crypto, you probably need to be in Abu Dhabi.”

Ali Tariq was appointed Managing Director and Head of the Middle East at SheltonAI, an institutional AI platform for pensions and sovereign wealth funds.

Jamal M. Labani was appointed CEO of Solidrange, a Riyadh-based cybersecurity company.

🏰 Castle Reno: Dubai’s oldest historic building, Al Fahidi Fort, is almost ready to reopen five years after its doors were closed for a major restoration. The fort, built in 1787 by Dubai’s ruling family, will include a large museum space harnessing digital media to tell the story of its evolution, The National reports. “As you stand between the walls of Dubai’s oldest surviving structure, you find yourself face-to-face with the earliest beginnings of a city that believed in its dream and continues to move forward with confidence from one achievement to the next,” Sheikha Latifa bint Mohammed, Chairwoman of Dubai Culture and Arts Authority, said following a site visit on Sunday.

Feb 23-26, Miami. Global Alts Miami 2026. Billed as the largest cap intro event in the world. Miami Beach Convention Center.

March 25-27, Miami. FII Miami 2026. A summit on disruptive technology and investment trends hosted by the Public Investment Fund’s Future Investment Initiative Institute. Faena Hotel, Miami Beach.

March 31-April 2, Dubai. Arab Media Summit. The annual gathering brings together Arab media personnel, influencers and organizations. DWTC. 

April 6-13, Dubai. Quantum Innovation Summit. Part of Global Quantum Week, focusing on quantum technology and applications. Grand Hyatt.

April 6-7, Riyadh. Real Estate Supply Chain Forum. Transforming the real estate supply chain landscape. Mandarin Oriental. 

April 7-9, Dubai. Middle East Energy. Discover what’s new in energy. Dubai World Trade Centre. 

April 7-9, Abu Dhabi. Future Health. Bringing together global leaders in government, science, technology and investment. ADNEC.

April 11-20, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC.

April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.

April 13-16, Riyadh. LEAP 2026. Global tech event covering AI, 5G and startups. RECC Malham.

April 21-23, Dubai. UITP Summit 2026. A high-level event for the public transport sector looking at the future of urban mobility. Dubai World Trade Centre

April 24-26, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles.

April 29-30, Dubai. TOKEN2049 Dubai. A global gathering for the crypto ecosystem. Madinat Jumeirah.