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.

BOTTLE SERVICE

Two new liquor stores are under construction in the cities of Jeddah and Dammam as Saudi Arabia further eases restrictions on alcohol in a bid to draw more foreign talent to reside in the kingdom, Reuters reports. It comes after reports that the country’s only sanctioned liquor store, in Riyadh, is now allowing a larger group of foreign residents to make purchases. Non-Muslims holding a permit under the Premium Residency program, which grants visas to entrepreneurs, investors, property owners and talented individuals, are now allowed to purchase alcohol in the store, which was previously reserved for diplomats. Loosening rules around alcohol has been a delicate task for the Saudi leadership, which has attempted to appease conservatives by cracking down on nightclubs known as “lounges” in recent months. 

AERIAL CONNECTIONS

Providing dependable internet connections is the latest battleground in competition between Gulf airlines. The rivalry on international routes between Emirates and Qatar Airways is being stoked by the increased availability of Starlink, the low-orbit satellite network developed by Elon Musk’s SpaceX, Arabian Gulf Business Insight reports. While the Qatar carrier has already equipped more than 100 of its long-haul aircraft with Starlink’s service, Dubai-based Emirates is trying to catch up with a new fleet-wide rollout of Starlink that will enable streaming videos, playing games and making voice calls simultaneously. Budget airline Flydubai, meanwhile, is preparing to offer Starlink’s high-speed WiFi as a standard feature rather than a premium perk.

Mubadala: Uber is seeking regulatory approval in Turkey to buy Getir Food from the Abu Dhabi sovereign wealth fund, a move that would deepen its presence in Turkey’s food delivery market as Mubadala exits the business, Bloomberg reports.

Mubadala: Los Angeles-based Ares Management is teaming up with Mubadala and the Abu Dhabi Investment Council to launch a so-called GP-stakes platform that will buy minority holdings in mid-size private equity firms.

ADQ: AD Ports Group, an ADQ subsidiary, and Masdar signed an agreement to collaborate on the development and delivery of offshore wind projects.

Abu Dhabi Investment Authority: Qatari telecoms operator Ooredoo said its secondary global offering of shares, stemming from ADIA’s recent divestment of half its 10% stake, has been completed.

✈️ Double Money: The Dubai Airshow 2025 closed with deals surpassing $202 billion, double its 2023 edition. 

🩺 Gulf Reach: Moroccan private hospital giant Akdital is launching a $1.6 billion expansion into Gulf markets, using its property arm Tazak to raise capital for new hospitals in Saudi Arabia and the UAE. 

⛏️ Start Digging: Brunswick Exploration, a Montreal-based miner, has begun lithium exploration in Saudi Arabia after receiving a pending-approval license.

🌐 Quantum Lift: Heven AeroTech, an Israeli drone startup, announced a new investment and strategic partnership with U.S. quantum computing company IonQ.

📈 Economic Rebound: The Bank of Israel cut its benchmark interest rate by 0.25% to 4.25%, its first rate cut since January 2024, citing eased inflation after the Gaza ceasefire and a rebound in economic activity.

📉 Fiscal Warning: The International Monetary Fund warned that Bahrain’s deteriorating fiscal position and rising debt-to-GDP ratio require new measures, including a general corporate income tax and reduction in broad energy subsidies.

📜 Executive Ban: U.S. President Donald Trump has signed an executive order directing his top diplomats and treasury officials to begin the process of designating certain chapters of the Muslim Brotherhood as foreign terrorist organizations.

💸 Desert Debut: Airtel Money, a subsidiary of London-listed telecom Airtel Africa, is planning a $1 billion IPO in the UAE after securing a regulatory waiver because of its lack of a local headquarters.

🇪🇬 Winning Trust: HSBC says Egypt’s devalued pound is winning back foreign debt investors’ trust, arguing that fears of policy reversals have eased and that convertibility, rather than fixed value, has become more credible.

UAE President Sheikh Mohamed bin Zayed chaired the annual meeting of the ADNOC Board of Directors at the Habshan complex in Abu Dhabi on Monday.

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, opened a new session of the Federal National Council. The session was attended by Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, met with Massad Boulos, Advisor to the U.S. President for African and Arab Affairs on Monday in Abu Dhabi.

Sheikha Moza bint Nasser, Chairperson of the Qatar Foundation and mother of Qatar’s Emir Sheikh Tamim delivered the opening speech on Monday at the 12th World Innovation Summit for Education. Speaking about artificial intelligence, Sheikha Moza said: “The pace of change now surpasses our limits and our ability to adapt. This reality brings risks that we can neither downplay nor ignore.”

Abdullah Ali Al-Yahya, Kuwait’s Minister of Foreign Affairs, met on Monday with Adam Boehler, the U.S. Special Envoy for Hostage Response.

Faisal Al Bannai, Secretary General of the Advanced Technology Research Council, talked with CNN’s Becky Anderson about the UAE’s determination to take the lead in the global AI race.

Yuriko Koike, Governor of Tokyo, will attend and deliver a keynote address at the FII Priority Asia Summit in Tokyo on Nov. 30- Dec. 1, according to a press statement. 

Danny Townsend, CEO of SURJ Sports Investment, spoke to The National about the recent Masters 1000 announcement, the company’s overall strategy, and the challenges that come with working to transform the sports ecosystem in Saudi Arabia.

Gerd Muller, Director-General of the UN Industrial Development Organization, said that Saudi Arabia represents an ambitious model for achieving sustainable industry.

Aldo De Jager was appointed CEO of Dubai’s Mira International, formerly known as Mira Real Estate.

🪩 Coming Out: American superstar Diana Ross is joining the lineup for Abu Dhabi’s Saadiyat Nights concert series, performing the opening night double-header with British singer Seal on Jan. 9. The Supremes singer will perform favorites from her six-decade career, including solo hits “I’m Coming Out” and “Upside Down.” The concert series, which continues through to Feb. 11 at a venue near Manarat Al Saadiyat, will also feature Ludovico Einaudi, Lewis Capaldi, John Mayer, Ricky Martin, Mariah Carey and Bryan Adams.

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

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. 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.