GAS ROCKS

U.S. asset manager BlackRock and partners are close to reaching a deal to invest $10 billion in infrastructure tied to Saudi Aramco’s massive $100 billion Jafurah shale gas project. This comes as Aramco looks to monetize assets amid falling oil prices while still pushing ahead with major investments, Reuters reports. The deal would likely mirror past “lease and lease-back” arrangements, which raised nearly $28 billion and let Aramco retain control while paying usage tariffs. Jafurah is key to Aramco’s goal of boosting gas output by 60% by 2030, transforming the kingdom into a global gas powerhouse.

ROBO ALLIANCE

Lucid Motors, the U.S. electric vehicle maker backed by Saudi Arabia’s Public Investment Fund, has teamed up with Uber and robotics company Nuro to launch a global robotaxi program. Uber plans to make “multi-hundred million dollar investments” in Lucid and Nuro to make the taxis and will order at least 20,000 Lucid vehicles over the next six years, The National reports. The first service will be launched in the U.S. late next year. The announcement is a major boost for Lucid and its Saudi backer, which has poured billions into the California company. The first Lucid-Nuro robotaxi prototype is already being tested in Las Vegas. The news comes after Uber and China’s Baidu said on Tuesday that they would launch a robotaxi service in the UAE and elsewhere in the Middle East and Asia.

Public Investment Fund: Diriyah Company signed a $1.5 billion deal with China Harbour Engineering Company to develop the Arena district, part of Saudi Arabia’s historic Diriyah project.

Masdar: The Egyptian cabinet granted a “golden license” to UAE sustainable energy company Masdar for a major wind power project in the Gulf of Suez, enabling it to purchase or lease land, operate and manage projects with a single approval.

Mayhoola: Rachid Mohamed Rachid, the head of Mayhoola, denied a report suggesting the Qatar royal family-backed fund and French luxury group Kering were considering jointly selling Italian luxury fashion house Valentino, Reuters reports. Gucci-owner Kering bought 30% of Valentino in 2023 for $1.7 billion and said it would purchase the remaining 70% stake from Mayhoola by 2028, just before the luxury sector entered a slowdown, leaving Kering heavily indebted.

🇪🇺 Euro Deal: European Union member states have approved the launch of trade negotiations with GCC countries, with talks to begin as soon as possible, Bloomberg reports.

💲 Tourism Surge: Jordan’s tourism revenues grew 12% to $3.7 billion in the first half of 2025, boosted by increased arrivals from Asia and Europe.

🚆 Blue Line: A consortium of Turkish and Chinese companies, including Turkey’s Mapa Group and Limak and China’s state-owned CRRC, secured $1.1 billion in green financing from Emirates NBD to develop the Dubai Metro Blue Line project.

💵 Startup Support: VentureIsrael raised $25 million for its second fund, focusing on early-stage startups in fields including cybersecurity, AI infrastructure, digital health and quantum computing.

⛽ Oil Plan: Iraq approved a plan for the semi-autonomous Kurdish region to transfer oil to Baghdad, paving the way to restart exports that have been suspended for over two years, Bloomberg reports.

🏗️ Developing Expo: Bechtel, the U.S. engineering and construction giant, was appointed as the project management consultant for Expo 2030 in Riyadh.

🏡 Home Crunch: Turkish citizens are finding it increasingly challenging to secure affordable housing as property prices and rents in Istanbul are rising, a report on living costs shows.

🤝 China Bound: Around 60% of Middle Eastern sovereign wealth funds plan to boost investments in Chinese assets over the next five years, while the remaining 40% will maintain current levels, according to a study by Invesco.

📈 Success Round: Saudi Arabia’s Naf Company for Feed Industry will list on the Nomu market next week after its IPO was 111% oversubscribed.

Saudi Crown Prince Mohammed bin Salman received a phone call from Syrian President Ahmed Al-Sharaa on Thursday to discuss recent measures taken in Syria, the Saudi Press Agency reported.

Prince Faisal bin Farhan, Saudi Arabia’s Minister of Foreign Affairs, held a phone call on Thursday with U.S. Secretary of State Marco Rubio.

OpenAI CEO Sam Altman’s success in replacing Elon Musk as U.S. President Donald Trump’s newest AI buddy, including OpenAI’s partnership with Abu Dhabi’s G42, is explored by The Wall Street Journal.

Karen Elliott House, former publisher of the Wall Street Journal, discusses her new book on Saudi Crown Prince Mohammed bin Salman, “The Man Who Would Be King,” in a recorded session with the Atlantic Council.

Pierre Santoni, Parsons Corp.’s EMEA President for Infrastructure, talked to The National about the complexities of building the Dubai Metro’s new Blue Line.

📺 Dad’s the Word: Netflix’s latest Arabic-language original series “Catalog” turns its attention to fatherhood, with Egyptian actor Mohamed Farrag playing the role of a widowed father who has to learn quickly how to be a loving dad. Farrag’s character, Youssef, quickly turns to YouTube videos produced by his late wife, who was a parenting influencer. “This series is about love – how to love your kids and how to make them love you. And it’s all about becoming involved in their problems, their day to day,” Farrag tells The National.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

August 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 1-3, Cairo. Pharmaconex. Brings together industry leaders to showcase innovations in pharmaceutical manufacturing. Egypt International Exhibition Center. 

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 8-10, Dubai. WHX Tech 2025. Participants will explore the latest trends in health care and gain practical insights on the changing sector. Dubai World Trade Center.  

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

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

SAUDI SERVERS

Elon Musk’s AI startup xAI is negotiating to lease data center capacity in Saudi Arabia, planning to tap the kingdom’s cheap energy and political support as it rapidly scales its infrastructure footprint. xAI is in early talks with two potential partners: Humain, a Saudi-backed firm offering several gigawatts of future capacity, and another company developing a more readily available 200-megawatt facility, Bloomberg reports. While Humain’s proposal is ambitious, it remains years away as the company has yet to begin construction, the news agency added. Musk and xAI recently secured $10 billion in funding, with Musk declaring on X that the startup has “plenty of capital.” However, the details of how and where that capital will be deployed are still being finalized.

LONG GAME

Saudi Arabia has “a lot of patient capital” when it comes to developing its games industry, according to Prince Faisal bin Bandar Al Saud, the Chairman of the Saudi Esports Federation. “A lot of people tell me we notice a lot of the investment you’re doing in esports, but we don’t see a lot of the investments you’re making in gaming,” Prince Faisal told Arabian Business Gulf Insights. “It’s because to build a games industry takes five to 10 years.” The kingdom, which is currently hosting the Esports World Cup in Riyadh with a record-breaking $71.5 million prize pool, has earmarked $38 billion from the Public Investment Fund for building out the industry via its homegrown Savvy Games Group. 

ADQ: The Abu Dhabi sovereign wealth fund signed a preliminary agreement with Turkey’s Trendyol Group, Baykar CEO Haluk Bayraktar, and Ant International to explore launching a joint fintech platform in Turkey offering digital financial services to individuals and small businesses.

Syria: Syria may soon have a sovereign wealth fund, after President Ahmad Al-Sharaa issued a series of decisions last week revamping the war-torn country’s investment environment.

💰 Loan Help: Saudi Middle East Specialized Cables Company announced that its subsidiary, MESC LLC, secured a $32.7 million credit facility from First Abu Dhabi Bank to finance working capital, bank guarantees and capital expenditures.

⛏️ Mining Front: Saudi Arabia’s mining reforms have attracted $32 billion in investments as the sector aims to boost its GDP contribution.

💵 SME Report: RUWAD, part of the Sharjah Economic Development Department, reported funding 13 projects worth approximately $779,000 and adding 449 new projects to its network in its 2024 annual report.

📈 Card Investment: Israeli carrier Israir is buying a 20% stake in credit card company Isracard from retailer Rami Levy and Isracard itself, diversifying revenue streams beyond aviation as part of its growth strategy.

 🖥️ Chip Delay: Some Trump administration officials are holding up efforts to finalize a landmark agreement that would open the door to the UAE buying billions of dollars in Nvidia’s cutting-edge artificial-intelligence chips, due to national-security concerns, the Wall Street Journal reports.

🚀 Courier Takeoff: Emirates Courier Express is expanding operations to Australia, offering direct package deliveries to Brisbane, Melbourne, Perth and Sydney, with 70 weekly flights to boost regional logistics connectivity.

🚂 India Tracks: DP World, Deendayal Port Authority and Nevomo signed a preliminary agreement to explore autonomous magnetic rail freight in India.

🛩️ Africa Link: Ethiopian Airlines launched passenger flights to Abu Dhabi, strengthening its Middle East network and enhancing Gulf connectivity as it continues expanding international routes from Addis Ababa.

🌴 Chasing Deals: Kenya’s largest lender, Equity Group Holdings, is preparing to open an office in the UAE later this year to benefit from growing trade and investment between the Middle East and Africa, Bloomberg reports.

UAE President Sheikh Mohamed bin Zayed concluded his state visit to Turkey on Wednesday night after witnessing the signing of several agreements between the two countries alongside Turkish President Recep Tayyip Erdoğan.

Sheikh Mohamed then flew to Albania, where he held talks with Prime Minister Edi Rama, before continuing on to Serbia on Thursday, where he was greeted by President Aleksandar Vučić at the airport. Among those traveling in the delegation to Albania were UAE Foreign Minister Abdullah bin Zayed, Mubadala CEO Khaldoon Al Mubarak and Eagle Hills Chairman Mohamed Alabbar. Al Mubarak and Alabbar also went to Serbia.

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, attended Abu Dhabi Summer Sports at ADNEC on Wednesday and participated in a friendly volleyball match.

Sheikh Maktoum bin Mohammed, UAE Deputy Prime Minister and Minister of Finance and First Deputy Ruler of Dubai, announced the launch of the UAE 2027-2029 budget cycle, with a focus on sustainability and AI. 

Sheikh Hamdan bin Mohammed, UAE Deputy Prime Minister and Minister of Defence and Crown Prince of Dubai, introduced a new classification system to indicate when artificial intelligence has been used in research and publications.

Akis Evangelidis, Co-founder of British tech company Nothing, was on hand for the regional launch of the company’s new Nothing Phone in partnership with Creators HQ at Dubai’s Museum of the Future on Wednesday. Also at the event were Rishi Kishor Gupta, Nothing Regional Director for the Middle East and Africa; Alia Al Hammadi, Deputy Chairperson of the UAE Government Media Office and CEO of the 1 Billion Followers Summit; and Abdulaziz AlJaziri, Deputy CEO of the Dubai Future Foundation. 

Mansoor Jaffar, CEO at ADGM Academy and Research Centre, and Mohammed Abdulmalek, Head of the Middle East at PGIM, the global investment management business of Prudential Financial, launched the RealAssetX Abu Dhabi Innovation Centre on Wednesday. The innovation lab, dedicated to advancing sustainable technology and artificial intelligence within the real asset industry, will open in September at the ADGM Academy offices.

🍽️ Taste of Home: Saudi-owned cafes and restaurants are making their mark in London, counting on the growing number of expats and visitors from the Gulf feeling a little homesick in the U.K. capital. Among them are Somewhere Cafe, an Emirati-Saudi partnership which reimagines nostalgic childhood dishes, which has set up shop at the ever-popular Harrods department store. Another favorite is Hijazi Corner, serving up traditional home recipes from Jeddah’s historic Al-Balad district, where Chef Ayman Al-Zubaidi grew up.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

August 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 1-3, Cairo. Pharmaconex. Brings together industry leaders to showcase innovations in pharmaceutical manufacturing. Egypt International Exhibition Center. 

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 8-10, Dubai. WHX Tech 2025. Participants will explore the latest trends in health care and gain practical insights on the changing sector. Dubai World Trade Center.  

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

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

TICKET TO RIDE

Uber and China’s Baidu are taking a ride together in the Middle East. The two heavyweight firms said on Tuesday they’re launching a joint robotaxi service that will operate more than 1,000 of Baidu’s Apollo Go autonomous vehicles in Abu Dhabi, Dubai and elsewhere in the Mideast and Asia. Baidu already runs driverless taxis in Beijing, Shanghai and other Chinese cities and it signed an agreement with Dubai’s Road and Transport Authority in March to deploy the vehicles in the emirate. Under the Apollo Go agreement, taxis can be ordered by app through Uber, which has plans to offer similar services in Europe and Australia.

SMALL BUT MIGHTY

As property prices in the UAE’s major cities continue their bull run, developers are turning a sharp eye towards the little-known emirate of Umm Al Quwain. The UAE’s second-smallest and least-populous emirate, with around 60,000 residents, sits cozily between Sharjah and Ras Al Khaimah, just an hour’s drive into Dubai and 15 minutes from RAK’s Al Marjan Island, where the UAE’s first gaming resort is under construction. The once-quiet coastal enclave is now host to three mega developments, including two waterfront residential projects by Dubai-based Sobha Realty valued at a total of $28 billion.

International Holding Company: Abu Dhabi’s IHC has acquired financing platform eFunder, now rebranded as Zelo, to boost access to capital for small and medium-sized businesses and address the $250 billion MENA credit gap.

Aramco: Saudi AI start-up Lucidya has raised $30 million in a Series B funding round led by Impact46 and Aramco’s Wa’ed Ventures.

ADNOC: ADNOC plans to transfer a 24.9% stake in Austrian oil and gas company OMV to its  XRG investment arm, as part of its strategy to consolidate international assets.

ADQ: Abu Dhabi green energy company Masdar will divest its stake in the Sharjah Waste-to-Energy plant to Tadweer Group, the waste management and recycling services company owned by sovereign fund ADQ.

💰 IPO Frenzy: Moroccan healthcare firm Vicenne’s IPO was oversubscribed 64 times, attracting $3.5 billion in orders for its $55 million offering and marking the North African market’s first listing of 2025.

📊 Listing Slowdown: Proceeds from GCC IPOs fell 6% to $3.4 billion in the first half of 2025 compared to the same period last year, with Saudi Arabia leading regional issuance by raising $2.9 billion.

💳 Debt Clearance: Egypt repaid $1 billion to foreign oil companies in early July, reducing its outstanding debt to $2.5 billion, with full repayment expected by September.

💸 Fraud Fighter: Israeli web intelligence startup Heka raised $14 million in Series A funding, led by Windare Ventures, to expand across the U.S and Europe as it develops AI tools to counter a rapidly escalating global fraud epidemic.

📈 IPO Divergence: UAE share sales are gaining momentum into late 2025, while Saudi companies pursuing listings face investor caution over high valuations, reflecting diverging equity market sentiments across the Gulf, Bloomberg reports.

🛢️ Production Debate: OPEC partly rejected reports of a Saudi oil output surge, noting Riyadh stayed within its quota last month due to a recalculation of production metrics that adjusted how barrels were officially counted. 

☀️ Energy Push: Oman has signed a deal with Turkey to launch joint net zero and decarbonization projects starting in 2027, supporting its push for energy diversification and carbon neutrality.

🤝 Quantum Pact: Israel and the U.S. have proposed forming a $200 million joint fund to develop quantum computing, with possible UAE and Saudi participation, The Jerusalem Post reports.

UAE President Sheikh Mohamed bin Zayed flew to Turkey on Wednesday for an official state visit in which he will hold talks with Turkey’s President Recep Tayyip Erdoğan.

The UAE President held a phone call on Tuesday with Iran’s President Masoud Pezeshkian to discuss a range of issues between the two countries.

President Donald Trump’s appearance at Sunday’s FIFA Club World Cup final in New Jersey demonstrated soccer’s growing popularity in America, The New York Times reports. Among those who attended the match at MetLife Stadium were Jared Kushner, U.S. Attorney Pam Bondi, New York Jets owner Woody Johnson, star NFL quarterback Tom Brady and the NFL’s New England Patriots owner Robert Kraft.

Richard Attias will return as interim CEO of Saudi Arabia’s Future Investment Initiative Institute, which organizes the kingdom’s annual FII conference, after Penny Richards resigned six months into the job, Semafor reports.

Antonoaldo Neves, CEO or Etihad Airways, told The National that the Abu Dhabi-based airline is aiming to expand 15% every year until the end of the decade, as it raised its growth target to 38 million passengers by 2030, up from the previous goal of 33 million.

Alexander Godwin has returned to Hasma Capital, the investment firm of Saudi Arabia’s billionaire Juffali family, in a London-based director role, Bloomberg reports. Godwin left the firm last year for a job at another family office, Misland Capital.

Khalid bin Abdulaziz Al-Falih, Saudi Arabia’s Minister of Investment, attended the Financial and Professional Services Dinner hosted by the Lord Mayor of London, Alastair King, at Mansion House, London, on Tuesday.

💬 Speaking King-lish: Linguistic code-switching, a common phenomenon in globalized cities, is becoming the “new norm” for young people in Saudi Arabia, where increasing business connections and education opportunities overseas have seen a rise in English being used alongside the official Arabic language, Arab News Reports. The trend reflects rapidly shifting social dynamics in the kingdom, which only made English lessons mandatory for first graders at state schools in 2021.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

August 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 1-3, Cairo. Pharmaconex. Brings together industry leaders to showcase innovations in pharmaceutical manufacturing. Egypt International Exhibition Center. 

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 8-10, Dubai. WHX Tech 2025. Participants will explore the latest trends in health care and gain practical insights on the changing sector. Dubai World Trade Center.  

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

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

STARTUP WADI

Startups in the Gulf and other Arab countries in the Middle East nearly doubled their fundraising in the first half of the year. About $1.35 billion in venture capital funding was invested in the region’s early-stage companies during the period, led by Saudi Arabia and the UAE, data platform Magnitt reports. In Israel, one of the world’s busiest startup hubs, first-half funding reached $9.3 billion, the country’s strongest six-month performance in three years. The increase in venture funding in the Middle East contrasts with global emerging venture markets, where funding dropped to about $4 billion – the weakest first half since 2017.

GEE WIZZ

Etihad Airways is preparing to launch flights to several destinations affected by Wizz Air’s exit from its Abu Dhabi operations. Etihad, which is based in Abu Dhabi, announced on Tuesday that it would introduce flights to Almaty, Kazakhstan; Baku, Azerbaijan; Bucharest, Romania; Medina, Saudi Arabia; Tbilisi, Georgia; Tashkent, Uzbekistan; and Yerevan, Armenia. Wizz Air currently flies from Abu Dhabi to all of those destinations, except Tbilisi. The Hungarian budget airline said yesterday that it would suspend its Abu Dhabi joint venture with the ADQ sovereign wealth fund, which owns Etihad, blaming persistent engine issues, geopolitical tensions in the Middle East and regulatory challenges. Etihad said its services to all of the new routes would begin in March, except Medina, which will be operational from November. 

Mubadala: A consortium that includes the Abu Dhabi sovereign wealth fund will acquire German energy company Techem for $7.9 billion. Others in the group include Swiss private equity company Partners Group and Singapore’s GIC.

Public Investment Fund: Marc Winterhoff, CEO of the Saudi PIF-owned California electric vehicle maker Lucid Motors, warned in a Bloomberg interview that Trump-era auto tariffs will sharply increase production costs, threatening price hikes for American-made EVs despite the company’s efforts to localize supply chains in the kingdom.

G42: Presight, an Emirati tech company owned by G42, is helping launch Kazakhstan’s first supercomputer, featuring prominently at a ceremony attended by Kazakhstan’s President Kassym-Jomart Tokayev.

🏢 Luxury Estate: Vincitore Realty, a boutique developer in the UAE, awarded a $544 million contract to Luxridge Building Construction for delivering its latest wave of luxury real estate projects in Dubai.

💰 Big Brother: Egypt approved $101 million within its budget to support small and medium sized enterprises in a partnership between the Ministry of Finance and the Micro, Small, and Medium Enterprises Development Agency.

🌐 Browser Boom: Israeli cybersecurity startup Island has quadrupled its valuation to $4.8 billion since late 2023 after raising tens of millions from J.P. Morgan, as demand for secure enterprise browsers surges globally.

🏢 Luxury Leaders: Singapore was ranked the world’s most expensive city for luxury spending for a third year, while London overtakes Hong Kong for second place and Dubai ranks as the costliest destination in the Middle East for high-end goods, according to Julius Baer’s annual report.

🏡 Housing Reforms: The UAE’s Majid Al-Futtaim firm has been granted a license to set up a housing construction company in Kuwait following residential reforms by the country.

☀️ Renewable Surge: The share of renewables in Oman’s electricity production more than doubled to 12% between late 2024 and mid-2025, driven by new solar and wind projects.

🧳 Driverless Luggage: Dubai airport services provider dnata has deployed a fleet of autonomous vehicles to tow baggage containers at Dubai World Central-Al Maktoum International, WAM reports.

🐄 Livestock Crisis: Turkey’s livestock industry is facing crippling losses from the nationwide outbreak of foot-and-mouth disease.

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, visited the Liwa Date Festival in Al Dhafra region on Monday. Sheikh Sultan bin Hamdan, UAE Ambassador to Bahrain and Vice Chairman of Al  Ain Sports & Cultural Club, also visited the festival. 

Sheikh Nahyan bin Mubarak, UAE Minister of Tolerance and Coexistence, attended a Bastille Day reception at Emirates Palace in Abu Dhabi on Monday evening hosted by French Ambassador Nicolas Niemtchinow.

Leila Benali, Morocco’s Minister of Energy Transition, told Saudi news website Asharq that her country needs to invest over $40 billion to achieve its national energy goals.

Waleed Saeed Al Awadhi, CEO of the Abu Dhabi Securities and Commodities Authority, was elected Chair of the International Organization of Securities Commissions’ Africa and Middle East Regional Committee.

🎤 Star Stopover: Rapper Travis Scott will return to Abu Dhabi on Nov. 15 with his record-breaking Circus Maximus World Tour. The performance is part of a six-country run which includes India, Japan, South Korea, China and South Africa. The tour, which kicked off in 2023, is the highest-grossing solo rap tour of all time, making more than $209 million. Tickets go on sale from Thursday.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 15, Pittsburgh, Pa. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump and Mubadala CEO Khaldoon Al Mubarak are among those expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

August 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

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

BYD BLITZ

Chinese electric carmaker BYD is aggressively going after the Saudi market. The company  plans to launch seven new showrooms over the next year, adding to the three it already operates. BYD already has three showrooms in the kingdom and expects to sell more than 5,000 vehicles this year. The company’s rapid rise is complicated for Saudi Arabia where the Public Investment Fund has heavily backed Lucid Motors and launched another EV brand called Ceer, Bloomberg reports. Tesla opened its first Riyadh showroom in April, which BYD officials said was beneficial for them because it raised EV awareness. 

PATCHING PORTS

Syria’s General Authority for Land and Sea Ports on Sunday signed an $800 million agreement with the UAE’s DP World to bolster Syrian ports infrastructure and logistical services. The event was attended by Syrian President Ahmed al-Sharaa who has been working on closing similar deals with the Gulf since the U.S. lifted sanctions on Syria. Under the agreement DP World will focus on developing a multi-purpose terminal at Tartous on Syria’s Mediterranean coast and cooperating to set up industrial and free trade zones, Reuters reports. The redevelopment will boost Syria’s trade capacity as reconstruction efforts gain pace.

Public Investment Fund: The Saudi sovereign wealth fund’s Shared Services Center is merging with Business Incubators and Accelerators Co. to create Tasama, an integrated business services platform.

ACWA Power: A consortium led by the PIF-owed utility company signed agreements worth $8.3 billion on Sunday for seven new renewable energy projects with a capacity of 15 gigawatts. ACWA Power will develop the projects in partnership with PIF-owned Badeel and Saudi Aramco subsidiary Aramco Pow

ADNOC: Subsidiary ADNOC Gas signed a $400 million deal to supply over 700,000 metric tonnes of LNG to German energy company Sefe for three years.

G42: Abu Dhabi-owned tech company will partner with Vietnamese companies to develop a $2 billion hyperscale data centre in Ho Chi Minh City, Reuters reports.

Khazna, a G42-owned company, and Italy’s Eni have agreed to jointly develop a 500 megawatt AI data campus in northern Italy, powered by a gas plant fitted with carbon capture, as part of a broader Italy-UAE tech partnership.

🏗️ Mega Contract: PIF-backed Diriyah Company has awarded a $600 million contract for Saudi Arabia’s Diriyah Square megaproject to Italian company Webuild.

💰Finding Resources: Dubai-based Gulf Navigation raised $136 million through convertible bonds to help fund its $871 million acquisition of Brooge Energy, with the rest covered by issuing new shares and additional bonds to Brooge.

🏋️ Making Gains: Saudi Arabia’s Sport Clubs Company, which operates fitness clubs across 18 cities, said the retail element of its planned IPO was more than 500% oversubscribed.

📈 New Traders: Residents of GCC countries, including expatriates, will be allowed to invest directly in Saudi Arabia’s main stock market for the first time, the Capital Market Authority announced.

🪺 Family Business: The Abu Dhabi Investment Office and the Emirates Family Office Association have signed a strategic agreement to position the UAE capital as the preferred destination for global family offices by reducing friction for incoming investors, WAM reports. 

⛳ High Hopes: Lebanon’s tourism sector is placing its hopes on international and Gulf visitors to help rescue the country from its ongoing financial crisis, Arab News reports.

✈️ Flying East: Delta Airlines will launch direct routes from Atlanta to both Israel and Saudi Arabia by year end.

⛏️ Hands Off: International mining companies are adapting to newly assertive African states which have been emboldened to demand more control of their resources, amid the global race for critical minerals, the Financial Times reports.

🚗 Car Dealers: French Renault Group will begin producing its new seven-seater Boreal SUV in Turkey next year, joining the Duster model which is already made in Bursa.

UAE President Sheikh Mohamed bin Zayed, Sheikh Mohammed bin Rashid, Ruler of Dubai and UAE Vice President and Prime Minister, and Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, extended their congratulations to French President Emmanuel Macron and Prime Minister François Bayrou on the occasion of France’s National Day.

The UAE President and Turkey’s President Recep Tayyip Erdoğan held a phone call on Sunday.

Sheikh Mohammed bin Rashid, Ruler of Dubai and UAE Vice President and Prime Minister, issued a law to regulate contracting activities in Dubai. 

Qatar’s Emir Sheikh Tamim Al Thani attended the the FIFA Club World Cup 2025 final soccer match on Sunday between England’s Chelsea and France’s PSG, which is majority owned by a subsidiary of the Qatar Investment Authority, at MetLife Stadium, New Jersey.

Sheikh Shakhboot bin Nahyan, UAE Minister of State, took part in the Investment Forum organized by Burkina Faso in Abu Dhabi on Saturday, which was attended by Karamoko Jean Marie Traoré, Burkina Faso’s Minister of Foreign Affairs, Regional Cooperation and Burkinabe Abroad.

Sheikha Mariam bint Mohamed, Deputy Chair of the UAE Presidential Court for National Projects, has been appointed Chair of the Mohamed bin Zayed Foundation for Humanity and Sheikh Hamdan bin Mohamed, Deputy Chairman of the Presidential Court for Special Affairs, has been appointed Vice Chairman of the foundation.

Fadi Khoury, Head of Middle East at Nuveen, a U.S.-based investment manager which has opened its first Middle East office at Abu Dhabi Global Market, told Zawya that the firm expects its assets under management in the region to double over the next three years to $10 billion.

🎤 Memory Matters: Liverpool’s Arab Arts Festival is back for its 23rd year, spotlighting the theme “Nostalgia.” The festival, which is the longest-running event of its kind in the U.K., includes a rich mix of film, comedy, music and poetry celebrating Arab heritage and contemporary voices. The 10-day program, which kicked off on Friday, culminates in the much-loved family day at Sefton Park.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 15, Pittsburgh, Pa. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

August 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

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

RED SEA RISK

Insurance costs for shipping goods through the Red Sea are jumping again after Yemen’s Houthis sank two ships and killed at least four crew members. War risk premiums have risen to around 0.7% of the value of a ship, from around 0.3% last week before the latest attacks took place, Reuters reports, adding some underwriters are taking a pause in coverage. “The recent attacks in the Red Sea have highlighted the need for caution when considering a transit,” said Neil Roberts, head of marine and aviation with the Lloyd’s Market Association, which represents  Lloyd’s of London. A Houthi attack on the Greek ship Eternity C on Wednesday killed four of the 25 people aboard. It followed the sinking of another Greek-operated vessel by the Houthis on Monday.

REEM REVIVAL

For years they have loomed over one of Abu Dhabi’s best views, blocking pedestrians from a prime waterside boulevard and leaving one of the UAE capital’s most desirable residential locations looking shabbily incomplete. Now the fate of the stalled Hydra Avenue Towers looks about to change after Emirates Stallions Group, a subsidiary of Abu Dhabi’s International Holding Co., acquired the assets of the liquidated developer Hydra Properties. ESG agreed to buy six towers and associated land from Hydra for AED206 million ($56 million), Arabian Gulf Business Insights reports. Once a prominent developer, Hydra fell victim to the 2008 property market crash and faced a series of lawsuits over its stalled projects. With property now booming in Abu Dhabi, particularly Reem, which has been brought under the jurisdiction of the ADGM freezone, it was only a matter of time before the neglected projects became too valuable to pass up.

Public Investment Fund: Savvy Games, a unit of Saudi Arabia’s sovereign wealth fund, is teaming up with Canadian gaming company Side to open a studio in Riyadh later this year.

Mubadala: The UAE sovereign wealth fund’s smart mobility company Solutions+ started testing so-called Level 4 autonomous buses in a geofenced part of Abu Dhabi’s Masdar City eco hub.

Qatar Investment Authority: China Asset Management, which manages more than $360 billion, said the QIA’s Qatar Holding unit became its third-largest shareholder after acquiring a 10% stake, Bloomberg reports.

🌀Exporting LNG: ADNOC Gas signed a $400 million deal with Germany’s SEFE to supply liquefied natural gas to Europe for three years, starting in 2025.

🦄 eSim Unicorn: Airalo, a low-cost digital SIM card startup with a Dubai-based co-founder, has raised $220 million, valuing the company at $1 billion, Semafor reports.

🇴🇲 Muscat’s Moment: Moody’s has raised Oman’s sovereign rating from junk to Baa3, its second upgrade to investment grade in less than a year, citing an improved debt profile.

🗣️ Spoken Data: AiOla, an Israeli startup that uses artificial intelligence to convert spoken information into machine-readable data, raised $25 million in a Series A2 funding round, including a strategic investment from United Airlines Ventures.

🏡 At Home Abroad: Dubai developers such as Sobha Realty and Damac are expanding to Miami, Dallas, Sydney and other foreign hotspots as a 70% jump in the city’s property values provides lots of cash for investment, Bloomberg reports.

💻 Chinese Chips: China’s Huawei Technologies is trying to export small quantities of AI chips to the Middle East and Southeast Asia, an effort to establish a foothold in markets dominated by Nvidia, Bloomberg reports.

✈️ Staying Grounded: Emirates Group is giving employees a more modest pay increase this year, in an indication the airline is keeping a closer eye on costs.

UAE President Sheikh Mohamed bin Zayed welcomed peace talks between Ilham Aliyev, President of Azerbaijan, and Nikol Pashinyan, Prime Minister of Armenia, that were held in Abu Dhabi on Thursday.

The UAE President also sent a written message to German Chancellor Friedrich Merz on Friday. The message was delivered by Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, Group CEO of Adnoc and UAE Special Envoy to Germany, during his official visit to Berlin. Al Jaber held high-level meetings with senior government officials and private sector leaders.

Saudi Prince Turki bin Salman controls assets worth at least $250 billion as Chairman of state-owned Tharawat Holding Co. and has taken on a role as a gatekeeper for foreign companies seeking to do business in the kingdom, Bloomberg reports.

Faisal Sultan, President of PIF-backed Lucid Motors in the Middle East, told Arab News’ The Mayman Show that the company was proud to be the first automotive brand to have the “Saudi Made” badge on its cars. “We are already assembling these cars — as you know, the Lucid Air — and now the Lucid Gravity has also started to be assembled in the Kingdom.”

Mohammed bin Ali Al Mannai, Qatar’s Minister of Communications and Information Technology, said the country’s plans to host MWC25 Doha, one of the world’s largest mobile and connectivity events, in November, represents a key opportunity to engage with the world’s top innovators.

Sachin Dev Duggal, the former CEO of collapsed start-up Builder AI, which had offices in Dubai and London, has been pulled from the speakers line-up at the Raise Summit in Paris after former employees raised concerns, The National reports.

🎤 Star Launch: American singer-songwriter Post Malone wowed the crowd at the kick-off concert for Saudi Arabia’s Esports World Cup last night, performing fan favorites “Circles” and “Sunflower.” At one point he fist-bumped chess grandmaster Magnus Carlsen, one of the event’s ambassadors, who was seated in the front row. The tournament, which has a $70 million prize pool, is the largest esports event in the world, running until Aug. 24 at Riyadh’s Boulevard City.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 9-13, Sun Valley Idaho. Sun Valley Summit. The invite list for this year’s Allen & Company “Summer camp for billionaires” includes Sam Altman, Mark Zuckerberg and Jeff Bezos among Silicon Valley power players.

July 15, Pittsburgh, Pa. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

August 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

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

OFF THE LIST

The UAE will finally be taken off the European Union’s ‘high-risk’ money-laundering list in a move that is expected to boost free-trade talks between the parties. The European Commission, the executive body of the EU, announced last month that it had taken the UAE off the list, but the move had to be ratified by the European Parliament, which has decided not to object. In May, the UAE and the EU launched talks around a trade agreement, which would give the emirates consolidated access to the world’s largest trading bloc and potentially unlock a broader agreement between the EU and the Gulf Cooperation Council. Meanwhile, Kuwait has signed agreements with India and Iraq to enhance cooperation on anti-money laundering and combating terrorist financing.

BREEZY BRITAIN

The U.K. is expanding its massive offshore wind farm in the North Sea, with about $6 billion in funding from Abu  Dhabi’s Masdar renewable energy company and Spain’s Iberdrola. The two firms said on Wednesday that they will co-invest in the 1.4-gigawatt East Anglia Three facility, which is scheduled to begin operations in late 2026. To get the project running, Masdar and Iberdrola said they secured $4.8 billion in financing from international banks. Masdar is expanding into several countries in Europe as parent company TAQA seeks to boost its overall capacity to 150 gigawatts by 2030, Reuters reports.

Abu Dhabi Investment Authority: The Abu Dhabi sovereign wealth fund, alongside PAI Partners, finalized its acquisition of a majority stake in medical device company Alvest.

Abu Dhabi Investment Authority: A subsidiary of ADIA is selling its 50% stake in German plastic container firm IFCO to U.S. investor Stonepeak.

Public Investment Fund: EVIQ, a joint venture between the Saudi sovereign wealth fund and Saudi Electricity Co., announced a strategic partnership with the Berlin-based chauffeur service Blacklane to expand electric vehicle charging infrastructure across the kingdom.

ADQ: Sheikh Tahnoon bin Zayed, the Abu Dhabi’s sovereign investment fund’s chairman and UAE National Security Advisor, led a board meeting on Wednesday to review the fund’s first-quarter economic performance and strategic initiatives.

AD Ports: AD Ports Group and Kazakhstan Railways launched GulfLink, a joint venture set up to operationalize interconnected rail-maritime freight across Central Asia, and bolster logistics along the Middle Corridor between Asia, Europe, the Gulf, and South Asia.

🛵 Gulf Neighbors: Saudi delivery platform Jahez is acquiring a 75% stake in Qatari e-commerce platform Snoonu for $225 million, indicating the growing competition in the quick-delivery market.

💲 Cashed Up: BlueFive Capital has raised $2 billion for a new private equity fund focused on the Gulf region, registered in Abu Dhabi’s ADGM financial freezone.

🏡 Home Run: UAE and Spain-based proptech company Huspy raised $59 million in a Series B round led by Balderton Capital to fund its expansion into six new Spanish cities and launch in Saudi Arabia.

🗓️ Planning Agent: Nominal, an Israeli startup that develops AI agents to help businesses conduct enterprise resource planning (ERP), raised $20 million in a Series A funding round led by Next47 and Workday Ventures.

🏛️ Opening Day: Abu Dhabi’s highly-anticipated Zayed National Museum will open to the public in December, the emirate’s Department of Culture and Tourism announced.

🏘️ Property Surge: Saudi property stocks rallied after the kingdom approved new foreign ownership rules, enabling the creation of designated zones where international buyers can own real estate. 

🧊 Chilled Fuel: Saudi Aramco is in talks with Commonwealth LNG to purchase liquefied natural gas from a proposed U.S. facility, aiming to strengthen its position in the global super-chilled fuel market. 

✈️ Crypto Flights: Emirates and Dubai Duty Free have signed an initial agreement with Crypto dot com to allow customers to pay in cryptocurrencies, The National reports.

🔪 Yes Chef: A new restaurant called WOOHOO set to open in Dubai in September will be overseen by an AI boss called “Chef Aiman”. No, it’s not April 1. 

UAE President Sheikh Mohamed bin Zayed held talks in Abu Dhabi with Ilham Aliyev, President of Azerbaijan, at Qasr Al Shati palace in Abu Dhabi on Wednesday, as the two countries signed a trade deal. The comprehensive economic partnership agreement was signed by Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, and Mikayil Jabbarov, Minister of Economy of Azerbaijan.

Sheikh Mohamed sent a message of condolences to Saudi King Salman bin Abdulaziz following the passing of Princess Bazah bint Saud bin Abdulaziz Al Saud. Sheikh Mohammed bin Rashid, UAE Vice President and Prime Minister and Ruler of Dubai, and Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, dispatched similar messages.

Sheikh Mohammed bin Rashid, UAE Vice President and Prime Minister and Ruler of Dubai, on Wednesday launched an AI-powered data analytics system aimed at improving government performance.

Jordan’s King Abdullah II, accompanied by Crown Prince Hussein bin Abdullah, met with U.S. Treasury Secretary Scott Bessent on the margins of the Allen & Co. Sun Valley summit in Idaho.

Sheikh Khalifa bin Hamad Al-Thani, Qatar’s Minister of Interior and Commander of the Internal Security Force, met with Kristi Noem, U.S. Secretary of Homeland Security, during an official visit to Washington. The pair witnessed the signing of an initial agreement to strengthen security cooperation ahead of the FIFA World Cup 2026.

Saudi King Salman bin Abdulaziz appointed Dr. Majid Al-Fayyad, the Executive General Supervisor at King Faisal Specialist Hospital, as an advisor to the Saudi Royal Court in a royal order issued on Wednesday.

Yousef Al Otaiba, UAE Ambassador to the U.S., made an appearance at the Allen & Co. Sun Valley summit in Idaho on Wednesday. Among the other guests arriving at the summit, nicknamed the “summer camp for billionaires,” are a host of Disney executives, Silicon Valley power players and financiers, including Jared Kushner, founder of Affinity Partners and son-in-law of U.S. President Donald Trump.

Simon O’Connor, the newly appointed head of Harrow school, which is opening campuses in Dubai and Abu Dhabi next year, told The National that he wants to “redefine the education landscape” and help shape the leaders of tomorrow. The renowned 450-year-old British boys school plans to charge parents AED80,000 to 100,000 ($21,780 to $27,230) in fees.

Adam Valkin, a former partner at General Catalyst, has joined Vine Ventures, an Israel-focused VC firm, to support emerging Israeli startups.

🎨 Artistic License: The debut edition of Art Basel Qatar is promising to upend the traditional art fair model by doing away with booths in favor of a curated exhibition format. Egyptian artist Wael Shawky has been appointed Artistic Director and will work closely with Art Basel’s Chief Artistic Officer Vincenzo de Bellis to steer the direction of the fair, which will run from February 5-7 next year. The event will revolve around the theme “Becoming.”

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 9-13, Sun Valley Idaho. Sun Valley Summit. The invite list for this year’s Allen & Company “Summer camp for billionaires” includes Sam Altman, Mark Zuckerberg and Jeff Bezos among Silicon Valley power players.

July 15, Pittsburgh, PA. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

August 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

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

UNICORN LENS

Wearables start-up Xpanceo has joined Dubai’s tech unicorns after it raised $250 million to help develop night-vision contact lenses. The futuristic company, founded by Russian entrepreneur Roman Axelrod and Ukrainian scientist Valentyn Volkov, is developing “smart” lenses with integrated extended reality and the ability to conduct real-time health checks. The company plans to produce a model lens ready for clinical trials by the end of next year. The Series A round led by Hong Kong’s Opportunity Venture propels Xpanceo into the “unicorn” category with a valuation of $1.35 billion, Bloomberg reports.

RIYADH CHOCOLATE


Saudi Arabia may be on the path to its own “Dubai Chocolate” success story, with a boom in entrepreneurs in the cocoa and chocolate manufacturing sector. The kingdom has established itself as the largest producer of chocolate among the Gulf Cooperation Council countries, according to market research firm Mordor Intelligence, which estimates the Saudi chocolate market size at $1.2 billion. The report found that Saudi Arabia’s strong manufacturing base and ability to innovate meant that chocolate makers were keeping up with shifting consumer preferences and around 50% of chocolate consumed in the kingdom was produced domestically. Meanwhile, the chef behind the viral “Dubai Chocolate” recipe is rumored to be developing an “Abu Dhabi Chocolate” product featuring a blend of spices like saffron and cardamom.

Mubadala: The Abu Dhabi sovereign wealth fund is in talks to buy a $100 million stake in London-based digital bank Revolut, Sky News reports.

Kuwait Investment Authority: The Kuwaiti sovereign wealth fund has sold off a $3.1 billion stake in Bank of America, which it has held since the 2008 financial crisis, Bloomberg reports.

Abu Dhabi Investment Authority and Ontario Teachers’ Pension Plan are considering selling their stake in Equis, an Asian renewable energy company, Bloomberg reports.

Oman Investment Authority: The sovereign wealth fund’s Oman Chromite unit increased its stake in Gulf Alloys and Metals, the operator of a low-carbon ferrochrome smelter at Sohar Port and Freezone.

Temasek: The Singapore sovereign wealth fund’s portfolio has reached a record high of $339 billion despite significant divestments, including some assets sold to Gulf interests, Bloomberg reports.

⚓ Ships Ahoy: Abu Dhabi shipbuilder Al Seer Marine, a unit of International Holding Co., secured a $207 million financing package from Abu Dhabi Commercial Bank for a variety of uses, including the manufacture of naval vessels and unmanned boats.

🤝 Financing Pakistan: Dubai Islamic Bank arranged a $1 billion sovereign financing deal for Pakistan’s government, in a five-year transaction partially guaranteed by the Asian Development Bank.

🚆 Metro Deal: U.S. engineering consultancy Parsons has been appointed Project Management Consultant on the $5.6 billion Dubai Metro Blue Line project.

🌱 Giving SaaS: Rekaz, a Saudi-based start-up, raised $5 million in a seed funding round led by COTU Ventures to scale its operating system for service-based businesses, including gyms and salons, Zawya reports.

🛢️ Exploring Libya: BP and Shell have signed energy exploration deals with Libya’s National Oil Corp., signaling renewed interest in the North African country from major international energy companies, Bloomberg reports.

☀️ Solar Surge: Egyptalum and a renewable energy firm connected to Norway’s Scatec are teaming up to build a 1,000-megawatt-hour solar power plant in Egypt’s eastern city of Nagaa Hammadi, which is to be developed in two 500-megawatt-hour phases over 24 months.

🔌 Morocco Electrifies: Egypt’s Blu EV, backed by billionaire Naguib Sawiris, plans to invest $100 million in Morocco’s electric mobility market, with an entry anticipated by the end of this year, Asharq Business reports.

🌍 African Reach: The UAE is expanding its influence in African countries bordering Sudan by establishing a logistical network that includes field hospitals and airstrips, projecting power across the region, Bloomberg reports.

☎️ Seeking Connection: A new 275 kilometer fiber optic submarine cable between the UAE and Oman has been activated by du and Omantel, connecting three international data centers and helping fast-track Oman’s digital transformation goals.

UAE President Sheikh Mohamed bin Zayed received Mohammed bin Rashid, Ruler of Dubai and UAE Vice President and Prime Minister, at Qasr Al Bahr palace in Abu Dhabi on Tuesday. Also in attendance were Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, and Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Deputy Prime Minister and Minister of Defence.

Saudi Crown Prince Mohammed bin Salman met with Iranian Foreign Minister Abbas Araghchi in Jeddah on Tuesday, in Araghchi’s first visit to a Gulf country since Iran fired missiles at Qatar’s Al Udeid Air Base.

Sheikh Abdullah bin Mohammed bin Saud Al-Thani, Qatar’s Ambassador to the U.K., met with Vice Admiral Sir Jerry Kyd, the Governor of Jersey in the island’s capital Saint Helier on Tuesday.

UAE Energy Minister Suhail Al Mazrouei said he’s not worried that a production hike OPEC+ announced for August will lead to oversupply in the oil market. Al Mazrouei spoke to reporters today before attending the OPEC International Seminar in Vienna.

Elon Musk announced on Tuesday that his Starlink internet service has gone live in Qatar, expanding connectivity options within the country and extending the satellite company’s global network.

Peter Magee, director of Abu Dhabi’s Zayed National Museum, which is preparing to open its doors, told Arab News that he sees the cluster of new museums in the Saadiyat Cultural District, including the neighbouring Louvre Abu Dhabi and Guggenheim museums, each as “its own star” within a constellation.

👠 High Fashion: Saudi couturier Mohammed Ashi’s Ashi Studio presented its Fall/Winter 2026 collection during Paris Haute Couture Week. The collection focused on structured silhouettes with exaggerated proportions and whimsical touches, including a wooden corset adorned with carved monkeys, Arab News reports. U.S. rapper Cardi B was among the celebrity guests. Ashi was the first couturier from the Gulf region admitted to the Fédération de la Haute Couture in Paris in 2023 and was tapped to design the uniforms for Saudi Arabia’s new airline Riyadh Air, which is expected to launch this year.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 9-10, Vienna, Austria. OPEC International Seminar. Two-day gathering draws OPEC member-nation cabinet ministers, oil company executives and policy experts to discuss state of world energy market. Hofburg Palace.

July 9-13, Sun Valley Idaho. Sun Valley Summit. The invite list for this year’s Allen & Company “Summer camp for billionaires” includes Sam Altman, Mark Zuckerberg and Jeff Bezos among the Silicon Valley power players.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

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

GABFEST GURU

Richard Attias, an impresario of global financial conferences, is getting ready to go public. His events and consulting firm, Richard Attias & Associates, which runs Saudi Arabia’s Future Investment Initiative gathering each year, is working with Evercore and other banks to prepare for a possible IPO, Bloomberg reports. Attias was previously executive producer of the World Economic Forum in Davos, Switzerland, from 1996 to 2008. Sanabil, an investment arm of Saudi Arabia’s Public Investment Fund, owns about 75% of the Attias firm, while he holds the remaining stake.

DEAL A DAY

Merger and acquisition activity in the Middle East region is heating up, clocking the strongest first-half of the year on record, according to LSEG Deals Intelligence. Deals involving MENA companies hit $115.5 billion in the first half of 2025, a 149% increase on the same period last year, while the volume of deals rose by 16%. The figures were boosted by the Borealis-Borouge petrochemicals mega merger, which is pending completion. The UAE accounted for $39.8 billion of the total, while Saudi Arabia came in at $3.5 billion. “The strong half-year performance reflects deep investor confidence and a sustained appetite for cross-border deal making,” Norton Rose Fulbright Senior Partner Zubair Mir told Zawya. “Furthermore, the region will continue to benefit from strong sovereign capital and strategic diversification initiatives.”

ADIA: French alternative asset manager Tikehau Capital raised $1.2 billion for portfolio company Egis, a global engineering firm, from a consortium led by a subsidiary of the Abu Dhabi Investment Authority. U.S.-based private equity funds Apollo S3 and Neuberger Berman also invested in the Egis continuation fund.

Masdar: Abu Dhabi green energy company Masdar has awarded a Chinese consortium an Engineering, Procurement, and Construction contract for Oman’s 500-megawatt Ibri 3 solar plant, implying that its consortium with Korea Midland Power (KOMIPO) and Al Khadra Partners has won the project, MEED reports. Masdar was bidding for the $400 million project against a consortium led by PIF-backed Saudi energy giant ACWA Power, as well as groups from France and Singapore.

Mubadala: Ophir Shmuel was hired by Abu Dhabi’s Mubadala Capital as Head of Business Development, based in London. He was previously Managing Director and Head of EMEA at Eaton Partners.

🤝 Debt Investment: Tali Ventures, the venture capital arm of Saudi Arabia’s Stc telecom, has taken a minority stake in Tarmeez Capital, a Saudi debt investment platform, Bloomberg reports.

🏭 Clean Steel: Dubai lender Mashreq said it will provide a $34 million financing package to Arabian Gulf Steel Industries to assist the Abu Dhabi-based company’s transition to cleaner industrial practices by 2030.

📦 Freight Credit: TruKKer Holding, a Saudi digital freight and logistics company, secured $15 million in private credit investment from Abu Dhabi-based Ruya Partners to fund its regional expansion.

🏘️ Luxury Streak: Sales of Dubai properties priced over $10 million surged to $2.6 billion in the second quarter of 2025, shrugging off regional tensions.

🛢️ Over a Barrel: Saudi Arabia increased prices for its main crude oil grade for customers in Asia, in a sign of confidence that the market will absorb output hikes from OPEC+, Bloomberg reports.

🚒 Trading Halt: Egypt’s stock exchange suspended trading on Tuesday, blaming ongoing disruptions to communications following a fire at a telecoms data center in Cairo.

📈 Taking Stock: The Saudi Exchange has unveiled its first Saudi Depositary Receipts, a tool that allows local investors to trade global shares in Saudi riyals. 

💰 Mining Scam: A Dubai resident lost Dh700,000 ($190,605) to scammers via a fake online investment platform for gold mining, The National reports.

📋 Not Cool: Middle East tech figures are among the signatories of an open letter urging venture capital firm Sequoia Capital to take action against one of its partners over comments he made about New York mayoral candidate Zohran Mamdani.

UAE President Sheikh Mohamed bin Zayed received Ahmad Al-Sharaa, President of Syria, yesterday at Qasr Al Shati in Abu Dhabi. Al-Sharaa is on a working visit to the country. Among the UAE dignitaries attending the meeting were Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, and Sheikh Hamed bin Zayed, managing director of ADIA. The Syrian delegation included Asaad Al-Shaibani, Syrian Minister of Foreign Affairs and Expatriates.

Sheikh Mansour bin Zayed, UAE Vice President and Deputy Prime Minister, and Sheikh Hamad bin Mohammed Al Sharqi, Ruler of Fujairah, inaugurated Fujairah’s Sheikh Khalifa Hospital on Tuesday.

Amr Kamel has been promoted by Microsoft to General Manager, UAE, after nearly 20 years with the company. Microsoft said in a statement that Kamel would lead its efforts to support the UAE’s national digital and AI priorities.

Abdullah Sultan bin Awad Al Nuaimi, UAE Minister of Justice, received Ridwaan Jadwat, Australian Ambassador to the UAE, at the ministry’s headquarters in Abu Dhabi. 

Shihab Alfaheem, Ambassador Extraordinary and Plenipotentiary of the UAE to Japan and Commissioner General of the UAE Pavilion at Expo 2025 Osaka, celebrated the milestone of two million visitors at the pavilion since it opened in April.

🥊 Knock Out: Former world champion boxer Ricky Hatton has shocked fans with the announcement of a comeback against UAE fighter Eisa Al Dah in a Dubai bout dubbed “Destiny in the Desert”. Manchester-based Hatton, 46, last fought a professional match in 2012. Al Dah, also 46, is a promoter of the sport with plans to turn Dubai into the “Las Vegas of boxing”. “It will be a true fight, true action,” he told a press conference. “I will do my best, because everybody in the UAE and the Gulf, they will watch this fight.” The fight is scheduled for UAE National Day on Dec. 2.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July, Idaho. Sun Valley summit. The invite list for this year’s Allen & Company “Summer camp for billionaires” includes Sam Altman, Mark Zuckerberg and Jeff Bezos among the Silicon Valley power players.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

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

NO DRIVERS

Dubai is opening up its streets to Pony.ai for test driving of the Chinese company’s autonomous vehicles. The firm said today it signed a preliminary agreement with Dubai’s Roads and Transport Authority to launch pilot trials of a self-driving taxi service in the emirate, using technology developed in collaboration with manufacturers including Toyota and GAC. The testing program is scheduled to begin later this year, paving the way for the launch of a fully driverless commercial service in 2026. Pony.ai’s vehicles are equipped with advanced artificial intelligence algorithms, supported by sensors, radars, and cameras.

ONLINE VISAS

Kuwait is the latest of the Gulf states to introduce an e-visa system aimed at making the country more accessible for tourism and business. The new tourist visa, which can be obtained online and is valid for up to 90 days, will be accompanied by a marketing campaign promoting Kuwait’s cultural heritage, scenic coastline and commercial attractions. A new business e-visa, valid for 30 days, is designed for representatives of foreign companies and institutions visiting Kuwait for meetings and conferences. The government is also offering a family visa, also valid for 30 days, that will make it easier for expats in Kuwait to invite relatives to visit.

ACWA Power: The energy and desalination company owned by Saudi Arabia’s Public Investment Fund plans a series of mergers after securing more than $15 billion in financing, CFO Abdulhameed Al-Muhaidib said in an interview with Al-Eqtisadiah.

Kuwait Investment Authority: KIA sold its 3.7% stake in Hong Kong-based insurer AIA Group for $3.4 billion through a series of block trades, Bloomberg reports.

Mubadala: Ahmed Al Calily, Mubadala’s Chief Strategy and Risk Officer, told WAM that the fund’s pioneering investments in AI and advanced technology are aimed at building a strong and diversified economic future for the UAE.

Nadec: Al-Ra’i National Livestock Company, a subsidiary of Saudi Arabia’s National Agricultural Development Company and the family-owned Al Muhaidib Group, has launched a $533 million livestock project in the Hail region, with $293 million in government financing. The initiative aims to reduce the kingdom’s dependency on imports.

🏦 Saudi Credit: SAB Invest, Saudi Awwal Bank’s investment arm, aims to raise up to $266 million for its inaugural private credit fund, marking its first venture into the MENA private credit market, Bloomberg reports.

💵 Top Notch: National Bank of Kuwait’s $800 million bond issue was oversubscribed nearly three times, reaching $2.2 billion.

🏘️ Hot Property: Dubai Financial Market-listed Al Mal Capital REIT has launched a follow-on public offering to raise up to $66 million.

🏦 Saudi Credit: SAB Invest, Saudi Awwal Bank’s investment arm, aims to raise up to $266 million for its inaugural private credit fund, marking its first venture into the MENA private credit market, Bloomberg reports.

💵 Top Notch: National Bank of Kuwait’s $800 million bond issue was oversubscribed nearly three times, reaching $2.2 billion.

🏘️ Hot Property: Dubai Financial Market-listed Al Mal Capital REIT has launched a follow-on public offering to raise up to $66 million.

🏡 Crypto Properties: The Dubai Land Department is teaming up with Crypto dot com.com to advance a digital real estate investment plan, moving the emirate closer to facilitating property transactions using cryptocurrencies. 

🖥️ Empty Deskers: While office occupancy rates at Abu Dhabi’s ADGM financial hub are at 97%, quiet hallways and empty desks are evidence that some firms are maintaining only a token presence, Bloomberg reports.

🇫🇷 Paris Pivot: TRENDS Research & Advisory has launched a “virtual office” in Paris, paving the way for the UAE-based think tank to produce content in French and build partnerships in the Francophone sphere.

🇬🇧 Gaza Highways: A proposed reconstruction plan for postwar Gaza that was developed with participation from the Tony Blair Institute and the Boston Consulting Group includes central roads named after UAE President Sheikh Mohamed bin Zayed and Saudi Crown Prince Mohammed bin Salman, and a smart manufacturing zone named for Elon Musk, the Financial Times reports.

Mark Walter, the CEO of Guggenheim Partners, was profiled by The Wall Street Journal on the weekend in an article highlighting his high-profile purchase of the Los Angeles Lakers last month through TWG Global, which is partly owned by Abu Dhabi’s Mubadala Capital.

Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council, visited the GCC countries’ pavilions at Expo 2025 Osaka in Japan.

Ahmed Al-Rajhi, Saudi Arabia’s Minister of Human Resources, issued a decision classifying work permits of expatriate workers into three main skill categories: high-skill, skilled, and basic.

🐪 Hump Day: The Al Ain Camel Racing Festival kicked off over the weekend at Al Rawda Racetrack, under the patronage of UAE President Sheikh Mohamed bin Zayed and Sheikh Hazza bin Zayed, Ruler’s Representative in Al Ain Region. The festival, which continues until Oct. 9, includes 605 races with cash prizes and trophies across a range of categories. A traditional sport in the Gulf, camel racing has gained a reputation as quite a spectacle, with tiny robotic jockeys controlling the animals and the audience often chasing the action from moving vehicles.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July, Idaho. Sun Valley summit. The invite list for this year’s Allen & Company “Summer camp for billionaires” includes Sam Altman, Mark Zuckerberg and Jeff Bezos among the Silicon Valley power players.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

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