POWER SHIFT

Saudi Arabia has put Energy Minister Prince Abdulaziz bin Salman in charge of both energy and industry after the Iran war exposed how disruptions to oil shipments, trade routes and manufacturing can quickly spill across the economy. In appointing Prince Abdulaziz Minister of Industry and Mineral Resources in addition to his current post, the government aims to centralize decisions across oil, mining and factories as it works to reduce its dependence on crude exports, Asharq Al-Wasat reports. Under the new structure, Prince Abdulaziz will lead efforts to expand manufacturing, increase non-oil exports and raise the sector’s contribution to the economy to almost $240 billion by 2030. Former Industry Minister Bandar Alkhorayef will remain in the cabinet and take charge of the kingdom’s military industries regulator.

FOUNDER FAITH

Startup founders chasing money in the Gulf have not let the war slow their stride. Many are staying put in the UAE, Qatar and Saudi Arabia in the hope that generous incentives will continue to flow from the region’s sovereign funds, Bloomberg reports. In Abu Dhabi, Mubadala-backed startup incubator Hub71, which gives successful entrants $140,000 in cash investment and incentives, went ahead with its annual event in June, treating attendees to Mexican food and talks from Careem, Talabat and Whoop. “This situation has become sort of normalized, and people kind of know what to expect,” said Biotech entrepreneur Rayees Rahman, whose drug discovery startup Harmonic Discovery joined Hub71 last September and is now negotiating with a Dubai-based venture capital firm.

Mubadala: The Abu Dhabi sovereign wealth fund’s Mubadala Bio unit has begun producing hemodialysis concentrate solutions in the UAE for the first time through its Wellpharma subsidiary, launching eight products used to treat patients with kidney failure.

Abu Dhabi Investment Authority: India’s largest asset manager, SBI Funds Management, raised almost $280 million from anchor investors, including ADIA, ahead of its $1.2 billion IPO.

Masdar: The Abu Dhabi-owned renewable power company has secured a $5 billion financing package from a consortium of 13 banks for its $6 billion around-the-clock solar and battery storage project.

Public Investment Fund: The Saudi sovereign wealth fund signed a preliminary agreement with infrastructure investor I Squared Capital to pursue up to $2 billion in investments in PIF-owned real estate and infrastructure assets, with a focus on digital infrastructure and district cooling.

Public Investment Fund: California led a group of 12 U.S. States in filing a lawsuit to block the $110 billion merger between Paramount Skydance and Warner Bros. The PIF, Qatar Investment Authority and Abu Dhabi’s L’Imad Holding are all backing the deal.

Saudi Re: The PIF-owned reinsurance company has secured regulatory approval to acquire a 22.5% stake in London-based AdA Risk Holding for nearly $12 million.

Riyadh Air: The PIF-owned airline is studying an order for 25 to 30 additional Boeing 787 Dreamliners by exercising most of its purchase options, with a deal potentially announced at next week’s Farnborough Airshow, Reuters reports.

⚓ Port Authority: Saudi Ports Authority (Mawani) will invest $170 million with DP World and Red Sea Gateway Terminal to expand cargo-handling capacity at Jeddah Islamic Port.

☀️ Sun Smart: UAE-based energy transition platform Positive Zero has secured a $375 million loan to expand its distributed solar, energy efficiency and clean mobility infrastructure across the GCC.

💰 Loan Refresh: Saudi-listed SHL Finance has renewed a $480 million Shariah-compliant credit facility agreement with Arab National Bank.

🏢 HQ Contract: China State Construction Engineering Corporation Middle East has won the contract to build Kuwait’s 55-story Direct Investment Promotion Authority headquarters in Sharq.

🛢️ Output Surge: The UAE told OPEC its crude production jumped to 3.8 million barrels a day in June, reflecting its exit from the producer group and efforts to reroute exports during the Iran conflict.

✈️ Adjusting Flights: Air travel in the Gulf faces renewed disruption as airlines adjust operations amid escalating U.S.-Iran tensions.

🚨 Back On: Iran-backed Houthis in Yemen fired ballistic missiles and drones on Saudi Arabia on Monday, targeting Abha Airport in the south-west region in the first major escalation since the 2022 ceasefire.  

Qatar’s Emir Sheikh Tamim bin Hamad received a stream of regional and global leaders at Lusail Palace offering condolences for the death of his father, Sheikh Hamad bin Khalifa Al-Thani. Guests included: Bahrain’s King Hamad bin Isa Al Khalifa, Syrian President Ahmed al-Sharaa, Egyptian President Abdel Fattah El-Sisi, Lebanese President Joseph Aoun, Italian Prime Minister Giorgia Meloni, Ethiopian Prime Minister Abiy Ahmed Ali, FIFA President Gianni Infantino, Kazakhstan’s President Kassym-Jomart Tokayev and UAE Deputy Prime Minister and Minister of Interior Lt. Gen. Sheikh Saif bin Zayed. Sheikh Tamim received phone calls from UAE President Sheikh Mohamed bin Zayed and Saudi Crown Prince Mohammed bin Salman. 

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, chaired a meeting of the Emirates Investment Authority board on Monday.

Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, held a telephone call with Antonio Tajani, Italy’s Deputy Prime Minister and Minister of Foreign Affairs, on Monday.

U.S. President Donald Trump will host Iraqi Prime Minister Ali Al Zaidi at the White House today.

Hamdullah Mohib, CEO of Orbitworks, a two-year-old satellite manufacturer in the UAE, told Arabian Gulf Business Insight that the company is preparing for its first launch in the autumn.

Xavier Niel: The French billionaire sent a banker to the UAE in early July to gauge whether telecom giant e& would sell its 16.2% stake in Vodafone, wrapping up a $5.9 billion deal a week later that made him the company’s largest shareholder, the Financial Times reports.

🎨 Art Scene: Three leading Emirati artists were featured among the exhibitions at NOMAD Hamptons 2026 in the first U.S. edition of the traveling art fair. In a show titled “Rooted Movements,” Afra Al Dhaheri, Zuhoor Al Sayegh, and Azza Al Qubaisi introduced New York audiences in the exclusive Southampton town of Water Mill to a new generation of Emirati artistic practices that engaged deeply with materiality, memory, and place. The collaboration between the Department of Culture and Tourism-Abu Dhabi and NOMAD came after the emirate hosted the art fair at the decommissioned Zayed International Airport Terminal 1 last year.

📷 Photo of the Day

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

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

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

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

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

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

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

Sept. 29-Oct. 1, Abu Dhabi. LIVEX 2026. Abu Dhabi’s inaugural Livability and Investment Exhibition. ADNEC Centre.

QATAR MOURNS

Foreign leaders and royals are heading to Qatar this week following the death of former Emir Sheikh Hamad bin Khalifa Al Thani at 74. Qatar held funeral prayers on Sunday and planned to bury Sheikh Hamad at Lusail Cemetery, while declaring four days of national mourning. Emir Sheikh Tamim bin Hamad Al Thani, Sheikh Hamad’s son, will receive condolences at Lusail Palace through Wednesday. During his 1995-2013 rule, Sheikh Hamad developed Qatar’s vast gas reserves and turned the country into a leading LNG exporter. The resulting wealth financed major infrastructure projects and global investments through the Qatar Investment Authority.

BUILDING BLOCKCHAIN

ADI Chain, a part of IHC’s ADI Foundation, has received a $50 million investment to help grow its blockchain network and build the technology needed for large organizations to use it securely. The funding, announced today, will be used to expand the network, support developers and create partnerships with governments, banks and businesses looking to move important services onto blockchain. ADI Chain is already supporting projects such as ADI Predictstreet, a FIFA World Cup Prediction Market platform built with Kalshi, and DDSC, a UAE dirham-backed digital currency developed with First Abu Dhabi Bank, International Holding Company and Sirius International Holding.

ADNOC: Abu Dhabi National Oil Co. is tweaking crude prices to offer cargoes collected outside the Strait of Hormuz at a premium rate, Bloomberg reports. 

EDGE: Abu Dhabi-backed EDGE Group is trying to turn the UAE’s push for homegrown defense technology into a global business, Managing Director and CEO Hamad Al Marar said in the first episode of “Managing Middle East,” on CNBC.

Public Investment Fund: Saudi Pro League clubs, particularly the PIF-owned “Big Four,” are preparing for potential legal disputes over player wages after Saudi Arabia’s sovereign wealth fund sharply cut their budgets by an estimated $200-400 million, Intelligence Online reports.

NEOM: Saudi Arabia’s NEOM project has been attempting to reshape its public image by toning down claims around The Line, including overhauling its website to remove some of the futuristic imagery, Arabian Gulf Business Insight reports. 

𖥂 Drone Deals: Saudi Arabia bought a record $47.2 million worth of drones from Taiwan, becoming the top buyer for the island’s emerging UAV industry, Bloomberg reports. 

🏝️ Leisure Investment: Aldar has launched Yas Point, a $1.63 billion waterfront development on Abu Dhabi’s Yas Island featuring 1,600 homes, a five-star resort, branded residences, an international school, and retail.

📈 Riyadh IPO: Digital service provider NourNet is working with Goldman Sachs and HSBC on a potential initial public offering, Bloomberg reports. 

🛎️ Ritz Contract: Dubai-listed Drake & Scull International has won a $14.4 million mechanical, electrical and plumbing contract from Khamas Group for The Ritz-Carlton Residences in Business Bay.

📦 New Arrival: Specialist logistics firm Rock-It has established its regional headquarters in Abu Dhabi, in collaboration with Abu Dhabi Investment Office.

💺 Jumbo Rumors: Emirates’ reduced A380 schedule this summer has sparked speculation the superjumbo is nearing retirement, but analysts say the cuts are temporary due to refurbishment, maintenance and delivery delays.

🔴 In The Middle: Tensions between Saudi Arabia and the UAE are prompting global financial firms to prepare contingency plans as they assess risks to accessing the Gulf’s $3 trillion sovereign wealth ecosystem, Bloomberg reports. 

🤝 New Partners: Saudi Arabia’s SAL Logistics has partnered with China’s SF Airlines to provide integrated air cargo ground handling services.

📉 Saudi Slowdown: Fitch Ratings has kept its credit view on Saudi Arabia unchanged but expects GDP growth to slow to 0.6% in 2026 due to trade disruptions from the effective closure of the Strait of Hormuz amid the U.S.-Iran war.

✈️ Damascus Bound: Dubai’s budget carrier flydubai will resume daily flights to Aleppo from July 20 after a 14-year pause, expanding its Syrian network.

UAE President Sheikh Mohamed bin Zayed met with Egypt’s President Abdel Fattah El-Sisi, in El Alamein on Egypt’s Mediterranean coast.

Sheikh Mohamed held a phone call with Greek Prime Minister Kyriakos Mitsotakis on Monday. 

Sheikh Abdullah bin Zayed, UAE Foreign Minister, spoke with Nasser Bourita, Morocco’s Minister of Foreign Affairs, African Cooperation and Moroccan Expatriates. Sheikh Abdullah also held a phone call with Dr. Badr Abdelatty, Egypt’s Minister of Foreign Affairs, International Cooperation and Egyptian Expatriates on Sunday.

Jeff Zucker, CEO of RedBird IMI and chairman of Banijay Entertainment, told The National that the deal between Banijay Entertainment and All3Media creates a “truly global powerhouse” at a time of huge appetite for streaming and live events.

Dirk-Jan van Hameren, a Nike marketing veteran, is joining Whoop, the Wall Street Journal reports. The fitness tracker brand is backed by investors including Mubadala and Qatar Investment Authority.

Christian Kremers was appointed Vice President of Yalago, a leisure accommodation wholesaler, at dnata Travel Group.

Khalil Al Zadjali was appointed Vice President of the Valuation Committee at the Oman Real Estate Association at Cavendish Maxwell, a Middle East real estate advisory group and property consultancy.

🍸 Lounge Time: Riyadh Air’s first premium lounge at Saudi Arabia’s King Khalid International Airport has opened following the airline’s official launch. Spanning about 2,000 square meters (21,500 square feet), the Hafawa Lounge includes private sleep suites, massage chairs and a mocktail bar, Condé Nast Traveller Middle East reports. Designed by Yabu Pushelberg, the lounge is arranged as a succession of spaces connected by winding walkways, with interiors inspired by the Saudi desert, reflected in the honey-toned oak, brushed bronze and textured plaster.

📷 Photo of the Day

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

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

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

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

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

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

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

Sept. 29-Oct. 1, Abu Dhabi. LIVEX 2026. Abu Dhabi’s inaugural Livability and Investment Exhibition. ADNEC Centre.