UNDER PRESSURE

Global oil stockpiles have become “scarily thin” and releasing some of the crude might buy time but won’t fix imbalances between supply and demand, according to Saudi Aramco’s CEO. Amin Nasser, who leads the world’s top oil exporter, told the Energy Intelligence Forum in London on Monday that until the Strait of Hormuz reopens and confidence returns, “the crude reality is that pressure at both ends of the barrel will intensify.” The comments come as governments in some of the world’s biggest economies announce plans to release as much as 100 million barrels of oil and diesel stocks to counter rising fuel costs. While Nasser did not talk about recent attacks on Saudi Arabia, he said Aramco had been quick to repair damaged infrastructure throughout the regional conflict.

SMARTER GOVERNANCE

Abu Dhabi will host thousands of visitors at the two-day Ai Everything summit starting Tuesday as it seeks to become an “AI-native government” by 2027, building artificial intelligence into how agencies operate and deliver public services. Mistral AI CEO Arthur Mensch and Boston Dynamics founder Marc Raibert are among 180 speakers scheduled to appear at the ADNEC Centre, The National reports. Backed by a $3.5 billion investment program, the emirate plans to connect more than 40 government entities through a single AI-driven system. “We have built the blueprint, and Ai Everything Abu Dhabi is our invitation to the world to examine it,” said Wesam Lootah, Director General of Abu Dhabi’s GovDigital agency.

Public Investment Fund: UAE-based NEOPAY will acquire a 65% stake in Noon Payments, backed by the PIF, expanding its payments infrastructure and presence in Saudi Arabia and Egypt.

Acwa: The PIF-backed alternative energy producer and Saudi Energy secured $2.6 billion from 14 banks to finance the 2.3GW expansion of the Rabigh 2 gas-fired power plant near Mecca .

Aramco: Yemen’s Houthis said they targeted an Aramco facility in Riyadh with ballistic missiles and drones on Saturday in retaliation for Saudi attacks on the capital city of Sanaa and other Yemeni sites, Reuters reports. 

💰 Raising Funds: Saudi alternative financing platform Erad raised $22 million in a Series A funding round led by Middle East Venture Partners, backing the firm’s expansion across the GCC, Arab News reports.

🦅 Bird Buy: Two Mongolian saker falcons fetched a combined $147,000 at the opening auction of the International Saudi Falcons and Hunting Exhibition, reflecting strong demand for the prized birds.

💄 Beauty Deal: UAE-based consumer company Amaani raised $5 million in a Series A funding round, led by BECO Capital, to expand its beauty brand AIZA.

🔗 Settling Debts: Qatar has agreed with Euroclear Bank to establish a settlement link for rial-denominated government and Islamic bonds, making it easier for foreign investors to access its domestic debt market, Bloomberg reports. 

💸 Homeward Bound: Gulf workers sent $161 billion overseas in 2025, up 13.6% from the previous year, according to GCC-Stat.

🗼Tall Tower: Jeddah Tower and the first phase of the surrounding Jeddah Economic City are expected to be completed in late 2028, with the skyscraper reaching 116 of its planned 157 floors last month.

🤝 Working Banks: The UAE and Syrian central banks signed an agreement to strengthen financial and technical cooperation, banking ties and regulatory expertise.

⚡ Local Electricity: Qatar is expanding its EV charging network and digital services, including Kahramaa’s Smart EV app, to encourage electric vehicle adoption and reduce carbon emissions.

🔬 Scientific Milestone: Researchers at King Abdullah University of Science and Technology, working with the University of Oxford, developed a blood-based electronic sensor that detects Parkinson’s-linked proteins and achieved 90.9% accuracy in an initial 59-person study.

UAE President Sheikh Mohamed bin Zayed held a phone call with Giorgia Meloni, Italy’s Prime Minister, on Sunday. On Friday, Sheikh Mohamed met with U.S. Senator Joni Ernst, an Iowa Republican, in Abu Dhabi.

King Salman of Saudi Arabia invited Qatar’s Emir Sheikh Tamim bin Hamad to be part of the the second GCC-EU Summit, which will be hosted Oct. 24 in the kingdom. The Emir met on Sunday with U.S. Senator Chris Murphy, a Connecticut Democrat.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of Abu Dhabi Executive Council, issued a resolution appointing Dr. Mohamed Abdalla Al Zaabi as Undersecretary of the Department of Culture and Tourism – Abu Dhabi.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Minister of Defense, attended the unveiling of the UAE-built probe for the Emirates Mission to the Asteroid Belt, which will travel aboard the MBR Explorer spacecraft on a 5 billion-kilometer (3.1 billion-mile) journey to explore seven asteroids.

Sheikh Ahmed bin Mohammed, Second Deputy Ruler of Dubai, attended a reception hosted by the Consulate General of Saudi Arabia in Dubai on Sunday to mark the kingdom’s 96th National Day.

Oman’s Sultan Haitham bin Tarik will begin a two-day state visit to Kazakhstan on Monday at the invitation of President Kassym-Jomart Tokayev to strengthen bilateral ties.

Egypt’s President Abdel Fattah El-Sisi opened the Alamein Africa Business Forum on Saturday.

Mohammed Alnahas was appointed Chairman of Neuberger Berman Saudi Investment Co., having previously served as Governor of Saudi Arabia’s Public Pension Agency. Mohammad Alaiban, founder and Executive Chairman of Masdar Investments, was named Vice Chairman of the new firm, a unit of New York-based Neuberger that manages some $567 billion in assets.

Omran Sharaf, UAE Assistant Foreign Minister for Advanced Science and Technology, led a UAE delegation to Washington, D.C., for a series of meetings with senior U.S. government officials, including Michael Kratsios, Assistant to the President and Director of the White House Office of Science and Technology Policy, and Jacob Helberg, Under Secretary of State for Economic Affairs.

Andrew Mark Hocking was appointed CEO of CrediMax, a payment solutions provider in Bahrain.

Hormoz Faryar was appointed Managing Director at Dubai-based Sky Links Capital Group.

🏀 Dubai Dynasty: Shadow Lion, the production company founded by retired NFL star quarterback Tom Brady, is making Yalla, Dubai: From Startup to Championship, a documentary about Dubai Basketball’s rapid rise. Founded in 2023 by chairman Abdulla Saeed Juma Al Naboodah and general manager Dejan Kamenjašević, the team won the Adriatic basketball league title in its second full season, beating Serbia’s Partizan 3-1 in this past June’s finals.

📷 Photo of the Day

Oct. 6-7, Abu Dhabi. Ai Everything. The AI forum brings together policymakers, innovators and business leaders. ADNEC Centre.

Oct. 7-9, Singapore. Milken Institute Asia Summit. Bringing together a global community of influential leaders shaping the next era of intelligence, collaboration and growth. Four Seasons Hotel.

Oct. 12-14, Dubai. The Airport Show. Exploring innovations in sustainability, digitalization, security and passenger experience, alongside several major industry forums. Dubai World Trade Centre. 

Oct. 13-15, Dubai. SuperReturn Middle East. Exploring fundraising, private credit, family offices, infrastructure, AI, venture capital and shifting investment opportunities across the region. Ritz-Carlton, DIFC.

Oct. 21, Abu Dhabi. Reuters NEXT Gulf. Exploring the Gulf’s growing global influence across AI, finance, energy, trade and geopolitics. St. Regis Saadiyat Island Resort.

Oct. 21, 22, 24, Riyadh. Six Kings Slam. World No. 1 Jannik Sinner will defend his Six Kings Slam title when the tennis exhibition tournament returns, to be streamed globally on Netflix. ANB Arena.

Oct. 22-26, Dubai. Dubai Fashion Week. Dubai’s official fashion platform, bringing together regional and international designers, buyers and industry leaders for runway shows, collection launches and events. Dubai Design District.

Oct. 26-29, Riyadh. Future Investment Initiative. Saudi Arabia’s keystone annual business conference, sponsored by the Public Investment Fund. King Abdulaziz International Conference Center. 

TURBULENT RECOVERY

Flydubai’s suspension of flights to Israel while investigating this week’s midair attack adds uncertainty to the recovery of Gulf airlines from the Iran war. Regional flight volumes have returned to around prewar levels after collapsing to near zero following the Feb. 28 U.S.-Israeli strikes on Iran, Reuters reports. The number of flights dipped again in recent weeks amid pessimism over the prospects of a peace deal, while soaring jet fuel prices have put further pressure on carriers. Analysts say an official finding that the flydubai attack was an act of terrorism could particularly affect travel to Israel, where the UAE airline is the main Gulf carrier and ranks among Ben Gurion International Airport’s top 10 airlines by passenger traffic.

SILENT STORM 

Soundstorm, the Saudi music festival that drew about 450,000 fans to the desert north of Riyadh last year, has canceled its 2026 edition. Organizer MDLBEAST gave no reason for scrapping the Dec. 3-4 event, saying only that it plans to return “better and stronger” in 2027. Since launching in 2019, the festival has brought global stars including Bruno Mars, Post Malone, Cardi B and DJ Khaled to the kingdom. The cancellation comes after the Red Sea International Film Festival’s decision to scrap its December event in Jeddah and postpone its return until late 2027.

Public Investment Fund: Humain, the artificial intelligence company backed by the Saudi sovereign wealth fund, and EY MENA are developing an AI-powered business outsourcing service that will combine Humain’s technology with EY’s industry expertise.

Investcorp: Bahrain’s Mubadala-backed Investcorp has closed its second North American private equity fund at $1.2 billion, exceeding its $1.1 billion target with backing from institutional investors across North America, Europe, the Middle East and Asia.

Mubadala: The Abu Dhabi sovereign wealth fund signed on as an official sponsor of the Rolex Shanghai Masters tennis tournament, marking its first sports sponsorship in East Asia.

Oman Investment Authority: The OIA has invested in Spanish rocket maker PLD Space through the Omani-Spanish Private Equity Fund II, deepening its space-sector exposure as the company prepares to launch its Miura 5 rocket.

🚢 Engine Boost: Rolls-Royce signed a deal with Saudi industrial company Makeen to manufacture and assemble marine engines in the kingdom for ferries, patrol boats and other vessels, supporting Saudi Arabia’s push to expand domestic manufacturing.

🚧 Expansion Plans: Sobha Realty said in a press release that it has started its planned expansion into the U.S. and Australia, securing land for residential projects in North Dallas, Brisbane and the Gold Coast.

🚗 Gold Plated: Dubai is developing an escrow-backed online marketplace for vanity license plates amid a boom in trading, with transactions having reached $463 million over the past three years, The National reports.

⛽ Energy Delay: Yukio Kani, CEO of Japan’s Jera Co., which is the world’s largest buyer of liquefied natural gas, expects Strait of Hormuz disruptions to persist, delaying Qatar LNG’s return to the market and fueling concerns over winter supply, Bloomberg reports. 

🇸🇦 Saudi Stamp: Saudi Arabia will require infrastructure contractors to be accredited by the Riyadh Infrastructure Projects Center from Jan. 1, 2027, as part of efforts to improve quality, safety and sustainability.

💣 Medina Strike: A Houthi drone attack targeted a power distribution station serving the Prophet’s Mosque in the holy city of Medina, causing limited damage.

Saudi Crown Prince Mohammed bin Salman said in his annual address to the Shura Council on Wednesday that the kingdom is “making every possible effort to reduce escalation and support diplomatic solutions, without the slightest compromise when it comes to safeguarding our security.” 

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, appointed Sheikh Ahmed bin Mohammed, Second Deputy Ruler of Dubai, as Chairman of Al Wasl Sports Club.

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, met with Dr. Bassam Samir Al-Talhouni, Jordan’s Minister of Justice, in Abu Dhabi on Thursday.

Khaldoon Al Mubarak, the CEO of Mubadala and Chairman of Manchester City FC, “faces his toughest test” in fighting the charges facing the English Premier League football club, the Financial Times says.

Dennis McGettigan, CEO of Dubai-based Vision Hospitality, which runs the McGettigan’s Irish pub brand, told Arabian Gulf Business Insight the hospitality group is pressing ahead with three new UAE venues despite trading falling by as much as 25% in September, as the regional conflict continues to weigh on the sector.

Noura bint Mohamed Al Kaabi, UAE Minister of State, met with Bendito dos Santos Freitas, Minister of Foreign Affairs and Cooperation of Timor-Leste.

🤿 Deep Dive: Syria is considering building an underwater museum that would repurpose old military equipment into a marine habitat as it explores ways to boost sustainable tourism. The concept, presented by media professional and entrepreneur David Shawakh at this week’s Syria Travel Show 2026, would be built off the coast of Latakia and feature Syrian art, architectural elements and specially decommissioned equipment from the war. Over time the structures would provide surfaces for marine organisms, including corals and fish, to flourish.

📷 Photo of the Day

Oct. 6-7, Abu Dhabi. Ai Everything. The AI forum brings together policymakers, innovators and business leaders. ADNEC Centre.

Oct. 7-9, Singapore. Milken Institute Asia Summit. Bringing together a global community of influential leaders shaping the next era of intelligence, collaboration and growth. Four Seasons Hotel.

Oct. 12-14, Dubai. The Airport Show. Exploring innovations in sustainability, digitalization, security and passenger experience, alongside several major industry forums. Dubai World Trade Centre. 

Oct. 13-15, Dubai. SuperReturn Middle East. Exploring fundraising, private credit, family offices, infrastructure, AI, venture capital and shifting investment opportunities across the region. Ritz-Carlton, DIFC.

Oct. 21, Abu Dhabi. Reuters NEXT Gulf. Exploring the Gulf’s growing global influence across AI, finance, energy, trade and geopolitics. St. Regis Saadiyat Island Resort.

Oct. 21, 22, 24, Riyadh. Six Kings Slam. World No. 1 Jannik Sinner will defend his Six Kings Slam title when the tennis exhibition tournament returns, to be streamed globally on Netflix. ANB Arena.

Oct. 22-26, Dubai. Dubai Fashion Week. Dubai’s official fashion platform, bringing together regional and international designers, buyers and industry leaders for runway shows, collection launches and events. Dubai Design District.

Oct. 26-29, Riyadh. Future Investment Initiative. Saudi Arabia’s keystone annual business conference, sponsored by the Public Investment Fund. King Abdulaziz International Conference Center. 

OMAN OPTION

Saudi Arabia is developing a new oil pipeline reaching Oman’s coast that would give its crude exports an additional route around the Strait of Hormuz. TotalEnergies CEO Patrick Pouyanné said the kingdom had “begun to work” on a link to Duqm, home to Oman’s largest refinery, Arabian Gulf Business Insight reports. He offered no details on the project’s progress during the company’s investor day in New York on Monday. Analysts have explored potential pipeline routes across the Gulf since the U.S.-Iran war began in February.

INDIA DEAL 

UAE-based AIQ has signed a deal to deploy 1 million of its AI-powered cameras across the refineries, gas stations and digital stores of an Indian oil and gas conglomerate. AIQ, which is a joint venture between Abu Dhabi National Oil Co. and G42-backed AI company Presight, started exporting its technology a little over a year ago and is now operating in markets including North America, Kazakhstan, Egypt, Colombia, Malaysia, Vietnam and Kuwait, Reuters reports. AIQ designs systems that help make energy operations more efficient, including alerting companies to corrosion or failing parts in remote oil fields. It struck a $340 million deal with ADNOC last year to deploy its AI across ADNOC operations. 

Public Investment Fund: Saudi Arabia’s PIF-owned developers Rua AlHaram AlMakki and Rua Al Madinah signed agreements with Brunei’s Islamic financial institution TAIB to explore joint investment in developments serving pilgrims and visitors in Mecca and Medina. 

Oman Investment Authority: OIA has expanded its space technology investments through a stake in Spain’s PLD Space, which plans to launch its Miura 5 rocket from Oman’s Duqm spaceport.

Mubadala: The UAE’s biggest lender First Abu Dhabi Bank, which is backed by Mubadala, is considering syndicating its $5 billion total-return swap with Nigeria, Bloomberg reports.

Emirates Global Aluminium has signed an agreement with global ports operator Gulftainer to boost aluminum exports through the UAE’s eastern coast, The National reports. EGA is jointly owned by Mubadala and the Investment Corp. of Dubai.

☎️ Telco IPO: Dubai-based Airtel Money, the mobile money unit of telecoms group Airtel Africa, has priced its IPO at $2.60 a share, valuing the company at about $7 billion.

🏡 Property Takeover: UAE-based Gulf Islamic Investments acquired a majority stake in U.K. fractional property platform London House Exchange for an undisclosed sum. 

💰 Widening Gap: Saudi Arabia raised its projected 2026 budget deficit to 4.9% of GDP from 3.3% as increased spending on defense and infrastructure outweighs gains from higher oil prices and record non-oil revenue, Bloomberg reports.

🤝 Working Together: The Egyptian Exchange and Abu Dhabi Securities Exchange signed an agreement to deepen market integration, facilitate cross-border trading and dual listings and boost investment flows between Egypt and the UAE.

⚔️ Defense Shuffle: The UAE’s newest defense entity, Generation 5 Holding, known as GEN5, is expected to incorporate Emirati aviation maintenance firms Global Aerospace Logistics and Advanced Military Maintenance Repair and Overhaul Centre into its portfolio, Intelligence Online reports. Both were previously held by state-owned EDGE Group. 

🏢 Hot Spot: Eurazeo, a European private markets asset manager with 40 billion euros under management, has opened its first Middle East office in Abu Dhabi’s ADGM.

⚽ No Misconduct: Etihad Airways rejected any suggestion that it was involved in improper commercial arrangements after an independent commission found Manchester City breached Premier League financial rules.

⚖️ Maritime Law: A new UAE shipping regulation takes full effect today, as the country seeks to boost its security systems, The National reports. 

🛢️ Market Disruption: U.S. shale executives are growing increasingly concerned that volatility caused by the Iran war is making it difficult to plan for the rest of 2026 and 2027.

Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and UAE National Security Adviser, met with Oman’s Sultan Haitham bin Tarik, at Al Baraka Palace in Oman on Wednesday. 

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, attended LIVEX 2026 at ADNEC Centre Abu Dhabi on Wednesday.

Sheikh Abdullah bin Zayed, the UAE Foreign Minister and Deputy Prime Minister, held a phone call with Gideon Sa’ar, Israel’s Foreign Minister, on Wednesday and expressed his wishes for the well-being of passengers who were aboard flydubai flight FZ1073 on Wednesday.

Ynon Kreiz was named Co-CEO of Paramount Skydance with its Gulf-backed $110 billion acquisition of Warner Bros. Discovery. Kreiz, who was born and raised in Israel, joins Chairman and CEO David Ellison from toy giant Mattel, which he has led since 2018. Saudi Arabia’s Public Investment Fund, the Qatar Investment Authority and Abu Dhabi’s L’Imad Holding are all backing the deal. 

Lucien Selce, a convicted insider trader, was arrested in Dubai on Wednesday after France issued a warrant to enforce his three-year prison sentence linked to Air Liquide’s takeover of Airgas, Bloomberg reports.

Tanuja Randery, Managing Director for Europe, the Middle East and Africa at AWS, told Arabian Gulf Business Insight that advanced AI adoption in the UAE remained at “about one in three businesses,” with financial services and media leading the way.

Chris Wood, the English professional golfer, said the regional conflict never made him consider skipping UAE tournaments as he returned to the region this week for the Abu Dhabi Challenge in Al Ain.

Usman Ahmed was appointed Group CEO of the Qatar-listed AlRayan Bank, replacing Fahad Al Khalifa, who will transition to the role of Advisor to the Chairman.

👻 Ghost Appeal: A long-abandoned palace in the UAE that has a reputation as a haunted house has been put on the market for about $6.4 million. Al Qasimi Palace in the emirate of Ras Al Khaimah sat empty for about 35 years, becoming the source of stories about supernatural spirits, known as jinn – with children’s faces appearing in the windows and furniture moving on its own. A spokesman for its owner told The National that at least some of the sounds that fueled the rumors could be explained by trespassers.

📷 Photo of the Day

Oct. 6-7, Abu Dhabi. Ai Everything. The AI forum brings together policymakers, innovators and business leaders. ADNEC Centre.

Oct. 7-9, Singapore. Milken Institute Asia Summit. Bringing together a global community of influential leaders shaping the next era of intelligence, collaboration and growth. Four Seasons Hotel.

Oct. 12-14, Dubai. The Airport Show. Exploring innovations in sustainability, digitalization, security and passenger experience, alongside several major industry forums. Dubai World Trade Centre. 

Oct. 13-15, Dubai. SuperReturn Middle East. Exploring fundraising, private credit, family offices, infrastructure, AI, venture capital and shifting investment opportunities across the region. Ritz-Carlton, DIFC.

Oct. 21, Abu Dhabi. Reuters NEXT Gulf. Exploring the Gulf’s growing global influence across AI, finance, energy, trade and geopolitics. St. Regis Saadiyat Island Resort.

Oct. 21, 22, 24, Riyadh. Six Kings Slam. World No. 1 Jannik Sinner will defend his Six Kings Slam title when the tennis exhibition tournament returns, to be streamed globally on Netflix. ANB Arena.

Oct. 22-26, Dubai. Dubai Fashion Week. Dubai’s official fashion platform, bringing together regional and international designers, buyers and industry leaders for runway shows, collection launches and events. Dubai Design District.

Oct. 26-29, Riyadh. Future Investment Initiative. Saudi Arabia’s keystone annual business conference, sponsored by the Public Investment Fund. King Abdulaziz International Conference Center. 

EMERGENCY LANDING

A flydubai flight from Dubai to Tel Aviv made an emergency landing in Saudi Arabia’s Tabuk airport on Wednesday after issuing a distress call. Both pilots were injured and taken to a nearby hospital, The National reports, while Reuters, citing two Israeli officials, said the incident may have been an attempted terrorist attack. The officials said the co-pilot was believed to have stabbed the captain before cabin crew entered the cockpit and took control of the aircraft. Flydubai said the plane landed safely, all passengers were accounted for, and it was working with Saudi authorities.

BYPASS BILLIONS

Abu Dhabi’s newest sovereign wealth fund has become central to the UAE’s “Zero Hormuz” strategy, a plan to bypass the troubled waterway that is evolving into one of the world’s largest infrastructure efforts. As part of that plan, L’Imad Holding, overseen by Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed, has been buying out minority shareholders in AD Ports Group through its subsidiary ADQ. The fund is now preparing to spend tens of billions of dollars more on new port infrastructure outside the strait, Bloomberg reports. The effort makes Sheikh Khaled and the powerbrokers surrounding him crucial to both Washington and Wall Street, the news agency reports, citing discussions between the Crown Prince, L’Imad CEO Jassem Bu Ataba Al Zaabi and finance bosses including BlackRock’s Larry Fink.

L’Imad Holding: Modon Holding, majority-owned by the Abu Dhabi sovereign wealth fund, awarded a $230 million contract to Innovo Build and RedCon Construction for infrastructure and construction works at Wadi Yemm, part of Egypt’s $35 billion Ras El Hekma development.

Investment Corp. of Dubai: Emirates NBD Capital is among the book-running lead managers on the $1 billion IPO of Indian renewable energy company Inox Clean Energy.

Oman Investment Authority: OQ, Oman’s state energy company, plans to double onshore oil storage at Duqm to 10 million barrels within three years and is considering acquiring two supertankers for floating storage as Gulf producers seek alternatives to the Strait of Hormuz, Bloomberg reports.

Qatar Investment Authority: Qatar raised $3 billion through a bond sale coordinated by QIA-backed QNB Capital and other international banks.

Temasek: Singapore sovereign investor Temasek plans to expand its Middle East presence with new offices in the UAE and Saudi Arabia in 2027.

💱 Renewed Swap: The UAE and Egypt renewed their $1.4 billion currency swap agreement for five years to support bilateral trade, investment and financial cooperation.

🏢 Local Development: Abu Dhabi developer Aldar and Sharjah-based Arada are partnering on $4 billion of residential and mixed-use projects on Yas Island and at Seih Sdeirah in Abu Dhabi.

💰 Cautious Investment: Gulf sovereign wealth funds have invested more than $30 billion in India, but family offices remain cautious amid the Iran war and competition from elsewhere in Asia, Arabian Gulf Business Insight reports.

🚕 Robotaxi Fleet: China’s Momenta is entering the UAE’s growing market for driverless taxis, testing in Abu Dhabi before expanding to Dubai.

⚽ City Sanctions: The English Premier League said an independent commission has found that Abu Dhabi-owned Manchester City inflated its financial results through sham sponsorship deals. The club plans to appeal.

🏨 Deposit Drama: Saudi businessman Motasem Khashoggi’s deal to buy New York’s Pierre Hotel hinges on shareholder approval and a $100 million deposit, which has not materialized, Vanity Fair reports. Mark Zuckerberg, Michael Dell and Morocco’s King Mohammed VI were also reportedly approached to purchase the hotel.

🚪 New Office: London-based Pantheon has opened its first Abu Dhabi office in ADGM as the $84 billion private markets firm expands in the Middle East.

🤖 AI Risk: Saudi Arabia introduced a national framework to help government agencies and companies identify and manage AI risks, Arab News reports.

UAE President Sheikh Mohamed bin Zayed met with Hakainde Hichilema, President of Zambia, who is on a working visit to the UAE.

Sheikh Mansour bin Zayed, the UAE Vice President, met in Riyadh on Tuesday with Saudi Crown Prince Mohammed bin Salman and Crown Prince Khalid bin Salman, the Minister of Defense, in the first senior Emirati visit since a rift developed between the countries last year.

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, has announced the formation of the Board of Directors of the Investment Corporation of Dubai, which will be chaired by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai. 

Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, met with Tom Cotton, Chairman of the U.S. Senate Select Committee on Intelligence, and Roger Wicker, Chairman of the Senate Armed Services Committee, in Washington on Tuesday.

Steve Davis, President of U.S.-based The Boring Company, met with Dubai’s Crown Prince Hamdan bin Mohammed on Tuesday.

Fatima Ezzahra El Mansouri, the Mayor of Marrakech, has been asked by Morocco’s King Mohammed VI to form a new government and become the country’s first female prime minister, after her party came out on top in parliamentary elections last week.

Edward Bell is leaving Emirates NBD, where he was Chief Economist, for Mitsubishi UFJ Financial Group, where he will head the Japanese bank’s research for the Middle East and North Africa.

🎤 Culture Capital: Deadpool star Ryan Reynolds praised the way Abu Dhabi has developed its arts and culture scene. Speaking at the Abu Dhabi livability expo LiveX on Tuesday, the Canadian actor said the emirate had “done very, very well” in building its artistic sector, The National reports. “I think of communities that function and thrive, and it’s usually because they have a very healthy sense of self,” he said. “They have an identity, a strong pride in what they are and something that they believe in.”

📷 Photo of the Day

Sept. 28-Oct. 1, Singapore. SuperReturn Asia. The region’s premier private capital gathering. Marina Bay Sands Convention Centre.

Sept. 29-Oct. 1, Dubai. Future Hospitality Summit. Exploring key trends in hotel development, sustainability, innovation and entrepreneurship. Madinat Jumeirah. 

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

Sept. 29-Oct. 1, Dubai. GoTech. Energy industry leaders, startups and technology experts explore innovation, AI, sustainability and emerging technologies shaping the future of energy. Dubai World Trade Centre.

Oct. 6-7, Abu Dhabi. Ai Everything. The AI forum brings together policymakers, innovators and business leaders. ADNEC Centre.

Oct. 7-9, Singapore. Milken Institute Asia Summit. Bringing together a global community of influential leaders shaping the next era of intelligence, collaboration and growth. Four Seasons Hotel.

Oct. 12-14, Dubai. The Airport Show. Exploring innovations in sustainability, digitalization, security and passenger experience, alongside several major industry forums. Dubai World Trade Centre. 

Oct. 13-15, Dubai. SuperReturn Middle East. Exploring fundraising, private credit, family offices, infrastructure, AI, venture capital and shifting investment opportunities across the region. Ritz-Carlton, DIFC.

Oct. 21, Abu Dhabi. Reuters NEXT Gulf. Exploring the Gulf’s growing global influence across AI, finance, energy, trade and geopolitics. St. Regis Saadiyat Island Resort.

Oct. 21, 22, 24, Riyadh. Six Kings Slam. World No. 1 Jannik Sinner will defend his Six Kings Slam title when the tennis exhibition tournament returns, to be streamed globally on Netflix. ANB Arena.

Oct. 22-26, Dubai. Dubai Fashion Week. Dubai’s official fashion platform, bringing together regional and international designers, buyers and industry leaders for runway shows, collection launches and events. Dubai Design District.

Oct. 26-29, Riyadh. Future Investment Initiative. Saudi Arabia’s keystone annual business conference, sponsored by the Public Investment Fund. King Abdulaziz International Conference Center. 

DISCOUNT CRUDE

Saudi Aramco, the world’s biggest oil exporter, is considering discounts on crude transferred between ships off Oman to offset soaring freight costs and win back Asian buyers.  The discount under discussion is about $9 a barrel, one source told Reuters, though no decision has been announced. The shipments would load in the second half of October outside the Strait of Hormuz, where the Iran war has disrupted oil traffic. Aramco expects that lower prices can help it win back sales as the UAE’s ADNOC expands exports through terminals outside the strait.

DUBAI DEBUT

Etihad Rail will begin passenger service from Dubai tomorrow, connecting the city’s Al Yalayis station with Abu Dhabi and Fujairah. The Dubai-Abu Dhabi journey will take about 64 minutes, with fares starting at 39 dirhams ($10.60) for comfort class and 109 dirhams for premium seats. The debut comes three months after the launch of the UAE’s first passenger line between Abu Dhabi and Fujairah, with the Dubai station primed to serve as a key commuter route link to the capital. UAE President Sheikh Mohamed bin Zayed and Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Minister of Defense, attended the official opening of the Dubai station on Monday.

Saudi Aramco: The world’s biggest oil exporter is discussing discounts on crude transferred between ships off Oman to offset soaring freight costs and win back Asian buyers, Reuters reports.

L’Imad Holding: The Abu Dhabi sovereign fund is shaping one of its units, L’Imad Capital, into a global investment vehicle to back private equity and other funds before seeking out third-party capital, Bloomberg reports. 

Mubadala: The Abu Dhabi sovereign wealth fund and Together AI have formed a strategic partnership that will see the U.S. AI cloud computing platform establish an Abu Dhabi presence, following Mubadala’s $100 million investment in its $800 million Series C round.

Mubadala: The fund is reported to be seeking an exit from India’s Cube Highways Trust through a $71.7 million secondary sale of its 3.4% stake.

Public Investment Fund: PIF-backed Rua AlHaram AlMakki and Malaysia’s MRCB are proposing to build a $5.6 billion mixed-use development within Mecca’s King Salman Gate project.

Abu Dhabi Investment Authority: An ADIA unit is participating as an investor in the $2.34 billion buyout of Canada’s Slate Grocery REIT by U.S.-based firms Brixmor Property Group and Everview Partners.

QatarEnergy: The state-owned company extended its suspension of LNG deliveries to Italy’s Edison until early December and to some Asian customers, as the Strait of Hormuz remains closed, Reuters reports.

Kuwait Investment Authority: Samsung Electronics and its affiliates will invest $1 billion in KKR-backed Helix Digital Infrastructure, in which the KIA is a founding member.

✈️ Plane Shopping: Qatar’s Lesha Bank has agreed to acquire 33 leased commercial aircraft from Avolon.

🖥️ Taking Over: U.S.-based AI platform Replit has acquired Egypt-founded business analytics startup Atta.

⛏️ Mining Acquisition: Germany’s Knauf plans to acquire the remaining shares in Saudi Arabia’s United Mining Industries for about $78 million, potentially delisting the company from the Nomu Parallel Market.

💊 Health Care: Swiss healthcare group Clinique La Prairie plans to open longevity and wellness centers in Riyadh and Jeddah after launching its Amaala resort next year.

🛢️ Pipeline Returns: Saudi Arabia has restored flows through its East-West oil pipeline to at least 3.5 million barrels a day, about half its capacity, and tankers have resumed loading at Red Sea ports after drone strikes halted the route earlier this month, Bloomberg reports.

🏦 Chinese Arrival: Beijing-based China Securities has opened a regional office in Dubai International Financial Centre, joining a growing group of Chinese banks and investment firms operating in the UAE.

👨‍💻 Fintech Expansion: Dubai-based Airtel Money is seeking Middle East fintech partnerships to expand in Africa and is open to a potential UAE dual listing after completing its planned London IPO, CEO Ian Ferrao told The National.

UAE President Sheikh Mohamed bin Zayed received Hakan Fidan, Turkey’s Minister of Foreign Affairs, in Abu Dhabi on Monday.

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, will visit Saudi Arabia on Tuesday at the invitation of Prince Khalid bin Salman, Saudi Arabia’s Minister of Defense.

Sheikh Abdullah bin Zayed, UAE Foreign Minister, met separately in New York with a number of foreign ministers participating in the United Nations General Assembly on Monday, including Greece’s Foreign Minister George Gerapetritis and Singapore’s Foreign Minister Dr. Vivian Balakrishnan.

Sheikh Hamdan bin Zayed, Ruler’s Representative in Al Dhafra Region and Chairman of the Board of Directors of Environment Agency – Abu Dhabi, chaired the agency’s third board meeting of 2026.

Mohammad Yisr Barnieh, Syria’s Finance Minister, took part in the Arab Monetary Fund’s Golden Jubilee in Abu Dhabi on Monday.

Dr. Hamad Saif Al Shamsi, UAE Attorney General, discussed strengthening judicial cooperation, exchanging expertise and enhancing coordination on cross-border cases during separate meetings with Stefan Blättler, Attorney General of Switzerland, and Zhumagali Askhat Zhumagaliuly, Deputy Prosecutor General of Kazakhstan, in Abu Dhabi on Monday.

Brett King, the futurist and author, attended the First Abu Dhabi Bank and IMD Competitiveness Summit 2026 in Abu Dhabi on Monday, telling The National that AI agents will make some banking roles obsolete in the coming years.

🎨 Art Agenda: Frieze Abu Dhabi has unveiled the program for its inaugural event, naming Lebanese artist Dala Nasser the first recipient of its Artist Award. Nasser’s new installation inspired by a historic monument near Baalbek will be the centerpiece of the program, The National reports. An exhibition of works by Emirati artists Mohammed Kazem and Alia Zaal is also among the highlights of the art fair, which will take place at Manarat Al Saadiyat from Nov. 19 to 22. 

📷 Photo of the Day

Sept. 28-Oct. 1, Singapore. SuperReturn Asia. The region’s premier private capital gathering. Marina Bay Sands Convention Centre.

Sept. 29-30, Abu Dhabi. Arab Federation of Capital Markets. Hosted by the Abu Dhabi Securities Exchange, the event brings together executives from Arab stock exchanges, regulators, clearing houses, investment banks, asset managers and international financial institutions. Grand Hyatt Abu Dhabi.

Sept. 29-30, Doha. Qatar Fintech Expo. QFEX 2026 will explore developments in financial markets, artificial intelligence, digital assets, fintech and connectivity. Hilton Doha.

Sept. 29-Oct. 1, Dubai. Future Hospitality Summit. Exploring key trends in hotel development, sustainability, innovation and entrepreneurship. Madinat Jumeirah. 

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

Sept. 29-Oct. 1, Dubai. GoTech. Energy industry leaders, startups and technology experts explore innovation, AI, sustainability and emerging technologies shaping the future of energy. Dubai World Trade Centre.

Sept. 30, Dubai. AWS Summit Dubai. Exploring the latest developments in cloud computing, AI and digital transformation. Dubai World Trade Centre. 

Oct. 6-7, Abu Dhabi. Ai Everything. The AI forum brings together policymakers, innovators and business leaders. ADNEC Centre.

Oct. 7-9, Singapore. Milken Institute Asia Summit. Bringing together a global community of influential leaders shaping the next era of intelligence, collaboration and growth. Four Seasons Hotel.

Oct. 12-14, Dubai. The Airport Show. Exploring innovations in sustainability, digitalization, security and passenger experience, alongside several major industry forums. Dubai World Trade Centre. 

Oct. 13-15, Dubai. SuperReturn Middle East. Exploring fundraising, private credit, family offices, infrastructure, AI, venture capital and shifting investment opportunities across the region. Ritz-Carlton, DIFC.

Oct. 21, Abu Dhabi. Reuters NEXT Gulf. Exploring the Gulf’s growing global influence across AI, finance, energy, trade and geopolitics. St. Regis Saadiyat Island Resort.

Oct. 21, 22, 24, Riyadh. Six Kings Slam. World No. 1 Jannik Sinner will defend his Six Kings Slam title when the tennis exhibition tournament returns, to be streamed globally on Netflix. ANB Arena.

Oct. 22-26, Dubai. Dubai Fashion Week. Dubai’s official fashion platform, bringing together regional and international designers, buyers and industry leaders for runway shows, collection launches and events. Dubai Design District.

Oct. 26-29, Riyadh. Future Investment Initiative. Saudi Arabia’s keystone annual business conference, sponsored by the Public Investment Fund. King Abdulaziz International Conference Center. 

SEEING DOUBLE

Gems Education is planning to launch artificial intelligence-powered “twins” of its teachers for use in UAE classrooms. Gems, the largest private school provider in the Emirates, has been working with Napster, which rebranded as an AI company last year, to design digital personas that look, sound, and respond like specific staff members, The National reports. “This initiative is designed to extend the reach and impact of teachers, not replace them,” Baz Nijjar, Senior Vice President of Innovation, AI and Futurism at Gems Education, and Managing Director of its Intelligence 360 platform, told the newspaper. The school group sees after-hours homework assistance as the primary use case for the twins and says teachers will not be automatically required to participate. Gems has more than 200,000 pupils across its network.

MAN CITY RESPONDS

Manchester City Chairman Khaldoon Al Mubarak told supporters the football club remains confident it can prove its innocence after reports that an independent panel found it guilty of 114 breaches of Premier League financial rules. “Following Friday’s media reporting, many of you will have spent your evening answering questions and ​responding to messages from friends, family and colleagues. So have I,” Al Mubarak, who is also CEO of the UAE’s Mubadala sovereign wealth fund, wrote in an open letter. “Here’s what I ​said to my family: The Premier League process still has a long way ⁠to run, and our confidence and intent in proving the club’s innocence is just as strong as ​when this began.”

Abu Dhabi Investment Council: ADIC participated in a $3.4 billion convertible fundraising round for London-based AI data center operator Nscale, led by U.S. hedge fund Third Point. Other investors included Nvidia, funds managed by Apollo, Citadel, Hudson Bay Capital and 8090 Industries. 

Saudi Aramco: The world’s biggest oil exporter has hired Evercore to advise on a proposed standalone gas division that could attract investors or eventually be listed at a valuation above $100 billion, Bloomberg reports.

XRG: The international investment arm of ADNOC has backed the expansion of Azerbaijan’s Absheron gas field, which is expected to unlock up to 5 trillion cubic feet of recoverable gas resources.

Abu Dhabi Investment Authority: Shares in India’s Allied Blenders & Distillers rose in Mumbai on Monday, after Bloomberg reported the company was considering options including a potential sale of the business. ADIA bought more than 1.5 million shares last week for $10 million.

International Holding Co.: Royal Development Holding, a subsidiary of IHC-owned Emirates Stallion Group, has awarded the main $215 million contract for Seamont Autograph Collection Residences on Al Reem Island to Abu Dhabi-based Fibrex.

G42: Presight, the Abu Dhabi-based AI company majority-owned by G42, has backed a $100 million Series A round for California-based Maven Robotics, alongside Abu Dhabi-based investment firm Shorooq Partners.

🤠 Texas Homes: Dubai’s Sobha Realty is investing $600 million to build about 700 homes in the Dallas-Fort Worth area as the developer expands its U.S. footprint.

☀️ Solar Financing: Dubai Electricity and Water Authority refinanced the 950MW Noor Energy 1 phase of Dubai’s Mohammed bin Rashid Al Maktoum Solar Park with a $2.7 billion package from international and regional lenders.

🚂 Rail 2.0: Autonomous freight rail company Parallel Systems and Agility’s corporate venture arm have agreed to a strategic collaboration to develop autonomous rail freight systems across the Gulf and wider international markets.

✈️ Fleet Shift: Qatar Airways has retired its last A330 passenger jets and offered some pilots temporary assignments with RwandAir as the Iran war disrupts Gulf flights and drives up fuel costs, Reuters reports.

💰 Domestic Pivot: The Iran war could redirect $50 billion to $100 billion of Gulf capital from overseas investments into domestic markets, according to asset manager BlackRock.

✈️ Red Sea Boost: Jeddah Airports has started phased operations at Terminal 4 this week, gradually transferring foreign airlines from other terminals to increase capacity and streamline passenger traffic.

🚗 Driverless Test: Dubai has launched the Dubai Mobility Labs at Dubai Silicon Oasis to test autonomous vehicles before deployment on the emirate’s roads.

💸 Settling Debt: Egypt has settled nearly 90% of the debt owed to its National Investment Bank, covering EGP299 billion ($6 billion) and helping the state lender return to profit after years of losses.

Prince Faisal bin ‌Farhan, Saudi Arabia’s Foreign Minister, arrived in Washington on Monday ahead of expected talks with U.S. Secretary of State Marco Rubio.

Sheikh Abdullah bin Zayed, UAE Foreign Minister, hosted a Youth Dialogue on the sidelines of the United Nations General Assembly in New York on Sunday.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Minister of Defense, on Sunday set out Dubai’s plans to be a “global center for healthy longevity.”

Egypt’s President Abdel Fattah El-Sisi met with Alberto Calderon, CEO of AngloGold Ashanti, on the sidelines of the opening of the Egypt Mining Forum 2026 in Cairo. Also at the meeting were Egypt’s Prime Minister Moustafa Madbouly, Minister of Petroleum and Mineral Resources Karim Badawi, AngloGold Ashanti’s Chief of Corporate Affairs Stewart Bailey and the President of AngloGold Ashanti Egypt, Hoda Ahmed El-Askalani.

Dr. Sultan Al Jaber, Managing Director and Group CEO of ADNOC and Executive Chairman of XRG, met with J.P. Morgan Chairman and CEO Jamie Dimon.

Fouad Darwish, Vice President of the UAE Chess Federation, has been elected Vice President of the International Chess Federation, becoming one of three vice presidents elected during the FIDE General Assembly in Samarkand, Uzbekistan, held on the sidelines of the World Chess Olympiad.

🚂 On The Map: Residents of Al Dhaid in the UAE emirate of Sharjah are anticipating a new pace of life as the national railway arrives in the tranquil oasis town, traditionally known for its date palms and fruit farms. Etihad Rail will launch a new station at Al Dhaid on Wednesday, bringing tourists and business opportunities to the desert escape, which is known for its centuries-old irrigation systems and a restored historic fort, The National reports.

📷 Photo of the Day

Sept. 28-Oct. 1, Singapore. SuperReturn Asia. The region’s premier private capital gathering. Marina Bay Sands Convention Centre.

Sept. 29-30, Abu Dhabi. Arab Federation of Capital Markets. Hosted by the Abu Dhabi Securities Exchange, the event brings together executives from Arab stock exchanges, regulators, clearing houses, investment banks, asset managers and international financial institutions. Grand Hyatt Abu Dhabi.

Sept. 29-30, Doha. Qatar Fintech Expo. QFEX 2026 will explore developments in financial markets, artificial intelligence, digital assets, fintech and connectivity. Hilton Doha.

Sept. 29-Oct. 1, Dubai. Future Hospitality Summit. Exploring key trends in hotel development, sustainability, innovation and entrepreneurship. Madinat Jumeirah. 

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

Sept. 29-Oct. 1, Dubai. GoTech. Energy industry leaders, startups and technology experts explore innovation, AI, sustainability and emerging technologies shaping the future of energy. Dubai World Trade Centre.

Sept. 30, Dubai. AWS Summit Dubai. Exploring the latest developments in cloud computing, AI and digital transformation. Dubai World Trade Centre. 

Oct. 6-7, Abu Dhabi. Ai Everything. The AI forum brings together policymakers, innovators and business leaders. ADNEC Centre.

Oct. 7-9, Singapore. Milken Institute Asia Summit. Bringing together a global community of influential leaders shaping the next era of intelligence, collaboration and growth. Four Seasons Hotel.

Oct. 12-14, Dubai. The Airport Show. Exploring innovations in sustainability, digitalization, security and passenger experience, alongside several major industry forums. Dubai World Trade Centre. 

Oct. 13-15, Dubai. SuperReturn Middle East. Exploring fundraising, private credit, family offices, infrastructure, AI, venture capital and shifting investment opportunities across the region. Ritz-Carlton, DIFC.

Oct. 21, Abu Dhabi. Reuters NEXT Gulf. Exploring the Gulf’s growing global influence across AI, finance, energy, trade and geopolitics. St. Regis Saadiyat Island Resort.

Oct. 21, 22, 24, Riyadh. Six Kings Slam. World No. 1 Jannik Sinner will defend his Six Kings Slam title when the tennis exhibition tournament returns, to be streamed globally on Netflix. ANB Arena.

Oct. 22-26, Dubai. Dubai Fashion Week. Dubai’s official fashion platform, bringing together regional and international designers, buyers and industry leaders for runway shows, collection launches and events. Dubai Design District.

Oct. 26-29, Riyadh. Future Investment Initiative. Saudi Arabia’s keystone annual business conference, sponsored by the Public Investment Fund. King Abdulaziz International Conference Center.

TALENT DRAIN

Saudi Arabia’s expatriate jobs boom is fading as the Iran war compounds Public Investment Fund cutbacks and a broader hiring slowdown, resulting in fewer opportunities and less generous pay packages. “The war has exacerbated PIF cutbacks,” Mark Butler, a partner at Saudi recruitment company Sterling Bell, told Arabian Gulf Business Insight. The shift has come after a hiring boom that recruiters described as “so intense” that they were often given just months to find thousands of workers for PIF-led projects, often with generous salaries and incentives. Hiring could accelerate again ahead of Expo 2030 Riyadh and the 2034 World Cup, but recruiters expect the market to remain subdued in the near term.

ARGENTINA ACCORD

The UAE and Argentina have opened talks on a Comprehensive Economic Partnership Agreement aimed at expanding trade and investment. UAE Foreign Trade Minister Thani Al Zeyoudi and Argentine Foreign Minister Pablo Quirno announced the negotiations after meeting in New York on Thursday, according to the state-owned Emirates News Agency. Energy, mining, data centers and agriculture are among the sectors in focus. Since launching its CEPA program in 2021, the UAE has signed more than 35 such agreements, including deals with India, Israel and Turkey.

Public Investment Fund: The Saudi sovereign wealth fund is considering increasing its allocation to fixed income assets and awarding a first allocation of about $500 million to Pacific Investment Management Co., Bloomberg reports.

Abu Dhabi Investment Authority: ADIA invested about $11 million in Indian spirits maker Allied Blenders & Distillers, acquiring more than 1.5 million shares.

Qatar Investment Authority: QNB Syria, part of QIA’s QNB Group, has partnered with Al Baraka Bank Syria and the Commercial Bank of Syria to provide syndicated financing for the final phase of the Qasioun Journey project in Damascus.

✈️ Grounding Iran: The UAE has suspended flights by Iranian airlines until further notice in response to new U.S. sanctions. Iranian flights to Oman and several other destinations have also been halted.

🏦 Jordanian Venture: Jordan’s Bank al Etihad signed an initial agreement with Ethmar International Holding and other UAE investors to establish a bank in Abu Dhabi Global Market.

✈️ Heading East: Emirates is increasing its capacity on China routes this winter as strong demand drives passenger growth, with more than 604,000 travelers carried on its Dubai-China routes in the first half of 2026, according to data from aviation analytics firm Cirium.

🏦 Radiant Mystery: Four obscure entities that appear to be registered in the UAE have turned up in court documents related to embattled commodity trader Radiant World, which claims they owe it a combined $329 million, Bloomberg reports.

⚡ Northern Lights: The UAE emirate of Sharjah is developing 13 power transmission projects worth more than $197 million to strengthen its electricity network and support growth in residential, investment and industrial areas.

💰 Taking Over: The Middle East has outpaced much of Asia in adopting systematic co-investment and direct investment programs, largely driven by the region’s sovereign wealth funds, according to investment bank Houlihan Lokey.

🏦 Radiant Mystery: Four obscure entities that appear to be registered in the UAE have turned up in court documents related to embattled commodity trader Radiant World, which claims they owe it a combined $329 million, Bloomberg reports.

⚡ Northern Lights: The UAE emirate of Sharjah is developing 13 power transmission projects worth more than $197 million to strengthen its electricity network and support growth in residential, investment and industrial areas.

💰 Taking Over: The Middle East has outpaced much of Asia in adopting systematic co-investment and direct investment programs, largely driven by the region’s sovereign wealth funds, according to investment bank Houlihan Lokey.

✈️ Heading East: Emirates is increasing its capacity on China routes this winter as strong demand drives passenger growth, with more than 604,000 travellers carried on its Dubai-China routes in the first half of 2026, according to data from aviation analytics firm Cirium.

Suhail Al Mazrouei, UAE Minister of Energy and Infrastructure, attended a reception hosted by Ashrafjon Gulov, Ambassador of Tajikistan to the UAE, in Abu Dhabi on Thursday.

Mohammed Al Ahbabi, Director of Tourism Development at the UAE Ministry of Economy and Tourism, told Arabian Gulf Business Insight that the ministry is pushing tourism investment beyond established hubs such as Dubai, Abu Dhabi and Ras Al Khaimah.

Abdulla Balalaa, UAE Assistant Minister of Foreign Affairs for Energy and Sustainability, told reporters that GCC countries are in discussions on a water-sharing initiative, aimed at replicating the bloc’s existing power cooperation model.

🧨 Let it Shine: American pop star Katy Perry will headline a glitzy New Year’s Eve gala at Atlantis in Dubai, with tickets starting at more than $2,000. The black-tie event at the Palm Jumeirah resort has previously featured international stars including Sting, Lionel Richie and Maroon 5. Golden Circle tickets, starting at $3,948, include private seating in front of the stage, a caviar box with personalized truffle service and unlimited drinks. Perry, whose hit “Firework” has become a staple for ringing in the New Year, closed last year’s Abu Dhabi Grand Prix. 

📷 Photo of the Day

Sept. 22-28, New York. U.N. General Assembly. Close to 100 heads of state take the stage for a marathon week of speeches and top-level diplomacy. U.N. Headquarters.

Sept. 28-Oct. 1, Singapore. SuperReturn Asia. The region’s premier private capital gathering. Marina Bay Sands Convention Centre.

Sept. 29-30, Abu Dhabi. Arab Federation of Capital Markets. Hosted by the Abu Dhabi Securities Exchange, the event brings together executives from Arab stock exchanges, regulators, clearing houses, investment banks, asset managers and international financial institutions. Grand Hyatt Abu Dhabi.

Sept. 29-30, Doha. Qatar Fintech Expo. QFEX 2026 will explore developments in financial markets, artificial intelligence, digital assets, fintech and connectivity. Hilton Doha.

Sept. 29-Oct. 1, Dubai. Future Hospitality Summit. Exploring key trends in hotel development, sustainability, innovation and entrepreneurship. Madinat Jumeirah. 

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

Sept. 29-Oct. 1, Dubai. GoTech. Energy industry leaders, startups and technology experts explore innovation, AI, sustainability and emerging technologies shaping the future of energy. Dubai World Trade Centre.

Sept. 30, Dubai. AWS Summit Dubai. Exploring the latest developments in cloud computing, AI and digital transformation. Dubai World Trade Centre. 

Oct. 6-7, Abu Dhabi. Ai Everything. The AI forum brings together policymakers, innovators and business leaders. ADNEC Centre.

Oct. 7-9, Singapore. Milken Institute Asia Summit. Bringing together a global community of influential leaders shaping the next era of intelligence, collaboration and growth. Four Seasons Hotel.

Oct. 12-14, Dubai. The Airport Show. Exploring innovations in sustainability, digitalization, security and passenger experience, alongside several major industry forums. Dubai World Trade Centre. 

Oct. 13-15, Dubai. SuperReturn Middle East. Exploring fundraising, private credit, family offices, infrastructure, AI, venture capital and shifting investment opportunities across the region. Ritz-Carlton, DIFC.

Oct. 21, Abu Dhabi. Reuters NEXT Gulf. Exploring the Gulf’s growing global influence across AI, finance, energy, trade and geopolitics. St. Regis Saadiyat Island Resort.

Oct. 21, 22, 24, Riyadh. Six Kings Slam. World No. 1 Jannik Sinner will defend his Six Kings Slam title when the tennis exhibition tournament returns, to be streamed globally on Netflix. ANB Arena.

Oct. 22-26, Dubai. Dubai Fashion Week. Dubai’s official fashion platform, bringing together regional and international designers, buyers and industry leaders for runway shows, collection launches and events. Dubai Design District.

Oct. 26-29, Riyadh. Future Investment Initiative. Saudi Arabia’s keystone annual business conference, sponsored by the Public Investment Fund. King Abdulaziz International Conference Center. 

IRAN BAN

The UAE central bank has barred Bank Melli Iran’s local branches from conducting financial transactions to and from Iran. The regulatory body said its action followed examinations that found breaches of UAE rules and supervisory requirements. The violations were related to anti-money laundering, terrorism financing and proliferation financing. The central bank said the measures are aimed at safeguarding the integrity of the UAE financial system and ensuring compliance with international standards. The move marks the latest crackdown on Iranian-linked businesses and financial activity after months of Iran’s missile and drone strikes against the UAE.

IPO SHAKEUP

Saudi Arabia wants to tighten the rules for companies going public after share sales in the kingdom raised just $144 million this year — compared to roughly $4.5 billion in 2025. Under a set of proposed changes, investors would have to show they have the cash to back their orders, and companies would have to publish at least a year of financial forecasts, Bloomberg reports. Banks underwriting a sale would also have to commit to buying any unsold shares before investors start placing orders. Additionally, the Saudi Capital Market Authority seeks to address inflated order books by requiring banks to verify that investor orders “reflect the actual value of liquidity available to the investor.”

Abu Dhabi Investment Authority: ADIA reportedly bought more than $1 billion of private-market stakes from Saudi Arabia’s KAUST as it expands its exposure through secondary deals.

Saudi Aramco: The energy giant has sold nearly 100 million barrels of oil to Asian buyers for October and November delivery, helping avert a regional supply crunch, Bloomberg reports.

Oman Investment Authority: Oman’s sovereign wealth fund has floated nearly 2,300 tenders worth $6.8 billion through September, creating new opportunities for private companies and SMEs.

Public Investment Fund: Saudi Arabia’s PIF-owned Saudi Arabia Railways has ordered 780 railcars from Oregon-based Greenbrier.

Red Sea Global: The PIF-owned developer launched Yachting Network, a new marina and yacht club operator, at the Monaco Yacht Show 2026.

🌍 Growth Hope: The OECD raised its 2026 global growth forecast slightly to 2.9% — down from 3.4% last year — and predicts that in 2027 booming AI investment will offset the impact of disruptions in the Middle East energy market.

🚦 Green Light: The UAE central bank has given preliminary approval for National Bank of Egypt to acquire Banque Misr’s UAE branches after the U.S. Treasury moved to restrict the Egyptian lender’s access to U.S. correspondent banking over alleged links to Iranian money flows.

☕ Coffee Takeover: UAE-listed MAIR Group has agreed to acquire a 70% stake in Eslab, owner of Turkish specialty coffee chain Espressolab.

🏘️ Residential Expansion: Dubai developer Meraas has awarded GCC Contracting a nearly AED 1 billion ($272 million) contract to build 272 villas and townhouses at Nad Al Sheba Gardens Phase 7.

🚁 Drone Supply: Chinese companies have become the biggest source of seized goods bound for Yemen’s Houthis, with components that are especially important to the group’s drones, The Wall Street Journal reports.

🏢 New Bureau: U.S. financial services company State Street plans to open an Al Ain operating center by the end of 2027 and hire 300 people over three years as it expands in the UAE emirate of Abu Dhabi.

🔴 Deal Stalled: Barry Diller’s People Inc. has dropped plans to acquire the remaining 74% of MGM Resorts International, which has projects in the UAE, after struggling to secure additional equity financing, Bloomberg reports.

Sheikh Abdullah bin Zayed, UAE Foreign Minister, met separately in New York with a number of leaders and foreign ministers participating in the United Nations General Assembly, including José Manuel Restrepo, Vice President of Colombia; Daniel Noboa, President of Ecuador; Radosław Sikorski, Foreign Minister of Poland; Anita Orbán, Foreign Minister of Hungary; and Sergey Lavrov, Foreign Minister of Russia.

Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, met with South Korea’s Foreign Minister Cho Hyun, on the sidelines of the United Nations General Assembly in New York on Wednesday. Prince Faisal also participated in the Ministerial Meeting on Strengthening Cooperation for a Secure, Stable Maritime Domain on Wednesday.

Sheikh Hazza bin Zayed, the Abu Dhabi Ruler’s Representative in Al Ain Region, inaugurated the first Al Ain Future Business Forum, organized by Abu Dhabi Department of Economic Development under the theme “Invest, Develop, Thrive,” at ADNEC Centre Al Ain on Wednesday.

Ari Emanuel, who returned Saudi Arabia’s $400 million investment in his Endeavor talent agency after Jamal Khashoggi’s murder, told Vulture that his TKO sports and entertainment firm now does business with the kingdom through WWE and UFC, calling the relationship “incredibly strong, constructive, and very collaborative.”

Omar Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, led a delegation of more than 50 government AI chiefs and officials who visited Silicon Valley to meet U.S. tech companies and explore the use of AI agents. On the itinerary were stops at Dell Technologies, Nvidia, Google, Databricks, AMD, Microsoft and Stanford University. They also attended Salesforce’s Dreamforce 2026 conference.

Lewis Hamilton, the British F1 racecar driver who competes for Ferrari, has backed the F1 season to conclude in the Middle East and says he “wants to go” to Qatar and Abu Dhabi, The National reports. 

Badr Jafar, Special Envoy of the UAE Minister of Foreign Affairs for Business and Philanthropy, told a private CEO roundtable in New York about financing water projects that the “AI revolution, the energy transition, food security and urban growth are all water stories.”

🦸 Marvel Ban: Kuwait banned Marvel blockbuster “Avengers: Endgame Encore” on the eve of its release at movie theaters across the Gulf today. Cinema chains Cinescape and Vox announced the cancellation of the movie and said they would issue refunds for those who had already booked tickets. Kuwait screened the original 2019 version of the film with cuts. It is not known what prompted the ban, however, fans have speculated online that it is related to a brief  LGBTQ+ reference. Kuwait has previously blocked Hollywood releases including “Barbie” for containing “ideas and beliefs that are alien to Kuwaiti society and public order.”

📷 Photo of the Day

Sept. 22-28, New York. U.N. General Assembly. Close to 100 heads of state take the stage for a marathon week of speeches and top-level diplomacy. U.N. Headquarters.

Sept. 22-24, Dubai. Seamless Middle East. The annual event brings together more than 25,000 professionals across e-commerce, retail, digital marketing, payments and fintech to explore the latest technologies and trends shaping digital commerce. Dubai World Trade Centre.

Sept. 28-Oct. 1, Singapore. SuperReturn Asia. The region’s premier private capital gathering. Marina Bay Sands Convention Centre.

Sept. 29-30, Abu Dhabi. Arab Federation of Capital Markets. Hosted by the Abu Dhabi Securities Exchange, the event brings together executives from Arab stock exchanges, regulators, clearing houses, investment banks, asset managers and international financial institutions. Grand Hyatt Abu Dhabi.

Sept. 29-30, Doha. Qatar Fintech Expo. QFEX 2026 will explore developments in financial markets, artificial intelligence, digital assets, fintech and connectivity. Hilton Doha.

Sept. 29-Oct. 1, Dubai. Future Hospitality Summit. Exploring key trends in hotel development, sustainability, innovation and entrepreneurship. Madinat Jumeirah. 

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

Sept. 29-Oct. 1, Dubai. GoTech. Energy industry leaders, startups and technology experts explore innovation, AI, sustainability and emerging technologies shaping the future of energy. Dubai World Trade Centre.

Sept. 30, Dubai. AWS Summit Dubai. Exploring the latest developments in cloud computing, AI and digital transformation. Dubai World Trade Centre. 

Oct. 6-7, Abu Dhabi. Ai Everything. The AI forum brings together policymakers, innovators and business leaders. ADNEC Centre.

Oct. 7-9, Singapore. Milken Institute Asia Summit. Bringing together a global community of influential leaders shaping the next era of intelligence, collaboration and growth. Four Seasons Hotel.

Oct. 12-14, Dubai. The Airport Show. Exploring innovations in sustainability, digitalization, security and passenger experience, alongside several major industry forums. Dubai World Trade Centre. 

Oct. 13-15, Dubai. SuperReturn Middle East. Exploring fundraising, private credit, family offices, infrastructure, AI, venture capital and shifting investment opportunities across the region. Ritz-Carlton, DIFC.

Oct. 21, Abu Dhabi. Reuters NEXT Gulf. Exploring the Gulf’s growing global influence across AI, finance, energy, trade and geopolitics. St. Regis Saadiyat Island Resort.

Oct. 21, 22, 24, Riyadh. Six Kings Slam. World No. 1 Jannik Sinner will defend his Six Kings Slam title when the tennis exhibition tournament returns, to be streamed globally on Netflix. ANB Arena.

Oct. 22-26, Dubai. Dubai Fashion Week. Dubai’s official fashion platform, bringing together regional and international designers, buyers and industry leaders for runway shows, collection launches and events. Dubai Design District.

Oct. 26-29, Riyadh. Future Investment Initiative. Saudi Arabia’s keystone annual business conference, sponsored by the Public Investment Fund. King Abdulaziz International Conference Center. 

GAS GAMBIT

Saudi Aramco, the world’s biggest oil exporter, plans to create a gas division, giving the business its own president and preparing for major investments in LNG. The overhaul could pave the way for Aramco to sell a minority stake in the gas business or list parts of it to raise money for Saudi projects and overseas energy investments, Reuters reports. Aramco is expanding the Jafurah shale gas field to supply more gas at home, freeing up oil now burned for power generation for export. The company raised $11 billion last year through a lease deal involving Jafurah’s gas processing facilities, offering another model for funding its expansion.

BOEHLY’S BID

Billionaire Todd Boehly has assembled a group to bid for Russian oil company Lukoil’s international assets that includes prominent Gulf investors. The backers include Sheikh Tahnoon bin Zayed, the UAE National Security Advisor whose International Holding Co. is expected to lead the consortium alongside UAE-based Allied Investment Partners, the Financial Times reports. Also participating are the Syrian-Qatari Al-Khayyat family, represented by brothers Ramez and Moataz Al-Khayyat, and the U.S. International Development Finance Corp. — headed by Ben Black, the son of Leon Black, co-founder of the private equity firm Apollo . The group has yet to reach a deal with Lukoil and is seeking to displace Carlyle, whose earlier purchase agreement remains stalled pending U.S. approval, the newspaper said.

ADNOC: XRG, the investment arm of the UAE’s national oil company, is exploring the purchase of a stake in the Shell-led LNG Canada export project, part of ADNOC’s effort to become one of the world’s five largest gas and petrochemicals suppliers, Bloomberg reports.

Public Investment Fund: PIF-backed Red Sea Global, along with the Saudi Tourism Authority and associated tourism brands, is leading the kingdom’s pavilion at the Monaco Yacht Show, which kicks off today in Port Hercule. The continued push to promote yachting on the Red Sea coast comes despite renewed conflict with the Iran-backed Houthis disrupting trade and tourism to the area in recent weeks.

South Africa Fund: The South African government has been talking to several Gulf sovereign wealth funds amid plans to create its own fundraising vehicle for a new state property company that will manage $9.5 billion in buildings and land, Bloomberg reports. The country is seeking outside investment to help meet its infrastructure goals, and Public Works and Infrastructure Minister Dean Macpherson said from Dubai that Gulf investors have shown strong interest.

🇨🇳 Alibaba Expands: Alibaba said it plans to expand its data centers in the UAE as it pushes its cloud and AI services further into the Middle East.

🍫 Chocolate Freeze: Swiss chocolate maker Lindt has suspended plans to establish a flagship Dubai chocolate museum and store amid concerns that the Iran war is hurting tourism and air travel in the Gulf.

📱 Payment Entry: PhonePe received preliminary UAE Central Bank approval for licenses that would allow the Indian fintech to offer payment and stored-value services in the country, Reuters reports.

🤖 Proptech Platform: Dubai-based Huspy, which runs an AI operating system for real estate and mortgage brokers, has acquired Italy’s Integra Finance.

🛢️ Pipeline Restart: Saudi Arabia restarted its East-West oil pipeline at a reduced rate and is prepared to resume exports from Yanbu, pushing Brent crude down more than $2 toward $97 a barrel, Reuters reports.

📈 IPO Regulations: Saudi Arabia’s Capital Market Authority has proposed new IPO regulations aimed at improving transparency, fairness and alignment with global standards.

🎈 Events Disrupted: Saudi Arabia’s events industry faces disruption in its peak season, as escalating Houthi missile threats deter international visitors, potentially forcing organizers to postpone shows or focus more on regional audiences.

🇸🇾 Lucky Syria: Erebor Bank is eyeing a foray into Syria to help the war-torn country reconnect to the global financial system, after the bank founded by Palmer Luckey became a new financial bridge between the U.S. and Venezuela, The Information reports.

Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani told the U.N. General Assembly in New York on Tuesday that the Middle East is going through “one of its most dangerous phases,” adding that the ongoing developments could be solved through “diplomatic means.” 

UAE President Sheikh Mohamed bin Zayed and members of the Supreme Council and Rulers of the Emirates offered their condolences to Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, in Dubai on Tuesday, after the passing of his brother Sheikh Ahmed bin Rashid.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, participated in a meeting convened by U.S. President Donald Trump that included Jordan’s King Abdullah II; Qatar’s Emir Sheikh Tamim bin Hamad; Turkey’s President Recep Tayyip Erdoğan; Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan; Syria’s President Ahmed Al-Sharaa; Kuwait’s Crown Prince Sheikh Sabah Khaled Al-Hamad; Iraq’s Prime Minister Ali al-Zaidi; Lebanon’s Prime Minister Dr. Nawaf Salam; and Egypt’s Prime Minister Dr. Mostafa Madbouly.

Saudi Crown Prince Mohammed bin Salman held a phone call with Russian President Vladimir Putin on Tuesday to discuss developments in the region and the repercussions of the ongoing escalation on maritime security.

Jarrod Agen, Executive Director of the White House’s National Energy Dominance Council, told The National in an interview that Gulf countries need to “de-emphasize the strait [Hormuz],” by creating “several routes, different corridors, either east-west, either bypassing the strait or getting up Turkey or into the Mediterranean.”

Sarah Al Amiri, the UAE’s Minister of Education, is leading a push to introduce AI literacy across state schools while reducing screen time, with a focus on teaching children to understand and critically evaluate AI rather than rely on it to think for them.

Mario Makary was appointed Vice President and Country Manager for the UAE at Visa.

Tristan Delmas was appointed General Manager of Chedi Wadi Safar, part of the Wadi Safar masterplan in Saudi Arabia’s Diriyah megaproject, by Chedi Hospitality.

🧑‍🍳 Gastro Grove: Time Out Market is coming to Abu Dhabi, with the launch of a new food hall at Saadiyat Grove, alongside new international restaurants including New York chef David Chang’s Momofuku, The National reports. The global food hall concept, which first launched in Lisbon in 2014 and has expanded to cities including Barcelona, Budapest and New York, already has an outlet in Dubai’s Souk Al Bahar, neighboring Dubai Mall and the Burj Khalifa. Separately, Saadiyat Grove will have an Alain Ducasse Cafe and a Monsieur Paul — the French brasserie inspired by legendary French chef Paul Bocuse.

📷 Photo of the Day

Sept. 22-28, New York. U.N. General Assembly. Close to 100 heads of state take the stage for a marathon week of speeches and top-level diplomacy. U.N. Headquarters.

Sept. 22-24, Dubai. Seamless Middle East. The annual event brings together more than 25,000 professionals across e-commerce, retail, digital marketing, payments and fintech to explore the latest technologies and trends shaping digital commerce. Dubai World Trade Centre.

Sept. 28-Oct. 1, Singapore. SuperReturn Asia. The region’s premier private capital gathering. Marina Bay Sands Convention Centre.

Sept. 29-30, Abu Dhabi. Arab Federation of Capital Markets. Hosted by the Abu Dhabi Securities Exchange, the event brings together executives from Arab stock exchanges, regulators, clearing houses, investment banks, asset managers and international financial institutions. Grand Hyatt Abu Dhabi.

Sept. 29-30, Doha. Qatar Fintech Expo. QFEX 2026 will explore developments in financial markets, artificial intelligence, digital assets, fintech and connectivity. Hilton Doha.

Sept 29-Oct. 1, Dubai. Future Hospitality Summit. Exploring key trends in hotel development, sustainability, innovation and entrepreneurship. Madinat Jumeirah. 

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

Sept. 29-Oct. 1, Dubai. GoTech. Energy industry leaders, startups and technology experts explore innovation, AI, sustainability and emerging technologies shaping the future of energy. Dubai World Trade Centre.

Sept. 30, Dubai. AWS Summit Dubai. Exploring the latest developments in cloud computing, AI and digital transformation. Dubai World Trade Centre. 

Oct. 6-7, Abu Dhabi. Ai Everything. The AI forum brings together policymakers, innovators and business leaders. ADNEC Centre.

Oct. 7-9, Singapore. Milken Institute Asia Summit. Bringing together a global community of influential leaders shaping the next era of intelligence, collaboration and growth. Four Seasons Hotel.

Oct. 12-14, Dubai. The Airport Show. Exploring innovations in sustainability, digitalization, security and passenger experience, alongside several major industry forums. Dubai World Trade Centre. 

Oct. 13-15, Dubai. SuperReturn Middle East. Exploring fundraising, private credit, family offices, infrastructure, AI, venture capital and shifting investment opportunities across the region. Ritz-Carlton, DIFC.

Oct. 21, Abu Dhabi. Reuters NEXT Gulf. Exploring the Gulf’s growing global influence across AI, finance, energy, trade and geopolitics. St. Regis Saadiyat Island Resort.

Oct. 21, 22, 24, Riyadh. Six Kings Slam. World No. 1 Jannik Sinner will defend his Six Kings Slam title when the tennis exhibition tournament returns, to be streamed globally on Netflix. ANB Arena.

Oct. 22-26, Dubai. Dubai Fashion Week. Dubai’s official fashion platform, bringing together regional and international designers, buyers and industry leaders for runway shows, collection launches and events. Dubai Design District.

Oct. 26-29, Riyadh. Future Investment Initiative. Saudi Arabia’s keystone annual business conference, sponsored by the Public Investment Fund. King Abdulaziz International Conference Center.