NEO BROKER

American fintech Robinhood Markets will launch a new Middle East base in Dubai next year as it continues its rapid global expansion. The California-based firm has been authorized by the Dubai Financial Services Authority to offer trading and custody services across 10 asset classes, including equities, cryptocurrency, exchange-traded funds and investment tokens, Bloomberg reports. It will set up an office in the Dubai International Financial Centre. Robinhood, which is popular among young people for its zero-commission trades, mobile-first service and gamification of stock trading, launched full operations in the European Union last year and is also preparing to launch in Singapore. The DIFC office, which will serve as the firm’s regional headquarters, “brings us closer to building a global platform that enables anyone, anywhere to own the highest quality financial assets,” Robinhood CEO Vlad Tenev said.

U.N. CONTENDER

Lana Nusseibeh, a veteran UAE diplomat who served for 10 years as ambassador to the U.N., has been formally nominated to lead the world body. UAE President Mohamed bin Zayed submitted the nomination on Wednesday in the contest to succeed Secretary-General António Guterres, whose term expires Dec. 31. If elected, she would be the first woman to head the U.N.  and second from the Middle East, following Egypt’s Boutros Boutros-Ghali. Nusseibeh, 48, joins a field of six other candidates, with former Costa Rican Vice President Rebeca Grynspan reportedly the frontrunner.

Public Investment Fund: Saudi Arabia’s HUMAIN and DataVolt have signed a preliminary framework agreement with AI cloud company Nebius, which will become the first data center customer at NEOM’s Oxagon industrial hub.  

Abu Dhabi Investment Authority: Stable, a unit of ADIA, has been named as an anchor investor in Indian hospital operator Paras Healthcare’s $153.4 million IPO.

Qatar Investment Authority: The QIA hosted the 9th Annual One Planet Sovereign Wealth Funds CEO Summit in Doha, in the presence of Qatar’s Emir Sheikh Tamim bin Hamad, French President Emmanuel Macron and Sheikh Mohammed bin Abdulrahman bin Jassim, Qatar’s Prime Minister and Minister of Foreign Affairs.

🌳 Clean Projects: The UAE plans to invest up to $54.5 billion in clean energy projects by 2030 to meet rising electricity demand, after increasing its renewable energy capacity more than 63-fold over the past decade.

💰 Gold Cache: Wealthy investors from the U.S., Europe and the Middle East are increasingly turning to Singapore to store their gold amid rising geopolitical tensions, debt concerns and political uncertainty, Bloomberg reports.

💰 Raising Capital: Tel Aviv-based Vintage Investment Partners has raised $920 million for its new fund-of-funds and secondary investments as it sharpens its focus amid consolidation in the venture capital market.

💬 Private Conversations: Abu Dhabi Finance Week, taking place Dec. 7-10, will hold about half its sessions behind closed doors to encourage candid discussions and business deals.

📝 Open Tender: Saudi Arabia’s Ports Authority has invited local and international companies to express interest in developing and operating a logistics zone near Jeddah Islamic Port.

🔧 Linking Networks: UAE state-owned utility Etihad Water and Electricity plans to link water transmission networks across the northern emirates to secure supplies and reduce the risk of disruptions amid regional tensions.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, traveled to Athens where he met George Gerapetritis, Minister of Foreign Affairs of Greece. Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Group CEO, joined the delegation.

Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai and UAE Deputy Prime Minister and Minister of Finance, met with Singapore’s Prime Minister Lawrence Wong in Dubai on Wednesday.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, held a phone call with Bianca Odumegwu-Ojukwu, Nigeria’s Foreign Minister. Sheikh Abdullah also spoke separately with Dr. Fuad Hussein, Iraq’s Deputy Prime Minister and Foreign Minister, and Antonio Tajani, Italy’s Deputy Prime Minister.

Sheikh Ahmed bin Saeed, Chairman of the Dubai Supreme Council of Energy and Chairman and CEO of Emirates, inaugurated the 12th edition of the World Green Economy Summit in Dubai.

➿ On the Circuit

Yousef Al Otaiba, UAE Ambassador to Washington and a Minister of State, said the country is pressing ahead with U.S. investments despite the war with Iran and related disruptions. “Our commitments to the United States remain firm; our major investments are moving forward,” he wrote in a letter to the U.S.-UAE Business Council. He cited Space42’s $1 billion communications deal with Viasat and more than $65 billion in Boeing aircraft orders from Emirates, Etihad and flydubai.

Egyptian President Abdel Fattah al-Sisi said Egypt’s military support for Saudi Arabia would be limited to defending the kingdom’s territory and borders and would not include an attack on Yemen, Reuters reports.

Jaideep Khanna, CEO Asia-Pacific at Barclays, told Bloomberg that the bank is continuing with plans to expand in Saudi Arabia and the wider Middle East, keeping its “constructive” view on the region, “We are a big believer” in the opportunity in the Middle East.

🏛️ Art Lender: Louvre Abu Dhabi is increasingly sharing its masterpieces with museums around the world as its permanent collection matures. Outgoing loans have more than tripled since 2021, with works going to exhibitions at the Louvre and Musee d’Orsay in Paris, the Metropolitan Museum of Art in New York, and the Galleria Borghese in Rome. “We were originally a borrowing institution, but we are moving towards a lending institution as well,” Guilhem Andre, Louvre Abu Dhabi’s Director of Scientific, Curatorial and Collections Management, told The National. “Since the opening, we’ve lent many of our masterpieces abroad.” Andre edited “Birth of a Collection,” a new book documenting the museum’s treasures.

📷 Photo of the Day

Oct. 22-26, Dubai. Dubai Fashion Week Spring/Summer27. 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. 25-27, Doha. 9th World Investment Forum. A global platform for investment and development, bringing together government leaders, CEOs and investors under the theme “Investing in the Future.” Sheraton Convention Center.

Oct. 25-29, Cairo. Cairo Water Week 2026. The event will bring together government officials and industry leaders to discuss water security, climate resilience and sustainable development. Triumph Luxury Hotel, Fifth Settlement, New Cairo.

Oct. 26, Abu Dhabi. The Arabian AI & Agentic Summit. An event for AI leaders, innovators, and decision-makers driving the future of Conversational AI, Agentic AI and Generative AI in the UAE and wider GCC region. ADNEC Centre.

Oct. 26-27, Dubai. Dubai AI Festival. The event will bring together global technology leaders to explore advances in artificial intelligence. Dubai World Trade Center.

Oct. 26-28, Dubai. ARABLAB LIVE 2026. The event will explore advances in analytical technology, life sciences and laboratory automation. Dubai World Trade Centre.

Oct. 26-28, Dubai. Growtech Middle East 2026. The event will explore advances in sustainable agriculture, food security, aquaculture and livestock production. Dubai World Trade Centre.

Oct. 27-29, Casablanca. Africa EV Mobility Expo 2026. The event will explore electric vehicles, battery technology and sustainable mobility across Africa. Foire Internationale de Casablanca.

Nov. 2-5, Abu Dhabi. ADIPEC 2026. Showcasing the latest strategies and innovations that are defining the future of energy. ADNEC Centre.

Nov. 2-6, Dubai. Dubai Future Finance Week. Bringing together global financial leaders, investors, regulators and innovators to explore the future of finance, fintech, investment, sustainability and digital assets. Dubai International Finance Centre.

Nov. 3-5, Dubai. GulfHost 2026. The event will explore innovations in commercial kitchen equipment, food service technology and sustainable hospitality. Dubai World Trade Centre.

Nov. 4, Abu Dhabi. Digital Transformation Summit. The 51st Digital Transformation Summit UAE  will explore agentic AI, cybersecurity and digital transformation. Sofitel Abu Dhabi.

Nov. 4-8, Dubai. Downtown Design. The exhibition will showcase contemporary furniture, lighting, materials and innovative design solutions. Dubai Design District (d3).

Nov. 4-15, Sharjah. Sharjah International Book Fair. The event will include book launches, publishing industry meetings and literary programs. Expo Centre Sharjah.

Nov. 10-12, Abu Dhabi. International Real Estate & Investment Show. Showcasing options for investment and insight into market trends. ADNEC Centre.

Nov. 10-12, Dubai. EV World Show. The event brings together EV manufacturers, government officials and investors to shape the future of transportation. Dubai World Trade Center.

Nov. 19-22, Abu Dhabi. Abu Dhabi International Boat Show. Showcasing the latest innovations in boating, fishing, and water sports. ADNEC Centre.

FERRARI FEVER

Saudi Arabia’s growing ranks of wealthy consumers and younger sports-car buyers are helping to power Ferrari’s growth in the Middle East. The kingdom’s economic and social changes are attracting customers interested in personalized cars and motorsports, Giorgio Turri, Managing Director of Ferrari Middle East, told Asharq Al-Awsat. Ferrari’s new Riyadh showroom, the first in the Middle East and Asia to adopt its updated design, features a customer lounge and private spaces for choosing paint colors, materials and interior finishes. It comes after supercar competitor McLaren Automotive, which is owned by Abu Dhabi sovereign fund L’Imad, announced its return to Riyadh earlier this month.

ARABIC INTELLIGENCE

UAE startup CNTXT AI is training robots to fold T-shirts and pick up water bottles while developing Arabic voice tools that help companies serve customers in their own dialects. The company is opening its first U.S. office in Silicon Valley, where most of its clients are based, The Wall Street Journal reports. Its robotics business records people performing everyday tasks in workplaces to give machines practical training beyond the lab, while its Arabic voice models cover more than 25 dialects. CNTXT AI raised $60 million in June and says it has $300 million in committed revenue, mostly from U.S. cloud providers, AI developers and large businesses.

Mubadala: The sovereign wealth fund is part of a Centerbridge-led consortium that is in talks to buy Canaccord Genuity’s U.K. wealth management business in a deal that could value the unit at $1.3 billion, Bloomberg reports.

M42: The Abu Dhabi-based company, owned by Mubadala and G42, plans to open its second healthcare facility in Bahrain through a joint venture with HealthVision, offering 20 specialties at a new Mubadala Health facility in Bahrain Bay.

Jada Fund of Funds: Participants at Jada’s Executive Roundtable 2026, “Inside the Institutional Investor Mindset,” a recent closed-door discussion, called for a secondaries market, more exits through acquisitions and listings, and patient capital for companies that take longer to build. 

Public Investment Fund: Saudi Arabia’s Qiddiya has awarded an $82 million contract to a Senaat subsidiary for steel structures and facades at its flagship National Tennis Center, despite escalating Houthi attacks raising concerns over construction timelines and investor confidence.

Abu Dhabi Investment Authority: A unit of Abu Dhabi’s sovereign wealth fund ADIA has been named an anchor investor in Indian hospital operator Paras Healthcare’s $153.4 million IPO, which opened today.

⛽ Pumping Gas: Italy’s Eni has begun startup activities in the second phase of its Meleiha project in Egypt’s Western Desert, adding capacity to process up to 100 million cubic feet of gas per day and boosting domestic production.

⚕︎ New Medicines: Egypt-focused investment firm RMBV will acquire a 50% stake in drugmaker ATCO Pharma to support its expansion into new medicines and regional markets.

💵 Hotel Havens: Saudi Arabia has approved 19 hospitality projects across five tourism destinations, expected to attract $1.8 billion in investment.

💰 Chilling Out: Emirates Central Cooling Systems is seeking to replace existing loans worth up to $1.5 billion with new financing.

🏢 Advent Expansion: Private equity firm Advent has opened an office in Abu Dhabi’s ADGM financial hub, led by Managing Director Mehdi Iraqi, as global investors continue to expand in the emirate despite regional conflict.

🛫 Saudi Shield: Britain will deploy RAF Typhoon fighter jets on defensive missions to protect Saudi cities and critical infrastructure from Houthi drones and missiles, alongside an A400M transport aircraft and military advisers, Reuters reports.

✈️ Greener Skies: Qatari- and Saudi-backed Green Sky Capital plans to build a $239 million sustainable aviation fuel plant in Morocco’s Nador West Med complex, Morocco World News reports.

👎 Recovering Funds: Investors linked to Dubai-based AIX Investment Group have filed recovery claims totaling about $10 million, according to court documents cited by the Financial Times.

UAE President Sheikh Mohamed bin Zayed met with a delegation of international health experts attending the Abu Dhabi Future Health Summit on Tuesday.

Sheikh Mohamed received Singapore’s Prime Minister Lawrence Wong, who is on an official visit to the UAE, in Abu Dhabi today.

King Salman of Saudi Arabia chaired a cabinet session in Riyadh on Tuesday and stressed the need for international cooperation to protect global energy, security, and maritime navigation amid the ongoing regional conflict.

Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai, UAE Deputy Prime Minister and Minister of Finance and President of Dubai International Financial Centre, met with Georges Elhedery, Group CEO of HSBC, and discussed opportunities to strengthen cooperation in banking, finance and investment.

➿ On the Circuit

Anwar Ibrahim, Malaysia’s Prime Minister and Finance Minister, met with the Chairman of the Islamic Development Bank Group Dr. Muhammad Al Jasser in Kuala Lumpur.

Georges Elhedery, the CEO of HSBC, said Gulf investment in pipelines and alternative logistics routes could make the Strait of Hormuz “redundant” within five years, Reuters reports.

Hussain Sajwani, the billionaire founder of Dubai-based Damac Properties, met with Joe Lonsdale, Founder and Managing Partner of 8VC, on Tuesday.

Mohammed Ben Sulayem, President of the International Automobile Federation, the governing body of F1, said he is pleased that the last two races of the season in Qatar and Abu Dhabi will proceed as planned and not be moved to other countries, Reuters reports.

Mohammad Abdulrahman Alhawi, Undersecretary of the UAE Ministry of Investment, told The National in an interview on Tuesday that no planned foreign direct investment in the UAE has been canceled this year despite the U.S.-Iran war.

❤️ Love is Back: “Love is Blind Habibi,” one of Netflix’s most popular Arabic-language shows, is returning for its second season on Nov. 12. The series, which is mostly filmed in Dubai, features dozens of singles who must decide whether to get engaged without seeing each other in person. The new season includes 13 men and 14 women from countries including Syria, Lebanon, Bahrain, Iraq, Jordan and Morocco. Among them are Sudanese model Nour Yahya, who walked the Paris Fashion Week runway for Chanel, bookish Lebanese yoga studio owner Rabab Ahmad and Nawras Kurdi, a Syrian founder of an adventure sports company who wears long dreadlocks.

📷 Photo of the Day

Oct. 20-22, Abu Dhabi. Abu Dhabi Future Health Summit. Exploring how AI, data, and innovation can enable earlier prediction of illnesses and improve treatment. ADNEC Centre.

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. 25-27, Doha. 9th World Investment Forum. A global platform for investment and development, bringing together government leaders, CEOs and investors under the theme “Investing in the Future.” Sheraton Convention Center.

Oct. 26, Abu Dhabi. The Arabian AI & Agentic Summit. An event for AI leaders, innovators, and decision-makers driving the future of Conversational AI, Agentic AI and Generative AI in the UAE and wider GCC region. ADNEC Centre.

Nov. 2-5, Abu Dhabi. ADIPEC 2026. Showcasing the latest strategies and innovations that are defining the future of energy. ADNEC Centre.

Nov. 10-12, Abu Dhabi. International Real Estate & Investment Show. Showcasing options for investment and insight into market trends. ADNEC Centre.

Nov. 19-22, Abu Dhabi. Abu Dhabi International Boat Show. Showcasing the latest innovations in boating, fishing, and water sports. ADNEC Centre.

SUMMIT SHELVED

Saudi Arabia postponed its Future Investment Initiative conference a week before the flagship financial event was scheduled to take place, as participants expressed reluctance to travel to Riyadh in the midst of deadly Houthi missile and drone attacks. Organizers of the 10th annual FII summit, which was due to begin Oct. 26, sent messages on Monday to the thousands registered for the event that it would be delayed until a yet-to-be-determined date in 2027. “This decision comes from a deep commitment to our partners, members, speakers, and delegates,” the FII Institute said in an email received by The Circuit. The postponement adds to disruptions affecting Riyadh Fashion Week, the Six Kings Slam tennis tournament and the PIF Saudi International golf tournament, hitting events central to Crown Prince Mohammed bin Salman’s plans to expand business and tourism.

DEFENSE DRIVE

Qatar plans to establish a defense production hub as Gulf countries confront threats from ballistic missiles, drones and cyberattacks. Sheikh Saoud bin Abdulrahman Al Thani, Minister of State for Defense Affairs, told the Global Security Forum in Doha on Monday that Qatar is working with a regional partner and partners including the U.S., U.K. and France, Reuters reports. Sheikh Saoud said a new partnership would build capabilities to address those threats but provided no further details. The Iran war forced Qatar to shut down much of its main LNG complex at Ras Laffan and disrupted shipping through the Strait of Hormuz.

MGX: Abu Dhabi-based MGX, SoftBank Group and other existing investors are in talks to participate in a funding round for OpenAI worth about $30 billion, Reuters reports.

Abu Dhabi Investment Authority: ADIA and Qatar Investment Authority are reportedly backing Jio Platforms’ IPO, which could raise up to $3.2 billion at a $108 billion valuation, making it one of India’s largest listings.

Danantara: Indonesia’s sovereign wealth fund completed a $531 million purchase of a 1,461-room Novotel and 14 adjoining plots in Thakher Makkah, a hotel and residential development serving pilgrims in Mecca. 

ADNOC: Egypt’s Ministry of Petroleum and Fertiglobe, which is majority-owned by ADNOC, are exploring plans to build a phosphate fertilizer complex in Ain Sokhna with an annual capacity of 1.3 million tons, targeting commercial production in 2031.

Qatar Investment Authority: Qatari Diar has launched an investment zone at its $29 billion Alam El-Roum tourism development on Egypt’s Mediterranean coast to attract foreign capital, with sales to overseas buyers exceeding 30% of the total.

🏠 Saudi Expansion: UAE developer Arada is launching a $3.8 billion residential project in Riyadh and plans to build 100,000 homes across Saudi Arabia over the next three to five years, with further developments planned in Jeddah and Mecca.

📈 Congo Calling: The Republic of the Congo became the first African sovereign issuer to list securities on Nasdaq Dubai, adding a secondary listing for $1.55 billion in bonds already listed in London.

💰 Conditional Terms: Egyptian hospitality group Pickalbatros has secured $250 million in sustainability-linked financing from the International Finance Corporation and Attijariwafa Bank to expand its hotel portfolio in Morocco.

⚡ Power Supply: Qatar plans to build two power plants in Lebanon within three years and sign a 20-year LNG supply agreement, Reuters reports. 

💵 Strong Pipeline: HSBC said that its Middle East, North Africa and Turkey region offers a pipeline of infrastructure projects worth $872 billion, with greater exposure to the region ahead of 2030.

🏢 New Arrivals: Around 14 global financial firms managing more than $5 trillion in assets have announced plans to establish a presence in Abu Dhabi’s financial center ADGM, according to ADGM chairman Ahmed Al Zaabi.

UAE President Sheikh Mohamed bin Zayed and French President Emmanuel Macron discussed expanding cooperation in energy, AI and investment today during Macron’s visit to Abu Dhabi as part of his three-day Gulf tour. 

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, attended the UAE-France Business Dialogue along with President Macron at Qasr Al Watan palace in Abu Dhabi today. 

Sheikh Tahnoon bin Zayed, UAE National Security Adviser and Chairman of MGX, led the Board of Directors meeting of MGX on Monday.

Oman’s Sultan Haitham bin Tariq arrived in the U.K. today for a three-day state visit hosted by King Charles at Windsor Castle outside London.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, met with Dr. Subrahmanyam Jaishankar, India’s Minister of External Affairs, in Mumbai on Monday.

➿ On the Circuit

U.S. Defense Secretary Pete Hegseth reportedly met with Israeli Prime Minister Benjamin Netanyahu during an unannounced visit to Israel on Monday, Axios said.

Abdulrahman Alfozan, a former OpenAI software engineer charged with planting a hidden recording device in a meeting room, was denied bail on Monday by a federal judge in San Francisco. Prosecutors argued that his ties to his native Saudi Arabia and recent firing made him a serious flight risk.

Adam Lawrence, CEO of Aldar subsidiary London Square, told Arabian Gulf Business Insight that the developer is planning thousands more homes in London, despite falling property prices and weak demand in the British capital.

👠 Fashion Forward: Dubai Fashion Week returns to Dubai Design District on Thursday, showcasing regional creativity and upcoming designers for its Spring/Summer 2027 edition. A dedicated buyers program will run alongside the runway parades and atelier appointments to facilitate meetings between couturiers and clients, including leading retail buyers. It comes one week after Riyadh Fashion Week was postponed amid security concerns around Houthi attacks on the Saudi capital.

📷 Photo of the Day

Oct. 20-22, Abu Dhabi. Abu Dhabi Future Health Summit. Exploring how sensing, AI, data, and innovation can enable earlier prediction and proactive intervention. ADNEC Centre.

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. 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. 25-27, Doha. 9th World Investment Forum. A global platform for investment and development, bringing together government leaders, CEOs and investors under the theme “Investing in the Future.” Sheraton Convention Center.

Oct. 26, Abu Dhabi. The Arabian AI & Agentic Summit. An event for AI leaders, innovators, and decision-makers driving the future of Conversational AI, Agentic AI and Generative AI in the UAE and wider GCC region. ADNEC Centre.

Nov. 2-5, Abu Dhabi. ADIPEC 2026. Showcasing the latest strategies and innovations that are defining the future of energy. ADNEC Centre.

Nov. 10-12, Abu Dhabi. International Real Estate & Investment Show. Showcasing options for investment and insight into market trends. ADNEC Centre.

Nov. 19-22, Abu Dhabi. Abu Dhabi International Boat Show. Showcasing the latest innovations in boating, fishing, and water sports. ADNEC Centre.

SYRIA’S SWF

Syria has appointed Omar Al-Halabi as Chairman of its sovereign wealth fund as it seeks foreign investment after 13 years of war. Halabi, who led KPMG’s Middle East economics and public policy advisory practice, also worked with Saudi Arabia’s Public Investment Fund, Arab News reports. President Ahmed Al-Sharaa also named him a presidential economic adviser in a decree published Sunday. The fund oversees investment projects and state assets, including holdings confiscated from businessmen linked to ousted ruler Bashar Assad.

DIGITAL DEALS

Abu Dhabi is planning to sell the technology behind its digital public services platform to cities in the U.S. as it attempts to turn its homegrown innovations into commercial exports. Tamm, as the online service is called, unifies government and private-sector functions, allowing its 4.7 million users to quickly complete tasks from renewing identity documents and registering vehicles to opening bank accounts. Tamm Global will license the platform to foreign governments, tailoring it to their needs and making data sovereignty central to the offering – meaning governments will keep control of citizens’ information. The first overseas customer is expected to be an as-yet unidentified U.S. city, with an agreement expected to be signed in the coming months, Arabian Gulf Business Insight reports.

Dubai Investments: DIP Holding, a subsidiary of Dubai Investments, which owns the ​Dubai Investments Park real estate business, plans to float 20% of its shares on the Dubai Financial Market in the UAE’s first IPO of 2026, Reuters reports.

Public Investment Fund: PIF-owned Humain has invited bids for a contract worth an estimated $1 billion to build a 100MW AI data center.

TAQA: Abu Dhabi’s TAQA has mandated banks for a dual-tranche U.S. dollar green bond offering, with plans to issue five- and 10-year notes to finance eligible green projects.

🏦 Bank IPO: Egypt’s state-owned Banque du Caire plans to raise up to $454 million through a 30% stake sale, potentially increasing the offering to 45% depending on demand, in what could be the country’s largest IPO in years, Bloomberg reports. 

💰 Local Financing: Dubai Financial Market-listed Al Mal Capital REIT plans to secure a $24.5 million Islamic financing facility from RAK Bank to refinance existing debt tied to its Wesgreen International Private School asset in Sharjah.

🌱 Ad Dollars: UAE advertising tech startup JustAd, which uses AI to help businesses manage campaigns, raised $5 million from angel investor Imad Jomaa. 

🚢 Transporting Gas: A tanker carrying Qatari LNG is sailing north through the Red Sea towards Poland, taking a rare route vulnerable to Houthi attacks that could accelerate deliveries to Europe.

💻 Backing Down: Saudi Arabia’s withdrawal from the China-led mBridge digital currency project has raised questions about possible U.S. pressure to abandon a cross-border payment system that could reduce reliance on the dollar.

📄 Institutional Review: Bahrain is strengthening its anti-money laundering and sanctions compliance measures ahead of a regional financial crime review, as the Iran war heightens risks of illicit financial activity across the Gulf, Arabian Gulf Business Insight reports.

UAE President Sheikh Mohamed met with Prince Khalid bin Salman, the Saudi Minister of Defense, in Abu Dhabi on Sunday. UAE National Security Advisor Sheikh Tahnoun bin Zayed and UAE Vice President Sheikh Mansour bin Zayed joined the meeting.

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, has called for greater unity and cooperation among Gulf nations.

Emir of Kuwait Sheikh Meshal greeted French ​President ⁠Emmanuel Macron on his arrival in Kuwait today as part of a Gulf tour that will also take Macron to the UAE, Bahrain and Qatar. 

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, met with Scott Gilmore, Principal Secretary to the Prime Minister of Canada.

Sheikh Abdullah held various calls with counterparts to discuss regional security on Sunday, including Nasser Bourita, Morocco’s Foreign Minister; Badr Abdelatty, Egyptian Foreign Minister; Ayman Safadi, Jordan’s Deputy Prime Minister and Foreign Minister; Sheikh Mohammed bin Abdulrahman, Qatar’s Prime Minister and Foreign Minister; and Badr Al Busaidi, Oman’s Foreign Minister. He also spoke with Ed Miliband, the United Kingdom’s Secretary of State for Foreign, Commonwealth and Development Affairs.

➿ On the Circuit

Sami Abouzahr was appointed Head of International Wealth and Premier Banking for the UAE and the Middle East at HSBC.

Ali Alhosani has been elected as one of 25 executive directors at the International Monetary Fund, becoming the first Emirati to hold the position.

Smit Machchhar, the Flydubai captain who was attacked on Flight 1073, spoke to The National from his hospital bed in Abu Dhabi, saying that he hopes to return to flying after his recovery.

💂 London Debut: Saudi Arabia’s Hafez Gallery joined Frieze London for the first time with a show featuring Egyptian artist Ahmed Nawar and Bahrain-born Saudi artist Faisal Samra, Arab News reports. “Dialogue of Forms,” which explores the relationship between drawing, sculpture and the human body, ran from Oct. 14-18 at Regent’s Park. “Since Hafez Gallery opened in Jeddah, our purpose has been to support Saudi and Arab artists and to give them a place in the wider conversation,” founder Qaswra Hafez said. “Frieze London is one of the best opportunities to get that conversation going.”

📷 Photo of the Day

Oct. 20-22, Abu Dhabi. Abu Dhabi Future Health Summit. Exploring how sensing, AI, data, and innovation can enable earlier prediction and proactive intervention. ADNEC Centre.

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. 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. 25-27, Doha. 9th World Investment Forum. A global platform for investment and development, bringing together government leaders, CEOs and investors under the theme “Investing in the Future.” Sheraton Convention Center.

Oct. 25-29, Riyadh. Global Health Exhibition. A meeting point for the world’s healthcare innovators. Riyadh Exhibition and Convention Center.

Oct. 26, Abu Dhabi. The Arabian AI & Agentic Summit. An event for AI leaders, innovators, and decision-makers driving the future of Conversational AI, Agentic AI and Generative AI in the UAE and wider GCC region. ADNEC Centre.

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. 

Nov. 2-5, Abu Dhabi. ADIPEC 2026. Showcasing the latest strategies and innovations that are defining the future of energy. ADNEC Centre.

Nov. 10-12, Abu Dhabi. International Real Estate & Investment Show. Showcasing options for investment and insight into market trends. ADNEC Centre.

Nov. 19-22, Abu Dhabi. Abu Dhabi International Boat Show. Showcasing the latest innovations in boating, fishing, and water sports. ADNEC Centre.

DUBAI RISING

Dubai is pressing ahead with a $1.4 billion expansion of its financial district despite a property slowdown following Iranian attacks earlier this year. Construction has begun on H&H Development’s Water Gardens, a four-building project with two hotels, homes and offices scheduled for completion before the end of 2028, Bloomberg reports. H&H Chairman Shahab Lutfi said buyers are still committing, with two Four Seasons-branded homes selling last week for about $9.5 million and $12.3 million. Dubai’s financial hub has also surpassed 10,000 active registered companies, signaling continued demand from global businesses despite the regional turmoil.

CHEMICAL BONDS

Middle Eastern chemical producers are holding on to most customers despite shipping disruptions through the Strait of Hormuz. The region’s low prices and production scale make a permanent shift to other suppliers unlikely, Reuters reports. The Middle East accounted for more than 40% of global exports last year of polyethylene, a plastic used in packaging, consumer goods, and industrial products. Buyers are diversifying their supply chains, with domestic and regional alternatives capturing roughly 20% of demand, but Gulf producers retain a competitive edge thanks to abundant raw materials and proximity to Asian and European markets.

Abu Dhabi Investment Authority: ADIA has invested $13 million in Indian manufacturer Zetwerk’s IPO, acquiring 5.55% of the anchor investor allocation.

Qatar Investment Authority: San Francisco-based Activate Capital has joined QIA’s $3 billion Fund of Funds program and plans to open its first international office in Doha, expanding investments in energy technology, smart infrastructure and decarbonization across the Global South.

ADQ: Etihad Airways appointed Wei Jin as interim chief revenue and commercial officer, replacing Arik De as the Abu Dhabi-based carrier looks for a permanent successor.

🌽 Food Security: The Jeddah-based Islamic Development Bank and the U.N.’s International Fund for Agricultural Development will provide up to $750 million in co-financing to strengthen food security, agriculture and rural economies across the bank’s 57 member countries.

👷🏽 Building Luxury: Samana Developers is developing a residential project worth more than AED4 billion ($1.09 billion) on Dubai’s World Islands, featuring 840 branded residences, floating villas and yacht connections to the mainland.

🚂 Railway Deal: Morocco’s Jet Contractors has secured a $44.5 million contract to build five railway stations along the Benguerir–Marrakech corridor as part of the Kenitra–Marrakech high-speed rail project.

💰 Raising Funds: Bahrain’s GFH Bank has raised $63 million through a sharia-compliant fund to invest in electricity grid infrastructure across North America and Europe, driven by rising demand from AI, data centers and electrification.

📈 Market Debut: Egypt has raised the stake it plans to list in Banque du Caire on the Egyptian Exchange to 45% from 30%, Asharq Business reports.

🏨 New Territory: Dubai-based Chedi Hospitality plans to sign deals in December to operate two hotels in Morocco’s port city of Essaouira as it evaluates more than 50 projects worldwide, including opportunities in the U.S. and Latin America, CEO Stephan Schupbach told Arabian Business.

📦 Warehouse Need: Demand for warehouse space in Saudi Arabia and the UAE remains strong despite the U.S.-Iran war, driven by companies stockpiling goods to guard against supply-chain disruptions and continued investment in logistics infrastructure.

🔋 Renewable Demand: India’s renewable energy suppliers are poised for a demand surge as AI data center operators seek alternatives to the U.S. and the Middle East.

Sultan Haitham bin Tarik of Oman conferred royal honors on novelist Ghalya Fahr Al Said, Commerce Minister Anwar Al Jabri and Musandam Governor Sayyid Faisal Al Busaidi.

Sheikh Abdullah bin Zayed, the UAE Minister of Foreign Affairs, met with Anita Anand, Canada’s Minister of Foreign Affairs, on Thursday in Abu Dhabi.

Princess Noura bint Turki Al-Saud, co-founder of Saudi Arabia’s AEON Collective that advocates for sustainable development, told Arab News that climate change activists need to give more consideration to energy market dynamics and affordability.

➿ On the Circuit

​Mohamed Alabbar, Founder and Managing Director of Emaar Properties, said the developer’s sales backlog stood at around AED180 billion ($49 billion), while its collection rate recovered to 98% following a temporary decline amid regional tensions.

Asaad Hassan, Syria’s Foreign Minister, arrived in Riyadh on Thursday for talks with Saudi officials on strengthening bilateral relations. 

Jason Varsamidis was appointed Chief Executive Officer and Managing Director for DP World’s Asia-Pacific region.

🎤 Indian Rhythms: Bollywood superstar Shah Rukh Khan is bringing some of India’s biggest musical acts to Abu Dhabi for UNIFYD, a new festival launching March 20 on Yas Island. More than 15 artists will perform across several stages, with a lineup spanning Hindi film soundtracks and Punjabi pop led by singers Arijit Singh, Karan Aujla and Sonu Nigam, The National reports.

📷 Photo of the Day

Oct. 20-22, Abu Dhabi. Abu Dhabi Future Health Summit. Exploring how sensing, AI, data, and innovation can enable earlier prediction and proactive intervention. ADNEC Centre.

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. 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. 25-27, Doha. 9th World Investment Forum. A global platform for investment and development, bringing together government leaders, CEOs and investors under the theme “Investing in the Future.” Sheraton Convention Center.

Oct. 26, Abu Dhabi. The Arabian AI & Agentic Summit. An event for AI leaders, innovators, and decision-makers driving the future of Conversational AI, Agentic AI and Generative AI in the UAE and wider GCC region. ADNEC Centre.

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. 

Oct. 26-29, Riyadh. Global Health Exhibition. A meeting point for the world’s healthcare innovators. Riyadh Exhibition and Convention Center.

Nov. 2-5, Abu Dhabi. ADIPEC 2026. Showcasing the latest strategies and innovations that are defining the future of energy. ADNEC Centre.

Nov. 10-12, Abu Dhabi. International Real Estate & Investment Show. Showcasing options for investment and insight into market trends. ADNEC Centre.

Nov. 19-22, Abu Dhabi. Abu Dhabi International Boat Show. Showcasing the latest innovations in boating, fishing, and water sports. ADNEC Centre.

SUMMIT DOUBT

A flagship political summit between the EU and the Gulf Cooperation Council in Riyadh is expected to be postponed as Saudi Arabia grapples with attacks from Yemen’s Houthis. The meeting on Oct. 24 was supposed to convene the leaders of Saudi Arabia, Bahrain, Kuwait, Oman, Qatar and the UAE with EU member states and European Commission President Ursula von der Leyen. But some Gulf officials are briefing European counterparts that they’re likely to delay the event, Bloomberg reports. “Unfortunately, as far as I know, this meeting in Riyadh will be postponed, maybe for security reasons,” Bulgarian Prime Minister Rumen Radev said today. The summit is the latest high-profile event to be disrupted by the renewed hostilities. Several prominent global energy executives were unable to attend this week’s World Petroleum Congress, and organizers of the Future Investment Initiative later this month are reportedly moving the event to a hybrid format with remote participation.

JOB MARKET

State Street plans to hire about 100 UAE nationals at a new operating center in Al Ain, an oasis city in the emirate of Abu Dhabi. The facility, scheduled to open in July 2027, is expected to employ 300 people by 2030, with a focus on artificial intelligence, technology and client operations. The investment is part of an effort by the UAE to attract global financial institutions beyond its main financial districts, while creating skilled jobs for Emiratis. State Street, one of the world’s largest asset managers, is also seeking regulatory approval to expand its services at Abu Dhabi Global Market.

Public Investment Fund: Saudi Arabia’s sovereign wealth fund is planning to drop five new stadiums it proposed to build to host the 2034 men’s soccer World Cup, Semafor reports.

Maaden: Saudi mining giant Maaden elected a new board for a four-year term starting Oct. 25, including reappointing PIF Governor Yasir Al-Rumayyan.

Mubadala: Mukesh Ambani’s Mubadala-backed Jio Platforms will launch its IPO next week, in what could become India’s largest-ever listing, Bloomberg reports. At the upper end of the proposed price range, Jio would be valued at $107 billion.

Mubadala: Abu Dhabi developer Aldar, which is backed by Mubadala and International Holding Co., agreed to acquire nine residential buildings from Arada in Sharjah’s Aljada community for $300 million, marking its first investment in the emirate.

🛢️ Pumping Oil: UAE oil production rose by 400,000 barrels a day to a record 5.3 million barrels a day last month, according to the International Energy Agency, Bloomberg reports.

📦 Moving Goods: Gargash Prime and JD’s JINGDONG Property signed an agreement to develop a logistics facility in Dubai, creating a regional distribution and fulfillment hub.

✈️ Flight Finance: State-owned Qatar Airways signed its first Japanese aircraft leasing agreement to finance three Boeing 787-9 Dreamliners, with HSBC and JLPS as financing partners.

🚢 Going Down: A bulk carrier and a container ship attacked near the Strait of Hormuz sank off Oman on Wednesday, as strikes on commercial vessels intensified, with at least 28 ships targeted since Sept. 28.

🏢 New Arrival: Canadian asset manager Fiera Capital, which oversees about $115 billion in assets, has opened an office in Doha after securing initial regulatory approval from the Qatar Financial Centre.

💰 Ditching Dollars: Sovereign wealth funds are increasingly turning to non-dollar debt markets as competition for capital drives up borrowing costs, according to Citi’s Stephanie von Friedeburg.

🏠 Housing Solution: Egypt is considering establishing a real estate investment fund to attract domestic and foreign capital and maximize returns from assets owned by the New Urban Communities Authority.

⛳ Foul Play: LIV Golf accused the DP World Tour of undermining its bankruptcy restructuring by forcing players to choose between the rival leagues, its lawyer told a U.S. federal judge, Bloomberg reports.

President Ilham Aliyev of Azerbaijan hosted Qatar’s Emir Sheikh Tamim bin Hamad Al Thani, Israeli President Isaac Herzog, Iranian Deputy Foreign Minister Kazem Gharibabadi, UAE Minister of State Khalifa bin Shaheen Al Marar and Bahrain’s Foreign Minister Abdullatif bin Rashid Al Zayani today at the Conference on Interaction and Confidence Building Measures in Asia summit in Baku. 

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, today met with Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, at Al Marmoom, Dubai.

Sheikh Abdullah bin Zayed, UAE Foreign Minister, met with Dr. Subrahmanyam Jaishankar, India’s Minister of External Affairs, in Abu Dhabi on Wednesday.

Sheikh Mansoor bin Mohammed, President of the UAE Olympic Committee, received the UAE athletes who won medals at the 20th Asian Games, which recently concluded in Japan.

➿ On the Circuit

​French ​President ⁠Emmanuel Macron will ⁠travel to ​the UAE, Bahrain, Kuwait and Qatar next week from Oct. 19 to 21, his office said.

Ruth Berry, Senior Director and Head of Policy, Government Relations at Nvidia, speaking at the Washington-based Middle East Institute, said countries in the Gulf continue to have a “clear vision for where they want to go on AI,” despite the conflict with Iran.

Arik De, Chief Revenue and Commercial Officer at Etihad Airways, has departed. Wei Jin was appointed to the role on an interim basis while the Abu Dhabi airline searches for a permanent successor.

👠 Fashion: Riyadh Fashion Week, which was scheduled to start today, has been postponed until 2027 amid travel disruptions and concerns about security following missile attacks by Yemen’s Houthis on the Saudi capital. It is the latest in a string of events to be postponed until next year, including the Red Sea International Film Festival and MDLBEAST’s Sandstorm music festival. The Six Kings Slam tennis tournament, which is livestreamed on Netflix, is being postponed until December. 

📷 Photo of the Day

Oct. 20-21, Riyadh. MIPIM Middle East. Bringing together senior decision-makers, investors and the full real estate ecosystem of the GCC and beyond. Sofitel, Riyadh.

Oct. 20-22, Abu Dhabi. Abu Dhabi Future Health Summit. Exploring how sensing, AI, data, and innovation can enable earlier prediction and proactive intervention. ADNEC Centre.

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. 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. 24, Riyadh. GCC-EU Summit. The leaders of the European Union member states and the countries of the Gulf Cooperation Council will meet in Saudi Arabia for the second summit.

Oct. 25-27, Doha. 9th World Investment Forum. A global platform for investment and development, bringing together government leaders, CEOs and investors under the theme “Investing in the Future.” Sheraton Convention Center.

Oct. 26, Abu Dhabi. The Arabian AI & Agentic Summit. An event for AI leaders, innovators, and decision-makers driving the future of Conversational AI, Agentic AI and Generative AI in the UAE and wider GCC region. ADNEC Centre.

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. 

Oct. 26-29, Riyadh. Global Health Exhibition. A meeting point for the world’s healthcare innovators. Riyadh Exhibition and Convention Center.

Nov. 2-5, Abu Dhabi. ADIPEC 2026. Showcasing the latest strategies and innovations that are defining the future of energy. ADNEC Centre.

Nov. 10-12, Abu Dhabi. International Real Estate & Investment Show. Showcasing options for investment and insight into market trends. ADNEC Centre.

Nov. 19-22, Abu Dhabi. Abu Dhabi International Boat Show. Showcasing the latest innovations in boating, fishing, and water sports. ADNEC Centre.

TALL ORDER

Uncertainty around the U.S.-Iran war is weighing on property prices at Dubai’s most iconic address, with a growing number of apartments in the Burj Khalifa selling at a loss. Apartment values in the world’s tallest building fell by about a fifth in September compared to the same time last year, with more than two in five resales selling at a loss in the third quarter, Arabian Gulf Business Insight reports. One former owner told the outlet that they sold their property because they were “worried” about the war. So far this year, 21 out of 68 resales in the Burj Khalifa have sold for less than their previous price on record, with the biggest loss being on an 88th-floor one-bedroom apartment, which sold for about 2.8 million dirhams ($760,000) in August, almost two-fifths below its previous sale price. 

ASSEMBLY REQUIRED

Chinese robotics companies are looking to the Gulf to help manufacture their next generation of AI-powered machines. Beijing-based LinkerBot is in talks with major UAE institutions about potential partnerships, The National reports, citing remarks by the company’s Vice President Weber Su at Dubai’s AIM Summit on Tuesday. One model would combine Chinese components with Gulf financing for assembly and automated production. LinkerBot makes robotic hands that grasp and manipulate objects, along with small motors and other components that control movement.

International Holding Co.: Abu Dhabi’s IHC is in early-stage talks to acquire a stake in Bandhan Financial Services, which owns more than a third of India’s Bandhan Bank.

Investment Corp. of Dubai: Aircraft lessor Dubai Aerospace Enterprise is seeking a $2.1 billion-equivalent loan from a consortium of Asian and UAE banks.

QatarEnergy: Qatar’s state energy company deployed a 29-year-old gas tanker to test a covert shipping route under U.S. Navy protection after attacks near the Strait of Hormuz brought Qatar’s gas exports to a near standstill, Bloomberg reports.

Aramco: Saudi Aramco and its Chinese partners received the first crude shipment for their new refinery in Liaoning Province, bringing the multibillion-dollar complex closer to commercial operations.

DP World: DP World CEO Yuvraj Narayan warned that rising trade barriers and eroding trust are forcing companies to nearly double supply chain investments to ensure business continuity.

📦 Logistics Divestment: Agility Global has agreed to sell its entire stake in Dubai-based Tristar Holdings to India’s Aegis Logistics for $581 million.

👷 Road Works: The Islamic Development Bank and Cameroon have signed a $238 million financing agreement to support the Douala-Bafoussam Road Rehabilitation Project.

🔋 Power Play: A joint venture between Egypt-based power contractor Elsewedy Electric and China-based engineering firm Sinohydro has signed a contract for the $2.2 billion 2.3-gigawatt Rabigh 2 Independent Power Plant Expansion Project in Saudi Arabia. 

🏆 AI Prize: The UAE will offer a prize of $1 million for the winners of a global competition aimed at improving the quality of life through the use of agentic AI.

💻 AI Spy: A Saudi employee of OpenAI was arrested on Oct. 9 and charged with planting a hidden audio recording device in an executive conference room at the company’s San Francisco office, Bloomberg reports.

🧳 Stranded Suits: The vast network of “fly-in” consultants that help run the PIF’s portfolio companies and advise the government on strategy and policy have been forced to postpone trips or take convoluted overland routes to Riyadh, Arabian Gulf Business Insight reports.

🧬 Cancer Bank: Cleveland Clinic Abu Dhabi and Abu Dhabi Biobank launched an initiative to collect and preserve blood and tumor samples donated by cancer patients to advance research and develop more personalized treatments.

🚗 Street Smarts: Dell Technologies and UAE technology company Tahaluf Al Emarat signed an agreement to equip public-service vehicles with AI tools to spot road damage, parking violations and public safety incidents.

Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE, and Ruler of Dubai, said the city has a 2.1 trillion ($735.19 billion) portfolio of active projects covering housing, transport, aviation and infrastructure.

Sheikh Mohammed bestowed the “Mohammed bin Rashid Scarf” upon Mohammad bin Abdullah Al Gergawi, Chairman of the Executive Office of Sheikh Mohammed bin Rashid, in a ceremony at the Dubai World Trade Centre on Tuesday.

Sheikh Abdullah bin Zayed, UAE Foreign Minister, held a phone call with his Saudi counterpart Prince Faisal bin Farhan on Tuesday.

Sheikha Latifa bint Mohammed, Chairperson of Dubai Culture and Arts Authority, attended the New Global Narrative Majlis on how Dubai can benefit from trust it has established globally.

Sheikha Shamma bint Sultan was appointed Executive Fellow for the Science, Discovery and Innovation pillar of the World Economic Forum.

Morocco’s Crown Prince Moulay Hassan opened the exhibition of Sheikh Mansour bin Zayed Al Nahyan’s Award for Photography of Arabian Horses in El Jadida, Morocco, on Tuesday.

➿ On the Circuit

Mattar Al Tayer, Director General and Chairman of the Board of Executive Directors of Dubai’s Roads and Transport Authority, said Dubai is developing an integrated three-dimensional transport system as part of its efforts to reshape the future of mobility.

Mariam Almheiri, Head of the International Affairs Office at the UAE Presidential Court and Vice Chair and Managing Director of 2PointZero Group, met with Indian Prime Minister Narendra Modi at the Bloomberg New Economy Forum in New Delhi.

Jon Rahm, the Spanish Ryder Cup star, will make his Abu Dhabi Aldar Championship debut next month, as he prepares to exit LIV Golf.

Abdulaziz Al-Arifi, Governor of Saudi Arabia’s National Development Fund, said at the WPC Energy Congress in Riyadh on Tuesday that the kingdom’s development finance system is fueling its green hydrogen push.

🐪 Camel Culture: More than 7,000 years of camel history, including the animal’s profound place in Emirati culture, will be the focus of Zayed National Museum’s first temporary exhibition. “Tracks Through Time: The Camel in Society, Trade and Art,” which opens in December, will trace the ungulate’s role in culture and trade across thousands of years, including modern practices such as camel racing and beauty competitions, The National reports. Bones discovered in Abu Dhabi that provide evidence of an extinct wild species will also go on display for the first time.

📷 Photo of the Day

Oct. 11-15, Riyadh. 25th World Petroleum Council Energy Congress. Bringing together global leaders and industry as part of Riyadh Energy Week. Riyadh Front Exhibition & Conference Center.

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. 13-15, Dubai. Annual Meeting of Global Future Leaders. A platform for a new generation of leaders to jointly create bold opportunities in a volatile world.

Oct. 20-21, Riyadh. MIPIM Middle East. Bringing together senior decision-makers, investors and the full real estate ecosystem of the GCC and beyond. Sofitel, Riyadh.

Oct. 20-22, Abu Dhabi. Abu Dhabi Future Health Summit. Exploring how sensing, AI, data, and innovation can enable earlier prediction and proactive intervention. ADNEC Centre.

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. 24, Riyadh. GCC-EU Summit. The leaders of the European Union member states and the countries of the Gulf Cooperation Council will meet in Saudi Arabia for the second summit.

Oct. 25-27, Doha. 9th World Investment Forum. A global platform for investment and development, bringing together government leaders, CEOs and investors under the theme “Investing in the Future.” Sheraton Convention Center.

Oct. 26, Abu Dhabi. The Arabian AI & Agentic Summit. An event for AI leaders, innovators, and decision-makers driving the future of Conversational AI, Agentic AI and Generative AI in the UAE and wider GCC region. ADNEC Centre.

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. 

Oct. 26-29, Riyadh. Global Health Exhibition. A meeting point for the world’s healthcare innovators. Riyadh Exhibition and Convention Center.

Nov. 2-5, Abu Dhabi. ADIPEC 2026. Showcasing the latest strategies and innovations that are defining the future of energy. ADNEC Centre.

Nov. 10-12, Abu Dhabi. International Real Estate & Investment Show. Showcasing options for investment and insight into market trends. ADNEC Centre.

Nov. 19-22, Abu Dhabi. Abu Dhabi International Boat Show. Showcasing the latest innovations in boating, fishing, and water sports. ADNEC Centre.

ARAB FITNESS

WHOOP, the Abu Dhabi-backed U.S. fitness tracker company, has launched an Arabic-language app after growing its Gulf membership base by 75% over the past year. The launch follows the participation of the sovereign wealth fund Mubadala in WHOOP’s Series G funding round and is part of a broader partnership focused on preventive healthcare and research in the UAE. “We’ve made a significant commitment to the region, and we’re going to keep investing here,” WHOOP CEO Will Ahmed said in a statement. “Launching in Arabic is a crucial part of that strategy.” WHOOP, which started its activities in the UAE in 2017, plans to open a research and development facility in Qatar later this year.

CAMERA CRACKDOWN

Americans have been detained in Saudi Arabia for photographing recent attacks as Houthi strikes disrupt travel through the kingdom. The U.S. Embassy in Riyadh disclosed the detentions without giving a number and warned travelers to exercise extreme caution at Saudi airports, Arab News reports. Saudi authorities say filming or sharing information about missile and drone interceptions and impact sites can lead to legal penalties, while U.S. government employees now need special authorization to use any Saudi airport. The strikes have killed at least 18 people at Riyadh’s airport and two at Abha International Airport, with hundreds wounded.

Mubadala: Abu Dhabi’s sovereign wealth fund Mubadala is expected to acquire a stake in Italy’s largest telecom towers operator, INWIT, as major shareholders Ardian and Oak Holdings explore a deal to take the company private.

Aramco: Saudi Aramco CEO Amin Nasser called at the 25th WPC Energy Congress in Riyadh for coordinated international action to protect global energy infrastructure and supply routes, saying “no nation, even one as capable and confident as ours, can safeguard them alone.”

Public Investment Fund: Saudi Arabia’s PIF-owned Saudi Real Estate Refinance Company has launched its second domestic residential mortgage-backed securities offering.

Oman Investment Authority: A Chinese private equity group has established an office at the headquarters of Oman’s sovereign wealth fund following financing deals with the OIA in the energy and technology sectors, Intelligence Online reports.

Humain: Blackstone-owned AirTrunk is postponing its planned $1.5 billion Singapore REIT IPO until next year amid higher interest rates and weakening investor demand, signaling growing caution over AI infrastructure investments. AirTrunk is partnering on a $3 billion data center with the Public Investment Fund’s AI company Humain. 

SALIC: Saudi Arabia’s PIF-owned SALIC is transferring full ownership of National Grain Co. to its subsidiary SABIL to integrate grain sourcing, storage and distribution and strengthen the kingdom’s food security.

✈️ Jet Plans: Investment firms Bridgepoint Group and AIP Capital are partnering with Bahrain’s GFH Bank, a shariah-compliant investment bank, on a venture to build a portfolio of commercial aircraft engines worth more than $1 billion, Bloomberg reports.

🏛️ Muscat Moves: Oman’s first financial center will begin registering companies by the end of this year and launch full licensing operations next year.

💰 Way Ahead: Saudi Arabia led startup fundraising across the MENA region in the third quarter of 2026, attracting $1 billion in investment, according to Wamda and Digital Digest.

📊 Growth Rebound: The IMF expects economies across MENA and Central Asia to contract 0.3% in 2026 before rebounding by 6.3% in 2027, reflecting disruptions from the prolonged Middle East conflict and the expected reopening of the Strait of Hormuz.

🏦 Cheaper Borrowing: Jordan has approved Amman’s first Islamic bond issuance, which is worth $564 million and aimed at reducing the municipality’s borrowing costs by nearly $99 million over five years.

🏖️ Bay Watch: The Saudi Red Sea Authority has issued the kingdom’s first beach operator license to Emaar, The Economic City, for Yam Beach in King Abdullah Economic City, establishing standards for safety, accessibility and environmental protection.

⛳ Unwelcome Guests: The DP World Tour will bar LIV Golf players from its 2027 events, potentially ruling out stars including Jon Rahm and Tyrrell Hatton from representing Europe at the Ryder Cup unless they choose to leave the troubled league.

☀️ Solar Expansion: Qatar’s renewable energy share of power capacity is expected to rise from 12% in 2025 to 25.9% by 2035 as the country expands solar projects while retaining natural gas as its primary power source, according to GlobalData.

📈 Middle Manager: EFG Hermes has launched market-making and liquidity-provision services on the Dubai Financial Market.

🪙 Tokenizing Water: AquaIndex plans to launch a UAE-focused digital token backed by freshwater resources as part of its strategy to develop a global marketplace for trading tokenized water assets.

Saudi Crown Prince Mohammed bin Salman received a phone call on Monday from Jordan’s King Abdullah II, who expressed solidarity with the Kingdom.

Sheikh Tahnoon bin Zayed, UAE National Security Adviser, met on Monday with Dan Simkowitz, Co-President of Morgan Stanley, and they spoke about the capital requirements for expanding the artificial intelligence ecosystem.

Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy, called for greater flexibility, advance planning and sustained investment in energy infrastructure to help countries navigate energy crises and safeguard global supplies, adding ”There is no way that somebody will break our back.” He was speaking during a ministerial dialogue at the WPC Energy Congress in Riyadh on Monday.

Prince Abdulaziz signed agreements with Mongolia, Tanzania, Cyprus and Mauritius to strengthen cooperation across the energy sector, including oil and gas, renewable energy, electricity, petrochemicals and clean hydrogen.

➿ On the Circuit

Muhammad Al Jasser, Chairman of the Islamic Development Bank Group, met with Kristalina Georgieva, the Managing Director of the International Monetary Fund, on the sidelines of the 2026 World Bank Group and IMF Annual Meetings in Bangkok.

Francesco La Camera, Director General of the International Renewable Energy Agency, told Arab News that renewable energy is increasingly being “seen as a way to energy security” amid regional disruptions. 

Ahmed Al Rajhi, Saudi Arabia’s Human Resources Minister, said when a missile alert sounded during his speech at the Riyadh Economic Forum that, “We are under God’s protection.”

Jean Pierre Dib and Philipp Kleinschnittger have been appointed co-heads of Middle East and Africa for Swiss wealth manager Julius Baer. Kleinschnittger will operate from Zurich and Dib will be based in Dubai.

Nikoleta Eirini Fista was appointed Chief Legal Officer and Board Secretary at Abu Dhabi-based private jet operator RoyalJet.

💋 Tame Horse: A famed French cabaret show is opening a permanent production on Dubai’s glitzy Palm Jumeirah. Crazy Horse Paris, the 75-year-old institution known for its provocative stage shows, often featuring nudity, will be adapted to the regional culture and customs, The National reports. A troupe of 18 dancers was selected from hundreds of international applicants and sent for six months of specialized training in Paris before joining the production, to be called The Dubai Edition. “Our objective was to create a show that is immediately identifiable as Crazy Horse Paris while developing a production specifically conceived for Dubai,” Andree Deissenberg, Chief Creative and Brand Officer of Crazy Horse Paris, said.

📷 Photo of the Day

Oct. 11-15, Riyadh. 25th World Petroleum Council Energy Congress. Bringing together global leaders and industry as part of Riyadh Energy Week. Riyadh Front Exhibition & Conference Center.

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. 13-15, Dubai. Annual Meeting of Global Future Leaders. A platform for a new generation of leaders to jointly create bold opportunities in a volatile world.

Oct. 20-21, Riyadh. MIPIM Middle East. Bringing together senior decision-makers, investors and the full real estate ecosystem of the GCC and beyond. Sofitel, Riyadh.

Oct. 20-22, Abu Dhabi. Abu Dhabi Future Health Summit. Exploring how sensing, AI, data, and innovation can enable earlier prediction and proactive intervention. ADNEC Centre.

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. 24, Riyadh. GCC-EU Summit. The leaders of the European Union member states and the countries of the Gulf Cooperation Council will meet in Saudi Arabia for the second summit.

Oct. 25-27, Doha. 9th World Investment Forum. A global platform for investment and development, bringing together government leaders, CEOs and investors under the theme “Investing in the Future.” Sheraton Convention Center.

Oct. 26, Abu Dhabi. The Arabian AI & Agentic Summit. An event for AI leaders, innovators, and decision-makers driving the future of Conversational AI, Agentic AI and Generative AI in the UAE and wider GCC region. ADNEC Centre.

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. 

Oct. 26-29, Riyadh. Global Health Exhibition. A meeting point for the world’s healthcare innovators. Riyadh Exhibition and Convention Center.

Nov. 2-5, Abu Dhabi. ADIPEC 2026. Showcasing the latest strategies and innovations that are defining the future of energy. ADNEC Centre.

Nov. 10-12, Abu Dhabi. International Real Estate & Investment Show. Showcasing options for investment and insight into market trends. ADNEC Centre.

Nov. 19-22, Abu Dhabi. Abu Dhabi International Boat Show. Showcasing the latest innovations in boating, fishing, and water sports. ADNEC Centre.

MINERAL CHALLENGE

Saudi Arabia’s latest mineral discovery could help the kingdom supply materials used in electric cars, wind turbines and electronics. The Jabal Sayid deposit in the Medina region contains an estimated 114 million tons of ore rich in rare earth elements, but turning those minerals into profitable products will require specialized factories and expertise, Arab News reports. Saudi mining company Maaden and U.S.-based MP Materials have agreed to develop a refinery in the kingdom to separate rare earths from other minerals and prepare them for industrial use. The planned refinery has U.S. government backing and would process rare earth minerals inside Saudi Arabia instead of shipping them abroad for processing.

WEALTH SURGE

The UAE’s net wealth reached $3.6 trillion in 2025 and is projected to approach $6 trillion by 2030. Financial assets such as savings and investments rose to $1.4 trillion from $1.2 trillion a year earlier, while real assets such as property reached $2.4 trillion, with debt accounting for the gap with the net total, according to a Boston Consulting Group report. The country had about 500 people with more than $100 million in assets in 2025, a number expected to reach 800 by 2030. That group held more than a quarter of the UAE’s financial wealth, compared with about a fifth held by the 8.6 million people with less than $250,000 each.

Mubadala: The Abu Dhabi sovereign wealth fund is expanding its investments in China, South Korea and India, where its portfolio exposure has risen to 13% from 10% three years ago, Arabian Gulf Business Insight reports. 

Abu Dhabi Investment Authority: ADIA is considering taking an anchor investor stake in the planned IPO of Indian manufacturing platform Zetwerk.

Aramco: Syria’s central bank issued its first letter of credit in 14 years to facilitate a petroleum supply deal between the Syrian Petroleum Company and Saudi Aramco.

G42: Abu Dhabi’s Quality and Conformity Council and M42, owned by Abu Dhabi-based G42 and Mubadala, have detected and isolated a rare, antifungal-resistant strain of Candida auris through wastewater surveillance.

EDGE: UAE defense group EDGE has signed a contract with Morocco to supply guided weapons and precision-guided munitions for integration into the Royal Moroccan Air Force’s unmanned combat aircraft fleet.

📈 Bank Listing: Banque du Caire plans to list 30% of its shares on the Egyptian Exchange in a long-awaited IPO, as the Egyptian government attempts to monetize state assets.

🚆 Choo Choo: Saudi Arabia Railways has ordered 10 additional Stadler intercity trains in a deal worth more than $360 million.

💻 AI Acquisition: Amazon is in talks to acquire Israeli-founded AI startup Decart in a deal valued at around $7 billion, The Wall Street Journal reports.

✈️ Destination Beirut: U.S. President Donald Trump has lifted decades-old restrictions on flights between the U.S. and Lebanon, paving the way for the resumption of direct air links.

🪙 Crypto Player: Digital asset investment manager 3iQ’s UAE affiliate has secured in-principle approval from Abu Dhabi Global Market’s financial regulator for a license.

💰 Liquidity Challenge: UAE banks, including First Abu Dhabi Bank and Emirates NBD, are offering higher interest rates to attract deposits as a lending surge strains liquidity, Bloomberg reports. 

🦘 Aussie Freed: Australian engineer and former Dubai resident Robert Pether has left Iraq to reunite with his family after five years of imprisonment and travel restrictions stemming from a contract dispute.

UAE President Sheikh Mohamed bin Zayed has directed the renaming of Al Ain International Airport to Tahnoun International Airport, in honor of the late Sheikh Tahnoun bin Mohammed Al Nahyan.

Sheikh Mohamed received a phone call from Canada’s Prime Minister Mark Carney on Friday.

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, said the UAE Cabinet approved the $79.6 billion federal budget for 2027–2029 on today, marking a 28.3% increase over the previous three-year period. Sheikh Mohammed issued a law on Friday establishing the Dubai Orchestra Foundation.

Sheikh Abdullah bin Zayed, UAE Foreign Minister, held a phone call with Tom Berendsen, Foreign Minister of the Netherlands.

Saudi Arabia’s King Salman bin Abdulaziz sent a written invitation to Oman’s Sultan Haitham bin Tarik to participate in the second GCC-EU Summit, which Saudi Arabia will host this month.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Deputy Prime Minister and Minister of defense, on Sunday congratulated the Roads and Transport Authority in Dubai on winning the Dubai-it Award for Institutions in the Field of Government.

Sheikh Mohammed bin Hamad bin Faisal Al-Thani, CEO of Qatar Free Zone, met with Ahmad Abdulrahman Al Shuraim, Ambassador of Kuwait to Qatar, on Sunday.

➿ On the Circuit

Yousef Al Otaiba , the UAE Ambassador to the U.S. and Minister of State, discusses how investment, job creation and AI are strengthening UAE-U.S. ties in an interview with Brian Lott, Mubadala’s Chief Communications Officer, on The Exchange podcast.

Mike Pence, the former U.S. Vice President, spoke at the AIM Summit in Dubai today about the need to be prepared for a prolonged military conflict with Iran.

Mike Pompeo, the former U.S. Secretary of State, spoke about “The Post-War Future of the Middle East” at the annual policy conference of the Trends research institute in Abu Dhabi.

Julian Hill was appointed Head of Rail for Asia, the Middle East and Australia, and Global Rail Development Director at AtkinsRéalis, an engineering services and nuclear company.

Dan Simkowitz, co-president of Morgan Stanley, told The National that Morgan Stanley expects UAE IPO activity to rebound and credit markets to boom once the U.S.-Iran conflict stabilizes, despite ongoing regional uncertainty.

Hassan El Houry, CEO of Menzies Aviation, said airlines must restore public confidence following the flydubai FZ1073 security incident, highlighting the extensive screening measures already in place for aviation staff.

🐴 Pony Power: More than two dozen purebred Arabian horses have wrapped up a weekend of prancing and posing in Moscow. The 2026 Russia National Arabian Horse Championship, held in cooperation with the Emirates Arabian Horse Society, was attended by UAE Ambassador to Russia Dr. Mohammed Al Jaber. Seen as a prestigious symbol of cultural heritage, the UAE uses Arabian horse shows and other global equestrian events as a pillar of soft power and diplomacy.

📷 Photo of the Day

Oct. 11-15, Riyadh. 25th World Petroleum Council Energy Congress. Bringing together global leaders and industry as a part of Riyadh Energy Week. Riyadh Front Exhibition & Conference Center.

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. 13-15, Dubai. Annual Meeting of Global Future Leaders. A platform for a new generation of leaders to jointly create bold opportunities in a volatile world.

Oct. 20-21, Riyadh. MIPIM Middle East. Bringing together senior decision-makers, investors and the full real estate ecosystem of the GCC and beyond. Sofitel, Riyadh.

Oct. 20-22, Abu Dhabi. Abu Dhabi Future Health Summit. Exploring how sensing, AI, data, and innovation can enable earlier prediction and proactive intervention. ADNEC Centre.

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. 24. Riyadh. GCC-EU Summit. The leaders of the European Union member states and the countries of the Gulf Cooperation Council will meet in Saudi Arabia for the second summit.

Oct. 26, Abu Dhabi. The Arabian AI & Agentic Summit. An event for AI leaders, innovators, and decision-makers driving the future of Conversational AI, Agentic AI and Generative AI in the UAE and wider GCC region. ADNEC Centre.

Oct. 26-27, Doha. 9th World Investment Forum. A global platform for investment and development, bringing together government leaders, CEOs and investors under the theme “Investing in the Future.” Sheraton Convention Center.

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. 

Oct. 26-29, Riyadh. Global Health Exhibition. A meeting point for the world’s healthcare innovators. Riyadh Exhibition and Convention Center.

Nov. 2-5, Abu Dhabi. ADIPEC 2026. Showcasing the latest strategies and innovations that are defining the future of energy. ADNEC Centre.

Nov. 10-12, Abu Dhabi. International Real Estate & Investment Show. Showcasing options for investment and insight into market trends. ADNEC Centre.

Nov. 19-22, Abu Dhabi. Abu Dhabi International Boat Show. Showcasing the latest innovations in boating, fishing, and water sports. ADNEC Centre.

CHIP DEAL

Abu Dhabi-backed GlobalFoundries has announced a $2 billion deal to supply critical parts to one of the world’s biggest chip makers in a boost for U.S. manufacturing. Shares in the New York-based semiconductor manufacturer, which is majority-owned by the Mubadala sovereign wealth fund, jumped 2.8% after it said it would be supplying silicon interposers to Taiwan Semiconductor Manufacturing Company. GlobalFoundries expects to start large-scale production of the interposers at the start of 2028, The National reports. Taiwan-based TSMC has plans to invest at least $100 billion to boost manufacturing and research in the U.S. Mubadala owns about 73% of GlobalFoundries.

LONDON CALLING

Dubai-based Airtel Money, the mobile money unit of telecoms group Airtel Africa, debuted on the London Stock Exchange today, raising about $700 million for shareholders, including the Qatar Investment Authority, TPG and Mastercard. The listing followed one of the biggest U.K. IPOs in five years, valuing the company at about £5.3 billion ($7 billion). Shares rose as much as 2.11% above the £1.96 offer price after CEO Ian Ferrao opened trading at the LSE while donning a pair of Nike sneakers customized with the company’s name and stock ticker by a Dubai-based designer. “Last night I had nightmares – you just don’t want to see that thing go red,” Ferrao told Bloomberg ahead of trading. “We’ve been working towards this day for a long time and it’s a very proud moment.” 

Aramco: Texas-based oilfield services company National Energy Services Reunited signed an agreement with Saudi Aramco to develop a lithium demonstration project in Saudi Arabia targeting annual production of 2,000 tons of battery-grade lithium carbonate.

DP World: Dubai-based logistics giant DP World will spend $90 million, double the capacity of its port terminal in Angola’s Port of Luanda, Semafor reports.

DP World: Bangladesh’s Chittagong Port Authority and DP World have signed a 15-year concession agreement for the operation and maintenance of a new terminal on Thursday. The decision sparked protests among dock workers and other opposition groups.

Qatar Investment Authority: QIA-backed Qatar National Bank has secured a $2.5 billion syndicated loan led mainly by Asian lenders, Bloomberg reports.

International Holding Co.: Esyasoft, backed by IHC, has acquired U.K. energy technology and services provider Correla.

🚘 Tunnel Vision: Elon Musk’s Boring Company, which is building the Dubai Loop, has signed an agreement to explore tunneling and underground transport opportunities in Abu Dhabi, The National reports.

🍊 Deli Growth: Saudi food and beverage giant Almarai plans to invest more than $4 billion through 2031 to expand production capacity, enter new product categories and strengthen its presence in key markets.

✈️ Eyeing Tourism: Oman signed investment agreements worth more than $1.4 billion across tourism, real estate, education and housing as part of efforts to attract private capital and diversify its economy under Vision 2040.

🤝 Done Deal: The UAE and Thailand have concluded negotiations on a Comprehensive Economic Partnership Agreement aimed at removing trade barriers, boosting investment and strengthening bilateral economic ties across key sectors.

⛽ Resume Operations: Shell has partially restarted its Pearl gas-to-liquids plant in Qatar, six months after it was damaged during the Iran war, although shipments remain subject to regional security conditions, Reuters reports. 

💣 Falling Casualties: Falling debris from an intercepted Houthi ballistic missile damaged a kindergarten and medical clinic in Riyadh on Thursday, amid escalating attacks on Saudi Arabia that killed three people and injured 36 at two airports on Wednesday.

📈 Driving Growth: Saudi Arabia and the UAE are expected to drive growth in the Gulf’s $6 billion private-credit market as economic diversification, infrastructure spending and financing gaps boost demand for non-bank lending, Moody’s Ratings said.

🚢 Red Sea Risk: Intensifying conflict in Ethiopia could pose a new threat to Red Sea shipping, with speculation that Ethiopian Prime Minister Abiy Ahmed could try to seize control of the port of Assab in Eritrea to restore maritime access to the landlocked country, Bloomberg reports.

🤖 AI Government: Abu Dhabi is developing AI-powered government services that anticipate residents’ needs and automate processes such as car registration and passport renewals, as it aims to become the world’s first fully AI-native government by 2027.

UAE President Sheikh Mohamed bin Zayed received a written invitation from Saudi Arabia’s King Salman to attend the Second GCC–EU Summit, which will be hosted by the kingdom later this month.

Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy and Minister of Industry and Mineral Resources, and Mohamed Hassan Alsuwaidi, UAE Minister of Investment, signed a Memorandum of Understanding in Riyadh on Thursday to enhance railway connectivity and energy infrastructure integration.

Sheikh Hamdan bin Zayed, Ruler’s Representative in Al Dhafra Region and Chairman of the Emirates Red Crescent, has directed the authority to expand its humanitarian and relief initiatives.

➿ On the Circuit

Badr Jafar, UAE Special Envoy for Business & Philanthropy, met with Dilhan Pillay, Executive Director and Chief Executive Officer of Temasek, shortly after the Singapore sovereign fund announced plans to open an office in Abu Dhabi.

Andy Burnham, the British Prime Minister, said the investigation into Manchester City’s alleged financial rule breaches should be “fully independent,” after he faced criticism for appearing to signal support for the club’s UAE owners.

Peter Abraam, Chief Strategy & Growth Officer at Abu Dhabi’s International Holding Co., was named Australian Business Person of the Year at the 2026 Australia Awards Gala in Abu Dhabi.

David Zaslav, the TV executive who created Warner Bros. Discovery Inc., made about $600 million on the Gulf-backed $110 billion sale of the business to Paramount Skydance when it closed this week.

🐴 Gift Horse: Syria’s Latakia Racecourse will host the 16th leg of the UAE President’s Cup for Purebred Arabian Horses today, the first time the tour has been held in the country. The event, which features 15 races for Arabian horses, is part of a UAE push to support Arabian horse owners and breeders in Syria, under the directives of UAE Vice President Sheikh Mansour bin Zayed. 

📷 Photo of the Day

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.