CHATBOT BILLIONS

The Qatar Investment Authority and Abu Dhabi fund MGX have raised their stakes in xAI, joining a cohort of investors in an upsized $20 billion funding round for Elon Musk’s ChatGPT competitor. The start-up behind generative AI chatbot Grok and social media platform X initially planned to raise $15 billion. The company has more than doubled its valuation since it raised $10 billion in July, delivering a paper windfall to the Gulf funds, which already hold shares alongside Saudi Prince Alwaleed bin Talal’s Kingdom Holdings. The fresh funds will partly be used in xAI’s aggressive infrastructure push, which includes building a 500-megawatt data center in Saudi Arabia in a deal inked with Nvidia and the kingdom’s AI flagship Humain during Saudi Crown Prince Mohammed bin Salman’s visit to Washington in November.

CREATIVE WATERFRONT

Dubai’s Design District is set to be transformed from blocks of warehouse-like buildings into a sprawling, canal-lined neighborhood with a “pedestrian-first spine” to encourage year-round walking. The masterplan, led by developer Meraas, will cover more than 1.6 million square meters and include cultural quarters, green spaces and five distinct zones combining residences, retail, hospitality, and creative spaces. A central feature, the Design Line, will be a shaded, walkable route lined with art installations and community areas connecting the district. While the project’s value and start date have not been disclosed, Dubai Holding Real Estate said it aims to strengthen the city’s status as a global hub for design, talent and long-term investment.

L’imad Holding Co.: Abu Dhabi-listed Modon Holding has awarded Orascom Construction a $316 million contract to develop the 50-acre Wadi Yemm mixed-use neighborhood within the Ras El Hekma megaproject on Egypt’s North Coast.

ADNOC: Borouge, which is majority owned by the UAE’s national oil company, has completed a proof of concept for AI-powered autonomous operations at its Ruwais facility with Honeywell.

Mumtalakat: BlueFive Capital, owned by multiple groups including Bahrain’s sovereign fund, has been appointed as the first General Partner of a $4.6 billion, 15-year Fund of Funds established by China’s CICC Capital and Chinese steelmaker HBIS Group.

☀️ Renewable Energy: Emirates Islamic has approved a $500 million structured funding loan for Romania’s Mass Group Holding to develop a natural gas-fired power plant in Romania.

🌀 Water Works: Kuwait-listed HEISCO won a $186 million contract from the Ministry of Electricity, Water and Renewable Energy for works at the Al-Khairan power plant and Al-Zour plant.

💵 Muscat Bonds: Oman plans to raise $2.2 billion in 2026 through four government development bonds and two sovereign local sukuk issuances to cover its budget deficit and public debt servicing.

🏢 New Offering: Abu Dhabi developer Aldar Properties is planning to sell long-term U.S. dollar hybrid bonds.

💰 New Hub: Oman is planning to build its own international financial center to attract global institutions in competition with established hubs in neighboring Gulf states. 

✈️ Rescue Flight:Yemenia Airways resumed direct flights between Socotra Island and Jeddah for the first time in years, with the first flight on Jan. 7 set to evacuate stranded foreign tourists.

👶 Milk Warning:The Saudi Food and Drug Authority warned consumers to avoid certain Nestlé baby formulas after a voluntary recall over possible contamination.

💬 Early Chatter: U.K.-based digital bank Revolut is in early talks to acquire Turkish digital bank FUPS as it explores entering the Turkish market, Bloomberg reports. 

🤝 Bonding Together: Israel and Syria have agreed to share intelligence and explore commercial ties through a joint U.S.-supervised mechanism aimed at easing military tensions and boosting diplomatic engagement.

UAE President Sheikh Mohamed bin Zayed appointed Abdulla bin Mohammed bin Butti Al Hamed as Chairman of the National Media Authority and Mohammed Saeed Al Shehhi as Vice Chairman.

Saudi Arabia’s King Salman chaired a Cabinet session in Riyadh on Tuesday.

Saudi Crown Prince Mohammed bin Salman held a phone call with Syria’s President Ahmed al-Sharaa on Tuesday. 

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, UAE Deputy Prime Minister and Minister of Defense, and Chairman of The Executive Council of Dubai, reviewed progress on the Jumeirah Beach 1 development project on Tuesday.

Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, met with a delegation from Harvard University’s Kennedy School of Government at his palace in Saqr bin Mohammed City on Tuesday.

Abdulla Al Naboodah, Chairman of Dubai Basketball, told Arabian Gulf Business Insights that the club, which has one of the lowest roster budgets in the EuroLeague, will continue to take a disciplined approach to funding to ensure the long-term viability of the team.

Ahmad Soubra, Head of Value Creation at the Abu Dhabi Investment Office, said the fund has adopted a “cluster-led investment strategy” in line with the emirate’s shift away from tracking capital inflows in favor of long-term jobs and value.

Tarik Erk was appointed as the new Regional Head at Binance, the world’s largest cryptocurrency exchange.

David Abt, Robin Bachmann and James Church-Morley were among a group of 53 executives at Dubai-based FTI Consulting who were promoted to the post of Senior Managing Director.

🐴 A Horse of Course: The Arab world’s cultural obsession with horses has a new monument, with the launch of a dedicated equestrian library at the recently opened Abu Dhabi Royal Equestrian Arts campus. The first of its kind in the region, the library’s shelves hold more than 14,000 books on “every aspect” of the field, from equine history and breeding to training, saddlery and stories of famous horses throughout history. There is even a dedicated children’s section. “The ADREA Library is infused with the spirit of horses,” UAE literary figure Isobel Abulhoul, who curated the collection, told Arab News.

Jan. 9-11, Dubai. 1 Billion Followers Summit. A gathering of global content creators to discuss the latest trends. Emirates Towers, Museum of the Future, Dubai International Financial Center.

Jan. 11-15, Abu Dhabi. Abu Dhabi Sustainability Week.  With the theme “The Nexus of Next: All Systems Go,” ADSW will connect ambition with action across innovation, finance, and people, showcasing how the world can move forward with confidence. ADNEC. 

Jan. 12-14, Dubai. Intersec. Billed as the world’s premier event for security, safety, and fire protection. Dubai World Trade Center.

Jan. 12-15, Dubai. Dubai International Project Management Forum. Bringing together global leaders, policymakers, and innovators to explore how collaboration, innovation, and sustainability can unite diverse communities. Madinat Jumeirah.

Jan. 13-15, Riyadh. Future Minerals Forum. The conference aims to hold conversations among governments, investors, and innovators to secure the minerals essential for a sustainable, tech-enabled future. King AbdelAziz International Conference Center.

Jan. 13-15, Abu Dhabi. World Future Energy Summit. The annual event brings in policymakers and industry leaders to discuss the challenges of working towards net zero. ADNEC. 

Jan. 18-21, Riyadh. Big5 Construct Saudi. Latest trends and opportunities among construction companies operating in KSA. Riyadh Front Exhibition & Conference Center located at ROSHN Front.

Jan. 20-21, Dubai. 2026 BAFT MENA Forum. The event brings the region’s senior executives, influencers and industry experts to explore the forces redefining MENA’s financial ecosystem. Embassy Suites by Hilton Dubai Business Bay.

Jan. 20-22, Abu Dhabi. UMEX 2026. The Unmanned Systems Exhibitions and Conference  showcases the latest advances in autonomous systems, robotics, artificial intelligence, and training simulation. ADNEC.

Jan.26-27, Riyadh. Super Return. A major private equity & venture capital conference held in Riyadh, Saudi Arabia.The Fairmont Hotel. 

Jan. 26-28, Riyadh. Saudi Franchise Expo. The exhibition brings local and international businesses that want to create franchising companies into the kingdom. The Arena Riyadh Venue for Exhibitions, Riyadh.

Jan.29, Dubai. The Great Marketing & Business Minds. In this 4th edition, the event brings the most influential marketing and business leaders for a deep dive into performance-driven marketing, data integration, and the evolving accountability of brand leadership. Pullman Dubai Downtown.

Feb 1-6, Dubai. Dubai Fashion Week. The event showcases the latest collections by global and regional designers and positions Dubai as a major creative hub on the global fashion calendar alongside fashion capitals like New York, London, Milan and Paris. Dubai Design District.

Feb. 1-4, Doha. Web Summit Qatar. Connecting a new generation of founders in the Middle East to investors, journalists and more around the world. Doha Exhibition and Convention Center.

Feb. 2-5, Doha. LNG2026. The 21st International Conference & Exhibition on Liquefied Natural Gas. Qatar National Convention Center. 

Feb. 3-5, Dubai. World Government Summit. Brings together heads of state, policy makers, top corporate executives to debate global priorities. Madinat Jumeirah. 

Feb. 4-5, Dubai. PropTech Connect Middle East. The Dubai Land Department will host the first regional edition of the real estate technology event. Grand Hyatt Dubai.

Feb. 10-11, Abu Dhabi. Top Advisors & Investors Summit. The event will convene the region’s foremost advisors, financiers, and investors in the UAE capital. TBC

Feb.12-13, Riyadh. PIF Private Sector Forum. The event, in its third edition, aims to support the Saudi Public Investment Fund’s Private Sector Engagement Strategic Initiative. King AbdelAziz International Conference Center.