LONDON CALLING

UAE-based Arada Developments will buy a 75% stake in London residential property developer Regal in a $680 million deal, as it continues its overseas expansion drive. Founded by Saudi Prince Khaled bin Alwaleed, the son of Prince Alwaleed bin Talal, and Sheikh Sultan bin Ahmed Al Qasimi, the Deputy Ruler of Sharjah, Arada made its international debut in Australia last year and is now building 5,000 homes across the state of New South Wales. Regal’s U.K. arm, which will be renamed Arada London, has a development pipeline of 10,000 units across 11 projects in the U.K. That pipeline is expected to triple over the next three years with the new injection of funds. Regal’s projects include Fulton & Fifth in Wembley, a mixed-use residential development with 876 units, of which 40% are categorized as affordable homes.

MOVING CAPITAL

Stride Ventures is entering Saudi Arabia with plans to invest $200 million over the next two years, after leading a $33 million debt financing deal for Riyadh-based fintech Erad. The venture debt firm, which has already provided over $1 billion in credit across India, Southeast Asia and the U.K., plans to lend to a diverse mix of Saudi companies and is already in talks with a construction technology firm for a potential deal, Bloomberg reports. Stride will invest another $50 million in the UAE through its new Gulf-focused fund and plans to deploy $500 million in the region within four years, Bloomberg reports. 

Emirates Global Aluminium, which is owned by Mubadala and Investment Corp. of Dubai, is in talks with Citigroup, Goldman Sachs, Emirates NBD Capital and First Abu Dhabi Bank to arrange a potential IPO in Abu Dhabi and Dubai, Bloomberg reports.

Mubadala: The Abu Dhabi sovereign fund, which is the biggest shareholder in Turkish delivery company Getir, is exploring exiting its Getir stake following a disagreement with the company’s founders, Reuters reports.

Public Investment Fund: Egypt’s Prime Minister Mostafa Madbouly and Saudi Minister of State Issam bin Saad bin Saeed met in Cairo on Sunday to discuss the PIF’s plans to invest further in Egypt through government and private-sector partnerships in tourism, industry and real estate.

Ma’aden: The Saudi mining company Ma’aden, which is majority-owned by the PIF, plans to double gold production and develop a rare earths supply chain as part of a broader expansion strategy, the Financial Times reports.

ADQ: The Abu Dhabi sovereign wealth fund and Azerbaijan Investment Holding signed an agreement during UAE President Sheikh Mohamed bin Zayed’s visit to Baku last week to explore collaboration in financial services.

💊 French Pharma: French pharmaceutical firm BPI signed a $100 million deal with the Saudi Authority for Industrial Cities and Technology Zones, also known as Modon, to establish a factory in Sudair Industrial City, north of Riyadh.

💵 Green Finance: DenizBank, Emirates NBD’s Turkish subsidiary, issued a five-year $270 million green bond — the first of its kind in Turkey.

💰 Increasing Value: Aldar Investment Properties is raising an extra $290 million by adding to its existing green bonds that mature in 2034 and 2035, with pricing expected today.

⛰️ Transfer Land: Saudi developer Dar Al Arkan, along with its partners, has completed the $1.2 billion purchase and transfer of the 1 million-square-meterOrchid land parcel in Jeddah, the city’s largest-ever real estate deal.

☁️ Cloud Cover: Chinese tech giant Tencent plans to establish its first Middle East cloud region in Riyadh as part of a $150 million investment in Saudi Arabia in Saudi Arabia, Arab News reports.

📦 Amazon Hub: Amazon opened its first fulfillment center in Abu Dhabi in partnership with the Abu Dhabi Investment Office to expand logistics capacity, delivery speeds, and product availability in the emirate.

❄ ️ Cooling Breath: UAE district cooling company Tabreed and Irish HVAC company Johnson Controls signed a framework agreement to deploy next-generation cooling technologies within Tabreed cooling plants.

☢️ Nuclear Energy: U.S. nuclear tech developer Last Energy will build a modular nuclear reactor at DP World London Gateway port to power the port’s $1.2 billion expansion.

U.S. President Donald Trump plans to meet leaders of the UAE, Saudi Arabia, Qatar, Egypt, Jordan and Turkey on the sidelines of the U.N. General Assembly in New York on Tuesday, Axios reports.

Qatar’s Emir Sheikh Tamim bin Hamad has left for New York to participate in the U.N. General Assembly.

Sheikh Abdullah bin Zayed, the UAE Foreign Minister, will lead the country’s delegation to the U.N. General Assembly.

Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister and Ruler of Dubai, said the government will provide business training for 10,000 young Emiratis and promote entrepreneurial skills in a program titled The Emirates: The Startup Capital of the World.”

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and Chairman of the Dubai Executive Council, appointed Abdullah Ahmed Mohammed Saleh Al Shehi as CEO of Dubai’s Real Estate Regulatory Agency.

Egyptian President Abdel Fattah Al Sisi met in Cairo on Sunday with Singapore’s President Tharman Shanmugaratnam to discuss the feasibility of a free trade agreement.

Timmy T. Davis, former U.S. Ambassador to Qatar, has been appointed as President & Partner of Irth Capital Management, the hybrid U.S.–Qatari alternative investment platform co-founded by Qatari royal Sheikh Mohamed bin Abdulla Al Thani and Matthew Bradshaw.

Fawzi Ahmed Kanoo was appointed Group CEO of Yusuf Bin Ahmed Kanoo Holdings, one of the largest family-owned multinational businesses in the Middle East, to succeed the late chairman, Khalid Mohamed Kanoo.

Saif Mohammed Al Midfa, CEO of Expo Center Sharjah, has been reelected for a new term as Chairman of the Board of the Arab Union for International Exhibitions and Conferences.

Mohammed Butti, CEO of Saudi Arabia’s state-owned National Housing Company, said in an interview with Saudi daily Aleqtisadia the NHC wants to increase its portfolio to more than $53 billion in Saudi Arabia.

🎤 Music Gulf: Saudi Arabia will host next year’s Intervision, a new global song contest launched by Russia after it was kicked out of the Eurovision Song Contest over its invasion of Ukraine. Artists from more than 20 countries, including Saudi Arabia, Qatar and the UAE, competed in the inaugural competition in Moscow on the weekend, with Vietnam’s Duc Phuc judged the winner for his power ballad delivered against a projected backdrop of a solar eclipse. The competition had much of Eurovision’s camp drama and political intrigue, while pushing the Kremlin’s agenda of cultural independence and socially-conservative “family values.” U.S. contestant “Vassy,” who also holds Australian citizenship, dropped out at the last minute citing “unprecedented political pressure” from the Australian Government.

Sept. 23, New York. U.S.-UAE Business Council Roundtable. The Council will hold a discussion with Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade. 

Sept. 23-24, Dubai. MENA EV. Connecting stakeholders in the electric vehicle industry, from early-stage companies and investors to governments and established automakers.The Agenda, Dubai Media City.

Sept. 23-25, Dubai. ArabLab. The Middle East and Africa’s longest-running event dedicated to the laboratory and analytical industry. Dubai World Trade Center. 

Sept. 24, Abu Dhabi. Syria Recovery and Investment Forum – Abu Dhabi Edition. Convening influential business leaders, regional investors, policymakers, and advisory experts to explore practical avenues for engagement in Syria’s recovery. ADNEC. 

Sept. 24, Dubai. Mohammed bin Rashid Leader’s Forum. Bringing together 1,000 key government and private sector leaders to drive transformation in leadership. Dubai World Trade Center. 

Sept. 30- Oct.1, Abu Dhabi. MENA Investment Congress. Hosted by the CFA Society in the UAE, the event brings together investors to discuss new strategies. Rosewood Hotel.

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

Sept. 30-Oct.2, Dubai. WETEX. The region’s biggest exhibition dedicated to sustainability and clean energy technology. Dubai World Trade Center. 

Oct 1-2, Dubai. World Green Economy Summit. Supporting international cooperation in the face of pressing global challenges. Dubai World Trade Center.

Oct. 9-15, Abu Dhabi. IUCN World Conservative Congress. A gathering of conservation experts and leaders from around the world. ADNEC.

Oct. 14-16, Dubai. Global Future Council. The event on the Future of Growth convenes senior economists and thought leaders from across academia, business, government and civil society to provide intellectual guidance on new approaches to growth. 

Oct. 27-30, Riyadh. Future Investment Initiative, 9th Edition. Investors, corporate executives, cabinet ministers and political leaders from around the world attend Saudi Arabia’s flagship business conference. King Abdulaziz International Conference Center.

GREEN CHALLENGE

The chief of Oman’s state-owned oil producer says the company needs “to be brave and challenge the status quo” as it leads the Sultanate’s energy transition on the path to its net-zero 2050 target. Petroleum Development Oman, majority-owned by the government – with Shell, Total and PTTEP owning minority stakes – accounts for more than 70% of Oman’s crude oil output and most of its natural gas. PDO is also investing in carbon-reduction projects and green energy, including two wind farms due to go online next year. PDO Managing Director Aflah Al Hadhrami told Forbes Middle East that Oman “isn’t giving up” on fossil fuels. “The desert is no longer just a place where hydrocarbons are extracted,” he said. “It’s where the future of sustainable energy is being engineered.”

IPO PREP

CloudKitchens, the Los Angeles food startup led by former Uber CEO Travis Kalanick, is adding more banks to its lineup for managing an IPO if it moves ahead with plans for a dual listing in Riyadh and Abu Dhabi. The company, backed by Saudi Arabia’s Public Investment Fund, added JPMorgan, SNB Capital, and First Abu Dhabi Bank to existing adviser Goldman Sachs, Bloomberg reports. CloudKitchens has connections to both the UAE and Saudi Arabia, with its Middle East unit based in Abu Dhabi and the PIF’s $400 million stake in the company. Kalanick, who was ousted from Uber in 2017, had deep ties to the PIF, which invested $3.5 billion in Uber.

ADNOC: This week’s decision by Abu Dhabi National Oil Co.’s XRG unit to scrap a $19 billion takeover of Australia’s Santos followed media reports of a methane leak at one of its operations, Bloomberg reports.

ADQ: Etihad Airways, owned by ADQ, will launch four weekly Airbus A320 flights to Damascus starting June 2026 – 14 years after shutting the route down because of civil war.

ADQ: AD Ports Group, owned by ADQ, is deploying Low Earth Orbit satellite services across its global fleet and terminal operations to improve connectivity. 

₿ Blockchain Land: UAE-based Pulsar Group led a $300 million investment in Nasdaq-listed crypto treasury firm Brera, rebranded as Solmate, which plans Solana-focused infrastructure projects in Abu Dhabi and a potential dual listing in the UAE.

💰 Oman Invests: Oman’s state-owned Omran Group will acquire a stake in German travel group TUI.

💵 Making Gains: The board of UAE remittance and foreign exchange house Al Ansari Financial Services approved an interim dividend of $41 million for H1 2025.

💳 Spare Change: Spare, a Saudi fintech startup, raised $5 million in a pre-Series A round led by anb Seed Fund to build up its open-banking platform, expand work with GCC banks and speed up regional growth.

📈 Valuation Spike: India’s Adani Group, which has strong ties to the Gulf, saw its value increase by more than $8 billion after India’s securities regulator dismissed some allegations against the conglomerate and founder Gautam Adani, Bloomberg reports. 

💣 Long Friends: Saudi Arabia, which is dependent on U.S. weapons and technology, is signaling its alternative alliances by forging a defense pact with nuclear-armed Pakistan, The Financial Times reports. 

🏝️ Resort Growth: Rising demand for high-end tourism is fueling expansion at Egypt’s El Gouna resort, CEO Mohamed Amer told Arab News.

🏭 Boosting Facilities: Egypt will launch a rescue scheme offering loans to revive nearly 6,000 struggling factories as part of its plan to boost exports and reduce its trade deficit.

☀️ Energy Transition: Morocco’s government has confirmed completion of the preliminary phase of the country’s flagship green hydrogen project, while approving land deals for six green hydrogen projects worth $31.2 billion.

🟡 Melted Artifact: Egypt arrested four suspects in the theft of a 3,000-year-old gold bracelet from the Egyptian Museum in Cairo, which was sold for $4,000 and melted down.

Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister and Ruler of Dubai, met with his core team in the presence of Sheikh Ahmed bin Mohammed, Second Deputy Ruler of Dubai, during an annual gathering held at Dubai’s Museum of the Future.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, attended the UAE Day celebrations at Expo 2025 Osaka.

Sheikh Tahnoon bin Zayed, UAE National Security Adviser and Chairman of MGX, met with Piyush Goyal, the Indian Minister of Commerce and Industry, to discuss advances in artificial intelligence.

Sheikh Saud bin Saqr, Ruler of the northern emirate of Ras Al Khaimah, attended a reception hosted by Ambassadors of Costa Rica, El Salvador and Guatemala to the UAE to mark their joint 204th anniversary of independence.

Tariq Al-Roumi, Kuwait’s Minister of Oil, said on Thursday that he expects higher oil demand following an interest rate cut in the U.S. this week, particularly from Asian markets, Reuters reports.

Khalaf Al Habtoor, the billionaire Emirati entrepreneur, announced a $2.7 million community package for Syria to support restoration of Umayyad Mosque in Damascus, as well as provide some assistance to vulnerable groups in society.

Mutaz Nazzal was appointed as the Managing Director of TotalEnergies Marketing Egypt, a joint venture between TotalEnergies Marketing Afrique and ADNOC.

Billy Daly has been announced as Group Chief Investment Officer of MBS Global Investments, the strategic investment arm of the Private Office of Qatar’s royal Sheikh Nayef Bin Eid Al Thani. Franck Lopez was appointed Chief Investment Officer.

Ray Dalio, Founder of the Bridgewater Associates, warned during a panel discussion at FutureChina Global Forum in Singapore that U.S. spending is piling up debt and threatening the monetary order, Bloomberg reports.

🛢️ Oil Painting: The latest works by Monira Al Qadiri, one of the Middle East’s most prominent contemporary artists, aims to throw new light on humanity’s interdependent relationship with fossil fuels. Among them are a set of giant sculptural drill bits covered in iridescent colors, constituting a “monument” to oil’s demise as a fuel. The Kuwaiti visual artist joined Bloomberg’s Zero podcast on Thursday to talk about her exhibition, “Deep Fate,” at Helsinki’s Kiasma Museum of Contemporary Art. “I’m making art about the end of oil in a country that would not be able to survive without it,” Al Qadiri told the podcast. 

Sept. 23, New York. U.S.-UAE Business Council Roundtable. The Council will hold a discussion with Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade.

Sept. 23-24, Dubai. MENA EV. Connecting stakeholders in the electric vehicle industry, from early-stage companies and investors to governments and established automakers.The Agenda, Dubai Media City.

Sept. 23-25, Dubai. ArabLab. The Middle East and Africa’s longest-running event dedicated to the laboratory and analytical industry. Dubai World Trade Center. 

Sept. 24, Abu Dhabi. Syria Recovery and Investment Forum – Abu Dhabi Edition. Convening influential business leaders, regional investors, policymakers, and advisory experts to explore practical avenues for engagement in Syria’s recovery. ADNEC. 

Sept. 30- Oct.1, Abu Dhabi. MENA Investment Congress. Hosted by the CFA Society in the UAE, the event brings together investors to discuss new strategies. Rosewood Hotel.

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

Sept. 30-Oct.2, Dubai. WETEX. The region’s biggest exhibition dedicated to sustainability and clean energy technology. Dubai World Trade Center. 

Oct 1-2, Dubai. World Green Economy Summit. Supporting international cooperation in the face of pressing global challenges. Dubai World Trade Center.

Oct. 9-15, Abu Dhabi. IUCN World Conservative Congress. A gathering of conservation experts and leaders from around the world. ADNEC.

Oct. 14-16, Dubai. Global Future Council. The event on the Future of Growth convenes senior economists and thought leaders from across academia, business, government and civil society to provide intellectual guidance on new approaches to growth. 

Oct. 27-30, Riyadh. Future Investment Initiative, 9th Edition. Investors, corporate executives, cabinet ministers and political leaders from around the world attend Saudi Arabia’s flagship business conference. King Abdulaziz International Conference Center.

COASTAL CLIMB

Luxury home prices in Saudi Arabia’s Red Sea Global development are selling for as much as $40 million, after prices climbed sharply over the past two years. With ultra-high-end villas and mansions overlooking the coastline, the area has become one of the most expensive residential markets in the kingdom, Bloomberg reports. Red Sea Global, a unit of Saudi Arabia’s Public Investment Fund, is adding golf courses, private beaches and luxury hotels to meet demand for upscale property. The company’s resort projects are central to plans to turn the kingdom into a top luxury holiday destination.

HONG KONG HUG

In a bid to bring two financial hubs closer together, Hong Kong’s HKEX stock market and Abu Dhabi’s ADX signed an agreement to expand cooperation and strengthen links. The deal includes potential initiatives in exchange-traded funds, ESG-focused products and cross-listings, Reuters reports. HKEX last year granted the ADX and Dubai Financial Market the status of Recognized Stock Exchanges and is also preparing to open a representative office in Saudi Arabia. HKEX CEO Bonnie Y. Chan said the partnership seeks to “unlock new investment opportunities, strengthen market infrastructure, and meet the evolving needs of global issuers and investors.”

Qatar Investment Authority: The Qatari sovereign wealth fund reached an agreement to invest $500 million in Canada’s Ivanhoe Mines in return for a 4% stake in the company.

ADQ: AD Ports Group, majority owned by ADQ, awarded a contract to Baku Shipyard in Azerbaijan to construct two shallow-draft container vessels that will serve trade routes across the Caspian Sea. 

International Holding Company: Al Seer Marine, a shipping subsidiary of IHC, has received Merak, its third so-called Very Large Gas Carrier.

📋 Watchlist Windfall: Saudi Arabia was added to the JPMorgan Emerging Markets Bond Index watchlist, which is followed closely by international investors and is expected to generate some $5 billion in initial foreign capital inflows, Zawya reports.

🛡️ Defense Deal: Saudi Arabia and Pakistan signed a mutual defense pact covering military cooperation, joint training, and intelligence sharing.

💰 Capital Raise: Glilot Capital, an Israeli venture capital firm, said it has raised $500 million for two early-stage investment funds focused on AI and cybersecurity, bringing its total assets under management to more than $1 billion.

🏗️ City Living: A Saudi-Egyptian consortium plans to invest up to $1 billion to develop a real estate project in Downtown Cairo, Asharq Business reports. 

📦 Flying Cargo: Fujairah International Airport and Lodd Autonomous conducted a trial drone cargo operation under air traffic control supervision to deliver a shipment to an offshore platform in Fujairah.

💵 Park Walk: Dubai’s National Industries Park has attracted over $272 million in new projects this year, pushing its tenant base to more than 400 companies.

₿ Token Money: QNB Group, Standard Chartered, and DMZ Finance have launched the Dubai International Financial Center’s first regulated tokenized money market fund.

👓 More Clarity: Dubai’s Emaar Properties issued a statement saying it will not dilute its stake in its Indian subsidiary and is considering joint ventures with large Indian real estate companies including Adani Group.

🔋 Powering Up: Smart Mobility, Foxconn Interconnect Technology’s Saudi joint venture, will begin building an EV charger factory in December.

Saudi Crown Prince Mohammed bin Salman met with Pakistan’s Prime Minister Shehbaz Sharif at Al-Yamamah Palace in Riyadh on Wednesday, where they discussed the details of a mutual defense agreement. 

Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister and Ruler of Dubai, chaired a national Cabinet meeting at Qasr Al Watan palace in Abu Dhabi on Wednesday. The Cabinet approved its National Policy for Economic Clusters, which is expected to add more than $8.2 billion annually to GDP.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, met with Takatoshi Nishiwaki, Governor of Kyoto Prefecture, during a visit to Japan to attend the UAE Pavilion’s celebration of UAE Day at Expo 2025 Osaka.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, conferred the First-Class Order of Zayed II on Sunjay Sudhir, Ambassador of India to the UAE, on behalf of UAE President Sheikh Mohamed bin Zayed.

Lana Nusseibeh, UAE Minister of State, hosted European Ambassadors in the Ministry of Foreign Affairs to discuss regional and international developments.

Martin Gauss was appointed CEO of Gulf Air, joining the Bahrain-based carrier months after his dismissal as chief of Latvia’s Air Baltic, Bloomberg reports.

Ali Al Hashemi, CEO of the Space Services Unit at Space42, was elected Chairman of the  Global Satellite Operators Association, the global body representing the satellite industry.

Shukri Almheiri was named as CEO of UAE-based Al Wathba National Insurance Company. He has served on the insurance company’s board since 1998.

Abdullah Saif Al Saadoon resigned from his position as CEO at Sahara International Petrochemical Company. He will be replaced by Abdulaziz Al Rushoud starting November.

🔎  Bangle Bungle: Egyptian authorities are searching for a 3,000-year-old golden bracelet that appears to have walked off from the restoration lab at the Egyptian Museum in Cairo. The ancient gold band, adorned with spherical lapis lazuli beads, dates back to the reign of King Amenemope, a pharaoh who ruled from 993 to 984 BC. An image of the bracelet has been circulated to all Egyptian airports, seaports and land border crossings to prevent smuggling the artifact out of the country.

Sept. 23, New York. U.S.-UAE Business Council Roundtable. The Council will hold a discussion with Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade. Exact location will be provided to confirmed attendees. For details: [email protected].

Sept. 23-24, Dubai. MENA EV. Connecting stakeholders in the electric vehicle industry, from early-stage companies and investors to governments and established automakers.The Agenda, Dubai Media City.

Sept. 23-25, Dubai. ArabLab. The Middle East and Africa’s longest-running event dedicated to the laboratory and analytical industry. Dubai World Trade Center. 

Sept. 24, Abu Dhabi. Syria Recovery and Investment Forum – Abu Dhabi Edition. Convening influential business leaders, regional investors, policymakers, and advisory experts to explore practical avenues for engagement in Syria’s recovery. ADNEC. 

Sept. 30- Oct.1, Abu Dhabi. MENA Investment Congress. Hosted by the CFA Society in the UAE, the event brings together investors to discuss new strategies. Rosewood Hotel.

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

Sept. 30-Oct.2, Dubai. WETEX. The region’s biggest exhibition dedicated to sustainability and clean energy technology. Dubai World Trade Center. 

Oct 1-2, Dubai. World Green Economy Summit. Supporting international cooperation in the face of pressing global challenges. Dubai World Trade Center.

Oct. 9-15, Abu Dhabi. IUCN World Conservative Congress. A gathering of conservation experts and leaders from around the world. ADNEC.

Oct. 13-17, Dubai. GITEX Global. Investors, corporate executives, computer geeks travel to UAE for annual tech gathering. Dubai World Trade Center.

Oct. 14-16, Dubai. Global Future Council. The event on the Future of Growth convenes senior economists and thought leaders from across academia, business, government and civil society to provide intellectual guidance on new approaches to growth. 

Oct. 27-30, Riyadh. Future Investment Initiative, 9th Edition. Investors, corporate executives, cabinet ministers and political leaders from around the world attend Saudi Arabia’s flagship business conference. King Abdulaziz International Conference Center.

DEPARTING GOLDMAN

Fadi Abuali, Goldman Sachs’ Co-CEO for MENA, is leaving the bank after nearly 28 years, Bloomberg reports. Abuali helped expand Goldman’s presence in the region, including opening an Abu Dhabi office in 2023 and securing a regional headquarters license in Saudi Arabia last year. His departure follows a wave of leadership changes across Goldman’s Middle East operations, including the exits of Khalid Albdah to Neuberger Berman and Mohammad Al Fahim to BlackRock. Abuali also co-led Goldman Asset Management’s international arm alongside global head Marc Nachmann.

CLUB HIT

Saudi Arabia is cracking down on nightlife venues in an apparent move to calm the conservative backlash against loosening social strictures in the kingdom. At least two dozen so-called lounges, where male and female customers can enjoy live music and shisha, have been closed by authorities in Riyadh and Jeddah, citing “serious violations” of public health and hygiene codes, The Financial Times reports. Lounges, which have spread across the cities since Saudi Arabia started liberalizing under Crown Prince Mohammed bin Salman, have drawn the ire of social conservatives, who see them as seedy dens where men and women mingle and potentially drink illicit alcohol, which remains illegal in the kingdom despite regular rumors that the ban will be lifted. Meanwhile, an executive from Red Sea Global has weighed in on the alcohol debate, telling Arabian Gulf Business News that the company’s resorts do not need to introduce alcohol to attract luxury tourists. 

Public Investment Fund: Humain, a Saudi artificial intelligence company owned by the PIF, is holding early discussions with private equity firms including Blackstone and KKR on a multibillion-dollar partnership to invest in data centers and infrastructure, Bloomberg reports.

Qatar Investment Authority: The sovereign wealth fund is closing in on a deal to buy a minority stake in Canada’s Ivanhoe Mines, Bloomberg reports. 

Abu Dhabi Investment Authority: ADIA is moving to take advantage of growth in second-hand stakes in private equity, the Abu Dhabi sovereign fund said in its 2024 review. So-called “secondaries” are transactions where an investor buys out an existing private equity fund interest from another investor.

💰Beauty Queen: Dubai-based beauty and wellness startup Amaani has secured $3 million in seed funding, backed by Peak XV’s seed platform, Surge, for its debut brand AÏZA. 

🤝 Credit Access: MNT-Halan’s UAE unit is partnering with financial infrastructure provider Lean Technologies to expand credit access for both individuals and small businesses, Bloomberg reports. 

🛒 Closed Down: Carrefour Kuwait announced on Instagram that it closed all stores in the country on September 16, two days after the French supermarket chain shut up shop in Bahrain.

⛽ Gas Pipeline: Chevron signed an agreement with Israel Natural Gas Lines to build a new pipeline linking Israel’s offshore gas fields to Egypt, with exports expected to start by 2027, Reuters reports.💵 Cyber Funding: Vega, an Israeli cybersecurity startup, raised $65 million in a funding round led by Accel that valued the company at $400 million, Calcalist reports.

🏢 Wealth Target: HSBC is opening a wealth center in Dubai to capture the UAE’s booming wealth management market, The National reports. 

🌍 Moving East: Hypercycle Global, a company that helps in adopting AI, is relocating its headquarters from the U.S. to Abu Dhabi after some Emirati investors and institutions acquired stakes in the company. 

𖥂 Selling Jets: The U.S. has eased export rules on advanced military drones, reclassifying them as fighter jets rather than missiles to bypass an international arms control pact, unlocking major sales to Saudi Arabia and paving the way for deals with the UAE, Europe and the Pacific.

✂️Shaky Ground: Turkish authorities detained 14 people, including former Wall Street trader Isik Okte, over alleged stock manipulation tied to Investco Holding, sending shares in three companies tumbling to their trading limits, Bloomberg reports.

🌍 Unsustainable Goals: Two years after the COP28 climate conference in Dubai, the world has grown weary of the ambitious environmental agenda set in the 2015 Paris Agreement and is unlikely to meet its goals, The New York Times reports.

UAE President Sheikh Mohamed bin Zayed visited several historical and natural landmarks in the city of Shusha, located in Azerbaijan’s Karabakh region, accompanied by Ilham Aliyev, President of Azerbaijan, on Tuesday.

Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, inaugurated Hilton’s new main office in the emirate, calling attention to tourism as a key pillar of economic growth.

Saudi Arabia’s King Salman bin Abdulaziz issued a directive to name the airport road in Medina after Crown Prince Mohammed bin Salman.

Qatar’s Emir Sheikh Tamim traveled to Jordan to meet King Abdullah, accompanied by Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman.

Mariam bint Mohammed Almheiri, Chairman of the International Affairs Office at the UAE Presidential Court and Group CEO of 2PointZero, has joined the Board of Alpheya, the Abu Dhabi-based WealthTech platform backed by BNY and Lunate.

Fawzi Yousef AlHunaif was appointed as the Director General and Chairman of Kuwait’s Arab Fund for Economic and Social Development.

Panos Loupasis was appointed Vice President of Development for Middle East, Africa and Asia at United Hospitality Management.

🎥 Lights, Camera, Action: Emirati producer and actor Mohamed F Mostafa is setting up a company in Abu Dhabi to produce action films with British filmmakers Jadey Duffield and Neil Marshall, a director of Emmy-nominated episodes of “Game of Thrones,” The National reports. The projects, to be produced under the directors’ U.K.-based company Art of Action, include a desert survival thriller called “Skeleton Coast” and a whodunnit called “Blackout.” Mostafa said he wants to ensure talented Emiratis are embedded in each project – both as actors and production crew. “We just have to cherry-pick the right ones and prove that this can be done,” he told the newspaper.

Sept. 23-24, Dubai. MENA EV. Connecting stakeholders in the electric vehicle industry, from early-stage companies and investors to governments and established automakers.The Agenda, Dubai Media City.

Sept. 23-25, Dubai. ArabLab. The Middle East and Africa’s longest-running event dedicated to the laboratory and analytical industry. Dubai World Trade Center. 

Sept. 24, Abu Dhabi. Syria Recovery and Investment Forum – Abu Dhabi Edition. Convening influential business leaders, regional investors, policymakers, and advisory experts to explore practical avenues for engagement in Syria’s recovery. ADNEC. 

Sept. 30- Oct.1, Abu Dhabi. MENA Investment Congress. Hosted by the CFA Society in the UAE, the event brings together investors to discuss new strategies. Rosewood Hotel.

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

Sept. 30-Oct.2, Dubai. WETEX. The region’s biggest exhibition dedicated to sustainability and clean energy technology. Dubai World Trade Center. 

Oct 1-2, Dubai. World Green Economy Summit. Supporting international cooperation in the face of pressing global challenges. Dubai World Trade Center.

Oct. 9-15, Abu Dhabi. IUCN World Conservative Congress. A gathering of conservation experts and leaders from around the world. ADNEC.

Oct. 27-30, Riyadh. Future Investment Initiative, 9th Edition. Investors, corporate executives, cabinet ministers and political leaders from around the world attend Saudi Arabia’s flagship business conference. King Abdulaziz International Conference Center.

SILICON SCHEME

Two deals with the UAE involving cryptocurrency and computer chips are likely to be profitable for U.S. President Donald Trump, The New York Times reports. One involves a $2 billion transaction by a government-backed Emirati firm using a cryptocurrency offered by World Liberty Financial — a company founded by the families of President Trump and his Middle East envoy, Steve Witkoff. The other is a pending sale of the world’s most valuable artificial intelligence chips to the UAE. There is no evidence that one was explicitly offered in return for the other, but the Times said they were being negotiated at the same time and may provide a windfall for the Trump and Witkoff families.

FINTECH FINANCING

Saudi Arabian buy-now-pay-later company Tamara secured up to $2.4 billion in financing from backers including Goldman Sachs, Citi and Apollo in what the company described as the largest syndicated debt deal by a Middle East fintech firm. The Sharia-compliant deal will refinance and increase a previous $500 million asset-backed facility, helping the company to expand its credit and payment products beyond 20 million customers, Reuters reports. The package, announced at the Money 20/20 Middle East conference in Saudi Arabia on Monday, includes an initial $1.4 billion, with a further $1 billion available. Fintech deal activity in the MENA region increased 69% year-on-year for the first half of 2025, according to MAGNiTT.

Public Investment Fund: Saudi Arabia’s Hassana Investment Company partnered with AviLease, the aircraft lessor owned by the PIF, to establish a dedicated aircraft leasing joint venture.

Oman Investment Authority: Oman India Fertiliser Co. has begun early preparations for a potential Muscat IPO, part of Oman’s broader push to privatize state assets, Bloomberg reports. OMIFCO is 50% owned by Oman’s main energy firm OQ, alongside Indian agricultural cooperatives IFFCO and Kribhco.

Oman Investment Authority: The sovereign wealth fund launched an Energy Transition Fund in Oman with Hong Kong-based Templewater as a partner to support renewable power projects.

Qatar Investment Authority: Ben Dunn, head of quantitative strategies at Eastspring Investments, left the firm after 11 years to join the Qatar Investment Authority as associate director for managed portfolios.

💰 Payment Expansion: Saudi Arabia’s central bank announced that Google Pay will launch nationwide and signed an agreement with Ant International to enable Alipay+ by 2026, both using the kingdom’s National Payment System, known as mada.

⚡ Energy Deals: Egypt signed three oil and gas agreements worth more than $121 million with international companies, with Petroleum Minister Karim Badawi overseeing the signings by the Egyptian General Petroleum Corp.

🤝 Regional Partners: UAE’s Al Futtaim has acquired a 49.95% stake in Saudi Arabia’s Cenomi Retail for $670 million.

📈 Revenue Target: Syrian Finance Minister Yisr Barnieh said the government expects state-owned economic enterprises to contribute some $2 billion annually to the national budget within three years.

✈️ Fly Europe: Dubai based carrier Flydubai has signed a strategic interline agreement with Romania’s TAROM, offering passengers access to 15 destinations via Bucharest International Airport.

❄️ Cool Returns: Dubai-listed National Central Cooling Company, known as Tabreed, announced its first-ever interim dividend of $50.4 million for the first half of 2025.

🛒 Closing Shop: Carrefour has ceased all operations in Bahrain following previous closure in Oman and Jordan. Majid Al Futtaim, which operates the French brand in the region, plans to launch its flagship grocery brand HyperMax at six locations across Bahrain.

UAE President Sheikh Mohamed bin Zayed arrived in the Karabakh region today on an official visit to Azerbaijan, where he was welcomed at the Fuzuli International Airport by Azerbaijan’s President Ilham Aliyev.

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, attended the extraordinary meeting of the Gulf Cooperation Council in Qatar on behalf of the UAE President.

Sheikh Mansoor bin Mohammed, Chairman of the Dubai Sports Council, launched a challenge for designers and creatives residing in the UAE to design a new visual identity for the DSC.

Prince Guillaume Jean Joseph Marie, Hereditary Grand Duke of Luxembourg, visited the headquarters of the King Salman Humanitarian Aid and Relief Center in Riyadh on Monday. He also attended the launch ceremony of the second phase of the global “Messengers of Peace” initiative, backed by Saudi Arabia.

Fayik Abdi, Saudi Arabia’s first skier to compete in the Winter Olympics, was recruited by Riyadh-based Sahm Capital to be the fintech firm’s brand ambassador.

Khalaf Al-Habtoor, the Emirati billionaire businessman, has changed his plan to dismantle Beirut’s Metropolitan Palace Hotel, which he has owned since 2000, and ship it out of Lebanon. After touring the hotel and meeting with Lebanese President Joseph Aoun, Al-Habtoor said he will relaunch the project instead.

Nir Zuk, founder of Palo Alto Networks, announced plans to open a digital bank in Israel called Esh in 2026, promising an “Equal Sharing” model with no fees and full transparency.

Kumail Al Musawi has been appointed as Chief People Officer of Oman Air, the national carrier of the Sultanate.

🎤 Rap Tribute: Canadian rapper Drake samples famed Lebanese singer Fairuz on his ninth studio album, “Iceman,” previewing a track that features her iconic 1979 song “Wahdon” during a recent livestream, The National reports. By incorporating one of the Arab world’s most celebrated artists into his raps, Drake is already sparking a heated debate online. More than 30 years ago, Madonna faced a backlash resulting in a $2.5 million legal settlement and a ban from Lebanon after using one of Fairuz’s hymns without permission on her 1992 album “Erotica.”

Sept. 15-17, Abu Dhabi. The Riyadh Infrastructure Projects Center. The event will host representatives from over 25 countries discussing global infrastructure innovation, investment, and sustainable development. Riyadh International Convention and Exhibition Center.

Sept. 15-17, Dubai. ISM Middle East. A conference on emerging trends and advancements shaping the sweets and snacks industry. Dubai World Trade Center. 

Sept 15-17, Riyadh. Money 20/20. Shaping what’s next for money, finance, and tech in the region. Riyadh International Convention and Exhibition Center.

Sept. 23-24, Dubai. MENA EV. Connecting stakeholders in the electric vehicle industry, from early-stage companies and investors to governments and established automakers.The Agenda, Dubai Media City.

Sept. 23-25, Dubai. ArabLab. The Middle East and Africa’s longest-running event dedicated to the laboratory and analytical industry. Dubai World Trade Center. 

Sept. 24, Abu Dhabi. Syria Recovery and Investment Forum – Abu Dhabi Edition. Convening influential business leaders, regional investors, policymakers, and advisory experts to explore practical avenues for engagement in Syria’s recovery. ADNEC. 

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

Sept. 30-Oct.2, Dubai. WETEX. The region’s biggest exhibition dedicated to sustainability and clean energy technology. Dubai World Trade Center. 

Oct. 9-15, Abu Dhabi. IUCN World Conservative Congress. A gathering of conservation experts and leaders from around the world. ADNEC.

Oct. 27-30, Riyadh. Future Investment Initiative, 9th Edition. Investors, corporate executives, cabinet ministers and political leaders from around the world attend Saudi Arabia’s flagship business conference. King Abdulaziz International Conference Center.

Mubadala: The Abu Dhabi sovereign wealth fund took a stake in the London-based fintech Revolut, participating in a share sale that last month secured a $45 billion valuation, the Financial Times reports. The size of the investment could not immediately be ascertained.

Abu Dhabi Investment Authority: GIP Aurea, a Singapore-based joint venture between Global Infrastructure Partners and ADIA, has bid on a 30% stake of Malaysia Airports Holdings.

Public Investment Fund: The Saudi sovereign wealth fund launched its Musahama Design Competition aimed at promoting the use of local materials , showcasing local designers and stimulating growth in Saudi manufacturing.