Public Investment Fund: PIF-owned Riyadh Air, Saudi Arabia’s budding new national carrier, has ordered 60 Airbus narrowbody A321 jets with a value of approximately $4 billion as it prepares to start commercial flights next year, Reuters reports.

ADQ: The Abu Dhabi sovereign wealth fund completed its deal to take a minority stake in Sotheby’s, joining owner Patrick Drahi in providing the auction house with a cash infusion of approximately $1 billion, Bloomberg reports.

Mubadala: Investcorp Holdings, the Bahrain-based alternative investment firm backed by the UAE’s Mubadala sovereign wealth fund, has completed three deals through a new $1 billion investment fund established with China Investment Corp., Investcorp Chief Investment Officer Rishi Kapoor told Bloomberg.

🌀 Green Hydrogen: Morocco’s Ministry of Energy Transition and Sustainable Development has signed a $1 billion agreement with France’s TotalEnergies to produce green hydrogen in the Guelmim-Oued Noun region, leveraging Morocco’s solar and wind resources, Sabah Agadir reported.

🚝 Train Ride: King Abdullah Financial District Development and Management Company announced a construction agreement with a consortium led by China’s CRRC Nanjing Puzhen and Hassan Allam Construction Saudi, for a 3.6-kilometer monorail project in Riyadh.

🔒 Data Guard: MIND, an Israeli startup that uses AI to detect and prevent data leaks, raised $11 million in seed funding round led by YL Ventures.

📈 ETF Trade: Saudi Arabia’s first ETFs that track the shares of Hong Kong-listed companies began trading on Wednesday on the Saudi Stock Exchange, with $1.2 billion raised at the launch.

🛢️ Risky Business: The Dubai International Financial Centre has suspended multiple companies that people familiar with the matter say are part of a network overseen by Iranian oil trader Hossein Shamkhani, Bloomberg reports.

⛏️ Copper Talks: Saudi Arabia is in advanced negotiations over a stake in a copper mine in Zambia and expects a deal by the end of the year, Robert Wilt, the CEO of Saudi mining company Ma’aden, told Reuters.

Sheikh Khaled bin Mohamed bin Zayed, Crown Prince of Abu Dhabi, visited AI Singapore, meeting with executive management to discuss efforts supporting research, startups and local talent development to build an integrated AI ecosystem.

Pakistani Prime Minister Muhammad Shehbaz Sharifheld a meeting with Saudi Minister of Investment Khalid Al-Falih on Wednesday on the sidelines of the FII conference, where they discussed some $2.8 billion in trade deals between the two countries.

Princess Reema bint Bandar, Saudi Arabia’s ambassador to the U.S., addressed the FII conference on Wednesday about the need to preserve marine environments and the importance of the world’s oceans to the global economy.

Mohammed Aldekmary has been appointed CEO of ZCG Arabia to lead the new Riyadh office and oversee activities in asset management, consulting and technology.

Oct. 31, Abu Dhabi, UAE: Transition Investment Workshop. NYU Abu Dhabi’s Transition Investment Lab holds a day of discussions on aligning investment decisions with social values. NYU Abu Dhabi, East Forum.

Nov 4-7, Abu Dhabi, UAE: ADIPEC. The event is the biggest gathering for energy leaders, policy makers, and key industry players. It is often attended by heads of multilateral organizations, ADNEC.

Nov. 12-13, Abu Dhabi, UAE: CyberQ: Security in the Quantum Era. Brings together international experts, key policymakers and industry players to discuss challenges in the quantum age of cybersecurity. ADNEC.

BONJOUR RABAT

French President Emmanuel Macron is working on relationship management in Morocco. King Mohammed VI welcomed the French leader on Monday for a state visit focused on strengthening trade and investment ties between the two countries, particularly in renewable energy and transportation. Macron and the king oversaw a signing ceremony for investments worth some $10.8 billion that included expanding Morocco’s high-speed rail line southward to Marrakech. Among the objectives of Macron’s visit is “to rebuild the exceptional partnership that links our two countries,” the French president’s office said in a statement.

Masdar: Mubadala-owned Masdar and EMSTEEL, the UAE’s largest publicly traded steel and building materials company, completed a pilot project to produce green steel through a hydrogen-powered extraction process.

International Holding Co.: Emirates Stallion Group, a subsidiary of Abu Dhabi-owned IHC, that operates in construction and real estate, reported a 69% increase in operational profit and a 125% jump in revenue. 

Public Investment Fund: ACWA Power, the Saudi utility that is partially owned by the PIF, has reached a 50-megawatt threshold at its Redstone Concentrating Solar Power plant in South Africa and is set to reach full capacity soon.

Abu Dhabi Investment Authority: CYVN Holdings, an investment firm operated by ADIA, signed a preliminary deal with Bahrain’s Mumtalakat Holding Co. to take a stake in British luxury carmaker McLaren and assume full control of its automotive business, Bloomberg reports.

💸 Share Sale: The United Bank in Cairo plans a secondary offering of 30% of its shares on the Egyptian Exchange in the fourth quarter of this year, with CI Capital as bookrunner and legal advisory by Baker McKenzie.

⛽ Alliance Building: Wood, a consulting and engineering company, won an engineering services contract for Aramco’s Southern and Northern Areas gas increments project in Saudi Arabia which will help the company export more natural gas.

🔒 Data Guardian: Armis Security, an Israeli cyber startup, raised $200 million in a Series D funding round co-led by General Catalyst and Alkeon Capital.

🏦 About Face: Barclays is considering re-entering Saudi Arabia a decade after pulling out of the kingdom as it looks to capitalize on the country’s growing need to access capital markets, Bloomberg reports.

🚰 Water Deal: Saudi Engines Manufacturing Co. signed an agreement with Finland’s Kongsberg Maritime to localize the water jet propulsion industry in Saudi Arabia, promoting manufacturing, after-sales services, and distribution of Kongsberg products in the kingdom.

👩🏻‍🤝‍👩🏼 New Neighbor: Goldman Sachs opened a new office in Riyadh’s financial district, deepening its presence in the largest Middle East economy, Bloomberg reports.

UAE President Sheikh Mohamed bin Zayedheld a meeting on Monday with visiting Vietnamese Prime Minister Pham Minh Chinh at the Qasr Al Watan palace in Abu Dhabi. The Vietnamese leader also met in Dubai with Sheikh Mohammed bin Rashid, the UAE Vice President and Prime Minister, and Ruler of Dubai.

Sheikh Hamdan bin Zayed Al Nahyan, Representative of the UAE’s Ruler and Chairman of the Environment Agency, chaired a board meeting of the agency focused on the role of artificial intelligence in achieving sustainable development goals.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, began an official visit to Singapore on Monday to discuss partnerships in artificial intelligence, education and renewable energy.

Hatem Al Mosa was named Director-General of the Petroleum Department in the emirate of Sharjah, appointed in a decree by Sheikh Dr. Sultan bin Mohammed Al Qasimi, Ruler of Sharjah.

Sir Nicholas Patten was appointed as a Judge of the Court of Appeal in the Abu Dhabi Global Market’s independent judicial system, succeeding Sir Peter Blanchard who announced his retirement.

Faisal Alibrahim, the Saudi Minister of Economy and Planning, met with Baker Hughes CEO Lorenzo Simonelli on the sidelines of the FII conference to discuss sustainable transformation in Saudi Arabia’s energy sector.

🎵 Gulf Jazz: Kuwaiti jazz group Boom.Diwan has been introducing the country’s traditional music sounds to audiences at the Womex 2024 festival in Manchester, U.K., which wound up last weekend. The band’s co-founder, Hamad Ben Hussain, tells The National about how he has integrated the barrel drum into his jazz compositions, hearkening back to musical traditions popular with Kuwait’s pearl-divers, who included his great-grandfather.

Oct. 29-31, Riyadh. Future Investment Initiative Conference. More than 6,000 global participants registered, including world leaders, policymakers, CEOs and investors. King AbdulAziz International Conference Center.

Oct. 31, Abu Dhabi, UAE: Transition Investment Workshop. NYU Abu Dhabi’s Transition Investment Lab holds a day of discussions on aligning investment decisions with social values. NYU Abu Dhabi, East Forum.

Nov. 4-7, Abu Dhabi: ADIPEC. The event is the biggest gathering for energy leaders, policy makers and key industry players. It is often attended by heads of multilateral organizations. ADNEC. 

Nov. 5-7, Dubai: EMEA Stakeholder Conference, This invitation-only event brings together over 700 of the most influential leaders from across the hotel and real estate industry in Europe, the Middle East and Africa to discuss the latest trends shaping the hotel industry. Lapita Dubai Parks and Resorts Autograph Collection.

Nov. 12-13, Abu Dhabi: CyberQ: Security in the Quantum Era.The event will bring together international experts, key policymakers and industry players to discuss the fundamental challenges of the quantum age of cybersecurity. ADNEC.

Dec. 5-6, Abu Dhabi: Milken Institute Middle East and Africa Summit. Corporate executives, investors, government officials, and philanthropists gather to address the globe’s most pressing issues. St. Regis Saadiyat Island.

Dec. 5-8, Abu Dhabi: Abu Dhabi Grand Prix 2024. World’s fastest race drivers compete in Abu Dhabi leg of the Formula One season. Yas Marina Circuit.

Dec. 9-10, Abu Dhabi: The Bitcoin Conference. The conference connects with industry leaders, and experiences a dynamic expo hall featuring a fusion of technology and art. ADNEC.

Dec. 9-12, Abu Dhabi: Abu Dhabi Finance Week. Bringing top economic talent to discuss the ongoing challenges and prospects in the economy. Al Maryah Island, ADGM Square.