Emirates commits $12 billion to new Al Maktoum International
Emirates will invest up to $12 billion in Al Maktoum International as part of the Dubai government’s $35 billion redevelopment of the site, which is slated to replace DXB as the emirate’s main aviation hub by 2032.
Sheikh Ahmed bin Saeed, Chairman and CEO of Emirates Group, said total spending will far exceed the headline figure.
He said Emirates plans to finance its share of the investment through a combination of cash reserves and new debt.
Moreover, U.K. Export Finance, the government-backed export credit agency, announced during the Dubai Airshow that it will invest $3.5 billion to support the participation of the U.K. businesses in the new airport.
Dubai to unveil first gaming pavilion at Germany’s Gamescom
Dubai expects to turn heads at Germany’s Gamescom 2025 next week when it unveils the first gaming pavilion sponsored by a Middle East government.
The emirate wants to use the world’s biggest gaming event to showcase its $1 billion effort to rank among the world’s top 10 gaming hubs by 2033, Arabian Business reports.
“Our presence at Gamescom underscores the strength of an ecosystem that combines innovation, education, advanced technology, and talent development,” Sheikha Latifa bint Mohammed Al Maktoum, Chairperson of Dubai Culture, said in a statement.
Some 350 gaming companies have set up shop in Dubai, 12% of them part of major global tech firms, the news site said.
Wynn resorts is in the midst of building the UAE’s first casino in the emirate of Ras Al Khaimah, which is due to open in 2027.
Majid Al Futtaim may be headed for IPO amid stabilization efforts
Dubai’s government has stepped in to stabilize governance at the parent company of Majid Al Futtaim, the conglomerate behind the Mall of the Emirates and brands including Carrefour and Lego in the region.
A special judicial committee has restructured MAF Capital’s board and converted it into a public joint stock company, The Financial Times reports.
This is not the first time the government has assisted the group. Sheikh Mohammed bin Rashid, Ruler of Dubai, oversaw inheritance matters after the founder’s death in 2022.
The latest overhaul aims to safeguard one of the Gulf’s most prominent privately owned companies and could pave the way for a future stock exchange listing, the FT reports.
Family-run businesses across the Gulf frequently encounter similar challenges after a founder’s death.
Under its late founder, MAF built a reputation for forward-thinking management, pioneering projects like the region’s first indoor ski slope in Mall of the Emirates and raising capital in global bond markets to fund its expansion.
UAE pushes artificial intelligence use in all government agencies
The UAE is amping up the use of artificial intelligence in all aspects of government.
Speaking at Dubai’s AI retreat 2025 on Sunday, Omar Al Olama, the UAE’s Minister of State for AI, Digital Economy and Remote Work Applications, said all departments will be evaluated on the effectiveness of how they use the emerging technology, The National reports.
“We don’t want to leverage artificial intelligence just for the sake of AI,” Al Olama said. “We want to ensure that the application actually improves the quality of life of citizens in the UAE and in Dubai specifically.”
The minister spoke during the AI event’s opening session at Dubai’s Museum of the Future. The retreat brings together more than 1,000 AI experts, policymakers, and executives from companies including Microsoft, Meta, Google and IBM.
Among those participating in the week’s activities are Sheikh Mohammed bin Rashid, Ruler of Dubai and UAE Prime Minister and Mohammad bin Abdullah Al Gergawi, UAE Minister of Cabinet Affairs and Managing Director of the Dubai Future Foundation.
Delegations from more than 100 countries have come to the city for a deep dive into AI technology.
Saudi Arabia offers to pay the bill for Syria’s World Bank debt
Saudi Arabia is taking the lead in helping Syria’s new government pay off its debts.
As a first step, the kingdom will put up $15 million to cover Syria’s arrears to the World Bank and unlock international aid money to begin the country’s reconstruction, Reuters reports.
The plans would be the first known instance of Saudi Arabia providing financing for Syria since Islamist-led rebels toppled former leader Bashar al-Assad last year.
It may also be a sign that Gulf Arab support for Syria is beginning to materialize after previous plans, including an initiative by Qatar to fund salaries, were held up by uncertainty over U.S. sanctions, according to Reuters.
UAE, Saudi Arabia pledge support for AI at investor fairs
The race is on for dominance over AI development in the Gulf.
At dueling conferences this week in Dubai and Riyadh, government ministers, investors and corporate executives are sketching out their visions for integrating artificial intelligence into virtually all aspects of daily life.
Addressing a packed ballroom at the Dubai AI & Web3 Festival on Wednesday, Omar Al Olama, the UAE’s Minister of State for AI, Digital Economy and Remote Work Applications, pledged that companies with the most innovative technologies will have the government’s backing.
“Our job is to enable you, our job is to ensure you’re able to use Dubai and the UAE as a springboard to make global companies that will make global impact and change the future,” Al Olama said.
In the Saudi capital, where the vast King Abdulaziz International Conference Center played host to the annual global AI summit known as GAIN, the buzz in the corridors was about chips – specifically whether the U.S. government will allow Nvidia to export its advanced AI semiconductor chips to Saudi Arabia, Semafor reports.
Saudi leaders have been trying to allay the Biden administration’s concerns that the kingdom’s growing ties with China could lead to the leaking of technological U.S. secrets and damage national security.
UAE’s foreign trade minister tapped to lead new Rorix firm
The manner in which government and corporate business mix in the UAE’s capital has earned it the name Abu Dhabi Inc. The latest example surfaced on Thursday with the appointment of Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, to serve as Executive Chairman of Rorix Holdings.
The Abu Dhabi-based company, a new subsidiary of state-owned International Holding Co., is being set up to capitalize on the series of free-trade agreements signed by the UAE with countries including India, Indonesia, Israel, Turkey, South Korea and Chile. More than a dozen others are in various stages of negotiation.
Over the past three years, Al Zeyoudi has been the chief negotiator and globe-trotting evangelist for the pacts, known as Comprehensive Economic Partnership Agreements, which are designed to reduce or eliminate import fees and other tariffs between participating nations. Now he will formally steer the financial services company established to channel profits from the trade relationships into the UAE’s $500 billion economy.
Framing the company’s mission, Al Zeyoudi said in a statement that Rorix will seek to “accelerate trade volumes, attract foreign investment, and build economic partnerships that drive sustainable growth” for a range of industries across the UAE.
Dubai installs Chief AI Officers across government departments
The C-suites have gotten a bit bigger in Dubai’s government offices.
Over the weekend, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, installed 22 Chief Artificial Intelligence Officers across departments that govern areas such as community development, human resources, customs, policing and civil aviation.
“The appointment of the new Chief AI Officers in the Dubai government marks the initial phase toward realizing our vision for the future of government work,” Sheikh Hamdan said. “We are confident that these officers will intensify their efforts and go the extra mile in translating our vision into reality.”
It is a quintessentially Dubai move. The UAE’s biggest city has long sought to be known for flexible policymaking, a business-friendly environment and smart government services as it looks to lure private sector development, with the likes of Microsoft, Meta and Google taking up regional headquarters in the glitzy city.
The Dubai Future Foundation, which shares an office tower with UAE Prime Minister and Ruler of Dubai Sheikh Mohammed Al Maktoum, for example, is a think tank designed to help guide government policy as it gears for the future.
While Dubai has prioritized business-friendliness and agile governance amid the artificial intelligence revolution, Abu Dhabi has taken a different tact.
The UAE capital, a bit more than an hour south of Dubai, has leveraged its deep sovereign wealth fund pockets to plow cash into government-backed entities, investment vehicles and startups both at home and abroad.
Locally, this has yielded AI champion G42, the applied research group Advanced Technology Research Council and an AI-dedicated research university, the Mohamed bin Zayed University of Artificial Intelligence.
It has also given Abu Dhabi Inc. a footprint in tech hubs like Silicon Valley, with major investments in companies like semiconductor startup Cerebras and self-driving firm Waymo.
UAE foreign assets pegged at $2.5 trillion by investment chief
A new interview with the UAE’s foreign investment chief puts the country’s current assets abroad, both government and private, at an estimated $2.5 trillion.
Jamal Bin Saif Al Jarwan, Secretary-General of the UAE International Investors Council (UAEIIC), also told the Emirates New Agency WAM that the portfolio is doing well despite economic headwinds.
The UAE’s international investment footprint is topped by sovereign wealth funds holding 72% of the assets, Al Jarwan noted.
Abu Dhabi Investment Authority (ADIA) is the leading foreign investor, followed by Mubadala Investment Co., Investment Corporation of Dubai, Emirates Investment Authority and ADQ.
All told, the UAE owns seven sovereign wealth funds with assets exceeding $2 trillion, trailed by government-owned and quasi-governmental companies with 18%, UAE banks with 2.5% and 7.5% originating from family-owned and private companies.
The “most prominent” deal in 2023 was between U.S. private equity firm Apollo and ADIA to acquire chemicals manufacturer UniVar for $8.1 billion, he said.
Qatar makes bid for young tech firms ahead of Web Summit
As Qatar prepares to host next week’s Web Summit extravaganza, government planners are trying to attract early-stage tech companies to set up shop in the country.
One of those efforts, Startup Qatar, was rolled out on Wednesday, offering free visas, tax waivers, licenses, office space and funding to promising tech firms.
All the services are described and accessible through the campaign’s website and will be promoted heavily at Web Summit Qatar.
The conference, which opens Feb. 26 at the Doha Exhibition and Convention Centre, expects more than 1,100 startups from 80 countries. Tickets are already sold out.
