REALITY CHECK

Saudi Arabia’s scaling back of The Line, the futuristic centerpiece of its multitrillion-dollar NEOM project, is evident from a series of major missed construction deadlines and the assessments of some of its original designers. With costs surging for its first phase and a shortfall in anticipated foreign investment, officials now describe the ambitious initiative first presented by Saudi Crown Prince Mohammed bin Salman as a “multi-generational development,” dropping earlier promises of its rapid rise, The Financial Times reports. Conceived as a 170-kilometer (105-mile) city built into a vertical mirror-walled structure taller than the Empire State Building, The Line was planned to house 9 million residents without cars or streets, and powered entirely by renewable energy. For now, the newspaper says, the desert megacity that was a symbol of Saudi Arabia’s effort to shift from an oil-dependent economy to a digital and technological one has been forced to adjust to reality.

CHIPS DOWN

Khaldoon Al Mubarak, CEO of Abu Dhabi’s Mubadala sovereign wealth fund, said that future sectors including AI, advanced computing, healthcare and clean energy, will be key pillars of growth for the UAE in coming decades. Speaking at the UAE Government Annual Meetings 2025 to an audience of the country’s top officials and leaders, including Dubai Ruler Sheikh Mohammed bin Rashid, UAE Vice President and Prime Minister, Al Mubarak said UAE sovereign investments play a pivotal role in reinforcing economic ties facilitated by strategic partnerships with governments and investment institutions around the world. He said the country needed to harness the increasing flow of capital and talent into the emirates to sustain productivity and innovation. Gulf sovereign funds, including Mubadala, which backs the UAE’s main AI firm G42, Saudi Arabia’s Public Investment Fund and the Qatar Investment Authority, are rapidly deploying billions of dollars to build domestic AI industries, including gargantuan data center projects and quid pro quo investment deals with the U.S. in exchange for shipments of advanced chips from Nvidia and AMD.

Abu Dhabi Investment Authority: Lendlease Global Commercial REIT has acquired ADIA’s 70% stake in Singapore’s $679 million PLQ mall.

Danantara: Indonesia’s new sovereign fund has launched a $1 billion bid for a large plot of land near the Grand Mosque in Mecca to build a “Hajj Village” for Indonesian pilgrims, Bloomberg reports. If successful, it will be the fund’s first overseas investment and potentially the first major land sale under Saudi Arabia’s new foreign ownership rules, which come into force next year.

Mubadala Capital: Aquarian Capital, backed by Mubadala Capital, will take Brighthouse Financial private in a $4.1 billion all-cash deal, expanding the Gulf’s growing presence in U.S. financial services.

Mubadala: Uber has held early talks with Getir’s main investor, Mubadala, about acquiring key parts of the Turkish company’s delivery business in a deal that could be worth up to $1 billion, Bloomberg reports.

ADQ: Ta’ziz, a joint venture between ADQ and ADNOC, has signed agreements with India’s Sanmar Group for long-term product sales.

🛢️ Oil Bounty: Abu Dhabi’s Adipec oil and gas conference this week generated $400 million in economic benefits for the UAE capital, boosting its hotel, tourism and transportation industries.

⚓ Syrian Sale: Abu Dhabi’s AD Ports Group intends to buy a minority stake in a container terminal in Syria’s main commercial port for $22 million, Reuters reports.

🏗️ Sim Tower: Work has begun on Muraba Veil, a super-slim, 79-story skyscraper in Dubai, designed by Spain’s RCR Arquitectes.

🏡 Better Home: Dubai scored No. 1 in a ranking by Savills real estate of the world’s most accommodating cities for wealthy people.

⛏️ Mining Bid: Saudi Arabia’s Industry and Mineral Resources Ministry is inviting bids for three  mining complexes in the Riyadh and Makkah regions.

🚢 Gulf Ferry: Qatar and Bahrain have launched a passenger service between  Al-Ruwais Port and Sa’ada Marina that takes 50 minutes between the two countries.

᯽ Luxury Squad: Louis Vuitton and Ajman police are teaming up to combat counterfeit products.

🎫 Golden Ticket: Saudi Arabia gave premium visas to more than 100 entrepreneurs from over 20 countries during Biban Forum 2025.

UAE President Sheikh Mohamed bin Zayed declared 2026 as the Year of the Family for the UAE and launched the National Family Growth Agenda 2031.

Sheikh Tahnoon bin Zayed, UAE National Security Advisor, Deputy Ruler of Abu Dhabi and Chairman of G42, chaired the AI company’s year-end board meeting.

Princess Reema Bandar, Saudi Arabia’s Ambassador to Washington, told the American Business Forum in Miami that the U.S. has welcomed the kingdom’s role in resolving international conflicts.

Sheikh Mansoor bin Mohammed, President of the UAE National Olympic Committee, toured the Middle East Hunting Expo at the Dubai Exhibition Centre, Expo City Dubai on Thursday.

Sheikh Theyab bin Mohamed, Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs, went on a site visit to the China International Import Expo 2025 in Shanghai.

Syrian President Ahmed Al Sharaa and Interior Minister Anas Hasan Khatta were freed from U.N. sanctions following a Security Council vote, paving the way for their upcoming White House visit.

Ahmed Alattar, UAE Ambassador to Germany, took part in a discussion concerning the expansion of Mubadala-backed Global Foundries’ Dresden plant, where he met Chancellor Friedrich Merz.

Noam Perski, Executive Vice President of Palantir, spoke to The National about the company’s joint venture with Dubai Holding, declaring that those who do not invest in artificial intelligence “will absolutely get left behind.”

Jake Loosararian, CEO of Gecko Technology, told The National that the company expects to start making robots in the UAE next year as part of three agreements signed with state-run ADNOC.

🍫 Raising the Bar: The Filipino chef who helped create the famous Dubai chocolate bar has launched a flavor for Abu Dhabi that combines salted caramel with halva and a mix of spices and date syrup in an attempt to capture the UAE capital’s distinct flavours and identity. “When you take a bite, what you experience right away is very Abu Dhabi,” Chef Nouel Catis told The National. “Even the older generation of Emiratis who tried it said it reminded them of home. So instead of creating a bar like Snickers or Twix that’s commercial, this is really more of a cultural bar.” The bar, which is topped off with 24-karat gold flakes, is priced at Dh100 ($27) for  200g and is available from today.

Nov. 4-9, Dubai. Dubai Design Week. The Middle East’s largest creative festival, showcasing more than 200 events across architecture, product, furniture, interior and graphic design. D3.

Nov. 5-16, Sharjah, UAE. Sharjah International Book Fair. A 12-day cultural and literary event attracting global publishers and literary stars. Expo Center Sharjah.  

Nov. 10. Abu Dhabi. Abu Dhabi Autonomous Summit. The flagship platform of the inaugural Abu Dhabi Autonomous Week, convening global leaders to define the next chapter of smart and autonomous mobility. Yas Marina Circuit.

Nov. 10-12, Abu Dhabi. DRIFTx. An international exhibition showcasing smart and autonomous mobility solutions. Yas Marina Circuit.

Nov. 10-15, Abu Dhabi. RoboCup Asia-Pacific. A regional competition and event for AI and robotics where teams compete on challenges including humanoid robot soccer matches. ADNEC Center.

Nov. 11-14, Dubai. ICOM 2025. Bringing together museum professionals and cultural experts from around the world to explore the evolving role of museums. Dubai World Trade Center.

Nov. 17-19. Doha. Qatar Entrepreneurship Conference (ROWAD). Qatar’s national entrepreneurship platform and a flagship Global Entrepreneurship Week event, connecting startups, SMEs, and ecosystem leaders. Doha Exhibition & Convention Center.

Nov. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.

Nov. 19-20, Dubai. Knowledge Summit. A global platform for knowledge production in the service of sustainable development. Dubai World Trade Center. 

Nov. 25-26. Riyadh. Global Sustainability Expo. Dedicated to advancing sustainability practices across industries. The Arena Riyadh.

Nov. 26-27, Abu Dhabi. CyberQ 2025. The UAE’s flagship summit for cybersecurity and quantum technologies. ADNEC Center.

Dec. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island. 

Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit. 

Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.

Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.

Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.

Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the world’s top minds to redefine and shape the future of global markets. The Grand Steps, Al Maryah Island.

MEGA MEGAWATTS

Microsoft President Brad Smith was in Dubai with G42 CEO Peng Xiao today to roll out plans for expanding the capacity of their joint data centers in the UAE by an additional 200 megawatts, The Circuit’s Omnia Al Desoukie reports. Completion for upscaling G42’s Khazna Data Centers is targeted for the end of 2026 and the project follows Microsoft’s $1.5 billion investment in G42 earlier this year. “We can leverage the resources of the UAE to help other nations,” Peng said. Smith said the UAE’s geographic location bridges Asia and Europe and could enable the Microsoft-G42 partnership to serve 4 billion people.

LONDON CALLING

Abu Dhabi is doubling down on its commitment to invest in the U.K. Four years ago, the emirate agreed to channel 10 billion pounds ($13 billion) via its Mubadala sovereign fund into British assets, particularly in tech and life-sciences firms and London property developments, signing a deal labeled the Sovereign Investment Partnership. Since then, spending in the U.K. by Abu Dhabi entities has ballooned to 20 billion pounds, Bloomberg reports. Among the investments was the $600 million stake Mubadala bought this year in London-based school operator Nord Anglia Education. Prime Minister Keir Starmer underlined the U.K.’s desire to draw more Gulf investment with a visit to the UAE and Saudi Arabia last December.

Qatar Investment Authority: QIA-backed Qatari Diar plans to invest $30 billion in a luxury development in Egypt’s Mediterranean coast, including resorts, golf courses and schools, , Reuters reports.

Qatar Investment Authority: Qatar Airways will sell its entire stake in Cathay Pacific back to the Hong Kong airline for $897 million, marking its complete exit after eight years, Reuters reports.

Qatar Investment Authority: QIA-backed OpenAI rival Anthropic expects to generate as much as $70 billion in revenue in 2028, up from about $4.7 billion this year, The Information reports. Rapid revenue growth may see the company tapping investors again in coming months, with a potential valuation of $300 billion to $400 billion.

Masdar: The Abu Dhabi green energy company will acquire a 49% stake in Austria’s largest hydrogen plant, which is expected to start operating in 2027. Austrian energy company OMV, which is part owned by ADNOC’s international investment arm XRG, will retain 51%.

Public Investment Fund: California-based electric vehicle maker Lucid will get another $1 billion cash injection from Saudi Arabia’s PIF, its biggest shareholder, as it grapples with a worse-than-expected third-quarter loss amid production challenges, Bloomberg reports.

Public Investment Fund: PIF subsidiaries Savvy Games Group and Humain signed an agreement to deploy full-stack artificial intelligence across operations. 

Public Investment Fund: An unverified rumor that the PIF is preparing a competing $70 billion offer for Warner Bros. Discovery is causing a stir among commentators reporting on Paramount’s attempt to buy the U.S. media and entertainment conglomerate.

Abu Dhabi Investment Authority: The IPO of Reliance Jio, an arm of Indian billionaire Mukesh Ambani’s Reliance Industries, which is backed by ADIA and the PIF, could see the wireless carrier valued at as much as $170 billion, Bloomberg reports.

Lunate: The Abu Dhabi-backed alternative investment manager has launched its second thematic ETF within its Boreas range, this time covering AI Data, Power & Infrastructure investments.

Mubadala: M42, the health company owned by AI powerhouse G42 and the Abu Dhabi sovereign fund, is partnering with 10X Health and REVIV Global to launch a precision nutrition platform.

🚦 Green Light: ADNOC is expected to secure EU clearance within weeks for its $17 billion acquisition of German chemicals firm Covestro, after the European Commission resumed its antitrust review last month, Reuters reports.

🌐 Cyber Surge: Israeli-founded cybersecurity firm Armis raised $435 million at a $6.1 billion valuation in a round led by Goldman Sachs Alternatives and CapitalG, one of the year’s biggest private cyber financings.

✈️ Flying High: Emirates airline posted a record $2.7 billion half-year profit amid “strong and sustained” travel demand, The National reports. 

💵 Green Fund: Kuwaiti developer Mabanee secured an Islamic-compliant green loan of $81 million to develop a retail centre.

🧑‍💻 Silk Link: Saudi Arabia and Syria are in talks to build data cables connecting the kingdom to Europe, a key step in its goal to become a global artificial intelligence hub, Semafor reports.

🛣️ Heavy Traffic: The UAE will spend $46 billion on transport and road projects over the next five years to ease traffic congestion, amid a population surge, The National reports.

💰 New Fund: Kuwait-based firms Kamco Invest and TechInvest will launch a new fund called The JEDI Opportunity Fund to invest in startups.

🚍 Trade Route: Work has begun on the $2 billion Al-Rawdah Special Economic Zone project, which will increase foreign trade and reduce logistics costs between Oman and the UAE.

🛢️ December Sales: Saudi Aramco cut the price of its flagship Arab Light crude for Asia by $1.20 a barrel for December, the lowest level in 11 months.

UAE President Sheikh Mohamed bin Zayed met with Ratu Naiqama Lalabalavu, President of Fiji, at Qasr Al Shati palace in Abu Dhabi on Wednesday.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, visited ADIPEC 2025.

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, honoured recipients of the UAE Order for Culture and Creativity at the UAE Government Annual Meetings 2025 held in Abu Dhabi, in the presence of Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister and Ruler of Dubai.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, UAE Deputy Prime Minister, Minister of Defense, and Chairman of The Executive Council of Dubai, met with Chief AI Officers from government entities on the sidelines of the UAE Government Annual Meetings 2025 held in Abu Dhabi this week.

Princess Reema bint Bandar, Saudi Arabia’s Ambassador to the U.S., hailed technological relations between the two countries during a moderated discussion at the America Business Forum in Miami. The kingdom’s Public Investment Fund was named as the presenting partner for the forum.

Sheikha Latifa bint Mohammed, Chairperson of the Dubai Culture and Arts Authority, attended a session led by Dr. Anwar Gargash, Diplomatic Advisor to the UAE President, who said that under the leadership of Sheikh Mohamed bin Zayed, the UAE has established itself as a soft power instrumental in shaping the future of the region and the world. 

Turki Alalshikh, Chairman of Saudi Arabia’s General Entertainment Authority, said that two million people have visited the Riyadh Season since the festival began on Oct.10.

Dennis Jol, CEO of Abu Dhabi energy sector AI company AIQ, told The National on the sidelines of ADIPEC that the company is preparing to export its solutions to global markets and is already running pilot projects in six countries.

Dr. Steven Griffiths, Professor and Vice Chancellor for Research at the American University of Sharjah, told Zawya Projects that the region’s financial strength, policy alignment, and industrial demand have positioned it well to advance commercial decarbonisation technologies.

🥊 Knockout Lineup: British-Indian director Rowan Athale’s biopic “Giant,” about the British-Yemeni boxing champion Prince Naseem ‘Naz’ Hamed, has been selected to open the fifth Red Sea International Film Festival in Jeddah. Festival organizers unveiled key picks for the festival, to be held Dec. 4-13, at a press conference in the city on Tuesday. Among the standouts were fellow British filmmaker Rupert Wyatt’s “Desert Warrior,” which was shot in Saudi Arabia with an international cast, “Hijra” by Saudi director Shahad Ameen, which follows three generations of women on a journey from Taif to Makkah, and Paris-set drama “Couture” by Alice Winocour, starring Angelina Jolie.

Nov. 4-9, Dubai. Dubai Design Week. The Middle East’s largest creative festival, showcasing more than 200 events across architecture, product, furniture, interior and graphic design. D3.

Nov. 5-16, Sharjah, UAE. Sharjah International Book Fair. A 12-day cultural and literary event attracting global publishers and literary stars. Expo Center Sharjah.  

Nov. 10. Abu Dhabi. Abu Dhabi Autonomous Summit. The flagship platform of the inaugural Abu Dhabi Autonomous Week, convening global leaders to define the next chapter of smart and autonomous mobility. Yas Marina Circuit.

Nov. 10-12, Abu Dhabi. DRIFTx. An international exhibition showcasing smart and autonomous mobility solutions. Yas Marina Circuit.

Nov. 10-15, Abu Dhabi. RoboCup Asia-Pacific. A regional competition and event for AI and robotics where teams compete on challenges including humanoid robot soccer matches. ADNEC Center.

Nov. 11-14, Dubai. ICOM 2025. Bringing together museum professionals and cultural experts from around the world to explore the evolving role of museums. Dubai World Trade Center.

Nov. 17-19. Doha. Qatar Entrepreneurship Conference (ROWAD). Qatar’s national entrepreneurship platform and a flagship Global Entrepreneurship Week event, connecting startups, SMEs, and ecosystem leaders. Doha Exhibition & Convention Center.

Nov. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.

Nov. 19-20, Dubai. Knowledge Summit. A global platform for knowledge production in the service of sustainable development. Dubai World Trade Center. 

Nov. 25-26. Riyadh. Global Sustainability Expo. Dedicated to advancing sustainability practices across industries. The Arena Riyadh.

Nov. 26-27, Abu Dhabi. CyberQ 2025. The UAE’s flagship summit for cybersecurity and quantum technologies. ADNEC Center.

Dec. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island. 

Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit. 

Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.

Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.

Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.

Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the world’s top minds to redefine and shape the future of global markets. The Grand Steps, Al Maryah Island.

FLIGHT DELAYS

UAE flag carrier Emirates said its expansion plans have been significantly set back because Boeing’s deliveries of more than 200 planes, which were originally expected in 2020, have been delayed to 2027. Emirates President Tim Clark told The National that the company is working to retrofit older aircraft and will have to fly its aging Airbus A380 fleet into the late 2030s. “It’s bad news for us,” Clark said. “It’s seven years after we expected it to happen.” The airline, which is owned by the Investment Corp. of Dubai, is preparing for the Dubai Airshow, one of the industry’s biggest arenas for dealmaking, which kicks off on Nov. 17.

CANAL REBOUND

Easing tensions in the Red Sea have delivered a boost to Egypt’s Suez Canal, with hundreds of ships returning to ply the global trade route in October. Canal revenues rose 14% year-on-year between July and October, with 4,405 ships carrying 185 million tons of cargo during the period. More than 200 ships returned to the canal in October, leading to the highest monthly total since Houthi attacks off Yemen sharply reduced traffic, Reuters reports. Lieutenant General Osama Rabie, Chairman of the Suez Canal Authority, said that the positive climate following last month’s Sharm el-Sheikh summit on Gaza’s future encouraged many carriers to return.Yemen’s Iran-aligned Houthis carried out over 100 attacks on ships in the Red Sea, Gulf of Aden, and Bab al-Mandab Strait, during 2023-2024.

ADQ: AD Ports, which is majority owned by ADQ, signed an agreement with Nimex Terminals valued at more than $8 billion to establish the UAE’s first private-sector terminal hubs for both liquified natural gas (LNG) and liquified petroleum gas (LPG).

Oman Investment Authority: Oman India Fertiliser Co., 50% owned by by Oman’s state energy firm OQ SAOC, a subsidiary of the OIA, has selected banks including Societe Generale, Arqaam Capital and Bank Muscat for a potential IPO in Muscat that could raise several hundred million dollars, Bloomberg reports.

Mubadala Capital: Melis Kahya, Managing Director and Head of Consumer for EMEA at General Atlantic, spoke during the Mubadala Capital Abu Dhabi Catalyst Partners Portfolio Day about howdigital-native consumers, entrepreneurial energy and increasingly sophisticated capital markets are shaping a new growth arc.

2PointZero: Mariam AlMheiri, CEO of 2PointZero, spoke to CNN’s Becky Anderson during ADIPEC about the investment company’s aggressive growth strategy.

🤝 Gulf Deals: Bahrain signed over 60 investment deals worth $17 billion at the Gateway Gulf 2025 forum in Manama, supporting investment in five key non-oil sectors.

💰 Bonds Sales: Qatar raised $4 billion in a two-tranche bond sale that drew strong demand, enabling the LNG exporter to secure better-than-expected pricing on a $1 billion three-year bond and a $3 billion 10-year Islamic bond, Reuters reports.

⛽ Shell Game: Abu Dhabi’s ADNOC Gas signed a 15-year agreement to supply Shell with up to 1 million tons of liquefied natural gas annually from its Ruwais project.

🏎️ Car Production: Egypt has begun building the MAC Automotive plant near Cairo, with the factory set to produce 50,000 vehicles annually at launch and expand to 100,000 within five years.

🔒 Threat Detection: Daylight, an Israeli cybersecurity startup that uses AI to detect and respond to digital threats, raised $33 million in a Series A funding round led by Craft Ventures. 

🎓 Funding Education: Varkey Group, the holding company controlled by the Dubai-based Indian family behind GEMS Education, is in talks to raise about $400 million in debt financing, Bloomberg reports.

⛽ On the Go: ADNOC Distribution will launch The Hub, a new concept that combines service stations with ultra fast EV charging, dining and entertainment options.

👨🏼‍💼 New Business: Egypt launched a new global tender by the state-owned South Valley Egyptian Petroleum Holding Company, for oil and gas exploration in four Red Sea regions.

🏢 Fast Approach: Bentley Reid, a U.K.-based wealth manager, has opened a new office in the Dubai International Financial Centre, with CEO Peter Clark relocating to lead the expansion.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, met with Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, UAE Deputy Prime Minister and Minister of Defense, and Chairman of The Executive Council of Dubai, on the sidelines of the UAE Government Annual Meetings.

Sheikh Hamdan bin Mohammed approved a series of plans and policies to help make Dubai the “world’s best” city.

Sheikh Zayed bin Mohamed met with Ratu Naiqama Lalabalavu, President of Fiji, at Wahat Al Karama in Abu Dhabi as part of an official visit to the UAE.

Sheikh Mansoor bin Mohammed, President of the UAE National Olympic Committee, inaugurated the $100 million GEMS School of Research and Innovation in Dubai Sports City.

Sheikha Latifa bint Mohammed, Chairperson of Dubai Culture and Arts Authority, met with key government and private sector partners to review the latest progress and preparations for the upcoming 27th General Conference of the International Council of Museums which will take place in Dubai from Nov.11-17.

Syrian President Ahmed Al Sharaa will meet U.S. President Donald Trump at the White House on Monday next week for talks on U.S.-Syria diplomatic ties and regional stability.

Bandar Alkhorayef, Saudi Arabia’s Minister of Industry and Mineral Resources and Board Chairman of the National Industrial Development Centre, chaired a meeting of the centre with a delegation of more than 30 Chinese companies to discuss high-value investments. 

Selim Kervanci, CEO of Middle East North Africa and Turkey for HSBC, told Zawya that specific project bonds could help Saudi Arabia in its need for funding to continue on this ambitious transformation plan. 

Michael Eisenberg, Co-Founder and General Partner at Tel Aviv-based venture capital firm Aleph, Bilal Baloch, a partner at UAE’s Shorooq, and Chris Arsenault, Co-Founder and partner at Inovia Capital in Montreal, were on a panel discussing VC investment in the Middle East and North America that was recorded at the FII conference in Riyadh last week.

🏘️ Coming Together: At this year’s Dubai Design Week, running until Nov. 9, the spotlight is firmly fixed on community and sustainability, with architects and artists reimagining shared spaces through courtyards, teahouses and greenhouses. Installations across Dubai Design District draw on local and global traditions — from an Emirati house to a Japanese-style teahouse — to encourage connection and reflection, The National reports.

Nov. 3-6, Abu Dhabi. ADIPEC. Bringing together professionals, companies, and government leaders to discuss and showcase the latest developments in oil, gas, and cleaner energy technologies. ADNEC Center.

Nov. 4-6, Dubai. Gulfood Manufacturing. Billed as the most influential F&B manufacturing event in the world. Dubai World Trade Center. 

Nov. 4-9, Dubai. Dubai Design Week. The Middle East’s largest creative festival, showcasing more than 200 events across architecture, product, furniture, interior and graphic design. D3.

Nov. 5-16, Sharjah, UAE. Sharjah International Book Fair. A 12-day cultural and literary event attracting global publishers and literary stars. Expo Center Sharjah.  

Nov. 10. Abu Dhabi. Abu Dhabi Autonomous Summit. The flagship platform of the inaugural Abu Dhabi Autonomous Week, convening global leaders to define the next chapter of smart and autonomous mobility. Yas Marina Circuit.

Nov. 10-12, Abu Dhabi. DRIFTx. An international exhibition showcasing smart and autonomous mobility solutions. Yas Marina Circuit.

Nov. 10-15, Abu Dhabi. RoboCup Asia-Pacific. A regional competition and event for AI and robotics where teams compete on challenges including humanoid robot soccer matches. ADNEC Center.

Nov. 11-14, Dubai. ICOM 2025. Bringing together museum professionals and cultural experts from around the world to explore the evolving role of museums. Dubai World Trade Center.

Nov. 17-19. Doha. Qatar Entrepreneurship Conference (ROWAD). Qatar’s national entrepreneurship platform and a flagship Global Entrepreneurship Week event, connecting startups, SMEs, and ecosystem leaders. Doha Exhibition & Convention Center.

Nov. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.

Nov. 19-20, Dubai. Knowledge Summit. A global platform for knowledge production in the service of sustainable development. Dubai World Trade Center. 

Nov. 25-26. Riyadh. Global Sustainability Expo. Dedicated to advancing sustainability practices across industries. The Arena Riyadh.

Nov. 26-27, Abu Dhabi. CyberQ 2025. The UAE’s flagship summit for cybersecurity and quantum technologies. ADNEC Center.

Dec. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island. 

Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit. 

Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.

Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.

Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.

Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the world’s top minds to redefine and shape the future of global markets. The Grand Steps, Al Maryah Island.

SLICK PROFITS

Aramco posted a 0.9% increase in third-quarter profit on Tuesday, beating analyst expectations and signaling that Opec+ production hikes have helped the world’s biggest oil exporter mitigate lower prices. The result broke a streak of declining profits over the past 10 quarters, Bloomberg reports. Aramco reported adjusted net income of SAR104.92 billion ($27.9 billion) and maintained its dividend at SAR80.1 billion ($21.4 billion). Aramco’s dividend payouts underpin Saudi Arabia’s economy and support its ambitious transformation agenda. The company was forced to slash its annual dividend forecast by almost 30% earlier this year, pushing the kingdom to plug its budget gap with near-record bond issuances.

EXPENSIVE CLUBS

Dubai’s golf scene is heating up with green fees having nearly doubled in two years amid  rising costs for water, equipment and maintenance. “It’s not that someone suddenly decided to increase green fees to make more money,” Chris May, CEO of Dubai Golf, told Arabian Business Gulf Insight. “The cost of operating golf courses around the world has gone up significantly.” Dubai boasts 13 courses, including three DP World Tour venues – Dubai Creek, Emirates Golf Club’s Majlis Course and Jumeirah Golf Estates. According to May, the city has roughly 20,000 active local golfers, with some clubs seeing up to 60,000 rounds played each year.

Public Investment Fund: The Saudi sovereign wealth fund signed a draft agreement with Jones Lang Lasalle aimed at strengthening the kingdom’s real estate ecosystem.

ACWA Power: The PIF-owned energy company signed a preliminary agreement to explore developing sustainable energy and water infrastructure for the sovereign wealth fund’s local real estate companies.

Abu Dhabi Investment Authority: The parent of Groww, India’s largest online broker, raised 30 billion rupees ($338 million) from 102 anchor investors that included ADIA, Goldman Sachs Group Inc., Morgan Stanley, HSBC Holdings Plc and Singapore’s government, Bloomberg reports.

G42: Oracle Health and M42 will integrate data from the Emirati Genome Programme1 directly into the electronic health record to advance healthy longevity and disease prevention.

Mubadala: Abu Dhabi-based Waha VAS Limited, a subsidiary of Mubadala-backed Waha Capital, has fully exited its stake in AI fintech Optasia following the company’s Johannesburg Stock Exchange listing, generating $119 million in proceeds.

🏗️ Dubai Development: Real estate firm Refine unveiled a $4.9 billion project pipeline in Dubai that includes eight developments delivering more than 3,000 residential units across prime locations in the emirate. 

🩺 Missed Calls: Israeli startup Popai Health raised $11 million from Team8 and NEA to use voice AI that converts patient phone calls into actionable medical data, targeting the 15 million daily healthcare calls that typically go unanalyzed. 

💰 Funding Knowledge: Knowledge Economic City Company said its subsidiary, Algharraa International Co., signed two infrastructure development contracts worth $39.7 million for the first phase of the Islamic World Avenue District project in Medina.

🌐 Biometric Boarding: Emirates will invest $23 million in facial recognition systems at Dubai International Airport to speed passenger processing and enhance airport security.

⛏️ New Digs: Twelve mining companies qualified for the second round of Saudi Arabia’s exploration program, earning preliminary approval for 38 licenses and $179.3 million in commitments.

🪙 Crypto Crackdown: ADGM has updated its digital assets rulebook, granting the regulatory authority the power to suspend financial services licenses for up to 12 months and expanding misconduct rules.

🚁 Cabin Rides: The UAE’s aviation regulator expects to complete air taxi certification by the third quarter of 2026, according to Saif Al Suwaidi, director general of the General Civil Aviation Authority.

🧑‍⚖️ In the Dock: French cement giant Lafarge and eight former executives will stand trial in Paris from Nov. 4 over decade-old allegations of aiding terrorism and crimes against humanity in Syria.

💼 Opening Shop: Geneva-based Union Bancaire Privée has opened an office in Saudi Arabia and appointed Mishal Alhawas as its CEO and head of advising for the kingdom, Bloomberg reports. 

Saudi Arabia’s Crown Prince Mohammed bin Salman’s White House visit with U.S. President Donald Trump has been scheduled for Nov.18, Reuters reports.

Qatar’s Emir Sheikh Tamim met with King Philippe of Belgium in Doha on Monday. King Philippe is participating in the second World Summit for Social Development, beginning in Doha today.

Lebanon’s President Joseph Aoun said on Monday that he is committed to negotiate with Israel using diplomatic language, adding that his country had “no option” in the matter.

Sheikh Theyab bin Mohamed, Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs, will lead the UAE delegation to Shanghai to take part in China International Import Expo 2025.

Suhail Al Mazrouei, UAE Minister of Energy and Infrastructure, told the crowd at ADIPEC that there is no oversupply of oil in the market, adding that demand remains strong due to the AI and data center boom.

Andrea Bono was appointed CEO of India, Middle East, and Africa at Marsh McLennan.

Dominic Arel was appointed Vice President of Operations for the Middle East at United Hospitality Management.

🕶️ Star Power: Hollywood actor Will Smith will has been announced as a speaker at the UAE’s Sharjah International Book Fair, joining a roster of literary figures including Nigerian author Chimamanda Ngozi Adichie, Italian physicist Carlo Rovelli and Irish novelist Paul Lynch. The “Men in Black” star will appear on stage on Nov. 14. The festival, now in its 44th year, is a major event for the publishing industry, attracting thousands of book sellers and publishers and some of the world’s greatest writers. This year’s festival runs from Nov. 5 to Nov. 16.

Nov. 3-6, Abu Dhabi. ADIPEC. Bringing together professionals, companies, and government leaders to discuss and showcase the latest developments in oil, gas, and cleaner energy technologies. ADNEC Center.

Nov. 4-6, Dubai. Gulfood Manufacturing. Billed as the most influential F&B manufacturing event in the world. Dubai World Trade Center. 

Nov. 4-9, Dubai. Dubai Design Week. The Middle East’s largest creative festival, showcasing more than 200 events across architecture, product, furniture, interior and graphic design. D3.

Nov. 5-16, Sharjah, UAE. Sharjah International Book Fair. A 12-day cultural and literary event attracting global publishers and literary stars. Expo Center Sharjah.  

Nov. 10. Abu Dhabi. Abu Dhabi Autonomous Summit. The flagship platform of the inaugural Abu Dhabi Autonomous Week, convening global leaders to define the next chapter of smart and autonomous mobility. Yas Marina Circuit.

Nov. 10-12, Abu Dhabi. DRIFTx. An international exhibition showcasing smart and autonomous mobility solutions. Yas Marina Circuit.

Nov. 10-15, Abu Dhabi. RoboCup Asia-Pacific. A regional competition and event for AI and robotics where teams compete on challenges including humanoid robot soccer matches. ADNEC Center.

Nov. 11-14, Dubai. ICOM 2025. Bringing together museum professionals and cultural experts from around the world to explore the evolving role of museums. Dubai World Trade Center.

Nov. 17-19. Doha. Qatar Entrepreneurship Conference (ROWAD). Qatar’s national entrepreneurship platform and a flagship Global Entrepreneurship Week event, connecting startups, SMEs, and ecosystem leaders. Doha Exhibition & Convention Center.

Nov. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.

Nov. 19-20, Dubai. Knowledge Summit. A global platform for knowledge production in the service of sustainable development. Dubai World Trade Center. 

Nov. 25-26. Riyadh. Global Sustainability Expo. Dedicated to advancing sustainability practices across industries. The Arena Riyadh.

Nov. 26-27, Abu Dhabi. CyberQ 2025. The UAE’s flagship summit for cybersecurity and quantum technologies. ADNEC Center.

Dec. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island. 

Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit. 

Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.

Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.

Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.

Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the world’s top minds to redefine and shape the future of global markets. The Grand Steps, Al Maryah Island.

OVER A BARREL

Opec+ will pause plans to increase oil production next year, amid rising fears of an oil glut among industry bosses. The eight-member producers group said on Sunday that it would halt any further rises in January, February and March, after adding another 137,000 barrels a day of crude in December. The pause was attributed to seasonality – as oil demand in the first quarter of the year is usually weaker – but comes after Shell CEO Wael Sawan last week warned of a “credible scenario” of an oversupply next year. He joined a growing number of voices in the industry raising concerns, with the market skeptical that U.S. sanctions on Russian oil will seriously impede Moscow’s trade, the Financial Times reports.

ELECTRIC DRIVE

French automaker Renault signed an agreement to produce electric vehicles in Morocco starting 2030 as it seeks to expand exports to African markets. The company, which operates plants in Tangier and near Casablanca, produced 413,000 vehicles in 2024, 90% of which were exported under the “Made in Morocco” label, Arabian Gulf Business Insight reports. The deal is expected to create about 7,500 jobs and add a new EV line to Renault’s existing models. Rival Stellantis runs a factory in Kenitra, while China’s Gotion High Tech plans to build a battery plant in the country.

Abu Dhabi Investment Authority: The Mumbai IPO of Lenskart Solutions, which is backed by ADIA, sold out in less than five hours on Friday, raising $821 million, Bloomberg reports. 

Aramco: Saudi chemicals giant Sabic, majority owned by Aramco, said the Engineering, Procurement, and Construction work on its $6.4 billion Fujian complex in China is 87% complete. 

Adnoc: XRG, the international energy investment platform of Abu Dhabi’s national oil company, has agreed to purchase a stake in Azerbaijan’s Southern Gas Corridor, The National reports.

Mumtalakat: Masar Group, a unit of Bahrain’s sovereign wealth fund, is teaming up with UAE-based The Captain’s Club to launch the country’s first membership-based boat club.

✈️ New Fleet: HSBC financed six Airbus A350-900 aircraft for Emirates, completing five through  a structure that lets airlines lease aircraft from Japanese investors with an option to buy them later.

🏭 Carbon Capture: QatarEnergy has awarded a contract to South Korea’s Samsung C&T for a carbon capture and sequestration project at Ras Laffan that will capture up to 4 million tonnes of CO₂ annually.

🏝️ Building Blocks: SKH Private Family Office and Rotana announced a $136 million acquisition and redevelopment of The Cove Rotana Resort in Ras Al Khaimah.

🧳 Flying Hub: Malaysian carrier AirAsia is set to sign a deal to establish a Middle East hub in Bahrain, Bloomberg reports. 

🛢️ Oil Search: Dragon Oil, a subsidiary of Dubai’s Emirates National Oil Co., signed a preliminary agreement with Malaysia’s Petronas to collaborate in oil and gas exploration. 

🏢 Dubai Hotel: British luxury hotel operator Maybourne is in talks with billionaire developer Nick Candy on a potential branded residence partnership in the UAE, with CEO Marc Socker citing their strong alignment.

📈 IPO Ambition: Almasar Alshamil Education set a price range for its upcoming IPO on the Riyadh Stock Exchange that values the offering at up to $160 million.

🦊 Animal Arrest: Sharjah police arrested a man in a sting operation targeting illegal wildlife trade, seizing endangered animals including lynxes and foxes that were later released into reserves.

UAE President Sheikh Mohamed bin Zayed raised the country’s flag at Qasr Al Hosn in Abu Dhabi on Monday to mark the nation’s Flag Day.

Sheikh Khaled bin Mohamed attended the official opening ceremony of the Grand Egyptian Museum in Giza on Saturday. On Monday, he raised the UAE flag at Zayed National Museum to mark Flag Day.

Syrian President Ahmad Al Sharaa is expected to visit Washington soon in what would mark the first American visit by a Syrian leader in decades, Reuters reports.

Stephen Carter, CEO of Informa, has relocated his residency from the U.K. to the UAE, as the British events company expands operations in the Middle East, The National reports.

Asaad Al Shaibani, Syria’s Minister of Foreign Affairs and Expatriates, met with Dr. Anwar Gargash, Diplomatic Adviser to the UAE President, on the sidelines of the Manama Dialogue in Bahrain on Sunday.

Dr. Anwar Gargash said on Sunday that the international community made a mistake by failing to stop Sudan’s 2021 military takeover.

Badr bin Hamad Al Busaidi, Foreign Minister of Oman, urged Gulf Arab states to deepen ties with Iran and include it in an expanded regional defense and security architecture, signaling Muscat’s push for greater dialogue amid ongoing Middle East tensions.

Jasim Al Awadi, Chief Information and Communications Technology Officer at du, told The National that UAE residents can now mine for bitcoin by renting the required computational power on a subscription basis.

🎉 Grand Opening: Egypt finally declared its $1 billion flagship museum open on Saturday night with a glitzy ceremony topped off by a drone show and fireworks lighting up the skies over Cairo. The Grand Egyptian Museum has been two decades in the making, with works delayed on multiple occasions, including during the Arab Spring uprising and the Covid-19 pandemic. An exuberant President Abdel-Fattah El-Sisi, who was joined on stage by dozens of world leaders and royalty during the ceremony, described the museum as a “living testament to the genius of the Egyptian” individual. The museum, which houses more than 100,000 artifacts including the treasures from the tomb of King Tutankhamun, is key to Egypt’s goal of attracting 30 million tourists a year 2031.

Nov. 3-6, Abu Dhabi. ADIPEC. Bringing together professionals, companies, and government leaders to discuss and showcase the latest developments in oil, gas, and cleaner energy technologies. ADNEC Center.

Nov. 4-6, Dubai. Gulfood Manufacturing. Billed as the most influential F&B manufacturing event in the world. Dubai World Trade Center. 

Nov. 4-9, Dubai. Dubai Design Week. The Middle East’s largest creative festival, showcasing more than 200 events across architecture, product, furniture, interior and graphic design. D3.

Nov. 10. Abu Dhabi. Abu Dhabi Autonomous Summit. The flagship platform of the inaugural Abu Dhabi Autonomous Week, convening global leaders to define the next chapter of smart and autonomous mobility. Yas Marina Circuit.

Nov. 10-12, Abu Dhabi. DRIFTx. An international exhibition showcasing smart and autonomous mobility solutions. Yas Marina Circuit.

Nov. 10-15, Abu Dhabi. RoboCup Asia-Pacific. A regional competition and event for AI and robotics where teams compete on challenges including humanoid robot soccer matches. ADNEC Center.

Nov. 11-14, Dubai. ICOM 2025. Bringing together museum professionals and cultural experts from around the world to explore the evolving role of museums. Dubai World Trade Center.

Nov. 17-19. Doha. Qatar Entrepreneurship Conference (ROWAD). Qatar’s national entrepreneurship platform and a flagship Global Entrepreneurship Week event, connecting startups, SMEs, and ecosystem leaders. Doha Exhibition & Convention Center.

Nov. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.

Nov. 19-20, Dubai. Knowledge Summit. A global platform for knowledge production in the service of sustainable development. Dubai World Trade Center. 

Nov. 25-26. Riyadh. Global Sustainability Expo. Dedicated to advancing sustainability practices across industries. The Arena Riyadh.

Nov. 26-27, Abu Dhabi. CyberQ 2025. The UAE’s flagship summit for cybersecurity and quantum technologies. ADNEC Center.

Dec. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island. 

Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit. 

Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.

Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.

Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.

Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the world’s top minds to redefine and shape the future of global markets. The Grand Steps, Al Maryah Island.