EGYPTIAN SHORES

Skidmore, Owings & Merrill, the U.S. architecture firm behind Dubai’s Burj Khalifa, will lead the masterplan of Qatari Diar’s $30 billion Alam Al Roum smart-city project on Egypt’s Mediterranean coast. The massive development will include more than 7 kilometers (4.3 miles) of private beachfront and be supported by a consortium of global design and engineering firms, Arabian Gulf Business Insight reports. Qatari Diar, owned by the Qatar Investment Authority, has committed $3.5 billion to the project. The move comes as Gulf-backed coastal developments accelerate in Egypt, with Abu Dhabi’s Modon leading the Ras El Hekma master development.

MOROCCAN SOJOURN

Morocco plans to add 60,000 hotel beds before it co-hosts the 2030 FIFA World Cup with Spain and Portugal, increasing the country’s lodging capacity by about 20%. Tourism Minister Fatim-Zahra Ammor said the tournament is an opportunity to speed up long-term growth rather than a goal in itself, Reuters reports. The government is investing more than $20 billion in rail, roads, airports, stadiums and other infrastructure ahead of the event. Morocco, which welcomed nearly 20 million visitors last year, aims to attract 26 million tourists annually by 2030.

Mubadala: Mubadala Capital, the alternative asset management arm of the Mubadala sovereign wealth fund, has agreed to acquire the outstanding securities of French leisure operator Pierre et Vacances through an all-cash tender offer of approximately 900 million euros ($1.1 billion).

Dubai Investment Co.: Dubai Investments Industries agreed to acquire an 80% stake in Clemenceau Medical Center through a share-swap transaction.

Public Investment Fund: The Saudi sovereign wealth fund, along with Jared Kushner’s Affinity Partners and private equity firm Silver Lake, is expected to win unconditional approval from the European Commission for its $55 billion acquisition of Electronic Arts after the end of its preliminary review on July 30, Reuters reports.

SABIC: Saudi Basic Industries Corp. signed a project development agreement with China’s Rongsheng Petrochemical that could give SABIC a 50% stake in a major new petrochemicals complex in Zhejiang province.

G42: A veteran CIA officer sent to Abu Dhabi helped address Washington’s concerns over G42’s ties to China, clearing the way for closer U.S.-UAE cooperation on advanced artificial intelligence technologies, The Wall Street Journal reports.

✍️ Destination Jeddah: Saudi-based ALMA Destination signed agreements with the Jeddah Municipality and the National Water Co. to establish long-term management of public infrastructure and operate water treatment facilities across its 3.125 million square meter.

💰 Logistics Zone: Saudi Arabia’s Ports Authority, Mawani, signed seven agreements worth nearly 1 billion riyals ($267 million) to develop and expand logistics centers at Jeddah Islamic Port and Al-Khumra Logistics Zone.

📈 Oil Jump: Oil prices climbed above $90 a barrel for the first time in over a month as escalating U.S.-Iran strikes heightened fears of energy market disruption.

🇰🇼 Kuwait Under Fire: Iran struck a Kuwaiti oil facility, a power and desalination plant and an army barracks in one of the heaviest attacks on the Gulf state since the conflict began,

✈️ Low Altitude: Ryanair’s quarterly profit fell 34% to about $625 million as Middle East tensions forced lower fares while rising fuel costs pushed expenses higher, the Financial Times reports.

🛢️ Energy Expansion: An Egyptian consortium of Petrojet and Enppi has been shortlisted by Petroleum Development Oman to bid for its $6 billion project portfolio.

Saudi Crown Prince Mohammed bin Salman held a phone call on Sunday with Lebanese President Joseph Aoun. On Tuesday, Aoun will make his first White House visit to present President Donald Trump with a plan to disarm Hezbollah and press Israel to complete its withdrawal from southern Lebanon.

Sheikh Abdullah bin Zayed, the UAE Minister of Foreign Affairs, held a phone call with Jordan’s Foreign Minister Ayman Safadi on Sunday. Sheikh Abdullah also held a phone call with Sergey Lavrov, Russia’s Minister of Foreign Affairs, on Saturday.

Prince Abdullah bin Khalid bin Sultan, Saudi Ambassador to the U.K., met with Richard Deverell, Director of Royal Botanic Gardens, Kew, and Mark Chadwick, Kew Reach’s CEO, at the Saudi Embassy in London.

Sheikha Fatima bint Tahnoon, daughter of UAE National Security Advisor Sheikh Tahnoon bin Zayed –  who oversees many of Abu Dhabi’s biggest companies and sovereign wealth funds – is the founder Sahm Holding, a government-backed firm that is active in helping businesses use artificial intelligence, Intelligence Online reports. 

Khaldoon Al Mubarak, Group CEO of Mubadala and Chairman of the Manchester City football club, was among the prominent UAE figures who attended the FIFA World Cup finals on Sunday at MetLife Stadium in East Rutherford, N.J. Also spotted were Mariam bint Mohammed Almheiri, Head of the International Affairs Office at the UAE Presidential Court; Sayed Basar Shuaib, CEO of International Holding Co.; Mohammed Al Mubarak, Chairman of Aldar Properties; Khalfan Belhoul, CEO of the Dubai Future Foundation and Vice Chairman of the Dubai Sports Council; and Fouad Darwish, CEO of Palms Sport.

Said Bakhache, the IMF’s mission chief for the UAE, said in a report that while “the country’s banking sector’s exposure to real estate is contained, evolving market conditions warrant continued monitoring.”

Vijay Pereira, Senior Partner of Irish whiskey maker Marrowbone Lane, told Arabian Gulf Business Insights that the company is launching a UAE-based global platform that uses stablecoins and blockchain tokenization to let retail investors buy fractional stakes in whiskey casks.

Lt. Gen. Mazyad Al-Amro, commander of the Royal Saudi Air Defense Forces, met with Lt. Gen. Patrick D. Frank, deputy commander of U.S. Central Command, on Sunday.

🏺 Pharaoh’s Guide: Egypt’s best-known archaeologist, Zahi Hawass, has become one of the biggest attractions at Cairo’s Grand Egyptian Museum, where the 79-year-old celebrity historian is mobbed by visitors when he turns up. In an interview with the Financial Times, Hawass reflects on his decades as the public face of Egyptology, from guiding former U.S. President Barack Obama through the pyramids to debunking theories that aliens built them.

📷 Photo of the Day

August 18-19, Dubai. Middle East Event Show. Bringing together professionals from the events industry. Dubai World Trade Center.  

August 28-Sept. 6, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition. An annual event celebrating traditional Emirati heritage and culture. ADNEC Center.

August 30-Sept. 2, Riyadh. Big 5 Construct. The event connects construction industry stakeholders with suppliers in Saudi Arabia. Riyadh Front Exhibition & Conference Center.

August 31-Sept. 3, Riyadh. LEAP Expo Riyadh. A major tech trade show for the Middle East, which includes a global startup live pitch event. RECC Malham.

Sept. 1-3, Dubai. Middle East Energy.  A three-day energy exhibition in Dubai brings together utilities, developers, manufacturers and industry professionals. Dubai World Trade Center.  

Sept.1-3, Doha. Qatar Event Show. Brings together the events industry through a three-day program featuring exhibitions, conferences, workshops and networking opportunities.. Doha Exhibition & Convention Center.

Sept. 11-13, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles. ADNEC Center.  

Sept. 13-18, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC Center.

Sept. 17-19, Abu Dhabi. International Real Estate & Investment Show 2026. An event targeting investors and consumers rather than trade visitors. ADNEC Center.

Sept. 29-Oct. 1, Abu Dhabi. LIVEX 2026. Abu Dhabi’s inaugural Livability and Investment Exhibition. ADNEC Centre.

Oct. 26-29, Riyadh. Future Investment Initiative Tenth Edition 2026. Saudi Arabia’s keystone annual business conference, sponsored by the Public Investment Fund. King Abdulaziz International Convention Center. 

IRAQ EXPANSION

Chevron is in advanced talks with Iraq to sign preliminary agreements that move it closer to investing in two of the country’s biggest oil fields. The non-binding accords cover the giant West Qurna-2 field and the Nasiriyah field, and signal the U.S. oil company’s intention to negotiate final commercial deals, Bloomberg reports. Chevron is also studying a pipeline through Syria that would allow Iraqi oil exports to bypass the Strait of Hormuz, reducing reliance on one of the world’s busiest shipping routes. The talks come after Iraqi Prime Minister Ali Al-Zaidi met Chevron executives in Houston and President Donald Trump said “massive” new U.S.-Iraq oil partnerships would be announced soon.

AFRICA LINK

The Abu Dhabi Securities Exchange is expanding its push into Africa by bringing the Botswana Stock Exchange into its Tabadul cross-border trading platform. Botswana will become the first African exchange connected to the network, giving investors in both markets direct access through local brokerages. Tabadul, launched in 2022 by ADX and the Bahrain Bourse, now links 11 exchanges with a combined market capitalization of more than $1 trillion, over 700 listed companies and 11 million registered investors. The agreement boosts Abu Dhabi’s efforts to position itself as a gateway for investment flows between the Middle East and Africa.

Kuwait Direct Investment Promotion Authority: Beijing-based China State Construction Engineering Corp. has won a $233 million contract to build the KDIPA’s 55-story headquarters tower in Kuwait City, with completion expected by 2028. 

EDGE Group: The UAE’s government-owned defense conglomerate agreed to acquire Brazilian aerospace company AKAER, a maker of electro-optic, infrared and space-related technologies.

L’Imad Holding: The Abu Dhabi sovereign wealth fund’s Modon Holding will develop a Nammos-branded luxury resort at Egypt’s Ras El Hekma, adding homes, stores and wellness facilities to the UAE-backed $35 billion project. 

🏗️ Canal Growth: Egypt’s Suez Canal Economic Zone signed seven investment agreements spanning logistics, manufacturing and clean energy, including Agility’s $35 million logistics hub and China’s Zenith Group’s $300 million tire components factory.

🕳 Digging Deeper: Saudi Arabia’s Ades Holding has won drilling contracts totaling $229 million in the U.K. and Nigeria.

🏠 Plush Stay: A luxury Emirates Hills villa known as “The Palace” has been leased for a record-breaking $4.6 million for one year, making it Dubai’s most expensive rental property to date.

🤝 Trade Reset: Lebanon and Syria said they agreed to begin renegotiating decades-old trade pacts in the coming months as the neighbors seek to rebuild economic ties after Bashar al-Assad’s ouster and restore key export routes to Jordan and the Gulf.

💰 Retrieving Focus: UAE’s telco group e& is pulling back from its global expansion plans as new CEO Masood M. Sharif Mahmood refocuses on its core telecommunications business, Reuters reports.

🔋 Clean Sources: Surging energy costs and grid instability due to the conflict with Iran have boosted global demand for rooftop solar and home batteries, Bloomberg reports.

🍞 Hormuz Dilemma: Iran and Oman could raise about $6.8 billion annually by charging oil tankers transit fees through the Strait of Hormuz, based on a proposed $1-per-barrel levy that has been discussed but not formally agreed upon, according to Oxford Economics.

UAE President Sheikh Mohamed bin Zayed held a phone call with Oman’s Sultan Haitham bin Tariq to discuss regional developments. 

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, held a phone call with Kuwait’s Minister of Foreign Affairs, Sheikh Jarrah Jaber Al-Ahmad Al-Sabah.

Sheikha Latifa bint Mohamed, chairperson of the Dubai Culture & Arts Authority and a member of the Dubai Council, met with Roxie Houge, acting U.S. Consul General, during the American University of Dubai’s 29th Commencement Ceremony.

Edward Winter, formerly of BlackRock and Macquarie, has been hired by the Abu Dhabi Investment Council as chief investment officer to lead its real assets business.

Mohamed Nedham Khonji was appointed as chairman of Bahrain Family Leisure Co., which owns restaurants, cafés and a central kitchen for food delivery services. 

Abdullah Al-Swaha, Saudi Minister of Communications and Information Technology, held several meetings in South Korea with government ministers and heads of investment and technology firms.

Antoine Delcourt, Belgium’s Ambassador to the UAE, received the First-Class Order of Independence presented by Noura Al Kaabi, UAE Minister of State, on behalf of the UAE President Sheikh Mohamed bin Zayed, on the occasion of the end of his tenure.

🎲 Game On: Louvre Abu Dhabi is opening “A Board Game Adventure,” a new Children’s Museum exhibit tracing 5,000 years of games from ancient Egypt to the new era of artificial intelligence. Opening Saturday, the interactive show combines 24 historical objects with digital challenges to explore how chess, mancala, ludo and other games have connected cultures across generations, The National reports. Among the earliest pieces on display is Mehen, also known as the Game of the Snake, which was played in ancient Egypt between 4,000 and 5,000 years ago. Its spiral board took the form of a coiled serpent, with pieces moving towards its head.

📷 Photo of the Day

August 18-19, Dubai. Middle East Event Show. Bringing together professionals from the events industry. Dubai World Trade Center.  

August 28-Sept. 6, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition. An annual event celebrating traditional Emirati heritage and culture. ADNEC Center.

August 31-Sept. 3, Riyadh. LEAP Expo Riyadh. A major tech trade show for the Middle East, which includes a global startup live pitch event. RECC Malham.

Sept. 11-13, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles. ADNEC Center.  

Sept. 13-18, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC Center.

Sept. 17-19, Abu Dhabi. International Real Estate & Investment Show 2026. An event targeting investors and consumers rather than trade visitors. ADNEC Center.

Sept. 29-Oct. 1, Abu Dhabi. LIVEX 2026. Abu Dhabi’s inaugural Livability and Investment Exhibition. ADNEC Centre.

Oct. 26-29, Riyadh. Future Investment Initiative Tenth Edition 2026. Saudi Arabia’s keystone annual business conference, sponsored by the Public Investment Fund. King Abdulaziz International Convention Center. 

AIR DEALS

Flydubai has signed up for 150 Airbus A321 Neo jets at the Dubai Airshow, marking its first Airbus order and a shift from its all-Boeing fleet. The company will use the planes to diversify its fleet and strengthen its long-term expansion plans, Sheikh Ahmed bin Saeed, Chairman of Flydubai and CEO and Chairman of Emirates, told reporters at the airshow on Tuesday.  Abu Dhabi carrier Etihad Airways placed an order for 32 wide-body aircraft from Airbus, including six A330 Neos, for delivery between 2028 and 2029. Etihad also agreed to lease nine A330-900s from Avalon beginning in 2027 to support its long-haul expansion. Meanwhile, Emirates President Tim Clark said he will hold off on ordering Airbus A350-1000 jets until engine durability and performance improve.

KING OF THE CASTLE

Mohamed Alabbar, founder of Dubai’s Emaar Properties, has purchased a 12th-century castle in the central Italian region of Umbria for $55 million and is planning to spend another $145 million turning it into “one of the most prestigious resorts in the world.” The developer behind the world’s tallest skyscraper, the Burj Khalifa, told Bloomberg the project at Castello di Antognolla would include a hotel, wellness and longevity center, luxury homes and a polo club and would hold fashion shows and competitions for chefs, truffles and wine. Alabbar has been increasing his international exposure and has already partnered with U.S. President Donald Trump’s son-in-law Jared Kushner to build Trump Tower Belgrade through his other company, Abu Dhabi-based Eagle Hills Properties. The extended property boom in Dubai and Abu Dhabi has seen many of the UAE’s cash-rich developers snapping up property in Europe and elsewhere to expand their glitzy brands overseas.

Public Investment Fund: The Hong Kong Monetary Committee started a $1 billion fund with the PIF to help Hong Kong and Greater Bay Area companies expand into Saudi Arabia, Bloomberg reports.

King Salman Park Foundation: The Saudi state-owned developer launched a $1 billion investment fund with Ajdan Real Estate and SEDCO Capital to develop homes, hotels, and offices in the massive park project, providing the land outside Riyadh while its private partners finance construction.

Qatar Investment Authority: San Francisco-based software firm Databricks, which is backed by the QIA, is seeking to raise funds at a valuation of $130 million, The Information reports.

💲 Mixed Developments: Saudi Arabia’s National Housing Company has signed two agreements worth $2.3 billion with Egypt’s Hassan Allam Holding and local developer Tilal Real Estate to develop mixed-use projects.

💉 HealthCare Funding: Aster DM Healthcare has secured $72 million from Emirates Development Bank to build two new Dubai hospitals.

🛢️ Oil Delivery: Saudi Arabia has delivered the first shipment of its 1.65-million-barrel crude oil grant to Syria under an agreement to support the country’s energy sector.

🚧 Road Work: Abu Dhabi Fund for Development has inaugurated the $23.6 million West Coast Road project in Mahé, Seychelles.

🌀 Cable Delay: Google and Meta have delayed parts of their planned Red Sea subsea internet cable projects, citing heightened security risks and political tensions in the region.

🪖 UN Force: The U.N. Security Council voted to adopt a U.S.-drafted resolution that would back Trump’s Gaza plan and authorize a stabilization force under a transitional Board of Peace.

🚁 Startup Contractors: The Pentagon’s shift toward buying weapons from startups has boosted prospects for electric air taxi makers Joby Aviation and Archer Aviation – both active in UAE ventures – to secure U.S. defense contracts, The Information reports.

☀️ Solar Tender: Kuwait invited bids for a 0.5-gigawatt solar project under its public-private partnership framework, part of its effort to address growing power shortages.

🕋 Mecca Investment: Saudi developer Arabian Dyar is seeking foreign buyers for 1,000 units in phase two of its $2.6 billion Dyar Al Haram project in Mecca ahead of next year’s new real estate law opening the market to international investors.

UAE President Sheikh Mohamed bin Zayed, met with Lee Jae-myung, President of South Korea at Qasr Al Watan palace in Abu Dhabi on Tuesday. The Korean President was escorted by Sheikh Theyab bin Mohamed, Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs, on a visit to the Wahat Al Karama war memorial in Abu Dhabi on Monday.

UAE President Sheikh Mohamed bin Zayed, and Sheikh Tahnoon bin Zayed, the UAE National Security Advisor, met with Turki Al Sheikh, Chairman of Saudi Arabia’s General Entertainment Authority.

Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister and Ruler of Dubai, met with Stephanie Pope, Executive Vice President of The Boeing Company and President and CEO of Boeing Commercial Airplanes.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, toured several pavilions at Dubai Airshow 2025 on Monday. Sheikh Khaled met with Gérald Darmanin, French Minister of Justice on Tuesday.

Prince Yazid bin Farhan, Saudi Arabia’s envoy to Lebanon, led a delegation to Beirut on Monday, ahead of the Beirut One Conference which starts today, as the two countries consider ways to renew economic ties. Noura Al Kaabi, UAE Minister of State, is also in Beirut to attend the conference.

Khalfan Belhoul, CEO of the Dubai Future Foundation, used his opening speech at the Dubai Future Summit in Dubai to propose a new measure of national progress based on cognitive potential. “How do we protect deep focus and make it visible so that it’s valuable?” he said.

Saeed Ghumran Al Remeithi, Group CEO of Emsteel, called for collective industry action to strengthen competitiveness, navigate global trade challenges and accelerate decarbonization across the steel value chain. 

Michel Issa, the newly appointed U.S. Ambassador to Lebanon, traveled to Beirut on Monday to present his credentials to President Joseph Aoun.

Ahmed Saeed Al Qamzi, Ibraheem Al Sayed Mohamed Al Hashemi, Fatma Al Jabri and Saif Al Dhaheri were appointed as Assistant Governors at the Central Bank UAE. 

Michele Faissola, a senior executive of the former Qatari ruler Sheikh Hamad bin Khalifa Al Thani’s family office Dilmon, has relocated his residence from the U.K. to Italy, Bloomberg reports.

🎨 Last Orders: Abu Dhabi Art, one of the region’s most prominent art fairs, kicks off at Manarat Al Saadiyat tomorrow for its final outing before it relaunches as Frieze Abu Dhabi next year. The fair’s 17th and final edition in its current format brings more than 140 galleries representing 37 countries, with three special “Focus” sections highlighting artists from Turkey, Nigeria and the Gulf. Next year the fair will meld with Frieze, the organization behind some of the world’s biggest modern and contemporary art events, shifting its focus to curatorial excellence, emerging artists and large-scale installations.

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. 18-19, Dubai. Dubai Future Forum. Drawing on the collective intelligence of global thinkers, futurists, and visionaries to explore what lies ahead and how we might navigate it with purpose and imagination. Museum of the Future.

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

Nov. 19-23, Abu Dhabi. Abu Dhabi Art. One of the region’s biggest art fairs marks its 17th and final year before it relaunches as Frieze Abu Dhabi next year. Manarat Al Saadiyat.

Nov. 24-27, Dubai. Big 5 Global. Addressing the challenges shaping the construction and urban development community today and tomorrow. 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. 1-2, UAE. UAE National Day. A two-day public holiday to celebrate the UAE’s 54th National Day, also known as Eid Al Etihad. 

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.

DUBAI AIRSHOW

Emirates set the tone on Day 1 of the Dubai Airshow with a $38 billion order for 65 Boeing 777-9s, offering the aircraft giant a timely reprieve as it works to steady the long-delayed 777X program. Sheikh Ahmed bin Saeed, Chairman and CEO of Emirates Airline group, said at a press conference that the order is a “massive long-term commitment” to U.S. aerospace manufacturing. The airline will also roll out SpaceX’s Starlink across its fleet, with the first flight to offer the boosted Wi-Fi service on Nov. 23. Despite Boeing’s early lead, the bulk of the orders from one of the world’s biggest airshows is expected to be won by Airbus. The European planemaker is closing in on a deal to supply about 100 A321neos to Flydubai, a shift that would challenge Boeing’s long-standing dominance at the low-cost carrier. 

PINCHING PAY

Saudi Arabia is scaling back the generous salary premiums it once offered to foreign professionals in a bid to rein in costs and realign priorities under its Vision 2030 national economic strategy plan. Fiscal pressure from lower oil revenues is reinforcing the drive toward more measured packages for project managers and engineers, which often include both salary and housing stipends, Reuters reports. The move comes as the kingdom’s Public Investment Fund is pivoting away from costly megaprojects toward sectors like AI, logistics, and mining. Recruiters say offers adding 40% or even double pay are now rare, and compensation is being anchored more closely to market benchmarks and performance.

Abu Dhabi Investment Authority: The sovereign wealth fund is considering selling part of its 10% stake in Qatari telecom company Ooredoo QPSC, aiming to raise as much as $600 million, Bloomberg reports.

International Holding Co.: Samia Bouazza, the newly appointed Group CEO of 2PointZero Group, told The National that the company is working on creating the largest listed investment platform that powers the everyday life of consumers over the next decade.

Public Investment Fund: Saudi Arabia’s Qiddiya City will open the first Six Flags park outside North America at the end of this year, featuring the world’s tallest, longest and fastest roller coaster.

G42: Microsoft and G42 plan a 200-megawatt expansion of datacenter capacity in the UAE, delivered through Khazna Data Centers, a subsidiary of G42. 

🌴 Token Resort: The Trump Organization, run by U.S. President Donald Trump’s family, plans to build a luxury resort in the Maldives with Saudi developer Dar Global, and for the first time will “tokenize” the hotel-development project via blockchain, Bloomberg reports.

💸 Financial Expansion: Saudi brokerage platform Derayah Financial Company secured a $133 million Islamic compliant loan with Saudi National Bank to fuel its expansion. 

💂 London Calling: Sharjah developer Arada acquired an 80% stake in the $3.3 billion Thameside West waterfront development in London’s Royal Docks for $428 million.

✈️ Airways Facility: GE Aerospace will begin building a new $50 million facility at Dubai South’s Mohammed Bin Rashid Aerospace Hub next month.

🏠 Housing Demand: Real estate transactions in Abu Dhabi nearly doubled to $26 billion in the first nine months of 2025.

🗞️ Broadsheet Bust: U.S.-based private investment firm RedBird Capital Partners pulled out of a $671-million bid for Britain’s Telegraph Media Group, ending months of negotiations after an initial bid from Abu Dhabi-backed RedBird-IMI was blocked by the U.K. government.

📈 Peace Dividend: Israel’s economy surged in the third quarter of 2025 with annualized GDP growth of 12.4%, driven by a sharp rebound in consumer spending, exports, and investment after a war-disrupted second.

UAE President Sheikh Mohamed bin Zayed and Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, toured Dubai Airshow on Monday.

The UAE President will hold talks with South Korea’s President Lee Jae Myung, who is visiting the UAE today.

Emir of Qatar Sheikh Tamim met with Subrahmanyam Jaishankar, India’s Foreign Minister, at the Amiri Diwan in Doha on Sunday.Sheikh Mansoor bin Mohammed, Chairman of the Dubai Sports Council, crowned English golfer Matt Fitzpatrick as the champion of the DP World Tour Championship and also starred Northern Irish golfer Rory McIlroy with the Race to Dubai title for the seventh time in his career.

Saleh bin Nasser Al-Jasser, Saudi Minister of Transport and Logistic Services, inaugurated the new $163 million Agility Logistics Complex in Jeddah on Sunday.

Mohamed bin Mubarak, UAE Minister of State for Defense Affairs, opened the 12th edition of the Dubai International Air Chiefs Conference on Sunday in Dubai. 

Steven Greenway, CEO of Flyadeal, told Arabian Gulf Business Insights that delays from Airbus for the delivery of A321neo jets will force the company to use its existing fleet more than planned.

Yasir Al Rumayyan, Governor of Saudi Arabia’s Public Investment Fund, along with Yoshinori Kanehana, Chairman of Kawasaki Heavy Industries, Takeshi Hashimoto, President and CEO of Mitsui O.S.K. Lines, Karl Deppen, CEO of Mitsubishi Fuso Truck and Bus Corporation, and Gene Berdichevsky, co-founder and CEO of U.S. battery tech company Sila, will be among the participants in FII Priority Asia, to be held Nov. 30 -Dec.1.

🐪 Eye in the Sky: Traditional camel herding could be about to get a high-tech upgrade, after a research team from Saudi Arabia created an AI-powered drone system that can track livestock from the air, Arab News reports. Scientists at the King Abdullah University of Science and Technology developed the low-cost system using commercially available drones and cameras to enable camel herders to track their animals in real time and also capture data on migration patterns and habitats for researchers. Camels roam up to 50 kilometers a day through desert terrain, making tracking them a challenging job.

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. 18-19, Dubai. Dubai Future Forum. Drawing on the collective intelligence of global thinkers, futurists, and visionaries to explore what lies ahead and how we might navigate it with purpose and imagination. Museum of the Future.

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

Nov. 24-27, Dubai. Big 5 Global. Addressing the challenges shaping the construction and urban development community today and tomorrow. 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. 1-2, UAE. UAE National Day. A two-day public holiday to celebrate the UAE’s 54th National Day, also known as Eid Al Etihad. 

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.

STEALTH SCRUTINY

A Pentagon intelligence report warns that approving the F‑35 stealth-fighter sale to Saudi Arabia could compromise U.S. technological secrets, potentially allowing exposure of advanced capabilities to China. The U.S. under Donald Trump is assessing the kingdom’s request for up to 48 F-35s, a move that would reshape the military balance in the Middle East and challenge Israel’s qualitative military edge, The New York Times reports. If approved, Saudi Arabia would become only the second Middle Eastern country after Israel to operate F-35s. While the deal has cleared a key Pentagon hurdle, it still requires full approval from the White House, Cabinet and Congress, and carries risks of human-rights scrutiny and strategic backlash.

NEOBANK BILLIONS

UAE digital bank Wio is more than halfway to its goal of reaching 100 billion dirhams ($27 billion) in assets, just three years after it launched.  “The objective would be to get there in two to three years max,” Wio CEO Jayesh Patel told The National. With backing from Abu Dhabi sovereign wealth fund ADQ, telecoms company e&, First Abu Dhabi Bank and investment company Alpha Dhabi, Wio is now one of the fastest growing banks in the region. Just seven UAE banks have more than Dh100 billion in assets, which is regarded as the industry gateway to being considered a “big” lender in the UAE. FAB, the country’s biggest lender, has more than $1.3 trillion. The company will soon face competition from London-based fellow “neobanks” Revolut and Wise, which have both secured approvals to operate in the UAE in recent months.

ADNOC: Abu Dhabi’s state-owned oil firm received conditional approval from the EU for its $17 billion acquisition of German chemicals giant Covestro, the European Commission announced  on Friday.

Public Investment Fund: Saudi Arabia’s Midad Real Estate, PIF-owned Jeddah Central Development Co., and Kerzner International launched a $2 billion joint venture to bring the Atlantis and One&Only resort brands to the kingdom.

Qatar Investment Authority: The QIA joined a $275 million Series C funding round for California-based generative AI company d-Matrix, which valued the company at $2 billion.

International Holding Co.: Multiply Group, an investment unit of Abu Dhabi-owned IHC, launched Innovation Labs, which it said will drive digital growth and AI-led value creation.

💰 Capital Takeover: Investcorp Capital, the Abu Dhabi-listed alternative investments company, has acquired U.S.-based Kanawha Scales & Systems.

🛡️ Insurance Entry: UAE-based digital insurer Shory received authorization to operate in Saudi Arabia, bolstering its regional expansion strategy..

💻 Slack Upgrade: Salesforce has acquired Israeli startup Doti AI, founded by former Wix engineers, for about $100 million to integrate its artificial intelligence tools into Slack.

🤝 Trade Revival: Saudi Arabia plans to strengthen commercial relations with Lebanon imminently after progress in curbing drug smuggling, Reuters reports.

⚽ Target Venue: A unit of Saudi Arabia’s National Development Fund will establish a premium shooting sports complex in Qiddiya City.

💵 Relocating Staff: JPMorgan Chase is expanding its operations in Dubai as part of a broad push to serve medium-sized businesses in the Middle East, moving banker Tushar Arora to the UAE from London, Reuters reports.

🛰 Autonomous Flight: LODD Autonomous conducted the first test flight of Hili, a hybrid heavy-lift cargo aircraft designed, built and manufactured entirely in Abu Dhabi on Thursday.

✈️ Stay Home: Oman Air said on Thursday that it has temporarily grounded some aircrafts and adjusted flight schedules amid supply chain delays.

UAE President Sheikh Mohamed bin Zayed met with Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister and Ruler of Dubai, in the presence of  Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court and other dignitaries on Thursday. The UAE President will meet with Lee Jae Myung, President of South Korea, during his visit to the UAE on Monday. 

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, held a telephone call with Rashid Meredov, Minister of Foreign Affairs and Deputy Prime Minister of Turkmenistan.

Sheikh Mohammed bin Abdulrahman Al-Thani, Qatar’s Prime Minister, held a phone call with Iranian Foreign Minister Abbas Araghchi on Thursday.

Sheikha Latifa bint Mohammed, Chairperson of Dubai Culture and Arts Authority, met with Sheikh Khalifa bin Ahmed, President of the Bahrain Authority for Culture and Antiquities, on the sidelines of the 27th General Conference of the International Council of Museums.

Lawrence Stroll, Executive Chairman of Aston Martin, is in early discussion with the Saudi Public Investment Fund, to take the struggling U.K. luxury-car maker private, The Financial Times reports. The PIF already holds a 17%  stake in Aston Martin.

Jochen Thewes was appointed CEO of the AD Ports’ Logistics Cluster starting Dec.1 of this year.

Hamad Al Marar, Managing Director and Chief Executive of Edge, told The National that due to the ongoing wars, there has become a higher urgency in delivering defense solutions to overseas customers which is why they are moving faster to meet the demand.

Brooke Bellamy, the Australian businesswoman behind Brooki Bakehouse, spoke to The National about the bakery’s viral fame and plans to open in Dubai early next year following a $16 million investment from Sharjah developer Arada.

Sean Baker, the Academy Award-winning filmmaker, will head the features jury for Saudi Arabia’s Red Sea International Film Festival.

🐪 Desert Trek: British explorer Rosie Stancer is preparing to begin a three-month camel expedition across Saudi Arabia, following the ancient incense-trading route from south to north. Stancer and her team will start in Najran and traverse the Empty Quarter, the Nafud deserts and the Sarawat mountain range, exploring the impacts of climate changes and how local communities are adapting. The team includes Saudi explorer Princess Abeer Al-Saud, the kingdom’s representative on the expedition. “We’re also going to invite other Saudi women from the points we are going through to join our journey,” Stancer told Arab News.

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. 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. 18- 19, Dubai. Dubai Future Forum. Drawing on the collective intelligence of global thinkers, futurists, and visionaries to explore what lies ahead and how we might navigate it with purpose and imagination. Museum of the Future.

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

Nov. 24-27, Dubai. Big 5 Global. Addressing the challenges shaping the construction and urban development community today and tomorrow. 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.

SPORTS SURGE

Dubai has launched a strategy to become a global hub for sports, with the goal of boosting the economic contribution of sporting events by 80% to reach $18.3 billion by 2033. “The ultimate vision, we want Dubai to be the world’s best sporting city,” Khalfan Belhoul, Vice Chairman of the Dubai Sports Council, said. With major events such as the 2030 Asian Games in Qatar and soccer’s 2034 FIFA World Cup in Saudi Arabia on the horizon, the Middle East is entering what consulting firm Oliver Wyman describes as a “defining decade” for sports. A report published by the New York-based agency on the region’s sports economy projects $75 billion in growth potential, Arab News reports. The report says governments have committed over $100 billion in sports infrastructure through 2034.

LIFESTYLE MANAGEMENT

Saudi Arabia’s influx of senior executives and wealthy expatriates is driving a growth in sophisticated concierge and lifestyle management services. Less familiar in the West, concierge services are a popular luxury in the Gulf, easing the transition for new arrivals and helping them through anything from bureaucratic processes to finding a new home or transporting a pet. “We brought people from our offices around the world working with young, brilliant, talented Saudis so that the service that you can expect when you arrive is really ticked off,” Sir Ben Elliot, founder of global luxury concierge firm Quintessentially, told Arab News during the TOURISE summit in Riyadh.

Abu Dhabi Investment Authority: Morgan Stanley Investment Management and Global Student Accommodation acquired a U.S. student-housing portfolio from ADIA and Landmark Properties worth about $1 billion, Bloomberg reports.

EDGE Group: The UAE’s state-owned defense manufacturer and California-based Anduril Industries are forming a $200 million joint venture to produce autonomous drones in Abu Dhabi.

Mubadala: Sheikh Mansour bin Zayed, UAE Vice President and Deputy Prime Minister and Chairman of Abu Dhabi’s Mubadala sovereign wealth fund, chaired Mubadala’s Board Meeting at Qasr Al Watan palace in Abu Dhabi on Wednesday.

🏦 Tourism Future: Saudi Arabia’s Tourism Development Fund unveiled $773 million worth of new tourism projects and strategic partnerships during the TOURISE 2025 Forum.

🌐 Cyber Boost: Tenzai, an Israeli cybersecurity startup, raised $75 million in a seed funding round led by Battery Ventures, Greylock Partners, and Lux Capital.

📈 IPO Win: Almasar Alshamil Education, a subsidiary of Dubai’s Amanat Holdings, will raise as much $160 million from its listing on the Saudi stock exchange.

🚘  Motor Deal: Chinese company Jiangsu Changhong Intelligent will partner with Salalah Global City Company to build an automotive plant in Salalah’s free-trade zone.

🛍️ Strategic Options: Dubai-based Majid Al Futtaim is reportedly exploring strategic options for the sprawling $19 billion conglomerate, although it has officially denied “any claims of stake sales,” Bloomberg reports.

💵 Conflict-Driven: The Gaza War has generated significant business for U.S. companies, with U.S. weapons sales to Israel since October 2023 exceeding $32 billion, benefiting firms such as Boeing, Northrop Grumman, Lockheed Martin and Caterpillar, the Wall Street Journal reports.

🚢 Premium Surge: Industry analysts say Red Sea vessel insurance premiums will likely stay high despite the Houthis’ ceasefire announcement linked to progress in Israel-Hamas peace talks, Arabian Business Gulf Insights reports.

✈️ Seamless Travel: UAE and Bahrain will begin a Schengen Style trial visa aimed to introduce the concept between the Gulf member states.

💼 New Bureau: Dubai Chambers has opened its first U.S. representative office in New York, an announcement made during the Dubai Business Forum – USA.

🏦 New Banking: Standard Bank Group, Africa’s biggest lender by assets, opened a representative office in Egypt on Wednesday, eying an economic recovery in the Arab world’s most populous nation, Reuters reports.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, met with Bruce Flatt, CEO of global investment firm Brookfield Corporation, along with its Chairman, Frank McKenna, and several other board members. The Crown Prince attended a wedding reception hosted by Saeed Omeir Yousef Al Mheiri, Chairman of Al Barakah Investment Holding Company, for the marriage of his son Omeir, to the daughter of Mohamed Khadem bin Butti Al Hamed. The Crown Prince also attended the DRIFTx exhibition at Yas Marina Circuit in Abu Dhabi.

Sheikh Zayed bin Mohamed visited DRIFTx 2025, part of Abu Dhabi Autonomous Week, at Yas Marina Circuit on Wednesday.

Sheikh Mansoor bin Mohammed, President of the UAE National Olympic Committee, and Sheikha Latifa bint Mohammed, Chairperson of Dubai Culture and Arts Authority, attended the official opening ceremony of the 27th General Conference of the International Council of Museums on Wednesday. 

Sheikh Sabah Al Khaled Al Sabah, Crown Prince of Kuwait, met with interior ministers of the GCC states inKuwait.

Mark Carney, Canada’s Prime Minister, plans to visit the UAE this month in an effort to expand trade and relations between the two countries.

Taimur AlFardan, Owner of Batnah Properties, told Arabian Gulf Business Insights the cost of commercial land was “skyrocketing.”

Mohamed Ali Al Shorafa, Chairman of Abu Dhabi’s Department of Municipalities and Transport and member of the Abu Dhabi Executive Council, told Arabian Business that the UAE capital has entered full-scale deployment of autonomous transport, with driverless taxis, buses and cargo drones already in operation.

Ehab Rashad, Vice Chairman at Mubasher Capital, told Zawya Arabic that the company is considering launching investment funds in the real estate and healthcare sectors.

Daniela Santanch, Italian Tourism Minister, said that Italians have become more interested in visiting Saudi Arabia.

Herman Narula, CEO of London-based technology company Improbable, said he plans to relocate to Dubai before the anticipated introduction of a U.K. “exit tax” on the wealthy.

🎨 Hammer Time: Sotheby’s is returning to Saudi Arabia for its second Origins auction, bringing together international and local artists including a rare work by the late Safeya Binzaar, a pioneer of the kingdom’s contemporary art scene. Painted in 1968, “Coffee Shop in Madinah Road” comes from Binzagr’s personal archive. Among the other highlights are works by modernist Mohammed Al Saleem and Indian-born British sculptor and Turner Prize-winner Anish Kapoor. The auction, to be held on Jan. 31, is timed to coincide with the opening of the Diriyah Contemporary Art Biennale. Sotheby’s held its first international auction in Saudi Arabia in February, when three pieces sold for more than $1 million.

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. 10-15. Abu Dhabi. Abu Dhabi Autonomous Week. The inaugural event combines a summit, showcase, RoboCup Asia-Pacific and autonomous racing. 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. 24-27, Dubai. Big 5 Global. Addressing the challenges shaping the construction and urban development community today and tomorrow. 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.

Nov. 30, Doha. Qatar F1 Grand Prix 2025. Formula One season’s second-to-final race before Abu Dhabi. Lusail International Circuit.

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.

OLYMPICS TORCHED

Saudi Arabia and the International Olympic Committee have “mutually” ended a deal to jointly hold the Olympic Esports Games. The IOC and the kingdom will pursue their own esports ambitions separately, Bloomberg reports. The 12-year agreement, signed last year, was supposed to see Saudi Arabia host the inaugural Esports Olympics, a part of its ambition to be a global hub for gaming. The kingdom held its second Esports World Cup over the summer, attracting more than 2,000 professional players from over 100 countries, and its Public Investment Fund has since signed a blockbuster $55 billion deal to take gaming company Electronic Arts private.

AIRPORT EXPANSION

Abu Dhabi is already planning a major expansion of Zayed International Airport, just two years after it doubled its capacity to 45 million passengers a year with the opening of Terminal A. Construction work will start in two years, with plans to increase capacity to 65 million, The National reports. “We opened in November 2023 and at the first board meeting, I broke the news to the board that we had to think about expansion,” Abu Dhabi Airports Managing Director and CEO Elena Sorlini told the Skift Global Forum East event in the capital. The expansion is partly needed to meet the demands of Etihad Airways, which is planning to double in size and carry 38 million passengers by 2030. The airport is also rolling out the use of biometrics to transit passengers to speed up transfers within the airport, which make up 60% of its current traffic.

International Holding Co.: IHC Real Estate Holding and Alpha Dhabi, both subsidiaries of IHC, sold their stakes in investment and real estate company Modon for more than $7 billion to Abu Dhabi government entity L’imad Holding Co.

International Holding Co.: Alpha Dhabi is also planning to sell about 2% of its 26.5% stake in Abu Dhabi developer Aldar Properties for around $400 million, Bloomberg reports.

Lunate: Alternative investment firm HPS Investment Partners and Abu Dhabi’s Lunate are launching a new investment platform. Lunate will anchor the project with a projected commitment of at least $1 billion.

Mubadala: Pakistan is negotiating with Abu Dhabi Investment Co., a subsidiary of Mubadala, to run Islamabad airport in exchange for 60% of the revenue, Bloomberg reports.

Public Institution for Social Security: Kuwait’s pension fund is restarting private equity allocations and is in discussions with multiple leading buyout firms, Bloomberg reports.

🏭 Mega Project: Egypt’s Ain Sokhna Industrial Zone, within the Suez Canal Economic Zone, will host three major new projects valued at $3.5 billion under an agreement between Kemet Industries Group and Emirati-Chinese company Al Qalaa Red Flag.

💰 Sharjah Sukuk: Sharjah Islamic Bank plans to issue a $500 million islamic bond, to be listed on Euronext Dublin and Nasdaq Dubai, with Emirates NBD Capital and Standard Chartered Bank appointed as joint global coordinators.

🚦 Green Light: U.K. oil services company John Wood Group has published its half-year financial results, a condition of its $292 million takeover by UAE engineering firm Sidara.

👷 Pipe Dream: A Saudi consortium has secured funding to develop a 587km water pipeline in the kingdom, with the project valued at $2.3 billion.

🛢️ Fuel Fraud: Lebanon’s judiciary has charged six companies and four individuals and issued arrest warrants over an alleged Russian oil scam, The National reports.

🎮 Banking Games: Emirati lender Commercial Bank International has launched a venture arm to build and invest in products for gamers, starting with a credit card in partnership with Mastercard.

🛡️ Standing Together: The U.K. has signed an enhanced defense agreement with Qatar to deepen military cooperation.

₿ Virtual World: The Abu Dhabi Real Estate Center signed an agreement with five partners to advance blockchain integration in Abu Dhabi’s real estate sector.

🦘 Aussie Connection: Abu Dhabi Investment Office and the Australia Arab Chamber of Commerce and Industry have signed a strategic partnership to boost trade and investment and support Australian companies entering Abu Dhabi’s high-growth sectors.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, met with South Korean President Lee Jae Myung on the sidelines of the Asia-Pacific Economic Co-operation forum in Gyeongju, South Korea, on Friday. The Crown Prince also met with Lawrence Wong, Prime Minister of Singapore, and Christopher Luxon, Prime Minister of New Zealand.

Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister and Ruler of Dubai, launched the Mohammed bin Rashid Endowment District.

Sheikh Sabah Al Khalid Al Sabah, Crown Prince of Kuwait, met with Yuriko Koike, Gov. of Japan, at Bayan Palace in Kuwait on Thursday.

Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai and UAE Deputy Prime Minister and Minister of Finance, met with Georges Elhedery, Group CEO of HSBC, at the Dubai International Financial Centre on Thursday.

Sheikh Jarrah Jaber Al Ahmad Al Sabah, Deputy Foreign Minister of Kuwait, met with Muhammad Anis Matta, his Indonesian counterpart, in Kuwait City on Thursday.

Jamie Dimon, CEO of JPMorgan Chase, told The National that his “cockroach” comment about the health of the private credit market was “blown out of proportion.”

Ed Bastian, CEO of U.S. carrier Delta Airlines, told Arabian Gulf Business Insight that the airline hopes to capitalize on economic development in Saudi Arabia and the potential growth of passenger traffic between the two countries with its new direct flights from Atlanta to Riyadh.

Eric Schmidt, the former CEO of Google, told The National at Saudi Arabia’s FII conference in Riyadh that the rise of AI will create more jobs than it destroys.

James Reynolds, the global co-head of Goldman Sachs Asset Management, said in an interview with Asharq Business that the bank is in “productive” talks with the Public Investment Fund and other players in the region.

Rashid Saeed Al Shamsi, Non-Resident Ambassador of the UAE to Niger, met with Ali Mahamane Lamine Zeine, Prime Minister of Niger, at his headquarters in the capital, Niamey. 

🏛️ Rebuilding History: Palmyra’s archaeological museum, which was badly damaged by bombings during the Syrian civil war, will be restored with international funding, The National reports. One of Syria’s most popular sites before the war, Palmyra made headlines in 2025 when ISIS destroyed the Temple of Bel and the Arch of Victory and killed its head of antiquities. Swiss-based foundation Aliph will fund the restoration of the museum, starting with the guesthouse, which will house archaeologists working on the project. Aliph is mostly funded by nations, including the UAE, Saudi Arabia, Kuwait and Morocco, and private donors.

Oct 29-31, Abu Dhabi. International Forum of Sovereign Wealth Funds. An annual forum hosted by Abu Dhabi Investment Authority and Mubadala, bringing together global CEOs and senior executives from sovereign wealth funds. ADGM 

Nov. 1-2, Dubai. Women’s Empowerment Convention. The 3rd Women’s Leadership Forum unites global trailblazers, headlined by fashion icon Anna Wintour and storytelling pioneer Candace Bushnell. Atlantis The Royal Conference Center.

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. 10-12, 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. 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. 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.

CHIP DRIVE

Electric vehicle maker Lucid is partnering with chip giant Nvidia to launch cars with near-full autonomy. The California-based company, which is backed by Saudi Arabia’s Public Investment Fund, will use Nvidia’s Drive AV system in its mid-sized vehicles, Lucid revealed at the FII conference in Riyadh on Wednesday. The system has level 4 autonomous driving capability, which is the second-highest level. Level 5, the highest level, does not even require vehicles to have a steering wheel. “We’re taking the next step by combining cutting-edge artificial intelligence with Lucid’s engineering excellence to deliver the smartest and safest autonomous vehicles on the road,” Marc Winterhoff, interim CEO of Lucid, said. It comes after Lucid agreed in July to supply 20,000 vehicles fitted with a level 4 platform developed by U.S. robotics company Nuro to ride-hailing company Uber for its global robotaxi program.

OPEN DOORS

Abu Dhabi’s Rotana hotel chain is among the global hospitality groups planning to launch in Syria as the country opens up and requires more rooms to house an expected boom in business and leisure travelers. “If Syria opens up again, as it is now, Emiratis will be going there to do business and we need to be there,” Rotana CEO Philip Barnes told The National. Among those lining up for meetings with Syrian President Ahmed Al Sharaa at the FII conference in Riyadh this week were executives from Accor and Hilton Worldwide Holdings. Accor is already in talks with developers and plans to have 10 to 15 hotels in Syria within five years, the newspaper reports.

Mubadala: The Abu Dhabi sovereign fund, alongside private equity firm Cinven and UAX founder Jesús Núñez, will acquire a majority stake in Madrid’s Universidad Alfonso X el Sabio Group from CVC Funds.

Abu Dhabi Investment Authority: ADIA, Nordic private equity house EQT and Auba Investment have sold 8.4% of their stake, worth $3.27 billion, in Swiss skincare specialist Galderma, Zawya reports. Galderma, which makes Cetaphil, went public last year in one of Europe’s largest IPOs.

G42: The Abu Dhabi AI powerhouse has expanded its collaboration with U.S. networking and security company Cisco. Under a new agreement Cisco will power, connect, and secure a large-scale AI cluster deployed by G42, featuring AMD’s advanced MI350X GPUs. 

Public Investment Fund: PIF-backed utility Acwa Power has announced clean energy deals worth $10 billion. The biggest is a $6 billion deal signed between Acwa, Aramco and PIF unit Badeel to develop 70% of Saudi Arabia’s 2030 renewable energy targets.

Public Investment Fund: Saudi Arabia’s sovereign wealth fund and U.S. asset manager BlackRock have partnered to launch mutual funds.

ADQ: AD Ports Group, controlled by the Abu Dhabi sovereign fund, signed an initial agreement with the Indian government of Maharashtra paving the way to invest up to $2 billion in the state’s ports and shipbuilding sectors.

ADQ: Abu Dhabi National Energy Company, known as TAQA, sold its entire stake in an Indian coal power plant for $105 million as part of a pivot towards green power.

🛒 Shopping Trip: Dubai retail conglomerate Al-Futtaim is planning to invest an additional $2.7 billion in Saudi Arabia over the next three years.

💰 Cash Zap: Emirates NBD has inked a $423 million credit facility with Egypt’s El Sewedy Electric for regional expansion across Egypt, Saudi Arabia and the UAE.

📷 Tourism Boost: Oman signed 36 contracts worth $260 million for the construction of tourism projects as part of its Vision 2040 project.

🚢 Ship Shape: Dubai-based global terminal operator DP World has committed to invest an additional $5 billion in India’s maritime infrastructure.

🔍 Breaking Ground: Dubai Investments is investing $163 million to build a second production line for its subsidiary Emirates Float Glass.

🧊 Chilling Offer: Saudi-Swiss cold-chain tech company Consolidated Grünenfelder Saady is planning an IPO on the Saudi stock exchange next month.

📈 GDP Boost: Saudi Arabia’s economy expanded at 5% year-on-year in the third quarter, the fastest pace since early 2023, helped by rising oil production and big state investments in non-oil sectors. 

🏘️ Crypto Homes: Dubai property company Idealist Real Estate entered a strategic partnership with Citi Developers to integrate crypto payments into real estate transactions.

🏦 Fed Cuts: Gulf central banks cut interest rates in tandem with the U.S. Federal Reserve’s second reduction of 25 basis points this year.

Saudi Arabia’s Crown Prince Mohammed bin Salman held meetings with heads of state on the sidelines of the FII conference in Riyadh on Wednesday, including Ahmed Al Sharaa, President of Syria; Vjosa Osmani, President of Kosova; Manuel Marrero Cruz, Prime Minister of Cuba; Gustavo Petro, President of Colombia; Teodoro Obiang Nguema Mbasogo, President of Equatorial Guinea; and Han Zheng, Vice President of China. The meetings were also attended by various ministers and dignitaries, including Saudi Foreign Minister Prince Faisal bin Farhan.

Adel Al-Jubeir, Saudi Arabia’s Minister of State for Foreign Affairs, Cabinet Member, and Climate Envoy met with former Canadian Prime Minister Stephen Harper on the sidelines of the FII conference on Wednesday.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, met with Michel Demaré, Chair of biopharmaceutical company AstraZeneca, along with other members of AstraZeneca’s board, in Abu Dhabi on Wednesday.

António Costa, President of the European Council, visited the Sheikh Zayed Grand Mosque in Abu Dhabi on Wednesday, accompanied by Lucie Berger, Ambassador of the European Union to the UAE, and several senior EU officials. 

Faisal Alibrahim, Saudi Arabia’s Minister of Economy and Planning, met with Vietnam’s Deputy Prime Minister Ngugen Chi Dung in Riyadh for talks to enhance cooperation. 

Yuriko Koike, Tokyo Gov., arrived in Kuwait on Wednesday for an official visit and was greeted at the airport by Sheikh Abdullah Salem Al-Ali Al-Sabah, Gov. of the Kuwait City.

Syrian President Ahmed Al Sharaa met with FIFA President Gianni Infantino on the sidelines of the FII conference in Riyadh on Wednesday.

Mohamed Alabbar, founder of Dubai-listed Emaar Properties, said during a panel discussion at the FII conference in Riyadh that his company is looking to enter China’s real estate market.

Belkasem Haftar, son of Libyan military strongman Khalifa Haftar, is using the FII conference in Riyadh to drum up interest in Libya as an attractive destination for investment, Bloomberg reports.

Bill Winters, Group CEO of Standard Chartered, told The National on the sidelines of the FII conference that the Middle East wealth management business is one of the fastest growing in the world for U.K.-based lenders.

Will Ahmed, Founder & CEO of wearable tech company Whoop, spent several days touring the Gulf, visiting Qatar, Saudi Arabia and the UAE. He announced the launch of an R&D center called Whoop Labs Doha in partnership with Invest Qatar and a partnership with digital health platform Lean Business Services in Saudi Arabia. 

🎤 Learning Moment: Maharat, the Arab world’s answer to the popular American subscription service MasterClass, is now offering bite-sized versions of its courses, The National reports. The platform, which launched in February, features lessons in business, fashion and music from the likes of Toufic Kreidieh, Executive Chairman of Brands for Less Group, celebrity make-up artist Bassam Fattouh and Lebanese singer Ragheb Alama. The new feature, called Playlists, condenses the courses into 2-3 minute videos and is touted as the company’s antidote to doom-scrolling.

Oct 29-31, Abu Dhabi. International Forum of Sovereign Wealth Funds. An annual forum hosted by Abu Dhabi Investment Authority and Mubadala, bringing together global CEOs and senior executives from sovereign wealth funds. ADGM 

Nov. 1-2, Dubai. Women’s Empowerment Convention. The 3rd Women’s Leadership Forum unites global trailblazers, headlined by fashion icon Anna Wintour and storytelling pioneer Candace Bushnell. Atlantis The Royal Conference Center.

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. 4-9, 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. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.

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.

DAMASCUS MOMENT

Saudi Arabia is preparing to launch a series of funds in Syria to oversee the billions of riyals it is committing to rebuilding the economy of the wartorn country, Saudi Investment Minister Khalid Al Falih told the Saudi-Syrian investment roundtable in Riyadh. Saudi Banks are also setting up operations in Damascus, with two already operating and moving funds between the two countries, as they deepen financial and banking cooperation. Syrian President Ahmad Al Sharaa is set to address investors in a keynote speech to the FII conference this afternoon, where he will set out his vision for attracting high-value investments and advancing reconstruction efforts. During his visit Al Sharaa is also expected to meet with Crown Prince Mohammed bin Salman, who was instrumental in lobbying U.S. President Donald Trump to lift sanctions on Syria.

WAGE WOES

Employees in the UAE are facing a contraction in salaries, as booming population growth means that the number of jobseekers is far outstripping the available roles in many industries, The National reports. Once considered “hardship” positions with high salaries for expats, professional jobs in Dubai and Abu Dhabi are now highly sought after as the cities mature, offering an attractive lifestyle along with tax benefits. Trefor Murphy, Founder and CEO of recruitment company Cooper Fitch, told the newspaper that new arrivals were “doing anything” just to get a job and it was making it harder for existing talent to get a justifiable wage increase. “We’ve had dentists come to the UAE to work as real estate agents,” he said. Cooper Fitch data showed hiring activity in the Emirates increased 3% in the three months to the end of September.

Public Investment Fund: The PIF has signed a memorandum of understanding worth $6.8 billion with U.K. Export Finance, the British export credit agency, to build financial cooperation and expand trade and investment opportunities.

Public Investment Fund: The Red Sea Gateway Terminal, partly owned by the PIF, signed an $433 million agreement with French-based CMA CGM Group to develop and operate a fourth container terminal at Jeddah Islamic Port, Arab News reports.

Public Investment Fund: PIF-owned Saudi Arabian developer Red Sea Global raised a $1.7 billion credit facility through Riyad Bank to finance the development of its luxury tourism destination Amaala.

ADNOC: XRG, the low-carbon investment arm of Abu Dhabi’s state-owned oil company, is looking at investing in a liquefied natural gas project developed by Argentina’s state-owned YPF, Bloomberg reports.

Masdar: India’s Nasdaq-listed ReNew Energy Global has accepted a revised buyout offer from a consortium led by Abu Dhabi renewable energy company Masdar, Abu Dhabi Investment Authority subsidiary Platinum Hawk, the Canada Pension Plan Investment Board and Sumant Sinha, Founder, Chairman and CEO of ReNew. The revised cash offer values the deal at more than $3 billion.

Mubadala: Bahrain’s Investcorp, the alternative asset manager backed by Mubadala, aims to raise as much as $7 billion in new funding and make exits and distribution to investors of a similar amount in the current financial year, CFO and Vice Chairman Rishi Kapoor told The National on the sidelines of the FII conference.

☁️ Cloud Deal: Qatar-based data center and IT provider Meeza signed a $205 million agreement with a global hyperscaler and cloud service provider to provide 6 megawatts of data center services. 

⚕️ New Contracts: Modon, Saudi Arabia’s authority for Industrial Cities and Technology Zones, signed five new industrial contracts in the critical medical and pharmaceutical industries worth $62.6 million.

🏭 Green Investment: The Green Climate Fund will help build a $6 billion water desalination project in Jordan, marking the fund’s largest investment in a single project, Reuters reports.

💸 Fintech Cash: Viola Credit, an Israel-based asset manager specializing in alternative credit, has raised a $2 billion fund to lend to financial technology startups, Bloomberg reports.

📈 Taking Stock: Dubai-listed education provider Amanat Holdings has launched the IPO of its subsidiary Almasar Alshamil Education on the Saudi Tadawul Exchange.

🇵🇰 Trade Pact: Saudi Arabia and Pakistan agreed to launch an Economic Cooperation Framework to strengthen trade and investment relations.

💸 Less Impact: Dubai is not likely to raise substantial debt over the next two years as more fiscal surpluses are expected between 2025 and 2028, S&P said in a new report.

✈️ Airport Award: Iraq selected a consortium of Luxembourg-based Corporación América Airports and local company Amwaj International to develop and operate Baghdad International Airport.

💰 Dubai Bound: Dublin-based Avia Solutions Group, the world’s largest aircraft, crew, maintenance and insurance provider, will establish its new regional headquarters at Dubai South.

Saudi Arabia’s Crown Prince Mohammed bin Salman met in Riyadh on Tuesday with FIFA President Gianni Infantino to review areas of sports cooperation. Also present were Minister of Sport Prince Abdulaziz bin Turki bin Faisal, Minister of Commerce Majid Al-Kassabi, PIF Gov. Yasser Al-Rumayyan, Advisor at the Royal Court Abdulaziz Tarabzouni and President of the Saudi Arabian Football Federation Yasser Al-Misehal.

UAE President Sheikh Mohamed bin Zayed met with António Costa, President of the European Council, at Qasr Al Shati palace in Abu Dhabi on Tuesday. The pair discussed ongoing negotiations on a trade deal between the UAE and the EU.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, met with Chuck Robbins, Chair and CEO of Cisco, in Abu Dhabi on Tuesday.

Crown Prince Hussein of Jordan and his delegation arrived in Riyadh on Tuesday to participate in the FII conference.

Ahmed Al Sharaa, President of Syria, arrived in Riyadh on Tuesday to participate in the FII conference. 

Sheikha Latifa bint Mohammed, Chairperson of Dubai Culture and Arts Authority, delivered a keynote address at the Emirati Media Forum at the Museum of the Future in Dubai on Tuesday.

Sheikha Bodour bint Sultan Al Qasimi, President of the American University of Sharjah and Chairperson of the Sharjah Book Authority, has been named UNESCO Goodwill Ambassador for Education and Book Culture.

Sheikh Mansoor bin Mohammed, President of the UAE National Olympic Committee, met with Gao Zhidan, President of the Chinese Olympic Committee, on Tuesday in Dubai.

Abdullah Alswaha, Saudi Arabia’s Minister of Communications and Information Technology, met with global technology leaders on the sidelines of the FII conference, including Vimal Kapur, Chairman and CEO of Honeywell; Steven Mnuchin, Chairman and CEO of Liberty Strategic Capital and former U.S. Treasury Secretary; Amjad Masad, Founder and CEO of Replit; and Emirati businessman Hussain Sajwani, Founder and Chairman of Damac Properties and EDGNEX Data Centers.

Jasem Albudaiwi, GCC Secretary-General, is attending the FII conference in Riyadh, commenting that the event is a source of pride for all Gulf citizens.

Amer Ghalib, U.S. President Trump’s pick to serve as ambassador to Kuwait, is unlikely to make the cut after three key Republican senators said they would oppose the nomination, The New York Times reports.

Georges Elhedery, Group CEO of HSBC, told The National on the sidelines of the FII conference that the bank was halfway through a revamp of its global business and was betting on expanding its wealth management offering in the Middle East and Asia to boost growth.

Yie-Hsin Hung, President and CEO of State Street Investment Management, played down fears of an AI bubble in comments to Asharq Bloomberg on the sidelines of the FII conference. 

Karim Abi Nader was appointed Executive Director and Banker at JPMorgan Private Bank in the Middle East.

🎨 Art Auction: Palestinian-American artist Samia Halaby’s “Morning Honey” and Fahrelnissa Zeid’s “Carnations” were among works auctioned at Sotheby’s Modern and Contemporary Middle Eastern Art sale in London on Tuesday. The bi-annual event featured a curated selection of artworks from the Arab world, North Africa, Iran and Turkey. Halaby’s 1992 painting had one of the highest estimated sales prices, at $93,000-$133,000. The result is pending.

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.

Oct 29-31, Abu Dhabi. International Forum of Sovereign Wealth Funds. An annual forum hosted by Abu Dhabi Investment Authority and Mubadala, bringing together global CEOs and senior executives from sovereign wealth funds. ADGM 

Nov. 1-2, Dubai. Women’s Empowerment Convention. The 3rd Women’s Leadership Forum unites global trailblazers, headlined by fashion icon Anna Wintour and storytelling pioneer Candace Bushnell. Atlantis The Royal Conference Center.

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. 4-9, 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. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.

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.