DESERT BERRIES

Egypt’s Morpho Investments is betting on Saudi Arabia as a promising environment to cultivate blackberries, raspberries and other fruits, despite its desert soils and blazing sun. The new private equity firm, founded by Ayman Soliman, former CEO of Egypt’s sovereign wealth fund, has raised $55 million to fund initiatives in agriculture and healthcare that include the berry-farming project, Bloomberg reports. Some of the capital has gone to specialist company Agriventures to help secure an exclusive license to grow, sell and market berries in Saudi Arabia and Oman. The berry farming, likely to be conducted indoors using hydroponics to overcome the challenging conditions, aligns with Saudi Arabia’s goal to localize 85% of its food industry by 2030, while Oman recently unveiled a multibillion-dollar plan to develop three agricultural cities.

UP AND AWAY

Archer Aviation will begin trial flights of its first electric air taxi in Abu Dhabi before the end of this year. The company’s General Manager, Talib Alhinai, said Archer’s first fully electric vertical takeoff and landing (eVTOL) aircraft, “Midnight,” would start initial test flights in unpopulated areas before gradually expanding into urban zones for full deployment. Speaking to the Emirates News Agency at the “Make it in the Emirates” forum in Abu Dhabi, Alhinai said the air taxis will be tailored for short-distance flights, carrying up to four passengers and a pilot. Last month, the UAE’s General Civil Aviation Authority approved designs for a hybrid heliport at Zayed Port’s cruise terminal in Abu Dhabi, developed in partnership between Archer, the UAE’s Falcon Aviation and AD Ports Group.

MGX: The Abu Dhabi-owned fund and Nvidia are teaming up with French firms Bpifrance and Mistral AI to establish Europe’s largest artificial intelligence data center campus.

Public Investment Fund: Yasir Al-Rumayyan, Governor of the Saudi sovereign wealth fund, warned that new European environmental regulations scheduled to take effect in 2028 are “really outrageous for a lot of investors” and could lead to disinvestment from the region, speaking last weekend at the FII Priority Summit in Tirana, Albania.

Oman Investment Authority: Between 2021 and 2024, OIA’s portfolio grew by 21.5% annually, reaching approximately $31.4 billion in assets, while also generating $215 billion in revenue by the end of 2024.

Lunate: Abu Dhabi alternative investment manager Lunate is launching a $1 billion joint venture with Brookfield to develop and acquire high quality residential assets across the UAE, Saudi Arabia and other markets in the Middle East. 

ADNOC: ADNOC and Emirates Global Aluminium signed a $500 million, five-year agreement for the supply of up to 1.5 million tonnes of calcined petroleum coke, a key material in aluminum production. The deal, signed at the “Make it in the Emirates” event, will see ADNOC Refining cover at least 30% of EGA’s needs.

International Holding Company: Space42, which is majority funded by G42, Mubadala and the IHC, will launch MENA’s first earth observation satellite manufacturing hub.

🛫 Flying Higher: Qatar Airways said annual net income rose 28% to $2.1 billion in the 2024 fiscal year compared to the previous year, and it expects strong demand to continue. 

💰 Growth Boost: Emirates Development Bank has launched the Emirates Growth Fund, a $272 million equity platform to boost the growth, resilience, and global competitiveness of SMEs based in the UAE.

💲 Regional Investment: Talaat Moustafa Group, an Egyptian real estate developer, plans to invest $3.9 billion in Oman as part of its GCC expansion strategy following its entry into Saudi Arabia last year.

💳 Helping Hand: Jordan has secured over $2 billion in grants and concessional loans from international partners to support economic growth, infrastructure development, and social safety initiatives.

🤖 Virtual Frontier: UAE-based immersive media company VUZ secured $12 million in funding from the World Bank’s International Finance Corporation to support its global expansion.

⚽ Moneyball: Saudi Arabia is trying to make more money from sports, offering naming rights, leasing deals and management contracts for stadiums and other facilities in Jeddah and Mecca.

🏗️ Construction Games: ACS, the construction company owned by Spanish billionaire Florentino Pérez, chairman of the Real Madrid soccer team, is considering making a bid to build Morocco’s World Cup stadium in Casablanca, Spain’s Vozpópuli reports.

🤝 Digital Buddies: Qatar’s Ministry of Interior and IBM signed a letter of intent to collaborate on digital transformation initiatives. 

🚄 Metro Line: Iraq plans to launch the long-delayed multi-billion-dollar Baghdad Metro project by year-end, with construction to proceed in phases across 150 km and 64 stations.

💸 Asia Bound: India’s central bank has granted in-principle approval for Emirates NBD to convert its branches into a wholly owned subsidiary, enabling the Dubai lender to expand in India.

🖥️ Tech Winter: Europe is falling behind in the global tech race due to a lack of major homegrown firms, risk-averse culture, strict regulations, and limited venture capital, The Wall Street Journal reports. 

🩺 Alternative Medicine: As traditional Western dominance in global health funding recedes, a new axis of leadership is emerging from the Gulf, with countries like the UAE and Saudi Arabia reshaping the industry through strategic investments and diplomacy.

UAE President Sheikh Mohamed bin Zayed met with King Hamad bin Isa Al Khalifa of Bahrain at his residence in Abu Dhabi on Monday.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Minister of Defense and Deputy Prime Minister, chaired a meeting of the Higher Committee for Future Technology and Digital Economy and issued directives to launch the Dubai PropTech Hub. The goal is to double the market in real estate technology tools by 2030.

Sheikh Abdullah bin Zayed, UAE Deputy Prime Minister and Minister of Foreign Affairs, held a phone call with Johann Wadephul to congratulate him on his appointment as the Minister of Foreign Affairs of Germany.

Ahmed Shalaby, President and CEO of Egypt’s Tatweer Misr, a private developer, told Zawya that the company will invest $280 million in 2025 as part of its ongoing expansion strategy across the country’s key real estate markets.

Faisal Al-Muzaini, Director of the Public Debt Management Department at the Ministry of Finance in Kuwait, said that the country plans to borrow to fund projects worth around $7.6 billion this year.

Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, reaffirmed the UAE’s commitment to industrial growth during a panel discussion at Make it in the Emirates, highlighting its rise to 11th globally in goods exports.

🤠 Yee Haw: American singer, rapper and now country music star Post Malone, has been announced as a headliner for Abu Dhabi’s Formula 1 Grand Prix after-race concert series. The “Circles” and “Sunflower” star will be performing live in a lineup that already includes Metallica and Katy Perry. Tickets are on sale now for this year’s event, which runs from December 4-7.

May 19-22, Abu Dhabi. Make it in the Emirates. The  UAE’s premier manufacturing event, uniting innovators, investors, and policymakers to shape the future of industry. ADNEC.

May 20-22, Dubai. Seamless Middle East. The Middle East’s biggest fintech event, bringing together big tech, government, banks, financial institutions, fintech, investors and media. Dubai World Trade Center.

May 20-22, Doha, Qatar. Qatar Economic Forum. Annual conference bringing together Qatari government and business leaders with corporate executives, investors and policymakers from around the world. Media City Qatar.

May 21, Dubai. The AWS Summit. A one-day event to learn about Amazon Web Services, from new services and architecture to performance and operations. Dubai World Trade Center.

May 21-22, Dubai. CryptoExpo Dubai. Billed as the essential event for anyone in the cryptocurrency and blockchain space. Dubai World Trade Center. 

May 23-25, Abu Dhabi. EuroLeague Final Four. The Department of Culture and Tourism – Abu Dhabi, Euroleague Basketball, and Etihad Arena have partnered to host the Turkish Airlines EuroLeague Final Four in the UAE for the first time. Etihad Arena.

May 26-27, Abu Dhabi. Building the Future Summit. This Forbes event serves as an exclusive platform for industry leaders, investors, architects, and innovators to explore the latest trends shaping the future of real estate. Louvre Abu Dhabi.

May 26-28, Dubai. Arab Media Forum. The annual event brings together practitioners to discuss the most pressing media issues in the Arab world. Dubai World Trade Center.

May 27-29, Abu Dhabi. World Utilities Congress. A pivotal event addressing the challenges and opportunities surrounding energy transition, water security, and digitalisation. ADNEC.

May 27-29, Dubai. INDEX. This event covers every aspect of interior design, from furniture and lighting to fit-out solutions and flooring. Dubai World Trade Center.

May 28-31, Al Ain. Emirates Agriculture Conference and Exhibition. Facilitating the exchange of knowledge and innovative insights to strengthen the agricultural sector in the UAE. ADNEC Al Ain.

May 29-30, Tripoli, Libya. Building the Future Summit. A Forbes event that is designed to help delegates from Libya understand their investment opportunities, foster strategic partnerships, and showcase key reforms that will drive economic progress. Venue TBA.

June 12, Dubai. Dubai Family Office Investment Summit. An invitation-only event hosted by Epicon Capital Club, for Family Offices, Serial Entrepreneurs, Private Investors, Fund Managers and Government Entities. Unknown.

June 24, Dubai. Zawya GCC Capital Markets Forum. The event will bring together a diverse panel of C-suite-level participants from banks and top financial institutions. Fairmont Dubai.

AI STEPPE

Presight, an AI and big data analytics company owned by G42, has opened its first regional office in Kazakhstan’s capital city of Astana on the sidelines of a state visit by Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed. The new hub, located in the Astana International Financial Centre, will serve as Presight’s base for Central Asia and has already hired more than 40 local staff. Presight also plans to build an AI Command and Control Centre at Kazakhstan’s national AI hub, Alem.AI. The opening ceremony, attended by Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Presight, follows significant investment in Kazakhstan from Presight, which already has an agreement in place to help develop a $190 million smart city project and a next-gen AI supercomputer. Kazakhstan has been pursuing ambitious digital transformation goals in an attempt to diversify its oil-dependent economy, a move encouraged by Gulf states, which are frustrated with the former Soviet republic’s stubborn refusal to comply with OPEC+ production quotas.

Crypto SOCIETY

Dubai will soon allow residents to pay for government services using cryptocurrencies, as part of its push to advance the Dubai Cashless Strategy. The initiative follows a new agreement between Dubai Finance and global crypto platform Crypto.com, aiming to create a secure and efficient payment channel across government platforms using stablecoins. It aligns with the emirate’s ambition to become a fully digital, cashless society and strengthen its position as a global hub for financial innovation. The move also supports the D33 agenda, which targets sustainable economic diversification and digital transformation.

Mubadala: Bain Capital is in talks with Mubadala Investment Co., Kohlberg & Co. and Partners Group to buy a majority stake in PCI Pharma that would value the Philadelphia-based drug services provider at about $10 billion, Bloomberg reports.

MGX: The $100 billion Stargate AI infrastructure project announced this year by SoftBank and OpenAI, with Abu Dhabi’s MGX as an investment partner, is slowing down in part because of the conflict over U.S. tariff increases, Bloomberg reports.

Public Investment Fund: Saudi Arabia has launched Humain, a new PIF-backed company focused on developing AI technologies, including next-generation data centers, cloud infrastructure, and a powerful Arabic large language model.

Masdar: Following Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed’s state visit to Kazakhstan, Abu Dhabi’s green energy company announced that it would be developing new renewable energy and battery storage system projects in partnership with the country’s sovereign wealth fund, Samruk-Kazyna.

Masdar: Multinational technology group Wilo and Abu Dhabi green energy company Masdar have signed a strategic cooperation agreement to advance energy efficiency technology and renewables.

Dubai Holding: The investment conglomerate owned by Dubai Ruler Sheikh Mohammed bin Rashid aims to raise up to $487 million from its residential REIT IPO, the emirate’s first of 2025.

Qatar Investment Authority: Qatar General Electricity and Water Corporation, Kahramaa, has signed a deal with the Luluah Sky Energy Holding consortium to build the $4 billion Ras Abu Fontas power and water plant, which will produce 2,400 MW of electricity and 110 million gallons of water daily.

🌴 Hot Property: Abu Dhabi’s Aldar Properties has sold its Mamsha Gardens residential development in the Saadiyat Cultural District to Hong Kong-based GAW Capital Partners for AED586 million ($159 million).

☀️ Solar Park: A Chinese state company has won the contract to build phases 3 and 4 of Kuwait’s Shagaya solar park, a 4,800MW project set to boost the country’s renewable energy share to 27% by 2028.

🌐 Quantum Funding: Classiq, an Israeli start-up building software infrastructure for quantum computing, raised $110 million in a Series C funding round, led by Entrée Capital.

🤝 Thumbs Up: The U.S. approved $1.4 billion in arms sales to the UAE ahead of President Donald Trump’s visit, including six Chinook helicopters, Bloomberg reports. 

🇸🇦 Investment Guidance: Evercore, the New York investment bank and advisory firm, is expanding in Saudi Arabia and hiring Mohammed Aldekmary to run its operations in the kingdom, Bloomberg reports.

🏢 Branded Living: Aldar Properties is partnering with Hilton to develop Waldorf Astoria Residences on Abu Dhabi’s Yas Island, offering premium furnished apartments and penthouses within proximity of the future Disney theme park.

💸 Diverse Portfolio: UAE investments in Uzbekistan surged to $1.3 billion in 2024, driven by over $700 million in renewable energy deals and a new $200 million investment fund.

🔴 Don’t Crypto: Egypt’s Financial Regulatory Authority has warned against investing in cryptocurrencies – which is criminalized in Egypt – citing risks of fraud, terror financing, and lack of regulatory oversight.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi. concluded an official visit to Kazakhstan at the invitation of President Kassym-Jomart Tokayev. During the trip he visited the Ethnic Village in Astana, accompanied by Tokayev.

Sheikh Abdullah bin Zayed, UAE Deputy Prime Minister and Minister of Foreign Affairs, received Abbas Araghchi, Iran’s Minister of Foreign Affairs, in Abu Dhabi on Monday. 

Sheikh Tahnoon bin Zayed, the UAE National Security Adviser and Deputy Ruler of Abu Dhabi, said he met with Dr. Lisa Su, Chair and CEO of Advanced Micro Devices, and said the two discussed opportunities for collaboration.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, UAE Deputy Prime Minister and Minister of Defence, wrote on X that he went to visit Google’s Dubai offices to understand their latest artificial intelligence initiatives. On Monday, Sheikh Hamdan also issued directives to grant golden visas to nurses employed by Dubai Health who have served for more than 15 years.

Kapil Jobanputra, a former banker at Standard Chartered, is launching Elaeo Partners, a boutique advisory firm in Abu Dhabi, aiming to tap into institutional capital flowing between Asia, Europe and the Gulf, Bloomberg reports.

Steve Allen, dnata’s Group Chief Executive Officer, told The National in an interview that the company is planning for “hundreds of millions” of dollars in capital expenditure and a forecast of low double-digit growth across its business this financial year.

BR Shetty, Former Indian Billionaire, has failed in his attempt to overturn a $33 million judgment by the Dubai International Financial Centre Courts, in a case tied to the collapse of NMC Health, the company he founded.

🎥 Film Star: Saudi Arabian film producer Faisal Baltyuor has been appointed CEO of the Red Sea Film Foundation, replacing acting CEO Mohammed Asseri from June 1. Baltyuor was the first head of Ithra Cinema and founded CineWaves Films, one of the biggest distributors of Saudi films. Last year he opened the kingdom’s first arthouse cinema, Cinehouse, in Riyadh.

May 13-14, Dubai. Low Carbon Fuels MENA. The conference promises a space for industry leaders, potential partners, and innovators to discuss potential opportunities and challenges. Sheraton Dubai Creek Hotel & Towers.  

May 13-15, Dubai. CABSAT. The Middle East & Africa’s leading event for content, broadcast, media & entertainment industry professionals looking to leverage the latest technology and innovation in creating the next-gen content. Dubai World Trade Center.

May 13-15, Dubai. World Police Summit. Uniting law enforcement professionals, policymakers, industry leaders, and innovators to redefine the standards of modern policing. Dubai World Trade Center.

May 14-15, Dubai. HODL. Formerly known as the World Blockchain Summit, the event transforms to HODL to incorporate business opportunities, investor connections and regulatory dialogues. Madinat Jumeirah. 

May 16, Milan. Investopia Europe 3rd Edition. Highlighting discussions around transforming the global economy. Featured speakers include Abdulla bin Touq Al Marri, UAE Minister of Economy and Chairman of Investopia, and UAE Minister of State for Entrepreneurship Alia Abdulla Al Mazrouei. Palazzo Mezzanotte.

May 16-17, Tirana, Albania. FII Priority Europe 2025. Saudi Arabia’s Public Investment Fund sponsors a regional business summit focused on Europe and is affiliated with the annual Future Investment Initiative conference in Riyadh. National Theater of Opera and Ballet.

May 19-22, Abu Dhabi. Make it in the Emirates. The  UAE’s premier manufacturing event, uniting innovators, investors, and policymakers to shape the future of industry. ADNEC.

May 20-22, Doha, Qatar. Qatar Economic Forum. Annual conference bringing together Qatari government and business leaders with corporate executives, investors and policymakers from around the world. Media City Qatar.

May 26-27, Abu Dhabi. Building the Future Summit. This Forbes event serves as an exclusive platform for industry leaders, investors, architects, and innovators to explore the latest trends shaping the future of real estate. Louvre Abu Dhabi.

May 29-30, Tripoli, Libya. Building the Future Summit. A Forbes event that is designed to help delegates from Libya understand their investment opportunities, foster strategic partnerships, and showcase key reforms that will drive economic progress. Venue TBA.

June 12, Dubai. Dubai Family Office Investment Summit. An invitation-only event hosted by Epicon Capital Club, for Family Offices, Serial Entrepreneurs, Private Investors, Fund Managers and Government Entities. Unknown.

FLYING HIGH

The $1.1 billion IPO of Saudi Arabia’s low-cost carrier Flynas, backed by billionaire Prince Alwaleed bin Talal, sold out within minutes of books opening on Monday, Bloomberg reports. The sale of the first Gulf airline to go public in almost two decades will be closely watched by executives and bankers for Abu Dhabi’s Etihad Airways, which is planning its own $1 billion listing this year. The price for the Flynas IPO was set at a range of 76 to 80 riyals per share ($20.26 to $22.33), implying a market capitalization of up to $3.6 billion. Flynas and its shareholders are selling a 30% stake, with Goldman Sachs, Morgan Stanley and BSF Capital acting as joint global coordinators.

OIL DROP

Saudi energy giant Aramco reported a drop in first-quarter net income to $26 billion, falling short of market expectations and cutting into a key source of funds for Saudi Arabia’s budget amid an uncertain outlook for oil prices. The drop led to a $10 billion reduction in its total dividend to $21.4 billion, down from $31 billion in the previous quarter. The lower dividend will put further pressure on Saudi Arabia’s budget as the kingdom ramps up spending to diversify its economy beyond oil, The Financial Times reports. Despite the earnings dip, Aramco’s performance was better than many of its peers, including BP, which halved its first-quarter profit, and Shell, which saw its first quarter profit fall by 28%.

G42: CEO Peng Xiao met with Toto Wolff, Team Principal & CEO of the Mercedes-AMG Petronas Formula One Team, a G42 partner, at the company’s headquarters in Abu Dhabi.

Kuwait Investment Fund: KIA has committed $500 million as a cornerstone investor in Chinese EV battery manufacturer CATL’s $4 billion IPO, making it one of the most prominent backers of the year’s biggest listing.

ADNOC: Fertiglobe, the MENA region’s largest nitrogen fertiliser producer, majority owned by ADNOC, will acquire Wengfu’s fertilizer distribution assets in Australia, with the final value of the deal to be determined at closing.

Druk Holdings and Investments: Bhutan’s tiny sovereign wealth fund is banking on green energy and crypto, CEO Ujjwal Deep Dahal told Fortune. The landlocked Himalayan country, better known for its “Gross National Happiness” measure, plans to leverage cheap and widespread hydropower to feed data centers and Bitcoin mining, as well as a new zone connecting Bhutan with businesses in South and Southeast Asia.

🩺 Doctor’s Orders: SMC’s $500 million IPO of a 30% stake in the Saudi hospital operator sold out within hours, Bloomberg reports.

🌍 Arabic AI: AqlanX, a UAE-based AI startup that automates business processes in Arabic, said it received a $10 million investment from Australia’s Lakeba Group through its venture unit DoxAI.

💲 Parallel Funds: Saudi Asas Makeen Real Estate Development and Investment Company will raise $21.3 million by offering 10% of its post-IPO capital via its Nomu market listing.

🚢 New Kid: Oman is investing $200 million to expand Shinas Port by 40% to boost re-export activity and compete regionally, with construction set to begin in the third quarter of this year. 

🌐 Fresh Capture: Wyld VC, a Saudi Arabia-based venture capital firm that’s backed by the family office of U.S. billionaire Lawrence Golub is launching a $50 million fund to invest in artificial intelligence startups across the Middle East and the San Francisco Bay Area, Bloomberg reports.

💵 Credit Launch: Amwal Capital Partners has launched a $150 million Shariah-compliant private credit fund, which has already exceeded its initial close target, attracting leading institutional investors from the region.

⛽ Gas Stake: Oman is looking to sell a stake in natural gas assets valued at about $8 billion in an effort to strengthen government finances and fund investments, Bloomberg reports.

🏙️ New Cities: AI startup Scale AI, backed by Amazon, plans to open offices in Saudi Arabia and the UAE as part of its Middle East expansion, citing the region’s rapid AI adoption and growing tech investment, Bloomberg reports.

💲 Buy In: Barclays Bank recommends buying shares in five ADNOC companies, saying they are strong investments that are likely to outperform others in the energy sector.

🤝 Making Friends: Abu Dhabi Investment Office and Japan’s ITOCHU Corporation, have signed a strategic agreement to expand ITOCHU’s portfolio companies into Abu Dhabi’s priority sectors and explore joint investment opportunities.

🤖 AI Hallucinations: AI21 Labs, an Israeli startup seeking to reduce “hallucinations” that distort artificial intelligence models, is seeking to raise $300 million in a Series D funding round that includes backing from Google and Nvidia, Business Insider reports.

💼 Bot Job: Chief AI Officers are rapidly gaining prominence in Dubai, especially in the private sector, with companies like Al Futtaim collaborating with government initiatives in Dubai to train potential CAIOs, Arabian Gulf Business Insights reports.

UAE President Sheikh Mohamed bin Zayed received a phone call on Sunday from Syria’s President Ahmed Al-Sharaa.

Sheikh Mohammed bin Rashid, the UAE’s Vice President and Ruler of Dubai, was seen at Dubai Basketball’s first playoff.  

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Executive Council, arrived in Kazakhstan’s capital of Astana on Sunday for meetings with President Kassym-Jomart Tokayev and senior government officials. 

Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and UAE National Security Advisor, wrote on X on Sunday that he met with David Sacks, the White House Senior Advisor for AI and Crypto, who was visiting the UAE.

Sheikh Abdullah bin Zayed, UAE’s Deputy Prime Minister and Minister of Foreign Affairs, held phone calls with Dr Subrahmanyam Jaishankar, Minister of External Affairs of India, and Mohammad Ishaq Dar, Deputy Prime Minister and Foreign Minister of Pakistan, on Sunday. Sheikh Abdullah also held a phone call on Monday with Jeyhun Bayramov, the Foreign Minister of Azerbaijan to discuss bilateral relations. 

Sheikh Meshal, Emir of Kuwait, received Sheikh Mansoor bin Mohammed bin Rashid, President of the UAE National Olympic Committee, on Sunday, who is in Kuwait to attend the 37th meeting of the Presidents of the Olympic Committees of the Gulf Cooperation Council countries.

Sheikh Hamdan bin Zayed, Ruler’s Representative in Al Dhafra Region and Chairman of the Environment Agency – Abu Dhabi, has directed the expansion of the scope of the agency’s coral rehabilitation project to plant more than four million coral colonies by 2030.

Brad Smith, President of Microsoft, urged the U.S. to adopt AI-powered public service models inspired by Abu Dhabi. At a Senate hearing, Smith cited the Tamm app as a prime example of how AI can streamline governance.

Nasser Hassan Al Shaikh has been appointed Chairman of Abu Dhabi-listed investor Eshraq following the resignation of Fahad Al Qassim.

Imran Changezi, Executive Director of Hospitality Development at Diriyah, said during a panel discussion at the Future Hospitality Summit in Riyadh that Saudi Arabia’s hotel sector is undergoing a rapid and large-scale transformation, with Saudization in the sector reaching 45%.

Neda Almubarak, Managing Director of ​​SRMG Think, led a panel discussion at the Arab European Cities Dialogue that included Jerry Inzerillo, Group Chief Executive Officer of Diriyah Gate Company Limited; Jayne McGivern, CEO at Sports Boulevard Foundation; and George Tanasijevich, CEO of King Salman Park Foundation.

☕ Warm Welcome: The ritual of Gahwa, the traditional method for making coffee using a long-spouted pot known as a “dallah,” is in the spotlight as the UAE prepares to welcome a high-profile guest this week. U.S. President Donald Trump is likely to be offered a small cup of the cardamom-scented brew on arrival in the emirates, as a symbol of hospitality.

April 25 – May 11, Dubai. Dubai Esports and Gaming Festival. Dubai’s gaming and esports extravaganza brings together global players, creators, fans, and industry leaders. Dubai World Trade Center. 

May 12-13, Dubai. Dubai FinTech Summit. Exploring a future where finance is accessible, inclusive, and empowering. Madinat Jumeirah.

May 13, Riyadh. Saudi-U.S. Investment Forum. An invitation-only event to be held during U.S. President Donald Trump’s visit to Saudi Arabia. The forum will bring together government, business, finance and innovation to discuss the next chapter of business between the two countries. Venue TBA.

May 13, Abu Dhabi. AI Gov Summit. This is the 2nd summit of its kind that addresses the integration of artificial intelligence into government operations. The Ritz-Carlton, Canal View.

May 13-14, Dubai. Low Carbon Fuels MENA. The conference promises a space for industry leaders, potential partners, and innovators to discuss potential opportunities and challenges. Sheraton Dubai Creek Hotel & Towers.  

May 13-15, Dubai. CABSAT. The Middle East & Africa’s leading event for content, broadcast, media & entertainment industry professionals looking to leverage the latest technology and innovation in creating the next-gen content. Dubai World Trade Center.

May 13-15, Dubai. World Police Summit. Uniting law enforcement professionals, policymakers, industry leaders, and innovators to redefine the standards of modern policing. Dubai World Trade Center.

May 14-15, Dubai. HODL. Formerly known as the World Blockchain Summit, the event transforms to HODL to incorporate business opportunities, investor connections and regulatory dialogues. Madinat Jumeirah. 

May 16, Milan. Investopia Europe 3rd Edition. Highlighting discussions around transforming the global economy. Featured speakers include Abdulla bin Touq Al Marri, UAE Minister of Economy and Chairman of Investopia, and UAE Minister of State for Entrepreneurship Alia Abdulla Al Mazrouei. Palazzo Mezzanotte.

May 16-17, Tirana, Albania. FII Priority Europe 2025. Saudi Arabia’s Public Investment Fund sponsors a regional business summit focused on Europe and is affiliated with the annual Future Investment Initiative conference in Riyadh. National Theater of Opera and Ballet.

May 19-22, Abu Dhabi. Make it in the Emirates. The  UAE’s premier manufacturing event, uniting innovators, investors, and policymakers to shape the future of industry. ADNEC.

May 20-22, Doha, Qatar. Qatar Economic Forum. Annual conference bringing together Qatari government and business leaders with corporate executives, investors and policymakers from around the world. Media City Qatar.

May 26-27, Abu Dhabi. Building the Future Summit. This Forbes event serves as an exclusive platform for industry leaders, investors, architects, and innovators to explore the latest trends shaping the future of real estate. Louvre Abu Dhabi.

May 29-30, Tripoli, Libya. Building the Future Summit. A Forbes event that is designed to help delegates from Libya understand their investment opportunities, foster strategic partnerships, and showcase key reforms that will drive economic progress. Venue TBA.

June 12, Dubai. Dubai Family Office Investment Summit. An invitation-only event hosted by Epicon Capital Club, for Family Offices, Serial Entrepreneurs, Private Investors, Fund Managers and Government Entities. Unknown.

GOLDEN BRIDGE

The Abu Dhabi Investment Office will expand its San Francisco office to attract more U.S. investment and support the global expansion of Abu Dhabi’s newly announced $25.6 billion health cluster. ADIO said that its Bay Area office will connect U.S. health tech startups to Abu Dhabi’s fast-track regulatory infrastructure and leading research ecosystem, enabling market validation and global scale. The Health, Endurance, Longevity and Medicine (HELM) cluster is projected to create 30,000 jobs and attract $11.5 billion in investment by 2045,positioning Abu Dhabi as a global launchpad for health innovation. ADIO said that companies like Insilico Medicine and Innovaccer are already leveraging this bridge to expand from the U.S. into the Middle East.

ON MARK

Irish fast-fashion giant Primark will open its first stores in the Middle East, starting with Kuwait and Dubai, in partnership with Kuwait-based retail franchise operator Alshaya Group. The brand will open an outlet at The Avenues Mall in Kuwait in October, followed by three in Dubai next year at Dubai Mall, Mall of the Emirates, and City Centre Mirdif. Primark has 460 stores across 17 countries, mostly in Europe and the U.S. In addition to selling low-cost clothing, footwear and accessories, it produces licensed collections from Disney, Warner Bros., Universal and the NFL. The timing is notable with the announcement of Disneyland Abu Dhabi this week, which is sure to set retailers scrambling to capitalize on merchandising opportunities. Alshaya Group opened the UAE’s first standalone Disney Store in Yas Mall in March.

Public Investment Fund: ACWA Power, an energy generating unit of Saudi Arabia’s PIF, reported a 44% jump in first quarter net income compared to the same period in 2024, with a 60% increase in revenue to a record $525 million.

XRG: The $80 billion spinoff from the UAE’s national oil company ADNOC is being courted by Goldman Sachs, Morgan Stanley and money managers as it looks to invest broadly in U.S. companies over the next decade, Bloomberg reports.

International Holding Co.: The Abu Dhabi-owned conglomerate co-hosted a dinner in Los Angeles during this week’s Milken Institute Global Conference that included BNY Global’s Akash Shah, Chief Growth Officer and Global Head of Growth Ventures; 2PointZero Group CEO Mariam Almheiri; Ajay Bhatia, CEO of Sirius International Holding, Guillaume de la Tour, CEO of the ADI Foundation and Paul Ryan, former Speaker of the U.S. House of Representatives, now a partner at Boston-based Solamere Capital.

Abu Dhabi Investment Authority: U.S.-based data integration, analytics and AI firm Qliq announced on Thursday that it had closed a significant minority investment led by a subsidiary of ADIA. Software investment firm Thoma Bravo remains the majority owner and has made a new equity investment alongside ADIA, the company said.

💰 Growing Bigger: ADNOC Drilling plans to invest around $700 million in 2025 through its Enersol joint venture with Alpha Dhabi Holding to drive local and international expansion, CEO Abdulrahman Abdulla Al Seiari said.

💵 Africa Fintech: Money Fellows, an Egyptian digital platform focused on enabling Africans to access modern financial services, raised $13 million in a funding round co-led by Al Mada Ventures and DPI Venture Capital via the Nclude Fund.

🔋 EV Bonding: Saudi Arabia’s Jameel Motors has signed a deal with Geely Auto to distribute the Chinese brand’s electric and hybrid vehicles in Poland. 

🚆 Train Speed: The Egyptian Railways Authority plans to borrow nearly $494 million from a consortium of local banks to fund a package of projects to upgrade infrastructure, complete projects, and renew maintenance contracts, Ashraq Business reports.

🤖 AI Team: Salesforce has begun building a team in Saudi Arabia as part of a plan to invest $500 million over the next five years to accelerate the adoption of artificial intelligence in the kingdom, Bloomberg reports.

🏨 On Time: Wynn Resorts says its $5 billion UAE resort is on schedule, despite delaying other projects due to rising construction costs from new Trump tariffs.

✈️ Joint Development: Dubai has issued tenders for key infrastructure contracts for Al Maktoum International Airport, as construction ramps up on what is set to be the world’s largest airport, a top official said.

🤝 Business Pacts: Abu Dhabi Chamber of Commerce and Industry and the Japan External Trade Organization has signed an initial agreement to deepen business relations and create new opportunities for collaboration.

⛽ Crypto Tanks: Emarat has partnered with Crypto.com to enable cryptocurrency payments at 10 of its UAE service stations, with plans to expand across its 155-location network.

UAE President Sheikh Mohamed bin Zayed held a phone call with Ilham Aliyev, President of Azerbaijan, on Thursday to discuss ties between the two countries.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, will begin an official visit to Kazakhstan on Sunday, at the invitation of President Kassym-Jomart Tokaye.

Sheikha Fatima bint Mubarak, the “Mother of the Nation,” Chairwoman of the General Women’s Union and wife of the late Sheikh Zayed, arrived in Istanbul on Friday for an official three-day visit. She was greeted by Emine Erdogan, the wife of Turkish President Recep Tayyip Erdogan.

Iman Abdel Khalek, Citigroup’s Dubai-based head of debt capital markets for Central and Eastern Europe, the Middle East, and Africa, has left the bank. Zain Zaidi, Head of U.K., Europe, and MEA loans products and execution, who was also based in Dubai, also departed.

Rami Saad has been appointed as Client Advisor in Dubai for Rothschild & Co’s Wealth Management business, responding to growing client demand amid the firm’s continued growth, the company said. 

Fernando Fanton has been hired as Chief Product Officer for Property Finder, as the Middle East real estate portal prepares for a potential IPO.

🤑Branded Living: From sports clubs and fashion houses to luxury car makers, Dubai’s red hot property market has inspired a new trend for branded residences catering to its growing number of millionaires. Those with deep enough pockets and extravagant enough taste can opt to live in residences showcasing brands including Bugatti, Bulgari, Baccarat, Cavalli, Chelsea Football Club, Karl Lagerfeld and, now, Trump.

April 25 – May 11, Dubai. Dubai Esports and Gaming Festival. Dubai’s gaming and esports extravaganza brings together global players, creators, fans, and industry leaders. Dubai World Trade Center. 

May 12-13, Dubai. Dubai FinTech Summit. Exploring a future where finance is accessible, inclusive, and empowering. Madinat Jumeirah.

May 13, Riyadh. Saudi-U.S. Investment Forum. An invitation-only event to be held during U.S. President Donald Trump’s visit to Saudi Arabia. The forum will bring together government, business, finance and innovation to discuss the next chapter of business between the two countries. Venue TBA.

May 13-14, Dubai. Low Carbon Fuels MENA. The conference promises a space for industry leaders, potential partners, and innovators to discuss potential opportunities and challenges. Sheraton Dubai Creek Hotel & Towers.  

May 13-15, Dubai. CABSAT. The Middle East & Africa’s leading event for content, broadcast, media & entertainment industry professionals looking to leverage the latest technology and innovation in creating the next-gen content. Dubai World Trade Center.

May 13-15, Dubai. World Police Summit. Uniting law enforcement professionals, policymakers, industry leaders, and innovators to redefine the standards of modern policing. Dubai World Trade Center.

May 14-15, Dubai. HODL. Formerly known as the World Blockchain Summit, the event transforms to HODL to incorporate business opportunities, investor connections and regulatory dialogues. Madinat Jumeirah. 

May 16, Milan. Investopia Europe 3rd Edition. Highlighting discussions around transforming the global economy. Featured speakers include Abdulla bin Touq Al Marri, UAE Minister of Economy and Chairman of Investopia, and UAE Minister of State for Entrepreneurship Alia Abdulla Al Mazrouei. Palazzo Mezzanotte.

May 16-17, Tirana, Albania. FII Priority Europe 2025. Saudi Arabia’s Public Investment Fund sponsors a regional business summit focused on Europe and is affiliated with the annual Future Investment Initiative conference in Riyadh. National Theater of Opera and Ballet.

May 19-22, Abu Dhabi. Make it in the Emirates. The  UAE’s premier manufacturing event, uniting innovators, investors, and policymakers to shape the future of industry. ADNEC.

May 20-22, Doha, Qatar. Qatar Economic Forum. Annual conference bringing together Qatari government and business leaders with corporate executives, investors and policymakers from around the world. Media City Qatar.

May 26-27, Abu Dhabi. Building the Future Summit. This Forbes event serves as an exclusive platform for industry leaders, investors, architects, and innovators to explore the latest trends shaping the future of real estate. Louvre Abu Dhabi.

May 29-30, Tripoli, Libya. Building the Future Summit. A Forbes event that is designed to help delegates from Libya understand their investment opportunities, foster strategic partnerships, and showcase key reforms that will drive economic progress. Venue TBA.

June 12, Dubai. Dubai Family Office Investment Summit. An invitation-only event hosted by Epicon Capital Club, for Family Offices, Serial Entrepreneurs, Private Investors, Fund Managers and Government Entities. Unknown.