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

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

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

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

🇪🇬 Bank-to-Bank: A consortium of 13 Egyptian banks, led by the Commercial International Bank and Banque Misr, will provide Telecom Egypt with a seven-year loan worth $369 million.

📈 Islamic Index: The London Stock Exchange’s FTSE Russell and the Abu Dhabi Securities Exchange launched the FTSE ADX 15 Islamic Index (FADXI15), to address growing demand for Shariah-compliant investment products.

🛏️ Baghdad Inn: Dubai-based Dex Squared Hospitality won a multimillion-dollar contract to develop the World Heart Hotel brand in Iraq and operate Baghdad’s first 5-star luxury hotel.
🏭 Rabat Deal: France’s Engie and Morocco’s OCP Group signed a preliminary agreement to invest up to $18 billion in desalination, renewable energy, and green hydrogen projects, inking the deal during French President Emmanuel Macron’s visit to Rabat.

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

💼 New Neighbor: Goldman Sachs opened a new office in Riyadh’s financial district, deepening its presence in the largest Middle East economy.

🏘️ Urban Engine: Kuwait is taking bids to build a new city for 35,000 residents that will comprise more than 22,000 houses, hotels and other facilities at a cost of some $3.3 billion, Al-Qabas reports, predicting that Chinese firms are likely to win many of the contracts.

💲Installment Plan: The Egyptian Company for Natural Gas Distribution known as Town Gas, has signed agreements with Banque Misr and its affiliate, Souhoola, allowing customers to pay for gas delivery in installments, including via the popular Souhoola app. 

🛫 No Objection: Australia’s Qantas airline is open to Qatar Airways’ proposal to buy a 25% stake in Virgin Australia, CEO John Mullen told shareholders at the company’s annual meeting, Reuters reports.

🛢️Asian Refining: Saudi Aramco wants to invest in Vietnam’s oil refining and petroleum distribution industries, Reuters reports, following a meeting in Riyadh between Vietnamese Prime Minister Pham Minh Chin and Aramco CEO Amin Nasser at FII.

UAE President Sheikh Mohamed bin Zayed met in Abu Dhabi on Tuesday with Sergei Shoigu, Secretary of the Security Council of Russia, to discuss cooperative ventures between the two countries. He also held a meeting on Monday with visiting Vietnamese Prime Minister Pham Minh Chinh at the Qasr Al Watan Palace in Abu Dhabi. The Vietnamese leader also met in Dubai with Sheikh Mohammed bin Rashid, the UAE Vice President and Prime Minister, and Ruler of Dubai.

Jordan’s Crown Prince Hussein bin Abdullah was received for a meeting on Tuesday with Saudi Crown Prince Mohammed bin Salman on the sidelines of the FII conference.

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

Emir of Qatar Sheikh Tamim bin Hamad receivedSheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and UAE National Security Adviser, on Sunday at the Emiri Diwan Palace in Doha.

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

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

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

Elon Musk made a surprise appearance at the FII conference in a video interview about the risks and opportunities of artificial intelligence, he had patched up a feud with the Saudi PIF.

Sir Tim Clark, President of Emirates Group, marked the airline’s 39th birthday, by hailing its contribution to Dubai’s economy and predicting that the upcoming move of its headquarters to Al Maktoum International Airport will generate more growth over the next decade.

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

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

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

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

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