ELON LINK

Saudia Airlines is talking with Elon Musk’s SpaceX to bring Starlink’s high-speed internet to more than 140 of its aircraft. If signed, the deal would mark SpaceX’s entry into the Gulf’s largest economy, even as local rival Neo Space Group races to develop its own in-flight service, Bloomberg reports. While Saudia, the country’s flagship airline, did not comment on the news, its chief guest experience officer, Rossen Dimitrov, said in a post on LinkedIn that he recently toured SpaceX’s industrial complex in Texas to explore “the exciting future they are bringing to aviation.” Starlink’s airline service follows a subscription model, with upfront hardware costs of $300,000 to $500,000 per plane plus a monthly fee per seat. SpaceX is also in talks with Emirates, Flydubai, and Gulf Air, the news agency added. 

LEASEBACK FINANCE

Saudi Aramco has created a new​​ shale gas company with an $11 billion financing package from a consortium led by BlackRock. As part of the leaseback deal, the group agreed to lease Jafurah Midstream Gas Co.’s assets for 20 years before ownership reverts to the Aramco unit, Reuters reports. The arrangement is similar to borrowing and is being used by Gulf oil-producing countries to raise money to diversify their economies while promising investors a stable revenue stream, the news agency said. The $100 billion Jafurah project, potentially the biggest shale gas project outside the United States, is central to Aramco’s ambitions to become a major global player in natural gas and boost its gas production capacity by 60% by 2030 from 2021 levels, according to Reuters.

Public Investment Fund: French AI startup Mistral is expanding in the Middle East with backing from the PIF in Saudi Arabia and new regional tech partnerships, Sifted reports.

G42: Presight CEO Thomas Pramotedham said in an interview with Bloomberg that the G42-backed firm’s second-quarter profit increase was fueled by its acquisition of AIQ, a firm developing artificial intelligence applications for the energy industry.

G42: Core42, a subsidiary of G42, signed a deal with Germany’s Northern Data to access vast amounts of computing capacity for customers immediately, rather than having to wait for new data centers to be built.

ADNOC: China’s Zhenhua Oil will double its crude offtake from the UAE’s ADNOC to 200,000 barrels per day by year-end after taking over development of the Bu Hasa oilfield in Abu Dhabi, Reuters reports.

🚀 Taking Off: The Pentagon approved a potential $500 million sale of rocket systems to Bahrain, including training and related equipment.

💵 Bond Sale: The Central Bank of Oman has launched a new issue of Government Development Bonds worth at least $195 million, with a five-year maturity.

🏗️ Leasing Cranes: MYCRANE Trading, a new Dubai-based crane sales, leasing and maintenance provider, has secured a $50 million investment from an undisclosed holding company.

✈️ Flying New: Six foreign companies, backed by the International Finance Corp, have formed a consortium to bid on developing Baghdad International Airport as part of Iraq’s logistics sector expansion plans.

🐔 Poultry Trade: Saudi Arabia and Chile have resumed poultry imports from Brazil following a temporary suspension, Reuters reports.

UAE President Sheikh Mohamed bin Zayed held a phone call on Thursday with Saudi Crown Prince Mohammed bin Salman bin Abdulaziz to discuss ways to enhance cooperation between the neighboring Gulf states. 

Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar, conferred the “Al Wajbah” award on Sheikh Zayed bin Khalifa bin Sultan, the UAE Ambassador to Qatar, in recognition of his efforts to foster cooperation between the two countries. 

Prince Abdulaziz bin Turki, Saudi Arabia’s Minister of Sport, attended the launch ceremony in Riyadh this week for Saudi Research and Media Group’s Thmanyah sports and entertainment app. Also present were Salman al Dossary, the Minister of Media; Abdullah al Swaha, Minister of Communications and Information Technology, and Jomana Alrashid, CEO of SRMG.

Cristiano Ronaldo’s engagement to Georgina Rodríguez has drawn attention in conservative Saudi Arabia, where the soccer superstar plays for Riyadh’s Al-Nasr team and lives without being married to Rodríguez, the mother of his children, The New York Times reports.

Omer Bolat, Turkey’s Trade Minister, said during a Turkey-Africa  business event at the World Cooperation Industries Forum in Istanbul this week that Turkish businesspeople have invested $2.3 billion and employed 35,000 people in Africa, while the country’s construction business has been actively working on the continent with over 2,300 projects in the continent.

🥊 Fists of Fury: British boxers Moses Itauma and Dillian Whyte square off at the ANB Arena in Riyadh on Saturday night for a heavyweight bout that is among the cavalcade of events surrounding the six-week Esports World Cup. Twenty-year-old Itauma has a professional record of 12 wins and no losses, with 10 knockouts, Arab News reports. Whyte, who is 37 and coming off a hand injury has 31 wins and three loses, with 21 knockouts.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

August 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 1-3, Cairo. Pharmaconex. Brings together industry leaders to showcase innovations in pharmaceutical manufacturing. Egypt International Exhibition Center. 

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 5, New York: Bloomberg Power Players. Conference on the business of sports. Bloomberg Headquarters. 731 Lexington Ave.

Sept. 8-10, Dubai. WHX Tech 2025. Participants will explore the latest trends in health care and gain practical insights on the changing sector. Dubai World Trade Center.  

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

Sept. 15-17, Abu Dhabi. The Riyadh Infrastructure Projects Center. The event will host representatives from over 25 countries discussing global infrastructure innovation, investment, and sustainable development. Riyadh International Convention and Exhibition Center.

Sept. 30-Oct. 2, Abu Dhabi. Global Rail and Transport Infrastructure Exhibition and Conference. An international event dedicated to the rail transport sector. ADNEC.

RIYADH HQ

Wall Street investment firms, corporate law firms and business conglomerates are lining up for scarce premium office space in Riyadh. Responding to Saudi Arabia’s ongoing campaign to attract international business, the government reported that 616 international companies established their regional headquarters in the capital city during the first quarter of 2025, an 8% jump from the previous quarter. Saudi Minister of Media Salman Al-Dosari also said at a press conference that the kingdom’s efforts to promote startups are paying off, with commercial registrations up 13% to 1.7 million by mid-2025. The Saudi government established a policy this year, requiring international firms to maintain a regional headquarters in the kingdom as a prerequisite for winning state contracts.

CAIRO SELL-OFF

Don’t try to stop Egypt from turning its vast stock of unused state land into cash. That’s the message Prime Minister Mostafa Madbouly delivered to cabinet members who attacked plans for the sale of parcels of real estate to private investors for development, including Khedivial Cairo and the Nile Corniche, Daily News Egypt reports. “These lands could be worth tens of billions of pounds, and therefore, offering them as investment opportunities in partnership with the private sector, certainly for tourist, hotel, or real estate use,” Madbouly said. Egypt is being required by the International Monetary Fund to divest state assets in return for its economic bailout package.

Public Investment Fund: Saudi Arabia’s sovereign wealth fund cut the value of major projects on its books – such as Neom and Red Sea Global – by 12% or $8 billion last year, highlighting the challenges facing the kingdom as it races to diversify away from oil.

Saudi Aramco: The world’s biggest oil company and DHL are seeking investors to develop a major distribution center in Saudi Arabian as the kingdom seeks to establish itself as a regional  logistics hub, Bloomberg reports.

Mumtalakat: Wusoom, an Abu Dhabi investment firm acquired by BlueFive Capital, which is backed by the Bahraini sovereign wealth fund Mumtalakat, named five new members to its board including BlueFive Founder and CEO Hazem Ben-Gacem.

🚂 Speeding Up: Egypt will spend $1.6 billion to build the third line of a high-speed train network in the first half of next year, Ashraq Business reports. 

⚽Fitness Finance: Leejam Sports Co., the Riyadh-based operator of Fitness Time gyms, has renewed and expanded its Islamic-compliant credit facilities with Saudi Awwal Bank to $256 million for expansion.

🖥️ App Workaround: Tel Aviv–based Appcharge raised $58 million in Series B funding after experiencing 14-fold growth as mobile game publishers seek to bypass platform fees charged by Apple and Google.

🏗️ In-House Shift: Major UAE developers are increasingly establishing their own contracting arms to gain greater control over project timelines, costs, and quality, moving away from reliance on third-party builders.

⛽Gas Boost: Egypt plans to increase natural gas production after a decline since 2022 that turned the country into a net importer via costly LNG shipments and Israeli supplies.

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, issued a resolution on Wednesday to establish a body to investigate labor and domestic workers claims in Abu Dhabi.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, discussed on a phone call with Milojko Spajić, the Prime Minister of Montenegro, ways to bolster cooperation between their two countries. 

Sheikha Dr. Shamma bint Mohammed Al Nahyan, Chairperson of the Mohammed bin Khalid Al Nahyan Cultural and Educational Institutions, delivered a lecture on environmental sustainability in the UAE pavilion at Japan’s Expo Osaka on Tuesday.

Dr. Omar Habtoor Al Darei, Chairman of the General Authority of Islamic Affairs, Endowments and Zakat in the UAE, discussed with Dr. Osama Al-Azhari, Minister of Awqaf in Egypt, strengthening programs together that contribute to promoting religious awareness.

Nizar Weshah has been appointed as Area Vice President of Saudi Arabia for Hyatt, tasked with enhance the U.S.-based brand’s commitment to accelerate growth in the kingdom.

🍴 Bon Appetit: Started as a low-budget Youtube series for adventurous Mideast foodies, Arva Ahmed’s “Ditch the Silver,” is going mainstream with a 10-part docuseries on Dubai-based OSN. Rather than focusing on the Gulf’s growing list of Michelin-star restaurants, Ahmed goes into the backstreets to feature stories about Ethiopian vegan cuisine, a Moroccan chef experimenting with fermented date fiber and Moto Moto, an Omani-inspired food truck serving succulent lambs skewers and home-grown vegetables, Arab News reports.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

August 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 1-3, Cairo. Pharmaconex. Brings together industry leaders to showcase innovations in pharmaceutical manufacturing. Egypt International Exhibition Center. 

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 5, New York: Bloomberg Power Players. Conference on the business of sports. Bloomberg Headquarters. 731 Lexington Ave.

Sept. 8-10, Dubai. WHX Tech 2025. Participants will explore the latest trends in health care and gain practical insights on the changing sector. Dubai World Trade Center.  

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

Sept. 15-17, Abu Dhabi. The Riyadh Infrastructure Projects Center. The event will host representatives from over 25 countries discussing global infrastructure innovation, investment, and sustainable development. Riyadh International Convention and Exhibition Center.

Sept. 30-Oct. 2, Abu Dhabi. Global Rail and Transport Infrastructure Exhibition and Conference. An international event dedicated to the rail transport sector. ADNEC.

AI TROUBLE

AI firms that have raised billions of dollars from Gulf sovereign wealth funds and state-owned companies are running into trouble. Many are discovering the pitfalls of required local partnerships and the difficulty of building and running data centers in the region, The Information reports. AI chipmaker Groq, for instance, got a $1.5 billion commitment from Saudi Aramco but later had to cut its revenue projections because of the lack of data capacity in the region. Rival Cerebras made what proved to be onerous concessions to Abu Dhabi’s G42 as part of a $300 million investment deal, the online news platform said. In spite of the problems, foreign AI companies continue to seek cash from the Mideast’s biggest funds, The Information said.

DUBAI GAMING

Dubai expects to turn heads at Germany’s Gamescom 2025 next week when it unveils the first gaming pavilion sponsored by a Middle East government. The emirate wants to use the world’s biggest gaming event to showcase its $1 billion effort to rank among the world’s top 10 gaming hubs by 2033, Arabian Business reports. “Our presence at Gamescom underscores the strength of an ecosystem that combines innovation, education, advanced technology, and talent development,” Sheikha Latifa bint Mohammed Al Maktoum, Chairperson of Dubai Culture, said in a statement. Some 350 gaming companies have set up shop in Dubai, 12% of them part of major global tech firms, the news site said. Wynn resorts is in the midst of building the UAE’s first casino in the emirate of Ras Al Khaimah, which is due to open in 2027.

Mubadala: The Abu Dhabi sovereign wealth fund’s Mubadala Capital unit is launching a new venture with London-based Cain International that will target billions of dollars in global luxury real estate investments, Bloomberg reports. A Mubadala spokesman declined to comment.

ADNOC: The UAE’s national oil company is expanding AI training at its ADNOC Technical Academy in pursuit of its goal to become the world’s most AI-enabled energy company by 2030.

Masdar: Emerge, a joint venture between Abu Dhabi’s Masdar and the EDF Group signed an agreement with Emirates Development Bank to develop and finance solar projects in the UAE.

Qatar Investment Authority: A consortium led by the QIA and TPG Inc. has offered to buy out Chinese medical company Kangji Medical Holdings Ltd. in a deal valuing the company at about $1.4 billion, Bloomberg reports.

💰 IPO Watch: Saudi Arabia’s Marketing Home Group plans to raise about $109 million in its IPO, pricing shares at $22.67 each after completing book-building for institutional investors

🇺🇦 Nasdaq Bound: Ukraine’s Kyivstar, a telecom operator majority-owned by Dubai-based Veon, plans to raise up to $200 million through a Nasdaq listing, Reuters reports.

💶 Laying Low: Dubai-based Drake & Scull International said it secured contracts worth $381 million in the first half of 2025 that could provide a financial foundation for them in the second half. 

🌐 Insurance Tech: Advent, a private equity firm, will acquire Israeli software company Sapiens International for $2.5 billion in cash turning it into a privately held company, Reuters reports.

🏗️ Property Surge: Dubai’s recent record home sales are prompting comparisons to the city’s 2009 property market crash amid concerns that the current real estate boom could turn into a bust, Bloomberg reports.

🛢️ Pipeline Study: Iraq’s Oil Ministry said it is considering the feasibility of exporting petroleum via Lebanon’s Tripoli port as well as plans for reviving the dormant Iraq-Syria pipeline.

✈️ Aviation Boost: Dubai’s Mohammed Bin Rashid Aerospace Hub has opened its new Sky Support Complex to house and provide state-of-the-art services for aviation businesses.

💵 Regional Wealth: Sohar International Bank is seeking Oman Central Bank approval to sign a non-binding deal with Neo Group UAE and exploring the possible acquisition of a 55% stake in its Saudi venture as part of regional expansion.

💺 Expensive Taste: Gulf airlines, led by Emirates, Etihad, and Qatar Airways, are investing billions in luxury cabins as they see rapid growth in business and first-class demand, a report by the ​​International Air Transport Association (IATA) found.

Saudi Crown Prince Mohammed bin Salman held a phone call on Tuesday with Italian Prime Minister Giorgia Meloni to discuss a range of bilateral issues, as well as the conflict in Gaza.

Qatar’s Emir  Sheikh Tamim bin Hamad received a phone call from Ukrainian President Volodymyr Zelensky who expressed his gratitude for Qatar’s involvement in securing the release of Ukrainian children from Russia.

Egypt’s President Abdel Fattah El Sisi said he won’t compromise his country’s water rights in the long-running dispute over the $4 billion Grand Ethiopian Renaissance Dam, speaking at a news conference in Cairo on Tuesday with visiting Ugandan President Yoweri Museveni.

Alparslan Bayraktar, Turkey’s Energy Minister, told Sky News Arabia  that his country plans to export about 900 megawatts of electricity to Syria by the first quarter of 2026.

Uri Levine, co-founder of the Waze traffic app that was bought by Google, has launched a $40 million VC fund to invest in early-stage Israeli tech companies.

🎞 Saudi Arabia’s Shahad Ameen will premiere her new film “Hijira” at the Venice Film Festival this month, further exploring the questions of female autonomy and social restrictions she examined in her 2019 work, “Scales.” Among other Arab films that will have their debut in Venice are Libyan-born director Jihan’s “My Father and Qaddafi,” Moroccan filmmaker Maryam Touzani’s film “Calle Malaga,” and Palestinian-British director Said Zagha’s “Coyotes.”

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

August 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 1-3, Cairo. Pharmaconex. Brings together industry leaders to showcase innovations in pharmaceutical manufacturing. Egypt International Exhibition Center. 

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 5, New York: Bloomberg Power Players. Conference on the business of sports. Bloomberg Headquarters. 731 Lexington Ave.

Sept. 8-10, Dubai. WHX Tech 2025. Participants will explore the latest trends in health care and gain practical insights on the changing sector. Dubai World Trade Center.  

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

Sept. 15-17, Abu Dhabi. The Riyadh Infrastructure Projects Center. The event will host representatives from over 25 countries discussing global infrastructure innovation, investment, and sustainable development. Riyadh International Convention and Exhibition Center.

Sept. 30-Oct. 2, Abu Dhabi. Global Rail and Transport Infrastructure Exhibition and Conference. An international event dedicated to the rail transport sector. ADNEC.

AIRPLANE PREDICAMENT

Delivery delays from Airbus and regional geopolitical instability are hampering Kuwait Airlines efforts to break even and attract more passengers. Chairman Abdulmohsen Alfagaan told Reuters that the carrier currently operates 27 aircraft, down from a plan of 33 for 2024, and expects to reach only 30 by year-end, with full deliveries delayed until 2027. Kuwait Airlines will not be able to reach its goal of 5.5 million passengers this year, up from 4 million in 2024. Alfagaan said the company’s 2025 break-even target is at risk.

TOURIST DRAW

Qatar’s latest tourism marketing campaign is paying off. The country attracted more than 2.6 million international visitors in the first half of 2025, a 3% increase from the same period last year. Travelers from other Gulf countries made up the largest share, followed by Europe and Asia.The government’s Qatar Tourism and Visit Qatar agencies mounted a high-profile campaign this summer titled“Moments Made for You,” promoting Qatar’s culture, hotels and natural beauty, Travel and Tour World reports. For the coming year, Qatar is planning a major effort to attract tourists on cruise boat vacations.

G42: The Abu Dhabi-owned tech company’s Presight unit is developing the Maldives’ new Safety and Security Building, which will house data centers and police cybersecurity operations. Dr. Mohamed Al Kuwaiti, Head of Cyber Security for the UAE government attended a foundation-laying ceremony for the complex.

ADQ: The Abu Dhabi sovereign wealth fund’s Zero Two digital infrastructure unit is investing with Warburg Pincus to take a majority stake in Singapore-based Evolution and accelerate construction of energy-efficient data centers.

Public Investment Authority: Germany’s Laura Fuenfstueck won golf’s PIF London Championship at London’s Centurion Club on Sunday. Team Du Toit took the team contest. 

Norges Bank Investment Management: Norway’s $1.9 trillion sovereign wealth fund sold stakes in 11 Israeli companies and ended contracts with Israeli external managers, following public criticism of its investments connected to the Gaza conflict.

📈 IPO Hub: Saudi Arabia led the Middle East and North Africa’s IPO market in the year’s second quarter, securing $1.9 billion through 13 listings, according to a report by EY.

💸 High Costs: Prince Alwaleed bin Talal’s Kingdom Holding Co.’s Q2 net profit fell 25% year-on-year to $107.9 million due to higher costs, lower dividend, in addition to a decrease in hotel, and operating revenues.

💰 Funds In: Dar Global, the international property arm of Saudi Arabia’s Dar Al Arkan bolstered its liquidity with a $165 million facility underwritten by Emirates NBD, with participation from ADCB, FAB and Zand Bank.

🚂 Rail Expansion: Kenya is in talks with the UAE’s Etihad Rail and plans to raise $4 billion through import tariffs to finance an extension of its railway network.

🔌 Power Failure: A large-scale power outage hit Iraq on Monday, cutting electricity for hours in multiple provinces as temperatures topped 50 degrees Celsius (122 degrees Fahrenheit).

🤝 Solving Problems: A coalition of Egyptian venture capital firms, investors and government bodies are developing unified reporting guidelines to address fragmented startup performance data..

💱New Strategy: Iran’s parliament approved a plan to cut four zeroes off its plunging currency to make prices and transactions easier to manage.

Saudi Crown Prince Mohammed bin Salman spoke with Palestinian President Mahmoud Abbas about the latest developments in Gaza during a phone call on Monday.

Abdullah bin Zayed, the UAE’s Minister of Foreign Affairs and Deputy Prime Minister, offered condolences to the Foreign Minister of Ghana, Samuel Okudzeto Ablakwa, over the victims of last week’s military helicopter crash.

Prince Faisal bin Bandar, President of the Saudi Esports Federation, told The National he expects this month’s New Global Sport Conference to deepen the kingdom’s digital impact.  “Our ambition is not only to host an event, it is to lead the conversation and directly influence the trajectory of these industries on a global scale,” Prince Faisal said.

Changpeng Zhao: Allies of the Binance founder are mounting a coordinated campaign, involving lobbyists and political outreach, to persuade President Trump to grant the cryptocurrency tycoon a pardon that could help the company’s U.S. expansion plans, The New York Times reports.

Georgia Tolley, a veteran British broadcaster, talks about Dubai’s role in quantum computing and security in conversation with Expo City Dubai’s Sholto Douglas-Home on the Blueprint podcast.

 🎤 Riyadh Comedy: Saudi Arabia’s annual Riyadh Season festival opens next month with lots of laughs. Headlining the comedy lineup in September and October are Dave Chappelle, Kevin Hart, Aziz Ansari and Louis C.K. Also in October, the kingdom will host the Six Kings Slam tennis tournament, featuring star players Novak Djokovic, Carlos Alcaraz and Jannik Sinner. The six-month festival continues in January with WWE’s Royal Rumble at King Saud University, marking the professional wrestling show’s first foray outside the U.S.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

August 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 1-3, Cairo. Pharmaconex. Brings together industry leaders to showcase innovations in pharmaceutical manufacturing. Egypt International Exhibition Center. 

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 5, New York: Bloomberg Power Players. Conference on the business of sports. Bloomberg Headquarters. 731 Lexington Ave.

Sept. 8-10, Dubai. WHX Tech 2025. Participants will explore the latest trends in health care and gain practical insights on the changing sector. Dubai World Trade Center.  

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

Sept. 15-17, Abu Dhabi. The Riyadh Infrastructure Projects Center. The event will host representatives from over 25 countries discussing global infrastructure innovation, investment, and sustainable development. Riyadh International Convention and Exhibition Center.

Sept. 30-Oct. 2, Abu Dhabi. Global Rail and Transport Infrastructure Exhibition and Conference. An international event dedicated to the rail transport sector. ADNEC.

SCHOOL SALE

Amid the boom in Gulf companies running international schools, the buyer of a $123 million campus in Dubai remains a mystery. Amanat Holdings, which trades on the Dubai Financial Market, said it will sell the real estate assets of North London Collegiate School Dubai for $123 million, without disclosing who will purchase the lot, which is located in Mohammed bin Rashid Al-Maktoum City. Amanat’s portfolio also includes Middlesex University Dubai; Human Development Company, a special education and care services provider in Saudi Arabia; and Nema Holding, a privately-held education company in the UAE. Last year, Amanat hired SNB Capital to manage a proposed IPO in Saudi Arabia for a 30% stake in its education business.

BATTERY BAN

Emirates Airline will ban passengers from using power banks during flights due to concerns over the risks of overheating, fire, and explosions.The airline announced the new safety measures will be implemented starting Oct. 1 following a safety review. Emirates said customers will still be allowed to carry one power bank onboard if it is stored in the seat pocket or a bag under the seat in front, not in the overhead storage. There is already a ban in place preventing power banks from being stored in checked luggage. “There has been a significant growth in customers using power banks in recent years, resulting in an increasing number of lithium battery-related incidents onboard flights across the wider aviation industry,” an Emirates statement said.

Mubadala: The Abu Dhabi sovereign wealth fund said it is reinvesting in French insurance broker Diot-Siaci as part of a strategic transaction led by Paris-based Ardian to acquire a co-controlling stake in the company from Ontario Teachers Pension Fund and other investors.

Abu Dhabi Investment Authority: The sovereign wealth fund’s ADIA Lab announced its third machine learning competition, offering $100,000 in prizes for data scientists who can detect structural breaks in a series of complicated data processes.

ADNOC: Australia’s Santos extended due diligence talks with an ADNOC-led consortium over its $18.7 billion takeover offer, setting a new deadline of Aug. 22.

ACWA Power: Kuwait awarded a $3.3 billion power and water plant contract to a consortium led by ACWA Power and Kuwait-based Gulf Investment Corporation to be completed by 2028.

Qatar Gas Transport: The state-owned company is pursuing a $1 billion syndicated loan, with Japan’s Mizuho Bank as lead arranger and bookrunner of the five-year deal, Bloomberg reports.

📊 Output Surge: Saudi Arabia’s industrial production reached its highest level since late 2022, boosted by expanded oil output and coinciding with the kingdom’s strongest economic growth in nearly three years.

🌙Faith Bonds: Global Islamic bond issuance topped $1 trillion for the first time in 2025, up from $930 billion a year earlier, according to Mashreq Capital.

🛫 Taking Off: Wizz Air will resume flights to Israel this week after a three-month suspension, focusing on routes to Eastern Europe and London, with expectations that other carriers will return soon and renewed competition will lower fares, Globes reports.

🤝Rebuild Talks: Jordan will host a meeting with U.S. and Syrian representatives in Amman on Tuesday focused on plans and coordination for Syria’s reconstruction.

💰Investor Boost: KKR renegotiated terms with key backers to give a bigger share of its deals to wealthy investors who said previous levels were insufficient, the Financial Times reports.

🖥️Arabic Script: The UAE is using artificial intelligence in projects such as Sharjah’s Historical Dictionary of Arabic Language to integrate Arabic and its cultural heritage into the digital sphere, the Emirates News Agency reports.

UAE President Sheikh Mohamed bin Zayed congratulated Azerbaijan’s President Ilham Aliyev by phone on Sunday on the signing of a peace agreement with Armenia.

Sheikh Mohammed bin Rashid, the Ruler of Dubai and UAE Vice President and Prime Minister, presided over a ceremony in Dubai where 35 new judges were sworn in at the Al Mudaif Majlis in Union House

Eric Gaudiosi has been appointed  Chargé d’Affaires at the U.S. Embassy in the UAE, starting August 2025. He most recently served as Deputy Principal Officer at the U.S. Consulate in Frankfurt.

Donovan Waller has been appointed as Chief Technology Officer for Maaden, Saudi Arabia’s mining and metals company.

Jitin Prasada, India’s Minister of State for Commerce and Industry, said that an India-Oman Comprehensive Economic Trade Agreement has been reached, The Economic Times reports. 

Saad Maniar has been appointed as CEO and Managing Partner of accounting firm Baker Tilly International’s new branch in the UAE.

👠 Saudi Chic: Istituto Marangoni, the Milan-based Italian fashion school, will open a campus in Riyadh this month as Saudi Arabia invests in more steps to become a global fashion hub. The school, which is located in the Riyadh Creative District, will offer three-year undergraduate degrees in areas ranging from fashion design and image development, to fragrances and cosmetics management, Arab News reports. 

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

August 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 1-3, Cairo. Pharmaconex. Brings together industry leaders to showcase innovations in pharmaceutical manufacturing. Egypt International Exhibition Center. 

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 5, New York: Bloomberg Power Players. Conference on the business of sports. Bloomberg Headquarters. 731 Lexington Ave.

Sept. 8-10, Dubai. WHX Tech 2025. Participants will explore the latest trends in health care and gain practical insights on the changing sector. Dubai World Trade Center.  

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

Sept. 15-17, Abu Dhabi. The Riyadh Infrastructure Projects Center. The event will host representatives from over 25 countries discussing global infrastructure innovation, investment, and sustainable development. Riyadh International Convention and Exhibition Center.

Sept. 30-Oct. 2, Abu Dhabi. Global Rail and Transport Infrastructure Exhibition and Conference. An international event dedicated to the rail transport sector. ADNEC.

PAYCHECK PERK

Sovereign wealth funds in the Gulf, such as the Abu Dhabi Investment Authority and Saudi Public Investment Fund, are facing demands from top job candidates for a form of compensation popular on Wall Street. Prospective employees are increasingly asking to receive carried interest awards, which are tied to gains on investments, as part of their pay, Bloomberg reports. Already, some executives at Abu Dhabi-owned Mubadala Capital and Lunate receive such compensation. The carried interest structure has enabled both firms to lure talent away from the likes of Apollo Global Management and Carlyle Group in recent months, the news agency said.

Ipo watch

Emirates Global Aluminium is exploring a multibillion-dollar IPO that could become one of the largest share sales in Middle East history. The region’s biggest aluminum producer has sent requests for proposals to banks as it explores a potential listing, with Rothschild & Co. advising the firm. Bloomberg reports. The company, which is jointly owned by Abu Dhabi’s Mubadala Investment Co. and the Investment Corporation of Dubai, has been exploring a public listing for nearly a decade. Both Abu Dhabi and Dubai compete to attract state-backed firms to their bourses, a push that has recently made the UAE one of the world’s most active IPO markets.

Public Investment Fund: Riyadh Air, which is owned by the Saudi sovereign wealth fund, signed a global distribution agreement with travel tech firm Amadeus to connect with over 190 markets ahead of its commercial debut, which is expected later this year.

Public Investment Fund: Ma’aden, Saudi Arabia’s PIF-owned mining company, gave final approval for a new investment in its Ar Rjum gold project, aiming to produce 300,000 ounces of the precious metal annually by 2027..

Mubadala: Abu Dhabi’s Mubadala Energy acquired a 24.1% stake in Caturus, the rebranded SoTex Holdings natural gas and LNG export platform, through a private equity transaction with New York-based Kimmeridge.

Masdar: Emerge, a joint venture between Abu Dhabi-owned Masdar and French state-owned EDF, signed an agreement with Emirates Development Bank to develop and finance solar projects in the UAE

✈️ Aviation Agreement: Syria signed a $4 billion deal, funded by companies in Qatar, Turkey and the U.S., to purchase Airbus jets and expand its main airport as part of efforts to revive its aviation sector.

🏗️ City-Building: Italian construction and engineering firm Ubako agreed to team up with Syria’s Yobaco to develop the $2 billion Damascus Towers project, comprising 20,000 homes and more than 60 high-rises.

⛽ Gas Hub: Egypt signed a $35 billion deal with Israel to import 130 billion cubic meters of natural gas from Israel’s offshore Leviathan field through 2040. The deal is Israel’s largest export agreement since the discovery of the natural gas reservoir in its Mediterranean coastal waters.

🏦 Market Expansion: Saudi Arabia’s stock exchange has proposed rule changes to widen investor access to its secondary Parallel Market, inviting public consultation through Aug. 19.

🏭 Flying Parts: Vertical Aerospace, a U.K.-based maker of flying taxis, will build airframes for its VX4 eVTOL aircraft  in Morocco in a partnership with  Spain’s Aciturri Aerostructures.

🛢️ Looking Ahead: Mellitah Oil and Gas, a joint venture between Libya’s NOC and Eni, appointed Hill International as project management consultant for the $8 billion Structures A&E offshore gas project located 100 kilometers west of Tripoli.

🤝 Accords Push: U.S. President Donald Trump urged more countries to join the Abraham Accords with Israel, saying it is “very important to me that all Middle Eastern countries” be part of the regional peace agreement first signed by the UAE and Bahrain in 2020.

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, held a meeting with Dmytro Senik, departing Ambassador of Ukraine to the UAE, on Thursday at his office in Qasr Al Watan.

Sheikh Mohammed bin Rashid, UAE Vice President and Prime Minister of the UAE and Ruler of Dubai, held a meeting held a meeting with several retired generals from the Dubai Police, hailing their role in “establishing the foundations of security and stability” in the emirate.

Sheikh Dr. Sultan bin Mohammed, UAE Supreme Council Member and Ruler of Sharjah, has issued a decree to establish the Sharjah Hospitality Group, which will be responsible for developing public policies for hotels in the emirate.

Sheikh Ammar bin Humaid, Crown Prince of Ajman and Chairman of Ajman Executive Council, hosted a meeting today with Husin Bagis, Indonesia’s Ambassador to the UAE.

Ehab Rashad, Vice President of Mubasher Capital, the Egyptian financial services company, told Zawya Arabic in an interview that the company plans to launch a fund to mimic the low-volatility index that was launched by the Egyptian exchange market. 

John Sunil, CEO of Burjeel Holdings, the UAE-based healthcare provider, said in an interview with Zawya that the company is exploring asset-light, zero-capex Operations and Management partnerships to expand in emerging markets such as Africa. 

Tahany Taher was appointed as the head of Citi’s group managing UAE Treasury Solutions & Corporate, Commercial & Public Sector Sales.

Rich Goldberg, a senior advisor at the Washington-based Foundation for Defense of Democracies, this week concluded a monthslong stint in the Trump administration as the senior counselor for the White House’s new National Energy Dominance Council and a senior advisor to Secretary of the Interior Doug Burgum. Goldberg suggested in an interview with Jewish Insider that an agreement for the U.S. and Israel to cooperate in the fields of energy and artificial intelligence could be expanded to include the UAE.

🗣️Arabic Creativity: Lebanese actress and director Nadine Labaki will headline the upcoming Congress of Arabic & Creative Industries in Abu Dhabi that opens Sept. 14. The two-day event, organized by the Abu Dhabi Arabic Language Centre, will explore the evolving role of Arabic in the region’s creative economy, bringing together cultural leaders, tech leaders and rising regional talent, Arab News reports.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

August 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 1-3, Cairo. Pharmaconex. Brings together industry leaders to showcase innovations in pharmaceutical manufacturing. Egypt International Exhibition Center. 

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 5, New York: Bloomberg Power Players. Conference on the business of sports. Bloomberg Headquarters. 731 Lexington Ave.

Sept. 8-10, Dubai. WHX Tech 2025. Participants will explore the latest trends in health care and gain practical insights on the changing sector. Dubai World Trade Center.  

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

Sept. 30-Oct. 2, Abu Dhabi. Global Rail and Transport Infrastructure Exhibition and Conference. An international event dedicated to the rail transport sector. ADNEC.

COASTAL RIDE

Etihad Rail’s new coastal route will link Abu Dhabi and Dubai together by train for the first time. Scheduled to start service in 2026, the train will whisk travelers between the country’s two major cities in less than an hour, providing relief from heavy car traffic and overtaxed buses. The project will also connect the capital with the northern port of Fujairah in 105 minutes, shaving an hour off current travel time, The National reports. Among the goals of the new train line is to ease access to the UAE’s full eastern coast and boost tourism to lesser-known towns and attractions.

HOUSING LAG

Saudi Arabia’s property market appears to be plateauing, partly because of delays in housing construction. The latest real-estate price index released by the General Authority for Statistics showed a 0.4 percent rise for residential property between the first and second quarters of 2025, compared to a drop of 5.1% from the fourth quarter of 2024, Arabian Gulf Business Insight reports. Sales were also down compared to last year. According to real-estate consultancy JLL, transactions by volume in Riyadh dropped 1.5 percent in the second quarter versus a year earlier. “We’re in a flux between the quality supply and people wanting to wait for that,” said Taimur Khan, MENA head of research for JLL. “The demand’s there, but the property in terms of [size and quality] hasn’t been coming at the right time.”

Public Investment Fund: Aluminium Bahrain Alba CEO Ali Al Baqali said the company is open to resuming merger talks with Saudi Arabia’s PIF-owned mining company Ma’aden, which acquired a 21% stake in the Bahraini firm in February.

ACWA Power: Morocco awarded Saudi Arabia’s PIF-owned ACWA Power a set of contracts to develop and operate the Noor Midelt II and  Noor Midelt III solar projects.

Aramco: Amin Nasser, Saudi Aramco’s CEO, expressed optimism in a call with investors that demand for transportation fuel will soak up any surplus of crude oil that has pushed down petroleum prices, Bloomberg reports.

Turkey Wealth Fund: The TWF secured $600 million in Islamic financing from a banking group led by Kuwait Finance House to help fund international expansion.

📊 IPO Frenzy: Saudi real estate firm Dar Al Majed drew $36 billion in orders for its heavily oversubscribed $336 million IPO, as foreign investors responded to loosened ownership restrictions in the kingdom’s property sector.

 💵 Going Up: Saudi Arabia approved a $186 million joint venture between Alat and TK Elevator to manufacture elevators locally for domestic use and wider MENA distribution.

💰Syria Investment: Syria signed 12 investment deals totaling $14 billion, including projects for a new airport and subway system in Damascus backed by Qatari and Emirati companies.

💸 Agent Ambition: Tavily, an Israeli startup that develops AI agent search tools, raised $20 million in a Series A funding round, led by Insight Partners and Alpha Wave Global.

⚓ Bunkering Hub: Saudi Port Authority Mawani signed a land lease with Riyadh-based Petrotank to establish a $133 million marine bunkering hub at King Fahad Industrial Port in Yanbu.

🏭 New Zone: Egypt’s Ismailia Free Zone secured $41.6 million in investments from nine Chinese and Turkish companies, with plans to create 16,000 jobs across textiles, apparel, and spare-parts manufacturing.

🏗️ New Venture: The UAE’s Ras Al Khaimah Economic Zone will team up with India’s Rana Group to open the Erisha Smart Manufacturing Hub, which aims to support 150 industries and focus on pioneering technologies such as electric and hydrogen vehicle production, renewable energy and EVTOL aircraft.

🏦 Museum Milestone: Egypt will officially open the long-delayed Grand Egyptian Museum on November 1, Prime Minister Mostafa Madbouly announced on Wednesday.

📈 Capital Boost: Shatirah House Restaurants, operator of Saudi Arabia’s Burgerizzr chain, received approval from the Capital Markets Authority to increase its capital by 60% through issuing 21 million bonus shares.

Qatar’s Emir Sheikh Tamim bin Hamad Al Thani held a phone call with UK’s Prime Minister Keir Starmer on Wednesday to talk about strengthening ties between the two countries and delivery of humanitarian aid to Gaza.

Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister and Ruler of Dubai, met Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, at Al Marmoom in Dubai on Wednesday.  

Prince Khalid bin Salman bin Abdulaziz, Minister of Defence of the Kingdom of Saudi Arabia, held a phone call with U.S. Secretary of Defence Pete Hegseth on Wednesday.

Brett McGurk, the former U.S. envoy to the Middle East, talks in a Q&A with the San Francisco Standard about his transition to consulting between Gulf governments and private firms on billion-dollar artificial intelligence deals.

Saeed Al-Zahrani was named General Manager for Silicon Valley-based NetApp in Saudi Arabia.

Najla Zuhair Al Jamali was appointed as President of BP Oman joining from OQ where she served as Chief Executive, OQ Alternative Energy. 

⚽ 🕹️ Let’s Get Phygital: Abu Dhabi is preparing to play host to the Games of the Future in December, featuring competition in so-called “phygital sports,” which combine athletic events like soccer, basketball and mixed martial arts with digital gaming, The National reports. The event will pit athletes against each other in both digital and physical versions of the sports, with winners based on combined performance.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

August 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 1-3, Cairo. Pharmaconex. Brings together industry leaders to showcase innovations in pharmaceutical manufacturing. Egypt International Exhibition Center. 

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 5, New York: Bloomberg Power Players. Conference on the business of sports. Bloomberg Headquarters. 731 Lexington Ave.

Sept. 8-10, Dubai. WHX Tech 2025. Participants will explore the latest trends in health care and gain practical insights on the changing sector. Dubai World Trade Center.  

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

Sept. 30-Oct. 2, Abu Dhabi. Global Rail and Transport Infrastructure Exhibition and Conference. An international event dedicated to the rail transport sector. ADNEC.

CLIMATE JURY

Sir Richard Branson, the British billionaire who founded Virgin Atlantic, will help pick winners of the UAE’s premier environmental award. The Zayed Sustainability Prize is given to small businesses, non-profits and high schools to recognize achievements in the fields of climate action, health, food, energy, water and education. Dr. Sultan Al Jaber, the UAE Minister of Industry and Advanced Technology who is director general of the organization that presents the prize, said a record number of submissions have been received this year, reflecting the “growing global commitment to practical, scalable solutions that deliver long-term impact.” Others on the prize jury include Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; Shamma bint Suhail Al Mazrui, Minister of Community Development; Wang Chuan-fu, Chairman and CEO of Chinese carmaker BYD; and Dr. Ing Christian Bruch, President and CEO of Siemens Energy. 

LEBANESE LOSSES

Lebanese banks are looking for help in recovering their massive losses from the government’s $30 billion default in 2020. The 60-member Association of Banks in Lebanon is preparing to hire an adviser to conduct negotiations with the Lebanese central bank on what could turn out to be some $80 billion in claims, and are looking at proposals from Alvarez & Marsal and Akura, Bloomberg reports. Lebanon’s election of a U.S.-backed president this year and the formation of a technocratic cabinet has helped restore some investor confidence. In the meantime, the defaulted sovereign bonds of Lebanon have surged, handing investors 45% returns this year.

MGX Fund Management: The Abu Dhabi-owned investment firm is considering raising billions in third-party capital to launch a major investment fund focused on artificial intelligence, Bloomberg reports.

ADQ: AD Ports Group inaugurated its first representative office in Pakistan, with a goal to strengthen its presence in South and Central Asia.

Public Investment Fund: Elon Musk’s Groq and HUMAIN, a PIF company, are making two powerful OpenAI models available on Groq’s super-fast cloud.

Norges Bank Investment Management: Norway’s government has ordered its $1.9 trillion sovereign wealth fund, the world’s largest, to assess and potentially divest from Israeli firms linked to the Gaza war or occupation of the West Bank.

🛢️ Rig Merger: Saudi-based ADES will acquire Norway’s Shelf Drilling in a $380 million deal, creating a combined offshore fleet of 83 jack-up rigs serving global oil and gas clients.

⚕️Copper Mine: Australia’s Alara Resources has received a mining license from Oman to explore copper at the Daris 3A5 prospect, part of the Daris copper-gold project located 150 km west of Muscat, in which the company holds a 50% stake.

💰 New Look: GE Vernova, power equipment maker, has acquired French AI software firm Alteia, a Saudi Aramco Wa’ed Ventures portfolio company.

⚡ Power Maker: Turkey has obtained $748 million in concessional financing from the World Bank to upgrade its power transmission network and support large-scale solar and wind projects.

📈 Reviving Syria: Turkey plans to develop industrial zones in northern Syria to help revive the war-torn economy and strengthen cross-border trade links with Turkish businesses.

⚖️ Work Glitches: UAE’s Emirates Global Aluminium said its subsidiary Guinea Alumina Corporation launched legal action over Guinea’s withdrawal of its bauxite concession, calling the move a breach of contractual rights that threatens over 3,000 local jobs.

💼 Gulf Expansion: London-based Rokos Capital Management will open an Abu Dhabi office in 2026, the latest in a wave of hedge funds setting up shop in the Gulf. 

📈 Against the Odds: Israel’s soaring stocks and currency are among the world’s best performers this year and foreign investment is pouring into startups despite the country’s 22-month war in Gaza, Bloomberg reports.

UAE President Sheikh Mohamed bin Zayed is heading to Russia to Russia on Thursday to meet with President Vladimir Putin.

Sheikh Sultan bin Ahmed bin Sultan, Deputy Ruler of Sharjah and President of the University of Sharjah, reviewed the latest developments on Tuesday in projects at the Sharjah Academy for Astronomy, Space Sciences and Technology.

Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, held a meeting with Lutfullah Göktas, Turkey’s new Ambassador to the UAE, at his palace in Saqr bin Mohammed City.

Dr. Anwar Gargash, Diplomatic Adviser to the UAE President, met on Tuesday with Dmytro Senik, the departing Ukraine Ambassador to the UAE.

Nicolai Tangen, CEO of Norges Bank Investment Management talks about leading the world’s largest sovereign wealth fund in an interview on the Capitol Allocators podcast.

Paul Cox was appointed as Bank of Sharjah’s new Chief Retail Banking Officer, in a move aimed at strengthening the lender’s consumer and wealth management business, the bank said in a statement.

🎭 Arabian Odyssey: A young man’s voyage across Saudi Arabia in search of his cultural roots is the subject of the play “Terhal,” which is packing in crowds this month at the Mayadeen theater in Riyadh’s historic Diriyah section. The production, which runs through Aug. 25, blends live performance, cinematic visuals, and traditional storytelling to create a parable describing how the modern Saudi kingdom is grounded in heritage and inspired by past generations.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

August 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 1-3, Cairo. Pharmaconex. Brings together industry leaders to showcase innovations in pharmaceutical manufacturing. Egypt International Exhibition Center. 

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 5, New York: Bloomberg Power Players. Conference on the business of sports. Bloomberg Headquarters. 731 Lexington Ave.

Sept. 8-10, Dubai. WHX Tech 2025. Participants will explore the latest trends in health care and gain practical insights on the changing sector. Dubai World Trade Center.  

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

Sept. 30-Oct. 2, Abu Dhabi. Global Rail and Transport Infrastructure Exhibition and Conference. An international event dedicated to the rail transport sector. ADNEC.

WELCOME MAT

Dubai is setting new tourism records this year while wealthy expats continue to feed the city’s real estate boom. Almost 10 million foreigners visited Dubai during the first six months of 2025, a 6% increase over the same period last year that puts it on track to exceed the 2024 total of 18.7 million. Western Europe was the largest source market for Dubai, accounting for 22% of international visitors, followed by the Russia and Eastern Europe region, and South Asia, contributing 15% each, according to government figures. Demand for new homes from foreigners, meanwhile, is fueling construction in the city, with 24 real estate projects valued at $1.2 billion completed in the first half of 2025.

baghdad brawl

A Saudi commitment to invest more money in Iraq is generating pushback in the Baghdad Parliament. The dispute surrounds legislation designed to protect a $3 billion fund that Saudi Arabia set up to finance its Iraqi development projects, Arabian Gulf Business Insight reports. Opponents are threatening to boycott debate over the bill, contending that it gives the kingdom too much control over the Iraqi economy. The government, which is vigorously courting foreign investment, says tapping Saudi funds and expertise are key to Iraq’s future growth. 

International Holding Co.: The Abu Dhabi-owned conglomerate said second-quarter net income  surged 55% to AED 6.7 billion ($1.8 billion) compared to the same period last year, with revenue increasing 23%.

Saudi Aramco: The world’s largest oil company reported a decline in profit for the 10th straight quarter as net income fell 19% to 85.6 billion riyals ($22.8 billion) in the second quarter compared to last year.

Public Investment Fund: Qiddiya Investment Co. and Adeera Hospitality, both units of the Saudi sovereign wealth fund, announced a strategic partnership that will enable Adeera to operate a portfolio of hotels across Qiddiya City, the future capital of entertainment, sports, and culture.

Lucid Motors, the U.S. electric car maker backed by the PIF, is asking shareholders to approve a 1-for-10 reverse stock split in an effort to deal with losses and a sinking stock price.

NEOM: A $10 billion joint venture between Saudi Arabia’s NEOM mega-project and Denmark’s DSV logistics firm, which was originally slated to start in the second quarter of 2024, has yet to begin operations or receive funding, Arabian Gulf Business Insight reports.

📜 Leadership Shift: Brookfield Asset Management appointed the former CEO of Saudi Arabia’s $320 billion pension fund, Hassana Investment Co. as the new Chairman of its operations in the kingdom.

💵 E-Commerce Platform : Salasa, a Saudi e-commerce startup, has raised $30 million in a Series B funding round led by Artal Capital, with backing from Aramco’s VC arm.

📊 Fiscal Buffer: The IMF said Saudi Arabia has reduced government spending sufficiently this year and is unlikely to require further fiscal tightening even if oil prices decline.

💰 Cairo Credit: A banking consortium has extended a $127 million syndicated loan to real estate developer Mountain View to support a major residential project in East Cairo.

🖥️ Quantum Leap: QuamCore, an Israeli quantum computing startup, raised $26 million in a Series A funding round led by Sentinel Global.

💻 Tech Sale: Bahrain-based Investcorp is exploring the sale of Saudi IT firm NourNet, responding to rising investor interest in the kingdom’s expanding digital infrastructure sector.

🏝️ Exclusive Island: Shamal Holding said it is building a private island retreat in Dubai under LVMH’s Cheval Blanc brand that will open in 2029 with 30 suites and 40 private pool villas.

🛢️ Coming Back: ExxonMobil will resume oil exploration in Libya after over a decade, under a memorandum with the National Oil Corporation to study four offshore blocks.

💲 Dollar Base: Asset manager Azimut Egypt plans to launch a new dollar fund in October, CEO Ahmed Abou El Saad told Zawya Arabic.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, received Mihai Popșoi, Deputy Prime Minister and Minister of Foreign Affairs of Moldova, in Abu Dhabi on Monday.

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, visited the National Centre of Meteorology headquarters where he was received by Dr. Abdulla Al Mandous, Director-General of the agency and President of the World Meteorological Organization.

Charles Kushner, the U.S. Ambassador to France, met on Monday in Paris with Saudi Arabia’s Ambassador Fahd Al-Ruwali to discuss efforts to promote peace and stability in the Middle East.

Kuwait Finance Minister Nora Al-Fassam resigned from her cabinet post on Monday. Sabeeh Al-Mukhaizeem, who is the Minister of Electricity, Water and Renewable Energy, will serve as Acting Finance Minister.

Sharif Al Olama, the UAE’s Undersecretary for Energy and Petroleum Affairs, talks about the country’s new global energy efficiency alliance in an interview with the Forbes Middle East podcast.

Devendra Sharma has been hired by Japan’s Mizuho Bank from Dubai-based Mashreq Bank to be Co-Head of Corporate Banking in India, Bloomberg reports. 

Andrew Bates has been appointed as CEO of Dubai-based AES Private Wealth and Family Offices.

🌲 Mountain Retreat: Saudi Arabia is developing the southwestern village of Rijal Almaa as a nature-based tourism destination, focusing on its lush mountains, temperate climate and cultural heritage. The town is one of hundreds of archeology-rich sites in the vast, seldom-visited province of Aseer which the Public Investment Fund sees as a promising source of tourism revenue for the kingdom, Bloomberg reports.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

August 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 1-3, Cairo. Pharmaconex. Brings together industry leaders to showcase innovations in pharmaceutical manufacturing. Egypt International Exhibition Center. 

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 5, New York: Bloomberg Power Players. Conference on the business of sports. Bloomberg Headquarters. 731 Lexington Ave.

Sept. 8-10, Dubai. WHX Tech 2025. Participants will explore the latest trends in health care and gain practical insights on the changing sector. Dubai World Trade Center.  

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

Sept. 30-Oct. 2, Abu Dhabi. Global Rail and Transport Infrastructure Exhibition and Conference. An international event dedicated to the rail transport sector. ADNEC.

TEMPERATURE RISING

With the summer temperatures blazing past 50 degrees Celsius (122 degrees Fahrenheit) in the UAE doctors are urging both residents and visitors to take extra precautions against the heat. Staying indoors from midday to 4p.m. is recommended, along with keeping well-hydrated and dressing in breathable fabrics like cotton and linen. Cases of heat exhaustion, dehydration and dizziness typically rise during the summer, especially among outdoor workers and the elderly, The National reports. To help residents beat the heat, the UAE enforces a summer midday work ban and provides cool indoor options like organized exercise in air conditioned spaces such as the Dubai Mall, Mall of the Emirates and Marina Mall.

LICENSED TO INFLUENCE

Influencers in the UAE are bracing for a government overhaul that will require them to hold an advertising permit to post promotional content, whether it’s paid or unpaid. According to Statista, the advertising market connected to influencers is projected to reach nearly $97 million by 2030, from $69 million in 2024. The new regulations were promulgated by the UAE Media Council and are due to take effect in three months. Behind the licensing requirement is a push to make influencers function more like conventional businesses, using contracts, official invoicing, and proper accounting, the Khaleej Times reports.

MGX: French AI startup Mistral is reportedly in talks to raise $1 billion from Abu Dhabi’s MGX and other investors, potentially boosting its valuation to $10 billion to support the rollout of its Le Chat chatbot and improve its large language models, The Financial Times reports.

SABIC: The Saudi chemical company, backed by Aramco, recorded its third consecutive quarterly loss, missing estimates by analysts for a profit, as it shut down some assets amid a prolonged industry downturn. 

ACWA Power: A consortium led by the Saudi energy company, which is owned by the Public Investment Fund, secured $3.4 billion in funding for Saudi energy projects designed for future integration with carbon capture technologies, Reuters reports.

Qatar Investment Authority: Frances Kering SA is holding advanced talks with Qatar’s royal family to sell a Milan luxury property, Italy’s Corriere della Sera reports. The QIA declined to comment.

Mumtalakat.: Hazem Ben-Gacem, founder and CEO of Abu Dhabi-based BlueFive Capital, sold a stake to Bahrain’s sovereign wealth fund Mumtalakat, securing long-term institutional backing to fund the firm’s international growth plans, Bloomberg reports.

🛢️Output Orders: OPEC+ agreed to expand oil production by 547,000 barrels per day in September and authorize a special increase for the UAE, the latest in a series of production hikes after years of cutting supplies to prevent an oil glut.

⛽ LNG Link: Adnoc Gas signed a long-term deal to supply a half-million metric tons of liquified natural gas annually from its Das Island facility, the world’s third longest-operating LNG plant, to India’s Hindustan Petroleum Corp.

☀️ Moroccan Sustainability: Amea Power, a Dubai renewable energy company, agreed to join Morocco’s $290 million desalination project by building a power plant for the facility in Agadir

🚑 Driverless Delivery: Saudi Arabia’s Transport General Authority launched a pilot program for autonomous delivery vehicles that aims to improve safety in logistics operations and foster innovation.

⚕️Rig Count: Baker Hughes said more than 230 drilling rigs are currently operating across Saudi Arabia, including units not typically counted in global rig totals, Bloomberg reports.

🚰 Data Drunk: The Gulf’s trillion-dollar race to become an artificial-intelligence superpower is creating a water crisis, with data centers across the UAE and Saudi Arabia consuming vast quantities, Rest of World reports.

💻 AI Backing: Alphabet venture arm CapitalG and Nvidia are in talks to invest in Israeli-founded VAST Data, a provider of intelligence infrastructure, in a new funding round that could value the company as high as $30 billion, Reuters reports.

UAE President Sheikh Mohamed bin Zayed issued a decree on Sunday to establish the country’s National Anti-Narcotics Authority that will be chaired by Sheikh Zayed bin Hamad bin Hamdan who is also the Chairman of 2PointZero.

Sheikh Theyab bin Mohamed bin Zayed, Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs, and Chairman of Etihad Rail, sent a gratitude message to Sheikh Mohammed bin Rashid,UAE Vice President, Prime Minister and Ruler of Dubai, following his inspection journey aboard Etihad Rail from the emirate of Dubai to the emirate of Fujairah.

Egyptian Prime Minister Mustafa Madbouli attended the opening today of Ammar Egypt Development Co.’s new Palace Beach Resort Marassi on the country’s northern coast.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defense, praised the Sheikha Hind bint Maktoum Family Programme on Monday as a “remarkable success” which has helped hundreds of couples to get married.

Sheikh Sultan bin Ahmed, Deputy Ruler of Sharjah, Chairman of the Judicial Council and President of the University of Sharjah witnessed  the signing on Monday of a preliminary agreement between the emirate’s Judicial Council and the university.

Sheikh Abdulla bin Mohammed bin Butti, Chairman of the UAE National Media Office and  Media Council, visited Huawei’s R&D center in Shanghai.

Martina Strong, the departing U.S. ambassador to the UAE, told The National the two countries are working together on a “pathway forward” that includes  collaboration on artificial intelligence, defense and maintaining stability in the region.

Sarah Huckabee Sanders, Governor of Arkansas, is leading a trade mission this week to Israel and the UAE.

Pham Sanh Chau, A Vietnamese electric vehicle maker VinFast Auto’s CEO for Asia  told Bloomberg that the company’s new factory in India, which will have an initial production capacity of 50,000 vehicles a year, is key to its exports for the Middle East.

🤖 AI Chef: Woohoo, a new Dubai restaurant slated to open in September, is based on a collaboration between Singaporean chef Reif Othman and “Chef Aiman,” advertised as the world’s first AI chef. Interviewed by Arab News, Aiman said his job is to analyze flavor compounds, suggest unexpected ingredient combinations and generate recipe variations. “I can rapidly test thousands of potential combinations digitally,” said the AI-generated character, who will also interact directly with customers. “Chef Reif brings the irreplaceable human elements –  intuition, palette, memory and technical mastery,” Aiman said.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

August 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 1-3, Cairo. Pharmaconex. Brings together industry leaders to showcase innovations in pharmaceutical manufacturing. Egypt International Exhibition Center. 

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 5, New York: Bloomberg Power Players. Conference on the business of sports. Bloomberg Headquarters. 731 Lexington Ave.

Sept. 8-10, Dubai. WHX Tech 2025. Participants will explore the latest trends in health care and gain practical insights on the changing sector. Dubai World Trade Center.  

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

Sept. 30-Oct. 2, Abu Dhabi. Global Rail and Transport Infrastructure Exhibition and Conference. An international event dedicated to the rail transport sector. ADNEC.