SOCCER SALE

Saudi Arabia is increasingly finding sports to be a lucrative source of cash. The kingdom’s Ministry of Sport announced this week it has put two soccer teams, Al Najma and Al Okhdood, up for sale as part of its privatization campaign, Arabian Gulf Business Insights reports. Last year, the Public Investment Fund bought ownership of four clubs from the government, including  Al-Nassr, home to Portuguese superstar Cristiano Ronaldo. Al-Kholood was bought last month by American investor Ben Harburg.

POOL PARTIES

Dubai-based FIVE Hospitality has built a successful strategy out of creating social spectacles at its stylish hotels, regularly throwing pool parties that draw hundreds of cocktail-sipping guests and generate buzz. Now the Dubai-based company is contemplating an IPO, Bloomberg reports. FIVE, which acquired Spain’s Pacha Group two years ago, saw a 20% jump in its earnings for the first half of 2025. Indian founder and Chairman Kamir Mulchandani said the FIVE may go public in Dubai, London, or New York.

Mubadala: The UAE’s biggest lender, Mubadala-backed FAB Bank, is among a handful of global lenders that helped India’s Adani Airport Holdings raise $150 million, Bloomberg reports.

TAQA: British engineering firm, Turner & Townsend has been appointed by the Abu Dhabi National Energy Company, TAQA, to help decommission a power plant in Abu Dhabi by 2029.

Public Investment Fund: The Saudi sovereign wealth fund launched its new “azm” workplace development program this week to provide specialized training and align young Saudis with the kingdom’s future business needs.. Among those at the launch ceremony were PIF Governor Yasir Al-Rumayyan and Education Minister Yousef Al-Benyan.

The Saudi Fund for Development signed agreements worth $985 million with 13 countries in 2024, financing projects across Africa, Asia, Europe and Latin America, according to the agency’s newly released annual report.

⚛️ Nuclear Backing: UAE-based CE-Ventures joined a $100 million funding round for U.S. nuclear tech company Aalo, led by Valor Equity Partners with participation from Fine Structure Ventures, Hitachi Ventures, Crosscut Ventures and other investors.

🛩️ Private Skies: Saudi Arabia has granted private jet operator VistaJet permission to fly in the kingdom, expanding international access to Saudi airspace for corporate and luxury travelers.

⚽FIFA Fever: Morocco has started major expansion work on two airports in preparation for co-hosting soccer’s 2030 FIFA World Cup by awarding contracts worth $440 million to two companies, Jet Contractors and SGTM.

💻AI People: Singapore-based artificial intelligence recruitment platform X0PA AI announced plans o open a regional office in Dubai which will be directly managed by the company’s Founder and CEO, Nina Alag Suri.

🔒 Cyber Load: Seemplicity, an Israeli startup that helps companies reduce their mounting cybersecurity workload, raised $50 million in a Series B funding round, led by Sienna Venture Capital.

📈 Contracting Funds: Saudi Arabia’s MTC is considering an IPO that could value the contracting firm in the range of about $3.2 billion to $4 billion, with Moelis & Co. acting as a financial advisor and Al Rajhi Capital arranging the deal, Bloomberg reports.

🏝️ Tourism Finance: Red Sea Global, developer of Saudi Arabia’s luxury tourism projects, is weighing options including an IPO or converting assets into real estate investment trusts as resort openings accelerate, CEO John Pagano told Al-Eqtisadiah.

🤝 Family Affair: Dealings between a cousin of Trump son-in-law Michael Boulos and Saudi businessman Abdulelah Alam are among the connections reviewed in an investigation by The New York Times.

🛰️ Sky Internet: SpaceX’s Starlink is in talks with Emirates, Saudia and Flydubai to supply in-flight Wi-Fi, focuses on the Middle East and its luxury air travelers.

🌍 Global Contender: Abu Dhabi is looking at new ways to position itself as a global financial hub, courting hedge funds and asset managers to set up operations in the emirate as part of an ambitious broader effort to rival London and New York, the Financial Times reports.

✈️ Bidding Flights: Companies from the UAE, Oman, Turkey and the U.K. have submitted bids to help restore full commercial operation at Iraq’s Mosul International Airport, which was destroyed by ISIS in 2014.

Pope Leo is likely to make Lebanon his first trip abroad and demonstrate his commitment to seeking peace in the Middle East early in his papacy, Reuters reports.

Prince Faisal bin Farhan, the Saudi Foreign Minister, held separate phone calls with UAE Foreign MinisterSheikh Abdullah bin Zayed, Qatari Foreign Minister Sheikh Mohammed bin Abdulrahman Al-Thani and Bahrain Foreign Minister Abdullatif bin Rashid Al-Zayani to discuss recent developments in the region.

Sheikh Mohamed Bin Khalid Al Nahyan, Chairman of the Sheikh Mohamed Bin Khalid Al Nahyan Cultural and Educational Institutions, secured a $817 million syndicated loan from a group of banks led by Abu Dhabi Commercial Bank, Commercial Bank of Dubai and Mashreq, to help finance new investments by the Private Department, which is owned by Abu Dhabi’s ruling family.

Matthias Aydt, Co-CEO of U.S.-based Faraday Future Intelligent Electric said during the company’s earnings call this week that it is preparing a site in Ras Al Khaimah Economic Zone, for possible regional assembly of their FX Super One electric minivan.

Katralnada Binghatti, CEO of Binghatti Capital, told Zawya in an interview that the newly formed asset management company is launching two real estate funds and a private credit fund.

📜 Union Legacy: Dubai’s historic Union House – where the 1971 Declaration of the United Arab Emirates was signed – has been added to the Arab League Educational, Cultural and Scientific Organization’s registry of architectural heritage sites. Built in 1965 and restored to its original design, the circular building is now part of the Etihad Museum, The National reports. The building joins 18 other significant Arab landmarks recognized through ALECSO’s initiative to document and preserve regional architectural heritage.

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

Aug. 22-24, Southampton, N.Y. Milken Institute Hamptons Dialogues. Three-day conference will feature White House Middle East envoy Steve Witkoff, Pershing Square’s Bill Ackman, Carlyle’s David Rubenstein and comedian Jerry Seinfeld.

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. 1-6, Dubai. Dubai Fashion Week. This annual exhibition brings designers, buyers and fashionistas from around the world for a crowded schedule of events. Dubai Design District.

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

Sep. 3, Dubai. Middle East Retail Forum. Business executives, buyers, sellers and government officials mix for the annual conference. JW Marriott Hotel Marina.

 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. 9, Dubai. Envision. An international conference on artificial intelligence organized by Emirati telecommunications firm du. Atlantis The Royal. 

Sept. 9-11, Riyadh. Index Saudi Arabia. A trade event that connects interior designers, architects, and buyers with brands, products, and developers. Riyadh Front Exhibition and Conference Center. 

Sept.10-11, Dubai.  PPP Mena Forum. A conference that seeks to foster private and public partnerships (PPP) in industries including infrastructure, energy, healthcare, transportation and information technology. Jumeirah Emirates Towers.

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. 15-17, Dubai. ISM Middle East. A conference on emerging trends and advancements shaping the sweets and snacks industry. Dubai World Trade Center. 

Sept. 23-24, Dubai. MENA EV. Connecting stakeholders in the electric vehicle industry, from early-stage companies and investors to governments and established automakers.The Agenda, Dubai Media City.

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

DIGGING DEEP

Egypt is planning a nationwide geological survey of mining sites that are likely to attract foreign investment. The study will compile detailed geological data and map potential deposits of gold, copper and other minerals across the country, Minister of Petroleum and Mineral Resources Karim Badawi said in a statement. The information will be made available to prospective investors to support bidding in upcoming exploration tenders. As part of the initiative, the ministry plans to coordinate with international consultants and local institutions to update and digitize existing geological records.

FLOATING ELECTRICITY

Iraq’s electricity ministry has ordered two floating power plants from Turkey to help ease the country’s ongoing energy shortages. The vessels, which will be moored in Basra, are expected to add several hundred megawatts of generation capacity to the grid when they come online later this year, Bloomberg reports. Iraqi authorities noted that demand for electricity has surged during the summer, leading to extended periods of blackouts across several provinces. The order with Turkey’s Karpowership is part of a wider push to expand generation capacity through quick-deployment projects and international partnerships.

Public Investment Fund: Humain, a Saudi artificial intelligence company backed by the PIF, said it’s looking to hire a head of data centers in Riyadh as it plans scale up operations.

Aramco: Amin Nasser, CEO and President of the Saudi oil company, told Al-Arabiya that Aramco has projects under development worth nearly $90 billion and is pushing ahead with a massive investment program inside the kingdom and internationally.

Oman Investment Authority: Oman’s Asyad Ports has invited consultants for conducting geotechnical investigations to acquire environmental permits for expanding the Suwaiq Port to accommodate wide vessels.

XRG: Australia’s Santos shares dropped after another delay in the $19 billion takeover bid led by Abu Dhabi’s XRG, which said it’s still conducting due diligence due to the size of the transaction, Bloomberg reports.

G42: Presight, a G42 company, has launched an AI-Startup Accelerator Bootcamp in Abu Dhabi, bringing together 10 global startups for a three-day program that kicks off months-long mentoring relationships.

💰 Property Fund: Egypt’s Madinet Mas announced plans to launch a $6.2 million real estate investment fund in Saudi Arabia as part of its strategy to expand growth opportunities in the kingdom.

✈️ Europa Stake: Turkish Airlines’ $349 million offer to acquire a minority stake in Air Europa has been accepted, with the deal now moving to documentation and closing procedures.

📊 Working Together: Middle East and North Africa mergers and acquisitions rose to $58.7 billion in the first half of 2025, driven by sovereign wealth funds, cross-border flows, and strong deal activity in the UAE and Saudi Arabia, according to an EY MENA M&A Insights report. 

🏝️ Eco-Luxury: The Sharjah Investment and Development Authority has plowed $82 million into the Sharjah Collection of seven luxury eco-retreats.

🏢 New Shop: Warburg Pincus received full authoritization to operate in Dubai as the firm looks to expand in the Middle East.

🛢️ Exploration: Iraq signed an agreement in principle with Chevron to explore and develop the Nassiriya oil project, covering four new exploration blocks and the expansion of existing producing fields.

🏦 Gulf Expansion: MultiBank Group is opening a new Abu Dhabi office to enhance client access, local support, and relationship management, reinforcing its global presences.

📈 IPO Revival: A 16% rally since April on the Muscat Securities Market and Oman’s recent lift to investment grade by two international credit rating agencies is boosting optimism for a new series of government-backed IPOs, Bloomberg reports.

🤝 Industrial Ties: Saudi Arabia and Syria agreed to establish joint working groups aimed at expanding industrial cooperation and promoting economic integration through new investments and knowledge-sharing initiatives.

💊 Drug Problem: Syria’s new Islamist leaders are waging an aggressive battle to dismantle the narco-state built by former President Bashar al-Assad, which particularly infuriated the Gulf Arab states, who complained about the damaging impact of the drug captagon on their societies, the Financial Times reports.

Saudi Crown Prince Mohammed bin Salman held a phone call on Tuesday with Russian President Vladimir Putin to discuss his talks with U.S. President Donald Trump.

Egyptian President Abdel Fattah al-Sisi held a meeting with Hassan Abdalla, Governor of the Central Bank of Egypt, to discuss continued efforts to boost foreign currency inflows and sustain declining inflation trends.

Nir Zuk, the Israeli founder of cybersecurity leader Palo Alto Networks, stepped down as CTO and board member, as the firm finalizes its $25 billion acquisition of CyberArk.

Syrian Foreign Minister Asaad al-Shibani met an Israeli delegation in Paris on Tuesday to discuss de-escalating conflict in southern Syria, according to Syria’s state news agency SANA.

Christoph Berentzen has been named the new CFO of Dubai’s TECOM Group, a developer of business districts across the emirate.

🍽️ DINNER DATE: Qatar’s Museum of Islamic Art has opened a new exhibition called “A Seat at the Table,” which examines culinary traditions across the Islamic world and highlights the role of food in ritual, hospitality and daily life. With an elaborate sultan’s feast laid out on a long tribal rug in the central gallery, the show features lavish serving vessels, cooking tools, manuscripts, ceramics and textiles, Arab News reports. The exhibition was developed with the Los Angeles County Museum of Art and runs through November.

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. 1-6, Dubai. Dubai Fashion Week. This annual exhibition brings designers, buyers and fashionistas from around the world for a crowded schedule of events. Dubai Design District.

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

Sep. 3, Dubai. Middle East Retail Forum. Business executives, buyers, sellers and government officials mix for the annual conference. JW Marriott Hotel Marina.

 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. 9, Dubai. Envision. An international conference on artificial intelligence organized by Emirati telecommunications firm du. Atlantis The Royal. 

Sept. 9-11, Riyadh. Index Saudi Arabia. A trade event that connects interior designers, architects, and buyers with brands, products, and developers. Riyadh Front Exhibition and Conference Center. 

Sept.10-11, Dubai.  PPP Mena Forum. A conference that seeks to foster private and public partnerships (PPP) in industries including infrastructure, energy, healthcare, transportation and information technology. Jumeirah Emirates Towers.

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. 15-17, Dubai. ISM Middle East. A conference on emerging trends and advancements shaping the sweets and snacks industry. Dubai World Trade Center. 

Sept. 23-24, Dubai. MENA EV. Connecting stakeholders in the electric vehicle industry, from early-stage companies and investors to governments and established automakers.The Agenda, Dubai Media City.

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

ARABIAN HQ

Chinese PC maker Lenovo is joining the parade of international firms responding to Saudi directives that they establish their regional headquarters in the kingdom. The company is teaming up with Alat, a unit of Saudi Arabia’s Public Investment Fund, to build a manufacturing facility for PCs, laptops, smartphones, and servers. Headed by Lenovo veteran Lawrence Yu, the office will aim to reinforce the Chinese company’s presence and manufacturing capabilities in the Middle East, Reuters reports. Saudi Arabia implemented new rules this year that require international firms to establish a regional HQ in the country as a condition for receiving government contracts.

WHAT’S COOKing

Gordon Ramsay, the Michelin-star British chef, will open three branches of his international culinary school in Saudi Arabia by the end of this year. Alkhaleej Training and Education, a Saudi company, paid $749,000 for an exclusive right to operate Gordon Ramsay Academy branches in Riyadh, Jeddah, and Al Khobar, Arabian Gulf Business Insights reports. The school will provide support on operations, culinary training, branding and marketing to meet international standards under the 10-year renewable agreement. First opened in 2021, Ramsay operates a London branch on the 58th floor of the city’s 22 Bishopsgate skyscraper.

Investment Corp. of Dubai: Chase Bank will remove Emirates as a transfer partner in its credit card rewards program as the Dubai-based airline makes changes in its approach to its passenger points systems.

Qatar Investment Authority: Ooredoo, which is majority-owned by the Qatari sovereign wealth fund, is starting to build a submarine cable landing station in Oman’s southern city of Salalah, positioning the country as an international connectivity hub linking Asia, Europe and Africa.

Qatar Airways: The state-owned carrier will open its first dedicated lounge in the U.S. in the new international terminal being built at New York’s Kennedy Airport.

🖥️ Digital Shift: Misr Digital Innovation received approval from the Central Bank of Egypt to operate under the name “onebank” as the country’s first fully digital bank.

🌙 Changing Sides: Gulf Bank, Kuwait’s third-largest lender, has received one-year initial approval from the central bank to convert into an Islamic bank, pending completion of regulatory and operational requirements.

🪙 DataDeal: British engineering firm Turner & Townsend landed a contract to provide project and cost management services for a hyperscale data centre developed by telecom operator du in Dubai.

🏝️ China’s Lake: China State Construction Northeast Design and Research Institute won the bid for the Lake Island project in El Alamein New City in Egypt.

🌐 Crime Tech: IVIX, an Israeli startup whose AI-based platform helps global agencies uncover hidden financial networks linked to crimes such as money laundering and sanctions evasion, raised $60 million in a Series B funding round led by OG Venture Partners.

⚽ Sports Tower: Saudi Arabia has opened bids for building the world’s tallest sports tower, a 130-meter-high structure planned by the government’s Sports Boulevard Foundation, which will be built within Riyadh’s new Athletics District.

💪 Better Boss: Leading design studios in Saudi Arabia and the UAE are adopting values-driven, people-focused management styles to build stronger teams and deliver better creative results, AD Middle East reports.

🛰️ Local Defense: Saudi Arabian Military Industries signed a cooperation deal with U.S.-based Amentum to provide land defense systems, maintenance and spare parts in the kingdom.

🚄 Solar Train: UAE-based Railbus is building a 50,000 sq ft hi-tech innovation hub in Dubai Silicon Oasis, expected to open next May, to drive development of its solar-powered, autonomous urban transport systems.

💎 Pink Diamond: Dubai Police foiled a year-long plot to smuggle a stolen 21-carat rare pink diamond worth $25 million, arresting the gang behind the scheme.

Egypt’s President Abdel Fattah El-Sisi held a meeting in Cairo on Monday with Sheikh Nasser bin Hamad Al Khalifa, Bahrain’s National Security Adviser and Commander of the Royal Guard, and Sheikh Khalid bin Hamad Al Khalifa, Commander of Special Operations.

Hassan Abdallah, Governor of the Central Bank of Egypt, had his term extended into a fourth year, an effort by the government to signal stability to foreign investors.

Larry Fink, CEO of BlackRock, strengthened his influence in Saudi Arabia by personally shepherding last week’s $11 billion leaseback deal with Aramco, positioning the New York asset management firm to further build its presence in the kingdom, Bloomberg reports.

Zeeba Askar has been named the Bahrain Association of Bank’s new CEO. She was previously ​​Chief Investment and Sustainability Officer at Infracorp Bahrain and currently holds the position of President of the CFA Society Bahrain.

Rashid Ghanem Al Shamsi, an Emirati adventurer, raised the UAE flag atop Russia’s Mount Elbrus, Europe’s highest peak at 5,642 meters above sea level.

🎞 Golden Age: Egyptian star Amr Youssef leads the heist film “Darwish,” which premieres in Cairo this week and portrays a slick con artist whose final jewel-theft caper spirals out of control. Youssef tells The National that the film evokes the emotional depth and charm of Egypt’s golden-age cinema, offering elegance, character, and consequence, in stark contrast to today’s superhero-filled blockbusters. The Arabic-language movie, directed by Walid El-Halafawy, opens in Gulf theaters Aug. 28.

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.

TURTLE TROUBLE

Environmentalists have won a temporary halt to construction on a portion of the $35 billion development of Egypt’s Ras al-Hekma coastal enclave as a tourism resort. Financed through a consortium led by Abu Dhabi sovereign wealth fund ADQ, the sprawling project is one of the showpieces of President Abdel Fattah El-Sisi’s efforts to sell off state lands to pay Egypt’s enormous debt. Construction crews were stopped in March from proceeding with work on Ras Hankorab, a beach known as a refuge for its endangered green turtles and eroding coral reef, Agence France Presse reports. While the dispute is being adjudicated, the new private developers of Hankorab have increased entry fees fivefold and are waiting to resume construction.

ENTERING INDIA

Investors in the UAE are showing greater interest in Indian markets. To cultivate Emirati business, Kotak International, the global arm of India’s third-largest private lender Kotak Mahindra said it plans to launch India-focused retail funds in the UAE. Kotak announced on Monday that it’s been granted a license by the UAE’s Securities & Commodities Authority to sell investment funds and portfolios to onshore retail investors, the first Indian firm authorized for such sales. Shyam Kumar, President of Kotak International, told Reuters that India’s young, working population is appealing for foreign investors. “India has got a story which is extremely wide and diversified,” Kumar said.

Public Investment Fund: Saudi Arabia’s tourism industry is deploying artificial intelligence and immersive technologies across key projects such as PIF-owned Neom and Red Sea Global to enhance visitor services and boost a more diverse range of attractions.

Masdar: Abu Dhabi Future Energy Company, known as Masdar, said in its 2024 Green finance report that it has allocated about $1.7 billion in green bond proceeds to new solar, onshore and offshore wind, and energy storage. Besides the UAE, the projects receiving the money are in countries including Saudi Arabia, the U.S., Germany, the U.K., Uzbekistan, Azerbaijan and Serbia.

Aramco: Saudi Aramco CEO Amin Nasser told Al Arabiya Business said that the energy giant has nearly $90 billion in mega projects underway, with natural gas output set to grow 60% by 2030.

📈RAK Growth: Real estate developers in Ras Al Khaimah reported strong profits in the second quarter, with RAK Properties nearly doubling net income to $25.2 million as Wynn Resorts’ construction of the UAE’s first casino attracts interest from property companies.

🚕Taxi Sale: Israeli ride-hailing and delivery platform Gett has been sold for $190 million to a consortium of six investors, with the buyers assuming a $70 million cash reserve and completing the deal without due diligence.

💼Broker License: VT Markets, a retail broker has received a UAE Securities and Commodities Authority Category 5 license, allowing it to market financial products and introduce business in the region without holding client funds or dealing securities.

☀️Looking Solar: Infrastructure investor Stonepeak has launched WahajPeak, a new platform to develop large-scale solar, wind, and battery projects across the Middle East and North Africa, led by Mothana Qteishat from its Abu Dhabi and Riyadh offices, Semafor reports.

🛢️Shale Advance: Algeria is close to striking agreements with Exxon Mobil and Chevron to develop its extensive gas reserves, including its first-ever exploration of shale gas opportunities.

🤝Economic Lift: Nearly two-thirds of Syrian asylum-seekers who arrived in Germany a decade ago are now employed, contributing to the country’s labour force and economic growth. 

🪖Service Return: Jordan plans to reactivate national military service for men aged 18 to 40, reinstating conscription which was suspended in 1991.

💸Investor Losses: UAE investors have reported losing substantial funds after UK-based 79th Group closed its Dubai office and became the subject of a fraud investigation.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and the UAE’s Minister of Defense and Deputy Prime Minister, attended the Global Champions Arabians Tour, one of the biggest international Arabian horse shows, over the weekend in London. Also at the event were Sheikh Jassim bin Hamad, Personal Representative of the Emir of Qatar, and Sheikh Joaan bin Hamad, President of the Qatar Olympic Committee.

Sheikh Sultan bin Ahmed, Deputy Ruler of the UAE emirate of Sharjah and Chairman of the Judicial Council, met on Sunday morning with Adnan Fanjari, Egypt’s Minister of Justice, at the Ministry’s office in Egypt’s New Administrative Capital.

Sheikh Mohammed bin Abdulrahman, Qatar’s Prime Minister, is heading to Egypt for a five-day visit to discuss a ceasefire between Israel and Hamas, Bloomberg reports.

Sheikh Zayed bin Mohamed bin Zayed, Chairman of the Office of Development and Martyrs Families Affairs at the Presidential Court received Hamza Chimaev, the Emirati MMA fighter who was crowned World Middleweight Champion at UFC 319 in Chicago on Sunday.

Klaus Schwab, founder and former Chairman of the World Economic Forum was cleared of material wrongdoing following an external review. The Geneva-based organization, which runs the annual Davos conference, named Blackrock’s Larry Fink and Roche Holding Vice Chairman Andre Hoffmann as the WEF’s interim co-chairs.

Erik Prince, founder of Blackwater, has re-entered the private military sector, launching a new firm to undertake overseas security assignments that are not being funded by the U.S. government, The Wall Street Journal reports.

Hossam Heiba, CEO of Egypt’s General Authority for Investment and Free Zones, told Egypt Today in an interview that the country is preparing to expand its network of public free zones, with four new zones scheduled to begin operations by the end of 2026 targeting export worth $140 billion by 2030.

Mohammad Nidal Al-Shaar, Syria’s Minister of Economy and Industry will lead a delegation to Riyadh on Monday as a follow up on the Syrian-Saudi Investment Forum that was held last month in Damascus.

🥾Tread Carefully: Khaled Esguerra wants visitors to step into the Ishara Art Foundation’s “No Trespassing” show and walk all over his collage of 800 sheets of paper, which carry words such as “heritage,” “legacy,” and “authentic.” Esguerra tells Arab News that his work is a critique of urban redevelopment projects. “I wanted [visitors to the exhibition] to be confronted by this vocabulary and question their role in these manufactured changes in historic neighborhoods,” he said. The Dubai show features five other artists and runs until Aug. 30.

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.

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.