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.

PYTHON UNICORN

Abu Dhabi’s Mubadala Capital was among the investors in a $150 million funding round for U.S.-based AI startup Anaconda, which valued the company at about $1.5 billion. Anaconda’s open-source platform provides secure versions of Python-based coding packages used by businesses to build and run AI systems. The Series C funding round, led by Insight Partners, will accelerate global expansion and new AI features, while giving early employees a chance to cash out. It comes amid intense competition among enterprise AI software companies, with the Python programming language dominating. Mubadala’s key AI investments include UAE powerhouse G42 and space tech company Space42.

PEPSI PLEDGE

U.S. beverage and snack giant PepsiCo promised to give more leadership roles to Saudis as it opened an $80 million expansion of its facility in the kingdom’s eastern city of Dammam. PepsiCo regional CEO Ahmed El-Sheikh told Arab News that 85% of the company’s workforce at the Dammam plant were Saudi nationals, which was “just the beginning.” The facility supplies local markets and exports to 20 countries across the region. Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef, who officially opened the plant, said the government had reformed a policy to allow PepsiCo to export Saudi-grown potatoes in a “significant milestone” for local farming.

The Arab Investment Co., a Middle Eastern wealth fund whose biggest backers are Saudi Arabia and Kuwait, plans to liquidate its $1.2 billion portfolio of legacy assets to focus entirely on private markets, Bloomberg reports.

ADQ: Etihad Airways, which is owned by the Abu Dhabi sovereign wealth fund, is recruiting employees of Wizz Air Abu Dhabi, which is shutting down, as part of its  plan to hire 1,500 new staff members in 2025.

AD Ports Group, which is backed by ADQ, signed an agreement with Egypt’s Ministry of Petroleum & Mineral Resources and Dubai-based TCM Project Management to explore joint operation and development of Egypt’s strategic crude oil storage network.

Kuwait Petroleum Corp.’s net profit for the 2024 fiscal year ending March 31 declined 5.8% to $4.5 billion from the previous year, tracking a similar drop in the price of Kuwaiti oil.

Turkey Wealth Fund: Türksat, part of the Turkey Wealth Fund, plans to launch a standalone mobile phone service by mid-2026, separating its cable and broadcast operations into different divisions.

🏝️ Rising Projects: Oman will build a $210 million resort in Salalah, constructed by UAE’s Wathba Hospitality, as part of efforts to boost tourism and diversify its economy.

💪 Helping Hand: The Saudi Fund for Development has signed $93 million in loan agreements with Barbados to strengthen its water, housing, infrastructure, and health sectors.

📞 Emergency Calls: Carbyne, an Israeli startup that develops cloud-based software to modernize emergency call centers, raised $100 million in a funding round led by AT&T Ventures.

💰 Gas Boost: Qatar will fully fund an increase in Azerbaijani natural gas supplies via Turkey to Syria, boosting daily deliveries to 3.4 million cubic meters to enhance electricity generation, Bloomberg reports.

💻 AI Alliance: A UAE-led partnership with Malaysia and Rwanda aims to promote ethical AI and bridge the digital divide in the Global South under the World Economic Forum’s innovation network, Arab News reports.

🚨 Ride Collapse: At least 23 people were injured, four seriously, when a fairground ride snapped mid-air and crashed at an amusement park in Taif, Saudi Arabia.

🤖Virtual Buddies: Dubai has unveiled an AI-powered virtual Emirati family, including a lifelike young girl who will serve as a brand ambassador for Digital Dubai’s push to integrate advanced technology into daily life.

UAE President Sheikh Mohamed bin Zayed met on Thursday with Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Deputy Prime Minister and Minister of Defense, at Qasr Al Shati palace in Abu Dhabi.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, and Sheikh Hamdan bin Mohammed attended combat and tactical demonstrations presented by UAE National Service recruits that were held on Thursday at the Sweihan Training Centre in Abu Dhabi.

Sheikh Mohamed bin Saif Al Nahyan, Vice Chairman of the Board of First Abu Dhabi Bank, hosted the opening of the bank’s new branch in London. Among the attendees were FAB Group CEO Hana Al Rostamani; Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, CEO of ADNOC and a FAB board member; Mansoor Abulhoul, UAE Ambassador to the U.K.; Princess Beatrice of York; Sheikh Ahmed Mohammed Al Dhaheri, FAB board member; and Mohammed Thani Al Rumaithi, a FAB board member and Chairman of Alpha Dhabi Holding.

Ray Dalio, founder of Bridgewater Associates, sold the remainder of his stake in the world’s largest hedge fund and left its board. Reuters reports, citing a letter to clients from Bridgewater CEO Nir Bar Dea and Co-Chair Mike McGavick.

Marc Lipschultz, co-founder of Blue Owl, warns in an interview with the Financial Times of a “manic” environment in the second-hand private equity market, citing record activity levels driven by investors seeking quick gains.

Dr. Mugheer Khamis Al Khaili, Chairman of Abu Dhabi’s Department of Community Development, spoke to The National about his efforts to strengthen feelings of national unity in the UAE.

Paul Griffiths, CEO of Dubai Airports, told The National that the agency is testing new screening equipment that will use artificial intelligence to analyze the contents of passengers’ hand luggage so they can pass more quickly through security checks.

🎨 Shadow Art: Louvre Abu Dhabi has announced its international jury panel and shortlisted artists for the fifth edition of the Art Here 2025 and the Richard Mille Art Prize. Running from Oct. 11 to Dec. 28 under the museum’s unique dome, Art Here 2025 will be curated by Sophie Mayuko Arni and invites artists to respond to the theme “shadows”. More than 400 proposals have been received from artists in the GCC and Japan. 

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.

FERTILE GROUND

A firm backed by global investment giant KKR has bought a stake in one of the Gulf’s most reputable fertility clinics. IVI RMA Global, the world’s biggest provider of infertility treatments, which was bought by KKR three years ago, is re-acquiring ART Fertility Clinics’ Middle East operations from Abu Dhabi-based Gulf Capital, which had acquired the business for $100 million from IVI RMA Global in a carve-out of its Middle Eastern clinics five years ago. Financial details were not disclosed, but Gulf Capital said the deal was one of its most successful exits to date, Bloomberg reports. The sale comes amid rising demand for fertility services in the region, as legal systems adapt to changing demographics and social norms. In the UAE, IVF laws were recently updated to allow unmarried non-Muslim couples to use IVF and to store embryos. Single women are also now allowed to freeze their eggs for future use. The sale covers four clinics in the UAE and Saudi Arabia, while Gulf Capital will continue to own operations in India.

OFF TARGET

The world is rapidly falling behind on a landmark pledge made at the United Nations COP28 summit in Dubai two years ago to triple global renewable energy capacity by 2030, according to a new report. Climate think tank Ember has calculated that the world will reach 7.4 terawatts of renewable capacity by 2030 under the current targets put forward by national governments, well short of the 11 terawatts needed to meet the tripling goal. The shortfall highlights a disconnect between high-level climate talks and implementation at a national level, an issue that is likely to overshadow November’s COP2030 summit in Brazil. Only 22 countries have revised their renewables targets since COP28, most of them in the European Union, according to Ember.

Mubadala Capital: Toronto-based CI Financial said it expects to close a take-private transaction with Mubadala Capital by Aug. 12, following regulatory approvals and pending final closing conditions.

Qatar Investment Authority: The QIA has joined Sofinnova Investments, B Capital, and other investors in a $132 million Series B round for Artbio, a clinical-stage radiopharmaceutical biotech company, marking its first investment in the U.S. biotech market.

🚢 Canal Growth: Egypt’s Suez Canal Economic Zone said revenue increased 38% to $243 million in the 2024/25 fiscal year despite lower traffic stemming from conflict in the Red Sea.

📈 Hot Market: Kuwait’s stock exchange, the Boursa Kuwait, said net profit soared an annualized 61% in the first half of 2025 to more than $49 million.

🌐 Cyber Merger: Palo Alto Networks will acquire Israel’s CyberArk in a $25 billion deal, marking one of the largest takeovers in the cybersecurity industry.

🏘️ Small Share: Saudi Arabia’s Sinad Holding Co. has agreed to buy a 2.2% stake in Al Majdiah, a fast‑growing Saudi real estate developer founded in 2014 in Riyadh.

🌴 Beach Homes: The Giorgio Armani Group said it’s teaming up with with RAK properties and SIE Group to develop branded beach residences in the emirate of Ras Al Khaimah, WWD reports.

💵 Raising Funds: KKR & Co. raised some $6.5 billion of capital to invest in asset-backed finance, marking the firm’s largest credit fundraise to date, Bloomberg reports. Meanwhile, KKR and Capital Group are accelerating their push to offer private assets to retail investors, unveiling plans for a fund that combines traditional U.S. stocks with private equity, the news agency said.

📈 Kuwait IPO: Kuwait’s Action Energy, which provides drilling and oil field services, is planning an IPO that would become the country’s first energy-sector public listing since 2008, Bloomberg reports.

✈️ Route Expansion: UAE-based discount carrier Air Arabia will expand service to Russia in October with new direct flights from the emirate of Ras Al Khaimah to Yekaterinburg and Kazan.

🔌 Help Needed: China can help strengthen Egypt’s inefficient electricity grid and stalled renewable energy program, but seeking its help would allow Beijing to dictate the terms, Arabian Gulf Business Insight reports, citing columnist Jonathan Fulton.

💰 Special Merger: Europe’s largest digital bank Revolut, valued at about $65 billion, is considering buying a Middle Eastern bank to bypass licensing hurdles and accelerate its regional expansion The Financial Times reports.

☀️ Solar Track: Iraq is building a 300 MW solar plant in its central desert to help ease electricity shortages worsened by reduced Iranian gas imports.

🏗️ Construction Boom: Egypt’s construction market has become one of the largest in the region, with future projects valued at $566 billion, property consulting firm Knight Frank says.

UAE President Sheikh Mohamed bin Zayed held a phone call with India’s Prime Minister Narendra Modi on Wednesday.

Oman’s Sultan Haitham met in London with the U.K. Prime Minister Keir Starmer. The two leaders agreed to strengthen cooperation in energy, defense, and technology, while jointly calling for urgent aid to Gaza.

Sheikha Fatima bint Hazza bin Zayed, Chairwoman of Fatima bint Mubarak Ladies Sports Academy and founder and owner of Al Shira’aa Arabians, was recognized by British Showjumping for her exceptional contribution to the sport in the U.K.

Sheikh Nahyan bin Mubarak, UAE Minister of Tolerance and Coexistence, attended a reception at Bab Al Qasr Hotel in Abu Dhabi held by Ahmed El Tazi, Ambassador of Morocco to the UAE, on the occasion of Morocco’s Throne Day on Wednesday.

Christian Baier, Chief Financial Officer of German chemicals maker Covestro, told Reuters that the company remains confident that its takeover by ADNOC will be finalized by the end of the year, despite an EU competition probe.

Syrian Foreign Minister Assad al-Shaibani said on a visit to Moscow that his country wants to have a good relationship of “mutual respect” with Russia even though the Kremlin is giving sanctuary to its toppled ruler Bashar Al Assad.

🎹 High Note: Saudi-American songwriter and producer Reef Loretto can trace the roots of his sound back to his childhood home in Dhahran, where he was involved in music from a young age, he tells Arab News in an interview following his trip to Japan to represent the kingdom at World Expo 2025 in Osaka. The Los Angeles-based artist’s residency in Osaka included performing with Japanese djembe drummer and vocalist Kackey and Saudi oud player Faisal Alqarni. The trio created soundscapes inspired by ecology, ancestry and the Red Sea.

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.

BLACKJACK-READY

Makers of roulette wheels, slot machines and blackjack tables are setting up shop in the UAE with hopes of winning contracts at the country’s first legal casino. As Wynn Resorts prepares to open a $5 billion hotel and adjoining casino in 2027, at least 14 equipment providers have been granted or are seeking licenses from the UAE’s General Commercial Gaming Regulatory Authority, Arabian Gulf Business Insight reports. Las Vegas-based Konami Gaming announced this week that it received the government approval to sell slots and other casino paraphernalia in the UAE. MGM Grand and Malaysia’s Genting Group are among other casino operators reportedly planning to open hotels alongside the Wynn resort on Al Marjan, an artificial island built off the coast of the emirate of Ras Al Khaimah.

MAPPING AFRICA

Abu Dhabi’s Space42, Microsoft and Silicon Valley-based Esri have launched the “Map Africa Initiative,” a five-year effort to develop high-quality digital base maps across all 54 African nations. The project, unveiled at the 2025 Esri User Conference in San Diego, aims to strengthen local mapping infrastructure and deliver geospatial data to support governments, businesses and communities. The companies said this effort could benefit more than 1.4 billion people and boost institutional capacity across the continent. By providing high‑precision base maps, the initiative is expected to enhance route planning for ports and logistics, optimize renewable energy deployment, improve security and disaster response, and underpin the development of smart cities and digital economies. 

G42: The Abu Dhabi-owned tech company is nearing a deal with Germany’s Northern Data to secure data center capacity in Europe, supporting its fast-growing artificial intelligence operations across the region, Bloomberg reports.

Abu Dhabi Investment Authority: ADIA has acquired a 1.2% stake in India’s National Securities Depository Limited as an anchor investor in its $460 million IPO opening today.

Mubadala: Spanish refiner Moeve, majority-owned by Abu Dhabi’s Mubadala, reported lower earnings for the first half of 2025 due to April’s massive power outage in Spain and Portugal.

Masdar: Emerge, a joint venture between Masdar and France’s EDF, will develop a 621 kilowatt peak rooftop solar PV plant in Misk City, northwest of Riyadh, under a 20-year deal to supply sustainable power and support the city’s green certification goals.

Qatar Investment Authority: Anthropic is nearing a deal with Iconiq Capital to raise as much as $5 billion in a new round of funding that would value the artificial intelligence startup at $170 billion, Bloomberg reports. Anthropic has also reportedly been in discussions with the Qatar Investment Authority and Singapore’s sovereign fund GIC about participating in the round.

💰Fund Flight: Star trader Tony Chedraoui’s Tyrus Capital is shutting its London office and relocating its hedge fund operations to Abu Dhabi, Bloomberg reports.

🏗️Global Hub: Saudi Arabia, in partnership with Thai investors, will build a $173 million multicultural “global city” in Dammam, featuring a manmade lake, floating bazaar and attractions modeled on Dubai’s Global Village, daily Arabic speaking Al Madina news reports.

💻Cyber Grab: Palo Alto Networks, the world’s largest cybersecurity company, is in advanced talks to acquire Israel’s CyberArk for over $20 billion, which would be its biggest acquisition ever, The Wall Street Journal reports.

📈Private Equity Surge: Saudi Arabia led MENA private equity activity in the first half of 2025, accounting for 45% of regional deals and outpacing the UAE, according to a report by MAGNiTT.

🚔Taxi Territory: Abu Dhabi has extended its autonomous taxi network to Al Reem and Al Maryah Islands, furthering its goal of achieving 25% smart mobility by 2040.

🏢Conglomerate Caution: Gulf oil giants risk turning into sprawling conglomerates as their growing portfolios expand beyond energy, raising questions about the long-term coherence of their investment strategies, The Economist reports.

🧠 AI Showdown: China is ramping up efforts to build a domestic artificial-intelligence ecosystem that can function without Western technology, as it steels itself for a protracted tech contest with the U.S., The Wall Street Journal reports from an AI conference in Shanghai.

🥂Liquid Gold: A restaurant in Dubai is charging AED450 ($122) for a Caesar salad, The National reports.

UAE President Mohamed bin Zayed received a phone call from the U.K. Prime Minister Keir Starmer, during which they discussed Gaza, efforts to strengthen regional security and relations between their two countries.

Saudi Arabia’s King Salman Abdulaziz Al Saud chaired a Cabinet session held on Wednesday in Jeddah.

Sheikh Mohamed bin Rashid, UAE Vice President and Ruler of Dubai, noted on X that the UAE’s non-oil foreign trade rose by 24% in the first half of 2025 compared to the same period last year, which he called “an unprecedented development for the UAE.”

Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, received Emilio Pin Godos, Spain’s Ambassador to the UAE, at his palace in Saqr bin Mohammed city on Tuesday.

Saudi Prince Faisal bin Bandar Al Saud who is a close ally of Crown Prince Mohammed bin Salman and shares his love of video games, is the subject of a profile in The Intelligence Online.

Hussain Al Sijwani, the founder of DAMAC Properties, shared his experience hanging out with U.S. President Donald Trump at the Trump Turnberry Golf Course in Scotland. 

Walid Hassouna, CEO of Egypt’s Valu consumer finance company, told Zawya he’s considering cross-border expansion and new products after the firm’s shares surged over 850% on their first day of trading.

🏛️ Blooming Bosporus: From newly-renovated Ottoman-era baths to cutting-edge contemporary art collections, Istanbul’s museums are having a moment, The New York Times reports. The Turkish capital has opened or re-opened five significant museums, including the Renzo Piano-designed Istanbul Modern and Zeyrek Cinili Hamam, a 1530s bathhouse which has undergone an opulent 13-year renovation.

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

July 25-27, New York City: Abu Dhabi Calling. A multi-sensory, immersive exhibit promoting tourism to the UAE capital. Hudson Yards.

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.

Nov. 12. New York. Dubai Business Forum-USA. The fourth international edition of the forum aims to introduce the American business community to the diverse opportunities created by the Dubai Economic Agenda. Venue TBA.

SUBSIDY SCRUTINY

ADNOC’s $14 billion bid to acquire German plastic maker Covestro may be in trouble. European Union regulators announced a formal investigation on Monday over concerns that the Abu Dhabi oil company’s state funding gives it an advantage that could hamper fair competition. The acquisition of Covestro was previously approved, but the investigation adds a new wrinkle to the deal. EU regulators issued a statement saying that a guarantee by the UAE to support the purchase of Covestro may have enabled ADNOC to make an offer with a valuation and financial terms that competitors couldn’t match. The Abu Dhabi company said it will contest the findings.

COOL DEAL

Abu Dhabi will invest almost $220 million in projects to boost tourism to Oman’s southern city of Salalah, including building a new luxury resort and upgrades to a marina and beachfront area. The money from the Abu Dhabi Fund for Development will also support essential infrastructure works, The National reports. Salalah is popular with Gulf residents looking to escape the oppressive heat of summer. Every year the surrounding region experiences heavy rainfall during “Khareef” season from June to September, transforming the desert landscape into a lush Arcadia of greenery and waterfalls. The UAE and Oman agreed to a raft of investment partnerships following a state visit by Oman’s Sultan Haitham to the UAE in April last year, including projects across tourism, renewable energy, green metals and technology.

Public Investment Fund: Saudi Arabia’s sovereign wealth fund was ranked the most valuable and fastest-growing sovereign fund globally, offering a brand value of $1.2 billion, according to Brand Finance’s 2025 report.

ADQ: AD Ports Group signed a 50-year land lease agreement with Emirates Food Industries to build advanced silos at Abu Dhabi’s Khalifa Port’s South Quay.

Mubadala: The sovereign wealth fund’s Mubadala Investment Co. hired Daniel Fletcher from Toronto-based property firm Dream to head its real estate business in the Americas.

Oman Investment Authority: SERB, a drone startup backed by the OIA, plans to deploy 5,000 drone pilots while consulting with government agencies to strengthen air navigation safety.

Oman Investment Authority: ZabonEx, an Oman-based startup that provides an SaaS platform for food and beverage businesses, has raised $100,000 in a pre-seed funding round backed by the OIA’s Future Fund Oman.

📈 High Demand: The $336 million IPO of Saudi Arabian developer Dar Al Majed Real Estate Co. sold out within minutes of books opening on Tuesday, Bloomberg reports.

✈️ Boeing Lease: Dubai Aerospace Enterprise agreed to buy 10 Boeing 737-9 aircraft from United Airlines and lease them back to the U.S. carrier.

🏢 Retail Lead: Arada, a UAE property developer, awarded a $16.3 million contract  to Intermass for the construction of Masaar Central, a retail and lifestyle hub in the emirate of Sharjah..

🛒 Food Trolly: Calo, Saudi foodtech startup,raised $64 million in a Series B funding round to expand globally and prepare for a possible IPO in 2027, Bloomberg reports. 

🍴Dinner Bill: Kuwait-based Kamco Invest, acquired a stake in Foodics, a payments platform used by 33,000 restaurants in the MENA region that processed $10 billion in bills last year. The size of the stake was not disclosed.

💻 AI Acquisition: Nice Ltd., an Israeli maker of customer engagement software, agreed to buy Germany’s Cognigy AI firm for $955 million, to acquire its human-like virtual agents that can talk in a range of different languages.

📈 Gulf Resurgence: Gulf economies are expected to grow faster in 2025 as petroleum output rises and diversification gains momentum, despite subdued prices and lingering uncertainty over global oil demand, a Reuters poll of economists shows.

🤝 Merger Moves: Kuwait’s Gulf Bank and Warba Bank of Kuwait appointed advisors to explore a possible merger, with Gulf Bank hiring Goldman Sachs and Warba hiring J.P. Morgan.

🍾 Exquisite Taste: NOBU, the world-renowned Japanese-Peruvian restaurant, hosted a pre-opening celebration at SODIC’s Ogami resort on Egypt’s north coast.  

🛫 Airline Rivalry: Ryanair boss Michael O’Leary slammed Wizz Air’s retreat from the Gulf, accusing it of making “inventive” excuses and warning its falling value could invite Middle Eastern takeover bids.

UAE President Sheikh Mohamed bin Zayed issued a federal decree to promote Sheikh Hamdan bin Mohammed bin Rashid, the Minister of Defense and Crown Prince of Dubai, to the rank of Lieutenant General.

Sheikh Hamdan bin Zayed, the Ruler’s Representative in Al Dhafra Region, attended specialized demonstrations by the 22nd cohort of the UAE National Service Program at the Liwa Training Centre.

Sheikha Bodour bint Sultan Al Qasimi, President and Chairperson of the Board of Trustees of American University of Sharjah, was conferred with the title of Honorary Professor by the University of Leicester.

Mohammed Fannouch was named HSBC’s co-head of capital markets and advisory across the MENA and Turkey region, having previously served as the bank’s co-head of investment for Saudi Arabia.

Nedaa Al Mubarak was appointed as CEO of Saudi Arabia’s SRMG Media Solutions, the commercial representative of more than 30 media properties, including Asharq News, Arab News and Billboard Arabia.

Hadley Gamble, a former anchor for CNBC and Al-Arabiya English, has been hired by International Media Investments as the group’s Chief International Anchor, to conduct high-impact interviews and produce original content across IMI portfolio companies including SkyNews Arabia, CNN Arabia, The National and Al Ain News. 

🎤 Comedy Kingdom: The line-up has been announced for the first ever Riyadh Comedy Festival, with a slew of international performers, including U.S. stars Chris Tucker, Pete Davidson, Aziz Ansari and Tom Segura, set to perform at Boulevard City from Sept. 26 to Oct. 9. A total of 26 artists have been confirmed, with more to be announced in coming weeks. The first comedy festival of its scale in Saudi Arabia has the potential to test the bounds of the kingdom’s  freedom of expression. Most comedians who perform in the Gulf are required to agree to offer sheets with a list of sensitive topics to be avoided. 

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

July 25-27, New York City: Abu Dhabi Calling. A multi-sensory, immersive exhibit promoting tourism to the UAE capital. Hudson Yards.

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. 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.

Nov. 12. New York. Dubai Business Forum-USA. The fourth international edition of the forum aims to introduce the American business community to the diverse opportunities created by the Dubai Economic Agenda. Venue TBA.

GULF STREAM

Netflix will team up with MBC Group’s Shahid, the world’s biggest Arabic content streaming platform, to offer a joint subscription bundle via MBCNOW. The offer is already available in Saudi Arabia, with a wider rollout planned across the Mena region, The National reports. The first regional agreement of its kind steps up the increasingly-fierce competition for Arabic-language viewers, after U.S. media giant Warner Bros. Discovery bought a one-third stake in Dubai streaming company OSN in March for $57 million. Demand for Arabic-language content grew by 16 times between 2020 to 2024, according to research by Parrot Analytics and Rise Studios.

ARAB ENTERPRISE

Lords, diplomats and corporate executives turned out last week for a British celebration of Arab entrepreneurship. The London event, sponsored by the U.K.’s Arab Entrepreneurs Board, took place in the House of Lords and featured an awards ceremony to recognize outstanding Arab businesses, Arab News reports. Among the companies taking part were NEOM, Binghatti, BMG Financial Group, The Ritz London, Aston Martin and Harrods. The event was opened by Lord Dominic Johnson, who delivered a keynote address highlighting the critical role of entrepreneurship in building resilient and inclusive economies.

ADQ: Etihad Airways, the ADQ-backed Abu Dhabi carrier, is considering deferring its $1 billion IPO to the first quarter of 2026, allowing the airline to capitalise on its recent partnerships, Zawya reports.

Abu Dhabi Investment Authority: Indian eyewear retailer Lenskart Solutions, which is backed by ADIA and other international investors including Japan’s SoftBank, is planning to file for a $1 billion IPO as early as this week, Bloomberg reports. 

Public Investment Fund: SURJ, the sports arms of the PIF, has completed a funding round for the organizers behind the T100 Triathlon Tour, contributing to an estimated total of $40 million raised, Bloomberg reports.

MGX: The Abu Dhabi fund has indicated its interest in a potential investment in Anthropic that would more than double the AI company’s valuation to $150 billion, the Financial Times reports.

GIC: Singapore’s sovereign wealth fund is expressing caution regarding the private credit market, noting the shrinking yields and a lack of experience with economic downturns in the booming sector, the Financial Times reports.

💻 Signal Rollout: The Moroccan government announced an $8 billion investment to roll out 5G technology across the country, covering 85% of the population by 2030.

🤝 Buying Components: India’s Amber Group will acquire a minority stake in Israel’s electronic components company Unitronics, purchasing more than 40% of the shares from private equity fund FIMI and tech entrepreneur Haim Shani for about $47 million.

🏭 Atomic Goals: Emirates Nuclear Energy Company signed a preliminary agreement with Hyundai Engineering & Construction to explore international nuclear energy opportunities.

⛽ Diesel Relief: A supertanker loaded with about 2 million barrels of diesel from Saudi Arabia is en route to Europe, aiming to alleviate the continent’s fuel shortages, Bloomberg reports.

 🔋 Battery Brine: Zhiping Lai, a professor at Saudi Arabia’s King Abdullah University of Science and Technology, has developed a technique for extracting lithium infused in the brine of desalinated water, and has established a start-up to try to commercialize the process, which could eventually be used to make lithium batteries, the Financial Times reports.

🏛️ Debt Partner: Saudi Arabia’s Ministry of Finance and National Debt Management Center appointed France’s Societe Generale as a primary dealer for local debt instruments.

🌴 Planting Mangroves: Saudi Arabia is expanding its mangrove forests as part of a push to restore coastal habitats, combat climate change, and diversify the Kingdom’s tourism economy, Arab News reports.

🏢 Tourist Hub: Oman’s Duqm region has attracted over $2.2 billion in tourism investment, including 21 hotels, 10 hotel apartments and a multi-use purpose project.

Sheikh Zayed bin Hamdan, Chairman of Abu Dhabi investment holding company 2PointZero, attended the finish line in Paris, as Tadej Pogačar, riding for the UAE’s Emirates XRG team, won his fourth Tour de France on Sunday. Also attending was Dr. Sultan al Jaber, UAE Minister of Industry and Advanced Technology, and CEO of ADNOC, who met with Bernard Fontana, Chairman and CEO of French utility EDF.

Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy, met Syria’s Minister of Energy Mohammad Al Bashir in Riyadh on Sunday.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, said that the UAE will continue airdropping aid to Gaza and seek other means by land and sea.

Sheikh Abdullah held a phone call on Monday with Winston Peters, Minister of Foreign Affairs of New Zealand.

Sana Khater has been appointed CEO for Bahrain-based Investcorp Capital starting in September.

Marcelo Claure, the billionaire former Softbank executive, will likely serve as Chairman of the U.K.’s Arden University following the acquisition by private equity firm Brightstar Capital Partners of a 50% stake in the for-profit school, the Financial Times reports.

Ziad Rahbani, the acclaimed Lebanese composer and musician known for his unique blend of Western and Arabic sounds, has died at 69. 

Ali Bu Sharabak Al-Mansori, Acting General Manager of Qatar Chamber, met on Monday with Guo Hao, Deputy General Manager of the Industrial and Commercial Bank of China in Doha, at the Chamber’s headquarters.

🎹 Sound Investment: Saudi Arabia’s MDLBEAST Foundation is looking for early-stage music startups across the Mena region to take part in this year’s Sound Futures, a project designed to match entrepreneurs with investors and industry experts in the hope of creating the next big thing in entertainment. A previous participant in the initiative, Maqam Labs, created a synthesizer that brings Middle Eastern scales, known as Maqamat, to electronic music. Applications close by October, with the main event, the XP Music Futures Conference, running from Dec. 4-6 in Riyadh.

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

July 25-27, New York City: Abu Dhabi Calling. A multi-sensory, immersive exhibit promoting tourism to the UAE capital. Hudson Yards.

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. 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.

Nov. 12. New York. Dubai Business Forum-USA. The fourth international edition of the forum aims to introduce the American business community to the diverse opportunities created by the Dubai Economic Agenda. Venue TBA.

STRENGTHENING TIES

Saudi Arabia’s Investment Minister Khalid Al Falih wrapped up his trip to Damascus by pledging that the kingdom would plow $6.4 billion into the Syrian economy. Speaking at a business forum on Thursday, Al Falih called his visit “confirmation of the kingdom’s firm and supportive stance towards sisterly Syria” and said 47 separate deals were being signed. The investments included $2.9 billion for real estate and infrastructure projects and about $1.1 billion in telecommunications and information technology, Al Falih said. Among the businesses involved in the deals were Saudi Telecom Co. GO Telecom, digital security company Elm, cybersecurity firm Cipher, and Classera, an education technology company.

SAUDI SOCCER

For the first time, a Saudi soccer team has been acquired by foreign investors. The Saudi Pro League’s Al-Kholood club was bought by the Harburg Group, a business founded by American private equity investor Ben Harburg, for an undisclosed price. The sale to a foreign group represents a change in Saudi Arabia, which has invested heavily in European soccer and spent hundreds of millions of dollars poaching foreign players, including Portuguese star Cristiano Ronaldo. The kingdom’s Ministry of Sport announced two other soccer team acquisitions on Thursday: The Al-Zulfi club was sold to Riyadh-based Nojoom AlSalam Co. and Medina-based Al-Ansar was acquired by Awdah Al Biladi and his Sons Contracting Ltd.

Masdar: The Abu Dhabi green energy company and Spain’s Iberdrola announced the financial close on the 1.4 gigawatt East Anglia 3 offshore wind farm in U.K. waters, after securing $4.8  billion in project financing via a group of 23 banks and the Danish Export Credit Agency. It marks Masdar’s largest-ever financing facility and one of the biggest ever for offshore wind globally.

Masdar: Masdar City has signed an initial cooperation agreement with the Dubai Land Department which will allow companies operating in Masdar City’s freezones to buy freehold land plots and properties in Dubai. 

ADQ: AD Ports Group has officially opened its first international office in Beijing to lead commercial and investment activities across China and Asia.

Oman Investment Authority: OQ Exploration and Production announced it will repurchase 45 to 60 million shares from the Omani bourse starting August 6, 2025 until February 9, 2026, to help fund future expansion and boost its stock and financial performance.

💰 New Upgrade: Morocco will invest $3.7 billion over five years to enhance airport infrastructure, including expanding and modernizing airports in Marrakech, Agadir, Tangier, and Fez. 

⚓ Saltwater Diplomacy: PowerChina has secured a contract valued at $4 billion to build Iraq’s first large-scale seawater desalination plant in the southern city of Basra, in partnership with an Iraqi company, Reuters reports. 

💲 Tax Advantage: April, an Israeli startup that created a platform to streamline U.S. tax filing, raised $38 million in a Series B funding round led by QED Investors.

☢️ Atomic Alliance: Emirates Nuclear Energy Company signed a preliminary agreement in Washington with Westinghouse Electric Co. to explore deploying advanced nuclear solutions in the U.S., supporting the country’s efforts to quadruple nuclear power generation by 2050.

🛢️ Energy Expansion: Allrig, a Houston, Texas-based asset management firm that caters to the offshore oil drilling industry, said it will expand operations in Saudi Arabia with a new office in the eastern city of Al-Khobar.

🎶 Inflight Entertainment: Legendary composer Hans Zimmer is creating a new “sonic identity” for Qatar Airways, with the exclusive score to be used onboard and released as a full album via major streaming channels, The Peninsula reports.

🏭 Nuclear Countdown: Egypt plans to activate the first nuclear reactor at the El-Dabaa Nuclear Power Plant in the second half of 2028, with the remaining three units set to become operational by 2029, Egypt Today reports.

💳 Security Question: UAE banks will stop sending one-time passwords via SMS or email, in a move to boost security amid rising fraud cases, The National reports.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Minister of Defence and Deputy Prime Minister, launched the “Dubai Mallathon,” which will transform shopping malls into morning fitness hubs during the month of August to encourage healthy living.

Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Executive Council, met Odonbaatar Shijeekhuu, Ambassador of Mongolia to the UAE, on Friday at the Emiri Court.

Mohammad Maktari, the regional CEO of Chinese electric vehicle maker NIO, writes for The National about the financial case for purchasing an EV.

Laurent Depolla, Middle East Sovereign Investment Fund Leader at PwC Middle East, authored an article on how sovereign wealth funds are pioneering the green energy transition in the Gulf by financing projects and enabling breakthrough innovation.

🤼 Lost Idol: Hulk Hogan, who died yesterday at the age of 71, captured the hearts and minds of millions of Arab wrestling fans, Faisal J. Abbas, Editor-in-Chief of Arab News, writes. As Hogan rose to fame in the 1980s, Saudi Arabia’s domestic Channel 1 began airing a weekly recorded WWF special with Arabic commentary. “Schoolchildren were allowed to stay up late, and living rooms erupted with excitement the moment Hogan’s entrance music blared,” Abbas writes. When the Gulf war broke out in 1990 and U.S. forces mobilized to liberate Kuwait from Iraqi occupation, Hogan’s battles against evil took on new meaning for many children in the Gulf, who saw the larger-than-life American as a real hero.

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

July 19-27, Washington D.C.: Mubadala Citi DC Open. The annual tennis tournament with $2.4 million in prize money takes place at the William H.G. FitzGerald Tennis Center.

July 25-27, New York City: Abu Dhabi Calling. A multi-sensory, immersive exhibit promoting tourism to the UAE capital. Hudson Yards.

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. 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.

Nov. 12. New York. Dubai Business Forum-USA. The fourth international edition of the forum aims to introduce the American business community to the diverse opportunities created by the Dubai Economic Agenda. Venue TBA.