UNDERGROUND SCENE

Elon Musk’s Boring Co. plans to build an expansive network of new tunnels under the UAE after securing $3 billion in fresh funding in a round led by Emirati investment entities. The capital injection, which values the tunneling startup at $23 billion, will support a large-scale expansion of underground transport infrastructure in the UAE, where work is already underway on Boring Co.’s Dubai Loop. The futuristic Dubai Loop project will use one-directional underground tunnels to whisk passengers between key landmarks in a fleet of Teslas, with the first stage operating between the Burj Khalifa, DIFC 2, Zabeel Dubai Mall Parking and ICD Brookfield Place. The new funds will pay for 150 kilometers (93 miles) of additional tunnels. Participants in the Series D funding round include Shamal Holding, an investment firm tied to Dubai’s ruling family, as well as Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, A16Z, Singapore’s Temasek sovereign fund and Baron Capital.

COFFEE BREAK

Mubadala is backing China’s biggest coffee chain with a $1 billion investment. The deal with Luckin Coffee’s main private-equity backer Centurium Capital gives the Abu Dhabi sovereign wealth fund an indirect stake and the right to appoint one director to Luckin’s board, Bloomberg reports. Luckin, which operates more than 36,000 stores, is a huge chain known for besting Starbucks in China through an app-first, cashier-less retail model. Mubadala has made a series of investments in China including in Shein, JD.com’s supply-chain arm and Full Truck Alliance.

Saudi Aramco: Dow is considering selling its 35% stake in the $20 billion Sadara chemicals venture, potentially allowing Saudi Aramco to increase its ownership.

International Holding Co.: UAE’s Marlan Space, in which IHC acquired an 80% stake this week, and U.S.-based Loft Orbital are leading a $1 billion investment in France to develop Altair-Next Gen, the world’s largest AI satellite infrastructure, with the first 50 satellites to be manufactured at Orbitworks’ facility in Abu Dhabi.

International Holding Co.: IHC-backed Alpha Wave Global joined BlackRock, Temasek and Premji Invest in a consortium investing nearly $1 billion in India’s Adani Airport Holdings at an $18 billion valuation.

Public Investment Fund: PIF-owned gigaproject Qiddiya has awarded a $221 million mechanical, electrical and plumbing contract for the Prince Mohammed bin Salman Stadium in Saudi Arabia to Qatari contractor Elegancia MEP, part of Estithmar Holding.

Mumtalakat: Abu Dhabi-based BlueFive Capital, which is backed by Bahrain’s sovereign fund, has acquired a 30% stake in Bugatti Rimac, the producer of Bugatti supercars, as part of a consortium led by New York-based HOF Capital that bought Porsche’s 45% stake in the Rimac Group and Bugatti Rimac.

🖥️ Digital Desert: Vodafone Business, Elsewedy Electric and Cassava Technologies plan to invest up to $1 billion in a 200-megawatt Egyptian data center that could create about 2,200 direct and indirect jobs.

💵 Billion Development: Dubai-based Azizi Developments is launching its first Sharjah project, the $8.16 billion mixed-use Azizi Florence, featuring 1,130 villas, more than 6,000 townhouses and 3,500 apartments.

⚓ Port Authority: Dubai’s DP World will co-develop a special economic zone in Kenya with local investment group GulfCap Africa.

 🏎️ Final Turn: Formula 1 may replace Abu Dhabi with Italy’s Imola circuit to host the 2026 season finale on Dec. 6 amid Middle East security concerns, NewsGP reports, citing Corriere dello Sport. F1 publicly maintains that its Qatar and UAE races remain unchanged.

📦 Shipping Challenging: The Red Sea has become “operationally hazardous” and commercially unattractive for many operators following the latest Houthi attacks, prompting more shipowners to divert around the Cape of Good Hope, Arabian Gulf Business Insight reports.

🚗 Car Manufacturing: ROX has begun producing its first UAE-made ADAMAS vehicles at its AI manufacturing center in KEZAD, Abu Dhabi, with annual capacity expected to reach 300,000 vehicles by 2030.

🛒 Saudi Bound: Retail giant Primark will open its first Saudi Arabia store at The Avenues Mall in Riyadh in March 2027, expanding its regional presence to five countries.

🛢 Oil Saga: Brent crude steadied near $101 a barrel after surging above $100 as escalating Iran-U.S. hostilities raised fears of deeper disruptions to shipping through the Strait of Hormuz.

🍎 Food Experience: Toku, a Singapore-listed customer-experience technology company, has established a UAE subsidiary and expanded its deployment with food delivery company Talabat to eight markets.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Holding, witnessed the signing of a $1.36 billion construction contract between Dubai Holding and China State Construction Engineering Corporation Middle East to deliver the group’s new headquarters and Jumeirah Residences Emirates Towers. 

Prince Turki bin Mohammed, Saudi Arabian Minister of State, attended the state funeral of Norway’s King Harald V in Oslo on Wednesday, on behalf of King Salman and Crown Prince Mohammed bin Salman.

Steve Witkoff, U.S. President Donald Trump’s diplomatic envoy, reported earning $107 million in 2025 from a holding company that owned his stake in World Liberty Financial, whose stablecoin was used by Abu Dhabi’s MGX in its $2 billion Binance investment.

Hamad Ali Al Khater, Qatar Airways Group CEO, said the airline has recovered to 90%-95% of pre-crisis passenger numbers and is now focused on a major five-year expansion drive, with plans to add 138 new aircraft.

Mounir Chahine, formerly of JPMorgan, was hired by Saudi Arabia-based Al Rajhi Capital as Director of Investment Banking to help expand its mergers and acquisitions business.

Faisal Ahmad was appointed CEO of Stonegate Capital, a Dubai-based family office.

Thomas Pramotedham, Presight CEO, shares his thoughts on radio station Dubai Eye on how domain-specific AI and sovereign infrastructure can support mission-critical operations.

Ageel Alshaibani was appointed CEO of the Saudi Tourism Authority, succeeding Fahd Hamidaddin.

🎤 Stage Return: Dubai Opera is preparing to kick off its new season on Saturday with a 10th Anniversary Gala featuring Egyptian soprano Fatma Said with the UAE National Orchestra and Festival Chorus. The 2026-2027 season includes the Ukrainian National Ballet performing Mozart’s “The Marriage of Figaro,” on Sept. 17-19, the Dubai Comedy Festival from Oct. 9-18, and multiple performances by the Bolshoi Theatre, which is launching its first official UAE tour with Rimsky-Korsakov’s “The Tsar’s Bride” on Dec. 2.

📷 Photo of the Day

Sept. 11-13, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles. ADNEC Centre.

Sept. 13-18, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC Centre.

Sept. 14-16, Riyadh. Money20/20. The event brings together banks, Big tech, fintechs, regulators, startups and investors. Riyadh Exhibition & Convention Center. 

Sept. 14-17, Riyadh. UNESCO Global Forum on the Ethics of AI. The event will bring policymakers and tech leaders together to examine AI’s impact on global governance, diplomacy, national security and the emerging technological divide. Location to be announced.

Sept. 14-17, Bangkok. Gastech. The global energy event brings together global energy leaders, policymakers and industry experts to explore natural gas, LNG, hydrogen, low-carbon solutions, electrification and AI. Bangkok International Trade & Exhibition Centre.

Sept. 14-17, Dubai. Arabian Travel Market. The flagship global travel trade show, which was postponed in May, returns, bringing 55,000+ travel professionals, 2,800+ exhibitors and representatives from 166 countries. Dubai World Trade Centre.

Sept. 15-17, Dubai. Arab Media Forum. The region’s largest media gathering, organized by the Dubai Press Club. Dubai World Trade Centre.

Sept. 16-18, Dubai. GISEC Global. MENA’s largest cybersecurity event brings together governments, CISOs, technology companies and cybersecurity experts to explore emerging threats, AI security, and other technologies. Dubai Exhibition Centre. 

Sept. 17-19, Abu Dhabi. International Real Estate & Investment Show 2026. An event targeting investors and consumers rather than trade visitors. ADNEC Centre.

Sept. 20, New York. Qatar Economic Forum. The forum will host a special leadership gathering alongside the 2026 U.N. General Assembly in New York, bringing together global leaders to explore capital, risk and resilience in a volatile global economy.

Sept. 28-Oct. 1, Singapore. SuperReturn Asia. The region’s premier private capital gathering. Marina Bay Sands Convention Centre.

Sept. 29-Oct. 1, Abu Dhabi. LIVEX 2026. Abu Dhabi’s inaugural Livability and Investment Exhibition. ADNEC Centre.

Oct. 6-7, Abu Dhabi. Ai Everything. The AI forum brings together policymakers, innovators and business leaders. ADNEC Centre.

Oct. 7-9, Singapore. Milken Institute Asia Summit. Bringing together a global community of influential leaders shaping the next era of intelligence, collaboration and growth. Four Seasons Hotel.

Oct. 21, 22, 24, Riyadh. Six Kings Slam. World No. 1 Jannik Sinner will defend his Six Kings Slam title when the tennis exhibition tournament returns, to be streamed globally on Netflix. ANB Arena.

Oct. 26-29, Riyadh. Future Investment Initiative. Saudi Arabia’s keystone annual business conference, sponsored by the Public Investment Fund. King Abdulaziz International Conference Center. 

BERLIN BOUND

UAE President Sheikh Mohamed bin Zayed begins a state visit to Germany today, where he is due to meet President Frank-Walter Steinmeier and Chancellor Friedrich Merz. UAE Ambassador to Germany Ahmed Al Attar said Sheikh Mohamed’s visit marks a milestone in bilateral ties and will create opportunities to deepen cooperation, building on the strategic partnership established in 2004. “Germany offers leading industrial, technical, and research expertise, while the UAE offers an advanced investment ecosystem, advanced infrastructure, and a strategic location connecting Asia, Europe, and Africa,” Al Attar told the state-run Emirates News Agency. Non-oil trade reached $15.6 billion in 2025, and the two countries are expanding cooperation in AI, clean energy, hydrogen, manufacturing, digital infrastructure and logistics. Meanwhile, the Anwar Gargash Diplomatic Academy is hosting an event today titled Germany and the UAE: Partners in a Changing World Order.

BREAKING ICE

An Arctic shipping route known as the “Ice Silk Road” is being promoted as an alternative to the Red Sea and Suez Canal for high-value cargoes transiting in the summer months. A Chinese cargo ship The Dubai Tower left Ningbo last month via Russia’s Northern Sea Route carrying energy storage systems and other goods and is due to arrive at its final destination in the U.K. today, after 21 days en route. Closely tracked by ship watchers, the vessel is completing the first voyage of a new regular cargo service using the seasonal shortcut, operated by the Sea Legend Line. A comparable journey via the Suez would take 30 to 35 days. While the Northern Sea Route is faster and increasingly accessible due to climate change, experts say it is still too difficult and expensive to be commercially viable for most cargoes, with ships requiring an icebreaker escort even at the height of summer.

International Holding Co.: IHC will acquire an 80% stake in UAE-based Marlan Holding through its International Tech Group, expanding into the space sector, including satellite infrastructure company Orbitworks, a joint venture with U.S.-based Loft Orbital.

L’Imad Holding: Mauritius is exploring a partnership with L’Imad-owned Etihad Airways that could include direct flights and investment in tourism, cargo, training, aircraft maintenance and airport services, Bloomberg reports.

Public Investment Fund: Acwa, the PIF-backed alternative energy company, and the Water Transmission Co. signed an agreement to assess Syria’s water resources and plan desalination and transmission projects.

🛢️ Afghan Exploration: Saudi Arabia’s Delta International Energy signed a $200 million contract to explore and extract oil and gas across seven blocks in western Afghanistan’s Kushk-Tirpul basin.

👷 Under Construction: Saudi Arabia’s Knowledge Economic City has signed an agreement with Kaden Investment Company to develop a mixed-use project in Medina.

✈️ Fleet Order: Air Cairo signed an agreement to add up to 30 Airbus A320neo aircraft to its fleet at the opening of the El Alamein International Airshow 2026, Egypt’s Civil Aviation Ministry said Tuesday.

✈️ Wizz Back: Hungarian low-cost airline Wizz Air announced its return to Abu Dhabi and Dubai with new routes, a year after closing its UAE-based operation.

⛽ Fracking Frontier: The UAE and Bahrain could become the next Gulf states to use fracking commercially to boost domestic gas supplies and potentially free up more conventional oil and gas for export, Arabian Gulf Business Insight reports.

💰 Gas Gap: Qatar posted its widest quarterly budget deficit since 2016 at $5.8 billion after the Iran war effectively shut the Strait of Hormuz and slashed its LNG exports by more than 90%.

🛢️Oil Quota: Iraq is seeking to raise its OPEC+ oil production quota, with future targets based on a 6 million-barrel-a-day capacity, according to people familiar with the matter, Bloomberg reports. 

🤖 Data Centers: FTI Capital Advisors advised MTN Group on a new digital infrastructure platform to develop AI-ready capacity across underserved African markets, in partnership with a UAE-based data center investor.

💼 Business Boom: The number of firms operating in Abu Dhabi Global Market rose 25% to nearly 14,000 in the first half, with more than 1,800 new licenses issued despite the outbreak of the Iran war in February.

Egyptian President Abdel Fattah El-Sisi, President of Cyprus Nikos Christodoulides and Greek Prime Minister Kyriakos Mitsotakis reaffirmed their full solidarity with the Gulf states during the concluding remarks at the Al-Alamein Trilateral Summit.

Sheikh Khaled Al-Sabah, Managing Director of International Marketing at Kuwait Petroleum Corporation, said during an energy conference in Singapore that Kuwait is considering oil pipeline links with Saudi Arabia and the UAE as an alternative to the Strait of Hormuz.

Sheikh Shakhboot bin Nahyan, UAE Minister of State, is taking part in the Middle East-America Dialogue Summit, underway in Washington, D.C.

Khawaja Asif, Pakistan’s Defense Minister, said any attack on Saudi Arabia could activate the Mecca Defense Alliance, in the wake of renewed Houthi attacks on energy targets in the kingdom, Bloomberg reports. 

Faysal El Hajjami, a former DHL executive, was appointed Chief Commercial Officer at Aramex, as the Dubai-headquartered logistics company accelerates its global growth strategy.

Faisal Baltyuor, CEO of the Red Sea Film Foundation, took part in a discussion titled, “Easy to Criticize, Impossible to Replace: Rethinking the Festival,” at the Lumiere Summit in France on Monday.

Asaf Ezra, co-founder of computer optimization firm Granulate – later bought by Intel – has been hired as a partner by Andreessen Horowitz to invest in early-stage Israeli cybersecurity and AI infrastructure startups, Globes reports.

📚 Book Worms: The Abu Dhabi International Book Fair kicks off on Sunday, drawing exhibitors from 95 countries and hosting 1,500 events with themes ranging from literature and music to space diplomacy. The 35th edition of the fair is celebrating Spanish author Miguel de Cervantes’s masterpiece “Don Quixote,” which has been designated Book of the World, while eighth-century scholar Al Khalil ibn Ahmad Al Farahidi is the fair’s Focus Personality, The National reports. The fair runs until Sept. 18.

📷 Photo of the Day

Sept. 8-10, El Alamein, Egypt. El Alamein Airshow. The event brings together aerospace, defense and space organizations from Africa and the Middle East. El Alamein International Airport.

Sept. 11-13, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles. ADNEC Centre.

Sept. 13-18, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC Centre.

Sept. 14-16, Riyadh. Money20/20. The event brings together banks, Big tech, fintechs, regulators, startups and investors. Riyadh Exhibition & Convention Center. 

Sept. 14-17, Riyadh. UNESCO Global Forum on the Ethics of AI. The event will bring policymakers and tech leaders together to examine AI’s impact on global governance, diplomacy, national security and the emerging technological divide. Location to be announced.

Sept. 14-17, Bangkok. Gastech. The global energy event brings together global energy leaders, policymakers and industry experts to explore natural gas, LNG, hydrogen, low-carbon solutions, electrification and AI. Bangkok International Trade & Exhibition Centre.

Sept. 14-17, Dubai. Arabian Travel Market. The flagship global travel trade show, which was postponed in May, returns, bringing 55,000+ travel professionals, 2,800+ exhibitors and representatives from 166 countries. Dubai World Trade Centre.

Sept. 15-17, Dubai. Arab Media Forum. The region’s largest media gathering, organized by the Dubai Press Club. Dubai World Trade Centre.

Sept. 16-18, Dubai. GISEC Global. MENA’s largest cybersecurity event brings together governments, CISOs, technology companies and cybersecurity experts to explore emerging threats, AI security, and other technologies. Dubai Exhibition Centre. 

Sept. 17-19, Abu Dhabi. International Real Estate & Investment Show 2026. An event targeting investors and consumers rather than trade visitors. ADNEC Centre.

Sept. 20, New York. Qatar Economic Forum. The forum will host a special leadership gathering alongside the 2026 U.N. General Assembly in New York, bringing together global leaders to explore capital, risk and resilience in a volatile global economy.

Sept. 28-Oct. 1, Singapore. SuperReturn Asia. The region’s premier private capital gathering. Marina Bay Sands Convention Centre.

Sept. 29-Oct. 1, Abu Dhabi. LIVEX 2026. Abu Dhabi’s inaugural Livability and Investment Exhibition. ADNEC Centre.

Oct. 6-7, Abu Dhabi. Ai Everything. The AI forum brings together policymakers, innovators and business leaders. ADNEC Centre.

Oct. 7-9, Singapore. Milken Institute Asia Summit. Bringing together a global community of influential leaders shaping the next era of intelligence, collaboration and growth. Four Seasons Hotel.

Oct. 21, 22, 24, Riyadh. Six Kings Slam. World No. 1 Jannik Sinner will defend his Six Kings Slam title when the tennis exhibition tournament returns, to be streamed globally on Netflix. ANB Arena.

Oct. 26-29, Riyadh. Future Investment Initiative. Saudi Arabia’s keystone annual business conference, sponsored by the Public Investment Fund. King Abdulaziz International Conference Center. 

REFINED TASTE

Abu Dhabi’s national oil company is in talks with Nigeria’s Dangote and Thailand’s PTT as it looks to invest in international refineries as part of a strategy to boost its international fuel trading business. ADNOC is seeking stakes in Dangote’s refinery operations, which include Africa’s largest facility in Nigeria, Bloomberg reports. The company, founded by billionaire Aliko Dangote, launched documents for its IPO on Monday, seeking to raise about $16 billion as it plans a major expansion including a new facility in East Africa. Separately, ADNOC is eyeing a deal with PTT that would allow it access to trade fuels from other sellers, as well as supplying its own crude. ADNOC has traditionally relied on its Ruwais facility to supply global buyers, but has faced constraints from the closure of the Strait of Hormuz. The UAE’s exit from OPEC in May has also freed ADNOC from quotas.

PASSPORT EXPRESS

Dubai has launched a super-fast feature at its airports that allows passengers to pass through border control in under 15 seconds. Using the system, immigration officers can process passengers anywhere inside the airport through facial recognition, biometric verification and electronic passport readers, Arabian Business reports. More than 31,000 passengers used the service during its pilot phase, with officials planning to deploy it during peak periods and emergencies. Departures are available to all passengers, while arrivals are initially limited to UAE citizens and residents before a wider rollout.

Public Investment Fund: The Saudi sovereign wealth fund launched a company to build a tourism and residential project on the Gulf coast near Kuwait, with more than 16,000 homes, hotels and shops.

Qatar Investment Authority: Volkswagen, which is backed by the QIA, is considering selling Italian motorcycle manufacturer Ducati as part of an overhaul of its portfolio.

L’Imad Holding: The Abu Dhabi fund has cleared all conditions to proceed with its voluntary cash offer, through ADQ, to acquire the remaining 24.58% of AD Ports Group, which is listed on the Abu Dhabi Securities Exchange.

QatarEnergy: A Qatari LNG tanker has sailed through the Strait of Hormuz for the first time since July, signalling a possible resumption of LNG exports through the waterway.

Kuwait Petroleum Corp.: Kuwait is exporting about 1 million barrels of crude a day as shipments through the Strait of Hormuz recover, with state producer KPC using ship-to-ship transfers and alternative routes to serve customers.

Red Sea Global: Red Sea Global’s hotels and Red Sea International Airport are now fully powered by renewables following the start of commercial operations at ACWA’s $1.8 billion off-grid utilities project, Arabian Gulf Business Insight reports.

🌐 Data Servers: Meeza, a Qatar-listed data center operator, signed a $275 million long-term leasing deal with an undisclosed global hyperscaler to provide 8 megawatts of data center capacity.

📈 Public Debut: Mukesh Ambani’s Jio Platforms plans to begin marketing as early as next week for a potential November IPO that could rank among India’s largest-ever listings, with meetings planned across the U.S., Singapore, Hong Kong, London and the Middle East, Bloomberg reports.

🛍️ Brand Building: Creative Investments Holding has secured $20 million in initial commitments towards a $50 million fund to build a MENA platform investing in brands and experiences across food, hospitality, fashion, retail and lifestyle.

🏢 Twisting Tower: Garuda Construction’s subsidiary Dream City Builders has signed a deal with Almasarat to develop a 93-storey twisting tower in Jeddah, with the five-year project expected to generate about $191 million in revenue.

🏦 Fintech Fund: UAE-based fintech Sav has raised $3.5 million in a Pre-Series A round, bringing total funding to $5.5 million to expand its AI-native financial platform.

🔵 Blue Fund: The UAE’s biggest lender, First Abu Dhabi Bank set a $27.2 billion blue finance target for water and blue economy projects from 2026 to 2035.

💰Insurance Costs: UAE event organizers are facing surging insurance costs and tighter war-related cancellation cover as regional conflict drives up premiums, with war protection for a $40 million event now costing about $5 million or more.

🤖 Robotic Helpers: Talabat has partnered with Singapore-based Quikbot to pilot an autonomous delivery service in Dubai Silicon Oasis, where orders are collected from drivers in a building lobby and transported to the customer’s door.

🇨🇭 Swiss Cheese: Millennium Management, which hasa large presence in Dubai, is in discussions with authorities in Geneva to strike a tax deal and expand its office there, as Swiss cantons compete aggressively for high-net-worth individuals.

🚶 Walking Away: Anthropic has abandoned talks to acquire Israeli AI startup Decart after conducting due diligence on a potential $6 billion deal, though the companies may still collaborate.

🧳 GCC Visa: The long-awaited Unified Gulf Tourist Visa is expected to launch soon, allowing international visitors to travel across all six GCC countries and boosting regional tourism.

UAE President Sheikh Mohamed bin Zayed held a phone call with Lebanon’s President Joseph Aoun on Monday.

Qatar’s Emir Sheikh Tamim bin Hamad held a phone call with UK’s Prime Minister Andy Burnham on Monday.

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, visited the Natural History Museum Abu Dhabi in the Saadiyat Cultural District on Monday.

Sheikh Saud bin Saqr Al Qasimi, Ruler of the UAE emirate of Ras Al Khaimah, delivered a keynote address at the opening of the 15th edition of the AIM Congress at the Dubai World Trade Centre.

Jasem Al Budaiwi, GCC Secretary General, told delegates at AIM Congress 2026 in Dubai that the GCC economic bloc remains a magnet for investment despite risks such as the continuing war, disruption to shipping, and energy sector volatility. “As variables and risks multiply, the strength of an economy, the strength of its institutions, the clarity of its directions and its ability to adapt to change become factors in guiding investment decisions,” he said.

Badr Jafar, UAE Special Envoy for Business and Philanthropy, said during his speech at AIM congress 2026 that resilient trade depends on long-built corridors, partnerships, trust and philanthropic capital, urging economies to build the next trading system before it is needed.

Corey Lewandowski, the American lobbyist, allegedly approached senior Qatari officials with a “hire me on the side” proposal while serving as a special government employee at the Department of Homeland Security for the Trump administration, the Wall Street Journal reports. Both countries turned him down, the newspaper said.

Dixit Joshi was appointed Managing Director, Middle East Technology and Advisory Solutions, and Digital Assets at BlackRock.

Mark Fiteny, JPMorgan Chase & Co.’s Head of Asia-Pacific Technology, Media, and Telecom (APAC TMT) and New Economy Investment Banking, and Matt Gehl, Head of EMEA Technology Investment Banking, were named as co-heads of International Technology Investment Banking, Reuters reports. The bank named Pieter Himpe as new co-head of EMEA Technology Investment Banking alongside Bill Hutchings.

🍽️ Desert Dining: Saudi Arabia is turning the ancient oasis of AlUla into an unlikely fine-dining destination, recruiting Michelin-starred chefs to serve dishes ranging from camel with foie gras to Saudi-Spanish fusion. The New Yorker finds that the government-backed culinary boom still faces desert realities, including late deliveries, scarce kitchen staff and menus filled with unavailable dishes. 

📷 Photo of the Day

Sept. 7-9, Dubai. AIM Congress. The global investment platform’s annual meeting brings together investors, governments, businesses and policymakers. Dubai World Trade Centre.

Sept. 8-10, Al Alamein. Al Alamein Airshow. With a dedicated conference on Sept. 7, the event brings together aerospace, defense and space organizations from Africa and the Middle East. El Alamein International Airport.

Sept. 9, Abu Dhabi. Germany and the UAE: Partners in a Changing World Order. The event, hosted by the Anwar Gargash Diplomatic Academy, focuses on the evolving strategic relationship between Germany and the UAE. Anwar Gargash Diplomatic Academy.

Sept. 11-13, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles. ADNEC Centre.

Sept. 13-18, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC Centre.

Sept. 14-16, Riyadh. Money20/20. The event brings together banks, Big tech, fintechs, regulators, startups and investors. Riyadh Exhibition & Convention Center. 

Sept. 14-16, Riyadh. UNESCO Global Forum on the Ethics of AI. The event will bring policymakers and tech leaders together to examine AI’s impact on global governance, diplomacy, national security and the emerging technological divide. Location to be announced.

Sept. 14-17, Bangkok. Gastech. The global energy event brings together global energy leaders, policymakers and industry experts to explore natural gas, LNG, hydrogen, low-carbon solutions, electrification and AI. Bangkok International Trade & Exhibition Centre.

Sept. 14-17, Dubai. Arabian Travel Market. The flagship global travel trade show, which was postponed in May, returns, bringing 55,000+ travel professionals, 2,800+ exhibitors and representatives from 166 countries. Dubai World Trade Centre.

Sept. 15-17, Dubai. Arab Media Forum. The region’s largest media gathering, organized by the Dubai Press Club. Dubai World Trade Centre.

Sept. 16-18, Dubai. GISEC Global. MENA’s largest cybersecurity event brings together governments, CISOs, technology companies and cybersecurity experts to explore emerging threats, AI security, and other technologies. Dubai Exhibition Centre. 

Sept. 17-19, Abu Dhabi. International Real Estate & Investment Show 2026. An event targeting investors and consumers rather than trade visitors. ADNEC Centre.

Sept. 20, New York. Qatar Economic Forum. The forum will host a special leadership gathering alongside the 2026 U.N. General Assembly in New York, bringing together global leaders to explore capital, risk and resilience in a volatile global economy.

Sept. 28-Oct. 1, Singapore. SuperReturn Asia. The region’s premier private capital gathering. Marina Bay Sands Convention Centre.

Sept. 29-Oct. 1, Abu Dhabi. LIVEX 2026. Abu Dhabi’s inaugural Livability and Investment Exhibition. ADNEC Centre.

Oct. 6-7, Abu Dhabi. Ai Everything. The AI forum brings together policymakers, innovators and business leaders. ADNEC Centre.

Oct. 7-9, Singapore. Milken Institute Asia Summit. Bringing together a global community of influential leaders shaping the next era of intelligence, collaboration and growth. Four Seasons Hotel.

Oct. 21, 22, 24, Riyadh. Six Kings Slam. World No. 1 Jannik Sinner will defend his Six Kings Slam title when the tennis exhibition tournament returns, to be streamed globally on Netflix. ANB Arena.

Oct. 26-29, Riyadh. Future Investment Initiative. Saudi Arabia’s keystone annual business conference, sponsored by the Public Investment Fund. King Abdulaziz International Conference Center. 

IPO TEAM

Saudi Arabia’s artificial intelligence company Humain is recruiting management consulting, financial and strategy professionals to prepare for an IPO. Tareq Amin, CEO of Humain, which is owned by the Public Investment Fund, said in a LinkedIn post that candidates should have top-tier consulting experience, strong financial and strategic skills and a background in investor-facing strategy and IPO preparation. Recruits for the “IPO Preparation Team” will be expected to analyze complex businesses, challenge the company’s strategy and produce polished presentations for prospective investors. “This is not a conventional strategy role,” Amin wrote, saying he is seeking “an exceptional storyteller who can turn complexity into a powerful investor story.” Amin did not specify a timeline for the share sale.an Arabic-language AI model built on technology from China’s MiniMax. The company said the model outperformed rivals across seven public Arabic benchmarks. Humain commissioned the model to address the underrepresentation of Arabic in advanced AI systems. Developers and businesses can access it through the company’s Humain Node platform.

SECRET SWEEP

U.S. special forces carried out a covert four-month operation to clear Iranian mines from the Strait of Hormuz. The operation involved Navy SEAL divers working at night alongside unmanned vessels, underwater robots and advanced sonar systems to locate and destroy the explosives, the Financial Times reports. President Donald Trump and the U.S. military said all mines in international waters had been removed, and no American casualties were reported. Shipping executives remain cautious about other parts of the strait, however, fearing Iran could lay new mines and keep insurance costs elevated.

Mubadala: Investcorp, the alternative asset manager that lists the sovereign wealth as its largest shareholder, aims to make two to three deals a year in India, with investments ranging from $50 million to $75 million per deal, Gaurav Sharma, head of India investment business at Investcorp, told The National.

Mubadala Capital: Crusoe, a cloud computing provider and data center developer, has raised more than $3 billion at a valuation of about $30 billion in a funding round co-led by Atreides Management and Valor Equity Partners, with Mubadala Capital also participating, Bloomberg reports.

Red Sea Global: Saudi Arabia’s Red Sea tourism destination has begun commercial operations of what its developers call the world’s largest integrated off-grid utilities system, powered entirely by renewable energy.

Abu Dhabi Investment Authority: Indian beauty company Purplle has raised about $159 million in a Series F round led by an ADIA subsidiary.

Aramco: Sony Group is partnering with Saudi Aramco to advance industrial AI by combining Sony’s sensing and AI technologies with Aramco’s industrial data and expertise.

⛽ Gas Deal: Saudi Arabia’s Ministry of Energy and Saudi Authority for Industrial Cities and Technology Zones signed an agreement to establish a natural gas compression and tanker distribution plant in Dammam’s Third Industrial City.

✈️  Acquiring Options: Saudi low-cost carrier Flynas acquired a 10% stake in Swissport Saudi Arabia Limited for $13.33 million.

🚧 Building Blocks: Meraas, part of Dubai Holding Real Estate, has awarded Parkway International Contracting a construction contract worth more than $161 million to build 394 apartments across four buildings in Phase 3 of City Walk Crestlane, with completion expected by Q3 2028.

🌊 Deep Insight: HydroSight, an Israeli startup that detects seabed changes to help ports and businesses manage underwater infrastructure, emerged from stealth and raised $5 million in seed funding, led by StageOne Ventures.

🌱 Desert Defense: Saudi Arabia and Kuwait are working together to combat desertification, launching a series of online workshops on remote sensing, land restoration, green belts and other methods of protecting ecosystems, Arab News reports. 

⚡ Regional Power: Saudi Arabia and Turkey are discussing a regional electricity corridor through Jordan and Syria that could eventually connect Gulf power supplies to European markets, though the project would require billions of dollars and years to complete.

⛽ Qatar Approach: Fitch Ratings has removed Qatar from its “rating watch negative” list, citing reduced risks of further LNG infrastructure damage and expecting exports through the Strait of Hormuz to resume in Q1 2027.

🔋 Energy Storage: Bahrain’s Electricity Minister, Yasser bin Ibrahim Humaidan, said energy storage must be treated as “core infrastructure” as Gulf power grids face surging demand from AI and data centers.

UAE President Sheikh Mohamed bin Zayed met with Bahrain’s King Hamad bin Isa Al Khalifa in the presence of Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, in Dubai on Saturday. The UAE President also  held a phone call with Turkey’s President Recep Tayyip Erdoğan on Friday.

President Sheikh Mohamed by Zayed pardoned Egyptian opposition activist and poet Abdul Rahman al-Qaradawi, son of the late spiritual leader of the Muslim Brotherhood, Yusuf al-Qaradawi.

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, released his new book, “The Letters,” on Sunday.

Qatar’s Emir Sheikh Tamim bin Hamad Al Thani held a phone call with Norwegian Prime Minister Jonas Gahr Støre.

Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan and German counterpart Johann Wadephul agreed to establish a strategic dialogue, while discussing regional security, freedom of navigation and ways to deepen economic and trade ties.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Civil Aviation Authority and Dubai Airports and Chairman and CEO of Emirates Airline and Group, met with Elliott Hill, President and CEO of Nike, on Sunday.

Chris Wright, U.S. Energy Secretary, said on CNN’s State of the Union that the U.S. Navy escorts remain essential to maintaining oil flows through the Strait of Hormuz, with crude transits averaging more than 9 million barrels per day and regional flows recovering to at least two-thirds of pre-conflict levels.

Dr. Thani Al Zeyoudi, the UAE Trade Minister, met with Senegalese President Bassirou Diomaye Faye on Friday to discuss possible investments in mining, renewable energy, infrastructure, food security and logistics.

Elliott Hill, CEO of Nike, visited the headquarters of Dubai-based international retail chain GMG and spoke with CEO Mohammad Baker about expanding their regional sports business.

Joamana Al Rashid, CEO of SRMG, met with Abdulsalam Haykal, Syria’s Minister of Communications and Information Technology, at LEAP 2026 in Riyadh.

Roberto Croci, Senior Director at Saudi Arabia’s Public Investment Fund, notes in a LinkedIn post the emergence at private equity firms of the “AI operating partner,” a new role focused on using artificial intelligence to improve portfolio companies.

Tim Davis, former U.S. Ambassador to Qatar, announced on LinkedIn the launch of Davis Advisory Group, which will advise executives, investors and institutions, drawing on his three decades in the Marine Corps, State Department and National Security Council.

⚽ Club Anthems: The rapid growth of Saudi Arabia’s Pro League soccer competition, helped along by high-profile signings like Cristiano Ronaldo and Sadio Mane, has seen a parallel rise in the popularity of football songs in the kingdom. The National has rounded up the soundtrack to the league’s 18 teams, with pop stars, folk singers and supporters all pitching in to develop anthems and celebration songs.

📷 Photo of the Day

Sept. 7-8, Abu Dhabi. Hili Forum. The event brings policymakers and leading experts to examine the future of regional security, trade and energy corridors and technology. The St. Regis Saadiyat Island Resort.

Sept. 7-8, Dubai. World ESG Summit. Bringing together global leaders, policymakers, investors and experts on environmental, social and governance matters. Metropolitan Hotel.

Sept. 7-9, Dubai. AIM Congress. The global investment platform’s annual meeting brings together investors, governments, businesses and policymakers. Dubai World Trade Centre.

Sept. 8-10, Al Alamein. Al Alamein Airshow. With a dedicated conference on Sept. 7, the event brings together aerospace, defensce and space organizations from Africa and the Middle East. El Alamein International Airport.

Sept. 11-13, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles. ADNEC Centre.

Sept. 13-18, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC Centre.

Sept. 14-16, Riyadh. Money20/20. The event brings together banks, Big tech, fintechs, regulators, startups and investors. Riyadh Exhibition & Convention Center. 

Sept. 14-16, Riyadh. UNESCO Global Forum on the Ethics of AI. The event will bring policymakers and tech leaders together to examine AI’s impact on global governance, diplomacy, national security and the emerging technological divide. Location to be announced.

Sept. 14-17, Bangkok. Gastech. The global energy event brings together global energy leaders, policymakers and industry experts to explore natural gas, LNG, hydrogen, low-carbon solutions, electrification and AI. Bangkok International Trade & Exhibition Centre.

Sept. 14-17, Dubai. Arabian Travel Market. The flagship global travel trade show, which was postponed in May, returns, bringing 55,000+ travel professionals, 2,800+ exhibitors and representatives from 166 countries. Dubai World Trade Centre.

Sept. 15-17, Dubai. Arab Media Forum. The region’s largest media gathering, organized by the Dubai Press Club. Dubai World Trade Centre.

Sept. 16-18, Dubai. GISEC Global. MENA’s largest cybersecurity event brings together governments, CISOs, technology companies and cybersecurity experts to explore emerging threats, AI security, and other technologies. Dubai Exhibition Centre. 

Sept. 17-19, Abu Dhabi. International Real Estate & Investment Show 2026. An event targeting investors and consumers rather than trade visitors. ADNEC Centre.

Sept. 20, New York. Qatar Economic Forum. The forum will host a special leadership gathering alongside the 2026 U.N. General Assembly in New York, bringing together global leaders to explore capital, risk and resilience in a volatile global economy.

Sept. 28-Oct. 1, Singapore. SuperReturn Asia. The region’s premier private capital gathering. Marina Bay Sands Convention Centre.

Sept. 29-Oct. 1, Abu Dhabi. LIVEX 2026. Abu Dhabi’s inaugural Livability and Investment Exhibition. ADNEC Centre.

Oct. 6-7, Abu Dhabi. Ai Everything. The AI forum brings together policymakers, innovators and business leaders. ADNEC Centre.

Oct. 7-9, Singapore. Milken Institute Asia Summit. Bringing together a global community of influential leaders shaping the next era of intelligence, collaboration and growth. Four Seasons Hotel.

Oct. 21, 22, 24, Riyadh. Six Kings Slam. World No. 1 Jannik Sinner will defend his Six Kings Slam title when the tennis exhibition tournament returns, to be streamed globally on Netflix. ANB Arena.

Oct. 26-29, Riyadh. Future Investment Initiative. Saudi Arabia’s keystone annual business conference, sponsored by the Public Investment Fund. King Abdulaziz International Conference Center. Center. 

ARABIC INTELLIGENCE

Saudi Arabia’s PIF-backed Humain launched Humain-M3, an Arabic-language AI model built on technology from China’s MiniMax. The company said the model outperformed rivals across seven public Arabic benchmarks. Humain commissioned the model to address the underrepresentation of Arabic in advanced AI systems. Developers and businesses can access it through the company’s Humain Node platform.

SERVER SURGE

Middle East data-center investment is projected to grow faster than in anywhere else in the world, reaching a cumulative $1.1 trillion by 2050, according to PwC. Spending is expected to rise from $18 billion in 2025 to $69 billion annually by mid-century, Arab News reports. Saudi Arabia and the UAE are leading the expansion as both countries pour money into artificial intelligence and cloud infrastructure. PwC said the boom could turn the region into a major global hub for computing capacity.

Public Investment Fund: Humain plans to raise an initial $2.5 billion from domestic and global investors to finance 250 megawatts of Saudi data-center capacity that could eventually grow to 1 gigawatt, Bloomberg reports.

Oman Investment Authority: The sovereign wealth fund is increasingly assessing investments on their “Omani dimension.” President Abdulsalam bin Mohammed al Murshidi said the assessment will made accord to the contribution to economic diversification, local businesses, jobs, technology transfer and the government’s Oman Vision 2040 plan.

ADNOC: The UAE’s national oil company will continue exporting LNG from its Das Island processing facilities despite hostilities with Iran in the Strait of Hormuz, Bloomberg reports. 

L’Imad Holding: Etihad Airways and China’s ROX have signed an agreement to explore collaboration around ROX’s Africa Grand Tour S2 car race, including vehicle branding and tourism marketing.

💧 Water Works: Saudi Arabia signed three agreements and inaugurated two factories as part of a $747 million drive to manufacture water-industry equipment domestically.

📈 Raising Cash: Egypt’s Cabinet approved a plan to issue up to $3 billion in international bonds to bridge funding gaps and diversify financing.

🛞 Tire Track: Egypt has signed a $2 billion deal with China’s Shandong Linglong Tyre Co. to build a tire manufacturing complex expected to create more than 5,000 jobs.

☢️ Nuclear Limits: The Trump administration’s civilian nuclear agreement with Saudi Arabia could eventually allow the kingdom to enrich uranium to nearly 20%, fueling criticism in Congress over proliferation risks, The Wall Street Journal reports. 

🤝 French Ties: France’s effort to strengthen relations with Saudi Arabia and the UAE reflects the Gulf countries’ growing economic influence and efforts to diversify partnerships beyond Washington, Bloomberg reports.

₿  Crypto Gateway: Standard Chartered has launched institutional spot trading of bitcoin and ether in the UAE, becoming the first major global bank in the GCC to offer the service.

📈 Economic Strength: Egypt’s GDP growth accelerated to 5.1%, driven by a recovery in Suez Canal activity, stronger refining and non-oil industrial output and growth in telecommunications.

Oman’s Sultan Haitham bin Tariq will be hosted by King Charles and Queen Camilla at Windsor Castle on a state visit to the U.K. next month, Buckingham Palace announced.

Sheikh Mohammed bin Rashid, Vice President, Prime Minister, and Ruler of Dubai, held a gathering  on Thursday with senior officials including Sheikh Ahmed bin Mohammed bin Rashid, Second Deputy Ruler of Dubai;  Sheikh Ahmed bin Saeed Al Maktoum, President of the Dubai Civil Aviation Authority, Chairman of Dubai Airports, and Chairman and Chief Executive of Emirates Airline; and Sheikha Latifa bint Mohammed bin Rashid, Chairperson of the Dubai Culture and Arts Authority.

Sheikh Hazza bin Zayed Al Nahyan, the Ruler’s Representative in the Al Ain region, toured the Abu Dhabi International Hunting and Equestrian Exhibition this week, remarking on how the event reflects the UAE’s national values.

Badr Albusaidi, Foreign Minister of Oman, writes in the Financial Times about Oman’s diplomacy over the past few months, adding that states must uphold international law and resolve disputes through diplomacy.

Mark Ring, Group Director of Middle East Energy, said AI and data-center growth is driving demand for flexible generation, energy storage, critical power and smart energy management, with the UAE playing a key role in the global energy sector.

Hassan El-Houry, CEO of airport ground handler Menzies Aviation, told The National that they are planning expansion in the Gulf and U.S.

Ebrahim Al Hajri, President of Khalifa University of Science and Technology, was interviewed by CNN about research labs, innovation hubs and the startups driving Abu Dhabi’s future.  

Ghazi Al Anzi presented his credentials as Saudi Arabia’s Ambassador to Syria to Syrian Foreign MinisterAsaad Hassan Al-Shaibani. 

Jennifer Li, WeRide’s Head of International and Chief Financial Officer, told Arabian Gulf Business Insight the company plans to have between 7,000 and 10,000 autonomous taxis in Saudi Arabia by the end of the decade.

📖 Living History: AlUla’s modern-day rawis – guides trained to recount the ancient Saudi oasis’s history through oral storytelling – are featured this month in a photography exhibition at UNESCO headquarters in Paris. The exhibition highlights a UNESCO-AlUla initiative to create a “Live Museum” built around conversation and storytelling, Arab News reports.

📷 Photo of the Day

Sept. 7-8, Abu Dhabi. Hili Forum. The event brings policymakers and leading experts to examine the future of regional security, trade and energy corridors and technology. The St. Regis Saadiyat Island Resort.

Sept. 7-8, Dubai. World ESG Summit. Bringing together global leaders, policymakers, investors and experts on environmental, social and governance matters. Metropolitan Hotel.

Sept. 7-9, Dubai. AIM Congress. The global investment platform’s annual meeting brings together investors, governments, businesses and policymakers. Dubai World Trade Centre.

Sept. 11-13, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles. ADNEC Centre.

Sept. 13-18, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC Centre.

Sept. 14-16, Riyadh. Money20/20. The event brings together banks, Big tech, fintechs, regulators, startups and investors. Riyadh Exhibition & Convention Center. 

Sept. 14-16, Riyadh. UNESCO Global Forum on the Ethics of AI. The event will bring policymakers and tech leaders together to examine AI’s impact on global governance, diplomacy, national security and the emerging technological divide. Location to be announced.

Sept. 14-17, Bangkok. Gastech. The global energy event brings together global energy leaders, policymakers and industry experts to explore natural gas, LNG, hydrogen, low-carbon solutions, electrification and AI. Bangkok International Trade & Exhibition Centre.

Sept. 14-17, Dubai. Arabian Travel Market. The flagship global travel trade show, which was postponed in May, returns, bringing 55,000+ travel professionals, 2,800+ exhibitors and representatives from 166 countries. Dubai World Trade Centre.

Sept. 15-17, Dubai. Arab Media Forum. The region’s largest media gathering, organized by the Dubai Press Club. Dubai World Trade Centre.

Sept. 16-18, Dubai. GISEC Global. MENA’s largest cybersecurity event brings together governments, CISOs, technology companies and cybersecurity experts to explore emerging threats, AI security, and other technologies. Dubai Exhibition Centre. 

Sept. 17-19, Abu Dhabi. International Real Estate & Investment Show 2026. An event targeting investors and consumers rather than trade visitors. ADNEC Centre.

Sept. 20, New York. Qatar Economic Forum. The forum will host a special leadership gathering alongside the 2026 U.N. General Assembly in New York, bringing together global leaders to explore capital, risk and resilience in a volatile global economy.

Sept. 28-Oct. 1, Singapore. SuperReturn Asia. The region’s premier private capital gathering. Marina Bay Sands Convention Centre.

Sept. 29-Oct. 1, Abu Dhabi. LIVEX 2026. Abu Dhabi’s inaugural Livability and Investment Exhibition. ADNEC Centre.

Oct. 6-7, Abu Dhabi. Ai Everything. The AI forum brings together policymakers, innovators and business leaders. ADNEC Centre.

Oct. 7-9, Singapore. Milken Institute Asia Summit. Bringing together a global community of influential leaders shaping the next era of intelligence, collaboration and growth. Four Seasons Hotel.

Oct. 21, 22, 24, Riyadh. Six Kings Slam. World No. 1 Jannik Sinner will defend his Six Kings Slam title when the tennis exhibition tournament returns, to be streamed globally on Netflix. ANB Arena.

Oct. 26-29, Riyadh. Future Investment Initiative. Saudi Arabia’s keystone annual business conference, sponsored by the Public Investment Fund. King Abdulaziz International Conference Center.