UN DIPLOMACY

Oil prices fell to their lowest level in a week early on Monday amid growing diplomatic momentum surrounding the United Nations General Assembly in New York, with high-level debate opening tomorrow. U.S. President Donald Trump, who is expected to speak on the first day, is set to meet Gulf officials alongside leaders from Iraq, Jordan and potentially Egypt, as nations press for a solution to the Iran conflict. Iranian President Masoud Pezeshkian will travel to New York on Tuesday, officials confirmed. Dr. Anwar Gargash, Diplomatic Advisor to UAE President Sheikh Mohamed bin Zayed, called for a “new mindset” and greater Arab-Iranian dialogue. “These sorts of discussions about what sort of region we all want, what sort of stability we all pray for, and what sort of [..] development, which is very much linked to stability … while it can happen at an Iranian-American level, it should also take place at an Iranian-Arab level,” he said.

SEAFRONT DEVELOPMENT

Abu Dhabi-based Eagle Hills is planning a $12 billion waterfront development in the Maldives, targeting demand from wealthy buyers in the Gulf, Europe and India. The project, to be built on a 5.2 million-square-meter island about 20 minutes from Malé, will span five districts, with homes, hotels, resorts, shops, schools, clinics, a marina and water park, Chairman Mohammed Alabbar told Bloomberg. Dubai’s Emaar Properties, also headed by Alabbar, could participate. The project extends Eagle Hills’ overseas expansion as UAE developers look abroad for growth following a multiyear domestic property boom.

International Holding Co.: The conglomerate chaired by Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and National Security Adviser, has updated its ownership structure, confirming Fount Trust as its ultimate parent, without changing its beneficial ownership.

Public Investment Fund: Saudi Arabia’s PIF launched Tawrid, a digital supply-chain financing platform aimed at improving working capital and liquidity for Saudi companies, particularly SMEs.

Public Investment Fund: Roshn Group, a PIF company, and Talaat Moustafa Group Saudi agreed to establish a joint venture to develop a residential-led mixed-use community in Riyadh with more than 55,000 homes.

Public Investment Fund: Paramount Skydance Corp. may agree to a financial penalty if the company fails to distribute 30 films per year in theaters as part of settlement talks with California officials over its Gulf-backed acquisition of Warner Bros. Discovery. The PIF, Qatar Investment Authority and Abu Dhabi’s L’Imad Holding are all backing the deal.

Mubadala: Abu Dhabi sovereign wealth fund Mubadala is the frontrunner among Gulf investors seeking a stake in Italian engineering firm Ansaldo Energia, while state-owned CDP Equity plans to retain majority control.

Mubadala: Egyptian payment company Paymob raised $35 million in a pre-Series C round co-led by Mubadala and EBRD to expand across MENA and develop new products.

Abu Dhabi Investment Authority: ADIA has sold part of its stake in Indian eyewear retailer Lenskart Solutions, which has seen its shares spike more than 60% since its $821 million IPO in Mumbai last November.

🚆 United Front: Etihad Rail Freight and Abu Dhabi Ports have launched a direct freight route between Abu Dhabi and the emirate of Fujairah, which has a coast on the Gulf of Oman, outside the Strait of Hormuz.

📦 Moving Cargo: Goods worth $463 million have moved through the Sharjah-Oman logistics corridor since May, up more than 66% in its first three months as shippers seek to bypass the Strait of Hormuz.

⚕️ Ancient Medicine: Egypt is seeking to revive its medical tourism industry in the ancient city of Luxor, targeting 5,000 additional healthcare sites and more than $6 million in revenue this year.

✈️ Aviation Crisis: Qatar Airways CEO Hamad Al-Khater said the Iran conflict has been the biggest crisis in the airline’s 30-year history, forcing it to adapt to widespread airspace closures and flight disruptions.

🪜 Wealth Ladder: Riyadh climbed 15 places to 46th in the Global Financial Centres Index, while Dubai remained in the global top 10 at ninth spot.

🙅 Not Moving: Saudi Arabia’s E.A. Juffali & Brothers Group has denied having any plans to relocate its operations or offices, after Bloomberg reported that the Juffali dynasty’s family office, Hasma Capital Advisors, was relocating staff from London to Dubai.

🚢 LNG Passage: Pakistan negotiated safe passage with Iran through the Strait of Hormuz for a second Qatari LNG shipment this month, offering some relief from the country’s energy shortfall.

🪙 Coin Drop: Saudi Arabia has quit the China-led cross-border digital currency platform mBridge, after completing its proof of concept last year, the Financial Times reports. 

Sheikh Ahmed bin Rashid Al Maktoum, the younger brother of Dubai Ruler Sheikh Mohammed bin Rashid, died on Monday morning, the Ruler’s Court announced, declaring 10 days of official mourning across the emirate.

Sheikh Mohammed bin Abdulrahman Al-Thani, Qatar’s Prime Minister, said Gulf states must work together to restore stability in the region and help find a settlement between the U.S. and Iran, speaking at the Qatar Economic Forum in New York on Sunday. Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, will lead the UAE’s delegation at the United Nations General Assembly in New York this week.

Prince Faisal bin Farhan, Saudi Arabia’s Minister of Foreign Affairs, will lead the Saudi delegation at the United Nations General Assembly in New York this week.

Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, attended on Friday the signing of a cooperation agreement between the UAE emirate’s authorities and Chinese company Aridge to develop, test and implement advanced air mobility solutions.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Deputy Prime Minister and Minister of Defense, has expanded the Rashid Villages project he launched last year in memory of his brother Sheikh Rashid bin Mohammed.

Mohammed Ebrahim Al Fardan, Head of Al Fardan Holding and a veteran Middle East venture capitalist, told Arabian Gulf Business Insight the global financial system is broken and warned that complacency and a lack of innovation among regional VCs pose a greater threat than the Iran war.

Saood Abdulaziz Al Hosani was appointed Director General of Abu Dhabi Media Office.

Ahmed Burashid was appointed CEO of SICO Wealth, a unit of Bahrain-based asset manager, broker and investment bank SICO. SICO Wealth was established earlier this year in the Abu Dhabi Global Market.

🎮 Game Show: Abu Dhabi gaming studio Red Dunes returned to Japan’s Tokyo Game Show this year with nine new titles to announce, including “Port of Jumanah,” “Zozo and the Lost Dreams,” and “Nightmare Circus.” The company, which first visited the show in 2023 looking for introductions, has evolved into one of its biggest exhibitors, with a souq-inspired stand The National reports. “It’s very impressive to see the growth that Red Dunes has had in the last five years, and the growth of UAE-based games and UAE-themed games,” Shihab Al Faheem, the UAE Ambassador to Japan, said.

📷 Photo of the Day

Sept. 18-28, New York. The 81st session of the United Nations General Assembly. World leaders gather in New York, with High-Level General Debate beginning on Tuesday, Sept. 22. UN Headquarters.

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. 

OVERLAND DETOUR

Having found that roads are more dependable than Middle East waterways, cargo haulers need more trucks. As the Iran war disrupts shipping through the Strait of Hormuz, Aramex’s solution is to send goods from Europe to Dubai through Turkey, Syria and Jordan. The company has completed more than 100 journeys – a two-week voyage – carrying raw materials, construction products and spare parts, Arabian Gulf Business Insight reports. Aramex has all 800 of its vehicles in operation and is leasing additional trucks to meet demand.

FESTIVAL RETURN

Dubai is planning to revive its glitzy International Film Festival after a 10-year hiatus as it ramps up efforts to develop the local film industry. The original festival ran annually from 2004 to 2017, hosting almost 2,000 screenings, including 500 films from the Arab world. The event saw Dubai royalty and regional filmmakers rubbing shoulders with Hollywood stars, including Cate Blanchett, George Clooney, Patrick Stewart and Omar Sharif. In its heyday, the 2011 edition opened with the world premiere of “Mission: Impossible – Ghost Protocol,” in which Tom Cruise rappelled down the side of the Burj Khalifa. Making the announcement at the Arab Media Summit on Thursday, Mona Al Marri, Director-General of the Government of Dubai Media Office, hinted at a refreshed format for the festival. “Today we bring back the festival, but we don’t bring the past,” she said. “The region today is different and filmmaking is different.”

Mubadala Capital: AI infrastructure provider Crusoe has raised the initial tranche of a $3.9 billion Series F round at a $30.9 billion valuation, co-led by Atreides Management, Mubadala Capital and Valor Equity Partners.

Saudi Aramco: The world’s biggest oil exporter is seeking diesel and gasoline cargoes in the Mediterranean after repeated attacks disrupted the kingdom’s energy infrastructure, including facilities in Yanbu and Jazan and the East-West pipeline, Bloomberg reports.

Public Investment Fund: Silvio Napoli, CEO of PIF-backed electric vehicle maker Lucid, told Bloomberg Television that the company’s work with restructuring advisors AlixPartners is complete, prompting a 10% jump in its share price in New York on Thursday.

Public Investment Fund: The U.S. Federal Communications Commission has agreed to allow Gulf sovereign funds to exceed the 25% foreign ownership cap in Paramount Skydance’s $110 billion takeover of Warner Bros. Discovery. The PIF, Qatar Investment Authority, Abu Dhabi’s L’Imad and other investors will indirectly own almost 49.5% of the new entity, but will not have voting rights.

XRG: The investment arm of the UAE’s ADNOC oil company is considering buying as much as 50% of floating LNG operator Energos Infrastructure, which Apollo Global Management could value at more than $3 billion, Reuters reports.

💵 Bank Acquisition: Qatar’s Estithmar Holding, an investment company, has completed its acquisition of a 48.68% stake in Syria’s Shahba Bank via its wholly owned subsidiary Masaref Holding.

💰 SME Funding: Saudi Arabia’s Monsha’at and STC Bank have agreed to provide up to $1.3 billion in Shariah-compliant financing to micro, small and medium-sized enterprises.

𖥂 Drone Zone: Serbia opened a factory to assemble advanced Israeli-designed drones for its military and foreign customers, with plans for at least three more plants.

🔩 Stealth Shift: The U.S. State Department approved a possible $24.3 billion sale of 48 F-35 fighter jets to Saudi Arabia, a policy shift that could test Washington’s commitment to preserving Israel’s military edge.

🏟️ Stadium Metal: Saudi aluminum demand could climb as much as 80% to 1.8 million tons annually by 2030 as the kingdom builds 15 stadiums and related infrastructure for the 2034 World Cup, Reuters reports.

🦁 Lion’s Share: Riyadh is set to get its own version of the Cannes Lions festival, the advertising industry’s global gathering, to be held at the King Abdullah Financial District next December.

🤝 Financial Agreements: Syria has signed its first syndicated Islamic finance agreement, bringing together Al Baraka Bank Syria, QNB Syria and the Commercial Bank of Syria to fund two development projects in Damascus.

🪙 Crypto Deals: South Korean blockchain and venture-capital firm Hashed has signed an agreement with Abu Dhabi Investment Office to help Korean companies and investors expand into Abu Dhabi and other regional markets.

Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi, UAE National Security Adviser and Chairman of IHC, is named among The Information’s 50 most influential people in tech.

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, visited a research project tracing the evolution of Al Khuzam, a traditional weaving practice, in Dubai today.

Sheikh Saoud Salem Abdulaziz Al-Sabah, Managing Director of the Kuwait Investment Authority, held talks with Canadian Prime Minister Mark Carney on expanding economic and strategic investment cooperation between Kuwait and Canada at an investment forum in Toronto.

Sheikh Jarrah Jaber Al-Ahmad Al-Sabah, Kuwaiti Minister of Foreign Affairs, and his Canadian counterpart Anita Anand signed a preliminary agreement to explore further cooperation in the defense and security sectors.

Duncan O’Rourke, Accor’s CEO for the Middle East, Africa and Asia Pacific’s economy, midscale and premium brands, told Arabian Gulf Business Insight that it is close to signing a deal to join the revived Dubai Pearl project, more than two decades after the long-delayed development was first announced.

Phillipa Harrison, CEO of Ras Al Khaimah Tourism Development Authority and a former managing director of Tourism Australia, told The National on the sidelines of Arabian Travel Market that the $5 billion-plus Wynn Al Marjan Island casino resort opening in 2027 was “part of a wider story” and that the emirate was a destination with considerable room to grow.

Marco Rubio, U.S. Secretary of State, is put under the microscope in a Bloomberg profile examining his motivations as he executes President Donald Trump’s wishes around the world.

Selin Suzer was appointed Chief Marketing Officer at food delivery app talabat, joining from parent company Delivery Hero.

🐆 Spot On: A breeding pair of critically endangered Arabian leopards are due to be sent from Saudi Arabia to a new home in the U.S. The leopards are part of a conservation and research partnership between the Royal Commission for AlUla and the Smithsonian’s National Zoo and Conservation Biology Institute, and will be housed in a new habitat at the zoo in Washington, The National reports. Fewer than 120 Arabian leopards remain in the wild.

📷 Photo of the Day

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.

GULF HUDDLE

U.S. President Donald Trump is expected to meet Gulf leaders in New York next week to discuss the next phase of the war with Iran. The talks, tentatively scheduled for Sept. 22 on the sidelines of the annual U.N. General Assembly meeting, will focus on U.S. proposals for a postwar strategy, Axios reports. Leaders or foreign ministers from Saudi Arabia, the UAE, Qatar, Bahrain, Kuwait and Oman are expected to attend, with other Arab and Muslim countries possibly joining. The Trump administration’s broader “day-after” plan for the Iran war is unlikely to be finalized until after the U.S. midterm elections in November.

AIRBORNE ASSETS

Abu Dhabi sovereign wealth fund L’Imad Holding is considering a bid for a stake in Atlas Air Worldwide, one of the world’s largest air cargo operators. The Purchase, N.Y.-based company owned by an Apollo Global Management-led investor group, could be valued at $10 billion or more, Bloomberg reports. A deal would expand L’Imad’s transport and logistics holdings as the UAE develops trade routes that bypass the Strait of Hormuz. Talks remain at an early stage, and L’Imad could decide not to bid, the news agency said.

Mubadala: A joint venture between sovereign wealth fund Mubadala and UAE property development giant Aldar said it acquired Abu Dhabi’s Masdar City Square for $250 million, expanding the business’s portfolio in the clean-energy district to $1.3 billion.

Abu Dhabi Investment Authority: ADIA has become an anchor investor in the $2.3 billion IPO of India’s National Stock Exchange.

Aramco: Saudi energy giant Aramco aims to restore half the capacity of its drone-damaged East-West oil pipeline within days and return it to full operation in about six weeks, after the shutdown threatened millions of barrels in daily exports, Bloomberg reports.

EDGE Group: Abu Dhabi-based EDGE and South Korea’s Hanwha signed a term sheet to strengthen strategic cooperation on the UAE’s integrated air defense requirements.

🏘️ Rental Return: Saudi proptech company Rize has secured $50 million in debt financing from investment bank and asset manager Jadwa Investment.

🏗️ Open Road: Dubai has approved a new 12-lane motorway connecting the emirate to Sharjah and Abu Dhabi in a major drive to tackle congestion.

🇲🇦 🇮🇱 Diplomatic Upgrade: Israel and Morocco agreed to upgrade diplomatic relations by opening embassies and appointing ambassadors following talks in New York involving their foreign ministers and U.S. Ambassador to the U.N. Mike Waltz.

🤝 Expanding Business: Boston Consulting Group has expanded its Riyadh office, adding space and headcount to meet growing client demand and support Saudi Arabia’s next phase of growth.

🚆 Chugging Ahead: Hafeet Rail, a joint venture between the UAE’s Etihad Rail, Oman Rail and Mubadala, will begin a trial run in the final quarter of 2027, according to Oman’s Transport Minister Saeed Al Maawali.

📈 Higher Rates: GCC central banks raised interest rates after the U.S. Fed lifted its benchmark rate to 3.75%-4%, with the UAE and Saudi Arabia each increasing rates by 25 basis points.

UAE President Sheikh Mohamed bin Zayed met with President of Senegal Bassirou Diomaye Faye, who is on a working visit to the UAE, today.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, met with Massad Boulos, White House Senior Advisor for Arab and African Affairs, on Wednesday in Abu Dhabi.

Saudi Crown Prince Mohammed bin Salman received a phone call from French President Emmanuel Macron on Wednesday.

Prince Abdulaziz bin Salman, Saudi Arabia’s Energy Minister, defended the kingdom’s plans to enrich uranium, saying at the International Atomic Energy Agency annual conference in Vienna on Wednesday that its nuclear program would be transparent, peaceful and open to international monitoring – unlike Iran’s secretive operations.

Sheikh Hamdan bin Zayed, Ruler’s Representative in Al Dhafra Region, has reviewed preparations and plans for Liwa International Festival.

Sheikha Latifa bint Mohammed, Chairwoman of the Dubai Culture and Arts Authority, told the Arab Media Summit that residents who posted positive comments about feeling safe during Iran’s missile and drone attacks on the UAE did so out of love for the country, not because they were being paid.

Cristiano Ronaldo, the Portuguese soccer star, and Gerry Cardinale, founder and Managing Partner of RedBird Capital, are part of a group seeking to buy the Saudi football club Al-Nassr from the Public Investment Fund, Portugal’s A Bola reports. 

Massad Boulos, the White House advisor, attended the U.S.-UAE Business Council “Back to Business” reception in Dubai.

Mostafa Madbouly, Egypt’s Prime Minister, reviewed plans to restructure state-owned holding companies to improve asset management and maximize economic returns.

Ghaith Al Ghaith, CEO of flydubai, said the airline has raised ticket prices to reflect a “significant but manageable” increase in jet fuel and operating costs due to the Iran war, warning fares may not fall as quickly if cost pressures ease.

Hisham Elhaddad, HOF Capital Co-Founder and Managing Partner, appeared on Bloomberg Deals to discuss the HOF Capital-led buyout of a stake in Bugatti Rimac, which was backed by Abu Dhabi-based BlueFive Capital.

Dan Clancy, CEO of gaming streaming platform Twitch, told Bloomberg he expects the frenzy around the debut of Grand Theft Auto VI on Nov. 19 to extend into January and beyond, facing little serious competition for gamer attention over the holiday season. Saudi Arabia’s Public Investment Fund has a large indirect stake via Savvy Games Group’s investment in Take-Two Interactive, the parent company of GTA publisher Rockstar Games.

❤️‍🩹 Art Revival: A group of artists seeking to revive Syria’s cultural landscape is coming together to hold the country’s first Art Week in Damascus this week. The event, founded and curated by Line Kouwatli, features mostly Syrian artists, alongside musical performances, cinema screenings and art talks, The National reports. The venue, Warda Masar, is a long-abandoned, war-scarred structure which serves as a symbol of Syria’s recovery.

📷 Photo of the Day

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

BROOM BROOM

McLaren Automotive is planning to invest $674 million in a new U.K. factory, as its new owner, Abu Dhabi’s L’Imad sovereign wealth fund, works to reboot the cash-strapped British supercar-maker and help launch its first SUV. The move, which will create 1,000 new jobs by 2032, is a welcome boost for U.K. Prime Minister Andy Burnham amid thousands of job cuts at Jaguar Land Rover and wider cost pressures on Europe’s carmakers. McLaren CEO Nick Collins told Bloomberg that an SUV would broaden the brand’s appeal beyond racing fans, following a similar path to luxury supercar makers like Ferrari and Lamborghini. “In the way we’re going to do it, there’s absolutely space for another one,” he said. L’Imad, which was launched late last year, took control of McLaren from Abu Dhabi’s CYVN Holdings, which had purchased it from Bahrain’s Mumtalakat sovereign fund.

DEFENSE SPLURGE

The Iran war has prompted what analysts are calling the “greatest spending spree in Gulf defense history,” with more than $5 billion in contracts announced or approved since the war began in February. But Iran’s extensive use of Shahed attack drones has reshaped the landscape for defense firms, with Gulf countries like the UAE pushing for joint production and layered systems that can counter multiple threats, Bloomberg reports. Among the beneficiaries have been firms including Anduril Industries and RTX from the U.S., Rheinmetall from Germany and Australia’s EOS. “Gulf countries don’t want to be customers anymore,” Andreas Krieg, a professor in security studies at King’s College London who’s advised Qatar’s military, told the agency. “The big push strategically is about autonomy, developing resilience – and part of resilience means you are developing your own pipeline through joint ventures.” 

ADNOC: The UAE’s national oil company bought tens of millions of discounted Iraqi oil barrels in August and September, becoming Baghdad’s biggest customer as the Emirati energy company expands its trading business amid wartime supply disruptions, Reuters reports.

ALTÉRRA: Abu Dhabi-based climate investment fund ALTÉRRA and Canada’s development finance institution FinDev Canada have signed an agreement to explore co-financing and investment opportunities in climate projects across emerging markets.

L’Imad Holding: Etihad Airways and Etihad Rail, both owned by L’Imad, have signed an agreement to explore an integrated air-rail travel network linking Abu Dhabi with destinations across the UAE to support tourism, economic diversification and sustainable transport.

L’Imad Holding: The Abu Dhabi sovereign wealth fund has increased its stake in AD Ports Group after completing a $632 million cash deal to buy shares from minority investor Al Seer Marine Supplies and Equipment Company.

International Holding Co.: Islamic digital bank Fasset will become the first entity subject to the UAE’s Virtual Assets Regulatory Authority to list DDSC, the dirham-backed stablecoin issued by IHC, First Abu Dhabi Bank and Sirius International Holding.

💰 Fund Raising: Saudi digital payments company Barq has raised $330 million in a Series A round at a $1.85 billion valuation, with participation from Noon Investments, Sohar International Bank, and M20 Fund.

🛢️ Extracting Oil: TotalEnergies plans to raise its investment in Iraq by one-third to $16 billion as the country expands its energy sector, the Iraqi prime minister’s media office said.

🔩 Aluminum Smelter: Aluminium Bahrain, known as Alba, is restoring production after wartime cuts, manufacturing now at a pace of 1.3 million tons of aluminum annually, with capacity expected to return to 1.6 million tons following its planned acquisition of France’s Aluminium Dunkerque, Reuters reports.

🏨 Tourism Rebound: The UAE is lobbying foreign governments to lift travel warnings as Dubai hotel occupancy rebounds from 36% in March to 66% in August and international overnight visitors reach a six-month high, Bloomberg reports.

☁️ Data Loss: Amazon says it has been unable to recover some information stored exclusively at AWS facilities in Bahrain and the UAE that were damaged early in the U.S.-Iran war. Meanwhile, an article in The Economist says wartime attacks have not dampened investor appetite for Gulf data centers.

🏎️ Racing Ahead: American singer-songwriter Alex Warren has been announced for the lineup for the Abu Dhabi Formula One Grand Prix concerts.

UAE President Sheikh Mohamed bin Zayed met with Syrian President Ahmed al-Sharaa in Abu Dhabi on Tuesday.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, met with Jean-Pierre Bemba Gombo, the Democratic Republic of the Congo’s Deputy Prime Minister and Minister of Transportation, Channels of Communications and Rural Development.  

Sheikha Latifa bint Mohammed, Chairperson of the Dubai Culture and Arts Authority, toured the venue of the Arab Media Summit 2026 on Tuesday. 

Sheikh Ahmed bin Mohammed, Second Deputy Ruler of Dubai and Chairman of the Dubai Media Council, said the Arab Media Summit continues to strengthen its position as a leading regional platform by convening the best minds and expertise from across the media industry.

U.S. Secretary of State Marco Rubio spoke by phone on Tuesday with Omani Foreign Minister Sayyid Badr bin Hamad al-Busaidi about the need to de-escalate conflict in the Gulf region and ensure freedom of navigation for ships.

Rachida Dati, France’s former culture minister, goes on trial in Paris today on corruption charges linked to Renault-Nissan alongside fugitive former CEO Carlos Ghosn, who escaped to Lebanon after being arrested in Japan and will be tried in absentia.

Issam Kazim, CEO of Dubai Corp. for Tourism and Commerce Marketing, told Bloomberg TV at Arabian Travel Market that Dubai has evolved from a stopover destination into a “mature” city for attracting visitors and new residents.

H.E. Noura Al Kaabi, UAE Minister of State, spoke at the Arab Media Summit in Dubai about the spread of misinformation across digital platforms, saying governments need to be actively engaged and respond rapidly.

🖼️ Hammer Time: Christie’s will hold its first Abu Dhabi fine art auction, taking place at the Abu Dhabi Edition hotel on Nov. 1. The auction, marking 20 years since its first UAE sale, will bring together more than 70 works by artists from across the Middle East and North Africa region, including Paul Guiragossian, Samia Halaby, Mohamed Melehi, Nabil Nahas and Marwan, The National reports. The sale will be a litmus test for art investor appetite ahead of the first edition of Frieze Abu Dhabi – the rebranded Abu Dhabi Art show – which is slated for Nov. 19-22.

📷 Photo of the Day

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.

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 Summit. 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. 

DAMASCUS DEALS

Syrian President Ahmed al-Sharaa pitched his country today as an investment opportunity for the Gulf countries as it emerges from years of civil war and economic disaster. Speaking in Dubai at the Arab Media Summit, al-Sharaa proposed using Syria as a regional logistics hub and farming resource, The Circuit’s Omnia Al Desoukie reports from the conference. “Syria has enormous investment opportunities, particularly for Gulf countries such as Saudi Arabia, Qatar and Kuwait, as well as investors from the UAE and elsewhere,” al-Sharaa told a packed hall at the Dubai World Trade Centre. Syria has attracted more than $30 billion in investment commitments, with projects in real estate and tourism in final negotiations, he said.

CHEAP SEATS

An alliance led by UAE low-cost airline Air Arabia has been granted approval to start flying a new budget airline from Saudi Arabia’s King Fahd International Airport in Dammam. The new carrier plans to ferry about 10 million passengers annually by 2030, serving 57 international and 24 domestic destinations. Air Arabia, which is 19% owned by the Government of Sharjah, is listed on the Dubai Financial Market. The new venture will be majority Saudi-owned, with backing from investment house Kun Investment Holding and Saudi company Nesma Group. The news comes just one week after Hungarian competitor Wizz Air announced its return to Abu Dhabi and Dubai one year after closing its UAE-based operation. The outbreak of the Iran war has seen a shifting competitive environment for airlines, with international carriers including Lufthansa, British Airways and Singapore Airlines still suspending services to Dubai and other Gulf cities.

ADNOC: XRG, the international investment arm of Abu Dhabi’s national oil company, has finalized a deal to buy a stake in the Southern Gas Corridor from Azerbaijan’s Ministry of Economy, after receiving all regulatory approvals. The corridor transports natural gas from the Azerbaijani sector of the Caspian Sea through Georgia and Turkey to Southern Europe.

DP World: The Dubai-owned ports operator is expanding its truck fleet as it prepares for lasting disruption in the Strait of Hormuz, Bloomberg reports. The company plans to increase its fleet from 700 to 1,000 trucks and add overland routes connecting Gulf ports with Europe and Asia.

L’Imad Holding: Fierce competition among Middle East airlines is preventing carriers from passing soaring fuel costs to passengers for now, Antonoaldo Neves, CEO of Abu Dhabi’s L’Imad-backed Etihad Airways told Bloomberg.

Aramco: Aramco’s investment arm Wa’ed Ventures is participating in a funding round by Saudi Arabian building materials procurement platform BRKZ, which raised $31 million.

⚖️ Legal Landing: Wall Street law firm Sullivan & Cromwell is opening its first Middle East office in Abu Dhabi, seeking to capture growing business from Gulf sovereign investors and cross-border deals, Bloomberg reports.

💵 Money Raising: Saudi fintech Tabby has raised $233 million in equity funding at a $6.5 billion valuation, led by Blue Pool Capital, as it expands beyond buy now, pay later into broader financial services in Saudi Arabia and the UAE.

🏘️ Medina Fund: Three Saudi companies have partnered to set up a private real estate fund targeting non-Saudi buyers for a $750 million project in Medina.

💰 Securing Capital: Bahrain-founded fintech firm Tarabut raised $50 million from investors including Saudi banks and financial institutions.

💾 Cairo Clay: New York-based software startup Clay, co-founded by an Egyptian entrepreneur, has raised $115 million, valuing the company at $7.1 billion.

⚛️ Uranium Find: Saudi Arabia has discovered 110 million tons of uranium-bearing raw materials in Medina, Energy Minister Prince Abdulaziz bin Salman told the International Atomic Energy Agency General Conference in Vienna on Monday.

📉 Listings Slump: Gulf IPOs have raised less than $1.1 billion this year, trailing sub-Saharan Africa and pushing banks including HSBC and EFG Hermes to hunt for fees in Egypt, Turkey and India, Bloomberg reports.

☣️ Ammonia Leak: Eleven people suffered injuries from an ammonia leak during maintenance at an industrial complex in Jordan’s southern port city of Aqaba on Monday.

🪙  Crypto Claim: The U.S. Justice Department filed a civil forfeiture claim for $61 million allegedly generated from Iranian black-market oil sales and laundered through crypto exchange Binance, Bloomberg reports.

Saudi Crown Prince Mohammed bin Salman met with Admiral Brad Cooper, head of U.S. Central Command, in Jeddah days after Washington declined Riyadh’s request for strikes against Yemen’s Houthis but offered intelligence and targeting assistance, Reuters reports.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, met with Citigroup Chair and CEO Jane Fraser on Monday. Joining them were Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development, and Saif Saeed Ghobash, Secretary General of the Abu Dhabi Executive Council.

Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi, UAE National Security Adviser and Chairman of IHC, visited Azerbaijan and met with President Ilham Aliyev on Monday. 

Sheikh Hamdan bin Zayed, Ruler’s Representative in Al Dhafra Region and Chairman of the Emirates Red Crescent Authority, has issued a decision reconstituting the ERC Board of Directors, chaired by Khalid Abdullah bin Shaiban Al Muhair.

Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, said that Factory Forward UAE, a national initiative that unifies the country’s industrial technology transformation programs under one platform, would help factories use more advanced technology, including AI, to increase productivity.

Bill Winters, CEO of Standard Chartered, reflected in an interview with CNBC on his unlikely path from aspiring diplomat to head of a global bank with deep roots in the Middle East.

John Defterios, former CNN emerging markets editor and energy correspondent, has been named Chairman of global advisory firm APCO for the Middle East and North Africa region.

🍽️ Show Stopper: One of London’s top Indian restaurants has arrived in Dubai. Gymkhana, a Mayfair institution with two Michelin stars, opened the doors to its striking new venue in the Dubai International Financial Centre this month. The two-level restaurant, decorated with a peacock mural and stained-glass windows, is serving up staples alongside dishes specially created for the Dubai outpost, including Makhmali king crab and Wagyu beef sukka. A “must-visit” according to The National’s reviewer.

📷 Photo of the Day

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.

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 Summit. 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. 

PIPELINE PERIL

Up to 4% of global oil supply could disappear within days unless Saudi Arabia restarts its East-West pipeline to the Red Sea. The kingdom is close to exhausting the oil it has stored for export, Saudi buyers and traders told Reuters. Drone attacks forced the pipeline to shut on Friday, cutting Riyadh’s primary route around the wartime closure of the Strait of Hormuz. Repairs could take five or six weeks, although the pipeline may resume partial operations sooner. A prolonged shutdown would deepen a supply crunch that has already pushed fuel prices to record highs and driven up inflation worldwide.

SATELLITE BOOST

Abu Dhabi’s Space42 and U.S. satellite company Viasat are putting up to $1 billion behind a venture aimed at keeping phones connected in areas that ground networks can’t reach. Each will initially invest $400 million in the new company named Equatys, with Space42 expected to contribute another $200 million in a future funding round, according to an agreement announced today at the World Space Business Week conference in Paris. The venture will build shared satellite and ground infrastructure serving remote areas, urban coverage gaps and other underserved locations. Space42’s shareholders include the Mubadala sovereign wealth fund, International Holding Co. and G42.

ADNOC: Abu Dhabi’s national oil company, along with its international investment arm XRG and clean energy firm Masdar, said it had signed deals worth as much as $5.8 billion with German energy and industrial groups, including Siemens and RWE. 

Masdar: The Abu Dhabi green energy company signed an MOU with Hamburg-based Luxcara to explore a joint investment in battery energy storage, offshore wind and other technologies in Germany and internationally.

Miral: The Abu Dhabi government-owned theme park developer announced at Arabian Travel Market that it would invest about $3.3 billion over the next five years to expand its hospitality and theme park offerings on Yas Island.

⚡ Energy Boost: Saudi technology company CASHIN and Syria’s Ministry of Energy have agreed to develop a national digital platform for petroleum derivatives.

🔋 Battery Boost: Egypt’s BME and China’s Contemporary Amperex Technology Co. will invest more than $39 million to establish an electric-battery plant for heavy commercial vehicles.

🎣  Go Fish: Cairo-based Arab Contractors won a contract from Oman’s Ministry of Agriculture, Fisheries and Water Resources to build a fishing port in Wilayat of Mahout.

📈 Bouncing Back: Jordan’s economy is proving resilient despite repeated Iranian missile attacks, with analysts saying its decades of geopolitical instability and strong ties with GCC states continue to support its appeal to Gulf investors.

🏦 Asian Market: Oman-based bank Sohar International has opened an Asia Pacific office in Hong Kong to strengthen relationships with investors, financial institutions and businesses across China and wider Asian markets.

🤖 Auto Pilot: Gulf logistics provider Starlinks has selected Swisslog to deliver a warehouse automation program for a new aviation maintenance, repair and overhaul facility in Saudi Arabia.

UAE President Sheikh Mohamed bin Zayed received Jordan’s King Abdullah II in Abu Dhabi on Sunday. During his visit to Germany last week, Sheikh Mohamed met with a group of business executives including Mathias Döpfner, CEO of media company Axel Springer.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, held a phone call with Prince Faisal bin Farhan, Saudi Arabia’s Minister of Foreign Affairs. Sheikh Abdullah also held a phone call with Dr. Badr Abdelatty, Egypt’s Minister of Foreign Affairs, International Cooperation and Egyptian Expatriates. Sheikh Abdullah also spoke with Dr. Fuad Mohammed Hussein, Iraq’s Deputy Prime Minister and Minister of Foreign Affairs.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Deputy Prime Minister and Minister of Defense, shared photographs on Instagram of himself free diving and spearfishing.

Salim Al-Aufi, Oman’s Minister of Energy and Minerals, called for alternative LNG export routes to bypass the Strait of Hormuz, as prolonged Gulf conflict disrupts shipments and ADNOC Gas considers a facility outside the strategic waterway.

Emmanuël Brasseur was appointed Head of LNG at OQT, Oman’s global commodity trader.

Maged Wassim was appointed Vice President and Managing Director for the Middle East and Africa at Kyndryl, a provider of enterprise technology services.

💰 Beirut Bandits: Lebanon’s banking crisis served as the inspiration for a heist film backed by George Clooney’s Smokehouse Pictures. “Furies,” the debut feature by Lebanese director Rami Kodeih and his co-writer and wife, Nora Mariana, was inspired by Mariana’s experience of losing her savings, which she was counting on to pay for a surgery. “One day, we were not able to access our money and that was extremely traumatic,” Kodeih told The National. “A couple of days after, Nora sends a message to one of her close friends in Lebanon, saying: ‘Do I have to write a movie about us heisting our own money back?’”

📷 Photo of the Day

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 brings policymakers and tech leaders together to examine AI’s impact on global governance, diplomacy, national security and the emerging technological divide.

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.