OLYMPICS TORCHED

Saudi Arabia and the International Olympic Committee have “mutually” ended a deal to jointly hold the Olympic Esports Games. The IOC and the kingdom will pursue their own esports ambitions separately, Bloomberg reports. The 12-year agreement, signed last year, was supposed to see Saudi Arabia host the inaugural Esports Olympics, a part of its ambition to be a global hub for gaming. The kingdom held its second Esports World Cup over the summer, attracting more than 2,000 professional players from over 100 countries, and its Public Investment Fund has since signed a blockbuster $55 billion deal to take gaming company Electronic Arts private.

AIRPORT EXPANSION

Abu Dhabi is already planning a major expansion of Zayed International Airport, just two years after it doubled its capacity to 45 million passengers a year with the opening of Terminal A. Construction work will start in two years, with plans to increase capacity to 65 million, The National reports. “We opened in November 2023 and at the first board meeting, I broke the news to the board that we had to think about expansion,” Abu Dhabi Airports Managing Director and CEO Elena Sorlini told the Skift Global Forum East event in the capital. The expansion is partly needed to meet the demands of Etihad Airways, which is planning to double in size and carry 38 million passengers by 2030. The airport is also rolling out the use of biometrics to transit passengers to speed up transfers within the airport, which make up 60% of its current traffic.

International Holding Co.: IHC Real Estate Holding and Alpha Dhabi, both subsidiaries of IHC, sold their stakes in investment and real estate company Modon for more than $7 billion to Abu Dhabi government entity L’imad Holding Co.

International Holding Co.: Alpha Dhabi is also planning to sell about 2% of its 26.5% stake in Abu Dhabi developer Aldar Properties for around $400 million, Bloomberg reports.

Lunate: Alternative investment firm HPS Investment Partners and Abu Dhabi’s Lunate are launching a new investment platform. Lunate will anchor the project with a projected commitment of at least $1 billion.

Mubadala: Pakistan is negotiating with Abu Dhabi Investment Co., a subsidiary of Mubadala, to run Islamabad airport in exchange for 60% of the revenue, Bloomberg reports.

Public Institution for Social Security: Kuwait’s pension fund is restarting private equity allocations and is in discussions with multiple leading buyout firms, Bloomberg reports.

🏭 Mega Project: Egypt’s Ain Sokhna Industrial Zone, within the Suez Canal Economic Zone, will host three major new projects valued at $3.5 billion under an agreement between Kemet Industries Group and Emirati-Chinese company Al Qalaa Red Flag.

💰 Sharjah Sukuk: Sharjah Islamic Bank plans to issue a $500 million islamic bond, to be listed on Euronext Dublin and Nasdaq Dubai, with Emirates NBD Capital and Standard Chartered Bank appointed as joint global coordinators.

🚦 Green Light: U.K. oil services company John Wood Group has published its half-year financial results, a condition of its $292 million takeover by UAE engineering firm Sidara.

👷 Pipe Dream: A Saudi consortium has secured funding to develop a 587km water pipeline in the kingdom, with the project valued at $2.3 billion.

🛢️ Fuel Fraud: Lebanon’s judiciary has charged six companies and four individuals and issued arrest warrants over an alleged Russian oil scam, The National reports.

🎮 Banking Games: Emirati lender Commercial Bank International has launched a venture arm to build and invest in products for gamers, starting with a credit card in partnership with Mastercard.

🛡️ Standing Together: The U.K. has signed an enhanced defense agreement with Qatar to deepen military cooperation.

₿ Virtual World: The Abu Dhabi Real Estate Center signed an agreement with five partners to advance blockchain integration in Abu Dhabi’s real estate sector.

🦘 Aussie Connection: Abu Dhabi Investment Office and the Australia Arab Chamber of Commerce and Industry have signed a strategic partnership to boost trade and investment and support Australian companies entering Abu Dhabi’s high-growth sectors.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, met with South Korean President Lee Jae Myung on the sidelines of the Asia-Pacific Economic Co-operation forum in Gyeongju, South Korea, on Friday. The Crown Prince also met with Lawrence Wong, Prime Minister of Singapore, and Christopher Luxon, Prime Minister of New Zealand.

Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister and Ruler of Dubai, launched the Mohammed bin Rashid Endowment District.

Sheikh Sabah Al Khalid Al Sabah, Crown Prince of Kuwait, met with Yuriko Koike, Gov. of Japan, at Bayan Palace in Kuwait on Thursday.

Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai and UAE Deputy Prime Minister and Minister of Finance, met with Georges Elhedery, Group CEO of HSBC, at the Dubai International Financial Centre on Thursday.

Sheikh Jarrah Jaber Al Ahmad Al Sabah, Deputy Foreign Minister of Kuwait, met with Muhammad Anis Matta, his Indonesian counterpart, in Kuwait City on Thursday.

Jamie Dimon, CEO of JPMorgan Chase, told The National that his “cockroach” comment about the health of the private credit market was “blown out of proportion.”

Ed Bastian, CEO of U.S. carrier Delta Airlines, told Arabian Gulf Business Insight that the airline hopes to capitalize on economic development in Saudi Arabia and the potential growth of passenger traffic between the two countries with its new direct flights from Atlanta to Riyadh.

Eric Schmidt, the former CEO of Google, told The National at Saudi Arabia’s FII conference in Riyadh that the rise of AI will create more jobs than it destroys.

James Reynolds, the global co-head of Goldman Sachs Asset Management, said in an interview with Asharq Business that the bank is in “productive” talks with the Public Investment Fund and other players in the region.

Rashid Saeed Al Shamsi, Non-Resident Ambassador of the UAE to Niger, met with Ali Mahamane Lamine Zeine, Prime Minister of Niger, at his headquarters in the capital, Niamey. 

🏛️ Rebuilding History: Palmyra’s archaeological museum, which was badly damaged by bombings during the Syrian civil war, will be restored with international funding, The National reports. One of Syria’s most popular sites before the war, Palmyra made headlines in 2025 when ISIS destroyed the Temple of Bel and the Arch of Victory and killed its head of antiquities. Swiss-based foundation Aliph will fund the restoration of the museum, starting with the guesthouse, which will house archaeologists working on the project. Aliph is mostly funded by nations, including the UAE, Saudi Arabia, Kuwait and Morocco, and private donors.

Oct 29-31, Abu Dhabi. International Forum of Sovereign Wealth Funds. An annual forum hosted by Abu Dhabi Investment Authority and Mubadala, bringing together global CEOs and senior executives from sovereign wealth funds. ADGM 

Nov. 1-2, Dubai. Women’s Empowerment Convention. The 3rd Women’s Leadership Forum unites global trailblazers, headlined by fashion icon Anna Wintour and storytelling pioneer Candace Bushnell. Atlantis The Royal Conference Center.

Nov. 3-6, Abu Dhabi. ADIPEC. Bringing together professionals, companies, and government leaders to discuss and showcase the latest developments in oil, gas, and cleaner energy technologies. ADNEC Center.

Nov. 4-6, Dubai. Gulfood Manufacturing. Billed as the most influential F&B manufacturing event in the world. Dubai World Trade Center. 

Nov. 4-9, Dubai. Dubai Design Week. The Middle East’s largest creative festival, showcasing more than 200 events across architecture, product, furniture, interior and graphic design. D3.

Nov. 10-12, Abu Dhabi. DRIFTx. An international exhibition showcasing smart and autonomous mobility solutions. Yas Marina Circuit.

Nov. 10-15, Abu Dhabi. RoboCup Asia-Pacific. A regional competition and event for AI and robotics where teams compete on challenges including humanoid robot soccer matches. ADNEC Center.

Nov. 11-14, Dubai. ICOM 2025. Bringing together museum professionals and cultural experts from around the world to explore the evolving role of museums. Dubai World Trade Center.

Nov. 17-19. Doha. Qatar Entrepreneurship Conference (ROWAD). Qatar’s national entrepreneurship platform and a flagship Global Entrepreneurship Week event, connecting startups, SMEs, and ecosystem leaders. Doha Exhibition & Convention Center.

Nov. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.

Nov. 25-26. Riyadh. Global Sustainability Expo. Dedicated to advancing sustainability practices across industries. The Arena Riyadh.

Nov. 26-27, Abu Dhabi. CyberQ 2025. The UAE’s flagship summit for cybersecurity and quantum technologies. ADNEC Center.

Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.

Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.

Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.

CHIP DRIVE

Electric vehicle maker Lucid is partnering with chip giant Nvidia to launch cars with near-full autonomy. The California-based company, which is backed by Saudi Arabia’s Public Investment Fund, will use Nvidia’s Drive AV system in its mid-sized vehicles, Lucid revealed at the FII conference in Riyadh on Wednesday. The system has level 4 autonomous driving capability, which is the second-highest level. Level 5, the highest level, does not even require vehicles to have a steering wheel. “We’re taking the next step by combining cutting-edge artificial intelligence with Lucid’s engineering excellence to deliver the smartest and safest autonomous vehicles on the road,” Marc Winterhoff, interim CEO of Lucid, said. It comes after Lucid agreed in July to supply 20,000 vehicles fitted with a level 4 platform developed by U.S. robotics company Nuro to ride-hailing company Uber for its global robotaxi program.

OPEN DOORS

Abu Dhabi’s Rotana hotel chain is among the global hospitality groups planning to launch in Syria as the country opens up and requires more rooms to house an expected boom in business and leisure travelers. “If Syria opens up again, as it is now, Emiratis will be going there to do business and we need to be there,” Rotana CEO Philip Barnes told The National. Among those lining up for meetings with Syrian President Ahmed Al Sharaa at the FII conference in Riyadh this week were executives from Accor and Hilton Worldwide Holdings. Accor is already in talks with developers and plans to have 10 to 15 hotels in Syria within five years, the newspaper reports.

Mubadala: The Abu Dhabi sovereign fund, alongside private equity firm Cinven and UAX founder Jesús Núñez, will acquire a majority stake in Madrid’s Universidad Alfonso X el Sabio Group from CVC Funds.

Abu Dhabi Investment Authority: ADIA, Nordic private equity house EQT and Auba Investment have sold 8.4% of their stake, worth $3.27 billion, in Swiss skincare specialist Galderma, Zawya reports. Galderma, which makes Cetaphil, went public last year in one of Europe’s largest IPOs.

G42: The Abu Dhabi AI powerhouse has expanded its collaboration with U.S. networking and security company Cisco. Under a new agreement Cisco will power, connect, and secure a large-scale AI cluster deployed by G42, featuring AMD’s advanced MI350X GPUs. 

Public Investment Fund: PIF-backed utility Acwa Power has announced clean energy deals worth $10 billion. The biggest is a $6 billion deal signed between Acwa, Aramco and PIF unit Badeel to develop 70% of Saudi Arabia’s 2030 renewable energy targets.

Public Investment Fund: Saudi Arabia’s sovereign wealth fund and U.S. asset manager BlackRock have partnered to launch mutual funds.

ADQ: AD Ports Group, controlled by the Abu Dhabi sovereign fund, signed an initial agreement with the Indian government of Maharashtra paving the way to invest up to $2 billion in the state’s ports and shipbuilding sectors.

ADQ: Abu Dhabi National Energy Company, known as TAQA, sold its entire stake in an Indian coal power plant for $105 million as part of a pivot towards green power.

🛒 Shopping Trip: Dubai retail conglomerate Al-Futtaim is planning to invest an additional $2.7 billion in Saudi Arabia over the next three years.

💰 Cash Zap: Emirates NBD has inked a $423 million credit facility with Egypt’s El Sewedy Electric for regional expansion across Egypt, Saudi Arabia and the UAE.

📷 Tourism Boost: Oman signed 36 contracts worth $260 million for the construction of tourism projects as part of its Vision 2040 project.

🚢 Ship Shape: Dubai-based global terminal operator DP World has committed to invest an additional $5 billion in India’s maritime infrastructure.

🔍 Breaking Ground: Dubai Investments is investing $163 million to build a second production line for its subsidiary Emirates Float Glass.

🧊 Chilling Offer: Saudi-Swiss cold-chain tech company Consolidated Grünenfelder Saady is planning an IPO on the Saudi stock exchange next month.

📈 GDP Boost: Saudi Arabia’s economy expanded at 5% year-on-year in the third quarter, the fastest pace since early 2023, helped by rising oil production and big state investments in non-oil sectors. 

🏘️ Crypto Homes: Dubai property company Idealist Real Estate entered a strategic partnership with Citi Developers to integrate crypto payments into real estate transactions.

🏦 Fed Cuts: Gulf central banks cut interest rates in tandem with the U.S. Federal Reserve’s second reduction of 25 basis points this year.

Saudi Arabia’s Crown Prince Mohammed bin Salman held meetings with heads of state on the sidelines of the FII conference in Riyadh on Wednesday, including Ahmed Al Sharaa, President of Syria; Vjosa Osmani, President of Kosova; Manuel Marrero Cruz, Prime Minister of Cuba; Gustavo Petro, President of Colombia; Teodoro Obiang Nguema Mbasogo, President of Equatorial Guinea; and Han Zheng, Vice President of China. The meetings were also attended by various ministers and dignitaries, including Saudi Foreign Minister Prince Faisal bin Farhan.

Adel Al-Jubeir, Saudi Arabia’s Minister of State for Foreign Affairs, Cabinet Member, and Climate Envoy met with former Canadian Prime Minister Stephen Harper on the sidelines of the FII conference on Wednesday.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, met with Michel Demaré, Chair of biopharmaceutical company AstraZeneca, along with other members of AstraZeneca’s board, in Abu Dhabi on Wednesday.

António Costa, President of the European Council, visited the Sheikh Zayed Grand Mosque in Abu Dhabi on Wednesday, accompanied by Lucie Berger, Ambassador of the European Union to the UAE, and several senior EU officials. 

Faisal Alibrahim, Saudi Arabia’s Minister of Economy and Planning, met with Vietnam’s Deputy Prime Minister Ngugen Chi Dung in Riyadh for talks to enhance cooperation. 

Yuriko Koike, Tokyo Gov., arrived in Kuwait on Wednesday for an official visit and was greeted at the airport by Sheikh Abdullah Salem Al-Ali Al-Sabah, Gov. of the Kuwait City.

Syrian President Ahmed Al Sharaa met with FIFA President Gianni Infantino on the sidelines of the FII conference in Riyadh on Wednesday.

Mohamed Alabbar, founder of Dubai-listed Emaar Properties, said during a panel discussion at the FII conference in Riyadh that his company is looking to enter China’s real estate market.

Belkasem Haftar, son of Libyan military strongman Khalifa Haftar, is using the FII conference in Riyadh to drum up interest in Libya as an attractive destination for investment, Bloomberg reports.

Bill Winters, Group CEO of Standard Chartered, told The National on the sidelines of the FII conference that the Middle East wealth management business is one of the fastest growing in the world for U.K.-based lenders.

Will Ahmed, Founder & CEO of wearable tech company Whoop, spent several days touring the Gulf, visiting Qatar, Saudi Arabia and the UAE. He announced the launch of an R&D center called Whoop Labs Doha in partnership with Invest Qatar and a partnership with digital health platform Lean Business Services in Saudi Arabia. 

🎤 Learning Moment: Maharat, the Arab world’s answer to the popular American subscription service MasterClass, is now offering bite-sized versions of its courses, The National reports. The platform, which launched in February, features lessons in business, fashion and music from the likes of Toufic Kreidieh, Executive Chairman of Brands for Less Group, celebrity make-up artist Bassam Fattouh and Lebanese singer Ragheb Alama. The new feature, called Playlists, condenses the courses into 2-3 minute videos and is touted as the company’s antidote to doom-scrolling.

Oct 29-31, Abu Dhabi. International Forum of Sovereign Wealth Funds. An annual forum hosted by Abu Dhabi Investment Authority and Mubadala, bringing together global CEOs and senior executives from sovereign wealth funds. ADGM 

Nov. 1-2, Dubai. Women’s Empowerment Convention. The 3rd Women’s Leadership Forum unites global trailblazers, headlined by fashion icon Anna Wintour and storytelling pioneer Candace Bushnell. Atlantis The Royal Conference Center.

Nov. 3-6, Abu Dhabi. ADIPEC. Bringing together professionals, companies, and government leaders to discuss and showcase the latest developments in oil, gas, and cleaner energy technologies. ADNEC Center.

Nov. 4-9, Dubai. Dubai Design Week. The Middle East’s largest creative festival, showcasing more than 200 events across architecture, product, furniture, interior and graphic design. D3.

Nov. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.

Dec 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.

DAMASCUS MOMENT

Saudi Arabia is preparing to launch a series of funds in Syria to oversee the billions of riyals it is committing to rebuilding the economy of the wartorn country, Saudi Investment Minister Khalid Al Falih told the Saudi-Syrian investment roundtable in Riyadh. Saudi Banks are also setting up operations in Damascus, with two already operating and moving funds between the two countries, as they deepen financial and banking cooperation. Syrian President Ahmad Al Sharaa is set to address investors in a keynote speech to the FII conference this afternoon, where he will set out his vision for attracting high-value investments and advancing reconstruction efforts. During his visit Al Sharaa is also expected to meet with Crown Prince Mohammed bin Salman, who was instrumental in lobbying U.S. President Donald Trump to lift sanctions on Syria.

WAGE WOES

Employees in the UAE are facing a contraction in salaries, as booming population growth means that the number of jobseekers is far outstripping the available roles in many industries, The National reports. Once considered “hardship” positions with high salaries for expats, professional jobs in Dubai and Abu Dhabi are now highly sought after as the cities mature, offering an attractive lifestyle along with tax benefits. Trefor Murphy, Founder and CEO of recruitment company Cooper Fitch, told the newspaper that new arrivals were “doing anything” just to get a job and it was making it harder for existing talent to get a justifiable wage increase. “We’ve had dentists come to the UAE to work as real estate agents,” he said. Cooper Fitch data showed hiring activity in the Emirates increased 3% in the three months to the end of September.

Public Investment Fund: The PIF has signed a memorandum of understanding worth $6.8 billion with U.K. Export Finance, the British export credit agency, to build financial cooperation and expand trade and investment opportunities.

Public Investment Fund: The Red Sea Gateway Terminal, partly owned by the PIF, signed an $433 million agreement with French-based CMA CGM Group to develop and operate a fourth container terminal at Jeddah Islamic Port, Arab News reports.

Public Investment Fund: PIF-owned Saudi Arabian developer Red Sea Global raised a $1.7 billion credit facility through Riyad Bank to finance the development of its luxury tourism destination Amaala.

ADNOC: XRG, the low-carbon investment arm of Abu Dhabi’s state-owned oil company, is looking at investing in a liquefied natural gas project developed by Argentina’s state-owned YPF, Bloomberg reports.

Masdar: India’s Nasdaq-listed ReNew Energy Global has accepted a revised buyout offer from a consortium led by Abu Dhabi renewable energy company Masdar, Abu Dhabi Investment Authority subsidiary Platinum Hawk, the Canada Pension Plan Investment Board and Sumant Sinha, Founder, Chairman and CEO of ReNew. The revised cash offer values the deal at more than $3 billion.

Mubadala: Bahrain’s Investcorp, the alternative asset manager backed by Mubadala, aims to raise as much as $7 billion in new funding and make exits and distribution to investors of a similar amount in the current financial year, CFO and Vice Chairman Rishi Kapoor told The National on the sidelines of the FII conference.

☁️ Cloud Deal: Qatar-based data center and IT provider Meeza signed a $205 million agreement with a global hyperscaler and cloud service provider to provide 6 megawatts of data center services. 

⚕️ New Contracts: Modon, Saudi Arabia’s authority for Industrial Cities and Technology Zones, signed five new industrial contracts in the critical medical and pharmaceutical industries worth $62.6 million.

🏭 Green Investment: The Green Climate Fund will help build a $6 billion water desalination project in Jordan, marking the fund’s largest investment in a single project, Reuters reports.

💸 Fintech Cash: Viola Credit, an Israel-based asset manager specializing in alternative credit, has raised a $2 billion fund to lend to financial technology startups, Bloomberg reports.

📈 Taking Stock: Dubai-listed education provider Amanat Holdings has launched the IPO of its subsidiary Almasar Alshamil Education on the Saudi Tadawul Exchange.

🇵🇰 Trade Pact: Saudi Arabia and Pakistan agreed to launch an Economic Cooperation Framework to strengthen trade and investment relations.

💸 Less Impact: Dubai is not likely to raise substantial debt over the next two years as more fiscal surpluses are expected between 2025 and 2028, S&P said in a new report.

✈️ Airport Award: Iraq selected a consortium of Luxembourg-based Corporación América Airports and local company Amwaj International to develop and operate Baghdad International Airport.

💰 Dubai Bound: Dublin-based Avia Solutions Group, the world’s largest aircraft, crew, maintenance and insurance provider, will establish its new regional headquarters at Dubai South.

Saudi Arabia’s Crown Prince Mohammed bin Salman met in Riyadh on Tuesday with FIFA President Gianni Infantino to review areas of sports cooperation. Also present were Minister of Sport Prince Abdulaziz bin Turki bin Faisal, Minister of Commerce Majid Al-Kassabi, PIF Gov. Yasser Al-Rumayyan, Advisor at the Royal Court Abdulaziz Tarabzouni and President of the Saudi Arabian Football Federation Yasser Al-Misehal.

UAE President Sheikh Mohamed bin Zayed met with António Costa, President of the European Council, at Qasr Al Shati palace in Abu Dhabi on Tuesday. The pair discussed ongoing negotiations on a trade deal between the UAE and the EU.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, met with Chuck Robbins, Chair and CEO of Cisco, in Abu Dhabi on Tuesday.

Crown Prince Hussein of Jordan and his delegation arrived in Riyadh on Tuesday to participate in the FII conference.

Ahmed Al Sharaa, President of Syria, arrived in Riyadh on Tuesday to participate in the FII conference. 

Sheikha Latifa bint Mohammed, Chairperson of Dubai Culture and Arts Authority, delivered a keynote address at the Emirati Media Forum at the Museum of the Future in Dubai on Tuesday.

Sheikha Bodour bint Sultan Al Qasimi, President of the American University of Sharjah and Chairperson of the Sharjah Book Authority, has been named UNESCO Goodwill Ambassador for Education and Book Culture.

Sheikh Mansoor bin Mohammed, President of the UAE National Olympic Committee, met with Gao Zhidan, President of the Chinese Olympic Committee, on Tuesday in Dubai.

Abdullah Alswaha, Saudi Arabia’s Minister of Communications and Information Technology, met with global technology leaders on the sidelines of the FII conference, including Vimal Kapur, Chairman and CEO of Honeywell; Steven Mnuchin, Chairman and CEO of Liberty Strategic Capital and former U.S. Treasury Secretary; Amjad Masad, Founder and CEO of Replit; and Emirati businessman Hussain Sajwani, Founder and Chairman of Damac Properties and EDGNEX Data Centers.

Jasem Albudaiwi, GCC Secretary-General, is attending the FII conference in Riyadh, commenting that the event is a source of pride for all Gulf citizens.

Amer Ghalib, U.S. President Trump’s pick to serve as ambassador to Kuwait, is unlikely to make the cut after three key Republican senators said they would oppose the nomination, The New York Times reports.

Georges Elhedery, Group CEO of HSBC, told The National on the sidelines of the FII conference that the bank was halfway through a revamp of its global business and was betting on expanding its wealth management offering in the Middle East and Asia to boost growth.

Yie-Hsin Hung, President and CEO of State Street Investment Management, played down fears of an AI bubble in comments to Asharq Bloomberg on the sidelines of the FII conference. 

Karim Abi Nader was appointed Executive Director and Banker at JPMorgan Private Bank in the Middle East.

🎨 Art Auction: Palestinian-American artist Samia Halaby’s “Morning Honey” and Fahrelnissa Zeid’s “Carnations” were among works auctioned at Sotheby’s Modern and Contemporary Middle Eastern Art sale in London on Tuesday. The bi-annual event featured a curated selection of artworks from the Arab world, North Africa, Iran and Turkey. Halaby’s 1992 painting had one of the highest estimated sales prices, at $93,000-$133,000. The result is pending.

Oct. 27-30, Riyadh. Future Investment Initiative, 9th Edition. Investors, corporate executives, cabinet ministers and political leaders from around the world attend Saudi Arabia’s flagship business conference. King Abdulaziz International Conference Center.

Oct 29-31, Abu Dhabi. International Forum of Sovereign Wealth Funds. An annual forum hosted by Abu Dhabi Investment Authority and Mubadala, bringing together global CEOs and senior executives from sovereign wealth funds. ADGM 

Nov. 1-2, Dubai. Women’s Empowerment Convention. The 3rd Women’s Leadership Forum unites global trailblazers, headlined by fashion icon Anna Wintour and storytelling pioneer Candace Bushnell. Atlantis The Royal Conference Center.

Nov. 3-6, Abu Dhabi. ADIPEC. Bringing together professionals, companies, and government leaders to discuss and showcase the latest developments in oil, gas, and cleaner energy technologies. ADNEC Center.

Nov. 4-9, Dubai. Dubai Design Week. The Middle East’s largest creative festival, showcasing more than 200 events across architecture, product, furniture, interior and graphic design. D3.

Nov. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.

Dec 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.

UNICORN BILLIONS

Tabby, the buy-now-pay-later firm headquartered in Riyadh, has hit a valuation of $4.5 billion after completing a secondary share sale. Existing shareholders sold stakes to investors including Hong Kong-based venture capital firm HSG and Chinese private equity firm Boyu Capital. Tabby, which is backed by Abu Dhabi sovereign wealth fund Mubadala, has been working towards an IPO, but did not give an update on a potential date. One of the Gulf’s fastest growing startups, the fintech unicorn was previously valued at $3.3 billion in February, when it raised $160 million in a Series E financing round.

RICH KIDS

Dubai-based school operator GEMS Education is planning to launch a school for the uber-rich in Abu Dhabi, amid a boom in multi-millionaires moving to the UAE capital, The National reports. GEMS, which is backed by Brookfield Asset Management, opened the UAE’s most expensive school in Dubai this year. The $100 million Gems School of Research and Innovation in Dubai Sports City has an elevated helipad that doubles as a football field and an Olympic-size swimming pool. Its fees range from $31,586 to $56,092 for pupils from foundation stage one to year 12. GEMS Education CEO Dino Varkey told the newspaper on the sidelines of the FII conference in Riyadh that the “significant reallocation of high-income families” to the UAE supported the case for a similar school in the UAE capital.

Kuwait Investment Authority: Goldman Sachs is competing with other investment firms to manage $10 billion from Kuwait’s sovereign wealth fund, allocated largely toward Goldman’s private equity, credit and infrastructure funds, Bloomberg reports.

Masdar: Saudi Arabia awarded contracts for five renewable energy projects totaling 4.5 gigawatts and investments exceeding $2 billion to several companies including Abu Dhabi-owned Masdar, TotalEnergies and EDF.

Public Investment Fund: Bahrain’s Investcorp, the biggest alternative asset manager in the Middle East, is in talks with Saudi Arabia’s sovereign fund to explore investment opportunities in the kingdom’s airports, Yusef Al Yusef, Global Head of Distribution at Investcorp, told Asharq News.

G42: Presight, the Abu Dhabi-listed artificial intelligence company which is majority owned by G42, is establishing an R&D laboratory in Kazakhstan to focus on advanced solutions in artificial intelligence, data analytics and digital governance.

Mubadala: M42, a global health provider owned by both G42 and Mubadala, announced the incorporation of M42 Saudi Arabia during the Global Health Exhibition in Riyadh.

Adnoc: Subsidiary Adnoc Drilling increased its third-quarter dividend payout by 15% to $250 million, after revenues surged 23% to $1.3 billion.

🏘️ Taking Off: Abu Dhabi developer Aldar Properties is investing $1 billion in a series of new develop-to-hold properties surrounding the emirate’s airport, The National reports. 

🧊 Cool Deal: Dubai-based district cooling company Tabreed raised $490 million in new Islamic compliant bank debt from Emirates NBD and Mashreq.

💺 Flying Crafts: Emirates NBD has financed two Airbus A321neo aircraft for IndiGo as part of the airline’s push to expand its domestic and international fleet.

🚂 Desert Dream: Saudi Arabia unveiled its luxury train, the “Dream of the Desert,” developed with Italy’s Arsenale Group and several Saudi agencies to promote upscale tourism.

✈️ Delta Direct: Delta Air Lines said it will launch nonstop flights between Atlanta and Riyadh next year, making it the first major American carrier to enter the kingdom’s expanding aviation market.

📈 Trade Off: Saudi Arabia will now allow foreign investors to keep trading even after leaving the Gulf, following its initial move to open the stock exchange to residents in July.

💰 Street Smart: U.S. financial services giant State Street Corporation has launched a regional headquarters in Riyadh, where it already has $60 billion of assets under management for clients in the kingdom.

🎫 Lucky Millionaire: A 29-year-old Indian resident of Abu Dhabi has won Dh100 million ($27 million) the UAE Lottery, the highest amount since the country authorized the draw under new gaming laws late last year.

Saudi Crown Prince Mohammed bin Salman met leaders from Kosovo, Guyana, Bulgaria, Mauritania, Rwanda, Pakistan, Montenegro and Albania in Riyadh on Monday ahead of the FII summit.

Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister and Ruler of Dubai, said on Monday that the UAE Cabinet approved a record budget for fiscal year 2026, with expected revenues and expenditures at Dh92.4 billion ($25.2 billion), nearly 30 per cent higher than the previous year.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, met with Mike Sicilia, Co-CEO of Oracle, in Abu Dhabi on Monday.

Sheikh Tahnoon bin Zayed, UAE Vice President and National Security Advisor, held a meeting on Monday with Dana White, President and CEO of the UFC, to discuss the country’s role in expanding mixed martial arts across the Middle East.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Deputy Prime Minister and Minister of Defense, witnessed the signing of a series of bilateral agreements and partnerships at the Asia-Pacific Cities Summit and Mayors’ Forum 2025 at Expo City Dubai on Monday.

Sheikh Jassim bin Mansour bin Jabor Al-Thani, Director of Qatar’s Government Communications Office, attended the opening of U.S. social media company Snap Inc.’s new office in Doha, along with Snap Inc. CEO and Founder Evan Spiegel.

Sheikha Latifa bint Mohammed, Chairperson of Dubai Culture and Arts Authority, inaugurated Beautyworld Middle East at the Dubai World Trade Centre on Monday.

Hamad Obaid Al Zaabi presented his credentials as Ambassador of the UAE to Egypt to Egyptian President Abdel Fattah El-Sisi, at Al-Ittihadiya Palace in Cairo on Monday.

Abdulla bin Touq Al Marri, UAE Minister of Economy and Tourism, said on the sidelines of the UAE-Africa Tourism Investment Summit 2025 in Dubai that the UAE is consolidating its position as one of Africa’s key strategic partners, with investment opportunities worth more than $6 billion featured at the event.

Ziad El Chaar, CEO of Dar Global, the London-listed Saudi developer which is building the $545 million Trump Tower Dubai, criticized international skepticism over the kingdom’s megaprojects in an interview with Arabian Gulf Business Insight. “It’s not really fair to get this coverage,” he said. “Why are Arabs not allowed to dream?”

Rachel Reeves, the U.K. Chancellor of the Exchequer told the Fortune Global Summit in Riyadh that an agreement on a U.K.-GCC trade deal was a priority for her government and she was “confident we can get that deal over the line.”

Abdeslam Alaoui, Managing Director and Head of CEEMEA Capital Markets at Deutsche Bank, told Zawya that the bank is actively expanding its Investment Banking division in the region.

Arif Khan was appointed Senior Executive Officer for the Middle East at U.K.-based Crown Agents Bank, which just received approval to operate from Abu Dhabi.

⛵ Flying High: SailGP, the high-speed sailing league sponsored by Rolex, will bring its foiling catamarans back to the UAE for the Mubadala Abu Dhabi Sail Grand Prix 2025 Season Grand Final on Nov. 29-30. The two-day competition will see national teams race at speeds topping 100 kph off the city’s Corniche. SailGP, the brainchild of former America’s Cup winner and Oracle founder Larry Ellison and champion sailor Sir Russell Coutts, first launched in 2019 and has rapidly expanded to 12 national teams and 12 events this year. It has attracted a host of high-profile competitors and investors, including Hollywood actors Ryan Reynolds and Hugh Jackman and F1 champion Sebastian Vettel.

Oct. 27–Oct. 29, Dubai. Asia Pacific Cities & Mayors Forum. The forum tackles sustainable development of cities. Dubai Exhibition Center.

Oct. 27-29, Dubai. Future Hospitality Summit. Connecting global investment opportunities and projects to hospitality decision-makers. Madinat Jumeirah. 

Oct. 27-30, Riyadh. Future Investment Initiative, 9th Edition. Investors, corporate executives, cabinet ministers and political leaders from around the world attend Saudi Arabia’s flagship business conference. King Abdulaziz International Conference Center.

Oct 29-31, Abu Dhabi. International Forum of Sovereign Wealth Funds. An annual forum hosted by Abu Dhabi Investment Authority and Mubadala, bringing together global CEOs and senior executives from sovereign wealth funds. ADGM 

Nov. 1-2, Dubai. Women’s Empowerment Convention. The 3rd Women’s Leadership Forum unites global trailblazers, headlined by fashion icon Anna Wintour and storytelling pioneer Candace Bushnell. Atlantis The Royal Conference Center.

Nov. 3-6, Abu Dhabi. ADIPEC. Bringing together professionals, companies, and government leaders to discuss and showcase the latest developments in oil, gas, and cleaner energy technologies. ADNEC Center.

Nov. 4-9, Dubai. Dubai Design Week. The Middle East’s largest creative festival, showcasing more than 200 events across architecture, product, furniture, interior and graphic design. D3.

Nov. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.

Dec 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.

VOICE CONTROL

Humain, the AI startup backed by Saudi Arabia’s Public Investment Fund, is planning to launch a voice-controlled computer operating system this week. Humain 1 was created as an alternative to the mouse or touch-based systems, predominantly Windows and macOS, which have been used to operate personal computers in various forms since the 1980s. “Rather than looking at icons where you click for discrete applications, now you (…) speak your intent,” Humain CEO Tareq Amin said at the Fortune Global Forum in Riyadh. Humain has been testing the operating system internally for its own payroll and Human Resources systems, Reuters reports.

UPSCALE IRAQ

Dubai-based developer Damac Properties has unveiled Damac Hills Baghdad, a luxury residential project five minutes from Baghdad International Airport, marking the Dubai developer’s renewed push into Iraq. The first phase features three upscale clusters named Misk, Fayrouz and Lamar. Spanning 6.2 million square metres, the development will offer four- and five-bedroom luxury villas inspired by Iraq’s rich architectural heritage. The new gated community will feature central parks, a health club, leisure areas, restaurants, cafés, a modern water supply network, an on-site power substation and solar-powered heating.

Public Investment Fund: Saudi Arabia’s AlUla is launching a global investor roadshow to raise $1.6 billion for 21 tourism projects, including luxury hotels, wellness facilities, restaurants, adventure projects and infrastructure, Phillip Jones, Chief Tourism Officer at the Royal Commission for AlUla, told The National.

Red Sea Global: The luxury resort developer owned by the PIF said funding is secure and its projects will be unaffected by government spending cuts, The National reports.

ADQ: Noatum Logistics, a subsidiary of AD Ports Group, which is majority owned by ADQ, will establish a freight rail service between Oman and Abu Dhabi in partnership with Hafeet Rail.

G42: U.S. intelligence found in 2022 that UAE AI group G42 supplied Huawei technology allegedly used by China to extend the range of its air-to-air missiles, enhancing its fighter jets over U.S. aircraft, The Financial Times reports.

Abu Dhabi Investment Authority: The Mumbai IPO of Lenskart Solutions, which is backed by ADIA, will take place on Oct. 30 and is expected to raise as much as $828 million.

Mumtalakat: SandboxAQ, a U.S.-based AI and quantum technology firm, signed an agreement with Bahrain’s sovereign wealth fund on Monday to speed up the development of pharmaceutical drugs and create biotech assets worth $1 billion.

🌊 Sea Cable: Syria’s telecoms ministry signed an agreement with Barcelona-based Medusa Submarine Cable System to land the country’s first international undersea cable, part of a system linking 12 North African and southern European countries.

💵 Financial Merger: U.S. investment bank Piper Sandler agreed to acquire Abu Dhabi–based merchant bank MENA Growth Partners to establish a strategic hub in the Gulf.

₿ Sports Crypto: Dubai-based Multibank Group has formed a joint venture with UFC champion Khabib Nurmagomedov to launch MultiBank Khabib LLC, a  tokenized sports ecosystem.

🛢️ Oil Finds: QatarEnergy has acquiried a 40% participating interest in an offshore exploration block in Egypt from Eni.

🏦 Saudi HQ: Citigroup announced the opening of its new regional headquarters in Riyadh, consolidating its Saudi operation in the landmark Kingdom Tower.

⛽ Trade Tensions: The U.S. and Qatar warned the European Union that new climate and human rights rules could threaten energy investments and supply security, The Financial Times reports.

💰 New Finance: The UAE has launched a new digital initiative allowing individuals to invest in Islamic-compliant government bonds, as part of efforts to broaden its investor base.

🚗 No Hands: U.S. car company Tensor is bringing its fully self-driving private vehicles, which have no steering wheel, to the UAE, Arabian Gulf Business Insights reports.

💵 Capital Relief: First Abu Dhabi Bank and Abu Dhabi Commercial Bank are exploring significant-risk-transfer deals to manage rising capital requirements, Bloomberg reports. 

UAE President Sheikh Mohamed bin Zayed attended a wedding reception hosted by Faisal Abdulaziz Al Bannai, Secretary General of Abu Dhabi’s Advanced Technology Research Council and Advisor to the UAE President for Strategic Research and Advanced Technology Affairs, to celebrate the marriages of his sons. Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, also attended the ceremony, which was held at the Erth Ballroom in Abu Dhabi.

Qatar’s Emir Sheikh Tamim and Prime Minister Sheikh Mohammed bin Abdulrahman met U.S. President Donald Trump on board Air Force One during a refueling stop at Al-Udeid Air Base in Qatar on Saturday. Trump was on his way to Malaysia for the ASEAN summit. 

King Hamad of Bahrain held a meeting with Saudi Minister of State Prince Turki bin Mohammed bin Fahd bin Abdulaziz at Al-Safriya Palace in Manama on Sunday.

Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah, Kuwait’s Prime Minister, attended the launching ceremony of the new Control Tower and Third Runway at Kuwait International Airport.

Khaled al-Falih, Saudi Arabia’s Minister of Investment, said that the kingdom plans to recognize Barclays’ regional headquarters in Riyadh in a “couple of days,” Reuters reports.

Noura Al Kaabi, UAE Minister of State, and A. Amarnath, Charge d’Affaires of the Embassy of India to the UAE, attended Emirates Loves India, an event celebrating India which drew 100,000 people from the community. 

Nabeel Mustafa was appointed Group Chief Operating Officer at the National Bank of Bahrain.

🎨 Reflective Art: A new “floating” art museum designed by Japanese architect Tadao Ando will be built above the waters of Dubai Creek. Rising five stories, the Dubai Museum of Art will feature galleries on the first and second floors and a restaurant and VIP lounge on the third floor, The National reports. Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, announced the first details of the museum’s construction on Saturday, after inspecting models developed by Al Futtaim Group.

Oct. 27–Oct. 29, Dubai. Asia Pacific Cities & Mayors Forum. The forum tackles sustainable development of cities. Dubai Exhibition Center.

Oct. 27-28, Jeddah. Sustainable Coastal Development Forum. Exploring strategic solutions for developing eco-friendly coastal communities. Hilton Jeddah.

Oct. 27-29, Dubai. Future Hospitality Summit. Connecting global investment opportunities and projects to hospitality decision-makers. Madinat Jumeirah. 

Oct. 27-30, Riyadh. Future Investment Initiative, 9th Edition. Investors, corporate executives, cabinet ministers and political leaders from around the world attend Saudi Arabia’s flagship business conference. King Abdulaziz International Conference Center.

Nov. 1-2, Dubai. Women’s Empowerment Convention. The 3rd Women’s Leadership Forum unites global trailblazers, headlined by fashion icon Anna Wintour and storytelling pioneer Candace Bushnell. Atlantis The Royal Conference Center.

Nov. 3-6, Abu Dhabi. ADIPEC. Bringing together professionals, companies, and government leaders to discuss and showcase the latest developments in oil, gas, and cleaner energy technologies. ADNEC Center.

Nov. 4-9, Dubai. Dubai Design Week. The Middle East’s largest creative festival, showcasing more than 200 events across architecture, product, furniture, interior and graphic design. D3.

Nov. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.

Dec 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.

DESERT MASTERS

Saudi Arabia has signed a deal with the ATP Tour to host a new top-tier men’s tennis tournament, expected to start as early as 2028. The new tournament, sponsored by PIF-backed SURJ Sports Investment, will be the 10th Masters 1000 event on the schedule. It is expected to take place early in the year between the Australian Open and the “Sunshine Double” events in Indian Wells and Miami in March. The PIF, which became the ATP’s official naming partner in 2024, has a long-term ambition to shape the future of tennis and global sport. Last week Riyadh hosted the second edition of the Six Kings Slam, a flashy exhibition event for six top male tennis stars which is live-streamed on Netflix and features wrestling-style walk out music, holograms of players and the biggest prize money in the sport, with the winner taking home $6 million.

BRENT BOOST

Reliance Industries, India’s biggest importer of Russian oil, has snapped up millions of barrels of Middle Eastern and U.S. crude after Washington sanctioned Russian producers. The refiner bought grades including Saudi Khafji, Iraq’s Basrah Medium, Qatar’s Al-Shaheen and U.S. WTI for delivery in December or January, Bloomberg reports. Oil prices jumped for a second day after the U.S. imposed sweeping sanctions on Russia’s top oil producers, with Treasury Secretary Scott Bessent denouncing Russian President Vladimir Putin’s war in Ukraine as “senseless.” Brent rose 4.8% to $65.60 a barrel on Thursday evening. The measures target Lukoil and Rosneft and extend to any entity they control by 50% or more.

Mubadala Capital: The alternative assets arm of the Abu Dhabi sovereign fund led a $1.4 billion funding round for Colorado-based data centre start-up Crusoe, which tripled its valuation to $10 billion, The Financial Times reports.

ADQ: The U.S. International Development Finance Corporation has joined a critical minerals consortium backed by Abu Dhabi sovereign fund ADQ and Orion Resource Partners, increasing the size of the fund to $1.8 billion.

ADQ: Mike Ho, CEO of American Bitcoin, the crypto miner backed by U.S. President Donald Trump’s sons Eric and Donald Trump Jr., told Arabian Gulf Business Insights that the company had discussions with ADQ and energy company Taqa on expanding in the UAE.

Masdar: Renewable energy megaprojects in the UAE, such as a new $6 billion round-the-clock renewable energy plant, are expected to accelerate growth of AI and data centers by meeting their rising electricity demand, according to Masdar’s Director of Business and Project Development Abdulla Zayed.

Public Investment Fund: PIF-backed EVIQ has partnered with Arabian Petroleum Supply Co. to deploy over 5,000 fast EV chargers nationwide in Saudi Arabia by 2030.

Public Investment Fund: PIF-backed mining company Maaden awarded a contract worth $104 million to U.S.-based Bechtel for its Ar Rjum gold mine, located in the Mecca Province.

Aramco: Wa’ed Ventures, the Saudi Aramco-backed $500 million venture capital fund, led a $10 million funding round for Kure Cells, a U.S. biotechnology company working on cancer therapies.

🏭 Concrete Relationship: Ras Al Khaimah-based Gulf Cement Company and the Italian cement firm Buzzi Unicem have merged. 

⛽ Petro Partnership: The Suez Canal Authority and Anchorage Investments signed a $2 billion partnership for a petrochemical complex in Egypt’s SCZONE.

🐄 Future Food: Abu Dhabi Investment Office signed a strategic partnership with two global protein companies, The Every Company and Vivici, to set up an industrial scale fermentation center for producing alternative proteins.

💰 Riviera Riches: The family office of Qatar’s former ruler Sheikh Hamad bin Khalifa Al Thani has been recruiting a multi-strategy team in Monaco and London to build an “institutional-grade” unit for his multibillion-dollar fortune, Bloomberg reports. 

🏘️ Riyadh Arrival: Houston-based real estate giant Hines is recruiting staff for a new office in Riyadh, where it will focus on industrial, office and mixed-use projects, Bloomberg reports. 

✈️ Turbulent Time: Bahrain’s stalled proposal to privatize Gulf Air is expected to return to parliament next week, though experts doubt it will rescue the struggling airline after lawmakers narrowly failed to secure enough votes to advance it.

🛎️ Room Rivals: Dubai now has more hotel rooms than Las Vegas, having doubled its hotel capacity over the past decade, with both cities sharing similarities in large events, favorable winter weather, and globally inspired culinary concepts, Bloomberg reports. 

💺 Taking Flight: Algeria will begin receiving new aircraft for Air Algérie in November, with additional planes for its new domestic airline arriving from 2026.

UAE President Sheikh Mohamed bin Zayed announced the reconstitution of the Artificial Intelligence and Advanced Technology Council, chaired by Sheikh Tahnoon bin Zayed, UAE National Security Advisor and Deputy Ruler of Abu Dhabi, with Sheikh Khaled bin Mohamed, Abu Dhabi Crown Prince, as Vice-Chairman.

Sheikh Mohammed bin Rashid, UAE Vice President and Prime Minister and Ruler of Dubai, crowned twins Bisan and Baylasan Kouka from Tunisia as the 2025 Arab Reading Champions.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, will lead a UAE delegation to South Korea to participate in the Asia-Pacific Economic Cooperation forum next week.

Mohamed Alabbar, Emirati businessman and Founder of Emaar Properties, said during an address at the eighth Sharjah Investment Forum–World Investment Conference that the manufacturing sector, which currently makes 15% of the UAE’s GDP, will be the key driver of the nation’s next phase of economic growth.

Essa Ali Bin Salem Alzaabi was named Chairman of the Islamic Arab Insurance Company, also known as Salama.

Changpeng Zhao, Founder of crypto exchange Binance, has received a full pardon from the U.S. President Donald Trump. He was previously found guilty of circumventing money-laundering laws, unlawful money transmitting and sanctions breaches and spent four months in prison.

Dana White, President and CEO of the Ultimate Fighting Championship, told The National that Abu Dhabi had become “part of the sport’s DNA.”

Noura Al Kaabi, UAE Minister of State, took part in the Fourth Ministerial Conference on Feminist Foreign Policy in Paris this week.

⭐ Star Struck: The 2026 edition of the Michelin Guide Abu Dhabi was launched on Thursday with a glamorous ceremony at Emirates Palace Mandarin Oriental. Hakkasan, Talea by Antonio Guida and Emirati restaurant Erth all retained their Michelin stars, while 99 Sushi lost its star, The National reports. Newcomer 3Fils Abu Dhabi, an offshoot of a popular Japanese-inspired restaurant in Dubai, was awarded Opening of the Year and joined the Bib Gourmand category, which recognizes top restaurants at a lower price point. Bua Thai Cafe, Goldfish Sushi & Yakitori Abu Dhabi were also awarded Bib Gourmand status.

Oct. 27–Oct. 29, Dubai. Asia Pacific Cities & Mayors Forum. The forum tackles sustainable development of cities. Dubai Exhibition Center.

Oct. 27, Dubai. The UAE Africa Tourism Investment Summit. Hosted by the UAE Ministry of Economy and Tourism as part of Future Hospitality Summit World 2025 to foster investment and strengthen tourism partnerships between the UAE and African nations. Madinat Jumeirah.

Oct. 27-28, Jeddah. Sustainable Coastal Development Forum. Exploring strategic solutions for developing eco-friendly coastal communities. Hilton Jeddah.

Oct. 27-29, Dubai. Future Hospitality Summit. Connecting global investment opportunities and projects to hospitality decision-makers. Madinat Jumeirah. 

Oct. 27-30, Riyadh. Future Investment Initiative, 9th Edition. Investors, corporate executives, cabinet ministers and political leaders from around the world attend Saudi Arabia’s flagship business conference. King Abdulaziz International Conference Center.

Nov. 1-2, Dubai. Women’s Empowerment Convention. The 3rd Women’s Leadership Forum unites global trailblazers, headlined by fashion icon Anna Wintour and storytelling pioneer Candace Bushnell. Atlantis The Royal Conference Center.

Nov. 3-6, Abu Dhabi. ADIPEC. Bringing together professionals, companies, and government leaders to discuss and showcase the latest developments in oil, gas, and cleaner energy technologies. ADNEC Center.

Nov. 4-9, Dubai. Dubai Design Week. The Middle East’s largest creative festival, showcasing more than 200 events across architecture, product, furniture, interior and graphic design. D3.

Nov. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.

Dec 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.

NOT SOLD

Dubizzle has postponed its IPO at the eleventh hour, withdrawing the offer just one day before bookbuilding was about to begin. The Dubai-based classifieds platform, which also owns the Bayut property listing portal, last week announced plans to float 30% of its shares on the Dubai Financial Market. The company said late on Wednesday that it would now reassess the optimal timing for the offering, which analysts say was likely delayed over a mismatch in valuation expectations. “Companies have to leave something for the IPO investors in terms of headroom and also future growth expectations should look more realistic,” Nishit Lakhotia, head of research at SICO Bank, told Bloomberg. “Markets look more mature now and will punish IPOs that do not stick to these two factors.”

casino royale

Marjan and RAK Hospitality have merged to create one of the UAE’s largest real estate platforms in the fast-growing emirate of Ras Al Khaimah, where the Gulf’s first casino-resort is under construction. The combined company, which will operate under the Marjan name, will seek  to draw foreign capital, create high-value Emirati jobs and help the emirate achieve its target of 3.5 million annual tourists by 2030, The National reports. “Marjan will champion Ras Al Khaimah’s development and master planning into a smart, authentic, connected city of the future,” CEO Abdulla Al Abdouli said. Interest in the emirate’s property market from European and Central Asian investors has soared as the $5.1 billion Wynn Resorts casino prepares to open in 2027.

Public Investment Fund: Saudi Arabia’s Qiddiya Investment Company, responsible for the huge entertainment and sports-focused giga-project near Riyadh, awarded a $1.4 billion contract for the construction of a performing arts center to PIF-backed Nesma & Partners.

QatarEnergy: Officials from the state-owned oil and gas company will meet with Pakistan’s government next week to discuss reducing LNG shipments for 2026, after Islamabad requested smaller volumes due to weakening domestic demand, Bloomberg reports.

Mubadala: The Abu Dhabi sovereign fund has finalized the acquisition of a 30% stake in Hong Kong-based logistics solutions provider Loscom International.

Masdar: Masdar has deployed $30 billion over the past two years and is eyeing roughly another $20 billion in investments, CEO Mohamed Al Ramahi said in an interview on Wednesday during the Reuters NEXT Gulf summit in Abu Dhabi.

🛢️ Petro Plant: Egypt’s Suez Canal Authority signed a $6.5 billion deal with Cairo-based Anchorage Investments to build a petrochemical plant in Ain Sokhna, a major industrial and logistics hub on the Red Sea coast.

🚑 Logistics Plan: Elite Co, the logistics arm of UAE-based Green Dome Investments, acquired cold-chain operator Transcorp International as part of its plan to expand in Saudi Arabia.

⚡ Tight Raise: Oman Electricity Transmission Company raised $750 million via a five-year green Islamic bond.

📱 Influencer License: The UAE Media Council has extended to January 31 the deadline for social media influencers to obtain advertiser permits, after introducing the rule in July with an initial three-month grace period.

💼 Case Closed: Hedge fund Magellan Capital said Dubai’s financial regulator has closed an inquiry sparked by a former employee’s complaint, clearing the firm of wrongdoing after a months-long review.

⭐ Rising Star: Expo City Dubai has been named fDi Intelligence’s global “rising star” free zone for 2025.

Sheikh Tahnoon bin Zayed, UAE National Security Advisor and Deputy Ruler of Abu Dhabi, met with Steve Witkoff, U.S. Special Envoy for the Middle East, and Jared Kushner, founder of Affinity Partners and U.S. President Donald Trump’s son-in-law, during their visit to the UAE.

Sheikh Saqr bin Saud bin Saqr Al Qasimi, Chairman of RAK Ceramics, inaugurated Gulf Cryo’s new carbon capture facility, which will reduce emissions from the company’s facilities.

Sheikh Saleh bin Fawzan, a 90-year-old Islamic scholar, was appointed as Saudi Arabia’s Grand Mufti by a royal decree from King Salman, based on the recommendation of Crown Prince Mohammed bin Salman. Sheikh Saleh, an ultra-conservative, makes regular television and radio appearances.

Tiemen Meester, Chief Operating Officer of Dubai-backed DP World, said in an interview with Reuters that global tariff disputes are raising logistics costs, but noted that trade growth remains robust for the company.

Phillip Jones, Chief Tourism Officer of the Royal Commission for AlUla, said in an interview with Reuters that the Saudi government is offering investors rights to develop cultural sites worth $1.6 billion as part of the kingdom’s plan to boost tourism and private-sector participation.

☕ Cafe Culture: A cafe in Dubai is selling what may be the world’s most expensive coffee, at $980 a cup. The coffee, called Nido 7 Geisha, is made from a rare variety of beans sourced from a high-altitude, family-run farm in Panama, The National reports. It is being served up by Julith, a roastery and cafe in Al Quoz, which says it has reserved a sample for Dubai Ruler Sheikh Mohammed bin Rashid, should he wish to try it. Judith paid a record-breaking $604,080 for 20kg of the beans at auction in August. Luxury coffee has taken on similar status in the UAE to vintage wines elsewhere in the world, with locals willing to pay top dollar to experience rare premium brews.

Oct. 21-23, Dubai. Healthcare Future Summit. The summit explores the evolving landscape of vaccine innovation and global disease control. Dubai World Trade Center. 

Oct. 22-24, Sharjah. World Investment Conference & Sharjah Investment Forum. A global investment summit exploring foreign direct investment, policies and collaboration for resilient and sustainable growth. Al Jawaher Reception and Convention Centre.

Oct. 27, Dubai. The UAE Africa Tourism Investment Summit. Hosted by the UAE Ministry of Economy and Tourism as part of Future Hospitality Summit World 2025 to foster investment and strengthen tourism partnerships between the UAE and African nations. Madinat Jumeirah.

Oct. 27-28, Jeddah. Sustainable Coastal Development Forum. Exploring strategic solutions for developing eco-friendly coastal communities. Hilton Jeddah.

Oct. 27-29, Dubai. Future Hospitality Summit. Connecting global investment opportunities and projects to hospitality decision-makers. Madinat Jumeirah. 

Oct. 27-30, Riyadh. Future Investment Initiative, 9th Edition. Investors, corporate executives, cabinet ministers and political leaders from around the world attend Saudi Arabia’s flagship business conference. King Abdulaziz International Conference Center.

Nov. 1-2, Dubai. Women’s Empowerment Convention. The 3rd Women’s Leadership Forum unites global trailblazers, headlined by fashion icon Anna Wintour and storytelling pioneer Candace Bushnell. Atlantis The Royal Conference Center.

Nov. 3-6, Abu Dhabi. ADIPEC. Bringing together professionals, companies, and government leaders to discuss and showcase the latest developments in oil, gas, and cleaner energy technologies. ADNEC Center.

Nov. 4-9, Dubai. Dubai Design Week. The Middle East’s largest creative festival, showcasing more than 200 events across architecture, product, furniture, interior and graphic design. D3.

Nov. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.

Dec 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.

DEAL DRIVERS

Gulf sovereign wealth funds are powering a global boom in mergers and acquisitions. Funds including Saudi Arabia’s Public Investment Fund, Abu Dhabi’s Mubadala, the Qatar Investment Authority and the Oman Investment Authority pushed deal volume above $3.5 trillion this year as governments deploy record oil wealth to diversify their economies, Bloomberg reports. Joining global giants such as Norway’s Norges Bank Investment Management and Singapore’s GIC, the Gulf investment bodies have backed some of the year’s biggest transactions. In August, private equity giant Thoma Bravo got backing from ADIA for its roughly $12 billion acquisition of human resources software provider Dayforce.

DINO DATE

The Natural History Museum Abu Dhabi will open its doors to the public on Nov. 22, becoming the largest institution of its kind in the region. The museum in Saadiyat’s Cultural District was designed by architecture firm Mecanoo to look like an abstract take on rock formations dripping with plant life. Its exhibitions will take an immersive look at life on earth, spanning 13.8 billion years from the beginnings of the universe – a move that might have been controversial in the Gulf until recently as the theory of human evolution is rejected by some Islamic scholars. Among the specimens to be displayed are a 11.7-meter tall Tyrannosaurus rex skeleton known as “Stan” and the fossil of a 25-meter blue whale. 

Public Investment Fund: Following its $55 billion deal for Electronic Arts last month, the Saudi sovereign wealth fund is already exploring potential new acquisitions to strengthen the kingdom’s influence in esports, Arab News reports.

Abu Dhabi Investment Authority: A subsidiary of the sovereign fund is taking part in a deal by private equity players Blackstone and TPG to buy U.S. medical diagnostics company Hologic for $18.3 billion.

Qatar Investment Authority: AI startup Anthropic, which counts the QIA among its major backers, is in talks with Google for a potential multi-billion dollar cloud deal, Bloomberg reports.

Saudi Venture Capital: Saudi state-backed investor Saudi Venture Capital is reshaping its $3 billion strategy to allocate half its capital, up from about a third, into private credit and equity funds, betting the asset class will gain a larger share of business in the kingdom.

🤖 Robot Factory: China’s Lianhe Sowell International Group signed a $105 million financing agreement to establish an AI-powered robot manufacturing base in the UAE. 

☀️ Energy Fund: State-owned Energy Development Oman borrowed $1 billion to fund an expansion of its renewable energy operations, with Dubai’s Mashreq Bank and Oman’s Bank Sohar International acting as lead arrangers.

🏭 Water Run: Kuwait’s Ministry of Public Works has signed a $489 million contract with Turkish construction company Kuzu to build a wastewater treatment plant, Reuters reports.

💻 Digital Expansion: Beeline Kazakhstan, a subsidiary of Dubai-based VEON, will acquire online classifieds firm OLX Kazakhstan for $75 million.

🇦🇺 Aussie Courtship: Saudi Arabia is deepening ties with Australia through new ventures in metals, mining, and finance, drawing in partners such as Macquarie Asset Management and Gina Rinehart’s Hancock Prospecting to expand its global investment footprint, Bloomberg reports.

💼 Syria Pitch: Syria plans an international investment roadshow in the coming months targeting Gulf, European, and U.S. investors to help rebuild its war-torn economy and attract fresh foreign capital, Bloomberg reports.

💰 Making Deals: Goldman Sachs sustained strong dealmaking momentum in MENA through the first three quarters of 2025, leading the region’s M&A league table with 24 deals worth $104 billion, according to LSEG Deals Intelligence.

📺 Media Watch: The UAE Media Council launched the “Amen” digital platform through which the public can monitor and share feedback on media content published in the UAE. 

Emir of Qatar Sheikh Tamim appointed Sheikh Khalid bin Abdulaziz bin Jassim Al-Thani as CEO of the Qatar Media Corporation.

Emir of Kuwait Sheikh Meshal met with Turkish President Recep Tayyip Erdogan during his visit to Kuwait on Tuesday. The meeting was attended by Kuwait’s Crown Prince Sheikh Sabah Al Khalid Al Sabah and Sheikh Ahmad Abduallah Al Sabah, Kuwait’s Prime Minister.

Saad bin Sherida Al-Kaabi, Qatar’s Energy Minister and President and CEO of QatarEnergy, and Chris Wright, the U.S. Secretary of Energy issued an open letter on Wednesday urging the European Union to abandon a sustainability directive they say will affect the bloc’s ability to import liquified natural gas.

Sharif Essa Al Suwaidi formally presented his credentials as the UAE Ambassador to Brazil to Brazilian President Luiz Inácio Lula da Silva.

Jane Fraser, the CEO of Citigroup, was named as U.S. Co-Chair of the U.S.-Saudi Business Council board. Fraser will be replacing Steve Demetriou, former CEO of engineering contractor Jacobs, who held the role from 2018 to 2024. Lubna Olayan, Chair of the Olayan Group, was also named Co-Chair, representing Saudi Arabia.

Mohamed Alabbar, founder of Emaar Properties, is expanding beyond Dubai with large-scale real estate projects in Africa, Europe, and Asia, including new projects in Madagascar and Montenegro, the Financial Times reports.

Stuart Eizenstat, the former U.S. Ambassador to the European Union and Middle East peace negotiator, has joined Blue Laurel Advisors, which specializes in Middle East business strategy, as Global Ambassador and Senior Advisor.

Regis Burger was appointed CEO of the Middle East division at Julius Baer, in addition to his current role as Head of Middle East and Africa.

👜 Bag a Birkin: A handbag owned by British actress and singer Jane Birkin will be auctioned during the inaugural Abu Dhabi Collectors’ Week, which will be held at the St. Regis Saadiyat Island Resort from Dec. 2-5. The bag was gifted to Birkin by Hermes and was one of four she used after selling her original bag, which was the prototype for the famed Birkin bag model. The bag, which has a message from the actress written inside, is estimated at $230,000–$430,000.

Oct. 21-23, Dubai. Healthcare Future Summit. The summit explores the evolving landscape of vaccine innovation and global disease control. Dubai World Trade Center. 

Oct. 22-24, Sharjah. World Investment Conference & Sharjah Investment Forum. A global investment summit exploring foreign direct investment, policies and collaboration for resilient and sustainable growth. Al Jawaher Reception and Convention Centre.

Oct. 27, Dubai. The UAE Africa Tourism Investment Summit. Hosted by the UAE Ministry of Economy and Tourism as part of Future Hospitality Summit World 2025 to foster investment and strengthen tourism partnerships between the UAE and African nations. Madinat Jumeirah.

Oct. 27-28, Jeddah. Sustainable Coastal Development Forum. Exploring strategic solutions for developing eco-friendly coastal communities. Hilton Jeddah.

Oct. 27-29, Dubai. Future Hospitality Summit. Connecting global investment opportunities and projects to hospitality decision-makers. Madinat Jumeirah. 

Oct. 27-30, Riyadh. Future Investment Initiative, 9th Edition. Investors, corporate executives, cabinet ministers and political leaders from around the world attend Saudi Arabia’s flagship business conference. King Abdulaziz International Conference Center.

Nov. 1-2, Dubai. Women’s Empowerment Convention. The 3rd Women’s Leadership Forum unites global trailblazers, headlined by fashion icon Anna Wintour and storytelling pioneer Candace Bushnell. Atlantis The Royal Conference Center.

Nov. 3-6, Abu Dhabi. ADIPEC. Bringing together professionals, companies, and government leaders to discuss and showcase the latest developments in oil, gas, and cleaner energy technologies. ADNEC Center.

Nov. 4-9, Dubai. Dubai Design Week. The Middle East’s largest creative festival, showcasing more than 200 events across architecture, product, furniture, interior and graphic design. D3.

Nov. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.

Dec 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.

CAPITAL GAINS

Goldman Sachs is rolling out onshore private banking services in Riyadh as the Wall Street titan builds out its wealth-management division in Saudi Arabia. While the bank has had a presence in the kingdom for more than a decade, it recently transferred wealth management executives Yousef Alhozaimy and Khalid Soufi from Dubai to the Saudi capital and is “actively hiring” more staff there, Bloomberg reports. Goldman Sachs was the first major international bank to move its regional headquarters to the capital since an ultimatum was issued linking government contracts to regional headquarters in the kingdom.

SYRIAN BANKING

Syria’s central bank has instructed commercial lenders to fully account for losses stemming from Lebanon’s financial collapse and to submit credible restructuring plans within six months. Last month, the regulator ordered banks to provision 100% of their exposure to Lebanon’s financial system, where Syrian lenders had placed funds during the civil war, Reuters reports.  Syrian commercial banks have more than $1.6 billion in exposure to Lebanon, a substantial share of the sector’s $4.9 billion in total deposits, according to a Reuters calculation based on 2024 financial statements. Bankers say they turned to Lebanon due to a lack of alternatives amid Western sanctions.

Hassana Investment Co., which manages about $320 billion in Saudi pension assets, has appointed former Riyad Capital chief Tariq Al Sudairy as CEO.

Mubadala: Aberdeen Investcorp Infrastructure Development, a unit of Mubadala-backed Investcorp, has taken a stake in the Al Fadhili housing complex in Saudi Arabia’s Eastern Province.

Mubadala Capital: MGT, which uses AI to modernize property and casualty insurance for small businesses, has raised $21.6 million in an oversubscribed Series B funding round led by Abu Dhabi’s Mubadala Capital.

Mubadala Capital: The fund is purchasing a majority stake in Linha Amarela (Lamsa), the Brazilian operator of one of Rio de Janeiro’s key urban highways, in a deal valued at $62 million.

International Holding Co.: Multiply Group’s subsidiary Emirates Driving Co. acquired a 22.5% stake in Abu Dhabi based Mwasalat Holdings, with the option to increase its shareholding to 50.6%.

🪙 Electronic Bond: Tradeweb Markets launched Saudi Arabia’s first regulated electronic trading system for local bonds, executing initial trades with BlackRock, Goldman Sachs and BNP Paribas, Bloomberg reports.

💻 Secure Investment: Dubai-based Property Finder secured $250 million in debt from Ares Management, as it scales up across the Gulf.

🇲🇦 Morocco Spending: Morocco pledged $15 billion in additional social spending for the coming year, in part to address youth-led protests tied to perceptions of disproportionate World Cup investment.

🚁 Certification Delay: Archer Aviation is facing delays in approval of its electric-air-taxi certification in the UAE, making passenger flights before 2026 unlikely, Bloomberg reports.

💰 Money Influx: Swiss investments in Egypt have reached $4.9 billion and are generating $1.6 billion annually.

💼 Gulf Office: Global alternative-asset manager Starwood Capital Group received regulatory approval to establish a Dubai International Financial Center office. 

🇪🇬 Bank Launch: National Bank of Egypt has opened its first branch in Saudi Arabia, aiming to serve corporates and trade-finance clients in the kingdom.

UAE President Sheikh Mohamed bin Zayed met with Robert Fico, Prime Minister of Slovakia, on Monday to explore ways to strengthen bilateral cooperation and expand prospects for development.

Sheikh Mohamed congratulated Sanae Takaichi on being elected as Japan’s new Prime Minister, the first woman to hold the position.

U.S. Vice President JD Vance arrives in Israel today with plans to meet Prime Minister Benjamin Netanyahu and visit the Gaza Strip to observe implementation of the Hamas-Israel ceasefire.

Sheikh Bandar bin Mohammed bin Saud Al-Thani, Governor of the Qatar Central Bank and Chairman of the Qatar Investment Authority, met withWilliam Ford, Chairman and CEO of General Atlantic, in New York.

Jihad Azour, Director of the International Monetary Fund’s Middle East and Central Asia department, told Reuters that risks for the region are still tilted to the downside, despite a recent improvement in geopolitical tensions given the uncertainty of world affairs.

Mark Savaya, a Michigan-based marijuana businessman who helped boost the Arab-American turnout for the U.S. President Donald Trump 2024 campaign, has been named as America’s special envoy to Iraq.

Michael Eisenberg, the Israeli-American co-founder of Tel Aviv-based venture capital firm Aleph has been picked by Israeli Prime Minister Benjamin Netanyahu as his representative to the U.S.-led international monitoring center overseeing implementation of the Israel-Hamas ceasefire agreement, Channel 12 reports.

🛖 Ancient Architecture: Saudi Arabia’s Heritage Commission has registered 184 archeological, architectural and cultural sites in the Baha province, as it moves to secure historic villages as a source of economic growth and national cultural pride. The area, in the southwestern Hejaz region, south of Jeddah, has a rich history influenced by its location along ancient trade routes. Heritage villages are increasingly popular with tourists wanting to explore the unique architecture of the region, which is known for its stone houses.

Oct. 21-23, Dubai. Healthcare Future Summit. The summit explores the evolving landscape of vaccine innovation and global disease control. Dubai World Trade Center. 

Oct. 22, Abu Dhabi. Reuters NEXT Gulf Summit. Hosting critical conversations with world leaders, innovators and market movers to define the Middle East’s next chapter. St Regis Saadiyat.

Oct. 22, Dubai. S&P Global Ratings 15th Annual Islamic Finance Conference. An in-depth look at the global Islamic finance landscape. DIFC Atrium. 

Oct. 22-24, Sharjah. World Investment Conference & Sharjah Investment Forum. A global investment summit exploring foreign direct investment, policies and collaboration for resilient and sustainable growth. Al Jawaher Reception and Convention Centre.

Oct. 27, Dubai. The UAE Africa Tourism Investment Summit. Hosted by the UAE Ministry of Economy and Tourism as part of Future Hospitality Summit World 2025 to foster investment and strengthen tourism partnerships between the UAE and African nations. Madinat Jumeirah.

Oct. 27-28, Jeddah. Sustainable Coastal Development Forum. Exploring strategic solutions for developing eco-friendly coastal communities. Hilton Jeddah.

Oct. 27-29, Dubai. Future Hospitality Summit. Connecting global investment opportunities and projects to hospitality decision-makers. Madinat Jumeirah. 

Oct. 27-30, Riyadh. Future Investment Initiative, 9th Edition. Investors, corporate executives, cabinet ministers and political leaders from around the world attend Saudi Arabia’s flagship business conference. King Abdulaziz International Conference Center.

Nov. 1-2, Dubai. Women’s Empowerment Convention. The 3rd Women’s Leadership Forum unites global trailblazers, headlined by fashion icon Anna Wintour and storytelling pioneer Candace Bushnell. Atlantis The Royal Conference Center.

Nov. 3-6, Abu Dhabi. ADIPEC. Bringing together professionals, companies, and government leaders to discuss and showcase the latest developments in oil, gas, and cleaner energy technologies. ADNEC Center.

Nov. 4-9, Dubai. Dubai Design Week. The Middle East’s largest creative festival, showcasing more than 200 events across architecture, product, furniture, interior and graphic design. D3.

Nov. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.

Dec 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.

BANKING BET

Dubai’s Emirates NBD has agreed to buy a 60% stake in India’s RBL Bank for about $3 billion, marking one of the biggest Gulf investments in the Indian financial sector. India permits up to 74% foreign ownership in private banks, but caps any single foreign investor at 15% unless the country’s central bank grants an exemption, for which it has informally signaled support in the ENBD deal. A surge of roughly $15 billion in Indian bank deals has drawn intense global investor interest to the country’s fast-growing financial sector, though analysts warn that foreign banks have historically struggled to build profitable retail franchises there, Bloomberg reports.

RUNWAY READY

Dubai Airports CEO Paul Griffiths is buckling up for takeoff. Touting a possible IPO for the government-owned operator of the world’s busiest international transit hub, Griffiths tells The National that going public would be “very very attractive” to potential investors. Griffiths pointed in an interview to major stakes bought by the Qatar Investment Authority and Saudi Arabia’s Public Investment Fund in London Heathrow. “There is no reason, given the performance of other major airports, to believe that institutional appetite for Dubai Airports would not be equally strong and rewarding,” he said.

Mubadala: The sovereign wealth fund’s Mubadala Capital unit is in early talks to acquire billboard operator Clear Channel Outdoor Holdings, signaling potential expansion by the Abu Dhabi fund into global advertising assets, Bloomberg reports.

International Holding Co.: Abu Dhabi investment firm IHC acquired a majority stake in Karachi-based First Women Bank.

Public Investment Fund: Acwa Power, an energy company owned by the Saudi sovereign wealth fund, secured $3.6 billion in financing from 17 regional and global banks for the Qurayyah power project on Saudi Arabia’s northeastern coast.

Sanibil Investments: CADO, a UAE-founded premium gifting platform, raised $4.5 million in a pre-seed funding round with participation from a group of investors including the PIF’s Sanabil 500 fund.

🤝 SMEs Help: Suez Canal Bank and Oliv have signed a loan of $970,000 to finance small and medium-sized enterprises as Oliv being the first Egyptian company licensed by the Financial Regulatory Authority to offer digital factoring services specifically for SME financing.

💅 Fashion Twist: Qatari royal family-backed Kering, the owner of Gucci, will sell its beauty division, including Creed and exclusive fragrance and beauty licenses for Gucci, Bottega Veneta and Balenciaga, to L’Oréal for $4.6 billion to cut debt and refocus on fashion.

📱 Mobile Guard: OneLayer, an Israeli cybersecurity startup focused on private 5G networks, raised $28 million in a Series A funding round.

⚖️ Insurance Restructure: Islamic Arab Insurance Co., known as Salama, which trades on the Dubai Financial Market, is undergoing a capital restructuring that will see the provider raise up to $48 million.

🏢 Polish Company: The Dubai International Chamber has opened its first Eastern European representative office in Poland’s capital of Warsaw. 

📈 Top Notch: Sovereign ratings in the Middle East and North Africa remain resilient despite regional conflicts, supported by reforms and strong fiscal buffers, with no downgrades since early 2023, Fitch Ratings said. 

🚆 Saudi Rail: Saudi Arabia’s $7 billion high-speed rail project connecting the Red Sea to the Arabian Gulf could cut travel time between Riyadh and Jeddah to under four hours, Arabic daily Okaz reports.

🚨 Crash Landing: A Turkish-operated Emirates SkyCargo flight from Dubai crashed into an airport security vehicle in Hong Kong on Monday in adverse weather, killing two people. Four crew members escaped unharmed.

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

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, UAE Deputy Prime Minister and Minister of Defense and Chairman of The Executive Council of Dubai, gave his approval on Sunday to a package of AI projects.

Princess Reema bint Bandar, Saudi Arabia’s Ambassador to the U.S., hosted an event in Washington with Google and Economy Minister Faisal Alibrahim to celebrate the launch of Jeddah’s Historic District on Google Arts & Culture.

Mohammed Al Jadaan, Saudi Arabia’s Finance Minister, said that many investments were being finalised for Syria, as Damascus seeks to reconnect with the global financial system,  speaking at a news conference during the International Monetary Fund and World Bank annual meetings in Washington.

Koike Yuriko, Tokyo’s Governor, said ahead of her upcoming Middle East trip that attracting Saudi investment is a key priority and she aims to promote Tokyo’s initiatives and deepen city-level cooperation.

Martin Vaujour, President of Africa, Middle East and Central Asia at French rail giant Alstom, told Zawya Projects that the company is expecting more business from the region, with active tenders in Saudi Arabia and the UAE, along with ongoing projects in Egypt and Morocco.

✈️ High Fashion: Saudi Arabia’s national airline Saudia launched its own athleisure brand at a runway show on the rooftop of the Kingdom Center Tower on Saturday night, as a part of Riyadh Fashion Week. SV by Saudia features bomber jackets, polo shirts, joggers and jumper dressers in the airline’s brand colors of green and white with travel-themed insignia, Arab News reports. The brand is based on Saudia’s IATA code and the first collection draws inspiration from both nostalgia and futurism.

Oct. 16-21, Riyadh. Riyadh Fashion Week. A six-day event featuring more than 30 runway shows. Various locations.

Oct. 21-23, Dubai. Healthcare Future Summit. The summit explores the evolving landscape of vaccine innovation and global disease control. Dubai World Trade Center. 

Oct. 22, Abu Dhabi. Reuters NEXT Gulf Summit. Hosting critical conversations with world leaders, innovators and market movers to define the Middle East’s next chapter. St Regis Saadiyat.

Oct. 22, Dubai. S&P Global Ratings 15th Annual Islamic Finance Conference. An in-depth look at the global Islamic finance landscape. DIFC Atrium. 

Oct. 22-24, Sharjah. World Investment Conference & Sharjah Investment Forum. A global investment summit exploring foreign direct investment, policies and collaboration for resilient and sustainable growth. Al Jawaher Reception and Convention Centre.

Oct. 27, Dubai. The UAE Africa Tourism Investment Summit. Hosted by the UAE Ministry of Economy and Tourism as part of Future Hospitality Summit World 2025 to foster investment and strengthen tourism partnerships between the UAE and African nations. Madinat Jumeirah.

Oct. 27-28, Jeddah. Sustainable Coastal Development Forum. Exploring strategic solutions for developing eco-friendly coastal communities. Hilton Jeddah.

Oct. 27-29, Dubai. Future Hospitality Summit. Connecting global investment opportunities and projects to hospitality decision-makers. Madinat Jumeirah. 

Oct. 27-30, Riyadh. Future Investment Initiative, 9th Edition. Investors, corporate executives, cabinet ministers and political leaders from around the world attend Saudi Arabia’s flagship business conference. King Abdulaziz International Conference Center.

Nov. 1-2, Dubai. Women’s Empowerment Convention. The 3rd Women’s Leadership Forum unites global trailblazers, headlined by fashion icon Anna Wintour and storytelling pioneer Candace Bushnell. Atlantis The Royal Conference Center.

Nov. 3-6, Abu Dhabi. ADIPEC. Bringing together professionals, companies, and government leaders to discuss and showcase the latest developments in oil, gas, and cleaner energy technologies. ADNEC Center.

Nov. 4-9, Dubai. Dubai Design Week. The Middle East’s largest creative festival, showcasing more than 200 events across architecture, product, furniture, interior and graphic design. D3.

Nov. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.

Dec 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.