DAMASCUS DEALS

Syria expects nearly $6 billion in deals with Saudi Arabia to emerge from an investment conference in Damascus today. The fledgling Syrian government’s Information Minister Hamza Al Mustafa provided the figure at a news conference on Wednesday, exceeding the $4 billion in preliminary agreements predicted by Saudi officials. A delegation of 150 Saudi investors, executives and government leaders traveled to the Syrian capital for the forum, headed by Investment Minister Khaled Al Falih. Saudi Arabia is stepping in to provide financial backing and support political stability for the new Syrian government that overthrew former President Bashar Al Assad last December.

NEO BILLION

Wio Invest, the app-based platform backed by Abu Dhabi sovereign wealth fund ADQ, has surpassed $1 billion in assets under administration in less than two years, propelled by a new wave of digitally native and financially curious investors in the UAE. Wio Invest said it has seen more than $4 billion in order volume year-to-date. The so-called “neobroker” is now among the fastest-growing digital platforms globally and offers simplified access to global markets, ETFs and virtual assets via the Wio Personal app, which is run by related entity Wio Bank. The platform seamlessly integrates opportunities to invest in UAE ventures, including a tab for taking part in local market IPOs and a partnership with Abu Dhabi alternative investment manager Lunate offering the option to place recurring orders for Lunate Chimera ETFs. Customers have shown a strong interest in U.S. tech stocks and crypto.

International Holding Co.: Multiply Group, a unit of Abu Dhabi-owned IHC, has completed the acquisition of a 68% stake in Tendam, Spain’s second-largest apparel company at an enterprise valuation of about $1 billion.

G42: The UAE Central Bank and Presight, a big-data analytics company owned by G42, launched a joint venture that will provide AI-powered tech platforms to support the UAE’s financial market infrastructure.

Space42: The space tech firm backed by Abu Dhabi tech company G42, Mubadala and IHC, secured $695 million in financing to fund its Al Yah 4 and Al Yah 5 satellite program, which has a $5 billion government contract to expand national space capabilities.

DP World: the Dubai-owned port and logistics company said it opened an advanced chemical warehouse at the Port of Antwerp-Bruges, strengthening its role in Europe’s hazardous goods logistics market.

🤝 Defense Venture: EDGE and Istanbul-based Pavo Group launched KEY4, an Abu Dhabi-headquartered joint venture to develop advanced defense and security technologies.

🏢 Luxury Client: Arada has awarded a $185 million contract to China Tiesju Civil Engineering to construct the ultra-luxury Armani Beach Residences at Palm Jumeirah in Dubai. 

🩺 AI Diagnosis: Aidoc, an Israeli medical startup that uses artificial intelligence to provide faster imaging analysis, raised $150 million with backing from Nvidia.

🔧 Gulf Merger: Qatar-based energy solutions provider Al Mahhar Holding Company, through its subsidiary Petrotec, has acquired a 90% stake in Gulf Automation System.

📈 IPO Pipeline: Citi expects the UAE to launch up to five IPOs by year-end, including Dubizzle Group, Etihad Airways and 2PointZero, Rudy Saadi, the bank’s Head of MENA Equity Capital Markets, tells Zawya.

🏛️ Private Flip: Private equity firms are increasingly selling assets to themselves through so-called continuation funds to cash out investors whom they want to cut loose, raising questions about company valuations and governance, the Financial Times reports.

⛏️ Digging In: Saudi Arabia has shortlisted 31 companies to compete in round nine of its mining exploration tender, covering 24,423 square kilometers, as it advances plans to develop its mineral sector. 

🏦 Debt Justice: The UAE Ministry of Justice announced the creation of a bankruptcy court to settle financial disputes across the Emirates.

Sheikh Theyab bin Mohamed, Deputy Chairman of the UAE Presidential Court for Development and Fallen Heroes’ Affairs and Chairman of the International Humanitarian and Philanthropic Council, chaired the council’s second meeting on Thursday.

Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy, and Abdullah Alswaha, Minister of Communications and Information Technology, attended the Energy Ministry’s launch of the “Taqatech Accelerator” program in collaboration with the Garage Project incubator in Riyadh.

Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and CEO of ADNOC will be given the Distinguished Global Leadership Award by the Middle East Institute at a Washington event in March 2026.

Anand Joawn was named as Dow Jones General Manager for the Middle East, a new position created to lead the company’s expansion across the region.

Adnan Amin was elected as Chair-designate of the World Energy Council assuming the role alongside Mike Howard until the end of his term. Amin founded and led the Abu Dhabi-headquartered International Renewable Energy Agency between 2011 and 2019.

Klaus Schwab, founder of the annual World Economic Forum that takes place in Davos, Switzerland, was alleged in preliminary findings from an official WEF probe to have engaged in a pattern of workplace misconduct that included unauthorized spending by him and his wife, bullying behavior and inappropriate treatment of female staffers, The Wall Street Journal reports. Schwab broadly rejected the findings.

Amjad Masad, Chief Executive of Silicon Valley’s Replit, apologized for an incident where his company’s AI tool deleted the entire code base of software firm SaaStr, during a 12-day “vibe coding” experiment by CEO Jason Lemkin that was first reported in Fast Company.

🌖 Celestial Celebration: A rare total solar eclipse is set to darken the skies of the Middle East in two years’ time, with parts of Saudi Arabia, Yemen and Egypt expected to experience total darkness for six minutes on the afternoon of August 2. The dramatic event, to be witnessed by millions of people, will not occur again for 100 years. Luxor, the Nile city that hosts some of Egypt’s greatest historical sites, will be thrown into darkness for six minutes and 23 seconds, the longest eclipse visible from land this century, The National reports. In the UAE, Qatar, Bahrain and Oman a partial eclipse will be visible, with the moon covering around half of the sun and creating a crescent shape.

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

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

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

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

August 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 1-3, Cairo. Pharmaconex. Brings together industry leaders to showcase innovations in pharmaceutical manufacturing. Egypt International Exhibition Center. 

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

Sept. 8-10, Dubai. WHX Tech 2025. Participants will explore the latest trends in health care and gain practical insights on the changing sector. Dubai World Trade Center.  

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

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

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

TORCH BID

Qatar has officially entered the race to host the 2036 Olympic and Paralympic Games. Sheikh Joaan bin Hamad Al-Thani, President of the Qatar Olympic Committee, said competing for the games will build on the country’s success as the first Middle Eastern nation to host the FIFA World Cup soccer championship in 2022. Having established prominence in international sports as a “central pillar of our national strategy,” Sheikh Joaan said Qatar already has 95% of the required infrastructure in place to become the first Middle East nation to host the Olympics. Also competing for the 2036 games are India, Turkey, Chile and Indonesia.

SHADY BUSINESS

U.S. tech giant Meta’s Ray-Ban smart glasses are likely to test Gulf privacy laws. The glasses, which hit the shelves of UAE eyewear retailers in recent weeks, have a camera embedded in the frame which can take photos and record video hands-free. While a small light indicates when the glasses are recording, this is unlikely to provide legal cover for users who record people while using the device in public spaces. Under UAE laws, it is illegal to film or photograph anyone without their explicit consent, regardless of intent or whether the material is shared. Penalties are severe, with up to six months imprisonment and fines of up to AED 500,000 ($136,147). “Users may not realise that simply walking through a crowded space or into a coffee shop while recording exposes them to legal liability,” Samuel Moore, a paralegal at BSA Law, told Arabian Gulf Business Insights.

Abu Dhabi Investment Authority: The sovereign wealth fund will invest $200 million for a 3% stake in Indian medical devices firm Meril, valuing the Gujarat-based surgical robotics and cardiovascular specialist at $6.6 billion.

Public Investment Fund: ACWA Power, which is owned by the Saudi sovereign wealth fund, signed agreements with several companies, including France’s TotalEnergies Renewables, Italy’s Zhero Europe and Germany’s EnBW, aimed at creating a green hydrogen and renewable energy export value chain between Saudi Arabia and Europe.

Kuwait Investment Authority: Kuwait’s Finance Minister Noura Al-Fassam submitted a formal proposal asking the cabinet to consider launching a new $165 billion investment company that would be funded by Islamic bonds and finance projects in energy, transportation and industry.

⚾ Fitness Surge: Shares in Saudi Arabia’s Sport Clubs Co. rose 24% in their market debut on Tuesday, as strong investor demand pushed the company’s valuation above $266 million.

🚂 Fast Track: Turkey has secured $2.8 billion in green funding from an international group led by Japan’s MUFG Bank for a railway link to Azerbaijan’s city of Nakhchivan.

🏗️ New Project: Egypt’s MIDAR and Saudi Arabia’s Sumou Investment signed a revenue-sharing deal to co-develop the $1.4 billion mixed-use Boulevard project in Mostakbal City, East Cairo.

🧯 Blazing Synergy: EHC Investment has announced the full acquisition of Tamouh Fire and Safety, a leading fire protection solutions provider in Abu Dhabi, through its safety division Emirates International Firefighting.

🌐 Human Element: Daylight Security, an Israeli startup that combines AI with human expertise to manage business security services, raised $7 million in seed funding, led by Bain Capital.

💊 Pharma Talks: Johnson & Johnson executives met with Egypt’s Drug Authority to explore expanding investments in the country’s pharmaceutical companies through innovation, training and improved access to advanced medical products.

📈 Gas Powered: Standard Chartered raised its 2026 growth forecast for Qatar to 5.5%, anticipating an increase in gas output and LNG exports, while maintaining its 2025 forecast at 4%.

🏢 New in Town: DWS Group, a German investment manager with $1.3 trillion assets under management plans to open its first Middle East office at Abu Dhabi’s ADGM later this year.

🚁 Big Boss: U.S.-listed Archer Aviation is hunting for a senior executive in Saudi Arabia as the kingdom intensifies its push to compete with the UAE in launching commercial electric air taxi services in the Gulf.

Sheikh Mohammed bin Rashid, Ruler of Dubai and UAE Vice President and Prime Minister, toured Mina Al Hamriya port in Deira on Tuesday to review progress on its development and approve a major expansion, including the construction of a 700-meter pier for larger ships.

Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of the emirate of Ajman and Chairman of the Ajman Executive Council, received U.S. Ambassador Martina Strong, who paid a visit as she prepares to leave her post in the UAE.

Ecuadorian President Daniel Noboa received Humaid Obaid Abushibs, President of the UAE Accountability Authority, as part of an official visit to the capital city of Quito.

Jeffrey Goh, CEO of Gulf Air Group, told The National that travel demand is rebounding from a dip in passenger volumes after Bahrain and other Gulf countries briefly closed their airspace in June because of the conflict with Iran. 

Raki Phillips, CEO of the Ras Al Khaimah Tourism Development Authority, who helped turn the Emirate into a development hotspot, is stepping down to join Accor as Regional President for its midscale & economy division in the Middle East, Africa and Turkey.

James Holder, who took over leadership of Citibank’s Middle East private banking operations this year, told Bloomberg the lender plans to hire private bankers to cover Dubai, Saudi Arabia, and Abu Dhabi.

⭐ Star Power: Lebanese singer Nancy Ajram has got serious staying power, building and maintaining an audience over more than 20 years. The National takes a look at how the pop star, who recently released breezy summer hit “Warana Eh,” has been able to stay relevant for so long, from consistency and knowing when to pivot, to producing albums for children.

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

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

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

August 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 1-3, Cairo. Pharmaconex. Brings together industry leaders to showcase innovations in pharmaceutical manufacturing. Egypt International Exhibition Center. 

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

Sept. 8-10, Dubai. WHX Tech 2025. Participants will explore the latest trends in health care and gain practical insights on the changing sector. Dubai World Trade Center.  

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

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

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

PRECIOUS GEMS

Dubai-based jeweler Damas, which operates almost 150 stores across the Gulf, is being acquired by Titan, an Indian maker of fashion accessories. Under terms of the $283 million deal announced in Mumbai, Damas will sell a 67% stake in the company to Titan, which is a unit of Indian conglomerate Tata. Titan said it will make the acquisition through Signature Jewellery Holding, which is registered in the Dubai International Financial Centre. Meanwhile, the Financial Times reports on how China has become dominant in the market for lab-grown diamonds, using established trading hubs such as Dubai and Antwerp as intermediaries to retail stores.

GATE OPEN

Emirates Group has launched a global talent drive to support expansion, with plans to hire 17,300 people across 350 different roles this year. Recruits are being sought across Emirates airline and the dnata ground-handling unit, from cabin crew, pilots and engineers to IT, human resources and finance roles. The company, which already has a 121,000-strong workforce, will host open days and other recruitment events across 150 cities including the UAE, The National reports. Emirates airline posted its third consecutive year of record profits last year, with a post-tax profit of AED19.1billion ($5.2 billion) for the year ended in March. It paid out a generous 22-week bonus to eligible employees following the result.

Mubadala: Mubadala Investment Co. and AXA IM Prime are acquiring minority stakes in European private credit lender Hayfin Capital following its management buyout, Bloomberg reports.

ADQ: Abu Dhabi’s ADQ has completed its acquisition of Aramex, raising its combined stake, including shares belonging to AD Ports Group, to over 63%.

Qatar Investment Authority: The Qatari sovereign wealth fund will invest $500 million to increase its stake in Colombia’s Isagen energy company to 15%.

Qatar Investment Authority: Egypt and Qatar are in advanced talks on a deal involving a $4 billion initial investment from the QIA to build a tourist city in Ras Alam El-Rum on Egypt’s northwestern coast.

💵 Financial Renewal: Arabian Internet and Communications Services Co. has renewed its $400 million Islamic-compliant credit facilities agreement with Saudi National Bank.

🤝 New Deal: Egypt and Germany are deepening economic ties with a focus on innovative financing and private investment, activating a new $109 million tranche under a debt-for-development swap program by mid-2026.

₿ Digital Front: Apollo Global Management, the $785 billion asset manager, has partnered with Securitize to offer blockchain-based access to a private credit strategy, attracting over $100 million since January, Bloomberg reports.

🔐 Cyber Sale: Cybersecurity giant Palo Alto Networks is considering the acquisition of SentinelOne, whose stock price has risen 14% over the last 10 days, Globes reports. The firms were both founded by Israelis.

📈 Packaged Deal: Saudi entrepreneur Omran Mohammed AlOmran will lead Egypt’s National Printing IPO by acquiring 10.6 million shares in the packaging company in a private deal.

💰 Invest Egypt: Egyptian Prime Minister Mostafa Madbouly has instructed his government to prepare investment opportunities for U.S. companies, aiming to boost economic ties.

🔎 Review Time: Saudi Arabia’s Rawabi Holding is working with Alvarez & Marsal on a strategic review to explore options for boosting liquidity, Bloomberg reports.

🎮 Video Reversal: Grand Theft Auto 5, the best-selling video game in a series originally blocked in the UAE and Saudi Arabia, will now be sold in both countries. Purchasers must be at least 21 years old.

🇶🇦 Olympic Host: Qatar confirmed it’s taking part in discussions with the International Olympic Committee over the election process for the new host city for the 2036 Olympic and Paralympic Games.

Sheikh Mohammed bin Rashid, UAE Vice President and Prime Minister and Ruler of Dubai, was spotted riding Dubai’s tram on Tuesday.

Sheikh Khalifa bin Tahnoon, Chairman of the Abu Dhabi Crown Prince Court, inaugurated the 6th International Mixed Martial Arts Federation Youth World Championships, which is being held for the first time in the Al Ain region.  

Prince Abdulaziz bin Saud, Saudi Arabia’s Minister of Interior, met with Yvette Cooper, the U.K.’s Secretary of State for the Home Department, in London on Monday. 

Mohammed Al Jadaan, Saudi Arabia’s Finance Minister, said during his address at the third G20 Finance Ministers and Central Bank Governors Meeting, hosted in South Africa, that there is an urgent need to reform the global trade system, warning that shrinking fiscal space and rising financing demands are driving up borrowing costs.

Gautam Adani, the billionaire whose ports, power and cement businesses have made him Asia’s second richest person is now building a multi-billion-dollar real estate empire that’s reshaping India’s property market, including an ambitious plan to turn one of the world’s biggest slums into a modern Mumbai township, Bloomberg reports.

Mohammed Bin Saleh Al-Sada, Qatar’s former Energy Minister, was reelected as Chairman of Russia’s largest oil producer Rosneft.

♻️ Trash to Treasure: After a lifetime of salvaging scrap metal from Jeddah’s streets to cut, roll and twist into new sculptural forms, Saudi artist Mishal Al-Amri is staging his first solo exhibition. Titled “The Neglected,” the show reflects the artist’s passion for transforming discarded metal into art. Al-Amri, 65, hopes to inspire Saudis to see beauty in what others throw away.

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

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

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

August 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 1-3, Cairo. Pharmaconex. Brings together industry leaders to showcase innovations in pharmaceutical manufacturing. Egypt International Exhibition Center. 

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

Sept. 8-10, Dubai. WHX Tech 2025. Participants will explore the latest trends in health care and gain practical insights on the changing sector. Dubai World Trade Center.  

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

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

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

BURJ BUILDER

Mohamed Alabbar, the Emirati developer behind Dubai’s Burj Khalifa, the world’s tallest building, is releasing a memoir. The 68-year-old founder of Emaar Properties said on Instagram that he wrote “For the Love of the Craft” to share his reflections as a family man and proud citizen of the UAE. Alabbar, a longtime advisor to the UAE leadership, established Emaar in 1997. The company built the Dubai Mall – then the world’s biggest mall by total area – in 2009 and opened the adjacent 162-story Burj Khalifa the following year. Alabbar is also Chairman of international property developer Eagle Hills and e-commerce platform Noon.

DEEP CUTS

Saudi Arabia is weighing significant cuts to the workforce at NEOM and could relocate more than 1,000 jobs to Riyadh, according to a media report. NEOM, the Public Investment Fund’s umbrella company for a host of megaprojects in northwestern Saudi Arabia, is trying to get a grip on ballooning costs and improve oversight of the vast development. Staff relocated from the construction site would lose remote location benefits, including housing and meals, Semafor reports. NEOM employs around 5,000 full-time staff, most of whom are located on site, where they are provided with cabins, round-the-clock canteens, gyms and schools. Last week it emerged that the PIF had asked consulting firms to review NEOM’s banner construction project, The Line. 

Mubadala: Dubai-based restaurant payments platform Qlub has raised $30 million from investors including Mubadala Investment Co., Bloomberg reports.

Public Investment Fund: PIF-owned entertainment mega project Qiddiya has unveiled an 18-hole golf course designed by retired British pro Nick Faldo, opening to the public in 2026, and announced that it has become a global partner of the Faldo Series, a youth golfing program.

Qatar Investment Authority: Italian prosecutors are investigating allegations of corruption in Milan’s real estate industry, including at the city’s redeveloped Porta Nuova district, which is backed by the QIA, Bloomberg reports.

Oman Investment Authority: Oman’s OQ is investing $328 million in strategic fuel storage hubs to enhance its role in fuel logistics and ensure supply security amid growing demand, the Ministry of Energy and Minerals said.

🛍️ Retail Expansion: The UAE’s Al-Futtaim Group is acquiring a 49.95% stake in Saudi Arabia’s Cenomi Retail for $667 million, marking its biggest international deal and strengthening its regional footprint in fashion, electronics, and homeware.

💰 Financial Boost: Al Baraka Bank-Egypt signed two agreements worth $50 million each with the Islamic Corporation for the Insurance of Investment and Export Credit to enhance its Islamic trade finance capabilities.

💵 Housing Fund: Sharjah-based Arada Developments is planning an Islamic bond issuance of up to $500 million this week to fund land acquisitions.

🩺 Women’s Health: Escala Medical, an Israeli startup developing innovative treatments for women, raised $4.5 million via a Series A funding round led by the European Innovation Council Fund.

⚽ Goal Oriented: Morocco expects to create over 100,000 jobs annually and boost GDP by 1.7% by co-hosting the 2030 FIFA World Cup.

🚢 Sailing Through: Most cruise passengers remain undeterred by regional tensions, with the sector continuing to boost UAE tourism, The National reports.

⚓ New Ports: South Korea’s HD Hyundai Heavy Industries is seeking a 30-year lease to operate Morocco’s planned Casablanca shipyard, set to be Africa’s largest.

👓 Coastal Luxury: Jeddah’s Red Sea coast has rapidly evolved from a historic trading port into a major center for luxury tourism and marine leisure, Arab News reports.

UAE President Sheikh Mohamed bin Zayed, Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister and Ruler of Dubai, and Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, sent congratulatory messages to King Philippe of Belgium and Prime Minister Bart De Wever for their country’s National Day.

Saudi Prince Al-Waleed bin Khalid bin Talal, known as the “Sleeping Prince” after remaining in a coma for nearly 20 years following a car crash, has died at the age of 47. Leaders across the Gulf sent messages of condolences to Saudi’s King Salman.

Turkey’s President Recep Tayyip Erdogan said Germany and Britain took a positive stance on the sale of Eurofighter jets to Turkey, Reuters reports.

Mustafa Suleyman, CEO of Microsoft AI, told The Wall Street Journal that he was more focused on solving social problems than racing for superintelligence.

Howard Lutnick, the U.S. Commerce Secretary and close friend of President Donald Trump who is known as “dealmaker in chief” in negotiating increased tariffs with U.S. trade partners, is profiled in the New Yorker.

Martina Strong, U.S. Ambassador to the UAE, visited the Liwa Dates Festival in Abu Dhabi’s Al Dhafra Region.

🌴 Ancient Revival: Al Ain Museum is undergoing a major transformation by UAE-based Dabbagh Architects, with the latest iteration of the design inspired by the discovery of a 2,000-year-old tomb during initial excavation of the site. The museum, which sits next to the Unesco World Heritage-listed Al Ain Oasis, about 160 kilometers east of the capital city of Abu Dhabi, will offer an immersive ‘live archaeology’ experience when it reopens, The National reports. 

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

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

August 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 1-3, Cairo. Pharmaconex. Brings together industry leaders to showcase innovations in pharmaceutical manufacturing. Egypt International Exhibition Center. 

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

Sept. 8-10, Dubai. WHX Tech 2025. Participants will explore the latest trends in health care and gain practical insights on the changing sector. Dubai World Trade Center.  

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

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

GAS ROCKS

U.S. asset manager BlackRock and partners are close to reaching a deal to invest $10 billion in infrastructure tied to Saudi Aramco’s massive $100 billion Jafurah shale gas project. This comes as Aramco looks to monetize assets amid falling oil prices while still pushing ahead with major investments, Reuters reports. The deal would likely mirror past “lease and lease-back” arrangements, which raised nearly $28 billion and let Aramco retain control while paying usage tariffs. Jafurah is key to Aramco’s goal of boosting gas output by 60% by 2030, transforming the kingdom into a global gas powerhouse.

ROBO ALLIANCE

Lucid Motors, the U.S. electric vehicle maker backed by Saudi Arabia’s Public Investment Fund, has teamed up with Uber and robotics company Nuro to launch a global robotaxi program. Uber plans to make “multi-hundred million dollar investments” in Lucid and Nuro to make the taxis and will order at least 20,000 Lucid vehicles over the next six years, The National reports. The first service will be launched in the U.S. late next year. The announcement is a major boost for Lucid and its Saudi backer, which has poured billions into the California company. The first Lucid-Nuro robotaxi prototype is already being tested in Las Vegas. The news comes after Uber and China’s Baidu said on Tuesday that they would launch a robotaxi service in the UAE and elsewhere in the Middle East and Asia.

Public Investment Fund: Diriyah Company signed a $1.5 billion deal with China Harbour Engineering Company to develop the Arena district, part of Saudi Arabia’s historic Diriyah project.

Masdar: The Egyptian cabinet granted a “golden license” to UAE sustainable energy company Masdar for a major wind power project in the Gulf of Suez, enabling it to purchase or lease land, operate and manage projects with a single approval.

Mayhoola: Rachid Mohamed Rachid, the head of Mayhoola, denied a report suggesting the Qatar royal family-backed fund and French luxury group Kering were considering jointly selling Italian luxury fashion house Valentino, Reuters reports. Gucci-owner Kering bought 30% of Valentino in 2023 for $1.7 billion and said it would purchase the remaining 70% stake from Mayhoola by 2028, just before the luxury sector entered a slowdown, leaving Kering heavily indebted.

🇪🇺 Euro Deal: European Union member states have approved the launch of trade negotiations with GCC countries, with talks to begin as soon as possible, Bloomberg reports.

💲 Tourism Surge: Jordan’s tourism revenues grew 12% to $3.7 billion in the first half of 2025, boosted by increased arrivals from Asia and Europe.

🚆 Blue Line: A consortium of Turkish and Chinese companies, including Turkey’s Mapa Group and Limak and China’s state-owned CRRC, secured $1.1 billion in green financing from Emirates NBD to develop the Dubai Metro Blue Line project.

💵 Startup Support: VentureIsrael raised $25 million for its second fund, focusing on early-stage startups in fields including cybersecurity, AI infrastructure, digital health and quantum computing.

⛽ Oil Plan: Iraq approved a plan for the semi-autonomous Kurdish region to transfer oil to Baghdad, paving the way to restart exports that have been suspended for over two years, Bloomberg reports.

🏗️ Developing Expo: Bechtel, the U.S. engineering and construction giant, was appointed as the project management consultant for Expo 2030 in Riyadh.

🏡 Home Crunch: Turkish citizens are finding it increasingly challenging to secure affordable housing as property prices and rents in Istanbul are rising, a report on living costs shows.

🤝 China Bound: Around 60% of Middle Eastern sovereign wealth funds plan to boost investments in Chinese assets over the next five years, while the remaining 40% will maintain current levels, according to a study by Invesco.

📈 Success Round: Saudi Arabia’s Naf Company for Feed Industry will list on the Nomu market next week after its IPO was 111% oversubscribed.

Saudi Crown Prince Mohammed bin Salman received a phone call from Syrian President Ahmed Al-Sharaa on Thursday to discuss recent measures taken in Syria, the Saudi Press Agency reported.

Prince Faisal bin Farhan, Saudi Arabia’s Minister of Foreign Affairs, held a phone call on Thursday with U.S. Secretary of State Marco Rubio.

OpenAI CEO Sam Altman’s success in replacing Elon Musk as U.S. President Donald Trump’s newest AI buddy, including OpenAI’s partnership with Abu Dhabi’s G42, is explored by The Wall Street Journal.

Karen Elliott House, former publisher of the Wall Street Journal, discusses her new book on Saudi Crown Prince Mohammed bin Salman, “The Man Who Would Be King,” in a recorded session with the Atlantic Council.

Pierre Santoni, Parsons Corp.’s EMEA President for Infrastructure, talked to The National about the complexities of building the Dubai Metro’s new Blue Line.

📺 Dad’s the Word: Netflix’s latest Arabic-language original series “Catalog” turns its attention to fatherhood, with Egyptian actor Mohamed Farrag playing the role of a widowed father who has to learn quickly how to be a loving dad. Farrag’s character, Youssef, quickly turns to YouTube videos produced by his late wife, who was a parenting influencer. “This series is about love – how to love your kids and how to make them love you. And it’s all about becoming involved in their problems, their day to day,” Farrag tells The National.

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

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

August 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 1-3, Cairo. Pharmaconex. Brings together industry leaders to showcase innovations in pharmaceutical manufacturing. Egypt International Exhibition Center. 

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

Sept. 8-10, Dubai. WHX Tech 2025. Participants will explore the latest trends in health care and gain practical insights on the changing sector. Dubai World Trade Center.  

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

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

SAUDI SERVERS

Elon Musk’s AI startup xAI is negotiating to lease data center capacity in Saudi Arabia, planning to tap the kingdom’s cheap energy and political support as it rapidly scales its infrastructure footprint. xAI is in early talks with two potential partners: Humain, a Saudi-backed firm offering several gigawatts of future capacity, and another company developing a more readily available 200-megawatt facility, Bloomberg reports. While Humain’s proposal is ambitious, it remains years away as the company has yet to begin construction, the news agency added. Musk and xAI recently secured $10 billion in funding, with Musk declaring on X that the startup has “plenty of capital.” However, the details of how and where that capital will be deployed are still being finalized.

LONG GAME

Saudi Arabia has “a lot of patient capital” when it comes to developing its games industry, according to Prince Faisal bin Bandar Al Saud, the Chairman of the Saudi Esports Federation. “A lot of people tell me we notice a lot of the investment you’re doing in esports, but we don’t see a lot of the investments you’re making in gaming,” Prince Faisal told Arabian Business Gulf Insights. “It’s because to build a games industry takes five to 10 years.” The kingdom, which is currently hosting the Esports World Cup in Riyadh with a record-breaking $71.5 million prize pool, has earmarked $38 billion from the Public Investment Fund for building out the industry via its homegrown Savvy Games Group. 

ADQ: The Abu Dhabi sovereign wealth fund signed a preliminary agreement with Turkey’s Trendyol Group, Baykar CEO Haluk Bayraktar, and Ant International to explore launching a joint fintech platform in Turkey offering digital financial services to individuals and small businesses.

Syria: Syria may soon have a sovereign wealth fund, after President Ahmad Al-Sharaa issued a series of decisions last week revamping the war-torn country’s investment environment.

💰 Loan Help: Saudi Middle East Specialized Cables Company announced that its subsidiary, MESC LLC, secured a $32.7 million credit facility from First Abu Dhabi Bank to finance working capital, bank guarantees and capital expenditures.

⛏️ Mining Front: Saudi Arabia’s mining reforms have attracted $32 billion in investments as the sector aims to boost its GDP contribution.

💵 SME Report: RUWAD, part of the Sharjah Economic Development Department, reported funding 13 projects worth approximately $779,000 and adding 449 new projects to its network in its 2024 annual report.

📈 Card Investment: Israeli carrier Israir is buying a 20% stake in credit card company Isracard from retailer Rami Levy and Isracard itself, diversifying revenue streams beyond aviation as part of its growth strategy.

 🖥️ Chip Delay: Some Trump administration officials are holding up efforts to finalize a landmark agreement that would open the door to the UAE buying billions of dollars in Nvidia’s cutting-edge artificial-intelligence chips, due to national-security concerns, the Wall Street Journal reports.

🚀 Courier Takeoff: Emirates Courier Express is expanding operations to Australia, offering direct package deliveries to Brisbane, Melbourne, Perth and Sydney, with 70 weekly flights to boost regional logistics connectivity.

🚂 India Tracks: DP World, Deendayal Port Authority and Nevomo signed a preliminary agreement to explore autonomous magnetic rail freight in India.

🛩️ Africa Link: Ethiopian Airlines launched passenger flights to Abu Dhabi, strengthening its Middle East network and enhancing Gulf connectivity as it continues expanding international routes from Addis Ababa.

🌴 Chasing Deals: Kenya’s largest lender, Equity Group Holdings, is preparing to open an office in the UAE later this year to benefit from growing trade and investment between the Middle East and Africa, Bloomberg reports.

UAE President Sheikh Mohamed bin Zayed concluded his state visit to Turkey on Wednesday night after witnessing the signing of several agreements between the two countries alongside Turkish President Recep Tayyip Erdoğan.

Sheikh Mohamed then flew to Albania, where he held talks with Prime Minister Edi Rama, before continuing on to Serbia on Thursday, where he was greeted by President Aleksandar Vučić at the airport. Among those traveling in the delegation to Albania were UAE Foreign Minister Abdullah bin Zayed, Mubadala CEO Khaldoon Al Mubarak and Eagle Hills Chairman Mohamed Alabbar. Al Mubarak and Alabbar also went to Serbia.

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, attended Abu Dhabi Summer Sports at ADNEC on Wednesday and participated in a friendly volleyball match.

Sheikh Maktoum bin Mohammed, UAE Deputy Prime Minister and Minister of Finance and First Deputy Ruler of Dubai, announced the launch of the UAE 2027-2029 budget cycle, with a focus on sustainability and AI. 

Sheikh Hamdan bin Mohammed, UAE Deputy Prime Minister and Minister of Defence and Crown Prince of Dubai, introduced a new classification system to indicate when artificial intelligence has been used in research and publications.

Akis Evangelidis, Co-founder of British tech company Nothing, was on hand for the regional launch of the company’s new Nothing Phone in partnership with Creators HQ at Dubai’s Museum of the Future on Wednesday. Also at the event were Rishi Kishor Gupta, Nothing Regional Director for the Middle East and Africa; Alia Al Hammadi, Deputy Chairperson of the UAE Government Media Office and CEO of the 1 Billion Followers Summit; and Abdulaziz AlJaziri, Deputy CEO of the Dubai Future Foundation. 

Mansoor Jaffar, CEO at ADGM Academy and Research Centre, and Mohammed Abdulmalek, Head of the Middle East at PGIM, the global investment management business of Prudential Financial, launched the RealAssetX Abu Dhabi Innovation Centre on Wednesday. The innovation lab, dedicated to advancing sustainable technology and artificial intelligence within the real asset industry, will open in September at the ADGM Academy offices.

🍽️ Taste of Home: Saudi-owned cafes and restaurants are making their mark in London, counting on the growing number of expats and visitors from the Gulf feeling a little homesick in the U.K. capital. Among them are Somewhere Cafe, an Emirati-Saudi partnership which reimagines nostalgic childhood dishes, which has set up shop at the ever-popular Harrods department store. Another favorite is Hijazi Corner, serving up traditional home recipes from Jeddah’s historic Al-Balad district, where Chef Ayman Al-Zubaidi grew up.

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

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

August 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 1-3, Cairo. Pharmaconex. Brings together industry leaders to showcase innovations in pharmaceutical manufacturing. Egypt International Exhibition Center. 

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

Sept. 8-10, Dubai. WHX Tech 2025. Participants will explore the latest trends in health care and gain practical insights on the changing sector. Dubai World Trade Center.  

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

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

TICKET TO RIDE

Uber and China’s Baidu are taking a ride together in the Middle East. The two heavyweight firms said on Tuesday they’re launching a joint robotaxi service that will operate more than 1,000 of Baidu’s Apollo Go autonomous vehicles in Abu Dhabi, Dubai and elsewhere in the Mideast and Asia. Baidu already runs driverless taxis in Beijing, Shanghai and other Chinese cities and it signed an agreement with Dubai’s Road and Transport Authority in March to deploy the vehicles in the emirate. Under the Apollo Go agreement, taxis can be ordered by app through Uber, which has plans to offer similar services in Europe and Australia.

SMALL BUT MIGHTY

As property prices in the UAE’s major cities continue their bull run, developers are turning a sharp eye towards the little-known emirate of Umm Al Quwain. The UAE’s second-smallest and least-populous emirate, with around 60,000 residents, sits cozily between Sharjah and Ras Al Khaimah, just an hour’s drive into Dubai and 15 minutes from RAK’s Al Marjan Island, where the UAE’s first gaming resort is under construction. The once-quiet coastal enclave is now host to three mega developments, including two waterfront residential projects by Dubai-based Sobha Realty valued at a total of $28 billion.

International Holding Company: Abu Dhabi’s IHC has acquired financing platform eFunder, now rebranded as Zelo, to boost access to capital for small and medium-sized businesses and address the $250 billion MENA credit gap.

Aramco: Saudi AI start-up Lucidya has raised $30 million in a Series B funding round led by Impact46 and Aramco’s Wa’ed Ventures.

ADNOC: ADNOC plans to transfer a 24.9% stake in Austrian oil and gas company OMV to its  XRG investment arm, as part of its strategy to consolidate international assets.

ADQ: Abu Dhabi green energy company Masdar will divest its stake in the Sharjah Waste-to-Energy plant to Tadweer Group, the waste management and recycling services company owned by sovereign fund ADQ.

💰 IPO Frenzy: Moroccan healthcare firm Vicenne’s IPO was oversubscribed 64 times, attracting $3.5 billion in orders for its $55 million offering and marking the North African market’s first listing of 2025.

📊 Listing Slowdown: Proceeds from GCC IPOs fell 6% to $3.4 billion in the first half of 2025 compared to the same period last year, with Saudi Arabia leading regional issuance by raising $2.9 billion.

💳 Debt Clearance: Egypt repaid $1 billion to foreign oil companies in early July, reducing its outstanding debt to $2.5 billion, with full repayment expected by September.

💸 Fraud Fighter: Israeli web intelligence startup Heka raised $14 million in Series A funding, led by Windare Ventures, to expand across the U.S and Europe as it develops AI tools to counter a rapidly escalating global fraud epidemic.

📈 IPO Divergence: UAE share sales are gaining momentum into late 2025, while Saudi companies pursuing listings face investor caution over high valuations, reflecting diverging equity market sentiments across the Gulf, Bloomberg reports.

🛢️ Production Debate: OPEC partly rejected reports of a Saudi oil output surge, noting Riyadh stayed within its quota last month due to a recalculation of production metrics that adjusted how barrels were officially counted. 

☀️ Energy Push: Oman has signed a deal with Turkey to launch joint net zero and decarbonization projects starting in 2027, supporting its push for energy diversification and carbon neutrality.

🤝 Quantum Pact: Israel and the U.S. have proposed forming a $200 million joint fund to develop quantum computing, with possible UAE and Saudi participation, The Jerusalem Post reports.

UAE President Sheikh Mohamed bin Zayed flew to Turkey on Wednesday for an official state visit in which he will hold talks with Turkey’s President Recep Tayyip Erdoğan.

The UAE President held a phone call on Tuesday with Iran’s President Masoud Pezeshkian to discuss a range of issues between the two countries.

President Donald Trump’s appearance at Sunday’s FIFA Club World Cup final in New Jersey demonstrated soccer’s growing popularity in America, The New York Times reports. Among those who attended the match at MetLife Stadium were Jared Kushner, U.S. Attorney Pam Bondi, New York Jets owner Woody Johnson, star NFL quarterback Tom Brady and the NFL’s New England Patriots owner Robert Kraft.

Richard Attias will return as interim CEO of Saudi Arabia’s Future Investment Initiative Institute, which organizes the kingdom’s annual FII conference, after Penny Richards resigned six months into the job, Semafor reports.

Antonoaldo Neves, CEO or Etihad Airways, told The National that the Abu Dhabi-based airline is aiming to expand 15% every year until the end of the decade, as it raised its growth target to 38 million passengers by 2030, up from the previous goal of 33 million.

Alexander Godwin has returned to Hasma Capital, the investment firm of Saudi Arabia’s billionaire Juffali family, in a London-based director role, Bloomberg reports. Godwin left the firm last year for a job at another family office, Misland Capital.

Khalid bin Abdulaziz Al-Falih, Saudi Arabia’s Minister of Investment, attended the Financial and Professional Services Dinner hosted by the Lord Mayor of London, Alastair King, at Mansion House, London, on Tuesday.

💬 Speaking King-lish: Linguistic code-switching, a common phenomenon in globalized cities, is becoming the “new norm” for young people in Saudi Arabia, where increasing business connections and education opportunities overseas have seen a rise in English being used alongside the official Arabic language, Arab News Reports. The trend reflects rapidly shifting social dynamics in the kingdom, which only made English lessons mandatory for first graders at state schools in 2021.

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

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

August 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 1-3, Cairo. Pharmaconex. Brings together industry leaders to showcase innovations in pharmaceutical manufacturing. Egypt International Exhibition Center. 

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

Sept. 8-10, Dubai. WHX Tech 2025. Participants will explore the latest trends in health care and gain practical insights on the changing sector. Dubai World Trade Center.  

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

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

STARTUP WADI

Startups in the Gulf and other Arab countries in the Middle East nearly doubled their fundraising in the first half of the year. About $1.35 billion in venture capital funding was invested in the region’s early-stage companies during the period, led by Saudi Arabia and the UAE, data platform Magnitt reports. In Israel, one of the world’s busiest startup hubs, first-half funding reached $9.3 billion, the country’s strongest six-month performance in three years. The increase in venture funding in the Middle East contrasts with global emerging venture markets, where funding dropped to about $4 billion – the weakest first half since 2017.

GEE WIZZ

Etihad Airways is preparing to launch flights to several destinations affected by Wizz Air’s exit from its Abu Dhabi operations. Etihad, which is based in Abu Dhabi, announced on Tuesday that it would introduce flights to Almaty, Kazakhstan; Baku, Azerbaijan; Bucharest, Romania; Medina, Saudi Arabia; Tbilisi, Georgia; Tashkent, Uzbekistan; and Yerevan, Armenia. Wizz Air currently flies from Abu Dhabi to all of those destinations, except Tbilisi. The Hungarian budget airline said yesterday that it would suspend its Abu Dhabi joint venture with the ADQ sovereign wealth fund, which owns Etihad, blaming persistent engine issues, geopolitical tensions in the Middle East and regulatory challenges. Etihad said its services to all of the new routes would begin in March, except Medina, which will be operational from November. 

Mubadala: A consortium that includes the Abu Dhabi sovereign wealth fund will acquire German energy company Techem for $7.9 billion. Others in the group include Swiss private equity company Partners Group and Singapore’s GIC.

Public Investment Fund: Marc Winterhoff, CEO of the Saudi PIF-owned California electric vehicle maker Lucid Motors, warned in a Bloomberg interview that Trump-era auto tariffs will sharply increase production costs, threatening price hikes for American-made EVs despite the company’s efforts to localize supply chains in the kingdom.

G42: Presight, an Emirati tech company owned by G42, is helping launch Kazakhstan’s first supercomputer, featuring prominently at a ceremony attended by Kazakhstan’s President Kassym-Jomart Tokayev.

🏢 Luxury Estate: Vincitore Realty, a boutique developer in the UAE, awarded a $544 million contract to Luxridge Building Construction for delivering its latest wave of luxury real estate projects in Dubai.

💰 Big Brother: Egypt approved $101 million within its budget to support small and medium sized enterprises in a partnership between the Ministry of Finance and the Micro, Small, and Medium Enterprises Development Agency.

🌐 Browser Boom: Israeli cybersecurity startup Island has quadrupled its valuation to $4.8 billion since late 2023 after raising tens of millions from J.P. Morgan, as demand for secure enterprise browsers surges globally.

🏢 Luxury Leaders: Singapore was ranked the world’s most expensive city for luxury spending for a third year, while London overtakes Hong Kong for second place and Dubai ranks as the costliest destination in the Middle East for high-end goods, according to Julius Baer’s annual report.

🏡 Housing Reforms: The UAE’s Majid Al-Futtaim firm has been granted a license to set up a housing construction company in Kuwait following residential reforms by the country.

☀️ Renewable Surge: The share of renewables in Oman’s electricity production more than doubled to 12% between late 2024 and mid-2025, driven by new solar and wind projects.

🧳 Driverless Luggage: Dubai airport services provider dnata has deployed a fleet of autonomous vehicles to tow baggage containers at Dubai World Central-Al Maktoum International, WAM reports.

🐄 Livestock Crisis: Turkey’s livestock industry is facing crippling losses from the nationwide outbreak of foot-and-mouth disease.

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, visited the Liwa Date Festival in Al Dhafra region on Monday. Sheikh Sultan bin Hamdan, UAE Ambassador to Bahrain and Vice Chairman of Al  Ain Sports & Cultural Club, also visited the festival. 

Sheikh Nahyan bin Mubarak, UAE Minister of Tolerance and Coexistence, attended a Bastille Day reception at Emirates Palace in Abu Dhabi on Monday evening hosted by French Ambassador Nicolas Niemtchinow.

Leila Benali, Morocco’s Minister of Energy Transition, told Saudi news website Asharq that her country needs to invest over $40 billion to achieve its national energy goals.

Waleed Saeed Al Awadhi, CEO of the Abu Dhabi Securities and Commodities Authority, was elected Chair of the International Organization of Securities Commissions’ Africa and Middle East Regional Committee.

🎤 Star Stopover: Rapper Travis Scott will return to Abu Dhabi on Nov. 15 with his record-breaking Circus Maximus World Tour. The performance is part of a six-country run which includes India, Japan, South Korea, China and South Africa. The tour, which kicked off in 2023, is the highest-grossing solo rap tour of all time, making more than $209 million. Tickets go on sale from Thursday.

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

July 15, Pittsburgh, Pa. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump and Mubadala CEO Khaldoon Al Mubarak are among those expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

August 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

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

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

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

BYD BLITZ

Chinese electric carmaker BYD is aggressively going after the Saudi market. The company  plans to launch seven new showrooms over the next year, adding to the three it already operates. BYD already has three showrooms in the kingdom and expects to sell more than 5,000 vehicles this year. The company’s rapid rise is complicated for Saudi Arabia where the Public Investment Fund has heavily backed Lucid Motors and launched another EV brand called Ceer, Bloomberg reports. Tesla opened its first Riyadh showroom in April, which BYD officials said was beneficial for them because it raised EV awareness. 

PATCHING PORTS

Syria’s General Authority for Land and Sea Ports on Sunday signed an $800 million agreement with the UAE’s DP World to bolster Syrian ports infrastructure and logistical services. The event was attended by Syrian President Ahmed al-Sharaa who has been working on closing similar deals with the Gulf since the U.S. lifted sanctions on Syria. Under the agreement DP World will focus on developing a multi-purpose terminal at Tartous on Syria’s Mediterranean coast and cooperating to set up industrial and free trade zones, Reuters reports. The redevelopment will boost Syria’s trade capacity as reconstruction efforts gain pace.

Public Investment Fund: The Saudi sovereign wealth fund’s Shared Services Center is merging with Business Incubators and Accelerators Co. to create Tasama, an integrated business services platform.

ACWA Power: A consortium led by the PIF-owed utility company signed agreements worth $8.3 billion on Sunday for seven new renewable energy projects with a capacity of 15 gigawatts. ACWA Power will develop the projects in partnership with PIF-owned Badeel and Saudi Aramco subsidiary Aramco Pow

ADNOC: Subsidiary ADNOC Gas signed a $400 million deal to supply over 700,000 metric tonnes of LNG to German energy company Sefe for three years.

G42: Abu Dhabi-owned tech company will partner with Vietnamese companies to develop a $2 billion hyperscale data centre in Ho Chi Minh City, Reuters reports.

Khazna, a G42-owned company, and Italy’s Eni have agreed to jointly develop a 500 megawatt AI data campus in northern Italy, powered by a gas plant fitted with carbon capture, as part of a broader Italy-UAE tech partnership.

🏗️ Mega Contract: PIF-backed Diriyah Company has awarded a $600 million contract for Saudi Arabia’s Diriyah Square megaproject to Italian company Webuild.

💰Finding Resources: Dubai-based Gulf Navigation raised $136 million through convertible bonds to help fund its $871 million acquisition of Brooge Energy, with the rest covered by issuing new shares and additional bonds to Brooge.

🏋️ Making Gains: Saudi Arabia’s Sport Clubs Company, which operates fitness clubs across 18 cities, said the retail element of its planned IPO was more than 500% oversubscribed.

📈 New Traders: Residents of GCC countries, including expatriates, will be allowed to invest directly in Saudi Arabia’s main stock market for the first time, the Capital Market Authority announced.

🪺 Family Business: The Abu Dhabi Investment Office and the Emirates Family Office Association have signed a strategic agreement to position the UAE capital as the preferred destination for global family offices by reducing friction for incoming investors, WAM reports. 

⛳ High Hopes: Lebanon’s tourism sector is placing its hopes on international and Gulf visitors to help rescue the country from its ongoing financial crisis, Arab News reports.

✈️ Flying East: Delta Airlines will launch direct routes from Atlanta to both Israel and Saudi Arabia by year end.

⛏️ Hands Off: International mining companies are adapting to newly assertive African states which have been emboldened to demand more control of their resources, amid the global race for critical minerals, the Financial Times reports.

🚗 Car Dealers: French Renault Group will begin producing its new seven-seater Boreal SUV in Turkey next year, joining the Duster model which is already made in Bursa.

UAE President Sheikh Mohamed bin Zayed, Sheikh Mohammed bin Rashid, Ruler of Dubai and UAE Vice President and Prime Minister, and Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, extended their congratulations to French President Emmanuel Macron and Prime Minister François Bayrou on the occasion of France’s National Day.

The UAE President and Turkey’s President Recep Tayyip Erdoğan held a phone call on Sunday.

Sheikh Mohammed bin Rashid, Ruler of Dubai and UAE Vice President and Prime Minister, issued a law to regulate contracting activities in Dubai. 

Qatar’s Emir Sheikh Tamim Al Thani attended the the FIFA Club World Cup 2025 final soccer match on Sunday between England’s Chelsea and France’s PSG, which is majority owned by a subsidiary of the Qatar Investment Authority, at MetLife Stadium, New Jersey.

Sheikh Shakhboot bin Nahyan, UAE Minister of State, took part in the Investment Forum organized by Burkina Faso in Abu Dhabi on Saturday, which was attended by Karamoko Jean Marie Traoré, Burkina Faso’s Minister of Foreign Affairs, Regional Cooperation and Burkinabe Abroad.

Sheikha Mariam bint Mohamed, Deputy Chair of the UAE Presidential Court for National Projects, has been appointed Chair of the Mohamed bin Zayed Foundation for Humanity and Sheikh Hamdan bin Mohamed, Deputy Chairman of the Presidential Court for Special Affairs, has been appointed Vice Chairman of the foundation.

Fadi Khoury, Head of Middle East at Nuveen, a U.S.-based investment manager which has opened its first Middle East office at Abu Dhabi Global Market, told Zawya that the firm expects its assets under management in the region to double over the next three years to $10 billion.

🎤 Memory Matters: Liverpool’s Arab Arts Festival is back for its 23rd year, spotlighting the theme “Nostalgia.” The festival, which is the longest-running event of its kind in the U.K., includes a rich mix of film, comedy, music and poetry celebrating Arab heritage and contemporary voices. The 10-day program, which kicked off on Friday, culminates in the much-loved family day at Sefton Park.

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

July 15, Pittsburgh, Pa. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

August 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

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

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

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

RED SEA RISK

Insurance costs for shipping goods through the Red Sea are jumping again after Yemen’s Houthis sank two ships and killed at least four crew members. War risk premiums have risen to around 0.7% of the value of a ship, from around 0.3% last week before the latest attacks took place, Reuters reports, adding some underwriters are taking a pause in coverage. “The recent attacks in the Red Sea have highlighted the need for caution when considering a transit,” said Neil Roberts, head of marine and aviation with the Lloyd’s Market Association, which represents  Lloyd’s of London. A Houthi attack on the Greek ship Eternity C on Wednesday killed four of the 25 people aboard. It followed the sinking of another Greek-operated vessel by the Houthis on Monday.

REEM REVIVAL

For years they have loomed over one of Abu Dhabi’s best views, blocking pedestrians from a prime waterside boulevard and leaving one of the UAE capital’s most desirable residential locations looking shabbily incomplete. Now the fate of the stalled Hydra Avenue Towers looks about to change after Emirates Stallions Group, a subsidiary of Abu Dhabi’s International Holding Co., acquired the assets of the liquidated developer Hydra Properties. ESG agreed to buy six towers and associated land from Hydra for AED206 million ($56 million), Arabian Gulf Business Insights reports. Once a prominent developer, Hydra fell victim to the 2008 property market crash and faced a series of lawsuits over its stalled projects. With property now booming in Abu Dhabi, particularly Reem, which has been brought under the jurisdiction of the ADGM freezone, it was only a matter of time before the neglected projects became too valuable to pass up.

Public Investment Fund: Savvy Games, a unit of Saudi Arabia’s sovereign wealth fund, is teaming up with Canadian gaming company Side to open a studio in Riyadh later this year.

Mubadala: The UAE sovereign wealth fund’s smart mobility company Solutions+ started testing so-called Level 4 autonomous buses in a geofenced part of Abu Dhabi’s Masdar City eco hub.

Qatar Investment Authority: China Asset Management, which manages more than $360 billion, said the QIA’s Qatar Holding unit became its third-largest shareholder after acquiring a 10% stake, Bloomberg reports.

🌀Exporting LNG: ADNOC Gas signed a $400 million deal with Germany’s SEFE to supply liquefied natural gas to Europe for three years, starting in 2025.

🦄 eSim Unicorn: Airalo, a low-cost digital SIM card startup with a Dubai-based co-founder, has raised $220 million, valuing the company at $1 billion, Semafor reports.

🇴🇲 Muscat’s Moment: Moody’s has raised Oman’s sovereign rating from junk to Baa3, its second upgrade to investment grade in less than a year, citing an improved debt profile.

🗣️ Spoken Data: AiOla, an Israeli startup that uses artificial intelligence to convert spoken information into machine-readable data, raised $25 million in a Series A2 funding round, including a strategic investment from United Airlines Ventures.

🏡 At Home Abroad: Dubai developers such as Sobha Realty and Damac are expanding to Miami, Dallas, Sydney and other foreign hotspots as a 70% jump in the city’s property values provides lots of cash for investment, Bloomberg reports.

💻 Chinese Chips: China’s Huawei Technologies is trying to export small quantities of AI chips to the Middle East and Southeast Asia, an effort to establish a foothold in markets dominated by Nvidia, Bloomberg reports.

✈️ Staying Grounded: Emirates Group is giving employees a more modest pay increase this year, in an indication the airline is keeping a closer eye on costs.

UAE President Sheikh Mohamed bin Zayed welcomed peace talks between Ilham Aliyev, President of Azerbaijan, and Nikol Pashinyan, Prime Minister of Armenia, that were held in Abu Dhabi on Thursday.

The UAE President also sent a written message to German Chancellor Friedrich Merz on Friday. The message was delivered by Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, Group CEO of Adnoc and UAE Special Envoy to Germany, during his official visit to Berlin. Al Jaber held high-level meetings with senior government officials and private sector leaders.

Saudi Prince Turki bin Salman controls assets worth at least $250 billion as Chairman of state-owned Tharawat Holding Co. and has taken on a role as a gatekeeper for foreign companies seeking to do business in the kingdom, Bloomberg reports.

Faisal Sultan, President of PIF-backed Lucid Motors in the Middle East, told Arab News’ The Mayman Show that the company was proud to be the first automotive brand to have the “Saudi Made” badge on its cars. “We are already assembling these cars — as you know, the Lucid Air — and now the Lucid Gravity has also started to be assembled in the Kingdom.”

Mohammed bin Ali Al Mannai, Qatar’s Minister of Communications and Information Technology, said the country’s plans to host MWC25 Doha, one of the world’s largest mobile and connectivity events, in November, represents a key opportunity to engage with the world’s top innovators.

Sachin Dev Duggal, the former CEO of collapsed start-up Builder AI, which had offices in Dubai and London, has been pulled from the speakers line-up at the Raise Summit in Paris after former employees raised concerns, The National reports.

🎤 Star Launch: American singer-songwriter Post Malone wowed the crowd at the kick-off concert for Saudi Arabia’s Esports World Cup last night, performing fan favorites “Circles” and “Sunflower.” At one point he fist-bumped chess grandmaster Magnus Carlsen, one of the event’s ambassadors, who was seated in the front row. The tournament, which has a $70 million prize pool, is the largest esports event in the world, running until Aug. 24 at Riyadh’s Boulevard City.

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

July 9-13, Sun Valley Idaho. Sun Valley Summit. The invite list for this year’s Allen & Company “Summer camp for billionaires” includes Sam Altman, Mark Zuckerberg and Jeff Bezos among Silicon Valley power players.

July 15, Pittsburgh, Pa. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

August 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace. 

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

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

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

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