Gulf power players head for Milken 2026 as Iran war brews

Top Gulf officials and investors will be taking the stage next week at the Milken Institute Global Conference 2026 in Los Angeles as the financial world focuses on the conflict with Iran.

Leading the UAE delegation will be Khaldoon Al Mubarak, Managing Director and Group CEO of Mubadala, joined by Deputy CEO Waleed Al Mokarrab Al Muhairi and Camilla Languille, Co-CEO of the sovereign wealth fund’s private equity platform.

Among other Emirati participants will be Omar Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, and Majid Al Suwaidi, CEO of Altérra.

The conference, which takes place May 3-6 at the Beverly Hilton & Waldorf Astoria Beverly Hills, comes as investors grapple with economic fallout from the Iran war, which has disrupted oil flows and led to record gasoline prices.

The Saudi delegation will include Bandar Al-Khorayef, Minister of Industry and Mineral Resources; Khalid Al-Falih, Minister of Investment; and Reema Bandar Al Saud, Saudi Ambassador to the U.S. Also on the program are Manar Al-Moneef, Chief Investment Officer of NEOM; Princess Noura bint Faisal Al Saud, Founder of Culture House; and Prince Turki Al Faisal Al Saud, Chairman of the King Faisal Center for Research and Islamic Studies.

From Qatar, Ali Al Kuwari, Minister of Finance, and Mohsin Pirzada, Head of Funds at the Qatar Investment Authority, will participate, along with Jasem Al Budaiwi, Secretary-General of the Gulf Cooperation Council.

UAE tourism urged to ‘reinvent itself’ as war hits visitor numbers

UAE tourism needs to “reinvent itself” to recover from the impact of regional war, officials and hospitality players told a special meeting convened to address the industry in crisis.

From the dazzling Dubai Gold Souk and Burj Khalifa skyscraper to Abu Dhabi’s cluster of brand new museums, the normally bustling sites that are the engine of the country’s tourism economy have fallen quiet since the start of the war.

At a newly formed Tourism Majlis, organized by the Ministry of Economy and Tourism, leaders gathered to confront a sharp drop in visitors following the Iran crisis and share ideas to shape a coordinated recovery plan.

Chaired by Ras Al Khaimah Ruler Sheikh Saud bin Saqr Al Qasimi, the discussion stressed that recovery would require a clear, unified strategy rather than quick fixes, with a focus on collaboration across all seven emirates. 

Qiddiya confirms sovereign funding for $40B “city for play”

Qiddiya officials say the $40 billion “city for play” project will rely comfortably on Saudi sovereign funding for years, despite recent calls for greater involvement from the private sector.

“We recognise that creating a brand-new city from scratch in the desert is a sovereign undertaking,” Qiddiya Investment Company Vice Chairman Morgan Parker said at the Cityscape conference held in Riyadh last week.

He added that building a city the size of Las Vegas will “take some time.” Qiddiya is located outside Riyadh with a motor racing track, 12 theme parks, 40 sports venues and 27 entertainment attractions.

The city expects to develop around 120 hotels with 41,000 rooms over the next 20 years.

The Six Flags Qiddiya amusement park held its soft-opening earlier this month, with an official launch expected on New Year’s Eve. 

DP World to build ‘world’s largest’ car market in Dubai

Dubai is planning to build what its leaders describe as the world’s largest and most advanced car market.

Officials signed a contract with DP World on Thursday to build and manage a 20 million square-foot facility connected to 77 international ports that is expected to generate an estimated $3.8 billion in sales.

“The new market will become a global hub that offers commercial services and logistics and financing solutions” for the automobile industry,” Sheikh Mohammed bin Rashid, Ruler of Dubai and the UAE’s Vice President and Prime Minister, said in a statement released on Thursday.

The new compound – eight times the size of the city’s current car market – will enable buying, selling, registration and banking within its domain.

It will also host major conferences and events for the international automotive industry.