TALL ORDER

Uncertainty around the U.S.-Iran war is weighing on property prices at Dubai’s most iconic address, with a growing number of apartments in the Burj Khalifa selling at a loss. Apartment values in the world’s tallest building fell by about a fifth in September compared to the same time last year, with more than two in five resales selling at a loss in the third quarter, Arabian Gulf Business Insight reports. One former owner told the outlet that they sold their property because they were “worried” about the war. So far this year, 21 out of 68 resales in the Burj Khalifa have sold for less than their previous price on record, with the biggest loss being on an 88th-floor one-bedroom apartment, which sold for about 2.8 million dirhams ($760,000) in August, almost two-fifths below its previous sale price. 

ASSEMBLY REQUIRED

Chinese robotics companies are looking to the Gulf to help manufacture their next generation of AI-powered machines. Beijing-based LinkerBot is in talks with major UAE institutions about potential partnerships, The National reports, citing remarks by the company’s Vice President Weber Su at Dubai’s AIM Summit on Tuesday. One model would combine Chinese components with Gulf financing for assembly and automated production. LinkerBot makes robotic hands that grasp and manipulate objects, along with small motors and other components that control movement.

International Holding Co.: Abu Dhabi’s IHC is in early-stage talks to acquire a stake in Bandhan Financial Services, which owns more than a third of India’s Bandhan Bank.

Investment Corp. of Dubai: Aircraft lessor Dubai Aerospace Enterprise is seeking a $2.1 billion-equivalent loan from a consortium of Asian and UAE banks.

QatarEnergy: Qatar’s state energy company deployed a 29-year-old gas tanker to test a covert shipping route under U.S. Navy protection after attacks near the Strait of Hormuz brought Qatar’s gas exports to a near standstill, Bloomberg reports.

Aramco: Saudi Aramco and its Chinese partners received the first crude shipment for their new refinery in Liaoning Province, bringing the multibillion-dollar complex closer to commercial operations.

DP World: DP World CEO Yuvraj Narayan warned that rising trade barriers and eroding trust are forcing companies to nearly double supply chain investments to ensure business continuity.

📦 Logistics Divestment: Agility Global has agreed to sell its entire stake in Dubai-based Tristar Holdings to India’s Aegis Logistics for $581 million.

👷 Road Works: The Islamic Development Bank and Cameroon have signed a $238 million financing agreement to support the Douala-Bafoussam Road Rehabilitation Project.

🔋 Power Play: A joint venture between Egypt-based power contractor Elsewedy Electric and China-based engineering firm Sinohydro has signed a contract for the $2.2 billion 2.3-gigawatt Rabigh 2 Independent Power Plant Expansion Project in Saudi Arabia. 

🏆 AI Prize: The UAE will offer a prize of $1 million for the winners of a global competition aimed at improving the quality of life through the use of agentic AI.

💻 AI Spy: A Saudi employee of OpenAI was arrested on Oct. 9 and charged with planting a hidden audio recording device in an executive conference room at the company’s San Francisco office, Bloomberg reports.

🧳 Stranded Suits: The vast network of “fly-in” consultants that help run the PIF’s portfolio companies and advise the government on strategy and policy have been forced to postpone trips or take convoluted overland routes to Riyadh, Arabian Gulf Business Insight reports.

🧬 Cancer Bank: Cleveland Clinic Abu Dhabi and Abu Dhabi Biobank launched an initiative to collect and preserve blood and tumor samples donated by cancer patients to advance research and develop more personalized treatments.

🚗 Street Smarts: Dell Technologies and UAE technology company Tahaluf Al Emarat signed an agreement to equip public-service vehicles with AI tools to spot road damage, parking violations and public safety incidents.

Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE, and Ruler of Dubai, said the city has a 2.1 trillion ($735.19 billion) portfolio of active projects covering housing, transport, aviation and infrastructure.

Sheikh Mohammed bestowed the “Mohammed bin Rashid Scarf” upon Mohammad bin Abdullah Al Gergawi, Chairman of the Executive Office of Sheikh Mohammed bin Rashid, in a ceremony at the Dubai World Trade Centre on Tuesday.

Sheikh Abdullah bin Zayed, UAE Foreign Minister, held a phone call with his Saudi counterpart Prince Faisal bin Farhan on Tuesday.

Sheikha Latifa bint Mohammed, Chairperson of Dubai Culture and Arts Authority, attended the New Global Narrative Majlis on how Dubai can benefit from trust it has established globally.

Sheikha Shamma bint Sultan was appointed Executive Fellow for the Science, Discovery and Innovation pillar of the World Economic Forum.

Morocco’s Crown Prince Moulay Hassan opened the exhibition of Sheikh Mansour bin Zayed Al Nahyan’s Award for Photography of Arabian Horses in El Jadida, Morocco, on Tuesday.

➿ On the Circuit

Mattar Al Tayer, Director General and Chairman of the Board of Executive Directors of Dubai’s Roads and Transport Authority, said Dubai is developing an integrated three-dimensional transport system as part of its efforts to reshape the future of mobility.

Mariam Almheiri, Head of the International Affairs Office at the UAE Presidential Court and Vice Chair and Managing Director of 2PointZero Group, met with Indian Prime Minister Narendra Modi at the Bloomberg New Economy Forum in New Delhi.

Jon Rahm, the Spanish Ryder Cup star, will make his Abu Dhabi Aldar Championship debut next month, as he prepares to exit LIV Golf.

Abdulaziz Al-Arifi, Governor of Saudi Arabia’s National Development Fund, said at the WPC Energy Congress in Riyadh on Tuesday that the kingdom’s development finance system is fueling its green hydrogen push.

🐪 Camel Culture: More than 7,000 years of camel history, including the animal’s profound place in Emirati culture, will be the focus of Zayed National Museum’s first temporary exhibition. “Tracks Through Time: The Camel in Society, Trade and Art,” which opens in December, will trace the ungulate’s role in culture and trade across thousands of years, including modern practices such as camel racing and beauty competitions, The National reports. Bones discovered in Abu Dhabi that provide evidence of an extinct wild species will also go on display for the first time.

📷 Photo of the Day

Oct. 11-15, Riyadh. 25th World Petroleum Council Energy Congress. Bringing together global leaders and industry as part of Riyadh Energy Week. Riyadh Front Exhibition & Conference Center.

Oct. 13-15, Dubai. SuperReturn Middle East. Exploring fundraising, private credit, family offices, infrastructure, AI, venture capital and shifting investment opportunities across the region. Ritz-Carlton, DIFC.

Oct. 13-15, Dubai. Annual Meeting of Global Future Leaders. A platform for a new generation of leaders to jointly create bold opportunities in a volatile world.

Oct. 20-21, Riyadh. MIPIM Middle East. Bringing together senior decision-makers, investors and the full real estate ecosystem of the GCC and beyond. Sofitel, Riyadh.

Oct. 20-22, Abu Dhabi. Abu Dhabi Future Health Summit. Exploring how sensing, AI, data, and innovation can enable earlier prediction and proactive intervention. ADNEC Centre.

Oct. 21, Abu Dhabi. Reuters NEXT Gulf. Exploring the Gulf’s growing global influence across AI, finance, energy, trade and geopolitics. St. Regis Saadiyat Island Resort.

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

Oct. 22-26, Dubai. Dubai Fashion Week. Dubai’s official fashion platform, bringing together regional and international designers, buyers and industry leaders for runway shows, collection launches and events. Dubai Design District.

Oct. 24, Riyadh. GCC-EU Summit. The leaders of the European Union member states and the countries of the Gulf Cooperation Council will meet in Saudi Arabia for the second summit.

Oct. 25-27, Doha. 9th World Investment Forum. A global platform for investment and development, bringing together government leaders, CEOs and investors under the theme “Investing in the Future.” Sheraton Convention Center.

Oct. 26, Abu Dhabi. The Arabian AI & Agentic Summit. An event for AI leaders, innovators, and decision-makers driving the future of Conversational AI, Agentic AI and Generative AI in the UAE and wider GCC region. ADNEC Centre.

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

Oct. 26-29, Riyadh. Global Health Exhibition. A meeting point for the world’s healthcare innovators. Riyadh Exhibition and Convention Center.

Nov. 2-5, Abu Dhabi. ADIPEC 2026. Showcasing the latest strategies and innovations that are defining the future of energy. ADNEC Centre.

Nov. 10-12, Abu Dhabi. International Real Estate & Investment Show. Showcasing options for investment and insight into market trends. ADNEC Centre.

Nov. 19-22, Abu Dhabi. Abu Dhabi International Boat Show. Showcasing the latest innovations in boating, fishing, and water sports. ADNEC Centre.

ARAB FITNESS

WHOOP, the Abu Dhabi-backed U.S. fitness tracker company, has launched an Arabic-language app after growing its Gulf membership base by 75% over the past year. The launch follows the participation of the sovereign wealth fund Mubadala in WHOOP’s Series G funding round and is part of a broader partnership focused on preventive healthcare and research in the UAE. “We’ve made a significant commitment to the region, and we’re going to keep investing here,” WHOOP CEO Will Ahmed said in a statement. “Launching in Arabic is a crucial part of that strategy.” WHOOP, which started its activities in the UAE in 2017, plans to open a research and development facility in Qatar later this year.

CAMERA CRACKDOWN

Americans have been detained in Saudi Arabia for photographing recent attacks as Houthi strikes disrupt travel through the kingdom. The U.S. Embassy in Riyadh disclosed the detentions without giving a number and warned travelers to exercise extreme caution at Saudi airports, Arab News reports. Saudi authorities say filming or sharing information about missile and drone interceptions and impact sites can lead to legal penalties, while U.S. government employees now need special authorization to use any Saudi airport. The strikes have killed at least 18 people at Riyadh’s airport and two at Abha International Airport, with hundreds wounded.

Mubadala: Abu Dhabi’s sovereign wealth fund Mubadala is expected to acquire a stake in Italy’s largest telecom towers operator, INWIT, as major shareholders Ardian and Oak Holdings explore a deal to take the company private.

Aramco: Saudi Aramco CEO Amin Nasser called at the 25th WPC Energy Congress in Riyadh for coordinated international action to protect global energy infrastructure and supply routes, saying “no nation, even one as capable and confident as ours, can safeguard them alone.”

Public Investment Fund: Saudi Arabia’s PIF-owned Saudi Real Estate Refinance Company has launched its second domestic residential mortgage-backed securities offering.

Oman Investment Authority: A Chinese private equity group has established an office at the headquarters of Oman’s sovereign wealth fund following financing deals with the OIA in the energy and technology sectors, Intelligence Online reports.

Humain: Blackstone-owned AirTrunk is postponing its planned $1.5 billion Singapore REIT IPO until next year amid higher interest rates and weakening investor demand, signaling growing caution over AI infrastructure investments. AirTrunk is partnering on a $3 billion data center with the Public Investment Fund’s AI company Humain. 

SALIC: Saudi Arabia’s PIF-owned SALIC is transferring full ownership of National Grain Co. to its subsidiary SABIL to integrate grain sourcing, storage and distribution and strengthen the kingdom’s food security.

✈️ Jet Plans: Investment firms Bridgepoint Group and AIP Capital are partnering with Bahrain’s GFH Bank, a shariah-compliant investment bank, on a venture to build a portfolio of commercial aircraft engines worth more than $1 billion, Bloomberg reports.

🏛️ Muscat Moves: Oman’s first financial center will begin registering companies by the end of this year and launch full licensing operations next year.

💰 Way Ahead: Saudi Arabia led startup fundraising across the MENA region in the third quarter of 2026, attracting $1 billion in investment, according to Wamda and Digital Digest.

📊 Growth Rebound: The IMF expects economies across MENA and Central Asia to contract 0.3% in 2026 before rebounding by 6.3% in 2027, reflecting disruptions from the prolonged Middle East conflict and the expected reopening of the Strait of Hormuz.

🏦 Cheaper Borrowing: Jordan has approved Amman’s first Islamic bond issuance, which is worth $564 million and aimed at reducing the municipality’s borrowing costs by nearly $99 million over five years.

🏖️ Bay Watch: The Saudi Red Sea Authority has issued the kingdom’s first beach operator license to Emaar, The Economic City, for Yam Beach in King Abdullah Economic City, establishing standards for safety, accessibility and environmental protection.

⛳ Unwelcome Guests: The DP World Tour will bar LIV Golf players from its 2027 events, potentially ruling out stars including Jon Rahm and Tyrrell Hatton from representing Europe at the Ryder Cup unless they choose to leave the troubled league.

☀️ Solar Expansion: Qatar’s renewable energy share of power capacity is expected to rise from 12% in 2025 to 25.9% by 2035 as the country expands solar projects while retaining natural gas as its primary power source, according to GlobalData.

📈 Middle Manager: EFG Hermes has launched market-making and liquidity-provision services on the Dubai Financial Market.

🪙 Tokenizing Water: AquaIndex plans to launch a UAE-focused digital token backed by freshwater resources as part of its strategy to develop a global marketplace for trading tokenized water assets.

Saudi Crown Prince Mohammed bin Salman received a phone call on Monday from Jordan’s King Abdullah II, who expressed solidarity with the Kingdom.

Sheikh Tahnoon bin Zayed, UAE National Security Adviser, met on Monday with Dan Simkowitz, Co-President of Morgan Stanley, and they spoke about the capital requirements for expanding the artificial intelligence ecosystem.

Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy, called for greater flexibility, advance planning and sustained investment in energy infrastructure to help countries navigate energy crises and safeguard global supplies, adding ”There is no way that somebody will break our back.” He was speaking during a ministerial dialogue at the WPC Energy Congress in Riyadh on Monday.

Prince Abdulaziz signed agreements with Mongolia, Tanzania, Cyprus and Mauritius to strengthen cooperation across the energy sector, including oil and gas, renewable energy, electricity, petrochemicals and clean hydrogen.

➿ On the Circuit

Muhammad Al Jasser, Chairman of the Islamic Development Bank Group, met with Kristalina Georgieva, the Managing Director of the International Monetary Fund, on the sidelines of the 2026 World Bank Group and IMF Annual Meetings in Bangkok.

Francesco La Camera, Director General of the International Renewable Energy Agency, told Arab News that renewable energy is increasingly being “seen as a way to energy security” amid regional disruptions. 

Ahmed Al Rajhi, Saudi Arabia’s Human Resources Minister, said when a missile alert sounded during his speech at the Riyadh Economic Forum that, “We are under God’s protection.”

Jean Pierre Dib and Philipp Kleinschnittger have been appointed co-heads of Middle East and Africa for Swiss wealth manager Julius Baer. Kleinschnittger will operate from Zurich and Dib will be based in Dubai.

Nikoleta Eirini Fista was appointed Chief Legal Officer and Board Secretary at Abu Dhabi-based private jet operator RoyalJet.

💋 Tame Horse: A famed French cabaret show is opening a permanent production on Dubai’s glitzy Palm Jumeirah. Crazy Horse Paris, the 75-year-old institution known for its provocative stage shows, often featuring nudity, will be adapted to the regional culture and customs, The National reports. A troupe of 18 dancers was selected from hundreds of international applicants and sent for six months of specialized training in Paris before joining the production, to be called The Dubai Edition. “Our objective was to create a show that is immediately identifiable as Crazy Horse Paris while developing a production specifically conceived for Dubai,” Andree Deissenberg, Chief Creative and Brand Officer of Crazy Horse Paris, said.

📷 Photo of the Day

Oct. 11-15, Riyadh. 25th World Petroleum Council Energy Congress. Bringing together global leaders and industry as part of Riyadh Energy Week. Riyadh Front Exhibition & Conference Center.

Oct. 12-14, Dubai. The Airport Show. Exploring innovations in sustainability, digitalization, security and passenger experience, alongside several major industry forums. Dubai World Trade Centre. 

Oct. 13-15, Dubai. SuperReturn Middle East. Exploring fundraising, private credit, family offices, infrastructure, AI, venture capital and shifting investment opportunities across the region. Ritz-Carlton, DIFC.

Oct. 13-15, Dubai. Annual Meeting of Global Future Leaders. A platform for a new generation of leaders to jointly create bold opportunities in a volatile world.

Oct. 20-21, Riyadh. MIPIM Middle East. Bringing together senior decision-makers, investors and the full real estate ecosystem of the GCC and beyond. Sofitel, Riyadh.

Oct. 20-22, Abu Dhabi. Abu Dhabi Future Health Summit. Exploring how sensing, AI, data, and innovation can enable earlier prediction and proactive intervention. ADNEC Centre.

Oct. 21, Abu Dhabi. Reuters NEXT Gulf. Exploring the Gulf’s growing global influence across AI, finance, energy, trade and geopolitics. St. Regis Saadiyat Island Resort.

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

Oct. 22-26, Dubai. Dubai Fashion Week. Dubai’s official fashion platform, bringing together regional and international designers, buyers and industry leaders for runway shows, collection launches and events. Dubai Design District.

Oct. 24, Riyadh. GCC-EU Summit. The leaders of the European Union member states and the countries of the Gulf Cooperation Council will meet in Saudi Arabia for the second summit.

Oct. 25-27, Doha. 9th World Investment Forum. A global platform for investment and development, bringing together government leaders, CEOs and investors under the theme “Investing in the Future.” Sheraton Convention Center.

Oct. 26, Abu Dhabi. The Arabian AI & Agentic Summit. An event for AI leaders, innovators, and decision-makers driving the future of Conversational AI, Agentic AI and Generative AI in the UAE and wider GCC region. ADNEC Centre.

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

Oct. 26-29, Riyadh. Global Health Exhibition. A meeting point for the world’s healthcare innovators. Riyadh Exhibition and Convention Center.

Nov. 2-5, Abu Dhabi. ADIPEC 2026. Showcasing the latest strategies and innovations that are defining the future of energy. ADNEC Centre.

Nov. 10-12, Abu Dhabi. International Real Estate & Investment Show. Showcasing options for investment and insight into market trends. ADNEC Centre.

Nov. 19-22, Abu Dhabi. Abu Dhabi International Boat Show. Showcasing the latest innovations in boating, fishing, and water sports. ADNEC Centre.

MINERAL CHALLENGE

Saudi Arabia’s latest mineral discovery could help the kingdom supply materials used in electric cars, wind turbines and electronics. The Jabal Sayid deposit in the Medina region contains an estimated 114 million tons of ore rich in rare earth elements, but turning those minerals into profitable products will require specialized factories and expertise, Arab News reports. Saudi mining company Maaden and U.S.-based MP Materials have agreed to develop a refinery in the kingdom to separate rare earths from other minerals and prepare them for industrial use. The planned refinery has U.S. government backing and would process rare earth minerals inside Saudi Arabia instead of shipping them abroad for processing.

WEALTH SURGE

The UAE’s net wealth reached $3.6 trillion in 2025 and is projected to approach $6 trillion by 2030. Financial assets such as savings and investments rose to $1.4 trillion from $1.2 trillion a year earlier, while real assets such as property reached $2.4 trillion, with debt accounting for the gap with the net total, according to a Boston Consulting Group report. The country had about 500 people with more than $100 million in assets in 2025, a number expected to reach 800 by 2030. That group held more than a quarter of the UAE’s financial wealth, compared with about a fifth held by the 8.6 million people with less than $250,000 each.

Mubadala: The Abu Dhabi sovereign wealth fund is expanding its investments in China, South Korea and India, where its portfolio exposure has risen to 13% from 10% three years ago, Arabian Gulf Business Insight reports. 

Abu Dhabi Investment Authority: ADIA is considering taking an anchor investor stake in the planned IPO of Indian manufacturing platform Zetwerk.

Aramco: Syria’s central bank issued its first letter of credit in 14 years to facilitate a petroleum supply deal between the Syrian Petroleum Company and Saudi Aramco.

G42: Abu Dhabi’s Quality and Conformity Council and M42, owned by Abu Dhabi-based G42 and Mubadala, have detected and isolated a rare, antifungal-resistant strain of Candida auris through wastewater surveillance.

EDGE: UAE defense group EDGE has signed a contract with Morocco to supply guided weapons and precision-guided munitions for integration into the Royal Moroccan Air Force’s unmanned combat aircraft fleet.

📈 Bank Listing: Banque du Caire plans to list 30% of its shares on the Egyptian Exchange in a long-awaited IPO, as the Egyptian government attempts to monetize state assets.

🚆 Choo Choo: Saudi Arabia Railways has ordered 10 additional Stadler intercity trains in a deal worth more than $360 million.

💻 AI Acquisition: Amazon is in talks to acquire Israeli-founded AI startup Decart in a deal valued at around $7 billion, The Wall Street Journal reports.

✈️ Destination Beirut: U.S. President Donald Trump has lifted decades-old restrictions on flights between the U.S. and Lebanon, paving the way for the resumption of direct air links.

🪙 Crypto Player: Digital asset investment manager 3iQ’s UAE affiliate has secured in-principle approval from Abu Dhabi Global Market’s financial regulator for a license.

💰 Liquidity Challenge: UAE banks, including First Abu Dhabi Bank and Emirates NBD, are offering higher interest rates to attract deposits as a lending surge strains liquidity, Bloomberg reports. 

🦘 Aussie Freed: Australian engineer and former Dubai resident Robert Pether has left Iraq to reunite with his family after five years of imprisonment and travel restrictions stemming from a contract dispute.

UAE President Sheikh Mohamed bin Zayed has directed the renaming of Al Ain International Airport to Tahnoun International Airport, in honor of the late Sheikh Tahnoun bin Mohammed Al Nahyan.

Sheikh Mohamed received a phone call from Canada’s Prime Minister Mark Carney on Friday.

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, said the UAE Cabinet approved the $79.6 billion federal budget for 2027–2029 on today, marking a 28.3% increase over the previous three-year period. Sheikh Mohammed issued a law on Friday establishing the Dubai Orchestra Foundation.

Sheikh Abdullah bin Zayed, UAE Foreign Minister, held a phone call with Tom Berendsen, Foreign Minister of the Netherlands.

Saudi Arabia’s King Salman bin Abdulaziz sent a written invitation to Oman’s Sultan Haitham bin Tarik to participate in the second GCC-EU Summit, which Saudi Arabia will host this month.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Deputy Prime Minister and Minister of defense, on Sunday congratulated the Roads and Transport Authority in Dubai on winning the Dubai-it Award for Institutions in the Field of Government.

Sheikh Mohammed bin Hamad bin Faisal Al-Thani, CEO of Qatar Free Zone, met with Ahmad Abdulrahman Al Shuraim, Ambassador of Kuwait to Qatar, on Sunday.

➿ On the Circuit

Yousef Al Otaiba , the UAE Ambassador to the U.S. and Minister of State, discusses how investment, job creation and AI are strengthening UAE-U.S. ties in an interview with Brian Lott, Mubadala’s Chief Communications Officer, on The Exchange podcast.

Mike Pence, the former U.S. Vice President, spoke at the AIM Summit in Dubai today about the need to be prepared for a prolonged military conflict with Iran.

Mike Pompeo, the former U.S. Secretary of State, spoke about “The Post-War Future of the Middle East” at the annual policy conference of the Trends research institute in Abu Dhabi.

Julian Hill was appointed Head of Rail for Asia, the Middle East and Australia, and Global Rail Development Director at AtkinsRéalis, an engineering services and nuclear company.

Dan Simkowitz, co-president of Morgan Stanley, told The National that Morgan Stanley expects UAE IPO activity to rebound and credit markets to boom once the U.S.-Iran conflict stabilizes, despite ongoing regional uncertainty.

Hassan El Houry, CEO of Menzies Aviation, said airlines must restore public confidence following the flydubai FZ1073 security incident, highlighting the extensive screening measures already in place for aviation staff.

🐴 Pony Power: More than two dozen purebred Arabian horses have wrapped up a weekend of prancing and posing in Moscow. The 2026 Russia National Arabian Horse Championship, held in cooperation with the Emirates Arabian Horse Society, was attended by UAE Ambassador to Russia Dr. Mohammed Al Jaber. Seen as a prestigious symbol of cultural heritage, the UAE uses Arabian horse shows and other global equestrian events as a pillar of soft power and diplomacy.

📷 Photo of the Day

Oct. 11-15, Riyadh. 25th World Petroleum Council Energy Congress. Bringing together global leaders and industry as a part of Riyadh Energy Week. Riyadh Front Exhibition & Conference Center.

Oct. 12-14, Dubai. The Airport Show. Exploring innovations in sustainability, digitalization, security and passenger experience, alongside several major industry forums. Dubai World Trade Centre. 

Oct. 13-15, Dubai. SuperReturn Middle East. Exploring fundraising, private credit, family offices, infrastructure, AI, venture capital and shifting investment opportunities across the region. Ritz-Carlton, DIFC.

Oct. 13-15, Dubai. Annual Meeting of Global Future Leaders. A platform for a new generation of leaders to jointly create bold opportunities in a volatile world.

Oct. 20-21, Riyadh. MIPIM Middle East. Bringing together senior decision-makers, investors and the full real estate ecosystem of the GCC and beyond. Sofitel, Riyadh.

Oct. 20-22, Abu Dhabi. Abu Dhabi Future Health Summit. Exploring how sensing, AI, data, and innovation can enable earlier prediction and proactive intervention. ADNEC Centre.

Oct. 21, Abu Dhabi. Reuters NEXT Gulf. Exploring the Gulf’s growing global influence across AI, finance, energy, trade and geopolitics. St. Regis Saadiyat Island Resort.

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

Oct. 22-26, Dubai. Dubai Fashion Week. Dubai’s official fashion platform, bringing together regional and international designers, buyers and industry leaders for runway shows, collection launches and events. Dubai Design District.

Oct. 24. Riyadh. GCC-EU Summit. The leaders of the European Union member states and the countries of the Gulf Cooperation Council will meet in Saudi Arabia for the second summit.

Oct. 26, Abu Dhabi. The Arabian AI & Agentic Summit. An event for AI leaders, innovators, and decision-makers driving the future of Conversational AI, Agentic AI and Generative AI in the UAE and wider GCC region. ADNEC Centre.

Oct. 26-27, Doha. 9th World Investment Forum. A global platform for investment and development, bringing together government leaders, CEOs and investors under the theme “Investing in the Future.” Sheraton Convention Center.

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

Oct. 26-29, Riyadh. Global Health Exhibition. A meeting point for the world’s healthcare innovators. Riyadh Exhibition and Convention Center.

Nov. 2-5, Abu Dhabi. ADIPEC 2026. Showcasing the latest strategies and innovations that are defining the future of energy. ADNEC Centre.

Nov. 10-12, Abu Dhabi. International Real Estate & Investment Show. Showcasing options for investment and insight into market trends. ADNEC Centre.

Nov. 19-22, Abu Dhabi. Abu Dhabi International Boat Show. Showcasing the latest innovations in boating, fishing, and water sports. ADNEC Centre.

CHIP DEAL

Abu Dhabi-backed GlobalFoundries has announced a $2 billion deal to supply critical parts to one of the world’s biggest chip makers in a boost for U.S. manufacturing. Shares in the New York-based semiconductor manufacturer, which is majority-owned by the Mubadala sovereign wealth fund, jumped 2.8% after it said it would be supplying silicon interposers to Taiwan Semiconductor Manufacturing Company. GlobalFoundries expects to start large-scale production of the interposers at the start of 2028, The National reports. Taiwan-based TSMC has plans to invest at least $100 billion to boost manufacturing and research in the U.S. Mubadala owns about 73% of GlobalFoundries.

LONDON CALLING

Dubai-based Airtel Money, the mobile money unit of telecoms group Airtel Africa, debuted on the London Stock Exchange today, raising about $700 million for shareholders, including the Qatar Investment Authority, TPG and Mastercard. The listing followed one of the biggest U.K. IPOs in five years, valuing the company at about £5.3 billion ($7 billion). Shares rose as much as 2.11% above the £1.96 offer price after CEO Ian Ferrao opened trading at the LSE while donning a pair of Nike sneakers customized with the company’s name and stock ticker by a Dubai-based designer. “Last night I had nightmares – you just don’t want to see that thing go red,” Ferrao told Bloomberg ahead of trading. “We’ve been working towards this day for a long time and it’s a very proud moment.” 

Aramco: Texas-based oilfield services company National Energy Services Reunited signed an agreement with Saudi Aramco to develop a lithium demonstration project in Saudi Arabia targeting annual production of 2,000 tons of battery-grade lithium carbonate.

DP World: Dubai-based logistics giant DP World will spend $90 million, double the capacity of its port terminal in Angola’s Port of Luanda, Semafor reports.

DP World: Bangladesh’s Chittagong Port Authority and DP World have signed a 15-year concession agreement for the operation and maintenance of a new terminal on Thursday. The decision sparked protests among dock workers and other opposition groups.

Qatar Investment Authority: QIA-backed Qatar National Bank has secured a $2.5 billion syndicated loan led mainly by Asian lenders, Bloomberg reports.

International Holding Co.: Esyasoft, backed by IHC, has acquired U.K. energy technology and services provider Correla.

🚘 Tunnel Vision: Elon Musk’s Boring Company, which is building the Dubai Loop, has signed an agreement to explore tunneling and underground transport opportunities in Abu Dhabi, The National reports.

🍊 Deli Growth: Saudi food and beverage giant Almarai plans to invest more than $4 billion through 2031 to expand production capacity, enter new product categories and strengthen its presence in key markets.

✈️ Eyeing Tourism: Oman signed investment agreements worth more than $1.4 billion across tourism, real estate, education and housing as part of efforts to attract private capital and diversify its economy under Vision 2040.

🤝 Done Deal: The UAE and Thailand have concluded negotiations on a Comprehensive Economic Partnership Agreement aimed at removing trade barriers, boosting investment and strengthening bilateral economic ties across key sectors.

⛽ Resume Operations: Shell has partially restarted its Pearl gas-to-liquids plant in Qatar, six months after it was damaged during the Iran war, although shipments remain subject to regional security conditions, Reuters reports. 

💣 Falling Casualties: Falling debris from an intercepted Houthi ballistic missile damaged a kindergarten and medical clinic in Riyadh on Thursday, amid escalating attacks on Saudi Arabia that killed three people and injured 36 at two airports on Wednesday.

📈 Driving Growth: Saudi Arabia and the UAE are expected to drive growth in the Gulf’s $6 billion private-credit market as economic diversification, infrastructure spending and financing gaps boost demand for non-bank lending, Moody’s Ratings said.

🚢 Red Sea Risk: Intensifying conflict in Ethiopia could pose a new threat to Red Sea shipping, with speculation that Ethiopian Prime Minister Abiy Ahmed could try to seize control of the port of Assab in Eritrea to restore maritime access to the landlocked country, Bloomberg reports.

🤖 AI Government: Abu Dhabi is developing AI-powered government services that anticipate residents’ needs and automate processes such as car registration and passport renewals, as it aims to become the world’s first fully AI-native government by 2027.

UAE President Sheikh Mohamed bin Zayed received a written invitation from Saudi Arabia’s King Salman to attend the Second GCC–EU Summit, which will be hosted by the kingdom later this month.

Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy and Minister of Industry and Mineral Resources, and Mohamed Hassan Alsuwaidi, UAE Minister of Investment, signed a Memorandum of Understanding in Riyadh on Thursday to enhance railway connectivity and energy infrastructure integration.

Sheikh Hamdan bin Zayed, Ruler’s Representative in Al Dhafra Region and Chairman of the Emirates Red Crescent, has directed the authority to expand its humanitarian and relief initiatives.

➿ On the Circuit

Badr Jafar, UAE Special Envoy for Business & Philanthropy, met with Dilhan Pillay, Executive Director and Chief Executive Officer of Temasek, shortly after the Singapore sovereign fund announced plans to open an office in Abu Dhabi.

Andy Burnham, the British Prime Minister, said the investigation into Manchester City’s alleged financial rule breaches should be “fully independent,” after he faced criticism for appearing to signal support for the club’s UAE owners.

Peter Abraam, Chief Strategy & Growth Officer at Abu Dhabi’s International Holding Co., was named Australian Business Person of the Year at the 2026 Australia Awards Gala in Abu Dhabi.

David Zaslav, the TV executive who created Warner Bros. Discovery Inc., made about $600 million on the Gulf-backed $110 billion sale of the business to Paramount Skydance when it closed this week.

🐴 Gift Horse: Syria’s Latakia Racecourse will host the 16th leg of the UAE President’s Cup for Purebred Arabian Horses today, the first time the tour has been held in the country. The event, which features 15 races for Arabian horses, is part of a UAE push to support Arabian horse owners and breeders in Syria, under the directives of UAE Vice President Sheikh Mansour bin Zayed. 

📷 Photo of the Day

Oct. 12-14, Dubai. The Airport Show. Exploring innovations in sustainability, digitalization, security and passenger experience, alongside several major industry forums. Dubai World Trade Centre. 

Oct. 13-15, Dubai. SuperReturn Middle East. Exploring fundraising, private credit, family offices, infrastructure, AI, venture capital and shifting investment opportunities across the region. Ritz-Carlton, DIFC.

Oct. 21, Abu Dhabi. Reuters NEXT Gulf. Exploring the Gulf’s growing global influence across AI, finance, energy, trade and geopolitics. St. Regis Saadiyat Island Resort.

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

Oct. 22-26, Dubai. Dubai Fashion Week. Dubai’s official fashion platform, bringing together regional and international designers, buyers and industry leaders for runway shows, collection launches and events. Dubai Design District.

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

DRONE DELIVERY

An Abu Dhabi company is planning to test cross-border cargo flights using unmanned aircraft. LODD Autonomous, which counts Abu Dhabi-based BlueFive Capital among its shareholders, will operate a flight from the UAE to an unnamed neighboring country next year using its “Hili” hybrid-electric vertical take-off and landing aircraft. CEO Rashid Matar Al Manai said test flights were underway in Al Ain, an inland city in the emirate of Abu Dhabi, and the company was preparing to submit its final certification application to authorities. The UAE has been leading a regional push for autonomous aircraft, including flying taxis. LODD Autonomous has already received more than 330 orders for the Hili aircraft, with overseas orders accounting for more than 70% of the total, Al Manai said.

LIQUID ASSETS

Saudi Arabia’s Abunayyan and Al Muhaidib families have built a fortune of more than $9 billion through ACWA Power, one of the Gulf’s biggest desalination companies. The families own at least 26.3% of the $34.9 billion company, while Saudi Arabia’s Public Investment Fund holds 44.2%, Bloomberg reports. ACWA began with a water and electricity plant supplying Mecca and has expanded into water, power and renewable energy projects across the Middle East and beyond. Attacks on regional facilities during the war have highlighted the Gulf’s dependence on desalination, though ACWA’s spread of plants is expected to offer some protection against disruption.

Mubadala: The Abu Dhabi sovereign wealth fund Mubadala plans to maintain annual investments of $39 billion, roughly 10% of its portfolio, with a focus on Asia, CFO Carlos Obeid said.

Mubadala Capital: The acquisition of Clear Channel Outdoor by the alternative asset management subsidiary of Abu Dhabi’s Mubadala sovereign wealth fund secured final U.S. regulatory clearance, putting the billboard operator’s takeover on track to close around Oct. 14.

G42: Presight, a G42-owned AI firm, said it’s expanding across the Commonwealth of Independent States (CIS) and the Caucasus region.

Qatar Airways: South African carrier Airlink, which is backed by Qatar Airways, expects a substantial revenue boost as new Embraer jets support a 10% network expansion, adding two countries to its 67 destinations across Africa and beyond.

Skydance: David Ellison and his family invested approximately $17 billion to complete Paramount Skydance’s Gulf-backed acquisition of Warner Bros. Discovery, acquiring an estimated 1.4 billion shares at $12 each, Bloomberg reports. Saudi Arabia’s Public Investment Fund, the Qatar Investment Authority and Abu Dhabi’s L’Imad all backed the deal.

Aramco: The Saudi oil giant is negotiating long-term oil contracts that would allow shipments outside the Strait of Hormuz starting next year as it seeks to expand its market share amid disruptions caused by the war with Iran.

💰 Down Under: Sharjah-based Arada has secured approval for its $152 million London Place development in Sydney, the first of five planned projects in the area, with construction set to begin in 2027.

🏠 Trump Card: Dar Global has launched sales of Trump-branded villas in Qatar’s Simaisma development, priced from $1.4 million, with completion expected by the end of 2030.

⛽ Gas Recovery: QatarEnergy’s first new North Field East gas-processing unit will be ready to begin startup in November, with LNG production expected in early 2027 to help replace output lost to Iranian attacks, Reuters reports.

✈️ Safety Probe: Saudi Arabia has launched an aviation safety investigation into last week’s cockpit attack aboard a Tel Aviv-bound flydubai jet while it was in Sauid airspace, alongside the UAE’s criminal inquiry, Reuters reports.

​​💺 Damascus Moment: Etihad Airways will increase Abu Dhabi-Damascus flights from four to seven a week starting Nov. 14, citing strong demand, amid growing business ties and Syrians returning to reunite with family following years of war.

🏅 Olympic Bid: Qatar is an “interested party” in bids to host the 2036 Olympic Games and hopes its World Cup stadiums and infrastructure will give it the edge over rivals Germany, Hungary, India, South Korea, South Africa, and Turkey.

UAE President Sheikh Mohamed bin Zayed held a phone call with Syria’s President Ahmed al-Sharaa today. Meanwhile, Sheikh Mohamed called for a prayer for rain, known in Arabic as Salaat Al Istisqaa, to be performed at all mosques across the UAE on Friday.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Deputy Prime Minister and Minister of Defense, launched the Create AI Agents Championship on Wednesday.

Sheikh Dr. Sultan bin Mohammed, Ruler of Sharjah, attended the opening of the 12th edition of the Sharjah Calligraphy Biennale on Wednesday evening.

Egyptian President Abdel Fattah El-Sisi met with Lee Jae Myung, President of Korea, at the Korean Presidential Office in Seoul on Thursday. 

➿ On the Circuit

John Rahm plans to leave LIV Golf after rejecting its proposed restructuring terms following the league’s bankruptcy, triggered by the withdrawal of backing from Saudi Arabia’s Public Investment Fund. Rahm’s lawyer said the golfer is negotiating a separation agreement while reportedly owed more than $100 million in guarantees.

Ari Emanuel, co-founder of Endeavor and CEO of TKO, told podcast host David Senra how he raised money several years ago to launch a separate company, The Raine Group. “I fly to Abu Dhabi. I get $100 million out of my friends in the UAE,” he said.

Badr Jafar, UAE Special Envoy for Business and Philanthropy, met with geostrategist and author Dr. Parag Khanna in Singapore, a month after the two co-wrote “City-states of the world, unite!” in The National, arguing that global cities work best as a network.

Tom Baker, Vitol’s Bahrain Managing Director, said during an industry event that the Iran war is creating huge arbitrage opportunities in global energy markets as disrupted trade flows stretch tanker fleets and lengthen oil shipping routes.

Abdulla bin Touq Al Marri, UAE Minister of Economy and Tourism and Co-Chair of Investopia, told a Next50 roundtable at Investopia Bridge 2026 in Abu Dhabi on Wednesday that the country is strengthening its position as a global hub for the new economy.

Ilya Korobov was appointed Director of Debt Capital Markets in Central and Eastern Europe, the Middle East and Africa for Deutsche Bank, as the bank expands its Dubai investment banking team.

🚴 Gearing Up: Sheikh Zayed Road, Dubai’s roaring 14-late arterial motorway, falls silent once a year as it is taken over by thousands of cyclists. This year is no different — organizers are expecting the Dubai Ride, scheduled for the early hours of Nov. 1, to beat last year’s record 40,327 attendees. The event is open to cyclists of all ages and fitness levels, with a 4 kilometer route for families and a 12km route for more experienced cyclists. Registration is now open.

📷 Photo of the Day

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

Oct. 12-14, Dubai. The Airport Show. Exploring innovations in sustainability, digitalization, security and passenger experience, alongside several major industry forums. Dubai World Trade Centre. 

Oct. 13-15, Dubai. SuperReturn Middle East. Exploring fundraising, private credit, family offices, infrastructure, AI, venture capital and shifting investment opportunities across the region. Ritz-Carlton, DIFC.

Oct. 21, Abu Dhabi. Reuters NEXT Gulf. Exploring the Gulf’s growing global influence across AI, finance, energy, trade and geopolitics. St. Regis Saadiyat Island Resort.

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

Oct. 22-26, Dubai. Dubai Fashion Week. Dubai’s official fashion platform, bringing together regional and international designers, buyers and industry leaders for runway shows, collection launches and events. Dubai Design District.

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

THAT’S A WRAP

Paramount Skydance has closed its Gulf-backed $110 billion acquisition of Warner Bros. Discovery, having fended off rivals and a series of antitrust lawsuits in the 10 months since it launched its first hostile bid. Saudi Arabia’s Public Investment Fund, the Qatar Investment Authority and Abu Dhabi’s L’Imad Holding are all backing the blockbuster deal. Gerry Cardinale’s RedBird Capital Partners also contributed $4 billion in new equity financing, taking his total commitment to $6 billion. Cardinale was a key architect in the deal and has strong ties to the Gulf, where RedBird is part of a media joint venture backed by Abu Dhabi royalty. Skydance, as the combined company is being called, will be led by Chairman and CEO David Ellison, with Ynon Kreiz as co-CEO. The firm announced its board on Tuesday, adding Laurene Powell Jobs, founder and President of Emerson Collective, and former Activision Blizzard CEO Bobby Kotick as board members. Former British Prime Minister Tony Blair joins as an adviser. 

SHARED BURDEN

Saudi Aramco and Kuwait Petroleum are telling oil-consuming countries to help pay for the infrastructure needed to keep supplies flowing after the Iran war. Aramco CEO Amin Nasser and Kuwait Petroleum CEO Sheikh Nawaf Al-Sabah called for investment in alternative export routes and overseas fuel storage at Monday’s Energy Intelligence Forum in London, Bloomberg reports. Damage to pipelines, refineries, gas plants and tankers has already pushed investment needs into the tens of billions of dollars. Kuwait is discussing storage investments with European partners, while Nasser said “no country should face this alone.”

Public Investment Fund: The Saudi Real Estate Refinance Company, a subsidiary of the PIF, has acquired a new residential mortgage portfolio from Banque Saudi Fransi.

Saudia Group: The PIF-owned airline group is planning a “substantial” jet order for delivery from 2031 to expand its fleet and replace aging aircraft, Bloomberg reports.

Mubadala: The Abu Dhabi sovereign wealth fund led its Gulf peers with $26.2 billion invested in the first nine months of 2026, ahead of Saudi Arabia’s PIF at $14 billion, as technology attracted the largest share of regional funds’ investments, Global SWF reports.

International Holding Co.: International Resources Holdings, a unit of Abu Dhabi’s IHC, made a preliminary cash takeover proposal for Irish titanium miner Kenmare Resources, sending its shares up as much as 41%. Titanium is a key material for the defense, aerospace and advanced manufacturing sectors.

QatarEnergy: The state-owned oil and gas giant secured a $3 billion loan from Chinese banks for working capital amid continuing disruptions to LNG shipments caused by the Middle East conflict.

📚 School Closing: UAE-based school operator AlephYa is in advanced talks to buy Saudi Arabia’s Ajialuna Educational Co. in a deal worth as much as $500 million, Bloomberg reports. 

💰 Cairo Cash: Egyptian fintech MNT-Halan plans to raise $149 million by selling about 20% of its Egyptian business, MNT Tech Holding, in the country’s largest IPO since 2021, Arab News reports.

👷 Aussie Arrival: Arada will bring Australian construction company Roberts Co., which it acquired in 2025, to the UAE, in a bid to embed construction expertise at the design and development stage, increase efficiency and reduce costs.

🏎️ Final Laps: Formula 1 confirmed its Qatar and Abu Dhabi races will go ahead on Nov. 29 and Dec. 6 despite regional tensions, with 99% of tickets already sold for the season finale, the Abu Dhabi Grand Prix at the Yas Marina Circuit.

💼 New Arrivals: Asset managers Capital Group and New Mountain Capital are the latest U.S. firms to open offices in Abu Dhabi’s ADGM free zone.

🛠️ Regional Disruption: The Trump administration is resisting deeper involvement in Saudi Arabia’s offensive against the Houthis, despite providing intelligence, targeting and refueling support, Bloomberg reports. 

🐪 Drome Dairy: The UAE is on a quest to turn camel milk into a new superfood, with Al Ain Farms Group taking its brand Camelait to the global market, The National reports.

UAE Sheikh Mohamed bin Zayed held a phone call with Jordan’s King Abdullah II bin Al Hussein on Tuesday to discuss bilateral relations and opportunities to further strengthen ties across various fields.

Saudi Crown Prince Mohammed bin Salman met Syrian ​President ⁠Ahmed al-Sharaa ​in Riyadh ⁠on ​Tuesday. The Crown Prince also donated blood to launch the kingdom’s annual national donation campaign.

Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and Chairman of the Artificial Intelligence and Advanced Technology Council, chaired a meeting of the body on Tuesday, with Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, Chairman of the Abu Dhabi Executive Council and Vice-Chairman of the Council, attending.

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, said food security is “a cornerstone of development and prosperity,” on the opening day of Global Food Security Summit in Abu Dhabi on Tuesday.

Souraya Noujaim was appointed Director of Louvre Abu Dhabi, returning to the museum where she previously oversaw curatorial and collections work. Noujaim takes over from Manuel Rabate, whose departure was announced in February.

Scott O’Neil, CEO of LIV Golf, has called the league’s new private equity backer a “white knight” following its bankruptcy and loss of backing from Saudi Arabia’s Public Investment Fund, Front Office Sports reports.

Ruba Al Hassan, Director General for Strategic Affairs and Future Foresight at the Abu Dhabi Department of Government Enablement, told The National that Abu Dhabi would launch the latest version of its government services app Tamm, which has more than 4 million users, at the Gitex Global technology exhibition in Dubai in December.

⭐ Star Power: Dubai’s newest Michelin stars have been announced, with the gastronomy bible taking the unusual step of allowing several restaurants to retain their stars despite being temporarily closed because of the Iran conflict, The National reports. The Michelin Guide Dubai 2026 was revealed at a ceremony at Atlantis The Royal on Tuesday night, after the original awards were postponed in June. The big winner on the night was Orfali Bros, which was promoted from one to two stars. The restaurant, run by Syrian brothers Mohammad, Wassim and Omar Orfali, has gone “from a brilliant neighborhood bistro into a flagship of Middle Eastern gastronomy,” Michelin said. Birch and Kigo entered the guide with one star each.

📷 Photo of the Day

Oct. 6-7, Abu Dhabi. Global Food Security Summit. Addressing the challenges shaping global food systems. ADNEC Centre

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

Oct. 12-14, Dubai. The Airport Show. Exploring innovations in sustainability, digitalization, security and passenger experience, alongside several major industry forums. Dubai World Trade Centre. 

Oct. 13-15, Dubai. SuperReturn Middle East. Exploring fundraising, private credit, family offices, infrastructure, AI, venture capital and shifting investment opportunities across the region. Ritz-Carlton, DIFC.

Oct. 21, Abu Dhabi. Reuters NEXT Gulf. Exploring the Gulf’s growing global influence across AI, finance, energy, trade and geopolitics. St. Regis Saadiyat Island Resort.

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

Oct. 22-26, Dubai. Dubai Fashion Week. Dubai’s official fashion platform, bringing together regional and international designers, buyers and industry leaders for runway shows, collection launches and events. Dubai Design District.

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

MINING EXPRESS

Jordan and the UAE broke ground on a $2.3 billion railway project designed to speed up mineral exports, in a ceremony on Monday attended by King Abdullah II and Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed. The 403-kilometer (250-mile) network, which will take five years to build, will connect the Red Sea port of Aqaba with phosphate mines at Al Shidiya, potash production at Ghor Al Safi and a logistics hub in Maan, replacing truck journeys and Jordan’s aging railway, The National reports. The investment also advances Jordan’s rail infrastructure as the UAE pursues the proposed India-Middle East-Europe Economic Corridor, which would move goods by ship from India to the Gulf, then by rail through Saudi Arabia and Jordan to Israel’s Haifa port for shipment to Europe. Reaching Haifa would require additional cross-border tracks through northern Jordan beyond the mining network now under construction.

OUT OF THE BUNKER

LIV Golf has found a $300 million lifeline from the credit arm of BC Partners to help the bankrupt golf league recover from the loss of backing from Saudi Arabia’s Public Investment Fund. The initial commitment announced by the British alternative-investment firm is “the first part of a targeted $300 million in cumulative financing to help LIV Golf emerge from its restructuring.” It is hoped that the investment will help fund a new era for the golf tour, which BC Partners is calling “LIV Golf 2.0,” in which players would become equity owners in the league and its teams, Bloomberg reports. LIV Golf filed for Chapter 11 protection last month, revealing millions of dollars in debts to some of its biggest stars, after burning through some $5 billion in four years.

L’Imad Holding: Supercar maker McLaren Automotive, which is owned by the Abu Dhabi sovereign fund, has announced its return to Saudi Arabia in partnership with Mohamed Yousuf Naghi Motors, with the entity to be named McLaren Riyadh.

Public Investment Fund: Diriyah, the PIF-backed development in a historic district of Riyadh, awarded $728 million in hotel and residential construction contracts to MAN and MAG JV and Urbacon Saudi.

Lucid Group: The PIF-backed U.S. electric car maker’s third-quarter production fell 24% year-on-year to 2,954 EVs as it cuts costs, reduces output and focuses on selling existing inventory.

Paramount Skydance: The Hollywood studio, backed by the PIF, Abu Dhabi’s L’Imad Holding and Qatar Investment Authority, unveiled the wider leadership team for its merger with Warner Bros. Discovery, to be named Skydance and led by Chairman and CEO David Ellison, with Ynon Kreiz as co-CEO.

ADNOC: The UAE’s national energy company agreed to supply about 2 million metric tons of liquefied natural gas to Thailand’s Gulf Development under a multiyear deal starting in 2027.

G42: Abu Dhabi AI group Presight aims to generate 50% of its revenue from international markets by 2030, up from about a third today, as it expands across Central Asia, the Balkans and Africa.

ADQ: AD Ports Group completed its $835 million acquisition of Brazilian agri-bulk terminal operator CLI, its largest acquisition to date and first strategic entry into South America.

🇸🇦 Saudi Lifeline: U.S. retailer The Children’s Place has tapped its $40 million finance facility with Saudi family office Mithaq Capital, its largest shareholder, as it works with Berkeley Research Group for operational assistance amid declining sales, Bloomberg reports.

✈️ Flight Delay: Wizz Air has postponed its return to several European routes from Abu Dhabi until Jan. 10, following security updates from Europe’s aviation regulator, The National reports.

🦅 Rebuilding Syria: Abu Dhabi-based Eagle Hills signed an agreement with Syria to develop residential and tourism projects in Damascus and Latakia.

📅 Events Reshuffle: Informa, the events company behind the Dubai Airshow, agreed to acquire Clarion from Blackstone for $3 billion.

🔐 Data Security: Dell Technologies, the UAE Cyber Security Council and CPX announced a strategic collaboration to develop a National Vault to protect mission-critical data and strengthen the UAE’s cyber resilience across key sectors.

📈 IPO Warning: Bankers are pushing back against Saudi Arabia’s proposed IPO rules requiring underwriters to buy unsold shares, saying the measures could further dampen the listings market.

☎️ Telco Debrand: Abu Dhabi-based telecoms group e& will return to its original name, Etisalat, four years after it changed the company’s name, as it looks to boost growth in the artificial intelligence era.

👩 Succession Shift: A generational handover at Gulf family businesses could open more leadership roles for women, who hold just 7% of board seats at listed companies across the region, The National reports.

📉 Growth Slump: The World Bank cut its 2026 Middle East growth forecast to a 2.1% contraction as the Iran war continues to constrain energy supplies.

🛢️ Oil Retreat: Oil steadied after a 2% drop on Monday, as rising Gulf exports and Saudi Arabia’s price cut pointed to a looser market, with Brent trading near $101 a barrel.

Saudi Crown Prince Mohammed bin Salman met with U.S. Senator Chris Murphy, a Connecticut Democrat, and his accompanying delegation in Riyadh on Monday. Murphy met with Emir of Qatar Sheikh Tamim bin Hamad Al-Thani in Doha on Sunday.

Sheikh Theyab bin Mohamed, Deputy Chairman of the UAE’s Presidential Court for Development and Fallen Heroes’ Affairs, visited ADNOC’s headquarters in Abu Dhabi on Monday.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Minister of Defense, gave directives to extend Dubai’s Golden Visa initiative to outstanding educators to mark World Teachers’ Day.

Massad Boulos, U.S. President Donald Trump’s Senior Adviser for Arab and African affairs, met Sudanese army chief and de facto leader Gen. Abdel Fattah Al Burhan in Egypt at a lunch hosted by Egyptian President Abdel Fattah El Sisi in New Alamein over the weekend.

Ray Dalio, founder of Bridgewater Associates, warned that U.S. Treasuries are vulnerable to weakening demand from China and Japan.

Suleiman Abu Khader was appointed Chief Wholesale Banking Officer at Jordan Ahli Bank.

Aziz Aluthman Fakhroo, Ooredoo Group CEO, has been elected to the board of the Global System for Mobile Communications Association.

Vasilis Hadjiaslanis was appointed General Manager for the Middle East at Deliveroo.

✏️ Drawing Inspiration: Guggenheim Abu Dhabi’s opening program will feature an exhibition exploring architect Frank Gehry’s design for the new museum, which opens in the Saadiyat Cultural District on Dec. 11. Archival materials and early models and sketches trace the late architect’s vision for a building that responds to the Abu Dhabi landscape, culture and ambition for the arts, The National reports. “Guggenheim Abu Dhabi is an expression of Frank Gehry’s love for Abu Dhabi and his deep respect for its vision, courage and patience,” Meaghan Lloyd, a partner at Gehry Partners, said.

📷 Photo of the Day

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

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

Oct. 12-14, Dubai. The Airport Show. Exploring innovations in sustainability, digitalization, security and passenger experience, alongside several major industry forums. Dubai World Trade Centre. 

Oct. 13-15, Dubai. SuperReturn Middle East. Exploring fundraising, private credit, family offices, infrastructure, AI, venture capital and shifting investment opportunities across the region. Ritz-Carlton, DIFC.

Oct. 21, Abu Dhabi. Reuters NEXT Gulf. Exploring the Gulf’s growing global influence across AI, finance, energy, trade and geopolitics. St. Regis Saadiyat Island Resort.

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

Oct. 22-26, Dubai. Dubai Fashion Week. Dubai’s official fashion platform, bringing together regional and international designers, buyers and industry leaders for runway shows, collection launches and events. Dubai Design District.

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

UNDER PRESSURE

Global oil stockpiles have become “scarily thin” and releasing some of the crude might buy time but won’t fix imbalances between supply and demand, according to Saudi Aramco’s CEO. Amin Nasser, who leads the world’s top oil exporter, told the Energy Intelligence Forum in London on Monday that until the Strait of Hormuz reopens and confidence returns, “the crude reality is that pressure at both ends of the barrel will intensify.” The comments come as governments in some of the world’s biggest economies announce plans to release as much as 100 million barrels of oil and diesel stocks to counter rising fuel costs. While Nasser did not talk about recent attacks on Saudi Arabia, he said Aramco had been quick to repair damaged infrastructure throughout the regional conflict.

SMARTER GOVERNANCE

Abu Dhabi will host thousands of visitors at the two-day Ai Everything summit starting Tuesday as it seeks to become an “AI-native government” by 2027, building artificial intelligence into how agencies operate and deliver public services. Mistral AI CEO Arthur Mensch and Boston Dynamics founder Marc Raibert are among 180 speakers scheduled to appear at the ADNEC Centre, The National reports. Backed by a $3.5 billion investment program, the emirate plans to connect more than 40 government entities through a single AI-driven system. “We have built the blueprint, and Ai Everything Abu Dhabi is our invitation to the world to examine it,” said Wesam Lootah, Director General of Abu Dhabi’s GovDigital agency.

Public Investment Fund: UAE-based NEOPAY will acquire a 65% stake in Noon Payments, backed by the PIF, expanding its payments infrastructure and presence in Saudi Arabia and Egypt.

Acwa: The PIF-backed alternative energy producer and Saudi Energy secured $2.6 billion from 14 banks to finance the 2.3GW expansion of the Rabigh 2 gas-fired power plant near Mecca .

Aramco: Yemen’s Houthis said they targeted an Aramco facility in Riyadh with ballistic missiles and drones on Saturday in retaliation for Saudi attacks on the capital city of Sanaa and other Yemeni sites, Reuters reports. 

💰 Raising Funds: Saudi alternative financing platform Erad raised $22 million in a Series A funding round led by Middle East Venture Partners, backing the firm’s expansion across the GCC, Arab News reports.

🦅 Bird Buy: Two Mongolian saker falcons fetched a combined $147,000 at the opening auction of the International Saudi Falcons and Hunting Exhibition, reflecting strong demand for the prized birds.

💄 Beauty Deal: UAE-based consumer company Amaani raised $5 million in a Series A funding round, led by BECO Capital, to expand its beauty brand AIZA.

🔗 Settling Debts: Qatar has agreed with Euroclear Bank to establish a settlement link for rial-denominated government and Islamic bonds, making it easier for foreign investors to access its domestic debt market, Bloomberg reports. 

💸 Homeward Bound: Gulf workers sent $161 billion overseas in 2025, up 13.6% from the previous year, according to GCC-Stat.

🗼Tall Tower: Jeddah Tower and the first phase of the surrounding Jeddah Economic City are expected to be completed in late 2028, with the skyscraper reaching 116 of its planned 157 floors last month.

🤝 Working Banks: The UAE and Syrian central banks signed an agreement to strengthen financial and technical cooperation, banking ties and regulatory expertise.

⚡ Local Electricity: Qatar is expanding its EV charging network and digital services, including Kahramaa’s Smart EV app, to encourage electric vehicle adoption and reduce carbon emissions.

🔬 Scientific Milestone: Researchers at King Abdullah University of Science and Technology, working with the University of Oxford, developed a blood-based electronic sensor that detects Parkinson’s-linked proteins and achieved 90.9% accuracy in an initial 59-person study.

UAE President Sheikh Mohamed bin Zayed held a phone call with Giorgia Meloni, Italy’s Prime Minister, on Sunday. On Friday, Sheikh Mohamed met with U.S. Senator Joni Ernst, an Iowa Republican, in Abu Dhabi.

King Salman of Saudi Arabia invited Qatar’s Emir Sheikh Tamim bin Hamad to be part of the the second GCC-EU Summit, which will be hosted Oct. 24 in the kingdom. The Emir met on Sunday with U.S. Senator Chris Murphy, a Connecticut Democrat.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of Abu Dhabi Executive Council, issued a resolution appointing Dr. Mohamed Abdalla Al Zaabi as Undersecretary of the Department of Culture and Tourism – Abu Dhabi.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Minister of Defense, attended the unveiling of the UAE-built probe for the Emirates Mission to the Asteroid Belt, which will travel aboard the MBR Explorer spacecraft on a 5 billion-kilometer (3.1 billion-mile) journey to explore seven asteroids.

Sheikh Ahmed bin Mohammed, Second Deputy Ruler of Dubai, attended a reception hosted by the Consulate General of Saudi Arabia in Dubai on Sunday to mark the kingdom’s 96th National Day.

Oman’s Sultan Haitham bin Tarik will begin a two-day state visit to Kazakhstan on Monday at the invitation of President Kassym-Jomart Tokayev to strengthen bilateral ties.

Egypt’s President Abdel Fattah El-Sisi opened the Alamein Africa Business Forum on Saturday.

Mohammed Alnahas was appointed Chairman of Neuberger Berman Saudi Investment Co., having previously served as Governor of Saudi Arabia’s Public Pension Agency. Mohammad Alaiban, founder and Executive Chairman of Masdar Investments, was named Vice Chairman of the new firm, a unit of New York-based Neuberger that manages some $567 billion in assets.

Omran Sharaf, UAE Assistant Foreign Minister for Advanced Science and Technology, led a UAE delegation to Washington, D.C., for a series of meetings with senior U.S. government officials, including Michael Kratsios, Assistant to the President and Director of the White House Office of Science and Technology Policy, and Jacob Helberg, Under Secretary of State for Economic Affairs.

Andrew Mark Hocking was appointed CEO of CrediMax, a payment solutions provider in Bahrain.

Hormoz Faryar was appointed Managing Director at Dubai-based Sky Links Capital Group.

🏀 Dubai Dynasty: Shadow Lion, the production company founded by retired NFL star quarterback Tom Brady, is making Yalla, Dubai: From Startup to Championship, a documentary about Dubai Basketball’s rapid rise. Founded in 2023 by chairman Abdulla Saeed Juma Al Naboodah and general manager Dejan Kamenjašević, the team won the Adriatic basketball league title in its second full season, beating Serbia’s Partizan 3-1 in this past June’s finals.

📷 Photo of the Day

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

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

Oct. 12-14, Dubai. The Airport Show. Exploring innovations in sustainability, digitalization, security and passenger experience, alongside several major industry forums. Dubai World Trade Centre. 

Oct. 13-15, Dubai. SuperReturn Middle East. Exploring fundraising, private credit, family offices, infrastructure, AI, venture capital and shifting investment opportunities across the region. Ritz-Carlton, DIFC.

Oct. 21, Abu Dhabi. Reuters NEXT Gulf. Exploring the Gulf’s growing global influence across AI, finance, energy, trade and geopolitics. St. Regis Saadiyat Island Resort.

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

Oct. 22-26, Dubai. Dubai Fashion Week. Dubai’s official fashion platform, bringing together regional and international designers, buyers and industry leaders for runway shows, collection launches and events. Dubai Design District.

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

TURBULENT RECOVERY

Flydubai’s suspension of flights to Israel while investigating this week’s midair attack adds uncertainty to the recovery of Gulf airlines from the Iran war. Regional flight volumes have returned to around prewar levels after collapsing to near zero following the Feb. 28 U.S.-Israeli strikes on Iran, Reuters reports. The number of flights dipped again in recent weeks amid pessimism over the prospects of a peace deal, while soaring jet fuel prices have put further pressure on carriers. Analysts say an official finding that the flydubai attack was an act of terrorism could particularly affect travel to Israel, where the UAE airline is the main Gulf carrier and ranks among Ben Gurion International Airport’s top 10 airlines by passenger traffic.

SILENT STORM 

Soundstorm, the Saudi music festival that drew about 450,000 fans to the desert north of Riyadh last year, has canceled its 2026 edition. Organizer MDLBEAST gave no reason for scrapping the Dec. 3-4 event, saying only that it plans to return “better and stronger” in 2027. Since launching in 2019, the festival has brought global stars including Bruno Mars, Post Malone, Cardi B and DJ Khaled to the kingdom. The cancellation comes after the Red Sea International Film Festival’s decision to scrap its December event in Jeddah and postpone its return until late 2027.

Public Investment Fund: Humain, the artificial intelligence company backed by the Saudi sovereign wealth fund, and EY MENA are developing an AI-powered business outsourcing service that will combine Humain’s technology with EY’s industry expertise.

Investcorp: Bahrain’s Mubadala-backed Investcorp has closed its second North American private equity fund at $1.2 billion, exceeding its $1.1 billion target with backing from institutional investors across North America, Europe, the Middle East and Asia.

Mubadala: The Abu Dhabi sovereign wealth fund signed on as an official sponsor of the Rolex Shanghai Masters tennis tournament, marking its first sports sponsorship in East Asia.

Oman Investment Authority: The OIA has invested in Spanish rocket maker PLD Space through the Omani-Spanish Private Equity Fund II, deepening its space-sector exposure as the company prepares to launch its Miura 5 rocket.

🚢 Engine Boost: Rolls-Royce signed a deal with Saudi industrial company Makeen to manufacture and assemble marine engines in the kingdom for ferries, patrol boats and other vessels, supporting Saudi Arabia’s push to expand domestic manufacturing.

🚧 Expansion Plans: Sobha Realty said in a press release that it has started its planned expansion into the U.S. and Australia, securing land for residential projects in North Dallas, Brisbane and the Gold Coast.

🚗 Gold Plated: Dubai is developing an escrow-backed online marketplace for vanity license plates amid a boom in trading, with transactions having reached $463 million over the past three years, The National reports.

⛽ Energy Delay: Yukio Kani, CEO of Japan’s Jera Co., which is the world’s largest buyer of liquefied natural gas, expects Strait of Hormuz disruptions to persist, delaying Qatar LNG’s return to the market and fueling concerns over winter supply, Bloomberg reports. 

🇸🇦 Saudi Stamp: Saudi Arabia will require infrastructure contractors to be accredited by the Riyadh Infrastructure Projects Center from Jan. 1, 2027, as part of efforts to improve quality, safety and sustainability.

💣 Medina Strike: A Houthi drone attack targeted a power distribution station serving the Prophet’s Mosque in the holy city of Medina, causing limited damage.

Saudi Crown Prince Mohammed bin Salman said in his annual address to the Shura Council on Wednesday that the kingdom is “making every possible effort to reduce escalation and support diplomatic solutions, without the slightest compromise when it comes to safeguarding our security.” 

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, appointed Sheikh Ahmed bin Mohammed, Second Deputy Ruler of Dubai, as Chairman of Al Wasl Sports Club.

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, met with Dr. Bassam Samir Al-Talhouni, Jordan’s Minister of Justice, in Abu Dhabi on Thursday.

Khaldoon Al Mubarak, the CEO of Mubadala and Chairman of Manchester City FC, “faces his toughest test” in fighting the charges facing the English Premier League football club, the Financial Times says.

Dennis McGettigan, CEO of Dubai-based Vision Hospitality, which runs the McGettigan’s Irish pub brand, told Arabian Gulf Business Insight the hospitality group is pressing ahead with three new UAE venues despite trading falling by as much as 25% in September, as the regional conflict continues to weigh on the sector.

Noura bint Mohamed Al Kaabi, UAE Minister of State, met with Bendito dos Santos Freitas, Minister of Foreign Affairs and Cooperation of Timor-Leste.

🤿 Deep Dive: Syria is considering building an underwater museum that would repurpose old military equipment into a marine habitat as it explores ways to boost sustainable tourism. The concept, presented by media professional and entrepreneur David Shawakh at this week’s Syria Travel Show 2026, would be built off the coast of Latakia and feature Syrian art, architectural elements and specially decommissioned equipment from the war. Over time the structures would provide surfaces for marine organisms, including corals and fish, to flourish.

📷 Photo of the Day

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

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

Oct. 12-14, Dubai. The Airport Show. Exploring innovations in sustainability, digitalization, security and passenger experience, alongside several major industry forums. Dubai World Trade Centre. 

Oct. 13-15, Dubai. SuperReturn Middle East. Exploring fundraising, private credit, family offices, infrastructure, AI, venture capital and shifting investment opportunities across the region. Ritz-Carlton, DIFC.

Oct. 21, Abu Dhabi. Reuters NEXT Gulf. Exploring the Gulf’s growing global influence across AI, finance, energy, trade and geopolitics. St. Regis Saadiyat Island Resort.

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

Oct. 22-26, Dubai. Dubai Fashion Week. Dubai’s official fashion platform, bringing together regional and international designers, buyers and industry leaders for runway shows, collection launches and events. Dubai Design District.

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

OMAN OPTION

Saudi Arabia is developing a new oil pipeline reaching Oman’s coast that would give its crude exports an additional route around the Strait of Hormuz. TotalEnergies CEO Patrick Pouyanné said the kingdom had “begun to work” on a link to Duqm, home to Oman’s largest refinery, Arabian Gulf Business Insight reports. He offered no details on the project’s progress during the company’s investor day in New York on Monday. Analysts have explored potential pipeline routes across the Gulf since the U.S.-Iran war began in February.

INDIA DEAL 

UAE-based AIQ has signed a deal to deploy 1 million of its AI-powered cameras across the refineries, gas stations and digital stores of an Indian oil and gas conglomerate. AIQ, which is a joint venture between Abu Dhabi National Oil Co. and G42-backed AI company Presight, started exporting its technology a little over a year ago and is now operating in markets including North America, Kazakhstan, Egypt, Colombia, Malaysia, Vietnam and Kuwait, Reuters reports. AIQ designs systems that help make energy operations more efficient, including alerting companies to corrosion or failing parts in remote oil fields. It struck a $340 million deal with ADNOC last year to deploy its AI across ADNOC operations. 

Public Investment Fund: Saudi Arabia’s PIF-owned developers Rua AlHaram AlMakki and Rua Al Madinah signed agreements with Brunei’s Islamic financial institution TAIB to explore joint investment in developments serving pilgrims and visitors in Mecca and Medina. 

Oman Investment Authority: OIA has expanded its space technology investments through a stake in Spain’s PLD Space, which plans to launch its Miura 5 rocket from Oman’s Duqm spaceport.

Mubadala: The UAE’s biggest lender First Abu Dhabi Bank, which is backed by Mubadala, is considering syndicating its $5 billion total-return swap with Nigeria, Bloomberg reports.

Emirates Global Aluminium has signed an agreement with global ports operator Gulftainer to boost aluminum exports through the UAE’s eastern coast, The National reports. EGA is jointly owned by Mubadala and the Investment Corp. of Dubai.

☎️ Telco IPO: Dubai-based Airtel Money, the mobile money unit of telecoms group Airtel Africa, has priced its IPO at $2.60 a share, valuing the company at about $7 billion.

🏡 Property Takeover: UAE-based Gulf Islamic Investments acquired a majority stake in U.K. fractional property platform London House Exchange for an undisclosed sum. 

💰 Widening Gap: Saudi Arabia raised its projected 2026 budget deficit to 4.9% of GDP from 3.3% as increased spending on defense and infrastructure outweighs gains from higher oil prices and record non-oil revenue, Bloomberg reports.

🤝 Working Together: The Egyptian Exchange and Abu Dhabi Securities Exchange signed an agreement to deepen market integration, facilitate cross-border trading and dual listings and boost investment flows between Egypt and the UAE.

⚔️ Defense Shuffle: The UAE’s newest defense entity, Generation 5 Holding, known as GEN5, is expected to incorporate Emirati aviation maintenance firms Global Aerospace Logistics and Advanced Military Maintenance Repair and Overhaul Centre into its portfolio, Intelligence Online reports. Both were previously held by state-owned EDGE Group. 

🏢 Hot Spot: Eurazeo, a European private markets asset manager with 40 billion euros under management, has opened its first Middle East office in Abu Dhabi’s ADGM.

⚽ No Misconduct: Etihad Airways rejected any suggestion that it was involved in improper commercial arrangements after an independent commission found Manchester City breached Premier League financial rules.

⚖️ Maritime Law: A new UAE shipping regulation takes full effect today, as the country seeks to boost its security systems, The National reports. 

🛢️ Market Disruption: U.S. shale executives are growing increasingly concerned that volatility caused by the Iran war is making it difficult to plan for the rest of 2026 and 2027.

Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and UAE National Security Adviser, met with Oman’s Sultan Haitham bin Tarik, at Al Baraka Palace in Oman on Wednesday. 

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, attended LIVEX 2026 at ADNEC Centre Abu Dhabi on Wednesday.

Sheikh Abdullah bin Zayed, the UAE Foreign Minister and Deputy Prime Minister, held a phone call with Gideon Sa’ar, Israel’s Foreign Minister, on Wednesday and expressed his wishes for the well-being of passengers who were aboard flydubai flight FZ1073 on Wednesday.

Ynon Kreiz was named Co-CEO of Paramount Skydance with its Gulf-backed $110 billion acquisition of Warner Bros. Discovery. Kreiz, who was born and raised in Israel, joins Chairman and CEO David Ellison from toy giant Mattel, which he has led since 2018. Saudi Arabia’s Public Investment Fund, the Qatar Investment Authority and Abu Dhabi’s L’Imad Holding are all backing the deal. 

Lucien Selce, a convicted insider trader, was arrested in Dubai on Wednesday after France issued a warrant to enforce his three-year prison sentence linked to Air Liquide’s takeover of Airgas, Bloomberg reports.

Tanuja Randery, Managing Director for Europe, the Middle East and Africa at AWS, told Arabian Gulf Business Insight that advanced AI adoption in the UAE remained at “about one in three businesses,” with financial services and media leading the way.

Chris Wood, the English professional golfer, said the regional conflict never made him consider skipping UAE tournaments as he returned to the region this week for the Abu Dhabi Challenge in Al Ain.

Usman Ahmed was appointed Group CEO of the Qatar-listed AlRayan Bank, replacing Fahad Al Khalifa, who will transition to the role of Advisor to the Chairman.

👻 Ghost Appeal: A long-abandoned palace in the UAE that has a reputation as a haunted house has been put on the market for about $6.4 million. Al Qasimi Palace in the emirate of Ras Al Khaimah sat empty for about 35 years, becoming the source of stories about supernatural spirits, known as jinn – with children’s faces appearing in the windows and furniture moving on its own. A spokesman for its owner told The National that at least some of the sounds that fueled the rumors could be explained by trespassers.

📷 Photo of the Day

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

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

Oct. 12-14, Dubai. The Airport Show. Exploring innovations in sustainability, digitalization, security and passenger experience, alongside several major industry forums. Dubai World Trade Centre. 

Oct. 13-15, Dubai. SuperReturn Middle East. Exploring fundraising, private credit, family offices, infrastructure, AI, venture capital and shifting investment opportunities across the region. Ritz-Carlton, DIFC.

Oct. 21, Abu Dhabi. Reuters NEXT Gulf. Exploring the Gulf’s growing global influence across AI, finance, energy, trade and geopolitics. St. Regis Saadiyat Island Resort.

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

Oct. 22-26, Dubai. Dubai Fashion Week. Dubai’s official fashion platform, bringing together regional and international designers, buyers and industry leaders for runway shows, collection launches and events. Dubai Design District.

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