GABFEST GURU

Richard Attias, an impresario of global financial conferences, is getting ready to go public. His events and consulting firm, Richard Attias & Associates, which runs Saudi Arabia’s Future Investment Initiative gathering each year, is working with Evercore and other banks to prepare for a possible IPO, Bloomberg reports. Attias was previously executive producer of the World Economic Forum in Davos, Switzerland, from 1996 to 2008. Sanabil, an investment arm of Saudi Arabia’s Public Investment Fund, owns about 75% of the Attias firm, while he holds the remaining stake.

DEAL A DAY

Merger and acquisition activity in the Middle East region is heating up, clocking the strongest first-half of the year on record, according to LSEG Deals Intelligence. Deals involving MENA companies hit $115.5 billion in the first half of 2025, a 149% increase on the same period last year, while the volume of deals rose by 16%. The figures were boosted by the Borealis-Borouge petrochemicals mega merger, which is pending completion. The UAE accounted for $39.8 billion of the total, while Saudi Arabia came in at $3.5 billion. “The strong half-year performance reflects deep investor confidence and a sustained appetite for cross-border deal making,” Norton Rose Fulbright Senior Partner Zubair Mir told Zawya. “Furthermore, the region will continue to benefit from strong sovereign capital and strategic diversification initiatives.”

ADIA: French alternative asset manager Tikehau Capital raised $1.2 billion for portfolio company Egis, a global engineering firm, from a consortium led by a subsidiary of the Abu Dhabi Investment Authority. U.S.-based private equity funds Apollo S3 and Neuberger Berman also invested in the Egis continuation fund.

Masdar: Abu Dhabi green energy company Masdar has awarded a Chinese consortium an Engineering, Procurement, and Construction contract for Oman’s 500-megawatt Ibri 3 solar plant, implying that its consortium with Korea Midland Power (KOMIPO) and Al Khadra Partners has won the project, MEED reports. Masdar was bidding for the $400 million project against a consortium led by PIF-backed Saudi energy giant ACWA Power, as well as groups from France and Singapore.

Mubadala: Ophir Shmuel was hired by Abu Dhabi’s Mubadala Capital as Head of Business Development, based in London. He was previously Managing Director and Head of EMEA at Eaton Partners.

🤝 Debt Investment: Tali Ventures, the venture capital arm of Saudi Arabia’s Stc telecom, has taken a minority stake in Tarmeez Capital, a Saudi debt investment platform, Bloomberg reports.

🏭 Clean Steel: Dubai lender Mashreq said it will provide a $34 million financing package to Arabian Gulf Steel Industries to assist the Abu Dhabi-based company’s transition to cleaner industrial practices by 2030.

📦 Freight Credit: TruKKer Holding, a Saudi digital freight and logistics company, secured $15 million in private credit investment from Abu Dhabi-based Ruya Partners to fund its regional expansion.

🏘️ Luxury Streak: Sales of Dubai properties priced over $10 million surged to $2.6 billion in the second quarter of 2025, shrugging off regional tensions.

🛢️ Over a Barrel: Saudi Arabia increased prices for its main crude oil grade for customers in Asia, in a sign of confidence that the market will absorb output hikes from OPEC+, Bloomberg reports.

🚒 Trading Halt: Egypt’s stock exchange suspended trading on Tuesday, blaming ongoing disruptions to communications following a fire at a telecoms data center in Cairo.

📈 Taking Stock: The Saudi Exchange has unveiled its first Saudi Depositary Receipts, a tool that allows local investors to trade global shares in Saudi riyals. 

💰 Mining Scam: A Dubai resident lost Dh700,000 ($190,605) to scammers via a fake online investment platform for gold mining, The National reports.

📋 Not Cool: Middle East tech figures are among the signatories of an open letter urging venture capital firm Sequoia Capital to take action against one of its partners over comments he made about New York mayoral candidate Zohran Mamdani.

UAE President Sheikh Mohamed bin Zayed received Ahmad Al-Sharaa, President of Syria, yesterday at Qasr Al Shati in Abu Dhabi. Al-Sharaa is on a working visit to the country. Among the UAE dignitaries attending the meeting were Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, and Sheikh Hamed bin Zayed, managing director of ADIA. The Syrian delegation included Asaad Al-Shaibani, Syrian Minister of Foreign Affairs and Expatriates.

Sheikh Mansour bin Zayed, UAE Vice President and Deputy Prime Minister, and Sheikh Hamad bin Mohammed Al Sharqi, Ruler of Fujairah, inaugurated Fujairah’s Sheikh Khalifa Hospital on Tuesday.

Amr Kamel has been promoted by Microsoft to General Manager, UAE, after nearly 20 years with the company. Microsoft said in a statement that Kamel would lead its efforts to support the UAE’s national digital and AI priorities.

Abdullah Sultan bin Awad Al Nuaimi, UAE Minister of Justice, received Ridwaan Jadwat, Australian Ambassador to the UAE, at the ministry’s headquarters in Abu Dhabi. 

Shihab Alfaheem, Ambassador Extraordinary and Plenipotentiary of the UAE to Japan and Commissioner General of the UAE Pavilion at Expo 2025 Osaka, celebrated the milestone of two million visitors at the pavilion since it opened in April.

🥊 Knock Out: Former world champion boxer Ricky Hatton has shocked fans with the announcement of a comeback against UAE fighter Eisa Al Dah in a Dubai bout dubbed “Destiny in the Desert”. Manchester-based Hatton, 46, last fought a professional match in 2012. Al Dah, also 46, is a promoter of the sport with plans to turn Dubai into the “Las Vegas of boxing”. “It will be a true fight, true action,” he told a press conference. “I will do my best, because everybody in the UAE and the Gulf, they will watch this fight.” The fight is scheduled for UAE National Day on Dec. 2.

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

July, 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 the Silicon Valley power players.

July 15, Pittsburgh, Pennsylvania U.S. 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.

Aug. 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.

NO DRIVERS

Dubai is opening up its streets to Pony.ai for test driving of the Chinese company’s autonomous vehicles. The firm said today it signed a preliminary agreement with Dubai’s Roads and Transport Authority to launch pilot trials of a self-driving taxi service in the emirate, using technology developed in collaboration with manufacturers including Toyota and GAC. The testing program is scheduled to begin later this year, paving the way for the launch of a fully driverless commercial service in 2026. Pony.ai’s vehicles are equipped with advanced artificial intelligence algorithms, supported by sensors, radars, and cameras.

ONLINE VISAS

Kuwait is the latest of the Gulf states to introduce an e-visa system aimed at making the country more accessible for tourism and business. The new tourist visa, which can be obtained online and is valid for up to 90 days, will be accompanied by a marketing campaign promoting Kuwait’s cultural heritage, scenic coastline and commercial attractions. A new business e-visa, valid for 30 days, is designed for representatives of foreign companies and institutions visiting Kuwait for meetings and conferences. The government is also offering a family visa, also valid for 30 days, that will make it easier for expats in Kuwait to invite relatives to visit.

ACWA Power: The energy and desalination company owned by Saudi Arabia’s Public Investment Fund plans a series of mergers after securing more than $15 billion in financing, CFO Abdulhameed Al-Muhaidib said in an interview with Al-Eqtisadiah.

Kuwait Investment Authority: KIA sold its 3.7% stake in Hong Kong-based insurer AIA Group for $3.4 billion through a series of block trades, Bloomberg reports.

Mubadala: Ahmed Al Calily, Mubadala’s Chief Strategy and Risk Officer, told WAM that the fund’s pioneering investments in AI and advanced technology are aimed at building a strong and diversified economic future for the UAE.

Nadec: Al-Ra’i National Livestock Company, a subsidiary of Saudi Arabia’s National Agricultural Development Company and the family-owned Al Muhaidib Group, has launched a $533 million livestock project in the Hail region, with $293 million in government financing. The initiative aims to reduce the kingdom’s dependency on imports.

🏦 Saudi Credit: SAB Invest, Saudi Awwal Bank’s investment arm, aims to raise up to $266 million for its inaugural private credit fund, marking its first venture into the MENA private credit market, Bloomberg reports.

💵 Top Notch: National Bank of Kuwait’s $800 million bond issue was oversubscribed nearly three times, reaching $2.2 billion.

🏘️ Hot Property: Dubai Financial Market-listed Al Mal Capital REIT has launched a follow-on public offering to raise up to $66 million.

🏦 Saudi Credit: SAB Invest, Saudi Awwal Bank’s investment arm, aims to raise up to $266 million for its inaugural private credit fund, marking its first venture into the MENA private credit market, Bloomberg reports.

💵 Top Notch: National Bank of Kuwait’s $800 million bond issue was oversubscribed nearly three times, reaching $2.2 billion.

🏘️ Hot Property: Dubai Financial Market-listed Al Mal Capital REIT has launched a follow-on public offering to raise up to $66 million.

🏡 Crypto Properties: The Dubai Land Department is teaming up with Crypto dot com.com to advance a digital real estate investment plan, moving the emirate closer to facilitating property transactions using cryptocurrencies. 

🖥️ Empty Deskers: While office occupancy rates at Abu Dhabi’s ADGM financial hub are at 97%, quiet hallways and empty desks are evidence that some firms are maintaining only a token presence, Bloomberg reports.

🇫🇷 Paris Pivot: TRENDS Research & Advisory has launched a “virtual office” in Paris, paving the way for the UAE-based think tank to produce content in French and build partnerships in the Francophone sphere.

🇬🇧 Gaza Highways: A proposed reconstruction plan for postwar Gaza that was developed with participation from the Tony Blair Institute and the Boston Consulting Group includes central roads named after UAE President Sheikh Mohamed bin Zayed and Saudi Crown Prince Mohammed bin Salman, and a smart manufacturing zone named for Elon Musk, the Financial Times reports.

Mark Walter, the CEO of Guggenheim Partners, was profiled by The Wall Street Journal on the weekend in an article highlighting his high-profile purchase of the Los Angeles Lakers last month through TWG Global, which is partly owned by Abu Dhabi’s Mubadala Capital.

Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council, visited the GCC countries’ pavilions at Expo 2025 Osaka in Japan.

Ahmed Al-Rajhi, Saudi Arabia’s Minister of Human Resources, issued a decision classifying work permits of expatriate workers into three main skill categories: high-skill, skilled, and basic.

🐪 Hump Day: The Al Ain Camel Racing Festival kicked off over the weekend at Al Rawda Racetrack, under the patronage of UAE President Sheikh Mohamed bin Zayed and Sheikh Hazza bin Zayed, Ruler’s Representative in Al Ain Region. The festival, which continues until Oct. 9, includes 605 races with cash prizes and trophies across a range of categories. A traditional sport in the Gulf, camel racing has gained a reputation as quite a spectacle, with tiny robotic jockeys controlling the animals and the audience often chasing the action from moving vehicles.

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

July, 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 the Silicon Valley power players.

July 15, Pittsburgh, Pennsylvania U.S. 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.

Aug. 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.

GREEN PAUSE

Neom, the $500 billion mega-project spearheading Saudi Arabia’s Vision 2030 plan for overhauling the economy, is facing another setback after an export arrangement for its $8.4 billion green hydrogen plant was put on hold. Air Products, a U.S. industrial gas company which has an exclusive off-take agreement with Neom Green Hydrogen Co., paused its $2.7 billion terminal in the English port town of Immingham over uncertainty related to U.K. incentives, Arabian Gulf Business Insight reports. Green hydrogen, a key component for decarbonizing industrial processes like steel making, is converted into more stable green ammonia for shipping and then reconstituted into hydrogen when it reaches its destination. The Immingham terminal was expected to produce 76,000 tons of hydrogen per year from imported green ammonia, which would then be sold to buyers in Britain. However, U.K. subsidy rules for domestic hydrogen production appear to exclude imported green ammonia. 

HALAL TRAVEL

Halal tourism, once a niche, is now a $200 billion market in the making, driven by young, affluent Muslim travelers seeking faith-aligned experiences. From the UAE to Cape Town, destinations are tapping into this demand with halal-certified dining, prayer facilities and culturally sensitive hospitality, Arabian Gulf Business Insights reports. Digital platforms and social media influencers are also helping by accelerating awareness, while mainstream operators are adapting with purpose-built offerings. With 70% of Muslim travellers under the age of 40, the sector’s growth will be shaped by tech-savvy consumers who expect both convenience and authenticity, AGBI says.

International Holding Co.: Modon, a real estate company owned by IHC, sold out its Wadeem residential development on Hudayriyat Island within 72 hours, generating $1.5 billion in sales, the highest-valued property launch in Abu Dhabi this year.

Masdar: India’s ReNew Energy Global has received a $3.2 billion non-binding offer to take the company private from a consortium including Abu Dhabi’s Masdar sustainable energy company, the Abu Dhabi Investment Authority’s Platinum Hawk, the Canada Pension Plan Investment Board and Sumant Sinha, the Founder, Chairman and CEO of ReNew. 

G42: Abu Dhabi’s G42 launched an AI-driven financial procurement tool through its  Inception subsidiary, which it says can cut business project sourcing cycles by 40% and streamline enterprise procurement with data-driven efficiency.

⚓ International Buyout: P&O Maritime Logistics, a subsidiary of Dubai’s DP World, bought a 51% stake in NovaAlgoma Cement Carriers, a Canada-based transporter of dry-bulk commodities.

🌀 Renewable Boost: U.K.-owned British International Investment will provide $300 million for two renewable energy projects in Egypt, including Africa’s largest onshore wind farm.

🏭 Hygiene Funds: Abu Dhabi-based Ruya Partners secured a $55 million private credit investment, in consortium with a regional fund, to support a fiber plant in Saudi Arabia.

🌆 Big Win: HanmiGlobal, a global project management specialist won a $18 million contract for a high-rise mixed-use complex in Mecca.

🚆 Metro Expansion: Iraq will retender its delayed Baghdad metro project under a new technical and financial framework, inviting bids from all companies.

☢️ Nuclear Focus: Turkey wants to sign international deals for two new nuclear power plants by year-end if it receives competitively priced offers that meet its localization goals, Reuters reports.

📱 Recycle Tech: The UAE Ministry of Climate Change and Environment has launched a project to pay residents to recycle old mobiles and computers. 

🚚 Cargo Space: Abu Dhabi Airports partnered with JD’s Jingdong Property to develop over 70,000 square meters of advanced logistics facilities at the Abu Dhabi Airports Free Zone.

UAE President Sheikh Mohamed bin Zayed visited Bahrain’s King Hamad bin Isa Al Khalifa at the King’s residence in Abu Dhabi on Thursday.

Saudi Crown Prince Mohammed bin Salman met Sheikh Tahnoon bin Zayed, UAE National Security Advisor, in Jeddah on Thursday.

Julie Kozack, an IMF spokeswoman, said on Thursday that the fund will combine the fifth and sixth reviews of Egypt’s $8 billion program to allow more time for key reforms, as staff work with authorities on finalizing critical economic policies, Reuters reports.

Fayez Rasamny, Lebanon’s Public Works and Transport Minister, told The National that the ministry is taking a “step-by-step” approach to ease airport congestion, starting with expanding Beirut’s Rafic Hariri Airport capacity to over 10 million passengers and installing new X-ray machines, e-gates and ticket scanners for faster processing.

Hussain Sultan Lootah has been appointed Acting Chief Executive Officer of ENOC Group, the global energy entity owned by the Government of Dubai. 

Mushtaq Masood has been appointed as Chief Operating Officer of Dubai Investments. He was previously Chief Financial Officer. 

🎹 Road Trip: A short road in the UAE’s northeastern emirate of Fujairah has turned into a popular sensation because of its musical capabilities. The 1-kilometer stretch behind Fujairah Police Headquarters plays the tune of Beethoven’s 9th Symphony via engineered “rumble strips” embedded in the road surface when cars travel over it.

July 3-5, Cairo. Lift City Expo. Showcasing the latest technology in the elevator industry. Cairo International Convention & Exhibition Center.

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

July 15, Pittsburgh, Pennsylvania U.S. 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.

Aug. 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.