ISLAMIC SURGE

Global Islamic finance assets are projected to soar by more than 60% over the next four years to $9.7 trillion, driven by gains in banking, bonds and insurance markets. According to a study by the London Stock Exchange and the Islamic Corp. for the Development of the Private Sector, the sector has been growing by an average 10% annual rate, Arab News reports. The report says Iran, Saudi Arabia and Malaysia together hold roughly $4.3 trillion in Islamic finance assets, or about 72% of the total. It says the U.K. has emerged as a key hub for Islamic finance, particularly in the sale of sustainable sukuk bonds.

FOOTBALL FUNDS

With Saudi Arabia pouring billions into sports such as golf, soccer and tennis, some of the biggest U.S. colleges are looking to the kingdom as a possible funding source for their costly football programs. The general manager of the University of North Carolina’s football team, Michael Lombardi, recently traveled to Saudi Arabia on what the school called an “exploratory fundraising trip,” The Athletic reports. UNC officials said Lombardi went on a Saudi-funded trip to meet with high-level figures interested in supporting the program, though no agreements emerged. The visit reflects broader efforts by universities to seek alternative revenue streams as college sports grow more expensive, the newspaper said.

Qatar Investment Authority: Beta Technologies, a Vermont-based electric aviation startup backed by the QIA, will price the shares for its upcoming IPO between $27 and $33, seeking to raise as much as $825 million, TechCrunch reports.

International Holding Co.: Mariam Almheiri, CEO of 2PointZero, the $33 billion IHC-owned group being created through the merger of three Abu Dhabi companies, told The National that an expanded balance sheet and capital strength would give the new “investment powerhouse” financial muscle to fund aggressive growth targets.

Abu Dhabi Investment Authority: Lenskart Solutions is planning an IPO in Mumbai next month that would value the Indian eyewear maker at about $9 billion, significantly boosting the value of ADIA’s stake in the company, Bloomberg reports.

🚢 Concrete Takeover: P&O Maritime Logistics, a subsidiary of Dubai-based port operator DP World, has completed the acquisition of a controlling stake in NovaAlgoma Cement Carriers.

💆🏻‍♀ Alternative Investment: India’s Dhanwantari Vidyasala Group is investing at least $27 million to open 10 centers practicing traditional Ayurvedic therapy across the UAE over the next three years, starting in Dubai, Al Khaleej reports.

💰 Helping Hand: Saudi Arabia’s Small and Medium Enterprises Financing Guarantee Program, known as Kafalah, boosted small business funding by 8% year-on-year in the third quarter to $3.7 billion. 

💵 Sales Simulation: Second Nature, an Israeli startup that trains sales teams through AI-generated, simulated conversations, raised $22 million in a Series B funding round led by Zoom.

🌊 Cable to Damascus: Syria is set to award a contract to build its $500 million SilkLink national fiber optic network next month, creating a key data corridor between Asia and Europe.

📈 New Market: Uzbekistan’s fintech and e-commerce startup Uzum, valued at $1.5 billion, is looking at Abu Dhabi, together with London and New York, as a possible market to trade its shares, Co-founder Nikolay Seleznev told Reuters.

🛡️ Defense Pact: Saudi Arabia is discussing a defense agreement with the Trump administration similar to the U.S.-Qatar pact concluded last month that pledged to regard any attack on the Gulf state as a threat to American “peace and security,” The Financial Times reports.

🎭 Cultural Shift: Saudi Arabia’s recent cultural initiatives, from the Riyadh Comedy Festival to a $55 billion gaming deal with Electronic Arts, reflect an inward-focused effort to reshape domestic life in the kingdom rather than simply trying to burnish its global image, Kareem Shaheen writes in New Lines magazine.

UAE President Sheikh Mohamed bin Zayed received a letter from Saudi Crown Prince Mohammed bin Salman, inviting the UAE to participate in Expo 2030 Riyadh.

Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, held a phone call on Thursday with his Pakistani counterpart Ishaq Dar.

Sheikh Bandar bin Mohammed bin Saoud, Governor of Qatar Central Bank and Chairman of the Qatar Investment Authority, met with Citigroup Chairman John Dugan and Euroclear Chairman Francesco Vanni d’Archirafi on the sidelines of the IMF and World Bank meetings in Washington, D.C.

Saad al-Kaabi, Qatar’s Energy Minister, said in an interview with Reuters that a proposed European Union law targeting long-term gas contracts could discourage investment and strain business ties, warning policymakers not to undermine energy security through overregulation.

Mahmoud Khalifa, Executive Investment Director of Egypt’s CI Capital PE for Fund Management and Investment, told Zawya Arabic that the group plans to launch a fund worth $21 million to invest in troubled industrial companies, in partnership with local banks and financial institutions.

Viktoria Beromelidze was appointed Head of Debt Capital Markets at Saudi Arabian investment bank BSF Capital.

Toon Gyssels, COO of Talabat, was named CEO of the online food delivery business on Thursday.

Razan Al Mubarak, Managing Director of the Environment Agency Abu Dhabi,was voted in for a second term as President of the International Union for Conservation of Nature on Thursday.

🎨 Under the Hammer: Christie’s has published highlights from its upcoming Modern and Contemporary Middle Eastern Art sale in London, taking place on Nov. 6. Among the pieces from the region’s most celebrated artists are “Automne,” a masterpiece by Jerusalem-born Lebanese artist Paul Guiragossian, “Gardenia” by New York-based Palestinian abstract artist Samia Halaby and “Mekarzel Hill” by Mahmoud Said, regarded as the father of Egyptian modernism.

Oct. 15-18, Sharjah. Evolve Future Mobility Show. Shaping the future of the electric vehicle industry in the region. Sharjah Expo Center.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

TURKEY CHASE

UAE banks are stepping in to offer corporate loans in Turkey, where foreign investors are shying away from political turbulence and a credit squeeze that has seen interest rates held at a staggering 40%. Emirati lenders are opening local offices and hiring Turkish bankers as they double down on the lucrative market. Over the past five months Emirates NBD and Dubai Islamic Bank have granted about $440 million in financing, including loans to telecom Turkcell and supermarket chain A101, while DIB made an Islamic financing deal with Turkish Airlines, Bloomberg reports. That builds on a UAE push to lend to Turkish banks following a trade deal signed in 2023. Emirates NBD and Abu Dhabi Commercial Bank have become the second and third-largest bookrunners for syndicated loans to Turkish banks, according to Bloomberg.

BON APPETIT

France’s fine food bible, the Michelin Guide, launched in Saudi Arabia on Wednesday, unveiling the first of three batches of restaurants that made the cut. The first stage named restaurants that made the Bib Gourmand category, awarded to eateries offering high-quality food at lower prices, as well as those that made the guide without any award. Saudi breakfast joint Tameesa, contemporary Saudi eatery Mirzam and Japanese restaurant Kayzo were among the Bib Gourmand selections for Riyadh, Arab News reports. Restaurants that earned coveted Michelin stars will be announced on Nov. 15 and Dec. 15.

MGX: Anthropic CEO Dario Amodei held talks in Abu Dhabi with MGX just weeks after the AI startup closed one of the largest venture financing rounds in tech history. Meanwhile, MGX and BlackRock’s Global Infrastructure Partners confirmed that they are leading a $40 billion acquisition of Aligned Data Centers. 

ADQ: The Abu Dhabi sovereign wealth fund signed a three-year sponsorship deal with Azerbaijan’s Neftçi PFK soccer team.

G42: Presight, a G42 subsidiary, said it is expanding its digital solutions into new markets across four continents.

Mubadala: Abu Dhabi sovereign wealth fund Mubadala has begun marketing five-year dirham bonds, Reuters reports.

🛍️ Retail Money: UAE retail conglomerate, Majid Al Futtaim Properties, priced its $500 million 10-year senior unsecured Islamic bonds.

💰 Financial Relations: Saudi Specialized Medical Company secured a $293 million Islamic-compliant credit facility agreement with Saudi Awwal Bank to finance the construction of SMC 4 Hospital in Riyadh.

👷🏻‍♂️Saudi Bound: KEC International won a $118 million contract to provide the design and supply materials for a substation in Saudi Arabia.

💵 Trade Ties: DBS Group, the largest bank in Southeast Asia, partnered with Riyadh-based Banque Saudi Fransi to boost trade finance and payment flows between Asia and Saudi Arabia.

⛏️ Metal Drive: Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said the kingdom plans to establish a national scrap metal company to support roughly $16 billion in steel-sector investments.

🏦 Riyadh Footprint: JPMorgan Chase obtained a license to open a regional headquarters in Saudi Arabia, the latest bank to fall in line with rules making establishment of a Mideast base  in the kingdom into a prerequisite for government contracts, Bloomberg reports.

🚀 To Space: Oman’s Civil Aviation Authority has introduced a framework allowing commercial spaceflights from the sultanate.

💼 Swiss Bankers: UBS bank opened an advisory office in Abu Dhabi’s ADGM, its second office in the UAE.

✈️ Stronger Ground: The UAE passport surpassed both the U.S. and Canada to become the eighth most powerful in the world, with visa-free access to 184 destinations, according to the latest Henley Passport Index.

UAE President Sheikh Mohamed bin Zayed directed an expansion of nature reserves in Abu Dhabi to reach 20% of the emirate’s total land area. 

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, UAE Deputy Prime Minister and Minister of Defense, and Chairman of The Executive Council of Dubai, met with more than 40 founders and CEOs of Indian unicorn companies on Wednesday.

Sheikh Maktoum bin Mohamed, UAE Minister of Finance and Deputy Prime Minister, met with Børge Brende, President and CEO of the World Economic Forum, on the sidelines of the Annual Meetings of the Global Future Councils and Cybersecurity 2025, organised by the UAE Government in partnership with the Forum.

Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy, met with Alexander Novak, Russia’s Deputy Prime Minister, on Wednesday to discuss OPEC+ actions on oil.

Sheikha Latifa bint Mohammed bin Rashid, Chairperson of Dubai Culture and Arts Authority, visited GITEX Global 2025 on Wednesday.

Sheikh Mohammed bin Rashid bin Mohammed bin Rashid, a Dubai royal, visited GITEX Global 2025 on Wednesday.

Musab Abdulla, Director of the ICT sector at Bahrain’s Economic Development Board, said the country wanted to develop more sustainable energy, however, it was juggling demand for space between solar plants and data centers. 

Ken Gilmartin, Group CEO of U.K.-based John Wood Group, will step down after an upcoming shareholder vote on its $292 million takeover by UAE-based engineering company Sidara.

Sabah Salem Al Shamsi was appointed Assistant Secretary General of The Executive Council of Dubai for Government Communication and General Secretariat Affairs. 

Prof. Robert F. Engle and Prof. Sir Konstantin Novoselov, two Nobel Laureates, have become part of the advisory board of ADIA Lab, the independent Abu Dhabi-based institute dedicated to basic and applied research in data and computational sciences.

Emad Saad, Chairperson of Avrio Gold, said the company is preparing to open a new factory for producing gold jewellery and bullion in Egypt.

🏛️ Opening Day: Zayed National Museum will open to the public on Dec. 3, the day after UAE National Day, the Department of Culture and Tourism Abu Dhabi announced. The museum, designed by U.K. firm Foster+Partners, already dominates the skyline of the growing Saadiyat Cultural District, with five gigantic steel structures shaped like the feathers of a falcon. The museum will tell the story of the UAE through its collection of more than 3,000 artifacts, including the Abu Dhabi Pearl, one of the world’s oldest natural pearls.

Oct. 13-17, Dubai. GITEX Global. The giant tech and startup show is back for its 45th edition, bringing together government and industry leaders., innovators and government. Dubai World Trade Center.

Oct. 15-18, Sharjah. Evolve Future Mobility Show. Shaping the future of the electric vehicle industry in the region. Sharjah Expo Center.

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

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

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

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

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

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

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

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

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

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

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

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

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

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