PYTHON UNICORN

Abu Dhabi’s Mubadala Capital was among the investors in a $150 million funding round for U.S.-based AI startup Anaconda, which valued the company at about $1.5 billion. Anaconda’s open-source platform provides secure versions of Python-based coding packages used by businesses to build and run AI systems. The Series C funding round, led by Insight Partners, will accelerate global expansion and new AI features, while giving early employees a chance to cash out. It comes amid intense competition among enterprise AI software companies, with the Python programming language dominating. Mubadala’s key AI investments include UAE powerhouse G42 and space tech company Space42.

PEPSI PLEDGE

U.S. beverage and snack giant PepsiCo promised to give more leadership roles to Saudis as it opened an $80 million expansion of its facility in the kingdom’s eastern city of Dammam. PepsiCo regional CEO Ahmed El-Sheikh told Arab News that 85% of the company’s workforce at the Dammam plant were Saudi nationals, which was “just the beginning.” The facility supplies local markets and exports to 20 countries across the region. Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef, who officially opened the plant, said the government had reformed a policy to allow PepsiCo to export Saudi-grown potatoes in a “significant milestone” for local farming.

The Arab Investment Co., a Middle Eastern wealth fund whose biggest backers are Saudi Arabia and Kuwait, plans to liquidate its $1.2 billion portfolio of legacy assets to focus entirely on private markets, Bloomberg reports.

ADQ: Etihad Airways, which is owned by the Abu Dhabi sovereign wealth fund, is recruiting employees of Wizz Air Abu Dhabi, which is shutting down, as part of its  plan to hire 1,500 new staff members in 2025.

AD Ports Group, which is backed by ADQ, signed an agreement with Egypt’s Ministry of Petroleum & Mineral Resources and Dubai-based TCM Project Management to explore joint operation and development of Egypt’s strategic crude oil storage network.

Kuwait Petroleum Corp.’s net profit for the 2024 fiscal year ending March 31 declined 5.8% to $4.5 billion from the previous year, tracking a similar drop in the price of Kuwaiti oil.

Turkey Wealth Fund: Türksat, part of the Turkey Wealth Fund, plans to launch a standalone mobile phone service by mid-2026, separating its cable and broadcast operations into different divisions.

🏝️ Rising Projects: Oman will build a $210 million resort in Salalah, constructed by UAE’s Wathba Hospitality, as part of efforts to boost tourism and diversify its economy.

💪 Helping Hand: The Saudi Fund for Development has signed $93 million in loan agreements with Barbados to strengthen its water, housing, infrastructure, and health sectors.

📞 Emergency Calls: Carbyne, an Israeli startup that develops cloud-based software to modernize emergency call centers, raised $100 million in a funding round led by AT&T Ventures.

💰 Gas Boost: Qatar will fully fund an increase in Azerbaijani natural gas supplies via Turkey to Syria, boosting daily deliveries to 3.4 million cubic meters to enhance electricity generation, Bloomberg reports.

💻 AI Alliance: A UAE-led partnership with Malaysia and Rwanda aims to promote ethical AI and bridge the digital divide in the Global South under the World Economic Forum’s innovation network, Arab News reports.

🚨 Ride Collapse: At least 23 people were injured, four seriously, when a fairground ride snapped mid-air and crashed at an amusement park in Taif, Saudi Arabia.

🤖Virtual Buddies: Dubai has unveiled an AI-powered virtual Emirati family, including a lifelike young girl who will serve as a brand ambassador for Digital Dubai’s push to integrate advanced technology into daily life.

UAE President Sheikh Mohamed bin Zayed met on Thursday with Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Deputy Prime Minister and Minister of Defense, at Qasr Al Shati palace in Abu Dhabi.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, and Sheikh Hamdan bin Mohammed attended combat and tactical demonstrations presented by UAE National Service recruits that were held on Thursday at the Sweihan Training Centre in Abu Dhabi.

Sheikh Mohamed bin Saif Al Nahyan, Vice Chairman of the Board of First Abu Dhabi Bank, hosted the opening of the bank’s new branch in London. Among the attendees were FAB Group CEO Hana Al Rostamani; Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, CEO of ADNOC and a FAB board member; Mansoor Abulhoul, UAE Ambassador to the U.K.; Princess Beatrice of York; Sheikh Ahmed Mohammed Al Dhaheri, FAB board member; and Mohammed Thani Al Rumaithi, a FAB board member and Chairman of Alpha Dhabi Holding.

Ray Dalio, founder of Bridgewater Associates, sold the remainder of his stake in the world’s largest hedge fund and left its board. Reuters reports, citing a letter to clients from Bridgewater CEO Nir Bar Dea and Co-Chair Mike McGavick.

Marc Lipschultz, co-founder of Blue Owl, warns in an interview with the Financial Times of a “manic” environment in the second-hand private equity market, citing record activity levels driven by investors seeking quick gains.

Dr. Mugheer Khamis Al Khaili, Chairman of Abu Dhabi’s Department of Community Development, spoke to The National about his efforts to strengthen feelings of national unity in the UAE.

Paul Griffiths, CEO of Dubai Airports, told The National that the agency is testing new screening equipment that will use artificial intelligence to analyze the contents of passengers’ hand luggage so they can pass more quickly through security checks.

🎨 Shadow Art: Louvre Abu Dhabi has announced its international jury panel and shortlisted artists for the fifth edition of the Art Here 2025 and the Richard Mille Art Prize. Running from Oct. 11 to Dec. 28 under the museum’s unique dome, Art Here 2025 will be curated by Sophie Mayuko Arni and invites artists to respond to the theme “shadows”. More than 400 proposals have been received from artists in the GCC and Japan. 

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

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

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

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

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

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

Sept. 5, New York: Bloomberg Power Players. Conference on the business of sports. Bloomberg Headquarters. 731 Lexington Ave.

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

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

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

FERTILE GROUND

A firm backed by global investment giant KKR has bought a stake in one of the Gulf’s most reputable fertility clinics. IVI RMA Global, the world’s biggest provider of infertility treatments, which was bought by KKR three years ago, is re-acquiring ART Fertility Clinics’ Middle East operations from Abu Dhabi-based Gulf Capital, which had acquired the business for $100 million from IVI RMA Global in a carve-out of its Middle Eastern clinics five years ago. Financial details were not disclosed, but Gulf Capital said the deal was one of its most successful exits to date, Bloomberg reports. The sale comes amid rising demand for fertility services in the region, as legal systems adapt to changing demographics and social norms. In the UAE, IVF laws were recently updated to allow unmarried non-Muslim couples to use IVF and to store embryos. Single women are also now allowed to freeze their eggs for future use. The sale covers four clinics in the UAE and Saudi Arabia, while Gulf Capital will continue to own operations in India.

OFF TARGET

The world is rapidly falling behind on a landmark pledge made at the United Nations COP28 summit in Dubai two years ago to triple global renewable energy capacity by 2030, according to a new report. Climate think tank Ember has calculated that the world will reach 7.4 terawatts of renewable capacity by 2030 under the current targets put forward by national governments, well short of the 11 terawatts needed to meet the tripling goal. The shortfall highlights a disconnect between high-level climate talks and implementation at a national level, an issue that is likely to overshadow November’s COP2030 summit in Brazil. Only 22 countries have revised their renewables targets since COP28, most of them in the European Union, according to Ember.

Mubadala Capital: Toronto-based CI Financial said it expects to close a take-private transaction with Mubadala Capital by Aug. 12, following regulatory approvals and pending final closing conditions.

Qatar Investment Authority: The QIA has joined Sofinnova Investments, B Capital, and other investors in a $132 million Series B round for Artbio, a clinical-stage radiopharmaceutical biotech company, marking its first investment in the U.S. biotech market.

🚢 Canal Growth: Egypt’s Suez Canal Economic Zone said revenue increased 38% to $243 million in the 2024/25 fiscal year despite lower traffic stemming from conflict in the Red Sea.

📈 Hot Market: Kuwait’s stock exchange, the Boursa Kuwait, said net profit soared an annualized 61% in the first half of 2025 to more than $49 million.

🌐 Cyber Merger: Palo Alto Networks will acquire Israel’s CyberArk in a $25 billion deal, marking one of the largest takeovers in the cybersecurity industry.

🏘️ Small Share: Saudi Arabia’s Sinad Holding Co. has agreed to buy a 2.2% stake in Al Majdiah, a fast‑growing Saudi real estate developer founded in 2014 in Riyadh.

🌴 Beach Homes: The Giorgio Armani Group said it’s teaming up with with RAK properties and SIE Group to develop branded beach residences in the emirate of Ras Al Khaimah, WWD reports.

💵 Raising Funds: KKR & Co. raised some $6.5 billion of capital to invest in asset-backed finance, marking the firm’s largest credit fundraise to date, Bloomberg reports. Meanwhile, KKR and Capital Group are accelerating their push to offer private assets to retail investors, unveiling plans for a fund that combines traditional U.S. stocks with private equity, the news agency said.

📈 Kuwait IPO: Kuwait’s Action Energy, which provides drilling and oil field services, is planning an IPO that would become the country’s first energy-sector public listing since 2008, Bloomberg reports.

✈️ Route Expansion: UAE-based discount carrier Air Arabia will expand service to Russia in October with new direct flights from the emirate of Ras Al Khaimah to Yekaterinburg and Kazan.

🔌 Help Needed: China can help strengthen Egypt’s inefficient electricity grid and stalled renewable energy program, but seeking its help would allow Beijing to dictate the terms, Arabian Gulf Business Insight reports, citing columnist Jonathan Fulton.

💰 Special Merger: Europe’s largest digital bank Revolut, valued at about $65 billion, is considering buying a Middle Eastern bank to bypass licensing hurdles and accelerate its regional expansion The Financial Times reports.

☀️ Solar Track: Iraq is building a 300 MW solar plant in its central desert to help ease electricity shortages worsened by reduced Iranian gas imports.

🏗️ Construction Boom: Egypt’s construction market has become one of the largest in the region, with future projects valued at $566 billion, property consulting firm Knight Frank says.

UAE President Sheikh Mohamed bin Zayed held a phone call with India’s Prime Minister Narendra Modi on Wednesday.

Oman’s Sultan Haitham met in London with the U.K. Prime Minister Keir Starmer. The two leaders agreed to strengthen cooperation in energy, defense, and technology, while jointly calling for urgent aid to Gaza.

Sheikha Fatima bint Hazza bin Zayed, Chairwoman of Fatima bint Mubarak Ladies Sports Academy and founder and owner of Al Shira’aa Arabians, was recognized by British Showjumping for her exceptional contribution to the sport in the U.K.

Sheikh Nahyan bin Mubarak, UAE Minister of Tolerance and Coexistence, attended a reception at Bab Al Qasr Hotel in Abu Dhabi held by Ahmed El Tazi, Ambassador of Morocco to the UAE, on the occasion of Morocco’s Throne Day on Wednesday.

Christian Baier, Chief Financial Officer of German chemicals maker Covestro, told Reuters that the company remains confident that its takeover by ADNOC will be finalized by the end of the year, despite an EU competition probe.

Syrian Foreign Minister Assad al-Shaibani said on a visit to Moscow that his country wants to have a good relationship of “mutual respect” with Russia even though the Kremlin is giving sanctuary to its toppled ruler Bashar Al Assad.

🎹 High Note: Saudi-American songwriter and producer Reef Loretto can trace the roots of his sound back to his childhood home in Dhahran, where he was involved in music from a young age, he tells Arab News in an interview following his trip to Japan to represent the kingdom at World Expo 2025 in Osaka. The Los Angeles-based artist’s residency in Osaka included performing with Japanese djembe drummer and vocalist Kackey and Saudi oud player Faisal Alqarni. The trio created soundscapes inspired by ecology, ancestry and the Red Sea.

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

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

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

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

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

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

Sept. 5, New York: Bloomberg Power Players. Conference on the business of sports. Bloomberg Headquarters. 731 Lexington Ave.

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

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

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