CLIENT CULL

HSBC’s Swiss private bank is cutting ties with more than 1,000 wealthy Middle Eastern clients, including individuals from Saudi Arabia, Qatar, Lebanon and Egypt, some with assets exceeding $100 million. The move follows scrutiny from Swiss regulators, who in 2024 said the bank had breached anti-money laundering obligations, the Financial Times reports. HSBC confirmed its Swiss private bank is shifting strategic focus as part of a wider group reshaping announced last year. Barry O’Byrne, HSBC’s CEO of International Wealth and Premier Banking, told Reuters the bank remains committed to its Middle East and Swiss wealth operations.

TRIMMING TROJENA

Calls on Saudi Arabia to delay or scale back some of its biggest projects, including the Trojena ski resort, are drawing praise from investors. Tim Callen, a visiting fellow at The Arab Gulf States Institute, told Bloomberg that outside backers want to see a recalibration of the $1.5 trillion NEOM development that would improve financial sustainability and investor confidence. With oil prices having dropped to levels far below what Saudi Arabia needs to balance its budget, the government is facing difficulties meeting project targets. Saudi Arabia and the Olympic Council of Asia have begun approaching other countries to potentially take over the 2029 Asian Winter Games that are meant to be held in Trojena, Bloomberg reported last week.

TAQA – Abu Dhabi National Energy Co: The government-owned utility struck a $1.2 billion deal to acquire Spanish firm GS Inima, aiming to expand global water operations with one of its largest international purchases ever.

ADNOC: Australian gas producer Santos agreed to extend the exclusivity period for an $18.7 billion takeover bid led by ADNOC’s XRG consortium until Sept. 19, citing the need for more time to complete due diligence and secure internal approvals, Australian Financial Review says.

Public Investment Fund: ACWA Power, a renewable energy company owned by the Saudi sovereign wealth fund, secured $3.4 billion in financing to build two power plants in the kingdom from a consortium including Export-Import Bank of Korea, Saudi National Bank, Standard Chartered Bank, and Bank of China.

Diriyah Co., a PIF-owned company that is developing Riyadh’s historic Diriyah quarter, signed an agreement with Saudi Research and Media Group to expand collaboration through a variety of means including corporate conferences, exchange of experts and joint training programs. The deal was signed by Diriyah CEO Jerry Inzerillo and SRMG CEO Jomana Alrashid.

📈 Fashion IPO: Saudi retailer Jamjoom Fashion Trading confirmed plans to float 30% of its shares on Riyadh’s Nomu parallel market,  with pricing to be announced Sept. 1 and the IPO closing on Sept. 9.

🛢️ Kurdistan Return: Hunt Oil said it has resumed operations in Iraq’s Kurdistan region marking its reentry into a key oil-producing territory after repeated interruptions in recent years.

💰 Funding Boost: Qatar Islamic Bank, the Gulf state’s largest publicly traded Islamic bank, raised $1 billion through an oversubscribed three-year Islamic financing facility.

🛒 Grocery Entry: The Spinneys supermarket chain will launch in Kuwait through a joint venture with Alshaya Group, expanding into its fourth Gulf market after the UAE, Oman and Saudi Arabia.

🪆 Russian Retreats: Gulf travelers from Saudi Arabia, the UAE and Kuwait are heading to Russia in greater numbers, lured by TikTok promotions, relaxed visa policies and new airline connections that are turning the country into a rising holiday destination, the Financial Times reports. 

🏦 Closing Shop: Lombard Odier, the Swiss private bank, will shut down its Abu Dhabi operations and continue to serve UAE clients from its office in the Dubai Financial District, Bloomberg reports.

🪖 Shocking Waves: The abrupt dismissal of three senior defense industry figures – Talal bin Abdullah al-Otaibi, Mohamed al-Mady, and Ghassan bin Abdulrahman al-Shibl – is generating concern about why they were fired and who will replace them, Intelligence Online reports.

UAE President Sheikh Mohamed bin Zayed traveled to Angola on Saturday for a two-day state visit with Angolan President João Manuel Lourenço. He was accompanied by a delegation that included Lt. General Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of the Interior; Sheikh Hamdan bin Mohamed bin Zayed, Deputy Chairman of the Presidential Court for Special Affairs; Sheikh Mohammed bin Hamad bin Tahnoun, Adviser to the UAE President; Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade; Abdullah bin Touq Al Marri, Minister of Economy and Tourism; and Khalid Mohammed Balama, Governor of the Central Bank of the UAE.

King Salman of Saudi Arabia received a letter from Egyptian President Abdel Fattah El-Sisi about ways to strengthen cooperation between the two countries.

Prince Abdulaziz bin Mohammed bin Ayyaf, the Saudi Arabia’’s Acting Vice Minister of Interior,met on Sunday with Chang Hua, China’s ambassador in Riyadh.

Masayoshi Son, CEO of Japan’s SoftBank, has developed a strong relationship with U.S. President Donald Trump, building his influence in billion-dollar deals involving OpenAI, Intel and other tech giants, the Financial Times reports.

Rawan Al-Butairi, CEO of the new Saudi Esports Federation spoke to ArabNews about efforts to strengthen  the women’s league and develop young talent.

Phillipa Harrisonhas been named CEO of the Ras Al Khaimah Tourism Development Authority. Harrison was previously Managing Director of Tourism Australia.

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. 1-6, Dubai. Dubai Fashion Week. This annual exhibition brings designers, buyers and fashionistas from around the world for a crowded schedule of events. Dubai Design District.

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

Sep. 3, Dubai. Middle East Retail Forum. Business executives, buyers, sellers and government officials mix for the annual conference. JW Marriott Hotel Marina.

 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. 9, Dubai. Envision. An international conference on artificial intelligence organized by Emirati telecommunications firm du. Atlantis The Royal. 

Sept. 9-11, Riyadh. Index Saudi Arabia. A trade event that connects interior designers, architects, and buyers with brands, products, and developers. Riyadh Front Exhibition and Conference Center. 

Sept.10-11, Dubai.  PPP Mena Forum. A conference that seeks to foster private and public partnerships (PPP) in industries including infrastructure, energy, healthcare, transportation and information technology. Jumeirah Emirates Towers.

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. 15-17, Abu Dhabi. The Riyadh Infrastructure Projects Center. The event will host representatives from over 25 countries discussing global infrastructure innovation, investment, and sustainable development. Riyadh International Convention and Exhibition Center.

Sept. 15-17, Dubai. ISM Middle East. A conference on emerging trends and advancements shaping the sweets and snacks industry. Dubai World Trade Center. 

Sept. 23-24, Dubai. MENA EV. Connecting stakeholders in the electric vehicle industry, from early-stage companies and investors to governments and established automakers.The Agenda, Dubai Media City.

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

ADIA, the Public Investment Fund and other Gulf sovereign wealth funds are finding it easier to attract and retain personnel as they are increasingly seen as influential dealmakers, data provider Global SWF reports. The PIF employs close to 2,000 people in Riyadh with plans to grow in the U.S., London and Asia, a survey by the firm notes. Despite a reduction in backoffice staff recently,  ADIA has been on a hiring computer experts and quants to set up an in-house “science lab,”  the report says.

Qatar Airways plans to acquire a 25% stake in Australia’s Virgin Australia Airlines from Bain Capital. Terms of the deal were not disclosed.

↪↩ Closing Circuit

👥 Energy Partners: ADNOC Drilling Co. has formed a joint venture with Schlumberger and Patterson-UTI called Turnwell to accelerate its $1.7 billion program in so-called unconventional oil and gas well exploration. ADNOC Drilling will hold a 55% stake in Turnwell.

💰 Metal Makers: Emirates Global Aluminium, the world’s largest producer of premium aluminum, announced the acquisition of a majority stake in the American aluminum recycling company, Spectro Alloys Corp. Terms were not disclosed.

🚰 Water Supply: Bahrain’s Deputy Prime Minister Sheikh Khalid bin Abdullah, inaugurated an $85 million electricity and water distribution station at the Al Hidd Housing Project.

🏢 Small Business: Emirates Development Bank and Abu Dhabi Islamic Bank will work together to support small and medium-sized businesses, or SMEs, through a joint finance guarantee program, with EDB providing 50% of financing for selected sectors including manufacturing, healthcare, and renewables.

⛽ Gas Project: Chinese contractor Jereh Oil & Gas Engineering secured a $316 million contract to provide engineering, procurement, construction, and commissioning services for Bahrain Petroleum Co., focusing on gas facilities in southern Bahrain.

Circuit Chatter

🛍️ Retail Therapy: Qatar is rapidly becoming a top retail destination in the MENA region, leveraging its $330 billion infrastructure investments from the 2022 FIFA World Cup, with new stores, malls and tourist attractions such as the $5.5 billion Simaisma Project, according to London-based consulting firm Knight Frank.

ℹ️ Tourist Attraction: Saudi Arabia generated a 656% rise in international tourists who came to the kingdom for entertainment and holidays in the first seven months of 2024, according to the Ministry of Tourism.

🛩️  Arrivals Terminal: Dubai International Airport raised its 2024 passenger forecast to 93 million, up from 91.8 million, noting that the increase comes in spite of ongoing Middle Eas tensiont.

💸 Bonds Offering: Egypt’s central bank has issued 50 billion Egyptian pounds ($1.1 billion) in treasury bills to manage liquidity and bolster government financing in response to rising inflation.

💳 New Look: aiBANK has rebranded as Bank NXT, which it describes as redefining its role in Egypt’s commercial banking  by providing timely financial solutions while investing in human capital and digital infrastructure.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed approved a $100 million relief package for Lebanon to support the country “through its current challenges,” according to a Presidential Court statement.

Sheikh Khalid bin Mohammed, Crown Prince of Abu Dhabi, began an official visit to Qatar on Tuesday where met with Emir SheikhTamim bin Hamad and a range of Qatari officials. Those accompanying the Prince included Mohamed Alsuwaidi, UAE Minister of Investment; Khaldoon Al Mubarak; Chairman of the Executive Affairs Authority and CEO of Mubadala Investment Co.; Mohamed Al Mubarak, Chairman of the Department of Culture and Tourism; and Saif Ghobash, Secretary General of the Abu Dhabi Executive Council.

Emir of Qatar Sheikh Tamim bin Hamad, held a phone call with Iraqi Prime Minister Mohammed Shia al-Sudani to discuss potential commercial ties between the countries and “maintain stability in the Middle East.”

Sheikh Shakhboot Nahyan, UAE Minister of State for Foreign Affairs, addressed the U.N. General Assembly on Monday during a debate on “Unity and diversity for advancing peace, sustainable development, and human dignity.”

➿ On the Circuit

Naguib Sawiris, Egypt’s second-wealthiest man and Chairperson of Ora Developers Egypt, called on the Central Bank of Egypt at a press conference to reduce the country’s 30% interest rates, which he said prevented Ora from making any profit in the first construction phase of its Zed Sheikh Zayed development in western Cairo.

Alan Coary was appointed Middle East Data Center Lead at London-based consulting firm Turner & Townsend and will be based in Riyadh.

Wael Mahdihas been appointed as Chief Growth Officer for the Middle East and North Africa at Gen Plus Group, a London-based network of PR agencies.

🎶 Culture Circuit

🎞 Oscar Rivals: Arab filmmakers from six countries have submitted entries for the Best International Feature Film competition at the 2025 Academy Awards on March 2. They include Egypt’s “Flight 404, directed by Hani Khalifa; Morocco’s “Everybody Loves Touda,” directed by Nabil Ayouch; Algeria’s  “Algiers,” directed by Chakib Taleb-Bendiab; a collection of 22 Palestinian short films by Gazan filmmakers, entitled “From Ground Zero,” presented by Rashid Masharawi; Jordan’s “My Sweet Land,” directed by Azza Hourani; and Iraq’s “Bagdhad Messi, directed by Sahim Omar Kalifa.

Photo of the Day

Falconers from around the Gulf gathered in Saudi Arabia’s Al-Hammad area this week for the start of hunting season. (Saudi Press Agency)

🗓️ Ahead on The Circuit

Sep. 30-Oct. 2, Dubai, UAE: Future Hospitality Summit. The global conference for leaders in the hospitality industry expands this year at a new location with dedicated space for ESG planning, country pavilions and a larger exhibition area. Madinat Jumeirah. 

Oct. 2, Riyadh: Interview with Fareed Zakaria.  CNN commentator talks about his new book, “Age of Revolutions”  at Riyadh Book Fair with Arab News Editor in Chief Faisal Abbas. Riyadh International Convention & Exhibition Centre.

Oct. 5-6, Abu Dhabi, UAE: Abu Al Abyad Dhow Sailing Race. The race is expected to set off from Abu Al Abyad to the Abu Dhabi Breakwater, attracting dhow owners and elite sailors. Abu Al Abyad Island.

Oct. 14-18, Dubai, UAE: GITEX Global. One of tech’s biggest events, the UAE conference brings companies from around the world to showcase their latest innovations. Dubai World Trade Center.

Oct. 15-17, Dubai, UAE: Aviation Future Week. Conference brings together UAE ministers, senior government officials and leaders from the aviation, aerospace, air freight and other related industries. Museum of the Future.

Oct.22-24, Dubai, UAE: Dubai Helishow. Conference features innovations in hybrid and electric helicopters, AI integration, UAV combat operations, and civil aviation. Skydive Dubai.

Oct. 29-31, Riyadh, Saudi Arabia. Future Investment Initiative Conference, 8th Edition. More than 6,000 global participants registered, including world leaders, policymakers CEOs and investors. King Abdul Aziz International Conference Center.

Nov. 12-13, Abu Dhabi, UAE: CyberQ: Security in the Quantum Era. Conference brings together international experts, policymakers and industry players to discuss challenges of the quantum age of cybersecurity. ADNEC.

ADIA, the Public Investment Fund and other Gulf sovereign wealth funds are finding it easier to attract and retain personnel as they are increasingly seen as influential dealmakers, data provider Global SWF reports. The PIF employs close to 2,000 people in Riyadh with plans to grow in the U.S., London and Asia, a survey by the firm notes. Despite a reduction in backoffice staff recently,  ADIA has been on a hiring computer experts and quants to set up an in-house “science lab,”  the report says.

Qatar Airways plans to acquire a 25% stake in Australia’s Virgin Australia Airlines from Bain Capital. Terms of the deal were not disclosed.

↪↩ Closing Circuit

👥 Energy Partners: ADNOC Drilling Co. has formed a joint venture with Schlumberger and Patterson-UTI called Turnwell to accelerate its $1.7 billion program in so-called unconventional oil and gas well exploration. ADNOC Drilling will hold a 55% stake in Turnwell.

💰 Metal Makers: Emirates Global Aluminium, the world’s largest producer of premium aluminum, announced the acquisition of a majority stake in the American aluminum recycling company, Spectro Alloys Corp. Terms were not disclosed.

🚰 Water Supply: Bahrain’s Deputy Prime Minister Sheikh Khalid bin Abdullah, inaugurated an $85 million electricity and water distribution station at the Al Hidd Housing Project.

🏢 Small Business: Emirates Development Bank and Abu Dhabi Islamic Bank will work together to support small and medium-sized businesses, or SMEs, through a joint finance guarantee program, with EDB providing 50% of financing for selected sectors including manufacturing, healthcare, and renewables.

⛽ Gas Project: Chinese contractor Jereh Oil & Gas Engineering secured a $316 million contract to provide engineering, procurement, construction, and commissioning services for Bahrain Petroleum Co., focusing on gas facilities in southern Bahrain.

Circuit Chatter

🛍️ Retail Therapy: Qatar is rapidly becoming a top retail destination in the MENA region, leveraging its $330 billion infrastructure investments from the 2022 FIFA World Cup, with new stores, malls and tourist attractions such as the $5.5 billion Simaisma Project, according to London-based consulting firm Knight Frank.

ℹ️ Tourist Attraction: Saudi Arabia generated a 656% rise in international tourists who came to the kingdom for entertainment and holidays in the first seven months of 2024, according to the Ministry of Tourism.

🛩️  Arrivals Terminal: Dubai International Airport raised its 2024 passenger forecast to 93 million, up from 91.8 million, noting that the increase comes in spite of ongoing Middle Eas tensiont.

💸 Bonds Offering: Egypt’s central bank has issued 50 billion Egyptian pounds ($1.1 billion) in treasury bills to manage liquidity and bolster government financing in response to rising inflation.

💳 New Look: aiBANK has rebranded as Bank NXT, which it describes as redefining its role in Egypt’s commercial banking  by providing timely financial solutions while investing in human capital and digital infrastructure.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed approved a $100 million relief package for Lebanon to support the country “through its current challenges,” according to a Presidential Court statement.

Sheikh Khalid bin Mohammed, Crown Prince of Abu Dhabi, began an official visit to Qatar on Tuesday where met with Emir SheikhTamim bin Hamad and a range of Qatari officials. Those accompanying the Prince included Mohamed Alsuwaidi, UAE Minister of Investment; Khaldoon Al Mubarak; Chairman of the Executive Affairs Authority and CEO of Mubadala Investment Co.; Mohamed Al Mubarak, Chairman of the Department of Culture and Tourism; and Saif Ghobash, Secretary General of the Abu Dhabi Executive Council.

Emir of Qatar Sheikh Tamim bin Hamad, held a phone call with Iraqi Prime Minister Mohammed Shia al-Sudani to discuss potential commercial ties between the countries and “maintain stability in the Middle East.”

Sheikh Shakhboot Nahyan, UAE Minister of State for Foreign Affairs, addressed the U.N. General Assembly on Monday during a debate on “Unity and diversity for advancing peace, sustainable development, and human dignity.”

➿ On the Circuit

Naguib Sawiris, Egypt’s second-wealthiest man and Chairperson of Ora Developers Egypt, called on the Central Bank of Egypt at a press conference to reduce the country’s 30% interest rates, which he said prevented Ora from making any profit in the first construction phase of its Zed Sheikh Zayed development in western Cairo.

Alan Coary was appointed Middle East Data Center Lead at London-based consulting firm Turner & Townsend and will be based in Riyadh.

Wael Mahdihas been appointed as Chief Growth Officer for the Middle East and North Africa at Gen Plus Group, a London-based network of PR agencies.

🎶 Culture Circuit

🎞 Oscar Rivals: Arab filmmakers from six countries have submitted entries for the Best International Feature Film competition at the 2025 Academy Awards on March 2. They include Egypt’s “Flight 404, directed by Hani Khalifa; Morocco’s “Everybody Loves Touda,” directed by Nabil Ayouch; Algeria’s  “Algiers,” directed by Chakib Taleb-Bendiab; a collection of 22 Palestinian short films by Gazan filmmakers, entitled “From Ground Zero,” presented by Rashid Masharawi; Jordan’s “My Sweet Land,” directed by Azza Hourani; and Iraq’s “Bagdhad Messi, directed by Sahim Omar Kalifa.

Photo of the Day

Falconers from around the Gulf gathered in Saudi Arabia’s Al-Hammad area this week for the start of hunting season. (Saudi Press Agency)

🗓️ Ahead on The Circuit

Sep. 30-Oct. 2, Dubai, UAE: Future Hospitality Summit. The global conference for leaders in the hospitality industry expands this year at a new location with dedicated space for ESG planning, country pavilions and a larger exhibition area. Madinat Jumeirah. 

Oct. 2, Riyadh: Interview with Fareed Zakaria.  CNN commentator talks about his new book, “Age of Revolutions”  at Riyadh Book Fair with Arab News Editor in Chief Faisal Abbas. Riyadh International Convention & Exhibition Centre.

Oct. 5-6, Abu Dhabi, UAE: Abu Al Abyad Dhow Sailing Race. The race is expected to set off from Abu Al Abyad to the Abu Dhabi Breakwater, attracting dhow owners and elite sailors. Abu Al Abyad Island.

Oct. 14-18, Dubai, UAE: GITEX Global. One of tech’s biggest events, the UAE conference brings companies from around the world to showcase their latest innovations. Dubai World Trade Center.

Oct. 15-17, Dubai, UAE: Aviation Future Week. Conference brings together UAE ministers, senior government officials and leaders from the aviation, aerospace, air freight and other related industries. Museum of the Future.

Oct.22-24, Dubai, UAE: Dubai Helishow. Conference features innovations in hybrid and electric helicopters, AI integration, UAV combat operations, and civil aviation. Skydive Dubai.

Oct. 29-31, Riyadh, Saudi Arabia. Future Investment Initiative Conference, 8th Edition. More than 6,000 global participants registered, including world leaders, policymakers CEOs and investors. King Abdul Aziz International Conference Center.

Nov. 12-13, Abu Dhabi, UAE: CyberQ: Security in the Quantum Era. Conference brings together international experts, policymakers and industry players to discuss challenges of the quantum age of cybersecurity. ADNEC.