CANADIAN CONNECTION

Saudi Arabia’s Humain artificial intelligence company and Canada’s Cohere have formed a partnership to build one of the region’s largest AI computing centers, with operations targeted to begin in late 2027. The announcement came during Canadian Prime Minister Mark Carney’s visit to the kingdom, the first by a Canadian premier in 26 years. During the prime minister’s visit, the two countries signed more than $760 million in agreements and expanded cooperation in energy, mining and infrastructure. Carney also met Saudi Aramco CEO Amin Nasser in Jeddah on Thursday, and the two countries agreed to deepen cooperation in mining and energy. Meanwhile, Saudi Arabia’s Public Investment Fund, the majority owner of Humain, accepted Carney’s invitation to a Toronto investment summit in September.

STUDIO STANDOFF

Paramount Skydance’s Gulf-backed $110 billion merger with Warner Bros. Discovery may be in jeopardy from a U.S. legal offensive. States led by California and New York are preparing to sue to block the deal as early as next week, Status reports. It comes after Oregon’s attorney general has asked a court to halt the mega-merger while it investigates Paramount’s lobbying of the Trump administration. The deal also faces scrutiny in the U.K. and Europe. Saudi Arabia’s Public Investment Fund, the Qatar Investment Authority and Abu Dhabi’s L’imad Holding are set to hold a combined 38.5% stake in the merged entity. Meanwhile, Arete Research downgraded Paramount Skydance shares and slashed its price target to $2 over concerns about its ability to manage the large amount of debt that will come from the merger. Shares in Paramount closed down 4.3% at $9.33 on Thursday.

Mubadala: Emirates Global Aluminium, owned by the Abu Dhabi fund, has restarted production at its Al Taweelah alumina refinery, with output expected to reach 50% of capacity within days, three months after it was damaged by an Iranian drone attack.

ADNOC: Despite disruptions from the Iran war, Abu Dhabi’s state-owned oil company boosted crude oil production to an all-time high last month, pumping 4.1 million barrels a day on average in June, the International Energy Agency said in its monthly report. 

ADNOC: Abu Dhabi-listed ADNOC Logistics & Services has ordered four additional next-generation LNG carriers worth $900 million, expanding its LNG newbuild program to 18 vessels to support growing gas demand and its LNG trading ambitions.

Masdar: Chinese electric vehicle and battery company BYD was awarded a contract from Abu Dhabi’s green energy company Masdar to supply 11.27 gigawatt hours of its BYD Haohan battery system for the emirate’s huge round-the-clock solar project.

DP World: DP World has acquired 700 trucks to expand its Gulf road freight network, as logistics providers develop alternative routes amid Strait of Hormuz disruptions.

Qatar Investment Authority: QIA-owned QatarEnergy halted plans to quickly raise output at its Ras Laffan LNG complex after a tanker attack in the Strait of Hormuz, scaling back operations and reducing vessel calls over security concerns.

Oman Investment Authority: The sovereign wealth fund’s OQ energy company agreed to sell its stake in Majis Industrial Services to a consortium of Oman’s Rakiza and Florida-based IV3 Aqua.

Libyan Investment Authority: Qatar’s UCC Holding signed a production-sharing deal with LIA and the state-owned National Oil Corporation to develop an oilfield in Libya’s Ghadames basin, targeting 80,000 barrels per day of crude output and increased foreign investment.

🚖 Taxi Takeover: Dubai Taxi Co. completed its $395 million acquisition of National Taxi, creating the UAE’s largest taxi operator and expanding its presence into Abu Dhabi.

📷 Media Play: Banijay Entertainment and All3Media have completed their merger with backing from RedBird IMI, creating a London-based global production powerhouse spanning 25 countries, with Abu Dhabi playing a key role in the deal.

🛢️ Oil Output: Iraq signed deals with U.S. energy firms HKN Energy and Halliburton to boost oil and gas production and attract further foreign investment in its energy sector.

💰 Funding Challenges: The Saudi Fund for Development has invested over $3 billion in programs across 22 small island developing states, supporting sanitation, water, energy, transport and infrastructure projects.

🚢 Port Hub: Russia plans to open a commercial logistics hub at Syria’s Tartous port by mid-July, using the facility to ship wheat and other goods as it expands its economic influence in post-Assad Syria, Reuters reports.

💎 Treasure Hunt: Iraqi authorities allegedly uncovered 14 billion dinars ($10.7 million) hidden in a drainage pit during an ongoing anti-corruption investigation linked to Adnan Al Jumaili, the detained Deputy Oil Minister for Refining Affairs.

🚚 Shipping Impact: U.S.-GCC trade dropped sharply in May as the Iran conflict and Strait of Hormuz disruption pushed regional exports to their lowest levels in years.

Canada’s Prime Minister Mark Carney departed from Jeddah on Friday, after a two-day official visit to Saudi Arabia, where he met Crown Prince Mohammed bin Salman at Al Salam Palace. Carney also met with Prince Abdulaziz bin Salman, Saudi Arabia’s Energy Minister, during his visit to the Kingdom.

Princess Reema bint Bandar, Saudi Arabia’s Ambassador to the U.S., met with U.S. Secretary of State Marco Rubio on Thursday in Washington, D.C.

Sheikh Abdullah bin Zayed, UAE Foreign Minister, held a phone call with Sheikh Mohammed bin Abdulrahman Al Thani, Qatar’s Prime Minister and Foreign Minister, on Thursday.

Sheikh Shakhboot bin Nahyan, UAE Minister of State, met with Nigeria’s President Bola Ahmed Tinubu in Abuja on Friday during his visit to Nigeria.

Sheikh Saud bin Saqr Al Qasimi, Ruler of the northern emirate of Ras Al Khaimah, met with Dr. Deepak Mittal, India’s Ambassador to the UAE, and a delegation of business leaders, at the Ruler’s palace in Saqr bin Mohammed City.

Sheikh Mohamed bin Mansour, son of Sheikh Mansour bin Zayed, UAE Vice President, was pictured with Areen Masrour Barzani, the eldest son of Masrour Barzani, the Prime Minister of the Kurdistan Region of Iraq, and with heavyweight boxing champion Agit Kabayel.

Mohamed Hassan Alsuwaidi, UAE Investment Minister, said the UAE faces intensifying competition for global capital in strategic sectors such as AI, clean energy, advanced manufacturing and life sciences as investment flows become more concentrated.

Reem Al Hashimy, UAE Minister of State for International Cooperation, and Dr. Thani Al Zeyoudi, Minister of Foreign Trade, met with Helen McEntee, Ireland’s Minister for Foreign Affairs and Trade and Minister for Defense, in Abu Dhabi on Thursday.

Tom Goodale will lead a team of 16 people to expand the American advisory firm Cantor’s fixed-income business outside of the U.S., with the majority to be located in Abu Dhabi. Goodale is among at least 10 people who left Stifel Financial Corp. for Cantor, Bloomberg reports.

🎞 Rolling Dunes: Abu Dhabi has deepened its role in the “Dune” film franchise, with the trilogy’s final installment involving its biggest UAE shoot yet and pulling in a vast team of local crew members, contractors, interns and performers. A new trailer for “Dune: Part Three” was shown at a global Imax event on Wednesday, along with a live discussion between director Denis Villeneuve and Timothée Chalamet, who stars as Paul Atreide in the sci-fi blockbuster. The Abu Dhabi audience also heard from Emirati stuntman Mohamed Mostafa, who appears in the latest installment, The National reports. The vast red dunes of the UAE’s Liwa Desert represent the fictional desert planet of Arrakis across all three films.

📷 Photo of the Day

July 7-11, Sun Valley, Idaho. Allen & Co. Conference. Annual invitation-only gathering of top figures in technology, finance, media and government. Sun Valley Lodge.

July 9-11, Alexandria, Egypt. Comixandria. The international comics festival draws crowds of fans, collectors, illustrators and publishers. Jesuit Cultural Center.

July 14-15, Carlisle, Pa., Pennsylvania Defense and Innovation Summit. U.S. President Donald Trump to headline event at U.S. Army War College in Carlisle, joining defense, technology, finance and government leaders for discussions on military innovation and investment.

August 18-19, Dubai. Middle East Event Show. Bringing together professionals from the events industry. Dubai World Trade Center.  

August 28-Sept. 6, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition. An annual event celebrating traditional Emirati heritage and culture. ADNEC Center.

August 31-Sept. 3, Riyadh. LEAP Expo Riyadh. A major tech trade show for the Middle East, which includes a global startup live pitch event. RECC Malham.

Sept. 11-13, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles. ADNEC Center.  

Sept. 13-18, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC Center.

Sept. 17-19, Abu Dhabi. International Real Estate & Investment Show 2026. An event targeting investors and consumers rather than trade visitors. ADNEC Center.

Sept. 29-Oct. 1, Abu Dhabi. LIVEX 2026. Abu Dhabi’s inaugural Livability and Investment Exhibition. ADNEC Centre.

LIV LAYOFFS

LIV Golf has notified employees in the U.S. and U.K. that they face mass layoffs, in the latest sign that the ailing rebel league is struggling to stay afloat following the exit of Saudi Arabia’s Public Investment Fund. The grim outlook comes as two English companies filed a lawsuit seeking $210 million and $630 million in damages from LIV Golf, the PIF and other individuals and entities, according to court records obtained by ESPN. The companies, World Golf Group and Premier Golf League, claim that they first conceived the idea of a world golf league that provided the blueprint for LIV Golf’s launch. The PIF said in April that it would withdraw its backing from LIV Golf, after years of heavy losses and weak television audiences. 

JORDAN CAPITAL

Oman and Jordan agreed to create a $100 million joint investment company to back projects in the Hashemite kingdom’s energy, mining and technology industries. The venture will be owned equally by Oman Investment Authority and Jordan’s Social Security Investment Fund, with each contributing half the capital, Arab News reports. Executives from the two funds say the project is intended to support economic diversification, deepen cross-border investment and expand commercially viable projects in high-growth sectors. The announcement follows the World Bank’s approval of a $700 million loan to support Jordan’s private-sector growth.

Saudi Aramco: The state-owned oil giant’s efforts to restore crude exports from the reopened Ras Tanura terminal are meeting resistance as some customers decline to load cargoes because of renewed security concerns after attacks on ships in the Strait of Hormuz, Bloomberg reports.

Oman Investment Authority: OIA-backed Asyad Group is planning to sell an additional stake in Asyad Shipping worth about $190 million, increasing the number of the company’s shares available for public trading to meet Omani stock market rules, with the sale expected in the second half of the year, Bloomberg reports.

Qatar Investment Authority: The QIA participated in a $1 billion funding round for SambaNova, a California-based AI chips, systems, and cloud services provider.

Paramount: Oregon Attorney General Dan Rayfield is seeking a court order requiring Paramount Skydance to provide lobbying documents and delay its $110 billion Warner Bros. Discovery acquisition by 60 days amid an ongoing antitrust probe.

🏦 Saudi Foothold: Deutsche Bank secured a regional headquarters license in Riyadh, becoming the latest international lender to establish a base in the kingdom as Saudi Arabia pushes multinationals to set up a head office as a prerequisite for winning government contracts.

🧬 Biotech Boost: Saudi fintech and private credit firm Seha Invest signed a $500 million partnership with Boston-based Y-Innovations to support biotechnology and healthcare development in the kingdom, announcing the agreement on the sidelines of the BMG Forum at the London Stock Exchange.

🍍 Fruit Platter: Saudi Arabia’s Jazan Region has launched a tropical fruits and greenhouses project with investments exceeding $159 million.

⚠️ Tanker Damage: A QatarEnergy LNG tanker remains stranded off Oman after a projectile strike sparked an engine-room fire, although officials say its cargo is intact and the risk of an explosion remains low while salvage crews prepare an operation.

✈️ Flying Rebound: Airbus said Middle East travel demand has rebounded to about 90% of pre-war levels and expects Gulf airlines to overcome disruptions from the Iran war, continue expanding their fleets and remain a key driver of global aviation growth, Bloomberg reports. 

🚢 Leaving Hormuz: The UAE is accelerating plans to reduce reliance on the Strait of Hormuz by expanding alternative transport corridors and Gulf of Oman ports, while leveraging the scale and integrated logistics of hubs like Jebel Ali to remain competitive.

UAE President Sheikh Mohamed bin Zayed arrived in Kuwait on Thursday, where he was received by Sheikh Mishal Al-Ahmad Al-Jaber, Emir of the State of Kuwait.

Qatar’s Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani ​visited Muscat on Wednesday for talks with Oman on initiating negotiations involving Iran, Iraq and Gulf Arab states on the ​Strait of Hormuz, ​Reuters reports.

Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, met with Oman’s Foreign Minister Sayyid Badr Albusaidi in Muscat on Wednesday.

Sheikh Shakhboot bin Nahyan, UAE Minister of State, met with Ghana’s President John Dramani Mahama in the capital Accra, during an official visit to the country. 

Fatih Birol, International Energy Agency Executive Director, told The National that Gulf oil exporters need to “regain their reputation as reliable exporters” and that the Iran war has permanently altered risk calculations for buyers. 

Tariq Al-Khawaji, Vice President of the Saudi Film Festival, talked to Arab News about his optimism for the kingdom’s film scene and how far it has come since the days when he had to go abroad to watch blockbuster hits like “The Matrix.”

Helmut von Struve, CEO of Siemens in the UAE and Middle East, joined UAE Energy and Petroleum Undersecretary Sharif Al Olama to inaugurate the Emirates Monitoring Centre, the country’s first national control hub linking all four electricity utilities.

🎮 Game On: Dubai’s gaming enthusiasts, creators and fans came together last night for a midnight celebration of the launch of “Assassin’s Creed: Black Flag Resynced,” a remake of one of French studio Ubisoft’s most popular titles. The event, held by the Dubai Films and Games Commission and Ubisoft, featured an interactive gaming hub, cosplay and franchise trivia. Ubisoft, one of the world’s biggest studios, was the first major game publisher to establish roots in the Gulf region when it opened a studio in Abu Dhabi in 2011.

📷 Photo of the Day

July 7-11, Sun Valley, Idaho. Allen & Co. Conference. Annual invitation-only gathering of top figures in technology, finance, media and government. Sun Valley Lodge.

July 8-10, Hong Kong. LEAP East 2026. The first Asia-Pacific edition of Saudi Arabia’s flagship technology conference. Hong Kong Convention and Exhibition Centre.

July 9-11, Alexandria, Egypt. Comixandria. The international comics festival draws crowds of fans, collectors, illustrators and publishers. Jesuit Cultural Center.

July 14-15, Carlisle, Pa., Pennsylvania Defense and Innovation Summit. U.S. President Donald Trump to headline event at U.S. Army War College in Carlisle, joining defense, technology, finance and government leaders for discussions on military innovation and investment.

August 18-19, Dubai. Middle East Event Show. Bringing together professionals from the events industry. Dubai World Trade Center.  

August 28-Sept. 6, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition. An annual event celebrating traditional Emirati heritage and culture. ADNEC Center.

August 31-Sept. 3, Riyadh. LEAP Expo Riyadh. A major tech trade show for the Middle East, which includes a global startup live pitch event. RECC Malham.

Sept. 11-13, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles. ADNEC Center.  

Sept. 13-18, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC Center.

Sept. 17-19, Abu Dhabi. International Real Estate & Investment Show 2026. An event targeting investors and consumers rather than trade visitors. ADNEC Center.

Sept. 29-Oct. 1, Abu Dhabi. LIVEX 2026. Abu Dhabi’s inaugural Livability and Investment Exhibition. ADNEC Centre.

FERTILE GROUND 

Shares in Oman India Fertiliser Co. surged almost 20% as they started trading in Muscat today, following the region’s biggest IPO of the year. The company, which is backed by the Oman Investment Authority and the Indian government, raised 261 million Omani rials ($678 million) at the top end of the marketed range, valuing it at about $2.7 billion, Bloomberg reports. The listing drew demand from other regional sovereign wealth funds amid a rally in fertilizer prices driven by regional conflict, as well as increased interest in companies with access to Oman’s port infrastructure outside of the Strait of Hormuz. The company operates ammonia and urea plants in Oman. Ahead of the IPO, the OIA owned 50% of Oman India Fertiliser via state-owned energy company OQ, while Indian agricultural cooperatives IFFCO and Kribhco each held 25%.

OFFICE AGENTS

Abu Dhabi’s Inception42 plans to start deploying agentic artificial intelligence across the UAE federal government this quarter, with a goal of automating 50% of government operations within two years. The government-backed company, a unit of G42, says the systems will independently carry out complex, multi-step tasks with limited human intervention. Chief Executive Ashish Koshy told Arabian Gulf Business Insight the rollout is on a fixed timetable and is beginning to be used by government agencies. The initiative is part of a broader G42 and Microsoft collaboration expected to bring $15.2 billion of AI investment to the UAE while creating a unified AI platform for governments and businesses.

L’Imad Holding: Abu Dhabi’s newest sovereign fund is working with Boston Consulting Group to recruit senior professionals and overhaul its executive ranks, as it prepares to take a more central role in the emirate’s dealmaking ambitions, Bloomberg reports. The fund has reportedly asked some executives who transferred from ADQ after it was merged into the new entity to reapply for their positions. 

Public Investment Fund: ACWA Power, a Saudi clean energy company owned by the kingdom’s sovereign wealth fund, received an exclusive mandate from Saudi Arabia to export green hydrogen, green ammonia, green methanol and other green fuels.

Public Investment Fund: Saudi Arabia’s heritage destination AlUla is seeking private investment as it launches a new phase of expansion through public-private partnerships, with plans to triple hotel capacity to at least 3,000 rooms by 2030.

Private Department of Sheikh Mohammed bin Khalid Al Nahyan: The investment firm owned by members of Abu Dhabi’s ruling family said it will invest $1.1 billion in Saudi Aramco-backed LNG company MidOcean Energy.

Oman Investment Authority: Minerals Development Oman and Kazakhstan’s Solidcore Resources will jointly develop the Khabiyat copper and gold project in northern Oman, with Solidcore investing $31 million to potentially acquire a 60% stake.

🚁 Taking Off: The UAE’s General Civil Aviation Authority gave its approval to Dubai’s new VDX, the world’s first commercial vertiport designed specifically for electric air taxis, clearing the way for future passenger service.

📦 Logistics Buildup: Gulftainer, a UAE-based private logistics company, will invest $2 billion to become a global trade infrastructure company by integrating ports, shipping, logistics, industrial ecosystems and AI-powered supply chains.

🛎️ Holy Upgrade: A $99 million renovation project has begun at the five-star Makkah Hotel & Towers in the holy city of Mecca.

🏦 Payment Declined: Saudi Arabia has been accused of blocking or delaying financial transfers from banks in the kingdom to accounts based in the UAE, the Financial Times reports.

⛽ Syrian Power: TotalEnergies CEO Patrick Pouyanné said in Damascus that the French company is discussing an offshore exploration contract with Syria for oil and gas, though he ruled out a near-term return to onshore operations because of security concerns.

💰 Investment Drive: Saudi Arabia has launched a trade mission to Morocco involving more than 70 companies as it seeks to boost non-oil exports and strengthen commercial ties with North Africa.

✈️ Lost Cargo: Five crew members are missing after a cargo plane that departed Sharjah disappeared from radar off Pakistan’s coast following a reported navigation system failure, with flight data suggesting it crashed into the sea.

UAE President Sheikh Mohamed bin Zayed met on Tuesday with a delegation from the Emirates Foundation that included Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi; Sheikh Hamdan bin Zayed, Ruler’s Representative in Al Dhafra Region; Sheikh Saif bin Mohammed; Sheikh Suroor bin Mohammed; Sheikh Nahyan bin Zayed, Chairman of Zayed for Good Foundation. Also attending, Marty Edelman, the real estate lawyer and advisor to the royal family who was awarded the UAE’s Order of the Union last month.

Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, met with Helen McEntee, Ireland’s Minister of Foreign Affairs, Trade and Defense, in Jeddah on Tuesday.

Mark Carney, Canada’s Prime Minister, will begin a visit to Saudi Arabia on Wednesday, where he is expected to meet Saudi Crown Prince Mohammed bin Salman and sign an investment pact.

Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC, met with Kim Jung-kwan, South Korea’s Minister of Trade, Industry and Energy.

Khaled Al-Saeedi, Director of Government Communication at the UAE Agriculture Ministry, said that the emirates will begin importing fruit and vegetables directly from Syria through a transit route via Iraq.

Humaid Mohammad Obaid Alqutami was appointed Chairman of Dubai-based Islamic Arab Insurance Co (Salama).

Ali Saad was appointed as Managing Director of a newly formed Middle East branch of the leisure group Overseas Network in Qatar.

🍫 Sweet Success: The husband and wife duo behind the global success of Dubai chocolate say the sense of disbelief has not worn off when they spot the countless imitations that have followed. Sarah Hamouda and husband Yezen Alani, the founders of Fix Dessert Chocolatier, still marvel at the array of products inspired by their pistachio and knafeh flavor combination, from sweets to deodorant and candles. “It’s extremely flattering. We’re still pinching ourselves,” Alani told The National. “For us to be able to create a category in itself is incredible. To inspire others to do their own take on the Dubai chocolate – which actually we didn’t name, the world did – is amazing.”

📷 Photo of the Day

July 7-11, Sun Valley, Idaho. Allen & Co. Conference. Annual invitation-only gathering of top figures in technology, finance, media and government. Sun Valley Lodge.

July 8-9, Abu Dhabi. Money Expo Abu Dhabi. Bringing together investors, traders, fintech innovators, and financial institutions to explore the future of finance. ADNEC Center. 

July 9-11, Alexandria, Egypt. Comixandria. International comics festival draws crowds of fans, collectors, illustrators and publishers. Jesuit Cultural Center.

July 14-15, Carlisle, Pa. Pennsylvania Defense and Innovation Summit. U.S. President Donald Trump to headline event at U.S. Army War College in Carlisle, joining defense, technology, finance and government leaders for discussions on military innovation and investment.

August 18-19, Dubai. Middle East Event Show. Bringing together professionals from the events industry. Dubai World Trade Center.  

August 28-Sept. 6, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition. An annual event celebrating traditional Emirati heritage and culture. ADNEC Center.

August 31-Sept. 3, Riyadh. LEAP Expo Riyadh. A major tech trade show for the Middle East, which includes a global startup live pitch event. RECC Malham.

Sept. 11-13, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles. ADNEC Center.  

Sept. 13-18, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC Center.

Sept. 17-19, Abu Dhabi. International Real Estate & Investment Show 2026. An event targeting investors and consumers rather than trade visitors. ADNEC Center.

Sept. 29-Oct. 1, Abu Dhabi. LIVEX 2026. Abu Dhabi’s inaugural Livability and Investment Exhibition. ADNEC Centre.

FAMILY TIES

AC Limited, the family office of UAE President Sheikh Mohamed bin Zayed, has become a major source of capital for private equity, hedge funds and corporate deals while managing assets believed to be worth tens of billions of dollars. The firm has invested in companies including Amazon, Microsoft, Nvidia and McLaren, while backing funds and transactions involving Blackstone, Carlyle, Ardian and Hayfin, Bloomberg reports. The report said AC Limited’s role in most of those investments had not previously been disclosed, with people familiar with the firm describing it as one of the world’s most influential family offices despite its intentionally low public profile. A sparse one-page website omits any reference to its royal ownership, executives or investments, and executives seeking capital are warned not to ask whose money the firm manages.

CANADIAN CONUNDRUM

The UAE has $50 billion to invest in Canada, but nowhere to put it. Officials told an Emirati delegation in June that it was too early to deploy the capital because there were too few investment-ready projects, the Financial Times reports. Prime Minister Mark Carney secured the pledge from UAE President Sheikh Mohamed bin Zayed and Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed last November. A UAE official said the investment plans remain on track and will move forward as suitable opportunities are identified.

Abu Dhabi Investment Authority: SBI Funds Management is set to attract investments from ADIA and GIC in its $1.2 billion IPO, which values India’s largest asset manager at about $12.3 billion, Reuters reports. 

ADNOC: Abu Dhabi National Oil Co. signed a 15-year deal with Japan’s Inpex to supply 1 million tons a year of LNG from its Ruwais project.

ADNOC Distribution: The ADNOC unit agreed to acquire Shell’s South African fuel retail business in a deal that values the company at about $1 billion.

Mubadala: Stockholm-based Klarna, the buy-now-pay-later firm backed by Abu Dhabi sovereign fund Mubadala, has applied for a U.S. banking license in Utah, Bloomberg reports.

Public Investment Fund: The new PIF-owned Saudi airline earned praise from Condé Nast Traveller, which said “It arrives with a level of polish that many carriers take years to achieve.”

Saudia Group: The group, which operates Saudi Arabia’s oldest government-owned airline, agreed to buy four Boeing 777-200 freight planes for Saudia Cargo, part of the kingdom’s strategy to grow as a regional logistics hub.

Oman Investment Authority: OIA-backed United Solar has closed a $50 million equity investment from the World Bank Group’s International Finance Corporation for its polysilicon facility in Oman’s Sohar Free Zone, completing a $1.6 billion capital raise from a consortium of global investors.

✈️ Taking Flight: Dubai Aerospace Enterprise has partnered with U.S.-based Neuberger Specialty Finance to launch Mustang Aerospace, a new aircraft leasing co-investment vehicle targeting up to $6 billion in assets over the medium term, The National reports.

🛣️ Dubai Loop: Production has begun on 25,000 precast concrete tunnel segments for the first phase of Dubai Loop, marking a major construction milestone for the underground transport project by The Boring Company and Dubai’s Roads and Transport Authority.

📈 No Limits: Abu Dhabi’s ADX securities exchange will remove daily price limits for listed ETFs and futures contracts from August 3 to enhance price discovery, liquidity, trading efficiency and investor responsiveness.

⛽ Gas Hunt: Israel launched a new licensing round to find more offshore natural gas and boost exports, allowing Chevron to bid while it continues to operate the country’s Tamar and Leviathan gas fields.

🇬🇧 London Calling: Saudi Arabia’s Dar Global is targeting distressed residential projects in prime central London areas such as Mayfair, Belgravia and Knightsbridge, CEO Ziad El Chaar tells Arabian Gulf Business Insight.

⚒️ Pipeline Performance: Saudi Arabia is considering expanding its East-West crude oil pipeline to boost export capacity via the Red Sea and reduce reliance on the Strait of Hormuz, Reuters reports. 

🧐 Cheaper Lifestyle: Dubai has dropped seven places to rank as the 14th most expensive city in the world for the ultra-wealthy amid cooling prices and global currency swings, according to Julius Baer’s Global Wealth and Lifestyle Report 2026.

🏎️ Car Show: Formula 1 is considering reinstating the Bahrain Grand Prix this season, potentially in September between the Azerbaijan and Singapore races, with a decision expected before the August summer break.

🏗️ Shifting Focus: Oman aims to turn wartime supply-chain shifts into a long-term logistics advantage by expanding road, rail and port infrastructure to become a regional trade hub.

UAE President Sheikh Mohamed bin Zayed issued a federal decree appointing Mohammed Saeed Rashid Al Shehhi as the Secretary-General of the National Media Authority, with the rank of Ministry Undersecretary.

Sheikh Hamdan bin Mohammed, the Crown Prince of Dubai, met global gaming executives at a gathering that was designed to promote investment, talent development and the emirate’s ambitions to become a regional gaming hub.

French President Emmanuel Macron arrived in Damascus on Monday, where he met with Syrian President Ahmed al-Sharaa.

Sheikh Bandar bin Mohammed bin Saoud Al-Thani, Governor of Qatar Central Bank and Chairman of Qatar Investment Authority, met with Co-CEO of KKR & Co. Scott Nuttall during his visit to New York on Monday.

Pierre Fayad_, formerly of Goldman Sachs, was hired by HSBC as Mergers and Acquisitions Director of its Capital Markets and Advisory team in ​Saudi Arabia, Reuters reports. HSBC also appointed Andrew Pedder as Head of Leveraged and Acquisition Finance on the team and Chris Johannson as Director of Equity Capital Markets.

Omar Al Olama, UAE Minister of State for Artificial Intelligence, spoke at the opening session of the UN’s global dialogue on AI governance on Monday, urging those attending to take a cautiously optimistic view of AI, while making sure that everyone plays a role in ensuring it is “merciful and supportive.”

Andrey Artamonov was appointed as the Chief Technology and Information Officer at Dubai-based neobroker Amana.

✨ Carpet Magic: As Levantine carpet-maker Iwan Maktabi opens a new flagship store on Jumeirah Beach Road in Dubai, The National tells the story of how the 100-year-old business founded by an entrepreneurial carpet dealer from Iran has evolved into a design-forward creator of bespoke commissions. The new generation of the family business has pushed the boundaries of the traditional carpet trade, opening an experimental pop-up at trendy Alserkal Avenue and inviting artists to collaborate on original designs.

📷 Photo of the Day

July 7-11, Sun Valley, Idaho. Allen & Co. Conference. Annual invitation-only gathering of top figures in technology, finance, media and government. Sun Valley Lodge.

July 8-9, Abu Dhabi. Money Expo Abu Dhabi. Bringing together investors, traders, fintech innovators, and financial institutions to explore the future of finance. ADNEC Center. 

July 9-11, Alexandria, Egypt. Comixandria. International comics festival draws crowds of fans, collectors, illustrators and publishers. Jesuit Cultural Center.

July 14-15, Carlisle, Pa. Pennsylvania Defense and Innovation Summit. U.S. President Donald Trump to headline event at U.S. Army War College in Carlisle, joining defense, technology, finance and government leaders for discussions on military innovation and investment.

August 18-19, Dubai. Middle East Event Show. Bringing together professionals from the events industry. Dubai World Trade Center.  

August 28-Sept. 6, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition. An annual event celebrating traditional Emirati heritage and culture. ADNEC Center.

August 31-Sept. 3, Riyadh. LEAP Expo Riyadh. A major tech trade show for the Middle East, which includes a global startup live pitch event. RECC Malham.

Sept. 11-13, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles. ADNEC Center.  

Sept. 13-18, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC Center.

Sept. 17-19, Abu Dhabi. International Real Estate & Investment Show 2026. An event targeting investors and consumers rather than trade visitors. ADNEC Center.

Sept. 29-Oct. 1, Abu Dhabi. LIVEX 2026. Abu Dhabi’s inaugural Livability and Investment Exhibition. ADNEC Centre.

GAME ON

Saudi Arabia’s Esports World Cup kicks off in Paris today, the first time it has been held outside of the kingdom since its launch in 2024. The tournament, which attracts about 2,000 players competing for a prize pool of more than $75 million over seven weeks, is part of Saudi Prince Mohammed bin Salman’s plans to build a globally competitive gaming industry. Organizers said regional tensions were a factor in moving the tournament to the French capital, but it also reflected a longer-term ambition to expand the competition globally. The New Global Sport Conference, the associated annual business gathering, will hold an invitation-only summit in Paris. Another conference will be held in Riyadh from Oct. 30 to Nov. 1, followed by the Esports Nations Cup on Nov. 2. 

LNG TRADING

ADNOC has launched a liquefied natural gas marketing and trading platform at Abu Dhabi Global Market to optimize global LNG exports from its expanding portfolio. The integrated entity combines marketing activities from ADNOC Gas and international investing arm XRG with ADNOC Trading’s commercial operations into a single hub, The National reports. ADNOC said the platform would target 47 million tonnes per annum of LNG capacity by 2035 and is designed to increase flexibility, shipping optionality and portfolio optimization. “This world-class, integrated commercial LNG platform brings together the full strength of ADNOC’s marketing, trading and shipping capabilities to create a single global hub in Abu Dhabi,” Dr. Sultan Al Jaber, ADNOC’s Managing Director and group CEO, said.

Public Investment Fund: Saudi Arabia’s SABIL grain company has unloaded its first wheat at NEOM Port, using the new hub to diversify logistics and speed up distribution across northern regions.

Public Investment Fund: Saudi Arabia transferred $20.6 billion in infrastructure and utility assets from the PIF to the Ministry of Finance in 2025 under a government restructuring move.

International Holding Co.: DDSC, a UAE dirham-pegged stablecoin developed by IHC, FAB, and Sirius, has been approved for use on VARA-regulated platforms, making it more accessible for everyday retail transactions in the UAE.

G42: Abu Dhabi’s G42, through its Inception42 arm, and Microsoft are expanding their AI partnership to integrate Inception42’s Catalyst platform with Microsoft Copilot, enabling secure AI assistants for governments and businesses while keeping sensitive data within the UAE.

ADNOC: Abu Dhabi oil giant is reviewing investment banks for advisory mandates as it prepares for its next phase of international investment and dealmaking.

💰 New Fund: Saudi investors are launching a private equity fund targeting at least $500 million to attract foreign investment into sectors including healthcare, logistics, cold storage and data centers, Arabian Gulf Business Insight reports.

🏢 Real Estate Fund: UAE property developer Arada plans to launch Arada Capital, an Abu Dhabi-based fund platform targeting $5 billion in assets under management within four years.

🌊 Friends Again: Maritime trade between Iran and Qatar has resumed after a five-month pause, with shipping restarting between Dayyer and Al Ruwais ports.

🎡 Rivalry Wheel: Saudi Arabia is seeking private investors for the $135 million “Hijaz Eye” Ferris wheel in Medina, a tourism project aimed at pilgrims and domestic visitors.

🚢 Strait Flush: The UAE has been covertly shipping crude through the Strait of Hormuz using stealth tactics, with Korean-owned Sinokor Group emerging as a major transporter and profiting tens of millions from deals with ADNOC, Bloomberg reports. 

🏗️ Old Plans: Emaar’s planned $54 billion “city within a city” megaproject is tipped to be a revamped version of its Dubai Estate masterplan in south-east Dubai, Arabian Gulf Business Insight reports.

✈️ Sudan Land: Qatar Airways has launched three weekly flights to Port Sudan, restoring its Sudan service and connecting passengers to more than 160 destinations via Doha.

⚓ Double Digits: Despite ongoing disruptions, Qatar’s ports saw strong June growth, handling 78,002 twenty-foot equivalent units and higher cargo and vessel volumes as trade activity rose across its three commercial ports.

UAE President Sheikh Mohamed bin Zayed sent a congratulatory cable to Keiko Sofia Fujimori Higuchi on her victory in the presidential election in Peru. Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, and Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, also sent congratulatory cables.

Sheikh Mohammed bin Abdulrahman Al Thani, Qatar’s Prime Minister and Minister of Foreign Affairs, met with India’s External Affairs Minister S. Jaishankar in Doha on Sunday.

Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, met with Abdullatif bin Rashid, Bahrain’s Foreign Minister, on Sunday in Riyadh.

Stefano Domenicali, President of Formula One, said he is hopeful that at least one of the two races that were canceled in Bahrain and Saudi Arabia because of the Middle East conflict can be restored to the 2026 calendar.

Darren Woods, CEO of ExxonMobil, is described in a Financial Times profile as the “industry’s most powerful chief executive for a generation.”

Dr. Sultan Al Neyadi, UAE Minister of State for Youth Affairs and astronaut, held high-level talks with Serbian President Aleksandar Vucic in Belgrade as part of a mission to bolster ties and strengthen ambitions in space. Fellow UAE astronauts Maj. Hazza Al Mansouri and Mohammed Al Mulla were also part of the trip to Serbia. 

Alain Bejjani, former CEO of UAE retailer Majid Al Futtaim, said in an interview with Arabian Business that businesses should reinvest a portion of the financial gains generated by automation into supporting employees whose jobs are displaced.

Masayoshi Son, CEO of SoftBank Group, has put himself at the center of the global AI boom. Some think he now has too much control, writes the Financial Times. 

🎤 Desert Beats: Apple Music has partnered with Saudi Arabia’s MDLBEAST to release a collection of live sets recorded at Sandstorm 2025, one of the Middle East’s biggest music festivals. The release brings together performances from local, regional and international artists, including Armin van Buuren, Alok, Steve Aoki, Omar Basaad, Elfuego, Sidney Samson, N.A.H, Nikaya, DJ Viva, The Engineers, and Gino & Enzo Ingrosso, Arab News reports.

📷 Photo of the Day

July 7-11, Sun Valley, Idaho. Allen & Co. Conference. Annual invitation-only gathering of top figures in technology, finance, media and government. Sun Valley Lodge.

July 8-9, Abu Dhabi. Money Expo Abu Dhabi. Bringing together investors, traders, fintech innovators, and financial institutions to explore the future of finance. ADNEC Center. 

July 9-11, Alexandria, Egypt. Comixandria. International comics festival draws crowds of fans, collectors, illustrators and publishers. Jesuit Cultural Center.

July 14-15, Carlisle, Pa. Pennsylvania Defense and Innovation Summit. U.S. President Donald Trump to headline event at U.S. Army War College in Carlisle, joining defense, technology, finance and government leaders for discussions on military innovation and investment.

August 18-19, Dubai. Middle East Event Show. Bringing together professionals from the events industry. Dubai World Trade Center.  

August 28-Sept. 6, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition. An annual event celebrating traditional Emirati heritage and culture. ADNEC Center.

August 31-Sept. 3, Riyadh. LEAP Expo Riyadh. A major tech trade show for the Middle East, which includes a global startup live pitch event. RECC Malham.

Sept. 11-13, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles. ADNEC Center.  

Sept. 13-18, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC Center.

Sept. 17-19, Abu Dhabi. International Real Estate & Investment Show 2026. An event targeting investors and consumers rather than trade visitors. ADNEC Center.

Sept. 29-Oct. 1, Abu Dhabi. LIVEX 2026. Abu Dhabi’s inaugural Livability and Investment Exhibition. ADNEC Centre.