MAPLE LEAF DIPLOMACY

Canada’s Prime Minister Mark Carney is “very confident” that his country can more than double its trade with the UAE in less than a decade. Speaking to the Canada-UAE Business Council today, Carney said his government is finalizing a framework agreement to spend more than $50 billion in fields including energy, AI logistics and mining. Among the commitments, Carney said his government was finalizing a $1 billion investment in a project to expand critical minerals processing capacity. “To the uninitiated, Canada and the UAE can appear as different as snow and sand, yet we’re deeply, deeply aligned,” he said. In the wake of the visit, Inovia Capital, one of Canada’s biggest VC tech investors, announced today that it would open an office in Abu Dhabi’s ADGM free zone.

TRANSFORMING TRADES

Saudi Arabia’s Tadawul Exchange plans to roll out a “new generation” of investment products, including debt instruments and derivatives. CEO Khalid Al-Hussan told Asharq Bloomberg in an interview that the Saudi financial market is “going through the fastest stage of its development in decades,” adding that it is “racing to innovate new products… in preparation for a digital expansion phase reliant on AI and blockchain.” Over the past eight years, the number of listed companies has risen to 380 from 100 with total capitalization exceeding $2.5 trillion. Al-Hussain noted that the amount raised through initial public offerings since 2018 has exceeded $130 billion.

International Holding Co.: IHC has joined a list of potential bidders for the global assets of Lukoil, following U.S. sanctions on one of Russia’s biggest oil companies, Reuters reports. Lukoil has stakes in oilfields in Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt, the UAE and Nigeria, as well as three refineries in Europe and hundreds of retail fuel stations globally. Other bidders include ExxonMobil, Chevron and U.S. private equity firm Carlyle.

International Holding Co.: IHC plans to exit from non-strategic minority investments worth up to $25 billion over the next 18 months, CEO Syed Basar Shueb told Reuters.

Qatar Investment Authority: Qatar’s sovereign wealth fund is revising its plans for redeveloping the HSBC Tower in London’s Canary Wharf so that it can retain up to 80% of the office space, shifting away from previous mixed-use plans, amid stronger office demand, Reuters reports.

ADQ: AD Ports, a subsidiary of ADQ, acquired the Public Investment Fund’s full stake in Alexandria Container & Cargo Handling Co for $279 million.

ADQ: AD Ports Group subsidiary KEZAD Group, has signed two land lease agreements worth more than $299 million with two leading Indian business groups. 

🚗 Auto Pact: Saudi Arabia’s Ministry of Investment signed a preliminary agreement with Dutch car maker Stellantis and Saudi auto products firm Petromin, to manufacture cars in the kingdom.

🌐 Raising Security: UAE-based AI digital security company Secure closed a $4.5 million funding round, which was led by venture investor Disrupt.

⚗️ Genetic AI: Cassidy Bio, an Israeli biotech startup, raised $8 million in seed funding to build an AI-driven platform that accelerates design of gene-editing therapies.

🏘️ Open House: Saudi Arabia’s plans to allow foreigners to own a wide range of real estate, including in Mecca, are on track, with the new rules to kick in from January, Bloomberg reports.

🛢️ Oil Talks: Libya’s National Oil Company is finalizing preparations for February’s first oil exploration bid round in 17 years, offering 22 offshore and onshore concessions.

💰 Exit India: Emirates NBD India is among potential buyers who are interested in taking over Deutsche Bank’s retail and wealth management business in India, Bloomberg reports. 

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, witnessed the launch of a new strategy from the Ministry of Foreign Trade.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, attended the opening ceremony of the Natural History Museum Abu Dhabi in the Saadiyat Cultural District.

U.S. President Donald Trump received assurances from the World Economic Forum that “woke” topics, such as female empowerment, diversity and climate change, would not be included in panel discussions as a condition to his participating in the annual Davos event, the Financial Times reports.

Pope Leo XIV, met with Dr. Khalid Ghanem Al Ghaith, UAE Secretary-General of the Higher Committee of Human Fraternity, at the Vatican on Thursday.

Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, said that the country is in advanced talks with Japan and the EU over comprehensive economic partnership agreements. 

President Alexander Stubb of Finland said in an interview with The National that he is looking to enhance trade and technological relations with the UAE.

🧑‍🍳 Bon appétit: Slow-cooked young camel with foie gras and grilled spiny lobster with tamarind and curry leaves are among the locally-inspired dishes to be served up at the Ducasse in AlUla pop-up this December in Saudi Arabia. Designed by famed French-born Monagasque chef Alain Ducasse, the five or seven-course meal will use 80% local produce, including camel, dates, spices and seafood from the Red Sea, prepared with French techniques, Arab News reports.

Nov. 19-23, Abu Dhabi. Abu Dhabi Art. One of the region’s biggest art fairs marks its 17th and final year before it relaunches as Frieze Abu Dhabi next year. Manarat Al Saadiyat.

Nov. 24-27, Dubai. Big 5 Global. Addressing the challenges shaping the construction and urban development community today and tomorrow. Dubai World Trade Center.

Nov. 25-26. Riyadh. Global Sustainability Expo. Dedicated to advancing sustainability practices across industries. The Arena Riyadh.

Nov. 26-27, Abu Dhabi. CyberQ 2025. The UAE’s flagship summit for cybersecurity and quantum technologies. ADNEC Center.

Dec. 1-2, UAE. UAE National Day. A two-day public holiday to celebrate the UAE’s 54th National Day, also known as Eid Al Etihad. 

Dec. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island. 

Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit. 

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.

Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.

Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.

Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the world’s top minds to redefine and shape the future of global markets. The Grand Steps, Al Maryah Island.

AI HOLLYWOOD

Saudi Arabia has deepened its push into artificial intelligence with a $900 million dollar investment in Luma AI, a Silicon Valley company developing technology that could reshape film production. Luma’s executives, who were present at the Future Investment Initiative last month in Riyadh, raised funds in a round led by Humain, alongside AMD Ventures and existing backers including Andreessen Horowitz and Matrix Partners. Humain and Luma AI are also building a 2-gigawatt data centre in the kingdom, known as Project Halo, which Luma CEO Amit Jain said would meet regional demand and “a big portion” of the company’s global compute needs, Arabian Gulf Business Insight reports. Jain added that the kingdom’s combination of land, low-cost solar power and close U.S. ties made it an attractive location for large-scale AI infrastructure.

COMIC RELIEF

Speculation is growing over the role of Gulf sovereign wealth funds in Paramount’s bid for Warner Bros. Discovery, despite the media and entertainment company attempting to throw cold water on the rumours. Paramount is seen as the favorite among a cohort of potential suitors, including Netflix and Comcast, which are preparing bids for the entertainment conglomerate, which owns iconic brands including CNN, HBO and DC Comics. Variety reported on Tuesday that the Ellison family, which owns 100% of Paramount Skydance, was putting together a $71 billion bid with backing from Saudi Arabia’s Public Investment Fund, the Qatar Investment Authority and the Abu Dhabi Investment Authority. Paramount responded by saying the information in the report was “categorically inaccurate.” However, the Financial Times reported that Paramount held “preliminary talks” with the PIF and other investors about backing the deal separately.

Mubadala: The Abu Dhabi Investment Council, an independently-run unit of the sovereign wealth fund, more than tripled its stake in the iShares Bitcoin Trust ETF in the third quarter to nearly 8 million shares just before Bitcoin’s steady ascent turned into a steep selloff, Bloomberg reports.

Masdar: Masdar and Tadweer Group signed a preliminary agreement to develop Abu Dhabi’s first commercial-scale waste-to-SAF plant, which will convert about 500,000 tonnes of waste annually into sustainable aviation fuel using green hydrogen and waste gasification.

Wafra: The $28 billion money manager owned by Kuwait’s state pension agency, has bought a minority stake in the $192 billion European private markets firm Ardian, Bloomberg reports.

Qatar Investment Authority: Blue Owl Capital, a New York asset management firm that has backing from the QIA and Mubadala, has abandoned its planned merger of two private-credit funds after concerns it could trigger as much as 20% in losses for investors, the Financial Times reports.

🪖 Defense Alliance: Abu Dhabi’s EDGE Group and Italian aerospace firm Leonardo said they will form a joint venture in the UAE to produce advanced defense systems.

💰 Coastal Investment: State-run Minerals Development Oman has signed a $530 million concession agreement with India’s JSW Group to mine gypsum and limestone in Dhofar.

🌱 Seed Round: UAE-based AI SaaS company Kingpin raised $3.5 million in a seed funding round backed by investors including San Francisco-based Infinity Ventures, with support from Abu Dhabi business accelerator Hub71.

🚢 Tanker Mystery: Iran has released the seized oil tanker Talara and its crew, minus its cargo, Bloomberg reports.

🪸 Climate Coup: Turkey is expected to host next year’s COP31 climate meeting after Australia dropped its bid to host the annual event.

🪙 Approved Coin: The UAE Central Bank has allowed AI-powered bank Zand to launch Zand AED, the first officially approved digital token backed by the Dirham.

🔋 Asia Expansion: Abu Dhabi-listed NMDC Energy is, opening new branches in Taiwan and in Shanghai, China.

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, announced the establishment of a national investment fund with initial capital of $10 billion to encourage foreign investment.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, will lead the UAE delegation at the 20th G20 summit, which takes place Nov. 22-23, in Johannesburg, South Africa. 

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of the Central Bank of the UAE, met with Pan Gongsheng, Governor of the People’s Bank of China, at Qasr Al Watan palace in Abu Dhabi on Wednesday.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, held a phone call with Pablo Quirno, Argentina’s newly appointed Minister of Foreign Affairs, International Trade and Worship. Sheikh Abdullah also held a phone call with David van Weel, Minister of Foreign Affairs of the Netherlands.

Mark Carney, the Canadian Prime Minister, arrived in Abu Dhabi today for a working visit. He is expected to meet with business executives and the heads of the UAE’s sovereign wealth funds.

Abdul Wahab Al-Halabi, a turnaround specialist, has been named Executive Chairman of UAE-based conglomerate IFFCO Group, which operates food brands including London Dairy, as it works with Rothschild & Co. to restructure about $2 billion in debt.

Dilhan Pillay, CEO of Singapore’s Temasek sovereign wealth fund, warns that the weakening U.S. dollar is eroding returns and making U.S.-dollar–denominated assets less attractive, with hedging costs ballooning, Bloomberg reports.

Usman Ahmed, Group CEO of National Bank of Bahrain, was appointed as an Executive Director representing NBB at asset manager SICO.

Mohammed Alawadhi, Managing Director of the U.K.’s Cheval Collection, told The National that the developer plans to launch up to seven projects in Saudi Arabia over the next three years as the market opens up to foreign buyers.

Lourdes Vega, a Professor at Khalifa University, was included in the Women in Hydrogen 50 for 2025 global list’s Technology and Innovation category.

🦖 Dino Date: The Natural History Museum Abu Dhabi, one of the star attractions of the Saadiyat cultural district and the first of its kind in the region, will open to the public this weekend. Among the artifacts on display will be a nearly 12-meter (38-foot)-tall Tyrannosaurus rex skeleton named Stan and a 7-billion-year-old meteorite. The museum sits between immersive digital art museum TeamLab Phenomena Abu Dhabi, which opened in February, and the Louvre Abu Dhabi. The launch comes less than two weeks before the Zayed National Museum opens its doors to the public on Dec. 3.

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.

Nov. 19-23, Abu Dhabi. Abu Dhabi Art. One of the region’s biggest art fairs marks its 17th and final year before it relaunches as Frieze Abu Dhabi next year. Manarat Al Saadiyat.

Nov. 24-27, Dubai. Big 5 Global. Addressing the challenges shaping the construction and urban development community today and tomorrow. Dubai World Trade Center.

Nov. 25-26. Riyadh. Global Sustainability Expo. Dedicated to advancing sustainability practices across industries. The Arena Riyadh.

Nov. 26-27, Abu Dhabi. CyberQ 2025. The UAE’s flagship summit for cybersecurity and quantum technologies. ADNEC Center.

Dec. 1-2, UAE. UAE National Day. A two-day public holiday to celebrate the UAE’s 54th National Day, also known as Eid Al Etihad. 

Dec. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island. 

Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit. 

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.

Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.

Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.

Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the world’s top minds to redefine and shape the future of global markets. The Grand Steps, Al Maryah Island.

NEW LOCATION 

Emirates will invest up to $12 billion in Al Maktoum International as part of the Dubai government’s $35 billion redevelopment of the site, which is slated to replace DXB as the emirate’s main aviation hub by 2032. Sheikh Ahmed bin Saeed, Chairman and CEO of Emirates Group, said total spending will far exceed the headline figure. He said Emirates plans to finance its share of the investment through a combination of cash reserves and new debt. Moreover, U.K. Export Finance, the government-backed export credit agency, announced during the Dubai Airshow that it will invest $3.5 billion to support the participation of the U.K. businesses in the new airport. 

CHASING DEALS

Abu Dhabi asset manager Lunate, which raised about $17 billion in 2024 for its flagship funds, is now planning to raise a larger sum for new funds launching in 2026, Bloomberg reports. Lunate, which manages capital for institutions and family offices, has already deployed approximately $13.5 billion, just two years after its debut. Lunate, which has relationships with more than 100 general partners, including BlackRock and Blackstone, is backed by Abu Dhabi sovereign fund ADQ and Chimera Investment, both tied to UAE national security advisor Sheikh Tahnoon bin Zayed.

Public Investment Fund: The U.S. plans to approve exports of advanced AI chips to Humain, Saudi Arabia’s PIF-backed AI company, as part of a broader tech partnership with the Kingdom.

Public Investment Fund: Saudi Arabia’s PIF-owned The Helicopter Co. bought a 76% stake in Morocco-based Heliconia, one of Africa’s leading helicopter companies, to expand into offshore services and deepen its aviation footprint in North and West Africa.

Public Investment Fund: Riyadh Air, the new Saudi airline owned by the PIF, placed an order for 120 CFM LEAP-1A engines to power its 60 Airbus A321neo aircraft.

ADQ: Etihad Airways has revealed plans to increase its fleet size to 200 aircraft by the end of the decade, CEO Antonoaldo Neves said.

Mubadala: Strata, Mubadala Investment Company’s aerospace manufacturing unit, is in talks to manufacture aircraft engine parts for the first time, acting CEO Sara Al Memari told The National.

EDGE: The UAE defense conglomerate has signed a cooperation agreement with Republikorp, Indonesia’s leading defense holding company, to deliver a $7 billion program for the Indonesian Armed Forces. 

Kuwait Investment Authority: The KIA has become an investor in Brookfield Asset Management’s $10 billion artificial intelligence infrastructure fund.

🤖 Seoul Mates: South Korea will join the UAE’s flagship Stargate AI project, a 1GW data-center campus backed by U.S. firms, strengthening its role in the Gulf’s AI infrastructure buildup.

🛢️ Debt Deal: Kuwait Petroleum Corporation secured a $4.9 billion loan from local banks to support its oil operations and financial resilience.

🏡 Our House: Venn, an Israeli startup that helps manage relationships between landlords and tenants, raised $52 million in a Series B funding round led by NOA Capital and CIM Group.

⛽ Bigger’n Dallas: The Qatar-Exxon Golden Pass LNG plant in Texas is expected to ship its first liquefied gas cargo in February, a milestone for U.S. exports of the gas, Bloomberg reports.

🤝 Syria Gas: Syria has signed a preliminary agreement on gas cooperation with ConocoPhillips and Novaterra to develop existing fields and explore new ones.

💶 New in Town: KKR & Co. is opening an office in Abu Dhabi’s freezone, ADGM, in addition to its offices in Dubai and Riyadh.

💺 Good Seats: Emirates and French aerospace company Safran signed an agreement to build a manufacturing and assembly facility in Dubai to produce up to 1,000 Business Class seats annually.

🔔 Bell Ringer: Saudi real estate firm, Dar Global celebrated its official transfer to the Equity Shares category on the London Stock Exchange by ringing the market-opening bell.

UAE President Sheikh Mohamed bin Zayed received on Tuesday participants of the UAE Government Leaders Programme 2025, which aims to build distinguished Emirati leaders.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, and Sheikh Tahnoon bin Zayed, UAE National Security Adviser, met with Larry Fink, Chairman and CEO of BlackRock, on Wednesday.

Sheikh Khaled bin Mohamed inaugurated Abu Dhabi Art at Manarat Al Saadiyat on Tuesday.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, received Dr. Abdullatif bin Rashid Alzayani, Minister of Foreign Affairs of Bahrain.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai UAE Deputy Prime Minister, Minister of Defense, and Chairman of the Board of Trustees of the Dubai Future Foundation, attended the opening day of the Dubai Future Forum 2025 on Tuesday.

Sheikh Shakhboot bin Nahyan, UAE Minister of State, met with João Manuel Lourenço, President of Angola, in the capital, Luanda, on Tuesday.

Sheikha Latifa bint Mohammed, Chairperson of Dubai Culture and Arts Authority, attended the University of Birmingham Dubai’s 125th anniversary celebration on Tuesday.

Borja Martinez-Laredo was appointed as Location Head of UBS Global Wealth Management Middle East in Abu Dhabi.

Amr Alshaher was appointed Head of Corporate Banking at Bahrain- based Islamic retail bank Ithmaar Bank.

Dr. Trevor Martin, Co-founder and CEO of San Francisco-based Mammoth Biosciences, told the Dubai Future Forum that the world may be less than a decade away from curing all existing genetic diseases.

✈️ Tickets Please: Abu Dhabi’s decommissioned Terminal 1 airport has been temporarily repurposed as a sprawling art and design venue, with galleries from around the world displaying their wares for the traveling art showcase Nomad. The terminal, designed by French architect Paul Andreu, opened in 1982 and was shuttered in 2023 after the opening of Zayed International Airport’s Terminal A. It features a tent-like roof and green-tiled central pillar. In a nod to the building’s history, visitors are given a boarding pass to enter the main exhibition space.

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.

Nov. 19-20, Dubai. Knowledge Summit. A global platform for knowledge production in the service of sustainable development. Dubai World Trade Center. 

Nov. 19-23, Abu Dhabi. Abu Dhabi Art. One of the region’s biggest art fairs marks its 17th and final year before it relaunches as Frieze Abu Dhabi next year. Manarat Al Saadiyat.

Nov. 24-27, Dubai. Big 5 Global. Addressing the challenges shaping the construction and urban development community today and tomorrow. Dubai World Trade Center.

Nov. 25-26. Riyadh. Global Sustainability Expo. Dedicated to advancing sustainability practices across industries. The Arena Riyadh.

Nov. 26-27, Abu Dhabi. CyberQ 2025. The UAE’s flagship summit for cybersecurity and quantum technologies. ADNEC Center.

Dec. 1-2, UAE. UAE National Day. A two-day public holiday to celebrate the UAE’s 54th National Day, also known as Eid Al Etihad. 

Dec. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island. 

Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit. 

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.

Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.

Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.

Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the world’s top minds to redefine and shape the future of global markets. The Grand Steps, Al Maryah Island.

AIR DEALS

Flydubai has signed up for 150 Airbus A321 Neo jets at the Dubai Airshow, marking its first Airbus order and a shift from its all-Boeing fleet. The company will use the planes to diversify its fleet and strengthen its long-term expansion plans, Sheikh Ahmed bin Saeed, Chairman of Flydubai and CEO and Chairman of Emirates, told reporters at the airshow on Tuesday.  Abu Dhabi carrier Etihad Airways placed an order for 32 wide-body aircraft from Airbus, including six A330 Neos, for delivery between 2028 and 2029. Etihad also agreed to lease nine A330-900s from Avalon beginning in 2027 to support its long-haul expansion. Meanwhile, Emirates President Tim Clark said he will hold off on ordering Airbus A350-1000 jets until engine durability and performance improve.

KING OF THE CASTLE

Mohamed Alabbar, founder of Dubai’s Emaar Properties, has purchased a 12th-century castle in the central Italian region of Umbria for $55 million and is planning to spend another $145 million turning it into “one of the most prestigious resorts in the world.” The developer behind the world’s tallest skyscraper, the Burj Khalifa, told Bloomberg the project at Castello di Antognolla would include a hotel, wellness and longevity center, luxury homes and a polo club and would hold fashion shows and competitions for chefs, truffles and wine. Alabbar has been increasing his international exposure and has already partnered with U.S. President Donald Trump’s son-in-law Jared Kushner to build Trump Tower Belgrade through his other company, Abu Dhabi-based Eagle Hills Properties. The extended property boom in Dubai and Abu Dhabi has seen many of the UAE’s cash-rich developers snapping up property in Europe and elsewhere to expand their glitzy brands overseas.

Public Investment Fund: The Hong Kong Monetary Committee started a $1 billion fund with the PIF to help Hong Kong and Greater Bay Area companies expand into Saudi Arabia, Bloomberg reports.

King Salman Park Foundation: The Saudi state-owned developer launched a $1 billion investment fund with Ajdan Real Estate and SEDCO Capital to develop homes, hotels, and offices in the massive park project, providing the land outside Riyadh while its private partners finance construction.

Qatar Investment Authority: San Francisco-based software firm Databricks, which is backed by the QIA, is seeking to raise funds at a valuation of $130 million, The Information reports.

💲 Mixed Developments: Saudi Arabia’s National Housing Company has signed two agreements worth $2.3 billion with Egypt’s Hassan Allam Holding and local developer Tilal Real Estate to develop mixed-use projects.

💉 HealthCare Funding: Aster DM Healthcare has secured $72 million from Emirates Development Bank to build two new Dubai hospitals.

🛢️ Oil Delivery: Saudi Arabia has delivered the first shipment of its 1.65-million-barrel crude oil grant to Syria under an agreement to support the country’s energy sector.

🚧 Road Work: Abu Dhabi Fund for Development has inaugurated the $23.6 million West Coast Road project in Mahé, Seychelles.

🌀 Cable Delay: Google and Meta have delayed parts of their planned Red Sea subsea internet cable projects, citing heightened security risks and political tensions in the region.

🪖 UN Force: The U.N. Security Council voted to adopt a U.S.-drafted resolution that would back Trump’s Gaza plan and authorize a stabilization force under a transitional Board of Peace.

🚁 Startup Contractors: The Pentagon’s shift toward buying weapons from startups has boosted prospects for electric air taxi makers Joby Aviation and Archer Aviation – both active in UAE ventures – to secure U.S. defense contracts, The Information reports.

☀️ Solar Tender: Kuwait invited bids for a 0.5-gigawatt solar project under its public-private partnership framework, part of its effort to address growing power shortages.

🕋 Mecca Investment: Saudi developer Arabian Dyar is seeking foreign buyers for 1,000 units in phase two of its $2.6 billion Dyar Al Haram project in Mecca ahead of next year’s new real estate law opening the market to international investors.

UAE President Sheikh Mohamed bin Zayed, met with Lee Jae-myung, President of South Korea at Qasr Al Watan palace in Abu Dhabi on Tuesday. The Korean President was escorted by Sheikh Theyab bin Mohamed, Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs, on a visit to the Wahat Al Karama war memorial in Abu Dhabi on Monday.

UAE President Sheikh Mohamed bin Zayed, and Sheikh Tahnoon bin Zayed, the UAE National Security Advisor, met with Turki Al Sheikh, Chairman of Saudi Arabia’s General Entertainment Authority.

Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister and Ruler of Dubai, met with Stephanie Pope, Executive Vice President of The Boeing Company and President and CEO of Boeing Commercial Airplanes.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, toured several pavilions at Dubai Airshow 2025 on Monday. Sheikh Khaled met with Gérald Darmanin, French Minister of Justice on Tuesday.

Prince Yazid bin Farhan, Saudi Arabia’s envoy to Lebanon, led a delegation to Beirut on Monday, ahead of the Beirut One Conference which starts today, as the two countries consider ways to renew economic ties. Noura Al Kaabi, UAE Minister of State, is also in Beirut to attend the conference.

Khalfan Belhoul, CEO of the Dubai Future Foundation, used his opening speech at the Dubai Future Summit in Dubai to propose a new measure of national progress based on cognitive potential. “How do we protect deep focus and make it visible so that it’s valuable?” he said.

Saeed Ghumran Al Remeithi, Group CEO of Emsteel, called for collective industry action to strengthen competitiveness, navigate global trade challenges and accelerate decarbonization across the steel value chain. 

Michel Issa, the newly appointed U.S. Ambassador to Lebanon, traveled to Beirut on Monday to present his credentials to President Joseph Aoun.

Ahmed Saeed Al Qamzi, Ibraheem Al Sayed Mohamed Al Hashemi, Fatma Al Jabri and Saif Al Dhaheri were appointed as Assistant Governors at the Central Bank UAE. 

Michele Faissola, a senior executive of the former Qatari ruler Sheikh Hamad bin Khalifa Al Thani’s family office Dilmon, has relocated his residence from the U.K. to Italy, Bloomberg reports.

🎨 Last Orders: Abu Dhabi Art, one of the region’s most prominent art fairs, kicks off at Manarat Al Saadiyat tomorrow for its final outing before it relaunches as Frieze Abu Dhabi next year. The fair’s 17th and final edition in its current format brings more than 140 galleries representing 37 countries, with three special “Focus” sections highlighting artists from Turkey, Nigeria and the Gulf. Next year the fair will meld with Frieze, the organization behind some of the world’s biggest modern and contemporary art events, shifting its focus to curatorial excellence, emerging artists and large-scale installations.

Nov. 17-19. Doha. Qatar Entrepreneurship Conference (ROWAD). Qatar’s national entrepreneurship platform and a flagship Global Entrepreneurship Week event, connecting startups, SMEs, and ecosystem leaders. Doha Exhibition & Convention Center.

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.

Nov. 18-19, Dubai. Dubai Future Forum. Drawing on the collective intelligence of global thinkers, futurists, and visionaries to explore what lies ahead and how we might navigate it with purpose and imagination. Museum of the Future.

Nov. 19-20, Dubai. Knowledge Summit. A global platform for knowledge production in the service of sustainable development. Dubai World Trade Center. 

Nov. 19-23, Abu Dhabi. Abu Dhabi Art. One of the region’s biggest art fairs marks its 17th and final year before it relaunches as Frieze Abu Dhabi next year. Manarat Al Saadiyat.

Nov. 24-27, Dubai. Big 5 Global. Addressing the challenges shaping the construction and urban development community today and tomorrow. Dubai World Trade Center.

Nov. 25-26. Riyadh. Global Sustainability Expo. Dedicated to advancing sustainability practices across industries. The Arena Riyadh.

Nov. 26-27, Abu Dhabi. CyberQ 2025. The UAE’s flagship summit for cybersecurity and quantum technologies. ADNEC Center.

Dec. 1-2, UAE. UAE National Day. A two-day public holiday to celebrate the UAE’s 54th National Day, also known as Eid Al Etihad. 

Dec. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island. 

Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit. 

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.

Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.

Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.

Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the world’s top minds to redefine and shape the future of global markets. The Grand Steps, Al Maryah Island.

DUBAI AIRSHOW

Emirates set the tone on Day 1 of the Dubai Airshow with a $38 billion order for 65 Boeing 777-9s, offering the aircraft giant a timely reprieve as it works to steady the long-delayed 777X program. Sheikh Ahmed bin Saeed, Chairman and CEO of Emirates Airline group, said at a press conference that the order is a “massive long-term commitment” to U.S. aerospace manufacturing. The airline will also roll out SpaceX’s Starlink across its fleet, with the first flight to offer the boosted Wi-Fi service on Nov. 23. Despite Boeing’s early lead, the bulk of the orders from one of the world’s biggest airshows is expected to be won by Airbus. The European planemaker is closing in on a deal to supply about 100 A321neos to Flydubai, a shift that would challenge Boeing’s long-standing dominance at the low-cost carrier. 

PINCHING PAY

Saudi Arabia is scaling back the generous salary premiums it once offered to foreign professionals in a bid to rein in costs and realign priorities under its Vision 2030 national economic strategy plan. Fiscal pressure from lower oil revenues is reinforcing the drive toward more measured packages for project managers and engineers, which often include both salary and housing stipends, Reuters reports. The move comes as the kingdom’s Public Investment Fund is pivoting away from costly megaprojects toward sectors like AI, logistics, and mining. Recruiters say offers adding 40% or even double pay are now rare, and compensation is being anchored more closely to market benchmarks and performance.

Abu Dhabi Investment Authority: The sovereign wealth fund is considering selling part of its 10% stake in Qatari telecom company Ooredoo QPSC, aiming to raise as much as $600 million, Bloomberg reports.

International Holding Co.: Samia Bouazza, the newly appointed Group CEO of 2PointZero Group, told The National that the company is working on creating the largest listed investment platform that powers the everyday life of consumers over the next decade.

Public Investment Fund: Saudi Arabia’s Qiddiya City will open the first Six Flags park outside North America at the end of this year, featuring the world’s tallest, longest and fastest roller coaster.

G42: Microsoft and G42 plan a 200-megawatt expansion of datacenter capacity in the UAE, delivered through Khazna Data Centers, a subsidiary of G42. 

🌴 Token Resort: The Trump Organization, run by U.S. President Donald Trump’s family, plans to build a luxury resort in the Maldives with Saudi developer Dar Global, and for the first time will “tokenize” the hotel-development project via blockchain, Bloomberg reports.

💸 Financial Expansion: Saudi brokerage platform Derayah Financial Company secured a $133 million Islamic compliant loan with Saudi National Bank to fuel its expansion. 

💂 London Calling: Sharjah developer Arada acquired an 80% stake in the $3.3 billion Thameside West waterfront development in London’s Royal Docks for $428 million.

✈️ Airways Facility: GE Aerospace will begin building a new $50 million facility at Dubai South’s Mohammed Bin Rashid Aerospace Hub next month.

🏠 Housing Demand: Real estate transactions in Abu Dhabi nearly doubled to $26 billion in the first nine months of 2025.

🗞️ Broadsheet Bust: U.S.-based private investment firm RedBird Capital Partners pulled out of a $671-million bid for Britain’s Telegraph Media Group, ending months of negotiations after an initial bid from Abu Dhabi-backed RedBird-IMI was blocked by the U.K. government.

📈 Peace Dividend: Israel’s economy surged in the third quarter of 2025 with annualized GDP growth of 12.4%, driven by a sharp rebound in consumer spending, exports, and investment after a war-disrupted second.

UAE President Sheikh Mohamed bin Zayed and Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, toured Dubai Airshow on Monday.

The UAE President will hold talks with South Korea’s President Lee Jae Myung, who is visiting the UAE today.

Emir of Qatar Sheikh Tamim met with Subrahmanyam Jaishankar, India’s Foreign Minister, at the Amiri Diwan in Doha on Sunday.Sheikh Mansoor bin Mohammed, Chairman of the Dubai Sports Council, crowned English golfer Matt Fitzpatrick as the champion of the DP World Tour Championship and also starred Northern Irish golfer Rory McIlroy with the Race to Dubai title for the seventh time in his career.

Saleh bin Nasser Al-Jasser, Saudi Minister of Transport and Logistic Services, inaugurated the new $163 million Agility Logistics Complex in Jeddah on Sunday.

Mohamed bin Mubarak, UAE Minister of State for Defense Affairs, opened the 12th edition of the Dubai International Air Chiefs Conference on Sunday in Dubai. 

Steven Greenway, CEO of Flyadeal, told Arabian Gulf Business Insights that delays from Airbus for the delivery of A321neo jets will force the company to use its existing fleet more than planned.

Yasir Al Rumayyan, Governor of Saudi Arabia’s Public Investment Fund, along with Yoshinori Kanehana, Chairman of Kawasaki Heavy Industries, Takeshi Hashimoto, President and CEO of Mitsui O.S.K. Lines, Karl Deppen, CEO of Mitsubishi Fuso Truck and Bus Corporation, and Gene Berdichevsky, co-founder and CEO of U.S. battery tech company Sila, will be among the participants in FII Priority Asia, to be held Nov. 30 -Dec.1.

🐪 Eye in the Sky: Traditional camel herding could be about to get a high-tech upgrade, after a research team from Saudi Arabia created an AI-powered drone system that can track livestock from the air, Arab News reports. Scientists at the King Abdullah University of Science and Technology developed the low-cost system using commercially available drones and cameras to enable camel herders to track their animals in real time and also capture data on migration patterns and habitats for researchers. Camels roam up to 50 kilometers a day through desert terrain, making tracking them a challenging job.

Nov. 17-19. Doha. Qatar Entrepreneurship Conference (ROWAD). Qatar’s national entrepreneurship platform and a flagship Global Entrepreneurship Week event, connecting startups, SMEs, and ecosystem leaders. Doha Exhibition & Convention Center.

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.

Nov. 18-19, Dubai. Dubai Future Forum. Drawing on the collective intelligence of global thinkers, futurists, and visionaries to explore what lies ahead and how we might navigate it with purpose and imagination. Museum of the Future.

Nov. 19-20, Dubai. Knowledge Summit. A global platform for knowledge production in the service of sustainable development. Dubai World Trade Center. 

Nov. 24-27, Dubai. Big 5 Global. Addressing the challenges shaping the construction and urban development community today and tomorrow. Dubai World Trade Center.

Nov. 25-26. Riyadh. Global Sustainability Expo. Dedicated to advancing sustainability practices across industries. The Arena Riyadh.

Nov. 26-27, Abu Dhabi. CyberQ 2025. The UAE’s flagship summit for cybersecurity and quantum technologies. ADNEC Center.

Dec. 1-2, UAE. UAE National Day. A two-day public holiday to celebrate the UAE’s 54th National Day, also known as Eid Al Etihad. 

Dec. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island. 

Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit. 

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.

Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.

Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.

Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the world’s top minds to redefine and shape the future of global markets. The Grand Steps, Al Maryah Island.

WASHINGTON VISIT

Sheikh Tahnoon bin Zayed, the UAE’s National Security Adviser and one of its most prominent business leaders, starts a visit to the U.S. today with both political and economic dimensions. In Washington, Sheikh Tahnoon will meet with several Trump administration officials at the White House, according to a statement from the Abu Dhabi Media Office. “The meetings will focus on advancing economic and technology ties between the two countries,” the statement said. “Discussions will also cover ongoing regional challenges and strengthening the decades-long U.S.-UAE strategic partnership.”

Public Investment Fund: New Murabba, the PIF-backed megaproject that features a golden skyscraper-sized cube in Riyadh, courted investors last week at the MIPIM 2025 conference in Cannes, France.

International Holding Co.: IHC-owned NMDC Energy said it won a $2.6 billion engineering, procurement and construction contract for an unidentified major Abu Dhabi energy project.

Mubadala: ADNOC is considering acquiring Mubadala’s energy assets, with talks expected to resume after Ramadan following earlier valuation disputes, Bloomberg reports. If finalized, Mubadala will focus only on healthcare, finance, and technology while strengthening ADNOC’s oil and gas portfolio.

🤝 German Logistics: Bahrain’s Investcorp, the biggest alternative asset manager in the Middle East, signed an agreement to acquire a majority stake in German supply chain and logistics consultancy Miebach. Terms of the deal were not disclosed.

📈 Credit Score: S&P raised Saudi Arabia’s credit rating to A+ – its fifth highest – from A, citing the impact of the kingdom’s Vision 2030 economic transformation plan in boosting key industries and providing stability for the economy.

⚡ Gas Bids: Morocco will soon launch a $6 billion tender to develop and restructure its natural gas infrastructure, Leila Benali, Minister of Energy Transition and Sustainable Development, announced during the S&P Global CERAWeek energy conference last week in Houston, Tex.

✈️ Jet Deal: Dubai Aerospace Enterprise announced it will spend $1 billion to acquire 17 aircraft, most of them made by Airbus and several by Boeing.

🌿 Eco Finance: Saudi Arabia launched a $266.6 million environmental financing initiative, backed by Riyad Bank, to encourage private sector participation in sustainable and eco-friendly projects.

👷🏽 Labor Protection: Indonesia plans to cancel its decade-long moratorium on sending citizens to Saudi Arabia for jobs as domestic workers and in other industries after receiving assurances of stricter labor protections from the kingdom, the Jakarta Globe reports, An alarming number of domestic workers, mostly East African women, have died in Saudi Arabia over the past five years, The New York Times reports.

🛢️ Gas Exploration: U.K.-based Capricorn Energy is in advanced talks with state-owned Egyptian General Petroleum Corp. to secure better terms for gas concessions in Egypt’s Western Desert region.

🪖 Military Tech: U.S. venture capital firms are investing in Israeli military tech startups that have emerged since the country went to war in Gaza and Lebanon, The Wall Street Journal reports.

🚣‍♀️ Boating Hub: The World Rowing Federation plans to host a series of global events in the UAE starting in 2027, with activities including coastal rowing, indoor rowing and virtual rowing.

UAE President Sheikh Mohamed bin Zayed met with Binance founder Changpeng “CZ” Zhao in Abu Dhabi last week. Abu Dhabi-owned tech fund MGX said on March 12 it had invested $2 billion in the crypto-trading platform.

Sheikh Mohammed bin Abdulrahman, Qatar’s Prime Minister and Minister of Foreign Affairs, met with Denis Manturov, First Deputy Prime Minister of Russia, in Doha on Sunday.

Amin Nasser, CEO of Saudi Aramco, is among 72 executives from some of the world’s biggest companies who have been invited to meet in Beijing with Chinese President Xi Jinping in late March as China seeks to fend off Trump administration tariffs, the Financial Times reports.

Anwar Gargash, Diplomatic Adviser to UAE President Sheikh Mohamed bin Zayed, will be a featured speaker at the Raisina Dialogue 2025 in New Delhi this week.

John Kerry, the former U.S. Secretary of State and White House Climate Envoy said that Saudi Aramco and other big oil companies have been “intimidated” by the Trump administration into dropping green targets, putting them on “the wrong side of history,” the Financial Times reports.

Abdullah Muhammad Al Ansari, has been appointed Chief Executive Officer of Qatar’s stock exchange. Al Ansari has served as Director of Qatari Funds at QIA, Qatar’s sovereign wealth fund, since 2022.

Adel Salem Al Wahedi, the Chief Financial Officer of Dubai-listed district cooling company Tabreed, wrote in the company’s 2024 annual report that it aims to expand through acquisitions and organic growth in the UAE and global markets.

🎶 Culture Circuit

⌚ Telling Time: Collectors in the Gulf and wider Middle East are influencing the evolution of the global luxury watch industry with their desire for rare and bespoke pieces that reflect regional heritage, The National reports. “The deep-rooted relationships nurtured with collectors here and further afield are pivotal, yet it’s the market’s richness, cultivated over decades and notably propelled by commissions from royal houses and ministries, that truly sets it apart,” Remy Julia, head of watches at Christie’s Middle East, told the newspaper.

March 1-30, Abu Dhabi. Ramadan and Eid exhibition. The exhibition will showcase companies displaying an array of fashion, accessories, perfumes and other gifts. ADNEC.

March 1-19, Dubai. Nad El Sheba Sports Tournament. Organized by the Dubai Sports Council, NAS Sports Tournament is the biggest event of its kind and takes place every year during Ramadan. Nad Al Sheba Sports Complex.

March 6-23, Dubai. Ramadan Food Festival. The free festival features a curated selection of restaurants across five zones. Sheikh Hamdan Colony, Karama.

March 10-14, Houston, Texas: S&P Global CERAWeek. Gathering of top energy industry executives from around the world. Hilton Americas-Houston.

March 17-19, New Delhi, India. Raisina Dialogue 2025. Public policy conference brings world leaders, executives, economists and policymakers to India’s capital.

March 17-19, Dubai. Dubai International Horse Fair. A gathering of the equestrian industry and horse lovers from around the world. Dubai World Trade Centre.

April 7-9, Abu Dhabi. AIMCongress 2025. An investment platform bringing together thought leaders, decision-makers and entrepreneurs. ADNEC.

April 7-9, Dubai. Middle East Energy. Bringing together international energy suppliers to discuss products and solutions. Dubai World Trade Centre.

April 11-13, Sakhir, Bahrain. F1 Gulf Air Bahrain Grand Prix. Formula 1 racing returns to the Gulf island state. Bahrain International Circuit.

April 13-15, Riyadh. Saudi Food Manufacturing. Back for a second year, the focus turns to logistics solutions, including advancements in AI-driven supply chains, robotics, and sustainable automation technologies. Riyadh Front Exhibition & Conference Centre.

April 14-16, Dubai. IPS Congress. The Middle East’s largest international property sales event. Dubai World Trade Centre.

April 15-17, Dubai. Abu Dhabi Global Health Week. A critical worldwide forum dedicated to shaping the future of health. ADNEC.

April 16-17, Dubai. FastBull Finance Summit Dubai. Focused on the depth and breadth of global finance, emphasizing areas such as forex and blockchain financial technology. Coca-Cola Arena.

April 17-19, Dubai. World Art Dubai. A four-day art fair featuring more than 10,000 artworks. Dubai World Trade Centre.

April 18-20, Abu Dhabi. Middle East Film and Comic Con 2025. The region’s largest pop culture festival returns for its 13th year. ADNEC.

April 21-23, Abu Dhabi. Electric Vehicle Innovation Summit 2025. The Middle East’s largest annual event dedicated to shaping the future of electric mobility. ADNEC.

April 21-25, Dubai. Dubai AI Festival. Bringing together the brightest minds to explore and expand the commercial and economic possibilities of AI technology.” Madinat Jumeirah.

April 29-30, Abu Dhabi. Digital Transformation Summit UAE 2025. In its 37th edition, the summit is expected to be attended by over 300 C-suite executives, directors, and technology leaders. Sheraton Abu Dhabi Hotel and Resorts.

April 30. May 1, Dubai. Token2049 Dubai. A global conference dedicated to the crypto and blockchain ecosystem. Madinat Jumeirah.