SHIP SHAPE

Abu Dhabi’s national oil company ADNOC is spending $1.3 billion to bolster its fleet of tankers as it continues to ramp up Gulf exports despite threats to shipping in the Strait of Hormuz. ADNOC Logistics & Services bought six very large crude carriers, almost doubling its current fleet of eight, as well as five very large gas carriers. ADNOC has been using tactics including shipping under darkness with transponders switched off and military escorts to shuttle crude and other refined products out of the Gulf. Using its own vessels gives the company greater freedom to make these riskier voyages, as it takes a more assertive and expansive stance following its departure from OPEC. The UAE has also been increasing oil shipments from the eastern emirate of Fujairah, which sits outside the Strait, via a cross-country pipeline. ADNOC L&S will take delivery of the vessels this quarter.

TALL ORDER

The construction of Jeddah Tower has topped 100 floors, with planned completion on track for 2028, according to Saudi Arabia’s Kingdom Holding Co. The tower, which is designed to surpass Dubai’s Burj Khalifa as the world’s tallest building, has reached level 106, or about 430 meters. The project will feature luxury residences, offices, a hotel and the highest observation deck in a skyscraper. Kingdom Holding, which is controlled by Saudi billionaire Prince Alwaleed bin Talal, gave the update while reporting first-half earnings. The company reported a 38% decline year-on-year in first-half net profit to $160 million, citing lower dividend income, higher costs and increased taxes. Net asset value rose 15% driven by a 62% increase in the value of the company’s stake in SpaceX following its IPO on the Nasdaq. 

DP World: DP World has agreed to acquire six U.K. grocery logistics sites from GXO Logistics, expanding its European footprint and strengthening its end-to-end supply chain services.

QatarEnergy: ConocoPhillips said delays to its Qatar LNG project – in which it is a partner with QatarEnergy – are expected to last months rather than a year, with no impact on free cash flow anticipated despite disruptions caused by the U.S.-Iran war.

Public Investment Fund: The U.K.’s antitrust watchdog has given the all-clear to Paramount Skydance’s Gulf-backed $110 billion merger with Warner Bros. Discovery, saying the takeover doesn’t raise any competition concerns in Britain. The PIF, the Qatar Investment Authority and Abu Dhabi’s L’Imad Holding are all backing the deal, which faces legal challenges in the U.S.

⚽ Sponsorship Deal: Arsenal has extended its long-running partnership with Emirates until 2033, with the airline continuing as the soccer club’s shirt sponsor, training kit partner and stadium naming rights holder.

🌙 Faithful Finance: Global Islamic finance assets are expected to reach $9.6 trillion by 2030, up from $6.2 trillion in 2025, according to Standard Chartered.

📦 Top Export: Egypt’s exports to China have jumped in recent months to $8 billion, driven by investment inflows from Chinese companies into industrial projects.

🔴 No Entry: Iran is reportedly seeking to restrict U.S. and Israeli vessels from transiting the Strait of Hormuz under a proposed deal with Oman, potentially complicating efforts to restore normal energy flows, Bloomberg reports.

✈️ Flying Back: Etihad Airways and Qatar Airways will resume daily flights to Bahrain and Kuwait from Aug. 8, with Qatar also restoring service to Erbil after weeks of disruption due to regional tensions.

💰 Seeking Alternatives: Saudi property developers are increasingly using private real estate funds to finance new projects, as regulatory reforms and Vision 2030 drive demand for alternative funding.

💼 Power Team: Forbes has released its annual Top 100 CEOs list for the Middle East, highlighting the executives driving growth, innovation and transformation across the region’s most influential organizations.

UAE President Sheikh Mohamed bin Zayed and UAE Vice President and Ruler of Dubai Sheikh Mohmed bin Rashid were seen meeting in London on an unofficial visit.

Saudi Crown Prince Mohamed bin Salman held a phone call with French President Emmanuel Macron on Thursday.

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, toured Abu Dhabi’s  floating hospital on Thursday.

Ahmed Alkhoshaibi, CEO of Sharjah-based developer Arada, told Arabian Gulf Business Insight that supply chain disruptions, construction delays and lower-margin acquisitions weighed on first-half performance, but the company expects sales to recover in the second half.

Davis Parakal, CEO of money transfer company Remitly for the GCC, told Arabian Gulf Business Insight that the company  plans to launch in Saudi Arabia within a year.

Khaled Alshamlan, CEO of Kuwait Finance House, said in an interview with Forbes Middle East that the group has strengthened its position as a global Islamic finance leader, with the sector’s assets surpassing $4.4 trillion in 2025, while KFH drives growth through its dominant market share, expanding sukuk portfolio and international investment strategy.

Feras Al Jarmani has been appointed to lead HSBC Private Bank’s UAE Market.

🎨 Hidden Treasure: The son of pioneering Saudi artist Abdulsattar Al-Mussa has unearthed a previously unknown artwork by his late father hidden in storage, Arab News reports. The painting, believed to date back to 1979, features a woman washing another woman’s feet. One of the most significant Gulf artists of his generation, Al-Mussa was known for figurative work focusing on the daily lives of Saudi people. The painting was created in Moscow, where the artist trained and lived for much of his life. “My mom actually remembers the painting, because she saw him working on it. But then it disappeared and he never talked about it, and we never saw it. I don’t know why,” his son Ali Al-Mussa said. 

📷 Photo of the Day

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

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

August 30-Sept. 2, Riyadh. Big 5 Construct. The event connects construction industry stakeholders with suppliers in Saudi Arabia. Riyadh Front Exhibition & Conference 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. 1-3, Dubai. Middle East Energy.  A three-day energy exhibition in Dubai brings together utilities, developers, manufacturers and industry professionals. Dubai World Trade Centre.  

Sept. 1-3, Doha. Qatar Event Show. Brings together the events industry through a three-day program featuring exhibitions, conferences, workshops and networking opportunities. Doha Exhibition & Convention Center.

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 Centre.  

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

Sept. 14-18, Dubai. Arabian Travel Market. The flagship global travel trade show, which was postponed in May, returns, bringing 55,000+ travel professionals, 2,800+ exhibitors and representatives from 166 countries. Dubai World Trade Centre.

Sept. 15-17, Dubai. Arab Media Forum. The region’s largest media gathering, organized by the Dubai Press Club. Dubai World Trade Centre.

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

Sept. 20, New York. Qatar Economic Forum, Powered by Bloomberg: UNGA Special Edition 2026. The forum will host a special leadership gathering alongside the 2026 UNGA in New York, bringing together global leaders to explore capital, risk and resilience in a volatile global economy.

Sept. 28-Oct. 1, Singapore. SuperReturn Asia. The region’s premier private capital gathering. Marina Bay Sands Convention Centre.

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

Oct. 7-9, Singapore. Milken Institute Asia Summit. Bringing together a global community of influential leaders shaping the next era of intelligence, collaboration and growth. Four Seasons Hotel.

Oct. 21-24, Riyadh. Six Kings Slam. World No. 1 Jannik Sinner will defend his Six Kings Slam title when the exhibition tournament returns, to be streamed globally on Netflix. ANB Arena.

Oct. 26-29, Riyadh. Future Investment Initiative Tenth Edition 2026. Saudi Arabia’s keystone annual business conference, sponsored by the Public Investment Fund. King Abdulaziz International Convention Center. 

STRAIT GAINS

ADNOC has managed to move more oil through the Strait of Hormuz over the past two months than any other producer. Abu Dhabi’s national oil company has been using tactics including switching off transponders to make ships less detectable as they pass through the narrow passage to exit the Gulf. ADNOC was the only Middle Eastern producer to reach pre-war levels of seaborne exports in June and July, according to estimates from Vortexa, Bloomberg reports. It comes as Iran said a deal negotiated with Oman for proposed shipping lanes was in the final stages, raising hopes that an agreement to open the Strait will come within days. Brent is trading near $80 a barrel, switching between modest gains and losses as traders await an update.

SAUDI OFFICE MARKET

Saudi Arabia’s pressure on foreign companies to host their regional headquarters in the kingdom has helped drive up its office market even amid the regional conflict. Riyadh office occupancy reached 97% in Q2 as multinational companies continued relocating under the policy. Prime office rents rose 3% year-on-year, held back only by a rental freeze, driven by strong demand from technology and healthcare firms and a shortage of high-quality space. In contrast, the residential market weakened, with transaction volumes down 14% and total traded value falling by around a quarter as higher borrowing costs weighed on buyers. Real estate investment consultancy CBRE said the divergence reflects a maturing market adjustment rather than a downturn, with planned new supply expected to reshape the balance over time.

International Holding Company: IHC reported a 220% jump in second-quarter profit to $3.5 billion, driven by higher energy and mining revenue, as quarterly revenue rose 34% to Dh33.4 billion.

Kuwait Investment Authority: The KIA has secured a $4.25 billion three-year syndicated loan from 14 banks, marking a rare regional financing deal since the Iran conflict disrupted lending markets.

ADNOC: The Abu Dhabi national oil company has hired Morgan Stanley’s global Co-Head of Energy Michael O’Dwyer as Chief Investment Officer, Reuters reports.

L’Imad Holding: ADNEC Group, a part of L’Imad-owned Modon Holding, has received 13 awards at the 2026 Middle East & North Africa Stevie Awards for event management and services.

🏢 Trump Tower Dubai: London-listed Dar Global has awarded the construction contract for the podium for Dubai’s future Trump Tower to Gulf Asia Contracting, marking the project’s transition into the next stage of construction.

✈️ Expansion Plans: Egypt plans to expand Cairo International Airport’s capacity by 40 million to 70 million passengers with a new $3.5 billion fourth terminal.

🛎️ Distress Sales: Dubai’s tourism slowdown caused by the regional conflict could trigger distressed hotel sales by year-end as debt-laden owners come under pressure, Arabian Gulf Business Insight reports. 

🛫 Gate Open: Syria reopened Deir Ezzor International Airport on Wednesday, restoring civilian air links to the country’s east after more than a decade of closure, The National reports.

💼 Job Test: Hiring regained momentum in the UAE in July following the sharp slowdown triggered by the Iran conflict, but experts say the real test will be how many expatriate workers return after the summer holidays.

🪁 Wind Win: King Fahd Industrial Port in Yanbu has received one of its largest-ever shipments of wind energy equipment as Saudi Arabia expands its renewable energy sector, Arab News reports.

🦐 Shrimp Farm: Construction of one of Oman’s largest aquaculture projects – a shrimp farming project in the Shinas province – is 80% complete.

UAE President Sheikh Mohamed bin Zayed held a phone call with Canada’s Prime Minister Mark Carney on Wednesday.

King of Bahrain Hamad bin Isa Al Khalifa met with Egyptian President Abdel Fattah El-Sisi in Alamein on Wednesday.

Sheikh Shakhboot bin Nahyan, UAE Minister of State, received Dr. Mamadou Tangara, High Representative of the African Union Commission for Mali and the Sahel, at the headquarters of the Ministry of Foreign Affairs in Abu Dhabi on Wednesday.

Prince Faisal bin Farhan, Saudi Arabia’s Minister of Foreign Affairs, met with Fuad Hussein, Iraq’s Minister of Foreign Affairs, in Jordan.

Fabio Piano was appointed Vice Chancellor and CEO of NYU Abu Dhabi, effective immediately.

Dr. Ahmad Belhoul Al Falasi, UAE Minister of Sports, led the UAE delegation to attend the opening ceremony of Games of the Future 2026, hosted in the Kazakh capital, Astana.

Abdulla Mubarak Saeed has been appointed Chairman of Abu Dhabi Heritage Authority.

🏰 Top Palace: Abu Dhabi’s Qasr Al Watan, the palace which serves as the formal offices of UAE President Sheikh Mohamed bin Zayed, has been named among the world’s Top 100 Global Attractions and Experiences for 2026 by Trip dot com. The palace, which opened to the public in 2019, houses the Great Hall, an immense room decorated with Arabian architectural details and featuring a 37-meter-wide central dome. Visitors can also see the Spirit of Collaboration chamber, a meeting room adorned with an ornate chandelier made from 350,000 pieces of crystal, and the Qasr Al Watan Library, which houses more than 50,000 books and other works.

📷 Photo of the Day

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

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

August 30-Sept. 2, Riyadh. Big 5 Construct. The event connects construction industry stakeholders with suppliers in Saudi Arabia. Riyadh Front Exhibition & Conference 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. 1-3, Dubai. Middle East Energy.  A three-day energy exhibition in Dubai brings together utilities, developers, manufacturers and industry professionals. Dubai World Trade Centre.  

Sept. 1-3, Doha. Qatar Event Show. Brings together the events industry through a three-day program featuring exhibitions, conferences, workshops and networking opportunities. Doha Exhibition & Convention Center.

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 Centre.  

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

Sept. 14-18, Dubai. Arabian Travel Market. The flagship global travel trade show, which was postponed in May, returns, bringing 55,000+ travel professionals, 2,800+ exhibitors and representatives from 166 countries. Dubai World Trade Centre.

Sept. 15-17, Dubai. Arab Media Forum. The region’s largest media gathering, organized by the Dubai Press Club. Dubai World Trade Centre.

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

Sept. 20, New York. Qatar Economic Forum, Powered by Bloomberg: UNGA Special Edition 2026. The forum will host a special leadership gathering alongside the 2026 UNGA in New York, bringing together global leaders to explore capital, risk and resilience in a volatile global economy.

Sept. 28-Oct. 1, Singapore. SuperReturn Asia. The region’s premier private capital gathering. Marina Bay Sands Convention Centre.

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

Oct. 7-9, Singapore. Milken Institute Asia Summit. Bringing together a global community of influential leaders shaping the next era of intelligence, collaboration and growth. Four Seasons Hotel.

Oct. 21-24, Riyadh. Six Kings Slam. World No. 1 Jannik Sinner will defend his Six Kings Slam title when the exhibition tournament returns, to be streamed globally on Netflix. ANB Arena.

Oct. 26-29, Riyadh. Future Investment Initiative Tenth Edition 2026. Saudi Arabia’s keystone annual business conference, sponsored by the Public Investment Fund. King Abdulaziz International Convention Center. 

CASINO TOWN

Wynn Resorts said its first Middle East casino will open in September 2027, after construction delays linked to the U.S.-Iran conflict pushed back the timeline. The cost of the project, located on Al Marjan Island in Ras Al-Khaimah, has risen by $600 million to $5.7 billion due to higher material and shipping expenses. CEO Craig Billings said during a company briefing that the company remains confident in the UAE’s ability to manage geopolitical risks, citing the resilience of Dubai’s aviation sector, Bloomberg reports. The resort will feature 22 restaurants, an events center, private prayer rooms and a grand ballroom, joining a broader wave of entertainment developments in the region.

ROBOT ROUND

Dubai-based Moove has closed a $250 million investment round led by Abu Dhabi’s Mubadala, valuing the fleet management startup at $2.1 billion, as it pivots towards servicing self-driving cars. Moove, which has partnerships with Uber Technologies and Google-owned Waymo, is planning to expand its network of “Nests,” where autonomous vehicles are charged, serviced and maintained, largely by other robots. The Series C funding round was co-led by Toyota’s Growth Fund Woven Capital and Ion Pacific. Moove, which started out providing car financing for drivers on ride-hailing apps, was founded in Nigeria in 2020 before expanding to the UAE, India, the U.S. and the UK. The funds will also be used to launch Moove in new markets.

Saudi Aramco: The world’s biggest oil company is exploring ways to expand its export capacity amid attacks from Iran and Yemen, including a possible expansion of its East-West pipeline to the Red Sea port of Yanbu, Bloomberg reports.

Abu Dhabi Investment Authority: Shares in Indian hospital group Manipal Health Enterprises rose 11% in their Mumbai debut on Wednesday following the company’s $960 million initial public offering, in which ADIA took a 4.8% anchor stake.

Public Investment Fund: Electronic Arts has completed its $55 billion acquisition by a consortium comprising Saudi Arabia’s PIF, Silver Lake and Jared Kushner’s Affinity Partners, marking a new chapter for the gaming company under private ownership.

Public Investment Fund: A U.S. federal judge in California has scheduled a 12-day trial to start on March 2 to hear cases against Paramount Skydance’s Gulf-backed $110 billion takeover of Warner Bros. 

Lucid Group: The struggling PIF-backed electric vehicle maker is planning to cut expenses and come up with $1.4 billion in cash savings this year, new CEO Silvio Napoli tells Bloomberg.

🏀 Staying Away: The NBA has decided not to hold preseason games in the Middle East for the first time in five years, with plans in Abu Dhabi shelved because of the ongoing Iran war, ESPN reports.

⛽ Oil Output: OPEC crude production rose by 1.16 million barrels a day in July to 19.44 million barrels a day, led by Saudi Arabia, Kuwait and Iraq, though output remains below pre-war levels due to ongoing shipping disruptions linked to the Iran conflict, Bloomberg reports.

💰 Freelance Fraud: Kuwait has suspended new single-owner business licenses as part of a wider crackdown on commercial permit abuse.

🛢️ Oil Pivot: Syria has told the U.S. it is willing to sharply reduce imports of Russian oil as part of negotiations to lift remaining American sanctions, Reuters reports.

🚆 Corridor Crunch: India’s ambitions to build an economic corridor that would carry goods by ship and rail across the Arabian Peninsula and reach the Mediterranean through Israel have been stalled by tensions between Saudi Arabia and Israel, the Financial Times reports.

🌍 Africa Push: The UAE is expanding its footprint across Africa through investments in ports, agriculture and infrastructure, the Financial Times reports.

Qatar’s Emir Sheikh Tamim bin Hamad held a phone call with U.S. President Donald Trump on Tuesday.

Saudi Crown Prince Mohammed bin Salman chaired the weekly meeting of ministers in Jeddah, in which they reiterated that dialogue is an essential part of de-escalation in the region.

Sheikha Bodour bint Sultan, Chairperson of the Sharjah Research, Technology and Innovation Park and President of the American University of Sharjah, accepted the patronage of the Magdi Yacoub Institute by Professor Sir Magdi Yacoub, Founder and Director of the Institute.

Bob Iger, the former CEO of Disney, appears along with current CEO Josh D’Amaro in a new feature-length documentary “Worldbuilders,” to be released on Disney+ on Aug. 20. The documentary, which promises to give behind-the-scenes insight into the building of Disneyland Abu Dhabi, also features filmmaker James Cameron and Marvel Studios President Kevin Feige, The National reports.

Gianni Infantino, the FIFA President, has called senior staff members to an emergency meeting in Rabat, the Moroccan capital, as he fights criticism over a now-abandoned plan to sell stakes in the World Cup.

Wassim Chourbaji was appointed Senior Vice President and President of Europe, Middle East and Africa for computing company Qualcomm.

Paul Wheeler was appointed CEO of Sapiens, succeeding Mike Ettling, as the ADIA-backed insurance software provider accelerates its AI transformation.

🎨 Guggenheim Chief: Abu Dhabi has chosen the curator who will put the finishing touches on one of the world’s most anticipated museum openings. Valerie Hillings has been named the inaugural director of Guggenheim Abu Dhabi, taking charge of the Frank Gehry-designed institution as it prepares to open on Dec. 11 in the Saadiyat Cultural District. A longtime curator who helped shape the Abu Dhabi museum’s collection and strategy, Hillings will oversee the opening exhibitions and public programs at what will be the largest museum in the Guggenheim network, The National reports.

📷 Photo of the Day

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

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

August 30-Sept. 2, Riyadh. Big 5 Construct. The event connects construction industry stakeholders with suppliers in Saudi Arabia. Riyadh Front Exhibition & Conference 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. 1-3, Dubai. Middle East Energy.  A three-day energy exhibition in Dubai brings together utilities, developers, manufacturers and industry professionals. Dubai World Trade Centre.  

Sept. 1-3, Doha. Qatar Event Show. Brings together the events industry through a three-day program featuring exhibitions, conferences, workshops and networking opportunities. Doha Exhibition & Convention Center.

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 Centre.  

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

Sept. 14-18, Dubai. Arabian Travel Market. The flagship global travel trade show, which was postponed in May, returns, bringing 55,000+ travel professionals, 2,800+ exhibitors and representatives from 166 countries. Dubai World Trade Centre.

Sept. 15-17, Dubai. Arab Media Forum. The region’s largest media gathering, organized by the Dubai Press Club. Dubai World Trade Centre.

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

Sept. 20, New York. Qatar Economic Forum, Powered by Bloomberg: UNGA Special Edition 2026. The forum will host a special leadership gathering alongside the 2026 UNGA in New York, bringing together global leaders to explore capital, risk and resilience in a volatile global economy.

Sept. 28-Oct. 1, Singapore. SuperReturn Asia. The region’s premier private capital gathering. Marina Bay Sands Convention Centre.

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

Oct. 7-9, Singapore. Milken Institute Asia Summit. Bringing together a global community of influential leaders shaping the next era of intelligence, collaboration and growth. Four Seasons Hotel.

Oct. 21-24, Riyadh. Six Kings Slam. World No. 1 Jannik Sinner will defend his Six Kings Slam title when the exhibition tournament returns, to be streamed globally on Netflix. ANB Arena.

Oct. 26-29, Riyadh. Future Investment Initiative Tenth Edition 2026. Saudi Arabia’s keystone annual business conference, sponsored by the Public Investment Fund. King Abdulaziz International Convention Center. 

ALTERNATIVE LAND

Turkey is positioning itself as a new wealth hub between Europe and the Middle East, unveiling tax incentives to attract wealthy expats and overseas investors amid instability in rival centers, from London to Dubai. The measures include reduced inheritance taxes, exemptions on overseas income for up to 20 years and an amnesty programme for undeclared foreign assets, echoing incentives previously offered by the U.K.’s non-dom regime, Bloomberg reports. The push comes as Turkey seeks to strengthen its financial credentials after years of inflation, currency volatility and political uncertainty, while Gulf hubs face renewed questions over regional security risks. Officials say Turkey aims to become a global center for investment and capital management, though analysts note it remains unclear how many wealthy individuals will choose it over established destinations in the Gulf and Europe.

WHOOP MOVE

Whoop is planning to open another office in the UAE, fresh on the back of raising $575 million in funding from investors led by Abu Dhabi’s Mubadala earlier this year. Will Ahmed, CEO of the Boston-based wearable fitness tracker company, said the move was “critical for growth” both in the GCC, as well as in Africa and Asia. “If you’re an entrepreneur like me, you’re used to going to places and being told ‘no’, and you’re used to going to places and being told, ‘well, that seems hard’. With the culture of Abu Dhabi, it’s an environment where people say ‘yes, let’s do it’ or ‘hey, how can this actually be bigger?’,” he told Mubadala’s company podcast. Whoop’s funding round in March, which was also backed by Abu Dhabi’s 2PointZero Group and the Qatar Investment Authority, valued the company at $10.1 billion.

Mubadala Capital: Brazilian company Acelen Renováveis, which is fully owned by the asset management arm of Abu Dhabi’s Mubadala, is driving a $3 billion project to make sustainable aviation fuel from the macaúba fruit, Bloomberg reports.

Masdar: Masdar has secured up to $130.5 million in financing for four U.K. battery energy storage system (BESS) projects, with a combined capacity of 205 MW/540 MWh.

Masdar: Jordan’s SEPCO and SITE Technology have signed an Engineering, Procurement and Construction contract for a 25 MW wind farm in Ma’an Governorate, fully funded by the UAE through Masdar under a cooperation agreement signed in February, with SEPCO set to operate and maintain the project after completion.

Saudi Aramco: The Saudi state oil company gained the largest commercial payoff among sponsors of the 2026 FIFA World Cup, with Brand Finance estimating it added $1.08 billion in brand value and $26.1 billion in corporate value through its sponsorship, Asharq Bloomberg reports.

DP World: DP World has signed an agreement with Kenya’s GulfCap Africa to develop the Mombasa Industrial Park Special Economic Zone.

🏗️ Mall Haul: Saudi industrial group Senaat’s construction unit Zodcon won a $62 million contract from Hamat Group for construction work on a shopping mall development in Mecca. 

🐄 Dandy Dairy: Qatari dairy and ice cream producer Dandy priced its IPO at the bottom of its marketed range, valuing the company at $141 million and raising about $56.6 million ahead of its Qatar Stock Exchange listing.

🪺 Nest Exit: Egypt’s Beltone Venture Capital has sold part of its stake in proptech startup BirdNest, realizing a 3.5 times return while maintaining a strategic investment to support the company’s future growth.

🧴 Beauty Hit: German consumer goods company Beiersdorf, the maker of Nivea skin-care products, said fighting in the Middle East has disrupted deliveries and hurt sales in Saudi Arabia and the UAE.

✈️ Canceled Trips: Emirates and Etihad have extended flight cancellations to Bahrain and Kuwait for a third consecutive week amid regional tensions.

📉 Sales Impact: Marriott said the Iran conflict weighed on second-quarter sales and warned the war could further hit travel demand and delay new hotel projects in the Middle East, the Wall Street Journal reports. 

🧑🏽 Coming Home: Dubai’s population has rebounded to 4.73 million, surpassing pre-Iran war levels, but population growth is expected to grow at just 2% this year, about half the rate of prior years.

🚢 Trapped Aboard: About two dozen crew members aboard the seized cargo ship MSC Francesca are entering their fourth month under Iranian guard off the country’s coast, with no indication of when they will be released, The New York Times reports. 

Saudi Crown Prince Mohammed bin Salman held a phone call with Turkey’s President Recep Tayyip Erdogan on Monday.

Sheikh Abdullah bin Zayed, UAE Foreign Minister, held a phone call with Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani, Qatar’s Prime Minister and Minister of Foreign Affairs, on Monday. Sheikh Abdullah also held a phone call with Dr. Abdullatif bin Rashid Al Zayani, Bahrain’s Foreign Minister, on Tuesday.

Prince Badr bin Abdullah bin Farhan, Saudi Minister of Culture, has appointed Mohammed Hasan Alwan as Acting President of Riyadh University of Arts.

Jordan Rochester, a former strategist at Japan’s Mizuho Financial Group known as “Mr. Brexit” for his commentary on the U.K.’s split from the European Union, was hired by U.S.-based Tudor Investment Corp. as a fixed-income and currency strategist based in Dubai. Bloomberg reports.

Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, met with Dr. Mohammed Nidal Al-Shaar, Syria’s Minister of Economy and Industry, to discuss ways to conduct further trade and investment.

David Ellison, CEO of Paramount Skydance, penned an opinion article published by The New York Times to “set the record straight” on the company’s Gulf-backed $110 billion merger with Warner Bros. and counter speculation about his politics, loyalties and intentions.

⭐ Billboard Hit:  Lebanese singer and actress Haifa Wehbe was selected as the face of Spotify’s Times Square billboard in New York City, Arab News reports. One of the Arab world’s most enduring pop stars, Wehbe was named Spotify’s Equal global ambassador for July. The program amplifies female artists, connecting their music with global audiences.

📷 Photo of the Day

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

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

August 30-Sept. 2, Riyadh. Big 5 Construct. The event connects construction industry stakeholders with suppliers in Saudi Arabia. Riyadh Front Exhibition & Conference 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. 1-3, Dubai. Middle East Energy.  A three-day energy exhibition in Dubai brings together utilities, developers, manufacturers and industry professionals. Dubai World Trade Centre.  

Sept. 1-3, Doha. Qatar Event Show. Brings together the events industry through a three-day program featuring exhibitions, conferences, workshops and networking opportunities. Doha Exhibition & Convention Center.

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 Centre.  

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

Sept. 15-17, Dubai. Arab Media Forum. The region’s largest media gathering, organized by the Dubai Press Club. Dubai World Trade Centre.

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

Sept.20, New York. Qatar Economic Forum, Powered by Bloomberg: UNGA Special Edition 2026. The forum will host a special leadership gathering alongside the 2026 UNGA in New York, bringing together global leaders to explore capital, risk and resilience in a volatile global economy.

Sept. 28-Oct. 1, Singapore. SuperReturn Asia. The region’s premier private capital gathering. Marina Bay Sands Convention Centre.

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

Oct. 7-9, Singapore. Milken Institute Asia Summit. Bringing together a global community of influential leaders shaping the next era of intelligence, collaboration and growth. Four Seasons Hotel.

Oct. 21-24, Riyadh. Six Kings Slam. World No. 1 Jannik Sinner will defend his Six Kings Slam title when the exhibition tournament returns, to be streamed globally on Netflix. ANB Arena.

Oct. 26-29, Riyadh. Future Investment Initiative Tenth Edition 2026. Saudi Arabia’s keystone annual business conference, sponsored by the Public Investment Fund. King Abdulaziz International Convention Center. 

POWER SHIFT

Saudi Arabia has put Energy Minister Prince Abdulaziz bin Salman in charge of both energy and industry after the Iran war exposed how disruptions to oil shipments, trade routes and manufacturing can quickly spill across the economy. In appointing Prince Abdulaziz Minister of Industry and Mineral Resources in addition to his current post, the government aims to centralize decisions across oil, mining and factories as it works to reduce its dependence on crude exports, Asharq Al-Wasat reports. Under the new structure, Prince Abdulaziz will lead efforts to expand manufacturing, increase non-oil exports and raise the sector’s contribution to the economy to almost $240 billion by 2030. Former Industry Minister Bandar Alkhorayef will remain in the cabinet and take charge of the kingdom’s military industries regulator.

FOUNDER FAITH

Startup founders chasing money in the Gulf have not let the war slow their stride. Many are staying put in the UAE, Qatar and Saudi Arabia in the hope that generous incentives will continue to flow from the region’s sovereign funds, Bloomberg reports. In Abu Dhabi, Mubadala-backed startup incubator Hub71, which gives successful entrants $140,000 in cash investment and incentives, went ahead with its annual event in June, treating attendees to Mexican food and talks from Careem, Talabat and Whoop. “This situation has become sort of normalized, and people kind of know what to expect,” said Biotech entrepreneur Rayees Rahman, whose drug discovery startup Harmonic Discovery joined Hub71 last September and is now negotiating with a Dubai-based venture capital firm.

Mubadala: The Abu Dhabi sovereign wealth fund’s Mubadala Bio unit has begun producing hemodialysis concentrate solutions in the UAE for the first time through its Wellpharma subsidiary, launching eight products used to treat patients with kidney failure.

Abu Dhabi Investment Authority: India’s largest asset manager, SBI Funds Management, raised almost $280 million from anchor investors, including ADIA, ahead of its $1.2 billion IPO.

Masdar: The Abu Dhabi-owned renewable power company has secured a $5 billion financing package from a consortium of 13 banks for its $6 billion around-the-clock solar and battery storage project.

Public Investment Fund: The Saudi sovereign wealth fund signed a preliminary agreement with infrastructure investor I Squared Capital to pursue up to $2 billion in investments in PIF-owned real estate and infrastructure assets, with a focus on digital infrastructure and district cooling.

Public Investment Fund: California led a group of 12 U.S. States in filing a lawsuit to block the $110 billion merger between Paramount Skydance and Warner Bros. The PIF, Qatar Investment Authority and Abu Dhabi’s L’Imad Holding are all backing the deal.

Saudi Re: The PIF-owned reinsurance company has secured regulatory approval to acquire a 22.5% stake in London-based AdA Risk Holding for nearly $12 million.

Riyadh Air: The PIF-owned airline is studying an order for 25 to 30 additional Boeing 787 Dreamliners by exercising most of its purchase options, with a deal potentially announced at next week’s Farnborough Airshow, Reuters reports.

⚓ Port Authority: Saudi Ports Authority (Mawani) will invest $170 million with DP World and Red Sea Gateway Terminal to expand cargo-handling capacity at Jeddah Islamic Port.

☀️ Sun Smart: UAE-based energy transition platform Positive Zero has secured a $375 million loan to expand its distributed solar, energy efficiency and clean mobility infrastructure across the GCC.

💰 Loan Refresh: Saudi-listed SHL Finance has renewed a $480 million Shariah-compliant credit facility agreement with Arab National Bank.

🏢 HQ Contract: China State Construction Engineering Corporation Middle East has won the contract to build Kuwait’s 55-story Direct Investment Promotion Authority headquarters in Sharq.

🛢️ Output Surge: The UAE told OPEC its crude production jumped to 3.8 million barrels a day in June, reflecting its exit from the producer group and efforts to reroute exports during the Iran conflict.

✈️ Adjusting Flights: Air travel in the Gulf faces renewed disruption as airlines adjust operations amid escalating U.S.-Iran tensions.

🚨 Back On: Iran-backed Houthis in Yemen fired ballistic missiles and drones on Saudi Arabia on Monday, targeting Abha Airport in the south-west region in the first major escalation since the 2022 ceasefire.  

Qatar’s Emir Sheikh Tamim bin Hamad received a stream of regional and global leaders at Lusail Palace offering condolences for the death of his father, Sheikh Hamad bin Khalifa Al-Thani. Guests included: Bahrain’s King Hamad bin Isa Al Khalifa, Syrian President Ahmed al-Sharaa, Egyptian President Abdel Fattah El-Sisi, Lebanese President Joseph Aoun, Italian Prime Minister Giorgia Meloni, Ethiopian Prime Minister Abiy Ahmed Ali, FIFA President Gianni Infantino, Kazakhstan’s President Kassym-Jomart Tokayev and UAE Deputy Prime Minister and Minister of Interior Lt. Gen. Sheikh Saif bin Zayed. Sheikh Tamim received phone calls from UAE President Sheikh Mohamed bin Zayed and Saudi Crown Prince Mohammed bin Salman. 

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, chaired a meeting of the Emirates Investment Authority board on Monday.

Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, held a telephone call with Antonio Tajani, Italy’s Deputy Prime Minister and Minister of Foreign Affairs, on Monday.

U.S. President Donald Trump will host Iraqi Prime Minister Ali Al Zaidi at the White House today.

Hamdullah Mohib, CEO of Orbitworks, a two-year-old satellite manufacturer in the UAE, told Arabian Gulf Business Insight that the company is preparing for its first launch in the autumn.

Xavier Niel: The French billionaire sent a banker to the UAE in early July to gauge whether telecom giant e& would sell its 16.2% stake in Vodafone, wrapping up a $5.9 billion deal a week later that made him the company’s largest shareholder, the Financial Times reports.

🎨 Art Scene: Three leading Emirati artists were featured among the exhibitions at NOMAD Hamptons 2026 in the first U.S. edition of the traveling art fair. In a show titled “Rooted Movements,” Afra Al Dhaheri, Zuhoor Al Sayegh, and Azza Al Qubaisi introduced New York audiences in the exclusive Southampton town of Water Mill to a new generation of Emirati artistic practices that engaged deeply with materiality, memory, and place. The collaboration between the Department of Culture and Tourism-Abu Dhabi and NOMAD came after the emirate hosted the art fair at the decommissioned Zayed International Airport Terminal 1 last year.

📷 Photo of the Day

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.

QATAR MOURNS

Foreign leaders and royals are heading to Qatar this week following the death of former Emir Sheikh Hamad bin Khalifa Al Thani at 74. Qatar held funeral prayers on Sunday and planned to bury Sheikh Hamad at Lusail Cemetery, while declaring four days of national mourning. Emir Sheikh Tamim bin Hamad Al Thani, Sheikh Hamad’s son, will receive condolences at Lusail Palace through Wednesday. During his 1995-2013 rule, Sheikh Hamad developed Qatar’s vast gas reserves and turned the country into a leading LNG exporter. The resulting wealth financed major infrastructure projects and global investments through the Qatar Investment Authority.

BUILDING BLOCKCHAIN

ADI Chain, a part of IHC’s ADI Foundation, has received a $50 million investment to help grow its blockchain network and build the technology needed for large organizations to use it securely. The funding, announced today, will be used to expand the network, support developers and create partnerships with governments, banks and businesses looking to move important services onto blockchain. ADI Chain is already supporting projects such as ADI Predictstreet, a FIFA World Cup Prediction Market platform built with Kalshi, and DDSC, a UAE dirham-backed digital currency developed with First Abu Dhabi Bank, International Holding Company and Sirius International Holding.

ADNOC: Abu Dhabi National Oil Co. is tweaking crude prices to offer cargoes collected outside the Strait of Hormuz at a premium rate, Bloomberg reports. 

EDGE: Abu Dhabi-backed EDGE Group is trying to turn the UAE’s push for homegrown defense technology into a global business, Managing Director and CEO Hamad Al Marar said in the first episode of “Managing Middle East,” on CNBC.

Public Investment Fund: Saudi Pro League clubs, particularly the PIF-owned “Big Four,” are preparing for potential legal disputes over player wages after Saudi Arabia’s sovereign wealth fund sharply cut their budgets by an estimated $200-400 million, Intelligence Online reports.

NEOM: Saudi Arabia’s NEOM project has been attempting to reshape its public image by toning down claims around The Line, including overhauling its website to remove some of the futuristic imagery, Arabian Gulf Business Insight reports. 

𖥂 Drone Deals: Saudi Arabia bought a record $47.2 million worth of drones from Taiwan, becoming the top buyer for the island’s emerging UAV industry, Bloomberg reports. 

🏝️ Leisure Investment: Aldar has launched Yas Point, a $1.63 billion waterfront development on Abu Dhabi’s Yas Island featuring 1,600 homes, a five-star resort, branded residences, an international school, and retail.

📈 Riyadh IPO: Digital service provider NourNet is working with Goldman Sachs and HSBC on a potential initial public offering, Bloomberg reports. 

🛎️ Ritz Contract: Dubai-listed Drake & Scull International has won a $14.4 million mechanical, electrical and plumbing contract from Khamas Group for The Ritz-Carlton Residences in Business Bay.

📦 New Arrival: Specialist logistics firm Rock-It has established its regional headquarters in Abu Dhabi, in collaboration with Abu Dhabi Investment Office.

💺 Jumbo Rumors: Emirates’ reduced A380 schedule this summer has sparked speculation the superjumbo is nearing retirement, but analysts say the cuts are temporary due to refurbishment, maintenance and delivery delays.

🔴 In The Middle: Tensions between Saudi Arabia and the UAE are prompting global financial firms to prepare contingency plans as they assess risks to accessing the Gulf’s $3 trillion sovereign wealth ecosystem, Bloomberg reports. 

🤝 New Partners: Saudi Arabia’s SAL Logistics has partnered with China’s SF Airlines to provide integrated air cargo ground handling services.

📉 Saudi Slowdown: Fitch Ratings has kept its credit view on Saudi Arabia unchanged but expects GDP growth to slow to 0.6% in 2026 due to trade disruptions from the effective closure of the Strait of Hormuz amid the U.S.-Iran war.

✈️ Damascus Bound: Dubai’s budget carrier flydubai will resume daily flights to Aleppo from July 20 after a 14-year pause, expanding its Syrian network.

UAE President Sheikh Mohamed bin Zayed met with Egypt’s President Abdel Fattah El-Sisi, in El Alamein on Egypt’s Mediterranean coast.

Sheikh Mohamed held a phone call with Greek Prime Minister Kyriakos Mitsotakis on Monday. 

Sheikh Abdullah bin Zayed, UAE Foreign Minister, spoke with Nasser Bourita, Morocco’s Minister of Foreign Affairs, African Cooperation and Moroccan Expatriates. Sheikh Abdullah also held a phone call with Dr. Badr Abdelatty, Egypt’s Minister of Foreign Affairs, International Cooperation and Egyptian Expatriates on Sunday.

Jeff Zucker, CEO of RedBird IMI and chairman of Banijay Entertainment, told The National that the deal between Banijay Entertainment and All3Media creates a “truly global powerhouse” at a time of huge appetite for streaming and live events.

Dirk-Jan van Hameren, a Nike marketing veteran, is joining Whoop, the Wall Street Journal reports. The fitness tracker brand is backed by investors including Mubadala and Qatar Investment Authority.

Christian Kremers was appointed Vice President of Yalago, a leisure accommodation wholesaler, at dnata Travel Group.

Khalil Al Zadjali was appointed Vice President of the Valuation Committee at the Oman Real Estate Association at Cavendish Maxwell, a Middle East real estate advisory group and property consultancy.

🍸 Lounge Time: Riyadh Air’s first premium lounge at Saudi Arabia’s King Khalid International Airport has opened following the airline’s official launch. Spanning about 2,000 square meters (21,500 square feet), the Hafawa Lounge includes private sleep suites, massage chairs and a mocktail bar, Condé Nast Traveller Middle East reports. Designed by Yabu Pushelberg, the lounge is arranged as a succession of spaces connected by winding walkways, with interiors inspired by the Saudi desert, reflected in the honey-toned oak, brushed bronze and textured plaster.

📷 Photo of the Day

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.

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.