SLICK PROFITS

Aramco posted a 0.9% increase in third-quarter profit on Tuesday, beating analyst expectations and signaling that Opec+ production hikes have helped the world’s biggest oil exporter mitigate lower prices. The result broke a streak of declining profits over the past 10 quarters, Bloomberg reports. Aramco reported adjusted net income of SAR104.92 billion ($27.9 billion) and maintained its dividend at SAR80.1 billion ($21.4 billion). Aramco’s dividend payouts underpin Saudi Arabia’s economy and support its ambitious transformation agenda. The company was forced to slash its annual dividend forecast by almost 30% earlier this year, pushing the kingdom to plug its budget gap with near-record bond issuances.

EXPENSIVE CLUBS

Dubai’s golf scene is heating up with green fees having nearly doubled in two years amid  rising costs for water, equipment and maintenance. “It’s not that someone suddenly decided to increase green fees to make more money,” Chris May, CEO of Dubai Golf, told Arabian Business Gulf Insight. “The cost of operating golf courses around the world has gone up significantly.” Dubai boasts 13 courses, including three DP World Tour venues – Dubai Creek, Emirates Golf Club’s Majlis Course and Jumeirah Golf Estates. According to May, the city has roughly 20,000 active local golfers, with some clubs seeing up to 60,000 rounds played each year.

Public Investment Fund: The Saudi sovereign wealth fund signed a draft agreement with Jones Lang Lasalle aimed at strengthening the kingdom’s real estate ecosystem.

ACWA Power: The PIF-owned energy company signed a preliminary agreement to explore developing sustainable energy and water infrastructure for the sovereign wealth fund’s local real estate companies.

Abu Dhabi Investment Authority: The parent of Groww, India’s largest online broker, raised 30 billion rupees ($338 million) from 102 anchor investors that included ADIA, Goldman Sachs Group Inc., Morgan Stanley, HSBC Holdings Plc and Singapore’s government, Bloomberg reports.

G42: Oracle Health and M42 will integrate data from the Emirati Genome Programme1 directly into the electronic health record to advance healthy longevity and disease prevention.

Mubadala: Abu Dhabi-based Waha VAS Limited, a subsidiary of Mubadala-backed Waha Capital, has fully exited its stake in AI fintech Optasia following the company’s Johannesburg Stock Exchange listing, generating $119 million in proceeds.

🏗️ Dubai Development: Real estate firm Refine unveiled a $4.9 billion project pipeline in Dubai that includes eight developments delivering more than 3,000 residential units across prime locations in the emirate. 

🩺 Missed Calls: Israeli startup Popai Health raised $11 million from Team8 and NEA to use voice AI that converts patient phone calls into actionable medical data, targeting the 15 million daily healthcare calls that typically go unanalyzed. 

💰 Funding Knowledge: Knowledge Economic City Company said its subsidiary, Algharraa International Co., signed two infrastructure development contracts worth $39.7 million for the first phase of the Islamic World Avenue District project in Medina.

🌐 Biometric Boarding: Emirates will invest $23 million in facial recognition systems at Dubai International Airport to speed passenger processing and enhance airport security.

⛏️ New Digs: Twelve mining companies qualified for the second round of Saudi Arabia’s exploration program, earning preliminary approval for 38 licenses and $179.3 million in commitments.

🪙 Crypto Crackdown: ADGM has updated its digital assets rulebook, granting the regulatory authority the power to suspend financial services licenses for up to 12 months and expanding misconduct rules.

🚁 Cabin Rides: The UAE’s aviation regulator expects to complete air taxi certification by the third quarter of 2026, according to Saif Al Suwaidi, director general of the General Civil Aviation Authority.

🧑‍⚖️ In the Dock: French cement giant Lafarge and eight former executives will stand trial in Paris from Nov. 4 over decade-old allegations of aiding terrorism and crimes against humanity in Syria.

💼 Opening Shop: Geneva-based Union Bancaire Privée has opened an office in Saudi Arabia and appointed Mishal Alhawas as its CEO and head of advising for the kingdom, Bloomberg reports. 

Saudi Arabia’s Crown Prince Mohammed bin Salman’s White House visit with U.S. President Donald Trump has been scheduled for Nov.18, Reuters reports.

Qatar’s Emir Sheikh Tamim met with King Philippe of Belgium in Doha on Monday. King Philippe is participating in the second World Summit for Social Development, beginning in Doha today.

Lebanon’s President Joseph Aoun said on Monday that he is committed to negotiate with Israel using diplomatic language, adding that his country had “no option” in the matter.

Sheikh Theyab bin Mohamed, Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs, will lead the UAE delegation to Shanghai to take part in China International Import Expo 2025.

Suhail Al Mazrouei, UAE Minister of Energy and Infrastructure, told the crowd at ADIPEC that there is no oversupply of oil in the market, adding that demand remains strong due to the AI and data center boom.

Andrea Bono was appointed CEO of India, Middle East, and Africa at Marsh McLennan.

Dominic Arel was appointed Vice President of Operations for the Middle East at United Hospitality Management.

🕶️ Star Power: Hollywood actor Will Smith will has been announced as a speaker at the UAE’s Sharjah International Book Fair, joining a roster of literary figures including Nigerian author Chimamanda Ngozi Adichie, Italian physicist Carlo Rovelli and Irish novelist Paul Lynch. The “Men in Black” star will appear on stage on Nov. 14. The festival, now in its 44th year, is a major event for the publishing industry, attracting thousands of book sellers and publishers and some of the world’s greatest writers. This year’s festival runs from Nov. 5 to Nov. 16.

Nov. 3-6, Abu Dhabi. ADIPEC. Bringing together professionals, companies, and government leaders to discuss and showcase the latest developments in oil, gas, and cleaner energy technologies. ADNEC Center.

Nov. 4-6, Dubai. Gulfood Manufacturing. Billed as the most influential F&B manufacturing event in the world. Dubai World Trade Center. 

Nov. 4-9, Dubai. Dubai Design Week. The Middle East’s largest creative festival, showcasing more than 200 events across architecture, product, furniture, interior and graphic design. D3.

Nov. 5-16, Sharjah, UAE. Sharjah International Book Fair. A 12-day cultural and literary event attracting global publishers and literary stars. Expo Center Sharjah.  

Nov. 10. Abu Dhabi. Abu Dhabi Autonomous Summit. The flagship platform of the inaugural Abu Dhabi Autonomous Week, convening global leaders to define the next chapter of smart and autonomous mobility. Yas Marina Circuit.

Nov. 10-12, Abu Dhabi. DRIFTx. An international exhibition showcasing smart and autonomous mobility solutions. Yas Marina Circuit.

Nov. 10-15, Abu Dhabi. RoboCup Asia-Pacific. A regional competition and event for AI and robotics where teams compete on challenges including humanoid robot soccer matches. ADNEC Center.

Nov. 11-14, Dubai. ICOM 2025. Bringing together museum professionals and cultural experts from around the world to explore the evolving role of museums. Dubai World Trade Center.

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

OVER A BARREL

Opec+ will pause plans to increase oil production next year, amid rising fears of an oil glut among industry bosses. The eight-member producers group said on Sunday that it would halt any further rises in January, February and March, after adding another 137,000 barrels a day of crude in December. The pause was attributed to seasonality – as oil demand in the first quarter of the year is usually weaker – but comes after Shell CEO Wael Sawan last week warned of a “credible scenario” of an oversupply next year. He joined a growing number of voices in the industry raising concerns, with the market skeptical that U.S. sanctions on Russian oil will seriously impede Moscow’s trade, the Financial Times reports.

ELECTRIC DRIVE

French automaker Renault signed an agreement to produce electric vehicles in Morocco starting 2030 as it seeks to expand exports to African markets. The company, which operates plants in Tangier and near Casablanca, produced 413,000 vehicles in 2024, 90% of which were exported under the “Made in Morocco” label, Arabian Gulf Business Insight reports. The deal is expected to create about 7,500 jobs and add a new EV line to Renault’s existing models. Rival Stellantis runs a factory in Kenitra, while China’s Gotion High Tech plans to build a battery plant in the country.

Abu Dhabi Investment Authority: The Mumbai IPO of Lenskart Solutions, which is backed by ADIA, sold out in less than five hours on Friday, raising $821 million, Bloomberg reports. 

Aramco: Saudi chemicals giant Sabic, majority owned by Aramco, said the Engineering, Procurement, and Construction work on its $6.4 billion Fujian complex in China is 87% complete. 

Adnoc: XRG, the international energy investment platform of Abu Dhabi’s national oil company, has agreed to purchase a stake in Azerbaijan’s Southern Gas Corridor, The National reports.

Mumtalakat: Masar Group, a unit of Bahrain’s sovereign wealth fund, is teaming up with UAE-based The Captain’s Club to launch the country’s first membership-based boat club.

✈️ New Fleet: HSBC financed six Airbus A350-900 aircraft for Emirates, completing five through  a structure that lets airlines lease aircraft from Japanese investors with an option to buy them later.

🏭 Carbon Capture: QatarEnergy has awarded a contract to South Korea’s Samsung C&T for a carbon capture and sequestration project at Ras Laffan that will capture up to 4 million tonnes of CO₂ annually.

🏝️ Building Blocks: SKH Private Family Office and Rotana announced a $136 million acquisition and redevelopment of The Cove Rotana Resort in Ras Al Khaimah.

🧳 Flying Hub: Malaysian carrier AirAsia is set to sign a deal to establish a Middle East hub in Bahrain, Bloomberg reports. 

🛢️ Oil Search: Dragon Oil, a subsidiary of Dubai’s Emirates National Oil Co., signed a preliminary agreement with Malaysia’s Petronas to collaborate in oil and gas exploration. 

🏢 Dubai Hotel: British luxury hotel operator Maybourne is in talks with billionaire developer Nick Candy on a potential branded residence partnership in the UAE, with CEO Marc Socker citing their strong alignment.

📈 IPO Ambition: Almasar Alshamil Education set a price range for its upcoming IPO on the Riyadh Stock Exchange that values the offering at up to $160 million.

🦊 Animal Arrest: Sharjah police arrested a man in a sting operation targeting illegal wildlife trade, seizing endangered animals including lynxes and foxes that were later released into reserves.

UAE President Sheikh Mohamed bin Zayed raised the country’s flag at Qasr Al Hosn in Abu Dhabi on Monday to mark the nation’s Flag Day.

Sheikh Khaled bin Mohamed attended the official opening ceremony of the Grand Egyptian Museum in Giza on Saturday. On Monday, he raised the UAE flag at Zayed National Museum to mark Flag Day.

Syrian President Ahmad Al Sharaa is expected to visit Washington soon in what would mark the first American visit by a Syrian leader in decades, Reuters reports.

Stephen Carter, CEO of Informa, has relocated his residency from the U.K. to the UAE, as the British events company expands operations in the Middle East, The National reports.

Asaad Al Shaibani, Syria’s Minister of Foreign Affairs and Expatriates, met with Dr. Anwar Gargash, Diplomatic Adviser to the UAE President, on the sidelines of the Manama Dialogue in Bahrain on Sunday.

Dr. Anwar Gargash said on Sunday that the international community made a mistake by failing to stop Sudan’s 2021 military takeover.

Badr bin Hamad Al Busaidi, Foreign Minister of Oman, urged Gulf Arab states to deepen ties with Iran and include it in an expanded regional defense and security architecture, signaling Muscat’s push for greater dialogue amid ongoing Middle East tensions.

Jasim Al Awadi, Chief Information and Communications Technology Officer at du, told The National that UAE residents can now mine for bitcoin by renting the required computational power on a subscription basis.

🎉 Grand Opening: Egypt finally declared its $1 billion flagship museum open on Saturday night with a glitzy ceremony topped off by a drone show and fireworks lighting up the skies over Cairo. The Grand Egyptian Museum has been two decades in the making, with works delayed on multiple occasions, including during the Arab Spring uprising and the Covid-19 pandemic. An exuberant President Abdel-Fattah El-Sisi, who was joined on stage by dozens of world leaders and royalty during the ceremony, described the museum as a “living testament to the genius of the Egyptian” individual. The museum, which houses more than 100,000 artifacts including the treasures from the tomb of King Tutankhamun, is key to Egypt’s goal of attracting 30 million tourists a year 2031.

Nov. 3-6, Abu Dhabi. ADIPEC. Bringing together professionals, companies, and government leaders to discuss and showcase the latest developments in oil, gas, and cleaner energy technologies. ADNEC Center.

Nov. 4-6, Dubai. Gulfood Manufacturing. Billed as the most influential F&B manufacturing event in the world. Dubai World Trade Center. 

Nov. 4-9, Dubai. Dubai Design Week. The Middle East’s largest creative festival, showcasing more than 200 events across architecture, product, furniture, interior and graphic design. D3.

Nov. 10. Abu Dhabi. Abu Dhabi Autonomous Summit. The flagship platform of the inaugural Abu Dhabi Autonomous Week, convening global leaders to define the next chapter of smart and autonomous mobility. Yas Marina Circuit.

Nov. 10-12, Abu Dhabi. DRIFTx. An international exhibition showcasing smart and autonomous mobility solutions. Yas Marina Circuit.

Nov. 10-15, Abu Dhabi. RoboCup Asia-Pacific. A regional competition and event for AI and robotics where teams compete on challenges including humanoid robot soccer matches. ADNEC Center.

Nov. 11-14, Dubai. ICOM 2025. Bringing together museum professionals and cultural experts from around the world to explore the evolving role of museums. Dubai World Trade Center.

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