Lucid Motors, the electric vehicle manufacturer based in California and backed by Saudi Arabia’s Public Investment Fund, is teaming up with King Abdulaziz University for Science and Technology to establish a research facility promoting innovation in the EV industry.

The collaboration will focus on improving batteries, software and systems that help cars drive themselves or assist drivers.

Lucid will use KAUST’s research facilities and powerful computers to help design and test future vehicle components at the facility.

Lucid and Kaust said in a press release that the alliance strengthens the carmaker’s global R&D footprint and aligns with Saudi Arabia’s vision to become a global center for mobility innovation.

The UAE and the European Union have launched talks on formalizing a strategic economic partnership, aiming to deepen cooperation in such areas as green energy and artificial intelligence.

The negotiations build on earlier efforts this year to advance a free-trade pact, with multiple rounds of discussions already underway.

“This year marks an important inflection point,” UAE Minister of State Lana Nusseibeh said today at a Ministry of Foreign Affairs event in Abu Dhabi, The National reports. She described the parallel agreements as representing “a joint commitment to elevate our relationship to a new and more ambitious level.”

The EU is the UAE’s second-largest trading partner and a key investment destination, while the UAE is a major export and investment partner for Europe in the Middle East and North Africa.

Since 2022, the UAE has struck at least 20 trade agreements, known as Comprehensive Economic Partnership Agreements, including with Israel, India, Indonesia, Turkey, New Zealand, Vietnam and Cambodia.

A firm owned by Abu Dhabi’s ruling family has received rare planning permission to develop one of the biggest office projects ever built in London’s West End.

Berkeley Estate Asset Management, which is owned by the Private Department of the President of the UAE, is planning to turn the former flagship BHS store and London College of Fashion buildings into 800,000 square feet (74,322 square meters) of office space and more than 100,000 square feet of stores, Bloomberg reports.

The Al Nahyan family owns a far-reaching property portfolio in the U.K., including some of London’s most valuable real estate – much of it acquired under the late former ruler Sheikh Khalifa bin Zayed.

The West End, which includes the famed Oxford Street retail strip where the project is located, is dominated by low-rise historical buildings which are protected under strict planning laws.

Saudi Arabia’s flagship gigaproject Diriyah Gate is rolling out outdoor air-conditioning and a suite of other cooling measures to keep its public spaces near 28 C (82 F) during Riyadh’s searing summer months.

The scheme pairs high-tech systems with reflective materials, extensive tree planting and traditional architectural techniques, while aligning with the kingdom’s wider shift toward renewable energy, Arabian Gulf Business Insights reports.

As Saudi Arabia’s mega-projects drive up power demand, solar generation and district cooling are set to underpin efforts to deliver more sustainable infrastructure.

With a target of 50 million annual visitors by 2030, Diriyah sees large-scale climate control as critical to ensuring year-round footfall.

Abu Dhabi’s Mubadala sovereign wealth fund plans to double its exposure to Asia, raising the share of Asian assets in its portfolio to about 25% over the next decade. 

Currently, Asia accounts for roughly 13% of Mubadala’s $330 billion in assets under management, or about $43 billion, the Zawya news agency reports. “In the next five to 10 years, we would love to see that double,” Mohamed Albadr, Mubadala’s Head of Asia, said during a discussion at Abu Dhabi Finance Week.

China, Japan, South Korea and India will be Mubadala’s core target markets in Asia, Albader said, citing their mature private-equity markets and exit-opportunity potential. The fund already maintains a Beijing office, a Hong Kong joint-venture office and a growing list of activities, including recent large deals in real estate and healthcare. 

Albadr said Mubadala would deploy capital in real estate, infrastructure and private equity, which will play a key role in late-stage and buyout investments.

Khazna Data Centers, meanwhile, a growing AI infrastructure business backed by Mubadala, appointed Mohammed Bin Hassan as Country Head for Saudi Arabia following the company’s acquisition of land in the port city of Dammam to develop new data capacity.

Little-known Abu Dhabi state investment vehicle L’Imad Holding Co. has joined the fray in the Warner Bros. bidding war, backing a new $108 billion hostile offer from David Ellison’s Paramount, along with Saudi Arabia’s Public Investment Fund, the Qatar Investment Authority and Jared Kushner’s Affinity Partners.

Under the renewed bid, the three Gulf funds will provide $24 billion, the Financial Times reports. RedBird Capital Partners and Larry Ellison will backstop the $40.7 billion of equity in the $30-a-share bid, while Bank of America Corp., Citigroup Inc. and Apollo Global Management Inc. are providing the debt commitment via a bridge loan, Bloomberg reports.

Paramount Skydance is attempting to torpedo Netflix’s $72 billion deal, made last week following a three-way contest which also included Comcast.

L’Imad, which is replacing the Abu Dhabi Investment Authority in the latest iteration of the Paramount bid, first made headlines in October when it bought a $7 billion stake in real estate investor Modon from IHC Real Estate Holding and Alpha Dhabi Holding, both subsidiaries of Sheikh Tahnoon bin Zayed’s International Holding Co.

Sotheby’s first Abu Dhabi Collectors’ Week raised $133 million from a series of auctions, including sports cars, jewelery and a Hermès handbag owned by Jane Birkin, which went for $2.9 million.

Among the most jaw-dropping sales was a 31.68-karat pink diamond that sold for $8.8 million and a 1994 McLaren F1 car for $25.3 million.

The glitzy event, held at the St. Regis Saadiyat Island Resort last week, fortuitously coincided with the Milken Middle East and Africa Summit, an event known for attracting billionaires, held at the same venue.

Collectors’ Week, which included a showcase of $500 million worth of non-selling art, follows a $1 billion injection by Abu Dhabi’s sovereign fund ADQ for a minority stake in Sotheby’s. 

Abu Dhabi unveiled a new financial services hub to help launch companies and assist them in managing regulatory obstacles that hamper growth.

Launched on Tuesday by the Abu Dhabi Investment Office and the Department of Economic Development, the platform will be known as FIDA – the FinTech, Insurance, Digital and Alternative Assets Cluster – and is projected to contribute some $15 billion to Abu Dhabi’s economy by 2045.

“By bringing investors, regulators, global institutions and technology innovators into an integrated cluster, Abu Dhabi is the preferred destination for those building digital assets, AI-powered insurance and breakthrough fintech platforms,” Badr Al-Olama, ADIO’s Director-General, said.

FIDA was introduced by Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of its Executive Council, amid the torrent of product announcements, conferences and cocktail parties during Abu Dhabi Finance Week.

During one of the events on Monday, Carlyle Group Chairman David Rubenstein was asked by UAE Investment Minister Mohamed Alsuwaidi, who is also CEO of sovereign wealth fund ADQ, how he assessed the UAE’s financial development, Khaleej Times reports. Rubenstein cited a music critic 30 years ago who said, “I’ve just seen the future of music, and its name is Bruce Springsteen.” Today, Rubenstein said, “I’ve seen the future of capitalism, and its name is Abu Dhabi.” 

Across town at the media-focused BRIDGE Summit, executives from Meta, Yango, Huawei and HeyGen headlined sessions on the use of AI in content, marketing and consumer products.  Actor Idris Elba said the conference was about cultural connectivity and empowering creators in a more inclusive global media ecosystem. “Let’s use this opportunity at the Summit to connect, form, create and distribute ideas,” he said. 

Jeff Zucker, CEO of RedBird IMI and RedBird Capital Partners, said journalism’s future will be driven by trusted individual voices rather than traditional media. “Institutions used to confer credibility upon the individual, but now it’s the other way around,” he said. “I think people are looking much more to individuals in this new creator economy, this new AI world.”