The U.S. Chamber of Commerce has published “Emirates of AI: An AI Blueprint,” examining the UAE’s efforts to build an artificial intelligence industry and reduce its dependence on oil.

Written by Mohammed Soliman, a director at McLarty Associates, the report highlights investments in data centers, AI research and education.

It identifies partnerships with American companies, including Microsoft’s investment in G42 and MGX’s infrastructure partnership with BlackRock and Microsoft, as central to the UAE’s strategy.

The report recommends expanding electricity infrastructure, easing cross-border data flows and training more AI specialists to support the industry’s growth.

At least one Gulf country is earning more from oil than before the war by running tankers through the Strait of Hormuz despite the risk of attacks, Singapore’s Foreign Minister Vivian Balakrishnan said.

Speaking at the Milken Institute’s Asia Summit on Wednesday, Balakrishnan declined to identify the country, saying a Gulf counterpart described a “Hormuz shuttle” using about 20 large tankers, each capable of carrying roughly 2 million barrels of oil.

The country absorbs the financial risk itself, accepting occasional hits because higher oil prices make the shipments worthwhile, he said, quoting his counterpart: “We are making more money now than before the war.”

Balakrishnan said the account showed that efforts to block Hormuz were allowing shipments through, while warning that closing the Bab el-Mandeb strait could pose an even greater threat to trade between Europe and Asia through the Red Sea and Suez Canal.

Paramount Skydance has closed its Gulf-backed $110 billion acquisition of Warner Bros. Discovery, having fended off rivals and a series of antitrust lawsuits in the 10 months since it launched its first hostile bid.

Saudi Arabia’s Public Investment Fund, the Qatar Investment Authority and Abu Dhabi’s L’Imad Holding are all backing the blockbuster deal.

Gerry Cardinale’s RedBird Capital Partners also contributed $4 billion in new equity financing, taking his total commitment to $6 billion.

Cardinale was a key architect in the deal and has strong ties to the Gulf, where RedBird is part of a media joint venture backed by Abu Dhabi royalty.

Skydance, as the combined company is being called, will be led by Chairman and CEO David Ellison, with Ynon Kreiz as co-CEO.

The firm announced its board on Tuesday, adding Laurene Powell Jobs, founder and President of Emerson Collective, and former Activision Blizzard CEO Bobby Kotick as board members.

Former British Prime Minister Tony Blair joins as an adviser. 

Mistral AI is eyeing UAE data centers as the French company looks to expand its business with Abu Dhabi.

CEO Arthur Mensch said the UAE is an “interesting place for our AI buildout,” telling The National at Abu Dhabi’s Ai Everything summit that Mistral may invest in local facilities.

The company already has a foothold through its May 2025 agreement with G42 to jointly develop AI software and infrastructure, with plans to explore research cooperation with the Mohamed bin Zayed University of Artificial Intelligence. It is also part of a $1 billion consortium with Marlan Space, a subsidiary of Sheikh Tahnoon bin Zayed’s International Holding Co., which is building AI satellite infrastructure.

Mistral is actively advertising several senior positions in Abu Dhabi on LinkedIn, including AI Deployment Strategist, Technical Lead for Applied AI, and Partner Solution Architect.

Mistral also unveiled a preview of its Large 4 model on Tuesday, adding a new product to its pitch for governments and companies seeking greater control over their AI systems. 

The summit’s headline speakers also include Boston Dynamics founder Marc Raibert, as Abu Dhabi pursues a $3.54 billion program to put AI at the center of government operations by 2027. 

Jordan and the UAE broke ground on a $2.3 billion railway project designed to speed up mineral exports, in a ceremony on Monday attended by King Abdullah II and Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed.

The 403-kilometer (250-mile) network, which will take five years to build, will connect the Red Sea port of Aqaba with phosphate mines at Al Shidiya, potash production at Ghor Al Safi and a logistics hub in Maan, replacing truck journeys and Jordan’s aging railway, The National reports.

The investment also advances Jordan’s rail infrastructure as the UAE pursues the proposed India-Middle East-Europe Economic Corridor, which would move goods by ship from India to the Gulf, then by rail through Saudi Arabia and Jordan to Israel’s Haifa port for shipment to Europe.

Reaching Haifa would require additional cross-border tracks through northern Jordan beyond the mining network now under construction.

OpenAI is looking to raise $30 billion from investors ahead of its much-anticipated IPO, and the UAE could provide a third of the money.

Abu Dhabi investment funds, including MGX, are discussing pooling as much as $10 billion to help anchor the financing, with BlackRock also in talks to participate, Bloomberg reports.

The deal would value the entire ChatGPT maker at about $1.4 trillion, up from $852 billion in its March fundraising, which brought in $122 billion.

OpenAI has pushed back plans for its initial share sale until at least next year, citing its focus on AI safety, while MGX has already invested in both the company and rival Anthropic.

Existing OpenAI backers Thrive Capital, Andreessen Horowitz and the University of California’s endowment fund have also discussed investing in the new round, the terms of which could still change.

Global oil stockpiles have become “scarily thin” and releasing stockpiles might buy time but won’t fix imbalances between supply and demand, according to Saudi Aramco’s CEO.

Amin Nasser, who leads the world’s top oil exporter, told the Energy Intelligence Forum in London on Monday that until the Strait of Hormuz reopens and confidence returns, “the crude reality is that pressure at both ends of the barrel will intensify.”

The comments come as governments across some of the world’s biggest economies announced plans to release as much as 100 million barrels of oil and diesel stocks to counter rising fuel costs.

While Nasser did not talk about recent attacks on Saudi Arabia, he said Aramco had been quick to repair damaged infrastructure throughout the regional conflict.

Saudi Arabia is shelving one of its planned World Cup stadiums and preparing to cancel its star-studded Joy Awards as budget cuts and regional conflict bite into the kingdom’s ambitions of becoming a Middle East entertainment capital.

Construction of the futuristic NEOM Stadium, an elevated arena inside The Line that was slated for the 2034 soccer tournament, has been suspended indefinitely, Reuters reports, while January’s entertainment industry prize ceremony is set to be canceled.

The awards drew stars including Katy Perry and Robbie Williams this year, but budget cuts that began before the Iran war have deepened the strain on the kingdom’s entertainment ambitions.

The pullback follows delays at The Line, the suspension of Riyadh’s $50 billion Mukaab project, and the withdrawal of government funding from LIV Golf.

Last month, the Red Sea Film Festival was postponed until 2027 while organizers of the Soundstorm desert festival called off the three-day event that was headlined by Cardi B last year. Uncertainty over military conflict with Iran has made it difficult to book international stars for such events, Reuters reports.