Saudi Arabia has emerged as a surprise leader in the market for massive industrial batteries and is now one of the world’s fastest deployers of grid-scale energy storage.

A new report on the state of the battery market from Volta Foundation shows that the kingdom, the world’s biggest crude oil exporter, is now among the top adopters of large-scale batteries, which are being used to help stabilize its electricity system as it increases reliance on renewable energy.

The speed of the transformation has caught industry watchers by surprise – just two years ago Saudi Arabia had no grid-scale batteries installed and now it ranks fifth globally for annual installed capacity, with almost three gigawatts added last year, the Financial Times reports.

It comes as the country is ramping up efforts to build out its renewable energy and green hydrogen industries to diversify away from fossil fuels, following a similar approach to the UAE, which is investing billions in solar and wind farms both domestically and overseas.

Saudi Energy Minister Abdulaziz bin Salman signed an agreement with his Turkish counterpart Alparslan Bayraktar on Tuesday to invest $2 billion to build solar and wind projects in Turkey.

Elon Musk’s plan to combine SpaceX and artificial-intelligence firm xAI into a $1.25 trillion venture is drawing renewed attention to the Gulf sovereign wealth funds that have invested in his companies.

Abu Dhabi’s Mubadala fund is one of SpaceX’s largest outside backers, meaning the proposed merger would deepen its exposure to Musk by effectively adding xAI’s assets to an investment long tied to rockets, satellites and launch services.

Providing Musk with large pools of long-term capital may boost the influence of Middle East investors in the future as the world’s richest man continues to expand his business empire.

Abu Dhabi is also connected to xAI through MGX, the AI-focused vehicle backed by Mubadala and G42, which has participated directly in xAI funding rounds alongside global giants such as Fidelity, Nvidia and Cisco.

Qatar’s sovereign wealth fund, the Qatar Investment Authority, is another prominent xAI investor, as is the Oman Investment Authority.

Saudi Arabia’s Public Investment Fund is involved with xAI through its minority stake in Kingdom Holding Co., the conglomerate majority-owned by Prince Alwaleed bin Talal.

Musk last visited the UAE in December, when he met with President Sheikh Mohamed bin Zayed and Dubai Crown Prince Sheikh Hamdan bin Mohammed.He made a high-profile appearance in Saudi Arabia last May when he attended the Saudi-U.S. Investment Forum in Riyadh and chatted on the conference floor with U.S. President Donald Trump and Saudi Crown Prince Mohammed bin Salman.

Soccer star Cristiano Ronaldo appears to have sat out of a Saudi Pro League match in protest over a disagreement with the Public Investment Fund.

Ronaldo, who plays for the Al Nassr Football Club, skipped Monday night’s game against Al Riyadh, which his team won 1-0.

The Portuguese forward, who signed for Al Nassr in 2023, has become enmeshed in the kingdom’s global image, acting as a brand ambassador for tourism and sports ventures.

He is also building his own Saudi business empire, from hair loss clinics and real estate to his stake in Al Nassr.

Ronaldo reportedly became frustrated after Al Nassr failed to sign any new star players, while leading competitor Al Hilal, which is also backed by the PIF, signed France’s Karim Benzema from Al Ittihad. 

Qatar committed $2 billion to support startups as its banner tech gathering opened to sold-out crowds, drawing more than 30,000 people.

The Qatar Investment Authority is planning to invest in five new venture capital funds, expanding an earlier created Fund of Funds and and taking its total commitment for startups to $3 billion. 

The funds newly included – Greycroft, Ion Pacific, Liberty City Ventures, Shorooq and Speedinvest – will open offices in Doha to help develop the city as a hub for tech entrepreneurs. 

“This year, we move from momentum to scale,” Sheikh Mohammed bin Abdulrahman Al ⁠Thani, Qatar’s Prime Minister and Minister of Foreign Affairs, said in a keynote address on Sunday at the opening of Web Summit Qatar, where he announced a raft of incentives, including a 10-year residency program for entrepreneurs, founders, investors, and senior executives.

“We invite you to put down roots and grow alongside a nation that invests in your future,” he said. 

Now in its third year, the Middle East’s franchise of the famed Web Summit in Lisbon drew a record 1,600 startups, 85% of which came from outside of Qatar. 

Lockheed Martin has opened a new software factory in Riyadh to speed development of advanced digital systems in Saudi Arabia.

The facility, officially launched on Sunday, will focus on rapid prototyping and advanced software practices to support modern command-and-control aeronautics systems.

It is being developed with Saudi partners, including Saudi Arabian Military Industries, and is designed to build local engineering and software talent.

The move aligns with Saudi Arabia’s push to localize high-value technology and expand the country’s digital capabilities.

Shoppers in the UAE may soon be able to check out their purchases with a wink or a wave.

A pilot program by the Central Bank is introducing both facial and palm recognition to replace cards and credit cards.

The system was developed through the bank’s Sandbox Program and Innovation Hub, making the UAE the first Middle East country to employ biometric payments.

Backed by Network International in Dubai and U.S.-based PopID, the project is currently in a proof-of-concept phase and being demonstrated at offices of the Dubai Land Department. 

Abu Dhabi is consolidating the assets of ADQ, its third-largest sovereign wealth fund, under its newly-created investment vehicle L’Imad Holding.

L’Imad, which was launched late last year, will now hold a portfolio of 25 investment companies and platforms, with more than 250 subsidiaries including Etihad Airways, Etihad Rail, Abu Dhabi Ports, McLaren, Louis Dreyfus, PureHealth, Modon Properties, Wio Bank and Taqa.

The decision to create another investment giant is one of the most significant overhauls of Gulf sovereign funds in years and comes after it was announced on Thursday that Mohamed Alsuwaidi would step down as CEO of ADQ after seven years to take up a new role at alternative investment manager Lunate.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, was appointed Chairman of L’Imad in January, with Jassem Al Zaabi, Chairman of the Abu Dhabi Department of Finance and Vice Chairman of the UAE Central Bank, appointed as Managing Director and CEO.

The resolution to roll ADQ’s $263 billion in assets into L’Imad was issued by the Supreme Council for Financial and Economic Affairs, the body which oversees Abu Dhabi’s principal sovereign funds, including the Abu Dhabi Investment Authority, Mubadala and L’Imad, as well as state oil company ADNOC.

ADQ, which was set up in 2018, quickly became one of the world’s fastest-growing investors. It is chaired by Sheikh Tahnoon bin Zayed, the UAE National Security Advisor who oversees a broad swath of Abu Dhabi investment entities, including ADIA and AI firm MGX. 

L’Imad 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’s International Holding Co.

Since then, it joined the fray in the Warner Bros. bidding war, backing a hostile offer for the entertainment giant from David Ellison’s Paramount, and took over ownership of McLaren Automotive from another state investment firm.

Mohamed Alsuwaidi has stepped down as CEO of Abu Dhabi sovereign wealth fund ADQ to take up a new role at three-year-old Lunate, marking a major leadership change among the emirate’s state-linked investment firms.

Alsuwaidi, who spent seven years at ADQ, has been appointed Executive Chairman and Managing Partner at Lunate, a unit of Chimera Investment LLC, which is controlled by UAE National Security Advisor Sheikh Tahnoon bin Zayed.

“Building ADQ from inception into a globally significant investment institution has been one of the most meaningful chapters of my professional life,” Alsuwaidi said in a press release.

Lunate, which was launched in 2023 as an independent alternative investment manager backed by Abu Dhabi capital, manages about $115 billion in assets and invests across public and private markets.

The firm has quickly gained prominence since its start by teaming up with some of Wall Street’s biggest banks, investing in OpenAI and buying a stake in Brevan Howard Asset Management.