AI firms that have raised billions of dollars from Gulf sovereign wealth funds and state-owned companies are running into trouble.

Many are discovering the pitfalls of required local partnerships and the difficulty of building and running data centers in the region, The Information reports.

AI chipmaker Groq, for instance, got a $1.5 billion commitment from Saudi Aramco but later had to cut its revenue projections because of the lack of data capacity in the region.

Rival Cerebras made what proved to be onerous concessions to Abu Dhabi’s G42 as part of a $300 million investment deal, the online news platform said.

In spite of the problems, foreign AI companies continue to seek cash from the Mideast’s biggest funds, The Information said.

Delivery delays from Airbus and regional geopolitical instability are hampering Kuwait Airways’ efforts to break even and attract more passengers.

Chairman Abdulmohsen Alfagaan told Reuters that the carrier currently operates 27 aircraft, down from a plan of 33 for 2024, and expects to reach only 30 by year-end, with full deliveries delayed until 2027.

Kuwait Airways will not be able to reach its goal of 5.5 million passengers this year, up from 4 million in 2024.

Alfagaan said the company’s 2025 break-even target is at risk.

While China remains Saudi Aramco’s biggest customer by far, its monthly oil purchases are trending downward as more Russian crude hits the market.

Energy Aspects, a London consulting firm that tracks the industry, said in an Aug. 11 note that Chinese refineries are holding back from purchases for September given the greater availability of oil from the Russian Urals, Bloomberg reports. 

Saudi Aramco is set to sell 43 million barrels of contractual supplies of September-loading crude to China, according to Bloomberg. That compares with 51 million barrels a month ago and a monthly, year-to-date average of about 45 million.

The global oil market may be undergoing a reordering of some crude flows after the U.S. and European Union increased pressure against India over its imports of Russian energy.

Given there’s been no comparable move against China, that’s raised the possibility that more of Moscow’s oil will be taken by mainland refiners, the news agency said.

Wynn Resorts expects a windfall approaching $8 billion a year from its perch as the first casino operator in the UAE.

The Las Vegas-based company disclosed last week that it had initially expected to be competing with other gaming resorts when it won a license in 2024 to build a casino-hotel in the emirate of Ras Al Khaimah.

Instead, Wynn will open on Al Marjan Island in 2027 with a monopoly that analysts expect to yield $5 billion in annual revenue, while suggesting the turnover could reach $8 billion, Arabian Gulf Business Insight reports.

Wynn CEO Craig Billings said during the company’s second quarter earnings call that the casino’s revenue model was originally structured “assuming there would be multiple competitors in the market.”

Now, Billings said, “It looks like we’re going to be the only one for quite some time.”

The UAE gave Wynn the country’s first 15-year casino license three years ago.

While no other license has been granted, rival casino operator MGM Resorts International has cited “expectations regarding the potential opportunity for gaming expansion” for its $2.5 billion beachfront development at Dubai’s Jumeirah Beach, according to AGBI.

Emirates Airline will prohibit passengers from using power banks during flights due to concerns over the risks of overheating, fire, and explosions.

The airline announced the new safety measures will be implemented starting Oct. 1 following a safety review.

Emirates said customers will still be allowed to carry one power bank onboard if it is stored in the seat pocket or a bag under the seat in front, not in the overhead storage.

There is already a ban in place preventing power banks from being stored in checked luggage.

“There has been a significant growth in customers using power banks in recent years, resulting in an increasing number of lithium battery-related incidents onboard flights across the wider aviation industry,” an Emirates statement said.

Sovereign wealth funds in the Gulf, such as the Abu Dhabi Investment Authority and Saudi Public Investment Fund, are facing demands from top job candidates for a form of compensation popular on Wall Street.

Prospective employees are increasingly asking to receive carried interest awards, which are tied to gains on investments, as part of their pay, Bloomberg reports.

Already, some executives at Abu Dhabi-owned Mubadala Capital and Lunate receive such compensation.

The carried interest structure has enabled both firms to lure talent away from the likes of Apollo Global Management and Carlyle Group in recent months, the news agency said.

UAE President Sheikh Mohamed bin Zayed wrapped up a two-day visit to Moscow on Friday with the signing of an economic cooperation deal after Russian President Vladimir Putin remarked on the imbalance of investment between the two countries.

The agreement signed at the Kremlin aims to boost UAE-Russian trade in a range of fields, including fintech, healthcare, transportation, logistics, and professional services, according to the Emirates News Agency.

In remarks at the opening of his meeting with Putin, the UAE leader drew attention to the UAE’s $11.5 billion in bilateral trade with Russia, as well as the $30 billion with the Eurasian Economic Union, a regional group that includes Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia.

“We would like these results to double within the next five years,” Sheikh Mohamed said.

Putin pointed to growing cooperation between Russian and UAE sovereign wealth funds and said, “We keep a close eye on this sector, which has been delivering tangible results.”

Still, the Russian leader suggested some changes are due. “Let me note that so far, Russia has been investing significantly more in the United Arab Emirates than vice versa,” he said. “In fact, our investment is almost double the amount invested by the UAE here.”

Putin also spoke about plans for a summit meeting with U.S. President Donald Trump and said the UAE is being considered as the location. Trump has suggested Saudi Arabia for the site of the talks.

Saudi Arabia’s Crown Prince Mohammed Bin Salman, meanwhile, appears to be planning a trip to Washington in November for a White House meeting with President Donald Trump, Bloomberg reports.

When the Trump visited Saudi Arabia in May, the Prince pledged to invest at least $600 billion in the U.S., amid coaxing by the American leader to boost the figure to $1 trillion.

UAE President Sheikh Mohamed bin Zayed arrived in Moscow on Thursday and went directly to the Kremlin to meet with Russian President Vladimir Putin.

The Emirati leader was greeted by an honor guard at Vnukovo Airport after his plane was escorted by military aircraft once it entered Russian airspace.

Inside the Kremlin, the UAE President, often referred to as MBZ, walked down a long hall past Russian cabinet ministers, military commanders and government officials. He clasped hands with Putin before the two leaders began a series of diplomatic meetings.

The MBZ trip to Russia follows U.S. President Donald Trump’s visit to the Gulf in May and comes amid rising tensions between Moscow and Washington. The UAE pledged to invest $1.4 trillion in the U.S. economy over the next decade, focusing on defense contracts and artificial intelligence.

According to the Emirates News Agency, the Russian and Emirati leaders planned to discuss “various aspects of the strategic partnership between the two countries and ways to enhance cooperation, particularly in the economic, trade, investment, energy, and other areas that serve joint development, in addition to regional and international issues of common interest.”

Accompanying the UAE President was a delegation that included Sheikh Hamdan bin Mohamed bin Zayed, Deputy Chairman of the Presidential Court for Special Affairs; Sheikh Mohammed bin Hamad bin Tahnoon, Advisor to the UAE President; and Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and CEO of the ADNOC national oil company.

Also traveling to Moscow were Dr. Thani Al Zeyoudi, Minister of Foreign Trade; Mohamed Hassan Al Suwaidi, Minister of Investment; and Ali Al Shamsi, Secretary-General of the Supreme Council for National Security.