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The Daily Circuit: LIV Golf calls it quits + JPMorgan index adds Saudi debt

It's over

LIV Golf to shut down, liquidate assets after final deal collapses

Emirates announced several promotions among senior management. (Photo: Getty Images)

empty seats

Emirates first-half profit plunges 66% as war disrupts Gulf flights

The Daily Circuit: Emirates profit plunges + LIV Golf may liquidate

final round

LIV Golf faces liquidation after BC Partners scraps investment

costly crossings

ADNOC fleet becomes lifeline for Iraq, Kuwait oil through Hormuz

The Daily Circuit: XRG’s Australian gas deal + PIF raises $3 billion

playing it safe

Saudi hosting of Asian Cup postponed after Houthi attacks

southern exposure

XRG buys Shell stake in Australia LNG project for $1.45 billion

The Daily Circuit: Aramco profit surges + Lunate, Brookfield launch developer

supply shield

UAE plans more energy channels as war disrupts export routes

crude cushion

Saudi Aramco’s third-quarter profit rises as war lifts oil prices

The Daily Circuit: Altman opens ADIPEC + Binance’s recovery plan

plugged in

Sam Altman tells ADIPEC that AI growth requires additional power

empty seats

Exxon, Chevron executives cancel trips to ADIPEC over security

The Daily Circuit: ADIA’s 50th celebration + Exxon, Chevron to miss ADIPEC

gulf call

BlackRock’s Larry Fink visits Abu Dhabi as ADIA marks 50 years

power gathering

Top world energy leaders heading for Abu Dhabi to attend ADIPEC

alternate passage

ADNOC’s new pipeline to double capacity for bypassing Hormuz

The Daily Circuit: ADNOC readies second bypass pipeline + Space42’s satellite alliance

Quick Hits

risky route

Delta, Lufthansa, Air France pull back from Riyadh after attacks

Air France suspended flights to the Saudi capital through the end of October, Delta postponed launching its new Atlanta-Riyadh service until March

Sofiane ALSAAR / AFP via Getty Images

A Riyadh Air Boeing 787-9 Dreamliner on the tarmac at King Khalid International Airport

By
Jonathan H. Ferziger
October 13, 2026
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International airlines including Delta, Lufthansa, Air France and Etihad are continuing to retreat from Riyadh as Saudi authorities keep King Khalid International Airport closed through Saturday, Oct. 17, following deadly Houthi attacks.

Delta pushed the launch of its Atlanta-Riyadh service from Oct. 23 to March 2027, while Air France-KLM has suspended flights to the Saudi capital through the end of October, Reuters reports.

Lufthansa canceled flights to Riyadh through Oct. 16, Etihad halted the route from Abu Dhabi through Oct. 19, and Qatar Airways temporarily suspended services to Riyadh and Dammam.

Saudi aviation authorities say the airport closure will allow them to complete safety checks and ensure facilities are ready to resume operations.

U.S. and European aviation regulators have also issued warnings about flying in Saudi airspace amid missile and drone threats.

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youthful vision

Saudi Arabia’s Misk summit canceled amid security concerns

World Petroleum Council holds energy forum despite Houthi attacks on Riyadh airport and FII says its Oct. 26 conference will still take place

Saudi Press Agency

Last year's Misk Global Forum in Riyadh

By
Jonathan H. Ferziger
October 13, 2026
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Saudi Arabia’s Misk Foundation canceled its annual gathering in Riyadh for young entrepreneurs amid security concerns following missile attacks by Yemen’s Houthi rebels on King Khalid International Airport and other sites around the kingdom.

The Misk Global Forum, scheduled for Nov. 11-12, was called off for “organizational and logistical challenges,” the foundation said in a statement on Monday. It offered no further explanation.

The event has become a central part of Saudi Arabia’s effort to project the kingdom as a hub for youth, entrepreneurship and international engagement. It has drawn more than 193,000 attendees over the past nine editions, bringing together participants from over 130 nationalities with more than 1,460 speakers, according to organizers

The cancellation comes after other events in Saudi Arabia were postponed or dropped, including the Red Sea Film Festival and the Soundstorm desert music festival, both scheduled for December.

The World Petroleum Council decided not to cancel its current energy summit in Riyadh, although several of the most prominent oil executives have been dropped from the schedule, including the CEOs of BP, ExxonMobil and TotalEnergies. Organizers of the Future Investment Initiative conference, scheduled to start Oct. 26, say they plan to go ahead with the four-day event.

The attacks on Saturday and Sunday targeted Riyadh’s main airport, killing 14 people and injuring more than 300. The airport has suspended operations until at least Oct. 17.

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security test

BP, ExxonMobil, TotalEnergies chiefs skip Saudi energy summit

Organizers insist the Future Investment Initiative, the kingdom's banner gathering of global business leaders, will proceed despite Houthi attacks

Fayez Nureldine / AFP via Getty Images

Guests attend the 25th World Petroleum Council Energy Congress in Riyadh

By
Jonathan H. Ferziger
October 12, 2026
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Saudi Arabia’s conference calendar is becoming a test of business leaders’ confidence in the kingdom’s security.

BP CEO Meg O’Neill, ExxonMobil Chairman and CEO Darren Woods, TotalEnergies Chairman and CEO Patrick Pouyanné, Shell CEO Wael Sawan and Chevron Chairman and CEO Mike Wirth are no longer on the agenda for this week’s World Petroleum Congress in Riyadh after repeated airport attacks disrupted travel, Reuters reports.

The meeting opened on Sunday despite the absences, while the latest Reuters tally puts the weekend death toll at King Khalid International Airport at 14 – 13 killed Saturday and one Sunday – with more than 300 injured in Saturday’s strike.

Dammam’s King Fahd International Airport was also attacked Sunday, further complicating access after congress organizers had suggested flying there and driving four hours to Riyadh as an alternative route for delegates. Lufthansa has suspended Riyadh flights through Oct. 16 and Air India through Oct. 15, while Air India Express, IndiGo and Akasa Air have also canceled services, and Etihad Airways and flydubai have canceled scheduled flights to the capital.

Organizers insist the Future Investment Initiative, the kingdom’s flagship gathering of global investors and business leaders, will proceed on Oct. 26-29.

“Safety and well-being remain our highest priority,” FII Institute CEO Maha Al Saud said, promising comprehensive security at airports, conference venues and official hotels, plus coordinated transportation for participants.

FII’s announced speakers include billionaires Stephen Schwarzman of Blackstone, Ray Dalio of Bridgewater, Marc Rowan of Apollo, Robert F. Smith of Vista Equity Partners and Patrice Motsepe of African Rainbow Minerals, alongside JPMorgan’s Jamie Dimon, Citi’s Jane Fraser, BlackRock’s Larry Fink, Goldman Sachs’ David Solomon, HSBC’s Georges Elhedery, Barclays’ C.S. Venkatakrishnan and Standard Chartered’s Bill Winters.

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runway risks

Attacks on Saudi airports elevate safety concerns in kingdom

Strikes on Riyadh's King Khalid International Airport and at facilities in the southwestern city of Abha leave three dead as Yemen fighting intensifies

The terminal at King Khalid International Airport in Riyadh

By
Jonathan H. Ferziger
October 8, 2026
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Saudi Arabia’s airports are back in the firing line, raising fresh concerns for airlines and travelers as fighting in neighboring Yemen intensifies.

Attacks on Riyadh’s King Khalid International Airport and facilities at Abha airport killed three people and wounded 36 on Tuesday and Wednesday, Reuters reports, citing Saudi aviation authorities.

The strikes put both the capital’s international gateway and a regional airport in the southwest under threat, although the report did not specify flight cancellations or airport closures.

The Saudi-led coalition said it struck more than 80 Houthi military sites in retaliation. A separate Houthi attack on Yemen’s Aden airport sent a missile near the runway minutes before a flight from Cairo was due to land.

Elsewhere in the Gulf, Wizz Air canceled all flights to Abu Dhabi and Dubai for the winter season, scrapping its planned Oct. 25-March 27 schedule because regional airspace restrictions require longer routes that increase flying times and costs, The National reports.

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model partners

U.S. Chamber study charts the UAE’s ambitions for AI leadership

The report examines how Emirati investment in infrastructure, education and U.S. technology partnerships supports the UAE's AI ambitions

By
Jonathan H. Ferziger
October 8, 2026
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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.

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oil run

Gulf state is profiting from risky Hormuz shipping: Singapore FM

Singapore’s Foreign Minister Vivian Balakrishnan says an unnamed Gulf country is earning more than before the war despite attacks on its tankers

Milken Institute

Singapore's Foreign Minister Vivian Balakrishnan

By
Jonathan H. Ferziger
October 8, 2026
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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.

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that's a wrap

Paramount Skydance closes Warner deal with Gulf backing

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

Ethan Swope/Bloomberg via Getty Images

Warner Bros. Studios in Burbank, California.

By
Louise Burke
October 7, 2026
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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. 

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AI vision

Mistral scouts UAE as possible base for data center buildout

The company has a software development pact with G42, plans to explore research with the Mohamed bin Zayed University of Artificial Intelligence

Giuseppe CACACE / AFP via Getty Images)

A model of the Stargate AI data center now under construction in Abu Dhabi

By
Jonathan H. Ferziger
October 7, 2026
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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. 

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