OpenAI has vaulted past Elon Musk’s SpaceX to become the world’s biggest startup after a share sale to investors including Abu Dhabi firm MGX valued the artificial intelligence giant at $500 billion.

Mubadala and G42-backed MGX, Thrive Capital, SoftBank Group, Dragoneer Investment Group and T. Rowe Price were among the named parties who bought $6.6 billion worth of stock from current and former employees.

The sale fell short of the $10 billion-plus limit on stock the company allowed for sale, potentially indicating the confidence of staff in the long-term trajectory of the business, Bloomberg reports.

It was the third major investment in OpenAI by MGX, which took part in a fundraising round earlier this year that valued the company at $300 billion, after making an initial investment in 2024.

OpenAI and CEO Sam Altman have a tight relationship with the UAE, where the company agreed earlier this year to partner with AI powerhouse G42, Oracle and Nvidia to build a 1-gigawatt computing cluster called Stargate UAE.

Altman met with UAE President Sheikh Mohamed bin Zayed and Sheikh Tahnoon bin Zayed, the National Security Adviser who oversees some $1.5 trillion in UAE assets, in Abu Dhabi on the weekend. He was awarded an honorary doctorate from the Mohamed bin Zayed University of Artificial Intelligence at a ceremony on Friday.

Riyadh-based Merak Capital has set up an $80 million private equity fund to support the fashion industry in Saudi Arabia, anchored by the kingdom’s Cultural Development Fund.

The Fashion Fund will invest across the industry, supporting Saudi labels, as well as beauty brands, e-commerce and technology companies working with apparel.

Saudi Arabia hosted its first ever fashion shows in 2018 and has since established Riyadh Fashion Week and Red Sea Fashion Week.

The sector is poised for significant growth, with fashion and luxury expected to hit $42 billion by 2028, according to industry tracker Fashion Futures.

Saudi Arabia’s Public Investment Fund is pursuing its goal of dominating the global gaming industry by executing the largest leveraged buyout in history.

The kingdom’s sovereign wealth fund, which manages assets of about $925 billion, is leading a consortium that agreed to pay $55 billion for Electronic Arts, the U.S. maker of such hit video games as “Battlefield” and “The Sims.”

The investor group also includes private equity firm Silver Lake Partners and Affinity Partners, the firm headed by Jared Kushner, son-in-law of U.S. President Donald Trump. 

The PIF, which already owns 9.9% of EA, plans to roll over its stake into the new ownership structure. The transaction is expected to close in the first quarter of fiscal 2027, subject to regulatory and shareholder approval.

Kushner said he has admired EA’s “ability to create iconic, lasting experiences, and as someone who grew up playing their games – and now enjoys them with his kids – I couldn’t be more excited about what’s ahead.”

Saudi Arabia’s Public Investment Fund, private equity firm Silver Lake and Jared Kushner’s Affinity Partners are part of a group that is attempting a $50 billion leveraged buyout of gaming titan Electronic Arts.

The group is in advanced talks for the deal, potentially the largest leveraged buyout in history, The Wall Street Journal reports.

The PIF, which already holds a 10% stake in EA, has been expanding gaming investments through its Savvy Games Group.

Silver Lake’s Gulf activity includes its investment of $800 million in the Abu Dhabi-owned tech company G42, which gave Managing Partner Egon Durban a seat on the board in 2021.

Dubai-based school operator GEMS Education is among the frontrunners bidding for Riyadh-based Ajialuna Educational Co. in a move that could give it a large foothold in the kingdom, where Ajialuna serves more than 14,000 students.

Ajialuna’s majority owner Sulaiman Alrajhi Holding is seeking to sell its entire stake, with several local investors also bidding, Bloomberg reports.

GEMS, which is backed by Brookfield Asset Management, is one of the world’s biggest education companies, with dozens of schools in the Middle East.

Demand for quality education and international curriculums is growing rapidly in Saudi Arabia, both from expatriate and local families, as the government tries to address its skills gap.

Saudi Arabia has ordered a five-year freeze on rent increases for residential and commercial properties in Riyadh, effective immediately, citing a steep rise in housing costs.

The decree, issued by Crown Prince Mohammed bin Salman, requires that rents for vacant units be capped at their last registered amount. 

Under the new measures, landlords found violating the freeze could face fines up to a full year’s rent, and whistleblowers may be eligible for 20% of collected fines. 

The freeze comes amid government concern about the impact of rising Saudi real estate values on cost of living in the capital, Bloomberg reports.

According to government data, private home rents jumped 13.9% and apartment rents 6.9% year-over-year in the second quarter.

High house prices and rents are undermining affordability, so much so that the Riyadh market saw a slowdown in deals for the first time in years in the first half of 2025, according to London-based consulting firm Knight Frank

Doha’s Hamad International Airport, the second busiest in the region, plans to increase its annual capacity by nearly 20% using the existing infrastructure.

The strategy outlined by Chief Operating Office Hamad Al-Khater contrasts with its rival Dubai International Airport, which is spending $35 billion on a new terminal to handle 260 million passengers.

“We believe we can even fit 75 to 77 million passengers within the current footprint of the airport,” Al-Khater told Bloomberg. “It needs a lot of work, a lot of optimization, but that is our primary goal.”

Last year, Doha’s airport handled some 53 million passengers, making it the tenth busiest airport in the world by international traffic, ahead of Bangkok, Madrid and Munich.

Jordan’s Chocolate Lake Co. is in talks with potential buyers to sell a strategic stake in the company that could turn out to be one of the kingdom’s largest M&A transactions in recent years.

The sale could fetch as much as $800 million and Amman-based Chocolate Lake has hired Rothschild & Co. as an adviser, Bloomberg reports.

Operating under the Chocolake brand, the privately owned company produces over 600 products, including chocolates, fillings, spreads, sauces, bites and bars.

Chocolate Lake’s board has not yet made a final decision on whether to proceed with the sale, the news agency said.