Saudi Arabia’s Minister of Investment Khalid al-Falih, the former chief of Aramco, was dismissed today by King Salman in a cabinet reshuffle announced by royal decree.

Fahad al-Saif, Chairman of Gulf International Bank, was appointed to replace Al-Falih, who held the post for six years. Al-Falih will remain in the cabinet and serve as a Minister of State.

The move comes amid expectations that Saudi Arabia’s $925 billion Public Investment Fund will shortly release a new five-year plan, outlining its strategy as the kingdom struggles with declining oil revenue and budget shortfalls.

Al-Falih, 65, was previously Chairman and CEO of Saudi Aramco, the world’s largest oil company. He also served as Minister of Energy and Minister of Health.

A record number of flights taken on private jets has prompted UAE aviation companies to bolster their luxury charter fleets, amid an influx of millionaires and billionaires. 

Dubai-based jet operator Vista Global has placed a $1 billion order with Canadian manufacturer Bombardier. The deal for 40 Challenger 3500 business jets has an option for an additional 120 planes, which would bring the value to as much as $4.7 billion, Reuters reports.

With the lure of an advantageous tax regime and a safe and luxurious lifestyle, Dubai and neighboring Abu Dhabi have become the world’s top destinations for millionaires, driving a sustained boom in luxury property and, now, demand for private jets. 

Dubai’s main private jet hub at Dubai South reported a record-breaking 20,289 business aviation movements in 2025, up 17% on the prior year.

Shares in Montreal-based Bombardier have risen by more than 200% over the past year based on strong revenue growth, including higher demand for aftermarket servicing. The company is looking at increasing production of private jets to meet the growing demand.

The 3500 model is an upscale version of Bombardier’s Challenger 350, seating up to 10 passengers. It features a 6-foot cabin height, deep-reclining seats and voice-controlled cabin lighting, temperature and entertainment. 

Saudi Arabia’s Qiddiya megaproject is galloping ahead with plans to make the Saudi Cup horse race a global showpiece, even as the kingdom trims spending on some other giant developments.

The $40 billion entertainment city is investing heavily in racing facilities and fan experiences tied to the world’s richest horse race, Arabian Gulf Business Insight reports.

The Saudi Cup itself carries a $20 million purse for the main race and more than $35 million across the race weekend, drawing top international horses and stables.

Backers see the high-stakes event as a headline attraction designed to anchor Qiddiya’s push to become a global sports and entertainment hub. The new venue will include a 21,000-seat grandstand and a 110-meter parade ring.

Dubai’s five-year property boom is showing signs of slowing down.

A surge of new homes coming onto the market this year is likely to cool the pace of rising prices, according to a report by Moody’s.

The ratings firm said that major Emirati developers and banks are in a strong enough financial position to cope with a softer market. 

Population growth and continued demand from wealthy overseas buyers should prevent a sharp downturn, according to a report by Moody’s Vice President and Senior Analyst Lisa Jaeger.

Since 2021, developers have been capitalizing on high prices to sell an increasing number of homes off-plan for completion several years later.

This will drive a surge in new deliveries between 2026 and 2028 in Dubai in particular, before tapering off, Jaeger writes.

“The slowdown will prompt developers to scale back the launch of new projects and lead to lower new sales values over the next 12 to 18 months, a trend we expect will persist for several years,” the report says.

Abu Dhabi-backed investment firm MGX may be close to putting hundreds of millions of dollars into AI startup Anthropic as part of a massive fundraising round expected to top $20 billion.

The round, which would value Anthropic at about $350 billion, has attracted major support from Singapore’s sovereign wealth fund GIC and other large institutional backers, Bloomberg reports.

MGX was set up last year with support from Abu Dhabi funds including Mubadala and technology group G42, with a mandate to invest heavily in artificial intelligence and related infrastructure.

The firm has already taken stakes in OpenAI and Elon Musk’s xAI.

Saudi team owners and soccer fans are waiting breathlessly to discover whether reports are correct that Cristiano Ronaldo will end his two-match boycott this coming weekend amid disputes with his Al-Nassr football club and league officials.

The Riyadh team’s star Portuguese captain, who is paid $235 million a year, plans to return for Al-Nassr’s Feb. 14 match against Al-Fateh, ESPN reports. 

Ronaldo’s grievances revolve around the role of Saudi Arabia’s Public Investment Fund in team affairs and comparisons with rival clubs’ transfer activity, according to the sports broadcaster.

In a statement last week, the Saudi Pro League said that any problems Ronaldo and other players have must be resolved with their individual teams.

“Decisions on recruitment, spending and strategy sit with those clubs, within a financial framework designed to ensure sustainability and competitive balance,” the league said.

Ronaldo has played 22 games this season, scoring 18 goals and providing three assists as Al-Nassr sits in second in the Saudi Pro League, one point behind leader Al-Hilal. 

Foie gras and French goat cheese fueled Gourmet Egypt’s stunning debut on the Cairo stock exchange today, in which the upscale grocer’s shares rose as much as 38%.

With sales split between institutional and retail investors at 6.90 Egyptian pounds per share, the store’s IPO raised almost $28 million, Bloomberg reports.

Gourmet Egypt, which opened its business 20 years ago and specializes in imported foods such as Angus beef and Roquefort cheese, recently introduced ready-to-heat meals under its own “Handcrafted by Gourmet” label.

The Egyptian Exchange’s benchmark index has soared 68% over the past 12 months and officials are expecting as many as eight new listings this year.

Saudi Arabia is getting ready to unveil an updated blueprint for Crown Prince Mohammed bin Salman’s Vision 2030 overhaul of the kingdom’s finances.

Finance Minister Mohammed Al-Jadaan said on Sunday that discussions on the government’s new five-year plan are underway at this week’s economic conference in AlUla that takes into account Saudi Arabia’s declining oil revenues and resulting budget shortfalls.

“We continue really to reprioritize, rework our policies, making sure that we enhance as we go to ensure that we enable the private sector to lead the economy,” Al-Jadaan told Bloomberg.

The government is recalibrating some of its most ambitious projects, including suspending construction of the giant cube-shaped Mukaab in Riyadh’s $50 billion New Murabba development and scaling back the $1 trillion Neom development’s futuristic city called The Line.

Saudi officials have also postponed the 2029 Asian Winter Games at Neom’s Trojena resort and reduced the original scope of Neom’s sprawling development to focus on what are projected to be the most promising sectors, such as tourism, logistics and technology.

Saudi Arabia’s Public Investment Fund, meanwhile, will be testing the appetite of foreign investors to put their money in the kingdom, including in the sovereign wealth fund’s 120 portfolio companies, at this week’s PIF Private Sector Forum, Arabian Gulf Business Insight reports.