The Daily Circuit: Ronaldo joins billionaires league + Altérra invests $2B in Brookfield
👋 Hello from the Middle East!
In the Daily Circuit today, we’re reporting on Altérra’s $2 billion investment in Canada’s Brookfield Asset Management, PureHealth buying a $938 million interest in Greece’s Hellenic Healthcare, ExxonMobil’s efforts to re-enter the Iraqi market and Ford Mustang EV’s hitting the road in Riyadh. But first Ronaldo joins the billionaires league.
Capping his 23-year career by playing in Saudi Arabia has made Cristiano Ronaldo soccer’s first billionaire.
The Portuguese superstar’s fortune was pegged at $1.4 billion in the Bloomberg Billionaires Index, which took note of the two-year contract he signed in June with Riyadh’s Al-Nassr team, worth a reported $400 million in tax-free salary and bonuses.
Ronaldo, 40, the all-time top scorer in men’s international football, played for some of Europe’s leading clubs before moving to Saudi Arabia, including Manchester United, Real Madrid and Juventus. He is captain of both Al-Nassr and Portugal’s national team.
Off the soccer field, Ronaldo signed a decade-long deal with Nike in 2016 for nearly $18 million annually and endorsed brands including Armani and Castrol that have added over $175 million to his net worth, Bloomberg reports.
With 660 million followers around the world making him the world’s most popular personality on Instagram, Ronaldo has put much of his fortune to work at home. He has invested heavily in Portuguese media and publishing interests, as well as in branding, real estate and his CR7 business empire that extends into hotels, apparel, and licensing, the news agency reports.
Editor’s Note: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected] .
ELECTRIC MUSTANG
Ford Motor Co. plans to launch an electric version of its venerable Mustang sports car in Saudi Arabia next month. The American manufacturer will start by offering between 500 to 1,000 Mustang Mach-E cars for sale as it tests demand, Arab News reports. The move comes amid a 16% increase in Saudi auto sales since the beginning of 2025 compared with the same period last year. The decision places Ford in direct competition with other EV and hybrid players already active or expanding in the Kingdom, such as PIF-backed Lucid, Chinese firm BYD and the local startup Ceer. Ford said it also intends to introduce a new hybrid model, the Territory, to broaden its Saudi product mix.
TURNING POINT
Global output from renewable energy sources overtook coal in the first half of 2025 and outpaced growth in global electricity demand for the first time, according to a report from energy think tank Ember. Renewables including solar and wind supplied 5,072 terawatt hours of electricity globally during the period, while coal accounted for 4,896 TWh. Largely driven by rapid growth in China and India, renewables are now growing fast enough to meet rising global appetite for electricity, even as the power-hungry data centers that underpin the AI boom further spike demand. “We are seeing the first signs of a crucial turning point,” Małgorzata Wiatros-Motyka, senior electricity analyst at Ember, said.
Altérra: UAE-backed climate investment fund Altérra said it has invested $2 billion in Canada’s Brookfield Asset Management’s $20 billion Global Transition Fund II, which targets assets such as nuclear energy and carbon capture storage.
PureHealth
: The ADQ-backed company and biggest healthcare group in the Middle East, completed the $938 million acquisition of a 60% stake in Athens-based Hellenic Healthcare.
ADQ: The Abu Dhabi sovereign wealth fund raised the value of its upcoming $4 billion loan offering to $5 billion, based on demand from at least 33 banks. Meanwhile, Sheikh Tahnoon bin Zayed, UAE National Security Adviser and Deputy Ruler of Abu Dhabi, chaired a board meeting of ADQ on Wednesday.
Mubadala: Abu Dhabi Catalyst Partners, an asset manager backed by the Abu Dhabi sovereign wealth fund, joined as an anchor investor in Janus Henderson’s $300 million Islamic-compliant MENA Private Credit Fund IV.
International Holding Co.: Multiply Group, an Abu Dhabi-based global investment company, plans to acquire a 60.8% majority stake in Italian luxury packaging company ISEM, which makes boxes and dustbags for clients including LVMH and Gucci.
Oman Investment Authority: OQ, Oman’s state-owned commodity trading company, said it plans to expand its liquefied natural gas business domestically and internationally, aiming to make LNG a central part of its portfolio.
📈 Growth Upgrade: The World Bank raised Saudi Arabia’s 2025 growth forecast to 3.2%, up from 2.8% projected in April, citing higher oil production and robust non-oil sector activity.
🚚 Cold Storage: DP World will invest $29 million to build a cold storage facility in Egypt’s Al Oula Industrial City after acquiring land in Elsewedy Industrial Development Park.
💰 United Front: Saudi developers Majd Investment, Sumou Global Investment and Dubai-based Strategic Housing Group have formed a $533 million joint venture to develop co-living spaces for professionals and students in the kingdom.
💲 Energy Boost: The International Islamic Trade Finance Corp. signed a $90 million syndicated deal with Djibouti to fund refined petroleum imports and strengthen the country’s energy security.
🦅 Top Bird: A prized Mongolian falcon sold for a record $173,276 at the 2025 International Saudi Falcons and Hunting Exhibition.
🏭 Aluminum Interest: Emirates Global Aluminium is exploring a potential bid to acquire Brazilian aluminum producer Companhia Brasileira de Alumínio.
🚢 Cargo Buildup: Saudi ports handled 22.5 million tonnes of cargo in September, up 8.6% year-on-year, according to the Saudi Ports Authority, Mawani.
🛢️ Iraq Return: ExxonMobil is in talks to re-enter Iraq by signing agreements with Basra Oil Co. and SOMO, Iraq’s oil marketing company, to explore the Majnoon field and develop export and marketing projects in the country’s south, Bloomberg reports.
✈️ No Entry: The 2025 Dubai Airshow has withdrawn the registrations of six Israeli defense firms that were preparing to take part in the Nov. 17-21 event, The Times of Israel reports.
Pope Leo XIV is scheduled to visit Lebanon and Turkey in November, marking his first official trip abroad since assuming the papacy in May.
UAE President Sheikh Mohamed bin Zayed held a meeting with Humaid bin Harmal Al Shamsi, President of the Emirates Oncology Society and CEO of the Burjeel Cancer Institute, at the Qasr Al Bahr palace in Abu Dhabi on Tuesday. He also reviewed the design of the new Al Jazira Club Stadium, which will be located in Zayed City.
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, UAE Minister of Defense and Deputy Prime Minister, and Chairman of Dubai’s Executive Council, met with Ben Lamm, Co-Founder and CEO of Colossal Biosciences, a U.S.-based genetic engineering company dedicated to the “de-extinction” of animal species, including the Woolly Mammoth.
Emir of Kuwait Sheikh Meshal met with Goldman Sachs CEO David Solomon on Monday to discuss bolstering investment and economic modernization.
Egypt’s President Abdel Fattah El-Sisi and French President Emmanuel Macron held a phone call on Tuesday in which they agreed to continue close consultations on Gaza.
Nik Storonsky, CEO and co-founder of London-based fintech firm Revolut, has moved his residence from the U.K. to the UAE, Bloomberg reports.
Dr. Khaled El-Enany, the former Egyptian Minister of Tourism and Antiquities, was selected by the governing board of UNESCO to be the Paris-based international cultural organization’s Director-General, Reuters reports. The choice must be approved by UNESCO’s 194 member-countries at a meeting in November before it becomes effective.
Dr. Ahmad Belhoul Al Falasi, Chairman of the UAE Space Agency and Minister of Sport, said the country has invested some $12 billion in its space program.
Sheikh Abdulla bin Mohammed bin Butti, Chairman of the UAE National Media Office and UAE Media Council, met with Jeff Zucker, CEO of RedBird IMI, and Jane Turton, CEO of All3Media, at the Media Office headquarters in Abu Dhabi.
Bandar Alkhorayef, Saudi Arabia’s Minister of Industry and Mineral Resources, met with Greece’s Minister of Environment and Energy Stavros Papastavrou and Minister of Development Takis Theodorikakos to discuss ways to strengthen partnerships.
Oct. 8-9, Abu Dhabi. Quantum Maritime Conference. Bringing together international leaders to advance quantum AI, cybersecurity, optimisation, and sensing in the maritime sector. Abu Dhabi Maritime Academy.
Oct. 9, Dubai. Family Office Summit. A full day event to discuss the latest progress in family office business. Park Hyatt.
Oct. 9-15, Abu Dhabi. IUCN World Conservative Congress. A gathering of conservation experts and leaders from around the world. ADNEC.
Oct. 12-15, Dubai. Expand NorthStar. An annual startup and investor event in Dubai that connects founders, the corporate sector and VCs across tracks like climate tech, deep tech, fintech, and innovation. Dubai Harbour.
Oct. 13-17, Dubai. GITEX Global. The giant tech and startup show is back for its 45th edition, bringing together government and industry leaders., innovators and government. Dubai World Trade Center.
Oct. 14-16, Dubai. Global Future Council. The event on the Future of Growth convenes senior economists and thought leaders from across academia, business, government and civil society to provide intellectual guidance on new approaches to growth.
Oct. 15-18, Sharjah. Evolve Future Mobility Show. Shaping the future of the electric vehicle industry in the region. Sharjah Expo Center.
Oct. 21-23, Dubai. Healthcare Future Summit. The summit explores the evolving landscape of vaccine innovation and global disease control. Dubai World Trade Center.
Oct. 22, Abu Dhabi. Reuters NEXT Gulf Summit. Hosting critical conversations with world leaders, innovators and market movers to define the Middle East’s next chapter. St Regis Saadiyat.
Oct. 22, Dubai. S&P Global Ratings 15th Annual Islamic Finance Conference. An in-depth look at the global Islamic finance landscape. DIFC Atrium.
Oct. 22-24, Sharjah. World Investment Conference & Sharjah Investment Forum. A global investment summit exploring foreign direct investment, policies and collaboration for resilient and sustainable growth. Al Jawaher Reception and Convention Centre.
Oct. 27, Dubai. The UAE Africa Tourism Investment Summit. Hosted by the UAE Ministry of Economy and Tourism as part of Future Hospitality Summit World 2025 to foster investment and strengthen tourism partnerships between the UAE and African nations. Madinat Jumeirah.
Oct. 27-28, Jeddah. Sustainable Coastal Development Forum. Exploring strategic solutions for developing eco-friendly coastal communities. Hilton Jeddah.
Oct. 27-29, Dubai. Future Hospitality Summit. Connecting global investment opportunities and projects to hospitality decision-makers. Madinat Jumeirah.
Oct. 27-30, Riyadh. Future Investment Initiative, 9th Edition. Investors, corporate executives, cabinet ministers and political leaders from around the world attend Saudi Arabia’s flagship business conference. King Abdulaziz International Conference Center.
Nov. 1-2, Dubai. Women’s Empowerment Convention. The 3rd Women’s Leadership Forum unites global trailblazers, headlined by fashion icon Anna Wintour and storytelling pioneer Candace Bushnell. Atlantis The Royal Conference Center.
Nov. 3-6, Abu Dhabi. ADIPEC. Bringing together professionals, companies, and government leaders to discuss and showcase the latest developments in oil, gas, and cleaner energy technologies. ADNEC Center.
Nov. 4-9, Dubai. Dubai Design Week. The Middle East’s largest creative festival, showcasing more than 200 events across architecture, product, furniture, interior and graphic design. D3.
Nov. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.
The Daily Circuit: Family office crypto + Aldar’s affordable homes
👋 Hello from the Middle East!
In the Daily Circuit today, we’re reporting on Abu Dhabi’s Aldar Properties targeting affordable homes, Majid Al Futtaim bringing a Vox Cinemas multiplex to Riyadh’s Diriyah Square, JPMorgan Chase & Co appointing new co-CEOs for the Middle East and a rare Arabian caracal has been spotted in the wild. But first, a growing interest in Bitcoin among family offices…
The changing of the guard at family offices in the Middle East has driven a new willingness to test out non-traditional asset classes, from cryptocurrencies and tokenized property to hedge funds and venture capital.
Dubai-based Abdulaziz and Abdulla Kanoo, fifth-generation twin brothers from a 135-year-old merchant family, are among the young Gulf heirs set to benefit from the estimated $1 trillion of wealth being transferred to the next generation in coming years, Bloomberg reports.
The pair, who own a separate digital assets financial services firm, convinced one of their family’s money managers to invest a small amount in Bitcoin in 2020, selling it last year at a profit as the world’s largest decentralized digital currency soared past its previous record highs.
Bitcoin has continued its rally throughout 2025, hitting a new high of $125,835.92 on Monday, fueled by increasing interest from institutional investors, friendly policies under U.S. President Donald Trump and its increasing integration into global financial systems.
While the rich globally are embracing new asset classes like crypto, the youthful shift in Middle Eastern family offices, which have typically invested conservatively in their own companies and real estate, is closely watched by foreign financial firms looking for an inroad.
Beyond Bitcoin, the younger generation are pushing to diversify portfolios into private equity, venture capital and hedge funds, Bloomberg reports. This epic generational shift is the overarching theme of the Family Office Summit taking place in Dubai on Thursday.
Editor’s Note: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected] .
AFFORABLE HOUSING
Aldar Properties, Abu Dhabi’s biggest real estate developer, is shifting gears from luxury villas to more inclusive projects aimed at everyday residents. Flush with cash after years of booming growth, the company now plans to build homes priced between $136,000 and $816,000, along with rental options for workers earning $1,360 to $5,450 a month. It’s also rolling out affordable schools, community shops, and even a new Gulf credit fund to help smaller builders access financing, CEO Talal Al Dhiyebi told Bloomberg. As Abu Dhabi draws in a wave of global professionals, Aldar’s new focus signals that the emirate’s leaders want the government-owned developer to evolve to serve not just the wealthy elite, but the teachers, nurses, and engineers who are now struggling to keep up with rising rents.
CINEMA COMPLEX
UAE’s Majid Al Futtaim, the owner of Emirates Mall and other major retail complexes in the region, will bring Vox Cinemas multiplex and seven global brands to Diriyah Square in Riyadh. The deal marks Majid Al Futtaim’s debut as the site’s first major entertainment partner, adding over 13,000 square meters of retail and leisure space in agreement with Diriyah Company, which is owned by the Public Investment Fund. The $600 million Diriyah Square project will feature more than 420 brands in a walkable, mixed-use district. Apple, Lululemon, and Time Out Market are among Diriyah’s growing lineup of international retail offerings.
Public Investment Fund: Lucid, the U.S.-based electric car company majority-owned by the PIF, manufactured 3,891 vehicles in the third quarter of 2025, falling short of Wall Street estimates, after the phaseout of a $7,500 U.S. federal tax credit boosted rival sales, Bloomberg reports. Lucid said more than 1,000 additional cars were built for final assembly in Saudi Arabia.
Public Investment Fund: Moody’s says Saudi Arabia’s progress on major infrastructure projects like Neom is uneven due to engineering challenges, weak private investment and lower oil prices, leading to ongoing budget shortfalls, Bloomberg reports.
Abu Dhabi Investment Authority: ADIA invested over $11 million in LG Electronics’ $1.3 billion Indian IPO, joining HSBC, BlackRock, Goldman Sachs, and Fidelity, which collectively secured 30% of the shares on offer as anchor investors.
International Holding Company: Sammaan Capital will expand its affordable housing loan business following a $1 billion investment from Abu Dhabi’s IHC, the non-banking lender’s Chief Executive, Gagan Banga, told Reuters.
ADQ: Sotheby’s International Realty, in which ADQ has a minority stake, partnered with Abu Dhabi based Alain to launch the Four Seasons Private Residences Abu Dhabi at Saadiyat Beach, marking its Abu Dhabi debut with a record sale of $3,815 per square foot.
💰 Energy Fund: The Arab Energy Fund led a $26 million Series A round for Cairo-based Tagaddod, a platform specializing in biofuel feedstocks.
🏨 Tall Project: Cairo-based Al Ahly Sabbour Developments received approval to build a $225 million tower in Sultan Haitham City, set to become Oman’s tallest building.
🚚 Logistics Town: Saudi Logistics Services Company signed a lease to build a new logistics zone worth about $1.1 billion at Riyadh’s Falcon City.
🚢 Marine Travel: Abu Dhabi’s Eshraq Investments has struck a deal to acquire Shine, a maritime services company, from U.K.-based TIL Partners.
🚆 First Shop: Etihad Rail will open a new freight terminal at Dubai’s Jebel Ali Port within two weeks, launching its first train to Abu Dhabi as part of its integration with DP World.
🏭 Major Printing: China’s Nanjing Kenyo Group and its UAE subsidiary broke ground on the UAE’s first 3D concrete printing factory in the China-UAE Industrial Park.
🚀 Space Ambition: Abu Dhabi’s Technology Innovation Institute designed, built, and test-fired the UAE’s first liquid rocket engine, marking a major step toward developing the technology for future space missions.
💺 Luxury Training: Emirates opened an $8 million Dubai training facility to provide luxury hospitality training for nearly 25,000 cabin crew, featuring a restaurant, lounge, and tech-enabled classrooms.
💸 Double Pay: Saudi Arabia may need to double pay for specialist construction workers to meet 2034 FIFA World Cup stadium demands, adding cost and timeline pressures, Arabian Gulf Business Insight reports.
UAE President Sheikh Mohamed bin Zayed received a phone call on Monday from Jordan’s King Abdullah II.
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, reviewed the progress at Zayed National Museum in preparation of its official opening this December in Abu Dhabi’s Saadiyat Cultural District.
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, UAE Minister of Defence, Deputy Prime Minister and Chairman of the Executive Council of Dubai, launched Dubai Founders HQ, an initiative that aims to strengthen Dubai’s startup and small and medium enterprise ecosystem, on Monday.
Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister, Chairman of the Presidential Court and Chairman of the Higher Committee for the Water and Electricity Sector in Abu Dhabi, chaired the committee’s meeting on Monday at Qasr Al Watan palace.
Prince Saud bin Turki bin Faisal, a Saudi Royal, opened the 26th Elenex exhibition in Riyadh, which showcases solutions in electricity, ventilation, lighting, and home appliances, on Monday.
Conor Hillery and Matthieu Wiltz will take over from Filippo Gori as co-CEOs of JPMorgan Chase & Co’s Europe, Middle East and Africa business, Bloomberg reports.
Mostafa Madbouly, Egypt’s Prime Minister, held a meeting on Sunday to expedite the public offering of state-owned firms and strengthen the Egyptian Exchange to attract private investment.
Mahmood Al-Aweini, Secretary-General at Oman’s Ministry of Finance, said the country remains committed to introducing a personal income tax in 2028.
Oct. 8-9, Abu Dhabi. Quantum Maritime Conference. Bringing together international leaders to advance quantum AI, cybersecurity, optimisation, and sensing in the maritime sector. Abu Dhabi Maritime Academy.
Oct. 9, Dubai. Family Office Summit. A full day event to discuss the latest progress in family office business. Park Hyatt.
Oct. 9-15, Abu Dhabi. IUCN World Conservative Congress. A gathering of conservation experts and leaders from around the world. ADNEC.
Oct. 12-15, Dubai. Expand NorthStar. An annual startup and investor event in Dubai that connects founders, the corporate sector and VCs across tracks like climate tech, deep tech, fintech, and innovation. Dubai Harbour.
Oct. 13-17, Dubai. GITEX Global. The giant tech and startup show is back for its 45th edition, bringing together government and industry leaders., innovators and government. Dubai World Trade Center.
Oct. 14-16, Dubai. Global Future Council. The event on the Future of Growth convenes senior economists and thought leaders from across academia, business, government and civil society to provide intellectual guidance on new approaches to growth.
Oct. 15-18, Sharjah. Evolve Future Mobility Show. Shaping the future of the electric vehicle industry in the region. Sharjah Expo Center.
Oct. 21-23, Dubai. Healthcare Future Summit. The summit explores the evolving landscape of vaccine innovation and global disease control. Dubai World Trade Center.
Oct. 22, Abu Dhabi. Reuters NEXT Gulf Summit. Hosting critical conversations with world leaders, innovators and market movers to define the Middle East’s next chapter. St Regis Saadiyat.
Oct. 22, Dubai. S&P Global Ratings 15th Annual Islamic Finance Conference. An in-depth look at the global Islamic finance landscape. DIFC Atrium.
Oct. 22-24, Sharjah. World Investment Conference & Sharjah Investment Forum. A global investment summit exploring foreign direct investment, policies and collaboration for resilient and sustainable growth. Al Jawaher Reception and Convention Centre.
Oct. 27, Dubai. The UAE Africa Tourism Investment Summit. Hosted by the UAE Ministry of Economy and Tourism as part of Future Hospitality Summit World 2025 to foster investment and strengthen tourism partnerships between the UAE and African nations. Madinat Jumeirah.
Oct. 27-28, Jeddah. Sustainable Coastal Development Forum. Exploring strategic solutions for developing eco-friendly coastal communities. Hilton Jeddah.
Oct. 27-29, Dubai. Future Hospitality Summit. Connecting global investment opportunities and projects to hospitality decision-makers. Madinat Jumeirah.
Oct. 27-30, Riyadh. Future Investment Initiative, 9th Edition. Investors, corporate executives, cabinet ministers and political leaders from around the world attend Saudi Arabia’s flagship business conference. King Abdulaziz International Conference Center.
Nov. 1-2, Dubai. Women’s Empowerment Convention. The 3rd Women’s Leadership Forum unites global trailblazers, headlined by fashion icon Anna Wintour and storytelling pioneer Candace Bushnell. Atlantis The Royal Conference Center.
Nov. 3-6, Abu Dhabi. ADIPEC. Bringing together professionals, companies, and government leaders to discuss and showcase the latest developments in oil, gas, and cleaner energy technologies. ADNEC Center.
Nov. 4-9, Dubai. Dubai Design Week. The Middle East’s largest creative festival, showcasing more than 200 events across architecture, product, furniture, interior and graphic design. D3.
The Daily Circuit: Lunate & Blackstone’s new platform + Mubadala sells Getir stake
👋 Hello from the Middle East!
In the Daily Circuit today, we’re reporting on Mubadala selling off its stake in Turkish car rental business Getir Arac, AD Ports’ $673 billion land deal with Mira Developments, a decade’s lag projected for Riyadh’s $50 billion New Murabba project, and Sam Altman’s return to the Gulf to raise money for computing infrastructure. But first, Lunate teams up with Blackstone on a $5 billion finance venture.
Blackstone, the world’s largest alternative asset manager, is joining forces with Abu Dhabi’s Lunate to launch a $5 billion logistics investment platform across the Middle East.
The new venture, called GLIDE, will focus on developing new “Grade A” logistics assets and evaluate selective acquisitions and sale-and-leaseback transactions, the investment firms said on Monday.
Lunate is an Abu Dhabi-backed alternative investment manager founded in 2023 that oversees over $110 billion in assets. “This partnership combines global scale with regional expertise to unlock a market ready for transformation,” Lunate Managing Partner Khalifa Al Suwaidi said.
Jon Gray, Blackstone’s President and Chief Operating Officer, said the venture will capitalize on Lunate’s growing presence in the Gulf.
“The profound economic transformation underway in the GCC, driven by pro-growth policies, favorable demographic shifts and broad-based economic diversification, is creating powerful momentum for sectors like logistics,” Gray said.
Editor’s Note: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected] .
CITY DELAY
Saudi Arabia’s Public Investment Fund is pushing the deadline forward 10 years for New Murabba, one of its flagship mega-projects for redeveloping the kingdom’s sprawling capital city of Riyadh. Facing growing deficits and falling oil prices, executives at the sovereign wealth fund say the massive new business, entertainment and residential development won’t be finished until 2040, a decade past the completion date earlier projected, Arabian Gulf Business Insights reports. Still on schedule, however, is the project’s striking centerpiece known as the Mukaab, a 400-meter-high (1,300-foot), cube-shaped tower housing a shopping mall, hotels, restaurants and residential buildings. According to the revised schedule, New Murabba should be able to complete construction of a 45,000-seat soccer stadium in time for Saudi Arabia hosting the 2034 World Cup.
LAND DEAL
AD Ports, the port and logistics arm of sovereign wealth fund ADQ, has sold a large parcel of land to Mira Developments for $673 million. The land, located in the Al Mamoura district along the highway between Abu Dhabi and Dubai, will be transformed into one of the biggest mixed-use projects in the Abu Dhabi emirate, including residential projects, a business complex, hotels, golf courses, universities, schools and “one of the region’s largest shopping malls.” Construction will start within the next year and is expected to be finished within 10 years. AD Ports said the deal would unlock value from its land portfolio and accelerate development of its master plan for the 16 square-kilometer Town Centre Area.
Mubadala: Abu Dhabi sovereign fund Mubadala sold its majority stake in Turkish car rental business Getir Arac to competitor Tiktak.
Public Investment Fund: Saudi Arabia’s anti-corruption authority has detained at least two senior executives from Riyadh’s $63 billion Diriyah project in an ongoing investigation, with one reportedly released and no formal charges yet confirmed, Semafor reports.
Public Investment Fund: The PIF has mandated banks for its first euro-denominated green bond sale, targeting three- and seven-year notes to support the kingdom’s economic transformation, Bloomberg reports.
Qatar Investment Authority: Qatar’s QNB Group, which is 50% owned by the QIA, obtained a license to establish ezbank, a $666 million digital-first bank, in Saudi Arabia.
💵 Debt Deal: Oaktree Capital, the $209 billion asset manager, has committed debt financing to Arzan Investment Management to expand its Gulf hospitality portfolio, tapping into rising private credit demand, Bloomberg reports.
⛽ Egypt Stake: QatarEnergy said it reached a deal with Shell to acquire a 27% participating interest in an offshore exploration block in Egypt.
🛢️ Output Boost: OPEC+ agreed to raise oil production by another 137,000 barrels per day in November, continuing its incremental increases despite ongoing concerns over excess supply.
🌆 Waterfront Towers: Luxury developer Beyond Developments unveiled Soulever by Beyond, a $708 million twin-tower residential project in Dubai Maritime City.
👓 Gulf Talent: Millennium Management, the $79 billion hedge fund, is forming a new Dubai-based commodities trading team led by former SPX Capital partner Ylan Adler, Bloomberg reports.
⚓ Safe Harbor: Gulftainer, a UAE logistics firm, is considering up to $1 billion in investments in Egypt and plans to send a delegation to review opportunities.
🤝 Startup Link: Abu Dhabi’s Hub71 tech hub signed a draft agreement with the New Jersey Economic Development Authority to help startups expand internationally.
📜 Payment Pact: DP World and PayPal agreed to collaborate on faster cross-border digital trade payments.
💼 Kuwait Branch: Franklin Templeton opened a new office in Kuwait as part of a broader expansion in the Middle East.
🛫 Iraq’s Airport: Companies from Saudi Arabia, Turkey and the U.K. are bidding to develop and run Baghdad International Airport.
UAE President Sheikh Mohamed met with Salem Saleh bin Braik, Prime Minister of Yemen, in Abu Dhabi on Friday.
Sheikh Tahnoon bin Zayed, UAE National Security Advisor and Deputy Ruler of Abu Dhabi, said on X that he met with Masayoshi Son, Chairman and CEO of SoftBank Group, on Saturday to discuss AI Infrastructure and semiconductor strategies.
Sheikh Sultan bin Ahmed Al Qasimi, Deputy Ruler of Sharjah, officially opened the 12th Sharjah International Film Festival on Sunday.
Sam Altman is coming back to the UAE this month after a round of stops in Asia to drum up funds for OpenAI’s ambitious drive to build computing infrastructure, The Wall Street Journal reports. OpenAI and chip-designer Advanced Micro Devices announced a multibillion-dollar partnership today to collaborate on AI data centers.
Ghannam Al Mazrouei, Chairman of ADX Group, which operates the Abu Dhabi Securities Exchange, led a roadshow in New York in collaboration with Morgan Stanley last week that highlighted the UAE stock market’s 15 largest companies and included 50 CEOs of Emirati companies.
Khalifa Al Hajeri was appointed CEO of the $272 million Emirates Growth Fund, which was launched in May to support entrepreneurship in the UAE. Al Hajeri previously led growth investments, sovereign partnerships and venture capital initiatives at Mubadala.
Abdulmajid Mussa Nsekela, Managing Director of Tanzania’s largest bank CRDB Bank told Bloomberg that the bank has opened a branch in Dubai.
Jeff Parker, CEO of Paymentology, a U.K.-based card issuing and payment processing firm, told Asharq News that the company plans to designate its Saudi office as its regional headquarters.
Mariam Mohamed will become the first Emirati to take part in the long-running Miss Universe pageant.
🖌️ Tomb Raiders: A Pharaonic painting depicting the Nile’s ebb and flow over three seasons of the year has been discovered missing from the Saqqara necropolis outside Cairo. The announcement of the limestone artifact’s disappearance by Egypt’s antiquities authority comes less than a month after an ancient bracelet was stolen from the Egyptian Museum in Cairo and melted down for its gold.
Oct. 6-7, Dubai. AGRA Middle East. The largest agricultural trade show in the region will showcase the latest agriculture trends, from smart farming to regenerative agriculture. Dubai World Trade Center.
Oct. 6-7, Dubai. The Forex Expo. The event includes a conference offering insights into the world of online trading products, including Forex, stocks, commodities, metals and more. Dubai World Trade Center.
Oct. 8-9, Abu Dhabi. Quantum Maritime Conference. Bringing together international leaders to advance quantum AI, cybersecurity, optimisation, and sensing in the maritime sector. Abu Dhabi Maritime Academy.
Oct. 9, Dubai. Family Office Summit. A full day event to discuss the latest progress in family office business. Park Hyatt.
Oct. 9-15, Abu Dhabi. IUCN World Conservative Congress. A gathering of conservation experts and leaders from around the world. ADNEC.
Oct. 12-15, Dubai. Expand NorthStar. An annual startup and investor event in Dubai that connects founders, the corporate sector and VCs across tracks like climate tech, deep tech, fintech, and innovation. Dubai Harbour.
Oct. 13-17, Dubai. GITEX Global. The giant tech and startup show is back for its 45th edition, bringing together government and industry leaders., innovators and government. Dubai World Trade Center.
Oct. 14-16, Dubai. Global Future Council. The event on the Future of Growth convenes senior economists and thought leaders from across academia, business, government and civil society to provide intellectual guidance on new approaches to growth.
Oct. 15-18, Sharjah. Evolve Future Mobility Show. Shaping the future of the electric vehicle industry in the region. Sharjah Expo Center.
Oct. 21-23, Dubai. Healthcare Future Summit. The summit explores the evolving landscape of vaccine innovation and global disease control. Dubai World Trade Center.
Oct. 22, Abu Dhabi. Reuters NEXT Gulf Summit. Hosting critical conversations with world leaders, innovators and market movers to define the Middle East’s next chapter. St Regis Saadiyat.
Oct. 22, Dubai. S&P Global Ratings 15th Annual Islamic Finance Conference. An in-depth look at the global Islamic finance landscape. DIFC Atrium.
Oct. 22-24, Sharjah. World Investment Conference & Sharjah Investment Forum. A global investment summit exploring foreign direct investment, policies and collaboration for resilient and sustainable growth. Al Jawaher Reception and Convention Centre.
Oct. 27, Dubai. The UAE Africa Tourism Investment Summit. Hosted by the UAE Ministry of Economy and Tourism as part of Future Hospitality Summit World 2025 to foster investment and strengthen tourism partnerships between the UAE and African nations. Madinat Jumeirah.
Oct. 27-28, Jeddah. Sustainable Coastal Development Forum. Exploring strategic solutions for developing eco-friendly coastal communities. Hilton Jeddah.
Oct. 27-29, Dubai. Future Hospitality Summit. Connecting global investment opportunities and projects to hospitality decision-makers. Madinat Jumeirah.
Oct. 27-30, Riyadh. Future Investment Initiative, 9th Edition. Investors, corporate executives, cabinet ministers and political leaders from around the world attend Saudi Arabia’s flagship business conference. King Abdulaziz International Conference Center.
Nov. 1-2, Dubai. Women’s Empowerment Convention. The 3rd Women’s Leadership Forum unites global trailblazers, headlined by fashion icon Anna Wintour and storytelling pioneer Candace Bushnell. Atlantis The Royal Conference Center.
Nov. 3-6, Abu Dhabi. ADIPEC. Bringing together professionals, companies, and government leaders to discuss and showcase the latest developments in oil, gas, and cleaner energy technologies. ADNEC Center.
Nov. 4-9, Dubai. Dubai Design Week. The Middle East’s largest creative festival, showcasing more than 200 events across architecture, product, furniture, interior and graphic design. D3.
