Gulf

1. UAE global nuclear push
2. Business’ role in global crises
3. DP World issues stablecoin
4. Oman Air restructuring
5. Qatar’s long Gaza mediation

An unverified discovery of Islam’s most sacred sword.

UAE’s bid to be a global nuclear power

The UAE is looking to export its nuclear energy prowess around the world, with a focus on the US where an artificial intelligence boom is driving growth in power demand. “We want to capitalize on our success,” the CEO of Emirates Nuclear Energy Co. told the Financial Times, noting how the US holds particular appeal given its planned major investments in AI data centers. Last week, the US announced a $500 billion investment in a new AI infrastructure project dubbed “Stargate” — $100 billion of which has already been allocated to developing data centers in Texas.

ENEC is also in talks to invest in the UK’s Sizewell C nuclear project and a potential nuclear power station in the Philippines. The UAE is the only Gulf country with an active nuclear power plant, capable of producing 5,300 megawatts. Other Gulf states are also considering nuclear to free up more fossil fuels for exports. Saudi Arabia plans to enrich and sell its domestic uranium reserves.

The emergence of Chinese AI startup DeepSeek is disrupting the space, triggering major losses in US tech and energy companies’ share price. But the International Energy Agency’s projections for nuclear power expansion — which doesn’t factor the expected boom in demand from AI data centers — still sees growth in global capacity over the next two decades.

Business envoy sees role in global crises

The private sector must participate in addressing global challenges like climate change and humanitarian crises that governments can’t solve alone, Badr Jafar, UAE special envoy for business and philanthropy, said in an interview at Davos. On climate, Jafar said a “whole of society approach” was needed, including business and private capital, which have historically been sidelined. This isn’t to discount the role of states, and specifically the US: Jafar said there’s concern about the future of climate action under a Trump administration, which has pulled out of the Paris climate agreement. It’s difficult to get “countries around the world to come together and sit around the table and talk about climate when the US is not on the table.”

On Gaza, Jafar said there was a dual need for immediate humanitarian aid and long-term state-building — even in the case that the conflict restarts. “You’ve got to rebuild the house while putting out the fire,” he said, “because there’s no time to spare.”

Correction: The original version of this article mis-stated two quotes attributed to Badr Jafar. It has been corrected.

DP World’s stablecoin to simplify payments

DP World plans to launch its own stablecoin-based payment system in a bid to enhance its cross-border shipping operations. The global ports operator said the multicurrency stablecoin will help resolve inefficiencies in cross-border payment systems. The company’s chairman said such inefficiencies have hindered the growth of trade flows in emerging markets, such as Asia and Africa, for years. Stablecoins are a type of crypto currency that are designed to maintain their value and often have a fixed exchange rate with a fiat currency. DP World handles around 10% of the world’s sea freight, and having its own digital currency could streamline payments for a significant share of global trade.

Oman Air cuts its fleet to reduce losses

The percentage decrease in the size of Oman Air’s fleet last year as the country’s flag carrier cuts operating costs. The airline now flies just 32 planes and carried 5.4 million passengers last year, down 13% from 2023, according to AGBI. The cuts boosted its earnings by 40% and helped the airline settle its dues to suppliers without taking on new debt. Oman Air’s restructuring is in contrast to the expansions and record profits of the major Gulf carriers in Qatar and the UAE, and the bullish position of Saudi Arabia’s airlines.

Qatar expects Israel-Hamas talks to resume

Qatar’s prime minister expects discussions for the second phase of negotiations between Israel and Hamas to begin next week and urged both sides to move toward ending the war and releasing all hostages. In an interview with Israel’s Channel 12, Sheikh Mohammed bin Abdulrahman Al Thani said the ceasefire — which led to the release of seven female Israeli hostages and 200 Palestinians prisoners — was the result of a “very long process that has at some times, at many times, been very frustrating for us as mediators.” He said that President Trump’s engagement prior to taking office was “a very important element” to getting the deal done.

Banks

• Gulf banks are expected to issue more than $30 billion of debt this year, according to ratings agency Fitch. That’s about a third less than the $42 billion issued in 2024, a record high driven by strong credit growth in Saudi Arabia.

Deals

• Italy and Turkey are on the verge of major business deals with Saudi Arabia. During the Italian prime minister’s visit to AlUla, the two countries signed cooperation and industrial agreements valued at $10 billion. And Ankara is nearing a $6 billion contract to sell warships, tanks, and missiles to the kingdom, Bloomberg reported.

Talking Shops

• Saudi Arabia will soon have one more major conference on its already busy calendar. The kingdom will host a regular World Economic Forum global meeting in Riyadh, with the first slated for the spring of 2026.

“Who is the greatest man in the history of mankind?” If your answer is the Prophet Muhammad, there’s a collector who not only poses this question in a 98-page report but also wants to sell you the prophet’s sword — bids start at $2.7 billion.

A Swiss sword collector claims to have acquired the Prophet Muhammad’s legendary Zulfiqar bifurcated blade in 2006 and recently conducted tests to confirm its authenticity. They are now spreading the word about the discovery and building a narrative around it.

The report — beginning with a Google search citation of “who the greatest man is” — draws a comparison to the exponential rise in value of Leonardo da Vinci’s Salvator Mundi, which was purchased by Saudi Prince Badr bin Abdullah Al Saud in 2017. The painting traded for $68 in 1900 and later sold to the Saudis for $450 million.

Anyone who disagrees that the Zulfiqar sword is “six times more valuable in monetary terms than Salvator Mundi risks at least a condemnation from all Muslims,” the Swiss collector said in their report.

The hysteria around Chinese AI model DeepSeek may reveal more about how little the market understands the AI industry in the long run, Semafor’s Reed Albergotti writes.

DeepSeek represents an offering — and in the grand scheme of things, a somewhat small one — of some good ideas on how to make AI models more efficient, Reed argues.