Gulf

1. Abu Dhabi’s Sphere
2. More Brins, not just Einsteins
3. ADNOC’s chemical push
4. Qatari banks tap debt
5. The Saudi steel steal

Kingdom’s posh yacht island readies for debut.

Abu Dhabi catches The Sphere

From Las Vegas to Abu Dhabi: The UAE capital will be the world’s second city to open its own Sphere, the massive, glowing LED entertainment orb which debuted off the Vegas Strip last year with a $2.3 billion price tag and a 20,000-person capacity. The often memed venue at The Venetian is not yet profitable, but ticket sales for concerts by U2, Dead & Company, and the Eagles have been strong.

The “Capital of Capital” is undergoing rapid changes as it vies to become a top cultural and tourism hub. Already home to the Louvre Abu Dhabi, the city has an outpost of the Guggenheim and a Natural History Museum on track to open on Saadiyat Island next year.

Landing The Sphere is a win for Abu Dhabi’s tourism officials, too: The CEO of Saudi Arabia’s FII Institute Richard Attias told reporters last month that The Sphere’s owner is “overwhelmed by requests — and not just from the rich countries, who want their own.”

Analysis: A wider path to citizenship

Gulf countries are granting citizenships to elite expats but must broaden their approach to unlock hidden potential among second-generation immigrants, Omar Al-Ubaydli, affiliated associate professor of economics at George Mason University, writes in a Semafor column.

“As a pure numbers game, rapid success may require loosening restrictions on naturalized citizenship,” Al-Ubaydli wrote. “Since there’s no empirical method to determine whose children will become the next global superstar, Gulf countries must roll the dice.”

ADNOC’s hydrogen dreams

ADNOC’s $3.6 billion majority stake acquisition in Fertiglobe is a step toward its goal to capture 5% of the global low-carbon hydrogen market by 2030. Fertiglobe produces 1.6 million tons of ammonia — widely viewed as a carrier for hydrogen — across facilities in Algeria, Egypt, and the UAE per year. ADNOC is building two new plants in Abu Dhabi, raising the unit’s production to nearly 4 million tons, Fertiglobe CEO Ahmed El-Hoshy said in an interview with Semafor.

El-Hoshy projects low-carbon ammonia demand to jump from zero to 24 million tons by 2032. Currently, 80% of Fertiglobe’s output goes to agriculture, while the rest is used by industrial customers. To meet future demand, the ammonia market will likely shift from spot contracts favored in agriculture to long-term agreements, similar to liquefied natural gas, El-Hoshy said.

Qatari banks ramp up debt issuances

The amount of debt issued by Qatari banks this year. Lenders more than doubled activity in international debt markets in 2024, compared to around $2 billion for the whole of 2023, according to Fitch Ratings, as the country spends on industrial projects to spur growth. A higher-than-average amount of debt maturing this year and lower rates mean this binge is expected to continue, according to the agency.

Qatar’s economy is forecast to grow by 2% this year, jumping to 4.1% annually over the next five years, Amir Sheikh Tamim bin Hamad Al Thani said in his annual address to the consultative Shura Council. The speech is one of the few occasions he speaks at length in Doha. He said economic expansion will be underpinned by gas and manufacturing projects, as well as increased private-sector participation.

NEOM drives global steel demand

A fifth of the world’s steel is being gobbled up by just one site: Saudi Arabia’s behemoth project NEOM.

So said NEOM’s Chief Investment Officer Manar al-Moneef during Riyadh’s Global Logistics Forum this week, according to AGBI. Discussing the ongoing work on the futuristic coastal city, Moneef also said Neom was using up 5% of the global logistics market, a necessity to keep up with demand for construction and delivery up the slopes of the Trojena mountain project and across the sea to nearby islands.

The $500 billion project’s demand on logistics and steel to cement and elevators means that, “Put simply, Neom is gonna be the largest customer over the next few decades,” she said. Some NEOM projects have been delayed as the government prioritizes developments in Riyadh and other cities.

Saud Bin Abdullah Al Attiyah, Deputy Undersecretary for Economic Affairs, Ministry of Finance, Qatar; Jonathan Adashek, Senior Vice President, Marketing and Communications, IBM; H.E. Majid Al Suwaidi, CEO, ALTÉRRA; Faheem Ahamed, Group Chief Marketing and Communications Officer, G42; and Madiha Sattar, Managing Director and Growth Ventures Partner, BNY, join Semafor on Oct. 22 to discuss the Arabian Peninsula’s financial, business, and geopolitical decisions that are shaping the world — from culture and investment to infrastructure, climate, and technology.

Oct. 22 | Washington, DC | Request Invitation

Chemicals

• Aramco aborted plans for a refinery and chemicals facility on Saudi Arabia’s eastern coast and placed three other projects under review. The world’s biggest energy company plans to invest in Asia instead. — Bloomberg

Deals

• ADQ agreed to buy a 96% stake in Odeabank, a Turkish subsidiary of Lebanon’s Bank Audi. The deal follows a renewed push by Abu Dhabi sovereign funds into Turkey, after years of frosty relations.
• Emirates’ fleet adjustment continues with the expected delivery of its first Airbus A350 next month, following delays. The airline plans to fly the aircraft on its 15-hour-plus routes to the US, Latin America, and Australia, and shift the discontinued jumbo Airbus A380s to shorter, busier routes to Europe. — The National

Stats

• PIF-backed investment firm EWPartners is shopping for investors to finance its development of a KSA-Sino Logistics Zone in the proposed King Salman International Airport. The trade zone requires an initial $2 billion for development costs. — Bloomberg
• This year’s Future Investment Initiative expects to see the signing of $28 billion worth of deals. The three-day event in Riyadh will flaunt “record-breaking announcements” across sectors including renewable energy, cybersecurity, food security, and entertainment. — Arab News
• Saudi inflation rose marginally last month, largely driven by housing rental prices which increased 11.2%. Employment and population growth, especially in Riyadh, has created an undersupplied market.

Tech

• Khazna, a joint venture between Abu Dhabi AI firm G42 and UAE telco e&, plans to build its largest data center in Ajman. The 100 megawatt facility is expected to come online in 15 months.

Saudi Arabia’s luxury yacht island has unofficially opened its doors, offering a sneak peek of the grandeur of NEOM’s first island project. Just a few visitors caught a glimpse: Videos and photos showed men in hardhats milling around buildings with stacked roofs and a completed, colorful beach club. Chefs on the island posted creations such as honeycomb gelato and shrimp ceviche.

The island is building anticipation ahead of its official opening later this year. Visitors will spot luxury Italian designer Stefano Ricci’s famed blue hues in the Sindalah Yacht Club’s marble and leather touches. The club’s restaurant will be curated by 13-time Michelin star icon Chef Enrico Bartolini. Sindalah is ramping up the marketing to lure yacht owners from more familiar waters in Saint Tropez, Monaco, and Porto Cervo.

• No matter who wins, the US is moving to the right.
• Giant money managers catch Washington heat.
• It’s a golden age for climate PR firms.