Gulf

1. Surprise Crown Prince visit
2. Saudi’s US-Iran dance
3. Return to silent donations
4. General Atlantic’s Gulf push
5. Riyadh tackles traffic

Oman is entering the space race.

MBS, MBZ meet as Syria erupts

In his first public visit to Abu Dhabi in nearly three years, Saudi Crown Prince Mohammed bin Salman met with UAE President Sheikh Mohamed bin Zayed in Al Ain last night. On the agenda, albeit only euphemistically: Syria. The unscheduled meeting came as fighting in Syria threatens to upend their efforts to rehabilitate Bashar al-Assad’s government.

The UAE and Saudi Arabia have been leading efforts to normalize ties with Assad, reinstating Syria to the Arab League and hosting the Syrian leader on rare trips abroad. After Aleppo’s fall, Assad called MBZ, with the UAE emphasizing a peaceful resolution to the conflict, while Syria highlighted counter-terrorism cooperation. Details of the MBS-MBZ meeting were vague, but a Washington-based analyst said Gulf states now have limited influence in Syria compared to earlier in the conflict: “The situation is managed inside Syria with Turkish or Russian support.”

At the GCC summit in Kuwait — which MBZ didn’t attend — it was business as usual: Congratulating Saudi for Hajj, the leaders also reaffirmed support for a Palestinian state and a political solution in Syria. The final communique made no mention of the rapid retreat of Syrian government forces from Aleppo.

Saudi’s dual play

Ahead of US President-elect Donald Trump’s second term, Riyadh is strengthening relations with an unexpected partner: Iran. Last month, Saudi Crown Prince Mohammed bin Salman hosted Iran’s foreign minister and offered to increase trade to ease tensions, Bloomberg reported.

Simultaneously, the kingdom is pursuing a defense pact with Washington. According to Reuters, the agreement is less ambitious than the treaty it had been negotiating, which included normalizing ties with Israel. Saudi Arabia has refused to engage with normalization talks until there’s progress on establishing a Palestinian state.

Analysis: A case for discreet aid

Publicizing foreign aid risks undermining an aspect of Gulf culture — discreet giving — that has fostered the region’s soft power, Omar Al-Ubaydli, affiliated associate professor of economics at George Mason University, writes in a Semafor column.

“With their rising economic stature and success in mediating conflicts where the West has faltered, Gulf countries are well-positioned to impose their model of foreign aid — one that preserves the dignity of recipients and wins their trust and respect,” Al-Ubaydli wrote.

Carlyle Co-Chairman David Rubenstein, Citadel founder and CEO Ken Griffin, former US Commerce Secretary Penny Pritzker, and KKR Co-Chairman Henry Kravis will serve as co-chairs of Semafor’s World Economy Summit on April 23-25, 2025, in Washington, DC.

The third annual event will bring together US cabinet officials, global finance ministers, central bankers, and Fortune 500 CEOs for conversations that cut through the political noise to dive into the most pressing issues facing the world economy.

Gulf eyewear retailer secures funding

The amount eyewa raised in a series C round as it builds on its status as the region’s fastest growing eyewear retail brand. The funding — led by General Atlantic with participation from Dubai-based Badwa Capital and Singapore’s Turmeric Capital — will be used to fuel expansion to 250 stores across the Gulf by the end of 2025, invest in research and development, and hire more people.

Eyewa, which has headquarters in Riyadh and Dubai, also plans to open a production hub in Saudi Arabia next year. Business-to-consumer startups in the Middle East raised $83.8 million in October 2024, almost double the $42.4 million invested a year earlier, according to investment and research platform Wamda.

Riyadh’s metro welcomes first riders

At long last, Riyadh Metro opened three of its six lines on Sunday, a milestone for a city known for dumbfounding traffic congestion. The new metro system, under construction for a decade, provides residents and visitors with a public transit alternative. Its first lines will run to stations at Riyadh’s airport road and central thoroughfares Olaya Street and King Abdulaziz Road. The iconic King Abdullah Financial District metro station, already a symbol of the so-called New Riyadh, is also one of the stations now open from 6 a.m. to midnight daily.

Children under 6 ride for free — others can purchase one of four ticket passes on offer: 2 hours for 4 riyals and 140 riyals for 30 days, with three and seven day options. First class is available for 2.5 times the regular price, and students, cancer patients, seniors, and others receive a 50% discount after presenting paperwork. Wi-Fi is… not available, but will be soon.

Sports

• It’s not official, yet. FIFA awarded Saudi Arabia’s unopposed bid to host the men’s soccer World Cup in 2034 an average score of 4.2 out of 5 — the highest score in the governing body’s history. The tournament’s next host will be announced on Dec. 11. — BBC

eSports

• The kingdom will host the FIFAe Finals from Dec. 5-12 at the SEF Arena at BLVD Riyadh City. For the first time the event will consist of multiple esports titles, including Rocket League, followed by two FIFAe World Cups on both console and mobile. The total prize pool is $450,000. — Arab News

SWF

• Public Investment Fund asked some portfolio companies to cut their proposed budgets for 2025 by as much as 20%. PIF is re-evaluating its spending plans as the country prepares to host global events amid lower oil prices. — Bloomberg

Oman will make history on Dec. 4 when it becomes the first country in the MENA region to launch an experimental space rocket. The “Duqm-1” will launch from the Etlaq Spaceport in Duqm, which was selected due to its proximity to the equator. The project aims to enhance Oman’s space sector capabilities and is expected to meet the growing demand for satellite launch services. The launch will take place between 8 a.m.-12 p.m. local time and will not be open to the general public, the Oman Observer said.

When US President Joe Biden touches down in Angola’s capital, Luanda, on Monday it will mark the culmination of several years of focus and intense lobbying by the Angolans, Semafor’s Yinka Adegoke wrote.