Gulf

1. UAE bets big on Africa
2. Riyadh freezes BRICS bid
3. Kuwait’s new corporate tax
4. Saudi plans investor courts
5. Jail time for emojis

Maximum bling for new Abu Dhabi beachfront homes.

Africa’s biggest investor

Emirati firms have committed $110 billion to African projects between 2019 and 2023, more than double the investments from the UK, France, or China, solidifying the UAE as the continent’s largest investor. Nearly $72 billion is earmarked for renewables, raising hopes for a green energy boom, The Guardian reported. With some of the world’s largest sovereign wealth funds and expertise in logistics, energy, and communications, it’s no surprise that UAE companies are expanding into nearby markets. Dubai port operator DP World and Emirates Airline have long-established footholds, while other Emirati firms have recently increased investments.

Abu Dhabi-based companies have recently poured billions into mining and renewable energy. While the influx of capital and expertise is largely welcomed, analysts are concerned that labor and environmental standards may not be prioritized.

Saudi pauses BRICS membership

Saudi Arabia won’t be adding another ‘S’ to BRICS. The kingdom has frozen its bid for full membership in the bloc, Asharq reported, citing a Kremlin spokesperson. Saudi Arabia was invited to join in 2023 and has participated in previous meetings of the group, which includes Brazil, Russia, India, China, South Africa, Egypt, Iran, the UAE, and Ethiopia. Despite pausing the process, the kingdom plans to maintain its engagement with the bloc. This month, US President-elect Donald Trump threatened to impose a 100% tariff on BRICS countries if they proceed with creating a rival currency to the dollar.

Kuwait introduces corporate tax

The corporate tax rate Kuwait will impose on multinational companies with revenue of at least €750 million in two of the past four financial years. The move — set to take effect on Jan. 1, 2025 — mirrors similar measures in Bahrain and the UAE and aligns with global standards to curb tax evasion and retain tax revenue locally, according to a government resolution. Like other Gulf countries, Kuwait aims to diversify its economy and establish alternative revenue streams beyond oil. Its GDP is expected to contract this year due to lower oil production under OPEC+ cuts.

Saudi to launch investment courts

Saudi Arabia plans to establish specialized courts to resolve investment disputes, a move that may allay concerns from global companies about its legal system. The decision follows a survey by the Saudi Ministry of Investment, which is responsible for attracting foreign companies to establish headquarters and expand operations in the kingdom. The initiative seeks to bolster confidence in the legal framework and stimulate economic activity.

In August, Saudi Arabia announced a major overhaul of its investment laws, focusing on improving transparency, streamlining regulatory processes, and strengthening property rights. The kingdom aims to attract $100 billion in annual foreign direct investment by 2030, a target it’s currently not on track to achieve.

UAE’s social media laws are no joke

A WhatsApp message or even an emoji could cost you nearly $273,000 in fines and potential jail time in the UAE. Sharing images without consent, posting negative reviews that might be deemed defamatory, or sharing a news story without verifying its source can put users at legal risk, lawyers warned in an article in The National. While red lines like hate speech, blasphemy, and threats to national security are relatively clear, laws governing unlicensed promotions and truthful statements that could be considered defamatory leave room for interpretation. “The best approach is to be respectful, measured and mindful of the cultural and political sensitivities that are deeply important in the UAE,” one lawyer advised.

Branded residences are the ultimate status symbol in the UAE. From early partnerships with top fashion brands like Armani, Versace, and Bulgari — or hotel operators such as Fairmont, Rixos, and St. Regis — to collaborations with Mercedes-Benz and Porsche, the trend continues to expand. The latest entrant is jewelry maker Jacob & Co., teaming up with Abu Dhabi’s Ohana Development. Their project in Al Jurf, located between Abu Dhabi and Dubai, will feature beachfront villas, apartments, and “sky mansions,” all with direct beach access and Jacob & Co.’s signature opulence. Prices haven’t been announced yet, but, if you have to ask…

According to financial disclosures, newly elected members of Congress own between $3.8 and $9.1 million in key tech stocks, Semafor’s Rachyl Jones reported. Though divestment is not a requirement for lawmakers, Joe Biden said in a recent interview that “nobody in the Congress should be able to make money in the stock market while they’re in the Congress.”