Gulf

1. Gulf crude challenge
2. Abu Dhabi LNG sales
3. Oman renewable push
4. Dubai metro expansion
5. DP World’s Senegal port

The world’s biggest fireworks show (of course).

An OPEC+ dilemma

OPEC+ finally aligned its crude demand forecasts with industry experts, but now faces a new challenge: the Trump oil bump. The US President-elect is expected to encourage increased domestic production, potentially boosting output by 3.5% next year. These additional barrels will likely come at the expense of OPEC+, which has already extended its output cuts until the end of 2026 due to weak demand and rising supply.

Brent crude, the global benchmark, continued its decline this week after the US Federal Reserve signaled a slower pace of rate cuts next year, which could dampen economic growth. With the oil demand outlook softening and the market in surplus, Gulf states and OPEC+ face a growing challenge in finding the production levels needed to balance the market — and their budgets.

ADNOC (almost) sells out of LNG

The percentage of liquefied natural gas capacity at Abu Dhabi National Oil Co.’s Ruwais LNG plant that has already been sold. ADNOC committed 8 million tons annually in long-term contracts out of Ruwais LNG’s total 9.6 million tons per year. Buyers include China’s ENN LNG, Japan’s Osaka Gas, and, most recently, Germany’s EnBW. ADNOC Gas plans to acquire a 60% stake in the $5 billion facility from its parent company ADNOC in 2028, which is when the plant will be completed. Marketing its fuel as “low-carbon,” Ruwais LNG aims to “future-proof” its operations to meet Asian buyers’ requirements when it starts shipping in five years, its CFO previously said.

Oman accelerates solar ambitions

An Omani power company plans to develop solar power projects with more than 4,500 megawatts of capacity by 2030, nearly doubling the country’s previous renewable energy target. Nama Power and Water Procurement Co. said it will invest $2.8 billion in the solar projects, with the total rising to over $5 billion when including wind and gas power initiatives. Oman is ramping up renewable energy efforts to reduce domestic hydrocarbon consumption and fuel its green hydrogen ambitions. The sultanate aims to become the world’s sixth-largest hydrogen exporter by 2030, with its hydrogen sales projected to surpass LNG by 2050. The transition will require substantial investment: The IEA estimates $33 billion will be needed for renewable power, electrolysis, and ammonia facilities.

Dubai Metro’s $5.6 billion expansion

Dubai is getting a new metro line. The city’s Roads and Transport Authority awarded a $5.6 billion contract to Turkish and Chinese companies to build the “Blue Line” — spanning 30 km with 14 stations and connecting neighborhoods including Bur Dubai, Downtown, Dubai Silicon Oasis, Dubai Marina, and Expo City Dubai. Expected to begin operations in 2029, the new line will be able to move 200,000 people daily by 2030, a nearly 25% increase to the network’s current capacity. Dubai’s population, which has doubled to 3.9 million since the metro’s introduction in 2009, is projected to reach around 6 million by 2040.

DP World starts work on Senegal port

Dubai-based DP World started work on Senegal’s $1.2 billion Port of Ndayane, part of a plan to transform the African country into a regional trade and logistics hub. A dredger — “Willem Van Rubroeck” — will create a 5-kilometer shipping channel. The first phase of the port will handle 1.2 million twenty-foot equivalent units (TEUs) annually, with the second phase adding capacity for 410,000 more. The project is expected to create thousands of jobs and boost Senegal’s GDP by 3% within a decade. DP World, which operates over 70 ports and terminals worldwide, is also expanding its logistics services, committing $2 billion over the next five years to strengthen its presence in Africa.

Sports

• In the end, golf won. As the Public Investment Fund nears a deal to finally acquire a stake in the Professional Golfers’ Association (PGA), one overlooked outcome of the clash between LIV Golf and the PGA is getting attention: competition compelled the PGA to boost player compensation. — Bloomberg

Tech

• One of the Gulf’s smallest sovereign wealth funds is picking up stakes in some of the world’s hottest startups. Oman Investment Authority said it invested in Elon Musk’s xAI, and also holds stakes in Musk’s SpaceX and OpenAI.

Checking in

• PIF’s Dan Company — specializing in agritourism, ecotourism, and adventure tourism — plans to develop its first luxury resort in Al-Ahsa, eastern Saudi Arabia, home to the world’s largest oasis with over two million palm trees.

What do you do if you already hold the world record for the “longest chain of aquatic floating fireworks” and the “longest straight-line drones display”? Add lasers. Ras Al Khaimah — the UAE emirate set to host the Gulf’s first casino and aiming to transform into the “Arabian Strip” — plans to set a new record with a 15-minute fireworks and laser drone show on New Year’s Eve. Unfolding in three acts, the show will be part of a free festival featuring live music and children’s activities.

Private investment firms are circling a major life insurer, intensifying a race for Americans’ nest eggs, Semafor’s Liz Hoffman scooped.

Prosperity Life, owned by Elliott Management, held sale talks this month with potential buyers including TPG and European investment firm JAB, people familiar with the matter said. Wall Street has been hoovering up insurance and retirement businesses, which generate cash that they can invest for decades.