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Semafor gulf
🟡 Semafor Gulf: Saudi giga-project progress
In today’s edition: Saudi Arabia starts the next phase of a Riyadh giga-project with a Chinese contractor, ADNOC Distribution uses AI to juice profits, and Qatar’s curious campaign against reckless drivers.
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Private credit funds and banks are fueling the Gulf fintech boom
The trend is a welcome shift, as global funds actively invest in local growth opportunities instead of just raising capital from regional sovereign funds.
Albert Gea/Reuters
China wins $202M excavation contract in Riyadh as Saudi construction booms
A real estate consultancy projects Saudi Arabia’s construction market will become the world’s largest by 2028 as the kingdom diversifies away from oil.
Salwa Palace, Diriyah. Courtesy of Diriyah Co.
ADNOC Distribution eyes non-fuel growth
The UAE’s fuel market leader plans to expand in Saudi Arabia and Egypt, boost retail operations, and adapt existing gas stations for an electric vehicle future.
Courtesy of ADNOC Distribution
Assad regime fall in Syria reveals large-scale production of illicit drug captagon
Syria was the primary manufacturer and profiter in the illicit trade of the popular amphetamine, which Gulf countries have long battled.
Mohamed Azakir/Reuters
Qatar hikes spending to drive economic diversification
The country is also planning on the biggest salary increase for government workers in years.
Wikimedia Commons
Oman delays income tax plans, citing slow economy
The move, first outlined in 2022, would make Oman the first country in the Gulf to introduce personal income taxation.
Robert Wilson/Flickr
Trump Organization eyes Gulf expansion
The president-elect’s son Eric Trump touted crypto and announced plans for two new Trump Towers in Saudi Arabia while on a tour of the region.
Analysis: The hidden challenge of Saudi unemployment
Saudi Arabia aims to reduce unemployment to 5% by 2030, but the sustainability of its job creation efforts will test the balance between public and private sector growth.
Guggenheim considers Saudi headquarters
Chief Investment Officer Anne Walsh highlights Saudi Arabia’s economic potential and infrastructure opportunities.
Analysis: The Gulf view on Syria? Proceed with caution
With the fall of Assad, Gulf states clearly signal there is no love lost for the former president, cautiously welcome Syria’s new chapter, balancing hope for stability with lessons from past regime collapses.
The Republican war over Trump’s Syria policy
Rand Paul wants US troops out of the country on ‘Day One.’ Others aren’t so sure.
Eric Trump sees Bitcoin at $1 million and US as ‘crypto capital’ in bullish remarks
Speaking at the Bitcoin MENA event in Abu Dhabi, the President-elect’s son said the world was at the ‘beginning of a financial revolution.’
Abu Dhabi emerges as global finance hub as firms set up shop in the city
Billionaire hedge fund investor Ray Dalio praised the emirate as a “renaissance state” and a haven amid escalating geopolitical tensions.
Syria regime topple affects global migration and drug trafficking
Several European nations have suspended processing asylum applications for Syrian nationals, while the manufacturing of narcotic Captagon has virtually ceased.
Most of globe has become more arid, UN finds, as COP16 talks continue in Riyadh
The UN report comes as world leaders meet in Saudi Arabia for the agency’s COP16 conference on land desertification.
Turmoil in Damascus, tensions in Doha
A revolution in Syria was buffeted by fast-moving discussions in Qatar, where the broader fallout of the country’s civil war was all too plain to see.
UAE leads Gulf IPO boom in 2024
Food delivery service Talabat’s $2 billion offering cements Dubai’s position as the top listing hub in the region.
Analysis: How a new Syria can engage with the Gulf
The prospect of deeper ties with Gulf countries after the collapse of the Assad regime hinges on whether Syrians choose an Islamist government.
