MUST-READS

• Saudi prince discusses ‘new crises’ in long-awaited UAE visit

  Saudi Arabia's de facto ruler discussed "new crises" in the Middle East with the UAE's president during his first visit to the country in three years, Emirati media said. Crown Prince Mohammed bin Salman and UAE leader Sheikh Mohamed bin Zayed Al Nahyan met on Sunday in Al Ain, a former oasis on the Omani border, hours after a Gulf Cooperation Council summit in Kuwait. The trip, termed a "private visit" by Saudi official media, took place after Syrian rebels seized control of Aleppo, the country's second biggest city, in a shock offensive. The two royals "reviewed the latest regional and international developments, with a particular focus on the Middle East", the UAE's official WAM news agency said.

• Saudi Crown Prince and UAE President underscore need to maintain regional stability

  President of the United Arab Emirates Sheikh Mohammed bin Zayed Al-Nahyan welcomed Saudi Crown Prince and Prime Minister Mohammed bin Salman at Qasr Al-Rawdha in Al-Ain on Sunday. During the meeting, Sheikh Mohammed warmly received the Saudi Crown Prince. The two leaders held cordial discussions reflecting the deep-rooted fraternal relations between Saudi Arabia and the UAE. Their discussions explored the enduring fraternal ties between the two countries and opportunities for further development under their special strategic partnership, according to WAM, the UAE news agency.

• Saudi Crown Prince arrives in UAE on a private visit

  Earlier on Sunday, the Saudi Crown Prince was in Kuwait where he attended the Gulf Cooperation Council (GCC) Leaders’ Summit. Saudi Arabia’s Crown Prince Mohammed bin Salman arrived in the UAE on a private visit on Sunday, the official Saudi Press Agency reported. During his visit, the Crown Prince met with UAE President Sheikh Mohamed bin Zayed Al Nahyan, according to the Emirati state news agency WAM.

• President Sheikh Mohamed receives Saudi Crown Prince on UAE visit

  President Sheikh Mohamed welcomed Saudi Crown Prince Mohammed bin Salman to the UAE as part of a visit on Sunday. Sheikh Mohamed and the Prince Mohammed held talks on the solid relations between the two countries during their meeting at Al Rawda Palace in Al Ain, followed by a dinner in the Crown Prince's honour. Sheikh Mohamed sent his greetings to Saudi King Salman and his wishes for continued progress and prosperity for the country.

• The UAE’s strategic AI ambitions

  The United Arab Emirates (UAE) has in past years made significant strides towards economic diversification, with a strategic focus on advanced technologies such as artificial intelligence (AI) and semiconductor manufacturing. These efforts are central to its vision of becoming a regional hub for innovation. The momentum has recently accelerated, with two of the world's largest chipmakers—Taiwan Semiconductor Manufacturing Co. (TSMC) and Samsung Electronics—reportedly in talks to establish mega-factories in the Gulf Arab state. The projects could be worth more than 100B USD, elevating the Emirati role in the global tech value chain and generating significant economic opportunities.

• Saudis Plan $100 Billion AI Powerhouse to Rival UAE Tech Hub

  The state-backed entity will invest in data centers, startups and other infrastructure to develop artificial intelligence, the people said, asking not to be identified discussing plans that aren’t yet public. The initiative, called “Project Transcendence,” will also focus on recruiting new talent to the kingdom, developing the local ecosystem and encouraging tech companies to put resources in the country, they said. An AI hub being built by Saudi Arabia’s PIF and Alphabet Inc.’s Google may serve as the starting point for a broader initiative, the people said. The companies are planning to invest between $5 billion and $10 billion in the partnership, which will include work on creating Arabic language AI models, one person said. Alphabet shares gained 4% on Wednesday to $176.51.

• Saudi-UAE trade soars 25% to $30bn amid strengthened economic ties

  Saudi Arabia’s trade with the UAE has experienced a 25 percent increase, highlighting a significant boost in economic collaboration between the two nations. By the end of 2023, the trade volume reached SR113 billion ($30 billion), up from SR90 billion in 2019. During the third Saudi-Emirati Economic Forum held in Riyadh, Saudi Minister of Economy and Planning Faisal Al-Ibrahim announced that direct Emirati investments in Saudi Arabia have also grown, reaching SR111 billion by the end of 2023—a 15 percent increase compared to the previous year.

• Saudi-UAE Economic Forum’s Third Edition Draws Over 400 Investors, Highlights Growth and Cooperation

  The Federation of Saudi Chambers hosted the third edition of the Saudi-UAE Economic Forum in Riyadh today, gathering more than 400 investors from both nations. The event was attended by Minister of Economy and Planning Faisal Alibrahim, Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef, and UAE Minister of Economy Abdullah bin Touq Al-Marri, along with other key officials and investors.

• Seven GCC IPOs raise $1.7 billion in Q3 2024, UAE leads growth with $1.1 billion

  Markaz’s report also revealed that the UAE led the GCC region in terms of IPO proceeds in Q3, raising a total of $1.1 billion from one offering. This constituted 69 percent of total GCC IPO proceeds during the quarter. Meanwhile, Saudi Arabia’s IPO proceeds reached $512 million during the quarter with six offerings constituting 31 percent of total GCC IPO proceeds during the quarter.

• Consulting Industry Booms in the UAE, Saudi Arabia: Video

  The difficult road to partnerships and promotions at some of the world’s largest consulting firms can run through the Middle East these days. And for McKinsey and BCG, the region ranks among the strongest globally based on revenue and profitability. Bloomberg News' Abeer Abu Omar discusses the industry's playbook with Jennifer Zabasajja on Horizons Middle East & Africa.

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