Gulf

1. ADNOC’s LNG expansion
2. Gulf-Lebanon reset
3. Vogue Arabia feud
4. Work from home boom
5. Venture capital bust

Private jet is the new first class.

ADNOC Gas awards $2.1 billion contracts

Having already sold most of its planned additional output of liquefied natural gas (LNG), ADNOC Gas is pressing ahead with construction. The company awarded $2.1 billion in contracts for infrastructure to support the Ruwais LNG project, allowing ADNOC Gas to double its LNG production capacity and connect its Habshan site, which processes 6.1 billion cubic feet of gas daily, directly to an export facility.

ADNOC Gas says the new Ruwais LNG plant will be powered by “clean grid electricity.” The company expects to see output surge in 2028 and has already committed 8 million tons annually in long-term contracts out of Ruwais’ total 9.6 million tons per year. ADNOC Gas is positioning itself to meet Asia’s future demand for low-carbon fuel.

Separately, ADNOC Logistics & Services — which owns ships that transport its parent company’s crude and LNG — secured $2.1 billion in financing to fund acquisitions.

Analysis: A Gulf-Lebanon reset

Lebanon has a new president, a breakthrough for a country long paralyzed by internal divisions and regional rivalries. Gulf nations are watching carefully, offering cautious engagement and financial support, Tareq Alotaiba, a former Emirati official, writes in a Semafor column.

“Riyadh and Abu Dhabi are giving Lebanon another chance. They are committing to providing financial aid and political support, signaling a desire to bring Lebanon back into the Arab fold, free from Iranian influence,” Alotaiba wrote. “But their patience is not unlimited. If Hezbollah regains its strength and Aoun and his government can’t deliver on his promises, Abu Dhabi and Riyadh are unlikely to extend another hand.”

Condé Nast’s court fight over Vogue Arabia

The legendary Vogue editor Anna Wintour and CEO Roger Lynch are hosting a party in Dubai on Jan. 30 as the company retakes control of Vogue Arabia from a Dubai licensee, Nervora. But while the invitation looks festive (“Dress: A touch of gold!”), there’s a bitter backstory playing out in US federal court in New York. The way in which Condé Nast took over was “a brazen and bad faith attempt… to wholesale steal a business,” Nervora founder and CEO Shashi Menon told Semafor, accusing Wintour et al of “trying to change the facts on the ground.” A Condé Nast spokesperson responded that the company is “thankful” for Nervora’s work but has “no doubt” the law is on its side. Wintour is hanging on to Vogue Arabia Editor Manuel Arnaut, whose New Year’s Resolution on Instagram was to stop being “nice.”

Abu Dhabi embraces flex work

Abu Dhabi’s financial hub ADGM will allow companies to offer staff more flexible working arrangements and hire remote employees, under revised rules that come into effect in April. Confirmation of the changes came a few days after a government report concluded that remote working was “more of an opportunity than it is a threat,” as it encouraged a wider range of people into the workforce and helped to reduce traffic jams, among other benefits.

It’s not just a question of staff welfare and road congestion though. Abu Dhabi faces stiff competition from other regional hubs like Riyadh and Dubai to attract companies and talent and to fill its ever-growing supply of real estate. More flexible regulations are one way to try and get ahead in that race.

Venture capital crunch

It’s not an easy time to be a startup in the Middle East. Globally, the value of venture capital deals ticked up last year, but in the Middle East it dropped 29% to $1.5 billion. That’s bad news for Gulf governments trying to build up new economic sectors and diversify away from oil. It could have been worse though. VC funding in Southeast Asia was down 45%, according to the data analytics firm MAGNiTT’s 2024 Emerging Markets Venture Capital Report.

The number of Middle East deals was up 10%. More deals but less money means the average transaction size was down, dropping to $3.3 million. The UAE had the most deals, with 188. Saudi Arabia is still the biggest market by value, though with $750 million deployed there last year, compared to $1.4 billion in 2023.

The most powerful people in the world are gathering at the World Economic Forum in Davos, Switzerland later this month to plan for the future, make deals, and defend their hard-won status. Semafor’s Liz Hoffman, Andrew Edgecliffe-Johnson, and Ben Smith will be there to cover what’s happening on the big stage, and to lift the curtain on what’s happening behind it.

Get the insider’s guide to Davos — subscribe for free now.

Law

• ADGM has attracted hedge funds, family offices, and banks. Now the lawyers are moving in. Skadden, Arps, Slate, Meagher & Flom LLP opened its first Middle East office in ADGM. It will be led by Michael Hilton and the firm will advise clients on M&A, financing, litigation, and more.

Order

• Ulugbek Shadmanov, chief executive of United Cement Group, one of the larger industrial companies in central Asia, has been extradited from the UAE to Uzbekistan. Human rights activists have claimed he was flown out of the country without any proper judicial process.

Finance

• Ominvest, a Muscat-based investor with stakes in several key regional banks and insurance companies, has secured a $500 million debt facility. The fund has some $3.4 billion of assets in its portfolio and says it will use the new facility to support its growth plans.

The boom in Gulf aviation is about more than transporting millions in huge Boeing and Airbus jets. Qatar Executive, the private jet wing of Qatar Airways, has added two more Gulfstream G700 aircraft to its fleet, with four more due to follow by early 2026 as demand soars for a more refined flying option. Gulf airlines compete fiercely for long-haul premium customers, with some of the plushest business and first-class cabins in the sky. But for some, the on-board showers and free-flowing Dom Pérignon are not enough. They want to avoid the hassle of airport queues and waiting at baggage reclaim belts — something that can only really be achieved when you fly private into airports like Paris Le Bourget or Sion in the Swiss Alps.

With the progressive “resistance” quiet ahead of Donald Trump’s second term, congressional Democrats are making their own shift: They’re turning away from past portrayals of Trump as a human wrecking ball and toward more potential collaboration, Semafor’s Burgess Everett reports.

“It’s just accepting the reality that Trump won. And us just saying he’s a chaotic guy goes nowhere. That’s just baked into people’s consciousness,” Sen. Peter Welch, D-Vt., told Everett of the party’s strategy.