Gulf

1. Petrochemicals slump
2. An uneasy Ramadan
3. Saudi-made elevators
4. A modest AI investment
5. Another Dubai crypto hack

Italian design icons in an airport terminal.

Saudi stocks hit by petchem slide

Rising global petrochemical supplies have driven down prices, triggering sharp declines in some of Saudi Arabia’s biggest listed companies and weighing on a sector central to the kingdom’s diversification strategy. The largest producer, Sabic — owned by Aramco — posted an unexpected fourth-quarter loss of 1.89 billion riyals ($504 million). “Challenges remain ongoing,” Sabic’s CEO said. All 10 listed Saudi petrochemical producers saw their stock prices drop over the past year, with analysts anticipating weak earnings from those yet to report, according to AGBI.

In the long term, demand for petrochemicals is expected to grow. While oil production may eventually peak, most analysts believe the petrochemicals industry will need to double output by 2050 to meet global market demand.

Analysis: Rising tensions in Ramadan

As the Islamic world prepares for Ramadan, the Middle East is at a precipice. The crisis brewing in the West Bank could trigger a broader conflict and reduce the odds of expanding Israel-Arab normalization, Faisal J. Abbas, the Editor-in-Chief of Arab News, writes in a Semafor column.

“At this critical juncture, the international community must remember that an issue ignored is a crisis ensured,” Abbas wrote. “The destruction in Gaza is catastrophic and the whole world is left to grapple with the fallout. Adding wreckage of the West Bank is an additional burden that must be avoided.”

PIF backs Saudi elevator factory

Alat, the Public Investment Fund’s technology and manufacturing company, is partnering with Germany’s TK Elevator to manufacture elevators, escalators, and moving walkways in Saudi Arabia. The $168 million investment in the local venture coincides with Alat’s acquisition of a 15% stake in the German company, which had $9.75 billion in sales last year. The new Saudi unit aims to meet growing demand from the kingdom’s giga-projects and large developments across the region.

The move aligns with Riyadh’s strategy to expand local manufacturing. Earlier this month, Alat and Lenovo broke ground on a new facility that will produce millions of laptops, desktops, and servers, creating up to 15,000 direct jobs.

UAE founders commit $100M to AI

It’s not the sky-high sums the AI industry is used to these days, but the $100 million pledged by a UAE-based trio comes from their personal fortunes, not institutional investors. Disrupt.com — founded by Aaqib, Uzair, and Umair Gadit, who built a Pakistan-focused cloud services business and sold it for $350 million in 2022 — plans to invest in and help build companies using AI, cybersecurity, Web3, automotive tech, and retail. The commitment comes as venture capital investment in the Middle East and North Africa dropped 30% last year.

Dubai-based crypto exchange hacked

The value of assets stolen from Dubai-based cryptocurrency exchange Bybit, which contributed to a market rout that sent bitcoin tumbling more than 20%. While Bybit remains solvent and has pledged to compensate investors, the breach raises concerns about security, regulation, and Dubai’s ambition to become a global crypto hub.

Bybit is the world’s second-largest crypto exchange by trading volume after Binance, which has no official headquarters but has considered the UAE as a potential base. Since 2017, five alleged crypto scams in Dubai have defrauded victims of more than $3.4 billion, with many accused operators continuing to run businesses without facing serious legal consequences.

Cutting-edge innovations in carbon capture technology, green hydrogen production, and next-gen aircraft are revolutionizing the energy landscape. As these technologies advance, what are the biggest hurdles making them commercially viable? Hosted on the sidelines of CERAWeek in Houston, Semafor’s Climate & Energy Editor Tim McDonnell will lead newsmaking conversations with industry leaders including John Ketchum, Chairman, President and Chief Executive Officer of NextEra Energy, Inc., and more, on the latest breakthroughs, challenges, and the policy shifts.

Mar. 10, 2025 | Houston, TX | RSVP

Consulting

• Saudi Arabia’s Public Investment Fund and its 100 or so portfolio companies have reportedly halted awarding consultancy contracts to PwC until February 2026. No reason was given for the ban, and audit business isn’t affected, according to the report. The Gulf is one of the few growth markets for consultancy work. — Bloomberg

Tech

• Global finance and tech titans are all flocking to one man: Sheikh Tahnoon bin Zayed, the deputy ruler of Abu Dhabi and chairman of two wealth funds with around $1.4 billion in assets. The 56-year-old spy chief has mastered martial arts and chess, and his interest in recent years is to cement the UAE’s position at the front of the AI race, according to a profile. — The Wall Street Journal 

Regulations

• The UAE introduced two new 10-year residency permits: a golden visa for content creators and another permit for those with “exceptional contributions and efforts in the field of protecting the environment.” These add new categories to already-established visa programs that aim to attract investors and talent. — The National

Private jet passengers may spend only minutes on the ground, but that doesn’t mean they can’t be pampered before takeoff. That’s the philosophy behind UAE-based ExecuJet’s new private jet terminal at Dubai’s Al Maktoum International Airport. Stepping inside feels more like checking into a five-star hotel than an airport. The 33,000-square-meter space features interiors furnished by Italian design houses Giorgetti, Minotti, and Poltrona Frau, along with a hotel suite, curated duty-free selection, and private cocktail and cigar lounges. For business travelers, conference rooms allow for convenient airside meetings, while those looking to take a break can unwind in the spa.

Trump’s tariff threats are spiking the nerves of American CEOs. Executives are nervous about Trump prioritizing trade restrictions without giving the same attention to business-friendly deregulation that he talked up in the campaign trail, Semafor’s Liz Hoffman and Rohan Goswami report.

Consumer confidence is plummeting, and the US stock market is lower than it was before his inauguration. “The chaos that is reigning right now is causing everyone to sit on their hands,” Nasdaq Private Market CEO Tom Callahan said. White House spokesman Harrison Fields insisted Trump is offering a better environment for businesses than the Biden administration.