Gulf

1. COP loses momentum
2. Dubai’s future visions
3. Education is good business
4. Trump AG pick’s Doha ties
5. Qatar-UAE trade rebound
6. Saudi wants in on the arts

PIF takes a sip of cola with a Saudi spin

Analysis: COP29 undermines COP28

With the clock ticking down at COP29, a failure to gather decisionmakers for writing climate’s biggest check is undermining this year’s gathering, Al Arabiya’s Chief International Anchor Hadley Gamble writes in a Semafor column.

The $1 trillion needed in reparations from the world’s industrialized economies to developing nations is an “uncomfortable” sum at an uncomfortable time, Gamble wrote, with a cash-strapped West, wars in Europe and the Middle East, and the US election shaking conviction.

“The only attendee speaking much sense at all these last weeks — or even offering a plan — seems to be one of the former so-called ‘enemies’ of climate change, Darren Woods, CEO of ExxonMobil,” Gamble wrote. “Woods’ media blitz has included calling on President-elect Donald Trump to stick to the Paris Agreement, advocating the creation of a global carbon accounting system, and pushing an “all of the above” approach to the transition that includes fossil fuels alongside renewables.”

Dubai bets on innovation for future

Dubai’s economy thrives on aviation, logistics, and construction, but its future hinges on innovation, Khalfan Belhoul, CEO of the Dubai Future Foundation, told Semafor. He said the city’s leadership often embraces “out-of-the-box thinking,” exploring ideas like transforming Dubai into a duty-free zone for tourists or reimagining education. This approach reflects a commitment to pursuing long-term goals despite risks: “The further you look, the blurrier the vision becomes — but if you get it right, the rewards are immense.”

The UAE’s focus on AI, space, and startups is part of its strategy to remain a global commercial and logistics hub amid growing regional competition. However, the challenge is significant, particularly for Dubai, which must sustain and defend its position without the cushion of oil revenues.

Dubai school chain goes Francophone

The education boom in the UAE is now pushing into a third language. Taaleem Holdings acquired its first French-language school to meet growing demand in the country. The acquisition taps into Dubai’s 30,000 French nationals and broader Francophone population, CEO Alan Williamson told Semafor.

The school — with tuition ranging from $10,600 to $18,500 — has 1,300 students enrolled and a capacity of 1,900. Taaleem plans to add 8,000 seats to its current 40,000-student base, capitalizing on Dubai’s population boom.

Williamson said fee increases are critical to retaining top teachers amid fierce competition from schools in China and Saudi Arabia. Operating at 84% capacity, Taaleem aims for efficiency gains and expansion in a lucrative sector where tuition at premium schools can exceed $33,000 a year.

Trump AG pick a former Qatar lobbyist

President-elect Donald Trump’s current pick for US Attorney General, Pam Bondi, worked as a lobbyist on behalf of the government of Qatar. In July 2019, Bondi, a partner in the DC office of the powerful lobbying group Ballard Partners, was registered through the firm to influence Capitol Hill on human trafficking issues on behalf of the Gulf state for a fee of $115,000 per month.

She ended her role at Ballard in November 2019 to help defend Trump during his first impeachment trial and later returned to restart her lobbying contracts, according to public documents surfaced by The New York Times’ Ken Vogel.

Qatar-UAE business ties warm up

Business ties between Qatar and the UAE aren’t back to normal, but they are steadily improving. Mashreq Bank issued Qatar’s first sustainability-linked loan to Landmark Retail, the latest in UAE lending activity in Qatar. The financing is part of a wave of Emirati money that’s lowering borrowing costs in the country, a banker told Semafor.

Separately, Qatar Development Bank concluded a trade mission to the UAE, bringing 25 companies from sectors such as construction, AI, and sports tech to explore partnerships. The initiative highlights rebounding trade ties, severed during the 2017 UAE and Saudi-led embargo and restored in 2021.

Futuristic vibes in the desert

A museum dedicated to computer-generated art in Riyadh’s Diriyah historical site is inaugurating its first exhibition this week: a display showcasing the history of digital art and featuring global work from the 1960s until present day.

The exhibition is hosted by the Diriyah Art Futures, the Gulf’s first arts hub dedicated to computer art, under the title “Art Must Be Artificial: Perspectives of AI in the Visual Arts.” The setting is fitting: the UNESCO heritage site is becoming known for weaving its ancient surroundings with futuristic constructions.

“We are presenting a dialogue between past pioneers and today’s visionaries,” said curator Jérôme Neutres, former director of Paris’s Réunion des Musées Nationaux-Grand Palais.

Separately, the Diriyah Company developer on Wednesday also announced plans for two new multi-billion dollar districts within the site.

Courts

• The CEO of Emirates NBD’s Turkish unit Denizbank is facing prison time of 72 to 240 years for his alleged role in defrauding pro soccer players. Hakan Ates has denied any wrongdoing in a case involving a “secret special fund” promising generous returns set up by a branch manager who is facing similar charges. — Anadolu

Diplomacy

• Saudi Arabia is seen as a needed check on the incoming Trump administration as the returning president has tapped a number of pro-Israel and Iran hawks to join his administration, stoking uncertainty over what comes next in the region. — Financial Times
• The UAE has a new Israeli ambassador. Yossi Shelley, a former ambassador to Brazil, has been unanimously approved by Prime Minister Benjamin Netanyahu’s cabinet to fill the vacant post in Abu Dhabi. — Times of Israel

Checking In

• The first review is in: Where once there was a quiet picnicking spot for Saudi locals, Red Sea Project’s newly opened Shebara Resort is a “sci-fi inspired masterpiece” of ultra-luxury silver pods dotting a Maldives-like coastline. — Condé Nast Traveller

Over the years it’s been sweetened by sugar cane and corn syrup, so why not dates? Social media posts have been popping up of Saudi Arabian executives swilling a new date-sweetened cola “coming soon” and with backing from the Public Investment Fund.

The kingdom’s foray into the $472 billion fizzy drink industry with Milaf Cola answers the question of what’s on tap as tourists make their way to the teetotaling country. PIF could not immediately be reached for comment on its involvement.

Trump is back, and so is the stock-market chaos that accompanied his first win, Semafor’s Liz Hoffman reported.

It could an even wilder ride this time: The president-elect is angrier and more sure-footed, but there are also more like him around: “Elon Musk xeets more than Trump truths, has 24 times as many followers, and owns the algorithm that fills our feeds,” she wrote.