Gulf

1. OPEC kicks the can
2. Gulf tranquil amid chaos
3. Mubadala’s private bet
4. Trump envoy speaks
5. Dubai luxury in Africa

Who’s the fairest airport of them all?

OPEC braces for Trump era

The OPEC+ group of major oil-exporting countries held off on raising production quotas until at least April, setting up a showdown with President-elect Donald Trump over his plans to boost US drilling. The bloc’s decision indicated that the group still sees no way to put more oil on the global market without cratering the price, as demand in China and other major importers remains tepid. As a result, when Trump returns to office, he’ll find himself in a high-stakes game of chicken with OPEC over the global oil market: More than any action the president can take, it’s the price that determines whether “drill, baby, drill” happens or not.

But the group’s leaders may be running out of stamina to maintain cuts that increasingly threaten to weaken its influence in the global market. “Nobody wants a price war,” said Jim Krane, co-director of the Middle East Energy Roundtable at Rice University. “But OPEC won’t be content forever to watch its market share frittered away in small increments.”

Analysis: Gulf optimism vs. realities

As billionaires and political leaders — including members of the incoming Trump administration — gather in the Gulf, they will find an optimistic enclave in a broader region that needs a new playbook, Al Arabiya’s Chief International Anchor Hadley Gamble writes in a Semafor column.

“It’s been suggested that Trump could be the “Churchill of his time.” But wartime leaders rarely fare well in peace,” Gamble wrote. “While cutting a deal is his signature move, the Abraham Accords — upheld despite the war in Gaza and Israel’s bombardment of Lebanon — have yet to deliver the peace and prosperity promised.”

Mubadala dives into US private credit

Mubadala Capital plans to acquire a 42% stake in Silver Rock Financial, a $10 billion US credit fund backed by Michael Milken’s family office, in a bid to build a regional private-capital powerhouse. Silver Rock specializes in structured products and high-yield debt, giving Mubadala a foothold in the booming private credit market. In a first, Mubadala Capital will also accept external equity, with Milken’s family office among the new investors. Milken — once dubbed the “junk bond king” — is in Abu Dhabi for his namesake conference and concluded the event today with an interview with Khaldoon Al Mubarak, Mubadala’s CEO.

Separately, Mubadala made its largest health care investment to date, acquiring a minority stake in US health-tech payments firm Zelis.

Carlyle Co-Chairman David Rubenstein, Citadel founder and CEO Ken Griffin, former US Commerce Secretary Penny Pritzker, and KKR Co-Chairman Henry Kravis will serve as co-chairs of Semafor’s World Economy Summit on April 23-25, 2025, in Washington, DC.

The third annual event will bring together US cabinet officials, global finance ministers, central bankers, and Fortune 500 CEOs for conversations that cut through the political noise to dive into the most pressing issues facing the world economy.

Trump’s Mideast advisor talks peace

US President-elect Donald Trump’s newly-appointed Middle East envoy has outlined a bold vision, telling French magazine Le Point that the goal is a “lasting peace” in the region. Massad Boulos — a 53-year-old Lebanese-American billionaire and father-in-law to Trump’s daughter Tiffany — will face challenging crises in Lebanon, Gaza, Syria, Israel, and Iran. Notably, he said that one of Trump’s priorities is to resume discussions on the Abraham Accords between Israel and Saudi Arabia, adding that if an agreement is reached, “at least twelve Arab countries will be immediately ready to follow suit.”

Dubai eyes African luxury tourism boom

The UAE has deployed billions into African ports, energy, and farms — and is now bringing its luxury touch to safaris and island resorts. Dubai hospitality group Jumeirah’s first projects in Africa include an exclusive villa retreat in Tanzania and a private safari reserve in South Africa. Partnering with Thanda Group, Jumeirah aims to capitalize on rising luxury tourism demand in Africa. The private Thanda Island in the protected Tanzanian Shungimbili Island Marine Reserve opens in December. The ventures highlight the UAE’s growing influence in Africa, which saw $97 billion in Emirati investment pledges in 2022 and 2023 — triple China’s. Emirates Airlines is also expanding, offering 161 weekly flights between Dubai and African cities.

Inked

• NEOM will soon incorporate lower-carbon concrete in its projects, after startup CarbonCure partnered with Abdullah Abdin, a Saudi cement and asphalt company, and gas manufacturer and distributor Gulf Cryo to produce high-quality, lower-carbon concrete. The technology captures carbon dioxide and permanently embeds it in the concrete.

Checking In

• After a nine-year hiatus, Iran Air is resuming weekly flights from Mashhad to eastern Saudi city Dammam, the latest effort to improve economic and cultural ties between the rivals. — IRNA

Entertainment

• Wicked is raking it in, but it won’t add to its $378 million box office from Kuwait movie goers. The blockbuster musical was banned in the Gulf state, possibly due to LGBTQ+ representation. — Arab Times

It’s official: Abu Dhabi’s Zayed International Airport is the world’s prettiest, at least according to this year’s UNESCO Prix Versailles awards (basically the architectural Oscars), which gives out the “World’s Most Beautiful” achievements in hotels, restaurants, airports, and other structures. Designed by American firm Kohn Pedersen Fox Associates, the airport’s wave-like exterior stands out as a design marvel. The new terminal opened last year and was featured in a scene for “Mission: Impossible — Dead Reckoning.”

The Gulf was well-represented at this year’s awards. Qatar’s The Ned Doha hotel and Oman’s striking, triangular Across Ages Museum also took home top honors for their unique designs.

Samsara, a company that helps businesses track and monitor assets like vehicle fleets and equipment, is using large language models to simplify the experience for customers and improve productivity, Semafor’s Reed Albergotti wrote.