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- US Eyes $10B Gulf Energy Fund; Aramco Signals Yanbu Restart; Red Sea Festival Delayed
US Eyes $10B Gulf Energy Fund; Aramco Signals Yanbu Restart; Red Sea Festival Delayed
AI, tech, startup and business stories from the Arab world. For the driven, the dreamers and the doers
Wednesday, September 23, 2026
Happy Wednesday everyone!
Energy security and entertainment are shaping today’s Gulf business agenda. The US is proposing a fund that could reach $10 billion to rebuild regional energy infrastructure, while Saudi Aramco has signalled that Red Sea oil loadings from Yanbu could soon resume. Meanwhile, Saudi Arabia’s Red Sea International Film Festival has postponed its 2026 edition until late 2027, reshaping the region’s film calendar.
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US Proposes $5 Billion Fund to Rebuild Gulf Energy Infrastructure
🔹 What Is It About
The Trump administration has proposed investing $5 billion in a fund to rebuild Middle Eastern energy infrastructure damaged during the Iran war, according to The Wall Street Journal. The proposed Partnership for Allied Trust and Construction, or Pact, would seek matching contributions from eight regional countries, potentially creating a $10 billion fund.
🔹 Why It Matters
The fund would help rebuild damaged pipelines and refineries while developing alternative oil and gas routes that reduce reliance on the Strait of Hormuz. The proposal reflects concerns that disruption around Hormuz could remain a risk for Gulf exporters and global energy markets even after the conflict.
🔹 What’s Next
The fund would be managed by the US International Development Finance Corporation, although officials cautioned against rebuilding before a peace agreement while infrastructure remains vulnerable to attacks. Discussions reportedly involve Saudi Arabia, the UAE, Qatar, Bahrain, Kuwait, Oman, Iraq and Jordan, with regional contributions determining whether the fund reaches $10 billion.
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Saudi Arabia’s Red Sea Film Festival Cancels 2026 Edition Over ‘Logistical Demands’
🔹 What Is It About
The Red Sea International Film Festival has cancelled its 2026 edition, pushing its December 3 to 12 event in Jeddah to the fourth quarter of 2027. Organisers cited “logistical requirements” involved in staging an international event of its scale.
🔹 Why It Matters
Red Sea has become a major platform for Saudi Arabia’s growing film industry, attracting international filmmakers, executives and stars. The postponement comes as Dubai International Film Festival prepares to return in December 2027, ending a decade long hiatus.
🔹 What’s Next
Red Sea Fund and Red Sea Labs will continue, alongside new year round programming in Jeddah. Meanwhile, the US Federal Communications Commission approved Saudi, Abu Dhabi and Qatari sovereign investors to indirectly hold 49.5% of Paramount equity tied to its proposed $110 billion Warner Bros. Discovery acquisition, highlighting the Gulf’s expanding investment in global entertainment.
Saudi Aramco Signals Red Sea Oil Loadings Could Soon Resume
🔹 What Is It About
Saudi Aramco has told several Asian refiners they may soon be able to collect crude from the Red Sea port of Yanbu, according to Bloomberg. Loadings have largely stopped since a September 10 drone attack shut the East West pipeline, which had been carrying around 4 million barrels of oil daily to the port.
🔹 Why It Matters
The pipeline is a critical alternative export route because it allows Saudi crude to reach the Red Sea without passing through the Strait of Hormuz. Since its closure, Aramco has increased exports to Asian customers from Ras Tanura, with shipments passing through Hormuz before ship to ship transfers in the Gulf of Oman.
🔹 What’s Next
Aramco has not given refiners a timeline, although Saudi Arabia was seeking to restore around half of the pipeline’s capacity. Some Asian buyers have already missed scheduled Yanbu loadings, while European customers face greater disruption, with at least two refiners told they would receive no crude under long term agreements in October.
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Content, Connections, Deals: DICM 2026 Opens Registration
The Dubai International Content Market (DICM) returns to the iconic Madinat Jumeirah on 10–11 November 2026, bringing together the region's largest gathering of content and entertainment professionals. Named the Best Annual Media Industry Event in MENA, DICM is the go-to marketplace for buying, selling, co-producing and distributing content across TV, film, streaming and digital platforms.
Expect 100+ exhibiting companies, over 1,000 media executives from 55+ countries, and access to the Content Business Hub — DICM's matchmaking platform that lets buyers and sellers pre-schedule meetings up to six weeks before doors open. Whether you're scouting new IP, seeking co-production partners, or expanding into the fast-growing Middle East and Africa markets, DICM delivers the connections and deal-flow to make it happen.
Registration is now open. Secure your spot at one of MENA's pivotal media industry events.
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🔍In other news…
Engineers India Eyes Gulf Growth as Saudi, UAE Build Hormuz Bypass Infrastructure
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US Clears Gulf Funds to Raise Stakes in Paramount Warner Deal
Cristiano Ronaldo Joins $500M Bid for Stake in Al Nassr
🦄 World of Startups
Tabby, Saudi-based BNPL, raised $233M in a Series F equity round at a $6.5B valuation.
OCTA, USA-based accounting platform, raised $3.5M in a seed funding round led by Middle East Venture Partners (MEVP) and joined by Wa'ed Ventures, Plug and Play, and A-typical Ventures, Sukna Ventures and Sadu Capital.
Rize, Saudi-based residential rental platform, secured a $50M (SAR 187.5M) asset-backed Murabaha facility from Jadwa Investment.
Bekia, Egypt-based recycling technology startup, raised $765K in a seed funding round led by Madica, joined by Catalyst Fund and Jambaar Capital.
Lendo, Saudi-based Shariah-compliant debt crowdfunding marketplace, secured a commitment of up to $200M (SAR 750M) from Quantic Financial Solutions GmbH, Austria-based asset management fund.
Saudi Arabian building materials platform BRKZ has secured $31 million in new funding.
Saudi digital payments company Barq has raised $329.5 million in a Series A round, valuing the fintech at $1.85 billion.
