Happy Thursday everyone!

Large-scale urban investments, regional energy security incidents, and corporate contingency plans lead Middle Eastern business headlines today. Sheikh Mohammed bin Rashid Al Maktoum announced that Dubai currently has nearly AED 2.1 trillion ($572 billion) in active projects across housing, transit, and economic infrastructure. In Saudi Arabia, Argaam reported that an administrative building belonging to Saudi Aramco in Dhahran was targeted on Tuesday evening, resulting in a minor fire but causing no injuries or deaths. Meanwhile, Citigroup allowed its staff in Saudi Arabia to work remotely as security disruptions in the capital impact local business operations.

Markets

Dubai Ruler Highlights AED 2.1 Trillion in Active Infrastructure and Development Projects

🔹 What Is It About 

Speaking at the annual Mohammed bin Rashid Leadership Forum at the Dubai World Trade Centre, HH Sheikh Mohammed bin Rashid Al Maktoum confirmed that Dubai has nearly AED 2.1 trillion ($572 billion) worth of projects currently underway. Attended by 1,000 government and private sector leaders, the forum outlined development plans covering housing, transportation, aviation, and civil infrastructure designed to expand urban capacity for rising business and resident populations.

• Deploying AED 2.1 Trillion Capital: Active developments cover housing, transport networks, aviation expansions, and economic zones.

• Convening Executive Forum: The annual event brought together 1,000 public and private sector leaders in Dubai World Trade Centre.

• Expanding Urban Capacity: Infrastructure investments prepare the emirate for expected population and business growth.

🔹 Why It Matters 

Maintaining an AED 2.1 trillion project pipeline demonstrates Dubai's strategy of using state and private infrastructure spending to drive non-oil economic growth. Building long-term aviation, transit, and residential capacity helps the emirate attract foreign direct investment and multinational corporate headquarters. Executing multi-billion-dirham development plans maintains economic momentum and creates sustained demand for construction, engineering, and financial services.

• Sustaining Economic Momentum: Large-scale public works projects generate steady demand across construction and technology supply chains.

• Attracting Corporate Investment: Expanding urban transit and residential districts strengthens Dubai's appeal for regional corporate hubs.

🔹 What’s Next 

Government entities and private developers will announce additional project phases across aviation and logistics corridors. Engineering leads will execute active construction schedules to meet urban population and economic capacity goals.

• Announcing New Phases: Public development agencies will release tenders for upcoming transport and housing expansions.

• Executing Site Builds: Contractors will advance construction timelines across major commercial and residential sites.

Saudi Aramco Administrative Building Targeted in Dhahran With No Injuries Reported

🔹 What Is It About 

An administrative building belonging to Saudi Aramco in Dhahran was targeted on Tuesday evening, October 13, 2026, causing a minor fire. An official source at the Saudi Ministry of Energy confirmed to Argaam that emergency response teams responded to the site immediately and contained the blaze. Official statements confirmed there were no injuries or fatalities resulting from the incident.

🔹 Why It Matters 

Incidents involving administrative facilities belonging to state energy producers highlight ongoing security considerations across Middle Eastern infrastructure. Quick containment by emergency services prevented operational interruptions across Saudi Aramco's primary administrative complex in the Eastern Province. Demonstrating effective emergency response protocols protects corporate site safety and reassures international energy market observers.

🔹 What’s Next 

Technical teams will inspect structural damage at the affected Dhahran administrative building before reopening offices to staff. Security agencies will maintain heightened monitoring protocols around corporate facilities in the Eastern Province.

Citigroup Authorizes Remote Work for Saudi Staff Following Capital Disruptions

🔹 What Is It About 

Citigroup Inc. authorized its employees in Saudi Arabia to work remotely under corporate contingency plans following regional security disruptions that impacted the capital. Chief Financial Officer Gonzalo Luchetti confirmed the decision during a media call, stating the bank is taking measures to ensure employee safety while maintaining client service continuity. The move follows recent missile strikes on King Khalid International Airport in Riyadh that caused civilian casualties and flight cancellations.

• Activating Remote Work: Citigroup authorized work-from-home protocols for Saudi-based personnel.

• Maintaining Client Operations: The bank continues serving local and international corporate clients through digital channels.

🔹 Why It Matters 

Activating remote work policies by major global banks shows how corporate institutions manage business continuity during security events in regional markets. Maintaining digital banking operations ensures corporate clients execute trade and treasury management transactions without disruption. Travel disruptions and remote work transitions come ahead of high-profile financial conferences in Riyadh, testing business resilience models for foreign investors.

🔹 What’s Next 

Citigroup executive leads will review local security assessments before authorizing staff to return to the firm's Kingdom Tower offices. Financial executives will track airport operational updates to determine attendance schedules for upcoming economic summits in Riyadh.

👨‍💻From Smashi Business’ Desk

• Dubai-born fragrance brand KAYALI will enter China on October 15.

• Saudi-born dining platform SPICE has ruled out offering cashback on shisha or alcohol at partner restaurants as it keeps its rewards model aligned with Islamic principles.

• Uber will invest $50 million in Jordan over the next three years, targeting the country’s mobility ecosystem while supporting economic opportunities, tourism and access.⁠

• Dubai Crown Prince HH Sheikh Hamdan just shared his Etihad Rail ticket on Snapchat as Dubai-Abu Dhabi passenger services prepare to launch on September 30.

🔍In other news…

• Phoenix Venture Partners: Abu Dhabi VC closes debut fund at $23M from 42 investors.

• MENA Q3 Funding: Startups raise $1.65B across 145 deals, up 108% from Q2.

• MNT-Halan IPO: Retail tranche is 2.68x covered, with EGP3.16B in orders for EGP1.18B.

• Kraken UAE Launch: Payward gets VARA approval as Kraken prepares to launch with AED pairs.

• 3iQ Gets Approval: Digital asset manager receives in-principle FSRA approval for an ADGM licence.

• du Pay × talabat: du Pay becomes the payments and wallet partner for talabat’s UAE fleet riders.

• Sheraa Women Fellowship: 14 women founders selected for the six-month Sharjah Women Impact Fellowship.

• Shams Launches Bedaya: Sharjah Media City launches its new initiative.

🦄 World of Startups

• Echelon: Riyadh AI firm Echelon names East40, RAED Ventures, Avra and Ben Horowitz as backers.

• MNT-Halan: MNT-Halan prices its EGX IPO at EGP 24.50 per share, valuing the 20% stake at EGP 7.84 billion.

• Project Suppliers: Saudi platform Project Suppliers raises $1 million in pre-seed funding to develop AI cash-flow tools.

• MoneyHash × VaultsPay: MoneyHash merchants can now accept VaultsPay’s UAE card and wallet payments without separate integration.

• TiE Women MENA: Five startups win regional TiE Women MENA tracks and advance to the GITEX Global final.

• Sheraa × Nestlé UAE: Sheraa, Nestlé UAE, MAJRA and UAE Food Cluster launch a three-month programme for young founders.

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