Gulf

1. Another Riyadh theme park
2. Macron in Abu Dhabi
3. G42 quietly exits chipmaker
4. Oman polysilicon plant
5. Price tag for Gaza ‘riviera’

Saudi Arabia makes the most of a rare snow day.

Universal Studios goes to Riyadh

Universal Studios is considering building its first Middle East theme park in Saudi Arabia, in a deal with the Public Investment Fund. Comcast Chief Executive Brian Roberts was in Riyadh last month and visited a government-backed entertainment district that could be home to the venue, The Wall Street Journal reported. Comcast, which owns Universal Studios, has not yet finalized a deal and any new park is unlikely to open until the 2030s.

The talks are the latest sign that Gulf countries are looking to use international entertainment brands to compete for tourists as they try to diversify their economies beyond oil. Abu Dhabi already has Ferrari, Warner Bros., and SeaWorld theme parks, with a Disney park under construction. Dubai hosts Legoland and has tie-ups with the studios behind The Hunger Games, Shrek, and The Avengers franchises.

Qiddiya, the PIF-backed project in Riyadh that could host the new Universal Studios site, is due to open a Six Flags park on Dec. 31 and is also developing the first Dragon Ball park, based on anime cartoons.

— Matthew Martin

Macron-MBZ meeting

UAE President Sheikh Mohamed bin Zayed hosted Emmanuel Macron over the weekend, during the French president’s stop in Abu Dhabi to mark Christmas with the 900 French troops stationed there. The meeting capped a year of deepening ties between the UAE and one of its most important European partners, during which deals were struck in artificial intelligence, energy, and food security. Technology is of particular importance: Abu Dhabi’s MGX is developing, with France’s Bpifrance and Mistral AI, what will be one of the EU’s largest data centers in Paris, targeting up to 1.4 gigawatts of capacity and building on a UAE plan to invest up to €50 billion ($56.4 billion) in French data centers.

Macron was also there on other business. France is seeking cooperation from the UAE to help counter narcotics smuggling, amid French allegations that some major traffickers operate from Dubai, France 24 reported.

— Kelsey Warner

G42 taps out of Cerebras

G42 is no longer listed as an investor in Cerebras Systems, a crucial partner for the Abu Dhabi AI conglomerate. The Californian chipmaker is preparing to file for a US IPO as soon as this week, targeting a second-quarter 2026 listing, but its plans to go public have been delayed by its G42 ties, according to Reuters.

Cerebras, which makes a large-scale AI chip and counts G42 as its biggest customer, raised $1.1 billion at a valuation of $8.1 billion earlier this year, shortly before pulling its IPO prospectus amid scrutiny from US regulators. That fundraising doubled its value from 2021 — a year before OpenAI’s ChatGPT took the world by storm — when G42, through an affiliate, acquired a 1% stake in Cerebras for $40 million.

G42 and Cerebras did not immediately respond to a request for comment. The divestment is unlikely to diminish G42’s importance to Cerebras: The chipmaker is expanding its workforce in the UAE and plans to deploy up to 40 megawatts of computing power in Abu Dhabi, Semafor previously scooped.

— Kelsey Warner

Oman loosens China’s solar grip

Oman’s United Solar Holding has secured $30 million for a polysilicon manufacturing plant which, once complete, will be the largest facility of its kind outside China. The funding has come from Waaree Solar Americas, a US subsidiary of Indian solar module maker Waaree Group, in a deal finalized during Indian Prime Minister Narendra Modi’s recent visit to Muscat.

When complete, the plant will produce 100,000 tons a year of polysilicon — enough to support 40 gigawatts of solar module production — offering customers an alternative to China, which has a near-monopoly on the market. It is part of a growing trend for Gulf countries to develop renewable energy manufacturing capabilities, with some analysts predicting the region will become a hub for solar panel exports.

United Solar, which is backed by the Oman Investment Authority, will supply polysilicon to Waaree’s global operations, including those in the US.

— Dominic Dudley

The cost to rebuild Gaza

The cost, over 10 years, of a US-led humanitarian and reconstruction plan to turn Gaza into a modern coastal metropolis. Jared Kushner, US President Donald Trump’s son-in-law, and Middle East envoy Steve Witkoff are pitching a proposal dubbed “Project Sunrise,” according to The Wall Street Journal. The plan would be anchored by roughly 20% in US funding, with most of the rest financed through grants and debt.

Trump first floated rebuilding Gaza into the “Riviera of the Middle East” in February. The idea — initially perceived as threatening the permanent displacement of Gazans — has been poorly received across the region, which has largely coalesced around a Saudi-backed push for Palestinian statehood. Kushner and Witkoff met officials from Egypt, Qatar, and Türkiye in Miami on Friday to discuss Gaza, the WSJ reported.

Deal

• KKR led a private credit deal with Saudi utility ACWA Power, marking the US firm’s first investment in the kingdom as it looks to grow its Middle East business. The deal gives ACWA, part-owned by the Saudi sovereign wealth fund, long-duration financing for a desalination plant on the kingdom’s west coast.
• Abu Dhabi-backed Modon Holdings is headed for Jersey City, New Jersey, with a joint venture to develop a luxury condominium high-rise with US-based property developers Related Companies and Panepinto Properties.

Energy

• Abu Dhabi energy company ADNOC is borrowing $2 billion from South Korea’s export credit agency to fund “lower carbon projects” that will reduce the producer’s emissions intensity.
• Mubadala committed roughly €300 million ($352 million) to partner with infrastructure investor Actis in Rezolv Energy, a renewable energy platform with around 750 megawatts in clean power projects in Bulgaria and Romania.
• Saudi crude exports are expected to surge in January, with refiners in China, Europe, Japan, and the US taking in higher-than-usual volumes as the broader oil market enters a glut. — Bloomberg

Tech

• Elon Musk visited the UAE over the weekend, where he met with UAE President Sheikh Mohamed bin Zayed and Crown Prince of Dubai Sheikh Hamdan bin Mohammed, who documented the experience on Instagram.
• Abu Dhabi’s Presight will deliver smart city infrastructure in towns, cities, and border points around Albania. The deal covers traffic systems, emergency response coordination, and real-time operations management. International contracts now account for almost half of Presight’s revenues, with other deals in Angola, Kazakhstan, and Jordan.

Saudi snow day: a rare frost over the weekend left snow-covered peaks in Tabuk, in the northwest region of the kingdom, and a deluge of sledding videos on social media.