Qatar’s new state-owned artificial intelligence company Qai and Canada-based Brookfield are partnering to establish a $20 billion joint venture focused on AI infrastructure in Qatar and international markets.
Brookfield and Qatar’s Qai set up $20bn AI joint venture
Alamy via Reuters
- Plans for AI infrastructure in Qatar
- ‘Select’ international markets
- Aims to attract investment and talent
Forex Outlook 2026 Brightens After IMF Raises Gulf Growth Expectationns
HSBC gets Saudi license for capital markets business
FPW/Reuters
- Bank gets regional headquarters approval
- Licence is part of Vision 2030
- Riyadh aiming to increase population
Saudi Arabia’s investment ministry has granted HSBC a regional headquarters licence for its capital markets and advisory business.
ADCB rights issue draws $3.3bn funding commitment
IMAGO/Georg Ulrich Dostmann via Reuters
- Abu Dhabi Commercial Bank (ADCB), which trades on the Abu Dhabi Securities Exchange (ADX), said funded commitments for its rights issue more than doubled.
- Secured commitments reached over AED12 billion ($3.3 billion) from UAE, regional and international investors for its AED6.1 billion rights issue, the lender said in a statement to the ADX.
The rights subscription closed on December 4.
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Where the Algo Meets the Asphalt
- The rapid growth of AI is projected to push global data center power demand to 2,200 terawatt-hours (TWh) by 2030, an "always-on" load that threatens to overwhelm the world's aging electrical grids.
- The transition is forcing a move away from simple Power Purchase Agreements (PPAs) toward complex, flexible contracts and driving Big Tech to invest in on-site generation and Battery Energy Storage Systems (BESS) to ensure reliability.
- Geopolitically, the shift is marked by China's pivot from dominating solar panel manufacturing to cornering the green hydrogen market, and a return to "interventionist industrial strategy" in the West where governments are becoming energy shareholders.
There is the economy you see on the screen. And then there is the economy that runs the screen.
For the last few years, the screen has been winning.
- We have been living in a "Zero Marginal Cost" fantasy…
- We convinced ourselves that adding another million users to ChatGPT was free.
- That scaling a startup was just a matter of writing better code. That "The Cloud" was an infinite, weightless place where business happened by magic.
But today, S&P Global Energy dropped a bucket of ice water on that fever dream
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