The Government of Maldives and Abu Dhabi-based developer Eagle Hills have signed a commercial terms agreement for a $12 billion integrated waterfront and marina development in the Ras Malé area, in what would be the largest single foreign investment in the country's history.

The agreement, announced on September 21, sets out the shared vision and principal commercial terms for the Maldives Waterfront and Marina project, with detailed terms to be finalised as development progresses across multiple phases.

"For the Maldives, this is the largest investment programme in our history — billions of dollars of foreign investment moving through our banking system, creating jobs, homes for Maldivian families, and direct revenue to the State from every sale, achieved without tax giveaways and without government borrowing," said Dr. Abdulla Muththalib, Minister of Infrastructure, Housing and Urban Development.

The development is planned for reclaimed land in the Ras Malé area and will include hotels and resorts, premium and branded residences, a marina, waterfront promenades, retail, dining, wellness, entertainment, education, healthcare and community infrastructure. Properties will be offered under a leasehold framework of up to 99 years, with the term renewed upon each transfer through sale or inheritance.

Eagle Hills chairman Mohamed Alabbar said the project would build on the Maldives' existing international appeal. "Our ambition is to build responsibly on that strength and create something world-class," he said.

The project is expected to generate tax revenues, stimulate demand across hospitality, construction, retail and marine services, and create direct and indirect employment. Eagle Hills has committed to no further dredging beyond the existing reclaimed land, with independent marine monitoring to accompany construction throughout.

Dr. Muththalib said the development was designed to establish real estate as a structural pillar of the Maldivian economy alongside tourism. "It is a decisive step on our path to becoming a high-income country by 2040," he said.

Malaysia's annual halal trade fair opened on Wednesday under the theme "Shaping Trust, Driving Resilience," with 1,700 companies, 50,000 expected visitors and a target of $1.23 billion in transactions over four days, as the sector positions itself to capture a larger share of a global halal market projected to reach $10 trillion by 2030.

The 22nd Malaysia International Halal Showcase (Mihas 2026) began at the Malaysia International Trade and Exhibition Centre (MITEC) in Kuala Lumpur on September 23, drawing exhibitors from 58 countries and visitors from 45 across 2,000 booths. The event, organised by Malaysia External Trade Development Corporation (Matrade) under the Ministry of Investment, Trade and Industry, runs through Saturday.

"I'm targeting to keep the sales to be generated from this event totalling around 5 billion ringgit," said Datuk Seri Reezal Merican Naina Merican, Matrade chairman, at the opening ceremony. "We need a bit of time because we've got to segregate it — we have 58 countries participating."

The RM5 billion target is anchored by Mihas' International Sourcing Programme, which will host more than 4,000 pre-arranged business-matching sessions between around 600 Malaysian exporters and 450 international buyers, including 50 classified as high-value premium purchasers. That group collectively represents nearly RM700 billion in combined annual revenue, with procurement spanning food and beverage, specialised ingredients, biotechnology, Islamic finance, logistics and education.

The 2026 edition covers 14 sectors across the halal economy, ranging from food and beverages, pharmaceuticals, cosmetics and personal care, and modest fashion to halal logistics, Islamic finance, technology, services and Muslim-friendly tourism. For the first time, an AI-powered system is being deployed to help delegates with business discovery, venue navigation and meeting management.

First-time participating economies include Comoros and Rwanda. Northeast Asia and ASEAN make up the largest buyer contingents, with Africa growing as a non-traditional market. A virtual sourcing component runs from April to November 2026, with up to 150 international buyers participating remotely.

Reezal highlighted the expanding scope of halal standards beyond individual products to cover entire supply chains — including ingredients, packaging, logistics and transportation — and pointed to New Zealand's livestock and meat industry as evidence of halal adoption in countries without large Muslim populations. He also flagged Türkiye as a country with significant potential in the sector, citing its geopolitical position, industrial capacity and technological advancement. 

"Türkiye has got an enormous opportunity to play one of the leading roles in the halal industry because of the capacity they have and the goodwill they enjoy in the eyes and hearts of the world population, especially the Muslim population," he said.

The showcase features several thematic zones, including a 'Women in Export Pavilion' with 80 exhibitors — 60 Malaysian and 20 international — a Knowledge Hub, MIHAS Awards, daily modest fashion runway presentations, and live culinary demonstrations with 32 chefs participating in the Mihas Kitchen over the four days.

Reezal said discussions are under way to take a future Mihas edition to South Asia. The event was held in Dubai in 2024 and Shanghai in 2025. "I'm thinking of bringing it to what you could call the Indian subcontinent — India, Pakistan and Bangladesh — to expand the horizon of the halal industry in that region," he said.

On the broader trade environment, Reezal said Malaysia's policy of active neutrality positions it well amid ongoing shifts in global supply chains. "We are ranked 23rd as the largest trading and exporting nation. The largest FDI to our country is still the United States. So while we are doing business with the two big superpowers, we are embracing the philosophy of active neutrality," he said.

First launched in 2004, Mihas has grown into an international platform connecting businesses across the halal economy.

Korea signed several agreements and memorandums of understanding (MOU) with Tajikistan and Kyrgyzstan spanning energy, investment, security and cultural cooperation.

Korea and Kyrgyzstan signed 18 agreements, covering critical minerals, halal markets, infrastructure development, livestock technology, energy and intellectual property, The Korean Times has reported. 

The two countries also agreed to cooperate in culture and sports,

Kyrgyzstan's President Sadyr Japarov said Korea is regarded as a key partner in the Asia-Pacific region.

"There are no major differences in political views between our two countries, and we hold similar positions on international and regional affair."

Meanwhile, Korean President Lee Jae Myung and Tajikistan's premier Emomali Rahmon signed 17 pacts in Seoul this week, aiming to expand textile, chemical and machinery exports and cooperate on artificial intelligence (AI), digital industries, critical minerals and the green transition. 

The agreements will facilitate deepening ties in railways, transportation and logistics, as well as intellectual property, energy and industrial safety.

Korea aims to bolster customs and police cooperation against transnational crime with both Central Asian countries.

"Korea and Tajikistan have steadily developed cooperation since 1992, and I find it deeply meaningful that this visit has allowed our two countries to establish a comprehensive partnership," Lee said.

 "I hope the two countries will expand mutually beneficial cooperation in railways, critical minerals, digital technology and other areas going forward."

Saudi-based fintech firm Tabby has raised $233 million in a new equity round that values the company at $6.5 billion, as it moves beyond its buy now, pay later origins to build a broader financial services platform across Saudi Arabia and the UAE.

Blue Pool Capital led the round, with existing shareholders HSG, Wellington Management and Arbor Ventures also participating. The capital will fund Tabby's next phase of growth as it rolls out consumer financing, business lending and digital wallet services following a series of new regulatory licences.

"We began with a button at an online checkout to help people spread costs over time. Everything since has come back to the same idea: people deserve more from their money. This round means we can build further on that, without changing how we think about growth or discipline," said Hosam Arab, CEO and co-founder of Tabby.

Founded in the UAE in 2019 and headquartered in Saudi Arabia since 2023, Tabby has been profitable since that year and now processes more than $18 billion in annualised transaction volume across 25 million registered users and 70,000 business partners. It became the Mena region's first fintech unicorn in 2023 after a funding round valued it at more than $1.5 billion.

The Saudi Central Bank has granted Tabby consumer and SME financing licences, enabling it to offer larger, longer-term loans to individuals and working capital solutions to businesses. The company also acquired Tweeq, a SAMA-licensed digital wallet, adding accounts, cards and money transfers to its offering. In the UAE, a Stored Value Facilities licence from the Central Bank of the UAE has allowed Tabby to launch Tabby Cash, a fee-free alternative to a debit account offering cashback on purchases and local and international transfers.

The funding round includes a liquidity option for employees. Since 2023, Tabby has conducted share tenders enabling more than $100 million in employee share sales.

The raise comes as Saudi Arabia's fintech sector expands rapidly under the National Fintech Strategy. The number of licensed fintech companies reached 281 in August 2025, up from 82 in 2022, with a target of 525 by 2030.

"Tabby has demonstrated an impressive ability to innovate for their customers, evolving beyond payments to become the trusted platform for millions of people managing, spending and growing their money across the region," said Christopher Wu, chief investment officer at Blue Pool Capital.

Overland trade through the Hatta Customs Crossing between the UAE and Oman surged 175% in value in the first half of 2026, as the closure of the Strait of Hormuz pushed exporters and logistics companies to shift cargo to land routes.

The number of loaded trucks crossing the checkpoint rose 160% year on year to 109,000 between January and June, up from 42,000 in the same period last year, according to the Dubai Media Office.

Almost one million people crossed the checkpoint in the first half of the year, with transiting buses up 78% and 322,000 light vehicles recorded.

Dubai Customs launched a Green Corridor initiative following the outbreak of the US-Iran conflict on February 28 to help sustain regional and international trade flows and support market stability as key shipping routes came under pressure.

The land route shift is driving broader infrastructure investment. Oman is accelerating construction of a OMR1 billion ($2.6 billion) road network proposed before the war, as it moves to strengthen its position as a Gulf logistics hub.

Trucking companies across the GCC have also scaled up capacity — Saudi-based Flow Progressive Logistics nearly doubled its fleet from around 340 trailers before the conflict to more than 500.

The conflict has intensified this month, with the US and Iran targeting tankers in the strait, keeping pressure on alternative overland and coastal trade corridors.

LEAP 2026, held August 31–September 3 in Riyadh and organized by Tahaluf under the theme "Into New Worlds," closed with over $15 billion in investments and partnerships, a sign Saudi Arabia is moving from tech showcase to tech builder. The fifth edition drew over 1,500 exhibitors from 72 countries, 1,323 speakers, and 1,397 investors from 1,027 firms managing $18.3 trillion in assets.

Scale, stakes, and strategy
Opening-day attendance alone included 1,289 investors from 1,016 firms representing $14.5 trillion in assets, a figure that grew by the final day.Communications Minister Abdullah Alswaha called it "the largest technology movement of the 21st century," citing over $44 billion in investment across LEAP's first four Riyadh editions.

Since LEAP's debut in 2022, Saudi Arabia's digital economy has grown from $118 billion to $199 billion, a 69% increase, with women now making up 36% of the tech workforce.

HUMAIN, the Public Investment Fund-backed AI company, anchored nearly every major deal: a $5 billion joint pledge with AWS for an "AWS HUMAIN AI Zone," one of AMD's largest inference clusters outside the US, and deepened ties with Microsoft and Cisco. xAI announced a Saudi data center starting at 50 megawatts and scaling toward 500 MW, part of the push for sovereign compute capacity.

Arabic AI takes the lead
The most closely watched unveiling was HUMAIN M3, a frontier Arabic-language model commissioned by HUMAIN and built by MiniMax on the MiniMax-M3 lineage: a 428-billion-parameter mixture-of-experts model pre-trained on over one trillion Arabic-native tokens, scoring 89.37% across seven public Arabic benchmarks, the highest among frontier models tested. HUMAIN made it available in research preview via HUMAIN Node ahead of a planned open-weight release.

The company also introduced HUMAIN Voice, a conversational platform for Saudi, Maghrebi, Egyptian, and Levantine dialects and a bet that Arab AI adoption will not run on English-first models retrofitted for Arabic. It integrated HUMAIN ONE with Microsoft 365, targeting a million users across the Middle East and Africa, and partnered with Applied Intuition on autonomous trucking, aiming to deploy thousands of self-driving vehicles on Saudi logistics routes by 2030.
 

Infrastructure, power, and localization
Al Moammar Information Systems (MIS) committed $1.2 billion to expand data-center capacity; NHC Innovation added $800 million to the Khuzam Digital Valley. Adobe pledged over $4 billion to a creative-industries partnership, including 12 months of free access to Firefly Standard and Express Premium for over 27 million eligible Saudi residents, plus a Firefly Foundry model built for Saudi culture and Arabic prompts. Microsoft's Azure region goes live in November 2026, AWS's in December.

None of it works without power. Saudi Energy signed agreements at LEAP to supply it: National Grid SA will electrify a HUMAIN data center in Riyadh, and Saudi Electricity's PDC arm partnered with center3 and Huawei on future data-center, energy, and AI-facility projects. These rarely make headlines alongside AI announcements, but they underpin the larger compute build-out.

AMD, Cisco, and HUMAIN switched on AMD's largest active inference cluster outside the US, running Instinct MI355X GPUs over Cisco Silicon One networking. HUMAIN plans to deploy 13,000 AMD GPUs this year, add up to 250 MW from 2027, and reach 1 GW by 2030 as a joint venture. It also launched an NVIDIA Blackwell Ultra (HGX B300) AI cloud, already at roughly 1.1 MW and over 90% utilization, targeting about 35 MW by mid-2027.

Regional participation and sector breadth
Pakistan fielded a pavilion of 20 companies via the Pakistan Software Export Board and TDAP, with over 100 Pakistani companies and nearly 1,000 delegates taking part overall, spanning sectors from real estate and logistics to enterprise tech. Oman fielded 24 companies showcasing services, reflecting broader MENA engagement.
The event also spotlighted telecom, gaming, cybersecurity, and skills initiatives matched to labor market needs, while HUMAIN's partnership with France's Mistral AI signaled expanding international AI alliances.

Startups, prizes, and the next frontier
Over 3,000 applicants entered the Rocket Fuel pitch competition, and 100 finalists competed for a $1 million prize pool. Waspito, a Cameroon-based AI healthcare company, took the $250,000 grand prize (the LEAP Award), with five other finalists splitting the remainder. The newly launched AIMAGINEX initiative, a $104 million hub for AI-powered immersive media backed by the Ministry of Communications and Information Technology, Princess Nourah bint Abdulrahman University, Nourah Cloud, and SeeCubic, signaled where Saudi Arabia wants its next tech investment to land.

What's next?
A sixth edition is set for April 12-15, 2027, with 653 startups already signed up to pitch before the doors open.Tahaluf co-creator Mike Champion framed the week's ambition plainly: "deepening its international reach, creating greater opportunities for companies and founders to access capital and new markets."