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US-based artificial intelligence firm Luma AI has secured a $900 million Series C funding round led by Saudi-backed HUMAIN, the AI venture owned by the kingdom’s sovereign wealth fund, the Public Investment Fund. Participation also came from AMD Ventures and existing investors including Andreessen Horowitz, Amplify Partners and Matrix Partners. The funding is part of a broader strategy to advance multimodal artificial general intelligence capable of generating, interpreting and interacting with the physical world.

Luma AI’s valuation following the round is estimated at over $4 billion, underscoring the intense competition among frontier AI firms. The company specialises in “world models” that integrate video, audio, image and language to drive applications in robotics, simulation, advertising, gaming and personalised education. CEO Amit Jain described the aim as training systems on “a quadrillion tokens” of multimedia data to move beyond current large-language-model architectures.

HUMAIN, having positioned itself as a global full-stack AI player, will use the funding partnership to anchor its compute infrastructure ambitions. The joint roadmap includes the rollout of what HUMAIN terms “Project Halo” — a super-cluster targeting up to 2 gigawatts of AI compute capacity in the kingdom. Luma AI will become a key customer of this infrastructure.

The funding and infrastructure build-out reflect a strategic shift in Saudi Arabia’s economic diversification efforts. Under the leadership of Mohammed bin Salman, the PIF is deepening commitments to AI and high-performance computing as pillars of its wider Vision 2030 agenda. Luma AI’s partnership becomes a vehicle for exportable AI capabilities and for strengthening the kingdom’s position in the global tech ecosystem.

From Luma AI’s perspective, the capital infusion and access to sovereign-scale compute represent a strategic lever to accelerate development of next-generation models. In entertainment and creative industries the company already claims traction: its Ray3 reasoning video model has been embedded within major platforms. The new funding will allow expansion into simulation, robotics and immersive media. Jain asserted that only by integrating systems and infrastructure at scale can models “understand and simulate the universe”.

For HUMAIN the deal accomplishes several objectives: securing a marquee US AI partner, anchoring compute commitments, and beginning commercial deployments of its planned AI infrastructure. The first phase of the accompanying joint venture with Cisco Systems and AMD will deliver a 100-megawatt data-centre cluster in Saudi Arabia, fully subscribed by Luma AI, with construction scheduled to begin in 2026 and renewable energy powering the facility.

The global implications are significant. With Asia, Europe, India, the Middle East and Africa identified as target markets-worth an estimated 4.5 billion people-the infrastructure build-out promises to reshape the geography of AI training and inference. HUMAIN’s model seeks to challenge the dominance of US- and China-based AI supply chains.

Challenges remain. Developing multimodal AGI is widely acknowledged as highly complex, with technical risks, high compute costs and uncertain commercial timelines. Critics highlight concerns about geopolitical dependencies in AI infrastructure and the ethical implications of deploying models trained on vast multimedia datasets. The Saudi-US dimension adds further scrutiny given strategic sensitivities around data, export controls and digital sovereignty.

Dubai – GE Aerospace has secured two high-value engine agreements with Dubai-based carriers Emirates Airline and Group and flydubai at the 2025 Dubai Airshow 2025, underscoring the resilience and expansion of the UAE’s aviation sector. Emirates has committed to 130 additional GE9X engines to power 65 new Boeing 777-9 aircraft, bringing its total order for that engine type to more than 540 units. The contract includes spares and long-term service provisions. At the same time, flydubai has agreed to acquire 60 GEnx-1B engines with full support services for its first wide-body fleet of 30 Boeing 787-9 aircraft.

Emirates’ deal with GE not only affirms its status as the largest global customer for the GE9X engine, but also reinforces its long-standing partnership with Boeing Commercial Airplanes. Emirates’ chairman and chief executive, Sheikh Ahmed bin Saeed Al Maktoum, described the transaction — valued at US$38 billion at list prices — as “a long-term commitment and testament to our partnership with Boeing and GE”. This investment aligns with Dubai’s wider ambition to develop into a major aerospace hub.

On the flydubai front, the selection of the GEnx-1B engine marks a strategic shift for the carrier, which has historically operated a 737-only fleet. The agreement is structured to support the airline’s entry into long-haul operations and buttresses its network expansion into new markets. flydubai’s chief executive, Ghaith Al Ghaith, noted that engine performance, durability and services will play a critical role as the airline moves into wide-body territory amid intensifying competition and growing demand for air travel through Dubai’s gateway.

The significance of these deals extends beyond fleet numbers. For GE Aerospace the twin contracts cement its dominance in the high-thrust engine market, particularly in a region with challenging operating conditions and high growth potential. The GE9X engine — developed exclusively for the Boeing 777X family — boasts a 10 per cent improvement in specific fuel consumption compared with its predecessor, the GE90-115B, and has been certified to run on approved sustainable aviation fuel blends. The GEnx-1B, likewise, powers a majority of the Boeing 787 fleet and is already deployed widely in long-haul service.

For Emirates, the 65 additional 777-9 airframes raise its total 777X orderbook to 270 units, making it Boeing’s largest customer for that aircraft family. With this deal, the airline has options to convert some of the order to the future 777-10 or 777-8 variants, signalling confidence in the production programme despite earlier certification and delivery delays. The carrier expects deliveries of the initial 777-9 aircraft to begin from the second quarter of 2027. Emirates’ fleet strategy centres on operating a young, modern wide-body fleet aligned with Dubai’s infrastructure expansion.

Flydubai’s expansion into wide-body aircraft, powered by GEnx engines, places the carrier at a pivotal juncture in its evolution. Having grown rapidly in point-to-point markets, reserving its primarily single-aisle fleet for short to medium-haul routes, the move to wide-body aircraft reflects a transition towards intercontinental services. The engine order includes spares and a long-term services agreement, highlighting the importance of lifecycle support and operational reliability in emerging growth trajectories.

The UAE’s positioning as a major aviation hub is reinforced by these developments. The engine orders strengthen the supply-chain footprint in the region, benefit maintenance-, repair-and-overhaul infrastructure, and support the country’s ambition to attract high-value aerospace manufacturing and engineering activities. GE Aerospace announced a US$50 million investment in a new “On Wing Support” facility in Dubai South alongside the shows, underscoring its commitment to local presence.

From an industry-perspective the deals reflect broader trends: airlines placing large long-haul orders amid intense competition for slots and access, engine manufacturers capturing value through integrated services and support, and the Middle East remaining a key battleground for aerospace OEMs seeking growth beyond legacy domestic markets. For Emirates and flydubai, the agreements mark purposeful steps in fleet renewal and network expansion, though execution risks remain — notably aircraft delivery timelines, engine certification, and global economic headwinds.

Analysts caution that while the headline order values are striking, actual transaction prices typically fall beneath list values, and aircraft-programme delays can erode carrier scheduling and capacity planning. For Emirates the 777-9 programme has been subject to repeated postponements, while for flydubai the challenge lies in transitioning from narrow-body operations to wide-body logistics, route infrastructure and long-haul network economics.

Global alternative asset manager KKR & Co. has inaugurated a new office within the Abu Dhabi Global Market financial district, marking a significant expansion of its Middle East footprint. The office will be led by Julian Barratt‑Due, Managing Director and Head of Middle East Investing at KKR, with David Petraeus serving as Chairman of KKR Middle East, reinforcing the firm’s commitment to the region.

KKR’s decision underscores its confidence in Abu Dhabi as a gateway for global capital targeting the Gulf region. With assets under management totalling around US$720 billion, the firm already operates hubs in Dubai’s DIFC and Riyadh and views ADGM as a strategic next step.

The Abu Dhabi office aims to enhance KKR’s capacity to serve institutional clients and invest in a range of sectors including infrastructure, technology, and alternative assets across the Gulf. The move aligns with the firm’s broader strategy of partnering for long-duration assets in the region, as evidenced by its acquisition of a minority stake in ADNOC Gas Pipeline Assets LLC and investment commitments in the data centre platform Gulf Data Hub.

Abu Dhabi’s appeal lies in its stable economic foundations, regulatory clarity via ADGM’s common-law framework, and its ambition to become a major global financial centre. ADGM emphasised that KKR’s arrival reflects the city’s expanding role in the global investment ecosystem.

From KKR’s perspective, the firm has stated that the new presence will enable closer collaboration with regional partners and enhance responsiveness to market opportunities. The leadership structure signals that KKR is aiming for a long-term, on-the-ground commitment rather than a passive regional representation.

This move comes amid a broader industry trend of asset managers shifting focus toward the Gulf region. Firms such as PGIM have previously opened offices in ADGM, responding to abundant regional capital, favourable tax regimes, and dynamic infrastructure programmes.

Investors highlight that the Gulf markets are undergoing structural transformation, driven by diversification away from hydrocarbon dependence, growth of digital economies and infrastructure modernisation. KKR’s investments in energy and data-centre platforms illustrate how global managers are aligning with those shifts.

For Abu Dhabi, the addition of a major player like KKR bolsters its ambition to attract global financial services and alternative-capital players. ADGM’s track record of rising company registrations and assets under management suggests the jurisdiction is gaining momentum.

However, experts caution that competition is intensifying: neighbouring hubs such as Dubai and Riyadh are also targeting global managers, meaning KKR and similar firms will need to demonstrate differentiated value-propositions to win deal flow and client mandates. Some analysts note that while large sovereign wealth funds in the region remain dominant allocators, attracting third-party capital remains a challenge.

Operationally, establishing a local hub brings costs, regulatory obligations and talent-acquisition hurdles. While KKR cites its established regional presence and leadership under Petraeus and Barratt-Due as advantages, execution will be scrutinised by investors seeking measurable regional capital deployment and returns.

In the context of broader global asset-management dynamics, the Gulf real-assets market offers long-term, low-yield, inflation-hedged opportunities—an appealing counterbalance to the high-rate, equity-valued portfolios that dominate Europe and North America. KKR appears to be positioning itself to capture that shift, reinforcing its global expansion strategy.

Beijing has initiated sweeping agricultural trade measures targeting the United States, Canada and the European Union as a means to counter duties imposed on Chinese electric vehicles. The move centres on sectors worth billions of dollars in export value and signals a new front in the global tariff standoff as Chinese factories ramp up global auto-sales ambitions.

According to official announcements and industry trackers, China imposed tariffs and import restrictions on major agricultural products including soybeans, pork, canola and cognac after Western governments raised tariffs on Chinese EV imports—some reaching 100 per cent in the US, and up to 35 per cent in the EU. Those duties stemmed from concerns about subsidised manufacturing, imports displacing domestic output and national-security implications tied to EV supply-chains.

One Chinese commercial diplomat told Canadian media that Ottawa’s export restraints on Chinese EVs directly triggered Beijing’s agriculture penalties. Canadian farmers in canola and pulses markets have already seen orders plummet and export corridors shut or taxed heavily. European spirits producers also face duties: cognac exports to China, valued at around $1.7 billion annually, have dropped by about 35 per cent since the levy took effect.

Analysts say the strategy is calculated. While China’s domestic market remains protected from full import competition, its international agriculture import volumes give Beijing leverage. An academic at Peking University noted that “a slight adjustment in China’s import preferences can ripple through farming regions and rural constituencies that carry significant political weight”. By focusing on sectors with concentrated politically-sensitive producers, China increases the pressure on Western governments to reconsider EV levies.

On the Western side, officials are signalling that they are unlikely to surrender their EV-tariff stance. A senior analyst at a Brussels-based think-tank said that the European Commission had “clearly shown that it was not willing to back down from the EV case”, citing China’s rapid auto-industry progress and state-support programmes. With climate targets and supply-chain security on the table, Western capitals view EV tariffs as integral to domestic industry viability.

Yet the backlash in agriculture could be deeper and more enduring than the EV duties themselves. A supply-chain expert explained that new contracts, logistics investments and alternative-buyer relationships developed in response to Chinese import suspensions may lock in shifts for years to come. In concrete terms, U. S. soybean farmers—who sold $12.6 billion worth to China in 2024—have seen export volumes fall to zero for key new-crop shipments, while Canadian producers of rapeseed and pea oil are facing a near-complete market closure under 100 per cent tariffs.

Observers point out that agriculture is an especially potent tool in trade diplomacy because it touches multiple layers of the economy: from regional employment to global commodity markets and corporate finances. By wielding farm-product bans or tariffs, Beijing can inflict political damage in sending countries while avoiding direct escalation of high-tech sectors where Western governments might respond more aggressively.

For Western farm sectors the choices are stark. Some firms are exploring alternative markets in Latin America, Africa or South-East Asia, while others are pressing their governments for compensation or trade-negotiation efforts. Meanwhile, Western trade officials are increasingly emphasising diversification of supply-chains away from China, which may dampen China’s leverage over time.

By T N Ashok When Bangladesh’s ousted prime minister Sheikh Hasina was sentenced to death in absentia on November 17 by a special tribunal in Dhaka, the shock rippled across the region. Yet the most curious reactions came not from Bangladesh—but from India. India’s government, normally swift to comment on developments in a neighbouring country, […]

The article Congress MP Shashi Tharoor Acted As A Test Balloon For PM Modi On Death Sentence To Sheikh Hasina appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).

The launch of the UAE’s Financial Inclusion Strategy has been hailed as a pivotal move in advancing economic access for all, not only within the country but also across the broader Middle East and North Africa region. Ousmane Dione, Vice President for the World Bank’s MENAAP region, underscored the significance of the initiative, framing it as a transformative step that will set a precedent for further developments in financial inclusion.

Speaking at the MENA Leaders’ Summit on Financial Inclusion in Abu Dhabi, Dione expressed his enthusiasm for the UAE’s leadership in this area. He noted that the nation’s decision to launch a comprehensive financial inclusion strategy demonstrates its forward-thinking approach, which aligns with global objectives of promoting equal economic opportunities. The event, organised by the Central Bank of the UAE in collaboration with the Arab Monetary Fund and the World Bank, served as a forum for regional leaders to exchange insights on tackling the challenges that hinder financial access in the MENA region.

The UAE’s initiative seeks to enhance financial services for underserved and unbanked populations, including women, low-income households, and small businesses. This strategy is in line with global efforts to bridge the financial inclusion gap, particularly in emerging economies where a significant proportion of the population remains excluded from formal financial systems.

Dione’s remarks highlighted the importance of creating an inclusive financial ecosystem that enables individuals and businesses, regardless of their background or income level, to access essential financial services. The UAE’s strategy addresses several key areas, including expanding digital payment systems, enhancing financial literacy, and ensuring the accessibility of financial services to remote and underserved communities.

The summit, which brought together leaders from across the MENA region, was a significant step towards addressing the region’s financial inclusion challenges. Many countries in the MENA region still face considerable hurdles in achieving universal financial inclusion, such as limited access to banking infrastructure, low levels of financial literacy, and insufficient regulatory frameworks to support digital finance innovations.

A key topic of discussion at the summit was the role of digital technologies in fostering financial inclusion. Mobile banking, digital wallets, and blockchain-based financial services were identified as critical enablers of inclusive financial systems. These technologies provide a means for individuals who lack access to traditional banking services to participate in the financial ecosystem, empowering them to save, borrow, and invest in their futures.

In his comments, Dione acknowledged that while progress has been made in several MENA countries, significant challenges remain. He emphasised the need for continued collaboration among governments, financial institutions, and technology providers to overcome barriers to financial access. The World Bank has committed to supporting regional efforts to enhance financial inclusion, providing technical expertise and financial resources to initiatives like the UAE’s strategy.

The UAE’s leadership in this area reflects its broader ambitions to position itself as a regional and global leader in financial services. Over the years, the country has invested heavily in developing its financial infrastructure, becoming a hub for banking and fintech innovation. The launch of the Financial Inclusion Strategy is a natural extension of these efforts, aiming to ensure that the benefits of economic growth are more equitably distributed.

One of the notable aspects of the UAE’s strategy is its focus on women’s financial empowerment. Women in the MENA region have historically faced significant barriers to accessing financial services, with factors such as cultural norms and limited financial literacy often preventing them from participating fully in the economy. The UAE’s strategy includes targeted measures to increase women’s participation in the financial system, recognising that empowering women is crucial for driving broader economic growth and development.

The event in Abu Dhabi also underscored the growing importance of regional cooperation in tackling financial inclusion challenges. Leaders from various MENA countries exchanged best practices and discussed ways to harmonise regulatory approaches to digital finance. The World Bank’s involvement in the summit highlights its commitment to supporting the region’s efforts to build more inclusive financial systems.