Saudi fires up Gulf AI race with $15 billion tech deals at LEAP 

Welcome to this week’s Fortune Gulf Brief. We’ll be covering:  

Saudi’s $15 billion tech deals put AI ambitions on show 

Dubai airport’s wartime fightback 

Washington turns the screws on UAE banks over Iran 

Syria’s ‘Coffee Visa Swipe’ signals a financial comeback 

And, the three things we enjoyed reading this week   

LEAP, Saudi’s biggest tech conference, kicked off on Monday with $15 billion worth of planned technology investments and strategic commitments being unveiled, helping make up for lost time after the event was delayed by four months due to the Iran war.  

San Francisco-based AI cloud platform Together AI signed an agreement with Saudi-backed HUMAIN to build a 250 Megawatt (MW) AI data center in the kingdom. It is expected to yield over $5 billion in gross annualized revenue in its first year.  

Also notable is Amazon Web Services’ (AWS) expanded partnership with HUMAIN—the key vehicle for Saudi’s AI ambitions which aims to provide up to 50 MW of capacity in the kingdom’s first AI Zone by 2028. 

Meanwhile, Elon Musk’s xAI announced plans to build its first data center outside the U.S., initially targeting 50MW of capacity before scaling to 500MW.  

Riyadh is increasingly competing with its Gulf neighbors, most notably the UAE, to become the region’s AI hub.  

In a clear endorsement of its ambitions, LEAP 2026 has seen senior leaders from global tech behemoths, including NVIDIA, Google, Roblox, Uber, Meta, Lenovo, Nokia and Luma AI, fly in for the event despite the ongoing geopolitical instability.  

Since LEAP launched in 2022, Saudi Arabia’s digital economy has grown by 69%, from $118 billion to $199 billion, according to the kingdom’s Communications and Information Technology Ministry. 

This year’s event features 1,800 global technology brands exploring the future of AI, cloud computing, cybersecurity, smart cities, fintech, healthcare, space, gaming, and mobility. And, of course, the now seemingly mandatory robots to showcase the latest technological advancements.  

Melissa HancockAs ever, thanks for reading, and do keep in touch with your thoughts and ideas.melissa.hancock@fortune.com 

Dubai airport’s big test: Will international airlines return amid war?

Dubai Airports was flying high in 2025; it handled a record 95.2 million passengers last year—the highest annual international traffic ever logged by an airport. 

But the impact of the U.S.-Iran war on its operations has been stark.  

Passenger numbers plunged 31.3% in the first half of 2026 to 31.5 million, compared with the same period a year earlier, while cargo volumes dropped 28.7%. 

The war has even seen the airport become a direct target. Since February, its infrastructure has been hit by 16 missiles,........

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