Negotium·2 Nov 2026
Snowflake commits $300M to Saudi AI cloud as UAE exports infrastructure
Three stories
National Bank of Fujairah profit climbs 10.5% to 1.04 billion dirhams
- National Bank of Fujairah posted 1,044.36 million dirhams in nine-month net profit, up 10.5% year on year.
- Third-quarter profit alone reached 355.47 million dirhams, an 11.1% increase over the same quarter of 2025.
What's nextFull-year 2026 results, due after the close of the fourth quarter, will show whether the double-digit pace held. Peer filings on the Abu Dhabi Securities Exchange will indicate whether the trend is sector-wide.
Original source: Argaam, Abu Dhabi Securities Exchange
Qatar's Gulf International Services profit sinks 74.8% in nine months
- Gulf International Services net profit fell to 144.6 million riyals over nine months, Argaam reported.
- The comparable 2025 figure was 573.6 million riyals, a drop of 429 million riyals.
What's nextWatch for the full-year 2026 results and any segment or revenue breakdown that identifies which business lines drove the decline, plus any board decision on dividends.
Original source: Gulf International Services
Mistral releases 1-trillion-parameter Large 4 weights, halves API prices
- Mistral published downloadable weights for its trillion-parameter flagship Large 4 on October 29, 2026.
- The open-weight license permits commercial use and fine-tuning, but resale as a hosted service needs separate terms.
What's nextWatch for independent benchmark reproductions outside Mistral's own reported figures, particularly on FrontierCode 2.0 and Terminal-Bench 4.0, and for which additional cloud providers follow Microsoft Foundry in hosting the model.
Original source: Mistral, Techstrong.ai ↗
What changed in the ledger
- $2.6 bnHUMAIN · Announced investmentSaudi Aramco
- 3,000 MWHUMAIN · Announced capacitySaudi Aramco
- 6.5%Saudi Arabia · Unemployment rate (nationals)General Authority for Statistics (GASTAT)
- -3.8%Saudi Arabia · Real GDP growth (quarterly, year on year)estimateGeneral Authority for Statistics (GASTAT)
- 48.7%Saudi Arabia · Labour force participation (nationals)General Authority for Statistics (GASTAT)
- -2.1%United Arab Emirates · Real GDP growth (quarterly, year on year)estimateEmirates News Agency (WAM)