Elon Musk said on Thursday his AI chatbot, and ChatGPT challenger, Grok 3, is in the final stages of development and will be released in about a week or two.

“Grok 3 has very powerful reasoning capabilities, so in the tests that we’ve done thus far, Grok 3 is outperforming anything that’s been released, that we’re aware of, so that’s a good sign,” he said in a video call addressing the World Governments Summit in Dubai.

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The billionaire tech mogul founded xAI as a challenger to Microsoft-backed OpenAI and Alphabet’s Google. Musk also co-founded OpenAI.

On Monday, a consortium of investors led by Musk said it had offered $97.4bn to buy the assets of OpenAI’s nonprofit, in another salvo from the world’s richest man against the artificial intelligence startup.

OpenAI has said it wants to become a for-profit organization to secure the capital needed for developing the best AI models.

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Musk sued OpenAI CEO Sam Altman and others in August and has asked a U.S. district judge to block OpenAI’s attempt to transition to a for-profit entity. OpenAI said this week Musk’s bid clashes with his lawsuit.

“I think the evidence is there in that OpenAI has gotten this far while having at least a sort of dual profit, non-profit role. What they’re trying to do now is to completely delete the non-profit, and that seems really going too far.”

Musk, who was appointed by US President Donald Trump to oversee the so-called Department of Government Efficiency aimed at dramatically reducing the size of the federal workforce, said government spending could be reduced by $1tn or more.

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“Maybe the economy could grow at 4 or 5 per cent potentially, in terms of real useful goods and services output, and government spending can be reduced by about 3 or 4 per cent of the economy, about maybe a trillion dollars or more, and the net effect of that would be no inflation from 2025 to 2026 so that would be quite remarkable,” Musk said.

UAE AI Minister Omar Al Olama, who was interviewing Musk at the conference, said they would partner on “Dubai Loop”, an underground high-speed transport system.

Turning to international affairs, Musk told the Middle East audience the United States has been “pushy” in the past and it should “mind its own business”.

“I think we should, in general leave other countries to their own business,” he said.

Abu Dhabi Developmental Holding Company (ADQ) has inked a memorandum of understanding (MoU) with the International Finance Corporation (IFC), aiming to identify and pursue strategic, high-impact development projects across emerging markets globally.

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets.

The MoU formalises a framework for collaboration that will leverage capital and expertise from both parties to fund impactful investments. The agreement will see ADQ and IFC explore co-investment opportunities in key sectors to drive sustainable economic growth.

ADQ to leverage infrastructure development experience

ADQ brings its proven track record in infrastructure development and supply chain resilience, while IFC offers its deep expertise in mobilizing commercial capital for sustainable investments. Together, the two organizations aim to identify and develop projects that bolster food security, promote agricultural innovation, and enhance healthcare infrastructure in emerging markets.

The partnership will also explore investments in critical infrastructure such as energy security, sustainability, transport and logistics, and real estate and urban development, to improve economic resilience, quality of life, and connectivity in developing regions. These investments are expected to foster greater competitiveness in a rapidly evolving global landscape.

Mohamed Hassan Alsuwaidi, MD and Group CEO of ADQ, expressed the significance of the collaboration, stating: “Partnering with IFC reflects our shared commitment to creating lasting value and driving sustainable impact across emerging and developing markets. By combining our strengths and expertise with IFC, we aim to extend the broad expertise of our portfolio companies to new markets. Our vision is to drive joint transformative infrastructure projects that have the ability to enhance the lives of communities while generating lasting value for local economies.”

Makhtar Diop, MD of IFC, highlighted the importance of sovereign wealth funds in driving sustainable growth. “This partnership underscores the crucial role of sovereign wealth funds in fostering sustainable growth in emerging markets. It also reflects the UAE’s leadership in driving South-South investments, enhancing economic cooperation, and creating opportunities globally.

“By combining IFC’s global expertise with ADQ’s strategic investments, we aim to mobilise private capital and accelerate transformative, long-term development across key sectors in emerging markets.”

ADQ: Strong regional presence

ADQ, established in 2018, manages a diverse portfolio spanning over 25 companies with operations across more than 130 countries. Its investments focus on vital sectors including energy and utilities, transport and logistics, food and agriculture, and healthcare and life sciences.

ADQ has a strong track record in building strategic alliances with governments worldwide, particularly in countries such as Egypt, Türkiye, Greece, Oman, and Jordan.

Meanwhile, IFC continues to support millions of people in emerging markets, providing access to electricity, improved sanitation, and greater food and nutrition security. Through strategic partnerships and innovative solutions, IFC’s initiatives continue to drive lasting economic and social impact worldwide.

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The UAE has achieved a remarkable position among the top 10 countries with the most AI companies per million population, UAE ranks among the top 10 nations globally for AI firms per capita.

The UAE has secured a position among the top 10 nations worldwide with the highest number of artificial intelligence (AI) firms per million people, underscoring its ambitions to become a global leader in AI and digital transformation, as revealed in the Global AI Competitiveness Index.

The report, a collaborative effort between the International Finance Forum (IFF) and Deep Knowledge Group, analysed over 55,000 AI companies worldwide.

The ranking highlights the UAE’s efforts to attract and develop AI-driven enterprises as part of its broader economic diversification strategy. The country has heavily invested in AI research, talent acquisition, and regulatory frameworks, positioning itself as a hub for innovation.

Dmitry Kaminskiy, general partner of Deep Knowledge Group stated: “The UAE’s ranking among the top 10 countries for AI companies per capita demonstrates how targeted investments are creating an ecosystem where AI innovation thrives. This is a blueprint for how nations can transform strategic vision into measurable impact.”

UAE sets an example with key digital initiatives

The UAE has introduced several national AI initiatives, including appointing the world’s first Minister of State for AI in 2017 and launching the National Strategy for Artificial Intelligence 2031, aimed at integrating AI across key sectors such as healthcare, finance, and education.

The ranking places the UAE alongside global technology powerhouses, reflecting its growing influence in the AI sector.

Analysts say the country’s business-friendly policies and AI-focused investments have contributed to the surge in AI startups and enterprises.

Industry experts expect AI adoption in the UAE to accelerate further as businesses and government entities increasingly integrate AI solutions into operations.

The Jordan Tourism Board (JTB) has reported that Jordan welcomed a record 1.32 million overnight visitors from the Gulf Cooperation Council (GCC) nations in 2024, marking a 15 per cent increase from the 1.15 million visitors in 2023.

The increase in the number of visitors was accompanied by a growth in the average length of stay, indicating that GCC travellers are spending more time exploring Jordan’s diverse attractions.

This trend was especially noticeable during the summer months and major holiday periods, with many visitors choosing to combine multiple destinations within their travel itineraries.

Key source markets for Jordan

According to a report published by WAM, the UAE’s state news agency, Saudi Arabia dominated the GCC market, accounting for the largest share of visitors with 1.158 million overnight arrivals in 2024. This represents a 17 per cent increase from 985,904 visitors in 2023. The summer months of July and August saw the highest levels of Saudi arrivals, with 156,400 visitors in July and 141,007 in August, showcasing a strong preference for Jordan as a summer travel destination.

The data also reveals a steady rise in the total number of GCC visitors during the summer months over the past three years. In July 2024, the number of visitors from the GCC reached 172,494, up from 146,474 in July 2023. In August, the number increased from 165,593 visitors in 2023 to 167,031 in 2024.

Kuwait remained the second-largest GCC source market, contributing 72,784 visitors in 2024.

The UAE also saw growth, with 18,378 visitors, an 11 per cent increase from the previous year. Qatar contributed 16,081 visitors, while Bahrain and Oman saw 34,309 and 22,716 visitors, respectively. Oman experienced a particularly strong growth rate of 12 per cent compared to the previous year, the report stated.

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LEAP, the award-winning tech event, is extending its reach into Asia with the launch of LEAP East, an all-new show set to take place at the Hong Kong Convention and Exhibition Centre from July 8-10, 2026.

Organised by Tahaluf, the inaugural event will take place in one of the world’s most dynamic and culturally diverse cities, Hong Kong, and is expected to draw attention from global tech leaders, innovators, and investors.

The event will offer insights into the future of technology, with over 300 expert speakers and 300 exhibitors set to discuss and demonstrate advancements across multiple industries.

Since its debut, LEAP has enjoyed tremendous support from Asia’s tech elite, reinforcing the growing business relationship between Hong Kong and Saudi Arabia. Previous LEAP speakers include Hong Kong’s chief executive John Lee, TikTok CEO Shou Chew, and Dr. Kai Fu Lee, chairperson and CEO of Sinovation Ventures. These high-profile participants highlight the expanding synergies between the two regions, as both aim to position themselves as disruptors, adopters, and incubators of technology.

“LEAP East will serve as a catalyst for growing the global tech ecosystem and for Saudi Arabia’s status as a global events organiser,” said Faisal AlKhamisi, chairman of SAFCSP. “With this timely and strategic expansion, we are bringing LEAP’s award-winning vision and world-class innovation into this exciting new Hong Kong venture, creating a powerful platform for entrepreneurs, investors, and businesses to connect, collaborate, and build the future of technology.”

LEAP East’s highlights

The LEAP East conference will cover emerging technologies such as fintech, gaming, AI, robotics, smart cities, digital transformation, and Web3. Michael Champion, CEO of Tahaluf, emphasised that the event will further bolster Hong Kong’s position as a leading global tech hub.

“With an outstanding speaker lineup and an exhibition floor featuring the latest technological advancements, attendees will gain first-hand insights into the evolving tech landscape,” said Champion. “We are building on the success we’ve had in Riyadh, where LEAP 2025 saw over 200,000 attendees. LEAP East will foster a dynamic environment where investors, policymakers, and tech leaders converge to shape the future of innovation.”

Innovation tracks and immersive experiences

One of the key highlights of LEAP East will be the Orbital tracks, which will provide deep dives into critical areas like fintech and the creative economy. Another focal point will be DeepFest, a hub for AI, robotics, and deep tech, where industry experts will discuss breakthroughs that promise to redefine multiple sectors.

Additionally, LEAP East will feature an immersive Tech Arena offering live demonstrations and interactive experiences. This space aims to provide attendees with a glimpse into the future of tech applications.

“Our focus with LEAP East is on driving innovation, fostering collaboration, and shaping the future of technology on a global scale,” said Annabelle Mander, Executive VP of Tahaluf. “This is the first of LEAP’s expansions outside Saudi Arabia, and it will undoubtedly be an electrifying experience at the forefront of technological transformation.”

Networking, investment, and startup opportunities

Networking is set to be a cornerstone of LEAP East, with exclusive events like LEAP East Nights, offering opportunities to connect in Hong Kong’s most prestigious venues. Beyond business, the event will feature a VR Experience Zone, interactive art installations, drone racing, and a fully robotic kitchen, blending technology with everyday life.

Building on the success of LEAP’s four editions in Riyadh, the event will also include a dedicated startup programme, providing emerging companies with the chance to gain visibility, secure funding, and expand into new markets. Through pitch competitions, mentorship sessions, and networking opportunities, LEAP East will serve as a launchpad for next-generation tech innovators.

“Hong Kong, with its robust infrastructure and access to global capital, is an ideal host for this initiative, offering startups the resources needed to scale their businesses,” added Champion.

A major feature of LEAP East will be its Investor Programme, designed to connect venture capitalists and angel investors with startups aligned with their portfolios. With insights from over 60 investors, the programme will provide critical tools for making forward-thinking investments.

LEAP East is poised to become a landmark event in the tech world, positioning Hong Kong as a central player in shaping the future of global innovation.