Qatar Economic Forum moves to New York

Good morning, wonderful people, and happy FRIDAY to you all.

We may be in the midst of the sharpest economic downturn we’ve seen in years, but Gulf governments are signalling they’re getting ready to play a rather long game, repositioning sovereign funds and shifting investment priorities as they embark on what we think will be a decade-long investment spree. The targets aren’t the global trophy assets many of them pursued over the last 10 years — they’re defense, infrastructure, and artificial intelligence opportunities at home and around the region.

SIGN OF THE TIMES- The Qatar Economic Forum is moving to New York, where this year’s version will take place as a sidecar to the UN General Assembly in September. The event, originally scheduled for May and postponed as the war in the Gulf continued, will focus on energy, trade, and AI. Notice a theme, friends?

Also on our radar this morning: Competition in the regional real estate industry looks set to pick up this fall if the peace holds. Saudi is getting ambitious by letting foreigners buy real estate in select markets, opening yet another front in the cold war with the UAE. The Saudi rules don’t come with a fast-track to residency for buyers, potentially opening the kingdom to the type of property buying by non-residents that drove prices through the stratosphere in London, Toronto, and Singapore. –Patrick and Salma