The Daily Circuit
👋 Hello from the Middle East!
Today in The Daily Circuit, we’re looking at Middle East moves by Standard Chartered, a tennis win for Saudi Arabia, why ADIA may delve deeper into Indian retail and a trillion-dollar price tag on natural gas. But first, a peek at the busy events calendar when the Gulf returns from the week-long Eid break.
As Gulf-dwellers break away from the office for the Eid Al Fitr holiday, marking the conclusion of the month-long observance of Ramadan, The Circuit is looking ahead to what to expect upon return. Business as usual will take on a sense of urgency in the region with a packed roster of events ahead of the dog days of summer.
Abu Dhabi is set to push its autonomous driving agenda at the inaugural DriftX event — a public debut for the smart and autonomous vehicles R&D hub it rolled out last year. Large backers in the driverless industry like Abu Dhabi’s Bayanat and U.S. startup accelerator Plug and Play will rub elbows with startups Joby Aviation, Archer and Regent which plan live demos of their latest vehicles. The first race for Abu Dhabi’s new Autonomous Racing League will take place at the Yas Marina Circuit the same week. Some of the most influential leaders in energy will also gather in the UAE for parallel summits including the World Future Energy Summit in Abu Dhabi, looking at the promise of renewable fuels and the global outlook for oil and gas.
From the UAE’s capital to Riyadh, the World Economic Forum plans to gather for the first time outside of Davos since the Covid-19 pandemic later this month. The special meeting is set to take place as the kingdom looks to position itself as a global destination for investment. Then Saudi Arabia’s tourism push will be in focus as it hosts the Future Hospitality Summit— bringing together financiers like Sultan Bader Al-Otaibi of Taiba Investments and Norah Al Tamimi, CEO of PIF-subsidiary Baheej Co., with holiday magnates like Christoph Hoffman of the ultra-hip 25hours Hotels.
The Daily Circuit is taking a break next week for the Eid Al Fitr holiday. We will be back on Monday, April 15.
📰 Developing Stories
BANKERS IN MOTION
Standard Chartered is shaking up the executive ranks amid a new push to develop its Middle East business. Leading the team, Reuters reports, is Torry Berntsen, who was promoted to Executive Vice-Chairman for corporate and investment banking in Europe, the Americas, the Middle East and Africa. Rola Abu Manneh was named chief of the UAE office, with authority over the wider Middle East region and Pakistan. Kariuki Ngari will oversee Africa. Meanwhile, Financial News reported this week that Nick Philpott, co-founder of Zodia Markets, the London-based crypto firm backed by Standard Chartered, is relocating to Abu Dhabi as part of its Middle East expansion.
NET PLAY
Saudi Arabia will host the women’s WTA Finals tennis tournament for the next three years under a contract announced on Thursday. The deal between the WTA and the Saudi Tennis Federation will boost prize money for the championship in November to a record $15.25 million, a 70% increase from the purse for last year’s event that was played in Cancun, Mexico. WTA Chairman Steve Simon told the Associated Press that public objections to the Saudi bid from Hall of Fame players Chris Evert and Martina Navratilova received serious consideration before the decision was made to hold the annual event in Riyadh. ATP, the men’s professional tennis tour, agreed on a five-year sponsorship deal in February with Saudi Arabia’s Public Investment Fund.
💲 Sovereign Circuit
Public Investment Fund: Riyad Bank, the PIF-backed lender that is the kingdom’s third largest by assets, said on Thursday its board is considering an IPO for its investment banking arm, Riyad Capital.
Mubadala: First Abu Dhabi Bank, in which Mubadala owns a 37% stake, is studying potential acquisition targets in Turkey, including Yapi Ve Kredi Bankasi AS, one of the country’s largest lenders, Bloomberg reports.
Abu Dhabi Investment Authority: Indian online beauty products retailer Purplle is negotiating with ADIA for an additional $100 million after first raising money from the sovereign wealth fund last May, The Economic Times reports.
↪↩ Closing Circuit
📱 Shariah Digital: Saudi Arabia’s digital wallet operator stc pay received regulatory approval to expand its Islamic banking services and conduct shariah-compliant business in a beta stage as STC Bank.
🤝 Pitching Access: Kuwait’s Kamco Invest raised $50 million to invest in emerging fund managers located in the San Francisco Bay Area, pitching access to sovereign wealth funds, The Information reports, citing Kamco Vice Chair Fahad AlSharekh.
🏭 Fabric Factory: Egypt is conducting final tests before the opening in August of its $1.1 billion textile plant in Northern El-Mahallah City, which is being billed as the world’s largest.
🍔 Golden Arches: McDonald’s is buying back its Israel franchise of 225 restaurants from Alonyal Ltd., following boycotts across the Middle East that hurt company earnings last year.
🗣 Circuit Chatter
⛽ Gas Target: The Middle East will need $1.1 trillion in investment through 2050 to reach its natural gas production targets, according to a report by the Gas Exporting Countries Forum (GECF).
🇰🇼 Kuwait Election: Kuwaitis voted for a new parliament on Thursday in the country’s first election since Sheikh Meshal al-Ahmad assumed the throne as Emir last year and blamed political deadlock for holding up economic reform.
🍌 Banana Farm: Saudi Arabia’s Ministry of Environment, Water and Agriculture announced a campaign to plant 45 million fruit trees, including a banana variety specially bred to thrive in the desert climate.
🚚 Logistics Hub: Aldar, Abu Dhabi’s largest real estate company, and property developer Dubai South have started construction on a massive logistics facility at the Dubai South compound next to Al Maktoum International Airport.
🌍 Power Circuit
Sheikh Tahnoon bin Zayed, UAE Deputy Ruler and National Security Advisor, as well as chair of listed International Holding Co. and sovereign wealth fund ADQ, is the subject of a Bloomberg feature story on the business tycoon’s outsize influence on the Abu Dhabi Exchange, one of the world’s hottest major equity markets in recent years.
UAE President Sheikh Mohamed bin Zayed has issued a directive to settle AED 155 million ($42 million) in outstanding dues for students registered in government schools in the country. The initiative, aimed at providing support for students, covers the 2023-2024 academic year.
Lt. General Sheikh Saif bin Zayed, the UAE’s Deputy Prime Minister and Minister of Interior, honored the winners of the 10th session of the Holy Qur’an Tahbeer and its Sciences Award, themed “Year of Sustainability.”
➿ On the Circuit
Gerry Cardinale, RedBird Capital Founder and Managing Partner, was in conversation with Bloomberg’s New York Bureau Chief Jason Kelly and retired MLB All-Star and CEO of A-Rod Corp. Alex Rodriguez, talking about the creation of YES Network, the purchase of AC Milan and new life for the XFL.
Bridgewater founder Ray Dalio defended his longtime investing in China with a LinkedIn post on Thursday, writing: “I don’t jump in when things are booming and jump out when things are tough because I am neither ‘a fair-weather friend’ nor ‘a fair-weather investor.’”
🎶 Culture Circuit
🏎️Fast Lane: F1 champion Lewis Hamilton talks about life after racing in an interview with GQ Sports, including his current side project producing a major film alongside Brad Pitt and the team that made “Top Gun: Maverick”. The film, which will include scenes shot at Abu Dhabi’s Yas Marina Circuit, promises to be one of the most anticipated racing movies ever.
📷 Photo of The Day
📅 Circuit Calendar
Apr. 9, New York: The Information’s Private Capital Conference. An exclusive event for subscribers to join Founder and CEO Jessica Lessin and The Information’s reporters to discuss the future of technology and investing. New York Stock Exchange.
Apr. 16-17, Abu Dhabi, UAE. Green Hydrogen Summit 2024. Bringing together experts, policymakers, and industry leaders to explore opportunities and the industry’s future. Abu Dhabi National Exhibition Center.
Apr. 16-18, Abu Dhabi, UAE: World Future Energy Summit 2024. A platform to showcase the solutions to some of the most critical challenges identified at COP28. Abu Dhabi National Exhibition Center.
Apr. 16-18, Dubai, UAE. Middle East Energy. Energy leaders gather to debate and shape the future. Dubai World Trade Center.
Apr. 23-25, Dubai, UAE: GISEC Global. A forum for furthering the key discussions that are helping to define cyber resilience and connecting the global cybersecurity community. Dubai World Trade Center.
Apr. 25-26, Abu Dhabi, UAE: DriftX. An event for smart, autonomous and sustainable urban mobility across air, land, and sea organized in partnership with the Abu Dhabi Investment Office, Abu Dhabi’s Smart and Autonomous Vehicles Industry (SAVI) cluster and Bayanat. Yas Marina.
Apr. 28-29, Riyadh, Saudi Arabia: World Economic Forum Special Meeting. A gathering of investors, politicians and experts on topics of collaboration, growth and energy for economic development. TBC.
Apr. 29-May 1, Riyadh, Saudi Arabia: Future Hospitality Summit. An international gathering hosted in cities around the world bringing together the most influential hospitality investors and developers. Mandarin Oriental Al Faisaliah.
Apr. 29 – May 5, Abu Dhabi, UAE: Abu Dhabi International Book Fair. A key event for the publishing industry in the Middle East and North Africa. Abu Dhabi National Exhibition Center.
Apr. 30-May 1, Abu Dhabi, UAE: Mobility Live. A conference and exhibition sponsored by the Abu Dhabi transport regulators, gathering disruptive technology developers in transportation and the public sector. Abu Dhabi National Exhibition Center.
Apr. 30-May 1, Abu Dhabi, UAE: Middle East Rail. The leading conference in the region for rail innovation, technology and strategy. Abu Dhabi National Exhibition Center.
May 5-8, Los Angeles: Milken Institute Global Conference. Politicians, financiers, media and philanthropists convene to discuss challenges across themes like innovation and technology, health and medical research, diversity and inclusion. The Beverly Hilton.
May 13-15, Abu Dhabi, UAE: Abu Dhabi Global Healthcare Week. A conference focusing on investments, and innovation to solve the most important global health challenges. Abu Dhabi National Exhibition Center and Abu Dhabi City.
May. 14-16, Doha, Qatar: Qatar Economic Forum, Powered by Bloomberg. A news-driven event dedicated to global business and investment. This year’s theme is “A World Remade: Navigating the Year of Uncertainty.” Request your invite here. Fairmont & Raffles, Doha.
May 29-31, Marrakech, Morocco: GITEX Africa. The second edition of the biggest tech and startup gathering in Africa. Place Bab Jdid.
