👋 Hello from the Middle East! 

This week we’re looking at a new driverless racing league in Abu Dhabi, the U.K.’s plans for a trade expo in Riyadh, a tech-focused fund launched by ADQ and the Oman Investment Authority, and six years since Saudi Arabia returned to the movies. But first, buckle your seatbelt.

Abu Dhabi will gather the biggest developers and investors in autonomous vehicle technology at its inaugural DriftX event that gets underway at the Yas Marina Circuit on Thursday.  

More than 80 mobility experts are expected to speak on the latest developments for driverless vehicles that travel by air, land and sea as the UAE capital eyes investment opportunities. Visitors can expect to rub elbows with Emirati leaders like Mohamed Ali Al Shorafa, Chairman of The Department of Municipalities and Transport; Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Department of Economic Development; Mansoor Ibrahim Al Mansoori, Chairman of Space42; and Badr Al Olama, Director General of the Abu Dhabi Investment Office.

In more conventional travel news, Saudi Arabia’s low-cost airline Flynas is building up a business that caters to budget travelers and preparing for an IPO.

The 17-year-old carrier, partially owned by billionaire Prince Alwaleed bin Talal’s Kingdom Holding Co., reported that annual revenue jumped 32% last year to $1.7 billion, the first time Flynas has publicly disclosed its earnings. Speaking at the Airlines Economic Growth Frontiers conference in Riyadh on Tuesday, Flynas CEO Bander Al Mohanna confirmed reports that the company will hold an initial share sale later this year on Saudi Arabia’s Tadawul Stock Exchange.

Operating 1,500 flights a week to destinations including Pakistan, Egypt and Sudan, Flynas’ efforts have been overshadowed in the past year by the glitzy rollout of Riyadh Air, which plans to start international service in 2025. As Saudi Arabia’s new flag carrier caters to business travelers and big-spending vacationers, its venerable Saudia airline has outlined plans to focus more on the massive market of travelers making pilgrimages to the kingdom’s Islamic holy sites.

Among the Saudi aviation industry’s future drivers of growth will be Red Sea International Airport, catering to the western coast’s luxury tourism industry and the NEOM megaproject, Abdulaziz Al-Duailej, President of the Saudi General Authority of Civil Aviation, told the conference. Air traffic across the country increased 26% last year, reaching 112 million passengers, Al-Duailej said.

Welcome to The Weekly Circuit. Read on for the stories, deals and players at the top of the news across the MENA business landscape. Please send comments and story tips to [email protected].

DRIVING INNOVATION

Algorithms to go head-to-head in Abu Dhabi Autonomous Racing League

There will be no Max Verstappen or Fernando Alonso in the driver’s seat at races taking place at the Yas Marina Circuit in Abu Dhabi this weekend. Indeed, there will be no driver at all, The Circuit’s Kelsey Warner reports.

Test Lap: The UAE capital will test the region’s supercar fandom with the launch of a brand-new racing league featuring driverless cars, offering spectators free tickets and hoping for a crowd of 10,000. 

Hot Competition: The first race for the ASPIRE Abu Dhabi Autonomous Racing League is scheduled for this Saturday, April 27, with eight teams set to compete, including Code19 Racing, one of the first independent autonomous racing teams from the U.S., and Fly Eagle representing Beijing Institute of Technology and the UAE’s Khalifa University. All are vying for a prize pool of $2.25 million. 

Click here to read the full story.

GULF LURE

Rishi Sunak eyes Saudi capital as U.K. sends trade delegation to Riyadh

The Brits will beat a path to Riyadh next month under the banner of a trade expo between the two nations as U.K. Prime Minister Rishi Sunak eyes the trillions of dollars Crown Prince Mohammed bin Salman is plowing into his Vision 2030 economic diversification plan, The Circuit’s Kelsey Warner reports.

Union of minds: A delegation of more than 750 British and Saudi executives, some from British Airways, HSBC and NEOM, will meet at Saudi Great Futures on May 14 and 15. The event will launch a year-long campaign to showcase U.K. firms to Saudi investors with a focus on sectors that support the kingdom’s bold economic ambitions.

London Bridge: A two-way street for trade and investment flows has picked up pace in the last several years as Saudi Arabia has opened up to tourism and mega-projects like NEOM have gotten underway.

Click here to read the full story.

💲 Sovereign Circuit

Public Investment Fund: The Saudi sovereign wealth fund is acquiring a majority stake in the tower infrastructure unit of Saudi Telecom Company and merging telco assets to create an entity with a projected annual revenue of $1.3 billion and form “the largest regional company in the telecommunication infrastructure sector,” the fund said in a statement on Monday. The Mutua Madrid Open announced a multi-year main sponsorship agreement with the PIF as the pro tennis tournament started on Monday.

Mubadala: Affinity Partners, the private equity firm founded by Jared Kushner, is seeking to add a director to the board of Brazil-based fast-food firm Zamp SA after investing in the company earlier this year, Bloomberg reports. Affinity reportedly invested $200 million alongside controller Mubadala Capital, a unit of Abu Dhabi’s sovereign wealth fund, with the aim of expanding the company’s portfolio beyond its current Burger King and Popeyes franchised restaurants. Abu Dhabi alternative energy company Masdar, which is jointly owned by Mubadala, TAQA and ADNOC, is eyeing a possible entry into China, The National reports.

ADQ and Oman Investment Authority: The Abu Dhabi and Omani sovereign wealth funds have joined hands to create Jasoor Fund, a $180 million technology-focused fund aimed at investments in Oman’s digital economy and the wider MENA region with a focus on high-growth technology companies. Australia’s Plenary Group, meanwhile, a developer of large public infrastructure projects, sold a 49% stake in the company to ADQ for $1 billion.

Abu Dhabi Investment Office: Peninsula, an Abu Dhabi-based real estate investment company focused on industrial, logistics and commercial assets, has been granted in-principle approval to operate from Abu Dhabi Global Market, following set-up support from ADIO. Subject to final regulatory approval, Peninsula would become the first internally managed REIT to establish in the ADGM or the wider GCC market.

Kuwait Fund for Arab Economic Development: The international development fund signed a preliminary agreement to collaborate with the International Labor Organization, an agency of the United Nations, on the sidelines of the 2024 spring meetings of the International Monetary Fund and the World Bank last week.

↪↩ Closing Circuit

💰 Big Backers: Investcorp Holdings, the Middle East’s biggest alternative asset manager, will launch a $1 billion Middle East fund anchored by China’s sovereign wealth fund, China Investment Corp.

🏢 Core Investment: Abu Dhabi’s Core International Holdings plans to invest $1.4 billion in a series of projects in the UAE and Saudi Arabia, looking to strengthen its interests in real estate, education and scientific publishing. 

🤝 Gulf Partners: The UAE and Oman signed deals worth $35 billion in fields ranging from renewable energy to transportation during this week’s state visit to Abu Dhabi of Oman’s Sultan Haitham.

🏘️ Hot Property: Shareholders in Dubai developer Emaar Properties approved the board’s proposal for a generous dividend of 50 fils per share, amounting to Dh4.4 billion ($1.2 billion).

🦈 Baby Shark: Qadreya Al Awadhi, an Emirati entrepreneur and founder of baby food brand Bumblebee Food, secured an investment deal on Shark Tank Dubai.

🗣 Circuit Chatter

🤖 AI Hub: Egypt and Italy signed an agreement on Tuesday to establish a center for artificial intelligence in Cairo that would help train African nations in AI technologies.

🏦 Swiss Banking: The Saudi Cabinet on Tuesday gave its approval to Swiss banking giant UBS AG to open branches in the kingdom.

🇮🇳 Looking East: Saudi Aramco’s venture capital arm is building a team in India and looking to invest in early-stage startups in the country, Mint reports. 

🔑 Visa Diplomacy: The EU has announced five-year “Schengen” visas for Saudi, Omani and Bahraini citizens, in a move that represents a significant strengthening of relations between the EU and Gulf countries.

🏥 Mass in Mideast: Boston healthcare group Mass General Brigham will partner with Saudi rehabilitation company Mumtada Medical to open a rehab hospital in Riyadh.

🌍 Power Circuit

U.S. Secretary of State Antony Blinken plans to visit Saudi Arabia next week and take part in the World Economic Forum April 28 meeting in Riyadh, Axios reports.

UAE President Sheikh Mohamed bin Zayed hosted a dinner banquet at Qasr Al Watan in Abu Dhabi in honor of Oman’s Sultan Haitham bin Tariq on Monday, as part of his state visit to the UAE this week. Among the guests were Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court; Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi; Sheikh Hamdan bin Zayed, Ruler’s Representative in Al Dhafra Region; and Sheikh Saif bin Zayed, UAE Deputy Prime Minister and Minister of the Interior. 

Sheikh Mohamed bin Zayed received Richard Marles, Australian Deputy Prime Minister and Minister for Defence, at Qasr Al Bahr in Abu Dhabi on Tuesday, and the pair discussed opportunities to develop ties, particularly in defense and military affairs. Also on Tuesday, Sheikh Mohamed received Taulant Bala, Albanian Minister of Interior. The meeting addressed relations between the two countries and ways to expand cooperation in the policing and security fields.

Dubai Crown Prince Sheikh Hamdan bin Mohammed thanked everyone who helped respond to last week’s unprecedented floods, in a video posted on LinkedIn. Sheikh Hamdan directed the early payment of April salaries for Dubai government employees, military personnel and those on social benefits in response to the extreme weather conditions.

➿ On the Circuit

Tiger Woods will receive a $100 million equity payment for staying loyal to the PGA Tour amid efforts by the Saudi-backed LIV Golf tournament to recruit star players, The Telegraph of London reports.

American comedian Dave Chappelle will join a star-studded albeit all-male lineup, including Aziz Ansari, Chris Tucker, Andrew Schulz and Tom Segura, for the inaugural Abu Dhabi Comedy Week, to be held from May 18 to 26. Chapelle will perform at Etihad Arena on May 23.

Emaar Chairman Mohamed Alabbar announced an initiative to repair all homes within the developer’s communities affected by the severe weather in Dubai for free. Other developers were also quick to offer support, with Damac reassuring residents that all properties are fully insured.

Amy Lehoczky, Director of ESG at G42, is interviewed by The National after the Abu Dhabi AI firm landed a $1.5 billion investment from Microsoft.

Sami Abdul Mohsen Abdulaziz Al Hokair, who was CEO of Saudi tourism group Alhokair until February, has been appointed Chairman of the Board. Faisal Mohammed Ibrahim Al Malik was named as the board’s Vice Chairman, according to a bourse disclosure.

🎶 Culture Circuit

📽️ Movie Magic: April marks six years since the return of cinema in Saudi Arabia. Arab News reports on the flourishing domestic film industry that has followed, with cumulative box office revenues approaching $1 billion and Saudi talent increasingly recognised locally and abroad.

🎣 King of Fishing: More than 1,500 anglers and 360 boats took part in the Abu Dhabi Grand Kingfish Championship, one of the most important marine sporting events on the UAE calendar. The three day event, which finished on Sunday, aims to preserve the heritage of king fishing among Emiratis. More than AED1 million ($272,294) in prizes were distributed, with the first place award of AED 200,000 going to Hamad Al Kamali, who caught a 32.69kg whopper.

📷 Photo of The Week

📅 Ahead on The Circuit

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 6-7, Dubai, UAE: Dubai FinTech Summit. The second annual gathering of financial leaders meet to spotlight innovation and discuss disruptions in the industry, organized by the Dubai International Financial Centre (DIFC). Madinat Jumeirah. 

May 7-9, Abu Dhabi, UAE: AIM Congress. The Annual Investment Meeting will convene inter-governmental leaders, executives, entrepreneurs and policymakers on the theme “Adapting to a Shifting Investment Landscape: Harnessing New Potential for Global Economic Development.” Abu Dhabi National Exhibition Center.

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 14-15, Abu Dhabi, UAE: J.P. Morgan Asset Management: Life Sciences Innovation Summit. A gathering aimed at drawing startups and investors from the life sciences sector to Abu Dhabi. Cleveland Clinic Abu Dhabi. 

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.