The Weekly Circuit
👋 Hello from the Middle East!
This week we’re looking at Delta’s early embrace of Riyadh Air, prospects for a recovery by MENA venture capital firms, the UAE’s use of satellites and artificial intelligence to safeguard the seas and Saudi royal palaces transformed into super-luxury hotels. But first, we plug into the EV makers roaming Riyadh.
Saudi Arabia’s drive to establish an electric vehicle industry in the kingdom – clinching deals over the past year with the U.S., China and Europe – is on display this week during the Global EV and Mobility Technology Forum in Riyadh.
The two-day conference at the Riyadh International Convention and Exhibition Center, brings together senior government officials, financiers and car company executives – led by Faisal Sultan, Managing Director and Vice President of Lucid, the California EV-maker backed by the Saudi Public Investment Fund.
Lucid shares jumped as much as 10% in Nasdaq trading this week after the company reported that second-quarter car deliveries grew 70% from the same period in 2023. The PIF, which has a 60% stake in Lucid, opened a factory in the kingdom last year and has poured billions into the U.S. company as it looks to become a significant regional manufacturer.
Meanwhile, Riyadh Air has yet to embark on its maiden voyage — that’s scheduled to depart sometime in 2025 — but it’s already changing the air space over Saudi Arabia. The startup carrier, marketed to the business class crowd flocking to the Gulf these days in search of deals, inked its own agreement on Tuesday with Delta Air Lines.
The partnership deal will introduce the only non-stop service on an American airline between the U.S. and King Khalid International Airport in Riyadh, and marks Delta’s first foray into the Middle East market.
Signed at Delta’s headquarters in Atlanta, Ga., the partnership makes Riyadh Air Delta’s exclusive partner in Riyadh while offering hundreds of destinations in the U.S. to Riyadh Air’s customers. The partnership, still subject to regulatory approvals, will also allow coordination on flight times and routes while enabling passengers to book tickets on both carriers’ flights.
Delta, the world’s largest publicly traded airline by revenue, is getting in at a good time: airlines in the Middle East recorded a 33% increase in air passenger traffic in 2023 compared to 2022, according to the International Air Transport Association.
Riyadh Air, which is owned by the Public Investment Fund, aims to fly to more than 100 destinations worldwide by 2030. Meanwhile, on Tuesday, Abu Dhabi’s Etihad Airways said it will run daily nonstop flights between Boston and the UAE capital starting in October in response to the route’s strong performance flying four times weekly.
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].
BOTTOMING OUT
VC funding drop spawns acquisition prospects for Mideast startups

The steep decline in venture capital investment across the Middle East and North Africa has turned many tech startups into ripe candidates for acquisition, Nour El-Shaeri reports for The Circuit.
Rebound in Sight: Watching the industry slide for the 16th month in a row, Philip Bahoshy, CEO of Dubai-based fund-tracking platform MAGNiTT says there are some signs a bottom may be in sight.
Buying Time: “This is a great opportunity for potential M&A activity where international investors may encourage their portfolio companies to acquire companies in the region for expansion, or startups and corporates acquiring for market share,” Bahoshy said. “Valuations are beginning to come down, making it a lot more appealing for investors, especially those that have dry capital.”
Eyes in The Sky
UAE to use satellites and AI to avert maritime troubles

The UAE is aiming to use its advances in space to prevent chaos at sea, The Circuit’s Jonathan Ferziger reports.
AI AI Captain: Launching its new Satgate project, in collaboration with the Mohammed bin Rashid Space Centre in Dubai, the Ministry of Energy and Infrastructure said it will employ satellites and artificial intelligence to locate ships, monitor sea conditions and forecast the weather, according to a statement issued on Monday.
Securing the Sea: At a time when oil tankers and cargo vessels are being attacked in both the Red Sea and the Gulf, the satellite project has the potential to make commercial sea traffic in the region more secure and financially competitive.
💲 Sovereign Circuit
Public Investment Fund: The PIF will increase its ownership in Saudi Re to 23% after investing $114 million to acquire new shares in the reinsurance company. As part of the deal, the PIF will nominate three new members to Saudi Re’s board of directors. Neo Space Group, which is owned by the PIF, has appointed Martijn Blanken as its new CEO. Neo launched in May with a mandate to invest in space sector opportunities including backing start-ups.
Qatar Investment Authority: The QIA and an unnamed UAE fund are in talks to acquire a minority stake of less than 10% in Budapest Airport amid a multi-billion-dollar overhaul of its terminals, Bloomberg reports. Meanwhile, KKR is looking to sell down its shares in Japanese Kokusai Electric, in which the QIA owns a minority stake, to realize gains from investors pouring into chipmakers.
International Holding Co.: Viola Communications, an outdoor advertising company owned by a unit of IHC, signed a contract with Dubai’s roads authority to place solar-powered advertisements along Sheikh Zayed Road that connects the emirate to Abu Dhabi.
Abu Dhabi Investment Authority: The pitch in Palm Beach to ADIA by hedge funder Bobby Jain that landed him nearly $1 billion from the fund, and the lengths the ex-Millennium Co-chief Investment Officer went to pull off one of the biggest-ever hedge fund launches earlier this month, is the subject of a Bloomberg story.
Mubadala: SailGP, an international grand prix circuit for racing catamarans sponsored by Mubadala, unveiled its 2024/2025 events calendar, set to kick off in Dubai and feature 14 races around the world. Meanwhile, Axios reports on the star-studded lineup of the Mubadala Citi DC Open, the tennis tournament set to take over Rock Creek Park from July 27.
↪↩ Closing Circuit
🤖 AI Interest: DAMAC Group, one of the UAE’s largest conglomerates with activities ranging from real estate to technology, announced it will invest $50 million in San Francisco-based startup Anthropic to develop its interests in artificial intelligence.
🇪🇬 Egyptian Horizon: Saudi Arabia-based Adeer International is planning to invest $400 million in the Egyptian real estate market within five years, CEO Bassel El-Serafy told Asharq Business.
💰 Expansion Plans: Dubai-based Gulf Islamic Investments has raised $100 million from investors including Saudi Arabia’s Al Nahdi Family Office to expand its private equity business across the Middle East and India.
💸 Crypto Property: Mantra Chain, a Hong Kong-based blockchain developer, will tokenize $500 million worth of assets of Dubai real estate developer MAG Group.
🇲🇦 Orbital Surveillance: Israel Aerospace Industries signed a $1 billion deal to furnish Morocco with an intelligence satellite, Calcalist reports, citing La Tribune in France.
🗣 Circuit Chatter
🏗️ Dig In: The Gulf recorded a 20% drop in awards for construction and transport projects during the second quarter, driven by significant reductions in Qatar and the UAE, according to a report by Kamco Invest. Saudi Arabia bucked the trend, up 10% on new project awards.
🤖 Cybernetic Avatars: Dubai Future Labs and Japan’s Osaka University signed an agreement to collaborate on R&D in the field of cybernetic avatars, which allow users of the technology to feel the same sensations as with their own bodies.
🚙 Balancing Act: The motivations behind Tesla CEO Elon Musk’s canceled trip to India in April for a meeting with Prime Minister Narendra Modi – and the EV maker’s subsequent deals in China – are the subject of an investigative report in the Financial Times.
🛢️ Petrol Heads: Saudi Aramco is betting that combustion engines will be around for a “very, very long time” after acquiring a 10% stake in fuel-based engine manufacturer Horse Powertrain for $800 million last month, the FT reports.
🌈 Pride Wear: Team Liquid, a participant in Saudi Arabia’s Esports World Cup, has been allowed to wear rainbow-colored jerseys signifying gay pride during the competition, a significant development given the kingdom’s laws under which homosexuality is considered a crime.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed talked by telephone to the U.K.’s new Prime Minister Keir Starmer to congratulate him on being elected last week. He also sent a message of congratulations to Iran’s new President Masoud Pezeshkian on winning last week’s election. Sheikh Mohamed received a phone call on Saturday from Kenyan President William Ruto. The pair discussed bilateral relations and opportunities for economic cooperation across areas including technology, infrastructure and renewable energy.
Sheikh Mohammed bin Abdulrahman, Qatar’s Prime Minister and Minister of Foreign Affairs, met in Doha with U.S. Assistant Secretary of State for Near Eastern Affairs Barbara Leaf, discussing ways to strengthen strategic relations between the two countries and the latest developments in the Gaza war.
Sheikh Nahyan bin Mubarak, UAE Minister of Tolerance and Coexistence, inaugurated the Burjeel Cancer Institute in Mohammed bin Zayed City, Abu Dhabi, on Friday. The institute will offer advanced cancer treatments and is equipped to conduct clinical trials.
Saif bin Zayed, the UAE Deputy Prime Minister and Interior Minister, held a meeting on Tuesday with members of the Emirates Police Support Team who are being sent to secure the national team that will participate in the Paris Olympics.
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, led a meeting of the Council that approved the Emirati Family Growth Program, an effort by the government to encourage young couples to have children.
➿ On the Circuit
Ahmed Aboul Gheit, Secretary-General of the Arab League, is taking part in the fifth Japan-Arab Economic Forum, a two-day conference held this week in Japan.
Gerry Cardinale, Founder and Managing Partner of RedBird Capital Partners, was a key negotiator in Paramount’s merger with David Ellison’s Skydance Media, Bloomberg reports. Cardinale’s firm will put up $1.8 billion of the more than $8 billion in cash that the group is contributing, marking RedBird’s largest investment to date, according to the news agency.
Donn Davis, founder of the Professional Fighters League, said the Mixed Martial Arts company is now valued at about $1 billion, in an interview with Bloomberg. The PFL has entered a deal with the PIF to stage events in Saudi Arabia and is eyeing expansion in Africa.
Aaron Miller, former Head of Financial Services in Private Equity at the Abu Dhabi Investment Authority, has been named Chief Financial Officer at U.S. insurer Acrisure. One of ADIA’s subsidiaries is a shareholder in Acrisure.
Abdulaziz Khashogji and Amirah Al-Bassam got married in style as Saudi Arabia’s first couple to celebrate their “zaffa,” or wedding entrance, sitting in a racing car on Jeddah’s F1 circuit.
🎶 Culture Circuit
🏰 High-end Digs: Saudi Arabia is transforming palaces into ultra-luxury hotels, offering a taste of royal life in its latest bid to lure wealthy travelers to the kingdom. The Red Palace, a 365,000 square-foot art deco residence south of Riyadh once lived in by King Saud bin Abdulaziz, will open to guests at the end of 2025.
🐢 Long Beach: Dubai has unveiled plans for the Jebel Ali Beach Development Project, a 6.6 kilometer stretch of beach set to become a recreational site with a focus on environmental preservation, including turtle habitats and mangroves. Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, approved the master plan on Sunday as a part of a wider revamp of the emirate’s public beaches under the Dubai 2040 Urban Master Plan. “Our focus is on creating spaces rich in beaches, open areas, and recreational greens,” he said.
📷 Photo of the Week

🗓️ Ahead on The Circuit
July 2-Aug. 25, Riyadh, Saudi Arabia: Esports World Cup. An international competition for professional gamers with a $60 million prize pot. Boulevard City.
July 9-13, Sun Valley, Idaho: Sun Valley Conference. Sponsored by Allen & Co., the annual “summer camp for billionaires” brings together some of the world’s most influential leaders in finance, tech, entertainment and politics. Sun Valley Resort.
July 10-11, Riyadh, Saudi Arabia: Global EV and Technology Forum. The inaugural summit in Saudi Arabia gathers policymakers, companies and investors focused on sustainable urban mobility solutions. Riyadh International Convention & Exhibition Center.
July 15-17, Abu Dhabi, UAE: USA Basketball Showcase. The 2024 USA Basketball Men’s National Team will host the national teams of Australia and Serbia for three matches. Etihad Arena
July 15-26, Granada, Spain: ADIA Lab International Summer School. A course of lectures and case studies to explore the critical role of trust and safety in AI, examining the ethical, technical and societal implications of AI applications. University of Granada.
July 27-Aug. 4, Washington D.C. Mubadala Citi DC Open. Tennis tournament featuring nine of the world’s top 20 players. Rock Creek Park.
Aug. 12-15, Riyadh, Saudi Arabia: Saudi Food Expo. One of the kingdom’s largest trade shows for the food & beverage industry. Riyadh Front Exhibitions.
Sep. 30-Oct. 2, Dubai, UAE: Future Hospitality Summit. The global conference for leaders in the hospitality industry expands this year at a new location with dedicated space for ESG planning, country pavilions and a larger exhibition area. Madinat Jumeirah.