LOW ORBIT

The UAE launched a satellite into lower earth orbit on Friday, in the first step of a three-year program to develop a string of radar imaging devices in space to monitor conditions below. The Synthetic Aperture Radar satellite was launched from Vandenberg Space Force Base in California by UAE companies Yahsat and Bayanat. The two companies are in the process of merging to create a $4.1 billion AI-powered space technology business called Space42 – possibly creating one of the most valuable publicly listed space companies, The National reports. Finland-based ICEYE worked with Bayanat and Yahsat to develop the satellite, which will be able to capture images day and night regardless of weather. It has a sensing system that illuminates the Earth’s surface and measures the reflected signal to create high-resolution images.

ALL THAT GLITTERS

The price of gold hit an all-time high, soaring north of $2,500 per ounce for the first time on Friday, as expectations of a Federal Reserve interest rate weakened the U.S. dollar and geopolitical tensions continued to bolster the safe-haven commodity. The precious metal has risen about 30% over the past 12 months, and 24% since the start of this year. The Fed is expected to finally cut interest rates at its meeting next month, after years of increases aimed at stamping out high inflation, in a move that will potentially push the gold price even higher. In the UAE, 24K gold hit an all-time local high on Saturday, reaching Dh303.75 ($82.70) per gram.

Public Investment Fund: The PIF-owned Saudi Agricultural and Livestock Investment Co., known as SALIC, has agreed to sell its 40% stake in Alasmak, the Saudi Fisheries Co., to businessman Abdulaziz bin Abdullah Al-Humaid for about $33 million.

Mubadala: Egypt’s electric company signed an agreement with a group led by the Mubadala-backed Masdar sustainable energy company in the UAE and its Africa unit Infinity Power to build a 200-megawatt wind power plant in the Gulf of Suez. 

Qatar Investment Authority: The Qatari sovereign wealth fund’s assets under management increased 22.6% since the beginning of 2024 to $526 billion.

↪↩ Closing Circuit

🚢 Port Partners: British International Investment, the U.K. government’s development finance arm, will invest up to $35 million alongside Dubai-based port operator DP World in developing a container port in the Democratic Republic of the Congo.

🌽 Food Investments: Olam International, a Singapore-based food and agri-business company, plans to increase its investment in Egypt to $55 million from its current level of $22 million, Managing Director Prakash Jhanwe said.

☀️ Solar Storage: China’s Huawei Technologies Co. is working with Saudi Arabia’s Red Sea Global to build the world’s largest solar energy storage microgrid, which will power some 50 hotels and more than 1,000 residential properties under construction on the kingdom’s western coast.

🏘️ PropTech Purchase: Maisour, a DIFC-based property investment crowdfunding platform, is being acquired by Dubai’s Meteora Developers for an undisclosed sum.

🛵 Two Wheels: E Daddy, a Dubai-based startup that is developing an electric motorcycle, said it has raised $15 million in funding that it plans to use for expansion across the MENA region.

🗣 Circuit Chatter

🚗 No Drivers: Saudi Arabia has adopted a set of standards to prepare the country for a new era of self-driving cars, mandating the installation of smart communication devices along roadways to interact directly with autonomous vehicles, providing real-time road condition data to enable safe driving decisions and improved traffic flow.

₿ Crypto Paycheck: A Dubai Court ruled that companies can pay employee salaries in cryptocurrency as long as the terms of the contract are clearly spelled out.

📈 Sharing Shareholders: The Dubai Financial Market (DFM) and Shenzhen Stock Exchange (SZSE) signed a preliminary agreement to promote collaboration and advance cross-border trading and investment by companies in the UAE and China.

💰 IPO Investors: Shariah-compliant asset management firm Sedco Capital is launching a fund focused on investing in IPOs and rights issues on the Saudi stock market.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed visited Mullah Mohammad Hassan Akhund, the Prime Minister of Afghanistan, who is currently receiving treatment in a hospital in the UAE. 

Princess Nouf bint Nasser bin Abdulaziz Al Saud passed away last week, the Saudi Royal Court announced. Funeral prayers were performed on Friday, with condolences sent by regional leaders.

➿ On the Circuit

Alex Karp, CEO of Palantir Technologies, talks about artificial intelligence, military conflict in the Middle East and his own ADHD in an interview with New York Times columnist Maureen Dowd.

Majid bin Abdullah, Saudi Arabia’s Minister of Municipalities and Housing, started a four-day visit to the U.S. on Saturday, where he is scheduled to meet with government officials and executives from major builders, real estate companies and banks.

S. Jaishankar, India’s External Affairs Minister, paid an official visit to Kuwait on Sunday, where he met Foreign Minister Abdullah Ali Al-Yahya and other members of the government.

Amal Jamal, an Emirati international assistant referee, has been selected to officiate at the FIFA U-17 Women’s World Cup in the Dominican Republic.

🎶 Culture Circuit

🎤 Center Stage: Bahrain’s Dar Disku and Palestinian-Chilean singer Elyanna are leading Arabic pop’s breakout moment on the western music scene, the Financial Times reports. Far from being confined to the world music genre, as they may have been in the past, Arabic-language artists are gracing the stage at Coachella and climbing Billboard’s dance charts. Spotify scouts are even trying to unearth “the next Despacito” in Arabic, one music insider told the FT.

Photo of the Day

The Royal Army of Oman Pipes and Drums compete during the World Pipe Band Championships at Glasgow Green in Scotland on Saturday. (Photo: Getty Images)

🗓️ Ahead on The Circuit

Aug. 24-25, Riyadh, Saudi Arabia. New Global Sports Conference. Uniting top players to showcase how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 31-Sept. 8, Abu Dhabi, UAE. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 1-7, Dubai, UAE. Dubai Fashion Week. Promoting Dubai’s creativity and fashion businesses to a worldwide audience. Dubai Design District.

Sept. 10-11, Dubai, UAE: Global Vertical Farming Show 2024. Annual event brings together investors, growers, and executives in the vertical farming industry from around the world. Le Méridien Dubai Hotel & Conference Centre. 

Sept. 11-12, Dubai, UAE: Dubai AI & Web3 Festival. Bringing together the brightest minds to explore and expand the commercial possibilities of AI and Web3 technologies. Madinat Jumeirah.

Sept. 12, Dubai, UAE: U.S.-U.A.E. Space Relationship. U.S.-U.A.E. Business Council hosts luncheon featuring astronaut Sultan Al Neyadi, Minister of Youth; Salem Al Marri, Director General of Mohammed Bin Rashid Space Centre; and U.S. Ambassador Martina Strong. Ritz Carlton Hotel, DIFC.

Sept. 15-19: Abu Dhabi. Loop Beyond Borders. Luxury travel fair brings together hotel owners, tour operators, travel agents and government officials. Saadiyat Rotana Resort & Villas and Anantara Qasr Al Sarab.

Sept. 24-25, Dubai, UAE: ACT Middle East Treasurers Summit. Corporate treasurers and financial professionals from across the region gather for policy discussions on issues ranging from cash management to sustainability. Grand Hyatt Dubai.

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.