👋 Hello from the Middle East!

Today in the Daily Circuit, we’re looking at how Adnoc Gas sells to Asia and Europe, Bank of Singapore’s new focus on the Middle East, Egypt’s green energy strategy and Saudi Prince Alwaleed’s role in Elon Musk’s Twitter buyout. But first, gaming fever builds to a pitch in Riyadh this weekend.

After an eight-week gaming extravaganza, Saudi Arabia’s inaugural Esports World Cup at Riyadh’s Boulevard City will wrap up this weekend, with four final tournaments and a high-octane closing ceremony planned for Sunday night.

The champions of fighting game Tekken 8 will be crowned this evening, followed by finals for battle royale shooter PUBG, vehicular soccer hybrid Rocket League and racing game ESL R1 on Sunday. The matches will conclude a marathon event that has featured 22 tournaments across 21 titles, with an estimated 2,500 gamers slogging it out for their share in the $60 million prize pool.

Hosting the biggest event in esports history has put Saudi Arabia front and center in the global gaming market. Crown Prince Mohammed bin Salman, a fan of the Call of Duty zombie military game, has earmarked $38 billion from the Public Investment Fund to help spur on the local industry, with the aim of attracting 250 gaming companies and studios to the kingdom.

While the competition wraps up, Saudi leadership will be turning their focus to the business end of gaming, with the New Global Sports Conference kicking off tomorrow. More than 60 speakers and 1,200 delegates from the esports, gaming and entertainment industries will converge at Riyadh’s Four Seasons, with the kingdom’s plans to host the Olympic Esports Games from next year high on the agenda.

PLAYING THE MARKET

Adnoc Gas’s decisions on whether to sell extra supplies of liquefied natural gas to Europe or Asia will depend on which market offers more profitability, CFO Peter van Driel told The National. The UAE company, which is the integrated gas processing unit of Adnoc, produces 6 million metric tons of LNG a year from its Das Island liquefaction plant off Abu Dhabi and most of the output is tied to long-term contracts. “We always keep a few cargoes available to play the market. If prices go up in Europe, we make sure those cargoes go to Europe,” van Driel said. “It then becomes a question of whether we see more profitability by going to the east or by going to Europe – and that is a function of price.” 

SINGAPORE SHIFT

Bank of Singapore is betting on the Middle East. The Asian lender aims to double its business in the region to about 20% of its overall revenue and private banking assets over the next three to five years, Ranjit Khanna, Bank of Singapore’s head of private banking for Europe and the Middle East and chief executive for its Dubai hub, told Reuters in an interview. “UAE and in particular Dubai have become key destinations for global millionaires post-COVID,” Khanna said. Bank of Singapore is among a growing number of Asian financial firms that have set up offices in the UAE to capitalize on warming ties between China and the Middle East. “I personally believe the next decade, in the context of wealth management, belongs to Asia and the Middle East to a great extent,” Khanna said.

💲 Sovereign Circuit

ADQ: E7, an ADQ-owned printing company, said it will invest almost $50 million to start producing digital tax stamps and ramp up production of secure passports to meet global demand. ADQ and the UAE Football Association, meanwhile, renewed their sponsorship contract for the President’s Cup’s Championship for the next three years.

Public Investment Fund: Saudi Arabia’s shifting focus to domestic investment is the subject of a CNBC report that points to the PIF’s latest earnings report and the demand that international firms set up regional headquarters in the kingdom to qualify for government contracts.

Kuwait Investment Authority: The Kuwait Municipal Council has approved the transfer of ownership of the country’s Entertainment City project to the Kuwaiti sovereign wealth fund from the Royal Court, known as the Amiri Diwan.

↪↩ Closing Circuit

🐦 Prince of Twitter: A U.S. Federal Court ruling that ordered Elon Musk’s X Holdings Corp. to reveal its shareholders showed that Saudi Arabia’s Prince Alwaleed bin Talal was one of the largest investors in Musk’s $44 billion buyout of Twitter in 2022, the Washington Post reports.

🌍 Development Leader: Saudi Arabia’s National Development Fund appointed Chicago-based Northern Trust – which recently opened a regional headquarters in Riyadh – to manage its $16 billion in assets.

🚆 Capital Tracks: The Riyadh Metro will start service later this year with a $22.5 billion budget aimed at transforming the Saudi capital into a major business and tourism center, Saleh Al Jasser,  Minister of Transport and Logistics Services, told Al Arabia Business TV.

🤖 Finance Chatbots: Lettuce, an Israeli fintech startup that uses AI chatbots to answer tax and accounting questions from “solopreneurs,” raised $15 million in a Series A funding round led by Zeev Ventures.

🗣 Circuit Chatter

🚢 Maritime Tech: Abu Dhabi-based AD Ports issued a white paper titled “Digitalisation for Enhanced Efficiency: Leveraging Data for Smart Ports” as a resource for understanding the dynamics of digital technology in the maritime industry and its role in enhancing global trade efficiency.

💸 Laundering List: Lebanon’s acting Central Bank Governor Wissam Mansouri said on Thursday that his institution is trying to prevent being placed on a “gray list” of countries under scrutiny for money laundering and other crimes by the Financial Action Task Force, Reuters reports.

🇴🇲 Marvelous Muscat: Oman launched a major tourism campaign in India, promoting its rugged landscapes and cultural life through ads in New Delhi’s biggest malls and on taxis in Mumbai.

🌍 Power Circuit

Egyptian Prime Minister Mostafa Madbouly told his Cabinet on Thursday that the government is seeking foreign investment to build up gas and oil production while making progress in its efforts to generate green energy and reduce carbon emissions.

Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, received Martina Strong, the U.S. Ambassador to the UAE, and a delegation from The American Business Council in Dubai (AmCham Dubai), along with major American companies, at his palace in Saqr bin Mohammed City, on Thursday. Sheikh Saud witnessed the signing of a Memorandum of Understanding between the Ras Al Khaimah Economic Zone and AmCham Dubai, to enhance cooperation and support the business community.

➿ On the Circuit

Hedge fund chiefs Bill Ackman and Ken Griffin, and billionaire philanthropist Julia Koch are among those hosting panels at their estates during this week’s annual Hamptons Dialogues, Bloomberg reports. Griffin will discuss national security at his Southampton home with former Secretary of State Michael Pompeo and retired U.S. Navy Admiral William McRaven. Michael Milken will deliver opening remarks.

Fouad Belrahim, Chairman of Libya’s Brega Oil Marketing Co., the state fuel-distribution company, was suspended by Prime Minister Abdul Hamid Dbeibah pending an investigation into severe gasoline shortages that have created mile-long lines at filling stations and boosted the black market.

Majid bin Abdullah Al-Hogail, Saudi Minister of Municipalities and Housing, wrapped up a tour in the U.S. after meeting with executives at infrastructure firm Parsons Corp. and waste management company HDR.

🎶 Culture Circuit

🎞️ Film Bank: Saudi Arabia’s National Film Archive plans to collect and archive more than 1,000 local and regional films through its new Film Deposit Initiative. In line with the kingdom’s attempts to become a premier movie production destination, the archive will digitize and preserve films for future generations, as well as potentially using them to engage audiences via cinemas and international film events.

📷 Photo of the Day

🗓️ 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. 10-12, Riyadh, Saudi Arabia: Global Artificial Intelligence Summit. A leading platform for advancing the global discussion on AI. King Abdulaziz International Conference Center in Riyadh.

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.