The Weekly Circuit
👋 Hello from the Middle East!
In the Weekly Circuit today, we’re looking at the coming takeover of British carmaker McLaren by Abu Dhabi’s CYVN Holdings, the PIF’s new cruise ship, ADQ’s joint bid for Spain’s Urbaser and Mubadala’s Khaldoon Al Mubarak at the Milken Summit in Abu Dhabi. But first, the epic Saudi-U.S. golf rivalry takes another turn.
LIV Golf, the upstart league backed by Saudi Arabia’s Public Investment Fund, is generating renewed buzz in its two-year dance with the PGA Tour.
The sovereign wealth fund is nearing a deal to acquire a stake of about 6% in PGA Tour Enterprises, which would value the U.S.-based golf league’s commercial arm at $12 billion, Bloomberg reports, citing unnamed sources familiar with the negotiations.
The PIF started LIV Golf in 2022 as a rival to the PGA, setting off court battles after the new league lured away star golfers for contracts worth hundreds of millions of dollars. The two organizations agreed to a merger deal in 2023, but have since been unable to agree on the terms.
LIV is also considering a possible merger with Europe’s DP World Tour, Bloomberg reported last month. The two golf leagues already have a strategic alliance on prize money growth and some reciprocal memberships.
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].
zooming in
Khaldoon Al Mubarak touts AI at Milken Middle East Summit
At the Milken Institute’s Middle East and Africa Summit in Abu Dhabi, Michael Milken turned to Khaldoon Al Mubarak, Managing Director and Group CEO of Abu Dhabi’s Mubadala sovereign wealth fund, for Friday’s finale.
Sitting opposite each other on white swivel chairs before the packed ballroom, 78-year-old Wall Street guru quizzed 49-year-old Al Mubarak on how the $330 billion fund makes investment decisions, The Circuit’s Omnia Al Desoukie reports.
“Right now, when it comes to the future of the world, the sectors that are going to be growing and prospering – AI, technology, financial services, life sciences, health services – these are the sectors that we’re going to be zooming in on,” Al Mubarak said.
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BITCOIN BONANZA
Eric Trump says dad will be the ‘most pro-crypto president’
Investors from around the world poured into Abu Dhabi this week for conferences focused on decoding the state of global finance and cashing in on the exploding growth of cryptocurrencies.
An exuberant crowd of crypto traders cheered Eric Trump at Abu Dhabi’s Bitcoin MENA conference on Tuesday as the President-elect’s son hailed the digital currency’s cracking the $100,000 mark and said it has a “special place in our heart,” The Circuit reports.
With some among the thousands at the event wearing red MAGA-like hats with the words, “Make Crypto Great Again,” Eric Trump said he believes Bitcoin will eventually reach $1 million. “You are going to have the most pro-crypto president in the history of America,” he said.
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💲 Sovereign Circuit
Mubadala: Khaldoon Al Mubarak, Managing Director and Group CEO of the Abu Dhabi sovereign wealth fund, is the subject of a Bloomberg profile that calls him “a rare non-royal to wield significant influence over the emirate’s financial affairs.”
Public Investment Fund: The Saudi sovereign wealth fund announced the launch of Adeera, a new hospitality management firm that will operate and oversee hotels in the kingdom. PIF-backed Cruise Saudi, meanwhile, introduced its first ship, the Aroya, at Jeddah Islamic Port. The 19-deck vessel, which has 1,678 cabins and suites, can accommodate up to 3,362 passengers.
Mumtakalat: Bahrain’s sovereign wealth fund signed an agreement on Monday that will enable Abu Dhabi’s government-owned CYVN Holdings to take over British carmaker McLaren’s automotive business and give it a non-controlling stake in the company’s McLaren Racing unit, which won the Abu Dhabi Grand Prix this past weekend.
ADQ: The Abu Dhabi sovereign wealth fund is joining private equity firms Blackstone and EQT in making a bid to buy out Spanish waste management company Urbaser, Reuters reports.
↪↩ Closing Circuit
🚚 Delivery Drop: Talabat Holding, which staged the Gulf’s largest IPO of the year, made its trading debut on the Dubai Financial Market stock exchange with a 6.9% drop in its shares.
🏗️ Speeding Up: Madinet Masr is accelerating its Sarai and Taj City projects in east Cairo, allocating $208 million to expedite timelines.
📈 Trading Debut: Mair Group, an Emirati firm with interests in food retailing and real estate, listed its shares on Monday on the Abu Dhabi Securities Exchange.
💸 Tower Power: The Trump Organization and Saudi luxury property developer Dar Global announced two new real estate projects planned for Riyadh on Monday, Reuters reports. The two previously collaborated on building towers in Riyadh and Jeddah.
🌊 Water Efficiency: TAQA Water Solutions awarded a $25.9 million project to develop a state-of-the-art system that integrates real-time monitoring across its Abu Dhabi wastewater infrastructure, enhancing operational efficiency, sustainability, and treatment capacity by 20%.
🗣 Circuit Chatter
🏢 Gulf Footholds: U.S.-based private equity firm General Atlantic is setting up a new office in Abu Dhabi, adding to the Riyadh outpost it opened in October.
🛏️ Pyramid View: Egyptian telecom billionaire Naguib Sawiris said in an interview with the Hapi newspaper that he plans to build either one or two hotels at a cost of $150 million in the area of Cairo that houses the pyramids and has a shortage of hotel rooms.
🚄 Rail Growth: Morocco intends to buy 168 trains before 2030 to expand its rail network amid steady ridership growth across the country, Transport and Logistics Minister Abdul Samad Qayuh said.
🧠 AI Researcher: Integrated Data Intelligence, an Abu Dhabi-based unit of Israel’s OurCrowd investment firm, presented its AI-driven DANNA product for research on privately held companies at Abu Dhabi Finance Week on Tuesday.
🌍 Power Circuit
Emir of Kuwait Sheikh Meshal Al-Ahmad received Saudi Arabia’s Prince Turki bin Mohammed, Minister of State and Cabinet member and his accompanying delegation on Tuesday, which included Saudi Finance Minister Mohammed Al-Jadaan and Ambassador to Kuwait Prince Sultan bin Saad.
UAE President Sheikh Mohamed bin Zayed met with Venezuela’s Vice President Delcy Rodríguez in Abu Dhabi during her visit to discuss cooperation between the two countries. Also during the week, he held a phone call with Ursula von der Leyen, President of the European Commission, to discuss cooperation between the UAE and Europe.
Sheikh Khaled bin Mohamed bin Zayed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, attended the opening of Abu Dhabi Finance Week on Monday.
➿ On the Circuit
Ahmed Kouchouk, Egypt’s Minister of Finance, said that the ministry will introduce a strategy aimed at improving government debt indicators and enhancing tax policy.
Wael Al Mubarak, Bahrain’s Municipalities Affairs and Agriculture Minister, said that the country’s central market will witness a makeover through a package of development projects aimed at improving its infrastructure and modernizing public facilities.
Ben Powell, Chief Middle East & APAC Investment Strategist for BlackRock Investment Institute said that his company is open to investing in IPOs in the Middle East, Zawya reports.
🎶 Culture Circuit
🏆F1 Champ: U.K. driver Lando Norris, leader of the McLaren team, won the Abu Dhabi Grand Prix on Sunday in the finale of the Formula One season, beating Ferrari’s Carlos Sainz of Spain and Charles Leclerc of Monaco at the UAE’s Yas Marina Circuit. The F1 victory gave McLaren $140 million in prize money.
📷 Photo of the Week
🗓️ Ahead on The Circuit
Dec. 13-15, Abu Dhabi: World Policy Conference. The conference brings together top-level decision-makers, academics and opinion leaders. Park Hyatt Saadiyat Island.
Jan. 7-9, Dubai. Arab Plast International Road Show. This event is a trade show for people working in plastic, petrochemicals and recycling materials. Dubai International Exhibition and Convention Center.
Jan. 7-9, Dubai. Dubai International Pharmaceuticals and Technologies Conference and Exhibition. The event brings people from the pharma chain to network, share knowledge and deal make. Dubai International Exhibition and Convention Center.
Jan. 9-13, Abu Dhabi. International Renewable Energy Youth Forum. Held on the sidelines of IRENA’s Energy Forum. Masdar City.
Jan.11-13, Abu Dhabi. International Renewable Energy Forum. The Assembly is the Agency’s ultimate decision-making authority where Heads of State/Government, Ministers and global stakeholders meet to discuss and advance the energy transition. Masdar City.
Jan. 11-13, Dubai. The 1bn Followers Summit. This event covers the world’s top creators and entertainers. Jumeirah Emirates Towers.
Feb. 3-6, Dubai. Medlab Middle East 2025. The show attracts exhibitors whether global giants or emerging startups to discuss digital health solutions. Dubai World Trade Centre.
