The Weekly Circuit
👋 Hello from the Middle East!
In the Weekly Circuit today, we’re looking at the Gulf sovereign wealth funds that are backing America’s $500 billion Stargate AI project, Saudi Arabia’s new $182 million mining program, the Oryx fund’s investments in MENA startups and Dubai getting the runway ready for February’s Fashion Week. But first, Mubadala is bullish on the U.S. and Asia.
As newly inaugurated U.S. President Donald Trump fires in all directions, promising a raft of import tariffs and pulling out of international climate agreements, the chief of Abu Dhabi’s Mubadala sovereign wealth fund sees a clear upside for investors from much of his economic doctrine.
Speaking on a panel at the World Economic Forum in Davos, Switzerland, on Tuesday, Mubadala Managing Director and Group CEO Khaldoon Al Mubarak said the $330 billion fund is preparing to pour fresh resources into the U.S. and Asian markets, betting in particular on AI and data centers.
“There’s a clear strategy that the U.S. is embarking on – and that will spur growth in the U.S. and it will make it very attractive for investors,” Al Mubarak said. “Asia, I think, continues to be a very important continent for growth.”
Sharing the stage with Al Mubarak, WEF President Børge Brende and other financial leaders was David Rubenstein, co-founder and chairman of the private equity firm Carlyle, who also expressed optimism about the new Trump administration.
“He has a big agenda for changing regulations and other things that, I think, will spur economic growth,” Rubenstein said.
Trump will make a widely anticipated appearance at Davos on Thursday, where he is expected to outline parts of the economic agenda for his second term.
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].
circuit interview
Oryx invests Gulf sovereign cash into early-stage MENA startups

When London-based Silica Investments launched its Oryx Fund four years ago, the central strategy was to nurture early-stage startups in the Middle East and North Africa, preparing them to take calculated risks and reap higher returns.
The fund’s Ivo Detelinov and Sara Enan tell The Circuit’s Omnia Al Desoukie that they look for firms that address “big themes,” while they consult with regulators and colleagues in Europe for their expertise.
Backed by Saudi Arabia’s Jada Fund of Funds, the Saudi Venture Capital Company, UAE-based Mubadala and state-owned investors in Oman and Jordan, the $50 million fund now operates from offices in Dubai, Abu Dhabi, Riyadh and Muscat, Oman, The Circuit’s Omnia Al Desoukie reports.
Click here to read the full interview.
PROPERTY BOOST
Abu Dhabi invests $3.5 billion to become first AI-native government

Abu Dhabi is starting a $3.5 billion project to digitize and fully automate the emirate’s administrative processes.
The $3.5 billion Government Digital Strategy initiative aims to make Abu Dhabi the world’s first fully AI-native government by 2027, The Circuit reports.
The project is projected to add $6.5 billion to the emirate’s GDP, while creating 5,000 jobs. It is structured to align with the UAE’s broader 2031 vision, in which the country expects AI to contribute $96 billion to the economy by 2030, or 13.6% of GDP.
Click here to read the full story.
💲 Sovereign Circuit
Public Investment Fund: Sanabil Investments, which is owned by the Saudi sovereign wealth fund, is teaming up with U.S.-based Redesign Health to launch at least 20 healthcare companies in the kingdom, establishing the Sanabil Venture Studio to promote healthcare innovation. The Financial Times, meanwhile, examines the PIF’s $200 million investment in State Street’s new ETF, which gives European investors exposure to Saudi bonds. And, Saudi digital solutions firm Elm has agreed to acquire Thiqah Business Services from PIF for $907 million to strengthen the information and communications technology sector.
Abu Dhabi Investment Authority: EdgePoint Infrastructure, a Singapore-based company backed by ADIA, plans to add at least 5,000 towers in the next two to three years in Indonesia, Malaysia and the Philippines, its chief executive and co-founder Suresh Sidhu told Reuters.
Qatar Investment Authority: Instabase, a San Francisco startup that creates software for extracting data from documents, raised $100 million in a Series D funding round led by the QIA.
Mubadala: Private credit has been the Abu Dhabi sovereign wealth fund’s best-performing asset class for three years in a row, Mubadala Deputy Group CEO Waleed Al Mokarrab told Bloomberg in a television interview at Davos. The Abu Dhabi sovereign wealth fund will proceed with a restructuring of the Turkish Getir grocery delivery service despite threats of a legal battle from its founders.
Abu Dhabi Investment Office: ADIO entered into a five-year agreement with gaming and esports company NIP Group, which will establish a global headquarters in Abu Dhabi as it works to drive gaming, media and entertainment growth in the Emirati capital.
↪↩ Closing Circuit
🌆 Grand Budapest: Hungary’s government sold land in the country’s capital to Abu Dhabi-based developer Eagle Hills as part of a $5.2 billion deal that will enable construction of the tallest buildings in Europe, Bloomberg reports.
🏡 Property Tech: Rize, a Saudi real estate technology startup, raised $35 million in a Series A funding round that was led by Raed Ventures and aimed at helping the firm expand beyond the Riyadh metropolitan area.
💲 Lean In: Egypt received a $231 million loan from the state-backed Japan International Cooperation Agency to support its private sector development to transition to a green economy.
🖥️ Digital Assets: Dubai Islamic Bank increased its stake in Turkey’s T.O.M. Group from 20% to 25%, strengthening its presence in Turkey’s growing financial market, which includes T.O.M. Katilim Bankasi, Turkey’s first licensed digital retail bank.
🧑🌾 Feed Funding: Saudi agritech startup Arable secured $2.55 million in seed funding, primarily from foreign investors, to advance the Kingdom’s hydroponic farming sector.
🗣 Circuit Chatter
📈 IPO Champs: The GCC region raised $13.2 billion from 53 IPOs last year – a 23% increase from 2023 – led by the UAE and Saudi Arabia in total value, according to the Kuwait Financial Centre.
🚢 Upsized Suez: An expansion of the Suez Canal, initiated after the grounding of the Evergreen container ship in 2021 that blocked traffic in the waterway, is expected to be operational by the end of March, Reuters reports.
🇮🇳 Trading Fiasco: Indian state refiners requested ADNOC to offer crude pricing on a delivered basis to manage costs, as U.S. sanctions disrupt supplies and spike freight rates, Reuters reports.
💲 Money Talks: Singapore-based Olam Group is finalizing a deal to sell its remaining stake in its agricultural products business to Saudi Agricultural and Livestock Investment Company, The Wall Street Journal reports.
🇰🇼 New Tracks: Kuwait’s Public Authority for Roads and Transportation issued a tender for a consulting agreement to establish the Kuwait Railway Co., a decision to be followed by a study of the private sector partnership for its operation and maintenance.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed conferred the First Class Order of Zayed II on Tugay Tunçer, the Turkish Ambassador to the UAE, in recognition of his efforts during his tenure. The award was presented by Sheikh Abdullah bin Zayed, UAE Deputy Prime Minister and Minister of Foreign Affairs, during a meeting in Abu Dhabi on Monday. Sheikh Mohamed held a phone call with Dick Schoof, Prime Minister of the Netherlands and met with Masrour Barzani, Prime Minister of the Kurdistan Region of Iraq.
Princess Reema Bandar Al-Saud, Saudi Arabia’s Ambassador to the U.S., wrote a post on X after meeting President Donald Trump on Monday, saying, “It was my honor to convey our leadership’s heartfelt congratulations on behalf of the Kingdom of Saudi Arabia to President @realDonaldTrump and the American people on his inauguration.”
Crown Prince Mohammed bin Salman of Saudi Arabia is emerging as one of the biggest winners in the fallout of the 15-month conflict in Gaza, which has tilted the balance of power in the Middle East against its longtime rival Iran, Bloomberg reports.
Sheikh Mohammed bin Abdulrahman Al Thani, Prime Minister of Qatar, met with Israeli President Isaac Herzog on Tuesday after the two spoke in separate WEF sessions in Davos.
➿ On the Circuit
Hussain Sajwani, Chairman and founder of DAMAC properties, met with Amazon founder Jeff Bezos during pre-inauguration celebrations for U.S. President-elect Donald Trump last weekend at the Trump National Golf Club.
Muhammad Aurangzeb, Pakistan’s Finance Minister, told Reuters on the sidelines at the WEF in Davos that his country has agreed to a $1 billion loan with two Middle Eastern banks.
Anthony Gutman has been named Head of Investment Banking in Europe, Middle East and Africa for Goldman Sachs, The Wall Street Journal reports.
Talal Ibrahim al-Maiman, CEO of Saudi Prince Alwaleed Bin Talal’s investment company Kingdom Holding, told Al Arabiya TV on Wednesday that the company would be interested in ByteDance’s TikTok if Elon Musk or others offered to buy it. Prince Alwaleed and Kingdom Holding were among the biggest backers in Musk’s takeover of Twitter in 2022.
🎶 Culture Circuit
🎻 Lighter Note: Sir Anthony Hopkins hosted a gala concert in Saudi Arabia on the weekend, alongside a bevy of stars, including Matthew McConaughey, Morgan Freeman and Christina Aguilera. It was the first public appearance for the legendary actor and composer since losing his home in the Los Angeles fires. Hopkins also attended the Kingdom’s Joy Awards, which honor artistic achievements in the Arab world.
📷 Photo of the Day

🗓️ Ahead on The Circuit
Jan. 20-Jan. 24, Davos, Switzerland. World Economic Forum. The annual WEF meeting brings world leaders and business executives together to discuss the world’s greatest policy challenges. Davos-Klosters.
Jan. 27-30, Dubai. Arab Health. Premier healthcare event where attendees network with global leaders, discuss ground-breaking innovations and seek to shape the future of healthcare. Dubai World Trade Center.
Jan. 27-28, Riyadh. Private markets in Saudi Arabia and GCC. Exploring fundraising strategies, value creation and opportunities across private equity, credit and venture capital within Saudi Arabia and the broader Middle East. The Fairmont Hotel.
Jan. 27-30, Miami, Fla. iConnection Miami Alts. Networking event for fund managers and finance industry professions. Miami Beach Convention Center.
Jan. 30, Abu Dhabi. MEVCA Investors Summit. The one-day conference is sponsored by the Middle East Venture Capital Association. ADGM.
Feb. 1-8, Abu Dhabi: Mubadala Abu Dhabi Open. Top women tennis stars compete in WTA 500 tournament. International Tennis Centre, Zayed Sports City.
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.
Feb. 4-5, Doha. Seatrade Maritime Qatar Conference and Exhibition. Conference brings industry experts, decision-makers, shipping companies and leaders in technology, energy, finance and investment. Sheraton Grand Doha Resort.
Feb. 9-12, Riyadh. Leap 2025. Riyadh’s tech event that brings in tech innovators and leading experts from around the world to discover new ideas, build new partnerships, and connect with inspiring mentors and investors. Riyadh Front Expo Centre.
Feb. 11-13, Dubai. World Government Summit 2025. Annual event brings in world leaders and business leaders from the region and outside to discuss the most pressing matters. Madinat Jumeirah.
Feb. 14-16, Munich Security Forum. Known as one of the world’s leading forums for debating international security policy. Hotel Bayerischer Hof.
Feb. 17-21, Abu Dhabi: IDEX 2025. Military contractors from around the world show their wares at one of the most prominent international defense exhibitions. ADNEC Center.
Feb. 17-21, Dubai. Gulf Food. In its 30th edition, the exhibition brings in many more companies to show their work on food and the industry’s use of technology. Dubai World Trade Center.
Feb. 18-19, Abu Dhabi. The Future of Asset Management Middle East. A two-day conference that gathers leading executives from top asset management companies in the Middle East region. The Ritz-Carlton, Grand Canal.
Feb. 22-23, Miami, Fla. FII Priority. Saudi Arabia’s Future Investment Initiative connects U.S. and Middle Eastern investors. Faena Hotel & Forum, Miami Beach.
Feb.25, Dubai. Family Office Summit 2025. Global fund leaders managing $1 trillion in assets will meet under the theme, “Taking Money Out of Cash.” Ritz Carlton Jumeirah Beach.