The Weekly Circuit
In the Weekly Circuit today, we’re looking at reports that Etihad Airways is about to announce a $1 billion IPO, the UAE’s $40 billion investment in Italy, PIF-backed Lucid Motors’ Peter Rawlinson stepping down as CEO and our interview with Family Office Summit chief Obediah Ayton. But first, Investcorp is bullish on America.
Bahrain’s Investcorp, the largest alternative asset manager in the Middle East, is building up its U.S. holdings after Executive Chairman Mohammed Alardhi expressed his optimism about the American economy in Davos last month.
The firm, which is backed by Abu Dhabi sovereign wealth fund Mubadala, announced today it will spend $335 million to buy two property portfolios in Minneapolis and Baltimore.
The properties include 17 buildings comprising over 1.9 million square feet in Minneapolis and 10 buildings with about 881,000 square feet in Baltimore, giving Investcorp access to major thoroughfares, employment centers and residential neighborhoods.
Investcorp’s Alardhi told The National during a January interview at the World Economic Forum in Davos, Switzerland, that he was bullish about U.S. growth, with President Donald Trump starting his second term in the White House.
“I believe it’s a great moment, and we are optimistic,” Alardhi said. “The American economy continues to be strong, and I think it will do much better in 2025.”
Investcorp also announced this week that it will buy a majority stake in Contentserv, a German provider of AI-fueled product experience and information company from U.S.-based Centric Software.
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circuit interview
Family offices face generational divide over investment strategy
Family businesses are the foundation of wealth in the Gulf. Problems crop up when children and grandchildren have different ideas from the founders on how to invest the fortunes they generate.
That’s what motivated Obediah Ayton, Founder of his family’s Dhabi Holding Co., to establish the annual Family Office Summit, which took place for a third year in Dubai on Tuesday, The Circuit’s Omnia Al Desoukie reports.
In an interview, Ayton, 33, talks about the mission he’s pursued to bridge generational gaps, mitigate succession battles and make lots of money. How, for instance, does a Dubai family business built on construction deal with the judgment of the millennial children to invest millions of dollars in the red-hot gaming industry?
WHEN IN ROME
UAE to invest $40 billion in Italy following MBZ state visit
UAE President Sheikh Mohamed bin Zayed’s state visit to meet Italian Prime Minister Giorgia Meloni in Rome this week produced a range of deals aimed at strengthening both business and security ties between the two countries.
Emirati officials signed deals on Monday to invest $40 billion in Italy across projects ranging from artificial intelligence to undersea cables and renewable energy, The Circuit reports.
“This collaboration underscores the importance of Italy and the UAE as strategic partners for innovation, sustainable economic development and technological exchange,” the countries said in a joint statement.
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💲 Sovereign Circuit
Public Investment Fund: Peter Rawlinson, CEO of PIF-owned Lucid Motors, stepped down after six years as head of the California-based electric car company, which reported a net loss in 2024 of $3.1 billion.
International Holding Co.: Sheikh Tahnoon bin Zayed, Chairman of the Abu Dhabi-owned investment company, said a 54% jump in 2024 revenue showed that, “by strategically divesting from mature assets and replenishing our portfolio with innovative investments, we continue to reinforce our position as a global investment powerhouse.”
ADQ: Etihad Airways, which is owned by the Abu Dhabi sovereign wealth fund, plans to announce an IPO this week that would seek to raise $1 billion by selling off a 20% stake in the carrier, Reuters reports.
Qatar Investment Authority: The sovereign wealth fund is evaluating eight more VC firms for inclusion in its $1 billion Fund of Funds, which seeks to bring tech startups to Qatar.
↪↩ Closing Circuit
🤖 Shuffling Shares: UAE telecoms company e& agreed to sell its 40% stake in Khazna Data Center Holdings for $2.2 billion as part of a deal with majority shareholder G42, the Abu Dhabi-owned artificial intelligence firm.
🤖 AI Assistance: Qatari officials signed a five-year deal with San Francisco-based Scale AI to obtain artificial intelligence tools and training designed to improve government services, Reuters reports.
💰 Building Wealth: Inertia Egypt plans to invest $158 million to accelerate construction and delivery across its real estate projects, CEO Ahmed El Adawy said.
🖥️ Speeding Up: Quantum Machines, an Israeli quantum computing startup, raised $170 million in a Series C funding round led by PSG Equity.
🗣 Circuit Chatter
🏗️ Gaza Summit: U.S. Middle East envoy Steve Witkoff said the Trump administration will soon hold a summit with “the biggest developers in the Middle East region” to discuss possible reconstruction plans for the Gaza Strip.
☢️ European Reactor: Abu Dhabi’s Emirates Nuclear Energy Co. is getting ready to invest in Newcleo, a French-Italian operator of lead-cooled fast nuclear reactors, in a deal that could be worth as much as $523 million, Bloomberg reports.
💎 Gulf Diamond: Lusail, Qatari Diar’s $250bn flagship project, aims to attract local and foreign investors with freehold properties, residency options, and flexible financing.
🤑 New Interest: Dubai-based engineering and construction consultancy Sidara has begun renegotiations to take over British engineer John Wood Group, which has faced financial challenges.
🌍 Power Circuit
Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai and UAE Deputy Prime Minister and Minister of Finance, met with Emma Reynolds, UK Economic Secretary to the Treasury, at his office in Dubai on Tuesday.
Prince Khalid bin Salman, Saudi Arabia’s Defense Minister, met with U.S. Defense Secretary Pete Hegseth at the Pentagon on Monday to discuss ways to strengthen the bilateral relationship between Washington and Riyadh.
Emir of Kuwait Sheikh Mishal Al-Ahmad Al-Jaber met with Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and UAE National Security Adviser, at Bayan Palace in Kuwait City on Sunday.
Sheikh Mohammed bin Rashid, UAE Vice President and Prime Minister and Ruler of Dubai, crowned Ahmed Zainoun from Morocco as the top Arab Hope Maker in the presence of Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai and UAE Deputy Prime Minister and Minister of Finance.
➿ On the Circuit
Mark Steward was appointed CEO of the Dubai Financial Services Authority, replacing Ian Johnston. Steward was previously Executive Director of Enforcement and Market Oversight at the UK’s Financial Conduct Authority.
Linos Lekkas, a former executive in Citigroup’s European banking division, is set to join First Abu Dhabi Bank in a senior position, Bloomberg reports.
Kirill Dmitriev, the former Goldman Sachs banker who has become the Russian President Vladimir Putin’s key go-between with the Gulf states, is profiled in the Financial Times.
Brett McGurk, former Middle East negotiator for the Biden administration, has joined U.S.-based Lux Capital and was spotted on Sunday at Saudi Arabia’s Founding Day celebrations in Riyadh.
🎶 Culture Circuit
🏺 Grand Opening: Egypt has finally fixed a date for the opening of its $1 billion flagship museum, which has been under construction since 2005. The Grand Egyptian Museum near the Giza pyramids, which holds 100,000 artifacts, including items from Tutankhamun’s tomb, will be inaugurated on July 3.
📷 Photo of the Week
🗓️ Ahead on The Circuit
Feb. 25-March 1, Dubai. WCA World 2025. The conference brings together some of the world’s biggest independent freight forwarders. Dubai World Trade Centre.
Feb. 26-27, Abu Dhabi. Investopia 2025. The fourth edition of the summit, to be held under the theme “Leveraging the Power of Massive Investments.” St. Regis, Abu Dhabi.
March 5-8, Abu Dhabi. 2025 Forbes 30/50 Summit. This summit aims to connect multiple generations of women together.
March 17-19, Dubai. Dubai International Horse Fair. A gathering of the equestrian industry and horse lovers from around the world. Dubai World Trade Centre.
April 7-9, Abu Dhabi. AIMCongress 2025. An investment platform bringing together thought leaders, decision-makers and entrepreneurs. ADNEC.
April 7-9, Dubai. Middle East Energy. Bringing together international energy suppliers to discuss products and solutions. Dubai World Trade Centre.
April 13-15, Riyadh. Saudi Food Manufacturing. Back for a second year, the focus turns to logistics solutions, including advancements in AI-driven supply chains, robotics, and sustainable automation technologies. Riyadh Front Exhibition & Conference Centre.
April 14-16, Dubai. IPS Congress. The Middle East’s largest international property sales event. Dubai World Trade Centre.
April 17-19, Dubai. World Art Dubai. A four-day art fair featuring more than 10,000 artworks. Dubai World Trade Centre.
April 18-20, Abu Dhabi. Middle East Film and Comic Con 2025. The region’s largest pop culture festival returns for its 13th year. ADNEC.
April 21-23, Abu Dhabi. Electric Vehicle Innovation Summit 2025. The Middle East’s largest annual event dedicated to shaping the future of electric mobility. ADNEC.
April 29-30, Abu Dhabi. Digital Transformation Summit UAE 2025. In its 37th edition, the summit is expected to be attended by over 300 C-suite executives, directors, and technology leaders. Sheraton Abu Dhabi Hotel and Resorts.
April 30. May 1, Dubai. Token2049 Dubai. A global conference dedicated to the crypto and blockchain ecosystem. Madinat Jumeirah.
