The Weekly Circuit
In the Weekly Circuit today, we’re looking at Aramco’s decision to cut its dividend payouts, the internal overhaul of First Abu Dhabi Bank, Qatar’s partnership with U.S. sports merchandiser Fanatics and the Trump $5 million golden visa. But first, Emirates is sprucing up its planes.
Waiting impatiently on the Dubai tarmac for troubled Boeing to deliver its long-delayed 777X aircraft, Emirates plans to spend $5 billion on upgrading its current stock.
Emirates President Tim Clark outlined the UAE carrier’s 2025 growth plans on Wednesday and told reporters that refitting 220 planes was critical to maintaining the airline’s standing among the best in the industry.
“We have no choice,” Clark said, ticking off the names of competing airlines that are upgrading their fleets. He said Emirates is not optimistic about the Boeing 777X deliveries arriving as scheduled for this coming October.
While Boeing struggles, industry-leading Airbus is pushing for a closer relationship with the UAE, rolling out plans to manufacture components and establish a regional maintenance hub in Abu Dhabi for its A400M military transport aircraft.
Elsewhere in the Gulf, Qatar Airways is addressing renewed demand from Syria by increasing the frequency of flights to Damascus as the country emerges from more than a decade of civil war, Bloomberg reports.
Most airlines halted flights to the Syrian capital while violence flared across the country. Qatar Airways was the first national carrier to relaunch flights to Beirut after a cease fire was reached between Israel and Lebanon in November.
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payout plunge
Aramco cuts dividend as Saudi budget pressures mount
Aramco, the world’s largest oil company, is slashing dividend payouts in the face of Saudi Arabia’s growing budget troubles.
The company, which is majority-owned by the Saudi government, said it expects to declare total dividends of $85.4 billion this year, a nearly 30% drop from the $124 billion distributed to shareholders in 2024, The Circuit’s Omnia Al Desoukie reports.
Revenue from Aramco has long enabled the kingdom to contain its fiscal deficits, but cuts in production over the past two years have crimped the company’s oil sales.
OPPORTUNITY KNOCKS
Trump’s golden visa stirs interest among Gulf’s wealthy investors
Every one of the six countries in the GCC offers its own golden visa program aimed at attracting high-net-worth foreigners to help bolster their economies.
Now Gulf investors themselves are looking into the $5 million “gold card” visa that U.S. President Donald Trump said would soon be introduced, Riyadh-based Arab News reports.
Among the attractions are America’s relative economic stability, greater access to markets in the U.S., and the prestige of residency there.
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💲 Sovereign Circuit
Public Investment Fund: PwC is working with the Saudi sovereign wealth fund to repair its relationship with the kingdom, Reuters reports. The kingdom suspended the awarding of new PIF contracts to the consulting firm through February 2026.
Qatar Investment Authority: Fanatics, the U.S. sports merchandising giant, signed a new five-year partnership deal with the Qatari sovereign wealth fund that will include sponsorship of the company’s flagship New York fan festival and the possibility of events in its Gulf home, Sportico reports.
Mubadala: Emerge, a joint venture between Mubadala-backed Abu Dhabi renewable energy company Masdar and France’s EDF Group, won a contract to install up to 3.4 megawatts peak (MWp) of rooftop solar panels for mall and hotel developer Alandalus Property Company across several sites in Saudi Arabia. Emerge will finance, design, build and maintain the panels under a 10-year agreement.
ADQ: PureHealth, an operator of hospitals and health clinics backed by the Abu Dhabi sovereign wealth fund, has teamed up with the Abu Dhabi Early Childhood Authority to support early intervention measures and expand holistic children’s health programs.
↪↩ Closing Circuit
💼 Qatar Hub: Global Infrastructure Partners, a U.S.-based investment firm owned by BlackRock, said it plans to open an office in Qatar that will serve as its hub in the MENA region.
🏦 Making Changes: First Abu Dhabi Bank CEO Hana Al Rostamani is conducting a broad internal reorganization as he seeks to position the lender as the Gulf’s top financial enterprise, Bloomberg reports.
🚗 Auto Saga: Egypt’s Ezz Elsewedy Automotive Factories started production of Malaysian automaker Proton’s Saga model at its new $50 million plant in the 6 October Industrial Zone.
⚽ Football Fans: Morocco is investing over $34 billion in infrastructure across nearly 35 cities to support its co-hosting of the 2030 FIFA World Cup with Spain and Portugal.🚜Upgrade Shop: Falcon plans to invest $100 million over five years to upgrade its Al Maktoum Airport facilities in Dubai and establish a new private jet terminal, enhancing its 13,705-sq-m maintenance, repair and overhaul facility at the Mohammed Bin Rashid Aerospace Hub.
🗣 Circuit Chatter
🛫 Delayed Takeoff: Etihad Airways will probably postpone its planned $1 billion IPO until at least April, Reuters reports. The share sale would be the first by a major Gulf airline in nearly two decades.
💸 Slippery Assets: Saudi Aramco is considering whether to bid for Castrol lubricant assets being sold by BP as it seeks to increase business in oil consuming countries, Bloomberg reports.
🌴 Courting Foreigners: Oman plans to establish a commercial court to resolve business disputes, in an attempt to attract more foreign investment.
🪆 Russian Ramble: Government tourism agencies in Russia are focusing on Saudi Arabia, Kuwait and the UAE as part of a bid to strengthen ties in the Gulf and promote the country as an attractive destination for Middle East travelers, Trade Arabia reports.
🚰 Water Maker: Kumulus, a Tunisian startup that uses machines to produce water from air condensation, is preparing for a new funding round in order to expand in Spain, France, Tunisia, Morocco and the Gulf region. It launched in Saudi Arabia in January.
🌍 Power Circuit
Sheikh Mohamed bin Zayed, President of the UAE and Ruler of Abu Dhabi, hosted an Iftar meal for rulers of all the country’s seven emirates on Tuesday. Joining him for Ramadan prayers and the feast were Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE, and Ruler of Dubai; Sheikh Dr. Sultan bin Muhammed Al Qasimi, Ruler of Sharjah; Sheikh Humaid bin Rashid Al Nuaimi, Ruler of Ajman; Sheikh Hamad bin Mohammed Al Sharqi, Ruler of Fujairah; Sheikh Saud bin Rashid Al Mu’alla, Ruler of Umm Al Qawain; and Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah. The gathering took place at the historic farm of the UAE’s Founding Father, the late Sheikh Zayed bin Sultan, in Al Khawaneej, Dubai.
Saudi Crown Prince Mohammed bin Salman received Lebanese President Joseph Aoun at Al-Yamamah Palace in Riyadh on Monday during a visit to Saudi Arabia focused on helping bail out the beleaguered country’s economy.
Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and UAE National Security Adviser, met with Josh Kushner, the founder and managing partner of Thrive Capital, in Abu Dhabi on Friday.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Holding, oversaw the signing of a $1.6 billion agreement between Dubai’s Roads and Transport Authority and Dubai Holding to enhance access to key developments.
➿ On the Circuit
Amin Nasser, CEO of Aramco, says the Saudi oil company has been using AI technology developed by China’s DeepSeek to improve the efficiency of its operations, and it’s “really making a big difference,” the Financial Times reports.
Saoud Al Riyami was appointed Acting Chief Executive Officer for mobile telecommunications company Ooredoo Oman, replacing outgoing CEO Bassam Al Ibrahim, whose term is ending. Al Riyami currently serves as Ooredoo Oman’s Chief Business and Wholesale Officer.
Dan Jarvis, U.K. Security Minister, told The National that the U.K. and UAE have joined forces to fight money laundering. Meanwhile, Emma Reynolds, the U.K.’s newly appointed Economic Secretary to the Treasury, told The National that the trade and investment ties with the UAE are growing, with a majority of the UK firms operating in the region choosing the UAE as their headquarters.
Faisal Saeed Al Mheiri was appointed Director General of the Federal Authority for Government Human Resources under a decree issued by UAE President Sheikh Mohamed bin Zayed.
Justin Burse was appointed as the U.S. Chief Compliance Officer for Dubai-based international financial advisory firm Hoxton Wealth. Prior to this position, he was the Acting Commissioner for the Kentucky Department of Financial Institutions.
🎶 Culture Circuit
🫏 Wild Horses: A rare species of onager has been returned to the Saudi Arabian wilderness a century after they last ran free in the kingdom. The Syrian wild donkey, one of six subspecies of onager, was wiped out by hunting, habitat loss and agriculture. Now a close relative of the equid, the Persian onager, has been introduced to the Prince Mohammed bin Salman Royal Reserve in the north-west, translocated from a reserve in Jordan. The herd of seven onagers recently welcomed a foal.
📷 Photo of the Week
🗓️ Ahead on The Circuit
March 3-6, Barcelona. MWC25 Barcelona. Hear from the big names in connectivity and the iconic thinkers of our time. Fira Gran Via.
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.
