The Weekly Circuit
In the Weekly Circuit today, we’re looking at ADQ’s build-up of a majority stake in the Aramex courier service, prospects for a $1 billion exit by IHC from Abu Dhabi-based PAL Cooling, Oman’s interest in funding U.S. biotech and new questions over Neom’s ambitious construction plans. But first, the UAE is planning major energy investments in America.
Dr. Sultan Al Jaber, CEO of the UAE’s national energy company ADNOC, says the firm’s XRG investment arm is getting ready to put significant funds into the U.S. natural gas industry.
In a keynote address to S&P Global’s CERAWeek conference in Houston, Tex., on Tuesday, Al Jaber lauded the policies of U.S. President Donald Trump and called for a pragmatic approach to balancing the use of fossil fuels with the introduction of sustainable energy sources.
“Investing in the United States through XRG is not a priority; it’s an absolute imperative,” Al Jaber said. “It is time to make energy great again.”
The ADNOC chief, who is also Chairman of Abu Dhabi’s Masdar sustainable energy company and UAE Minister of Industry and Advanced Technology, served as President of the U.N.’s COP28 climate change conference when it took place in Dubai two years ago. XRG’s investments in the U.S. will spread across the natural gas supply chain, from exploration and development through distribution, seeking to create a one-stop shop for natural gas, Al Jaber said.
While in Houston, Al Jaber held meetings with a range of industry leaders, including Chevron CEO Mike Wirth, ExxonMobil CEO Darren Woods, TotalEnergies CEO Patrick Pouyanne, BP CEO Murray Auchincloss and Petronas CEO Tengku Taufik.
The mood at the annual energy summit was described as celebratory by the Washington Post as industry leaders listened to U.S. Energy Secretary Chris Wright outlining a new manifesto. “The Trump administration will end the Biden administration’s irrational, quasi-religious policies on climate change that have imposed endless sacrifices on our citizens,” Wright said.
At breakfast presentations and corporate-sponsored receptions, oil executives promoted plans for building more fossil-fuel infrastructure, arguing that advocates for cleaner energy need to recognize that petroleum is essential to meet growing U.S. demand for power.
“We can all feel the winds of history in the sails of our businesses again,” Saudi Aramco CEO Amin Nasser said in an address calling on the industry to invest more in fossil fuels and not expect green hydrogen and other new sustainable energy sources to fill global needs. “There is more chance of Elvis speaking next than the current plan working,” Nasser said.
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payout plunge
Aramco cuts dividend as Saudi budget pressures mount
Questions continue to pile up about whether Saudi Arabia’s massive Neom development can come close to fulfilling its cosmic ambitions, The Circuit’s Jonathan Ferziger reports.
A recent tip-off to problems plaguing the sprawling project was a celebrity-packed launch party in October on Neom’s Sindalah resort island, where, according to The Wall Street Journal, Crown Prince Mohammed bin Salman was a surprise no-show.
Three years late, with more than $2 billion in cost overruns, what was supposed to be Neom’s glittering early showpiece was more an active construction site – with Sindalah’s hotels unfinished and high winds disrupting ferries and golf tee-offs, the Journal recounts. Weeks later, Neom CEO Nadhmi al-Nasr was out of a job.
CHILLING OUT
Abu Dhabi’s Multiply eyes $1B divestment from PAL Cooling
Abu Dhabi’s Multiply Group may be getting ready to divest from its PAL Cooling unit, which keeps the UAE capital’s skyscrapers at tolerable temperatures under the Gulf’s sizzling sun, The Circuit’s Omnia Al Desoukie reports.
The firm, a unit of Sheikh Tahnoon bin Zayed’s International Holding Co., could raise as much as $1 billion if it’s put up for sale, according to Bloomberg.
PAL’S cooling technology involves pumping chilled water into buildings from centralized plants. Multiply went public more than three years ago and has investments in companies ranging from Getty Images to Rihanna’s lingerie company.
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💲 Sovereign Circuit
ADQ: Abu Dhabi’s sovereign wealth fund acquired a majority stake in Dubai-based courier company Aramex, increasing its total holding to 58%.
Oman Investment Authority: The Omani sovereign wealth fund participated in a $140 million Series B funding round for Tidal Vision, a U.S. biotech firm specializing in biopolymers sourced from crustaceans’ shells.
Public Investment Fund: PIF-owned ACWA Power launched an Innovation Center in Shanghai to drive research in renewables, energy storage, and desalination within China’s green energy sector.
Mubadala: Mubadala has completed the sale of its indirect stake in Calisen, aU.K. provider of smart metres and small-scale energy transition infrastructure assets, marking the end of a four-year investment cycle that supported the company’s growth.
↪↩ Closing Circuit
🌍 Cutting Carbon: Aramco Ventures led a $30 million funding round for U.S. climate tech startup Spiritus, in which Mitsubishi Heavy Industries and TDK Ventures also participated.
🚆 Marrakech Express: France approved an $846 million loan to Morocco for purchasing 18 high-speed trains as part of a financial deal signed during French President Emmanuel Macron’s October 2024 visit to Morocco.
🩺 Healthcare Fintech: UAE-based Klaim secured $10 million in Series A funding and an additional $16 million in financing to expand across the MENA region, accelerate insurance claim payments, and enhance cash flow for healthcare providers.
⚒️ Metal Exploration: Australia’s Zeus uranium company said it will team up with Ashgill Morocco to acquire the Casablanca Antimony Project, which is searching for antimony, a rare metallic element used by the military, automakers and solar photovoltaic industries.
💰 AI Fund: Italy’s Synapsia signed a $2.5 billion deal with UAE’s Bold Technologies to provide AI-powered city management for Abu Dhabi, tackling transport, parking, and disaster response, Reuters reports.
🗣 Circuit Chatter
🧑🏾🌾 Agri Interest: Saudi Agricultural and Livestock Investment Company and Solaris Commodities, an independent commodity trader headquartered in Dubai, are interested in buying a stake in Brazilian-listed grain trader Agribrasil, Reuters reports.
🙆🏻♀️ Immigrant Magnet: Dubai’s success in attracting skilled immigrants from Africa and offering them well-paid jobs is an example other nations should consider following, columnist Lydia Polgreen writes in The New York Times.
₿ Crypto Scams: Dubai’s booming crypto industry and loose legal frameworks have made the emirate a leading center for digital currency scams, Bloomberg says in a TV report.
📽️ Show Time: Movie ticket sales in Saudi Arabia stagnated in 2024, deflating hopes that a series of domestic productions would fill seats and provide more funds for the country’s nascent film industry, the Financial Times reports.
🛍️ Time Out: Deutsche Bank has increased parental leave in its Middle East and Africa offices, offering primary caregivers up to 26 weeks of paid leave, two weeks for paternal leave, and paid leave for miscarriage, Reuters reports.
🌍 Power Circuit
Saudi Crown Prince Mohammed bin Salman held meetings this week with Ukrainian President Volodymyr Zelensky and U.S. Secretary of State Marco Rubio while they were in the kingdom to discuss ceasefire negotiations with Russia.
UAE President Sheikh Mohamed bin Zayed hosted a meeting with Somali President Hassan Sheikh Mohamud at Al Bateen Palace on Monday. Also joining the meeting were Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court; and Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Deputy Prime Minister and Minister of Defense.
Sheikh Mohammed bin Rashid, UAE Prime Minister and Ruler of Dubai, approved a strategy to boost foreign investment to $65 billion by 2031 and raise the nation’s investment stock to $600 billion.
Qatar Prime Minister Mohammed bin Abdulrahman Al Thani said in an interview with U.S. media personality Tucker Carlson that gas has proven to be the country’s most reliable source of energy, adding that he is unsure if the world will be able to achieve the U.N. goal of net zero emissions. “We understand the danger of climate, but that doesn’t mean we need to shoot ourselves in the foot,” he said.
Prince Feisal Al Hussein of Jordan, the younger brother of King Abdullah, told The National in an interview that he is the best one among seven candidates to lead the International Olympic Committee when it picks a new president March 20.
➿ On the Circuit
Dr. Thani Bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, said trade between the UAE and the Central African Republic should cross $1 billion following the free trade agreement signed last week.
Mustafa Suleyman, the CEO of Microsoft’s AI division, is making slow progress in the tech giant’s efforts to reduce its reliance on Sam Altman’s OpenAI, in which it has invested more than $13 billion, The Information reports.
Billy Thalheimer, co-founder and CEO of Regent, a maker of electric seaglider vehicles, told The National that the company will create more than 1,000 high-tech jobs in Abu Dhabi over the next decade with its fleet of taxi ferries.
Ali Jaber, CEO of GJ Properties, told Zawya the company will launch eight new developments in the medium-to-high-end luxury segment across Dubai and Ajman.
Jana Suliman Al Rifi, a Saudi Electrical Engineering Student and the youngest project director at Neom, addressed the opening of the sixty-ninth session of the Commission on the Status of Women.
🎶 Culture Circuit
🚣 Dinner with a View: For Dubai’s busy abra captains, who ferry passengers across Dubai Creek in the traditional boats 24 hours a day, Ramadan brings a brief change of routine, The National reports. For Iftar, captains often moor up together on the quayside to break their fast with a simple meal and good company. “If you can share it with a friend … it can be beautiful,” Toseef, from Pakistan, told the newspaper.
📷 Photo of the Week
🗓️ Ahead on The Circuit
March 1-30, Abu Dhabi. Ramadan and Eid exhibition. The exhibition will showcase companies displaying an array of fashion, accessories, perfumes and other gifts. ADNEC.
March 1-19, Dubai. Nad El Sheba Sports Tournament. Organized by the Dubai Sports Council, NAS Sports Tournament is the biggest event of its kind and takes place every year during Ramadan. Nad Al Sheba Sports Complex.
March 6-23, Dubai. Ramadan Food Festival. The free festival features a curated selection of restaurants across five zones. Sheikh Hamdan Colony, Karama.
March 10-14, Houston, Texas: S&P Global CERAWeek. Gathering of top energy industry executives from around the world. Hilton Americas-Houston.
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 11-13, Sakhir, Bahrain. F1 Gulf Air Bahrain Grand Prix. Formula 1 racing returns to the Gulf island state. Bahrain International Circuit.
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 15-17, Dubai. Abu Dhabi Global Health Week. A critical worldwide forum dedicated to shaping the future of health. ADNEC.
April 16-17, Dubai. FastBull Finance Summit Dubai. Focused on the depth and breadth of global finance, emphasizing areas such as forex and blockchain financial technology. Coca-Cola Arena.
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 21-25, Dubai. Dubai AI Festival. Bringing together the brightest minds to explore and expand the commercial and economic possibilities of AI technology.” Madinat Jumeirah.
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.
