The Weekly Circuit
👋 Hello from the Middle East!
In the Weekly Circuit today, we’re looking at Abu Dhabi-based MGX’s $2 billion investment in Binance, Masdar’s talks on a $200 million solar deal in Spain, Yango’s new $20 million VC firm in Dubai and Saudi Arabia’s consulting with Monaco on yachting tourism. But first, Sheikh Tahnoon dines at the White House.
U.S. President Donald Trump gave a warm reception to UAE power broker Sheikh Tahnoon bin Zayed at the White House with dinner and a broad review of business and strategic ties between the two allies.
Sheikh Tahnoon, who is the UAE’s National Security Advisor, Chairman of its biggest sovereign wealth fund and brother to President Sheikh Mohamed bin Zayed, led an Emirati delegation on Tuesday that dined with Trump, Vice President JD Vance and other top administration officials.
Accompanied by Mubadala CEO Khaldoon Al Mubarak, ADNOC CEO and UAE Minister of Industry and Advanced Technology Dr. Sultan Al Jaber, and UAE Ambassador to the U.S. Yousef Al Otaiba, Sheikh Tahnoon also met with cabinet members including Treasury Secretary Scott Bessant and Secretary of State Marco Rubio.
“Tonight, in the White House, I warmly welcomed UAE National Security Adviser H.H. Sheikh Tahnoon bin Zayed Al Nahyan to meetings and a dinner with many notable, senior U.S. officials,” Trump wrote in a post on his Truth Social media platform. “The evening demonstrated the long-standing ties and bonds of friendship between our countries.”
Sheikh Tahnoon said in a post on X that the talks focused on the UAE’s “long-term strategic partnership” with the U.S., as well as strengthening economic ties “by accelerating investments in artificial intelligence, advanced technology, infrastructure, energy and health care.”
While the Emirati delegation was at the White House, the government in Abu Dhabi announced the signing of an agreement with Microsoft and UAE tech company Core42 to improve the efficiency of digital services.
The agreement between the Department of Government Empowerment, Microsoft and Core42 was signed in the presence of Sheikh Tahnoon and Khaldoon Al Mubarak, Chairman of the Abu Dhabi Executive Affairs Authority and CEO of the Mubadala sovereign wealth fund.
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].
BLOCKCHAIN BUILDING
Abu Dhabi’s MGX puts $2 billion into Binance crypto exchange
Saudi Arabia is planning to bring the sparkle of Mediterranean marinas to its Red Sea coast, seeking counsel from the Principality of Monaco as it attempts to grow its yachting sector.
The Saudi Red Sea Authority has already issued 29 tourism licenses for yacht chartering and marina operations for its 1,800km coastline, which includes more than 1,000 islands and 150 pristine beaches.
Now it has signed agreements with the Yacht Club de Monaco and the Prince Albert II of Monaco Foundation to help develop the sector.
Click here to read the full story.
ALL ABOARD
Saudi Arabia taps Monaco expertise for Red Sea yachting
Saudi Arabia is planning to bring the sparkle of Mediterranean marinas to its Red Sea coast, seeking counsel from the Principality of Monaco as it attempts to grow its yachting sector.
The Saudi Red Sea Authority has already issued 29 tourism licenses for yacht chartering and marina operations for its 1,800km coastline, which includes more than 1,000 islands and 150 pristine beaches.
Now it has signed agreements with the Yacht Club de Monaco and the Prince Albert II of Monaco Foundation to help develop the sector.Click here to read the full story.
Developing Stories
LICENSED TO DIG
MIDEAST VENTURES
Yango Group, the Russian-founded technology firm based in Dubai, is starting a venture capital firm with a major focus on the Middle East. Yango Ventures, with $20 million under management, plans to target early-stage startups across the Middle East, Africa, Pakistan and Latin America, Arabian Business reports. “Our ecosystem empowers entrepreneurs globally,” Yango CEO Daniil Shuleyko said. The VC is part of Yango’s diversification strategy, expanding its operations in more than 30 countries.
💲 Sovereign Circuit
International Holding Co.: IHC-owned NMDC Energy said it won a $2.6 billion engineering, procurement and construction contract for an unidentified major Abu Dhabi energy project.
Masdar: The Abu Dhabi-based renewable energy company backed by ADNOC, Mubadala and TAQA is negotiating a $200 million deal with Spanish utility Endesa that would give Masdar a 49.9% stake in a solar portfolio controlled by Endesa, Reuters reports. The deal would further expand Masdar’s presence in Spain, where it took a minority stake in a 2-gigawatt solar portfolio controlled by Endesa last July.
Public Investment Fund: New Murabba, the PIF-backed megaproject that features a golden skyscraper-sized cube in Riyadh, courted investors last week at the MIPIM 2025 conference in Cannes, France.
↪↩ Closing Circuit
🔒 Mega Deal: Google’s parent company, Alphabet agreed on Tuesday to pay $32 billion in an all-cash deal for Wiz, an Israeli-founded cybersecurity firm based in New York, the biggest deal in the U.S. tech company’s history.
🤝 German Logistics: Bahrain’s Investcorp, the biggest alternative asset manager in the Middle East, signed an agreement to acquire a majority stake in German supply chain and logistics consultancy Miebach. Terms of the deal were not disclosed.
✈️ Jet Deal: Dubai Aerospace Enterprise announced it will spend $1 billion to acquire 17 aircraft, most of them made by Airbus and several by Boeing.
🌿 Eco Finance: Saudi Arabia launched a $266.6 million environmental financing initiative, backed by Riyad Bank, to encourage private sector participation in sustainable and eco-friendly projects.
🚢 Rapid Loss: Egypt’s Suez Canal is losing around $800 million monthly amid new fears of attacks on ships in the Red Sea by Houthis after the U.S. carried out airstrikes on targets in Yemen on Monday.
🗣 Circuit Chatter
🗽 Growing Assets: Gulf Islamic Investments said it’s planning a significant expansion of U.S. assets through its Saudi subsidiary, aiming to double its existing portfolio of $750 million over the next four years.
🏗️ Land Bridge: Iraq is promoting a $17 billion project to ship cargo from Asia to Europe through its territory that would provide a cheaper and faster alternative to the Suez Canal, competing with a similar plan that would carry goods through Saudi Arabia, Jordan and Israel, The Wall Street Journal reports.
📈 Steady Outlook: Accounting firm EY said in a report that Qatar’s banks are profitable and financially strong, with capital levels above the required limits.
🛢️ Gas Exploration: U.K.-based Capricorn Energy is in advanced talks with state-owned Egyptian General Petroleum Corp. to secure better terms for gas concessions in Egypt’s Western Desert region.
📦 Electric Power: DP World, in partnership with Swedish transport company Einride, has launched a round-the-clock electric freight system at Jebel Ali Port in Dubai to move over 204,000 containers annually.
🌍 Power Circuit
Emir
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, held a meeting with Dana White, CEO and President of the Ultimate Fighting Championship (UFC) league, in Abu Dhabi on Tuesday. It comes after White made a deal earlier this month with Turki Al Sheikh, Chairman of Saudi Arabia’s General Entertainment Authority, to create a new boxing league in the Kingdom, to be administered under UFC parent TKO Group.
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Deputy Prime Minister and Minister of Defense, issued an executive order that any company licensed by a free zone relevant authority may operate outside the free zone and within Dubai, as long as it obtains the necessary licenses or permits from the Dubai Department of Economy and Tourism.
Sheikh Mohammed bin Abdulrahman, Qatar’s Prime Minister and Minister of Foreign Affairs, met in Doha on Sunday with Denis Manturov, First Deputy Prime Minister of Russia.
➿ On the Circuit
Former U.S. Treasury Secretary Steven Mnuchin’s Liberty Capital private equity fund is in talks with Israel’s Menora Mivtachim to compete together in the bidding for a 72% controlling stake in the Cal credit card company, Calcalist reports.
Pavel Durov, CEO of the Telegram messaging app, was allowed to return home to Dubai after being detained in France for six months because of the company’s alleged refusal to cooperate with investigations into illegal activity, The Wall Street Journal reports.
Amin Nasser, CEO of Saudi Aramco, is among 72 executives from some of the world’s biggest companies who have been invited to meet in Beijing with Chinese President Xi Jinping in late March as China seeks to fend off Trump administration tariffs, the Financial Times reports.
John Kerry, the former U.S. Secretary of State and White House Climate Envoy said that Saudi Aramco and other big oil companies have been “intimidated” by the Trump administration into dropping green targets, putting them on “the wrong side of history,” the Financial Times reports.
John Waldron, President and COO of Goldman Sachs, considered a likely successor to current Chairman and CEO David Solomon, is the subject of a new profile in the Financial Times.
🎶 Culture Circuit
🎥 Sneak Peek: The first images have dropped from the shoot of the $40 million action thriller “Seven Dogs” in Saudi Arabia’s newly inaugurated AlHisn Big Time Studios in Riyadh. The film from the “Bad Boys for Life” directorial duo Adil El Arbi and Bilall Fallah is based on a story written by Turki Al Sheikh, Chairman of Saudi Arabia’s General Entertainment Authority.
📷 Photo of the Day
🗓️ Ahead on The Circuit
March 1-30, Abu Dhabi. Ramadan and Eid exhibition. The exhibition showcases companies displaying an array of fashion, accessories, perfumes and other gifts. ADNEC.
March 6-23, Dubai. Ramadan Food Festival. The free festival features a curated selection of restaurants across five zones. Sheikh Hamdan Colony, Karama.
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, Jeddah. STC Saudi Arabian GP. The Formula 1 Saudi Arabian Grand Prix by STC returns, promising an electrifying high-speed spectacle on the Red Sea. Jeddah Corniche Circuit.
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.
