The Weekly Circuit
In the Weekly Circuit today, we’re looking at Saudi Arabia’s $2.3 billion plan to mine gold and phosphates, Aramco’s hunt for new China investments, M42’s plan to commercialize its DNA database and Tesla’s upcoming consumer launch in Riyadh. But first, MBZ and Trump talk dealmaking.
In a phone conversation on Tuesday, UAE President Sheikh Mohamed bin Zayed and U.S. President Donald Trump followed up on a series of investment deals and high-level meetings between the two allies over the past week.
The Abu Dhabi-Washington call came after news that the UAE will invest $1.4 trillion in the U.S. over the next decade, focusing on AI infrastructure, semiconductors, energy and manufacturing.
The two presidents discussed Trump’s meeting with Sheikh Tahnoon bin Zayed, the UAE National Security Adviser and Sheikh Mohamed’s brother, who leads many of the country’s largest companies and sovereign wealth funds.
Sheikh Tahnoon talked to an array of cabinet secretaries and also held meetings with heads of the biggest tech companies, including Meta’s Mark Zuckerberg, Amazon’s Jeff Bezos, Palantir’s Alex Karp and xAI’s Elon Musk.
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BURIED TREASURE
Saudi Arabia to spend $2.3 billion on mining gold and phosphates
Saudi Arabia’s Ma’aden mining company is preparing to make major new investments this year to draw gold and phosphates from the kingdom’s vast desert territory.
The Saudi government plans to spend close to $2.3 billion on mining projects for the precious metal and minerals as part of its Vision 2030 blueprint for diversifying the economy and reducing its reliance on oil revenue, The Circuit’s Omnia Al Desoukie reports.
Saudi Arabia controls more than 320 tons of gold reserves in local and foreign banks, the largest in the Arab world and 18th worldwide. Those reserves, together with gold and other metals underground, are estimated to be worth more than $2.5 trillion.
LOOKING EAST
Aramco hunts China investments as oil profit slips
Amid shrinking profits, Saudi Aramco CEO Amin Nasser said the world’s biggest oil company is shopping for new investments in China.
Nasser spoke on Monday at the China Development Forum in Beijing, where he said Aramco is “currently” supporting projects in the areas of Fujian, Liaoning, Zhejiang and Tianjin, The Circuit reports.
“I emphasize ‘currently’ because we are continuing to identify additional opportunities, which include energy and chemicals, as well as technology,” Nasser said. Aramco’s interest in China, Nasser said, rests partly on its emergence as the “world’s largest consumer and producer of petrochemicals, accounting for nearly half of global demand.”
Developing Stories
TESLA LAUNCH
Tesla is finally coming to Saudi Arabia as the kingdom makes electric vehicles a national priority. Elon Musk’s Texas-based carmaker, suffering a decline in sales across the U.S. and Europe, has scheduled an April 10 launch event at the Bujairi Terrace in Riyadh for its new sales campaign. While Tesla has been operating for years in the UAE and other Middle East countries, it has been largely absent from Saudi Arabia, the Gulf’s largest auto market. The Saudi Public Investment Fund is majority owner of Lucid Group, a California-based EV maker that opened a manufacturing plant in Saudi Arabia two years ago.
HALAL-FRIENDLY
Hong Kong hotels and restaurants are taking new steps to attract wealthy travelers from the Gulf states and other Muslim countries. Visitors to the city’s Grand Hyatt will find a copy of the Koran in their rooms and alcohol-free options in their minibars, Bloomberg reports. Chinesology, a high-end restaurant at the International Financial Center, now offers 20 Chinese dishes and two tasting menus that are halal-friendly, with prices ranging from $113 to $179 per person. The efforts to woo Muslim tourists are part of the government’s push to boost visitor numbers, which have not recovered from the blow dealt by the government crackdown during Hong Kong’s 2019 protests.
💲 Sovereign Circuit
The Abu Dhabi Investment Authority: ADIA agreed to buy a “significant minority stake” in European Camping Group, which operates camping sites and mobile home rentals, from French private equity firm PAI Partners. Terms of the purchase were not disclosed.
Mubadala: M42, the Abu Dhabi health care company backed by Mubadala and International Holding Co., plans to turn the extensive genetic data it has compiled on Emirati citizens into a DNA “gold mine” for international pharmaceutical companies, the Financial Times reports.
Tamesek: Seviora Group, a subsidiary of Singapore’s Tamesek sovereign wealth fund, opened an Abu Dhabi office in partnership with Mubadala and appointed Sadiq Hussain as Senior Executive Officer.
Masdar: Masdar, Abu Dhabi’s state-owned renewables company, is in the early stages of considering an IPO to raise funding for renewable projects, Reuters reports, adding thata dual listing in Abu Dhabi and New York is possible.
↪↩ Closing Circuit
🌀 Low Carbon: Aramco completed its acquisition of a 50% stake in Blue Hydrogen Industrial Gases, an important step in advancing the production of low-carbon hydrogen in Saudi Arabia’s Jubail Industrial City.
💶 Fintech Funds: Enza, a UAE-based fintech firm focused on facilitating electronic payment systems in Africa, raised $6.75 million in a seed equity round, co-led by Algebra Ventures and Quona Capital.
💪 Body Builders: Sports Clubs Co., which runs 56 health club branches across Saudi Arabia, received approval from the Capital Market Authority to sell 30% of its share capital on the Riyadh Stock Exchange.
📺 TV Streaming: Warner Bros. Discovery will pay $57 million for a one-third stake in Dubai’s OSN Plus streaming service, OSN Group CEO Joe Kawkabani told Bloomberg.
🩺 Medical Assistant: Navina, an Israeli startup that uses AI to improve healthcare administration, raised $55 million in a Series C funding round led by Goldman Sachs.
🗣 Circuit Chatter
⚖️ Building Stability: Oman’s Supreme Judicial Council backed the establishment of a new Investment and Trade Court, saying the body would provide a more stable business environment that could help draw investors.
💸 Fintech Bureau: XTB, a fintech firm based in Warsaw, Poland, opened a new office in the Dubai World Trade Centre as it seeks to expand its business in the Middle East.
🌿 Green Partners: Air Liquide Egypt and United Energy Group have agreed to jointly develop low-carbon ammonia projects in Egypt using renewable hydrogen, leveraging the country’s green energy potential and addressing renewable energy intermittency.
🛢️ Oil Boost: Iraq, OPEC+’s second-biggest oil producer after Saudi Arabia, said it plans to raise its capacity to more than 6 million barrels per day by 2029, up from its current output of about 4 million.
🏦 Moroccan Assets: Italy’s Azimut has entered the Moroccan asset management market by acquiring minority stakes in two Rabat-based investment bank Red Med Capital units.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed visited Cairo on Saturday, where he met with Egyptian President Abdel Fattah El-Sisi to discuss expanding economic projects and investment. Sheikh Mohamed also received a phone call on Monday from Russian President Vladimir Putin in which the two leaders discussed ways to strengthen their strategic cooperation.
Qatar’s Emir Sheikh Tamim bin Hamadappointed a new Board of Directors for the Qatar Financial Markets Authority, with Sheikh Bandar bin Mohammed Al-Thani as Chairman and Sheikh Ahmed bin Khalid Al-Thani as Vice Chairman.
Sheikh Mohammed bin Rashid, UAE’s Vice President, Prime Minister, and Ruler of Dubai, attended the Government of Dubai Media Office’s annual Ramadan gathering on Monday. The event was also attended by Sheikh Ahmed bin Mohammed, the Second Deputy Ruler of Dubai and Chairman of the Dubai Media Council, along with heads of local and international media outlets.
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, appointed Saif Ghobash as Chairperson of his office.
➿ On the Circuit
Marc Antaki, Deputy Chief Strategy and Risk Officer at Mubadala, spoke during a panel at the Milken Institute Global Investors Symposium in Hong Kong on Sunday about the sovereign wealth fund’s expansion in Asia, focusing on AI, clean energy, healthcare, and infrastructure.
Oliver Weisberg, CEO of Blue Pool Capital, which helps oversee billionaire Joe Tsai’s fortune, said during a Milken panel that he sees more foreign investors visiting Hong Kong, including private equity and hedge fund managers.
Georges Elhedery, CEO of HSBC, said the bank will refocus its investment banking operations in the Middle East on equity markets and mergers and acquisitions as it cuts expenses across the region, speaking in a Bloomberg interview.
Shaikha Nasser Al Nowais, Corporate Vice President at Rotana, was nominated by the UAE to be Secretary General of the U.N. World Tourism Organization for the 2026–2029 term.
Maryam Eid AlMheira was named Chairperson of the Abu Dhabi Media Office by UAE President Sheikh Mohamed bin Zayed.
🎶 Culture Circuit
🛡️ Islamic Armor: Sotheby’s will auction a collection of rare Islamic arms and armor assembled over 50 years by scholar-collector Philippe Gilles René Missillier, kicking off its biannual Arts of the Islamic World & India sale. The April 29 London auction at Sotheby’s, which is partly owned by Abu Dhabi sovereign wealth fund ADQ, is being organized to reflect the artistic and technological evolution of weaponry across the Islamic world, from Spain to Indonesia.
📷 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. 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.
