The Daily Circuit: MGX’s $10B AI bet + PIF gaming shuffle

In today’s Daily Circuit, we’re reporting on Saudi Arabia’s Public Investment Fund shuffling its gaming stakes, AD Ports accelerating its acquisition strategy, Mubadala boosting its Bitcoin holdings and Egypt preparing for a new raft of IPOs. But first, MGX’s $10 billion AI bet.

After plowing billions of dollars into Anthropic, OpenAI and xAI, Abu Dhabi’s MGX fund is rapidly emerging as one of the world’s most active investors in artificial intelligence.

The emirate-owned vehicle, barely two years old, is now prepared to deploy as much as $10 billion a year to reach dominant positions in the global AI industry even while the market is full of uncertainty, MGX Chief Investment Officer Ali Osman tells Bloomberg. “We are in the business of the not-obvious,” he said.

The fund is targeting more than $100 billion in assets under management, positioning MGX as a central pillar of the UAE’s push to convert its oil wealth into long-term technological influence. 

MGX moved into OpenAI in 2024, participating in a major funding round and later joining with the ChatGPT maker on its multibillion-dollar Stargate AI infrastructure venture.

Last month, MGX joined a massive fundraising for Elon Musk’s xAI, alongside investors including Nvidia and Cisco. Last week, the fund emerged as a co-lead investor in Anthropic’s latest multibillion-dollar financing round, completing a rare trifecta by backing the three rivals.

Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].

📰 Developing Stories

Warner Bros. Discovery has tentatively opened a crack in the door for a Gulf-backed buyout by David Ellison’s Paramount, asking for a “best and final proposal” for the entertainment and media Goliath, while continuing to pursue its $82.7 billion deal with Netflix. Paramount, which submitted an amended offer last week, said on Tuesday that it welcomed the chance to have “good faith and constructive discussions.” Paramount has aggressively pursued WBD, launching multiple successive offers backed by various configurations of Gulf sovereign wealth funds. In December the newly-formed Abu Dhabi state investment vehicle L’imad Holding Co. joined the fray by backing a $108 billion hostile offer.

A data breach that exposed identity documents of high-level attendees at Abu Dhabi Finance Week 2025 has been secured and was limited in scope, according to organizers. Scans of more than 700 documents, including passports and state ID cards, were discovered to be accessible online via an unprotected cloud storage server, uncovered by a freelance security expert, the Financial Times reports. Those exposed included former White House communications director and investor Anthony Scaramucci, billionaire hedge fund manager Alan Howard and former British prime minister Lord David Cameron. Organizers blamed a vulnerability at a third-party vendor. “The environment was secured immediately upon identification, and our initial review indicates that access activity was limited to the researcher that identified the issue,” an unnamed representative of ADFW told The National.

💲 Sovereign Circuit

Mubadala: The Abu Dhabi sovereign wealth fund boosted its stake in BlackRock’s iShares Bitcoin Trust to 12.7 million shares worth $630.6 million in Q4 2025, a 46% increase in its holdings. The cryptocurrency has fallen more than 40% from its all-time peak in October.

L’imad Holding: AD Ports Group has grown its global network to 36 ports and terminals as the Abu Dhabi-backed operator accelerates international acquisitions and logistics investments.

Public Investment Fund: The Saudi sovereign wealth fund transferred its roughly $3 billion, 11-million-share stake in gaming studio Take-Two Interactive to subsidiary Savvy Games Group ahead of the launch of Grand Theft Auto VI.

The Sovereign Fund of Egypt: Egypt is preparing to transfer stakes in about 60 state-owned companies to its sovereign wealth fund ahead of potential EGX listings, part of Cairo’s broader push to attract private investment and ease fiscal pressure.

Qatar Investment Authority: Hamad Al-Khater, Qatar’s Airways’ new CEO, told Bloomberg he intends to prioritize relations with Airbus, which has demonstrated that “they’ll be able to deliver” on their promises.

↪↩ Closing Circuit

🧪 Fertilizer Pivot: UAE fertilizer producer Fertiglobe is targeting increased sales to Europe as the EU tightens curbs on Russian supplies, CEO Ahed El-Hoshy told Bloomberg.

📦 Logistics Partners: Saudi Ports Authority and MEDLOG, the logistics arm of global container shipper MSC, inaugurated a $40 million integrated logistics center at King Abdulaziz Port in Dammam.

💻 AI Risks: Palo Alto Networks is is acquiring Israeli cybersecurity startup Koi for an estimated $400 million, targeting emerging risks from autonomous AI agents on corporate systems, Calcalist reports.

🗣 Circuit Chatter

🔴 Red Planet: The UAE Space Agency has extended the Emirates Mars Mission through 2028, allowing its Hope Probe to continue scientific observations of the planet’s atmosphere beyond its original timeline.

🚢 Treading Water: Iran and Russia plan to conduct joint navy drills in the Gulf of Oman and northern Indian Ocean tomorrow, raising further security concerns after Iran temporarily closed the Strait of Hormuz for several hours on Tuesday. 

🛢️ Friendly Handover: Iraq’s cabinet approved an amicable settlement with Lukoil over the transfer of operations of one of the world’s largest oilfields to the state-run Basra Oil Company, following U.S. sanctions on the Russian energy giant.

🌍 Power Circuit

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, visited the Ministry of Human Resources and Emiratisation on Tuesday to review strategic plans for the future of the nation’s labour system.

Sheikh Mohammed bin Abdulrahman al-Thani, Qatar’s Prime Minister, arrived in Venezuela, where he was greeted by Foreign Minister Yvan Gil on Tuesday.

Lt. Gen. Sheikh Saif bin Zayed, UAE Deputy Prime Minister and Minister of Interior, honored the winners of the seventh edition of the Minister of Interior’s Excellence Award during a ceremony held at the Emirates Palace in Abu Dhabi on Tuesday.

➿ On the Circuit

Michael Doersam, CFO of Emirates, said he plans to step down in June after a decade in the role. The Dubai-based airline said it will announce a successor “in due course.”

Bandar Alkhorayef, Saudi Arabia’s Minister of Industry and Mineral Resources and Chairman of the Saudi Authority for Industrial Cities and Technology Zones, launched a package of capital projects on Monday valued at $810 million.

Damien Drap was appointed Chief Operating Officer, Haresh Bajaj as Chief Product Officer and Denis Agiev as Chief Technology Officer of Prypco, a UAE-based PropTech platform.

Morgan Parker, Vice Chairman of the management committee at Qiddiya Investment Co., spoke to Arab News about what drives Saudi Arabia’s huge entertainment project. “At its heart, Qiddiya City is about play,” Parker said. “Imagine a whole city dedicated to facilitating those experiences,” Parker said. “That’s what we’re building.”

🎶 Culture Circuit

🧑‍🎨 Fixer-Upper: The Triumph of David, an 18-meter-long painted leather artwork depicting a royal procession and inspired by the biblical story of David and Goliath, is now on display at Louvre Abu Dhabi, following a painstaking two-year restoration project. The origins of the 17th-century artwork, which was last displayed on the walls of a Parisian hotel, are uncertain, but it is stylistically linked to artists associated with the Dutch master Rembrandt, The National reports

📷 Photo of the Day

A Saudi observer uses a telescope to search for the crescent moon, to mark the start date of the Muslim holy month of Ramadan, at the Majmaah University Astronomical Observatory north of Riyadh, on Tuesday. (Fayez Nureldine / AFP via Getty Images)

📅 Circuit Calendar

March 25-27, Miami. FII Miami 2026. A summit on disruptive technology and investment trends hosted by the Public Investment Fund’s Future Investment Initiative Institute. Faena Hotel, Miami Beach.

March 31-April 2, Dubai. Arab Media Summit. The annual gathering brings together Arab media personnel, influencers and organizations. DWTC. 

April 6-13, Dubai. Quantum Innovation Summit. Part of Global Quantum Week, focusing on quantum technology and applications. Grand Hyatt.

April 6-7, Riyadh. Real Estate Supply Chain Forum. Transforming the real estate supply chain landscape. Mandarin Oriental. 

April 7-9, Dubai. Middle East Energy. Discover what’s new in energy. Dubai World Trade Centre. 

April 7-9, Abu Dhabi. Future Health. Bringing together global leaders in government, science, technology and investment. ADNEC.

April 11-20, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC.

April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.

April 13-16, Riyadh. LEAP 2026. Global tech event covering AI, 5G and startups. RECC Malham.

April 21-23, Dubai. UITP Summit 2026. A high-level event for the public transport sector looking at the future of urban mobility. Dubai World Trade Centre

April 24-26, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles.

April 29-30, Dubai. TOKEN2049 Dubai. A global gathering for the crypto ecosystem. Madinat Jumeirah.

The Daily Circuit: Stocks jump in Cairo + Aramco LNG deal

In today’s Daily Circuit, we’re reporting on Saudi Aramco’s 20-year supply deal with U.S. gas producer Caturus, Mubadala backing Dubai property app Stake, Qatar co-leading a $350 million fundraising round for building a commercial space station and developing advanced space suits, and plans for a $700 million undersea data cable linking Turkey, Iraq and the UAE. But first, stocks are jumping in Cairo.

Egyptian stocks are outperforming most emerging markets as investors warm to signs of economic stabilization following months of reform and fresh capital from the Gulf.

The turnaround has been fueled in part by $35 billion in Abu Dhabi sovereign fund investment at Ras El Hekma that helped ease Egypt’s foreign-currency crunch and restore market confidence, Bloomberg reports

IMF support, including an expanded multibillion-dollar program tied to currency flexibility and fiscal reforms, has bolstered the recovery and drawn renewed foreign interest in Egyptian assets. 

Saudi Arabia has reinforced Egypt’s recovery through a $10 billion central bank deposit and plans by the Public Investment Fund to channel about $5 billion into Egyptian companies including eFinance and Misr Fertilizers.

Egypt’s benchmark EGX30 index is up 27% in dollar terms this year, building on a previous 50% gain in 2025. The government devalued the currency by 40% two years ago and adopted a free-floating exchange rate system, a move that helped secure the IMF bailout

“Current valuations are still cheap,” Allen Sandeep, director of equities at ACT Financial in Cairo, told the news agency. “The EGX is right now on a positive re-rating path.”

Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].

📰 Developing Stories

The Qatar Investment Authority has co-led a $350 million fundraising round for a company manufacturing space suits for NASA’s Artemis III moon mission and building the world’s first commercial space station. Texas-based Axiom Space, which is valued at more than $2.5 billion, received backing from the QIA, along with Type One Ventures, Hungary-based IT company 4iG and Florida-based 1789 Capital, which counts Donald Trump Jr. as a partner. The company will use the funds to enhance its spacesuits and build the first two modules of its space station, which is expected to be the future successor of the International Space Station. It comes amid global rivalry over space technology and as Elon Musk’s SpaceX plans for a potential IPO this year. 

An Iraqi-Emirati consortium is planning a $700 million high-speed cable linking the UAE to Turkey through Iraq, aiming to ease pressure on crowded east-west data routes. The project, called WorldLink, would run underwater from Fujairah in the UAE to Iraq’s Faw Peninsula, then continue overland to the Turkish border. Backers say the network will be built in stages over about five years to serve big cloud and AI companies while offering a faster alternative to routes that pass through the Suez Canal, Reuters reports. The plan underscores intensifying Gulf competition to become a regional hub for digital connectivity and data-center investment.

💲 Sovereign Circuit

Mubadala: The Abu Dhabi fund backed a $31 million fundraising round by Dubai-based fractional property investment app Stake, which was led by Emirates NBD. Other investors included Saudi Aramco’s venture capital arm and Middle East Venture Partners.

Mubadala: Mubadala Bio, a subsidiary of Mubadala, has completed the full acquisition of Al Ittihad Drug Store and Global Medical Supply Chain  following its initial 80% stake purchase at the end of 2024. 

Mubadala Capital: The sovereign wealth fund’s investment is taking on more complex deals following its $6.2 billion Clear Channel Outdoor buyout, as it seeks higher returns by targeting niche opportunities that larger rivals often avoid, Bloomberg reports.

Mubadala: The co-founders of Turkish grocery and food delivery platform Getir are seeking $700 million in damages from the Abu Dhabi fund, alleging in a London court that it failed to transfer key assets promised under a restructuring agreement. It comes after Mubadala agreed to sell Getir’s delivery operation in Turkey to Uber for $335 million.

L’imad Holding: Modon Holding has awarded $316 million contract to Egypt’s Orascom Construction to deliver a mixed-use project within the $35 billion Ras El Hekma development.

L’imad Holding: EMSTEEL Group and Oldendorff Carriers have signed a five-year $162 million freight agreement to transport iron ore pellets to the UAE.

Dubai Holding: Dubai Holding and U.K.-based Nord Anglia Education have partnered to develop and operate premium K-12 schools across Dubai.

Public Investment Fund: Flyadeal, which is indirectly owned by the PIF, plans to more than double its fleet from 45 to over 100 aircraft by 2030, adding wide-body Airbus A330 jets alongside its Airbus A320 fleet to operate flights to destinations across Southeast Asia.

↪↩ Closing Circuit

🔥 LNG Lock-In: U.S. gas producer Caturus signed a 20-year deal to supply Saudi Aramco with 1 million tons per year of LNG from its planned Louisiana export project, underscoring long-term global demand for American gas.

💰 Digging Funds: Kuwait Energy Basra Company, an oil and gas company operating in Iraq, secured a $346 million reserve-based lending facility from Arab Energy Fund to expand Iraq’s Block 9 oil field

💵 Property Play: EIGHTClouds, a Dubai-based alternative investment firm, has launched an open-ended real estate fund, aiming to raise over $300 million.

🚧 Belt Billions: China’s Belt and Road Initiative reached a record $213.5 billion in 2025, with the Middle East accounting for about $39.4 billion, driven by construction and energy projects.

🗣 Circuit Chatter

🏗️ Property Push: Gulf real estate markets are expected to keep expanding into the first half of 2026, led by Saudi Arabia, the UAE and Kuwait, according to the Kuwait-based Markaz research organization.

✈️ Luxury Flying: Dubai-based premium leisure airline Beond signed a letter of intent with Bahrain’s civil aviation regulator to launch operations in the kingdom.

🛃 Visa Clampdown: Riyadh is tightening scrutiny of business visas, disrupting the long-standing “fly-in fly-out” model used by UAE-based professionals to work in Saudi Arabia without relocating.

🛑 One Stop: The UAE and Bahrain have launched a one-point travel pilot enabling preclearance at departure through Zayed International Airport and Bahrain International Airport, ahead of a planned Unified GCC Tourist Visa.

🛢️ Pipe Dream: Algeria said that construction of the $13 billion Trans-Saharan Gas Pipeline, linking Nigeria, Niger and Algeria, will begin after Ramadan.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed held a phone call on Monday with Kyriakos Mitsotakis, Prime Minister of Greece.

Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and UAE National Security Adviser, met with former British Prime Minister Tony Blair on Monday.

Lt. Gen. Sheikh Saif bin Zayed, UAE Deputy Prime Minister and Minister of Interior, met with Aziz Tashbulatov, Minister of Interior of Uzbekistan.

➿ On the Circuit

Lana Nusseibeh, UAE Minister of State, met with Mark Rutte, Secretary-General of NATO, on the sidelines of the Munich Security Conference.

Eileen Jennings-Brown was appointed as Chief Technology Officer of Juvenescence, a clinical-stage AI-enabled biotech company developing novel medicines to extend healthy lifespan, which has new research offices in Abu Dhabi’s Masdar City.

Saad Sherida Al-Kaabi, Qatar’s Minister of Energy and President and CEO of QatarEnergy hosted a farewell reception in honor of Abdulrahman Ahmad Al-Shaibi, QatarEnergy’s Executive Vice President for Finance and Planning, who is retiring.

🎶 Culture Circuit

📷 Decisive Moment: The remarkable career of Ramesh Shukla, the UAE’s first royal photographer, is being remembered after his death on Sunday at the age of 87. Shukla, who arrived by boat from Mumbai in 1965, saw his life change forever after a chance meeting with the UAE’s Founding Father Sheikh Zayed at the Sharjah Camel Festival, where he snapped his photograph. The budding photographer gifted the resulting image to the late UAE President and from that day on remained by his side capturing some of the key moments in the history of the emirates, The National reports.

📷 Photo of the Day

Fayik Abdi of Team Saudi Arabia competes during the Men’s Slalom Run at the Milano Cortina 2026 Winter Olympics in Bormio, Italy, on Monday. (Photo by Dustin Satloff/Getty Images)

📅 Circuit Calendar

March 25-27, Miami. FII Miami 2026. A summit on disruptive technology and investment trends hosted by the Public Investment Fund’s Future Investment Initiative Institute. Faena Hotel, Miami Beach.

March 31-April 2, Dubai. Arab Media Summit. The annual gathering brings together Arab media personnel, influencers and organizations. DWTC. 

April 6-13, Dubai. Quantum Innovation Summit. Part of Global Quantum Week, focusing on quantum technology and applications. Grand Hyatt.

April 6-7, Riyadh. Real Estate Supply Chain Forum. Transforming the real estate supply chain landscape. Mandarin Oriental. 

April 7-9, Dubai. Middle East Energy. Discover what’s new in energy. Dubai World Trade Centre. 

April 7-9, Abu Dhabi. Future Health. Bringing together global leaders in government, science, technology and investment. ADNEC.

April 11-20, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC.

April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.

April 13-16, Riyadh. LEAP 2026. Global tech event covering AI, 5G and startups. RECC Malham.

April 21-23, Dubai. UITP Summit 2026. A high-level event for the public transport sector looking at the future of urban mobility. Dubai World Trade Centre

April 24-26, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles.

April 29-30, Dubai. TOKEN2049 Dubai. A global gathering for the crypto ecosystem. Madinat Jumeirah.

The Daily Circuit: Abu Dhabi’s new finance giant + SISCO buys Transcorp

In today’s Daily Circuit, we’re reporting on Jeddah-based SISCO’s $61 million acquisition of Dubai’s Transcorp International, Mubadala’s backing for Egypt’s Breadfast in a $50 million fundraising round, the U.K.’s Charles Park Family Office setting up shop in Dubai, and the UAE firing its first homegrown rocket into space. But first, Sheikh Tahnoon’s IHC creates a giant financial services company with global ambitions.

Abu Dhabi’s International Holding Co., the UAE’s largest publicly traded company, said it plans to launch Judan Financial Holding, a new international financial services firm with $237 billion in assets under management.

The new conglomerate will consolidate IHC’s largest finance businesses, including Alpha Dhabi, 2PointZero Group and Sirius International, providing services in banking, insurance, asset management and fintech. 

Sheikh Tahnoon bin Zayed, the UAE National Security Adviser, will serve as Judan’s Chairman, as he does at IHC. Investment Minister Mohamed Hassan Alsuwaidi will be CEO, Vice Chairman and Managing Director, according to a government statement.

Creating Judan as an umbrella holding company comes amid a broader restructuring in Abu Dhabi’s investment holdings and reflects IHC’s push to build up its financial services globally. The firm will control more than 20 operating companies and serve over 11 million clients in 13 countries.

Last month, Abu Dhabi’s newest sovereign wealth fund, L’Imad Holding, took control of ADQ, creating an investment firm chaired by Crown Prince Sheikh Khaled bin Mohamed. ADQ, which managed $263 billion before the merger, had been chaired by Sheikh Tahnoon and headed by Alsuwaidi, who now leads asset management firm Lunate.

Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].

📰 Developing Stories

Saudi Arabia’s tapping veteran banker Fahad Al-Saif as Investment Minister appears to signal a pragmatic pivot toward deal-making that delivers hard cash, as the kingdom pushes to triple annual foreign direct investment to $100 billion by 2030. The appointment comes as Riyadh scales back costly megaprojects while maintaining pressure to advance Crown Prince Mohammed bin Salman’s economic diversification agenda. Al-Saif orchestrated Saudi Arabia’s $21.5 billion bond issue in 2017 that established the kingdom as one of the most active emerging-market sovereign issuers, and most recently led investment strategy at the $1 trillion Public Investment Fund. He told the American Business Forum in Miami in November that the PIF would shift from a growth phase centered on deploying capital to an “impact” phase aimed at turning investments into productive industries. What that means should become clear in the coming weeks, with the PIF expected to lay out its refreshed plans for the next five years.

The UAE has successfully launched its first homegrown rocket to conduct space research. The tiny projectile, weighing 13 kilograms (29 pounds), blasted off on Friday from a remote island off Abu Dhabi and soared to an altitude of 3 kilometers (1.9 miles) before a parachute opened and the vessel landed in the UAE desert, The National reports. The flight itself was a test of the UAE’s ability to launch a reusable research rocket, which was equipped with an engine, injectors, tanks, control systems and avionics that were designed and built by the government’s Technology Innovation Institute. “This launch is a defining moment for science and engineering in the UAE,” said Najwa Aaraj, the institute’s CEO.

💲 Sovereign Circuit

International Holding Co.: The Abu Dhabi-owned conglomerate, led by Sheikh Tahnoon bin Zayed, said 2025 revenue jumped 29% from the previous year to $30.3 billion, while profit after taxes rose 35% to $9.4 billion.

Mubadala: Blue Owl, a New York-based asset manager whose backers include the Abu Dhabi Mubadala sovereign wealth fund and the Qatar Investment Authority, is seeking new deals tied to rising demand for AI infrastructure and financing, The Information reports.

Mubadala: The fund joined Japan’s SBI Investment Co. and a Saudi billionaire family in backing Egyptian ecommerce startup Breadfast in a $50 million financing round. 

Public Investment Fund: Saudi Basic Industries Corp. signed an agreement to supply raw materials to a joint venture between the PIF and Pirelli Tyre.

ADNOC: The six listed companies owned by Abu Dhabi’s national oil company posted a combined $9.7 billion net profit for the 2025 financial year, based on revenues of $51.8 billion.

↪↩ Closing Circuit

💰Strategic Takeover: Jeddah-based SISCO said its portfolio firm Green Dome Investments acquired 100% of Dubai-based cold-chain logistics provider Transcorp International for $61 million.

🛡️ Defense Startup: Anduril, a Silicon Valley defense startup founded by former Palantir employees and backed by Peter Thiel’s Founders Fund, Andreessen Horowitz and 8VC, is seeking to raise funds at a $60 billion valuation, The Information reports.

🚢 Shipping Sale: Hapag-Lloyd, a German cargo shipping company whose backers include Qatar Holding and Saudi Arabia’s Public Investment Fund, is in advanced talks to acquire Israel’s ZIM Integrated Shipping for $3.5 billion, Bloomberg reports.

🗣 Circuit Chatter

📈 Parallel Push: Saudi Arabia is expanding the role of Nomu, the kingdom’s small-cap equity market, as a stepping-stone for companies to access capital before potentially graduating to the main Tadawul exchange, Arab News reports.

💬 Another Try: Warner Bros. Discovery is weighing whether to re-engage in sale talks with Paramount Skydance after receiving a revised offer, Bloomberg reports

🌐 New Defense: Saudi intelligence has quietly approached rival defense data vendors for Palantir-like tools to hedge against geopolitical risk after U.S. control concerns, Intelligence Online reports.

🤝 New Arrival: Charles Park Family Office, a U.K.-based multi-family office, formed a strategic partnership with financial planning firm AES International to establish a Dubai presence.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed received Emir of Qatar Sheikh Tamim, following his arrival in the UAE on Sunday.

Sheikh Mohamed held a phone call with Turkey’s President Recep Tayyip Erdoğan on Sunday. 

U.S. President Donald Trump is expected to attend Saudi Arabia’s Future Investment Initiative conference in Miami in March, marking his second consecutive appearance at the event, Reuters reports

Prince Faisal bin Farhan, Saudi Arabia’s Minister of Foreign Affairs, participated in a discussion session at the Munich Security Conference on Friday.

Prince Faisal met with Syrian Foreign Minister Asaad Al-Shaibani and his delegation on the sidelines of the Munich Security Conference on Saturday.

Sheikh Hamdan bin Mohammed bin Rashid, Crown Prince of Dubai and UAE Deputy Prime Minister and Minister of Defense, granted the title of Arab Hope Maker and a cash prize of AED1 million to Fouzia Jbara Mahmoudi from Morocco on Saturday.

Queen Rania of Jordan visited Indian billionaire Mukesh Ambani and his family at their Mumbai residence, Antilia, on Saturday.

➿ On the Circuit

Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, and Ahmad Alattar, UAE Ambassador to Germany, hosted a reception on Friday on the sidelines of the Munich Security Conference. The event was attended by UAE figures including Dr. Anwar Gargash, Diplomatic Advisor to the UAE President and Lana Nusseibeh, UAE Minister of State. European dignitaries included Alois, Hereditary Prince of Liechtenstein, and Katherina Reiche, Germany’s Federal Minister of Economic Affairs and Energy.

Jasem AlBudaiwi, Secretary-General of the Gulf Cooperation Council, met on Saturday with the European Union’s Special Representative for the Gulf region Luigi Di Maio, on the sidelines of the Munich Security Conference.

Nawaf Salam, Lebanon’s Prime Minister, told Bloomberg that his government can overcome differences with the International Monetary Fund over a proposed law to let depositors recover trapped funds from the country’s banks.

Sultan Al Neyadi, the astronaut who is UAE’s Minister of State for Youth Affairs, won a silver medal in jiu-jitsu on Friday at the Open Masters Games in Abu Dhabi.

Abdulaziz Mohammed Faraj Al Mulla was appointed as Director General of the UAE Federal Tax Authority by a presidential decree. 

🎶 Culture Circuit

✈️ Modern Treasure: Abu Dhabi’s decommissioned airport terminal will be protected from demolition, as one of 40 buildings and sites added to the emirate’s Modern Heritage Register. The old Terminal 1 of Zayed International Airport, which opened in 1982, was designed by French architect Paul Andreu, who was also responsible for Charles De Gaulle Airport in Paris and Terminal 3 at Dubai. Other sites added to the list include the Corniche Hospital, Madinat Zayed Bus Station and the Abu Dhabi Geneva Flower Clock. 

📷 Photo of the Day

Alexandra Eala of the Philippines in action against Hailey Baptiste of the U.S. in the first round of the Dubai Duty Free Tennis Championships on Sunday. Eala has been drawing crowds to her matches in the UAE, which has a large Filipino population. (Robert Prange/Getty Images)

📅 Circuit Calendar

March 25-27, Miami. FII Miami 2026. A summit on disruptive technology and investment trends hosted by the Public Investment Fund’s Future Investment Initiative Institute. Faena Hotel, Miami Beach.

March 31-April 2, Dubai. Arab Media Summit. The annual gathering brings together Arab media personnel, influencers and organizations. DWTC. 

April 6-13, Dubai. Quantum Innovation Summit. Part of Global Quantum Week, focusing on quantum technology and applications. Grand Hyatt.

April 7-9, Dubai. Middle East Energy. Discover what’s new in energy. Dubai World Trade Centre. 

April 7-9, Abu Dhabi. Future Health. Bringing together global leaders in government, science, technology and investment. ADNEC.

April 11-20, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC.

April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.

April 13-16, Riyadh. LEAP 2026. Global tech event covering AI, 5G and startups. RECC Malham.

April 21-23, Dubai. UITP Summit 2026. A high-level event for the public transport sector looking at the future of urban mobility. Dubai World Trade Centre

April 24-26, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles.

April 29-30, Dubai. TOKEN2049 Dubai. A global gathering for the crypto ecosystem. Madinat Jumeirah.

Abu Dhabi’s IHC merges holdings to establish Judan Financial

Abu Dhabi’s International Holding Co., the UAE’s largest publicly traded company, said it plans to launch Judan Financial Holding, a new international financial services firm with $237 billion in assets under management.

The new conglomerate will consolidate IHC’s largest finance businesses, including Alpha Dhabi, 2PointZero Group and Sirius International, providing services in banking, insurance, asset management and fintech. 

Sheikh Tahnoon bin Zayed, the UAE National Security Adviser, will serve as Judan’s Chairman, as he does at IHC. Investment Minister Mohamed Alsuwaidi will be CEO, Vice Chairman and Managing Director, according to a government statement.

Creating Judan as an umbrella holding company comes amid a broader restructuring in Abu Dhabi’s investment holdings and reflects IHC’s push to build up its financial services globally. The firm will control more than 20 operating companies and serve over 11 million clients in 13 countries.

Last month, Abu Dhabi’s newest sovereign wealth fund, L’Imad Holding, took control of ADQ, creating an investment firm chaired by Crown Prince Sheikh Khaled bin Mohamed. ADQ, which managed $263 billion before the merger, had been chaired by Sheikh Tahnoon and headed by Alsuwaidi, who now leads asset management firm Lunate.

The Daily Circuit: Davos draws Gulf CEOs + UAE-India gas deal

In today’s Daily Circuit, we’re reporting on the UAE’s $3 billion LNG deal with India, ACWA Power’s acquisition of a stake in Kuwait’s Az Zour project, private equity firm Alta Semper taking control of UAE-based sports nutrition company Nature’s Rule, and a joint defense venture between the UAE’s EDGE and Qatar’s Barzan Holdings. But first, Gulf executives navigate Switzerland’s frigid terrain at the World Economic Forum.

Davos is once again pulling the Gulf’s top business leaders to Switzerland’s snow-capped ski resort, where executives from the Middle East are mingling at the World Economic Forum with global corporate heavyweights including Bridgewater’s Ray Dalio, BlackRock’s Larry Fink and Palantir’s Alex Karp.

From Saudi Arabia, the delegation includes Talal Al Maiman, CEO of Kingdom Holding, Tareq Al Sadhan, CEO of Saudi National Bank, Abdullah Aladel, managing director and CEO of Alkhair Capital, Marco Arcelli, CEO of ACWA Power, and Jerry Inzerillo, group CEO of Diriyah Company.

The UAE contingent includes Khaldoon Al Mubarak, Managing Director and CEO of Mubadala Investment Co., and Dr. Sultan Al Jaber, CEO of ADNOC and Minister of Industry and Advanced Technology, alongside private-sector leaders such as Peng Xiao, CEO of G42, and Badr Jafar, CEO of Crescent Enterprises.

Qatar is represented by Mansoor Al-Mahmoud, CEO of the Qatar Investment Authority, and Saad Al-Kaabi, president and CEO of QatarEnergy. Bahrain’s presence includes Abdulla Al Khalifa, CEO of Mumtalakat, the kingdom’s sovereign wealth fund, and Hisham Alrayes, CEO of GFH Financial Group.

Several of the execs were making the rounds at the TV networks that give Davos wall-to-wall coverage. Al Mubarak, for one, annually uses the Swiss conference as a pulpit to raise Mubadala’s international visibility. 

“Leaving the noise and the hype aside, I think we have a very clear view of what we think are the investable spaces,” Al Mubarak said in an interview with Bloomberg. “Particularly when it comes to AI enablement, there are a lot of aspects that I think we believe in.”

Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].

📰 Developing Stories

India has signed a $3 billion deal to buy liquefied natural gas from the United Arab Emirates, making it the UAE’s largest LNG customer, as the two countries moved to deepen trade and defense ties. The agreement was struck during a working visit by UAE President Sheikh Mohamed bin Zayed, with both sides pledging to double bilateral trade to $200 billion within six years and pursue a strategic defense partnership, Reuters reports. As per the agreement, Abu Dhabi state firm ADNOC Gas will supply half a million tons of LNG a year to Hindustan Petroleum over 10 years, taking ADNOC’s total contracts with India to more than $20 billion. Indian officials said the defense cooperation would not draw New Delhi into regional conflicts, despite shifting alliances in the Gulf.

Abu Dhabi artificial intelligence firm Presight will develop a platform to boost the UAE’s foreign trade capabilities by analyzing real-time data from sources including ports, shipping routes and customs records. The G42 company signed an agreement with the UAE’s Ministry of Foreign Trade, announced on Monday, to create a series of AI-powered tools that will support its mission to be the world’s first AI-driven trade ministry. “The future of trade belongs to economies that can see early and move fast, Mansoor Al Mansoori, Vice Chairman of Presight, said. “By putting real-time insight into the hands of decision-makers, we reduce friction, compress timelines, and help governments and businesses operate with confidence.”

💲 Sovereign Circuit

Mubadala: Mubadala Bio’s subsidiary Bioventure Healthcare secured the European Union’s Good Manufacturing Practice certification, a key requirement for enabling pharmaceutical product export to the EU. 

Public Investment Fund: ACWA Power, the PIF-owned Saudi energy utility, bought Engie’s 17.5% stake in Kuwait’s Az Zour independent water and power project, consolidating its ownership in one of the country’s largest utility facilities.

ADQ: AD Ports Group, majority owned by ADQ, signed an agreement with Nigeria to explore collaboration opportunities across ports, logistics, maritime services and digital trade infrastructure.

ADQ: Safeen Drydocks, part of Noatum Maritime, which is owned by ADQ’s AD Ports Group, fully acquired Balenciaga Astilleros Shipyard, one of Spain’s most established shipbuilding and repair facilities, for $13 million.

EDGE Group: UAE defense group EDGE and Qatar’s Barzan Holdings have agreed to form a joint venture to co-develop advanced defense technologies.

↪↩ Closing Circuit

🍎 Nutrition Bet: Private equity firm Alta Semper agreed to acquire a majority stake in UAE-based sports nutrition company Nature’s Rule, describing the deal as a step toward scaling the business through a more institutional growth strategy.

💻 Blockchain Bonds: Emirates NBD, Dubai’s largest bank, issued the region’s first Dirham-denominated digital bond, raising $272.3 million.

🏢 Office Expansion: Egyptian developer Marakez secured $63 million from Kuwait Finance House – Egypt to expand the commercial Mindhaus Campus at its District 5 project in New Cairo.

🗣 Circuit Chatter

🌱 Charging ahead: Dubai has expanded its EV Green Charger network to 1,860 points across the emirate.

🚇 Metro Link: Dubai’s RTA has invited consultants to bid for designing a 3km Route 2020 metro extension from the Expo 2020 station to Al Maktoum International Airport’s West Terminal.

📈 Economy Performing: The IMF raised its 2026 growth forecast for Saudi Arabia to 4.5% citing higher oil output, strong domestic demand, and ongoing reforms.

💰 Dreaming Big: Northern Graphite’s plan to build a $200 million graphite battery anode plant in Saudi Arabia with Obeikan has fueled an eightfold revenue growth forecast and a sharp rise in its shares.

🍪 Snack Deal: Dubai-listed Unikai Foods received a $35 million cash takeover bid from a Kuwait’s Al Wafir for Marketing Services.

🌍 Power Circuit

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, visited the fifth edition of World of Coffee Dubai on Monday at Dubai World Trade Centre.

Sheikh Hamdan bin Zayed, Ruler’s Representative in the Al Dhafra Region, reviewed the outcome of this year’s Liwa International Festival on Monday.

Sheikh Mansoor bin Mohammed, Vice Chairman of the Dubai Health Board of Directors, attended the opening of the annual UAE International Dental Conference and Arab Dental Exhibition on Monday.

➿ On the Circuit

Faisal al-Ibrahim, Saudi Arabia’s Investment Minister, said in an interview with Reuters in Davos that the kingdom’s private sector is taking on a larger role in delivering Vision 2030 projects as the government seeks to shift more execution and financing to companies outside the state.

Dr. Thani Al Zeyoudi, UAE Minister for Foreign Trade, led a high-level government and business delegation to the Lualaba Province in the Democratic Republic of Congo for the UAE-DRC Trade and Investment day. 

Nayef Nasser Alnasser was appointed Managing Director of Ithmaar Development Company, succeeding Mohammed Khalil Alsayed.

David Hadley, CEO of UAE-based NMC Healthcare, said that hospitals are increasingly under strain as profit margins shrink and may have to consolidate further to unlock economies of scale.

Rashid Al Dhaheri, an Emirati racing driver, won the opening round of the Formula Regional Middle East Championship, held at Yas Marina Circuit. 

🎶 Culture Circuit

📺 On the Box: Netflix has unveiled its line-up of Arabic releases for 2026, including new seasons of hit reality shows “Love is Blind, Habibi” and “Dubai Bling.” Season 2 of the streamer’s regional adaptation of the global matchmaking show introduces potential couples on either side of a wall to test if they can form a bond without seeing one-another. “Dubai Bling,” now in its fourth season, follows a cast of fashion-obsessed socialites who revel in delivering snappy one-liners like “I’m not playing hard to get, I am hard to get.”

📷 Photo of the Day

UAE President Sheikh Mohamed bin Zayed and Indian Prime Minister Narendra Modi watch as Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC, and Hardeep Singh Puri, India’s Minister of Petroleum and Natural Gas, exchange documents for a deal between ADNOC Gas and Hindustan Petroleum Corporation in New Delhi on Monday. (Emirates News Agency)

📅 Circuit Calendar

Jan. 18-21, Riyadh. Big5 Construct Saudi. Latest trends and opportunities among construction companies operating in KSA. Riyadh Front Exhibition & Conference Center located at ROSHN Front.

Jan. 20-21, Dubai. 2026 BAFT MENA Forum. The event brings the region’s senior executives, influencers and industry experts to explore the forces redefining MENA’s financial ecosystem. Embassy Suites by Hilton Dubai Business Bay.

Jan. 20-22, Abu Dhabi. UMEX 2026. The Unmanned Systems Exhibitions and Conference  showcases the latest advances in autonomous systems, robotics, artificial intelligence, and training simulation. ADNEC.

Jan. 26-27, Riyadh. Super Return. A major private equity & venture capital conference held in Riyadh, Saudi Arabia. The Fairmont Hotel. 

Jan. 26-28, Riyadh. Saudi Franchise Expo. The exhibition brings local and international businesses that want to create franchising companies into the kingdom. The Arena Riyadh Venue for Exhibitions, Riyadh.

Jan. 26-30, Dubai. Gulf Food. The world’s largest food and beverage industry event. Dubai World Trade Centre & Dubai Exhibition Centre.

Jan. 29, Dubai. The Great Marketing & Business Minds. In this 4th edition, the event brings the most influential marketing and business leaders for a deep dive into performance-driven marketing, data integration, and the evolving accountability of brand leadership. Pullman Dubai Downtown.

Feb 1-6, Dubai. Dubai Fashion Week. The event showcases the latest collections by global and regional designers and positions Dubai as a major creative hub on the global fashion calendar alongside fashion capitals like New York, London, Milan and Paris. Dubai Design District.

Feb. 1-4, Doha. Web Summit Qatar. Connecting a new generation of founders in the Middle East to investors, journalists and more around the world. Doha Exhibition and Convention Center.

Feb. 2-4, Abu Dhabi. The Abu Dhabi AI Summit. The summit aims to strengthen collaboration between MBZUAI and the U.S. NSF Athena Institute to advance research, entrepreneurship and opportunities in Edge AI. Mohamed bin Zayed University of Artificial Intelligence.

Feb. 2-5, Doha. LNG2026. The 21st International Conference & Exhibition on Liquefied Natural Gas. Qatar National Convention Center. 

Feb. 3, Dubai. World Laureates Summit. Held alongside the World Government Summit, the inaugural event will bring 200 of the world’s top scientific researchers, marking a historic integration of science and government. 

Feb. 3-5, Dubai. World Government Summit. Brings together heads of state, policy makers, top corporate executives to debate global priorities. Madinat Jumeirah. 

Feb. 4-5, Dubai. PropTech Connect Middle East. The Dubai Land Department will host the first regional edition of the real estate technology event. Grand Hyatt Dubai.

Feb. 10-11, Abu Dhabi. Top Advisors & Investors Summit. The event will convene the region’s foremost advisors, financiers, and investors in the UAE capital. TBC

Feb.12-13, Riyadh. PIF Private Sector Forum. The event, in its third edition, aims to support the Saudi Public Investment Fund’s Private Sector Engagement Strategic Initiative. King AbdelAziz International Conference Center. 

The Daily Circuit: Gulf financial chiefs in Davos + Masdar-Engie venture

In today’s Daily Circuit, we’re reporting on the Abu Dhabi solar plant being built by Masdar and French utility Engie, NMDC Group’s acquisition of Spain’s Lantania Aguas water company, Libya’s $2.7 billion free zone partnership with firms in Qatar and Italy, and more international shipping lines cautiously returning to the Red Sea. But first, Davos takes center stage.

From the Gulf’s desert capitals to the icy streets of Davos, senior government officials and corporate powerbrokers from the United Arab Emirates, Saudi Arabia, Qatar and Bahrain are converging on Switzerland for the World Economic Forum, the weeklong economic jamboree that opens tonight.

The UAE is sending a delegation of more than 100 ministers, senior officials and business leaders, led by Sheikha Latifa bint Mohammed, Chairperson of Dubai Culture and Arts Authority, with Finance Minister Mohamed bin Hadi Al Hussaini, Minister of Economy Abdullah bin Touq Al Marri and Mubadala CEO Khaldoon Al Mubarak among those holding meetings and appearing on panels.

Saudi Arabia’s delegation is headed by Foreign Minister Prince Faisal bin Farhan and includes Finance Minister Mohammed Al-Jadaan, Investment Minister Khalid Al-Falih, Ambassador to the U.S. Princess Reema Bandar Al Saud and senior executives from the kingdom’s Public Investment Fund and flagship companies.

Qatar is also marking a strong presence, bringing a host of government and business leaders including Ali bin Ahmed Al-Kuwari, Minister of Finance, Mohammed bin Ali Al Mannai, Minister of Communications and Information Technology, and senior executives from the Qatar Investment Authority, Qatar Stock Exchange and major banks.

Bahrain’s delegation will feature Finance and National Economy Minister Sheikh Salman bin Khalifa, Sustainable Development Minister and Economic Development Board CEO Noor bint Ali Al Khalifa, Industry and Commerce Minister Abdullah bin Adel Fakhro, and Mumtalakat CEO Sheikh Abdullah bin Khalifa.

All four countries will run their own bases of operations along the Promenade, the main street in Davos — UAE House, Saudi House, the Invest Qatar Pavilion and GFH Bahrain — featuring speakers and panel discussions designed to attract investors and deepen global ties.

Editor’s Note: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected]

Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].

📰 Developing Stories

UAE President Sheikh Mohamed bin Zayed began a visit today to India, where he was due to meet Prime Minister Narendra Modi. This marks the UAE President’s third visit, and comes after trade between the UAE and India surged to $100 billion in 2024‑25 following implementation of a Comprehensive Economic Partnership Agreement. The visit also comes as state-owned Etihad Water and Electricity said it is planning a feasibility study for a proposed undersea power link. The “one sun, one world, one grid” initiative would allow solar power to be traded between the countries. The UAE is home to more than 3.5 million Indians, its largest expatriate community.

Sovereign wealth funds from the Gulf are putting more money into private lending deals in emerging markets to earn higher returns. The move reflects a search for alternatives as traditional bonds offer lower yields and banks pull back from riskier markets, Bloomberg reports. The Gulf funds – including the UAE’s Mubadala and Abu Dhabi Investment Authority, and Saudi Arabia’s Public Investment Fund – are teaming up with global asset managers to provide loans directly to companies and projects that struggle to access financing. Mubadala Capital, for example, the sovereign fund’s alternative asset management arm, has secured about $240 million in commitments for its latest Brazil vehicle after closing a $710 million fund focused on the country in 2023.

💲 Sovereign Circuit

Masdar: Masdar and French utility Engie have reached financial close on the 1.5GW Khazna Solar PV project in Abu Dhabi, backed by financing from seven banks and a 30-year power purchase agreement with Emirates Water and Electricity Company. 

International Holding Co.: NMDC Group, majority owned by IHC’s Alpha Dhabi Holding, said its subsidiary NMDC Infra agreed to acquire a 51% stake in Spain’s Lantania Aguas to form Lantania NMDC Water, creating a global water-sector player.

Public Investment Fund: The Royal Commission for AlUla signed a memorandum with SURJ Sports Investment to explore sports programmes, joint investments and hosting major events to boost AlUla’s position as a global sports destination.

Mubadala: Waleed Al Mokarrab Al Muhairi, Mubadala’s Deputy Group CEO, joined the first episode of the Abu Dhabi sovereign fund’s newly-launched podcast series “The Exchange” to talk about conviction-led investing.

↪↩ Closing Circuit

💰 Rising Competition: Libya signed a $2.7 billion public-private partnership with Qatari and Italian firms to expand the Misurata Free Zone port into a regional transhipment hub competing with Egypt and Morocco.

🤝 Middle Team: Qatar has become the quiet middleman for Washington’s first $500 million Venezuelan oil sale, holding the proceeds in Doha as the U.S. markets the crude and manages revenues.

💵 Buying Power: Saudi Arabia raised its U.S. Treasury holdings in November to $148.8 billion, lifting it to 17th among foreign holders.

🗣 Circuit Chatter

🚢 Red Sea Return: Major container shipping lines are cautiously resuming passage through the Red Sea after more than two years of avoidance, amid improving security conditions.

🌐 Staying Online: Elon Musk’s Starlink satellite network is facing a high-profile security challenge as Iran intensifies efforts to restrict access during a crackdown on political unrest.

Gas Expansion: Chevron and its partners have approved an expansion of Israel’s Leviathan gas field, increasing supplies for domestic use and regional export markets.

AI Tariff: Abu Dhabi is preparing a dedicated electricity tariff for data centres to protect households and businesses from higher energy bills.

🌍 Power Circuit

Emir of Qatar Sheikh Tamim received Canada’s Prime Minister Mark Carney on his first visit to Qatar on Sunday. Following the visit, Carney announced that Qatar would make significant investments in Canada. 

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, watched key stages of the Elite Race held as part of the Al Salam Cycling Championship organized by his private office. 

Sheikh Mansour bin Zayed, UAE Vice President, and Sheikh Jassim bin Hamad Al Thani, son of Qatar’s Emir, attended the Global Champions Arabians Tour – Abu Dhabi, at the Abu Dhabi Equestrian Club.

➿ On the Circuit

Mohammed Alardhi, Executive Chairman of Bahrain-based Investcorp, told Bloomberg at Davos that the outlook for IPOs is getting better in Gulf markets. 

Mariam Mohamed AlMusharrekh was appointed  Director General of Government Talent at the Department of Government Enablement in Abu Dhabi and Abdulaziz Mohamed Alhammadi was appointed as Director General of Regulatory Affairs at the Department of Energy. 

Rafiza Ghazali was appointed Managing Director, Consumer Banking at Fasset, the UAE-based global Islamic banking and investment platform.

Rajesh Nagpal was appointed Vice President of Enterprise Business for Huawei UAE.

🎶 Culture Circuit

🦁 Mane Attraction: The last drawing of a lion by Rembrandt remaining in private hands will be displayed in Saudi Arabia later this month ahead of its auction in New York, where it is expected to fetch more than $15 million. “Young Lion Resting,” one of six known lion drawings by the Dutch master, will be displayed at Diriyah’s Bujairi Terrace from Jan. 24 to 25, as part of the Leiden Collection of 17th-century Dutch and Flemish art. Proceeds from the sale will benefit Panthera, a wild cat conservation organization chaired by the co-owner of the painting, philanthropist Jon Ayers. Panthera is leading the re-introduction of the critically endangered Arabian leopard to AlUla.

📷 Photo of the Day

American pop star Katy Perry performs on stage during the Joy Awards in Riyadh on Saturday. The awards, now in their sixth season, are billed as the region’s “People’s Choice Awards,” spotlighting music and movie stars, as well as sports people and other inspiring figures. (Photo by Mohammed Saad/Anadolu via Getty Images)

📅 Circuit Calendar

Jan. 18-21, Riyadh. Big5 Construct Saudi. Latest trends and opportunities among construction companies operating in KSA. Riyadh Front Exhibition & Conference Center located at ROSHN Front.

Jan. 20-21, Dubai. 2026 BAFT MENA Forum. The event brings the region’s senior executives, influencers and industry experts to explore the forces redefining MENA’s financial ecosystem. Embassy Suites by Hilton Dubai Business Bay.

Jan. 20-22, Abu Dhabi. UMEX 2026. The Unmanned Systems Exhibitions and Conference  showcases the latest advances in autonomous systems, robotics, artificial intelligence, and training simulation. ADNEC.

Jan.26-27, Riyadh. Super Return. A major private equity & venture capital conference held in Riyadh, Saudi Arabia.The Fairmont Hotel. 

Jan. 26-28, Riyadh. Saudi Franchise Expo. The exhibition brings local and international businesses that want to create franchising companies into the kingdom. The Arena Riyadh Venue for Exhibitions, Riyadh.

Jan. 26-30, Dubai. Gulf Food. The world’s largest food and beverage industry event. Dubai World Trade Centre & Dubai Exhibition Centre.

Jan.29, Dubai. The Great Marketing & Business Minds. In this 4th edition, the event brings the most influential marketing and business leaders for a deep dive into performance-driven marketing, data integration, and the evolving accountability of brand leadership. Pullman Dubai Downtown.

Feb 1-6, Dubai. Dubai Fashion Week. The event showcases the latest collections by global and regional designers and positions Dubai as a major creative hub on the global fashion calendar alongside fashion capitals like New York, London, Milan and Paris. Dubai Design District.

Feb. 1-4, Doha. Web Summit Qatar. Connecting a new generation of founders in the Middle East to investors, journalists and more around the world. Doha Exhibition and Convention Center.

Feb 2-4, Abu Dhabi. The Abu Dhabi AI Summit. The summit aims to strengthen collaboration between MBZUAI and the U.S. NSF Athena Institute to advance research, entrepreneurship and opportunities in Edge AI. Mohamed bin Zayed University of Artificial Intelligence.

Feb. 2-5, Doha. LNG2026. The 21st International Conference & Exhibition on Liquefied Natural Gas. Qatar National Convention Center. 

Feb. 3, Dubai. World Laureates Summit. The inaugural summit, held alongside the World Government Summit, will bring 200 of the world’s top scientific researchers, marking a historic integration of science and government. 

Feb. 3-5, Dubai. World Government Summit. Brings together heads of state, policy makers, top corporate executives to debate global priorities. Madinat Jumeirah. 

Feb. 4-5, Dubai. PropTech Connect Middle East. The Dubai Land Department will host the first regional edition of the real estate technology event. Grand Hyatt Dubai.

Feb. 10-11, Abu Dhabi. Top Advisors & Investors Summit. The event will convene the region’s foremost advisors, financiers, and investors in the UAE capital. TBC

Feb.12-13, Riyadh. PIF Private Sector Forum. The event, in its third edition, aims to support the Saudi Public Investment Fund’s Private Sector Engagement Strategic Initiative. King AbdelAziz International Conference Center.

The Daily Circuit: Saudi interest in Greenland’s minerals + ADNOC eyes Venezuela

In today’s Daily Circuit, we’re reporting on ADNOC’s interest in Venezuelan gas, Qatari plans to buy control of two Syrian banks, the Arab Energy Fund taking a minority stake in Saudi Arabia’s Arabian Petroleum Supply Co., and plans for an $8.2 billion Mercedes Benz-branded city in Dubai. But first, Greenland’s mineral resources are attracting investors in Saudi Arabia.

Amid U.S. President Donald Trump’s declarations of interest in taking over Greenland, a Saudi investment group is in talks with New York-based Critical Metals Corp. to build a refinery for processing the massive Arctic island’s mineral resources.

Critical Metals announced on Thursday that it signed a non-binding term sheet to form a 50-50 joint venture with Saudi Arabia’s Tariq Abdel Hadi Abdullah Al-Qahtani & Brothers. The facility would be linked to the U.S. company’s planned Tanbreez mining project in Greenland.

Under the plan, about a quarter of the minerals from the Tanbreez mine would be processed in Saudi Arabia, which is looking to extract more value from its own deposits of so-called rare earths. Critical Metals said the refined materials could be used in high-tech applications and distributed through U.S. defense supply chains.

If finalized, the deal would give Critical Metals guaranteed customers and likely ease its path to full financing for the project, which is estimated to cost $290 million to start production by next year.

“We see a strong opportunity to work closely with partners in the United States to responsibly develop and deploy these materials in support of next-generation technologies,” Abdulmalik Tariq Al-Qahtani, the Saudi firm’s CEO, said in a statement.

Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].

📰 Developing Stories

Qatar’s Estithmar Holding is poised to purchase controlling stakes in two Syrian banks. The investment group plans to take over majority ownership of Shahba Bank and about 30% of Syria International Islamic Bank, Reuters reports. The move would be the first foreign banking acquisition in Syria since the fall of Bashar al-Assad and follows the recent lifting of U.S. sanctions on Syria. The year-old interim government of President Ahmed al-Sharaa has been seeking to bring foreign capital into Syria’s banking system after more than a decade of conflict.

Competition to dominate the events space in the Gulf is heating up, with two major groups exploring the potential to launch IPOs this year. Dubai World Trade Centre and U.K.-based Informa Group, which host some of the emirate’s biggest conferences and expos, have hired Rothschild & Co. as a financial adviser for a potential listing in Dubai, Bloomberg reports. The pair announced a joint venture last March to own and operate major events, including the Dubai Airshow and Gulfood. Meanwhile, the organizer of Saudi Arabia’s Future Investment Initiative, Richard Attias & Associates, is among eight companies earmarked by the Public Investment Fund for IPOs this year. 

💲 Sovereign Circuit

ADNOC: Abu Dhabi’s state oil company is evaluating a potential investment in Venezuela’s natural gas industry as the beleaguered country tries to revive output and attract foreign partners, Bloomberg reports.

TAQA: Abu Dhabi National Energy Company (TAQA), Emirates Water and Electricity Company, Masdar, EDF power solutions and Jinko Power Technology announced the issuance of long-term green bonds to refinance Al Dhafra Solar Photovoltaic Independent Power Plant, raising more than $870 million. 

Masdar: UAE’s Masdar is partnering with Elite Agro Holding to launch the MENA region’s first agricultural photovoltaic project, combining solar panels with greenhouses. Masdar and Montenegro’s national power utility EPCG, meanwhile, agreed to explore a joint venture to develop and operate large-scale renewable energy projects.

Qatar Investment Authority: Qatar National Bank raised $650 million through a Formosa bond issue in Taiwan, with HSBC, KGI Securities and Standard Chartered acting as joint managers.

ADQ: AD Ports Group signed a $228 million land sale agreement with Danube Properties for a major residential and mixed-use project on roughly 1 million square meters within Abu Dhabi’s KEZAD Town Centre.

Arab Energy Fund: The fund has taken a minority stake in Saudi Arabia’s Arabian Petroleum Supply Co., backing the company’s regional expansion across fuel supply, logistics and related energy services.

↪↩ Closing Circuit

💰 Japanese Credit: Saudi Arabia has secured a 12-year, $1.5 billion credit line from Japan’s export credit agency Nexi to support water and energy projects under Vision 2030.

🔋 Clean Projects: The UAE Ministry of Energy and Infrastructure announced a joint venture with Baah and India’s Lohum to develop the country’s first large-scale electric vehicle battery recycling facility in the emirate of Sharjah. 

🚗 Branded Build: UAE developer Binghatti and Mercedes-Benz unveiled an $8.2 billion co-branded development in Dubai’s Nad Al Sheba at a star-studded event hosted by American TV star Terry Crews.

🗣 Circuit Chatter

🏦 Open Shop: National Bank of Canada announced the opening of an office in the Dubai International Financial Centre to support Canadian clients expanding into the Middle East.

⭐ Gold Star: Abu Dhabi Customs and the Emirates Drug Establishment launched the Golden List of Pharmaceutical Companies, initially covering 31 firms, to streamline customs procedures and strengthen supply chains.

🛥️ Calm Seas: Danish Shipping company Maersk will resume sailing through the Red Sea and Suez Canal following improved stability in the area, The Wall Street Journal reports

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed met with Bassirou Diomaye Faye, President of Senegal, at Qasr Al Shati palace in Abu Dhabi on Thursday. Sheikh Mohamed also held a phone call with Robert Fico, Prime Minister of the Slovak Republic, on Thursday and received a written message from Sanae Takaichi, Prime Minister of Japan.

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, honored the six winners of Great Arab Minds 2025 at the Museum of the Future in Dubai.

Sheikh Tahnoon bin Zayed, UAE National Security Advisor and Chairman of Abu Dhabi’s International Holding Co., said talks on Thursday with U.S. Undersecretary of State for Economic Affairs Jacob Helberg focused on deepening cooperation in artificial intelligence and investment.

Sheikh Maktoum bin Mohammed, UAE Minister of Finance and Deputy Ruler of Dubai, met with Nicolas Bos, Group CEO of Richemont, to discuss opportunities in the UAE. Sheikh Maktoum also met with Wang Chuanfu, Chairman of the Board and CEO of Chinese electric vehicle maker BYD.  

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, held a phone call with Kaja Kallas, High Representative of the European Union for Foreign Affairs and Security Policy and Vice-President of the European Commission, on Thursday.

Saudi Arabia’s Crown Prince Mohammed bin Salman received a written message  on Thursday from Oman’s Sultan Haitham bin Tariq.

➿ On the Circuit

Bandar Alkhorayef, Saudi Arabia’s Minister of Industry and Mineral Resources, said reports that the Public Investment Fund intends to spin off its Manara Minerals subsidiary were inaccurate and any move would have to be announced by the PIF.

Ali Shaath, the former deputy planning minister for the Palestinian Authority who was chosen to lead a U.S.-backed committee to govern Gaza, has proposed pushing war debris into the Mediterranean Sea to speed reconstruction, Reuters reports

Nasser al Sharji was appointed CEO of Oman Airports, replacing Ahmed Al Amri, who has been appointed Chairman of the Muscat Municipality.

Mattar Al Tayer, Dubai’s Roads and Transport Authority Chairman, said Electric air taxis developed by Joby Aviation are set to begin commercial operations in Dubai by the end of this year, Reuters reports

Aryna Sabalenka, the world’s No.1 tennis player, has been signed as Emirates airline’s first tennis ambassador as part of the airline’s commitments as the official airline of all four Grand Slams worldwide.

🎶 Culture Circuit

🎨 Under the Hammer: Pieces by Andy Warhol, Pablo Picasso, Jean-Michel Basquiat, Camille Pissarro and David Hockney are among the highlights in Sotheby’s next major art sale in Saudi Arabia. The “Origins II” auction taking place in Diriyah on Jan. 31 comes amid a growing appetite for fine art investment in the kingdom, where Sotheby’s held its first international sale last January, netting $17 million. Among this year’s works is Warhol’s 1978 painting of Muhammad Ali, originally commissioned by U.S. investment banker Richard Weisman.

📷 Photo of the Day

Jean-Claude Van Damme, the action movie star, walks the red carpet at opening night for the Nobu One Za’abeel restaurant in Dubai on Thursday. (Tristan Fewings/Getty Images for One & Only)

📅 Circuit Calendar

Jan. 18-21, Riyadh. Big5 Construct Saudi. Latest trends and opportunities among construction companies operating in KSA. Riyadh Front Exhibition & Conference Center located at ROSHN Front.

Jan. 20-21, Dubai. 2026 BAFT MENA Forum. The event brings the region’s senior executives, influencers and industry experts to explore the forces redefining MENA’s financial ecosystem. Embassy Suites by Hilton Dubai Business Bay.

Jan. 20-22, Abu Dhabi. UMEX 2026. The Unmanned Systems Exhibitions and Conference  showcases the latest advances in autonomous systems, robotics, artificial intelligence, and training simulation. ADNEC.

Jan.26-27, Riyadh. Super Return. A major private equity & venture capital conference held in Riyadh, Saudi Arabia.The Fairmont Hotel. 

Jan. 26-28, Riyadh. Saudi Franchise Expo. The exhibition brings local and international businesses that want to create franchising companies into the kingdom. The Arena Riyadh Venue for Exhibitions, Riyadh.

Jan. 26-30, Dubai. Gulf Food. The world’s largest food and beverage industry event. Dubai World Trade Centre & Dubai Exhibition Centre.

Jan.29, Dubai. The Great Marketing & Business Minds. In this 4th edition, the event brings the most influential marketing and business leaders for a deep dive into performance-driven marketing, data integration, and the evolving accountability of brand leadership. Pullman Dubai Downtown.

Feb 1-6, Dubai. Dubai Fashion Week. The event showcases the latest collections by global and regional designers and positions Dubai as a major creative hub on the global fashion calendar alongside fashion capitals like New York, London, Milan and Paris. Dubai Design District.

Feb. 1-4, Doha. Web Summit Qatar. Connecting a new generation of founders in the Middle East to investors, journalists and more around the world. Doha Exhibition and Convention Center.

Feb. 2-5, Doha. LNG2026. The 21st International Conference & Exhibition on Liquefied Natural Gas. Qatar National Convention Center. 

Feb. 3-5, Dubai. World Government Summit. Brings together heads of state, policy makers, top corporate executives to debate global priorities. Madinat Jumeirah. 

Feb. 4-5, Dubai. PropTech Connect Middle East. The Dubai Land Department will host the first regional edition of the real estate technology event. Grand Hyatt Dubai.

Feb. 10-11, Abu Dhabi. Top Advisors & Investors Summit. The event will convene the region’s foremost advisors, financiers, and investors in the UAE capital. TBC

Feb.12-13, Riyadh. PIF Private Sector Forum. The event, in its third edition, aims to support the Saudi Public Investment Fund’s Private Sector Engagement Strategic Initiative. King AbdelAziz International Conference Center. 

The Daily Circuit: PIF mulls LIV Golf’s future + Altérra’s Spanish partner

In today’s Daily Circuit, we’re reporting on International Holding Co.’s deal with the U.S. government’s DFC foreign investment arm, Saudi Arabia’s spinoff of Manara Minerals from the PIF, Altérra’s climate co-investment vehicle with Spain’s BBVA, and Lucid’s Saudi manufacturing plant for its electric vehicles. But first, LIV Golf falls short of its ambitious expectations.

After pouring nearly $5 billion into its upstart LIV Golf tournament, Saudi Arabia’s Public Investment Fund is facing questions about whether its high-stakes confrontation with the PGA was worth it.

Inside the $925 billion sovereign wealth fund, senior officials are reflecting on nearly four years of sparse attendance, lower-than-expected TV ratings and sagging global influence as they make decisions on whether to keep financing LIV, Bloomberg reports.

The PIF, which is led by Aramco Chairman and golf enthusiast Yasir al-Rumayyan, rattled the PGA when it signed some of the sport’s biggest names with nine-figure contracts, including Phil Mickelson, Jon Rahm, Bryson DeChambeau, and Dustin Johnson. U.S. President Donald Trump is one of LIV’s biggest fans and hosted several of its tournaments at his golf resorts.

Since its splashy first year, competitive pressure from the Tour has intensified with moves such as a “Returning Member Program,” which lured Brooks Koepka back to the PGA fold under the threat of heavy financial penalties.

Attempts to merge the LIV with the PGA have faltered, meanwhile, leaving the Saudi backers to carry continued operational losses and come up with a formula for reviving the league or pulling the plug.

Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].

📰 Developing Stories

International Holding Co., the vast Abu Dhabi conglomerate overseen by Sheikh Tahnoon bin Zayed, has inked a deal to co-invest with the U.S. government’s foreign investment arm. The agreement with the International Development Finance Corp. opens the way for collaboration across a broad swath of sectors, including energy, infrastructure, mining, port operations and data centers. It will focus on projects spanning emerging and frontier markets, with the ability to “deploy capital at scale,” IHC announced. The deal is unconventional for the DFC, which traditionally funds development projects in lower- and middle-income countries, and comes amid shifting U.S. priorities abroad under President Donald Trump.

Saudi Arabia’s Manara Minerals will take a more independent course as the kingdom seeks to extract more value from its vast mining resources. The company, a joint venture between the Public Investment Fund and its Ma’aden mining subsidiary, will be spun off to focus on Saudi Arabia’s underground deposits of so-called critical minerals, Reuters reports. Lithium and copper, for instance, are needed for manufacturing electric vehicles and a variety of clean-energy technologies. Separating Manara is intended to attract additional Saudi and foreign investors while shifting away from passive investing toward hands-on mining expertise.

💲 Sovereign Circuit

Altérra: The Abu Dhabi climate finance company said financial services group BBVA is committing $250 million to a $1.2 billion climate co-investment vehicle that will be domiciled in the ADGM financial hub.

G42: Cerebras, the AI chipmaker that counts UAE tech investor G42 as its main customer, has made a $10 billion deal to deliver computing power to OpenAI as it attempts to diversify its revenues ahead of an expected IPO.

Public Investment Fund: The PIF and Red Sea Aluminium Holdings agreed on initial terms to develop an aluminum complex in Yanbu.

Lucid Group: The PIF-owned maker of electric vehicles plans to start manufacturing EVs in Saudi Arabia this year, advancing the kingdom’s push to cultivate a domestic auto industry.

Qatar Investment Authority: Prague-based munitions company Defense Company Czechoslovak Group is planning to raise $873 million in an IPO on the Euronext Amsterdam, with commitments from investors including a subsidiary of the QIA. 

Lunate: Lunate, an Abu Dhabi-based global investment manager, has launched its Boreas range of thematic Exchange Traded Funds (ETFs) on Deutsche Börse Xetra, a major European stock exchange.

↪↩ Closing Circuit

⚜️ Mining Partners: Saudi Arabia’s Ministry of Industry and Mineral Resources signed three international agreements with Chile, Canada and Brazil to expand partnerships in the mining sector during the Future Minerals Forum in Riyadh.

💰 Asia Loans: Kuwait-based Equate Group is seeking a $300 million dual-tranche loan from Asian lenders, led by Mizuho Bank.

🔋 Battery Builder: Canadian miner Northern Graphite and Saudi Arabia’s Al Obeikan Group will form a joint venture to build a battery anode materials plant in the kingdom.

🗣 Circuit Chatter

🛏️ Hotel Push: Marriott International and Saudi developer Al Qimmah plan to open more than 2,700 hotel rooms across the kingdom, reflecting a shift toward mid- and upper-mid-scale tourism as Saudi Arabia broadens its accommodation base beyond high-end luxury resorts.

☀️ Clean Vibes: Australian clean-energy companies are increasingly looking to manufacture in the UAE to reduce supply-chain risks and accelerate exports.

⛏️ Dig It: Pakistan plans to announce several joint mining ventures with Saudi Arabia in April, with talks underway on exploratory projects for minerals including copper, zinc, gold and chromite.

🔴 Visa Freeze: Applicants from Kuwait, Egypt, Iraq and nine other Arab countries will not be able to immigrate to the U.S. until further announcement, the state department said.

⚽ Money Ball: Alsharif Faisal bin Jamil, a Jordanian royal, is leading a consortium taking control of England’s Sheffield Wednesday soccer club with the aim of applying science and analytics to improve the team’s performance.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed met with Serbia’s President Aleksandar Vučić on Wednesday at the Zayed National Museum in Abu Dhabi. Sheikh Mohamed also met with Irakli Kobakhidze, Prime Minister of Georgia, on Wednesday.

Prince Khalid bin Salman, Saudi Arabia’s Defense Minister, said the kingdom will invest $506 million in development projects in Yemen.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, met with Hakan Fidan, Turkey’s Minister of Foreign Affairs, in Abu Dhabi on Wednesday.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, attended panel discussions held as part of Abu Dhabi Sustainability Week 2026 on Wednesday.

➿ On the Circuit

Noura Al Kaabi, UAE Minister of State, met with Dr. Vince Henderson, Dominica’s Minister of Foreign Affairs, International Business, Trade and Energy, on Wednesday.

Suhail Al Mazrouei, UAE Minister of Energy and Infrastructure, said that the country’s installed renewable energy capacity has now exceeded 7.7 gigawatts, with more projects under development to raise the capacity to more than 23 gigawatts by 2031.

Mohamed Alabbar, CEO of Emaar Properties, said that the tender for the redesigned Dubai Creek Tower, which was originally planned to be taller than Burj Khalifa, will be issued in the next three months, years after the project was put on hold.

Randa Hamed, CEO of Egypt’s Okaz asset management and brokerage firm, told Zawya that the company is planning to launch its first equity fund that will invest in Egyptian stocks.

Travis Scott, the American rapper, will perform at the Fanatics Flag Football Classic at Riyadh’s Kingdom Arena on March 21, NFL legend Tom Brady announced in a video reel shared by Turki Alalshikh, Chairman of Saudi Arabia’s General Entertainment Authority.

🎶 Culture Circuit

🍣 Hat Trick: Lest Dubai’s growing traffic jams prevent anyone from getting their hit of black cod miso, Japanese restaurateur Nobu Matsuhisa is opening his third restaurant in the emirate this week. Nobu One Za’abeel is located in The Link – a skybridge cluster of restaurants and bars 100 meters (330 feet) above ground – and will cater mostly to business clientele. The 274-seat restaurant features skyline views, a 28-seat sushi counter and adaptable private dining areas, The National reports.

📷 Photo of the Day

Rory McIlroy of Northern Ireland plays a shot during his practice round prior to the Dubai Invitational 2026 golf tournament at Dubai Creek Resort on Wednesday. (David Cannon/Getty Images)

📅 Circuit Calendar

Jan. 18-21, Riyadh. Big5 Construct Saudi. Latest trends and opportunities among construction companies operating in KSA. Riyadh Front Exhibition & Conference Center located at ROSHN Front.

Jan. 20-21, Dubai. 2026 BAFT MENA Forum. The event brings the region’s senior executives, influencers and industry experts to explore the forces redefining MENA’s financial ecosystem. Embassy Suites by Hilton Dubai Business Bay.

Jan. 20-22, Abu Dhabi. UMEX 2026. The Unmanned Systems Exhibitions and Conference  showcases the latest advances in autonomous systems, robotics, artificial intelligence, and training simulation. ADNEC.

Jan.26-27, Riyadh. Super Return. A major private equity & venture capital conference held in Riyadh, Saudi Arabia.The Fairmont Hotel. 

Jan. 26-28, Riyadh. Saudi Franchise Expo. The exhibition brings local and international businesses that want to create franchising companies into the kingdom. The Arena Riyadh Venue for Exhibitions, Riyadh.

Jan. 26-30, Dubai. Gulf Food. The world’s largest food and beverage industry event. Dubai World Trade Centre & Dubai Exhibition Centre.

Jan.29, Dubai. The Great Marketing & Business Minds. In this 4th edition, the event brings the most influential marketing and business leaders for a deep dive into performance-driven marketing, data integration, and the evolving accountability of brand leadership. Pullman Dubai Downtown.

Feb 1-6, Dubai. Dubai Fashion Week. The event showcases the latest collections by global and regional designers and positions Dubai as a major creative hub on the global fashion calendar alongside fashion capitals like New York, London, Milan and Paris. Dubai Design District.

Feb. 1-4, Doha. Web Summit Qatar. Connecting a new generation of founders in the Middle East to investors, journalists and more around the world. Doha Exhibition and Convention Center.

Feb. 2-5, Doha. LNG2026. The 21st International Conference & Exhibition on Liquefied Natural Gas. Qatar National Convention Center. 

Feb. 3-5, Dubai. World Government Summit. Brings together heads of state, policy makers, top corporate executives to debate global priorities. Madinat Jumeirah. 

Feb. 4-5, Dubai. PropTech Connect Middle East. The Dubai Land Department will host the first regional edition of the real estate technology event. Grand Hyatt Dubai.

Feb. 10-11, Abu Dhabi. Top Advisors & Investors Summit. The event will convene the region’s foremost advisors, financiers, and investors in the UAE capital. TBC

Feb.12-13, Riyadh. PIF Private Sector Forum. The event, in its third edition, aims to support the Saudi Public Investment Fund’s Private Sector Engagement Strategic Initiative. King AbdelAziz International Conference Center. 

The Daily Circuit: PIF’s $12B gaming shift + French connection for Bapco

In today’s Daily Circuit, we’re reporting on the $18.7 billion acquisition by a Mubadala Capital unit of Invesco’s Canadian fund business, TotalEnergies’ joint venture with Bahrain’s Bapco Energies, Emirati startup Mal raising $230 million for its new AI-driven bank, and the UAE’s broad exposure to Trump tariffs over its business with Iran. But first, MBS’s latest move to rule the gaming world.

Saudi Arabia’s Public Investment Fund has moved to consolidate its expansive gaming investments, shifting about $12 billion worth of shares, including its stake in Nintendo, to its Savvy Games subsidiary.

Savvy, which was created in 2021 with a cash stockpile of $38 billion, is the backbone of Crown Prince Mohammed bin Salman’s plans to dominate global gaming. The move to bring more of the PIF’s gaming investments under one roof indicates a desire to further elevate Savvy’s status in the industry.

“These transfers will move the stewardship of PIF’s games investments to Savvy, given Savvy is a leading games organization for the PIF and a core component of the National Gaming and Esports Strategy,” Amar Batkhuu, a Savvy spokesperson, told Bloomberg, noting that the transfer has been planned for a long time.

Savvy’s investments include Niantic, the developer of mobile hit “Pokémon Go” and “Monopoly Go” developer Scopely Inc., as well as several esports plays, which have had mixed success. Most recently, it has been in talks with TikTok owner ByteDance to buy its Shanghai Moonton Technology unit, one of the world’s most popular mobile developers. 

The company’s success was somewhat overshadowed last year by the PIF’s own blockbuster deal to take gaming titan Electronic Arts private in a $50 billion leveraged buyout backed by private equity firm Silver Lake and Jared Kushner’s Affinity Partners.

Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].

📰 Developing Stories

The UAE and China top the list of countries most exposed to U.S. President Donald Trump’s threat to impose a 25% tariff on those doing business with Iran. Abu Dhabi is assessing how the proposed measure could disrupt supply chains and trade flows, given the UAE’s role as one of Iran’s largest commercial partners, Bloomberg reports. UAE Minister of Foreign Trade Thani Al Zeyoudi said he’s still evaluating the possible effects, while details of how the tariff would be applied remain unclear. The UAE, meanwhile, signed Comprehensive Economic Partnership Agreements with Nigeria and the Philippines in Abu Dhabi on Tuesday to cut tariffs and deepen trade and investment.

French energy giant TotalEnergies has formed a joint venture with Bahrain’s Bapco Energies aimed at boosting trade in petroleum products across the Middle East. The venture called BxT Trading will handle flows from Bapco’s expanded Sitra refinery and draw on TotalEnergies’ global expertise to deepen market access. The companies said they expect the partnership to strengthen Bahrain’s competitiveness and enhance TotalEnergies’ regional presence. Bapco Chairman Sheikh Nasser Al Khalifa and TotalEnergies CEO Patrick Pouyanne signed the 50-50 venture agreement at a ceremony in Abu Dhabi on Tuesday.

💲 Sovereign Circuit

Mubadala Capital: Invesco is selling its $18.7 billion Canadian investment fund business to Mubadala Capital-backed CI Global Asset Management amid ongoing consolidation in the mutual fund industry.

AD Ports: KEZAD Group, a unit of AD Ports, formed a joint venture with Sharjah-based BEEAH to provide eco-friendly waste management services across the company’s free zones and industrial districts. 

Emirates Nuclear Energy Co., which is backed by ADQ, said its Barakah plants are now supplying 57% of electricity demand from UAE households.

Public Investment Fund: Saudi Arabia’s Heritage Commission, in collaboration with PIF-owned Soudah Development, announced the discovery of 20 ancient rock art sites within the southwest Soudah Peaks area. 

Arab Energy Fund: The Arab Energy Fund plans to allocate more capital to regional funds as Gulf nations seek global investment to diversify their hydrocarbon-dependent economies, CEO Khalid Al-Ruwaigh told Bloomberg.

↪↩ Closing Circuit

💰 Record Fund: Abu Dhabi-based digital finance startup Mal raised $230 million in a seed round led by BlueFive Capital, as it prepares to launch an AI-driven Islamic bank.

🩺 New Beds: Saudi Arabia’s Mouwasat Medical Services Co. won approval to build a $240 million hospital in Riyadh.

📈 Private Credit: Saudi Arabia’s Jadwa Investment Co. plans to raise up to $200 million for its flagship private credit fund to capitalize on Gulf demand for alternative financing.

🛡️ Defense Pact: The UAE’s EDGE and Spain’s Indra Group signed an agreement to establish a new defense manufacturing company in Spain to develop smart weapons and munitions. 

✈️ Drone Deal: European missile manufacturer MBDA signed the first export contract for its Sky Warden anti-drone system with Oman on the sidelines of the Dubai Airshow in November,Intelligence Online reports.

🗣 Circuit Chatter

🛫 African Runway: Ethiopia started construction on what it says will be Africa’s largest airport, a $12.5 billion project that aims to handle up to 110 million passengers annually.

🤝 New Market: Canada will begin negotiations next month on a comprehensive economic partnership agreement with the UAE as it seeks to diversify trade away from the United States and attract Gulf investment, particularly in liquefied natural gas, Reuters reports

🌊 Trade Player: Medina, one of the two Muslim holy cities, is emerging as a strategic hub for maritime transport and supply chains, benefiting from its Red Sea coast location and its key role in the kingdom’s logistics network

🏠 Tower of Wellness: Sharjah developer Arada launched Inaura Downtown, a 42-story skyscraper in central Dubai that will contain apartments, fitness clubs, restaurants and a luxury hotel, all dedicated to “wellness.”

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed met with Daniel Chapo, President of Mozambique, who is taking part in Abu Dhabi Sustainability Week, on Tuesday. Sheikh Mohamed also met with Milojko Spajić, Prime Minister of Montenegro; Bola Ahmed Tinubu, President of Nigeria; and Ferdinand Marcos Jr., President of the Philippines.

Sheikh Mohamed conferred the Order of Zayed, the UAE’s highest civilian honour, on Edi Rama, Prime Minister of Albania, on Tuesday.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, met with Wang Chuanfu, Chairman and CEO of Chinese electric car maker BYD, on Wednesday.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, held a phone call with Abbas Araghchi, Minister of Foreign Affairs of Iran, on Tuesday. Sheikh Abdullah met with Jamshid Khodjaev, Deputy Prime Minister of Uzbekistan, on the sidelines of Abu Dhabi Sustainability Week. He also met with Ronald Lamola, Minister of International Relations and Cooperation of South Africa.

Sheikh Zayed bin Hamdan, Chairman of International Holding Co.’s 2PointZero investment firm, met with Jamshid Khodjayev, Deputy Prime Minister of Uzbekistan, on Tuesday. 

➿ On the Circuit

Bandar Alkhorayef, Saudi Arabia’s Minister of Industry and Mineral Resources, said the world is preparing for “a new era of global development, prosperity and stability through minerals,” speaking on Tuesday to the annual Future Minerals Forum in Riyadh.

Saeed Al Hajeri, UAE Minister of State, met with Maria Theresa Lazaro, Secretary of Foreign Affairs of the Philippines, during her visit to the UAE to participate in Abu Dhabi Sustainability Week. 

Rolf Schilde was appointed Senior Executive Officer at Indosuez Wealth Management Dubai International Financial Centre Branch, while Charles Tort was named Deputy CEO.

🎶 Culture Circuit

👣 Feet First: A drawing of a foot by Michelangelo is on display in Dubai, the first time a work by the Italian Renaissance artist has gone on show in the UAE. The previously unknown sketch is of the right foot of the Libyan Sibyl, a figure who appears on the far east end of the frescoes on the Sistine Chapel ceiling in the Vatican. It is one of only 50 known studies related to the chapel. Christie’s will auction the work in New York next month with an estimate of $1.5 million to $2 million.

📷 Photo of the Day

UAE President Sheikh Mohamed bin Zayed met with Sheikh Mohammed bin Rashid, Vice President, Prime Minister and Ruler of Dubai, at Qasr Al Bahr palace in Abu Dhabi on Tuesday and presented him with an inscribed photo album. (Emirates News Agency)

📅 Circuit Calendar

Jan. 11-15, Abu Dhabi. Abu Dhabi Sustainability Week. UAE leaders host corporate executives, policymakers and environmental groups to debate the future of renewable energy and climate change. ADNEC. 

Jan. 12-15, Dubai. Dubai International Project Management Forum. Bringing together global leaders, policymakers, and innovators to explore how collaboration, innovation, and sustainability can unite diverse communities. Madinat Jumeirah.

Jan. 13-15, Riyadh. Future Minerals Forum. The conference aims to hold conversations among governments, investors, and innovators to secure the minerals essential for a sustainable, tech-enabled future. King AbdelAziz International Conference Center.

Jan. 13-15, Abu Dhabi. World Future Energy Summit. The annual event brings in policymakers and industry leaders to discuss the challenges of working towards net zero. ADNEC. 

Jan. 18-21, Riyadh. Big5 Construct Saudi. Latest trends and opportunities among construction companies operating in KSA. Riyadh Front Exhibition & Conference Center located at ROSHN Front.

Jan. 20-21, Dubai. 2026 BAFT MENA Forum. The event brings the region’s senior executives, influencers and industry experts to explore the forces redefining MENA’s financial ecosystem. Embassy Suites by Hilton Dubai Business Bay.

Jan. 20-22, Abu Dhabi. UMEX 2026. The Unmanned Systems Exhibitions and Conference  showcases the latest advances in autonomous systems, robotics, artificial intelligence, and training simulation. ADNEC.

Jan.26-27, Riyadh. Super Return. A major private equity & venture capital conference held in Riyadh, Saudi Arabia.The Fairmont Hotel. 

Jan. 26-28, Riyadh. Saudi Franchise Expo. The exhibition brings local and international businesses that want to create franchising companies into the kingdom. The Arena Riyadh Venue for Exhibitions, Riyadh.

Jan. 26-30, Dubai. Gulf Food. The world’s largest food and beverage industry event. Dubai World Trade Centre & Dubai Exhibition Centre.

Jan.29, Dubai. The Great Marketing & Business Minds. In this 4th edition, the event brings the most influential marketing and business leaders for a deep dive into performance-driven marketing, data integration, and the evolving accountability of brand leadership. Pullman Dubai Downtown.

Feb 1-6, Dubai. Dubai Fashion Week. The event showcases the latest collections by global and regional designers and positions Dubai as a major creative hub on the global fashion calendar alongside fashion capitals like New York, London, Milan and Paris. Dubai Design District.

Feb. 1-4, Doha. Web Summit Qatar. Connecting a new generation of founders in the Middle East to investors, journalists and more around the world. Doha Exhibition and Convention Center.

Feb. 2-5, Doha. LNG2026. The 21st International Conference & Exhibition on Liquefied Natural Gas. Qatar National Convention Center. 

Feb. 3-5, Dubai. World Government Summit. Brings together heads of state, policy makers, top corporate executives to debate global priorities. Madinat Jumeirah. 

Feb. 4-5, Dubai. PropTech Connect Middle East. The Dubai Land Department will host the first regional edition of the real estate technology event. Grand Hyatt Dubai.

Feb. 10-11, Abu Dhabi. Top Advisors & Investors Summit. The event will convene the region’s foremost advisors, financiers, and investors in the UAE capital. TBC

Feb.12-13, Riyadh. PIF Private Sector Forum. The event, in its third edition, aims to support the Saudi Public Investment Fund’s Private Sector Engagement Strategic Initiative. King AbdelAziz International Conference Center. 

The Daily Circuit: Sustainability meets energy in Abu Dhabi + PIF-EWPartners fund

In today’s Daily Circuit, we’re reporting on the $800 million tech fund being developed by PIF-backed EWPartners, First Abu Dhabi Bank’s collaboration with T. Rowe Price, Qatar’s entry to the U.S.-initiated “Pax Silica,” and L’Imad Holding’s new board, chaired by Abu Dhabi’s Crown Prince. But first, hydrocarbons hold their own during Abu Dhabi Sustainability Week.

The UAE’s top energy executive told the audience at Abu Dhabi Sustainability Week that an expected 500% increase in power demand from data centers by 2040 – propelled by artificial intelligence – means that hydrocarbons will remain the Earth’s dominant fuel.

In a keynote address to the annual environment conference, Dr. Sultan Al Jaber, CEO of the ADNOC state oil company, Chairman of Masdar and Minister of Industry and Advanced Technology, said the UAE has invested more than $148 billion in AI initiatives. The government plans to expand its clean energy capacity to more than 22 gigawatts by 2031 to help meet rising electricity needs from its data centers, he said.

“While some view this as a constraint, I view it as a catalyst,” said Al Jaber, who served as President at the U.N.’s COP28 climate conference in Dubai three years ago. “Sustainable progress is not about slowing down growth; it is about designing a better engine.”

Al Jaber told the gathering that roughly $4 trillion of annual investment will be required globally in grids and data center infrastructure to keep pace with demand as digitalization accelerates.

The event drew senior leadership from around the world, with UAE President Sheikh Mohamed bin Zayed attending the opening ceremony alongside heads of state from Serbia, Albania, Nigeria, South Africa and the Philippines. Chief executives from major energy and investment firms came to Abu Dhabi for the conference, including BlackRock, TotalEnergies, Engie and Iberdrola.

Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].

Abu Dhabi names L’Imad board, led by Crown Prince, e& Chief

The government of Abu Dhabi appointed a board of directors chaired by its Crown Prince for L’Imad Holding Co., the investment vehicle backed by the emirate’s sovereign wealth funds that last month joined Paramount’s hostile takeover bid for Warner Bros.

Jassem Al Zaabi, Chairman of the Abu Dhabi Department of Finance and of telecommunications group e&, was named Managing Director and CEO, The Circuit’s Jonathan Ferziger reports. Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, will serve as Chairman.

Board members include Khaldoon Al Mubarak, Managing Director and CEO of Mubadala; Waleed Al Mokarrab Al Muhairi, the sovereign fund’s Deputy CEO; and Mohamed Al Shorafa, Chairman of Etihad Airways and of the Abu Dhabi Department of Municipalities and Transport.

To read the full story, click here.

📰 Developing Stories

Qatar has joined the Trump administration’s international initiative aimed at strengthening cooperation on advanced technology, dubbed “Pax Silica.” The pact – which the UAE is scheduled to sign later this week – covers semiconductors, artificial intelligence and secure supply chains. The aim is to make critical technologies more reliable and less vulnerable to disruption as demand rises worldwide. Qatari officials said the agreement will assist the government’s push to build up its digital economy and play a bigger role in global technology infrastructure. Israel, Japan, South Korea, Singapore, the U.K. and Australia are already partners to the initiative.

Dubai’s global port operator DP World is ready to start operations in Venezuela “within 24 hours” if the situation changes following the capture of President Nicolas Maduro by the U.S., its chairman says. “Tomorrow if there’s a cargo opportunity in Venezuela, we will go … We can start within 24 hours if we need to. We know the place very well, the teams, everybody,” Sultan bin Sulayem, DP World Chairman and Group CEO, told The National. The container shipping and logistics giant previously ran terminal operations at Venezuela’s Puerto Cabello until 2009, when the military took over the country’s ports and airports under former President Hugo Chavez. Since then U.S. sanctions have made it difficult to return.

💲 Sovereign Circuit

PureHealth: The Abu Dhabi-based company, backed by ADQ, International Holding Co. and Alpha Dhabi, launched a central research center to consolidate clinical research across its hospitals, clinics and labs.

Public Investment Fund: Saudi Electricity Co., backed by the PIF, secured a five-year loan of up to $1.5 billion, arranged by Sumitomo Mitsui Banking Corp.

Public Investment Fund: Private equity firm EWPartners, backed by the PIF, is seeking to close an $800 million Saudi Arabia-based fund backed by investors from the GCC and East Asia to invest in supply chains, logistics, and digital infrastructure, including data centers.

Maaden: Saudi Arabian Mining Company, a PIF company, has added 7.8 million ounces of gold reserves across four sites.

Aramco: Arabian Drilling Co. has secured three Saudi Aramco land rig contract extensions worth $373 million, adding 25 rig years to its backlog, with operations phased throughout the year.

↪↩ Closing Circuit

💰 UAE Partnership: First Abu Dhabi Bank announced a strategic collaboration agreement with U.S. asset manager T. Rowe Price to expand investment services across the Gulf.

🌐 Star Power: Sama X secured a license from Bahrain’s telecom regulator to launch SpaceX’s Starlink broadband services in the kingdom.

🚆 Global Loop: UAE-based BNW Developments has awarded a AED1 billion ($272 million) contract to China Railway Group subsidiary CREC4 for a prime Dubai project.

🗣 Circuit Chatter

📈 Lebanon Rally: Lebanese government bonds surged to their highest levels in almost five years on Monday amid growing hopes that a proposed banking law could unlock deposits and pave the way for debt restructuring.

💔 Deals Off: Somalia’s government annulled all agreements with the UAE, including port and security deals.

🛢️ Last Chance: Iraq will allow Russia’s Lukoil to retain its 75% stake in the West Qurna-2 oilfield for one year to either resume operations or sell its share, denying reports of nationalization.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed attended the opening ceremony of Abu Dhabi Sustainability Week at the Abu Dhabi National Exhibition Centre on Tuesday.

President Ferdinand R. Marcos Jr. of the Philippines arrived in the UAE late Monday evening for a one-day visit at the invitation of the UAE President.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister,  held a phone call on Monday with Dr. Fuad Mohammed Hussein, Deputy Prime Minister and Minister of Foreign Affairs of Iraq. Sheikh Abdullah also held a call with Anita Anand, Minister of Foreign Affairs of Canada.

Sheikh Hamdan bin Zayed, Ruler’s Representative in the Al Dhafra Region, reviewed the main strategic energy and water projects in the region during a meeting with a delegation from the Abu Dhabi Department of Energy, led by Dr. Abdulla Humaid Al Jarwan, Chairman of the Department.

Sheikh Theyab bin Mohamed, Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs, attended a reception hosted by Abdullah Ali Abdullah Al-Yahya, Minister of Foreign Affairs of Kuwait, for the marriage of his son Othman.

➿ On the Circuit

Dina Powell McCormick was named President and Vice Chairman of Meta, reporting to CEO Mark Zuckerberg. She was previously U.S. Deputy National Security Advisor, a senior executive at Goldman Sachs, and President and Vice Chair at BDT & MSD Partners.

Bandar Alkhorayef, Saudi Arabia’s Minister of Industry and Mineral Resources, met with several foreign officials ahead of the Future Minerals Forum, which starts today in Riyadh. The meetings included Brazil’s Minister of Mining and Energy Alexandre Silveira, Pakistan’s Minister of Petroleum Ali Pervaiz Malik, Nigeria’s Minister of Solid Minerals Development Dele Alake and Minister of Mines of the Democratic Republic of the Congo Louis Watum Kabamba.

Eric Trump, son of U.S. President Donald Trump and Executive Vice President of The Trump Organization, told Asharq Al-Awsat he expects that Saudi Arabia’s decision to open its stock market to foreign investors will attract billions of dollars in new capital.

Will Smith, the U.S actor, attended the Middle East premier of National Geographic’s “Pole to Pole with Will Smith” in Dubai on Monday.

Serena Sebastiani was appointed as new Group Chief Strategy and Venture Officer at Fuze, one of the Middle East and Turkey’s fastest-growing financial infrastructure providers.

🎶 Culture Circuit

🎻 Musical Awakening: A sweeter sound than the more commonly-heard squealing of racing car tires has been building over Abu Dhabi’s Yas Island in recent weeks. The UAE National Orchestra, a new 100-piece ensemble made up of musicians from 30 different countries, has been warming up in a warehouse at Yas Creative Hub for its debut public performance, The National reports. The orchestra’s opening show this Thursday at the Emirates Palace Auditorium will see it perform “The Beginning,” an Emirati Symphony commissioned from Lebanese composer Nadim Tarabay.

📷 Photo of the Day

Britain’s Rachel Stratton claimed first place in the Camel Trek Marathon’s 1,500-meter race at the Dubai Camel Racing Club on Sunday. (Emirates News Agency)

📅 Circuit Calendar

Jan. 11-15, Abu Dhabi. Abu Dhabi Sustainability Week. UAE leaders host corporate executives, policymakers and environmental groups to debate the future of renewable energy and climate change. ADNEC. 

Jan. 12-14, Dubai. Intersec. Billed as the world’s premier event for security, safety, and fire protection. Dubai World Trade Center.

Jan. 12-15, Dubai. Dubai International Project Management Forum. Bringing together global leaders, policymakers, and innovators to explore how collaboration, innovation, and sustainability can unite diverse communities. Madinat Jumeirah.

Jan. 13-15, Riyadh. Future Minerals Forum. The conference aims to hold conversations among governments, investors, and innovators to secure the minerals essential for a sustainable, tech-enabled future. King AbdelAziz International Conference Center.

Jan. 13-15, Abu Dhabi. World Future Energy Summit. The annual event brings in policymakers and industry leaders to discuss the challenges of working towards net zero. ADNEC. 

Jan. 18-21, Riyadh. Big5 Construct Saudi. Latest trends and opportunities among construction companies operating in KSA. Riyadh Front Exhibition & Conference Center located at ROSHN Front.

Jan. 20-21, Dubai. 2026 BAFT MENA Forum. The event brings the region’s senior executives, influencers and industry experts to explore the forces redefining MENA’s financial ecosystem. Embassy Suites by Hilton Dubai Business Bay.

Jan. 20-22, Abu Dhabi. UMEX 2026. The Unmanned Systems Exhibitions and Conference  showcases the latest advances in autonomous systems, robotics, artificial intelligence, and training simulation. ADNEC.

Jan.26-27, Riyadh. Super Return. A major private equity & venture capital conference held in Riyadh, Saudi Arabia.The Fairmont Hotel. 

Jan. 26-28, Riyadh. Saudi Franchise Expo. The exhibition brings local and international businesses that want to create franchising companies into the kingdom. The Arena Riyadh Venue for Exhibitions, Riyadh.

Jan. 26-30, Dubai. Gulf Food. The world’s largest food and beverage industry event. Dubai World Trade Centre & Dubai Exhibition Centre.

Jan.29, Dubai. The Great Marketing & Business Minds. In this 4th edition, the event brings the most influential marketing and business leaders for a deep dive into performance-driven marketing, data integration, and the evolving accountability of brand leadership. Pullman Dubai Downtown.

Feb 1-6, Dubai. Dubai Fashion Week. The event showcases the latest collections by global and regional designers and positions Dubai as a major creative hub on the global fashion calendar alongside fashion capitals like New York, London, Milan and Paris. Dubai Design District.

Feb. 1-4, Doha. Web Summit Qatar. Connecting a new generation of founders in the Middle East to investors, journalists and more around the world. Doha Exhibition and Convention Center.

Feb. 2-5, Doha. LNG2026. The 21st International Conference & Exhibition on Liquefied Natural Gas. Qatar National Convention Center. 

Feb. 3-5, Dubai. World Government Summit. Brings together heads of state, policy makers, top corporate executives to debate global priorities. Madinat Jumeirah. 

Feb. 4-5, Dubai. PropTech Connect Middle East. The Dubai Land Department will host the first regional edition of the real estate technology event. Grand Hyatt Dubai.

Feb. 10-11, Abu Dhabi. Top Advisors & Investors Summit. The event will convene the region’s foremost advisors, financiers, and investors in the UAE capital. TBC

Feb.12-13, Riyadh. PIF Private Sector Forum. The event, in its third edition, aims to support the Saudi Public Investment Fund’s Private Sector Engagement Strategic Initiative. King AbdelAziz International Conference Center.