Aramco raises $5B on London bond market amid oil price slide

Saudi Aramco is going to the debt market again amid a slide in oil prices that has chopped the cost of the industry’s benchmark Brent crude almost in half over the past three years.

Aramco, the world’s largest oil company, said on Monday that it raised $5 billion in a London bond sale that was the U.K.’s largest this year and followed the sale of Islamic bonds a year ago that raised $6 billion.

The record borrowing should enable the state-owned oil colossus to continue generating the level of funding that the kingdom has been counting on to finance its drive to diversify the economy. 

The price of Brent crude has fallen 20% this year and 45% since June 2022. It was trading at $62 a barrel this morning.

Saudi Crown Prince Mohammed bin Salman has put the country on an expensive course of investing in massive infrastructure projects such as the $1 trillion-dollar Neom development, while  deepening its interests in a variety of industries including minerals, electric vehicles and sports.

At the same time, Saudi Arabia has tightened its dominance over OPEC+, pushing through a significant increase in production across the bloc of oil producers despite opposition from other powerful members such as Russia, Oman and Algeria, Bloomberg reports.

UAE welcomes Trump amid anticipation of AI chip deals with U.S.

In the final leg of his tour through the Gulf’s royal palaces, U.S. President Donald Trump landed in Abu Dhabi on Thursday as G42 and other UAE tech firms awaited a green light for billions of dollars in advanced chip deals.

UAE President Sheikh Mohamed bin Zayed greeted the U.S. leader at Abu Dhabi’s exclusive Presidential Terminal after a brief flight on Air Force One from neighboring Qatar. Also on hand to welcome Trump were the President’s brothers, Vice President and National Security Adviser Sheikh Tahnoon bin Zayed, who is Chairman of G42, and Foreign Minister Abdullah bin Zayed.

Earlier in the day, Qatar hosted a business conference with Trump in the capital city of Doha and the president talked talked to U.S. soldiers at the Al Udeid U.S. Air Base, which has been an anchor for America’s security alliance in the Gulf.

The U.S. leader woke up in Doha after Emir Sheikh Tamim hosted a lavish state dinner at Lusail Palace on Wednesday night. On Trump’s arrival in Qatar, his motorcade passed sword dancers, parading camels and a royal honor guard mounted on Arabian stallions.

Today’s visit to the UAE is the last stop in his regional tour, which started on Tuesday when he landed in Riyadh and wraps up with Friday’s return to Washington.

Trump and close adviser Elon Musk spent two days in Saudi Arabia, hosted by Crown Prince Mohammed bin Salman and holding chats with corporate leaders from such powerhouses as Aramco, the Public Investment Fund, Nvidia, OpenAI, BlackRock and Citigroup.

In Abu Dhabi, where main roads are decked out with neon signs welcoming Trump, the president was expected to announce a preliminary agreement to let the UAE import 500,000 of Nvidia’s most advanced AI chips per year, starting in 2025, boosting the Emirates’ construction of data centers required for the highest level of AI development, Reuters reports.

Twenty percent of the chips will be allocated to UAE tech firm G42, and the remainder will be allocated to U.S. companies like Microsoft and Oracle that are building data centers in the UAE. The deal could potentially extend through 2027 or even 2030, according to the news agency.

The White House said Trump secured deals totaling more than $243 billion with Qatar after leaders from the Gulf peninsula state pledged some $1.2 trillion in American investment. The UAE has committed to investing $1.4 trillion in the U.S. over the next 10 years, while Saudi Arabia said it hopes to reach $1 trillion during Trump’s four-year term.

Among the largest deals was Qatar’s $96 billion plan to acquire as many as 210 Boeing 787 Dreamliner and 777X aircraft. The U.S. and Qatari governments also signed off on a $1 billion agreement for Raytheon to provide counter-drone capabilities to Qatar. General Atomics also secured a nearly $2 billion agreement for Qatar to acquire MQ-9B drones.

Qatar’s Prime Minister Sheikh Mohammed bin Abdulrahman, meanwhile, defended his country’s offer to Trump of a luxury jet to replace the 40-year-old Air Force One, telling CNN it was not an influence-buying effort.

“It is government to government. The transaction has nothing to do with personnel, whether it’s on the U.S. side or on the Qatari side,” he said, adding that Qatar is ready to withdraw the plan if it’s found to be illegal.

MBS tells Trump in Riyadh he’ll try to invest $1 trillion in U.S.

Saudi Crown Prince Mohammed bin Salman told President Donald Trump and a solid portion of the world’s business elite on Tuesday that he hopes to fulfill his pledge to invest $600 billion in the U.S. and might even hit the $1 trillion mark sought by the White House.

In turn, Trump praised MBS as a visionary leader and hailed the U.S.-Saudi alliance as a profitable enterprise for both sides as the two spoke at a business conference in Riyadh and the president kicked off a four-day swing through the Gulf that will also take him to Qatar and the UAE.

“Today we hope for investment opportunities worth $600 billion, including deals worth $300 billion that were signed during this forum,” the Saudi leader said in a speech at the capital city’s King Abdulaziz International Conference Center. “We will work in the coming months on the second phase to complete deals and raise it to $1 trillion,” he said.

A good chunk of that commitment will come from an agreement to sell Saudi Arabia an arms package worth nearly $142 billion, which the White House called “the largest defense cooperation agreement” that the U.S. has ever signed.

Trump beamed as he followed MBS onstage to address an audience that included Tesla founder Elon Musk, Nvidia CEO Jensen Huang, BlackRock CEO Larry Fink, Aramco CEO Amin Nasser, Saudi Public Investment Fund Governor Yasir Al-Rumayyan and hundreds of other corporate leaders, investors and government officials from the two countries.

The President thanked MBS for setting the $1 trillion goal and talked for close to an hour about his affection for the kingdom, ticking off several of the deals signed by the two countries during the day.

“So, number one, I like visiting with you, and we’ve known each other very well, and I really believe we like each other a lot and, number two, for the United States, we’ve brought tremendous investment in and tremendous jobs, and we continue to service your great country very well,” Trump said.

The U.S. leader also said he maintains a “fervent hope” that Saudi Arabia will join the Abraham Accords to normalize relations with Israel, as the UAE, Bahrain and Morocco did in 2020, though he added, “you’ll do it in your own time.”

Earlier in the day, the Saudi Crown Prince took the unusual step of greeting Trump in person when the president landed on a flight from Washington at King Khalid International Airport outside Riyadh.

Unlike former President Joe Biden’s tense visit and cautious fist bump in 2022, MBS stood on the tarmac and patiently watched Trump descend from Air Force One onto a royal purple carpet. The two shook hands and Trump gave the prince a warm shoulder tap before they strode together to the waiting motorcade.

The greeting underlined the intentions on both sides to make Trump’s first regional trip in his second term a public success and broadcast the closeness of the U.S.-Saudi alliance.

Inside the Al-Yamamah Palace where a lavish reception and lunch were held, both leaders were accompanied by top Cabinet ministers and a roster of business leaders, with Trump’s entourage including Musk and OpenAI’s Sam Altman.

Conversations at the Saudi-U.S. Investment Forum – held at the same site beside the marble-lined Ritz-Carlton Hotel as the annual Future Investment Initiative conference – were focused on concrete dealmaking and illustrated the seriousness in both countries to make the most of the rare event, said Tally Zingher, Managing Director of the U.S.-headquartered boutique advisory firm Blue Laurel.

“Being here allows me to listen and observe firsthand how the Saudis are articulating their priorities and how those priorities have already manifested into concrete opportunities for U.S. companies,” Zingher told The Circuit.

Among the headliners addressing the conference were Khalid Bin Abdulaziz Al-Falih, Minister of Investment; Mohammed Al-Jadaan, Minister of Finance; Prince Abdulaziz bin Salman, Minister of Energy; Bandar Alkhorayef, Minister of Industry and Minerals and Faisal Alibrahim, Minister of Economy & Planning.

The U.S. delegation was headed by Scott Bessent, Secretary of the Treasury; Howard Lutnick, U.S. Secretary of Commerce; and David Sacks, the White House Special Advisor on AI and Crypto.

From the Saudi business world, the conference featured Muhammad Al Jasser, Chairman, Islamic Development Bank; Nabeel Koshak, CEO of Saudi Venture Capital; Marc Winterhoff, Interim CEO of Lucid; John Pagano, Group CEO of Red Sea Global; Mohammad Abunayyan, Chairman of ACWA Power; Tony Douglas, CEO of Riyadh Air and Jerry Inzerillo, Group CEO of Diriyah Co.

U.S. financiers at the forum included Citigroup’s Jane Fraser, Franklin Templeton’s Jenny Johnson, Blackstone’s Stephen Schwarzman and Bridgewater’s Ray Dalio, LionTree’s Aryeh Bourkoff and BDT & MSD Partners’ Dina Powell McCormick.

From the U.S. tech industry, Palantir’s Alex Karp joined the forum as well as Alphabet/Google’s Ruth Porat, Amazon’s Andy Jassy, IBM’s Arvind Krishna and Qualcomm’s Cristiano Amon.

With planemakers and defense contractors set to reap billions in Saudi deals, the conference featured Boeing’s Kelly Ortberg, Lockheed Martin’s Michael Williamson, Honeywell’s Ken West and Halliburton’s Jeff Miller.

Among other speakers at the summit, Miami Mayor Francis Suarez is a perennial fixture at the FII conference and hosted a spinoff conference in his city last February, where Trump spoke. Also appearing was Gianni Infantino, President of world soccer’s governing FIFA organization, after Saudi Arabia was picked to host the 2034 World Cup.

Aramco income drops, dividends cut amid oil market uncertainty

Saudi energy giant Aramco reported a drop in first-quarter net income to $26 billion, falling short of market expectations and cutting into a key source of funds for Saudi Arabia’s budget amid an uncertain outlook for oil prices.

The drop led to a $10 billion reduction in its total dividend to $21.4 billion, down from $31 billion in the previous quarter.

The lower dividend will put further pressure on Saudi Arabia’s budget as the kingdom ramps up spending to diversify its economy beyond oil, The Financial Times reports.

Despite the earnings dip, Aramco’s performance was better than many of its peers, including BP, which halved its first-quarter profit, and Shell, which saw its first quarter profit fall by 28%.

The Daily Circuit: Gulf gets set for Trump + Flynas IPO sellout

👋 Hello from the Middle East!

In the Daily Circuit today, we’re reporting on a sellout for Saudi Arabia’s Flynas IPO, the Kuwait Investment Authority’s $500 million commitment to a Chinese EV battery manufacturer, Aramco’s drop in first-quarter profit and a possible public offering of Omani gas assets. But first, Gulf rulers get set for a busy week of Trump administration dealmaking.

U.S. President Donald Trump departs today for a Middle East tour that will take him to the glittering palaces of Saudi Arabia, Qatar and the UAE, with the stated mission of generating trillions of dollars in business for American companies.

After he arrives in Riyadh on Tuesday, the President will meet with Crown Prince Mohammed bin Salman, who pledged in January to invest $600 billion in the U.S. over the next four years.

Trump countered that Saudi Arabia should be good for at least $1 trillion, a figure that could be unrealistic given the kingdom’s falling oil revenue and budget shortfalls.

On the sidelines of the palace meeting, Saudi Arabia’s Public Investment Fund is convening a Saudi-U.S. Investment Forum that promises to bring more than 1,000 corporate executives, bankers and investors to the capital for a daylong conference modeled on the annual Future Investment Initiative conference.

The U.S. leader is also due to meet the rulers of all six Gulf states together on Wednesday for a summit hosted by Saudi King Salman bin Abdulaziz.

When Trump arrives in Qatar the following day, he will make a decision on whether to accept a gift offered by the royal family of a Boeing 747-8 jumbo jet that would be converted into an upgraded version of the president’s Air Force One plane.

The trip concludes in Abu Dhabi, where Trump will meet with UAE President Sheikh Mohamed bin Zayed, along with his Cabinet ministers and prominent business figures, and work out details of the government’s pledge to invest $1.4 trillion in the U.S. over the coming decade.

Welcome to the Daily Circuit. Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected]. 

📷 Photo of the Day

The Daily Circuit: Gulf tapped by Trump tariffs + Aramco’s Japanese drones

👋 Hello from the Middle East!

In the Daily Circuit today, we’re looking at Aramco’s Japanese drone deal, power cuts in Kuwait, tourists to Saudi Arabia spending a record $41 billion, and the UAE’s free-trade pacts in Africa and Central America. But first, the impact of Trump’s trade tariffs was relatively light in the Gulf.

The threat of a global trade war set off by U.S. President Donald Trump’s sweeping imposition of import tariffs is leaving Gulf countries on the sidelines.

At the lowest end of the levies that Trump announced on Wednesday are Saudi Arabia, the UAE and other GCC states, which will pay 10% tariffs on goods shipped to the U.S.  – similar to what is imposed on American goods in the region.

“That means they do it to us and we do it to them,” Trump said at a White House ceremony announcing the tariffs. “Very simple.”

Other countries in the MENA region that were hit with reciprocal tariffs were Egypt and Morocco at 10%, Israel at 17%, Jordan at 20% and Tunisia at 28%.

Global financial markets were hit by a broad selloff after Trump’s announcement, with U.S. equity futures slumping as much as 4%, Bloomberg reports.

Oil prices fell by as much as 3% on worries that trade tensions could curtail economic growth and limit fuel demand.

Welcome to the Daily Circuit. Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].

As Saudi Arabia prepares to host more than 2 million Muslims making the Hajj pilgrimage to Mecca in June, the government says non-religious tourism now accounts for the majority of international visitors. Six years after introducing an e-visa and jazzing up its marketing efforts to attract foreign tourists, the kingdom’s efforts and billions of dollars in investment are paying off, Arab News reports. Inbound tourism spending surged to a record $41 billion in 2024 – 14% more than the previous year. The number of international visitors to Saudi Arabia jumped 9.5% last year, reaching a record 30 million.

UNLOCKING TRADE

The UAE expects to make deeper inroads into Africa and Central America as new free-trade pacts with Mauritius and Costa Rica take effect. The Comprehensive Economic Partnership Agreements signed last year became effective on Wednesday, cutting tariffs and simplifying regulations between the UAE and the two countries. The deals are aimed at “unlocking a range of opportunities for our private sector and driving forward our shared goals, from enhancing food security to accelerating clean energy adoption,” Dr. Thani Al Zeyoudi, the UAE Minister of State for Foreign Trade, said in a statement. The two agreements mark the seventh and eighth in the UAE’s free-trade program to come into force, following deals with India, Israel, Turkey, Indonesia, Cambodia and Georgia. Another 19 CEPAs have been signed and are waiting to take effect.

 🎨 Corporate Culture: More UAE companies are building art collections, paralleling the government’s growing investment in cultural institutions, Arabian Gulf Business Insight reports. Among the large collectors is Mubadala Investment Co., which acquired South Korean-American artist Timothy Hyunsoo-Lee’s watercolor triptych titled, “Into the Minds of the Invisible” – part of the Abu Dhabi sovereign wealth fund’s growing investment in both regional and global artworks.

📷 Photo of the Day

Sheikh Hamdan bin Mohammed, the UAE Defense Minister and Crown Prince of Dubai, reviewed troops on Wednesday during a visit to the Reserve Forces Command base in Abu Dhabi.

Abu Dhabi’s Multiply eyes $1B divestment from PAL Cooling

Abu Dhabi’s Multiply Group may be getting ready to divest from its PAL Cooling unit, which keeps the UAE capital’s skyscrapers at tolerable temperatures under the Gulf’s sizzling sun.

The firm, a unit of Sheikh Tahnoon bin Zayed’s International Holding Co., could raise as much as $1 billion if it’s put up for sale, Bloomberg reports.

PAL’S cooling technology involves pumping chilled water into buildings from centralized plants.

Multiply is working with Standard Chartered on the sale, which is at an early stage and has drawn interest from both regional and international investors, the news agency said.

Multiply went public more than three years ago and has investments in companies ranging from Getty Images to Rihanna’s lingerie company.

The Weekly Circuit: Emirates spruces up + Aramco chops dividend

In the Weekly Circuit today, we’re looking at Aramco’s decision to cut its dividend payouts, the internal overhaul of First Abu Dhabi Bank, Qatar’s partnership with U.S. sports merchandiser Fanatics and the Trump $5 million golden visa. But first, Emirates is sprucing up its planes. 

Waiting impatiently on the Dubai tarmac for troubled Boeing to deliver its long-delayed 777X aircraft, Emirates plans to spend $5 billion on upgrading its current stock.

Emirates President Tim Clark outlined the UAE carrier’s 2025 growth plans on Wednesday and told reporters that refitting 220 planes was critical to maintaining the airline’s standing among the best in the industry.

“We have no choice,” Clark said, ticking off the names of competing airlines that are upgrading their fleets. He said Emirates is not optimistic about the Boeing 777X deliveries arriving as scheduled for this coming October.

While Boeing struggles, industry-leading Airbus is pushing for a closer relationship with the UAE, rolling out plans to manufacture components and establish a regional maintenance hub in Abu Dhabi for its A400M military transport aircraft.

Elsewhere in the Gulf, Qatar Airways is addressing renewed demand from Syria by increasing the frequency of flights to Damascus as the country emerges from more than a decade of civil war, Bloomberg reports.

Most airlines halted flights to the Syrian capital while violence flared across the country. Qatar Airways was the first national carrier to relaunch flights to Beirut after a cease fire was reached between Israel and Lebanon in November.

Welcome to the Weekly Circuit: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].

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Aramco cuts dividend as Saudi budget pressures mount

Aramco, the world’s largest oil company, is slashing dividend payouts in the face of Saudi Arabia’s growing budget troubles.

The company, which is majority-owned by the Saudi government, said it expects to declare total dividends of $85.4 billion this year, a nearly 30% drop from the $124 billion distributed to shareholders in 2024, The Circuit’s Omnia Al Desoukie reports.

Revenue from Aramco has long enabled the kingdom to contain its fiscal deficits, but cuts in production over the past two years have crimped the company’s oil sales.

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OPPORTUNITY KNOCKS

Trump’s golden visa stirs interest among Gulf’s wealthy investors

Every one of the six countries in the GCC offers its own golden visa program aimed at attracting high-net-worth foreigners to help bolster their economies.

Now Gulf investors themselves are looking into the $5 million “gold card” visa that U.S. President Donald Trump said would soon be introduced, Riyadh-based Arab News reports.

Among the attractions are America’s relative economic stability, greater access to markets in the U.S., and the prestige of residency there.

Click here to read the full article

💲 Sovereign Circuit

Public Investment Fund: PwC is working with the Saudi sovereign wealth fund to repair its relationship with the kingdom, Reuters reports. The kingdom suspended the awarding of new PIF contracts to the consulting firm through February 2026.

Qatar Investment Authority: Fanatics, the U.S. sports merchandising giant, signed a new five-year partnership deal with the Qatari sovereign wealth fund that will include sponsorship of the company’s flagship New York fan festival and the possibility of events in its Gulf home, Sportico reports.

Mubadala: Emerge, a joint venture between Mubadala-backed Abu Dhabi renewable energy company Masdar and France’s EDF Group, won a contract to install up to 3.4 megawatts peak (MWp) of rooftop solar panels for mall and hotel developer Alandalus Property Company across several sites in Saudi Arabia. Emerge will finance, design, build and maintain the panels under a 10-year agreement.

ADQ: PureHealth, an operator of hospitals and health clinics backed by the Abu Dhabi sovereign wealth fund, has teamed up with the Abu Dhabi Early Childhood Authority to support early intervention measures and expand holistic children’s health programs.

↪↩ Closing Circuit

💼 Qatar Hub: Global Infrastructure Partners, a U.S.-based investment firm owned by BlackRock, said it plans to open an office in Qatar that will serve as its hub in the MENA region.

🏦 Making Changes: First Abu Dhabi Bank CEO Hana Al Rostamani is conducting a broad internal reorganization as he seeks to position the lender as the Gulf’s top financial enterprise, Bloomberg reports.

🚗 Auto Saga: Egypt’s Ezz Elsewedy Automotive Factories started production of Malaysian automaker Proton’s Saga model at its new $50 million plant in the 6 October Industrial Zone.

⚽ Football Fans: Morocco is investing over $34 billion in infrastructure across nearly 35 cities to support its co-hosting of the 2030 FIFA World Cup with Spain and Portugal.🚜Upgrade Shop: Falcon plans to invest $100 million over five years to upgrade its Al Maktoum Airport facilities in Dubai and establish a new private jet terminal, enhancing its 13,705-sq-m maintenance, repair and overhaul facility at the Mohammed Bin Rashid Aerospace Hub.

🗣 Circuit Chatter

🛫 Delayed Takeoff: Etihad Airways will probably postpone its planned $1 billion IPO until at least April, Reuters reports. The share sale would be the first by a major Gulf airline in nearly two decades.

💸 Slippery Assets: Saudi Aramco is considering whether to bid for Castrol lubricant assets being sold by BP as it seeks to increase business in oil consuming countries, Bloomberg reports.

🌴 Courting Foreigners: Oman plans to establish a commercial court to resolve business disputes, in an attempt to attract more foreign investment.

🪆 Russian Ramble: Government tourism agencies in Russia are focusing on Saudi Arabia, Kuwait and the UAE as part of a bid to strengthen ties in the Gulf and promote the country as an attractive destination for Middle East travelers, Trade Arabia reports.

🚰 Water Maker: Kumulus, a Tunisian startup that uses machines to produce water from air condensation, is preparing for a new funding round in order to expand in Spain, France, Tunisia, Morocco and the Gulf region. It launched in Saudi Arabia in January.

🌍 Power Circuit

Sheikh Mohamed bin Zayed, President of the UAE and Ruler of Abu Dhabi, hosted an Iftar meal for rulers of all the country’s seven emirates on Tuesday. Joining him for Ramadan prayers and the feast were Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE, and Ruler of Dubai; Sheikh Dr. Sultan bin Muhammed Al Qasimi, Ruler of Sharjah; Sheikh Humaid bin Rashid Al Nuaimi, Ruler of Ajman; Sheikh Hamad bin Mohammed Al Sharqi, Ruler of Fujairah; Sheikh Saud bin Rashid Al Mu’alla, Ruler of Umm Al Qawain; and Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah. The gathering took place at the historic farm of the UAE’s Founding Father, the late Sheikh Zayed bin Sultan, in Al Khawaneej, Dubai.

Saudi Crown Prince Mohammed bin Salman received Lebanese President Joseph Aoun at Al-Yamamah Palace in Riyadh on Monday during a visit to Saudi Arabia focused on helping bail out the beleaguered country’s economy.

Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and UAE National Security Adviser, met with Josh Kushner, the founder and managing partner of Thrive Capital, in Abu Dhabi on Friday.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Holding, oversaw the signing of a $1.6 billion agreement between Dubai’s Roads and Transport Authority and Dubai Holding to enhance access to key developments.

➿ On the Circuit

Amin Nasser, CEO of Aramco, says the Saudi oil company has been using AI technology developed by China’s DeepSeek to improve the efficiency of its operations, and it’s “really making a big difference,” the Financial Times reports.

Saoud Al Riyami was appointed Acting Chief Executive Officer for mobile telecommunications company Ooredoo Oman, replacing outgoing CEO Bassam Al Ibrahim, whose term is ending. Al Riyami currently serves as Ooredoo Oman’s Chief Business and Wholesale Officer.

Dan Jarvis, U.K. Security Minister, told The National that the U.K. and UAE have joined forces to fight money laundering. Meanwhile, Emma Reynolds, the U.K.’s newly appointed Economic Secretary to the Treasury, told The National that the trade and investment ties with the UAE are growing, with a majority of the UK firms operating in the region choosing the UAE as their headquarters.

Faisal Saeed Al Mheiri was appointed Director General of the Federal Authority for Government Human Resources under a decree issued by UAE President Sheikh Mohamed bin Zayed.

Justin Burse was appointed as the U.S. Chief Compliance Officer for Dubai-based international financial advisory firm Hoxton Wealth. Prior to this position, he was the Acting Commissioner for the Kentucky Department of Financial Institutions.

🎶 Culture Circuit

🫏 Wild Horses: A rare species of onager has been returned to the Saudi Arabian wilderness a century after they last ran free in the kingdom. The Syrian wild donkey, one of six subspecies of onager, was wiped out by hunting, habitat loss and agriculture. Now a close relative of the equid, the Persian onager, has been introduced to the Prince Mohammed bin Salman Royal Reserve in the north-west, translocated from a reserve in Jordan. The herd of seven onagers recently welcomed a foal.

📷 Photo of the Week

🗓️ Ahead on The Circuit

March 3-6, Barcelona. MWC25 Barcelona. Hear from the big names in connectivity and the iconic thinkers of our time. Fira Gran Via.

March 5-8, Abu Dhabi. 2025 Forbes 30/50 Summit. This summit aims to connect multiple generations of women together.

March 17-19, Dubai. Dubai International Horse Fair. A gathering of the equestrian industry and horse lovers from around the world. Dubai World Trade Centre.

April 7-9, Abu Dhabi. AIMCongress 2025. An investment platform bringing together thought leaders, decision-makers and entrepreneurs. ADNEC.

April 7-9, Dubai. Middle East Energy. Bringing together international energy suppliers to discuss products and solutions. Dubai World Trade Centre.

April 13-15, Riyadh. Saudi Food Manufacturing. Back for a second year, the focus turns to logistics solutions, including advancements in AI-driven supply chains, robotics, and sustainable automation technologies. Riyadh Front Exhibition & Conference Centre.

April 14-16, Dubai. IPS Congress. The Middle East’s largest international property sales event. Dubai World Trade Centre.

April 17-19, Dubai. World Art Dubai. A four-day art fair featuring more than 10,000 artworks. Dubai World Trade Centre.

April 18-20, Abu Dhabi. Middle East Film and Comic Con 2025. The region’s largest pop culture festival returns for its 13th year. ADNEC.

April 21-23, Abu Dhabi. Electric Vehicle Innovation Summit 2025. The Middle East’s largest annual event dedicated to shaping the future of electric mobility. ADNEC.

April 29-30, Abu Dhabi. Digital Transformation Summit UAE 2025. In its 37th edition, the summit is expected to be attended by over 300 C-suite executives, directors, and technology leaders. Sheraton Abu Dhabi Hotel and Resorts.

April 30. May 1, Dubai. Token2049 Dubai. A global conference dedicated to the crypto and blockchain ecosystem. Madinat Jumeirah.

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Aramco cuts dividend as Saudi budget pressures mount

Aramco, the world’s largest oil company, is slashing dividend payouts in the face of Saudi Arabia’s growing budget troubles.

The company, which is majority-owned by the Saudi government, said it expects to declare total dividends of $85.4 billion this year, a nearly 30% drop from the $124 billion distributed to shareholders in 2024.

Revenue from Aramco has long enabled the kingdom to contain its fiscal deficits but cuts in production over the past two years have crimped the company’s oil sales.

Aramco said its net profit fell over 12% to $106.2 billion in 2024, blaming a decline in revenue and higher operating costs.

The company’s action will most likely also affect debt issuances by Saudi Arabia, whose nearly $15 billion in bond sales this year make it the biggest borrower in emerging markets, the news agency said.

Crude sales and Aramco’s large annual payouts are central to funding Crown Prince Mohammed bin Salman’s Vision 2030 economic overhaul plan. The level of the dividend’s distribution, however, has grown beyond the company’s earnings and dried up the $27 billion in net cash it had just over a year ago.

Aramco’s profit has declined year-on-year for seven consecutive quarters, and analysts are forecasting another drop in the fourth quarter. The company’s shares have declined 3% this year.

The Weekly Circuit:  Trump to address FII Miami summit + Aramco’s U.S. refinery

👋 Hello from the Middle East!

In the Weekly Circuit today, we’re looking at the parade of statesmen and tech executives who trekked to Dubai for the World Governments Summit, Aramco’s Motiva unit becoming the largest oil refinery in the U.S., UAE telecom e&’s Serbian acquisition, and an interview with Presight CEO Thomas Pramotedham. But first, the Saudi kingdom comes to Florida.

Saudi Arabia has lined up U.S. President Donald Trump to headline its annual FII Priority Summit in Miami, Fla. next week. 

The kingdom’s Future Investment Initiative Institute announced on Wednesday that Trump will speak at the conference’s opening session Feb. 19 at the Faena Hotel in Miami Beach. 

Among those also scheduled to participate in the three-day event are SoftBank’s Masayoshi Son, BlackRock’s Robert S. Kapito, Oracle’s Safra Catz, Point72’s Steven Cohen and Bridgewater’s Nir Bar Dea.

The Miami conference will take place in the wake of Saudi Crown Prince Mohammed bin Salman’s pledge last month to invest at least $600 billion in the U.S. over the next four years. Trump responded with thanks while suggesting that the kingdom raise its investment to $1 trillion.

Florida is a center of Trump family activities, with the Mar-a-Lago resort in Palm Beach serving as the President’s home between terms in the White House. Trump’ son-in-law Jared Kushner’s $4.6 billion private equity fund Affinity Partners, which is backed by sovereign wealth funds in Saudi Arabia, the UAE and Qatar, is based in Miami.

In Dubai, meanwhile, Oracle’s Larry Ellison and former U.K. Prime Minister Tony Blair teamed up at the World Governments Summit on Wednesday to examine the promise and threats of artificial intelligence.

Ellison, appearing virtually and responding to Blair who was onstage, said AI will be transformative for governments and a broad range of industries including medicine, agriculture and robotics, The Circuit’s Omnia Al Desoukie reports from the conference floor.

“Countries need to unify their data so it can be consumed and used by the AI model,” Ellison said, warning about the dangers of lax information security. “The digital tools we have right now are so primitive,” he said. “We can easily be locked out of all our data; passwords and data are so easily stolen and ransomed. We need to modernize our systems.”

As hosts of the annual conference, the UAE showed off its campaign to integrate AI into virtually all government services and corporate processes. UAE President Sheikh Mohamed bin Zayed caused a stir among the summit’s 6,000 participants on Day 2 when he entered the main hall at Dubai’s Madinat Jumeirah resort to join the proceedings.

Among foreign leaders in Dubai for the conference, Sheikh Mohamed met with Sheikh Ahmed Al-Ahmed Sabah; Prime Minister of Kuwait; Colombian President Gustavo Petro Orego; Polish President Andrzej Doda; and Masrour Barzani, Prime Minister of Iraq’s Kurdistan region.

Welcome to the Weekly Circuit: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].

circuit interview

Presight’s data analytics help UAE’s biggest companies conquer AI fear

As the UAE carves out a role in developing artificial intelligence tools with Microsoft, Google and OpenAI, Abu Dhabi-based Presight is harnessing big data analytics to help governments, energy producers and other industrial giants sharpen their performance.

The $3.5 billion company got off the ground less than three years ago as a subsidiary of G42, the UAE’s umbrella AI firm led by Sheikh Tahnoon bin Zayed’s Royal Group and backed by the Mubadala sovereign wealth fund, The Circuit’s Omnia Al Desoukie reports.

In an interview with The Circuit, Presight CEO Thomas Pramotedham, said the company aims to decipher AI for some of the largest state-owned enterprises in the UAE and elsewhere in the Middle East and Africa while breaking down hurdles to wider adoption.

Click here to read the full interview.

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THRILLS & SPILLS

Six Flags to build world’s biggest roller coaster in Saudi Arabia

Six Flags, the biggest amusement park operator in the U.S., plans to build the world’s tallest, longest and fastest roller coaster in the Saudi capital.

The North Carolina-based company signed an agreement on Monday to manage both a Six Flags amusement resort and the Aquarabia Water Theme Park in Riyadh’s Qiddya district, which is being developed with billions of dollars of investment as the kingdom’s entertainment mecca, The Circuit’s Jonathan Ferziger reports.

Aquarabia will include the world’s tallest water coaster, the tallest double-loop water slide and Surftopia, Saudi Arabia’s first surfing pool. The Falcon’s Flight roller coaster will dominate Six Flags Qiddiya City, alongside 27 other rides and attractions.

Click here to read the full story.

💲 Sovereign Circuit

Public Investment Fund: The PIF plans to support a $5 billion basketball competition in Europe and Asia aimed at rivaling the NBA. The tournament will feature six men’s and six women’s teams across eight cities. It’s expected to resemble the PIF-backed LIV golf series, which has drawn top players to its 14-event series across nine countries.

International Holding Co.: Abu Dhabi’s IHC reported a 22% decline in its 2024 net profit to $6.9 billion as the sovereign fund focused its resources on high-impact initiatives and building up its subsidiaries.

Saudi Aramco: Motiva Enterprises, an Aramco subsidiary, has quietly expanded its Port Arthur, Texas, refinery to become the largest fuelmaking plant in the U.S., Bloomberg reports.

G42: The Abu Dhabi-owned AI company and Microsoft led a $55 million Series A financing round for start-up AppliedAI, with participation from Bassemer Venture Partners, Palantir, McKinsey and Accrete Capital. 

↪↩ Closing Circuit

 🤖 Robo-Adviser: Madkhol Capital, a Saudi startup that uses artificial intelligence to offer “robo-advisory” services on investment, raised $2.2 million in a funding round co-led by Seize and Numu Angels.

👛  Money Manager: Khazna, a Cairo-based startup that helps people who are not wealthy manage their money through an app, raised $16 million in a financing round led by the SANAD Fund for MSME.

💶 African Finance: Beltone Holding, an Egyptian private equity firm, signed a share purchase agreement to acquire a majority stake in the Paris-based Baobab Group, which provides financial services in Africa.

📞 Telco Deal: UAE telecommunications company e& has agreed to acquire Serbia’s SBB, a broadband and cable TV operator, for $854 million, enabling integration with its subsidiary Yettel to offer mobile, broadband, and pay-TV services.

🗣 Circuit Chatter

🥤 Soft Drinks: Pepsico plans to open its new regional headquarters in Riyadh this month as part of the company’s expansion in the Middle East and North Africa, Ahmed ElSheikh, President and General Manager of PepsiCo MENA, told Arab News.

🚆 Auto Rail: Dubai plans to introduce a RailBus system powered by solar energy, with a maximum speed of 100 km/h and capacity for 40 passengers.

🌊 Blue Resident: The UAE Ministry of Climate Change and Environment and ICP launched the Blue Visa system’s first phase at the World Government Summit 2025 in Dubai, granting 10-year residency to 20 sustainability leaders.

⚡ Auto Pilot: FlyNow is preparing to roll out a modular system of flying taxis in Saudi Arabia, Co-Founder and Chief Operating Officer Yvonne Winter told the LEAP conference in Riyadh.

💂 London Calling: Middle Eastern investors will spend $2.5 billion on prime London commercial real estate this year amid lower market prices, broker Knight Frank reports.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed issued a federal decree granting Dr. Omar Habtoor Al Darei, Chairman of the General Authority of Islamic Affairs, Endowments and Zakat, the rank of Minister.

Sheikh Mohammed bin Rashid, UAE Vice President and Prime Minister and Ruler of Dubai, met with Andrzej Duda, President of Poland on Tuesday, on the sidelines of the first day of the World Governments Summit. Sheikh Mohammed also met Kuwait’s Prime Minister Sheikh Ahmad Al Abdullah Al Sabah on the sidelines of WGS.

Sheikh Abdullah bin Zayed, UAE Deputy Prime Minister and Minister of Foreign Affairs, met Greek Foreign Affairs Minister Georgios Gerapetritis in Abu Dhabi on Saturday to discuss ways for the countries to work together.

➿ On the Circuit

Khaldoon Al Mubarak, CEO of Mubadala; Yousef Al Otaiba, UAE Ambassador to the U.S.; and Shamma Al Mazrui, UAE Minister of Community Development, attended the inauguration for a new MBA program at the Stern School of Business at New York University Abu Dhabi.

Fahad Al Hassawi, CEO of Dubai telecoms operator du, told The National that the company is open to expanding its non-core portfolio outside the UAE. The company is looking to build momentum after posting a record profit in 2024.

Abdul Wahab Teffaha, the secretary general of the Arab Air Carriers Organisation, criticized the European Union at the Sustainable Aviation Futures Mena Congress in Abu Dhabi for its policy on cleaner aviation fuels, claiming that it could drive their costs up by more than a quarter over the next eight years.

Egypt’s Prime Minister Mostafa Madbouly met with Jassem Al Zaabi, Chairman of ADQ’s Modon Holding, and Bill O’Regan, the company’s Group CEO,, to discuss the master plan for Ras El-Hekma City on Egypt’s northwest coast.

Faisal Al Shimmari, Mashreq Bank’s head of ESG, told Arabian Gulf Business Insight in an interview that the UAE government needs to introduce incentives and subsidies to generate a “tsunami of sustainable finance.”

🎶 Culture Circuit

🖼️ Going, Going, Gone: Sotheby’s first commercial auction in Saudi Arabia on Saturday night fetched $17 million in sales, with key pieces landing over $1 million. The painting Society Woman by Fernando Botero sold for $1 million to Saudi Arabian businessman Amr Zedan, who said he will add it to a collection started with his wife. A Banksy piece fetched $1.2 million.

📷 Photo of the Week

🗓️ Ahead on The Circuit

Feb. 11-13, Dubai. World Government Summit 2025. Annual event brings in world leaders and business leaders from the region and outside to discuss the most pressing matters. Madinat Jumeirah.

Feb. 14-16, Munich Security Forum. Known as one of the world’s leading forums for debating international security policy. Hotel Bayerischer Hof.

Feb. 17-21, Abu Dhabi: IDEX 2025. Military contractors from around the world show their wares at one of the most prominent international defense exhibitions. ADNEC Center.

Feb. 17-21, Dubai. Gulf Food. In its 30th edition, the exhibition brings in many more companies to show their work on food and the industry’s use of technology. Dubai World Trade Center. 

Feb. 19-20, Dubai. IDC Middle East. Examining how to design AI-fueled businesses. Grand Hyatt Dubai.

Feb. 21-22, Doha. Visit Qatar E1 Doha GP 2025. Round Two of the UIM E1 World Championship presented by PIF. The Pearl Island, Qatar.

Feb. 18-19, Abu Dhabi. The Future of Asset Management Middle East. A two-day conference that gathers leading executives from top asset management companies in the Middle East region. The Ritz-Carlton, Grand Canal.

 Feb. 22-23, Miami, Fla. FII Priority. Saudi Arabia’s Future Investment Initiative connects U.S. and Middle Eastern investors. Faena Hotel & Forum, Miami Beach.

Feb. 25, Dubai. Family Office Summit 2025. Global fund leaders managing $1 trillion in assets will meet under the theme, “Taking Money Out of Cash.” Ritz Carlton Jumeirah Beach.

Feb.25-March 1, Dubai. WCA World 2025. The conference brings together some of the world’s biggest independent freight forwarders. Dubai World Trade Centre.

Feb. 26-27, Abu Dhabi. Investopia 2025. The fourth edition of the summit, to be held under the theme “Leveraging the Power of Massive Investments.” St. Regis Saadiyat Island Resort, Abu Dhabi.

March 17-19, Dubai. Dubai International Horse Fair. A gathering of the equestrian industry and horse lovers from around the world. Dubai World Trade Centre.

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