Cooling Archives

The Daily Circuit: Etihad Rail eyes Africa + Oil drop curbs M&A

👋 Hello from the Middle East!

In the Daily Circuit today, we’re reporting on Mubadala’s acquisition of a 30% interest in Hong Kong’s Loscam International, ACWA Power’s $1.9 billion rights issue, UAE-based 7X’s delivery deal with Amazon and Morocco’s $355 million loan from the African Development Bank. But first, Aramco and ADNOC are cutting back on M&A.

The Gulf’s largest state-owned oil companies are adapting to lower crude prices in the foreseeable future by cutting back on multibillion-dollar acquisitions and selling assets.

Both Saudi Aramco, the world’s largest petroleum exporter, and Abu Dhabi-based ADNOC have slowed down their M&A activities as they assess what the 16% drop in oil prices this year will mean for their bottom lines, the Financial Times reports.

Over the past three years, Aramco and ADNOC have been the oil industry’s most active dealmakers, announcing more than $60 billion of acquisitions as the two giants expanded into gas, chemicals and lubricants.

With oil prices falling to $67 a barrel this week and analysts predicting continued oversupply in the market, both companies are looking at ways to cut spending and curbing their appetites for big acquisitions, the newspaper said.

Saudi Arabia’s Public Investment Fund, meanwhile, reported that net profit fell by more than half last year to about $7 billion, reflecting the impact of lower crude prices for the sovereign wealth fund, which owns a 16% stake in Aramco.

The PIF’s income from investment activities, however, gained 38% from the previous year, pushing the fund’s total assets under management above $1 trillion, second among Gulf sovereign wealth funds to the Abu Dhabi Investment Authority.

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

📰 Developing Stories

LAYING TRACKS

Etihad Rail could take a lead role in upgrading dilapidated railways in Africa, as the developer and operator of the UAE’s nascent national rail network eyes opportunities for overseas expansion. The company signed a host of initial cooperation agreements in May with governments in Uganda, Kenya, South Sudan and Chad, Arabian Gulf Business Insight reports. Chiefly, the UAE is being courted to provide a potential lifeline to Kenya’s Mombasa-Malaba standard gauge railway connection to Uganda, an ambitious project which stalled about 400 kilometers short of the border after China pulled back on lending. The railway will eventually continue on to South Sudan. Etihad Rail, established in 2009, successfully launched freight operations in the UAE in 2023, with passenger rail services expected to start next year.

FLIGHT PATH

The emirate of Ras Al Khaimah could become AirAsia’s new Gulf hub as the Malaysian budget airline looks to expand regional connectivity and tap into Europe-bound traffic, with RAK drawing attention due to its upcoming casino project. AirAsia CEO Tony Fernandes told radio station Dubai Eye that the airline is in talks with four cities, including one in Saudi Arabia, but has ruled out Dubai and Sharjah in favor of less congested airports. The expansion comes as AirAsia recovers from pandemic-era financial troubles and eyes a major push into Saudi Arabia, supported by a potential $100 million investment from the Public Investment Fund. Fernandes met with Gulf officials at the Paris Air Show, to discuss potential investments, the Financial Times reported on Sunday.

💲 Sovereign Circuit

Mubadala: Mubadala Investment Co. will acquire a 30% stake in Hong Kong–based Loscam International, a leading Asia-Pacific provider of sustainable pallet pooling and logistics solutions, joining existing shareholders including Trustar Capital, FountainVest, and Sinotrans.

Public Investment Fund: PIF-backed utility giant ACWA Power is raising $1.9 billion through a rights issue, advised by SNB Capital, J.P. Morgan, and Citigroup Saudi Arabia.

ADNOC: ADNOC Drilling has secured a five-year oilfield services contract from ADNOC Onshore worth up to $800 million.

↪↩ Closing Circuit

🐪 Desert Logistics: Abu Dhabi-listed developer Aldar has invested $144 million to acquire logistics assets in the Al Dhafra region.

💰 New Loan: The African Development Bank will grant Morocco $355 million to help the country stabilize its economy and create job opportunities.

☀️ Solar Power: Global South Utilities, a unit of Abu Dhabi’s Resources Investment, partnered with Madagascar’s energy ministry to build a 50MW solar plant with battery storage in Moramanga and plans further projects.

🟢 Green Light: Egypt approved a long-delayed $658 million phosphoric acid plant project with two Chinese firms, nearly six years after the initial agreement.

🛡️ Defense Deal: Israel’s Kinetica fund, launched by ex-intelligence and Air Force leaders with Mubadala-backed MizMaa Capital, is raising $150 million to invest in defense tech startups.

🗣 Circuit Chatter

🚁 Desert Ride: Dubai’s Roads and Transport Authority, in partnership with Joby Aviation, has completed a test flight of the Joby Aerial Taxi at a desert site in Dubai.

📧 Logistics Collab: UAE holding company 7X will work with Amazon UAE to enhance last-mile delivery using its logistics arm EMX’s dark stores as hyperlocal fulfillment hubs for faster, more sustainable service.

🤝 Trade Ties: The GCC and Japan launched the second round of negotiations for a free trade agreement this week.

📊 Hat Trick: Saudi Arabia’s market regulator approved three IPOs, two on the NOMU Parallel Market by AlRamz Real Estate and Abdulaziz Ahmad Altwijri Trading Company, both making second listing attempts, while the third IPO is yet to be announced.

💳 New Transaction: Publicly listed Omani bank Sohar International has launched Oman’s first fully integrated open banking platform, enabling better data access and faster, more efficient financial transactions for businesses.

📈 Market Reform: Syria will expand stock market trading to five days a week in July as part of a plan to modernize the Damascus Securities Exchange and boost investor activity.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed sent a message of condolences to Sheikh Meshal Al Sabah, Emir of Kuwait, on the passing of Sheikh Fahad Sabah Al-Nasser Al-Mubarak Al-Sabah. Sheikh Mohammed bin Rashid, UAE Vice President and Prime Minister and Ruler of Dubai, and Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, also dispatched messages of condolence.

Sheikh Mohammed bin Rashid reviewed a program on Monday to boost Emiratis’ economic, financial, and entrepreneurial skills, with the aim of ensuring every Emirati is financially stable.

Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, met H.D. Kumaraswamy, India’s Union Minister of Steel and Heavy Industries, at his palace in the city of Saqr bin Mohammed.

➿ On the Circuit

Zara Higgins has been appointed as the first female General Manager for business travel and event management firm ATPI in Saudi Arabia.

Saad bin Abdulrahman AlSadhanhas been appointed as the Chief Executive Officer of Zain KSA, the leading telecom and digital services provider in the kingdom

🎶 Culture Circuit

😎 Summer Loving: As the summer break officially starts this week across much of the Gulf, residents who aren’t jetting out to cooler climes may be finding themselves in want of indoor activities. Don’t sweat it, The National’s culture vulture Saeed Saeed says there’s still plenty to do. On his list: Embracing the early mornings, exploring libraries and lesser-known cultural spaces, hitting up theme parks and bagging a great deal on a staycation.

📷 Photo of the Day

Fans of Saudi soccer club Al Hilal celebrate during the FIFA Club World Cup 2025 round 16 match against Manchester City at Camping World Stadium in Orlando, Florida, on Monday. Hilal stunned commentators when they knocked out the defending champions during extra time in the seven-goal thriller. (Waleed Zein/Anadolu via Getty Images) — **Fans of Saudi soccer club Al Hilal celebrate during the FIFA Club World Cup 2025** round 16 match against Manchester City at Camping World Stadium in Orlando, Florida, on Monday. Al Hilal stunned commentators when it knocked out the defending champions during extra time in the seven-goal thriller. (Waleed Zein/Anadolu via Getty Images)

📅 Circuit Calendar

July 3. Riyadh, Fintech Revolution. Fintech leaders come together to discuss financial technology and investment opportunities. Radisson Blu Hotel & Convention Center.

July 3-5, Cairo. Lift City Expo. Showcasing the latest technology in the elevator industry. Cairo International Convention & Exhibition Center.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

July 15, Pittsburgh, Pennsylvania U.S. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace.

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.

Sept. 30-Oct. 2, Abu Dhabi. Global Rail and Transport Infrastructure Exhibition and Conference. A leading international event dedicated to the rail transport sector. ADNEC.

The Daily Circuit: Saudi FDI bounces back + PAL Cooling sold

👋 Hello from the Middle East!

In the Daily Circuit today, we’re reporting on the $1 billion acquisition of Abu Dhabi’s PAL Cooling, the Qatar Investment Authority’s new $200 million equity fund, Saudi Arabia’s deepening trade ties with Morocco and Mauritania, and a new Riyadh edition of the venerable Monopoly board game. But first, foreign investment in the Saudi economy is picking up.

Saudi Arabia appears to be rebounding from a slowdown in foreign investment that has strained government budgets and forced cuts in some of the kingdom’s most ambitious construction projects.

First-quarter figures released on Sunday showed that inflows of foreign direct investment reached $6.4 billion, a 24% jump from the same period in 2024 and the best start to a year since 2022.

Saudi Arabia has been prodding trade partners to invest more heavily in the kingdom amid low oil prices that have led to growing budget deficits.

Slowing FDI over the past three years is enabling the UAE to overtake Saudi Arabia this year in the value of awarded construction projects, Bloomberg reports, citing data provided by the Middle East Economic Digest.

Halfway through 2025, the UAE has approved an estimated $31 billion in contracts, compared to Saudi Arabia’s $20.6 billion. If the trend continues, it will be the first time the UAE comes out ahead in awarded contracts since 2018.

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

📰 Developing Stories

CAPITAL GROWTH

The population of Abu Dhabi has crossed 4 million, spurred on by strong economic growth and a large increase in professionals flocking to the UAE capital, The National reports. The emirate’s population has increased by more than 50% in the past decade, with a 7.5% surge last year alone, data from Abu Dhabi’s Statistics Centre shows. The number of professional roles increased by 6.4% in 2024, reflecting the city’s focus on building its non-oil economy by attracting financial and technology firms. The rapid growth has not come without its challenges, with pressure growing on the housing market and a demographic imbalance that means men make up 67% of the population. The population of Dubai is also expected to pass 4 million this year.

AVIATION REFORM

Egypt is preparing to open up the operations of 11 major airports to private investment, in a sweeping modernization of its aviation infrastructure aimed at helping it to attract 30 million tourists annually. Backed by the World Bank’s International Finance Corp. as strategic advisor, the plan aims to boost efficiency and service standards while keeping state ownership intact. Egyptian President Abdel Fattah Al-Sisi reviewed the strategy over the weekend, endorsing a timeline that begins with offering Hurghada airport on the Red Sea to the private sector by the end of 2025. The initiative is set to be finalized next summer.

💲 Sovereign Circuit

Multiply Group: CVC DIF, the Dutch infrastructure unit of private equity firm CVC, and UAE-based Tabreed have confirmed they will partner to acquire PAL Cooling Holding from Abu Dhabi’s Multiply Group in a deal valued at approximately $1 billion, including long-term concessions and nine district cooling plants.

Qatar Investment Authority: The Qatar Stock Exchange has welcomed the QIA’s $200 million partnership with Fiera Capital to launch the Fiera Qatar Equity Fund in an effort to boost market liquidity, increase free float and attract institutional capital in support of Qatar’s economic diversification.

G42: The UAE based artificial intelligence company has been named as one of Time Magazine’s top 100 influential companies for 2025.

↪↩ Closing Circuit

⚕️ Industrial Shift: Egypt has signed final contracts to begin construction on the $658 million Phosphoric Acid Complex Project in the Western Desert, marking a key step toward industrialising its mineral resources.

💲 Trade Deals: The UAE and China launched the Qingdao Overseas Integrated Service Centre at the China-Arab Business Forum to boost the $400 billion trade between China and the Arab world, alongside signing $5.9 billion worth of projects across key industries.

💰 Building Blocks: The Saudi Fund for Development has agreed to loan Tunisia $38 million to support rural development, as the North African nation continues to face debt challenges.

🚍 Heavy Duty: Kuwait’s Heavy Engineering Industries & Shipbuilding Co., Heisco, signed a credit facilities agreement with a local bank for up to $186 million to finance its new business activities.

🗣 Circuit Chatter

🏭 Output Boost: Egypt boosted output from the Zohr gas field by 60 million cubic feet per day after redrilling Zohr-6, and expects an additional 55 million cubic feet per day from the newly started Zohr-13 well, according to the petroleum ministry.

🛢️ Energy Venture: India’s state-owned Oil and Natural Gas Corporation is reportedly in talks with Saudi Arabia to jointly develop a greenfield coastal refinery in Gujarat’s Jamnagar district through a joint venture company.

🤝 Oil Diplomacy: Iraq sent a high-level delegation to Kurdistan to discuss resuming oil exports through Turkey via the Kirkuk-Ceyhan pipeline, amid fears of future regional tensions that could disrupt oil exports.

🪪 Visa Exempt: Saudi Arabia announced a one-time 30-day grace period, which started on June 26, allowing holders of expired visit visas to regularize their status and exit the kingdom without penalties.

💸 Investment Outreach: Saudi Arabia is deepening trade and investment ties with Africa as more than 30 top investors and officials, led by the Federation of Saudi Chambers, visit Mauritania and Morocco to explore opportunities.

🌍 Power Circuit

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, met Russia’s President Vladimir Putin on the sidelines of the Supreme Eurasian Economic Council meeting on Friday in Minsk, Belarus.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, chaired the BRICS Steering Committee meeting which was held through a video conference.Sheikh Maktoum bin Mohammed, UAE Minister of Finance and Deputy Prime Minister and First Deputy Ruler of Dubai, reviewed the Ministry of Finance’s 2024 annual report.

Sheikh Mansour bin Zayed, UAE Vice President, Chairman of Mubadala Investment Co. and owner of the U.K.’s Manchester City soccer team, is the subject of a profile in The New York Times.

➿ On the Circuit

Dr. Ahmed Naser Al Raisi, the Emirati President of INTERPOL, was awarded China’s “Great Wall Medal – Gold Class,” during an official ceremony held in Beijing, attended by Wang Xiaohong, China’s State Councilor and Minister of Public Security.

Shadi Malak, CEO of Etihad Rail, met with Kuwait’s Minister of Public Works, Dr. Noura Al-Mishaan, to discuss enhancing railway cooperation among GCC countries, with the minister praising the UAE-Oman Hafeet Rail project as a model of Gulf integration.

Masayoshi Son, SoftBank Group CEO, said he wants the Japanese technology investment group to become the biggest platform provider for “artificial super intelligence” within the next decade, Reuters reports.

🎶 Culture Circuit

🎩 Own It All: Riyadh will soon have its own custom edition of the Monopoly board game, with featured landmarks from the Saudi capital including the King Abdullah Financial District, government ministries and top schools. The game, licensed by U.S. toymaker Hasbro and produced by KEAD Entertainment, will hit shelves in the kingdom in September. Monopoly, originally invented as a critique of capitalism and landlords, has ironically become the best-selling board game in history, generating billions in sales, spin-offs and licensing deals.

📷 Photo of the Day

Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed met Russian President Vladimir Putin on the sidelines of the Supreme Eurasian Economic Council meeting on Friday in Minsk, Belarus. (WAM) — **Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed** met Russian President Vladimir Putin on the sidelines of the Supreme Eurasian Economic Council meeting on Friday in Minsk, Belarus. (WAM)

📅 Circuit Calendar

July 3. Riyadh, Fintech Revolution. Fintech leaders come together to discuss financial technology and investment opportunities. Radisson Blu Hotel & Convention Center.

July 3-5, Cairo. Lift City Expo. Showcasing the latest technology in the elevator industry. Cairo International Convention & Exhibition Center.

July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.

Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.

Aug. 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace.

Aug. 30-Sept. 7, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.

Sept. 30-Oct. 2, Abu Dhabi. Global Rail and Transport Infrastructure Exhibition and Conference. A leading international event dedicated to the rail transport sector. ADNEC.

The Weekly Circuit: ADNOC to invest in U.S. gas industry + ADQ buys Aramex

In the Weekly Circuit today, we’re looking at ADQ’s build-up of a majority stake in the Aramex courier service, prospects for a $1 billion exit by IHC from Abu Dhabi-based PAL Cooling, Oman’s interest in funding U.S. biotech and new questions over Neom’s ambitious construction plans. But first, the UAE is planning major energy investments in America.

Dr. Sultan Al Jaber, CEO of the UAE’s national energy company ADNOC, says the firm’s XRG investment arm is getting ready to put significant funds into the U.S. natural gas industry.

In a keynote address to S&P Global’s CERAWeek conference in Houston, Tex., on Tuesday, Al Jaber lauded the policies of U.S. President Donald Trump and called for a pragmatic approach to balancing the use of fossil fuels with the introduction of sustainable energy sources.

“Investing in the United States through XRG is not a priority; it’s an absolute imperative,” Al Jaber said. “It is time to make energy great again.”

The ADNOC chief, who is also Chairman of Abu Dhabi’s Masdar sustainable energy company and UAE Minister of Industry and Advanced Technology, served as President of the U.N.’s COP28 climate change conference when it took place in Dubai two years ago. XRG’s investments in the U.S. will spread across the natural gas supply chain, from exploration and development through distribution, seeking to create a one-stop shop for natural gas, Al Jaber said.

While in Houston, Al Jaber held meetings with a range of industry leaders, including Chevron CEO Mike Wirth, ExxonMobil CEO Darren Woods, TotalEnergies CEO Patrick Pouyanne, BP CEO Murray Auchincloss and Petronas CEO Tengku Taufik.

The mood at the annual energy summit was described as celebratory by the Washington Post as industry leaders listened to U.S. Energy Secretary Chris Wright outlining a new manifesto. “The Trump administration will end the Biden administration’s irrational, quasi-religious policies on climate change that have imposed endless sacrifices on our citizens,” Wright said.

At breakfast presentations and corporate-sponsored receptions, oil executives promoted plans for building more fossil-fuel infrastructure, arguing that advocates for cleaner energy need to recognize that petroleum is essential to meet growing U.S. demand for power.

“We can all feel the winds of history in the sails of our businesses again,” Saudi Aramco CEO Amin Nasser said in an address calling on the industry to invest more in fossil fuels and not expect green hydrogen and other new sustainable energy sources to fill global needs. “There is more chance of Elvis speaking next than the current plan working,” Nasser said.

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

payout plunge

Aramco cuts dividend as Saudi budget pressures mount

Neom plans to host the Asian Winter Games in 2029 at its under-construction Trojena ski resort (Getty Images)

Questions continue to pile up about whether Saudi Arabia’s massive Neom development can come close to fulfilling its cosmic ambitions, The Circuit’s Jonathan Ferziger reports.

A recent tip-off to problems plaguing the sprawling project was a celebrity-packed launch party in October on Neom’s Sindalah resort island, where, according to The Wall Street Journal, Crown Prince Mohammed bin Salman was a surprise no-show.

Three years late, with more than $2 billion in cost overruns, what was supposed to be Neom’s glittering early showpiece was more an active construction site – with Sindalah’s hotels unfinished and high winds disrupting ferries and golf tee-offs, the Journal recounts. Weeks later, Neom CEO Nadhmi al-Nasr was out of a job.

Click here to read the full story.

CHILLING OUT

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

Abbu Dhabi’s skyline across the Gulf waters (Getty Images)

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

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

PAL’S cooling technology involves pumping chilled water into buildings from centralized plants. Multiply went public more than three years ago and has investments in companies ranging from Getty Images to Rihanna’s lingerie company.

Click here to read the full story.

💲 Sovereign Circuit

ADQ: Abu Dhabi’s sovereign wealth fund acquired a majority stake in Dubai-based courier company Aramex, increasing its total holding to 58%.

Oman Investment Authority: The Omani sovereign wealth fund participated in a $140 million Series B funding round for Tidal Vision, a U.S. biotech firm specializing in biopolymers sourced from crustaceans’ shells.

Public Investment Fund: PIF-owned ACWA Power launched an Innovation Center in Shanghai to drive research in renewables, energy storage, and desalination within China’s green energy sector.

Mubadala: Mubadala has completed the sale of its indirect stake in Calisen, aU.K. provider of smart metres and small-scale energy transition infrastructure assets, marking the end of a four-year investment cycle that supported the company’s growth.

↪↩ Closing Circuit

🌍 Cutting Carbon: Aramco Ventures led a $30 million funding round for U.S. climate tech startup Spiritus, in which Mitsubishi Heavy Industries and TDK Ventures also participated.

🚆 Marrakech Express: France approved an $846 million loan to Morocco for purchasing 18 high-speed trains as part of a financial deal signed during French President Emmanuel Macron’s October 2024 visit to Morocco.

🩺 Healthcare Fintech: UAE-based Klaim secured $10 million in Series A funding and an additional $16 million in financing to expand across the MENA region, accelerate insurance claim payments, and enhance cash flow for healthcare providers.

⚒️ Metal Exploration: Australia’s Zeus uranium company said it will team up with Ashgill Morocco to acquire the Casablanca Antimony Project, which is searching for antimony, a rare metallic element used by the military, automakers and solar photovoltaic industries.

💰 AI Fund: Italy’s Synapsia signed a $2.5 billion deal with UAE’s Bold Technologies to provide AI-powered city management for Abu Dhabi, tackling transport, parking, and disaster response, Reuters reports.

🗣 Circuit Chatter

🧑🏾‍🌾 Agri Interest: Saudi Agricultural and Livestock Investment Company and Solaris Commodities, an independent commodity trader headquartered in Dubai, are interested in buying a stake in Brazilian-listed grain trader Agribrasil, Reuters reports.

🙆🏻‍♀️ Immigrant Magnet: Dubai’s success in attracting skilled immigrants from Africa and offering them well-paid jobs is an example other nations should consider following, columnist Lydia Polgreen writes in The New York Times.

₿ Crypto Scams: Dubai’s booming crypto industry and loose legal frameworks have made the emirate a leading center for digital currency scams, Bloomberg says in a TV report.

📽️ Show Time: Movie ticket sales in Saudi Arabia stagnated in 2024, deflating hopes that a series of domestic productions would fill seats and provide more funds for the country’s nascent film industry, the Financial Times reports.

🛍️ Time Out: Deutsche Bank has increased parental leave in its Middle East and Africa offices, offering primary caregivers up to 26 weeks of paid leave, two weeks for paternal leave, and paid leave for miscarriage, Reuters reports.

🌍 Power Circuit

Saudi Crown Prince Mohammed bin Salman held meetings this week with Ukrainian President Volodymyr Zelensky and U.S. Secretary of State Marco Rubio while they were in the kingdom to discuss ceasefire negotiations with Russia.

UAE President Sheikh Mohamed bin Zayed hosted a meeting with Somali President Hassan Sheikh Mohamud at Al Bateen Palace on Monday. Also joining the meeting were Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court; and Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Deputy Prime Minister and Minister of Defense.

Sheikh Mohammed bin Rashid, UAE Prime Minister and Ruler of Dubai, approved a strategy to boost foreign investment to $65 billion by 2031 and raise the nation’s investment stock to $600 billion.

Qatar Prime Minister Mohammed bin Abdulrahman Al Thani said in an interview with U.S. media personality Tucker Carlson that gas has proven to be the country’s most reliable source of energy, adding that he is unsure if the world will be able to achieve the U.N. goal of net zero emissions. “We understand the danger of climate, but that doesn’t mean we need to shoot ourselves in the foot,” he said.

Prince Feisal Al Hussein of Jordan, the younger brother of King Abdullah, told The National in an interview that he is the best one among seven candidates to lead the International Olympic Committee when it picks a new president March 20.

➿ On the Circuit

Dr. Thani Bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, said trade between the UAE and the Central African Republic should cross $1 billion following the free trade agreement signed last week.

Mustafa Suleyman, the CEO of Microsoft’s AI division, is making slow progress in the tech giant’s efforts to reduce its reliance on Sam Altman’s OpenAI, in which it has invested more than $13 billion, The Information reports.

Billy Thalheimer, co-founder and CEO of Regent, a maker of electric seaglider vehicles, told The National that the company will create more than 1,000 high-tech jobs in Abu Dhabi over the next decade with its fleet of taxi ferries.

Ali Jaber, CEO of GJ Properties, told Zawya the company will launch eight new developments in the medium-to-high-end luxury segment across Dubai and Ajman.

Jana Suliman Al Rifi, a Saudi Electrical Engineering Student and the youngest project director at Neom, addressed the opening of the sixty-ninth session of the Commission on the Status of Women.

🎶 Culture Circuit

🚣 Dinner with a View: For Dubai’s busy abra captains, who ferry passengers across Dubai Creek in the traditional boats 24 hours a day, Ramadan brings a brief change of routine, The National reports. For Iftar, captains often moor up together on the quayside to break their fast with a simple meal and good company. “If you can share it with a friend … it can be beautiful,” Toseef, from Pakistan, told the newspaper.

📷 Photo of the Week

Ukrainian President Volodymyr Zelensky met with Saudi Arabia’s Crown Prince Mohammed bin Salman in Jeddah on Monday night. (Getty Images)

🗓️ Ahead on The Circuit

March 1-30, Abu Dhabi. Ramadan and Eid exhibition. The exhibition will showcase companies displaying an array of fashion, accessories, perfumes and other gifts. ADNEC.

March 1-19, Dubai. Nad El Sheba Sports Tournament. Organized by the Dubai Sports Council, NAS Sports Tournament is the biggest event of its kind and takes place every year during Ramadan. Nad Al Sheba Sports Complex.

March 6-23, Dubai. Ramadan Food Festival. The free festival features a curated selection of restaurants across five zones. Sheikh Hamdan Colony, Karama.

March 10-14, Houston, Texas: S&P Global CERAWeek. Gathering of top energy industry executives from around the world. Hilton Americas-Houston.

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

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

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

April 11-13, Sakhir, Bahrain. F1 Gulf Air Bahrain Grand Prix. Formula 1 racing returns to the Gulf island state. Bahrain International Circuit.

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

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

April 15-17, Dubai. Abu Dhabi Global Health Week. A critical worldwide forum dedicated to shaping the future of health. ADNEC.

April 16-17, Dubai. FastBull Finance Summit Dubai. Focused on the depth and breadth of global finance, emphasizing areas such as forex and blockchain financial technology. Coca-Cola Arena.

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

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

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

April 21-25, Dubai. Dubai AI Festival. Bringing together the brightest minds to explore and expand the commercial and economic possibilities of AI technology.” Madinat Jumeirah.

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

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