The Daily Circuit: Saudi Arabia’s big reshuffle + DP World replaces CEO

In today’s Daily Circuit, we’re reporting on Abu Dhabi tech investor MGX co-leading a $30 billion funding round for AI firm Anthropic, the Qatar Investment Authority backing a company building humanoid robots, DP World replacing CEO Sultan bin Sulayem, and WeRide and Uber extending robotaxi services to downtown Abu Dhabi. But first, shifting power structures in Riyadh. 

Saudi Arabia performed a sweeping reshuffle on Thursday evening, replacing more than 40 senior and regional government positions, as the kingdom continues to overhaul its financial priorities in light of falling oil revenues.

Leading the changes was the removal of Investment Minister Khalid Al Falih, one of the most recognizable faces of the Kingdom’s Vision 2030 plan and a former Energy Minister and Chairman of Saudi Aramco. 

Al Falih, who has held the role since 2020 and was a regular on the global conference circuit, has been replaced by Fahad Al Saif, a senior executive at the Public Investment Fund. Al Falih will remain in the cabinet and serve as a Minister of State.

Dozens more appointments were made in the kingdom’s biggest reshuffle since 2022, including Dr. Khalid Al Yousef, the president of the Board of Grievances, being promoted to the role of Attorney General. He replaced Sheikh Saud Al Muajab, who joined the royal court as an advisor with the rank of minister. 

Royal watchers were quick to point to the appointment of Prince Rakan bin Salman, Crown Prince Mohammed bin Salman’s youngest full brother, as the Governor of Diriyah, an area considered the crown jewel of the kingdom and the birthplace of the Saudi state. 

Other regional changes included Prince Saud bin Nahar moving from Taif Governor to Medina Deputy Governor, with Prince Fawwaz bin Sultan taking over Taif, and Prince Mohammed bin Abdullah being named Northern Borders Deputy Governor.

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

📰 Developing Stories

Abu Dhabi tech investor MGX co-led a $30 billion funding round in U.S. firm Anthropic, the maker of the Claude AI chatbot. The deal, led by Singapore’s sovereign wealth fund GIC and Coatue Management, roughly doubled Anthropic’s valuation to $380 billion. Anthropic, founded in 2021, has rapidly grown its revenue run rate to $14 billion, focusing on safer AI applications for sectors like finance, healthcare, and software. MGX, which was set up less than two years ago with support from Mubadala and tech conglomerate G42, has been expanding its U.S. tech footprint, including stakes in OpenAI and Elon Musk’s xAI, and participation in a $40 billion acquisition of Aligned Data Centres.

The Qatar Investment Authority has backed a Tesla Optimus rival that plans to sell humanoid robots for the price of a car. Austin, Texas-based Apptronik raised $520 million in a round backed by investors including Google, Mercedes-Benz and the QIA, valuing the company at about $5 billion. Apptronik plans to use the new funds to speed up production of its Apollo robot and expand its global pilot programs and commercial deployments. The QIA has been raising its stakes in advanced technology, with recent investments in Elon Musk’s xAI, U.S.-based chipmaker Positron and OpenAI competitor Anthropic.

💲 Sovereign Circuit

Qatar Investment Authority: The QIA and Franklin Templeton announced the launch of a day-traded mutual fund with an initial capital of $200 million.

Mubadala: Mubadala Energy awarded Texas-based SLB multiple drilling contracts for an offshore gas project in Indonesia.

Public Investment Fund: PIF subsidiary Saudi Arabian Military Industries, known as SAMI, signed a deal with a Turkish company to jointly develop unmanned surface vehicles.

L’imad Holding: AD Ports Group will invest $87 million in a new dry bulk terminal at the Port of Douala in Cameroon.

XRG: Adnoc’s international investment arm signed an agreement with Eni and YPF to advance the Argentina LNG project.

Norges Bank Investment Management: Norway’s wealth fund cut ties with Turkish financial firm Istanbul Portfoy Yonetimi AS after regulators fined one of its top managers for market manipulation.

↪↩ Closing Circuit

🎮 Games Talk: Saudi Arabia’s Savvy Games Group reportedly nearing a $6 billion deal to buy mobile gaming studio Moonton from China’s ByteDance.

⛽ Exploring Libya: QatarEnergy has entered Libya’s energy sector by securing a 40% stake in an offshore block alongside Eni, under the country’s first licensing round since 2007.

⚡ Power Grant: Egypt secured $107 million from the European Union to modernize its power grid and integrate renewables.

🛢️ Oil Assets: Saudi-backed Midad Energy signed a term sheet to acquire sanctioned overseas assets of Russia’s Lukoil with an all-cash deal.

🗣 Circuit Chatter

🏗️ New CEO: Dubai’s DP world has replaced long-time CEO Sultan bin Sulayem with Group Deputy CEO and CFO Yuvraj Narayan, following scrutiny over Sulayem’s communication with disgraced financier Jeffrey Epstein. 

🚢 Carrier Warrior: U.S. President Donald Trump is preparing to send a second aircraft carrier strike group, including the USS Gerald R. Ford, to the Middle East ahead of possible military action in Iran.

🚖 Robot Rollout: WeRide and Uber have extended robotaxi services to downtown Abu Dhabi, the first autonomous vehicle deployment in the UAE capital’s city center. 

🧠 New Arrival: Humain-backed Luma AI, a Silicon Valley AI film production startup, announced plans to open an office in Riyadh and said that it has formed a partnership with Publicis Groupe Middle East to support AI-driven advertising.

🗞️ Headline Deal: The limbo over ownership of London’s Telegraph Media Group is dragging on after the U.K. government intervened in the Daily Mail’s $682 million bid, nearly three years after a UAE-backed deal was blocked, Bloomberg reports.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed met with Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister of Bahrain, on Thursday at Qasr Al Shati palace in Abu Dhabi.

Sheikh Mohamed held a phone call with Yoweri Museveni, President of Uganda, on Thursday.

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, met with Lutfullah Goktas, Turkey’s Ambassador to the UAE.

Sheikh Abdullah bin Zayed, UAE Deputy Prime Minister and Minister of Foreign Affairs, wrote about the UAE’s relationship with Europe in an article published by the Center for International Relations and Sustainable Development.

Sheikh Tahnoon bin Zayed, UAE National Security Advisor, said on X that he met with Ana Botín, CEO of the Banco Santander Group, on Thursday.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Deputy Prime Minister and Minister of Defense, chaired the first Defense Council meeting of 2026.

Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, arrived in Munich on Thursday to head the Kingdom’s delegation at the Munich Security Conference. 

➿ On the Circuit

Brad Smith, Vice President of Microsoft, spoke to Khaldoon Al Mubarak, CEO of Mubadala, about the AI transformation underway in the UAE. 

Dr. Ali Saeed Bin Harmal Aldhaheri was appointed Chairman of Dubai-based healthcare and education investor Amanat Holdings. 

Ali bin Ahmed Al Kuwari, Qatar’s Minister of Finance, met with Ted Pick, Chairman and CEO of Morgan Stanley, on Thursday in Doha.

André Erasmus was appointed Chief Operating Officer of Auriga International Management Consultancy, a hospitality and real estate advisory firm.

🎶 Culture Circuit

🎨 Ancient Creativity: Egyptian archaeologists have discovered a sandstone shelter at Umm Erak Plateau containing a continuous record of human art spanning 10,000 years. The 100-metre-long rock shelter features ancient drawings from 10,000–5,500 BCE, including red-pigmented depictions of animals that reflect early prehistoric life. Archaeologists also found flint tools and pottery fragments from the Middle Kingdom and Roman era, indicating the site was used continuously over thousands of years.

📷 Photo of the Day

A competitor leaps over a hurdle during the track athletics competition at the Open Masters Games Abu Dhabi 2026, taking place at Zayed Sports City this week. (Walaa Alshaer/Open Masters Games Abu Dhabi 2026 via Getty Images)

📅 Circuit Calendar

Feb. 13-15, Munich. Munich Security Conference. A global forum for senior political, military and diplomatic leaders to debate major international security challenges. Hotel Bayerischer Hof.

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.

The Daily Circuit: UAE caters to jet set + ADNOC’s new tankers

In today’s Daily Circuit, we report on ADNOC’s plans to buy six new LNG tankers, Oman’s booming stock market, Syria offering exploration licenses to Chevron, TotalEnergies and other big oil companies, and Qiddiya’s lavish spending plans to host the Saudi Cup. But first, accommodating the jet set in Dubai and Abu Dhabi.

A record number of flights taken on private jets has prompted UAE aviation companies to bolster their luxury charter fleets, amid an influx of millionaires and billionaires. 

Dubai-based jet operator Vista Global has placed a $1 billion order with Canadian manufacturer Bombardier. The deal for 40 Challenger 3500 business jets has an option for an additional 120 planes, which would bring the value to as much as $4.7 billion, Reuters reports.

With the lure of an advantageous tax regime and a safe and luxurious lifestyle, Dubai and neighboring Abu Dhabi have become the world’s top destinations for millionaires, driving a sustained boom in luxury property and, now, demand for private jets. 

Dubai’s main private jet hub at Dubai South reported a record-breaking 20,289 business aviation movements in 2025, up 17% on the prior year.

Shares in Montreal-based Bombardier have risen by more than 200% over the past year based on strong revenue growth, including higher demand for aftermarket servicing. The company is looking at increasing production of private jets to meet the growing demand.

The 3500 model is an upscale version of Bombardier’s Challenger 350, seating up to 10 passengers. It features a 6-foot cabin height, deep-reclining seats and voice-controlled cabin lighting, temperature and entertainment. 

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

📰 Developing Stories

Omani stocks are heading for their best week since 2014 as investors bet the country could win an upgrade to emerging-market status, drawing fresh foreign investment into the Muscat exchange. Optimism over the potential reclassification has fueled a surge in share prices, with traders staking out positions ahead of the expected action, Bloomberg reports. Oman’s MSX 30 benchmark has advanced more than 9% since Sunday to its highest level since 2014. Gains of nearly 20% so far this year on the Muscat Stock Exchange are almost double those for MSCI Inc.’s emerging-market index.

Saudi Arabia’s Qiddiya megaproject is galloping ahead with plans to make the Saudi Cup horse race a global showpiece, even as the kingdom trims spending on some other giant developments. The $40 billion entertainment city is investing heavily in racing facilities and fan experiences tied to the world’s richest horse race, Arabian Gulf Business Insight reports. The Saudi Cup itself carries a $20 million purse for the main race and more than $35 million across the race weekend, drawing top international horses and stables. Backers see the high-stakes event as a headline attraction designed to anchor Qiddiya’s push to become a global sports and entertainment hub. The new venue will include a 21,000-seat grandstand and a 110-meter parade ring.

💲 Sovereign Circuit

ADNOC: The UAE’s national oil company plans to order up to six new LNG tankers as part of its push to expand liquefied natural gas shipping.

Public Investment Fund: Saudi and U.S. energy firms, including Baker Hughes, Argent LNG and Hunt Energy, are forming a consortium with Saudi partners like PIF-owned ACWA Power and TAQA to explore and produce oil and gas in northeastern Syria following the easing of sanctions.

Qatar Investment Authority: Several airlines are “at war” against the $33 billion construction of a new runway and terminal at London’s Heathrow Airport, in which the QIA owns a 20% stake, the Financial Times reports.

International Holding Co.: The Abu Dhabi conglomerate, along with subsidiary Sirius and First Abu Dhabi Bank, has been granted approval by the UAE Central Bank to launch a dirham-backed stablecoin. 

Presight AI: The big data analytics arm of Abu Dhabi-owned G42 posted a 37% jump in 2025 revenue, which Dr. Sultan Al Jaber, Presight Chairman and UAE Minister of Industry and Advanced Technology, said “would drive long-term growth and competitiveness.”

↪↩ Closing Circuit

💺 Bahrain Connection: AirAsia X announced a new Kuala Lumpur-Bahrain-London service beginning June 2026, establishing Bahrain as its Middle Eastern hub.

Gas Search: Syria plans to award licences to Chevron, ConocoPhillips, TotalEnergies and Eni to explore for vast undiscovered reservoirs of natural gas, the Financial Times reports.

⚡ Power Holding: Dubai Electricity and Water Authority bought 2.4 billion shares in district cooling company Empower from Emirates Power Investment, a Dubai Holding company, increasing its ownership stake to 80%.

🛬 Plane Fund: BlueFive Capital launched BlueFive Leasing in Muscat to raise over $1 billion for its first aircraft investment fund, targeting commercial aircraft leasing opportunities across MENA and Asia.

🗣 Circuit Chatter

🏭 LNG Deals: Iraq is set to receive its first LNG cargo this year, likely from Qatar, after signing a $450 million deal with Excelerate Energy for an offshore import terminal amid declining Iranian gas supplies and a failed Turkmenistan agreement.

🤖 AI Upheaval: The massive bet by private equity firms such as Blackstone, KKR and Blue Owl on niche software companies is being shaken by rising interest rates and new AI tools that can replicate many of their functions, forcing sharp revaluations, the Financial Times reports.

📈 IPO Jump: Dubai Investments Park, the real estate arm of Dubai Investments, is likely to take the lead in what’s expected to be an increase in IPO activity following the Eid Al Fitr holiday next month, Zawya reports.

🏨 Waldorf Sale: Middle Eastern and Asian sovereign funds are potential buyers for the Waldorf Astoria hotel in New York City which is expected to go on sale by its Chinese owners, The Wall Street Journal reports.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed met with Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, who was accompanied by Sheikh Mohammed bin Saud bin Saqr Al Qasimi, Crown Prince of Ras Al Khaimah, at Qasr Al Shati palace in Abu Dhabi on Wednesday. 

Sheikh Mohamed also met with Lt. Gen. Sheikh Nasser bin Hamad Al Khalifa, National Security Advisor, Royal Guard Commander and Secretary General of the Supreme Defense Council of Bahrain.

Prince Faisal bin Farhan, Saudi Arabia’s Minister of Foreign Affairs, received a letter from Russian Foreign Minister Sergey Lavrov on Wednesday concerning relations between the two countries.

➿ On the Circuit

Mustafa Suleyman, CEO of Microsoft AI, told the Financial Times that the software giant is pursuing “true self-sufficiency” in artificial intelligence by building its own powerful models and reducing its reliance on OpenAI.

Shahab Lutfi, Chairman of Dubai-based H&H Development, who just sold a penthouse for $108 million, told Bloomberg the demand for ultraluxury residences will continue to rise. 

Alvaro Lario, President of the U.N.’s International Fund for Agricultural Development, said he is in talks with Middle East sovereign wealth funds to raise money for addressing hunger and food insecurity in the MENA region.

🎶 Culture Circuit

📺 On The Box: The Muslim holy month of Ramadan, when families spend a lot of time together, has become the most competitive period of the year for Arabic-language television. Streamers release episodes daily to capture audience share during the key ratings stretch. From crime stories to historical dramas, this year’s new shows reflect the growing scale and diversity of the Arab entertainment industry, The National reports. Among the highlights from MBC Shahid’s Ramadan line-up is “Kuhailan,” which traces the violent rivalry between two Bedouin horsemen in a “sweeping story of power, honor and desire.”

📷 Photo of the Day

Britain’s Prince William and Saudi Arabia’s Prince Badr bin Abdullah bin Farhan inspect produce at the AlUla Oasis on Wednesday. (Chris Jackson/Getty Images)

📅 Circuit Calendar

Feb. 13-15, Munich. Munich Security Conference. A global forum for senior political, military and diplomatic leaders to debate major international security challenges. Hotel Bayerischer Hof.

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 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: Moody’s sees Dubai slowdown + MGX mulls funding Anthropic

In today’s Daily Circuit, we report on MGX considering a major investment in Anthropic’s $20 billion fundraising round, OpenAI teaming up with G42 to create a bespoke version of ChatGPT for the UAE, Saudi Arabia and Qatar moving forward with a railway link between their capitals, and Uber starting a robo-taxi service in Dubai. But first, Moody’s sees indications that the surge in Dubai real estate prices may be tapering off.

Dubai’s five-year property boom is showing signs of slowing down. A surge of new homes coming onto the market this year is likely to cool the pace of rising prices, according to a report by Moody’s.

The ratings firm said that major Emirati developers and banks are in a strong enough financial position to cope with a softer market. 

Population growth and continued demand from wealthy overseas buyers should prevent a sharp downturn, according to a report by Moody’s Vice President and Senior Analyst Lisa Jaeger.

Since 2021, developers have been capitalizing on high prices to sell an increasing number of homes off-plan for completion several years later. This will drive a surge in new deliveries between 2026 and 2028 in Dubai in particular, before tapering off, Jaeger writes.

“The slowdown will prompt developers to scale back the launch of new projects and lead to lower new sales values over the next 12 to 18 months, a trend we expect will persist for several years,” the report says.

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

📰 Developing Stories

Abu Dhabi-backed investment firm MGX may be close to putting hundreds of millions of dollars into AI startup Anthropic as part of a massive fundraising round expected to top $20 billion. The round, which would value Anthropic at about $350 billion, has attracted major support from Singapore’s sovereign wealth fund GIC and other large institutional backers, Bloomberg reports. MGX was set up last year with support from Abu Dhabi funds including Mubadala and technology group G42, with a mandate to invest heavily in artificial intelligence and related infrastructure. The firm has already taken stakes in OpenAI and Elon Musk’s xAI.

Boris Johnson, while serving as Mayor of London, jokingly referred to the city as the “eighth emirate.” But the days of Knightsbridge and Mayfair being the favorite playground of the Gulf’s uber-rich could be numbered after Mayfair enacted a 200 square-meter (2,152 square-foot) size limit on new build apartments, effectively ending a run on enormous trophy penthouses in the swanky inner borough, The National reports. Wealthy buyers from the UAE and Saudi Arabia have become the dominant international group hunting for property in the neighborhood in recent years, but developers say waitlists are growing as supply of luxury apartments dwindles.

💲 Sovereign Circuit

Public Investment Fund: Saudi Arabia’s Public Investment Fund warned that without rapidly expanding domestic manufacturing to support Vision 2030 projects, the kingdom risks supply shortages and costly reliance on imports.

Sanabil Investments: Richard Attias & Associates, the events organizer that is 75% owned by the PIF’s investment arm Sanabil, has picked banks for its planned IPO, Bloomberg reports.

G42: OpenAI is teaming up with Abu Dhabi’s G42 to develop a UAE-tailored version of ChatGPT for government use, adapted to local language, cultural values, and regulations.

DP World: Quebec’s main pension fund said it has paused new investments with Dubai-based port operator DP World after details of Chairman Sultan Ahmed bin Sulayem’s contacts with disgraced financier Jeffrey Epstein were revealed by the U.S. Justice Department.

↪↩ Closing Circuit

🌍 Africa Bet: Cairo-based Beltone Capital agreed to acquire French microlender Baobab Group for $198 million, expanding its financial services across Africa.

🐔 Chicken Sandwich: UAE-based Americana Restaurants is acquiring the Emirati and Saudi franchises of Lebanese fast-food chain Malak Al Tawouk in a $21 million deal that includes licensing rights for the business in 13 countries.

🚆 Linking Cities: Saudi Arabia has approved a 785-kilometer (490-mile) high-speed electric railway linking Riyadh and Qatar’s capital city of Doha in two hours, with construction set to take six years.

🗣 Circuit Chatter

🚕 Robo-Rides: Uber said it will start offering autonomous taxi rides in Dubai over the coming month using vehicles supplied by China’s Baidu.

🏭 Factory Incubator: Bahrain is setting up a shared manufacturing workspace and industrial incubator for small and mid-sized factories as part of a project called HQ Industrial.

⚽ Soccer Science: FIFA has named Saudi Arabia’s King Abdullah University of Science and Technology as its first research institute in the Middle East and Asia, marking a milestone for Saudi Arabia’s global sports ambitions.

🛡️ Arms Sale: Israel’s state-owned defense firm Rafael may start a privatization process toward the end of 2026, Chairman Yuval Steinetz told Reuters.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed met with Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, at Qasr Al Bahr palace in Abu Dhabi on Tuesday along with Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court.

Sheikh Mansour, who is also Chairman of Mubadala, led a meeting of the sovereign wealth fund’s board on Tuesday at Qasr Al Watan palace in Abu Dhabi.

Saudi Crown Prince Mohammed bin Salman is coming to terms with the need to cut spending and rein in some of the ambitious projects started under his Vision 2030 plan, MBS biographer and former publisher Karen Elliott House writes in The Wall Street Journal

Qatar’s Emir Sheikh Tamim held a phone call with U.S. President Donald Trump ahead of a ⁠meeting between Trump ‌and ‌Israel’s Prime Minister Benjamin Netanyahu.

Prince Badr bin Abdullah, Saudi Minister of Culture, accompanied Britain’s Prince William on a tour of AlUla, where he visited Sharaan Nature Reserve and planted a tree. 

➿ On the Circuit

Suhail Al Mazrouei, UAE Minister of Energy and Infrastructure, attended a reception hosted by Reza Ameri, Ambassador of Iran to the UAE, on Monday. 

Faisal Al-Kahtani, Deputy CEO of the Saudi Fund for Development, met with Kotaro Tanaka, a senior official from the Japan International Cooperation Agency.

Tareq Amin, CEO of Humain, said Saudi Arabia is aiming to become the world’s largest exporter of artificial intelligence tokens, speaking at the PIF Private Sector Forum on Tuesday.

Mohammed Saeed Al Shehhi, Director-General and Board Member of the Emirates Racing Authority, was re-elected as Vice-Chairman of Asian Racing Federation for a second consecutive term. 

Naveen Kumar M was appointed Senior Associate Director at global asset manager Janus Henderson.

🎶 Culture Circuit

🏈 Gulf Gridiron: Abu Dhabi could be the site of a regular-season NFL football game in the near future, according to the league’s commissioner, Roger Goodell. In a pre-Super Bowl interview on Westwood One, Goodell talked about the American sport’s international expansion plans that may include 16 games a season played in foreign countries including the UAE and Japan.

📷 Photo of the Day

Adam Yates of Great Britain and UAE Team Emirates cycles through Nizwa prior to the fifth stage of the 15th Tour of Oman on Wednesday. (Dario Belingheri/Getty Images)

📅 Circuit Calendar

Feb. 8-12, Riyadh. World Defense Show. Brings together global weapons manufacturers, government procurement officers and defense contractors. Riyadh International Convention and Exhibition Centre.

Feb. 9-12, Dubai. WHX Dubai 2026. World Health Expo Dubai (formerly Arab Health) brings together global healthcare professionals, innovations and ideas within the sector. Dubai Exhibition Center. 

Feb. 11-12, Cairo. Ai Everything Middle East and Africa, Egypt. Bringing together AI leaders, innovators, startups, investors, and policymakers to explore transformative technologies and accelerate AI adoption across industries. Egypt International Exhibition Center.  

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. 

Feb. 13-15, Munich. Munich Security Conference. A global forum for senior political, military and diplomatic leaders to debate major international security challenges. Hotel Bayerischer Hof.

Feb. 18-March 18, Abu Dhabi. Capital Majlis Abu Dhabi. A Ramadan dining experience featuring Arabian Nights Iftar and Suhoor menus. ADNEC. 

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

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

The Daily Circuit: Saudi fans await Ronaldo return + Mubadala Capital buys Clear Channel

In today’s Daily Circuit, we report on Mubadala Capital’s $6.2 billion deal to buy Clear Channel Outdoor Holdings with partner TWG Global, the $1 billion in deals signed by Saudi EV maker CEER to source materials from inside the kingdom, Qatar’s postponement of LNG production from its massive North Field project and Gourmet Egypt’s 38% jump in its Cairo stock exchange debut. But first, Ronaldo’s fans are wondering, will he or won’t he?

Saudi team owners and soccer fans are waiting breathlessly to discover whether reports are correct that Cristiano Ronaldo will end his two-match boycott this coming weekend amid disputes with his Al-Nassr football club and league officials.

The Riyadh team’s star Portuguese captain, who is paid $235 million a year, plans to return for Al-Nassr’s Feb. 14 match against Al-Fateh, ESPN reports

Ronaldo’s grievances revolve around the role of Saudi Arabia’s Public Investment Fund in team affairs and comparisons with rival clubs’ transfer activity, according to the sports broadcaster.

In a statement last week, the Saudi Pro League said that any problems Ronaldo and other players have must be resolved with their individual teams. “Decisions on recruitment, spending and strategy sit with those clubs, within a financial framework designed to ensure sustainability and competitive balance,” the league said.

Ronaldo has played 22 games this season, scoring 18 goals and providing three assists as Al-Nassr sits in second in the Saudi Pro League, one point behind leader Al-Hilal. 

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

📰 Developing Stories

Saudi Arabia’s electric vehicle maker CEER has signed nearly $1 billion in deals as it seeks to localize its supply chain. The company, which is a joint venture between the Public Investment Fund and Taiwanese manufacturer Foxconn, is planning to source 45% of its raw materials and parts from inside the kingdom by 2034. CEER is planning to roll its first vehicle off the production line in late 2026 and launch six more models over the next five years, Arabian Gulf Business Insight reports. “Our approach goes beyond mere assembly; we are utilizing local raw materials and empowering Saudi companies to become global suppliers,” CEO James DeLuca said as he announced the signing of the 16 agreements at the PIF’s Private Sector Forum in Riyadh.

Foie gras and French goat cheese fueled Gourmet Egypt’s stunning debut on the Cairo stock exchange today, in which the upscale grocer’s shares rose as much as 38%. With sales split between institutional and retail investors at 6.90 Egyptian pounds per share, the store’s IPO raised almost $28 million, Bloomberg reports. Gourmet Egypt, which opened its business 20 years ago and specializes in imported foods such as Angus beef and Roquefort cheese, recently introduced ready-to-heat meals under its own “Handcrafted by Gourmet” label. The Egyptian Exchange’s benchmark index has soared 68% over the past 12 months and officials are expecting as many as eight new listings this year.

💲 Sovereign Circuit

Public Investment Fund: PIF Governor Yasir Al-Rumayyan said in a speech to the PIF Private Sector Forum on Monday that the Saudi sovereign wealth fund is committed to “empowering the private sector to contribute to leading the kingdom’s economic growth and transformation.”

Mubadala: Abu Dhabi’s Mubadala Capital and U.S.-based TWG Global have agreed to acquire Clear Channel Outdoor Holdings in a $6.2 billion all-cash deal. 

G42: Khazna Data Centers, backed by the Abu Dhabi tech conglomerate G42, launched an in-house operations business for running hyperscale data centers, called Khazna NextOps.

Humain: Luma AI, a Silicon Valley artificial intelligence film production startup backed by Saudi Arabia’s Humain, is expanding in the region as the kingdom doubles down on digital infrastructure as an economic growth engine, Arabian Gulf Business Insight reports.

↪↩ Closing Circuit

🏗️ CO2 Contract: Australia-based Worley secured a contract from Samsung C&T to provide detailed engineering services for the QatarEnergy LNG Carbon Dioxide Sequestration Project in Ras Laffan, Qatar.

🌊 Tourism Boost: Egypt has unveiled plans for the $1 billion Monte Galala Towers and Marina project on the Red Sea, a 10-tower mixed-use development set to begin construction in the second half of the year.

🧪 Chemical Plant: Egypt will build the Middle East’s first sodium cyanide plant in Alexandria, led by DrasChem Specialty Chemicals, with $200 million in first-phase investment.

🗣 Circuit Chatter

Gas Timing: Qatar has pushed the start of production from its massive North Field LNG expansion to the end of 2026, delaying a key phase of a project that will raise capacity by tens of millions of tons a year.

🪙 Digital Coins: The UAE Central Bank issued commemorative gold and silver coins to mark the fifth anniversary of the Mohamed bin Zayed University of Artificial Intelligence.

🛰️ Space Comms: Dubai-based electronics company Elcome has signed a deal to resell Amazon Leo’s low-Earth-orbit internet to the maritime sector, The National reports

🌍 Power Circuit

Britain’s Prince William is on a three-day visit to Saudi Arabia, where Crown Prince Mohammed bin Salman took him on Monday night for a tour of Diriyah, the ancestral home of the Saudi royal family.

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, opened the World Health Expo Dubai 2026 at the Dubai Exhibition Centre.

Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, attended a dinner held at Al Jazeera Al Hamra Heritage Village, hosted by the embassies of Costa Rica, El Salvador and Guatemala to celebrate Central American cuisine.

➿ On the Circuit

Khalid Al-Falih, the Saudi Investment Minister, said at the PIF Private Sector Forum on Monday that the government must be willing to reshape its investment priorities when it encounters “a radical, unexpected change in demand, competition, or feasibility.” 

Lana Nusseibeh, UAE Minister of State, and Khalid Belhoul, UAE Ambassador to Iran, met in Tehran with Majid Takht Ravanchi, Iran’s Deputy Foreign Minister for Political Affairs, and Reza Ameri, Ambassador of Iran to the UAE.

Burhan Al Hashemi was appointed CEO of Emirates Petroleum Company, known as Emarat. 

Mohamed Galal, a 22-year veteran executive at Bayer, was appointed Cluster Head for the Middle East and North Africa region at the German pharmaceutical company. 

🎶 Culture Circuit

📚 Page Turner: Syria is hosting its first post-liberation book fair, as the war-torn country tries to resume its historical role as a regional center of culture and learning. The 10-day Damascus International Book Fair, which includes some 500 publishing houses presenting more than 100,000 titles, was launched under the patronage of President Ahmed Al-Sharaa last week. Organizers emphasized the role of cultural freedom as the key to social cohesion and as a bulwark against extremism. 

📷 Photo of the Day

Britain’s Prince William poses for a photograph with Crown Prince Mohammed bin Salman at UNESCO World Heritage site At-Turaif during his first official visit to Saudi Arabia on Monday. (Chris Jackson/Getty Images)

📅 Circuit Calendar

Feb. 8-12, Riyadh. World Defense Show. Brings together global weapons manufacturers, government procurement officers and defense contractors. Riyadh International Convention and Exhibition Centre.

Feb. 9-12, Dubai. WHX Dubai 2026. World Health Expo Dubai (formerly Arab Health) brings together global healthcare professionals, innovations and ideas within the sector. Dubai Exhibition Center. 

Feb. 10-11, Abu Dhabi. Top Advisors & Investors Summit. The event will convene advisors, financiers, and investors from across the Middle East in the UAE capital. Conrad Etihad Towers.

Feb. 11, Dubai. AIMA Middle East Forum. A conference for alternative asset managers in the UAE and the wider alternative assets eco-system. Kempinski Central Avenue Dubai.

Feb. 11-12, Cairo. Ai Everything Middle East and Africa, Egypt. Bringing together AI leaders, innovators, startups, investors, and policymakers to explore transformative technologies and accelerate AI adoption across industries. Egypt International Exhibition Center.  

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. 

Feb. 13-15, Munich. Munich Security Conference. A global forum for senior political, military and diplomatic leaders to debate major international security challenges. Hotel Bayerischer Hof.

Feb. 18-March 18, Abu Dhabi. Capital Majlis Abu Dhabi. A Ramadan dining experience featuring Arabian Nights Iftar and Suhoor menus. ADNEC. 

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

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

The Daily Circuit: Saudi revision 2030 + Egypt’s startup charter

In today’s Daily Circuit, we report on Egypt’s $1 billion plan to promote startups, the Oman Investment Authority selling a majority stake of its meat business, Abu Dhabi’s G42 building data centers in Vietnam, and the Dubai company using robotic dogs to make its construction sites more efficient. But first, Saudi Arabia’s Vision 2030 confronts economic change.

Saudi Arabia is getting ready to unveil an updated blueprint for Crown Prince Mohammed bin Salman’s Vision 2030 overhaul of the kingdom’s finances.

Finance Minister Mohammed Al-Jadaan said on Sunday that discussions on the government’s new five-year plan are underway at this week’s economic conference in AlUla that takes into account Saudi Arabia’s declining oil revenues and resulting budget shortfalls.

“We continue really to reprioritize, rework our policies, making sure that we enhance as we go to ensure that we enable the private sector to lead the economy,” Al-Jadaan told Bloomberg.

The government is recalibrating some of its most ambitious projects, including suspending construction of the giant cube-shaped Mukaab in Riyadh’s $50 billion New Murabba development and scaling back the $1 trillion Neom development’s futuristic city called The Line.

Saudi officials have also postponed the 2029 Asian Winter Games at Neom’s Trojena resort and reduced the original scope of Neom’s sprawling development to focus on what are projected to be the most promising sectors, such as tourism, logistics and technology.

Saudi Arabia’s Public Investment Fund, meanwhile, will be testing the appetite of foreign investors to put their money in the kingdom, including in the sovereign wealth fund’s 120 portfolio companies, at this week’s PIF Private Sector Forum, Arabian Gulf Business Insight reports.

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

📰 Developing Stories

Egypt has rolled out a National Startup Charter, unveiling a $1 billion plan to turn young companies into engines of jobs and growth. The five-year program is designed to back about 5,000 startups and create half a million jobs as officials try to make entrepreneurship a mainstream career path, Arab News reports. Egyptian startups have been gaining traction, pulling in $238 million in venture capital over the past year. The charter promises simpler regulations, faster government approvals and better access to financing, addressing long-standing complaints about Egypt’s labyrinthine bureaucracy and red tape.

A Dubai-based construction company is using robotic dogs and smart watches to monitor the productivity of its workforce as they toil on some of the UAE’s most important projects. Alec Holdings, which is majority-owned by the Investment Corp. of Dubai, the main investment arm of the emirate’s government, is working on the first phase of the $30 billion Stargate data center in Abu Dhabi and the Wynn Resort in Ras Al Khaimah, the Gulf’s first casino complex. The company has distributed about 7,000 watches from Dubai-based AI productivity firm Brix and plans to double that number, Alec Holdings CEO Barry Lewis told The National

💲 Sovereign Circuit

G42: The Abu Dhabi tech conglomerate and a consortium led by FPT Corp. and Viet Thai Group have agreed to build three data centers and develop sovereign AI inVietnam.

Oman Investment Authority: Brazil’s JBS, the world’s largest meat producer, agreed to invest $150 million to acquire an 80% stake in an Oman-based food business from the OIA.

Dubai Holding: Aldar and Dubai Holding, the investment conglomerate owned by Dubai’s royal family, have expanded their real estate joint venture by acquiring two Dubai land plots for a $10 billion development.

2PointZero: CEO Samia Bouazza told The National that the Group’s playbook is being driven by AI tools to execute disciplined capital deployment and remove inefficiencies.

↪↩ Closing Circuit

🚄 Fast Track: Saudi Arabia ordered 20 high-speed trains from Spain’s Talgo in a deal worth about 1.3 billion euros ($1.5 billion).

🛫 Runway Return: Saudi companies have agreed to help rebuild Syria’s aviation and telecommunications networks, including airport upgrades, mobile network restoration and the launch of a new airline, as the two countries launched 45 wide-ranging development initiatives.

🛡️ Shield Pact: France and Bahrain signed a bilateral defense agreement covering military cooperation, training and information sharing.

🗣 Circuit Chatter

💺 Airspace Spat: Algeria has begun procedures to cancel its bilateral air services agreement with the UAE amid escalating diplomatic tensions.

📈 Fair Share: Banks are asking Saudi Arabia’s markets regulator to rethink its plan to allocate more IPO shares to local investors, warning it could hurt stock performance and discourage foreign investment.

💸 Price Shock: Israel’s antitrust authority said it plans to fine El Al roughly 121 million shekels ($39 million) for unfairly raising fares during the Gaza war, accusing the airline of abusing its position when many foreign carriers halted flights.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed received Egypt’s President Abdel Fattah El Sisi on his arrival in Abu Dhabi on Monday.

Sheikh Mohamed met with Friedrich Merz, Chancellor of Germany, and separately with Évariste Ndayishimiye, President of Burundi, at Qasr Al Shati palace in Abu Dhabi on Friday.

Emir of Qatar Sheikh Tamim attended the opening ceremony of the Winter Olympic Games 2026 in Milan, Italy, on Friday.

Emir of Kuwait Sheikh Meshal held talks with Qatar’s Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman, in Kuwait on Sunday.

Prince Faisal bin Farhan, Saudi Arabia’s Minister of Foreign Affairs, received U.S. Special Envoy for Syria Tom Barrack in Riyadh on Sunday.

➿ On the Circuit

Friedrich Merz, the German Chancellor, visited ADNOC’s headquarters in Abu Dhabi during his official visit to the UAE and was received by Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Managing Director and Group CEO of ADNOC, Chairman of Masdar and Executive Chairman of XRG.

Saad Sherida Al Kaabi, Minister of State for Energy Affairs of Qatar, met with Javier Martínez-Acha, Minister for Foreign Affairs of Panama, in Doha on Sunday. 

Alya Alsalmi, a Saudi fashion designer, created bespoke outfits for Saudi Arabia’s team at Winter Olympics 2026, underway in Italy.

Nasser Al-Khelaifi, Chairman of Qatar Sports Investments, was hosted at a Super Bowl party in Santa Clara, Calif., by Michael Rubin, CEO of the Fanatics digital sports platform.

🎶 Culture Circuit

🎪 Inside the Tent: As Ramadan approaches, hotels and resorts around the UAE are preparing their elaborate Iftar tents – the special venues designed to host the evening meal served at sunset to break the daily fast. This year, Ramadan for the first time in decades will fall entirely in the Gulf’s mild winter season, making outdoor dining more appealing. The options are vast and magnificent – from an enormous tent at Emirates Palace Mandarin Oriental in Abu Dhabi and meals seated next to Dubai’s sculptural Museum of the Future, to dining among the sand dunes at a luxury desert camp.

📷 Photo of the Day

Sara Bejlek of the Czech Republic poses with the trophy after victory over Ekaterina Alexandrova in the Mubadala Abu Dhabi Open final at Zayed Sports City on Saturday. (Christopher Pike/Getty Images)

📅 Circuit Calendar

Feb. 8-12, Riyadh. World Defense Show. Brings together global weapons manufacturers, government procurement officers and defense contractors. Riyadh International Convention and Exhibition Centre.

Feb. 9-12, Dubai. WHX Dubai 2026. World Health Expo Dubai (formerly Arab Health) brings together global healthcare professionals, innovations and ideas within the sector. Dubai Exhibition Center. 

Feb. 10-11, Abu Dhabi. Top Advisors & Investors Summit. The event will convene advisors, financiers, and investors from across the Middle East in the UAE capital. Conrad Etihad Towers.

Feb. 11, Dubai. AIMA Middle East Forum. A conference for alternative asset managers in the UAE and the wider alternative assets eco-system. Kempinski Central Avenue Dubai.

Feb. 11-12, Cairo. Ai Everything Middle East and Africa, Egypt. Bringing together AI leaders, innovators, startups, investors, and policymakers to explore transformative technologies and accelerate AI adoption across industries. Egypt International Exhibition Center.  

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. 

Feb. 13-15, Munich. Munich Security Conference. A global forum for senior political, military and diplomatic leaders to debate major international security challenges. Hotel Bayerischer Hof.

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

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

The Daily Circuit: Saudia shops for new fleet + Etihad Rail spends $6.5B

In today’s Daily Circuit, we report on Etihad Rail signing $6.5 billion in contracts for the forthcoming Abu Dhabi-Dubai high-speed rail line, prospects for growth in German arms sales to the Gulf, the impact of this week’s Wall Street sell-off on the PIF’s portfolio, and Saudi Arabia passing hosting duties for the 2029 Asian Winter Games to Kazakhstan. But first, Saudia is shopping for new aircraft to take pilgrims to Mecca.

Saudi Arabia’s 80-year-old flagship carrier is preparing to make its largest jet order yet, as it refocuses on religious pilgrimages in the kingdom’s renewed push to become a travel and tourism hub.

Executives from Saudia are studying models from Airbus and Boeing for an order of at least 150 narrowbody and widebody jets, which are expected to replace some of its 200-strong fleet, while also boosting its total stock, Bloomberg reports.

It comes as startup Riyadh Air is preparing to launch full commercial services in coming weeks, with the goal of becoming an upmarket tourist and business carrier. Saudia will reposition itself to take advantage of the growth in religious tourists flocking to Mecca and Medina.

Meanwhile, Dubai’s Emirates airline has lost more than $10 billion in freight and passenger revenues because of ongoing delays in deliveries from Boeing and Airbus, Sir Tim Clark, its President, told Arabian Gulf Business Insights.

Emirates’ order backlog has now reached 315 planes from Boeing and 57 from Airbus, with 18 A350s due before the end of this year. Clark said about 120 of the Boeing planes should have been delivered by now.

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

📰 Developing Stories

Kazakhstan will host the 2029 Asian Winter Games, an event originally planned for Saudi Arabia until the kingdom acknowledged last month that its $38 billion Trojena ski resort would not be ready in time. The Olympic Council of Asia named Almaty, Kazakhstan, as the replacement host city after deliberations on the sidelines of the 2026 Winter Olympics, which begin today in Milan. Riyadh and the Council agreed in late January to postpone Saudi Arabia’s staging of the Games, which had been awarded to Trojena as part of the NEOM megaproject in 2022. Kazakhstan last hosted the Asian Winter Games in 2011. 

German Chancellor Friedrich Merz pledged to take a less restrictive approach to arms exports for Gulf states during a visit to Doha, Qatar. Speaking on Thursday as part of a broader diplomatic tour that included Saudi Arabia and the UAE, Merz said Germany would work “more intensively in arms cooperation than in recent years” with reliable partners in the region. He was accompanied by executives from major German firms, including Uniper and Diehl Defence, and said Germany also aims to increase liquefied natural gas imports from Qatar beyond current levels. Merz invited Sheikh Tamim bin Hamad Al Thani, Emir of Qatar, to visit Berlin in July and discussed expanded economic cooperation with Crown Prince Mohammed bin Salman of Saudi Arabia. 

💲 Sovereign Circuit

L’Imad Holding: AD Ports Group has signed a 30-year agreement to manage and operate Aqaba Multipurpose Port in Jordan, investing $38.4 million.

Mubadala: The UAE government’s Tawazun Council for Defense Enablement signed a comprehensive technology services agreement with Mubadala-owned Solutions+.

Public Investment Fund: Uber and Take-Two were among the stocks backed by Saudi Arabia’s sovereign wealth fund that fell as much as 5% in Wednesday’s sell-off on Wall Street.

International Holding Co.: Abu Dhabi conglomerate 2PointZero Group, a subsidiary of IHC, posted a $930 million profit in its first full financial year after merging with Multiply Group and Ghitha Holding last year. The group’s revenue more than tripled to $1.9 billion.

↪↩ Closing Circuit

🚆 Emirati Express: Etihad Rail has awarded contracts worth $6.5 billion for the Abu Dhabi-Dubai high-speed rail line, MEED reports

🕌 Islamic Finance: Kuwait is preparing legislation to regulate Islamic bonds, or sukuks, both domestically and in international markets.

💸 African Venture: Dubai-based Maser Group is pivoting from consumer electronics into African farmland and data centers, committing $1.6 billion across Nigeria, Ghana, and Kenya.

🗣 Circuit Chatter

🛢️ Shale Debut: Kuwait is exploring its first shale oil and gas development after state producer KOC held talks with U.S. drillers Devon Energy and EOG Resources.

🌍 Trade Launch: The Gulf Cooperation Council has agreed on formal terms to start talks on a free-trade pact with India and is also nearing a long-negotiated free-trade deal with the U.K. 

🛋️ Virtual Housing: SmartCrowd said its tokenized real estate arm Nawy Shares has received in-principle approval from Dubai’s Virtual Assets Regulatory Authority.

🌍 Power Circuit

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, witnessed alongside Dominican President Luis Abinader, the signing of an agreement at the World Governments Summit in Dubai to host the WGS-Latin America Regional Dialogue in the Dominican Republic by the end of this year.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, met with Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, UAE Minister of Defense and Deputy Prime Minister, and Chairman of the Dubai Executive Council, on the sideline of the World Governments Summit.

Sheikh Hamdan launched a driverless taxi service developed by Baidu Apollo Go, taking a ride in one of the vehicles to the World Governments Summit on Thursday.

Sheikh Hamdan met with Milojko Spajić, Prime Minister of Montenegro, at the World Governments Summit on Thursday.

➿ On the Circuit

Dr. Thani Al Zeyoudi, UAE Minister of Foreign Trade, said that the UAE has overtaken Russia to become the leading foreign investor in Armenia.

Ehab Rashad, Vice Chairman of Egyptian asset manager Mubasher Capital, said it has submitted documents to the Financial Regulatory Authority to launch what it hopes will be the country’s first silver investment fund, though no launch date has been set.

Noura Al Kaabi, UAE Minister of State, participated in a high-level panel discussion held as part of the Association of Caribbean States 10th International Cooperation Conference, convened on the sidelines of the World Governments Summit in Dubai. 

🎶 Culture Circuit

🎾 Hometown Hero: Philippines tennis star-in-the-making Alexandra Eala has been selling out stadiums as she rapidly ascends the rankings at the Mubadala Abu Dhabi Open. The 20-year-old had a near-magical run in the singles draw, finally losing to second seed Ekaterina Alexandrova on Thursday, and stunning her growing fanbase in the UAE Capital, which has a large Filipino population. Eala has teamed up with Indonesian rising star Janice Tjen for the doubles, with the pair set to compete in their first semifinals at a WTA 500 event this evening. Clara Tauson, Sara Bejlek, Ekaterina Alexandrova and Hailey Baptiste play off tonight in the singles semifinals, with the grand finale on Saturday.

📷 Photo of the Day

Alexandra Eala of the Philippines poses with fans while celebrating victory over Aliaksandra Sasnovich in the second round during day four of the Mubadala Abu Dhabi Open at Zayed Sports City. (Christopher Pike/Getty Images)

📅 Circuit Calendar

Jan. 31-Feb. 7, Abu Dhabi. Mubadala Abu Dhabi Open 2026. Some of the biggest names on the WTA Tour compete in the UAE capital, including defending champion Belinda Bencic. Zayed Sports City International Tennis Centre.

Feb 1-6, Dubai. Dubai Fashion Week. The event showcases the latest collections by global and regional designers and aims to position Dubai as a major creative hub on the global fashion calendar. Dubai Design District.

Feb. 8-12, Riyadh. World Defense Show. Brings together global weapons manufacturers, government procurement officers and defense contractors. Riyadh International Convention and Exhibition Centre.

Feb. 9-12, Dubai. WHX Dubai 2026. World Health Expo Dubai (formerly Arab Health) brings together global healthcare professionals, innovations and ideas within the sector. Dubai Exhibition Center. 

Feb. 10-11, Abu Dhabi. Top Advisors & Investors Summit. The event will convene advisors, financiers, and investors from across the Middle East in the UAE capital. Conrad Etihad Towers.

Feb. 11, Dubai. AIMA Middle East Forum. A conference for alternative asset managers in the UAE and the wider alternative assets eco-system. Kempinski Central Avenue Dubai.

Feb. 11-12, Cairo. Ai Everything Middle East and Africa, Egypt. Bringing together AI leaders, innovators, startups, investors, and policymakers to explore transformative technologies and accelerate AI adoption across industries. Egypt International Exhibition Center.  

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. 

Feb. 13-15, Munich. Munich Security Conference. A global forum for senior political, military and diplomatic leaders to debate major international security challenges. Hotel Bayerischer Hof.

The Daily Circuit: Chevron to explore Syrian coast + QIA chip stake

In today’s Daily Circuit, we report on the Qatar Investment Authority’s new stake in AI chip startup Positron, booming office registrations for the Dubai International Investment Centre, longtime Emirates airline President Tim Clark’s vision for a global hotel empire and Saudi Arabia issuing “passports” to its burgeoning camel population. But first, Syria teams up with Chevron to tap its offshore energy resources.

Chevron has signed a preliminary agreement with Syria’s state-owned oil company and Qatar’s UCC Holding to study prospects for finding offshore oil and gas as the country tries to rebuild its economy from 14 years of civil war.

At a signing ceremony in Damascus on Wednesday, Syrian Petroleum Co. CEO Youssef Kabalawi described the venture as “the most important” offshore energy exploration deal in Syria’s history.

For Syria, the agreement offers a possible route toward developing offshore resources for the first time as the fledgling government of President Ahmed al-Shaara seeks to revive energy production and attract foreign investment.

The deal builds on Chevron’s expanding eastern Mediterranean portfolio, which includes a recently approved expansion of Israel’s Leviathan gas field, which is set to supply Egypt and others with more than $35 billion worth of natural gas.

Separately, TotalEnergies is leading a consortium with Eni and QatarEnergy that received a new permit to explore offshore Lebanon. The French company began looking for natural gas off the Lebanese coast in late 2022, but results so far have been disappointing.

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

📰 Developing Stories

Sir Tim Clark, President of Emirates Group, is pushing for the future leadership of the airline to see out his long-held dream of building a global hospitality empire. “If I had my way, I would have an Emirates hotel in every city in the world,” Clark told Arabian Business Gulf Insights on the sidelines of the World Governments Summit this week in Dubai. Clark, who has helmed Dubai’s flagship carrier for 23 years, has been preparing the groundwork for his eventual successor, including a 20-year blueprint for future growth. Emirates signed a deal with Marriott International in January to reopen Emirates Wolgan Valley, a luxury lodge in Australia’s Blue Mountains, under the Ritz-Carlton brand.

Every camel in Saudi Arabia will soon be issued its own “passport.” The ID documents will include each camel’s name, date and place of birth, breed, gender, coloring, place of issuance and microchip number, as well as photographs of the animal to ensure ease of identification, the Ministry of Environment, Water and Agriculture said. The initiative is aimed at organizing the camel sector to improve market efficiency and confidence. It is also expected to increase the market value of Saudi Arabia’s camels at local and international auctions.

💲 Sovereign Circuit

Qatar Investment Authority: Qatar Investment Authority invested in U.S. AI chip startup Positron as part of a $230 million funding round.

G42: Cerebras, the chipmaker that counts UAE AI giant G42 as its main customer, has raised $1 billion in a funding round led by Tiger Global Management that valued the company at $23 billion.

Public Investment Fund: Portuguese soccer star Cristiano Ronaldo will boycott a second consecutive Saudi Pro League game for Al Nassr and may seek a June exit from the club unless the PIF guarantees changes to its management, ESPN reports.

↪↩ Closing Circuit

💰 Stake Shift: Shell agreed to sell a 20% stake in Brazil’s offshore Orca project to ​Kuwait Foreign Petroleum Exploration Co. while retaining operatorship and a 50% share ahead of expected production later this decade.

⛽ LNG Linkup: Malaysia’s Petronas is set to sign a 20-year agreement to buy 2 million tons of LNG annually from QatarEnergy.

💻 EdTech Partners: Jordan-based Alefredo EdTech acquired U.K. tutoring firm Tutor House, marking its entry into the British market and accelerating its expansion into an AI-powered, hybrid learning platform.

📹 Intel Angle: Senai, an Israeli startup that turns massive streams of social-media video and posts into structured intelligence, raised $6.2 million in a funding round led by 10D Ventures.

🗣 Circuit Chatter

⛏️ Copper Pipeline: The Democratic Republic of Congo will ship 50,000 tons of copper to Saudi Arabia and the UAE through a U.S.-backed partnership with Mercuria Energy Group, as Washington seeks to counter China’s dominance in critical minerals.

🏭 New Interests: Kuwait launched the Shahin and Saif projects to attract international oil companies and boost crude capacity to 4 million barrels a day by 2035.

🏦 Capacity Building: The Dubai International Financial Centre recorded a 28% rise in company registrations last year, driven by hedge funds and wealth managers.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed met with a number of heads of state, government leaders, and delegations taking part in the World Governments Summit in Dubai, including Siljanovska-Davkova, President of North Macedonia, and Evika Siliņa, Prime Minister of Latvia.

Sheikh Mohamed said on his X account that the UAE is fully committed to supporting a “greener and healthier world for all,” as the UAE marked National Environment Day on Wednesday.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, met with Jason Isaacson, Chief Policy and Political Affairs Officer of the American Jewish Committee, on the sidelines of the World Governments Summit in Dubai on Thursday. He also met with Barham Salih, United Nations High Commissioner for Refugees; Catherine Russell, Executive Director of UNICEF; Santiago Peña, President of Paraguay; Ararat Mirzoyan, Minister of Foreign Affairs of Armenia; and Jeyhun Bayramov, Minister of Foreign Affairs of Azerbaijan.

Saudi Crown Prince Mohamed bin Salman met with German Chancellor Friedrich Merz who began a tour of Saudi Arabia, Qatar and the United ​Arab Emirates on Wednesday.

Sheikh Ahmed Abdullah Al-Ahmad Al-Sabah, Kuwait’s Prime Minister, said governments of the future should be measured by tangible outcomes they deliver to citizens, during his address at the World Governments Summit in Dubai.

Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, held a phone call with his Iranian counterpart, Abbas Araghchi, on Wednesday ahead of the nuclear talks between Tehran and Washington.

➿ On the Circuit

Steve Witkoff, the U.S. Presidential Peace Envoy, and Jared Kushner, U.S. President Donald Trump’s son-in-law, are leading the U.S. delegation for a second round of Russia-Ukraine peace talks in Abu Dhabi, which began on Wednesday.

Noura Al Kaabi, UAE Minister of State, met with Makhtar Diop, Managing Director of the International Finance Corporation, on the sidelines of the World Governments Summit in Dubai. 

Amer Bisat, Lebanon’s Minister of Economy, told The National that his country is working hard to “slowly but surely” regain the confidence of investors from the region

🎶 Culture Circuit

🎨 Show Time: The inaugural Art Basel Qatar opened in Doha on Wednesday, bringing together 87 galleries from 31 countries in a new format for the global contemporary art fair. Running until Saturday, the event is taking over Msheireb Downtown Doha with the theme “Becoming”. The new fair has been shaped by its curator, Egyptian artist Wael Shawky, to be more like a biennale, with public elements spread across Doha, unrestrained by booths. “This was not about reproducing an existing model in a new geography,” Shawky told The National. “It was a chance to co-create something new, rooted in and inspired by Qatar and the wider region.”

📷 Photo of the Day

Visitors view artworks by Pablo Picasso during the “Picasso, the Figure” exhibition at the Louvre Abu Dhabi museum on Wednesday. (Giuseppe Cacace / AFP via Getty Images)

📅 Circuit Calendar

Jan. 31-Feb. 7, Abu Dhabi. Mubadala Abu Dhabi Open 2026. Some of the biggest names on the WTA Tour compete in the UAE capital, including defending champion Belinda Bencic. Zayed Sports City International Tennis Centre.

Feb 1-6, Dubai. Dubai Fashion Week. The event showcases the latest collections by global and regional designers and aims to position Dubai as a major creative hub on the global fashion calendar. Dubai Design District.

Feb. 8-12, Riyadh. World Defense Show. Brings together global weapons manufacturers, government procurement officers and defense contractors. Riyadh International Convention and Exhibition Centre.

Feb. 9-12, Dubai. WHX Dubai 2026. World Health Expo Dubai (formerly Arab Health) brings together global healthcare professionals, innovations and ideas within the sector. Dubai Exhibition Center. 

Feb. 10-11, Abu Dhabi. Top Advisors & Investors Summit. The event will convene advisors, financiers, and investors from across the Middle East in the UAE capital. Conrad Etihad Towers.

Feb. 11, Dubai. AIMA Middle East Forum. A conference for alternative asset managers in the UAE and the wider alternative assets eco-system. Kempinski Central Avenue Dubai.

Feb. 11-12, Cairo. Ai Everything Middle East and Africa, Egypt. Bringing together AI leaders, innovators, startups, investors, and policymakers to explore transformative technologies and accelerate AI adoption across industries. Egypt International Exhibition Center.  

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. 

Feb. 13-15, Munich. Munich Security Conference. A global forum for senior political, military and diplomatic leaders to debate major international security challenges. Hotel Bayerischer Hof.

The Daily Circuit: Saudi energy grid pivot + ADNOC’s dim sum bonds

In today’s Daily Circuit, we report on ADNOC’s plan to issue $2 billion of dim sum bonds, G42’s “agent factory” for AI computing, QatarEnergy’s 27-year Japanese supply contract and how the Dubai Loop will cut 20-minute downtown commutes to three minutes. But first, Saudi Arabia’s rapid pivot to enormous batteries.

Saudi Arabia has emerged as a surprise leader in the market for massive industrial batteries and is now one of the world’s fastest deployers of grid-scale energy storage.

A new report on the state of the battery market from Volta Foundation shows that the kingdom, the world’s biggest crude oil exporter, is among the top adopters of large-scale batteries, which are being used to help stabilize its electricity system as it increases reliance on renewable energy.

The speed of the transformation has caught industry watchers by surprise – just two years ago Saudi Arabia had no grid-scale batteries installed and now it ranks fifth globally for annual installed capacity, with almost three gigawatts added last year, the Financial Times reports.

It comes as the country is ramping up efforts to build out its renewable energy and green hydrogen industries to diversify away from fossil fuels, following a similar approach to the UAE, which is investing billions in solar and wind farms both domestically and overseas.

Saudi Energy Minister Abdulaziz bin Salman signed an agreement with his Turkish counterpart Alparslan Bayraktar on Tuesday to invest $2 billion to build solar and wind projects in Turkey.

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

📰 Developing Stories

Dubai unveiled the first four stations of its planned underground Dubai Loop, including stops at the Burj Khalifa skyscraper and the Dubai International Financial Centre, as part of a $545 million effort to ease downtown congestion. The full network – built with Elon Musk’s Boring Company – is expected to stretch about 22 kilometers (13.6 miles) with 19 stations, and is designed to cut travel time on the initial route from about 20 minutes to three minutes. In a separate above-ground project called the Glydways system, Dubai plans to launch small autonomous electric vehicles running on narrow dedicated lanes and linked to the Metro that can move more than 10,000 passengers per hour in each direction.

ADNOC is preparing to raise as much as $2 billion through yuan-denominated dim sum bonds – the UAE energy company’s first debt issuance in China’s currency. The deal, which comes as Gulf borrowers increasingly look to Asian markets for capital, highlights deepening financial ties between the UAE and China, Bloomberg reports. ADNOC is working with banks on the potential offshore yuan bond sale and is meeting investors as part of the process. U.S. officials have repeatedly warned about the security and strategic risks tied to the UAE’s expanding financial and technology links with Beijing.

💲 Sovereign Circuit

L’Imad Holding Co: AD Ports Group raised $115 million to support the development of the Noatum Ports – Safaga Terminal in Egypt.

Abu Dhabi Investment Authority: ADIA sold its 50% stake in Sydney’s O’Connell office precinct to Charter Hall for $351 million, as the Abu Dhabi fund rebalances its Asia-Pacific portfolio.

G42: The Abu Dhabi AI company is developing national infrastructure for autonomous AI systems, alongside a large-scale computing centre known as the “agent factory,” CEO Peng Xiao told a panel at the World Governments Summit in Dubai on Tuesday.

Abu Dhabi Investment Council: Saeed Al Mazrouei, CEO of ADIC, an independent unit of Mubadala, told Bloomberg that the organization’s goal was to lift returns by expanding its asset classes – including secondaries, insurance and Bitcoin – without abandoning its endowment-style approach.

↪↩ Closing Circuit

🚧 Big Spender: Abu Dhabi developer Aldar awarded $18 billion in contracts across the UAE in 2025, spanning residential, commercial, infrastructure, and logistics projects. 

🛢️ Field Expansion: Oilfield services provider SLB secured a $1.5 billion contract to manage the next development phase of Kuwait’s Mutriba oil field.

Gas Deal: QatarEnergy, the state-owned oil and gas company, signed a 27-year agreement with Japan’s Jera to supply 3 million tons a year of LNG starting in 2028.

🗣 Circuit Chatter

💰 Risky Business: Saudi National Bank is exploring entry into the significant-risk-transfer market as it looks to offload loan exposure, free up capital and expand lending capacity, Bloomberg reports.

🧠 AI Inflation: Artificial intelligence is likely to add to near-term inflationary pressures as governments and companies, particularly in the Gulf, pour unprecedented investment into AI infrastructure, a research chief at BlackRock  told Arabian Gulf Business Insights.

🌴 Muscat Chat: Iran has asked the United States to move diplomatic talks from Turkey to Oman and restrict them to its nuclear program in a meeting between U.S. envoy Steve Witkoff and Iranian Foreign Minister Abbas Araghchi.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed met with Daniel Noboa, President of Ecuador, at Qasr Al Bahr palace in Abu Dhabi on Tuesday. Sheikh Mohamed also met with Santiago Peña, President of Paraguay and with Masrour Barzani, Prime Minister of the Kurdistan Region of Iraq.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of L’Imad Holding Co, has become one of the top royal business figures in the UAE, a key point of contact for visitors ranging from U.S. President Donald Trump to BlackRock CEO Larry Fink, Bloomberg reports.

Saudi Crown Prince Mohammed bin Salman met with Turkey’s President Recep Tayyip Erdoğan in Riyadh on Tuesday. Prince Mohammed also held a phone call with Russia’s President Vladimir Putin.

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, swore in three new judges of the Dubai International Financial Centre Courts.

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, met with Chairman of the Cabinet of Ministers of Kyrgyzstan Adylbek Kasymaliev on Tuesday.

Sheikh Hazza bin Zayed, UAE Ruler’s Representative in Al Ain Region, reviewed the region’s key strategic plans for cultural and tourism projects during a meeting with a delegation led by Mohamed Khalifa Al Mubarak, Chairman of the Department of Culture and Tourism – Abu Dhabi.

➿ On the Circuit

Josh D’Amaro will succeed Bob Iger as CEO of Walt Disney Co. on March 18. The two came to the UAE last month to tour the future site of Disneyland Abu Dhabi and meet with Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed.

Ray Dalio, Founder of Bridgewater Associates, said during a panel discussion at the World Governments Summit in Dubai on Tuesday that geopolitical tensions and volatile capital markets have put the world “on the brink” of a capital war

Kristalina Georgieva, Managing Director of the International Monetary Fund, called on Gulf countries to create an Airbus-style company that could foster unity and deepen economic integration of the Middle East bloc.

Ben Harburg, the American investor who is the first foreigner to buy a Saudi Pro League team, talked to Bloomberg as he celebrated Al Kholood reaching the semi-finals of the King’s Cup for the first time.

🎶 Culture Circuit

🍽️ Good Eating: The Middle East and North Africa’s 50 best restaurants were named at a glittering ceremony at Emirates Palace Mandarin Oriental in Abu Dhabi on Tuesday night. Leading the list was Khufu’s, a gastronomic restaurant with a knockout view of the Giza Pyramids – the first time a restaurant in Egypt has taken the top spot. Abu Dhabi and Dubai dominated the rest of the list, with Dubai’s Kinoya and Tresind Studio taking second and third place.

📷 Photo of the Day

Illuminated drones fly over the Dr. Sultan Al-Qasimi Centre, during the 15th annual Sharjah Light Festival on Tuesday in the emirate of Sharjah. (Giuseppe Cacace / AFP via Getty Images)

📅 Circuit Calendar

Jan. 31-Feb. 7, Abu Dhabi. Mubadala Abu Dhabi Open 2026. Some of the biggest names on the WTA Tour compete in the UAE capital, including defending champion Belinda Bencic. Zayed Sports City International Tennis Centre.

Feb 1-6, Dubai. Dubai Fashion Week. The event showcases the latest collections by global and regional designers and aims to position Dubai as a major creative hub on the global fashion calendar. Dubai Design District.

Feb. 2-5, Doha. LNG2026. Qatar holds the 21st edition of its annual international Conference and exhibition on liquefied natural gas. Qatar National Convention Center. 

Feb. 3-5, Dubai. World Governments 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 hosts the first regional edition of the real estate technology event. Grand Hyatt Dubai.

Feb. 8-12, Riyadh. World Defense Show. Brings together global weapons manufacturers, government procurement officers and defense contractors. Riyadh International Convention and Exhibition Centre.

Feb. 9-12, Dubai. WHX Dubai 2026. World Health Expo Dubai (formerly Arab Health) brings together global healthcare professionals, innovations and ideas within the sector. Dubai Exhibition Center. 

Feb. 10-11, Abu Dhabi. Top Advisors & Investors Summit. The event will convene advisors, financiers, and investors from across the Middle East in the UAE capital. Conrad Etihad Towers.

Feb. 11, Dubai. AIMA Middle East Forum. A conference for alternative asset managers in the UAE and the wider alternative assets eco-system. Kempinski Central Avenue Dubai.

Feb. 11-12, Cairo. Ai Everything Middle East and Africa, Egypt. Bringing together AI leaders, innovators, startups, investors, and policymakers to explore transformative technologies and accelerate AI adoption across industries. Egypt International Exhibition Center.  

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. 

Feb. 13-15, Munich. Munich Security Conference. A global forum for senior political, military and diplomatic leaders to debate major international security challenges. Hotel Bayerischer Hof.

The Daily Circuit: Musk reverberations in Gulf + Mubadala Capital’s Waymo cash

In today’s Daily Circuit, we report on Mubadala Capital joining Waymo’s $16 billion funding round, Emirates Global Aluminium meeting with investors ahead of a planned IPO, the Oman Investment Authority shedding stakes in some 30 companies as part of a divestment drive to diversify its economy and the rumble set off in Saudi Arabia this week by Ronaldo missing a match. But first, reverberations in the Gulf from Elon Musk’s consolidation strategy.

Elon Musk’s plan to combine SpaceX and artificial-intelligence firm xAI into a $1.25 trillion venture is drawing renewed attention to the Gulf sovereign wealth funds that have invested in his companies.

Abu Dhabi’s Mubadala fund is one of SpaceX’s largest outside backers, meaning the proposed merger would deepen its exposure to Musk by effectively adding xAI’s assets to an investment long tied to rockets, satellites and launch services.

Providing Musk with large pools of long-term capital may boost the influence of Middle East investors in the future as the world’s richest man continues to expand his business empire.

Abu Dhabi is also connected to xAI through MGX, the AI-focused vehicle backed by Mubadala and G42, which has participated directly in xAI funding rounds alongside global giants such as Fidelity, Nvidia and Cisco.

Qatar’s sovereign wealth fund, the Qatar Investment Authority, is another prominent xAI investor, as is the Oman Investment Authority. Saudi Arabia’s Public Investment Fund is involved with xAI through its minority stake in Kingdom Holding Co., the conglomerate majority-owned by Prince Alwaleed bin Talal.

Musk last visited the UAE in December, when he met with President Sheikh Mohamed bin Zayed and Dubai Crown Prince Sheikh Hamdan bin Mohammed. He made a high-profile appearance in Saudi Arabia last May when he attended the Saudi-U.S. Investment Forum in Riyadh and chatted on the conference floor with U.S. President Donald Trump and Saudi Crown Prince Mohammed bin Salman.

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

📰 Developing Stories

Mubadala Capital, an investment arm of Abu Dhabi’s Mubadala sovereign wealth fund, joined Waymo’s $16 billion funding round, taking part alongside Silicon Valley investors Sequoia Capital, Dragoneer and Silver Lake. The investment by Mubadala Capital follows its parent fund’s participation in a $2.5 billion Waymo round in 2020. With the new financing, the value of Alphabet’s self-driving unit is being assessed at $126 billion. The UAE plans to expand use of autonomous cars over the rest of the decade, with Dubai targeting 25% of all trips to be self-driving by 2030 and Abu Dhabi aiming for a similar target by 2040.

Soccer star Cristiano Ronaldo appears to have sat out of a Saudi Pro League match in protest over a disagreement with the Public Investment Fund. Ronaldo, who plays for the Al Nassr Football Club, skipped Monday night’s game against Al Riyadh, which his team won 1-0. The Portuguese forward, who signed for Al Nassr in 2023, has become enmeshed in the kingdom’s global image, acting as a brand ambassador for tourism and sports ventures. He is also building his own Saudi business empire, from hair loss clinics and real estate to his stake in Al Nassr. Ronaldo reportedly became frustrated after Al Nassr failed to sign any new star players, while leading competitor Al Hilal, which is also backed by the PIF, signed France’s Karim Benzema from Al Ittihad. 

💲 Sovereign Circuit

Mubadala: The Abu Dhabi sovereign wealth fund and Aldar Properties formed a strategic joint venture combining Yas Mall and The Galleria Luxury Collection into an Abu Dhabi retail platform valued at about $2.7 billion.

Mubadala: The fund won more than $827 million from an arbitration linked to the insolvent Signa conglomerate and its founder, bankrupt European property tycoon René Benko, in a decision that could test Austrian solvency laws, Bloomberg reports.

XRG: Private-equity firm Carlyle is in talks with potential UAE partners including International Holding Co. Mubadala and XRG about investing in Lukoil’s international assets, valued at about $20 billion, Reuters reports.

Emirates Global Aluminium: The company owned by Mubadala and Investment Corp. of Dubai, has begun initial investor meetings in the UAE ahead of a potential IPO, which could become one of the Gulf’s largest share sales.

ADNOC: XRG, the international investment arm of the Abu Dhabi National Oil Co., signed an agreement with Azerbaijan to acquire an equity stake in the Southern Gas Corridor.

Oman Investment Authority: The sovereign wealth fund plans to sell stakes in roughly 30 companies under a broad divestment drive aimed at boosting private-sector participation and attracting foreign capital.

↪↩ Closing Circuit

🏗️ Industrial Partners: Saudi Arabia has agreed to support the development of an integrated industrial and logistics city in Oman’s Dhofar region, including $40 million in financing.

🚦Green Light: Shareholders of KFIC Invest have approved its $26.4 million acquisition of Rasameel, a Kuwaiti Islamic-compliant investment firm.

📈 IPO Prep: Shorooq, an Abu Dhabi based investment firm, launched a Qatar-backed $200 million late-stage growth fund to help mature fintech, software, and AI companies in the GCC and Asia prepare for IPOs.

🗣 Circuit Chatter

💵 Opening Floodgates: Saudi Arabia’s Capital Market Authority said it is reviewing rules that cap foreign ownership of listed companies at 49% in a sign it could proceed with plans to lift the cap this year.

🛢️ Pipe Dream: Kuwait is planning to open up some of its oil fields to overseas firms and lease part of its pipeline network, Bloomberg reports.

🌉 Casino Link: A 548-meter bridge linking Ras Al Khaimah’s Wynn Al Marjan Island resort to the UAE road network is on track to open in October, with construction 48% complete ahead of the resort’s planned spring 2027 opening.

Gas Guzzler: Rapid growth in electricity demand from data centers could turn an expected global LNG supply glut into a shortage by 2030, QatarEnergy CEO Saad al-Kaabi told the LNG2026 conference in Doha on Monday.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed met with Félix Tshisekedi, President of the Democratic Republic of the Congo, as the two countries signed a Comprehensive Economic Partnership Agreement.

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, visited the World Preservation Lab and BioVault, a collaboration between the Museum of the Future and Colossal Biosciences, at the World Governments Summit 2026. 

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, held a phone call with Sheikh Jarrah Jaber Al Ahmad Al Sabah to congratulate him on his appointment as Minister of Foreign Affairs of Kuwait. Sheikh Abdullah also met with Dr. Badr Abdelatty, Minister of Foreign Affairs and Emigration of Egypt.

Sheikh Dr. Sultan bin Mohammed Al Qasimi, Ruler of Sharjah, met with Dr. Khaled El Enany, Director-General of UNESCO, on Tuesday at Dr Sultan Al Qasimi Centre in University City.

➿ On the Circuit

Dr. Anwar Gargash, Advisor to the UAE President, told the World Governments Summit in Dubai that the Middle East does not need another confrontation and that he would rather see direct Iranian-U.S. negotiations, leading to understandings, The Circuit’s Omnia Al Desoukie reports. Dr. Gargash was speaking on a panel with former U.S. Secretary of State Mike Pompeo.

Guillaume Faury, CEO of Airbus, said during the World Governments Summit on Tuesday that China’s aircraft maker Comac is becoming a serious competitor in global aviation. 

Mohsin Hamad al Hadhrami, Oman’s Undersecretary of the Ministry of Energy and Minerals, said that work has already begun on the $700 million GCC electrical interconnection between the UAE and Oman.

Ahmed Salem, JP Morgan’s Co-Head of Investment Banking for MENA, told Zawya that the M&A landscape will continue to bring certain sectors into focus, including energy, artificial intelligence and digital infrastructure. 

Turki Al Shehri was appointed Country Manager for Saudi Arabia at French utility ENGIE.

Jorge Naveawas appointed President of Al-Futtaim Automotive.

🎶 Culture Circuit

🌙 Child’s Play: As Ramadan approaches, children in the Middle East have a special day to celebrate the Muslim holy month. Known as Hag Al Laila in the UAE – meaning “for this night”– children wear traditional clothing and carry colorful woven bags door-to-door as they sing in return for candy and nuts. The tradition is believed to predate Islam and may have even inspired Halloween trick-or-treating. The celebration, taking place tonight, typically starts 15 days before Ramadan, which is likely to fall on Feb. 18 this year.

📷 Photo of the Day

A model walks the runway at the John Richmond show during Dubai Fashion Week Fall/Winter 2026-2027 on Monday (Victor Boyko/Getty Images)

📅 Circuit Calendar

Jan. 31-Feb. 7, Abu Dhabi. Mubadala Abu Dhabi Open 2026. Some of the biggest names on the WTA Tour compete in the UAE capital, including defending champion Belinda Bencic. Zayed Sports City International Tennis Centre.

Feb. 1-4, Doha. Web Summit Qatar. Connecting startup founders in the Middle East to investors, policymakers and journalists around the world. Doha Exhibition and Convention Center.

Feb 1-6, Dubai. Dubai Fashion Week. The event showcases the latest collections by global and regional designers and aims to position Dubai as a major creative hub on the global fashion calendar. Dubai Design District.

Feb. 2-4, Abu Dhabi. The Abu Dhabi AI Summit. The summit aims to strengthen collaboration between the UAE’s Mohamed bin Zayed University of Artificial Intelligence and the U.S. National Science Foundation’s Athena Institute to advance research, entrepreneurship and business  opportunities. MBZUAI campus.

Feb. 2-5, Doha. LNG2026. Qatar holds the 21st edition of its annual international Conference and exhibition on liquefied natural gas. Qatar National Convention Center. 

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

Feb. 4, Abu Dhabi. MEVCA Investors Summit 2026. A forum that provides “knowledge sharing, strategic discussion, and ecosystem engagement” for venture capitalists. ADGM. 

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

Feb. 8-12, Riyadh. World Defense Show. Brings together global weapons manufacturers, government procurement officers and defense contractors. Riyadh International Convention and Exhibition Centre.

Feb. 9-12, Dubai. WHX Dubai 2026. World Health Expo Dubai (formerly Arab Health) brings together global healthcare professionals, innovations and ideas within the sector. Dubai Exhibition Center. 

Feb. 10-11, Abu Dhabi. Top Advisors & Investors Summit. The event will convene advisors, financiers, and investors from across the Middle East in the UAE capital. Conrad Etihad Towers.

Feb. 11, Dubai. AIMA Middle East Forum. A conference for alternative asset managers in the UAE and the wider alternative assets eco-system. Kempinski Central Avenue Dubai.

Feb. 11-12, Cairo. Ai Everything Middle East and Africa, Egypt. Bringing together AI leaders, innovators, startups, investors, and policymakers to explore transformative technologies and accelerate AI adoption across industries. Egypt International Exhibition Center.  

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. 

Feb. 13-15, Munich. Munich Security Conference. A global forum for senior political, military and diplomatic leaders to debate major international security challenges. Hotel Bayerischer Hof.

The Daily Circuit: Qatar nurtures startups + Lockheed’s Saudi software

In today’s Daily Circuit, we report on Lockheed Martin’s new software factory in Riyadh, Abu Dhabi-based IHC’s $2 billion spending plan, ACWA Power’s green hydrogen venture in Germany and the record $2 million paid for a Saudi artwork at Sotheby’s. But first, Qatar’s bid to become a startup nation.

Qatar committed a further $2 billion to support startups as its banner tech gathering opened to sold-out crowds, drawing more than 30,000 people.

The Qatar Investment Authority is planning to invest in five new venture capital funds as part of an expanded fund-of-funds initiative, taking the sovereign wealth fund’s total commitment to $3 billion. 

The funds – Greycroft, Ion Pacific, Liberty City Ventures, Shorooq and Speedinvest will open offices in Doha to help develop the city as a hub for tech entrepreneurs. 

“This year, we move from momentum to scale,” Sheikh Mohammed bin Abdulrahman Al ⁠Thani, Qatar’s Prime Minister and Minister of Foreign Affairs, said in a keynote address on Sunday at the opening of Web Summit Qatar, where he announced a raft of incentives, including a 10-year residency program for entrepreneurs, founders, investors, and senior executives.

“We invite you to put down roots and grow alongside a nation that invests in your future,” he said. 

Now in its third year, the Middle East’s franchise of the famed Web Summit in Lisbon drew a record 1,600 startups, 85% of which came from outside of Qatar. 

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

📰 Developing Stories

Lockheed Martin has opened a new software factory in Riyadh to speed development of advanced digital systems in Saudi Arabia. The facility, officially launched on Sunday, will focus on rapid prototyping and advanced software practices to support modern command-and-control aeronautics systems. It is being developed with Saudi partners, including Saudi Arabian Military Industries, and is designed to build local engineering and software talent. The move aligns with Saudi Arabia’s push to localize high-value technology and expand the country’s digital capabilities.

Investors linked to the UAE’s royal family bought a 49% stake in a cryptocurrency venture founded by members of the Trump family shortly before Donald Trump returned to the White House last year. The Trump firm, World Liberty Financial, whose co-founders include Donald Trump Jr., Eric Trump and Barron Trump, sold the stake to the Emirati firm Aryam Investment 1 – a company overseen by UAE National Security Advisor Sheikh Tahnoon bin Zayed –  for about $500 million, The Wall Street Journal reports. The deal has drawn scrutiny because it coincided with U.S. policy decisions affecting the UAE, including the sale of advanced AI computer chips that the Biden administration had refused to sell to the Gulf state. Spokesmen for the White House, World Financial and Aryam have denied any link between the investment and U.S. government actions.

💲 Sovereign Circuit

Mubadala: The Abu Dhabi sovereign wealth fund and Singapore’s GIC are in talks to join a KKR-led consortium seeking to acquire Singapore-based data center operator STT GDC in a deal that could value the company at more than $10 billion, Bloomberg reports.

Public Investment Fund: Ruya Partners, a UAE-based firm backed by Saudi Arabia’s Public Investment Fund and Mubadala, is raising a $400 million private credit fund to address financing gaps in Saudi Arabia

International Holding Co.: Syed Basar Shueb, CEO of the UAE’s biggest company by value, said in an interview with Semafor that he plans to deploy roughly $2 billion of new capital each month over the next four years to bolster IHC’s international business…

Abu Dhabi Investment Authority: ADIA is seeking a $2.6 billion loan, secured by subsidiary Tawreed Investments’ minority stakes in four Australian infrastructure assets, including the Port of Brisbane.

ACWA Power: Germany’s utility EnBW and Saudi Arabia’s PIF-owned ACWA Power signed a draft agreement to develop an ammonia import and treatment pathway that will supply green hydrogen for German energy projects.

Mumtalakat: BlueFive Capital, in which Bahrain’s sovereign wealth fund is an investor, said it closed its $3 billion Onyx Fund I, anchored by Gulf sovereign capital and registered with Abu Dhabi Global Market, to pursue opportunistic AI, biotechnology and advanced computing investments in the U.S. and Europe.

↪↩ Closing Circuit

💰 New Business: Dubai-based Magellan Capital launched a $975 million hedge fund, one of the MENA region’s largest, marking the first time it has opened its flagship fund to third-party investors.

🏞️ New Land: Aldar, Abu Dhabi’s largest developer, added over 2 million square meters to its land bank, aiming to deliver 3,000 residential units worth nearly $6.3 billion.

💰 Raising Capital: Damac borrowed $600 million via an Islamic bond as part of a pre-approved $2 billion borrowing program.

🎨 Art Record: Safeya Binzagr’s 1968 painting “Coffee Shop in Madina Road” sold for more than $2 million at Sotheby’s Diriyah auction, setting a new record for a Saudi artist and beating a Picasso that sold for $1.6 million.

🗣 Circuit Chatter

✌️ Peace Talks: Ukrainian President Volodymyr Zelenskyy said a second round of Abu Dhabi-hosted peace talks between Ukraine, Russia and the U.S. is expected to take place on Feb. 4-5, following progress at initial talks in January.

✈️ Return Flight: Emirates airline is preparing to resume flights to Israel’s Ben Gurion Airport in Tel Aviv after a two-year pause, Bloomberg reports.

📈 Investment Strategy: Egyptian developer Tatweer Misr is considering a local IPO by next year as part of a five-year strategy that includes a potential strategic investor by 2027, $318 million in 2026 investments and possible land acquisitions in Egypt and Oman.

🤝 Working Together: Kamco Invest and PGIM, Prudential Financial’s $1.5 trillion global asset manager, signed an agreement to pursue a strategic partnership focused on joint and co-branded investment solutions.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed and Vice Presidents Sheikh Mohammed bin Rashid and Sheikh Mansour bin Zayed attended the opening session of the World Laureates Summit on Sunday, along with Sheikh Hamdan bin Rashid, Crown Prince of Dubai.  

Sheikh Mohamed conferred the Order of the Union upon Mohammad Al Gergawi, UAE Minister of Cabinet Affairs, at the World Laureates Summit.

Sheikh Mohamed has cancelled a state visit to Japan planned for later this week, amid rising U.S.-Iran tensions, Bloomberg reports, citing Japan’s public broadcaster NHK. On Friday, Sheikh Mohamed held a phone call with Iranian President Masoud Pezeshkian.

Sheikh Mohamed is expected to meet with Félix Tshisekedi, President of the Democratic Republic of the Congo, during his visit Abu Dhabi to sign mining-related MoUs.

Sheikh Dr. Sultan bin Mohammed Al Qasimi, Ruler of Sharjah, received the Grand Collar of the Order of Camões, the highest sovereign cultural order in Portugal, given to him by Marcelo Rebelo de Sousa, President of Portugal.

Sheikh Tahnoon bin Zayed, UAE National Security Advisor, met with Richard Branson, Founder and Chairman of Virgin Group, on Friday.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defense, approved the $136 million Umm Suqeim Beach project.

Sheikha al-Mayassa bint Hamad bin Khalifa al-Thani, Chair of Qatar Museums, tells The Financial Times that the country is hosting Art Basel Qatar as part of its strategy to use art for advancing cultural diplomacy. “Training your eye to look at art builds empathy,” Al Mayassa says. “Culture breeds tolerance.”

➿ On the Circuit

Sheikh Abdulla Mohmmed Butti Alhamed, Chairman of the UAE National Media Authority, informally met with U.S. President Donald Trump at the premiere of the “Melania” documentary in Washington D.C. on Thursday. 

Thani Al Zeyoudi, UAE Minister of Foreign Trade, said that the comprehensive economic partnership agreement with Japan has reached its final stages and that negotiations with the European Union are also progressing positively.

Hillary Clinton, former U.S. Secretary of State, visited Diriyah, the historic site on the outskirts of Riyadh where the Kingdom of Saudi Arabia was founded. 

Yaacoub al-Refaie was named Kuwait’s new Finance Minister and Jarrah al-Ahmad al-Sabah was appointed Foreign Minister in a limited cabinet reshuffle.

🎶 Culture Circuit

🏛️ New Beginning: Louvre Abu Dhabi Director Manuel Rabate is stepping down and relocating to India to head the Kiran Nader Museum of Art in New Delhi, 10 years after he helped launch the iconic branch of the Paris landmark in the UAE. The Indian museum is projected to be the largest cultural center in South Asia and scheduled to open within three years.

📷 Photo of the Day

UAE President Sheikh Mohamed bin Zayed and Vice President Mohammed bin Rashid, confer at the World Laureates Summit in Abu Dhabi on Sunday. (Omnia Al Desoukie/The Circuit)

📅 Circuit Calendar

Jan. 31-Feb. 7, Abu Dhabi. Mubadala Abu Dhabi Open 2026. Some of the biggest names on the WTA Tour compete in the UAE capital, including defending champion Belinda Bencic. Zayed Sports City International Tennis Centre.

Feb. 1-3, Dubai. World Laureates Summit. The event brings Nobel Prize winners and top scientists to the UAE to discuss their research and the state of the world. Madinat Jumeirah.

Feb. 1-4, Doha. Web Summit Qatar. Connecting startup founders in the Middle East to investors, policymakers and journalists around the world. Doha Exhibition and Convention Center.

Feb 1-6, Dubai. Dubai Fashion Week. The event showcases the latest collections by global and regional designers and aims to position Dubai as a major creative hub on the global fashion calendar. Dubai Design District.

Feb. 2-4, Abu Dhabi. The Abu Dhabi AI Summit. The summit aims to strengthen collaboration between the UAE’s Mohamed bin Zayed University of Artificial Intelligence and the U.S. National Science Foundation’s Athena Institute to advance research, entrepreneurship and business  opportunities. MBZUAI campus.

Feb. 2-5, Doha. LNG2026. Qatar holds the 21st edition of its annual international Conference and exhibition on liquefied natural gas. Qatar National Convention Center. 

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

Feb. 4, Abu Dhabi. MEVCA Investors Summit 2026. A forum that provides “knowledge sharing, strategic discussion, and ecosystem engagement” for venture capitalists. ADGM. 

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

Feb. 8-12, Riyadh. World Defense Show. Brings together global weapons manufacturers, government procurement officers and defense contractors. Riyadh International Convention and Exhibition Centre.

Feb. 9-12, Dubai. WHX Dubai 2026. World Health Expo Dubai (formerly Arab Health) brings together global healthcare professionals, innovations and ideas within the sector. Dubai Exhibition Center. 

Feb. 10-11, Abu Dhabi. Top Advisors & Investors Summit. The event will convene advisors, financiers, and investors from across the Middle East in the UAE capital. Conrad Etihad Towers.

Feb. 11, Dubai. AIMA Middle East Forum. A conference for alternative asset managers in the UAE and the wider alternative assets eco-system. Kempinski Central Avenue Dubai.

Feb. 11-12, Cairo. Ai Everything Middle East and Africa, Egypt. Bringing together AI leaders, innovators, startups, investors, and policymakers to explore transformative technologies and accelerate AI adoption across industries. Egypt International Exhibition Center.  

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. 

Feb. 13-15, Munich. Munich Security Conference. A global forum for senior political, military and diplomatic leaders to debate major international security challenges. Hotel Bayerischer Hof.