The Daily Circuit: Warner Discovery grows in Gulf + a Trump tower in Dubai
👋 Hello from the Middle East!
In the Daily Circuit today, we’re reporting on Mubadala Capital’s deal to lead a $10 billion investment in LA-based TWG, the Trump Organization’s plans for an 80-story hotel tower in Dubai, and the UAE launch of former Spice Girl Victoria Beckham’s fashion line. Plus a Circuit interview with the regional chief of Swiss drugmaker Novartis. But first, global media companies are descending on the Gulf to feed growing demand for Arab-language content.
Warner Bros. Discovery is planning to use its expansion in the Middle East region as a major stepping stone towards becoming a top-three global streamer, a senior executive says.
The U.S. media giant, which bought a one-third stake in Dubai streaming company OSN in March for $57 million, is holding initial team meetings this week with its new affiliate to pinpoint a successful direction for Arabic content, The National reports.
Global media companies are paying notice to the rapidly growing demand for Arabic-language content, which grew by 16 times between 2020 to 2024, according to research by Parrot Analytics and Rise Studios.
For Warner Bros., the question of how to win over Middle East audiences starts with “multi-local” content, a strategy that has proven successful in other parts of the world. “Once a story succeeds in a particular country, we try to see if it resonates in another and give it the needed funding to travel,” Jamie Cooke, Warner Bros. Middle East lead, told The National.
“We’ve tried in the past to produce something from here that works everywhere,” Cooke said. “It’s very hard. If you try to create something for the world [from the start]. It means nothing to everyone.”
Following the OSN deal, Warner Bros. moved quickly to include Discovery+ on OSN+ earlier this month, cementing the local partner’s position as the region’s quality subscription service, already home to exclusive HBO programming, including classic TV mob drama “The Sopranos.”
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CIRCUIT Q&A
Novartis seeks to close gap with U.S. in getting approval for drug sales in Gulf
Novartis, Europe’s second-largest drugmaker, is working with regulators to obtain broader rights to sell new medicines in the UAE and neighboring Gulf countries as soon as they are approved in the U.S., The Circuit’s Omnia Al Desoukie reports.
Mohamed Ezz Eldin, a 25-year Novartis veteran who runs operations in the Gulf, said the Swiss company is also tapping into genetic data with partners from the region to develop new treatments for rare diseases and illnesses prevalent in the Middle East.
“Our key focus is ensuring that patients eligible for our medicines have access,” Ezz Eldin said in an interview with The Circuit. The Novartis executive was in the UAE this week to sign a research partnership agreement with the Emirates Dermatology Association.
Click here to read the full interview.
📰 Developing Stories
TRUMP TOUR
Eric Trump is rolling out a series of deals across the Gulf as his father, U.S. President Donald Trump, prepares to make a presidential visit to the region next month. Real estate developers Qatari Diar and Saudi-owned Dar Global plan to build a Trump-branded golf course and residential community as part of the Simaisma beachside development north of Doha, Reuters reports. On Tuesday, Eric Trump, who is Executive Vice President of the Trump Organization, announced plans to build the Trump International Hotel and Tower in Dubai at a cost of $1 billion, in partnership with Dar Global. The younger Trump is slated to speak on Thursday at the TOKEN2049 crypto conference in Dubai.
GOODBYE MONACO
Azura Partners, the Monaco-based wealth manager, is moving from the Côte d’Azur and setting up headquarters in Abu Dhabi. The plan announced today follows a deal with Abu Dhabi’s ADQ-backed Lunate fund, which is buying a stake in Azura that will enable the firm to boost hiring and offer more services. “Abu Dhabi has become a home for ultra-high net worth individuals and a hub for family offices,” Azura founder and CEO Ali Jamal said in a statement, which didn’t disclose financial details. “Its emergence as a leading financial center presents immense opportunities.”
💲 Sovereign Circuit
Mubadala Capital: The Abu Dhabi sovereign wealth fund’s asset management unit entered an agreement today to lead a $10 billion syndicated investment in Mark Walter and Thomas Tull’s TWG Global. Los Angeles-based TWG will commit $2.5 billion to Mubadala Capital products and acquire a minority stake in the UAE asset manager.
Mubadala Investment: Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister, and Chairman of Mubadala, led the sovereign wealth fund’s board meeting at Qasr Al Watan palace in Abu Dhabi on Tuesday, where 2024 financial statements were discussed and approved. Among those attending the meeting were Mubadala Managing Director and Group CEO Khaldoon Al Mubarak and Deputy Group CEO Waleed Al Muhari; Suhail bin Mohammed Al Mazrouei, UAE Minister of Energy and Infrastructure; and Saif Saeed Ghobash, Secretary-General of the Abu Dhabi Executive Council.
Public Investment Fund: London-based Stanhope Capital signed an agreement with PIF-owned Gulf International Bank to expand its wealth management services in Saudi Arabia and across the Gulf region.
TAQA: Abu Dhabi National Energy Company, known as TAQA, begins trading $1.75 billion of bonds on the Abu Dhabi Securities Exchange today, including $900 million notes maturing in 2031 with a coupon rate of 4.375%.
ADQ: Abu Dhabi’s state-backed sovereign firm ADQ raised $1 billion by selling bonds that attracted strong global demand, allowing it to borrow at lower interest rates than initially expected.
Kuwait Investment Authority: Kuwait’s sovereign wealth fund is suing Axa Investment Managers over a planned London skyscraper that it claims would block sunlight to its nearby office building.
↪↩ Closing Circuit
🌐 Eyeing IPO: Sanabil Investments, an investment arm of the PIF, is backng Saudi Arabia’s iMENA Group as the tech company seeks $135 million in funding and eyes an IPO, with plans to expand its online marketplace and mobility businesses.
🏗️ Moving Time: Saudi Arabia’s PIF-owned Diriyah Co. awarded a $1.1 billion contract to a Chinese joint venture to relocate the existing utilities and administration offices of King Saud University.
🇰🇼 Maintaining Infrastructure: Kuwait’s Combined Group Contracting Co.’s UAE unit won a $275 million infrastructure maintenance contract from Aldar Properties for the Al-Nahda area in Abu Dhabi.
💼 Business Builder: Erad, a Riyadh-based alternative financing platform for small and medium-sized businesses, raised $16 million in a Pre-Series A funding round backed by investors including YCombinator, Aljazira Capital and VentureSouq.
🗣 Circuit Chatter
⛽ Different Routes: Starting in June, ADNOC will supply some cheaper U.S. liquefied petroleum gas to India under existing contracts, allowing it to redirect its LPG to China, where buyers are paying higher premiums amid U.S.-China trade tensions, Reuters reports.
💰 Potential Business: Australian petroleum company Woodside Energy is in talks with Kuwait Foreign Petroleum Exploration to sell a stake in its Louisiana LNG project, Bloomberg reports.
✈️ Plane Wrong: Emirates Airline Chairman Sheikh Ahmed bin Saeed has rejected the idea of the carrier buying Boeing planes caught up in a U.S.-China trade war, saying that they are kitted out for Chinese airlines and would be expensive to refurbish.
💸 New Beginnings: Thrive Holdings, a new firm built by Thrive Capital founder Joshua Kushner, is in the final stages of raising close to $1 billion to buy and develop artificial intelligence startups, The New York Times reports.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed received Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, UAE Deputy Prime Minister and Minister of Defense, along with Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, at Qasr Al Bahr palace in Abu Dhabi on Tuesday. The group held a broad dialogue on national affairs.
Saudi Crown Prince Mohammed bin Salman chaired a Cabinet session in Jeddah on Tuesday, briefing the ministers on his recent meetings with Jordan’s King Abdullah and India’s Prime Minister Narendra Modi.
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, UAE Deputy Prime Minister and Minister of Defense, toured the Arabian Travel Market 2025 conference on Tuesday.
Lt. Gen. Sheikh Saif bin Zayed, UAE Deputy Prime Minister and Minister of the Interior, met with Vladimir Kolokoltsev, Minister of the Interior of the Russian Federation, during his official visit to Moscow.
Sheikh Abdullah bin Zayed, UAE Deputy Prime Minister and Minister of Foreign Affairs, received Dr. Ghassan Salamé, the Lebanese Minister of Culture, this week in Abu Dhabi.
➿ On the Circuit
Ghaith Al Ghaith, CEO of FlyDubai, told Arabian Gulf Business Insights that FlyDubai’s expansion into long-haul routes is being delayed by late delivery of its order of 30 Boeing 787 aircraft, now pushed to at least August 2027, with the airline considering seeking compensation.
John Bevan, Chief Executive Officer of dnata Travel Group, told The National that they are witnessing an increase in multi-GCC trips as the region becomes more interconnected through easier flight access, smoother visa processes, and a growing number of world-class attractions across borders.
Rania Al Mashat, Egypt’s Minister of Planning, said during a discussion hosted by the Atlantic Council think tank at the IMF Spring Meetings in Washington that Egypt’s Ras El Hekma deal with the UAE is proof of how creditor and debtor countries around the world can work together for mutual benefit.
🎶 Culture Circuit
👠 Posh Launch: Fashion designer Victoria Beckham dined with style influencers in Dubai this week to celebrate the launch of her exclusive Spring/Summer 2025 capsule collection for local online fashion retailer Ounass, including a pop-up shop in Dubai’s Mandarin Oriental Hotel. “Coming here and seeing how Emirati women are wearing my clothes and making them their own brings me so much joy,” the Spice Girls singer wrote on Instagram.
📷 Photo of the Day
📅 Circuit Calendar
April 25 – May 11, Dubai. Dubai Esports and Gaming Festival. Dubai’s gaming and esports extravaganza brings together global players, creators, fans, and industry leaders. Dubai World Trade Center.
April 28-May 1, Dubai. Arabian Travel Market. This year’s theme, “Global Travel: Developing Tomorrow’s Tourism Through Enhanced Connectivity,” highlights the role of connectivity in the transformation of the tourism industry. Dubai World Trade Center.
April 29-30, Abu Dhabi. Digital Transformation Summit UAE 2025. In its 37th edition, the summit is expected to be attended by over 300 C-suite executives, directors, and technology leaders. Sheraton Abu Dhabi Hotel and Resorts.
April 30- May 1, Dubai. Token2049 Dubai. A global conference dedicated to the crypto and blockchain ecosystem. Madinat Jumeirah.
May 5-6, Abu Dhabi. Governance of Emerging Technologies Summit. Shaping Responsible Governance of AI & Emerging Technologies in a Future Digital Economy. St. Regis Saadiyat Island Resort.
May 6-7, Dubai. MENA Capital Market Summit. The event will bring together 1,500 businesses, decision-makers and global financial leaders to discuss the capital market. Madinat Jumeirah.
May 6-8, Dubai. Airport Show. Showcasing the latest technological advancements in the airport industry. Dubai World Trade Center.
May 6-8, Dubai, GISEC. The 14th edition of the Middle East and North Africa’s largest cybersecurity event, under the theme “Securing an AI-Powered Future.” Dubai World Trade Center.
May 12-13, Dubai. Dubai FinTech Summit. Exploring a future where finance is accessible, inclusive, and empowering. Madinat Jumeirah.
May 13, Riyadh. Saudi-U.S. Investment Forum. An invitation-only event to be held during U.S. President Donald Trump’s visit to Saudi Arabia. The forum will bring together government, business, finance and innovation to discuss the next chapter of business between the two countries. Venue TBA.
May 13-14, Dubai. Low Carbon Fuels MENA. The conference promises a space for industry leaders, potential partners, and innovators to discuss potential opportunities and challenges. Sheraton Dubai Creek Hotel & Towers.
May 13-15, Dubai. CABSAT. The Middle East & Africa’s leading event for content, broadcast, media & entertainment industry professionals looking to leverage the latest technology and innovation in creating the next-gen content. Dubai World Trade Center.
May 16-17, Tirana, Albania. FII Priority Europe 2025. Saudi Arabia’s Public Investment Fund sponsors a regional business summit focused on Europe and is affiliated with the annual Future Investment Initiative conference in Riyadh. National Theater of Opera and Ballet.
May 20-22, Doha, Qatar. Qatar Economic Forum. Annual conference bringing together Qatari government and business leaders with corporate executives, investors and policymakers from around the world. Media City Qatar.
May 26-27, Abu Dhabi. Building the Future Summit. This Forbes event serves as an exclusive platform for industry leaders, investors, architects, and innovators to explore the latest trends shaping the future of real estate. Louvre Abu Dhabi.
May 29-30, Tripoli, Libya. Building the Future Summit. A Forbes event that is designed to help delegates from Libya understand their investment opportunities, foster strategic partnerships, and showcase key reforms that will drive economic progress. Venue TBA.