The Daily Circuit: Iran attacks shake Gulf business + ADNOC delays bond issue
In today’s Daily Circuit, we report on how missile attacks from Iran have affected business operations across the Middle East. Among the developments are canceled flights, disruption in Amazon network services, hikes in shipping insurance rates and postponement of an ADNOC bond sale. Meanwhile, the UAE Central Bank is teaming up with Core42 to strengthen cybersecurity and Aluminium Bahrain fully acquired Europe’s primary aluminum smelter. But first, bankers are taking another look at whether they’ve truly found safe haven in the Gulf.
Financial firms in the Middle East shifted into contingency mode after Iranian missile and drone strikes shook the Gulf, prompting banks, hedge funds and investment houses to activate remote-work plans and reassess operational risks.
Authorities urged residents to limit movement and work from home while flights were disrupted across the region, leading some companies and wealthy clients to organize evacuations by land to neighboring countries.
“The majority of our staff are currently working remotely, with only a few operating on-site where necessary,” Vijay Valecha, Chief Investment Officer of Dubai-based Century Financial, told The Circuit. “Despite this shift, our operations continue to run smoothly without disruption.”
Banks including Goldman Sachs, JPMorgan Chase and Citigroup instructed employees to work from home or shelter in place while executives began to evaluate their regional exposure,” Bloomberg reports.
If they continue for more than a few days, the Iranian attacks could threaten the UAE’s rise as a hub for hedge funds, which was built on a reputation for stability that had drawn global capital in recent years.
Traders said some of their clients were moving their assets into gold and oil, which are typically among the most affected by geopolitical tensions. “Rather than reducing their risk appetite, many clients are actively looking for short-term trading opportunities,” Fadi Al Kurdi, the founder and CEO of market analysis-firm FFA Kings in Dubai, told The Circuit.
Oil prices jumped about 10% as the Iran conflict intensified, with analysts warning crude could spike toward $100 a barrel if supply disruptions worsen.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 Developing Stories
STORMY SEAS
Insurance companies are telling ship owners they may cancel policies and raise coverage prices as much as 50% for vessels traveling through the Gulf and Strait of Hormuz, the Financial Times reports. Cargo war risk insurers – which cover commodities carried on tankers, such as grain and oil – said that they were preparing to cancel policies and renegotiate coverage at higher prices, rather than denying coverage for ships sailing into the region, the newspaper said. Danish container shipping line Maersk, meanwhile, halted sailings through the Suez Canal and Bab el-Mandeb Strait, the chokepoint connecting the Red Sea to the Gulf of Aden and the Indian Ocean, citing escalating regional security risks. The move is expected to lengthen shipping times and raise freight costs.
MISSED CONNECTION
Businesses in the UAE and Bahrain are facing network disruption issues as Amazon said its cloud unit’s data centers faced connectivity and power disruptions after Iranian strikes on Gulf countries. Two of its data center zones in the UAE were left without power, according to the company’s status page. Amazon Web Services said earlier that one UAE facility was hit by objects that caused sparks and a fire, leading to a shutdown, and later confirmed another localized power issue in the region, Reuters reports. While some services had started to recover, AWS said that full restoration could take several hours. It did not say whether the outages were linked to the Iranian strikes.
💲 Sovereign Circuit
ADNOC: The UAE’s national oil and gas company is delaying a planned debut sale of yuan-denominated notes, Bloomberg reports.
Abu Dhabi Investment Authority: The Abu Dhabi sovereign fund is in talks with Project Prometheus, an artificial intelligence startup co-led by Amazon founder Jeff Bezos, which is raising tens of billions of dollars to buy companies impacted by AI, The Financial Times reports.
Core42: The UAE Central Bank is teaming up with Core42, a unit of Abu Dhabi-owned AI company G42, to build a sovereign financial cloud aimed at strengthening cybersecurity across the country’s banking system.
Mubadala: Acelen, owned by the Abu Dhabi sovereign wealth fund, will boost diesel output by 10% in June at its Brazilian refinery Mataripe as part of a $143 million investment plan.
↪↩ Closing Circuit
🔩 Metal Deal: Aluminium Bahrain, known as Alba, fully acquired Europe’s primary Aluminium smelter, Aluminium Dunkerque from AIP VII Europe Sarl., a subsidiary of AIP Fund VII managed by American Industrial Partners.
💳 Exclusive Club: Suez Canal Bank and Alameda Healthcare Group partnered to integrate premium banking with medical services.
⛽ Production Halt: QatarEnergy ceased liquefied natural gas production after military attacks on its Ras Laffan complex, the world’s biggest natural gas export facility.
🗣 Circuit Chatter
✈️ Airport Hit: Iranian strikes disrupted thousands of flights and damaged facilities at Dubai International Airport, forcing airlines to cancel or reroute services and adding to regional travel turmoil.
📈 Closed Shop: The UAE Capital Market Authority announced that the country’s capital markets, including the Abu Dhabi Securities Exchange and Dubai Financial Market, will be closed March 2-3.
📦 Action Returns: Dubai’s DP World said on Monday its operations at UAE’s Jebel Ali port have resumed, Reuters reports.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayedreceived a phone call on Sunday from U.S. President Donald Trump to discuss the ongoing Iranian attacks on Gulf countries and review developments in the region.
Sheikh Mohamedreceived a phone call today from Russian President Vladimir Putin. The pair discussed the Iranian attacks in the Gulf and the wider security and military developments in the region.
Sheikh Abdullah bin Zayed, Deputy Prime Minister and UAE Minister of Foreign Affairs, held phone calls with several foreign ministers on Sunday to discuss regional developments and the repercussions of Iran’s missile attacks.
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, concluded his visit to Ecuador, at the invitation of President Daniel Noboawho awarded the Crown Prince the the National Order of Merit in the Grade of Grand Collar.
Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, visited the Abu Dhabi Equestrian Club on Sunday for a community event during Ramadan.
➿ On the Circuit
Samir J. Serhan was appointed CEO of ACWA Power, the Saudi renewable energy company owned by the Public Investment Fund, replacing Marco Arcelli.
Vince Cook, the CEO of National Bank of Fujairah, discussed the bank’s comeback after years of setbacks, in an interview with The National.
Pavel Durov, Founder and CEO of Telegram and a resident of Dubai, said in a post on X that he left the UAE for Europe a week ago, but can’t wait to be back.
🎶 Culture Circuit
🎨 Royal Canvas: Dubai Collection Nights is returning for a fourth edition, opening normally private holdings to the public through exhibitions, tours and studio visits across the city. Among the highlights of the event running through March 14 is Syrian artist Moustafa Fathi’s Untitled, which is from the personal collection of Sheikh Mohammed bin Rashid, Ruler of Dubai and Vice President of the UAE, The National reports.
📷 Photo of the Day
Remnants of an intercepted missile from Iran fall into the sea, missing Dubai’s tree-shaped Palm Jumeirah island, where a popular water park stands illuminated in the foreground (Fadel Senna / AFP via Getty Images)
📅 Circuit Calendar
March 31-April 2, Dubai. Arab Media Summit. The annual gathering brings together Arab media personnel, influencers and organizations. DWTC.
April 6-13, Dubai. Quantum Innovation Summit. Part of Global Quantum Week, focusing on quantum technology and applications. Grand Hyatt.
April 6-7, Riyadh. Real Estate Supply Chain Forum. Transforming the real estate supply chain landscape. Mandarin Oriental.
April 7-9, Dubai. Middle East Energy. Discover what’s new in energy. Dubai World Trade Centre.
April 7-9, Abu Dhabi. Future Health. Bringing together global leaders in government, science, technology and investment. ADNEC.
April 11-20, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC.
April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.
April 13-16, Riyadh. LEAP 2026. Global tech event covering AI, 5G and startups. RECC Malham.
April 21-23, Dubai. UITP Summit 2026. A high-level event for the public transport sector looking at the future of urban mobility. Dubai World Trade Centre
April 24-26, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles.
April 29-30, Dubai. TOKEN2049 Dubai. A global gathering for the crypto ecosystem. Madinat Jumeirah.
Saudi Aramco launches giant Jafurah shale gas fracking project
Saudi Aramco has begun production from its giant Jafurah shale development, marking the kingdom’s biggest move into unconventional gas as it seeks to expand supplies beyond oil.
The $100 billion project – the largest shale gas field outside North America – relies on fracking and horizontal drilling, the same techniques that helped the U.S. become the world’s top oil and gas producer by unlocking hydrocarbons trapped in dense rock.
Aramco, the world’s largest oil company, said in a statement on Thursday that the development will allow Saudi Arabia to burn less crude at home, helping free up about 1 million barrels a day of oil for export by the end of the decade.
The company is targeting total gas and associated liquids output of about 6 million barrels of oil equivalent a day by 2030, roughly an 80% increase from 2021 levels.
Aramco estimates the expanded gas program will generate about $12 billion to $15 billion in incremental cash flow by the end of the decade.
The Daily Circuit: Gulf backing wins Warner + Aramco fracking
In today’s Daily Circuit, we report on Aramco’s big jump into fracking, Masdar selling a 60% stake in its Portuguese wind farms, a new chief of investment strategy for Saudi Arabia’s Public Investment Fund, and Egypt creating a “Suez Canal on Rails.” But first, Gulf backing helps Paramount overtake Netflix in the bidding for Warner Bros. Discovery.
Saudi Aramco has begun production from its giant Jafurah shale development, marking the kingdom’s biggest move into unconventional gas as it seeks to expand supplies beyond oil.
The $100 billion project – the largest shale gas field outside North America – relies on fracking and horizontal drilling, the same techniques that helped the U.S. become the world’s top oil and gas producer by unlocking hydrocarbons trapped in dense rock.
Aramco, the world’s largest oil company, said in a statement on Thursday that the developmentwill allow Saudi Arabia to burn less crude at home, helping free up about 1 million barrels a day of oil for export by the end of the decade.
The company is targeting total gas and associated liquids output of about 6 million barrels of oil equivalent a day by 2030, roughly an 80% increase from 2021 levels.
Aramco estimates the expanded gas program will generate about $12 billion to $15 billion in incremental cash flow by the end of the decade.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 Developing Stories
SCREEN DREAM
A $111 billion Gulf-backed bid for Hollywood studio Warner Bros. Discovery appears to have prevailed after streaming giant Netflix dropped out of the fight. Warner Bros. CEO David Zaslav said the $31-a-share offer from David Ellison’s Paramount Skydance would “create tremendous value for our shareholders.” Paramount has aggressively pursued Warner Bros., launching multiple successive offers backed by various configurations of Gulf sovereign wealth funds, including the Qatar Investment Authority and Saudi Arabia’s Public Investment Fund. In December the newly-formed Abu Dhabi state investment vehicle L’imad Holding Co. joined the fray by backing a $108 billion hostile offer. L’imad’s total commitment under the revised offer is not yet known.
WINDY FRONTIER
Masdar, the UAE’s sustainable energy company, will sell a 60% stake in its portfolio of nine wind farms in Portugal to Exus Renewables, while retaining a 40% holding. The projects have entered the final stage of repowering and are due for completion by 2027, the companies said in a statement on Thursday. Once fully operational, the upgraded sites are expected to supply clean electricity to more than 200,000 households and cut carbon emissions by about 41.7 kilotonnes a year. Masdar is seeking to expand across the Iberian peninsula and wider Europe, targeting a global portfolio capacity of 100 gigawatts by 2030.
💲 Sovereign Circuit
Public Investment Fund: The PIF appointed Jerry Todd as Acting Head of Investment Strategy while he continues overseeing the national development division, and expanded Chief Financial Officer Yasir Al-Salman’s role to include global capital finance, Bloomberg reports.
EDGE: AAbu Dhabi Ship Building, part of the UAE-owned Edge Group, expects a surge in military vessel orders and aims to more than double revenue within three years, supported by existing contracts, The National reports.
L’imad Holding: Etihad Airways has become the official partner of McLaren Racing’s Formula 1 and World Endurance Championship programmes from the 2026 season.
↪↩ Closing Circuit
🛡️ Defense Contracts: South Korea and the UAE will cooperate on projects worth more than $65 billion, including $35 billion dedicated to the defense industry.
📦 Logistics Aide: Iraq will receive up to $120 million from the International Finance Corporation to expand the capacity of the dedicated container terminal at Umm Qasr Port.
🛠️ Major Win: Larsen & Toubro, an Indian engineering conglomerate, said its power transmission and distribution arm has won contracts to build five substations in the Middle East worth $1.1 billion.
🗣 Circuit Chatter
🚗 Driverless Debut: Tesla has begun trials of its self-driving cars in Abu Dhabi, testing the vehicles with safety drivers.
🚄 Chugging Ahead: Egypt is pushing forward with a high-speed rail network linking its Red Sea and Mediterranean coasts, creating what Transport Minister Kamel al-Wazir described as a “Suez Canal on Rails.”
🍔 Burger Ban: Abu Dhabi has banned advertising of junk food as part of a drive to tackle obesity, diabetes and other chronic diseases in the emirate.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed met with Indonesian President Prabowo Subianto in Abu Dhabi on Thursday at a Ramadan event attended by the rulers of the other six emirates, as well as Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister, and Chairman of the Presidential Court.
Saudi Crown Prince Mohammed bin Salman held a phone call today with British Prime Minister Keir Starmer.
Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, held separate calls with Turkish Foreign Minister Hakan Fidan, Omani Foreign Minister Badr bin Hamad bin Hamoud Al-Busaidi and Egyptian Foreign Minister Badr Abdelatty on Friday.
➿ On the Circuit
Cristiano Ronaldo, the Portuguese soccer star playing for Saudi Arabia’s Al-Nassr Football Club in Riyadh, bought a 25% stake in Spain’s UD Almería Football Club through his CR7 Sports Investments Co. The Spanish club is controlled by Saudi businessman Mohamed Al Khereiji.
Mohamed Al Khaja, the UAE Ambassador to Israel, hosted an iftar meal at the Hilton Tel Aviv on Thursday night for some 300 invited guests, including Israeli President Isaac Herzog and Foreign Minister Gideon Saar.
Malak El Baba was named by Visa as its Country Manager for Egypt and leader of the credit card company’s new sub-region comprising Egypt, Libya, and Sudan.
Todd Boehly, Chairman of Eldridge Industries and co-owner of Chelsea FC, posed for a photograph with Sheikh Zayed bin Tahnoon, the son of UAE National Security Advisor Sheikh Tahnoon bin Zayed, along with Khalifa Al-Khouri, Chairman of Enercap Energy.
🎶 Culture Circuit
🏛️ Coming Soon: The long-awaited Guggenheim Abu Dhabi museum is expected to open towards the end of this year, Director Stephanie Rosenthal said during a public event this week, The National reports. The Frank Gehry-designed building is nearing completion, with its giant conical-shaped structure now visible across Saadiyat Island’s cultural district, which it shares with Louvre Abu Dhabi, the Zayed National Museum and the Abu Dhabi Natural History Museum.
📷 Photo of the Day
UAE President Sheikh Mohamed bin Zayed hosted Indonesian President Prabowo Subianto, who is on a visit to the UAE, at a gathering of the rulers of the Emirates at Qasr Al Bahr Palace in Abu Dhabi.
📅 Circuit Calendar
March 31-April 2, Dubai. Arab Media Summit. The annual gathering brings together Arab media personnel, influencers and organizations. DWTC.
April 6-13, Dubai. Quantum Innovation Summit. Part of Global Quantum Week, focusing on quantum technology and applications. Grand Hyatt.
April 6-7, Riyadh. Real Estate Supply Chain Forum. Transforming the real estate supply chain landscape. Mandarin Oriental.
April 7-9, Dubai. Middle East Energy. Discover what’s new in energy. Dubai World Trade Centre.
April 7-9, Abu Dhabi. Future Health. Bringing together global leaders in government, science, technology and investment. ADNEC.
April 11-20, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC.
April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.
April 13-16, Riyadh. LEAP 2026. Global tech event covering AI, 5G and startups. RECC Malham.
April 21-23, Dubai. UITP Summit 2026. A high-level event for the public transport sector looking at the future of urban mobility. Dubai World Trade Centre
April 24-26, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles.
April 29-30, Dubai. TOKEN2049 Dubai. A global gathering for the crypto ecosystem. Madinat Jumeirah.
Egypt receives $2.3 billion IMF payout after review of reforms
Egypt has secured about $2.3 billion in funding from the IMF after completing two reviews of its reform program.
The payout follows a preliminary agreement reached in December covering the latest revisions of Egypt’s economic overhaul and its climate-focused financing program.
In its latest monetary policy report, the Central Bank of Egypt said the country’s macroeconomic outlook is “cautiously improving,” supported by investment from the Gulf and other countries, along with stronger tourism and money sent home by Egyptians working abroad.
Still, the IMF warned that uneven reforms, high debt and regional tensions continue to pose risks.
The Daily Circuit: G42 rolls out chip guardrails + EGA exports to U.S.
In today’s Daily Circuit, we report on Abu Dhabi’s XRG mulling acquisition of Shell’s share in Australia’s largest LNG export facility, five AI startups getting investment from a $100 million UAE fund set up by Presight and Shorooq, Emirates Global Aluminium boosting exports to the U.S., and Egypt securing $2.3 billion from the IMF after review of its economic reform program. But first, G42 offers guardrails for use of advanced U.S. AI chips.
Abu Dhabi artificial intelligence group G42 says it will implement a new framework to tightly control advanced U.S. chips used in its data centers, seeking to reassure Washington that sensitive technology will be safeguarded and used in line with export rules.
The company plans to embed monitoring, geolocation verification and cryptographic tracking directly into its infrastructure, creating what it described as a “common operating picture” that offers continuous visibility into how the semiconductors are used.
Jacob Helberg, U.S. Undersecretary of State for Economic Growth, Energy and Environment, said the approach could be “unprecedented,” giving American policymakers confidence that the UAE-based clusters cannot be accessed improperly or diverted to restricted users.
The effort comes amid longstanding U.S. concerns that Gulf states could become backdoors for China to obtain advanced American technology, an issue that has complicated previous export approvals.
If successful, G42 said its model could be expanded across partners in the U.S.-led Pax Silica initiative, positioning the UAE firm as a test case for how high-performance AI infrastructure can be built up globally while remaining compliant with U.S. security requirements.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 Developing Stories
DOWN UNDER
XRG, the international investment arm of Abu Dhabi’s national oil company ADNOC, is considering taking over Shell’s stake in Australia’s largest LNG export facility. The British oil giant is talking with potential buyers, including XRG and Midocean Energy, which is backed by Saudi Aramco, for its 16.67% stake in the North West Shelf plant, Bloomberg reports. XRG has been attempting to rapidly expand its LNG assets in the Asia-Pacific market, but has encountered some friction with acquisitions. In September, it walked away from a $19 billion takeover bid for Australia’s second-largest gas producer, Santos, after failing to agree on key terms.
MEGA UNLOCK
Egypt has secured about $2.3 billion in funding from the IMF after completing two reviews of its reform program. The payout follows a preliminary agreement reached in December covering the latest revisions of Egypt’s economic overhaul and its climate-focused financing program. In its latest monetary policy report, the Central Bank of Egypt said the country’s macroeconomic outlook is “cautiously improving,” supported by investment from the Gulf and other countries, along with stronger tourism and money sent home by Egyptians working abroad. Still, the IMF warned that uneven reforms, high debt and regional tensions continue to pose risks.
💲 Sovereign Circuit
Public Investment Fund: Lucid, the California-based electric vehicle maker majority-owned by Saudi Arabia’s PIF, reported a 55% rise in 2025 deliveries, nearly doubling its production.
G42: A $100 million fund launched by G42’s Presight and Abu Dhabi investment company Shorooq has announced its first five investments, including four U.S.-based companies and one Abu Dhabi-based startup.
Emirates Global Aluminium: The UAE company, which is jointly owned by Abu Dhabi sovereign wealth fund Mubadala and Investment Corp. of Dubai, is ramping up aluminum shipments to the U.S. as supply shortages push American prices higher, Bloomberg reports.
Aramco: Saudi Aramco has halted liquified petroleum gas exports from its Juaymah terminal after structural damage to a delivery system, triggering emergency protocols and the cancellation of propane and butane shipments while the impact is assessed, Reuters reports.
↪↩ Closing Circuit
📡 Fiber Bet: Bahrain’s Beyon Group won a $2.8 billion contract to build and operate Kuwait’s nationwide fiber communications network under a 50-year public-private partnership.
🔰 Defense Partners: EDGE Group and Spain’s EM&E Group signed an agreement to explore a UAE-based joint venture backed a $1.5 billion commercial pipeline.
💵 Debt Market: Abu Dhabi is entering debt markets for the first time this year, joining a slew of Gulf issuers looking to take advantage favourable rates and strong demand, Bloomberg reports.
🛡️ Plan B: Gambit Security, an Israeli startup that helps companies keep operating after cyberattacks, raised $56 million in a round led by Kleiner Perkins and Spark Capital.
🗣 Circuit Chatter
🧠 Data Push: Zoho, an Indian software firm backed by the billionaire Vembu family, is in talks to build data centers in the UAE, Saudi Arabia and South Africa, Bloomberg reports.
💰 Wealth Magnet: The UAE drew about 9,800 new millionaires in 2025, according to a report by the Dubai International Financial Centre.
🏍️ Food Fight: Governments across the GCC are introducing measures to tame the food delivery industry’s predatory pricing and protect local restaurants and consumers.
💰 New Ventures: National Bank of Bahrain is exploring expansion into Turkey, Egypt and parts of Central Asia as merger talks with Bank of Bahrain and Kuwait continue.
🌍 Power Circuit
Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, met with U.S. Vice President J.D. Vance in Washington on Wednesday. Sheikh Abdullah also met withDoug Burgum, U.S. Secretary of the Interior and held a phone call with Dr. Badr Abdelatty, Egypt’s Minister of Foreign Affairs, Emigration and Egyptian Expatriates.
Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and UAE National Security Advisor, met withNicolai Tangen, CEO of Norges Bank Investment Management, in Abu Dhabi on Wednesday.
Qatar’s Emir Sheikh Tamim met with Pakistan’s Prime Minister Shehbaz Sharif on Tuesday.
➿ On the Circuit
Badr Albusaidi, Oman’s Foreign Minister, is mediating the third round of U.S.-Iran talks, which started in Geneva today. The Iranian delegation is led by Iranian Foreign Minister Abbas Araghchi, with U.S. Special Envoy Steve Witkoff and President Donald Trump’s son-in-law Jared Kushner representing the U.S.
Masood Mohamed Sharif was appointed new Group CEO of e& following the resignation of Hatem Dowidar.
Abdullah Jefriwas appointed Division Director for GCC countries, at the International Financial Cooperation, a member of the World Bank Group.
Thamer Al-Muhid, CEO of Saudi Arabian Military Industries, outlined the company’s plans for developing and supporting defense industries inside the Kingdom in an interview with Asharq Al-Awsat.
🎶 Culture Circuit
☕ Bean Revival: Saudi Arabia is fueling a coffee renaissance by promoting locally grown beans and blending centuries-old hospitality rituals with a boom in modern cafés such as Qaysariat al-Kitab and Elixir Bunn in Riyadh, New Lines Magazine reports. The kingdom’s Public Investment Fund established the Saudi Coffee Company in 2022 to market its Khawlani beans, planting 600,000 trees and investing in sustainable production methods.
📷 Photo of the Day
Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, met with U.S. Vice President J.D. Vance on Wednesday, during his working visit to Washington. (Emirates News Agency)
March 25-27, Miami. FII Miami 2026. A summit on disruptive technology and investment trends hosted by the Public Investment Fund’s Future Investment Initiative Institute. Faena Hotel, Miami Beach.
March 31-April 2, Dubai. Arab Media Summit. The annual gathering brings together Arab media personnel, influencers and organizations. DWTC.
April 6-13, Dubai. Quantum Innovation Summit. Part of Global Quantum Week, focusing on quantum technology and applications. Grand Hyatt.
April 6-7, Riyadh. Real Estate Supply Chain Forum. Transforming the real estate supply chain landscape. Mandarin Oriental.
April 7-9, Dubai. Middle East Energy. Discover what’s new in energy. Dubai World Trade Centre.
April 7-9, Abu Dhabi. Future Health. Bringing together global leaders in government, science, technology and investment. ADNEC.
April 11-20, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC.
April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.
April 13-16, Riyadh. LEAP 2026. Global tech event covering AI, 5G and startups. RECC Malham.
April 21-23, Dubai. UITP Summit 2026. A high-level event for the public transport sector looking at the future of urban mobility. Dubai World Trade Centre
April 24-26, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles.
April 29-30, Dubai. TOKEN2049 Dubai. A global gathering for the crypto ecosystem. Madinat Jumeirah.
Riyadh Air to launch daily flights to Cairo with international push
Saudi Arabia’s newest national carrier, Riyadh Air, confirmed it will launch daily flights to Cairo as it accelerates the build-out of its international network.
CEO Tony Douglas said the Egyptian capital was a strategically chosen early destination, describing the route as an important step in positioning Riyadh as a global hub.
The announcement came at a time when Saudi aviation authorities are advancing plans to strengthen the kingdom’s air-transport ecosystem, highlighting new initiatives aimed at boosting passenger traffic and sector investment.
The airline will operate the route using its Boeing 787-9 Dreamliner fleet, with services scheduled to commence shortly after the airline receives its first aircraft in the coming weeks.
In today’s Daily Circuit, we report on a planned hiring spree by Abu Dhabi-based Etihad Airways, Riyadh Air scheduling daily flights to Cairo, PIF-backed Lucid’s Mideast expansion for its electric cars, and a Saudi bullet train set to chop travel time by two hours between Riyadh and the new Qiddiya sports and entertainment city. But first, the cost of shipping oil through Mideast waterways hits $200,000 a day.
Oil tanker shipping costs have surged to their highest level in six years as traders scramble for vessels amid rising Middle East exports and mounting geopolitical tensions, with Saudi shipping giant Bahri moving to expand its fleet.
Daily rates for very large crude carriers, known as VLCCs, on the key Mideast route to Asia have more than tripled this year to approach $200,000. Crude prices themselves have climbed to a six-month high, reflecting tight vessel supply and stronger demand for oil shipments.
The spike has been fueled in part by India and other Asian buyers increasing purchases of Middle Eastern crude as they reduce reliance on Russian supplies, prompting Bahri to snap up additional ships to capitalize on the buoyant market.
In his State of the Union address on Tuesday night, President Donald Trump warned Iran against further escalation in the region, heightening market concerns about potential disruptions to oil flows.
Additional upward pressure on freight costs has come from stronger Chinese oil demand, which is tightening tanker availability, while Iranian officials have renewed threats to the Strait of Hormuz, raising fears over a key global shipping chokepoint.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 Developing Stories
CHIP SALE
Chipmaker Cerebras, a critical partner in the UAE’s ambition to become an AI powerhouse, has filed for an IPO in the U.S. The California-based company, which counts UAE tech investor G42 as its main customer, has been meeting with prospective investors before a listing that could take place as soon as April, The Information reports. Cerebras previously planned to go public last year, but withdrew from the process in December, raising about $1 billion in a private funding round earlier this month instead. In January, it made a $10 billion deal with OpenAI to deliver 750 megawatts of computing power through to 2028, which was seen in part as an attempt to diversify its revenue sources ahead of an IPO.
DREAM ROUTE
Saudi Arabia’s newest national carrier, Riyadh Air, has confirmed it will launch daily flights to Cairo as it accelerates the build-out of its international network. CEO Tony Douglas said the Egyptian capital was a strategically chosen early destination, describing the route as an important step in positioning Riyadh as a global hub. The announcement came at a time when Saudi aviation authorities are advancing plans to strengthen the kingdom’s air-transport ecosystem, highlighting new initiatives aimed at boosting passenger traffic and sector investment. The airline will operate the route using its Boeing 787-9 Dreamliner fleet, with services scheduled to commence shortly after the airline receives its first aircraft in the coming weeks.
💲 Sovereign Circuit
International Holding Co.: Burjeel Holdings, the IHC-backed operator of hospitals and medical clinics in the Middle East, is sounding out private credit investors about a potential debt-raising round, Bloomberg reports.
L’imad Holding: Antonoaldo Neves, CEO of L’imad-owned Etihad Airways, said that the company plans to hire between 2,500 to 3,000 new employees per year through 2030,The National reports.
ADNOC: The UAE national oil company’s transition under its Group CEO and Managing Director, Dr. Sultan Al Jaber, to a broad-based energy firm with a significant focus on sustainable fuels, is explored in a New York Times feature story.
Qatar Investment Authority: Citigroup agreed to sell a 24% equity stake in Banamex, one of Mexico’s largest banks, to investors including the QIA, General Atlantic and Blackstone.
Public Investment Fund: An investment group that includes the Saudi sovereign wealth fund, together with Silver Lake and Affinity Partners, made an offer for Electronic Arts’ $1.5 billion senior notes.
Lucid Group: The PIF-backed U.S. electric vehicle maker plans to expand in Qatar and across the Middle East in 2026.
Qiddiya: A bullet train planned for Saudi Arabia’s PIF-funded sports and entertainment city will cut travel time to Riyadh to 30 minutes from the present 2 ½ hours, Asharq Al Awsat reports.
↪↩ Closing Circuit
🛢 Energy Development: Kuwait Petroleum, the national oil company, has drawn interest from BlackRock, Brookfield and EIG for a potential pipeline transaction valued at about $7 billion, Reuters reports.
📦 Package Deal: Asmo, a joint venture between Saudi Aramco and DHL Supply Chain, signed a deal with Bahrain-based Arcapita to develop and operate a logistics facility in King Salman Energy Park.
🚦 Green Light: The Islamic Development Bank approved $2.4 billion to finance major infrastructure and development projects across its member countries, including Bahrain, Jordan and Kazakhstan.
🤝 Joint Efforts: The Gulf of Suez Petroleum Company, a joint Egyptian-Emirati venture, plans to invest nearly $516 million in this fiscal year to boost crude output by about 15%.
🗣 Circuit Chatter
🏍️ Moving On: U.S.-based home delivery company DoorDash will exit Qatar, Singapore, Japan and Uzbekistan amid fierce market competition, Bloomberg reports.
👷 Jobs Jolt: Saudi Arabia’s labor market is drawing more private-sector participation as government policies push companies to expand local employment and workforce development programs.
💊 Monopoly Block: The UAE has moved to block medical monopolies by requiring pharmaceutical companies to appoint more than one authorized agent for each product.
💻 AI Protection: Gulf Countries are investing heavily in AI in part to gain protection by the U.S., according to an analysis article published by Foreign Policy magazine.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed met with Brazilian President Luiz Inacio Lula da Silva in Abu Dhabi on Tuesday.
Sheikh Abdullah bin Zayed, UAE Deputy Prime Minister and Minister of Foreign Affairs, met withHoward Lutnick, U.S. Secretary of Commerce, during his visit to Washington on Tuesday.
Prince Faisal bin Farhan, Saudi Arabia’s Minister of Foreign Affairs, held a telephone call with U.S. Secretary of State Marco Rubio on Tuesday.
Indian Prime Minister Narendra Modilanded in Israel today for a two-day visit and was greeted at the airport by Prime Minister Benjamin Netanyahu.
➿ On the Circuit
Jack Selby, a Managing Director of Palantir founder Peter Thiel’s family office, is courting other family offices in the Middle East to raise as much as $300 million for venture capital firm Copper Sky.
Jasem Albudaiwi, Secretary General of the Gulf Cooperation Council, called on Iraq to withdraw a list of coordinates and a map submitted to the UN related to its maritime zones as it violated Kuwait’s sovereignty, he argued.
Meriam ElOuazzani was appointed as Vice President for the Middle East, Turkey, and Africa region at Censys, an internet intelligence company.
🎶 Culture Circuit
🏰 Castle Card: The small village of Masfout, in the UAE’s Hajar Mountains, has been added to U.N. Tourism’s global list of best villages, amid a national push to position rural and mountainous regions as tourism drawcards. The village, known for its hiking trails and roadside pottery markets, drew attention last week when cyclists competing in the UAE Tour passed through the newly opened Masfout Gate, showcasing its dramatic fort-like architecture to a global TV audience.
📷 Photo of the Day
A cannon is fired in front of Dubai’s Burj Khalifa skyscraper to signal sunset and the end of the daily fast during the Muslim holy month of Ramadan. (Giuseppe Cacace / AFP via Getty Images)
📅 Circuit Calendar
Feb 23-26, Miami. Global Alts Miami 2026. Billed as the largest cap intro event in the world. Miami Beach Convention Center.
March 25-27, Miami. FII Miami 2026. A summit on disruptive technology and investment trends hosted by the Public Investment Fund’s Future Investment Initiative Institute. Faena Hotel, Miami Beach.
March 31-April 2, Dubai. Arab Media Summit. The annual gathering brings together Arab media personnel, influencers and organizations. DWTC.
April 6-13, Dubai. Quantum Innovation Summit. Part of Global Quantum Week, focusing on quantum technology and applications. Grand Hyatt.
April 6-7, Riyadh. Real Estate Supply Chain Forum. Transforming the real estate supply chain landscape. Mandarin Oriental.
April 7-9, Dubai. Middle East Energy. Discover what’s new in energy. Dubai World Trade Centre.
April 7-9, Abu Dhabi. Future Health. Bringing together global leaders in government, science, technology and investment. ADNEC.
April 11-20, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC.
April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.
April 13-16, Riyadh. LEAP 2026. Global tech event covering AI, 5G and startups. RECC Malham.
April 21-23, Dubai. UITP Summit 2026. A high-level event for the public transport sector looking at the future of urban mobility. Dubai World Trade Centre
April 24-26, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles.
April 29-30, Dubai. TOKEN2049 Dubai. A global gathering for the crypto ecosystem. Madinat Jumeirah.
Oil tanker daily rates hit $200,000 with Middle East tensions rising
Oil tanker shipping costs urged to their highest level in six years as traders scramble for vessels amid rising Middle East exports and mounting geopolitical tensions, with Saudi shipping giant Bahri moving to expand its fleet.
Daily rates for very large crude carriers, known as VLCCs, on the key Mideast route to Asia have more than tripled this year to approach $200,000, while crude prices themselves have climbed to a six-month high, reflecting tight vessel supply and stronger demand for oil shipments.
The spike has been fueled in part by India and other Asian buyers increasing purchases of Middle Eastern crude as they reduce reliance on Russian supplies, prompting Bahri to snap up additional ships to capitalize on the expanded market.
In his State of the Union address on Tuesday night, President Donald Trump warned Iran against further escalation in the region, heightening market concerns about potential disruptions to oil flows.
Additional upward pressure on freight costs has come from stronger Chinese oil demand, which is tightening tanker availability, while Iranian officials have renewed threats to the Strait of Hormuz, raising fears over a key global shipping chokepoint.
Saudi Arabia posts largest quarterly deficit since 2020
Saudi Arabia posted its largest quarterly budget deficit since 2020 as lower oil revenue and spending by the government on NEOM and some of Crown Prince Mohammed bin Salman’s other ambitious projects widened its fiscal gap.
Signs of the worsening deficit have been evident for months, with the slowing down of NEOM’s $500 billion desert city called The Line and the shelving of the $50 billion Mukaab centerpiece in Riyadh’s New Murabba district.
The fiscal pressure has coincided with a leadership shake-up, with veteran investment minister Khalid Al-Falih replaced by Fahad Al-Saif, a former Public Investment Fund executive.
According to a Finance Ministry report issued on Monday, the kingdom recorded a shortfall of about 31 billion riyals ($8.2 billion) in the fourth quarter, with total revenue slipping while expenditures remained elevated.
The budget report showed oil income from state giant Saudi Aramco fell about 12% year on year to roughly $45 billion.
The government says it retains room to borrow and manage debt levels because of its relatively low debt-to-GDP ratio and continued access to global debt markets.
Egypt to build fourth terminal at Cairo International Airport
Egypt plans to build a fourth terminal at Cairo International Airport and has drawn interest from 68 global firms to manage its growing airport in the Red Sea resort city of Hurghada.
Speaking to legislators, Civil Aviation Minister Sameh El-Hefny said the new Terminal 4 will substantially increase Cairo airport’s capacity and transform it into a regional hub.
Regarding Hurghada, El-Hefny said contractors selected will handle the airport’s management and commercial activities, introducing e-gates and paperless travel systems.
EgyptAir, meanwhile, will implement a major expansion, adding 34 new aircraft to its fleet, El-Hefny said.
