The Daily Circuit: ADFW draws global investors + Binance gets Abu Dhabi OK
In The Daily Circuit today, we’re reporting on Abu Dhabi’s $16 billion expansion of its ADGM free zone, PIF-backed Lucid expanding its electric car network in Saudi Arabia, ADIA joining a group of investors that bought out British American Tobacco’s $776 million stake in India’s ITC Hotels and DP World’s agreement to modernize Afghanistan’s ports. But first, investors pour into Abu Dhabi for ADFW and Bitcoin MENA.
Abu Dhabi this week is hosting both the sprawling Abu Dhabi Finance Week event and the Bitcoin MENA conference, drawing crypto, finance and institutional investors to the UAE’s capital from around the world.
Headlining the Bitcoin event is Changpeng Zhao, the founder of Binance better known as CZ, who was pardoned by U.S. President Donald Trump in October after pleading guilty to violating money laundering laws. Also appearing are Ahmed Bin Sulayem, Executive Chairman & CEO of the Dubai Multi-Commodity Centre; Abdulla Al Dhaheri, CEO of The Blockchain Center; Faisal Al Hammadi, Managing Partner at Further Ventures; and Ali Alnuaimi, Founder at Shafra.
Amid the gatherings, Binance received formal approval from Abu Dhabi Global Market’s regulatory authority to provide global platform services from Abu Dhabi via three licensed entities – an exchange, a clearing house, and a broker-dealer. Under the arrangement, Binance’s regulated operations are set to begin January 5, 2026.
Missing this year is Eric Trump, who spoke to a packed hall last year before Donald Trump took office and promised that his father would be the most pro-crypto President ever. Excitement over crypto appeared not to be dampened much by the 30% slide in Bitcoin’s value.
“This year has certainly been an interesting one where we started well, went sideways, came a little bit lower and leveraged positions,” Sam North, a market analyst at eToro, told The Circuit’s Omnia Al Desoukie at the conference. “But overall, I think it has been a good year.”
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📰 Developing Stories
CAPITAL EXPANSION
Abu Dhabi is planning a $16 billion expansion of its ADGM free zone, as the hedge funds, banks and fintech companies that have been flocking to one of the region’s fastest growing financial hubs demand more space to expand. The emirate’s Mubadala sovereign fund and its biggest developer, Aldar Properties, are partnering on the mixed-use development, which will double the Grade A office space available on Al Maryah Island and add another 3,000 luxury residences, Bloomberg reports. The number of operational entities within ADGM rose to 3,227 in the third quarter, up 43% year-on-year. Billionaire Alan Howard told Abu Dhabi Finance Week that his hedge fund, Brevan Howard Asset Management, which is Abu Dhabi’s largest, has run out of office space and is looking for more. Balyasny Asset Management, a $29 billion multi-strategy hedge fund, is the latest newcomer, with plans to open an office early next year.
SPIRITS SHIFT
Saudi Arabia has quietly eased its strict alcohol rules this week, allowing non-Muslim foreign residents who earn at least 50,000 riyals ($13,300) per month to purchase liquor from the country’s only licensed store in Riyadh if they show proof of income, Bloomberg reports. Previously, only foreign diplomats had access to alcohol sales – and more recently, residents with so-called premium visas. The store operates under a system where buyers’ income is checked via a Saudi platform before purchases are allowed. Loosening the restrictions is part of broader efforts to make the kingdom more attractive to expats, investors and international businesses.
💲 Sovereign Circuit
Public Investment Fund: PIF-backed U.S. electric vehicle maker Lucid has expanded its network in Saudi Arabia.
ADQ: AD Ports Group’s Karachi Gateway Terminal Multipurpose Limited and Louis Dreyfus Company have signed a long-term agreement to develop and operate a modern clean-bulk agricultural handling and storage facility at Karachi Port.
Abu Dhabi Investment Authority: ADIA is among investors who bought out British American Tobacco’s $776 million stake in India’s ITC Hotels.
Oman Investment Authority: OQ Gas Networks, part of OIA, has invited bids to build Oman’s first 800km carbon-waste pipeline, linking major industrial free zones in Sohar, Duqm, and Salalah.
↪↩ Closing Circuit
🤝 Afghan Alliance: DP World signed an agreement with the Afghan Ministry of Finance to modernize the country’s ports.
🌐 Fintech Milestone: Turkey’s Paribu has acquired a majority stake in Bahrain- and Dubai-based CoinMENA in a deal valuing the firm at up to $240 million.
💰 Funding Found: U.K.-based Wood Group secured access to $450 million in new funding from Dubai-based suitor Sidara after meeting key conditions, marking a major milestone in the year-long takeover bid.
🗣 Circuit Chatter
💼 New Bureau: U.K.-based hedge fund Man Group has applied for a license to open an Abu Dhabi office next year.
🏗️ Big Bucks: Egypt’s Palm Hills Developments aims to generate more than $7 billion in sales from its first UAE project and expects to begin construction next spring, chairman Yassin Mansour told Reuters.
📈 Debt Market: GCC debt issuance soared to a decade high of $226 billion by November 2025, far outpacing last year’s record and contrasting sharply with the region’s weakest IPO activity since 2020, S&P Global Market Intelligence reported.
🌍 Power Circuit
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, and Sheikh Tahnoon bin Zayed, UAE National Security Advisor, met with Microsoft CEO Satya Nadella in Abu Dhabi on Sunday. Sheikh Khaled also met with Daniel Noboa, President of Ecuador, on the sidelines of the Abu Dhabi Formula One Grand Prix on Sunday.
Sheikh Theyab bin Mohamed, Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs, met with Bill Gates, Chairman of the Gates Foundation, on the sidelines of Abu Dhabi Formula One Grand Prix on Sunday.
Sheikha Latifa bint Mohammed, Chairperson of Dubai Culture and Arts Authority, met with a delegation of Africa’s leading business and philanthropic figures to discuss opportunities for collaboration.
➿ On the Circuit
Noura Al Kaabi, UAE Minister of State, was among the figures who paid tribute to famed architect Frank Gehry, after he died on Friday aged 96. Gehry designed the Guggenheim Abu Dhabi, which is due to open next year.
Jihad Azour, International Monetary Fund Regional Director, told The National that the U.S.’s November decision to allow advanced chip exports to the UAE’s G42 and Saudi Arabia’s Humain marked a major boost to both countries’ AI ambitions, signalling their emergence as serious players in the sector.
Saad Sherida Al Kaabi, Qatar’s Energy Minister, said at the Doha Forum on Saturday that he’s “really worried” that a lack of investment and a surge in energy use from AI will create a shortage of LNG and natural gas supplies beyond 2035, Bloomberg reports.
Yasir Al Rumayyan, Governor of the Public Investment Fund, took part in a mini-hackathon where he personally built a “fantastic” stock trading assistant with Replit, Amjad Masad, CEO of Replit tweeted on Sunday.
Hamad Ali Al Khater was named Qatar Airways Group CEO, succeeding Badr Mohammed Al-Meer after just two years in the post.
Maryam AlBalooshi, Senior Manager of the Environmental Affairs Office at the UAE’s General Civil Aviation Authority, has been elected as Chair of the Committee on Aviation Environmental Protection of the International Civil Aviation Organization.
🎶 Culture Circuit
🌷 Art Roulette: A 66 million-year-old triceratops skull fossil, Jeff Koons’ large-scale “Tulips” sculpture and a 17th century tapestry are among the eclectic pieces to be displayed at Wynn’s Al Marjan Island casino resort when it opens in 2027, The National reports. Wynn has shared a preview of the extensive collection of art and artifacts it has curated for an “immersive living gallery” experience at the Ras Al Khaimah resort, which will be the first gaming facility to open in the Gulf region.
📷 Photo of the Day
📅 Circuit Calendar
Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.
Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.
Dec. 8-9, Kuwait City. Kuwait Risk Management Summit. Equipping leaders in enterprise risk, audit, and compliance with the latest insights and actionable strategies to tackle the evolving risk landscape. Kuwait Four Seasons Hotel.
Dec. 8-9, Abu Dhabi. Global AI Show. A leading forum examining investment opportunities in artificial intelligence. Space42 Arena.
Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.
Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the world’s top minds to redefine and shape the future of global markets. The Grand Steps, Al Maryah Island.
Dec. 18-23, Abu Dhabi. Games of the Future. A forum to discuss trends and investment opportunities in digital gaming. ADNEC.
Dec. 29-30, Dubai. World Sports Summit. Athletes, investors and decision makers discuss how sports can change the face of humanity. Madinat Jumeirah Arena.