The Daily Circuit: Saudi appeal to energy execs + Libya’s oil windfall
In today’s Daily Circuit, we’re reporting on Emirates, Qatar Airways and other Gulf carriers heading to Rio de Janeiro to discuss the Iran conflict’s impact on the industry, Oman signing an oil exploration agreement with Libya, ACWA Power leasing land in the Philippines, and Dubai launching a program to help small businesses. But first, Saudi Arabia sketches out the growing challenges facing world energy markets.
Saudi Energy Minister Prince Abdulaziz bin Salman told a gathering of oil and gas executives in Russia that the world needs “every molecule of energy” that can be produced amid the current geopolitical upheaval.
“There are so many moving parts, there are so many unknowns, there are things that you think have become a reality, but then you wake up the next morning, and the reality is no longer a reality,” Prince Abdulaziz said at the St. Petersburg International Economic Forum.
The comments come as the Iran war threatens oil exports and shipping routes across the Gulf while the Ukraine conflict continues to disrupt Russian energy flows, presenting unprecedented challenges for global energy markets, Reuters reports.
OPEC Secretary General, Haitham Al Ghais, meanwhile, told the conference he expects robust oil demand growth and is not changing its estimates, which are at the higher end of the industry’s range. “We need to invest well ahead of time to be prepared for the demand that we see in the future,” he said.
On the sidelines of the conference, Prince Abdulaziz met Russian Deputy Prime Minister Alexander Novak, who said the pair agreed that uncertainty over global oil demand is making it harder for producers to plan long-term investments. “Estimates made just a few years ago now need to be fundamentally revised,” Novak said.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 Developing Stories
LIBYAN WINDFALL
Iran’s chokehold over the Strait of Hormuz is providing a bounty for Libya’s oil and gas industry. As Gulf producers scramble to find alternative channels for export, international oil companies have turned to Libya, which has the largest reserves in Africa, and can deliver to Europe and North America from its unobstructed Mediterranean ports, Arabian Gulf Business Insight reports. Most recently, Oman’s state-run oil company, OQE, signed a deal to explore the country’s energy resources. Several other oil companies have returned to Libya after a 15-year hiatus stemming from political instability, including Eni, BP, TotalEnergies, Repsol, OMV, and Chevron.
AIR TURBULENCE
Emirates, Qatar Airways and other Gulf airlines will be prominent this weekend in discussions about the impact of the Iran conflict at the International Air Transport Association’s summit in Rio de Janeiro. Representing 370 carriers, the IATA will likely be focused on surging wartime oil prices, along with aircraft delivery delays, at the June 6-8 conference, the industry’s largest, Reuters reports. The Gulf carriers have been hit particularly hard because many of their flights pass through Middle East airspace. Industry officials say longer routes and higher fuel bills are adding pressure even as passenger demand remains strong.
💲 Sovereign Circuit
AD Ports: Safeen Drydocks, a joint venture between AD Ports Group and Premier Marine Engineering, won two major vessel construction contracts valued at $354 million.
ACWA Power: Saudi Arabia’s renewable energy company ACWA Power has leased land in the Philippines to build a 500-megawatt solar plant in New Clark City, a special economic zone north of Manila.
Mubadala: Hafeet Rail, a joint venture between Etihad Rail, Oman Rail, and Mubadala, has begun laying track on the UAE–Oman railway project.
↪↩ Closing Circuit
💦 Blue Maker: UAE’s biggest lender FAB said it invested in the WaterEquity Everspring Fund, which is focused on expanding access to safe water and sanitation across emerging markets.
🤝 Rising Partner: South African investment in Dubai has risen to over $294 million over the past five years, spanning industries including information technology, pharmaceuticals and food.
🛢 Work Delay: Oman’s Mina al Fahal terminal has resumed oil loading after a temporary suspension imposed after an explosion near its mooring berths,Bloomberg reports.
🗣 Circuit Chatter
🛍️ Still Afloat: Middle Eastern consumers are spending heavily as usual despite the ongoing war, but they are seeking better bargains, NielsenIQ found in a survey.
🚓 Policing Syria: Syria has established a Tourism Police unit responsible for ensuring the safety and security of visitors, Tourism Minister Mazen Al Salhani told The National.
🫶 Helping Hands: Dubai launched the “SME in a Box” program to help small and medium businesses start faster and more affordably by providing integrated access to licensing, banking, payments, logistics, and telecommunications.
🌍 Power Circuit
Saudi Crown Prince Mohammed bin Salman held a phone call on Wednesday with Bahrain’s King Hamad bin Isa Al Khalifa.
Princess Reema bint Bandar Al Saud, Saudi Arabia’s Ambassador to the U.S., will participate in the annual Seminar 2026, an event featuring the highest-ranking communications and public affairs executives, to be held in Arizona on June 7-9.
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defense, attended the graduation ceremony of the 13th cohort of the National Defense College in Abu Dhabi.
➿ On the Circuit
Badr Abdelatty, Egypt’s Foreign Minister, tells Reuters that the country is close to issuing $500 million of Samurai bonds on the Japanese market this year.
Saqr Ghobash, UAE Speaker of the Federal National Council, met with Serbian Prime Minister Đuro Macut during a visit to Belgrade.
Koen van Erpwas appointed to lead EMEA Alliances and Channels at Cloudera, the hybrid data and AI platform company.
🎶 Culture Circuit
🍴 Foodie Fallout: The Michelin Guide’s Dubai edition needs more time to stage its annual awards ceremony because of the Iran conflict. The restaurant lovers’ bible issued a statement on Thursday saying present conditions “call for resilience and adaptability,” Arabian Gulf Business Insight reports. Michelin said the coveted prizes will be awarded to Dubai’s best restaurants in an event to be scheduled for an unspecified later date.
📷 Photo of the Day
Khaldoon Al Mubarak, Group CEO of Mubadala and Chairman of Manchester City F.C., reviews the team’s U.K. football club’s season in a meeting with reporters in Manchester. “We are far from peaked,” he said. “This is a Club that is designed and built to win.” (Emirates News Agency)
📅 Ahead on the Circuit
June 5-7, Dubai. Dubai Esports & Games Festival. The three-week event concludes this weekend with GameExpo26. Dubai World Trade Center.
June 10-11, Doha. Project Qatar. The international construction and building materials exhibition showcases cutting-edge innovations and sustainable solutions. Doha Exhibition and Convention Center.
June 15-18, Cairo. Africa Health Excon. An annual event that brings together leaders and policy makers in health care. AlManara International Conference Center.
June 17-19, Rome: FII Priority Europe. Saudi Arabia’s Future Investment Initiative holds a conference focusing on European business links with the Middle East. Cavalieri, Waldorf Astoria Hotel.
June 17, Tashkent. Investopia Global – Tashkent. The UAE’s flagship investment conference lands in Uzbekistan, bringing together leaders from government and the private sector to create new investment opportunities. Venue TBA.
June 23-24, Abu Dhabi. Forbes Middle East Building the Future Summit. Industry leaders, investors, architects, and innovators explore the trends and technologies shaping the next era of real estate. Conrad Etihad Towers.
June 24, Dubai. Energy & Sustainability Summit. The summit aims to drive forward the effective decarbonization of the Middle East’s construction and energy sectors, in support of Net Zero agendas, and their short- and long-term goals. Habtoor Grand Beach Resort & Spa.
June 23-25, Cairo. Big5 Construct Egypt. Exploring the latest products, innovations and technologies in the construction industry. Egypt International Exhibition Center.
June 30-July 1, Berlin. GITEX Europe. One of the world’s biggest gathering of tech companies. Messe Berlin.
The Daily Circuit: PIF switches to Saudi CEOs + Bahrain’s $1B bond sale
In today’s Daily Circuit, we’re reporting on Bahrain’s $1 billion wartime bond sale, Saudi Prince Alwaleed bin Talal’s SpaceX windfall, TAQA’s winning majority ownership of Abu Dhabi’s Taweelah C power project, and Turkish plans to rehabilitate the rusting Hejaz railroad as a vehicle for Gulf exports. But first, the PIF is putting more Saudi CEOs in its boardrooms.
Saudi Arabia’s Public Investment Fund is shaking up its portfolio companies to put a local stamp on their leadership ranks.
The sovereign wealth fund has begun replacing a number of foreign CEOs with Saudi nationals at more than 100 startups founded over the past decade, the Financial Times reports.
Among them is electronics manufacturer Alat, which named the PIF’s Saudi chief of industrials and mining, Muhammad Aldawood, as acting CEO in place of the departing Amit Midha. Neo Space Group is substituting Haithem AlFaraj for Martijn Blanken of the Netherlands.
The changes come after the fund conducted a review of all its companies, including how they will reallocate spending in the coming years, the newspaper said, citing an adviser to the Saudi government. They reflect a wider restructuring of Saudi business after a decade of heavy spending by the PIF, which Crown Prince Mohammed bin Salman has used to reduce the kingdom’s reliance on oil revenues.
The changes also point to tensions caused by the government’s Vision 2030 economic reform plans, which aim to create more jobs for citizens but often employ highly paid foreign executives. Saudi-based companies now account for about 80% of the fund’s portfolio, up from roughly 70% in 2020.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 Developing Stories
BLASTING OFF
Saudi Prince Alwaleed bin Talal is riding high on SpaceX and stands to boost his fortune significantly with the company’s IPO. Alwaleed, the world’s wealthiest Arab investor, has a net worth that was calculated at $24.5 billion after his firm confirmed a 0.63% stake in Elon Musk’s SpaceX, valued at $3.2 billion, Bloomberg reports. The stake now positions the Saudi royal at the center of the Musk ecosystem, the most valuable private technology cluster in the world. SpaceX’s IPO is expected to raise $75 billion when it goes public and eclipse Saudi Aramco’s 2019 record.
RAIL REVIVAL
Turkey is advancing plans to revive the historic Hejaz Railway and extend it through Jordan and Saudi Arabia to Oman, creating a new overland trade route that provides an alternative to shipping through the Strait of Hormuz. Turkish Transport Minister Abdulkadir Uraloğlu said the government is working with Syria and Jordan to reconnect existing rail lines and is discussing the project’s expansion with Saudi Arabia. The railway, originally built during the Ottoman era to link the Syrian capital of Damascus with the holy city of Medina in Saudi Arabia, would carry both freight and passengers. The Hejaz also features as the critical link in a plan connecting the Gulf to the Mediterranean through Israel, The Circuit has reported.
💲 Sovereign Circuit
Abu Dhabi Investment Authority: Austrian gas-engine maker Innio raised $2.43 billion in its Nasdaq IPO after its principal shareholder, ADIA-backed AI Alpine sold 90 million of its shares.
Saudi Aramco: The world’s largest oil company said the current supply crisis shows underinvestment in refining after about 3 million barrels a day of capacity closed from 2020 to 2023.
TAQA: A consortium led by Abu Dhabi National Energy Co., known as TAQA, was awarded majority ownership of Abu Dhabi’s 2.6-gigawatt Taweelah C power project.
G42: Abu Dhabi’s G42 and global banking giant Santander have signed a draft agreement to co-develop artificial intelligence tools across Santander’s worldwide operations.
↪↩ Closing Circuit
💵 Bond Test: Bahrain raised $1 billion in a bond sale that took place just hours after it was the target of Iranian missile attacks, Bloomberg reports.
🏝️ Island Icon: WOW Resorts awarded a contract to China Road and Bridge Corp. to build the $1.3 billion JW Marriott Al Marjan Island Resort and Residences in the UAE northern emirate of Ras Al Khaimah.
🖥️ Developer Tool: Coralogix, an Israeli startup that makes an AI platform to assist software developers, raised $200 million in a fundraising round that pegged the company’s value at $1.6 billion.
🗣 Circuit Chatter
🚀 War Toll: The impact of missile and drone strikes on Dubai’s migrant workers, who comprise the largest group of casualties from the conflict with Iran, is explored in a New York Times story.
⛽ Accelerated Work: Kuwait’s merger of state-owned KIPIC into KNPC is expected to accelerate the long-delayed $10 billion Al Zour petrochemicals project since 2024.
🇸🇦 Saudi Shelter: Saudi Arabia’s economy is showing resilience, drawing new business from across the Gulf, despite an IMF report that projects a war-related decline in GDP growth.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayedmet with Morocco’s King Mohammed VI during a private visit to the North African country.
Qatar’s Emir Sheikh Tamim bin Hamadheld a phone call on Wednesday with U.S. President Donald Trump.
Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, held a phone call with Sheikh Jarrah Jaber Al-Ahmad, Kuwait’s Minister of Foreign Affairs. Sheikh Abdullahheld a phone call with Dr. Abdullatif bin Rashid Al Zayani, Bahrain’s Minister of Foreign Affairs.
Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, met withRafael Grossi, the Director General of the International Atomic Energy Agency, in Riyadh on Wednesday.
Sheikh Khaled Ahmad Al-Sabah, Kuwait Petroleum Corp.’s Managing Director for international marketing, said on Wednesday that Kuwait could restore nearly 70% of its oil production within six to eight weeks after the Strait of Hormuz reopens, Reuters reports.
Sheikh Nahyan bin Mubarak Al Nahyan, UAE Minister of Tolerance and Coexistence, inaugurated Arqaam Capital’s 13th Annual MENA Investor Conference in Dubai.
➿ On the Circuit
Khaled Mohamed Balama, Governor of the Central Bank of the UAE, met withKhalid Humaidan, Governor of the Central Bank of Bahrain, at the bank’s headquarters in Abu Dhabi.
Armin Peterwas appointed Managing Director, Markets, at the Dubai Financial Services Authority.
Maura Geertsma was appointed dnata Travel Group’s new Divisional Vice President, Corporate Travel
🎶 Culture Circuit
🌳 Green Cairo: Egypt plans a “Greening Cairo” project to turn evacuated urban spaces into parks while restoring the capital’s historic center. Prime Minister Mostafa Madbouly announced the initiative on Tuesday, outlining plans to enhance downtown Cairo’s attraction to foreign tourists with a range of cultural activities, citing the recently launched “Art Street” that has transformed central alleyways into open-air galleries.
📷 Photo of the Day
Ayyoub Bouaddi of Team Morocco arrives in the U.S. at Newark Liberty International Airport ahead of the FIFA World Cup (Jordan Bank/Getty Images)
📅 Ahead on the Circuit
June 5-7, Dubai. Dubai Esports & Games Festival. The three-week event concludes this weekend with GameExpo26. Dubai World Trade Center.
June 10-11, Doha. Project Qatar. The international construction and building materials exhibition showcases cutting-edge innovations and sustainable solutions. Doha Exhibition and Convention Center.
June 15-18, Cairo. Africa Health Excon. An annual event that brings together leaders and policy makers in health care. AlManara International Conference Center.
June 17-19, Rome: FII Priority Europe. Saudi Arabia’s Future Investment Initiative holds a conference focusing on European business links with the Middle East. Cavalieri, Waldorf Astoria Hotel.
June 17, Tashkent. Investopia Global – Tashkent. The UAE’s flagship investment conference lands in Uzbekistan, bringing together leaders from government and the private sector to create new investment opportunities. Venue TBA.
June 23-24, Abu Dhabi. Forbes Middle East Building the Future Summit. Industry leaders, investors, architects, and innovators explore the trends and technologies shaping the next era of real estate. Conrad Etihad Towers.
June 24, Dubai. Energy & Sustainability Summit. The summit aims to drive forward the effective decarbonization of the Middle East’s construction and energy sectors, in support of Net Zero agendas, and their short- and long-term goals. Habtoor Grand Beach Resort & Spa.
June 23-25, Cairo. Big5 Construct Egypt. Exploring the latest products, innovations and technologies in the construction industry. Egypt International Exhibition Center.
The Daily Circuit: Gulf eyes Anthropic windfall + IFFCO draws takeover bids
In today’s Daily Circuit, we’re reporting on bids for the UAE’s ailing IFFCO food company from International Holding Co. and Emaar’s Mohamed Alabbar, DP World’s $100 million expansion of its operations in the Dominican Republic, and Mubadala chief Khaldoon Al Mubarak’s Paris meeting with French President Emmanuel Macron. But first, the anticipated profits for Gulf investors from Anthropic’s forthcoming IPO.
Gulf sovereign funds stand to reap windfalls from their early investments in Anthropic and SpaceX, as the world’s biggest AI companies race towards Wall Street debuts this year.
Anthropic filed draft paperwork for a public listing on Monday after raising $65 billion via a funding round last week that included Abu Dhabi-based MGX, which already has stakes in Sam Altman’s OpenAI and Elon Musk’s SpaceX, owner of xAI. Now estimated to be worth $965 billion, Anthropic has leapfrogged ChatGPT maker OpenAI in valuation and may beat it to the open market.
Meanwhile, the combined 0.63% stake in SpaceX owned by Saudi billionaire Prince Alwaleed bin Talal’s Kingdom Holding, which is partly owned by the Public Investment Fund, and his private office could be worth as much as $10.5 billion when the rocket maker goes public at an estimated value of $1.75 trillion, Asharq Business reports.
Alwaleed’s businesses were jointly the second-largest investors in Twitter when Musk took it over in 2022 and rebranded the social network “X.” The stakes were converted to SpaceX shares when it took over parent company xAI in February this year.
Shares in Kingdom Holding, which is listed on Saudi Arabia’s Tadawul exchange, have risen more than 40% since last Tuesday in anticipation of the boost from the SpaceX IPO.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 Developing Stories
EDIBLE EMPIRE
International Holding Co., the sprawling Abu Dhabi conglomerate chaired by Sheikh Tahnoon bin Zayed, and Emaar Properties founder Mohamed Alabbar are among the parties that may submit bids for Dubai’s ailing IFFCO food company. The firm, whose interests range from producing the London Dairy ice cream brand to chemicals, logistics and packaging, is facing liquidation over some $2 billion in debt, Bloomberg reports. IFFCO has long played a key role in assuring food security for the UAE, but Iran’s shipping blockade in the Strait of Hormuz has hampered the company’s ability to import raw materials. A proposed restructuring agreement with creditors that include HSBC and Emirates NBD recently fell apart.
SOVEREIGN SPENDERS
The Gulf’s sovereign wealth funds aren’t letting the Iran war derail their investing. With $5.7 trillion in combined assets, the funds are holding steady this year in the pace of their spending, Global SWF says in its June report. Four of the five most active regional investors – the UAE’s ADIA, Mubadala and L’Imad, and Saudi Arabia’s Public Investment Fund – have shown little slowdown from the past five years. The Qatar Investment Authority’s spending, meanwhile, has fallen by at least $2 billion since the conflict began in March.
💲 Sovereign Circuit
Mubadala: Khaldoon Al Mubarak, Mubadala’s Managing Director and Group CEO, led a UAE delegation to participate in the annual “Choose France” summit in Paris, where he met with French President Emmanuel Macron and a range of business leaders.
DP World: The Dubai-based ports operator and the Dominican Republic will invest an additional $100 million to expand logistics and warehousing capacity at the DP World Free Trade Zone in Caucedo.
ADNOC: Azerbaijan’s SOCAR, TotalEnergies, ADNOC International and Turkey’s BOTAS signed a natural gas sales and purchase agreement for Azerbaijan’s Absheron field.
Mumtalakat: Bahrain’s sovereign wealth fund is teaming up with French investor TRAIL to invest in the SLAM private equity fund, which is focused on sports, luxury, arts, and music.
Oman Investment Authority: The sovereign wealth fund said it’s expanding its international portfolio with investments ranging from London-based CapVest and Arcus Infrastructure Partners to U.S. private equity firm Great Hill Partners and India’s Motilal Oswal.
↪↩ Closing Circuit
🏭 Metal Makers: Aluminium Bahrain, known as Alba, will acquire France-based Aluminium Dunkerque in a $2.2 billion deal, with American Industrial Partners and Bpifrance taking minority stakes.
💅 Beauty Launch: Goldman Sachs is exploring a potential IPO of Kuwaiti online retailer Boutiqaat that could value it above $1 billion,Bloomberg reports.
💰 Funding Drive: UAE-based driverless delivery company CargoX has raised $250 million in a funding round led by BlueFive Capital, and appointed former Talabat CEO Tomaso Rodriguez to support the local and global expansion of its autonomous logistics network.
🤝 Handing Over: Kuwait Oil Company has awarded the $385 million Ahmadi Innovation Valley project, an advanced research and innovation hub, to a unit of global oilfield services giant SLB.
📡 Drone Acquisition: Motorola Solutions agreed to acquire D-Fend Solutions for $1.5 billion, adding the Israeli firm’s radio-frequency drone interception technology to its security portfolio.
🗣 Circuit Chatter
🏠 Rent Freeze: Abu Dhabi Real Estate Center has frozen rents for residential, commercial and industrial properties until further notice.
🏘️ Under Scrutiny: George Azar, the CEO and owner of UK Sotheby’s International Realty, which has franchises in Dubai and Saudi Arabia, is facing allegations of misconduct from employees, Bloomberg reports. Lawyers acting for Sotheby’s International Realty and Azar responded that Azar has no recollection of making offensive comments that were alleged, and said there have been no formal HR complaints about Azar’s workplace conduct, the news agency said.
🏢 Looking East: U.S.-based Positron AI has opened an office in the Dubai International Financial Center as part of its global expansion, after raising more than $300 million in funding.
⚓ Sailor Concerns: The head of the International Maritime Organization said it remains too risky to move seafarers out of the Gulf region.
📊 Linking Markets: Jordan’s capital market institutions officially launched an electronic link with the Abu Dhabi Securities Exchange through the “Tabadul” platform in an effort to develop regional financial markets and enhance integration among them.
🌍 Power Circuit
King Salman of Saudi Arabia sent a cable of congratulations to Italian President Sergio Mattarella on the occasion of Italy’s Republic Day, expressing hope for developing closer ties.
Saudi Crown Prince Mohammed bin Salmanmade a phone call on Monday to Yemen’s Nasser Abdrabbuh Mansour Hadi to express condolences and sympathy over the death of his father, former President Abdrabbuh Mansour Hadi.
Sheikh Jarrah Jaber Al Ahmad Al Sabah, Kuwait’s Foreign Minister, met in Kuwait on Monday with Rafael Grossi, Director-General of the International Atomic Energy Agency.
➿ On the Circuit
Mohamed Alabbar, Founder of Emaar Properties and Noon, is writing a 12-part series published in The Buzz, discussing his experience in business, with a focus on artificial intelligence.
Richard Nordell, the head of Mubadala’s real estate business, was appointed chief of the sovereign wealth fund’s infrastructure unit, replacing Saed Arar.
Marc Rowan, CEO of Apollo Global Management, met with Qatar’s Minister of Commerce and Industry Sheikh Faisal bin Thani during a visit to Doha this week.
Saqr Ghobash, Speaker of the UAE Federal National Council, led an FNC delegation on an official visit to Serbia starting today.
Francis Alfred, Managing Director of Sobha Realty, told Zawya Projects that, regardless of market fluctuations, the company remains committed to its projects, including the launch of $24 billion worth of mega communities in the UAE.
🎶 Culture Circuit
☕ Bean Counters: The UAE’s specialty coffee roasters have spent months navigating rising freight and insurance costs, delayed cargo and unpredictable logistics as they ship high-quality beans from growers in countries including Peru, Ethiopia and Indonesia, The National reports. Yet, they have found ways to maintain quality and freshness, including using air freight to ship micro-lots of beans. “Small differences matter,” says Mohamad Merhi, co-founder of Cypher Urban Roastery in Dubai. “Coffees selected for delicate florals, fruit-forward profiles, or higher clarity can be more sensitive to handling and logistics conditions than lower-grade commercial coffees.”
📷 Photo of the Day
Ahmed Yahia Al Idrissi, left, Managing Director and CEO of Abu Dhabi-based AI investment firm MGX; Nicolas Dufourcq, General Manager of the Banque Publique d’Investissement (Bpifrance), French President Emmanuel Macron; Khaldoon Al Mubarak, CEO and Managing Director of Mubadala; and Arthur Mensch, co-founder and CEO of French AI developer Mistral, during a signing event at the “Choose France” business summit, held at the Chateau de Versailles near Paris on Monday. (Gonzalo Fuentes / POOL / AFP via Getty Images)
📅 Ahead on the Circuit
June 1-4, Baghdad. Iraq Oil and Gas Technology Exhibition. Exploring industry-leading solutions propelling the oil, gas, and energy sectors into the future. Baghdad International Fairground.
June 3-4, Dubai. MENA Investor Conference. Capital market trends, GCC macro outlooks, and investment opportunities in the Middle East and North Africa. The Ritz Carlton DIFC.
June 5-7, Dubai. Dubai Esports & Games Festival. More than two weeks of events, tournaments and game launches, including GameExpo 2026. Dubai World Trade Center.
June 10-11, Doha. Project Qatar. The international construction and building materials exhibition showcases cutting-edge innovations and sustainable solutions. Doha Exhibition and Convention Center.
June 15-18, Cairo. Africa Health Excon. An annual event that brings together leaders and policy makers in health care. AlManara International Conference Center.
June 17-19, Rome: FII Priority Europe. Saudi Arabia’s Future Investment Initiative holds a conference focusing on European business links with the Middle East. Cavalieri, Waldorf Astoria Hotel.
June 17, Tashkent. Investopia Global – Tashkent. The UAE’s flagship investment conference lands in Uzbekistan, bringing together leaders from government and the private sector to create new investment opportunities. Venue TBA.
June 23-24, Abu Dhabi. Forbes Middle East Building the Future Summit. Industry leaders, investors, architects, and innovators explore the trends and technologies shaping the next era of real estate. Conrad Etihad Towers.
June 24, Dubai. Energy & Sustainability Summit. The summit aims to drive forward the effective decarbonization of the Middle East’s construction and energy sectors, in support of Net Zero agendas, and their short- and long-term goals. Habtoor Grand Beach Resort & Spa.
June 23-25, Cairo. Big5 Construct Egypt. Exploring the latest products, innovations and technologies in the construction industry. Egypt International Exhibition Center.
Eagle Hills, Coima launch $463 million redevelopment of Rome’s Guido Reni Barracks
Abu Dhabi’s Eagle Hills and Italy’s Coima will jointly invest $463 million to transform Rome’s Guido Reni Barracks in the Flaminio district, as cash-rich UAE developers increasingly eye overseas projects.
The Rome initiative builds on Eagle Hills’ expanding European footprint, including its €200 million restoration of Venice’s Hotel Des Bains and a recently announced €3 billion waterfront development in the Latvian capital, Riga.
Founded by Emirati businessman Mohamed Alabbar, the company now operates more than 35 luxury hotels and leads major mixed-use projects across 14 countries.
Alabbar also recently purchased the historic Castello di Antognolla in Umbria for $55 million to convert it into a luxury resort and wellness center.
Emaar’s Mohamed Alabbar says his memoir is about to be released
Mohamed Alabbar, the Emirati developer behind Dubai’s Burj Khalifa, the world’s tallest building, is releasing a memoir.
The 68-year-old founder of Emaar Properties said on Instagram that he wrote “For the Love of the Craft” to share his reflections as a family man and proud citizen of the UAE.
The book’s cover is pictured in the Instagram post but no publishing date is given.
Alabbar, a longtime advisor to the UAE leadership, established Emaar in 1997. The company built the Dubai Mall – then the world’s biggest mall by total area – in 2009 and opened the adjacent 162-story Burj Khalifa the following year.
Alabbar is also Chairman of international property developer Eagle Hills and e-commerce platform Noon.
Dubai’s Mall of the Emirates gets makeover for 20th anniversary
Dubai’s Mall of the Emirates, home to the Middle East’s first indoor ski slope alongside its Prada, Dior and Armani boutiques, is heading for a makeover to celebrate its 20th anniversary.
Majid Al Futtaim Holding, owner of the 545-store consumer palace, will plow some $1.4 billion into the mall’s facelift, adding another 100 shops as well as a 600-seat theater, The National reports.
Opened in November 2005 alongside the city’s central traffic artery Sheikh Zayed Road, the glitzy shopping center competes with Emaar’s Dubai Mall, which sits not far away at the bottom of the 163-floor Burj Khalifa, the world’s tallest skyscraper.
With a pack of penguins drawing children to Ski Dubai and its 1,300-foot artificial snow-covered slope, Mall of the Emirates counted 40 million visitors in 2025.
Nearly 100 restaurants and cafes, an Apple Store and the country’s biggest movie theater draw city dwellers and foreign tourists to its super air-conditioned galleries to escape the UAE’s stifling heat.
In March, Majid Al Futtaim reported 2024 profit rose 18%, with occupancy at its 29 malls across the region at 97%.
“This continuing transformation, coupled with the region’s strong economic momentum, has positioned Mall of the Emirates as one of the world’s highest-performing malls for leading brands,” Khalifa bin Braik, CEO of Majid Al Futtaim Asset Management, told the newspaper.
The Dubai-based company said this week it plans to launch a $4.7 billion mixed commercial and residential project in Riyadh, with design work underway and construction set to begin in early 2026.
The Daily Circuit: Egyptian economic rebound + Emaar’s $2.4B dividend
👋 Hello from the Middle East!
In the Daily Circuit today, we’re looking at Emaar’s $2.4 billion dividend payout, National Central Cooling’s possible $1 billion bid for its Abu Dhabi rival, Kuwait’s new borrowing law and the release of Arabian Business’s annual Dubai 100 list. But first, an economic rebound for Egypt. Egypt’s economy is growing at a pace it hasn’t seensince 2022 following last year’s IMF bailout and a massive investment from the UAE.
GDP grew 4.3% year-on-year in the last three months of 2024, which the government attributed largely to the IMF’s $8 billion loan package and Abu Dhabi-owned ADQ’s $35 billion Ras El-Hekma resort project.
Egypt’s Ministry of Planning, Economic Development and International Cooperation pointed to tourism, trade-related transportation and non-oil manufacturing as the key drivers of economic expansion.
Private investment increased 35.4% year-on-year in the fourth quarter, while public investment contracted 25.7%. Tourism grew by 18% in the fourth quarter, with total visitors rising to 4.41 million
Still, the Egyptian economy suffered some major setbacks, including a 70% decline in revenue from the Suez Canal because of “ongoing geopolitical tensions” and a 7.5% drop in income from oil production.
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📰 Developing Stories
RIDING HIGH
Arabian Business published its annual Dubai 100 list of the emirate’s most influential leaders on Wednesday and Mohamed Alabbar, founder of Emaar Properties and builder of the 162-story Burj Khalifa skyscraper, once again landed in first place. Trailing him were Abdul Aziz Al Ghurair, Chairman of Mashreq Bank; Shamsheer Vayalil, Chairman of Burjeel Holdings; Abdulla Al Futtaim, Chairman of Al-Futtaim Group; and Badr Jafar, CEO of Crescent Enterprises. Huda Kattan, Co-Founder of Huda Beauty, was the top woman at No. 6 on the list.
FAMILY BUSINESS
Quintet Bank, a Luxembourg-based private bank controlled by members of Qatar’s ruling Al Thani family is on a hiring campaign in Europe. CEO Chris Allen tells Bloomberg more than 20 private bankers are in talks to join the firm. Meanwhile in southern France, the Al Thani family is in a legal fight over the historic Maybourne Riviera Hotel, which overlooks the Mediterranean and was a favorite of Paul Cezanne and Coco Chanel, The Times of London reports. The hotel, which the Al Thani family bought in 2014, is being charged with failure to comply with planning and environmental regulations.
💲 Sovereign Circuit
Mubadala: National Central Cooling Co., which is known as Tabreed and backed by Abu Dhabi’s Mubadala sovereign wealth fund, is considering making a bid for Multiply Group’s PAL Cooling business – both backed by Abu Dhabi’s International Holding Co. – that could be worth at least $1 billion, Reuters reports.
Public Investment Fund: Saudi Arabia’s PIF was ranked as the world’s second most active sovereign wealth fund by deal value in February, with $3 billion in global transactions, Global SWF reports. It was topped only by Canada’s BCI public pension fund, which signed a $7 billion deal.
International Holding Company: The Abu Dhabi-owned conglomerate released its 2024 earnings, reporting a 35% increase in revenue from 2023 to $16.6 billion and a 22% decline in profit to $7 billion.
Abu Dhabi Investment Authority: The Abu Dhabi sovereign wealth fund, along with Singapore’s Temasek and the Canada Pension Plan Investment Board, is in advanced talks to acquire shares in Swedish AI software firm IFS in a $16.2 billion secondary share sale, Sky News reports.
↪↩ Closing Circuit
🏢 Property Payout: Emaar Properties voted to distribute a $2.4 billion dividend to shareholders for 2024, doubling the payout from last year.
💵 Payback Time: Houlihan Lokey, a Los Angeles-based investment bank, has been hired as a financial adviser by Lebanon’s international bondholders ahead of new debt restructuring discussions, which should take place later this year.
🍔Fast Food: UAE-based Epik Foods acquired foodtech startup Sauce Capital after raising $15.5 million from Ruya Private Capital.
🎶 Sharing Royalties: Music Nation, a management firm for music rights in the UAE led by Rasha Khalifa Al Mubarak, announced a partnership with U.S.-based SoundExchange to enable the collection and distribution of royalties in the UAE.
🔒 Safe Browsing: Island, an Israeli cybersecurity startup that protects corporate internet browsers from hackers, raised $250 million in a Series E funding round that was led by Coatue and gives the company an estimated valuation of $4.8 billion.
🗣 Circuit Chatter
🇸🇦 Branching Out: Arab African International Bank, Egypt’s fifth-largest lender by assets, plans to establish a branch in Saudi Arabia, Asharq Business reports.
💰 Debt Law: Kuwait has introduced a new law that allows the government to borrow up to $97.4 billion within 50 years as it seeks loans from international markets again after an eight-year hiatus, Reuters reports.
🌴 Environment First: Bahrain is set to become the first Gulf country to introduce a carbon tax, part of a broader plan to curb its budget deficit and manage rising debt.
📅 New Deadline: Scottish engineering firm John Wood Group has extended its deadline to April 17 for Dubai-based Sidara to make a firm takeover offer after Sidara walked away from a $2 billion deal last year.
🇫🇷 Dangerous Liaisons: A French court ruling in which several directors of France’s investment arm, the Caisse des Dépôts et Consignations, were found guilty of receiving stolen goods, is raising interest in Saudi Arabia, Intelligence Online reports. The French agency co-owns a fund with Riyadh-based Kingdom Holding, a conglomerate backed by the Saudi Public Investment Fund.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayedheld a phone call on Thursday with Faustin-Archange Touadéra, President of the Central African Republic, to discuss the Comprehensive Economic Trade Agreement signed between their countries earlier this month. Sheikh Mohamed also appointedSaeed Al Zaabi as an Undersecretary and Adviser to the Deputy Chairman of the Presidential Court for Development and Fallen Heroes Affairs.
Sheikh Mansour bin Zayed, UAE’s Vice President, Deputy Prime Minister and Chairman of the Presidential Court, met the winners of the Sheikh Mansour bin Zayed Agricultural Excellence Award during a Ramadan Iftar gathering on Wednesday held at the Emirates Palace Hotel in Abu Dhabi.
➿ On the Circuit
Bader Nasser Al Kharafi was appointed Chairman of Boursa Kuwait, which operates the Kuwait Stock Exchange, after serving as a Board member since the exchange was privatized in 2019.
Karim Souaid, founder and Managing Partner of Bahrain-based Growthgate Partners, and former chief of global investment banking for HSBC Bank Middle East, appears to be the leading candidate to head Lebanon’s Central Bank, the Financial Times reports.
Stef Wertheimer, founder of Israel’s Iscar metal-cutting tool business, which he sold to Warren Buffett for $6 billion, died on Wednesday at 98.
Dr. Ali Al-Nuaimi, Chairman of the Committee for Defense, Internal and Foreign Affairs in the UAE parliament, held a meeting with John Pierce, a Member of the British Parliament, in Abu Dhabi to discuss how the legislatures can work more closely together.
🎶 Culture Circuit
💧Water Paradox: Saudi Arabia will return to the London Design Biennale in June with an exhibition titled “Good Water,” which explores the hidden costs behind water access. Commissioned by the kingdom’s Architecture and Design Commission, the pavilion is curated around the concept of Sabeel, which is a traditional fountain symbolizing hospitality.
📷 Photo of the Day
President Azali Assoumani of the Comoros Islands performs the Umrah pilgrimage at the Grand Mosque in Mecca on Wednesday
📅 Circuit Calendar
March 1-30, Abu Dhabi. Ramadan and Eid exhibition. The exhibition will showcase companies displaying an array of fashion, accessories, perfumes and other gifts. ADNEC.
April 7-9, Abu Dhabi. AIMCongress 2025. An investment platform bringing together thought leaders, decision-makers and entrepreneurs. ADNEC.
April 7-9, Dubai. Middle East Energy. Bringing together international energy suppliers to discuss products and solutions. Dubai World Trade Centre.
April 11-13, Sakhir, Bahrain. F1 Gulf Air Bahrain Grand Prix. Formula 1 racing returns to the Gulf island state. Bahrain International Circuit.
April 13-15, Riyadh. Saudi Food Manufacturing. Back for a second year, the focus turns to logistics solutions, including advancements in AI-driven supply chains, robotics, and sustainable automation technologies. Riyadh Front Exhibition & Conference Centre.
April 14-16, Dubai. IPS Congress. The Middle East’s largest international property sales event. Dubai World Trade Centre.
April 15-17, Dubai. Abu Dhabi Global Health Week. A critical worldwide forum dedicated to shaping the future of health. ADNEC.
April 16-17, Dubai. FastBull Finance Summit Dubai. Focused on the depth and breadth of global finance, emphasizing areas such as forex and blockchain financial technology. Coca-Cola Arena.
April 17-19,Dubai. World Art Dubai. A four-day art fair featuring more than 10,000 artworks. Dubai World Trade Centre.
April 18-20, Jeddah. STC Saudi Arabian GP. The Formula 1 Saudi Arabian Grand Prix by STC returns, promising an electrifying high-speed spectacle on the Red Sea. Jeddah Corniche Circuit.
April 21-23, Abu Dhabi. Electric Vehicle Innovation Summit 2025. The Middle East’s largest annual event dedicated to shaping the future of electric mobility. ADNEC.
April 21-25, Dubai. Dubai AI Festival. Bringing together the brightest minds to explore and expand the commercial and economic possibilities of AI technology.” Madinat Jumeirah.
April 29-30, Abu Dhabi. Digital Transformation Summit UAE 2025. In its 37th edition, the summit is expected to be attended by over 300 C-suite executives, directors, and technology leaders. Sheraton Abu Dhabi Hotel and Resorts.
April 30. May 1, Dubai. Token2049 Dubai. A global conference dedicated to the crypto and blockchain ecosystem. Madinat Jumeirah.
Emaar leads Dubai rally with dividend boost for shareholders
Dubai’s property boom prompted Emaar, the city’s largest publicly traded developer, to provide shareholders with a big return. The move sent its stock soaring on Monday to a 17-year high.
The company, founded by Mohamed Alabbar, announced on Friday that it would declare dividends at 100% of its share capital starting with 2024 and continuing for the next few years.
Emaar said the new policy is aimed “at enhancing shareholder value while ensuring the financial sustainability and strategic growth” of the company.
The company’s 14% surge on the Dubai Financial Market on Monday led the exchange’s benchmark index to its highest level in almost a decade, rising 4.5%.
Meanwhile, Ali Sajwani, Managing Director of Damac Properties, says demand for Dubai property is growing among European customers, who are fleeing high taxes and regulatory changes to settle in the UAE.
“The customer base has shifted today,” Sajwani told The National. “The biggest customers are coming from Europe, no longer from Russia or Ukraine, and we believe that’s going to continue, and it’s going to grow further into 2025.”