The Daily Circuit: ADNOC moves Iraqi oil + Qatar backs ATG deal
In today’s Daily Circuit, we’re reporting on Emirates Global Aluminium spending $400 million to restore its war-slowed operations, the Qatar Investment Authority’s role in Ari Emanuel’s $6 billion purchase of ATG Entertainment, an Oman wind-energy project securing $130 million in financing, and the loss of 137,000 jobs in the Gulf’s travel and tourism industry. But first, ADNOC lends Iraq a hand exporting its oil to Asia.
ADNOC is reportedly offering to move Iraqi oil through the Strait of Hormuz for its Asian customers as part of a strategy that has helped the UAE keep crude flowing during the war with Iran.
The Abu Dhabi National Oil Co. is shipping Iraqi crude and other Middle Eastern oil grades through a “dark shuttling” system in which tankers make short trips through the strait with their transponders switched off before transferring the cargo to other vessels outside the Gulf, Bloomberg reports.
The Red Sea’s Bab Al-Mandeb Strait is also growing more perilous, with four crew members and two rescuers killed on Tuesday in a Houthi attack on an Egyptian-owned cargo ship, Reuters reports.
And in the Gulf of Oman, U.S. forces fired two Hellfire missiles at a Panama-flagged container ship that ignored warnings to stop sailing toward an Iranian port.
U.S. President Donald Trump, meanwhile, declared that the U.S. has “total control” over the Strait of Hormuz, even as Pakistan’s defense minister said Washington and Tehran were close to a possible agreement over the waterway.
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📰 Developing Stories
TOURISM TOLL
The Gulf’s travel and tourism industry is expected to lose 137,000 jobs this year because of the Iran conflict. Employment across the six GCC countries is forecast to fall 4.3% from 3.2 million in 2025, with Saudi Arabia losing 69,000 jobs and the UAE 46,000, according to the World Travel & Tourism Council. Hotel occupancy across the Middle East fell 19% through July, while revenue per available room dropped 21%. The WTTC expects Middle East travel and tourism activity to contract 14.5% this year, making it the only region in the world forecast to decline.
TAXING TUNES
The UAE will start charging businesses an annual royalty fee to play copyrighted music on their premises, pulling the country into line with international practices. The permit will cover entities including shopping malls, fitness centers, cafes and restaurants, but non-commercial settings like schools and charity events will be exempt. The fees, which will be scaled to business size and type of music used, will be managed by Emirates Music Rights Association and Music Nation, a collective management organization founded and chaired by Rasha Khalifa Al Mubarak. The fees will apply from Dec. 1, with 10% of the funds collected going towards the newly established Cultural Support Fund for Music.
💲 Sovereign Circuit
Mubadala: Emirates Global Aluminium, which is owned by Mubadala and the Investment Corp. of Dubai, plans to spend $400 million to restore its main smelter to pre-war production levels in the first quarter of next year, although shipments will depend on the reopening of the Strait of Hormuz.
Mubadala: The Abu Dhabi sovereign wealth fund has boosted its stake in Abu Dhabi’s Aldar Properties from 27.01% to 28.03% of the company’s issued share capital.
Qatar Investment Authority: Hollywood mogul Ari Emanuel engineered a $6 billion deal to buy U.K.-based ATG Entertainment through his investment firm Mari, backed by the QIA, Apollo Global Management and RedBird Capital.
Qatar National Bank: The QIA-backed lender is seeking a $2 billion syndicated loan to refinance existing debt.
Oman Investment Authority: A French-Omani consortium, including OIA’s OQ energy firm and Paris-based EDF Power Solutions, secured financing for a $130 million wind project in northeastern Oman.
↪↩ Closing Circuit
💰 Crypto Capital: Cryptocurrency platform Bitget has launched a $300 million institutional capital program to help build trading institutions across the Middle East and North Africa.
🏦 Raising Cash: Saudi Arabia’s National Building & Marketing Co. renewed a $36 million credit facility with Alinma Bank.
🏠 Prewar Property: Abu Dhabi’s property market has already outperformed all of last year, according to government data, with residential sales values reaching $23.5 billion by mid-August. However, much of the growth came in the first quarter, before the Iran war began on February 28.
🗣 Circuit Chatter
🏘️ Ratings Review: Moody’s Ratings has placed Dubai-based luxury developer Binghatti Holding’s ratings on review for a potential downgrade based on the company’s deteriorating liquidity profile and uncertainty about its ability to generate cash flows amid war-driven uncertainty, The National reports.
⚖️ Ousting Outlaws: Kuwait has warned foreign residents they face deportation if convicted of operating or facilitating unlicensed businesses, under a new law imposing up to five years in prison and fines of as much as $330,000.
🛢️ Back in Business: Saudi offshore drilling contractor ADES Holding has received resumption notices for all temporarily suspended offshore rigs in the kingdom, as operations recover amid regional conflict.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed met businessman Yusuff Ali, Chairman of LuLu Group International, and a number of employees during a visit to a shopping center in Abu Dhabi.
Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, held a phone call with Hakan Fidan, Turkey’s Foreign Minister, on Tuesday.
Jasem Albudaiwi, Secretary-General of the Gulf Cooperation Council, received Dr. Badr Abdelatty, Egypt’s Minister of Foreign Affairs, Emigration and Egyptian Expatriates, on Tuesday in El Alamein, Egypt.
➿ On the Circuit
Dr. Samir bin Abdulaziz Altubayyeb, Adviser to the Saudi Ministry of Defense and CEO of the Ministry of Defense Transformation Program, led a Saudi delegation to the U.K. Defense Academy and the U.S. National Defense University.
Cristiano Ronaldo, the Portuguese soccer star who plays for Saudi club Al-Nassr, married his long-term partner Georgina Rodriguez in a civil and private ceremony in Cascais, Portugal.
Jonathan Seal, CEO of the Sharjah-based Arada’s U.K. arm, met with government officials at Downing Street and proposed a plan to accelerate homebuilding that includes eased lending procedures for first-time buyers, stamp duty reforms, and simplified planning rules.
Turki Al-Sheikh, the Saudi Arabian boxing power broker, backed out of a deal to buy English Championship football club Derby County.
🎶 Culture Circuit
🤼 Comic Return: WWE star and actor John Cena will attend the Middle East Film and Comic Con in Abu Dhabi, which is scheduled for Sept. 11-13 after being postponed in April. Cena joins a lineup of celebrities including Japanese actor Mackenyu, who plays Roronoa Zoro in Netflix’s live-action adaptation of manga hit “One Piece,” The National reports. A multiple-time world champion, Cena is one of the most recognizable figures in professional wrestling.
📷 Photo of the Day
📅 Ahead on the Circuit
August 18-19, Dubai. Middle East Event Show. Bringing together professionals from the events industry. Dubai World Trade Centre.
August 28-Sept. 6, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition. An annual event celebrating traditional Emirati heritage and culture. ADNEC Centre.
August 30-Sept. 2, Riyadh. Big 5 Construct. The event connects construction industry stakeholders with suppliers in Saudi Arabia. Riyadh Front Exhibition & Conference Center.
August 31-Sept. 3, Riyadh. LEAP Expo Riyadh. A major tech trade show for the Middle East, which includes a global startup live pitch event. RECC Malham.
Sept. 1-3, Dubai. Middle East Energy. A three-day energy exhibition in Dubai brings together utilities, developers, manufacturers and industry professionals. Dubai World Trade Centre.
Sept. 1-3, Doha. Qatar Event Show. Brings together the events industry through a three-day program featuring exhibitions, conferences, workshops and networking opportunities. Doha Exhibition & Convention Center.
Sept. 11-13, 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. ADNEC Centre.
Sept. 13-18, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC Centre.
Sept. 14-18, Dubai. Arabian Travel Market. The flagship global travel trade show, which was postponed in May, returns, bringing 55,000+ travel professionals, 2,800+ exhibitors and representatives from 166 countries. Dubai World Trade Centre.
Sept. 15-17, Dubai. Arab Media Forum. The region’s largest media gathering, organized by the Dubai Press Club. Dubai World Trade Centre.
Sept. 17-19, Abu Dhabi. International Real Estate & Investment Show 2026. An event targeting investors and consumers rather than trade visitors. ADNEC Centre.
Sept. 20, New York. Qatar Economic Forum, Powered by Bloomberg: UNGA Special Edition 2026. The forum will host a special leadership gathering alongside the 2026 UNGA in New York, bringing together global leaders to explore capital, risk and resilience in a volatile global economy.
Sept. 28-Oct. 1, Singapore. SuperReturn Asia. The region’s premier private capital gathering. Marina Bay Sands Convention Centre.
Sept. 29-Oct. 1, Abu Dhabi. LIVEX 2026. Abu Dhabi’s inaugural Livability and Investment Exhibition. ADNEC Centre.
Oct. 7-9, Singapore. Milken Institute Asia Summit. Bringing together a global community of influential leaders shaping the next era of intelligence, collaboration and growth. Four Seasons Hotel.
Oct. 21-24, Riyadh. Six Kings Slam. World No. 1 Jannik Sinner will defend his Six Kings Slam title when the exhibition tournament returns, to be streamed globally on Netflix. ANB Arena.
Oct. 26-29, Riyadh. Future Investment Initiative Tenth Edition 2026. Saudi Arabia’s keystone annual business conference, sponsored by the Public Investment Fund. King Abdulaziz International Convention Center.