The Daily Circuit: Mecca draws foreign home buyers + Yango deploys robots
In The Daily Circuit today, weāre reporting on Mecca drawing buyers from abroad for second homes, Dar Global awarding a construction contract for Dubaiās new $1 billion Trump hotel, Yango and Noon deploying delivery robots across GCC, and Sarah Jessica Parker promoting Astrea’s lab-grown diamonds in Dubai. But first, tightening ties between the UAE and EU.
The UAE and the European Union have launched talks on formalizing a strategic economic partnership, aiming to deepen cooperation in such areas as green energy and artificial intelligence.
The negotiations build on earlier efforts this year to advance a free-trade pact, with multiple rounds of discussions already underway.
āThis year marks an important inflection point,ā UAE Minister of State Lana Nusseibeh said today at a Ministry of Foreign Affairs event in Abu Dhabi, The National reports. She described the parallel agreements as representing āa joint commitment to elevate our relationship to a new and more ambitious level.ā
The EU is the UAEās second-largest trading partner and a key investment destination, while the UAE is a major export and investment partner for Europe in the Middle East and North Africa.
Since 2022, the UAE has struck at least 20 trade agreements, known as Comprehensive Economic Partnership Agreements, including with Israel, India, Indonesia, Turkey, New Zealand, Vietnam and Cambodia.
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PROPERTY PILGRIMAGE
Mecca draws influx of foreign capital as Saudi Arabia eases real estate rules
Construction taking place behind the Grand Mosque in Mecca
The train from Jeddah glides into Mecca with a reminder on the travel app that this stop is āfor Muslims only.ā
The station could be anywhere in the Gulf ā dotted with souvenir shops, mobile phone counters and a Costa coffee kiosk. Once you step outside, though, a sense of history and holiness reigns, The Circuitās Omnia Al Desoukie reports.
For more than 1,400 years, Mecca has been defined by worship. Now, increasingly, itās also shaped by real estate, with construction cranes dominating the skyline. “Why would people like me, and others who can afford it, want to buy there? To relax, to be close to God,” Anis Alhabshi, Vice President of real estate developer Arabian Dyar, said in an interview. “It has spiritual value.”
A firm owned by Abu Dhabiās ruling family has received rare planning permission to develop one of the biggest office projects ever built in Londonās West End. Berkeley Estate Asset Management, which is owned by the Private Department of the President of the UAE, is planning to turn the former flagship BHS store and London College of Fashion buildings into 800,000 square feet (74,322 square meters) of office space and more than 100,000 square feet of stores, Bloomberg reports. The Al Nahyan family owns a far-reaching property portfolio in the U.K., including some of Londonās most valuable real estate ā much of it acquired under the late former ruler Sheikh Khalifa bin Zayed. The West End, which includes the famed Oxford Street retail strip where the project is located, is dominated by low-rise historical buildings which are protected under strict planning laws.
SAUDI SLUMP
Saudi Arabiaās stock market is ending the year with its worst performance since 2015, as emerging-market equities elsewhere rebound. Investors cite weak oil prices and projections of a potential āsuper glutā as reasons for avoiding the market, with Citigroup analysts recommending an underweight position, Bloomberg reports. Earnings growth for Saudi companies is expected to rise 2% next year, trailing the 13% forecast for the MSCI benchmark. Brent crudeās 17% drop and the marketās sensitivity to dollar movements have added pressure on public spending and corporate profits.
š² Sovereign Circuit
Public Investment Fund:The PIF says it will do whatever it can to sign unsettled Liverpool star Mohamed Salah in the winter transfer window, closely monitoring his situation and considering either a loan or permanent move, Al Jazeera English reports.
MGX: The UAE-backed fund, founded just a year ago, has quickly become a top global data center financier, leading the largest data center sale negotiated so far, The Information reports.
Fundo Soberano de Angola: Angolaās sovereign wealth fund Fundo Soberano de Angola and investment firm Gemcorp Capital launched an Abu Dhabi-based $500 million pan-African Infrastructure Fund to tap Gulf investors with interest in Africa, FSDEA Chair Armando Manuel told Reuters.
ADQ:Etihad airways, owned by ADQ, has become the Presenting Partner for Sothebyās two-part exhibition, Icons: Back to Madison. The show will see more than $2 billion worth of art on loan from private collections and public institutions displayed at the auction houseās new headquarters at the Breuer building on Madison Avenue, New York. A selection of 11 of the artworks in the exhibition was displayed at Abu Dhabi Collectors Week on Saadiyat Island last week.
š¤ Global Partners: Abu Dhabi Investment Office has partnered with China International Capital Corporation to create an investment corridor that enables two-way capital flows between Abu Dhabi and China.
š° Big Win: Dar Global awarded Dubai-based Edrafor Emirates the enabling works contract for the planned $1 billion Trump International Hotel & Tower on Dubaiās Sheikh Zayed Road.
š Fast Delivery: Yango Group and UAE’s Noon will scale autonomous robot deliveries across the GCC, starting with Noon Minutes customers in Dubai and expanding regionally based on performance data and customer feedback.
š Computing Leap: Quantum Art, an Israeli startup, raised $100 million in a Series A funding round led by Bedford Ridge Capital.
š£ Circuit Chatter
š¢ Calmer Crossings:CMA CGM plans to increase Red Sea sailings as easing Houthi tensions allow shippers to consider returning to shorter Suez Canal routes.
š³ Payment Provider: YeePay, a Beijing-based cross-border payments company, will establish its regional headquarters and technology hub in Abu Dhabi.
š± Fintech Expansion:Zurich-based fintech company iCapital announced the opening of its first Middle East office in Abu Dhabiās ADGM free zone after receiving in-principle approval for advisory and arranging services.
š Digital Trading: ADX Group has added U.S.-based Interactive Brokers, a trading platform widely used by expats in the country, as an online broker partner, strengthening international participation and building on recent digital-access.
š Star Power: American actress Sarah Jessica Parker has been visiting the UAE to promote lab-grown diamonds in her new role as Global Creative Director for Astrea London.
š Power Circuit
Saudi Crown Prince Mohammed bin Salmanmet with United Nations Secretary-General António Guterres on Wednesday at Al-Yamamah Palace in Riyadh. He also met with Isaias Afwerki, President of Eritrea.
Sheikh Saud bin Saqr, Ruler of the northern UAE emirate of Ras Al Khaimah, attended the world premiere of the Finnish musical evening āThe Blue Bird”, organized by the Embassy of Finland and performed by the Lohja City Orchestra.
Prince Faisal bin Farhan, Saudi Arabiaās Minister of Foreign Affairs, received a phone call from the U.K.ās Secretary of State for Foreign, Commonwealth and Development Affairs Yvette Cooper.
āæ On the Circuit
Khalid Al-Falih, Saudi Arabiaās Investment Minister, projected up to $1 trillion in Saudi infrastructure spending by around 2030, with as much as $500 billion expected from private-sector financing.
Omar Yaghi, an American-Saudi scientist, was handed the Nobel Prize in Chemistry alongside the British-Australian and Japanese scientists Richard Robson and Susumu Kitagawa by King Carl XVI Gustaf of Sweden.
Ben Powell, Chief Strategist for Middle East and Asia Pacific at BlackRock, told Zawyathat the firm is open to partnering with sovereign wealth funds across the GCC to ramp up investments in Asia.
Clifford Lee, Global Head of Investment Banking at DBS Bank, told Reuters that Asian investors are piling into Gulf bonds and loans this year, due to deepening trade and finance ties with the fast-growing region.
Andrey Lazorenko, CEO of ADI Foundation, an Abu Dhabiābased organisation building sovereign-grade blockchain infrastructure, told WAM that its role is to translate future-oriented policy into scalable, practical systems.
David Cameron, former U.K. prime minister, said he is āworriedā by the number of Britons leaving the country for the UAE.
š¶ Culture Circuit
š„ Home Coming: Shahad Ameen, the director of Saudi Arabiaās Oscar contender āHijra,ā said that the filmās screening at the Red Sea International Film Festival turned into a riotous celebration filled with family and friends. āI am from Jeddah, so this is my territory,ā Ameen told The National. āAnd itās the hometown of all of my main actors.ā The film, which is about a grandmother on pilgrimage to Mecca with her two granddaughters when one of them goes missing, premiered at the Venice Film Festival and has been selected as the kingdomās Oscar submission for Best International Feature. āHijraā is the first Saudi film to receive support from all five of the countryās major national funding bodies, including the Saudi Film Commission, Red Sea Fund and Film AlUla.
š· Photo of the Day
Idris Elba and film producer Faisal Baltyuor, CEO of the Red Sea Film Foundation, at the Golden Globes Gala Dinner at the Red Sea International Film Festival 2025 on Wednesday in Jeddah. (Hoda Davaine/Getty Images for The Red Sea International Film Festival)
š Circuit Calendar
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.
Jan. 9-11, Dubai. 1Billion Summit. A gathering of global content creators discuss the latest trends. Emirates Towers, Museum of the Future, Dubai International Financial Center.
Jan. 11-15, Abu Dhabi. Abu Dhabi Sustainability Week. With the theme āThe Nexus of Next: All Systems Go,ā ADSW will connect ambition with action across innovation, finance, and people, showcasing how the world can move forward with confidence. ADNEC.
Jan. 12-14, Dubai. Intersec. Billed as the world’s premier event for security, safety, and fire protection. Dubai World Trade Center.
Jan. 12-15, Dubai. Dubai International Project Management Forum. Bringing together global leaders, policymakers, and innovators to explore how collaboration, innovation, and sustainability can unite diverse communities. Madinat Jumeirah.
Jan. 13-15, Riyadh. Future Minerals Forum. The conference aims to hold conversations among governments, investors, and innovators to secure the minerals essential for a sustainable, tech-enabled future. King AbdelAziz International Conference Center.
Jan. 13-15, Abu Dhabi. World Future Energy Summit. The annual event brings in policy makers and industry leaders to discuss the challenges of working towards net zero. ADNEC.
Jan. 18-21, Riyadh. Big5 Construct Saudi. Latest trends and opportunities among construction companies operating in KSA. Riyadh Front Exhibition & Conference Center located at ROSHN Front.
Jan. 20-22, Abu Dhabi. UMEX 2026. The Unmanned Systems Exhibitions and Conference showcases the latest advances in autonomous systems, robotics, artificial intelligence, and training simulation. ADNEC.
Jan. 26-28, Riyadh. Saudi Franchise Expo. The exhibition brings local and international businesses who want to create franchising companies into the kingdom.The Arena Riyadh Venue for Exhibitions, Riyadh.
Feb. 1-4, Doha. Web Summit Qatar. Connecting a new generation of founders in the Middle East to investors, journalists and more around the world. Doha Exhibition and Convention Center.
Feb. 2-5, Doha. LNG2026. The 21st International Conference & Exhibition on Liquefied Natural Gas. Qatar National Convention Center.
The Daily Circuit: Mubadala plots Asia strategy + ADNOCās Serbian bid
In The Daily Circuit today, weāre reporting on likely windfalls for Gulf funds from a SpaceX IPO,ADNOCās bid to buy control of a Serbian oil-processing plant from Russia, a new $500 million UAE-China tech investment fund, and the rainstorm in Jeddah that forced cancellation of Tuesdayās screenings at the Red Sea Film Festival. But first, Mubadala looks east in adjusting its investment strategy.
Abu Dhabiās Mubadala sovereign wealth fund plans to double its exposure to Asia, raising the share of Asian assets in its portfolio to about 25% over the next decade.
Currently, Asia accounts for roughly 13% of Mubadalaās $330 billion in assets under management, or about $43 billion, the Zawya news agency reports. āIn the next five to 10 years, we would love to see that double,ā Mohamed Albadr, Mubadalaās Head of Asia, said during a discussion at Abu Dhabi Finance Week.
China, Japan, South Korea and India will be Mubadalaās core target markets in Asia, Albader said, citing their mature private-equity markets and exit-opportunity potential. The fund already maintains a Beijing office, a Hong Kong joint-venture office and a growing list of activities, including recent large deals in real estate and healthcare.
Albadr said Mubadala would deploy capital in real estate, infrastructure and private equity, which will play a key role in late-stage and buyout investments.
Khazna Data Centers, meanwhile, a growing AI infrastructure business backed by Mubadala, appointed Mohammed Bin Hassan as Country Head for Saudi Arabia following the companyās acquisition of land in the port city of Dammam to develop a new 200MW data center.
Editorās Note: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].
š° Developing Stories
GOING GALACTIC
Elon Muskās SpaceX is moving ahead with plans for an IPO, with the potential to deliver a hefty windfall to its Gulf backers and unseat Saudi Aramco for the title of the biggest IPO of all time. If the Texas-based aerospace and space transportation company sold about 5% of its stock at the targeted $1.5 trillion valuation, it would raise about $40 billion, Bloomberg reports. Aramco raised about $29 billion when it listed in 2019. Among the Gulfās prominent backers, Sheikh Tahnoonās International Holding Co. and its subsidiary Alpha Dhabi jointly invested $50 million in SpaceX in 2022.
CHILLING IN RIYADH
Saudi Arabiaās flagship gigaproject Diriyah Gate is rolling out outdoor air-conditioning and a suite of other cooling measures to keep its public spaces near 28 degrees C(82 degrees F) during Riyadhās searing summer months. The project pairs high-tech systems with reflective materials, extensive tree planting and traditional architectural techniques, while aligning with the kingdomās wider shift toward renewable energy, Arabian Gulf Business Insight reports. As Saudi Arabiaās mega-projects drive up power demand, solar generation and district cooling are set to underpin efforts to deliver more sustainable infrastructure. With a target of 50 million annual visitors by 2030, Diriyah sees large-scale climate control as critical to ensuring year-round footfall.
š² Sovereign Circuit
ADNOC: UAE energy giant ADNOC is the frontrunner to buy Russia’s controlling stake in Serbia’s sole oil-processing facility, The Financial Times reports.
Qatar Sports Investments: QSI, owner of the Paris Saint-Germain soccer team, signed an agreement to take over Belgiumās second-tier soccer club KAS Eupen.
G42: Inception, a unit of Abu Dhabiās G42 tech company, together with Cerebras Systems and the Institute of Foundation Models at Mohamed bin Zayed University of Artificial Intelligence, announced the launch of Jais 2, a redesigned Arabic AI model.
š° Tech Fund:UAE-based Arabian Gulf Investment and Chinaās Green Harbor Investment will launch a $500 million investment fund focused on local and global IPOs, prioritizing advanced technology, AI, and robotics.
š¤ Getting Together:Orascom Construction and OCI Global announced an agreement to combine their businesses into a single Abu Dhabi-based infrastructure and investment platform.
šļø Sold Out: Abu Dhabiās Modon sold out its new Bashayer waterfront development on Hudayriyat Island within a day of launch, generating about $817 million.
š Cyber Gambit: Prime Security, an Israeli cybersecurity startup, raised $20 million in a Series A funding round, led by Scale Venture Partners.
š£ Circuit Chatter
šµ Banking Shuffle: HSBC is bringing several London dealmakers to the Middle East, as it restructures its regional investment-banking footprint, Bloomberg reports.
šø Flying Cars:Saudi Arabia’s General Authority of Civil Aviation signed an agreement with U.S.-based Archer Aviation to operate air taxi services across the kingdom.
š Listing Lull: Middle Eastern IPO activity is slowing sharply as regional deals face tougher competition from resurgent global markets, Bloomberg reports.
š½ Grain Retreat:UAE-based crop merchant Al Dahra is pulling out of Romaniaās grain-trading market amid pressures in the Black Sea market, Bloomberg reports.
š§ļø Weather Trouble: The Red Sea International Film Festival in Jeddah closed all screenings and events on Tuesday due to heavy rain and unsafe weather conditions.
š Power Circuit
UAE President Sheikh Mohamed bin Zayed directed the government to allocate $550 million in response to an appeal by the U.N. for providing humanitarian aid.
Saudi Crown Prince Mohammed bin Salmanheld a phone call with Syriaās President Ahmed al-Sharaa on Tuesday.
Sheikh Tahnoon bin Zayed, UAE National Security Adviser and Deputy Ruler of Abu Dhabi, met withKash Patel, Director of the U.S. Federal Bureau of Investigation, in Abu Dhabi on Tuesday.
Sheikh Tahnoon chaired the third 2025 board meeting ofthe Abu Dhabi Investment Authority on Tuesday. Also present were Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, and Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of Abu Dhabi Executive Council.
Prince Khaled bin Waleed, Vice Chairman of Sharjah developer Arada, said during Abu Dhabi Finance Week that the firm is looking to develop property projects in Miami, Austin, Tex. and Nashville, Tenn.
āæ On the Circuit
Waleed Al-Khureiji, Saudi Arabiaās Deputy Foreign Minister, attended the third meeting of the Joint Tripartite Committee between Saudi Arabia, Iran and China.
Mohamed Al Hammadi, Managing Director of Emirates Nuclear Energy Company, has been appointed Chairman of the World Association of Nuclear Operatorsā Atlanta Center in the U.S.
Brandan Greene, the billionaire creator of videogame PUBG, used Abu Dhabiās BRIDGE summit to urge the world to build an āopen, shared, human-scale layerā that restores trust, creativity and connection online.
Sandy Climan, CEO of Entertainment Media Ventures, told WAM on the sidelines of the BRIDGE summit that the entertainment world is undergoing āalmost revolutionaryā shifts driven by technology and changing consumer behavior.
š¶ Culture Circuit
š» High Note: The UAE National Orchestra has set a date for its debut, with the first public performance to be given on Jan. 15. The new 100-member ensemble was chosen from more than 3,200 musicians who applied from around the world since the formation of the orchestra was first announced last December, and includes 30 nationalities and 40 instruments. The debut seasonās program blends Emirati musical heritage with global repertoire, including the premiere of āEmirati Symphonyā by Lebanese composer Nadim Tarabay and āFaces of Love,ā a composition inspired in part by the poetry of the late UAE President Sheikh Zayed, The National reports.
š· Photo of the Day
Boxing robots entertain guests at the BRIDGE Summit at Abu Dhabiās ADNEC Center. (Emirates News Agency)
š Circuit Calendar
Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the worldās 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.
Jan. 9-11, Dubai. 1Billion Summit. A gathering of global content creators discuss the latest trends. Emirates Towers, Museum of the Future, Dubai International Financial Center.
Jan. 11-15, Abu Dhabi. Abu Dhabi Sustainability Week. With the theme āThe Nexus of Next: All Systems Go,ā ADSW will connect ambition with action across innovation, finance, and people, showcasing how the world can move forward with confidence. ADNEC.
Jan. 12-14, Dubai. Intersec. Billed as the world’s premier event for security, safety, and fire protection. Dubai World Trade Center.
Jan. 12-15, Dubai. Dubai International Project Management Forum. Bringing together global leaders, policymakers, and innovators to explore how collaboration, innovation, and sustainability can unite diverse communities. Madinat Jumeirah.
Jan. 13-15, Riyadh. Future Minerals Forum. The conference aims to hold conversations among governments, investors, and innovators to secure the minerals essential for a sustainable, tech-enabled future. King AbdelAziz International Conference Center.
Jan. 13-15, Abu Dhabi. World Future Energy Summit. The annual event brings in policy makers and industry leaders to discuss the challenges of working towards net zero. ADNEC.
Jan. 18-21, Riyadh. Big5 Construct Saudi. Latest trends and opportunities among construction companies operating in KSA. Riyadh Front Exhibition & Conference Center located at ROSHN Front.
Jan. 20-22, Abu Dhabi. UMEX 2026. The Unmanned Systems Exhibitions and Conference showcases the latest advances in autonomous systems, robotics, artificial intelligence, and training simulation. ADNEC.
Jan. 26-28, Riyadh. Saudi Franchise Expo. The exhibition brings local and international businesses who want to create franchising companies into the kingdom.The Arena Riyadh Venue for Exhibitions, Riyadh.
Feb. 1-4, Doha. Web Summit Qatar. Connecting a new generation of founders in the Middle East to investors, journalists and more around the world. Doha Exhibition and Convention Center.
Feb. 2-5, Doha. LNG2026. The 21st International Conference & Exhibition on Liquefied Natural Gas. Qatar National Convention Center.
The Daily Circuit: Abu Dhabiās new finance hub + QIAās AI firm
In The Daily Circuit today, weāre reporting on Qatarās new AI firm Qai, Dar Globalās $4.2 billion project in Oman, First Abu Dhabi Bankās partnership with Paris-based asset manager Amundi and selfies with the stars at Saudi Arabiaās Red Sea Film Festival. But first, Abu Dhabi takes another step in branding itself as the āCapital of Capital.ā
Abu Dhabi unveiled a new financial services hub to help launch companies and assist them in managing regulatory obstacles that hamper growth.
Launched on Tuesday by the Abu Dhabi Investment Office and the Department of Economic Development, the platform will be known as FIDA ā the FinTech, Insurance, Digital and Alternative Assets Cluster ā and is projected to contribute some $15 billion to Abu Dhabiās economy by 2045.
āBy bringing investors, regulators, global institutions and technology innovators into an integrated cluster, Abu Dhabi is the preferred destination for those building digital assets, AI-powered insurance and breakthrough fintech platforms,ā Badr Al-Olama, ADIOās Director-General, said.
FIDA was introduced by Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of its Executive Council, amid the torrent of product announcements, conferences and cocktail parties during Abu Dhabi Finance Week.
During one of the events on Monday, Carlyle Group Chairman David Rubenstein was asked by UAE Investment Minister Mohamed Alsuwaidi, who is also CEO of sovereign wealth fund ADQ, how he assessed the UAEās financial development, Khaleej Times reports. Rubenstein cited a music critic 30 years ago who said, āI’ve just seen the future of music, and its name is Bruce Springsteen.ā Today, Rubenstein said, āI’ve seen the future of capitalism, and its name is Abu Dhabi.ā
Across town at the media-focused BRIDGE Summit, executives from Meta, Yango, Huawei and HeyGen headlined sessions on the use of AI in content, marketing and consumer products. Actor Idris Elba said the conference was about cultural connectivity and empowering creators in a more inclusive global media ecosystem. āLetās use this opportunity at the Summit to connect, form, create and distribute ideas,ā he said.
Jeff Zucker, CEO of RedBird IMI and RedBird Capital Partners, said journalismās future will be driven by trusted individual voices rather than traditional media. āInstitutions used to confer credibility upon the individual, but now it’s the other way around,ā he said. āI think people are looking much more to individuals in this new creator economy, this new AI world.āĀ
Editorās Note: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].
š° Developing Stories
GOING HOSTILE
Little-known Abu Dhabi state investment vehicle Lāimad Holding Co. has joined the fray in the Warner Bros. bidding war, backing a new $108 billion hostile offer from David Ellisonās Paramount, along with Saudi Arabiaās Public Investment Fund, the Qatar Investment Authority and Jared Kushnerās Affinity Partners. RedBird Capital Partners and Larry Ellison will backstop the $40.7 billion of equity in the $30-a-share bid, while Bank of America Corp., Citigroup Inc. and Apollo Global Management Inc. are providing the debt commitment via a bridge loan, Bloomberg reports. Paramount Skydance is attempting to torpedo Netflixās $72 billion deal, made last week following a three-way contest which also included Comcast. Lāimad, which is replacing the Abu Dhabi Investment Authority in the latest iteration of the Paramount bid, first made headlines in October when it bought a $7 billion stake in real estate investor Modon from IHC Real Estate Holding and Alpha Dhabi Holding, both subsidiaries of Sheikh Tahnoon bin Zayedās International Holding Co.
HAMMER TIME
Sothebyās first Abu Dhabi Collectorsā Week raised $133 millionĀ from aĀ series of auctions, including sports cars, jewellery and a HermĆØs handbag owned by Jane Birkin, which went for $2.9 million. Among the most jaw-dropping sales was a 31.68-karat pink diamond that sold for $8.8 million and a 1994 McLaren F1 car for $25.3 million. The glitzy event, held at the St. Regis Saadiyat Island Resort last week, fortuitously coincided with the Milken Middle East and Africa Summit, an event known for attracting billionaires, held at the same venue. Collectorsā Week, which included a showcase of $500 million worth of non-selling art, follows a $1 billion injection by Abu Dhabiās sovereign fund ADQ for a minority stake in Sothebyās.Ā
š² Sovereign Circuit
Qatar Investment Authority: Qatar is launching Qai, a new subsidiary of its $524 billion sovereign wealth fund, to invest in AI infrastructure and tools both domestically and globally.
Qatar Investment Authority: The QIA participated in a $233 million financing deal for Mujin, a Japanese automation and robotics firm.
Mubadala: The Abu Dhabi fund is in talks to acquire struggling Brazilian fintech Will Holding Financeira, Bloomberg reports.
K2 Group:Mercedes-Benz will partner with Chinese software firm Momenta to launch Level 4 self-driving S-Class robotaxis in Abu Dhabi for Lumo Mobility, a subsidiary of Abu Dhabi government entity K2, marking the German automakerās first entry into autonomous ride-hailing.
Aramco: ExxonMobil, Saudi Aramco and Samref will explore upgrading the Yanbu refinery in Saudi Arabiaās Medina Province to diversify output into lower-emission fuels and advanced chemicals.
Masdar: Shavkat Mirziyoyev, President of Uzbekistan, inaugurated the Nur Bukhara project, the countryās first utility-scale solar and battery integrated facility, developed by Abu Dhabi green energy company Masdar.
šļø Venting Oman: Saudi developer Dar Global is expanding to Oman, launching Muscatās $4.2 billion Marine, Art & Digital District, a 1.5 million square meter coastal development.
š Food Trade: Saudi Arabia signed a $53 million agreement with Arasco to expand food-supply infrastructure and logistics capacity at King Abdulaziz Port.
šø Supply Pivot: The U.S. International Finance Development Corp. is backing Sondiale, a Moroccan firm planning to produce ultra-pure silicon for chips and solar panels.
š£ Circuit Chatter
š Rail Bridge: Saudi Arabia and Qatar signed an agreement to connect Riyadh and Doha with a high-speed rail line to expand trade and tourism between the neighboring countries.
š¼ Banking Expansion: New York-based Evercore will open an office in Saudi Arabia, with Mohammed Aldekmary leading the regional base as CEO.
ā½ Gas Ramp-Up: The UAE plans to boost its LNG export capacity as global demand outpaces supply, Energy Minister Suhail al-Mazrouei told Reuters on Monday.
š¤ Investment Partners: First Abu Dhabi Bank and Amundi, Europeās biggest money manager, are partnering to expand investment offerings for clients in the Middle East.
š Power Circuit
Emir of Qatar Sheikh Tamim and Saudi Crown Prince Mohammed bin Salman met during the Qatari-Saudi Coordination Council in Riyadh on Monday.
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, attended the opening of the fourth Abu Dhabi Finance Week on Monday.
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, UAE Deputy Prime Minister andMinister of Defense, and Chairman of The Executive Council of Dubai, approved a set of policies and strategic models to enhance urban planning, housing, and digitalization.
Sheikha Fatima bint Mubarak, the wife of the late UAE President Sheikh Zayed who is known as Mother of the Nation, received a lifetime achievement award for her six decades of service to women, children and families, presented by Bill Gates, Chairman of the Gates Foundation, at the Goalkeepers Abu Dhabi event on Monday evening. Sheikh Abdullah bin Zayed, UAE Deputy Prime Minister and Minister of Foreign Affairs, receiving the award on Sheikha Fatima’s behalf.
āæ On the Circuit
Dr. Thani Al Zeyoudi, UAE Minister of Foreign Trade and Jessica Sibley, TIME CEO and a host of industry leaders attended the inaugural edition of the TIME100 Impact Awards in Abu Dhabi. The four honored at the gala event were Alexis Ohanian, Founder, Seven Seven Six and Athlos, and the Co-Founder of Reddit; Jamie Salter, Founder and CEO, Authentic Brands Group; Kate Kallot, Founder & CEO, Amini Tech; and Zak Brown, CEO, McLaren Racing.
Dr. Mohammed bin Abdulaziz bin Saleh Al Khulaif, Qatarās Minister of State at the Ministry of Foreign Affairs,met withSecretary-General of the Commonwealth Shirley Ayorko Botchwey on Tuesday in Doha.
Stefan Hoops, Group CEO of DWS Group, told The National that the asset management arm of German lender Deutsche Bank is in talks with some of the biggest sovereign wealth funds in the Middle East to invest in European infrastructure deals and private credit and real estate markets.
Roman Shimanskiy, CEO of Yango Play, told WAM at the Bridge Summit in Abu Dhabi on Tuesday that the future of digital entertainment will be driven less by individual formats and more by integrated āall-in-oneā experiences that bring content types together under a single subscription.
š¶ Culture Circuit
š„ Desert Debut: Director Rupert Wyattās feature, āDesert Warrior,ā made its Middle East debut at the Red Sea International Film Festival, marking a milestone for Saudi Arabiaās MBC Studios, which lavished a reported $150 million on the production. Filmed at NEOM and starring an international cast including Academy Award winner Ben Kingsley, the movie blends historical drama and large-scale action with a narrative based on one of the Arab worldās early heroines, pre-Islamic poet Princess Hind bint Al-Nuāman, Arab News reports. Wyatt previously directed āRise of the Planet of the Apes.ā
š· Photo of the Day
Actresses Dakota Johnson and Nina Dobrev pose for photos at the Red Sea Film Festival in Jeddah, Saudi Arabia. The festival, which closes on Friday, has drawn a parade of Hollywood A-listers, including Michael Caine, Adrien Brody, Vin Diesel, Jessica Alba, Queen Latifah and Uma Thurman. (Patrick Baz/Factstory for RSFF/AFP via Getty Images)
š Circuit Calendar
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 worldās 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.
Jan. 9-11, Dubai. 1Billion Summit. A gathering of global content creators discuss the latest trends. Emirates Towers, Museum of the Future, Dubai International Financial Center.
Jan. 11-15, Abu Dhabi. Abu Dhabi Sustainability Week. With the theme āThe Nexus of Next: All Systems Go,ā ADSW will connect ambition with action across innovation, finance, and people, showcasing how the world can move forward with confidence. ADNEC.
Jan. 12-15, Dubai. Dubai International Project Management Forum. Bringing together global leaders, policymakers, and innovators to explore how collaboration, innovation, and sustainability can unite diverse communities. Madinat Jumeirah.
Jan. 13-15, Abu Dhabi. World Future Energy Summit. The annual event brings in policy makers and industry leaders to discuss the challenges of working towards net zero. ADNEC.
UAE promotes manufacturing with $11B financing program
The UAE and its largest banks are pouring nearly $11 billionĀ into a financing plan aimed at spawning new manufacturing companies and building the countryās industrial base.
Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, said at the opening session of the āMake it in the Emiratesā conference in Abu Dhabi on Monday that the government will provide backing for a cross-section of target industries, from food and construction to renewable energy and artificial intelligence.
āInvesting in manufacturing is an investment in an advanced economy,ā Al Jaber said in a speech at the Abu Dhabi National Exhibition Centre. āEvery investment in the industrial sector has a multiplier effect, stimulating growth and related sectors.ā
Among the lenders lined up to finance the program are Emirates Development Bank, First Abu Dhabi Bank, Mashreq, Emirates NBD, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, and Wio Bank.
In his address, Al Jaber noted last weekās visit by U.S. President Donald Trump to Abu Dhabi, where he was shown a model of a new campus being built in the emirate that is planned to be the largest hub for development of AI technology outside the U.S.
āWe do not see artificial intelligence as just a tool or a new technology, but as a complete economic sector expected to generate over US$1.5 trillion globally by 2040,ā Al Jaber said.
Eric Trump returns to UAE to pitch crypto at Dubai conference
Eric Trump, who drew enthusiastic hoots and hollers in Abu Dhabi last December when he told the Bitcoin MENA conference that his dad would unleash the power of cryptocurrencies, returns to the UAE this week to kick off Dubaiās TOKEN2049 summit.
U.S. President Donald Trumpās 41-year-old second son promises to deliver another rousing address at the gathering, which starts on Wednesday, as crypto fever builds with the imminent issue of the UAEās own dirham-denominated stablecoin.
ADQ, the Abu Dhabi sovereign wealth fund, together with First Abu Dhabi Bank and International Holding Co., announced on Monday that the digital currency will be fully regulated by the Central Bank of the UAE to build investor confidence and lessen the uncertainty inherent to bitcoins and other blockchain-based money. No date was given for the UAE coinās debut.
“The launch of the stablecoin marks a pivotal stepĀ in our commitment to strengthening the UAEās digital infrastructure ecosystem,ā said Mohamed Hassan Alsuwaidi, Managing Director and Group CEO of ADQ.
āAs we move forward towards an increasingly digital and connected economy, the stablecoin will provide a solution that is secure, efficient and scalable, while creating new opportunities for growth and value creation,” he said.
Alongside Trump, the two-day TOKEN2049 event will draw top names in the crypto industry, including Binance founder Changpeng Zhao; OKX founder and CEO Star Xu; Robert Mitchnick, BlackRockās Head of Digital Assets; and Mathew McDermott, Head of Digital Assets for Goldman Sachs.
The Weekly Circuit: Emirates spruces up + Aramco chops dividend
In the Weekly Circuit today, weāre looking at Aramcoās decision to cut its dividend payouts, the internal overhaul of First Abu Dhabi Bank, Qatarās partnership with U.S. sports merchandiser Fanatics and the Trump $5 million golden visa. But first, Emirates is sprucing up its planes.
Waiting impatiently on the Dubai tarmac for troubled Boeing to deliver its long-delayed 777X aircraft, Emirates plans to spend $5 billion on upgrading its current stock.
Emirates President Tim Clark outlined the UAE carrierās 2025 growth plans on Wednesday and told reporters that refitting 220 planes was critical to maintaining the airlineās standing among the best in the industry.
“We have no choice,” Clark said, ticking off the names of competing airlines that are upgrading their fleets. He said Emirates is not optimistic about the Boeing 777X deliveries arriving as scheduled for this coming October.
While Boeing struggles, industry-leading Airbus is pushing for a closer relationship with the UAE, rolling out plans to manufacture components and establish a regional maintenance hub in Abu Dhabi for its A400M military transport aircraft.
Elsewhere in the Gulf, Qatar Airways is addressingĀ renewed demand from Syria by increasing the frequency of flights to Damascus as the country emerges from more than a decade of civil war,Ā BloombergĀ reports.
Most airlines halted flights to the Syrian capitalĀ while violence flared across the country. Qatar Airways was the first national carrier to relaunch flights to Beirut after a cease fire was reached between Israel and Lebanon in November.
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Aramco cuts dividend as Saudi budget pressures mount
Aramco, the worldās largest oil company, is slashing dividend payouts in the face of Saudi Arabiaās growing budget troubles.
The company, which is majority-owned by the Saudi government, said it expects to declare total dividends of $85.4 billion this year, a nearly 30% drop from the $124 billion distributed to shareholders in 2024, The Circuitās Omnia Al Desoukie reports.
Revenue from Aramco has long enabled the kingdomĀ to contain its fiscal deficits, but cuts in production over the past two years have crimped the companyās oil sales.
Trump’s golden visa stirs interest among Gulf’s wealthy investors
Every one of the six countries in the GCC offers its own golden visa program aimed at attracting high-net-worth foreigners to help bolster their economies.
Now Gulf investors themselves are looking into the $5 million āgold cardā visa that U.S. President Donald Trump said would soon be introduced, Riyadh-based Arab News reports.
Among the attractions are Americaās relative economic stability, greater access to markets in the U.S., and the prestige of residency there.
Public Investment Fund: PwC is working with the Saudi sovereign wealth fund to repair its relationship with the kingdom, Reuters reports. The kingdom suspended the awarding of new PIF contracts to the consulting firm through February 2026.
Qatar Investment Authority: Fanatics, the U.S. sports merchandising giant, signed a new five-year partnership deal with the Qatari sovereign wealth fund that will include sponsorship of the company’s flagship New York fan festival and the possibility of events in its Gulf home, Sportico reports.
Mubadala: Emerge, a joint venture between Mubadala-backed Abu Dhabi renewable energy company Masdar and Franceās EDF Group, won a contract to install up to 3.4 megawatts peak (MWp) of rooftop solar panels for mall and hotel developer Alandalus Property Company across several sites in Saudi Arabia. Emerge will finance, design, build and maintain the panels under a 10-year agreement.
ADQ: PureHealth, an operator of hospitals and health clinics backed by the Abu Dhabi sovereign wealth fund, has teamed up with the Abu Dhabi Early Childhood Authority to support early intervention measures and expand holistic childrenās health programs.
š¼ Qatar Hub: Global Infrastructure Partners, a U.S.-based investment firm owned by BlackRock, said it plans to open an office in Qatar that will serve as its hub in the MENA region.
š¦ Making Changes: First Abu Dhabi Bank CEO Hana Al Rostamani is conducting a broad internal reorganization as he seeks to position the lender as the Gulfās top financial enterprise, Bloomberg reports.
š Auto Saga: Egyptās Ezz Elsewedy Automotive Factories started production of Malaysian automaker Protonās Saga model at its new $50 million plant in the 6 October Industrial Zone.
ā½ Football Fans: Morocco is investing over $34 billion in infrastructure across nearly 35 cities to support its co-hosting of the 2030 FIFA World Cup with Spain and Portugal.šUpgrade Shop: Falcon plans to invest $100 million over five years to upgrade its Al Maktoum Airport facilities in Dubai and establish a new private jet terminal, enhancing its 13,705-sq-m maintenance, repair and overhaul facility at the Mohammed Bin Rashid Aerospace Hub.
š£ Circuit Chatter
š« Delayed Takeoff: Etihad Airways will probably postpone its planned $1 billion IPO until at least April, Reuters reports. The share sale would be the first by a major Gulf airline in nearly two decades.
šø Slippery Assets: Saudi Aramco is considering whether to bid for Castrol lubricant assets being sold by BP as it seeks to increase business in oil consuming countries, Bloomberg reports.
š“ Courting Foreigners: Oman plans to establish a commercial court to resolve business disputes, in an attempt to attract more foreign investment.
šŖ Russian Ramble: Government tourism agencies in Russia are focusing on Saudi Arabia, Kuwait and the UAE as part of a bid to strengthen ties in the Gulf and promote the country as an attractive destination for Middle East travelers, Trade Arabia reports.
š° Water Maker: Kumulus, a Tunisian startup that uses machines to produce water from air condensation, is preparing for a new funding round in order to expand in Spain, France, Tunisia, Morocco and the Gulf region. It launched in Saudi Arabia in January.
š Power Circuit
Sheikh Mohamed bin Zayed, President of the UAE and Ruler of Abu Dhabi, hosted an Iftar meal for rulers of all the countryās seven emirates on Tuesday. Joining him for Ramadan prayers and the feast were Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE, and Ruler of Dubai; Sheikh Dr. Sultan bin Muhammed Al Qasimi, Ruler of Sharjah; Sheikh Humaid bin Rashid Al Nuaimi, Ruler of Ajman; Sheikh Hamad bin Mohammed Al Sharqi, Ruler of Fujairah; Sheikh Saud bin Rashid Al Muāalla, Ruler of Umm Al Qawain; and Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah. The gathering took place at the historic farm of the UAEās Founding Father, the late Sheikh Zayed bin Sultan, in Al Khawaneej, Dubai.
Saudi Crown Prince Mohammed bin SalmanreceivedLebanese President Joseph Aoun at Al-Yamamah Palace in Riyadh on Monday during a visit to Saudi Arabia focused on helping bail out the beleaguered countryās economy.
Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and UAE National Security Adviser, met with Josh Kushner, the founder and managing partner of Thrive Capital, in Abu Dhabi on Friday.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Holding, oversaw the signing of a $1.6 billion agreement between Dubaiās Roads and Transport Authority and Dubai Holding to enhance access to key developments.
āæ On the Circuit
Amin Nasser, CEO of Aramco, says the Saudi oil company has been using AI technology developed by Chinaās DeepSeek to improve the efficiency of its operations, and itās āreally making a big difference,ā the Financial Times reports.
Saoud Al Riyamiwas appointed Acting Chief Executive Officer for mobile telecommunications company Ooredoo Oman, replacing outgoing CEO Bassam Al Ibrahim, whose term is ending. Al Riyami currently serves as Ooredoo Omanās Chief Business and Wholesale Officer.
Dan Jarvis, U.K. Security Minister, told The National that the U.K. and UAE have joined forces to fight money laundering. Meanwhile, Emma Reynolds, the U.K.’s newly appointed Economic Secretary to the Treasury, told The National that the trade and investment ties with the UAE are growing, with a majority of the UK firms operating in the region choosing the UAE as their headquarters.
Faisal Saeed Al Mheiriwas appointed Director General of the Federal Authority for Government Human Resources under a decree issued by UAE President Sheikh Mohamed bin Zayed.
Justin Bursewas appointed as the U.S. Chief Compliance Officer for Dubai-based international financial advisory firm Hoxton Wealth. Prior to this position, he was the Acting Commissioner for the Kentucky Department of Financial Institutions.
š¶ Culture Circuit
š« Wild Horses: A rare species of onager has been returned to the Saudi Arabian wilderness a century after they last ran free in the kingdom. The Syrian wild donkey, one of six subspecies of onager, was wiped out by hunting, habitat loss and agriculture. Now a close relative of the equid, the Persian onager, has been introduced to the Prince Mohammed bin Salman Royal Reserve in the north-west, translocated from a reserve in Jordan. The herd of seven onagers recently welcomed a foal.
š· Photo of the Week
Emirati officers fire the iftar cannon, a tradition signalling sunset and the end of fasting, near the Burj Khalifa in Dubai on Saturday, the first day of the holy month of Ramadan. (Getty Images)
šļø Ahead on The Circuit
March 3-6, Barcelona. MWC25 Barcelona. Hear from the big names in connectivity and the iconic thinkers of our time. Fira Gran Via.
March 5-8, Abu Dhabi. 2025 Forbes 30/50 Summit. This summit aims to connect multiple generations of women together.
March 17-19, Dubai. Dubai International Horse Fair. A gathering of the equestrian industry and horse lovers from around the world. Dubai World Trade Centre.
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 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 Eastās largest international property sales event. Dubai World Trade Centre.
April 17-19,Dubai. World Art Dubai. A four-day art fair featuring more than 10,000 artworks. Dubai World Trade Centre.
April 21-23, Abu Dhabi. Electric Vehicle Innovation Summit 2025. The Middle Eastās largest annual event dedicated to shaping the future of electric mobility. ADNEC.
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.