The Daily Circuit: Thiel co-invests with PIF + ADIA gas deal
👋 Hello from the Middle East!
In the Daily Circuit today, we’re looking at ADIA’s $1 billion gas deal, Arabian Drilling’s new offshore platform, Emirates President Sir Tim Clark’s dark view of how U.S. tariffs will affect the aviation industry, and the UAE’s free-trade pact in Africa. But first, the PIF co-invests in a new company with Peter Thiel.
Tech investor Peter Thiel is teaming up with Saudi Arabia’s Public Investment Fund and a Qatari lender to back a new business-to-business commerce platform, starting with a combined sum of $110 million.
Thiel, a co-founder of data software giant Palantir Technologies and PayPal, will invest in SILQ Group through his Valar Ventures unit, according to a statement issued today.
The $925 billion Saudi sovereign wealth fund will participate through its Sanabil Investments subsidiary, joining Valar in a group that also includes Qatar Development Bank.
SILQ was formed through a merger between the Riyadh-based online marketplace Sary and ShopUp, Bangladesh’s largest business-to-business commerce platform.
With the funds from Thiel, Sanabil and Qatar, the merged company plans to target markets across the Middle East and Asia, and raise more money in 2027 through an IPO.
“Saudi Arabia and the Gulf represent one of the most exciting economic stories in the world today,” James Fitzgerald, Founding Partner at Valar Ventures, said in the statement. “This merger reflects a bold vision to place these markets at the center of a new commercial ecosystem connecting with South Asia.”
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📰 Developing Stories
MANAGING CRISIS
Global cooperation and advanced technology are the themes underlining this week’s World Crisis and Emergency Management Summit in Abu Dhabi. As patron of the two-day conference, Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and UAE National Security Adviser described the UAE’s efforts to address a range of international crises. “Our strategic deployment of artificial intelligence and cutting-edge innovations places us at the forefront of leveraging technology to enhance emergency preparedness and response systems,” he said in a statement. Sheikh Tahnoon has led the country’s AI partnerships with Microsoft and other U.S. companies as Chairman of top state-owned businesses including G42, MGX, International Holding Co. and the Abu Dhabi Investment Authority.
TROUBLED TIMES
Emirates President Sir Tim Clark, who has run the Middle East’s biggest airline for two decades, says the UAE carrier can handle the costs of new U.S. tariffs. Still, Clark told CNBC in an interview that the Trump administration’s “trade reset” could disrupt global commerce, with China’s tariffs on U.S. aerospace firms potentially raising costs for Emirates’ wide-body fleet. “Business models like Emirates, given the international scope of what it does, the strength of what it does, will be able to ride this particular wave,” he said. Clark said the aviation industry, however, remains in “uncharted territory” as U.S. tariffs are expected to drive up airline costs. “Right now, we are in troubled times,” he said.
💲 Sovereign Circuit
Abu Dhabi Investment Authority: ADIA-owned Infinity Investments sold a 24.99% stake in Luxemborg-based Vier Gas Holding to Italy’s Snam in an equity deal worth about $1 billion.
Public Investment Fund: Folk Maritime Services, a PIF-owned Saudi shipping firm, purchased its second vessel, a Chinese-made cargo ship that can carry more than 2,000 20-foot containers.
Saudi Aramco: The state-owned oil company signed an agreement with China’s Sinopec and Yanbu Aramco Sinopec Refining Co. to expand its petrochemical processing plant at Aramco’s Yasref facility on Saudi Arabia’s West Coast.
↪↩ Closing Circuit
🏭 Offshore Expansion: Saudi-listed Arabian Drilling acquired a $69 million self-elevating offshore service platform to expand its 62-rig fleet and support growing offshore drilling operations starting mid-year.
⚕️Pipeline Deal: France-based Vallourec secured a $250 million contract to supply carbon steel pipes to Algeria’s Sonatrach.
💸 Islamic Investment: Pakistan start-up Haball, a provider of Islamic financing to small businesses and multinational firms, secured $52 million in funding to support its expansion into the Gulf.
🔒 Cyber Rules: Anecdotes, an Israeli startup that helps cybersecurity businesses meet regulatory requirements, raised $30 million in an extension of its Series B funding round that earlier raised $25 million, led by German investment firm DTCP.
🗣 Circuit Chatter
🤝 Free Trade: The UAE signed a Comprehensive Economic Partnership Agreement with the Republic of the Congo in Abu Dhabi on Tuesday in a ceremony attended by UAE President Sheikh Mohamed bin Zayed and Congo’s President Denis Sassou Nguesso.
⚓ Port Upgrade: Dubai ports operator DP World has begun construction on the Duke Point Terminal expansion in western Canada to double the port’s berth and capacity.
📈 Newly Listed: RAK Properties appointed Arqaam Securities, a financial institution regulated by the UAE Securities and Commodities Authority, as its liquidity provider on the ADX.
🔋 Battery Bid: Morocco will invite bids for a giant power storage facility with a capacity of nearly 1,600 megawatts to expand renewable energy sources in its national power network, Sabah Akadir reports.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed held a meeting on TuesdayUmaro Sissoco Embaló, President of Guinea-Bissau, who is visiting Abu Dhabi. Sheikh Mohamed also met with Armenian President Vahagn Khachaturyan on Tuesday to discuss ways to strengthen bilateral cooperation. The Emirates President also met Denis Sassou Nguesso, President of the Republic of Congo, on Tuesday in Abu Dhabi.
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defense, led a delegation to India where he met Indian Prime Minister Narendra Modi. Sheikh Hamdan also met with Indian Defense Minister Rajnath Singh to discuss security cooperation.
Sheikh Mansour bin Zayed, Vice President of the UAE and Chairman of the Presidential Court, chaired the year’s first board meeting of the Abu Dhabi Fund for Development on Tuesday, reviewing financing for projects in aid-recipient countries. Also present were Reem Al Hashimy, Minister of State for International Cooperation, and Ministers of State Sheikh Shakhboot bin Nahyan and Ahmed Ali Al Sayegh.
Sheikh Abdullah bin Zayed, the UAE’s Minister of Foreign Affairs, held a meeting in Abu Dhabi on Tuesday with Egyptian Foreign Minister Badr Abdel Ati.
Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, arrived in the U.S. on Tuesday for a visit focused on preparations for President Donald Trump’s upcoming trip to the kingdom, Reuters reports.
➿ On the Circuit
Claudio Descalzi, CEO of Eni, said the company plans on investing $26.24 billion in Algeria, Libya and Egypt over the next four years to help boost energy production, Reuters reports.
Saleh Habdan Alhabdan was appointed CEO of Saudi Arabian developer Jabal Omar Development Co. following the resignation of Abdulrahman Abdulqader Bajunaid.
Mostafa Gad, Global Head of Investment Banking at EFG Hermes, told Zawya the firm has a pipeline of seven IPOs in MENA and is expecting a few accelerated book-building deals for the rest of 2025.
🎶 Culture Circuit
✨ All That Glitters: With lasers, smoke and mirrors, Japan’s TeamLab has created a massive new digital art gallery in Abu Dhabi. Visitors to the 17,000-square-meter space will find themselves immersed in multi-colored projections when TeamLab Phenomena Abu Dhabi opens April 18, The National reports. The new facility in the UAE capital’s Saadiyat Island cultural district joins TeamLab branches in Japan, Saudi Arabia, China, the U.S. and the Netherlands.
📷 Photo of the Day
The UAE Pavilion at Expo 2025 Osaka-Kansai, which opens April 13 and will continue through October, was formally presented today at a press conference in Abu Dhabi.
📅 Circuit Calendar
April 7-9, Abu Dhabi. AIMCongress 2025. An annual investment platform in the UAE capital that brings together corporate executives, political leaders and entrepreneurs. ADNEC.
April 7-9, Dubai. Middle East Energy. Annual conference of international energy suppliers to discuss products and solutions. Dubai World Trade Centre.
April 10-11, Dubai. BoF Crossroads 2025. Business of Fashion conference addresses shifting customer preferences, industry slowdown and emerging growth in Global South markets. One Za’abeel Hotel.
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, Qatar. Startup Grind Qatar. Qatar Investment Authority presents new startups selected as part of its Fund of Funds program. Workinton Alfardan Centre.
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. Annual retail art fair featuring more than 10,000 works for sale. Dubai World Trade Centre.
April 18-20, Dubai. Art Dubai. Three-day city festival spotlights more than 100 contemporary, modern and digital galleries from the UAE and over 40 other countries. Madinat Jumeirah.
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 18-20, Abu Dhabi. Middle East Film and Comic Con 2025. The region’s largest pop culture festival returns for its 13th year. ADNEC.
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.
May 6-7, Dubai. MENA Capital Market Summit. The event will bring together 1,500 businesses, decision-makers and global financial leaders to discuss the capital market. Madinat Jumeirah
May 20-22, Doha, Qatar. Qatar Economic Forum. Annual conference gathers brings together Qatari government and business leaders with corporate executives, investors and policymakers from around the world. Media City Qatar.