Kuwait signals resilience as Iran war tests Gulf nation’s economy
Kuwait Petroleum Corp.’s scorched waterfront headquarters has become a symbol of the Iran war’s impact on the Gulf nation.
The government is trying to reassure businesses that the country remains open for business despite the April drone strike that forced employees to relocate while operations continued, Bloomberg reports.
After seven months of conflict, Kuwait is focused on maintaining oil exports, electricity and desalination supplies and normal economic activity, including a $16 billion pipeline deal with North American firms.
The response reflects a resilience shaped by the 1990 Iraqi invasion, with many Kuwaitis seeing the latest conflict as another chapter in the country’s struggle to preserve its independence, the news agency said.
Abu Dhabi’s Inception42 installs AI agents across UAE government
Abu Dhabi’s Inception42 plans to start deploying agentic artificial intelligence across the UAE federal government this quarter, with a goal of automating 50% of government operations within two years.
The government-backed company, a unit of G42, says the systems will independently carry out complex, multi-step tasks with limited human intervention.
Chief Executive Ashish Koshy told Arabian Gulf Business Insight the rollout is on a fixed timetable and is beginning to be used by government agencies.
The initiative is part of a broader G42 and Microsoft collaboration expected to bring $15.2 billion of AI investment to the UAE while creating a unified AI platform for governments and businesses.
UAE’s Al Olama hails tech ties with Musk in Instagram post
The UAE government’s AI chief posted a photo on Instagram today of a meeting he had with Elon Musk and said his country wants to continue working closely with the tech billionaire.
“I had a great exchange with Elon Musk discussing the next frontier of @SpaceX and space exploration to the transformative progress of Tesla with Optimus and @boringcompany’s urban innovation,” Omar Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, wrote in the post.
Al Olama’s message comes as SpaceX is in the middle of a massive fundraising push tied to its planned IPO that could raise about $75 billion at a valuation approaching $1.75 trillion. Musk has been courting investors and holding analyst briefings this week to build demand.
“I reaffirmed the UAE’s commitment to fostering global partnerships that turn the science fiction of today into the reality of tomorrow,” Al Olama wrote.
In the Instagram post, Al Olama doesn’t say where or when the meeting took place. Musk’s last public appearance with the cabinet minister was in December when the SpaceX founder and CEO met in Abu Dhabi with UAE President Sheikh Mohamed bin Zayed.
Dubai approves $272 million in incentives to cushion economy
Dubai is rolling out a 1 billion-dirham ($272 million) package of economic incentives to cushion businesses and households from war-related disruptions.
The new measures – which include deferred government fees, delayed hotel levies and extended customs grace periods to boost liquidity – were approved today by Crown Prince Sheikh Hamdan bin Mohammed, Chairman of the Executive Council of Dubai.
The package will be introduced over the next three to six months and includes streamlined residency permits aimed at attracting talent.
A U.N. Development Program analysis estimates Arab economies could lose between $120 billion and $194 billion in GDP due to the conflict’s impact.
Dubai moves to reassure investors, anticipating strong comeback from war
As Iranian missiles continue to strike downtown Dubai, property owners are cutting prices and investment bankers are temporarily moving abroad to safety, but the UAE’s government is betting on a comeback.
Four weeks into the war with Iran, the Central Bank of the UAE is trying to ensure that credit lines stay open and companies have the cash to deal with soaring freight costs and supply chain disruptions.
Since Iran’s first missile attack on its neighbor across the Gulf on Feb. 28, the UAE has tried to keep markets calm and money flowing: the Central Bank of the UAE has pumped extra cash into banks so they can keep lending, kept interest rates aligned with the U.S. to support the dirham’s dollar peg, and made clear it will provide emergency funding if needed.
“Sovereign funds and government-linked entities continue to deploy capital, sending a strong signal that the country remains open for business,” Suneel Gokhale, Co-Founder and General Partner at VentureSouq, told The Circuit. “Instead of pulling back, policymakers have focused on maintaining liquidity, preserving business continuity, and reinforcing the country’s position as a stable hub for capital and innovation.”
Dubai investors have painful memories of the 2008 global financial crisis, when the city’s debt-fueled property boom collapsed, prices fell by more than half, and Dubai World sought to delay repayment on about $25 billion of debt. The emirate required a $20 billion bailout led by Abu Dhabi.
In the current conflict, hedge funds and banks, including Millennium Management, Citadel, JPMorgan Chase and Goldman Sachs, have told staff to work from home after the missile strikes. Many are offering employees the option to relocate temporarily to offices in London, Singapore or elsewhere.
At the same time, those firms are reviewing their presence in the UAE. Some warn that if the war drags on, firms that flooded in for its low-tax advantages could begin to move out.
“If the conflict de-escalates, we are likely to see a normalization rather than a sharp rebound,” Ryaan Sharif, a partner at Flat6Labs, said in an interview. “Investors will remain selective, focusing on high-quality assets and long-term structural themes, even as geopolitical risk premiums fade.”
In Abu Dhabi, government-backed developers such as Modon continue to support activity by launching and promoting a variety of big-ticket construction projects. Aldar Properties said its 2026 home handovers and construction pipeline remain on schedule despite the conflict, as it awarded about $1.3 billion in contracts and continued work across 141 sites without disruption. Banking and property transfers remain operational.
“The outlook remains highly dependent on the timeline for resolving the conflict between Iran and the United States,” Timur Lebedev, Head of fixed income research at Freedom Finance Global, told The Circuit.
Markets reliant on international buyers are likely to lag those driven by local and resident demand, a dynamic that puts Riyadh and Abu Dhabi in a stronger near-term position than Dubai. Energy, gold, global equities and foreign exchange are all offering active trading opportunities as they respond to the rapidly changing conditions.
“In the current environment, opportunities are increasingly driven by volatility,” Mindaugas Suklevicius, founder of HF Quarters, said in an interview.
The recovery, when it comes, will likely be uneven, said Ben Crompton, Managing Partner at Crompton Partners.
“It probably depends not just on how long this lasts and the damage that it does, but also what peace looks like – what are the kind of guarantees that are in place that this won’t happen again.
Energy agency weighs record oil release as Iran tensions mount
Governments around the world are scrambling to contain the escalating shock to energy markets from the Iran war, with oil traders tracking disruptions to Gulf exports and tanker traffic as officials weigh emergency measures to stabilize supplies.
Officials from the International Energy Agency are discussing what could be the largest coordinated release of strategic oil reserves in history – about 300 million to 400 million barrels – far exceeding the 182 million barrels released in 2022 after Russia’s invasion of Ukraine, Bloomberg reports.
Saudi Arabia, the UAE and other Gulf producers are assessing how much crude they can continue exporting as tanker insurers and shipping companies review the risks of operating in the region.
Many cargoes have been delayed and freight rates for vessels willing to enter the Gulf have surged as the conflict intensifies.
At the same time, officials are studying whether alternative routes – including Saudi pipelines that bypass the Strait of Hormuz and export terminals on the Red Sea – can help keep oil moving if shipping disruptions worsen, The Wall Street Journal reports.
The U.S. and its allies are also discussing naval measures to safeguard commercial traffic through the Gulf.
Energy traders say the combination of possible supply outages, tanker disruptions and a record emergency stockpile release has turned the oil market into a day-to-day calculation of how quickly governments can offset the barrels at risk from the conflict.
Saudi Arabia softens regional HQ rule after surpassing initial target
Saudi Arabia has softened its strict regional headquarters rule just two years after requiring foreign firms to base their Middle East hubs in the kingdom to win government work.
Officials said government agencies may now seek exemptions to award contracts to companies that don’t have Saudi regional headquarters, using its Etimad procurement platform.
The Local Content and Government Procurement Authority is still setting tight conditions, allowing such bids only when a company is the sole qualified bidder or offers a price at least 25% lower than competitors.
Small contracts worth 1 million riyals ($266,000) or less are automatically exempt, and cabinet ministers can adjust the thresholds or halt the exceptions if they deem necessary.
The shift comes as more than 700 multinationals have already moved regional headquarters to Riyadh, well above the government’s earlier target of 500 by 2030.
Saudi Arabia makes changes to dozens of senior roles in shakeup
Saudi Arabia performed a sweeping reshuffle on Thursday evening, replacing more than 40 senior and regional government positions, as the kingdom continues to overhaul its financial priorities in light of falling oil revenues.
Leading the changes was the removal of Investment Minister Khalid Al Falih, one of the most recognizable faces of the Kingdom’s Vision 2030 plan and a former Energy Minister and Chairman of Saudi Aramco.
Al Falih, who has held the role since 2020 and was a regular on the global conference circuit, has been replaced by Fahad Al Saif, a senior executive at the Public Investment Fund. Al Falih will remain in the cabinet and serve as a Minister of State.
Dozens more appointments were made in the kingdom’s biggest reshuffle since 2022, including Dr. Khalid Al Yousef, the president of the Board of Grievances, being promoted to the role of Attorney General. He replaced Sheikh Saud Al Muajab, who joined the royal court as an advisor with the rank of minister.
Royal watchers were quick to point to the appointment of Prince Rakan bin Salman, Crown Prince Mohammed bin Salman’s youngest full brother, as the Governor of Diriyah, an area considered the crown jewel of the kingdom and the birthplace of the Saudi state.
Other regional changes included Prince Saud bin Nahar moving from Taif Governor to Medina Deputy Governor, with Prince Fawwaz bin Sultan taking over Taif, and Prince Mohammed bin Abdullah being named Northern Borders Deputy Governor.
The Daily Circuit: Davos draws Gulf CEOs + UAE-India gas deal
In today’s Daily Circuit, we’re reporting on the UAE’s $3 billion LNG deal with India, ACWA Power’s acquisition of a stake in Kuwait’s Az Zour project, private equity firm Alta Semper taking control of UAE-based sports nutrition company Nature’s Rule, and a joint defense venture between the UAE’s EDGE and Qatar’s Barzan Holdings. But first, Gulf executives navigate Switzerland’s frigid terrain at the World Economic Forum.
Davos is once again pulling the Gulf’s top business leaders to Switzerland’s snow-capped ski resort, where executives from the Middle East are mingling at the World Economic Forum with global corporate heavyweights including Bridgewater’s Ray Dalio, BlackRock’s Larry Fink and Palantir’s Alex Karp.
From Saudi Arabia, the delegation includes Talal Al Maiman, CEO of Kingdom Holding, Tareq Al Sadhan, CEO of Saudi National Bank, Abdullah Aladel, managing director and CEO of Alkhair Capital, Marco Arcelli, CEO of ACWA Power, and Jerry Inzerillo, group CEO of Diriyah Company.
The UAE contingent includes Khaldoon Al Mubarak, Managing Director and CEO of Mubadala Investment Co., and Dr. Sultan Al Jaber, CEO of ADNOC and Minister of Industry and Advanced Technology, alongside private-sector leaders such as Peng Xiao, CEO of G42, and Badr Jafar, CEO of Crescent Enterprises.
Qatar is represented by Mansoor Al-Mahmoud, CEO of the Qatar Investment Authority, and Saad Al-Kaabi, president and CEO of QatarEnergy. Bahrain’s presence includes Abdulla Al Khalifa, CEO of Mumtalakat, the kingdom’s sovereign wealth fund, and Hisham Alrayes, CEO of GFH Financial Group.
Several of the execs were making the rounds at the TV networks that give Davos wall-to-wall coverage. Al Mubarak, for one, annually uses the Swiss conference as a pulpit to raise Mubadala’s international visibility.
“Leaving the noise and the hype aside, I think we have a very clear view of what we think are the investable spaces,” Al Mubarak said in an interview with Bloomberg. “Particularly when it comes to AI enablement, there are a lot of aspects that I think we believe in.”
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 Developing Stories
GAS DIPLOMACY
India has signed a $3 billion deal to buy liquefied natural gas from the United Arab Emirates, making it the UAE’s largest LNG customer, as the two countries moved to deepen trade and defense ties. The agreement was struck during a working visit by UAE President Sheikh Mohamed bin Zayed, with both sides pledging to double bilateral trade to $200 billion within six years and pursue a strategic defense partnership, Reuters reports. As per the agreement, Abu Dhabi state firm ADNOC Gas will supply half a million tons of LNG a year to Hindustan Petroleum over 10 years, taking ADNOC’s total contracts with India to more than $20 billion. Indian officials said the defense cooperation would not draw New Delhi into regional conflicts, despite shifting alliances in the Gulf.
TRADE BOT
Abu Dhabi artificial intelligence firm Presight will develop a platform to boost the UAE’s foreign trade capabilities by analyzing real-time data from sources including ports, shipping routes and customs records. The G42 company signed an agreement with the UAE’s Ministry of Foreign Trade, announced on Monday, to create a series of AI-powered tools that will support its mission to be the world’s first AI-driven trade ministry. “The future of trade belongs to economies that can see early and move fast, Mansoor Al Mansoori, Vice Chairman of Presight, said. “By putting real-time insight into the hands of decision-makers, we reduce friction, compress timelines, and help governments and businesses operate with confidence.”
💲 Sovereign Circuit
Mubadala: Mubadala Bio’s subsidiary Bioventure Healthcare secured the European Union’s Good Manufacturing Practice certification, a key requirement for enabling pharmaceutical product export to the EU.
Public Investment Fund: ACWA Power, the PIF-owned Saudi energy utility, bought Engie’s 17.5% stake in Kuwait’s Az Zour independent water and power project, consolidating its ownership in one of the country’s largest utility facilities.
ADQ: AD Ports Group, majority owned by ADQ, signed an agreement with Nigeria to explore collaboration opportunities across ports, logistics, maritime services and digital trade infrastructure.
ADQ: Safeen Drydocks, part of Noatum Maritime, which is owned by ADQ’s AD Ports Group, fully acquired Balenciaga Astilleros Shipyard, one of Spain’s most established shipbuilding and repair facilities, for $13 million.
EDGE Group: UAE defense group EDGE and Qatar’s Barzan Holdings have agreed to form a joint venture to co-develop advanced defense technologies.
↪↩ Closing Circuit
🍎 Nutrition Bet: Private equity firm Alta Semper agreed to acquire a majority stake in UAE-based sports nutrition company Nature’s Rule, describing the deal as a step toward scaling the business through a more institutional growth strategy.
💻 Blockchain Bonds: Emirates NBD, Dubai’s largest bank, issued the region’s first Dirham-denominated digital bond, raising $272.3 million.
🏢 Office Expansion: Egyptian developer Marakez secured $63 million from Kuwait Finance House – Egypt to expand the commercial Mindhaus Campus at its District 5 project in New Cairo.
🚇 Metro Link: Dubai’s RTA has invited consultants to bid for designing a 3km Route 2020 metro extension from the Expo 2020 station to Al Maktoum International Airport’s West Terminal.
📈 Economy Performing: The IMF raised its 2026 growth forecast for Saudi Arabia to 4.5% citing higher oil output, strong domestic demand, and ongoing reforms.
💰 Dreaming Big: Northern Graphite’s plan to build a $200 million graphite battery anode plant in Saudi Arabia with Obeikan has fueled an eightfold revenue growth forecast and a sharp rise in its shares.
🍪 Snack Deal: Dubai-listed Unikai Foods received a $35 million cash takeover bid from a Kuwait’s Al Wafir for Marketing Services.
🌍 Power Circuit
Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, visited the fifth edition of World of Coffee Dubai on Monday at Dubai World Trade Centre.
Sheikh Hamdan bin Zayed, Ruler’s Representative in the Al Dhafra Region, reviewed the outcome of this year’s Liwa International Festival on Monday.
Sheikh Mansoor bin Mohammed, Vice Chairman of the Dubai Health Board of Directors, attended the opening of the annual UAE International Dental Conference and Arab Dental Exhibition on Monday.
➿ On the Circuit
Faisal al-Ibrahim, Saudi Arabia’s Investment Minister, said in an interview with Reuters in Davos that the kingdom’s private sector is taking on a larger role in delivering Vision 2030 projects as the government seeks to shift more execution and financing to companies outside the state.
Dr. Thani Al Zeyoudi, UAE Minister for Foreign Trade, led a high-level government and business delegation to the Lualaba Province in the Democratic Republic of Congo for the UAE-DRC Trade and Investment day.
Nayef Nasser Alnasserwas appointed Managing Director of Ithmaar Development Company, succeeding Mohammed Khalil Alsayed.
David Hadley, CEO of UAE-based NMC Healthcare, said that hospitals are increasingly under strain as profit margins shrink and may have to consolidate further to unlock economies of scale.
Rashid Al Dhaheri, an Emirati racing driver, won the opening round of the Formula Regional Middle East Championship, held at Yas Marina Circuit.
🎶 Culture Circuit
📺 On the Box: Netflix has unveiled its line-up of Arabic releases for 2026, including new seasons of hit reality shows “Love is Blind, Habibi” and “Dubai Bling.” Season 2 of the streamer’s regional adaptation of the global matchmaking show introduces potential couples on either side of a wall to test if they can form a bond without seeing one-another. “Dubai Bling,” now in its fourth season, follows a cast of fashion-obsessed socialites who revel in delivering snappy one-liners like “I’m not playing hard to get, I am hard to get.”
📷 Photo of the Day
UAE President Sheikh Mohamed bin Zayed and Indian Prime Minister Narendra Modi watch as Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC, and Hardeep Singh Puri, India’s Minister of Petroleum and Natural Gas, exchange documents for a deal between ADNOC Gas and Hindustan Petroleum Corporation in New Delhi on Monday. (Emirates News Agency)
📅 Circuit Calendar
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. 26-27, Riyadh. Super Return. A major private equity & venture capital conference held in Riyadh, Saudi Arabia. The Fairmont Hotel.
Jan. 26-28, Riyadh. Saudi Franchise Expo. The exhibition brings local and international businesses that want to create franchising companies into the kingdom. The Arena Riyadh Venue for Exhibitions, Riyadh.
Jan. 26-30, Dubai. Gulf Food. The world’s largest food and beverage industry event. Dubai World Trade Centre & Dubai Exhibition Centre.
Jan. 29, Dubai. The Great Marketing & Business Minds. In this 4th edition, the event brings the most influential marketing and business leaders for a deep dive into performance-driven marketing, data integration, and the evolving accountability of brand leadership. Pullman Dubai Downtown.
Feb 1-6, Dubai. Dubai Fashion Week. The event showcases the latest collections by global and regional designers and positions Dubai as a major creative hub on the global fashion calendar alongside fashion capitals like New York, London, Milan and Paris. Dubai Design District.
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. 2-4, Abu Dhabi. The Abu Dhabi AI Summit. The summit aims to strengthen collaboration between MBZUAI and the U.S. NSF Athena Institute to advance research, entrepreneurship and opportunities in Edge AI. Mohamed bin Zayed University of Artificial Intelligence.
Feb. 2-5, Doha. LNG2026. The 21st International Conference & Exhibition on Liquefied Natural Gas. Qatar National Convention Center.
Feb. 3, Dubai. World Laureates Summit. Held alongside the World Government Summit, the inaugural event will bring 200 of the world’s top scientific researchers, marking a historic integration of science and government.
Feb. 3-5, Dubai. World Government Summit. Brings together heads of state, policy makers, top corporate executives to debate global priorities. Madinat Jumeirah.
Feb. 4-5, Dubai. PropTech Connect Middle East. The Dubai Land Department will host the first regional edition of the real estate technology event. Grand Hyatt Dubai.
Feb. 10-11, Abu Dhabi. Top Advisors & Investors Summit. The event will convene the region’s foremost advisors, financiers, and investors in the UAE capital. TBC
Feb.12-13, Riyadh. PIF Private Sector Forum. The event, in its third edition, aims to support the Saudi Public Investment Fund’s Private Sector Engagement Strategic Initiative. King AbdelAziz International Conference Center.
The Daily Circuit: Gulf financial chiefs in Davos + Masdar-Engie venture
In today’s Daily Circuit, we’re reporting on the Abu Dhabi solar plant being built by Masdar and French utility Engie, NMDC Group’s acquisition of Spain’s Lantania Aguas water company, Libya’s $2.7 billion free zone partnership with firms in Qatar and Italy, and more international shipping lines cautiously returning to the Red Sea. But first, Davos takes center stage.
From the Gulf’s desert capitals to the icy streets of Davos, senior government officials and corporate powerbrokers from the United Arab Emirates, Saudi Arabia, Qatar and Bahrain are converging on Switzerland for the World Economic Forum, the weeklong economic jamboree that opens tonight.
The UAE is sending a delegation of more than 100 ministers, senior officials and business leaders, led by Sheikha Latifa bint Mohammed, Chairperson of Dubai Culture and Arts Authority, with Finance Minister Mohamed bin Hadi Al Hussaini, Minister of Economy Abdullah bin Touq Al Marri and Mubadala CEO Khaldoon Al Mubarak among those holding meetings and appearing on panels.
Saudi Arabia’s delegation is headed by Foreign Minister Prince Faisal bin Farhan and includes Finance Minister Mohammed Al-Jadaan, Investment Minister Khalid Al-Falih, Ambassador to the U.S. Princess Reema Bandar Al Saud and senior executives from the kingdom’s Public Investment Fund and flagship companies.
Qatar is also marking a strong presence, bringing a host of government and business leaders including Ali bin Ahmed Al-Kuwari, Minister of Finance, Mohammed bin Ali Al Mannai, Minister of Communications and Information Technology, and senior executives from the Qatar Investment Authority, Qatar Stock Exchange and major banks.
Bahrain’s delegation will feature Finance and National Economy Minister Sheikh Salman bin Khalifa, Sustainable Development Minister and Economic Development Board CEO Noor bint Ali Al Khalifa, Industry and Commerce Minister Abdullah bin Adel Fakhro, and Mumtalakat CEO Sheikh Abdullah bin Khalifa.
All four countries will run their own bases of operations along the Promenade, the main street in Davos — UAE House, Saudi House, the Invest Qatar Pavilion and GFH Bahrain — featuring speakers and panel discussions designed to attract investors and deepen global ties.
Editor’s Note: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 Developing Stories
INDIA BUYING
UAE President Sheikh Mohamed bin Zayed began a visit today to India, where he was due to meet Prime Minister Narendra Modi. This marks the UAE President’s third visit, and comes after trade between the UAE and India surged to $100 billion in 2024‑25 following implementation of a Comprehensive Economic Partnership Agreement. The visit also comes as state-owned Etihad Water and Electricity said it is planning a feasibility study for a proposed undersea power link. The “one sun, one world, one grid” initiative would allow solar power to be traded between the countries. The UAE is home to more than 3.5 million Indians, its largest expatriate community.
CREDIT SHIFT
Sovereign wealth funds from the Gulf are putting more money into private lending deals in emerging markets to earn higher returns. The move reflects a search for alternatives as traditional bonds offer lower yields and banks pull back from riskier markets, Bloomberg reports. The Gulf funds – including the UAE’s Mubadala and Abu Dhabi Investment Authority, and Saudi Arabia’s Public Investment Fund – are teaming up with global asset managers to provide loans directly to companies and projects that struggle to access financing. Mubadala Capital, for example, the sovereign fund’s alternative asset management arm, has secured about $240 million in commitments for its latest Brazil vehicle after closing a $710 million fund focused on the country in 2023.
💲 Sovereign Circuit
Masdar: Masdar and French utility Engie have reached financial close on the 1.5GW Khazna Solar PV project in Abu Dhabi, backed by financing from seven banks and a 30-year power purchase agreement with Emirates Water and Electricity Company.
International Holding Co.: NMDC Group, majority owned by IHC’s Alpha Dhabi Holding, said its subsidiary NMDC Infra agreed to acquire a 51% stake in Spain’s Lantania Aguas to form Lantania NMDC Water, creating a global water-sector player.
Public Investment Fund: The Royal Commission for AlUla signed a memorandum with SURJ Sports Investment to explore sports programmes, joint investments and hosting major events to boost AlUla’s position as a global sports destination.
Mubadala: Waleed Al Mokarrab Al Muhairi, Mubadala’s Deputy Group CEO, joined the first episode of the Abu Dhabi sovereign fund’s newly-launched podcast series “The Exchange” to talk about conviction-led investing.
↪↩ Closing Circuit
💰 Rising Competition: Libya signed a $2.7 billion public-private partnership with Qatari and Italian firms to expand the Misurata Free Zone port into a regional transhipment hub competing with Egypt and Morocco.
🤝 Middle Team: Qatar has become the quiet middleman for Washington’s first $500 million Venezuelan oil sale, holding the proceeds in Doha as the U.S. markets the crude and manages revenues.
💵 Buying Power: Saudi Arabia raised its U.S. Treasury holdings in November to $148.8 billion, lifting it to 17th among foreign holders.
🗣 Circuit Chatter
🚢 Red Sea Return: Major container shipping lines are cautiously resuming passage through the Red Sea after more than two years of avoidance, amid improving security conditions.
🌐 Staying Online: Elon Musk’s Starlink satellite network is facing a high-profile security challenge as Iran intensifies efforts to restrict access during a crackdown on political unrest.
⛽ Gas Expansion: Chevron and its partners have approved an expansion of Israel’s Leviathan gas field, increasing supplies for domestic use and regional export markets.
⚡ AI Tariff: Abu Dhabi is preparing a dedicated electricity tariff for data centres to protect households and businesses from higher energy bills.
🌍 Power Circuit
Emir of Qatar Sheikh Tamim received Canada’s Prime Minister Mark Carney on his first visit to Qatar on Sunday. Following the visit, Carney announced that Qatar would make significant investments in Canada.
Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, watched key stages of the Elite Race held as part of the Al Salam Cycling Championship organized by his private office.
Sheikh Mansour bin Zayed, UAE Vice President, and Sheikh Jassim bin Hamad Al Thani, son of Qatar’s Emir, attended the Global Champions Arabians Tour – Abu Dhabi, at the Abu Dhabi Equestrian Club.
➿ On the Circuit
Mohammed Alardhi, Executive Chairman of Bahrain-based Investcorp, told Bloombergat Davos that the outlook for IPOs is getting better in Gulf markets.
Mariam Mohamed AlMusharrekh was appointed Director General of Government Talent at the Department of Government Enablement in Abu Dhabi and Abdulaziz Mohamed Alhammadiwas appointed as Director General of Regulatory Affairs at the Department of Energy.
Rafiza Ghazali was appointed Managing Director, Consumer Banking at Fasset, the UAE-based global Islamic banking and investment platform.
Rajesh Nagpalwas appointed Vice President of Enterprise Business for Huawei UAE.
🎶 Culture Circuit
🦁 Mane Attraction: The last drawing of a lion by Rembrandt remaining in private hands will be displayed in Saudi Arabia later this month ahead of its auction in New York, where it is expected to fetch more than $15 million. “Young Lion Resting,” one of six known lion drawings by the Dutch master, will be displayed at Diriyah’s Bujairi Terrace from Jan. 24 to 25, as part of the Leiden Collection of 17th-century Dutch and Flemish art. Proceeds from the sale will benefit Panthera, a wild cat conservation organization chaired by the co-owner of the painting, philanthropist Jon Ayers. Panthera is leading the re-introduction of the critically endangered Arabian leopard to AlUla.
📷 Photo of the Day
American pop star Katy Perry performs on stage during the Joy Awards in Riyadh on Saturday. The awards, now in their sixth season, are billed as the region’s “People’s Choice Awards,” spotlighting music and movie stars, as well as sports people and other inspiring figures. (Photo by Mohammed Saad/Anadolu via Getty Images)
📅 Circuit Calendar
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.26-27, Riyadh. Super Return. A major private equity & venture capital conference held in Riyadh, Saudi Arabia.The Fairmont Hotel.
Jan. 26-28, Riyadh. Saudi Franchise Expo. The exhibition brings local and international businesses that want to create franchising companies into the kingdom. The Arena Riyadh Venue for Exhibitions, Riyadh.
Jan. 26-30, Dubai. Gulf Food. The world’s largest food and beverage industry event. Dubai World Trade Centre & Dubai Exhibition Centre.
Jan.29, Dubai. The Great Marketing & Business Minds. In this 4th edition, the event brings the most influential marketing and business leaders for a deep dive into performance-driven marketing, data integration, and the evolving accountability of brand leadership. Pullman Dubai Downtown.
Feb 1-6, Dubai. Dubai Fashion Week. The event showcases the latest collections by global and regional designers and positions Dubai as a major creative hub on the global fashion calendar alongside fashion capitals like New York, London, Milan and Paris. Dubai Design District.
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 2-4, Abu Dhabi. The Abu Dhabi AI Summit. The summit aims to strengthen collaboration between MBZUAI and the U.S. NSF Athena Institute to advance research, entrepreneurship and opportunities in Edge AI. Mohamed bin Zayed University of Artificial Intelligence.
Feb. 2-5, Doha. LNG2026. The 21st International Conference & Exhibition on Liquefied Natural Gas. Qatar National Convention Center.
Feb. 3, Dubai. World Laureates Summit. The inaugural summit, held alongside the World Government Summit, will bring 200 of the world’s top scientific researchers, marking a historic integration of science and government.
Feb. 3-5, Dubai. World Government Summit. Brings together heads of state, policy makers, top corporate executives to debate global priorities. Madinat Jumeirah.
Feb. 4-5, Dubai. PropTech Connect Middle East. The Dubai Land Department will host the first regional edition of the real estate technology event. Grand Hyatt Dubai.
Feb. 10-11, Abu Dhabi. Top Advisors & Investors Summit. The event will convene the region’s foremost advisors, financiers, and investors in the UAE capital. TBC
Feb.12-13, Riyadh. PIF Private Sector Forum. The event, in its third edition, aims to support the Saudi Public Investment Fund’s Private Sector Engagement Strategic Initiative. King AbdelAziz International Conference Center.
