The Daily Circuit: Milken summit ponders AI + Aldar-Mubadala $1B fund
In The Daily Circuit today, we’re at the Milken Institute’s Middle East and Africa Summit, where a line-up of investors and government ministers are pondering the fate of the earth. (Sign up here for our exclusive Milken conference briefing).We’re also looking at a plan for Abu Dhabi’s biggest developer to launch a $1 billion investment platform, Jeff Bezos dropping by the UAE, Saudi Arabia’s PIF revealing its share of Electronic Arts following its record $55 billion buyout. But first, to the conference.
It didn’t take long today for discussions at the Milken Institute Middle East and Africa Summit to focus on artificial intelligence – the promise, the costs and the threats of the technology that is permeating all levels of business and daily life.
Michael Milken, the billionaire financier who sponsors the annual two-day conference in Abu Dhabi, raised the issue in his opening remarks, pointing out that the largest amount of capital expenditures in the world are going into data centers for AI. “The world has changed and we can see it,” he said.
The UAE has, in fact, created a cabinet position to ensure that everyone in government embraces AI technology. Still, Omar Al Olama, the Minister of State for AI, Digital Economy and Remote Work Applications, warned about the dangers of artificial intelligence, especially the proliferation of fake information and images.
“The fact that I can give you a piece of paper and you think that is value, that is trust,” Al Olama said. “Money is built on trust. If trust is being eroded, it will mean a tsunami of change that is going to be negative.”
Meanwhile, Mubadala Deputy CEO Waleed Al Mokarrab Al Muhairi gave a measured forecast for the Abu Dhabi sovereign wealth fund’s performance in credit markets. “We’ve had four fantastic years in private credit, and we know that’s likely to perform cyclically,” he said. “I don’t think it’s going to implode in any shape, way or form.”
Other headliners at the conference today included Emaar’s Mohamed Alabbar, Liberty Strategic Capital’s Steven Mnuchin, Saudi Culture House founder Princess Noura bint Faisal Al Saud, Greycroft’s Dana Settle and Maaden’s Bob Wilt.
While Elon Musk didn’t turn up at the Milken Summit, his brother Kimbal appeared under the “Visionaries of Tomorrow” program. Kimbal Musk is Co-Founder of Nova Sky Stories, which flies clusters of light-emitting drones to “turn the night sky into a canvas for storytelling.” He is also a major shareholder in Tesla and Co-Founder of both the restaurant group The Kitchen and the non-profit Big Green, which builds school gardens.
Editor’s Note: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].
📰 Developing Stories
GLOBAL PUSH
Mubadala Capital, the asset management arm of Abu Dhabi’s Mubadala sovereign fund, and developer Aldar are pairing up to launch a platform that aims to connect global investors with real estate projects in the UAE and wider Gulf. The new venture, to be called Aldar Capital and based out of Abu Dhabi’s ADGM free zone, is planning to raise $1 billion for its first fund next year. “We have received significant inbound interest from a number of our existing investors who want exposure to the region,” Mubadala Capital CEO Hani Barhoush told Bloomberg. The fund will invest across office buildings, residential real estate and logistics, transforming one of the UAE’s biggest developers into a manager of global capital. The biggest shareholder in Abu Dhabi-listed Aldar is Alpha Dhabi, which is controlled by International Holding Co., the vast conglomerate overseen by UAE National Security Advisor Sheikh Tahnoon bin Zayed.
BILLIONAIRE DELIVERY
Jeff Bezos, the founder of Amazon and one of the five richest people in the world, paid a visit to UAE President Sheikh Mohamed bin Zayed on Wednesday, praising the Emirates’ approach to embracing future technology during a meeting at Qasr Al Shati palace in Abu Dhabi. The meeting, which covered innovation, advanced technology and AI, was also attended by Sheikh Tahnoon, and Khaldoon Al Mubarak, Group CEO and Managing Director of the Mubadala sovereign wealth fund and Chairman of Abu Dhabi’s Executive Affairs Authority. Sheikh Tahnoon previously met Bezos along with Elon Musk to discuss AI collaboration on the sidelines of Sheikh Mohamed’s official visit to the U.S. last year.
💲 Sovereign Circuit
ADNOC: Germany has begun preliminary talks with potential investors including the UAE’s Abu Dhabi National Oil Co. about selling the trading unit of nationalized energy company SEFE, formerly Gazprom’s European arm, as it weighs options for the business’s future structure, Bloomberg reports.
International Holding Co.: The Financial Times traces how Abu Dhabi’s International Holding Co. expanded from a small firm into a sprawling conglomerate spanning multiple sectors that now accounts for a mammoth share of the emirate’s stock-market value.
International Holding Co.: Abu Dhabi-based fintech Zelo, formerly known as eFunder, has received $715 million from parent company IHC to expand its financing services for small and medium-sized enterprises.
Mubadala: The Abu Dhabi Investment Council, part of Mubadala sovereign wealth fund, is suing U.S. private equity firm Energy & Minerals Group to try to block its sale of Ascent Resources, one of America’s largest private gas drillers, to one of the firm’s sister funds. ADIC alleges that Energy & Minerals Group coerced investors to support the deal by concealing alternatives and undervaluing the company.
Public Investment Fund: Saudi Arabia’s PIF will own 93.4% of Electronic Arts after its $55 billion buyout backed by Jared Kushner’s investment firm Affinity Partners and Silver Lake, filings have revealed. Silver Lake will own 5.5% and Affinity 1.1%. The PIF will need to find about $29 billion in cash to fund its share of the leveraged deal, The Wall Street Journal reports.
Public Investment Fund: National Grid, a subsidiary of PIF-owned Saudi Electricity Co., will design and construct a $346 million power network for luxury tourism destination Soudah Peaks in the southwest of Saudi Arabia.
↪↩ Closing Circuit
🔥 Fired Up: Bahrain-based asset manager Investcorp has acquired U.S.-based safety company Guardian Fire Services from private equity firm Northern Lakes Capital.
🛢️ Drill Down: Omani company Abraj Energy Services has won a $280 million oil drilling contract from state-run Petroleum Development Oman.
🌳 Tree Change: Sharjah-based deleloper Arada has awarded $735 million worth of contracts to deliver its forested megaproject Masaar 2, including 1,997 homes.
🗣 Circuit Chatter
🌱 Startup Surge: Abu Dhabi-based investor Plus VC plans to fund more than three dozen startups in 2026, focusing on Saudi Arabia as a growing venture hub while increasing annual capital deployment to about $10 million from $4.5 million this year, Bloomberg reports.
⚓ Finally Free: Yemen’s Houthis have released nine Filipino mariners held since a July attack on the ship Eternity C in the Red Sea, during which at least four people were killed, Arab News reports.
🦂 Attack Drones: The U.S. is launching a new task force, named Scorpion Strike, for its military’s first one-way attack drone squadron based in the Middle East.
🏢 Desk Rents: Saudi Arabia is driving a surge in prime office rents across the Gulf, with Grade-A rents in Riyadh climbing 15.1% year-on-year in the third quarter, according to a new report by U.K.-based consultancy Knight Frank.
🐪 Desert Retreat: KKR’s decision to set up its third Middle East office in Abu Dhabi came as the buyout giant deployed about $2 billion in the Gulf over the past year, including buying a stake in one of the largest data center firms in the region, Bloomberg reports.
🌍 Power Circuit
King Hamad of Bahrain, chaired the 46th GCC Summit on Wednesday and gave a closing speech stressing the importance of advancing paths related to food and water security and the digital economy, and of continuing to support political efforts aimed at achieving regional stability. Italian Prime Minister Giorgia Meloni, the guest of honor, also delivered a speech in which she said that Italy could serve as a gateway for Gulf states into the European market. GCC Secretary-General Jasem Albudaiwi noted that trade exchange with Italy surpassed $35 billion in 2024.
Saudi Crown Prince Mohammed bin Salman and Bahrain’s Crown Prince Salman bin Hamad Al Khalifa, co-chaired the fourth meeting of the Saudi-Bahraini Coordination Council in Manama on Wednesday. The Saudi Crown Prince also met with Italian Prime Minister Giorgia Meloni on the sidelines of the GCC Summit.
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, met today with Zac Brown, CEO of McLaren Racing, in advance of this weekend’s F1 Abu Dhabi Grand Prix.
➿ On the Circuit
Mohammed Al-Jadaan, the Saudi Finance Minister, said the kingdom is open to canceling some projects under its Vision 2030 program if needed, in some of the strongest public remarks yet on scaling back costly developments.
Shivani Pandya, Red Sea International Film Festival Managing Director, told Arab News that the organization had to choose from more than 2,000 film submissions from 71 countries for this year’s festival, which opens in Jeddah today with the Middle East premiere of Rowan Athale’s boxing biopic “Giant.”
Michael Saylor, CEO of Strategy, the world’s biggest corporate Bitcoin holder, urged investors to avoid getting caught up by news of volatility in the crypto sector, speaking at Binance Blockchain Week in Dubai on Wednesday.
Zach Witkoff, co-founder and CEO of Trump family-backed World Liberty Financial, told Binance Blockchain Week that the U.S. is still playing catch-up with the UAE on crypto regulation.
Will Ahmed, the Egyptian-American founder of wearable fitness tracker Whoop, told The National that he credits his father’s decision to move to the U.S. with fuelling his entrepreneurial journey.
Fawaz bin Mohammed Al-Jasser has been named CEO of Saudi Arabian dairy giant Almarai.
🎶 Culture Circuit
👻 Good Spirits: Beloved Japanese animation house Studio Ghibli will take over Abu Dhabi’s Manarat Al Saadiyat next year for an exhibition exploring almost four decades of storytelling. Tickets go on sale on Dec. 8 for The World of Studio Ghibli, which will open on May 30. The show has toured South Korea, Taiwan, Hong Kong, Bangkok and Singapore since it was first presented in Japan more than 10 years ago. Visitors will be able to meet characters including Chihiro from “Spirited Away” and San from “Princess Mononoke,” The National reports.
📷 Photo of the Day
Michael Milken on stage today at the Milken Institute Middle East and Africa Summit 2025 in Abu Dhabi. (Milken Institute)
📅 Circuit Calendar
Dec. 3-5, Jeddah. AgroFood Jeddah. Bringing together developing businesses in the agricultural and food products field in Saudi Arabia. Jeddah Center for Exhibitions and Events.
Dec. 6-7, Doha. Doha Forum. Bringing together leaders in policy to discuss critical challenges facing our world. Sheraton Grand Doha Resort and Convention Hotel.
Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit.
Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.
Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.
Dec. 8-9, Kuwait City. Kuwait Risk Management Summit. Equipping leaders in enterprise risk, audit, and compliance with the latest insights and actionable strategies to tackle the evolving risk landscape. Kuwait Four Seasons Hotel.
Dec. 8-9, Abu Dhabi. Global AI Show. A leading forum examining investment opportunities in artificial intelligence. Space42 Arena.
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 world’s 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.
The Daily Circuit: Gulf sovereigns back Ellison + QIA cuts Sainsbury’s stake
In the Daily Circuit today, we’re reporting on the Saudi PIF boosting its stake in LIV Golf to $5 billion, the QIA reducing its interest in Sainsbury’s, Bill Gates planning to announce a big humanitarian investment at Abu Dhabi Finance Week and tomorrow’s opening of the annual Milken Institute Middle East and Africa Summit. But first, Gulf sovereigns unite to support David Ellison’s Warner bid.
The Gulf’s three biggest sovereign wealth funds have all thrown their weight behind Paramount Skydance in the three-way bidding war for Warner Bros. Discovery, the owner of CNN, HBO and DC Comics.
Saudi Arabia’s Public Investment Fund, the Qatar Investment Authority and the Abu Dhabi Investment Authority are among the investorsbacking David Ellison’s sweetened bid for the entertainment giant, which also includes financing from RedBird Capital and Apollo Global Management, Variety reports. Netflix and Comcast have also renewed their bids, with the streaming flicks leader seeking only the Warner Bros. part of the business.
It is understood that Paramount’s all-cash offer is still mostly funded by the family of Oracle co-founder and billionaire Larry Ellison and son, David, and the amount offered by the three Gulf funds does not meet the threshold for requiring U.S. foreign investment approvals. Paramount’s previous non-binding bid of $24 a share submitted on Nov. 20 did not involve the sovereign funds, Variety said, clarifying its earlier reporting.
In whatever form it takes, a full or partial sale of Warner Bros. Discovery has the potential to reshape the media and entertainment landscape in the Gulf, where the company has far-reaching interests, from content streaming and theme park branding deals to a CNN bureau.
In the UAE, Warner Bros. Discovery paid $57 million in March for a 30% share in Dubai-based streamer OSN, which is now hosting its high-value content in the region, including HBO hits like “The Sopranos” and “Succession,” and counts the Abu Dhabi and Kuwait royal families as its other shareholders.
Editor’s Note: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].
📰 Developing Stories
MEETING MILKEN
Michael Milken returns to Abu Dhabi on Thursday for his annual business gathering, bringing hundreds of finance, government, sports, entertainment and philanthropic leaders together for a two-day talkfest. The storied billionaire financier will open proceedings at the two-day Milken Institute Middle East and Africa Summit in conversation with GCC Secretary-General Jasem Al Budaiwi and 2pointZero Managing Director Mariam bint Mohammed AlMheiri. He’ll conclude the conference on Friday chatting onstage with Mubadala CEO Khaldoon Al Mubarak. In between, the event will feature speakers including Emaar’s Mohamed Alabbar, Alterra’s Majid Al Suwaidi, Liberty Strategic Capital’s Steven Mnuchin, Nova Sky Stories’ Kimbal Musk, Diriyah’s Jerry Inzerillo, Greycroft’s Dana Settle, Brightstar’s Andrew Weinberg, Mahindra’s Nilesh Shah, Maaden’s Bob Witt and singer/songwriter Camila Cabello.
GROCERY SALE
The Qatar Investment Authority plans to sell roughly $360 million worth of shares in Sainsbury’s, ending its almost 20-year reign as the London-based supermarket chain’s largest investor. The package includes about 84 million ordinary shares via a secondary offering, with a derivatives-linked block sale raising the total to nearly 98 million shares. After the selloff, QIA’s stake will drop to about 6.8%, making it the fourth-largest shareholder. The share sale comes after Sainsbury’s stock climbed 23% this year.
💲 Sovereign Circuit
Public Investment Fund: Saudi’s PIF increased its stake in LIV Golf to $5 billion after Governor Yasir Al Rumayyan authorized a $113 million increase in the share capital of LIV Golf Investments, the company behind the upstart league, Money In Sport reports.
Aramco: The Saudi oil company started production at its new Jafurah gas-processing plant, part of a $100 billion project that Aramco describes as central to its ambitions to become a global leader in the natural gas market.
Saudi National Bank is seeking a $1 billion syndicated loan as part of a five-year deal managed by DBS Bank Ltd. and Mitsubishi UFJ, Bloomberg reports.
↪↩ Closing Circuit
💰 Budget Building: Saudi Arabia gave approval on Tuesday to a 1.3 trillion-riyal ($346 billion) state budget for 2026, which was slightly below its 2025 spending plan, with a narrower projected deficit as it seeks to increase non-oil revenue.
⛏️ Mineral Push: Saudi Arabia launched a bidding round for exploration licenses covering 13,000 square kilometers (5,019 square miles) as part of its efforts to diversify its base of natural resources beyond oil.
🚀 F-16 Support:The U.S. gave approval to a possible $455 million deal to supply maintenance and sustainment support for Bahrain’s F-16 fleet.
🚁 Helicopter Aid:U.S. authorities gave authorization to a potential $1 billion package providing support and training for Saudi Arabia’s military helicopter fleet.
🛒 Second-Hand: Apax Partners, a U.K. private equity firm, signed an agreement to acquire Israel’s second-hand market site Yad2 from KKR for $950 million, beating out Blackstone and CVC.
🗣 Circuit Chatter
🧠 AI Faceoff: Anthropic plans to hire law firm Wilson Sonsoni as it races OpenAI to go public what could be one of the largest IPOs ever, the Financial Times reports.
🤝 Iraq Talks: ExxonMobil is in discussions with Iraq to acquire a stake in the giant West Qurna-2 oil field currently held by Lukoil, Reuters reports.
✈️ Flight Delay: Airbus has cut its annual commercial aircraft delivery target for this year after issues with its best-selling A320 narrow-body model, The National reports.
🛡️ Joint Defense: Gulf countries are focused on finalising a joint defensive air shield “in the near future”, GCC Secretary General Jasem Al Budaiwi said on Tuesday in Bahrain on the eve of the 46th Gulf Co-operation Council summit.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed was joined by Supreme Council Members and Rulers of the Emirates, Crown Princes, Deputy Rulers, and Sheikhs at the official ceremony marking the UAE’s 54th Eid Al Etihad, held at the Zayed National Museum in Abu Dhabi on Tuesday under the theme “United.”
Saudi Arabia’s Crown Prince Mohammed bin Salmanarrived in Bahrain today to attend the 46th Session of the Supreme Council of the Gulf Cooperation Council. He was received by Bahrain’s Crown Prince and Prime Minister Salman bin Hamad Al Khalifa.
Sheikh Mansour bin Zayed, UAEVice President, Deputy Prime Minister and Chairman of the Presidential Court, is leading the UAE delegation to the GCC Summit.
➿ On the Circuit
Bill Gates, the billionaire Microsoft founder, is expected to appear on stage to unveil a major investment “in humanity” at next week’s Abu Dhabi Finance Week.
Murat Tasci, a veteran ofJPMorgan Chase and the U.S. Federal Reserve, was appointed by Turkey’s Central Bank on Tuesday as its Chief Economist.
Pope Leo XIV ended his first overseas trip in Lebanon on Tuesday by leading 100,000 worshippers in a mass prayer at the Beirut waterfront.
Benjamin Netanyahu, the Israeli Prime Minister, was invited to the White House again in a phone call with U.S. President Donald Trump to discuss next steps in implementing the Gaza ceasefire.
🎶 Culture Circuit
🇦🇪 National Pride: Its looming oblong wings having already etched themselves into the Abu Dhabi skyline over the past few years during construction, visitors can finally get a glimpse inside the imposing Zayed National Museum in Abu Dhabi’s Saadiyat Cultural District. Opening today, a day after the UAE celebrated its 54th National Day, the museum tells the story of the country’s history through a collection of artifacts, from Paleolithic stone tools and a reconstructed 4,000-year-old boat to family heirlooms and a replica of a Chrysler owned by the UAE’s Founding Father Sheikh Zayed.
📷 Photo of the Day
Emiratis celebrate on the streets of Abu Dhabi to mark the UAE’s 54th National Day on Tuesday. The day is marked by events across the country, including aerial displays, fireworks and boisterous street parties where residents spray silly string. (Fadel Senna / AFP via Getty Images)
📅 Circuit Calendar
Dec. 3-5, Jeddah. AgroFood Jeddah. Bringing together developing businesses in the agricultural and food products field in Saudi Arabia. Jeddah Center for Exhibitions and Events.
Dec. 4, Abu Dhabi. Family Office Summit. Dedicated to fostering innovation and wealth management within the family office community. Park Hyatt Hotels and Villas.
Dec. 6-7, Doha. Doha Forum. Bringing together leaders in policy to discuss critical challenges facing our world. Sheraton Grand Doha Resort and Convention Hotel.
Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit.
Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.
Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.
Dec. 8-9, Kuwait City. Kuwait Risk Management Summit. Equipping leaders in enterprise risk, audit, and compliance with the latest insights and actionable strategies to tackle the evolving risk landscape. Kuwait Four Seasons Hotel.
Dec. 8-9, Abu Dhabi. Global AI Show. A leading forum examining investment opportunities in artificial intelligence. Space42 Arena.
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 world’s 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.
The Daily Circuit: SailGP’s UAE spectacle + ACWA Power secures $5.9B
In the Daily Circuit today, we’re reporting on sovereign financing for Saudi Arabia’s Qiddiya “city for play,” Mohamed Alabbar’s Eagle Hills landing a new project in Italy, PIF-backed ACWA Power securing $5.9 billion for renewable energy projects, and Ripple’s RLUSD token being approved for use in Abu Dhabi’s ADGM free zone. But first, thrills and spills as SailGP arrives in the UAE capital.
The high-adrenaline sailing league founded by former America’s Cup winner and Oracle founder Larry Ellison and champion sailor Sir Russell Coutts returns to the UAE this weekend for the final race of the season.
The Mubadala Abu Dhabi Sail Grand Prix will see 12 national teams race their foiling catamarans at speeds topping 100 kph (62 mph) off the city’s Corniche in a winner-takes-all showdown for the trophy and a $2 million cash prize.
The Grand Final comes as the nascent league broke a 31-year-old viewership record set by the 1992 America’s Cup last weekend, with almost 3.5 million U.S. fans tuning in to watch “The Race to Abu Dhabi” on CBS, making it the most-watched sailing race in U.S. history.
“This is huge for SailGP and proof that nation-vs-nation, high-octane sailing has mainstream appeal,” Coutts, SailGP’s CEO, said.
The record is a boon for Abu Dhabi and SailGP sponsor Mubadala, as the Gulf and its sovereign wealth funds continue to splash billions into U.S. sports in a competitive pursuit of soft power, prestige and investment returns from far-reaching media rights deals.
Launched in 2019 and rapidly expanding to 12 teams and events, SailGP has attracted a host of high-profile competitors and investors, including Hollywood actors Ryan Reynolds and Hugh Jackman and F1 champion Sebastian Vettel.
Editor’s Note: The Circuit will take a break for the UAE National Day long weekend and return on Wednesday, Dec. 3. Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].
📰 Developing Stories
CITY PLAY
Qiddiya officials say the $40 billion “city for play” project will rely comfortably on Saudi sovereign funding for years, despite recent calls for greater involvement from the private sector. “We recognise that creating a brand-new city from scratch in the desert is a sovereign undertaking,” Qiddiya Investment Company Vice Chairman Morgan Parker said at the Cityscape conference held in Riyadh last week. He added that building a city the size of Las Vegas will “take some time.” Qiddiya is located outside Riyadh with a motor racing track, 12 theme parks, 40 sports venues and 27 entertainment attractions. The city expects to develop around 120 hotels with 41,000 rooms over the next 20 years. The Six Flags Qiddiya amusement park held its soft-opening earlier this month, with an official launch expected on New Year’s Eve.
BUYING ITALY
Abu Dhabi’s Eagle Hills and Italy’s Coima will jointly invest $463 million to transform Rome’s Guido Reni Barracks in the Flaminio district, as cash-rich UAE developers increasingly eye overseas projects. The Rome initiative builds on Eagle Hills’ expanding European footprint, including its €200 million restoration of Venice’s Hotel Des Bains and a recently announced €3 billion waterfront development in the Latvian capital, Riga. Founded by Emirati businessman Mohamed Alabbar, the company now operates more than 35 luxury hotels and leads major mixed-use projects across 14 countries. Alabbar also recently purchased the historic Castello di Antognolla in Umbria for $55 million to convert it into a luxury resort and wellness center.
💲 Sovereign Circuit
Public Investment Fund: ACWA Power, a subsidiary of the PIF, secured $5.9 billion in funding through loans for seven renewable projects in the kingdom that will jointly generate 15,000 megawatts.
TAQA: Abu Dhabi National Energy Company, known as TAQA, and Dubal Holding will acquire Emirates Global Aluminium’s power and water generation assets for $1.9 billion.
Mubadala: Investcorp has become the cornerstone investor for Chinese company Chuangxin Industries Holdings’ $813 million IPO on the Hong Kong Stock Exchange.
↪↩ Closing Circuit
🚢 Energy Buyout: Gulf Navigation Holding, a Dubai-listed maritime and logistics company, completed its $871 million acquisition of all Brooge Energy assets.
💰 Gulf Attraction: The India Global Forum launched a $250 million fund to help India’s leading consumer and industrial brands expand into key markets including the Middle East.
⚓ Port Project: Oman’s Sohar Port will spend $220 million to expand its free zone with new facilities for clean marine fuel and bunkering.
🗣 Circuit Chatter
🤝 Abu Dhabi Approved: Ripple’s RLUSD token, a stablecoin pegged to the U.S. dollar, has been approved by Abu Dhabi’s financial regulator for use within the Abu Dhabi Global Market.
📜 Top Notch: Saudi Arabia’s King Abdullah University of Science and Technology has secured the top spot in the Times Higher Education Arab University Rankings for the third year in a row.
🗼 Wynn Tower: The 305-meter Wynn Al Marjan Island tower, now at its 70th floor with roof-deck work underway, is expected to top out by late November ahead of its planned Spring 2027 opening.
🏗️ Production Increase: UAE-based Emirates Global Aluminium plans to boost sustainable aluminium output to as much as 50% of total primary production by 2028.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayedordered the release of 2,937 prisoners ahead of Eid Al Etihad, the UAE’s 54th National Day. He will also cover the cost of fines incurred by the inmates as part of their sentencing.
Sheikh Mohamed appointedHasan Jasem Nasser Al Nowais as Undersecretary of the Ministry of Industry and Advanced Technology. Al Nowais previously held several leadership roles, including Managing Director and Group CEO of M42.
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, UAE Deputy Prime Minister and Minister of Defense, and Chairman of The Executive Council of Dubai, directed government entities to intensify support for the private sector.
➿ On the Circuit
Lana Nusseibeh, UAE Minister of State and Envoy to the EU, said that the UAE welcomes a push to end fighting in Sudan.
Shayne Nelson, CEO of Emirates NBD, said the bank plans to expand wealth management services in India following its $3 billion acquisition of Mumbai-based RBL Bank.
Gianni Infantino, FIFA President, said in comments to beIN Sports that if it was up to him he would “host the next 10 World Cups in Qatar.”
Hadi Badri, CEO of the Dubai Economic Development Corporation, told The Nationalthat it has onboarded more than 500 tech focused companies since the launch of Dubai Founders HQ last month.
🎶 Culture Circuit
🎤 Ringing In 2026: Alicia Keys, the 17-time Grammy Award-winner, will return to Abu Dhabi for a special New Year’s Eve performance at the open-air concert series Saadiyat Nights. The American singer-songwriter will kick off a season of performances at a purpose-built venue near Manarat Al Saadiyat, including a double-header featuring The Supremes star Diana Ross and Seal on Jan. 9, as well as performances by John Mayer, Ricky Martin, Mariah Carey and Bryan Adams.
📷 Photo of the Day
Qatar’s Nasser Al Attiya and Spanish co-driver Candido Carrera in their Ford Puma during stage 5 of the FIA World Rally Championship in Jeddah on Thursday. (Fayez Nureldine / AFP via Getty Images)
📅 Circuit Calendar
Dec. 1-2, UAE. UAE National Day. A two-day public holiday to celebrate the UAE’s 54th National Day, also known as Eid Al Etihad.
Dec. 1-3, Riyadh. Saudi Intermobility Expo. A platform dedicated to advancing next-generation road networks, from sustainability to integrating AI and EVs. Riyadh Front Exhibition and Convention Center.
Dec. 3-5, Jeddah. AgroFood Jeddah. Bringing together developing businesses in the agricultural and food products field in Saudi Arabia. Jeddah Center for Exhibitions and Events.
Dec. 4, Abu Dhabi. Family Office Summit. Dedicated to fostering innovation and wealth management within the family office community. Park Hyatt Hotels and Villas.
Dec. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island.
Dec. 6-7, Doha. Doha Forum. Bringing together leaders in policy to discuss critical challenges facing our world. Sheraton Grand Doha Resort and Convention Hotel.
Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit.
Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.
Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.
Dec. 8-9, Kuwait City. Kuwait Risk Management Summit. Equipping leaders in enterprise risk, audit, and compliance with the latest insights and actionable strategies to tackle the evolving risk landscape. Kuwait Four Seasons Hotel.
Dec. 8-9, Abu Dhabi. Global AI Show. A leading forum examining investment opportunities in artificial intelligence. Space42 Arena.
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 world’s 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.
The Daily Circuit: Savvy Games eyes ByteDance unit + Aramco selects Citi
In the Daily Circuit today, we’re reporting on Aramco picking Citigroup to manage its multibillion-dollar logistics deal, Dubai’s Multiply Media buying digital advertising firm London Lites, Trump Tower Jeddah’s new main contractor, and a Formula One faceoff this weekend at the Qatar Grand Prix. But first, Saudi Arabia shops for another big gaming acquisition.
Saudi Arabia’s Savvy Games Group, fresh off a $55 billion takeover of Electronic Arts, is getting ready for its next blockbuster deal.
The PIF-backed firm, centerpiece of Crown Prince Mohammed bin Salman’s strategy for dominance in the global gaming market, is in talks with TikTok owner ByteDance to buy its Shanghai Moonton Technology unit, Bloomberg reports.
Along with the Saudi sovereign wealth fund, Savvy was backed by investors Silver Lake and Jared Kushner’s Affinity Partners on the EA deal.
If Savvy succeeds in buying Moonton, the acquisition would add one of the world’s most popular mobile developers – creator of “Mobile Legends: Bang Bang” – to a portfolio that already includes some of gaming’s biggest console and PC properties.
Extending control from popular titles to fast-growing mobile hits could help Saudi Arabia influence how and what billions of gamers play. Bloomberg notes, however, that negotiations are still at an early stage, and as with an earlier failed attempt, the deal could unravel again.
Editor’s Note: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].
📰 Developing Stories
TRUMP TUMBLE
The Trump family’s $1.5 billion crypto deal with Canada’s Alt5 Sigma is going south. Alt5 CEO Peter Tassiopoulos was suspended after the merger and the company has warned employees it may face lawsuits and regulatory probes, The Information reports. The merger, announced in August and signed by Eric Trump and Donald Trump Jr. on behalf of their company, World Liberty Financial, was meant to boost both firms through a new Trump-linked WLFI cryptocurrency. Eric Trump earlier touted the digital coin at the TOKEN2049 conference in Dubai before it was first generated. Now, Alt5’s stock has fallen 75% on the Nasdaq and the WLF token has plunged by nearly half its value.
REVVING UP
All eyes will be on Qatar’s F1 Grand Prix in Doha this weekend to see what shape the race leaders will be in going into the final showdown of the season at Abu Dhabi’s Yas Marina Circuit.The Etihad Airways Abu Dhabi Grand Prix, the biggest sporting event on the Gulf calendar, is expected to see a record-breaking crowd next week, as speculation grows for a potential three-driver showdown between Briton Lando Norris, Australian Oscar Piastri and Dutchman Max Verstappen. Four days of squealing tires will be topped off with after-race concerts headlined by Benson Boone, Post Malone, Elyanna, Metallica and Katy Perry.
💲 Sovereign Circuit
Aramco: Saudi Arabia’s state-owned oil company has picked Citigroup to arrange a potential multibillion-dollar sale of a stake in its oil export and storage terminals business.
EDGE: The UAE’s largest arms manufacturer says developing a homegrown air-defense system is its top priority, reflecting heightened concern over drone and missile threats in the Gulf, Bloomberg reports.
2PointZero:Multiply Media Group announced the full acquisition of London Lites, one of London’s leading digital display advertising companies
International Holding Co.:Abu Dhabi investment firm Alpha Dhabi Holding has acquired a $436 million stake in NMDC Group previously held by AD Ports Group.
Mubadala: Bahrain-based Investcorp, partially owned by Mubadala, will sell its majority stake in Denmark-based digital business platform Shine to Cegid, a cloud and AI solutions business majority owned by Silver Lake.
↪↩ Closing Circuit
🏗️ Trump Jeddah: Developer Dar Global awarded Arabian Construction Company the main contract to build the $532 million Trump Tower Jeddah.
🏢 New Office: Jefferies Financial Group has made its first move into Saudi Arabia’s private credit market by leading a $125 million financing deal for startup Erad.
🌀 Sea Cables: Qatari-listed telecom Ooredoo will put more than $500 million into international cable projects to reduce connectivity risks due to disruptions in the Red Sea and the Strait of Hormuz.
⚡ Power Towers:Oman Electricity Transmission Co. has awarded $640 million in contracts to supply power to eight new towns under construction.
🗣 Circuit Chatter
🚕 Robotaxi Launch: Uber and WeRide launched fully driverless robotaxis on Abu Dhabi’s Yas Island, the first location outside the U.S. to host such commercial rides on the Uber platform.
💸 Gulf Expansion: The Kuwait Financial Centre, an asset management firm known as Markaz, plans to launch a new equity fund and open its first foreign branch in Saudi Arabia, as part of its strategy to expand across the Gulf.
⛏️ New Ore: Saudi miner Amak has discovered new copper, zinc, gold and silver reserves in its Najran exploration area.
💰 Gold Enterprise: UAE based Aditum Investment Management plans to raise up to $50 million to fund Wiz Financial’s gold-backed private credit expansion in India.
🌍 Power Circuit
Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, asked the UAE public to support a nationwide drive to send more than 10 million meals to Gaza on a ship bearing his name.
Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, attended the Zayed Camel Race Grand Prize 2025.
Sheikh Ahmed bin Saeed, Chairman of the Dubai Integrated Economic Zones Authority, inaugurated the Dubai edition of the Doers Summit, which links venture capital and investors with startups.
Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, received a phone call on Wednesday from Rashif Meredov, his Turkmen counterpart.
Sheikha Jawaher bint Mohammed Al Qasimi, Wife of the Ruler of Sharjah and Chairperson of the Sharjah Family and Community Council, inaugurated the third edition of the Child Safety Forum 2025.
➿ On the Circuit
Abdulla bin Touq Al Marri, UAE Minister of Economy and Tourism, witnessed the launch of a digital platform for buying and selling trademarks.
Habiba Alsafar, Dean of the College of Medicine and Health Sciences at Khalifa University of Science and Technology in Abu Dhabi, has been awarded Belgium’s top honor of Knight in the Order of Leopold for her contribution to a biomedical research partnership between Belgium and the UAE.
James Holder, Head of Citi Private Bank for the U.K., Europe, the Middle East and Africa, told The Nationalthat capital inflows and the migration of the super wealthy to the UAE are likely to continue for at least another decade.
Abdulsalam Sulaiman Alrajhi, a board member of Liwan Real Estate Development, told Zawya Projects that he expects rising foreign ownership, policy reforms and sustained domestic demand to support Riyadh’s property market over the medium term.
🎶 Culture Circuit
👣 Famous Fossil: Lucy, the fossil of one of the earliest human ancestors, has been put on display at the newly opened Natural History Museum Abu Dhabi, The National reports. The 3.2 million-year-old skeleton was found at the Hadar site in Ethiopia’s Afar region in 1974 by American paleoanthropologist Donald Johanson and his team. Named after the Beatles song “Lucy in the Sky with Diamonds,” Lucy offered scientific insights into early humanity, including evidence for when bipedalism emerged in human evolution.
📷 Photo of the Day
Visitors test perfume at the “Scent Arabia” exhibition in Manama, Bahrain, on Tuesday. The exhibition features more than 100 brands, including perfumes, home fragrances and Arabian incense. (Chen Junqing/Xinhua via Getty Images)
📅 Circuit Calendar
Dec. 1-2, UAE. UAE National Day. A two-day public holiday to celebrate the UAE’s 54th National Day, also known as Eid Al Etihad.
Dec. 1-3, Riyadh. Saudi Intermobility Expo. A platform dedicated to advancing next-generation road networks, from sustainability to integrating AI and EVs. Riyadh Front Exhibition and Convention Center.
Dec. 3-5, Jeddah. AgroFood Jeddah. Bringing together developing businesses in the agricultural and food products field in Saudi Arabia. Jeddah Center for Exhibitions and Events.
Dec. 4, Abu Dhabi. Family Office Summit. Dedicated to fostering innovation and wealth management within the family office community. Park Hyatt Hotels and Villas.
Dec. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island.
Dec. 6-7, Doha. Doha Forum. Bringing together leaders in policy to discuss critical challenges facing our world. Sheraton Grand Doha Resort and Convention Hotel.
Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit.
Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.
Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.
Dec. 8-9, Kuwait City. Kuwait Risk Management Summit. Equipping leaders in enterprise risk, audit, and compliance with the latest insights and actionable strategies to tackle the evolving risk landscape. Kuwait Four Seasons Hotel.
Dec. 8-9, Abu Dhabi. Global AI Show. A leading forum examining investment opportunities in artificial intelligence. Space42 Arena.
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 world’s 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.
The Daily Circuit: Aramco opens Paris VC outpost + BlackRock’s Saudi strategy
In the Daily Circuit today, we’re reporting on BlackRock’s plans to double its investments in Saudi Arabia, the PIF’s $253 million sale of its stake in Mecca developer Masar and Pope Leo’s first overseas trip to Lebanon and Turkey, plus an interview with Talib Alhinai, the lead Middle East executive for flying taxi maker Archer Aviation. But first, Aramco scouts for European startups from its new VC headquarters in Paris.
Aramco Ventures, a VC arm of Saudi Arabia’s state-owned oil company, is opening an office in Paris to oversee hundreds of millions of dollars worth of investments in artificial intelligence planned across Europe.
While heavy red-tape has hindered Europe’s ability to compete on the scale of the U.S. and China, it has produced some successful AI startups, including Paris-based Mistral, a maker of large language models, which counts Sanabil, the tech arm of Saudi Arabia’s Public Investment Fund, among its investors.
Ahmad O. Al-Khowaiter, Aramco’s Executive Vice President of Technology and Innovation, highlighted Aramco’s growing collaborations with French companies and plans for deeper investment in next-generation technologies across Europe at the Adopt AI International Summit in Paris this week.
On Sunday, French quantum computing start-up Pasqal installed its most powerful system at Aramco’s datacenter in Dhahran. Another part of Aramco’s VC arm, Wa’ed Ventures, was an early backer in Pasqal’s 2023 funding round and has been working with the company to adapt its technology to the kingdom’s industrial needs.
“This will expand quantum computing expertise in the region, and accelerate quantum applications in the energy, materials, and industrial sectors,” Al-Khowaiter said. “We are committed to our partnerships here, and also to the infectious spirit of innovation that surrounds the French tech industry.”
Editor’s Note: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].
CIRCUIT INTERVIEW
Archer aims for Abu Dhabi launch of flying taxi fleet in 2026
Abu Dhabi is positioning itself to become the first city in the Middle East to run a full-scale network of air taxis, with plans to launch commercial operations next year.
The emirate’s government and local companies are working with U.S.-based Archer Aviation to create a system that could turn congested car commutes into 10-20 minute flights across the city, Talib Alhinai, Archer’s lead executive for the Middle East, told The Circuit’s Omnia Al Desoukie.
Alhinai, 37, frames the project in terms of urban design and looking skyward. “Our cities have landed a lot in the second dimension,” he said. “As populations have grown and as urbanization continues, our cities have not expanded in the third dimension.”
Momentum, the company behind the UAE’s only licensed lottery, has launched two online betting and casino platforms, TrueWin and Dream Island, Arabian Gulf Business Insights reports. Both sites offer casino games and sports betting and are already live. Their launch comes as the UAE weighs a historic policy shift that could generate an estimated $6.6 billion in annual gaming revenue. Both TrueWin and Dream Island were registered in March 2023, several months before the General Commercial Gaming Regulatory Authority was established. The UAE Lottery, meanwhile, announced on Tuesday that it would be revamping its flagship Lucky Draw, just weeks after handing out its first 100 million-dollar ($27 million) grand prize.
NATIVE SPECIES
Scientists have uncovered a new ant species in the rugged Hajar Mountains of the UAE and named it Carebara sharjahensis in honor of the emirate of Sharjah.The insect – a so-called “soldier” ant – was found in the remote Wadi Shees region and bears unique anatomical features such as horn-like head appendages and fine setae that mark it as distinct, The National reports. The Carebara sharjahensis was identified by Mostafa Sharaf, an ant expert at the Sharjah Environment and Protected Areas Authority, who wrote a paper about his discovery in the Journal of Natural History. Sharaf said the Sharjah ant highlights the urgent need for environmental protection in the region where rapid development is threatening sensitive habitats.
💲 Sovereign Circuit
Public Investment Fund: The PIF sold 3.3% of its stake in Mecca developer Umm Al Qura for Development and Construction, known as Masar, for $253 million.
ADNOC: ADNOC Gas has signed a $4 billion agreement with UAE-based steel manufacturer Emsteel to supply natural gas.
Oman Investment Authority: Abdulsalam Mohammed Al Murshidi, Chairman of the OIA, met with Botswana’s President Duma Gideon Boko at the Presidential Palace in the capital Gaborone. Botswana has been seeking Gulf backing for its plan to take control of diamond giant De Beers and reverse ailing prices for natural stones.
L’imad Holding: Abu Dhabi-based master developer Modon Holding, majority owned by government company L’imad Holding, has taken a stake in Wellington Lifestyle Partners, which is developing an equestrian-led luxury project in Florida’s Palm Beach County.
↪↩ Closing Circuit
✈️ Airport Upgrades: Saudi airport operator Matarat Holding has chosen U.K.-based engineering and consulting firm Mott MacDonald to advise on long-term development and investment planning for 25 airports across the kingdom.
💺 Private Jets: VistaJet, the first foreign airline approved for private domestic flights in Saudi Arabia, has already operated 37 flights, mostly between Riyadh andJeddah, since August, with rates starting at $15,000 per hour.
💵 Property Deal: A unit of Bahrain-based GFH Financial Group has acquired a controlling stake in UAE-based Devmark Real Estate Brokers.
🗣 Circuit Chatter
💰 Doubling Down:BlackRock plans to double its investments in Saudi Arabia, where it has already deployed more than $35 billion,supported by four Riyadh-based teams targeting opportunities from infrastructure to AI,Bloomberg reports.
🛩️ Flight Bundles: Saudia has launched a new Flight Pass subscription offering prepaid economy-class trip bundles that could boost revenue from Saudi Arabia’s domestic market.
🔋 EV Maker: Morocco is nearing entry into the world’s top five electric-vehicle battery value-chain producers, Minister of Industry and Trade Riad Mezzour said.
🛢️ Oil Search: Egypt plans to drill more than 100 exploratory wells in 2026 after boosting crude production by nearly 200,000 barrels per day.
📉 Economy Collapse: A UNCTAD report said that the two-year Gaza war and West Bank restrictions have caused the worst economic collapse in Palestinian history, with the economy shrinking 30% in 2024 compared with 2022.
💸 Flying Contest: As Gulf’s major airports expand capacity, they are shifting from competing with Europe’s major hubs to vying against one another to attract hundreds of millions of future passengers, The Financial Times reports.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed met with Sheikh Fahad Yousef Saud Al Sabah, First Deputy Prime Minister and Minister of Interior of Kuwait, at Qasr Al Bahr palace in Abu Dhabi on Tuesday.
Sheikh Mohamed also met with Farid Ahmadov, Minister of Justice of Azerbaijan, on Tuesday in Abu Dhabi.
Saudi Crown Prince Mohammed bin Salmanreceived a phone call on Tuesday from King Abdullah II of Jordan.
Sheikh Tahnoon bin Zayed, UAE National Security Advisor, met withChristian Klein, CEO of German software company SAP on Tuesday.
➿ On the Circuit
Pope Leo plans to visit both Turkey and Lebanon on his first overseas trip, meeting with Orthodox Christian leaders and making appeals for peace in the region.
Gianni Infantino, President of the FIFA soccer federation, was granted Lebanese citizenship by President Joseph Aoun during a visit to Lebanon’s Presidential palace in Baabda on Tuesday. Infantino’s wife, Leena Al Ashqar, is Lebanese.
Hessa Alshuwaihihas been appointed as the UAE’s Consul General in Los Angeles.
Saeed bin Mubarak Al Hajeri, UAE Minister of State at the Ministry of Foreign Affairs, told Bloombergthat the government plans to expand commerce within sub-Saharan Africa as it seeks to bolster food security and tap into Africa’s rapid growth.
🎶 Culture Circuit
🎬 Shakespeare in the Desert: Barbara Broccoli’s Eon Productions, the former James Bond franchise producer, has signed up to make a screen adaptation of William Shakespeare’s “Othello” with financing from Qatar’s Katara Studios, to be shot in Doha next year. The production will be directed by British actor David Oyelowo, who will also star alongside “The Marvelous Mrs. Maisel’s” Rachel Brosnahan. It will be Broccoli’s first project since her company sold the Bond rights to Amazon MGM, Variety reports. The adaptation is based on a production directed by Sam Gold at the New York Theater Workshop in 2016. Entertainment news site Deadline reports that the screenplay reimagines the story in a contemporary Middle East, set in a U.S. barracks in Iraq.
📷 Photo of the Day
Members of the Dubai Basketball team celebrate after their 90-89 victory in the EuroLeague Round 13 match against Paris Basketball at Coca-Cola Arena in Dubai on Tuesday. (Charles Verghese/Euroleague Basketball via Getty Images)
📅 Circuit Calendar
Nov. 24-27, Dubai. Big 5 Global. Addressing the challenges shaping the construction and urban development industries. Dubai World Trade Center.
Nov. 26-27, Abu Dhabi. CyberQ 2025. The UAE’s flagship summit for cybersecurity and quantum technologies. ADNEC Center.
Dec. 1-2, UAE. UAE National Day. A two-day public holiday to celebrate the UAE’s 54th National Day, also known as Eid Al Etihad.
Dec. 1-3, Riyadh. Saudi Intermobility Expo. A platform dedicated to advancing next-generation road networks, from sustainability to integrating AI and EVs. Riyadh Front Exhibition and Convention Center.
Dec. 2-5, Abu Dhabi: Sotheby’s Abu Dhabi Collectors’ Week. Auction house runs a series of public sales, masterclasses, panel discussions and exhibitions. St. Regis Saadiyat Island Resort.
Dec. 3-5, Jeddah. AgroFood Jeddah. Bringing together developing businesses in the agricultural and food products field in Saudi Arabia. Jeddah Center for Exhibitions and Events.
Dec. 4, Abu Dhabi. Family Office Summit. Dedicated to fostering innovation and wealth management within the family office community. Park Hyatt Hotels and Villas.
Dec. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island.
Dec. 6-7, Doha. Doha Forum. Bringing together leaders in policy to discuss critical challenges facing our world. Sheraton Grand Doha Resort and Convention Hotel.
Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit.
Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.
Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.
Dec. 8-9, Kuwait City. Kuwait Risk Management Summit. Equipping leaders in enterprise risk, audit, and compliance with the latest insights and actionable strategies to tackle the evolving risk landscape. Kuwait Four Seasons Hotel.
Dec. 8-9, Abu Dhabi. Global AI Show. A leading forum examining investment opportunities in artificial intelligence. Space42 Arena.
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 world’s 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.
In the Daily Circuit today, we’re reporting on Morocco’s Akdital planning a $1.6 billion expansion of its private hospital network into Gulf markets, Uber seeking regulatory approval to buy Turkey’s Getir food delivery service from Mubadala, Qatar’s Ooredoo completing a secondary share offering and the construction of two liquor stores for expats in Saudi Arabia. But first, ADNOC sets its course through 2030.
Abu Dhabi’s state oil company ADNOC is moving ahead with a $150 billion capital spending plan for the next five years aimed at boosting growth and meeting rising global energy demand.
During a meeting in Abu Dhabi on Monday, which was chaired by UAE President Sheikh Mohamed bin Zayed, the company’s board approved its 2026-2030 spending program, noting that its oil reserves have grown to 120 billion stock tank barrels, up from 113 billion. Natural gas reserves have also increased.
ADNOC is focused on “leveraging advanced technologies and AI to future-proof our business,” Group CEO Dr. Sultan Al Jaber told the board. “We will continue to transform how we create value at speed and scale, driving a new era of intelligence-powered performance, operating at the intersection of AI and energy, to deliver growth for the UAE.”
ADNOC reported that its investment arm, XRG, has grown in value to about $151 billion since its November 2024 launch and will target global deals in chemicals, natural gas, and renewables as part of the UAE’s energy diversification efforts.
The board also approved a new operating company for its Ghasha offshore concession, which is expected to produce 1.8 billion cubic feet of gas and 150,000 barrels of oil and condensates per day.
Editor’s Note: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].
📰 Developing Stories
BOTTLE SERVICE
Two new liquor stores are under construction in the cities of Jeddah and Dammam as Saudi Arabia further eases restrictions on alcohol in a bid to draw more foreign talent to reside in the kingdom, Reuters reports. It comes after reports that the country’s only sanctioned liquor store, in Riyadh, is now allowing a larger group of foreign residents to make purchases. Non-Muslims holding a permit under the Premium Residency program, which grants visas to entrepreneurs, investors, property owners and talented individuals, are now allowed to purchase alcohol in the store, which was previously reserved for diplomats. Loosening rules around alcohol has been a delicate task for the Saudi leadership, which has attempted to appease conservatives by cracking down on nightclubs known as “lounges” in recent months.
AERIAL CONNECTIONS
Providing dependable internet connections is the latest battleground in competition between Gulf airlines. The rivalry on international routes between Emirates and Qatar Airways is being stoked by the increased availability of Starlink, the low-orbit satellite network developed by Elon Musk’s SpaceX, Arabian Gulf Business Insight reports.While the Qatar carrier has already equipped more than 100 of its long-haul aircraft with Starlink’s service, Dubai-based Emirates is trying to catch up with a new fleet-wide rollout of Starlink that will enable streaming videos, playing games and making voice calls simultaneously. Budget airline Flydubai, meanwhile, is preparing to offer Starlink’s high-speed WiFi as a standard feature rather than a premium perk.
💲 Sovereign Circuit
Mubadala: Uber is seeking regulatory approval in Turkey to buy Getir Food from the Abu Dhabi sovereign wealth fund, a move that would deepen its presence in Turkey’s food delivery market as Mubadala exits the business, Bloomberg reports.
Mubadala: Los Angeles-based Ares Management is teaming up with Mubadala and the Abu Dhabi Investment Council to launch a so-called GP-stakes platform that will buy minority holdings in mid-size private equity firms.
ADQ:AD Ports Group, an ADQ subsidiary, and Masdar signed an agreement to collaborate on the development and delivery of offshore wind projects.
Abu Dhabi Investment Authority:Qatari telecoms operator Ooredoo said its secondary global offering of shares, stemming from ADIA’s recent divestment of half its 10% stake, has been completed.
↪↩ Closing Circuit
✈️ Double Money:The Dubai Airshow 2025 closed with deals surpassing $202 billion, double its 2023 edition.
🩺 Gulf Reach: Moroccan private hospital giant Akdital is launching a $1.6 billion expansion into Gulf markets, using its property arm Tazak to raise capital for new hospitals in Saudi Arabia and the UAE.
⛏️ Start Digging:Brunswick Exploration, a Montreal-based miner, has begun lithium exploration in Saudi Arabia after receiving a pending-approval license.
🌐 Quantum Lift: Heven AeroTech, an Israeli drone startup, announced a new investment and strategic partnership with U.S. quantum computing company IonQ.
📈 Economic Rebound: The Bank of Israel cut its benchmark interest rate by 0.25% to 4.25%, its first rate cut since January 2024, citing eased inflation after the Gaza ceasefire and a rebound in economic activity.
🗣 Circuit Chatter
📉 Fiscal Warning:The International Monetary Fund warned that Bahrain’s deteriorating fiscal position and rising debt-to-GDP ratio require new measures, including a general corporate income tax and reduction in broad energy subsidies.
📜 Executive Ban: U.S. President Donald Trump has signed an executive order directing his top diplomats and treasury officials to begin the process of designating certain chapters of the Muslim Brotherhood as foreign terrorist organizations.
💸 Desert Debut: Airtel Money, a subsidiary of London-listed telecom Airtel Africa, is planning a $1 billion IPO in the UAE after securing a regulatory waiver because of its lack of a local headquarters.
🇪🇬 Winning Trust: HSBC says Egypt’s devalued pound is winning back foreign debt investors’ trust, arguing that fears of policy reversals have eased and that convertibility, rather than fixed value, has become more credible.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed chaired the annual meeting of the ADNOC Board of Directors at the Habshan complex in Abu Dhabi on Monday.
Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, opened a new session of the Federal National Council. The session was attended by Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court.
Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, met withMassad Boulos, Advisor to the U.S. President for African and Arab Affairs on Monday in Abu Dhabi.
Sheikha Moza bint Nasser, Chairperson of the Qatar Foundation and mother of Qatar’s Emir Sheikh Tamimdelivered the opening speech on Monday at the 12th World Innovation Summit for Education. Speaking about artificial intelligence, Sheikha Moza said: “The pace of change now surpasses our limits and our ability to adapt. This reality brings risks that we can neither downplay nor ignore.”
➿ On the Circuit
Abdullah Ali Al-Yahya, Kuwait’s Minister of Foreign Affairs, met on Monday with Adam Boehler, the U.S. Special Envoy for Hostage Response.
Faisal Al Bannai, Secretary General of the Advanced Technology Research Council, talked with CNN’s Becky Anderson about the UAE’s determination to take the lead in the global AI race.
Yuriko Koike, Governor of Tokyo, will attend and deliver a keynote address at the FII Priority Asia Summit in Tokyo on Nov. 30- Dec. 1, according to a press statement.
Danny Townsend, CEO of SURJ Sports Investment, spoke to The Nationalabout the recent Masters 1000 announcement, the company’s overall strategy, and the challenges that come with working to transform the sports ecosystem in Saudi Arabia.
Gerd Muller, Director-General of the UN Industrial Development Organization, said that Saudi Arabia represents an ambitious model for achieving sustainable industry.
Aldo De Jager was appointed CEO of Dubai’s Mira International, formerly known as Mira Real Estate.
🎶 Culture Circuit
🪩 Coming Out: American superstar Diana Ross is joining the lineup for Abu Dhabi’s Saadiyat Nights concert series, performing the opening night double-header with British singer Seal on Jan. 9. The Supremes singer will perform favorites from her six-decade career, including solo hits “I’m Coming Out” and “Upside Down.” The concert series, which continues through to Feb. 11 at a venue near Manarat Al Saadiyat, will also feature Ludovico Einaudi, Lewis Capaldi, John Mayer, Ricky Martin, Mariah Carey and Bryan Adams.
📷 Photo of the Day
UAE President Sheikh Mohamed bin Zayed (right) and Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Group CEO of ADNOC, met with Emirati employees at ADNOC’s Habshan complex in Abu Dhabi ahead of the company’s annual meeting held at the facility on Monday. (Emirates News Agency)
📅 Circuit Calendar
Nov. 24-27, Dubai. Big 5 Global. Addressing the challenges shaping the construction and urban development industries. Dubai World Trade Center.
Nov. 25-26, Riyadh. Global Sustainability Expo. Dedicated to advancing sustainability practices across industries. The Arena Riyadh.
Nov. 26-27, Abu Dhabi. CyberQ 2025. The UAE’s flagship summit for cybersecurity and quantum technologies. ADNEC Center.
Dec. 1-2, UAE. UAE National Day. A two-day public holiday to celebrate the UAE’s 54th National Day, also known as Eid Al Etihad.
Dec. 1-3, Riyadh. Saudi Intermobility Expo. A platform dedicated to advancing next-generation road networks, from sustainability to integrating AI and EVs. Riyadh Front Exhibition and Convention Center.
Dec. 3-5, Jeddah. AgroFood Jeddah. Bringing together developing businesses in the agricultural and food products field in Saudi Arabia. Jeddah Center for Exhibitions and Events.
Dec. 4, Abu Dhabi. Family Office Summit. Dedicated to fostering innovation and wealth management within the family office community. Park Hyatt Hotels and Villas.
Dec. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island.
Dec. 6-7, Doha. Doha Forum. Bringing together leaders in policy to discuss critical challenges facing our world. Sheraton Grand Doha Resort and Convention Hotel.
Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit.
Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.
Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.
Dec. 8-9, Kuwait City. Kuwait Risk Management Summit. Equipping leaders in enterprise risk, audit, and compliance with the latest insights and actionable strategies to tackle the evolving risk landscape. Kuwait Four Seasons Hotel.
Dec. 8-9, Abu Dhabi. Global AI Show. A leading forum examining investment opportunities in artificial intelligence. Space42 Arena.
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 world’s 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.
UAE and Saudi companies lead the Gulf in new public offerings
Gulf markets continue to churn out IPOs as companies in the UAE and Saudi Arabia lead the drive to raise money by going public.
Alpha Data, an Abu Dhabi-based tech services company, announced plans today for its initial share sale next month with expectations of raising as much as $162 million when the shares start trading on March 11, Reuters reports.
Riyadh-based SMC Hospitals, meanwhile, has hired a group of investment banks, including EFG Hermes and SNB Capital, in preparation for its ADX debut before the summer, according to the news agency.
Fakeeh Care Group, another Saudi healthcare business, raised $760 million in June, making it the kingdom’s largest IPO of 2024.
Saudi IPOs raised $2.1 billion in first half of 2024, leading GCC
IPO fundraising jumped in Saudi Arabia during the first half of 2024 while slowing in other Gulf markets.
Saudi companies raised $2.1 billion in 19 offerings, a 141% increase from the first half of 2023, according to Markaz, the Kuwait Financial Centre.
The largest IPO in the region during the first half of the year was Dr. Soliman Abdulkader Fakeeh Hospital Co., which raised $764 million on the Tadawul Stock Exchange on June 4.
Across the GCC, the value of IPOs declined 32% to $3.6 billion during the first half of 2024, compared to $5.3 billion in the same period last year, Markaz said.
The UAE’s three IPOs during the first half raised $1.3 billion, down 67% percent from 2023. Alef Education led the UAE with an offering on the ADX that raised $515 million on June 11.