Gulf state Archives

The Daily Circuit: PIF expands U.S. engagements + Microsoft-G42 data centers

In the Daily Circuit today, we’re reporting on Microsoft and G42 expanding their joint data centers in the UAE, Abu Dhabi doubling its investments in the U.K. to $26 billion over the past four years, Qatar selling back its Cathay Pacific stake to the Hong Kong airline for almost $900 million, and M42’s new “precision nutrition” platform. But first, Saudi Arabia bolsters its presence in women’s golf.

Saudi Arabia’s Public Investment Fund will back a U.S. women’s golf event for the first time on the LPGA Tour when the Aramco Championship is held in Las Vegas this coming April.

The sovereign wealth fund said it will offer a $4 million purse, making it one of the largest prize funds for a regular LPGA event outside the four major women’s golf competitions in the U.S., the Associated Press reports.

Saudi Crown Prince Mohammed bin Salman has steered the PIF into becoming a leading backer of professional sports, creating the LIV Golf tournament and becoming a sponsor of the ATP tennis series. The PIF also owns a stake in the English Premier League’s Newcastle United football club.

LPGA commissioner Craig Kessler described the Saudi-sponsored event as “exactly where we’re headed” in building a truly global schedule.

The move comes amid ongoing tensions in men’s professional golf, where efforts to merge the PGA Tour and PIF-backed LIV Golf remain stalled.

Negotiations that once seemed poised to formally integrate LIV’s model into the PGA Tour framework were never finalized, leaving both sides in limbo. Although a framework agreement was signed in June 2023 between PIF and the PGA Tour and European Tour, the deal has yet to yield a merger.

Meanwhile, U.S. President Donald Trump used the PIF-sponsored American Business Forum in Miami on Wednesday to celebrate the one-year anniversary of his election victory.

Asserting that the U.S. has the “greatest economy” in the world, he blamed Republican setbacks in Tuesday’s off-year elections on the party’s communication failures, not economic conditions, the AP reported.

Princess Reema bint Bandar, Saudi Arabia’s Ambassador to the U.S., hailed technological ties between the two countries during a moderated discussion at the forum.|

Also causing a stir was an unverified report that the PIF is preparing a competing $70 billion offer for Warner Bros. Discovery amid Paramount’s attempt to buy the U.S. media and entertainment conglomerate.

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📰 Developing Stories

MEGA MEGAWATTS

Microsoft President Brad Smith was in Dubai with G42 CEO Peng Xiao today to roll out plans for expanding the capacity of their joint data centers in the UAE by an additional 200 megawatts, The Circuit’s Omnia Al Desoukie reports. Completion for upscaling G42’s Khazna Data Centers is targeted for the end of 2026 and the project follows Microsoft’s $1.5 billion investment in G42 earlier this year. “We can leverage the resources of the UAE to help other nations,” Peng said. Smith said the UAE’s geographic location bridges Asia and Europe and could enable the Microsoft-G42 partnership to serve 4 billion people.

LONDON CALLING

Abu Dhabi is doubling down on its commitment to invest in the U.K. Four years ago, the emirate agreed to channel 10 billion pounds ($13 billion) via its Mubadala sovereign fund into British assets, particularly in tech and life-sciences firms and London property developments, signing a deal labeled the Sovereign Investment Partnership. Since then, spending in the U.K. by Abu Dhabi entities has ballooned to 20 billion pounds, Bloomberg reports. Among the investments was the $600 million stake Mubadala bought this year in London-based school operator Nord Anglia Education. Prime Minister Keir Starmer underlined the U.K.’s desire to draw more Gulf investment with a visit to the UAE and Saudi Arabia last December.

💲 Sovereign Circuit

Qatar Investment Authority: QIA-backed Qatari Diar plans to invest $30 billion in a luxury development in Egypt’s Mediterranean coast, including resorts, golf courses and schools, , Reuters reports.

Qatar Investment Authority: Qatar Airways will sell its entire stake in Cathay Pacific back to the Hong Kong airline for $897 million, marking its complete exit after eight years, Reuters reports.

Qatar Investment Authority: QIA-backed OpenAI rival Anthropic expects to generate as much as $70 billion in revenue in 2028, up from about $4.7 billion this year, The Information reports. Rapid revenue growth may see the company tapping investors again in coming months, with a potential valuation of $300 billion to $400 billion.

Masdar: The Abu Dhabi green energy company will acquire a 49% stake in Austria’s largest hydrogen plant, which is expected to start operating in 2027. Austrian energy company OMV, which is part owned by ADNOC’s international investment arm XRG, will retain 51%.

Public Investment Fund: California-based electric vehicle maker Lucid will get another $1 billion cash injection from Saudi Arabia’s PIF, its biggest shareholder, as it grapples with a worse-than-expected third-quarter loss amid production challenges, Bloomberg reports.

Public Investment Fund: PIF subsidiaries Savvy Games Group and Humain signed an agreement to deploy full-stack artificial intelligence across operations.

Public Investment Fund: An unverified rumor that the PIF is preparing a competing $70 billion offer for Warner Bros. Discovery is causing a stir among commentators reporting on Paramount’s attempt to buy the U.S. media and entertainment conglomerate.

Abu Dhabi Investment Authority: The IPO of Reliance Jio, an arm of Indian billionaire Mukesh Ambani’s Reliance Industries, which is backed by ADIA and the PIF, could see the wireless carrier valued at as much as $170 billion, Bloomberg reports.

Lunate: The Abu Dhabi-backed alternative investment manager has launched its second thematic ETF within its Boreas range, this time covering AI Data, Power & Infrastructure investments.

Mubadala: M42, the health company owned by AI powerhouse G42 and the Abu Dhabi sovereign fund, is partnering with 10X Health and REVIV Global to launch a precision nutrition platform.

↪↩ Closing Circuit

🚦 Green Light: ADNOC is expected to secure EU clearance within weeks for its $17 billion acquisition of German chemicals firm Covestro, after the European Commission resumed its antitrust review last month, Reuters reports.

🌐 Cyber Surge: Israeli-founded cybersecurity firm Armis raised $435 million at a $6.1 billion valuation in a round led by Goldman Sachs Alternatives and CapitalG, one of the year’s biggest private cyber financings.

✈️ Flying High: Emirates airline posted a record $2.7 billion half-year profit amid “strong and sustained” travel demand, The National reports.

💵 Green Fund: Kuwaiti developer Mabanee secured an Islamic-compliant green loan of $81 million to develop a retail centre.

🗣 Circuit Chatter

🧑‍💻 Silk Link: Saudi Arabia and Syria are in talks to build data cables connecting the kingdom to Europe, a key step in its goal to become a global artificial intelligence hub, Semafor reports.

🛣️ Heavy Traffic: The UAE will spend $46 billion on transport and road projects over the next five years to ease traffic congestion, amid a population surge, The National reports.

💰 New Fund: Kuwait-based firms Kamco Invest and TechInvest will launch a new fund called The JEDI Opportunity Fund to invest in startups.

🚍 Trade Route: Work has begun on the $2 billion Al-Rawdah Special Economic Zone project, which will increase foreign trade and reduce logistics costs between Oman and the UAE.

🛢️ December Sales: Saudi Aramco cut the price of its flagship Arab Light crude for Asia by $1.20 a barrel for December, the lowest level in 11 months.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed met with Ratu Naiqama Lalabalavu, President of Fiji, at Qasr Al Shati palace in Abu Dhabi on Wednesday.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, visited ADIPEC 2025.

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, honoured recipients of the UAE Order for Culture and Creativity at the UAE Government Annual Meetings 2025 held in Abu Dhabi, in the presence of Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister and Ruler of Dubai.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, UAE Deputy Prime Minister, Minister of Defense, and Chairman of The Executive Council of Dubai, met with Chief AI Officers from government entities on the sidelines of the UAE Government Annual Meetings 2025 held in Abu Dhabi this week.

Princess Reema bint Bandar, Saudi Arabia’s Ambassador to the U.S., hailed technological relations between the two countries during a moderated discussion at the America Business Forum in Miami. The kingdom’s Public Investment Fund was named as the presenting partner for the forum.

Sheikha Latifa bint Mohammed, Chairperson of the Dubai Culture and Arts Authority, attended a session led by Dr. Anwar Gargash, Diplomatic Advisor to the UAE President, who said that under the leadership of Sheikh Mohamed bin Zayed, the UAE has established itself as a soft power instrumental in shaping the future of the region and the world.

➿ On the Circuit

Turki Alalshikh, Chairman of Saudi Arabia’s General Entertainment Authority, said that two million people have visited the Riyadh Season since the festival began on Oct.10.

Dennis Jol, CEO of Abu Dhabi energy sector AI company AIQ, told The National on the sidelines of ADIPEC that the company is preparing to export its solutions to global markets and is already running pilot projects in six countries.

Dr. Steven Griffiths, Professor and Vice Chancellor for Research at the American University of Sharjah, told Zawya Projects that the region’s financial strength, policy alignment, and industrial demand have positioned it well to advance commercial decarbonisation technologies.

🎶 Culture Circuit

🥊 Knockout Lineup: British-Indian director Rowan Athale’s biopic “Giant,” about the British-Yemeni boxing champion Prince Naseem ‘Naz’ Hamed, has been selected to open the fifth Red Sea International Film Festival in Jeddah. Festival organizers unveiled key picks for the festival, to be held Dec. 4-13, at a press conference in the city on Tuesday. Among the standouts were fellow British filmmaker Rupert Wyatt’s “Desert Warrior,” which was shot in Saudi Arabia with an international cast, “Hijra” by Saudi director Shahad Ameen, which follows three generations of women on a journey from Taif to Makkah, and Paris-set drama “Couture” by Alice Winocour, starring Angelina Jolie.

📷 Photo of the Day

**UAE Grandmaster Salem Saleh** secured a thrilling victory over American Grandmaster Abhimanyu Mishra at the 2025 FIDE World Chess Cup in Goa, India, on Wednesday. The tournament runs until 27 November, with more than 200 international players competing for prize money exceeding $2 million. (Emirates News Agency)

📅 Circuit Calendar

Nov. 4-9, Dubai. Dubai Design Week. The Middle East’s largest creative festival, showcasing more than 200 events across architecture, product, furniture, interior and graphic design. D3.

Nov. 5-16, Sharjah, UAE. Sharjah International Book Fair. A 12-day cultural and literary event attracting global publishers and literary stars. Expo Center Sharjah.

Nov. 10. Abu Dhabi. Abu Dhabi Autonomous Summit. The flagship platform of the inaugural Abu Dhabi Autonomous Week, convening global leaders to define the next chapter of smart and autonomous mobility. Yas Marina Circuit.

Nov. 10-12, Abu Dhabi. DRIFTx. An international exhibition showcasing smart and autonomous mobility solutions. Yas Marina Circuit.

Nov. 10-15, Abu Dhabi. RoboCup Asia-Pacific. A regional competition and event for AI and robotics where teams compete on challenges including humanoid robot soccer matches. ADNEC Center.

Nov. 11-14, Dubai. ICOM 2025. Bringing together museum professionals and cultural experts from around the world to explore the evolving role of museums. Dubai World Trade Center.

Nov. 17-19. Doha. Qatar Entrepreneurship Conference (ROWAD). Qatar’s national entrepreneurship platform and a flagship Global Entrepreneurship Week event, connecting startups, SMEs, and ecosystem leaders. Doha Exhibition & Convention Center.

Nov. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.

Nov. 19-20, Dubai. Knowledge Summit. A global platform for knowledge production in the service of sustainable development. 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. 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. 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. 8-10, 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.

The Daily Circuit: Saudi F35 request clears Pentagon + AD Ports $8B gas hub

In the Daily Circuit today, we’re reporting on AD Ports’ $8 billion deal to build liquified gas terminals, a rebound in shipping traffic in the Suez Canal, further delays in delivery of some 200 Boeing aircraft to Emirates and Oman Indian Fertiliser Co. hiring banks for a possible IPO. But first, a green light from the Pentagon to sell stealth jets to Saudi Arabia.

Saudi Arabia’s quest to buy as many as 48 F-35 stealth fighter jets from Lockheed Martin is picking up traction amid White House preparations for Crown Prince Mohammed bin Salman’s Nov. 18 visit to the White House.

On its way to final approval, the deal cleared a critical hurdle when it recently received a green light from the Pentagon, Reuters reports. U.S. officials noted that the proposed sale still must be fully confirmed by the Trump administration with a formal notification to Congress.

Before delivery of the world’s most advanced fighter jets can be made to the Gulf kingdom, lawmakers have the authority to block or amend the deal, which is expected to draw scrutiny given regional sensitivities and human rights concerns.

Saudi Arabia has sought the F-35s as part of a broader effort to modernize its armed forces and replace aging aircraft. The request comes amid shifting regional alliances and increasing security coordination between Washington and the Gulf states, including the UAE and Qatar.

The F-35 boasts stealth capabilities that reduce radar visibility, though any Gulf sale would likely involve modifications or restrictions because U.S. policy requires that Israel, which first purchased the F35s in 2016, retain a “qualitative military edge” in the region, according to Reuters.

Editor’s Note: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].

📰 Developing Stories

FLIGHT DELAYS

UAE flag carrier Emirates said its expansion plans have been significantly set back because Boeing’s deliveries of more than 200 planes, which were originally expected in 2020, have been delayed to 2027. Emirates President Tim Clark told The National that the company is working to retrofit older aircraft and will have to fly its aging Airbus A380 fleet into the late 2030s. “It’s bad news for us,” Clark said. “It’s seven years after we expected it to happen.” The airline, which is owned by the Investment Corp. of Dubai, is preparing for the Dubai Airshow, one of the industry’s biggest arenas for dealmaking, which kicks off on Nov. 17.

CANAL REBOUND

Easing tensions in the Red Sea have delivered a boost to Egypt’s Suez Canal, with hundreds of ships returning to ply the global trade route in October. Canal revenues rose 14% year-on-year between July and October, with 4,405 ships carrying 185 million tons of cargo during the period. More than 200 ships returned to the canal in October, leading to the highest monthly total since Houthi attacks off Yemen sharply reduced traffic, Reuters reports. Lieutenant General Osama Rabie, Chairman of the Suez Canal Authority, said that the positive climate following last month’s Sharm el-Sheikh summit on Gaza’s future encouraged many carriers to return.Yemen’s Iran-aligned Houthis carried out over 100 attacks on ships in the Red Sea, Gulf of Aden, and Bab al-Mandab Strait, during 2023-2024.

💲 Sovereign Circuit

ADQ: AD Ports, which is majority owned by ADQ, signed an agreement with Nimex Terminals valued at more than $8 billion to establish the UAE’s first private-sector terminal hubs for both liquified natural gas (LNG) and liquified petroleum gas (LPG).

Oman Investment Authority: Oman India Fertiliser Co., 50% owned by by Oman’s state energy firm OQ SAOC, a subsidiary of the OIA, has selected banks including Societe Generale, Arqaam Capital and Bank Muscat for a potential IPO in Muscat that could raise several hundred million dollars, Bloomberg reports.

Mubadala Capital: Melis Kahya, Managing Director and Head of Consumer for EMEA at General Atlantic, spoke during the Mubadala Capital Abu Dhabi Catalyst Partners Portfolio Day about howdigital-native consumers, entrepreneurial energy and increasingly sophisticated capital markets are shaping a new growth arc.

2PointZero: Mariam AlMheiri, CEO of 2PointZero, spoke to CNN’s Becky Anderson during ADIPEC about the investment company’s aggressive growth strategy.

↪↩ Closing Circuit

🤝 Gulf Deals: Bahrain signed over 60 investment deals worth $17 billion at the Gateway Gulf 2025 forum in Manama, supporting investment in five key non-oil sectors.

💰 Bonds Sales: Qatar raised $4 billion in a two-tranche bond sale that drew strong demand, enabling the LNG exporter to secure better-than-expected pricing on a $1 billion three-year bond and a $3 billion 10-year Islamic bond, Reuters reports.

⛽ Shell Game: Abu Dhabi’s ADNOC Gas signed a 15-year agreement to supply Shell with up to 1 million tons of liquefied natural gas annually from its Ruwais project.

🏎️ Car Production: Egypt has begun building the MAC Automotive plant near Cairo, with the factory set to produce 50,000 vehicles annually at launch and expand to 100,000 within five years.

🔒 Threat Detection: Daylight, an Israeli cybersecurity startup that uses AI to detect and respond to digital threats, raised $33 million in a Series A funding round led by Craft Ventures.

🗣 Circuit Chatter

🎓 Funding Education: Varkey Group, the holding company controlled by the Dubai-based Indian family behind GEMS Education, is in talks to raise about $400 million in debt financing, Bloomberg reports.

⛽ On the Go: ADNOC Distribution will launch The Hub, a new concept that combines service stations with ultra fast EV charging, dining and entertainment options.

👨🏼‍💼 New Business: Egypt launched a new global tender by the state-owned South Valley Egyptian Petroleum Holding Company, for oil and gas exploration in four Red Sea regions.

🏢 Fast Approach: Bentley Reid, a U.K.-based wealth manager, has opened a new office in the Dubai International Financial Centre, with CEO Peter Clark relocating to lead the expansion.

🌍 Power Circuit

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, met with Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, UAE Deputy Prime Minister and Minister of Defense, and Chairman of The Executive Council of Dubai, on the sidelines of the UAE Government Annual Meetings.

Sheikh Hamdan bin Mohammed approved a series of plans and policies to help make Dubai the “world’s best” city.

Sheikh Zayed bin Mohamed met with Ratu Naiqama Lalabalavu, President of Fiji, at Wahat Al Karama in Abu Dhabi as part of an official visit to the UAE.

Sheikh Mansoor bin Mohammed, President of the UAE National Olympic Committee, inaugurated the $100 million GEMS School of Research and Innovation in Dubai Sports City.

Sheikha Latifa bint Mohammed, Chairperson of Dubai Culture and Arts Authority, met with key government and private sector partners to review the latest progress and preparations for the upcoming 27th General Conference of the International Council of Museums which will take place in Dubai from Nov.11-17.

➿ On the Circuit

Syrian President Ahmed Al Sharaa will meet U.S. President Donald Trump at the White House on Monday next week for talks on U.S.-Syria diplomatic ties and regional stability.

Bandar Alkhorayef, Saudi Arabia’s Minister of Industry and Mineral Resources and Board Chairman of the National Industrial Development Centre, chaired a meeting of the centre with a delegation of more than 30 Chinese companies to discuss high-value investments.

Selim Kervanci, CEO of Middle East North Africa and Turkey for HSBC, told Zawya that specific project bonds could help Saudi Arabia in its need for funding to continue on this ambitious transformation plan.

Michael Eisenberg, Co-Founder and General Partner at Tel Aviv-based venture capital firm Aleph, Bilal Baloch, a partner at UAE’s Shorooq, and Chris Arsenault, Co-Founder and partner at Inovia Capital in Montreal, were on a panel discussing VC investment in the Middle East and North America that was recorded at the FII conference in Riyadh last week.

🎶 Culture Circuit

🏘️ Coming Together: At this year’s Dubai Design Week, running until Nov. 9, the spotlight is firmly fixed on community and sustainability, with architects and artists reimagining shared spaces through courtyards, teahouses and greenhouses. Installations across Dubai Design District draw on local and global traditions — from an Emirati house to a Japanese-style teahouse — to encourage connection and reflection, The National reports.

📷 Photo of the Day

**No. 1-ranked Aryna Sabalenka of Belarus** plays a forehand against Jessica Pegula during their Round Robin Singles match on Day 4 of the WTA Finals Riyadh as part of the Hologic WTA Tour 2025 at Saudi Arabia’s King Saud University Indoor Arena.

📅 Circuit Calendar

Nov. 3-6, Abu Dhabi. ADIPEC. Bringing together professionals, companies, and government leaders to discuss and showcase the latest developments in oil, gas, and cleaner energy technologies. ADNEC Center.

Nov. 4-6, Dubai. Gulfood Manufacturing. Billed as the most influential F&B manufacturing event in the world. Dubai World Trade Center.