Gulf states send finance chiefs, moguls to snowy Davos forum

From the Gulf’s desert capitals to the icy streets of Davos, senior government officials and corporate powerbrokers from the United Arab Emirates, Saudi Arabia, Qatar and Bahrain are converging on Switzerland for the World Economic Forum, the weeklong economic jamboree that opened on Monday night.

The UAE sent a delegation of more than 100 ministers, senior officials and business leaders, led by Sheikha Latifa bint Mohammed bin Rashid, with Finance Minister Mohamed bin Hadi Al Hussaini, Minister of Economy Abdullah bin Touq Al Marri, Mohammed Al Gergawi, Minister of Cabinet Affairs; Mubadala CEO Khaldoon Al Mubarak; and Badr Jafar, the UAE’s Special Envoy for Business and Philanthropy, and CEO of Crescent Enterprise.

Saudi Arabia’s delegation is headed by Foreign Minister Prince Faisal bin Farhan and includes Finance Minister Mohammed Al-Jadaan, Investment Minister Khalid Al-Falih, Ambassador to the U.S. Princess Reema Bandar and senior executives from the kingdom’s Public Investment Fund and flagship companies. Also in Davos are Commerce Minister Majid Al-Kassabi, Tourism Minister Ahmed Al-Khateeb, and Industry and Mineral Resources Minister Bandar Alkhorayef.

Qatar is making a strong presence, bringing Finance Minister Ali Al-Kuwari, Minister of Communications and Information Technology Mohammed Mannai, Qatar Investment Authority CEO Mohammed Saif Al-Sowaidi; QNB Group CEO Abdullah Al Khalifa, and Doha Bank CEO Sheikh Abdulrahman bin Fahad.

Bahrain’s delegation features Finance and National Economy Minister Sheikh Salman bin Khalifa, Sustainable Development Minister Noor bint Ali Al Khalifa, who is also CEO of the Economic Development Board; Industry and Commerce Minister Abdullah bin Adel Fakhro; Mumtalakat CEO Sheikh Abdullah bin Khalifa; Gulf Air Chairman Khalid Taqi, and Bahrain Tourism & Exhibitions Authority CEO Sarah Buhejji.

All four countries will operate their own bases of operations along the Promenade, the main street in Davos, featuring speakers, parties and promotional activities designed to attract investors and deepen global ties.

Citi’s Jane Fraser sees Gulf states driving decade of Mideast growth

Citigroup CEO Jane Fraser sees the Gulf states sparking explosive growth in coming years across the region.

“The Middle East is probably on a rip for the next decade or so in terms of how much investment and new industries, new clients are coming in,” Fraser told Bloomberg in an interview today while visiting Dubai.

She highlighted the region’s expanding links with India and China as a powerful draw for global financial institutions like Citi, which has been building up operations alongside rivals such as Jefferies, Lazard, and JPMorgan.

With governments accelerating privatizations and encouraging stock listings, Fraser also pointed to the Gulf as a global hotspot for IPOs, which have raised more than $5 billion this year.

CruiseXplore builds Mideast business with mini-holidays to Gulf, Red Sea resorts

While cruise ships teem with Middle East travelers heading to the Greek Islands, Hong Kong and the Caribbean, Lakshmi Durai is trying to introduce more people to shorter luxury trips sailing between the Gulf states and along the Red Sea.

As founder and CEO of CruiseXplore, an internet booking platform that fills cabins for some two dozen cruise lines, including Carnival, Norwegian and Disney, Durai has lately teamed up on the mini-holidays with Aroya Cruises, which is backed by Saudi Arabia’s Public Investment Fund.

“This is a very high-potential market,” Durai, a 30-year veteran of the industry, told The Circuit during this month’s annual Arabian Travel Market exhibition in Dubai. “It’s an easy way for people to experience cruising for the first time.”

Jeddah-based Aroya opened for business just two years ago and runs a variety of cruises to nearby ports of call including Egypt’s Sharm el-Sheikh, the Jordanian resort city of Aqaba and Jabal Al Sabaya Island in the Red Sea. Its sole 18-deck ship has more than 1,600 cabins, along with swimming pools, spas, restaurants and a no-alcohol policy.

Cruise revenue in the Middle East and Africa is projected to grow some 60% over the next five years to $230 million, according to Horizon Grand View Research. That’s a minuscule 1.6% of the global market, which an optimistic Durai sees as providing even more room to grow.

The interview has been edited for length and clarity.

What sets CruiseXplore apart from other international players?
We are a cruise consolidator working with over 30 cruise brands. Each brand might have 10 to 20 ships, sailing from more than 300 destinations worldwide. Our team includes experienced cruise professionals, so we really know the market.

Cruising isn’t one-size-fits-all. There are family cruises, couples cruises, destination-focused cruises, and luxury cruises – each with unique features. Our job is to match the right cruise to the right guest, based on their style of vacationing. We don’t just sell cruises; we sell the experience.

How do you decide which cruise lines to partner with?

Every cruise line is beautiful in its own way. We don’t categorize any cruise line as better or worse. It’s about understanding the product – what it offers, who it targets, and what kind of people it attracts. If a cruise line operates professionally, we are open to working with it. We’re here to sell anything that sails on water!

What cruise destinations are most popular with your customers?

Globally, cruises operate in the Mediterranean, Northern Europe, the Caribbean, Alaska, Australia and even unique places like the Arctic, Antarctica, and the Amazon. But for this region, European cruises are very popular due to proximity and ease of travel.

First-timers often choose Mediterranean routes – Spain, Rome, France, Greek Islands, and Turkey – because of the history and scenic coastlines. Others who prefer cooler climates opt for Northern Europe, especially Norway and its fjords. Those cruises are getting very popular.

What about Saudi Arabia? Is the Red Sea becoming a cruise destination?

Saudi Arabia launched its own cruise line, Aroya Cruises, last year. It’s a beautiful ship that operates in the Red Sea. Aroya is the only GCC-based cruise brand, but we work with over 30 international cruise lines. MSC, Costa, and others also operate in the region, sailing into GCC ports.

What are the industry trends that look promising for the Gulf region?

Local cruising is becoming quite popular – it’s an easy way for people to experience cruising for the first time. Still, a large portion of the Middle Eastern population hasn’t been on a cruise, so this is a very high-potential market.

Having local cruises means people can try it without flying abroad. It helps raise awareness and builds confidence for them to book international cruises later. And for visitors, cruising makes it easy to visit multiple countries – Oman, Bahrain, Qatar – without needing to arrange separate flights or accommodations.

What investments does the Middle East cruise industry need?

More ports and attractive destinations. The GCC countries have already made great improvements in infrastructure, but the more ports of call we have, the more appealing the region becomes for cruise tourism.

Can you tell me how the industry has changed since you started in the 1990s?

I actually started in 1994, so it’s been 30 years. I was very young then! I came to Dubai that year and joined the cruise industry right away. I gradually moved up the ranks and started managing cruise brand representations as a director. After 20 years, I decided it was time to do something on my own, and that’s when we launched CruiseXplore in 2014. We just completed 10 years.

Back then, cruising was a very new concept in the region. We had to explain to people what a cruise was, and there were a lot of misconceptions. There weren’t even ships docking in the Middle East. That changed around 2008-2009 when major cruise lines like Royal Caribbean and Costa started operating here. People began to see ships in local waters, and awareness increased. Today, thanks to the internet, cruising is becoming very popular.

Gulf sovereign funds expected to control $18 trillion by 2030

The Gulf states have become a dominant force in the world of sovereign wealth funds even if their assets fall shy of those in Norway and China.

Led by the UAE, Kuwait and Saudi Arabia, government-owned funds in the Gulf are expected to grow 50% by 2030 and control $18 trillion in assets, according to an analysis by Deloitte Middle East. The region is home to six of the world’s 10 largest funds and about 40% of total sovereign assets.

The Abu Dhabi Investment Authority leads the Gulf with $1.05 trillion, according to Deloitte, followed by the Kuwait Investment Authority at $1.02 trillion, the Saudi Public Investment Fund with $925 billion and the Qatar Investment Authority with $526 billion.

“The Gulf region continues to be the epicenter of sovereign wealth fund activity, with its major players driving innovation in investment strategies and operational excellence,” Julie Kassab, sovereign wealth fund leader at Deloitte Middle East.

Norway’s Government Pension Fund Global is the world’s largest sovereign wealth fund, with assets of more than $1.7 trillion. China Investment Corp. comes in second with $1.3 trillion.

Another phenomenon identified by Deloitte is the proliferation of Royal Private Offices, or RPOs, that now control approximately $500 billion in assets in the Gulf and have become one of the key drivers behind the creation of new sovereign wealth funds in the region.

Sovereign wealth fund tracker Global SWF has identified 35 RPOs in the Gulf, with the UAE home to a vast majority of the offices. The most significant of them is the Royal Group, a family enterprise headed by Sheikh Tahnoon bin Zayed, the UAE National Security Adviser and Deputy Ruler of Abu Dhabi.

Sheikh Tahnoon is also Chairman of sovereign funds ADIA and ADQ, in addition to leading some of the emirate’s largest firms, including International Holding Co., MGX and G42. 

Gulf mining firms see promising opportunities in metal markets

As Gulf states seek to reduce their dependence on oil sales, they’re finding new markets for copper, lithium and other metals needed for the energy transition.

Mining companies in Oman, the UAE and Saudi Arabia are planning to launch metal trading firms to tap the growing demand, the Financial Times reports.

Abu Dhabi-based International Resources Holding, a mining company that is part of a conglomerate chaired by Sheikh Tahnoon bin Zayed, has hired a 60-person trading unit to handle energy and metals.

Minerals Development Oman, the state-owned mining company, is also in the process of hiring a top executive to lead a 25-person trading team, the FT says.

Marsh insurance looks to minimize risks for global energy shift

Shifting the Middle East economy from its core oil dependence to broad use of renewable fuels involves colossal risks.

Energy companies in the Gulf states, as well as in Egypt and across North Africa, are spending billions of dollars to build solar fields, wind turbines, green hydrogen plants and other forms of costly infrastructure to make the transition.

That’s the landscape where Marsh, the world’s largest insurance broker, sees tremendous opportunities. In an interview with The Circuit, Marsh President for India, the Middle East and Africa Gaurav Bhatnagar talks about the evolving risk management strategies that energy firms are adopting to safeguard their assets.

“These investments call for risk identification and risk analysis that improve investors’ confidence that risks are effectively managed,” Bhatnagar said. Those basic insurance tools “ultimately reduce the cost and the time required to get to financial close, and protect these assets throughout the lifecycle.”

The interview has been edited for length and clarity.

The Circuit: Given the MENA region’s reliance on oil and gas, how can energy companies here effectively transition to renewable energy while managing risk.

Gaurav Bhatnagar: The energy transformation encompasses a broad shift not only from fossil fuels to renewable energy sources but also toward sustainable solutions that promote environmental stewardship and social responsibility. This transition is about transforming our entire infrastructure, economies, and way of life to create a more sustainable future. 

The Middle East is leading the way in areas where oil and gas economies are committing significant investment to state of the of the art energy infrastructure to reduce emissions, but they are also embracing new technologies such as carbon sequestration and changing the mix of their power generation and storage capabilities that are renewable based, such as solar and wind. 

These investments call for risk identification and risk analysis that improve investors confidence that risks are effectively managed and ultimately reduce the cost and the time required to get to financial close, and protect these assets throughout its lifecycle.

What are the key risks associated with investing in alternative energy projects in the MENA region, and how can these be mitigated?

Diversifying the energy mix, investing in renewable energy, and reducing carbon emissions are key priorities for the region to ensure long-term sustainability. Renewable energy projects often require project owners to consider various risk transfer and risk mitigation measures to address an array of potential exposures, including construction, environmental, regulatory, technological, and operational risks. The ability to manage risks and insurance placements when developing a renewable energy project can contribute to the success of the organization and its bottom line. 

In addition to the risks that traditional energy, infrastructure projects encounter and the mitigation strategies that are deployed, alternative energy projects bring new risks associated with evolving technologies like AI, battery storage and their exposure to weather conditions – quality of sunlight, wind speed and others. This requires cutting-edge risk solutions such as parametrics and alternative risk transfer mechanisms, which need to be evaluated carefully as the region leads the way in energy transformation.

What strategies can energy companies use to protect their assets in a world increasingly focused on sustainability and environmental impact?

The energy and power industry is experiencing a period of uncertainty and disruption driven by global commitments and urgency to transition to clean energy sources, [including] the growing demand for energy from developed and emerging economies and the critical need for energy security and safeguarding of energy infrastructure. As such, it is paramount that risks are understood and integrated appropriately into strategic goals and objectives. 

Organizations and governments in the MENA region are focusing on tailored strategies covering critical areas such as technologies that create efficiencies, skills, AI adoption and integrated infrastructure. This includes using future scenarios to stress test growth strategies, along with identifying potential supply chain disruptions and supplier risks. 

How has risk management in the energy sector evolved in the face of emerging technologies, like AI, blockchain and advanced data analytics? 

What we’re seeing in the Middle East, in particular within the energy sector to support the transition, is a shift towards owning the risks through balance sheet deployment creating captive insurance vehicles and integrating these tools into a risk management framework to increase predictive capabilities and allow quicker responses to evolving threats.

In parallel to the move to a more mature risk management framework, these companies are also deploying risk assessment practices such as OT/IT infrastructure vulnerability assessments overlaid with scenario analysis, quantification and impact on the balance sheet to evaluate the best mitigation strategy, an evergreen process to keep ahead of emerging technologies. 

How do you assess the financial risks related to energy projects in MENA with the ongoing fluctuating energy prices?

Commercial market demand and supply dynamics can be sensitive to short-term fluctuating market prices. However, as these are long-term capex investments, they are usually subject to a high level of due diligence from financial institutions evaluating their long-term bankability. In this evaluation, insurance plays a critical role from the blueprint stage in providing financial institutions and other stakeholders confidence to protect their balance sheets and the sustainability of these assets in the face of unforeseen, insurable events throughout the project’s lifecycle. 

Gulf sovereign funds look to Asia as Mubadala leads dealmaking

Competition between sovereign wealth funds in Saudi Arabia, the UAE and Qatar is likely to deepen in 2025 as the three Gulf states pour money into China and other developing markets.

The growing focus on Asia is evident from data assembled by Singapore-based Global SWF, whose 2024 report released last week showed Abu Dhabi’s Mubadala edging past Saudi Arabia’s Public Investment Fund as the world’s most active sovereign investor.

Mubadala and its subsidiaries invested $29.2 billion last year, up from $17.5 billion in 2023, and a 67% increase in total deals.

The PIF chopped its investment spending by 37% to $19.9 billion last year, down from $31.6 billion in 2023.

Three other Gulf funds were ranked among the top 10 global dealmakers: Abu Dhabi Investment Authority, ADQ and the Qatar Investment Authority, the Global SWF report showed.

Over the past 12 months, Gulf sovereign wealth funds invested almost $10 billion in China, the largest such volume in history, Global SWF Managing Director Diago Lopez said in an interview published today with Arabian Gulf Business Insight.

Every time investment managers come across “a good opportunity to invest in emerging economies, they are now taking it because they know that they need to diversify away from developed markets,” Lopez told AGBI.

The Weekly Circuit: Turkey seeks GCC trade pact + UAE’s new lottery

👋 Hello from the Middle East!

This week we’re looking at the UAE’s newly licensed lottery, Gulf financial advisors that cater to ultra-high-net-worth families, ADIA’s interest in India’s Adani Energy stock offering and Moroccan King Mohammed VI’s environmental appeal to mark 25 years on the throne. But first, Turkey seeks to pump up trade with the GCC.

Long a key regional commercial partner for the Gulf states, despite political disputes, Turkey is seeking to strengthen its ties by securing an across-the-board free trade agreement with the six member-states of the GCC.

Turkish officials began talks this week in Ankara with a delegation from Saudi Arabia, the largest of the Gulf states and first in the roster of GCC countries to negotiate the comprehensive deal. Next up are Qatar, Oman, Kuwait, Bahrain and the UAE before an agreement can be reached that reduces import taxes and other tariffs.

Besides trade in oil, arms, construction and agricultural products, the pact is expected to have a broader impact on the region. Iraq, in particular, would benefit from its potential for becoming a corridor between Turkey and the Gulf states, according to a report by the Stimson Center, a Washington think tank. Iraq announced the launch last year of a 1200-kilometer (750 mile) highway and rail project that would connect with Turkey’s transportation network.

Saudi Arabia, meanwhile, is prospecting for new corporate trading partners in South Korea, Asia’s fourth largest economy. After a business conference in Seoul this week, the kingdom reports signing 10 agreements ranging from construction and energy to healthcare and food exports.

Saudi Minister of Commerce Majid Al-Qasabi led a delegation of 80 business executives and government officials at the Saudi-Korean Business Forum, where South Korean companies pitched cooperation in car manufacturing, data centers and urban infrastructure, Arab News reports. Al-Qasabi also met with South Korean Prime Minister Han Duck-soo after arriving in Seoul on Monday.

Egypt’s IMF-prescribed program to reform the economy with steps that include selling off state assets and devaluing the Egyptian pound won praise this week after a review by the Washington-based lender.

In turn, the IMF unlocked $820 million in support for the economy as part of the $57 billion bailout that Egypt received to help it emerge from its worst financial crisis in decades. Still, the IMF called on the government to ratchet up its efforts to divest from state-owned businesses.

Welcome to The Weekly Circuit. Read on for the stories, deals and players at the top of the news across the MENA business landscape. Please send comments and story tips to [email protected].

Game On

UAE grants first lottery license in key step for gaming reform

The UAE has granted its first lottery license, a key step in establishing a regulated commercial gaming sector in the emirates, where construction of the Gulf’s first casino resort is underway in Ras Al Khaimah, The Circuit’s Jonathan Ferziger reports.

Luck of the Draw: Approval of the new UAE Lottery, to be run by commercial gaming operator The Game LLC, was announced on Sunday by the General Commercial Gaming Regulatory Authority, a federal body which was set up late last year to oversee future gaming activities in the country.

Chipping In: The move comes amid anticipation of Las Vegas casino operator Wynn Resorts’ $4 billion development on the Marjan islands, about one hour’s drive north of Dubai, which is expected to open in 2027.

Click here to read the full story.

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Family Money

Financial advisors turn to Gulf’s ultra-high-net-worth families

More financial services firms that cater to ultra-high-net-worth families are popping up in the Arabian Peninsula as family offices emerge as one of the fastest-growing segments for wealth creation, Kelsey Warner writes for The Circuit.

Demographic Shift: The so-called Great Wealth Transfer is forecast to pass nearly $20 trillion from the older generations to Gen-X, Millennial and Gen-Z adult children and grandchildren over the next two decades. 

Bridging the Gulf: This phenomenon will be acutely felt in the UAE and Saudi Arabia, where family businesses make up the majority of private companies. More family offices are cropping up to deploy an expanding pot of wealth as diversification from oil picks up pace in the region and opportunities for investment expand.

Click here to read the full story.

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💲 Sovereign Circuit

Abu Dhabi Investment Authority: The UAE sovereign wealth fund is among the large investors likely to participate in an upcoming $1 billion stock offering for Adani Energy, along with Abu Dhabi-based International Holding Co. and India’s GQG Partners, according to MoneyControl. Meanwhile, ADIA became an anchor investor in the IPO of India’s Akums Drugs and Pharmaceuticals, with an allocation of 6% valued at $6 million.

Public Investment Fund: Saudi Arabia is eyeing a collaboration with Chilean state-owned miner Codelco to develop lithium deposits, as it continues to hunt for a supply of battery minerals for its domestic EV industry. Electric carmaker Lucid, which is 60% owned by the PIF, opened a factory in the kingdom last year and is attempting to become a major regional EV manufacturer but Saudi is yet to secure sufficient lithium supplies.

Mubadala: Mubadala Capital and commodities trader Trafigura have hired UBS BB and Goldman Sachs to help sell Porto Sudeste, a Brazilian iron-ore port they bought a decade ago from former oil and mining tycoon Eike Batista, Reuters reports. Mubadala-backed Aldar Properties, Abu Dhabi’s biggest developer, reported a 37% increase in net profit year-on-year of AED1.8 billion ($490 million) for Q2 of 2024. Strong property demand drove a 64% YOY surge in quarterly revenue to AED5.3 billion. 

Oman Investment Authority: Muhsin Al Rustom, the chief financial officer of OIA-owned Asyad Group, said that attacks on commercial vessels in the Red Sea may have disrupted global trade but higher freight rates are helping logistics operators to offset the impact of lower trade.

Bapco Energies: Areije Al Shakar was named CEO of BeVentures, a subsidiary of Bahrain’s government-owned Bapco Energies, which builds and invests in low-carbon energy ventures.

↪↩ Closing Circuit

💸 Paying Bills: Dubai-traded Al Ansari Financial Services agreed to acquire Bahrain’s BFC Group for $200 million, creating the GCC’s largest provider of bill-paying and currency exchange services.

⚽ World Cup Ready: Saudi Arabia unveiled plans to build a 92,000-seat arena that will be called King Salman Stadium as the kingdom looks set to be picked as host of the 2034 World Cup. 

⛽ LNG Plant: Oman plans to start building a new gas liquefaction plant – known as a train – with an annual capacity of 3.8 million metric tons, and expects to begin operations there in 2029.

👷 Drilling Rights: Egypt’s Ministry of Petroleum and Mineral Resources signed agreements worth $222 million with Shell Egypt and Malaysia’s Petronas for drilling rights in the Mediterranean’s West Delta region.

💳 Credit Acquisition: Pagaya, an Israeli consumer credit fintech, acquired Silicon Valley competitor Theorem Technology for an undisclosed price that Calcalist pegged at tens of millions of dollars.

🗣 Circuit Chatter

🛢️ Keeping Steady: An OPEC+ panel is unlikely to make changes at an Aug. 1 online meeting to its current deal to cut production despite recent declines in oil prices, Reuters reports.

☀️ Warming Up: A summer heat wave accompanied by high humidity has made temperatures in Dubai feel higher than 60C (140F), giving an indication of how global warming will affect the Middle East in the near future, Bloomberg reports in a feature story on weather trends.

✈️ Equality Drive: Defense firm Bae Systems Saudi Arabia is working to recruit more women in the kingdom, scouting schools and universities for future engineering leaders, board member Nouf Alarify tells The National.

🫵 Bogus Accusations: Scammers in the Middle East are exploiting weaknesses in Meta’s Whatsapp, Instagram and Facebook platforms to extort money from members with bogus accusations of copyright infringement, Bloomberg reports.

🇲🇦 Free Trade: The UAE and Morocco agreed on final terms for a Comprehensive Economic Partnership Agreement, cutting import fees and other tariffs to spur trade between the two countries.

🌍 Power Circuit

Egyptian President Abdel Fattah al Sisi accompanied UAE President Sheikh Mohamed bin Zayed on a walking tour of the Mediterranean coastal city of Alamein on Tuesday. The pair appeared in videos posted on social media touring the city’s streets in relaxed attire, stopping to take photos with citizens.

King Mohammed VI of Morocco marked his 25th anniversary on the throne with a speech that urged all citizens to recognize their “solemn duty” to conserve water. “Spending billions and billions in order to mobilize water resources, only to see that cases of waste and misuse continue to exist, is unacceptable,” the king said.

Sheikh Abdullah bin Zayed, UAE Deputy Prime Minister and Minister of Foreign Affairs, headed the UAE delegation attending the inauguration ceremony of Iran’s new President Masoud Pezeshkian in Tehran on Tuesday. The delegation included Abdullah bin Touq Al Marri, Minister of Economy; Mohammed Hassan Al Suwaidi, Minister of Investment and Khalifa Shaheen Al Marar, Minister of State.

Britain’s King Charles hosted a meeting in London on Friday to discuss climate change with COP28 President Dr. Sultan Al Jaber, as well as representatives of this year’s summit host Azerbaijan and next year’s host Brazil.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, issued a resolution to restructure the Abu Dhabi Chamber of Commerce and Industry’s Board of Directors, appointing Ahmed Jasim Al Zaabi as Chairman.

➿ On the Circuit

Egyptian Prime Minister Mostafa Madbouly held a meeting with Minister of Civil Aviation Sameh El-Hefny to discuss the country’s airports and said the government needs to prioritize development work at Alexandria’s Borg El Arab Airport due to high demand for flights there.

Omar Sultan Al Olama, the UAE’s Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, launched the country’s new Charter for the Development and Use of Artificial Intelligence, declaring the government’s goal of developing “world-leading digital infrastructure and enhancing an integrated system that employs AI in all vital sectors.”

UAE Ambassador to the U.S. Yousef Al Otaiba attended the Mubadala Citi DC Open on Monday, mixing with top players and executives of the Abu Dhabi sovereign wealth fund during the tournament in Washington D.C.’s Rock Creek Park.

Saudi Minister of Commerce Majid Al-Qasabi held talks with South Korean Prime Minister Han Duck-soo in Seoul on how to boost commercial activity following last year’s signing of a free-trade agreement between the two countries.

Jamie Salter, whose buyout firm Authentic Brands owns Sports Illustrated, Brooks Brothers and Forever 21, snagged an opportunity to acquire Reebok International when he spotted the CEO of German sportswear company Adidas at the 2022 Formula One racetrack in Abu Dhabi, Bloomberg reports in a feature story on the Toronto-born mogul.

🎶 Culture Circuit

🐶 Best in Show: The live show of children’s cartoon phenomenon Bluey kicks off at Abu Dhabi’s Etihad Arena this week, running until Sept. 1. The Emmy Award-winning Australian animation series featuring a lovable family of Blue Heeler dogs, Bluey, Bingo, Bandit, and Chilli, has become a cornerstone of Disney programming, consistently ranking among the top five series on Disney+ and clocking up billion-minute viewing weeks.

⛪🕌🕍 House Proud: Abu Dhabi’s Abrahamic Family House on Saadiyat Island, which combines a mosque, synagogue and church, has been named on Time magazine’s annual list of the World’s Greatest Places. Time said the complex, which promotes mutual understanding, “feels more important than ever.” Dubai’s One Za’abeel tower also made the list for its “head-turning” architecture and impressive dining options.

📷 Photo of the Week

🗓️ Ahead on The Circuit

July 2-Aug. 25, Riyadh, Saudi Arabia: Esports World Cup. An international competition for professional gamers with a $60 million prize pot. Boulevard City.

July 27-Aug. 4, Washington D.C. Mubadala Citi DC Open. Tennis tournament featuring nine of the world’s top 20 players. Rock Creek Park.

Aug. 12-15, Riyadh, Saudi Arabia: Saudi Food Expo. One of the kingdom’s largest trade shows for the food & beverage industry. Riyadh Front Exhibitions.

Sept. 10-11, Dubai, UAE: Global Vertical Farming Show 2024. Annual event brings together investors, growers, and executives in the vertical farming industry from around the world. Le Méridien Dubai Hotel & Conference Centre.

Sept. 24-25, Dubai, UAE: ACT Middle East Treasurers Summit. Corporate treasurers and financial professionals from across the region gather for policy discussions on issues ranging from cash management to sustainability. Grand Hyatt Dubai

Sep. 30-Oct. 2, Dubai, UAE: Future Hospitality Summit. The global conference for leaders in the hospitality industry expands this year at a new location with dedicated space for ESG planning, country pavilions and a larger exhibition area. Madinat Jumeirah.  

Turkey begins talks on free trade agreement with GCC states

Long a key regional commercial partner for the Gulf states, despite political disputes, Turkey is seeking to strengthen its ties by securing an across-the-board free trade agreement with the six member-states of the GCC.

Turkish officials began talks in Ankara on Monday with a delegation from Saudi Arabia, the largest of the Gulf states and first in the roster of GCC countries to negotiate the comprehensive deal.

The kingdom will be followed by Qatar, Oman, Kuwait, Bahrain and the UAE before an agreement can be reached that reduces import taxes and other tariffs. The UAE, which does the largest amount of trade with Turkey among the Gulf states, will follow up to join the GCC pact.

Besides trade in oil, arms, construction and agricultural products, the pact is expected to have a broader impact on the region. Iraq, in particular, would benefit from its potential for becoming a corridor between Turkey and the Gulf states, according to a report by the Stimson Center, a Washington think tank.

Iraq announced the launch last year of a 1200-kilometer (750 mile) highway and rail project that would connect with Turkey’s transportation network.

UAE exploring potential for second nuclear power facility

Amid efforts by all the Gulf states to wean their economies off dependence on oil and develop alternative fuels, the UAE is pushing to get more of its power from nuclear energy.

Four months after the UAE’s Barakah nuclear plant became 100% operational, the government is exploring the possibility of building a second nuclear facility, Reuters reports.

“The government is looking at this option, Hamad Alkaabi, the UAE’s Ambassador to Austria and Permanent Representative to the UN’s nuclear agency, told the news agency.

“No final decision has been made in terms of the tender process but I can tell you that the government is actively exploring this option.”

Any contract for a new nuclear power plant would be worth tens of billions of dollars and could attract tender bids from China, Russia and the U.S., among others, Reuters said.

The government has yet to budget for a second power plant or decide on the size or the location, but Alkaabi said it was possible a tender could be issued this year.