The Daily Circuit: Trump favors Saudi F-35 deal + Flydubai orders Airbus fleet
In the Daily Circuit today, we’re reporting on Flydubai’s big Airbus order at the Dubai Airshow, the joint $1 billion fund launched by the Hong Kong Monetary Authority and Saudi Arabia’s PIF, Kuwait opening bids for a solar power project to help address its chronic blackouts and UAE developer Mohamed Alabbar’s $55 million purchase of a 12th-century Italian castle. But first, the Trump-MBS summit kicks off today at the White House.
Even before Saudi Crown Prince Mohammed bin Salman touched down earlier today with an entourage of 1,000 on his first visit to the U.S. in seven years, U.S. President Donald Trump was playing dealmaker.
Bucking opposition in Congress for one of the most controversial items on the agenda when the two leaders meet at the White House, Trump said the sale to Saudi Arabia of a fleet of F-35 stealth fighter jets for roughly $4 billion was practically in the bag. “They want to buy it, they’ve been a great ally,” Trump told reporters in the Oval Office on Monday, adding, “Yeah, I will say that we will be doing that. We’ll be selling F-35s.”
Virtually every member of the Saudi cabinet, senior officials from the Public Investment Fund and CEOs from state-owned companies will be among those accompanying Prince Mohammed as part of a delegation Al-Arabiya said would total about 1,000. A more exclusive black-tie dinner is being arranged in the White House East Room for tonight.
Among the business leaders will be Tareq Amin, CEO of state-backed Humain, who is pitching Silicon Valley companies on the kingdom as a major source of AI computing power and is visiting the White House to seek U.S. approval for access to advanced American chips, Bloomberg reports. Humain is central to Saudi plans to build large-scale AI infrastructure as the country aims to become one of the world’s largest exporters of computing resources.
On Wednesday, the two countries are organizing a Saudi-American investment forum at the Kennedy Center in Washington, where both leaders are expected to appear, similar to the conference Saudi Arabia sponsored in May when Trump visited the kingdom. This week’s event is being organized by Saudi Arabia’s Ministry of Investment and the U.S.-Saudi Business Council.
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📰 Developing Stories
AIR DEALS
Flydubai has signed up for 150 Airbus A321 Neo jets at the Dubai Airshow, marking its first Airbus order and a shift from its all-Boeing fleet. The company will use the planes to diversify its fleet and strengthen its long-term expansion plans, Sheikh Ahmed bin Saeed, Chairman of Flydubai and CEO and Chairman of Emirates, told reporters at the airshow on Tuesday. Abu Dhabi carrier Etihad Airways placed an order for 32 wide-body aircraft from Airbus, including six A330 Neos, for delivery between 2028 and 2029. Etihad also agreed to lease nine A330-900s from Avalon beginning in 2027 to support its long-haul expansion. Meanwhile, Emirates President Tim Clark said he will hold off on ordering Airbus A350-1000 jets until engine durability and performance improve.
KING OF THE CASTLE
Mohamed Alabbar, founder of Dubai’s Emaar Properties, has purchased a 12th-century castle in the central Italian region of Umbria for $55 million and is planning to spend another $145 million turning it into “one of the most prestigious resorts in the world.” The developer behind the world’s tallest skyscraper, the Burj Khalifa, told Bloomberg the project at Castello di Antognolla would include a hotel, wellness and longevity center, luxury homes and a polo club and would hold fashion shows and competitions for chefs, truffles and wine. Alabbar has been increasing his international exposure and has already partnered with U.S. President Donald Trump’s son-in-law Jared Kushner to build Trump Tower Belgrade through his other company, Abu Dhabi-based Eagle Hills Properties. The extended property boom in Dubai and Abu Dhabi has seen many of the UAE’s cash-rich developers snapping up property in Europe and elsewhere to expand their glitzy brands overseas.
💲 Sovereign Circuit
Public Investment Fund: The Hong Kong Monetary Committee started a $1 billion fund with the PIF to help Hong Kong and Greater Bay Area companies expand into Saudi Arabia, Bloomberg reports.
King Salman Park Foundation: The Saudi state-owned developer launched a $1 billion investment fund with Ajdan Real Estate and SEDCO Capital to develop homes, hotels, and offices in the massive park project, providing the land outside Riyadh while its private partners finance construction.
Qatar Investment Authority: San Francisco-based software firm Databricks, which is backed by the QIA, is seeking to raise funds at a valuation of $130 million, The Information reports.
↪↩ Closing Circuit
💲 Mixed Developments: Saudi Arabia’s National Housing Company has signed two agreements worth $2.3 billion with Egypt’s Hassan Allam Holding and local developer Tilal Real Estate to develop mixed-use projects.
💉 HealthCare Funding: Aster DM Healthcare has secured $72 million from Emirates Development Bank to build two new Dubai hospitals.
🛢️ Oil Delivery: Saudi Arabia has delivered the first shipment of its 1.65-million-barrel crude oil grant to Syria under an agreement to support the country’s energy sector.
🚧 Road Work: Abu Dhabi Fund for Development has inaugurated the $23.6 million West Coast Road project in Mahé, Seychelles.
🗣 Circuit Chatter
🌀 Cable Delay: Google and Meta have delayed parts of their planned Red Sea subsea internet cable projects, citing heightened security risks and political tensions in the region.
🪖 UN Force: The U.N. Security Council voted to adopt a U.S.-drafted resolution that would back Trump’s Gaza plan and authorize a stabilization force under a transitional Board of Peace.
🚁 Startup Contractors: The Pentagon’s shift toward buying weapons from startups has boosted prospects for electric air taxi makers Joby Aviation and Archer Aviation – both active in UAE ventures – to secure U.S. defense contracts, The Information reports.
☀️ Solar Tender: Kuwait invited bids for a 0.5-gigawatt solar project under its public-private partnership framework, part of its effort to address growing power shortages.
🕋 Mecca Investment: Saudi developer Arabian Dyar is seeking foreign buyers for 1,000 units in phase two of its $2.6 billion Dyar Al Haram project in Mecca ahead of next year’s new real estate law opening the market to international investors.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed, met with Lee Jae-myung, President of South Korea at Qasr Al Watan palace in Abu Dhabi on Tuesday. The Korean President was escorted by Sheikh Theyab bin Mohamed, Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs, on a visit to the Wahat Al Karama war memorial in Abu Dhabi on Monday.
UAE President Sheikh Mohamed bin Zayed, and Sheikh Tahnoon bin Zayed, the UAE National Security Advisor, met with Turki Al Sheikh, Chairman of Saudi Arabia’s General Entertainment Authority.
Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister and Ruler of Dubai, met with Stephanie Pope, Executive Vice President of The Boeing Company and President and CEO of Boeing Commercial Airplanes.
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, toured several pavilions at Dubai Airshow 2025 on Monday. Sheikh Khaled met with Gérald Darmanin, French Minister of Justice on Tuesday.
Prince Yazid bin Farhan, Saudi Arabia’s envoy to Lebanon, led a delegation to Beirut on Monday, ahead of the Beirut One Conference which starts today, as the two countries consider ways to renew economic ties. Noura Al Kaabi, UAE Minister of State, is also in Beirut to attend the conference.
➿ On the Circuit
Khalfan Belhoul, CEO of the Dubai Future Foundation, used his opening speech at the Dubai Future Summit in Dubai to propose a new measure of national progress based on cognitive potential. “How do we protect deep focus and make it visible so that it’s valuable?” he said.
Saeed Ghumran Al Remeithi, Group CEO of Emsteel, called for collective industry action to strengthen competitiveness, navigate global trade challenges and accelerate decarbonization across the steel value chain.
Michel Issa, the newly appointed U.S. Ambassador to Lebanon, traveled to Beirut on Monday to present his credentials to President Joseph Aoun.
Ahmed Saeed Al Qamzi, Ibraheem Al Sayed Mohamed Al Hashemi, Fatma Al Jabri and Saif Al Dhaheri were appointed as Assistant Governors at the Central Bank UAE.
Michele Faissola, a senior executive of the former Qatari ruler Sheikh Hamad bin Khalifa Al Thani’s family office Dilmon, has relocated his residence from the U.K. to Italy, Bloomberg reports.
🎶 Culture Circuit
🎨 Last Orders: Abu Dhabi Art, one of the region’s most prominent art fairs, kicks off at Manarat Al Saadiyat tomorrow for its final outing before it relaunches as Frieze Abu Dhabi next year. The fair’s 17th and final edition in its current format brings more than 140 galleries representing 37 countries, with three special “Focus” sections highlighting artists from Turkey, Nigeria and the Gulf. Next year the fair will meld with Frieze, the organization behind some of the world’s biggest modern and contemporary art events, shifting its focus to curatorial excellence, emerging artists and large-scale installations.
📷 Photo of the Day
📅 Circuit Calendar
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. 18-19, Dubai. Dubai Future Forum. Drawing on the collective intelligence of global thinkers, futurists, and visionaries to explore what lies ahead and how we might navigate it with purpose and imagination. Museum of the Future.
Nov. 19-20, Dubai. Knowledge Summit. A global platform for knowledge production in the service of sustainable development. Dubai World Trade Center.
Nov. 19-23, Abu Dhabi. Abu Dhabi Art. One of the region’s biggest art fairs marks its 17th and final year before it relaunches as Frieze Abu Dhabi next year. Manarat Al Saadiyat.
Nov. 24-27, Dubai. Big 5 Global. Addressing the challenges shaping the construction and urban development community today and tomorrow. 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. 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.