The Daily Circuit: ADQ doubles its assets + Red Sea Global’s plans

👋 Hello from the Middle East!

In the Daily Circuit today, we’re reporting on Red Sea Global’s expansion plans, the Saudi Public Investment fund’s $1.25 billion Islamic bond issue, Investcorp’s sale of U.S.-based Resa Power, and advice for the UAE on regulating casinos from New Jersey’s governor. But first, Abu Dhabi’s ADQ is coming on strong.

Despite being dwarfed by big brothers ADIA and Mubadala, Abu Dhabi’s ADQ sovereign wealth fund is sharply turning heads after doubling assets in four years and emerging as one of the world’s fastest-growing national funds.

CEO Mohamed Alsuwaidi, who is also UAE Minister of Investmentgranted a rare interview to Bloomberg, preaching the virtues of patience just four years after saying the fund couldn’t “move fast enough” as it started building momentum.

ADQ has matured and sharpened its vision in that time, growing stakes in blue chip firms like Amsterdam-based agriculture merchant Louis Dreyfus Co. and spearheading Abu Dhabi’s $35 billion Egyptian investments. At home, it controls Abu Dhabi Ports and Etihad Airways, which is preparing for a major IPO. Recently, it forged a $25 billion partnership investing in data center power generation in the U.S.

“We’ve systematically gone company by company, brought in the right management teams, put in the right systems for performance, put in the right strategies of focus,” Alsuwaidi said. 

The $251 billion fund is increasingly sought-out by Wall Street bankers looking to get a piece of the pie and may now be on the hunt for opportunities amid market uncertainty caused by the U.S. trade turmoil.

“We won’t go out guns blazing,” Alsuwaidi told the news agency. “We track, we trace, we take time. We are an investor that takes our time to understand the business, but we can respond quickly to a deal.”

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New Jersey governor tours Gulf, offering advice on how to keep casinos in check

When it comes to regulating casinos, the Gulf could learn some valuable lessons from New Jersey, The Circuit’s Jonathan Ferziger reports. That was the message Gov. Phil Murphy carried this week on a Mideast trade mission in which he signed a non-binding agreement to advise the UAE on how to both nurture and regulate its future new gaming industry.

Las Vegas-based Wynn Resorts plans to open the country’s first casino two years from now on an artificial island off the coast of the emirate of Ras Al Khaimah. The contract to build the $5 billion Wynn Al Marjan followed the UAE’s circulation of rules to govern the industry last year, though casinos are still banned in most Islamic countries.

“Setting up the right governance structures is critical to ensuring the integrity of both the development of a casino project and its ultimate operations,” Murphy told The Circuit. “We hope that the UAE regulators will take a similar approach as New Jersey did.”

Click here to read the full interview.

📰 Developing Stories

PUMPING UP

Saudi Arabia is spreading the word that it is no longer willing to prop up the oil market with supply cuts and that it can withstand lower prices for a prolonged period. Officials are briefing allies and industry experts on what appears to be a shift in the Kingdom’s policy towards producing higher volumes to increase its market share after five years of OPEC+-led supply cuts  to balance prices, Reuters reports. Meanwhile, the International Monetary Fund has cut its 2025 growth forecast for Middle East oil exporters, including Saudi Arabia, to 2.3% amid global trade tensions and falling energy prices. The organization added that while non-oil growth is expected to be bolstered by infrastructure projects and other diversification efforts in the Gulf, government spending will be dampened by low oil prices, Bloomberg reports. The IMF expects increased natural gas production in Saudi Arabia, Qatar, the UAE, and Oman to drive medium-term growth, with Qatar set to nearly double its LNG output by 2030.

The Saudi PIF-backed ghost kitchen startup run by former Uber CEO Travis Kalanick is considering an IPO of its Middle East unit. CloudKitchens has hired Goldman Sachs to work on the deal, which would involve a listing in the UAE, Saudi Arabia, or both, Bloomberg reports, citing people familiar with the matter. The PIF, which invested $3.5 billion in Uber under Kalanick, pumped $400 million into his new kitchen venture in 2019, helping fund its rapid global expansion. Ghost kitchens are the unseen commercial cooking operations that largely fuel the food delivery business, using cheaper real estate in industrial areas to keep costs down for restaurant businesses. CloudKitchen’s Middle East operations include KitchenPark, which operates facilities in Saudi Arabia, the UAE and Kuwait. Meanwhile, Uber subsidiary Careem has branched out in an unlikely direction, offering to deliver certified 24-carat gold coins to Dubai residents in less than an hour.

💲 Sovereign Circuit

Lunate: Alterra, the UAE’s $30 billion climate fund managed by Lunate, partnered with investors including Canada-based investment company Brookfield Asset Management to co-invest $100 million in Indian renewable energy company Evren. 

Public Investment Fund: Red Sea Global, a company owned by the PIF, plans to expand beyond its west coast projects with new developments in other Saudi cities and overseas, head of hospitality Sébastien Carre told Arabian Gulf Business Insights

Public Investment Fund: The PIF raised $1.25 billion by selling seven-year Islamic bonds, after strong investor demand helped it lower borrowing costs, Reuters reports.

Abu Dhabi Investment Authority: ADIA is considering selling its 50% stake in plastic container firm IFCO in a deal that could exceed $2.3 billion, while co-owner Triton plans to retain its share, Bloomberg reports.

Mubadala: Bugaboo, which the Abu Dhabi sovereign fund’s Mubadala Capital unit bought a majority stake in from Bain Capital last year, told customers in an email that it would raise prices across the majority of its luxury baby buggies and accessories from May 20, blaming U.S. tariffs.

↪↩ Closing Circuit

🏢 Building Up: Property developer ASPECT, has launched in Egypt with a $295 million residential compound in New Cairo, and a $99 million residential tower in partnership with UAE-based Aldar.

💰 Stamp On: Saudi Arabia Capital Market approved Al Rajhi Bank’s plan to raise up to $2.6 billion by selling debt, giving it six months to complete the first sale.

📦 Logistical Hub: Saudi Ports Authority, known as Mawani, has signed two deals worth $134 million to develop logistics parks for vehicles and spare parts at Dammam’s King Abdulaziz Port with Alissa Universal Motors and Sultan Logistics.

⚡ Exit Strategy: Bahrain’s Investcorp, the Middle East’s largest alternative asset manager, has sold U.S.-based Resa Power to Kohlberg in the first exit from its $1.2 billion North America Private Equity Fund 1, after growing Resa’s revenue more than fourfold since acquiring it in 2021.

💲 New Style: Apollo Global Management, Carlyle Group, and Ares Management bought $375 million of the first known bonds from Sumitomo Mitsui that help the bank reduce risk from loans it gave to private credit funds, Bloomberg reports

🗣 Circuit Chatter

🔋 Hydrogen Bid: Oman’s green hydrogen developer Hydrom has launched its third auction round, offering 300 sq km of development land near Duqm, with bidding expected to start mid-2025 and winners announced in early 2026.

⛏ Saudi Resources: Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef urged Kuwaiti investors to tap into the Kingdom’s $2.5 trillion mining sector during his visit to Kuwait. 

🚗 Market Share: Chinese carmakers are projected to capture 34% of the Middle East and Africa market by 2030, up from 10% in 2024, according to global consulting firm AlixPartners.

💲 Money In: Egypt may face a slowdown in foreign investments due to new U.S. tariffs, but upcoming GCC investments, led by Qatar and Kuwait, are expected to help fill a $10-12 billion funding gap through to 2026, according to the National Bank of Kuwait. The IMF has advised Egypt to proceed cautiously with interest rate cuts amid global uncertainty. 

🏨 ATM Bucks: Hotelier Rotana Group is IPO-ready and could go public immediately if shareholders agree, but is currently focused on further growth, according to co-founder Selim El Zyr.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed met with Lebanese President Joseph Aoun on Wednesday at Qasr Al Shati palace in Abu Dhabi. Sheikh Mohamed also met with Daniel Noboa, President of Ecuador, to discuss trade partnerships. 

Lt. Gen. Sheikh Saif bin Zayed, UAE Deputy Prime Minister and Minister of Interior, sat down with Russia’s President Vladimir Putin during his visit to Russia. Sheikh Saif also met with Igor Krasnov, Russia’s Prosecutor General. 

Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai and UAE Deputy Prime Minister and Minister of Finance, met on Wednesday with Mark Read, CEO of WPP, one of the world’s largest marketing and communications services groups.

➿ On the Circuit

Ali bin Ahmed Al Kuwari, Qatar’s Minister of Finance, met with the Chairman and CEO of General Atlantic, William Ford, who visited Qatar this week. 

Paul Griffiths, Dubai Airports CEO, told Reuters that, despite global tourism volatility caused by U.S. tariffs, passenger traffic remains strong, helped by China’s travel rebound, with Dubai expecting 96 million travelers in 2025.

Richard Teng, CEO of Binance, said in an interview with The National that the U.S. is most likely to issue pro-crypto regulations in August. 

Ebru Pakcan, Citigroup Mena CEO, said during a virtual conversation hosted by the Atlantic Council that both the UAE and Egypt “may” benefit the most in the Mena region from the U.S.-led reordering of the global trade framework.

Mariam Al Mheiri, Head of the International Affairs Office at the UAE Presidential Court, discussed with Hugh Evans, CEO of Global Citizen, at the Global Citizen conference in New York, the shifting global narratives shaping our future, including the UAE’s role in a rapidly evolving world.

Fabien Toscano, CEO of AlUla Development Company, said that AlUla expects a record year for visits in 2026, following an international marketing campaign targeting overseas travellers who typically stay longer and generate more yield, Arabian Gulf Business Insights reports. 

🎶 Culture Circuit

⚽ Blue Living: Diehard fans of Chelsea Football Club will soon be able to literally live in a dream. The blue jersey-wearing English Premier League club has partnered with Dubai-based DAMAC Properties to launch Chelsea Residences by DAMAC, the first-ever soccer club-themed residential project, consisting of 1,400 seafront units in Dubai Maritime City. The partnership marks Chelsea’s push into the Middle East and reflects a broader trend of collaborations between elite football clubs and luxury developers.

📷 Photo of the Day

Attendees at Dubai’s Token2049 conference pause for a picture with a mascot for meme coin Pepe the frog on Wednesday. (Giuseppe Cacace /AFP via Getty Images)
Attendees at Dubai’s Token2049 crypto conference pause for a picture with a mascot for meme coin Pepe the frog on Wednesday. (Giuseppe Cacace /AFP via Getty Images)

📅 Circuit Calendar

April 25 – May 11, Dubai. Dubai Esports and Gaming Festival. Dubai’s gaming and esports extravaganza brings together global players, creators, fans, and industry leaders. Dubai World Trade Center. 

May 4 – 7, Los Angeles. Milken Institute Global Conference. Bringing together the world’s brightest minds to address urgent challenges and unlock the most promising opportunities of our time. Beverly Hilton.

May 5-6, Abu Dhabi. Governance of Emerging Technologies Summit. Shaping Responsible Governance of AI & Emerging Technologies in a Future Digital Economy. St. Regis Saadiyat Island Resort.

May 6-7, Dubai. MENA Capital Market Summit. The event will bring together 1,500 businesses, decision-makers and global financial leaders to discuss the capital market. Madinat Jumeirah.

May 6-8, Dubai. Airport Show. Showcasing the latest technological advancements in the airport industry. Dubai World Trade Center.

May 6-8, Dubai, GISEC. The 14th edition of the Middle East and North Africa’s largest cybersecurity event, under the theme “Securing an AI-Powered Future.” Dubai World Trade Center. 

May 12-13, Dubai. Dubai FinTech Summit. Exploring a future where finance is accessible, inclusive, and empowering. Madinat Jumeirah.

May 13, Riyadh. Saudi-U.S. Investment Forum. An invitation-only event to be held during U.S. President Donald Trump’s visit to Saudi Arabia. The forum will bring together government, business, finance and innovation to discuss the next chapter of business between the two countries. Venue TBA.

May 13-14, Dubai. Low Carbon Fuels MENA. The conference promises a space for industry leaders, potential partners, and innovators to discuss potential opportunities and challenges. Sheraton Dubai Creek Hotel & Towers.  

May 13-15, Dubai. CABSAT. The Middle East & Africa’s leading event for content, broadcast, media & entertainment industry professionals looking to leverage the latest technology and innovation in creating the next-gen content. Dubai World Trade Center.

May 13-15, Dubai. World Police Summit. Uniting law enforcement professionals, policymakers, industry leaders, and innovators to redefine the standards of modern policing. Dubai World Trade Center.

May 16, Milan. Investopia Europe 3rd Edition. Highlighting discussions around transforming the global economy. Featured speakers include Abdulla bin Touq Al Marri, UAE Minister of Economy and Chairman of Investopia, and UAE Minister of State for Entrepreneurship Alia Abdulla Al Mazrouei. Palazzo Mezzanotte.

May 16-17, Tirana, Albania. FII Priority Europe 2025. Saudi Arabia’s Public Investment Fund sponsors a regional business summit focused on Europe and is affiliated with the annual Future Investment Initiative conference in Riyadh. National Theater of Opera and Ballet.

May 20-22, Doha, Qatar. Qatar Economic Forum. Annual conference bringing together Qatari government and business leaders with corporate executives, investors and policymakers from around the world. Media City Qatar.

May 26-27, Abu Dhabi. Building the Future Summit. This Forbes event serves as an exclusive platform for industry leaders, investors, architects, and innovators to explore the latest trends shaping the future of real estate. Louvre Abu Dhabi.

May 29-30, Tripoli, Libya. Building the Future Summit. A Forbes event that is designed to help delegates from Libya understand their investment opportunities, foster strategic partnerships, and showcase key reforms that will drive economic progress. Venue TBA.

The Daily Circuit: Sliding oil prices + Investcorp acquires Miebach stake

👋 Hello from the Middle East!

In the Daily Circuit today, we’re looking at Sheikh Tahnoon bin Zayed’s opening day in Washington, Investcorp’s acquisition of a majority stake in Germany’s Miebach logistics firm, Saudi Arabia’s S&P credit upgrade and the impact of wealthy Gulf collectors on the global luxury watch market. But first, sliding oil prices.

Oil prices are likely to keep falling this year as OPEC+ lifts production limits and Trump administration import tariffs depress U.S. economic growth.

That’s the forecast from Goldman Sachs, which cut its price forecast for the benchmark Brent crude by $5 to $71 a barrel on Sunday.

“The medium-term risks to our forecast remain to the downside given potential further tariff escalation and potentially longer OPEC+ production increases,” Goldman Sachs said.

Other factors affecting oil prices could include the U.S. order to continue attacking sites in Yemen controlled by the Houthis if they continue menacing Red Sea shipping, the bank said.

Citigroup, meanwhile, sees the prospect of oil falling to $65 and a resulting slowdown in drilling for new supplies.

Welcome to the Daily Circuit. Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].

📰 Developing Stories

Sheikh Tahnoon bin Zayed, the UAE’s National Security Adviser and one of its most prominent business leaders, starts a visit to the U.S. today with both political and economic dimensions. In Washington, Sheikh Tahnoon will meet with several Trump administration officials at the White House, according to a statement from the Abu Dhabi Media Office. “The meetings will focus on advancing economic and technology ties between the two countries,” the statement said. “Discussions will also cover ongoing regional challenges and strengthening the decades-long U.S.-UAE strategic partnership.”

Saudi Arabia is cutting back on handing out fat contracts to foreign consulting firms, challenging an industry that is already under pressure around the world. Among the firms hit by the new practices are Boston Consulting Group, PwC and Roland Berger, Bloomberg reports. The shift in Saudi Arabia derives in part from lower crude prices and widening fiscal deficits. Still, the kingdom has long relied on the expertise of major consulting firms to build mega projects like Neom and can’t carry out its costly ambitions without the help from abroad.

💲 Sovereign Circuit

Public Investment Fund: New Murabba, the PIF-backed megaproject that features a golden skyscraper-sized cube in Riyadh, courted investors last week at the MIPIM 2025 conference in Cannes, France.

International Holding Co.: IHC-owned NMDC Energy said it won a $2.6 billion engineering, procurement and construction contract for an unidentified major Abu Dhabi energy project.

Mubadala: ADNOC is considering acquiring Mubadala’s energy assets, with talks expected to resume after Ramadan following earlier valuation disputes, Bloomberg reports. If finalized, Mubadala will focus only on healthcare, finance, and technology while strengthening ADNOC’s oil and gas portfolio.

↪↩ Closing Circuit

🤝 German Logistics: Bahrain’s Investcorp, the biggest alternative asset manager in the Middle East, signed an agreement to acquire a majority stake in German supply chain and logistics consultancy Miebach. Terms of the deal were not disclosed.

📈 Credit Score: S&P raised Saudi Arabia’s credit rating to A+ – its fifth highest – from A, citing the impact of the kingdom’s Vision 2030 economic transformation plan in boosting key industries and providing stability for the economy.

⚡ Gas Bids: Morocco will soon launch a $6 billion tender to develop and restructure its natural gas infrastructure, Leila Benali, Minister of Energy Transition and Sustainable Development, announced during the S&P Global CERAWeek energy conference last week in Houston, Tex.

✈️ Jet Deal: Dubai Aerospace Enterprise announced it will spend $1 billion to acquire 17 aircraft, most of them made by Airbus and several by Boeing.

🌿 Eco Finance: Saudi Arabia launched a $266.6 million environmental financing initiative, backed by Riyad Bank, to encourage private sector participation in sustainable and eco-friendly projects.

🗣 Circuit Chatter

👷🏽 Labor Protection: Indonesia plans to cancel its decade-long moratorium on sending citizens to Saudi Arabia for jobs as domestic workers and in other industries after receiving assurances of stricter labor protections from the kingdom, the Jakarta Globe reports, An alarming number of domestic workers, mostly East African women, have died in Saudi Arabia over the past five years, The New York Times reports.

🛢️ Gas Exploration: U.K.-based Capricorn Energy is in advanced talks with state-owned Egyptian General Petroleum Corp. to secure better terms for gas concessions in Egypt’s Western Desert region.

🪖 Military Tech: U.S. venture capital firms are investing in Israeli military tech startups that have emerged since the country went to war in Gaza and Lebanon, The Wall Street Journal reports.

🚣‍♀️ Boating Hub: The World Rowing Federation plans to host a series of global events in the UAE starting in 2027, with activities including coastal rowing, indoor rowing and virtual rowing.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed met with Binance founder Changpeng “CZ” Zhao in Abu Dhabi last week. Abu Dhabi-owned tech fund MGX said on March 12 it had invested $2 billion in the crypto-trading platform.

Sheikh Mohammed bin Abdulrahman, Qatar’s Prime Minister and Minister of Foreign Affairs, met with Denis Manturov, First Deputy Prime Minister of Russia, in Doha on Sunday.

➿ On the Circuit

Amin Nasser, CEO of Saudi Aramco, is among 72 executives from some of the world’s biggest companies who have been invited to meet in Beijing with Chinese President Xi Jinping in late March as China seeks to fend off Trump administration tariffs, the Financial Times reports.

Anwar Gargash, Diplomatic Adviser to UAE President Sheikh Mohamed bin Zayed, will be a featured speaker at the Raisina Dialogue 2025 in New Delhi this week.

John Kerry, the former U.S. Secretary of State and White House Climate Envoy said that Saudi Aramco and other big oil companies have been “intimidated” by the Trump administration into dropping green targets, putting them on “the wrong side of history,” the Financial Times reports.

Abdullah Muhammad Al Ansari, has been appointed Chief Executive Officer of Qatar’s stock exchange. Al Ansari has served as Director of Qatari Funds at QIA, Qatar’s sovereign wealth fund, since 2022.

Adel Salem Al Wahedi, the Chief Financial Officer of Dubai-listed district cooling company Tabreed, wrote in the company’s 2024 annual report that it aims to expand through acquisitions and organic growth in the UAE and global markets.

🎶 Culture Circuit

⌚ Telling Time: Collectors in the Gulf and wider Middle East are influencing the evolution of the global luxury watch industry with their desire for rare and bespoke pieces that reflect regional heritage, The National reports. “The deep-rooted relationships nurtured with collectors here and further afield are pivotal, yet it’s the market’s richness, cultivated over decades and notably propelled by commissions from royal houses and ministries, that truly sets it apart,” Remy Julia, head of watches at Christie’s Middle East, told the newspaper.

📷 Photo of the Day

Yasir Al-Rumayyan, Newcastle United Chairman and Governor of Saudi Arabia’s Public Investment Fund, celebrates with the trophy on the pitch after the English League Cup final football match between Liverpool and Newcastle United at Wembley Stadium in London on Sunday. Newcastle won the game 2-1. (Henry Nicholls/ AFP via Getty Images)

📅 Circuit Calendar

March 1-30, Abu Dhabi. Ramadan and Eid exhibition. The exhibition will showcase companies displaying an array of fashion, accessories, perfumes and other gifts. ADNEC.

March 1-19, Dubai. Nad El Sheba Sports Tournament. Organized by the Dubai Sports Council, NAS Sports Tournament is the biggest event of its kind and takes place every year during Ramadan. Nad Al Sheba Sports Complex.

March 6-23, Dubai. Ramadan Food Festival. The free festival features a curated selection of restaurants across five zones. Sheikh Hamdan Colony, Karama.

March 10-14, Houston, Texas: S&P Global CERAWeek. Gathering of top energy industry executives from around the world. Hilton Americas-Houston.

March 17-19, New Delhi, India. Raisina Dialogue 2025. Public policy conference brings world leaders, executives, economists and policymakers to India’s capital.

March 17-19, Dubai. Dubai International Horse Fair. A gathering of the equestrian industry and horse lovers from around the world. Dubai World Trade Centre.

April 7-9, Abu Dhabi. AIMCongress 2025. An investment platform bringing together thought leaders, decision-makers and entrepreneurs. ADNEC.

April 7-9, Dubai. Middle East Energy. Bringing together international energy suppliers to discuss products and solutions. Dubai World Trade Centre.

April 11-13, Sakhir, Bahrain. F1 Gulf Air Bahrain Grand Prix. Formula 1 racing returns to the Gulf island state. Bahrain International Circuit.

April 13-15, Riyadh. Saudi Food Manufacturing. Back for a second year, the focus turns to logistics solutions, including advancements in AI-driven supply chains, robotics, and sustainable automation technologies. Riyadh Front Exhibition & Conference Centre.

April 14-16, Dubai. IPS Congress. The Middle East’s largest international property sales event. Dubai World Trade Centre.

April 15-17, Dubai. Abu Dhabi Global Health Week. A critical worldwide forum dedicated to shaping the future of health. ADNEC.

April 16-17, Dubai. FastBull Finance Summit Dubai. Focused on the depth and breadth of global finance, emphasizing areas such as forex and blockchain financial technology. Coca-Cola Arena.

April 17-19, Dubai. World Art Dubai. A four-day art fair featuring more than 10,000 artworks. Dubai World Trade Centre.

April 18-20, Abu Dhabi. Middle East Film and Comic Con 2025. The region’s largest pop culture festival returns for its 13th year. ADNEC.

April 21-23, Abu Dhabi. Electric Vehicle Innovation Summit 2025. The Middle East’s largest annual event dedicated to shaping the future of electric mobility. ADNEC.

April 21-25, Dubai. Dubai AI Festival. Bringing together the brightest minds to explore and expand the commercial and economic possibilities of AI technology.” Madinat Jumeirah.

April 29-30, Abu Dhabi. Digital Transformation Summit UAE 2025. In its 37th edition, the summit is expected to be attended by over 300 C-suite executives, directors, and technology leaders. Sheraton Abu Dhabi Hotel and Resorts.

April 30. May 1, Dubai. Token2049 Dubai. A global conference dedicated to the crypto and blockchain ecosystem. Madinat Jumeirah.

The Weekly Circuit:  Investcorp builds U.S. portfolio + Waiting for Etihad IPO

In the Weekly Circuit today, we’re looking at reports that Etihad Airways is about to announce a $1 billion IPO, the UAE’s $40 billion investment in Italy, PIF-backed Lucid Motors’ Peter Rawlinson stepping down as CEO and our interview with Family Office Summit chief Obediah Ayton. But first, Investcorp is bullish on America.

Bahrain’s Investcorp, the largest alternative asset manager in the Middle East, is building up its U.S. holdings after Executive Chairman Mohammed Alardhi expressed his optimism about the American economy in Davos last month.

The firm, which is backed by Abu Dhabi sovereign wealth fund Mubadala, announced today it will spend $335 million to buy two property portfolios in Minneapolis and Baltimore.

The properties include 17 buildings comprising over 1.9 million square feet in Minneapolis and 10 buildings with about 881,000 square feet in Baltimore, giving Investcorp access to major thoroughfares, employment centers and residential neighborhoods.

Investcorp’s Alardhi told The National during a January interview at the World Economic Forum in Davos, Switzerland, that he was bullish about U.S. growth, with President Donald Trump starting his second term in the White House.

“I believe it’s a great moment, and we are optimistic,” Alardhi said.  “The American economy continues to be strong, and I think it will do much better in 2025.”

Investcorp also announced this week that it will buy a majority stake in Contentserv, a German provider of AI-fueled product experience and information company from U.S.-based Centric Software.
Welcome to the Weekly Circuit: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].

circuit interview

Family offices face generational divide over investment strategy

Obediah Ayton, Founder of Dhabi Holding Co. (center-right), speaks on a panel at the Family Office Summit Dubai. (Family Office Summit)

Family businesses are the foundation of wealth in the Gulf. Problems crop up when children and grandchildren have different ideas from the founders on how to invest the fortunes they generate. 

That’s what motivated Obediah Ayton, Founder of his family’s Dhabi Holding Co., to establish the annual Family Office Summit, which took place for a third year in Dubai on Tuesday, The Circuit’s Omnia Al Desoukie reports.

In an interview, Ayton, 33, talks about the mission he’s pursued to bridge generational gaps, mitigate succession battles and make lots of money. How, for instance, does a Dubai family business built on construction deal with the judgment of the millennial children to invest millions of dollars in the red-hot gaming industry?

Click here to read the full interview.

WHEN IN ROME

UAE to invest $40 billion in Italy following MBZ state visit

Italian Prime Minister Giorgia Meloni welcomes UAE President Sheikh Mohamed bin Zayed at Palazzo Chigi in Rome (Getty Images)

UAE President Sheikh Mohamed bin Zayed’s state visit to meet Italian Prime Minister Giorgia Meloni in Rome this week produced a range of deals aimed at strengthening both business and security ties between the two countries.

Emirati officials signed deals on Monday to invest $40 billion in Italy across projects ranging from artificial intelligence to undersea cables and renewable energy, The Circuit reports

“This collaboration underscores the importance of Italy and the UAE as strategic partners for innovation, sustainable economic development and technological exchange,” the countries said in a joint statement. 

Click here to read the full story.

💲 Sovereign Circuit

Public Investment Fund: Peter Rawlinson, CEO of PIF-owned Lucid Motors, stepped down after six years as head of the California-based electric car company, which reported a net loss in 2024 of $3.1 billion. 

International Holding Co.: Sheikh Tahnoon bin Zayed, Chairman of the Abu Dhabi-owned investment company, said a 54% jump in 2024 revenue showed that, “by strategically divesting from mature assets and replenishing our portfolio with innovative investments, we continue to reinforce our position as a global investment powerhouse.”

ADQ: Etihad Airways, which is owned by the Abu Dhabi sovereign wealth fund, plans to announce an IPO this week that would seek to raise $1 billion by selling off a 20% stake in the carrier, Reuters reports.

Qatar Investment Authority: The sovereign wealth fund is evaluating eight more VC firms for inclusion in its $1 billion Fund of Funds, which seeks to bring tech startups to Qatar.

↪↩ Closing Circuit

 🤖 Shuffling Shares: UAE telecoms company e& agreed to sell its 40% stake in Khazna Data Center Holdings for $2.2 billion as part of a deal with majority shareholder G42, the Abu Dhabi-owned artificial intelligence firm.

🤖 AI Assistance: Qatari officials signed a five-year deal with San Francisco-based Scale AI to obtain artificial intelligence tools and training designed to improve government services, Reuters reports

💰 Building Wealth: Inertia Egypt plans to invest $158 million to accelerate construction and delivery across its real estate projects, CEO Ahmed El Adawy said.

🖥️ Speeding Up: Quantum Machines, an Israeli quantum computing startup, raised $170 million in a Series C funding round led by PSG Equity.

🗣 Circuit Chatter

🏗️ Gaza Summit: U.S. Middle East envoy Steve Witkoff said the Trump administration will soon hold a summit with “the biggest developers in the Middle East region” to discuss possible reconstruction plans for the Gaza Strip.

☢️ European Reactor: Abu Dhabi’s Emirates Nuclear Energy Co. is getting ready to invest in Newcleo, a French-Italian operator of lead-cooled fast nuclear reactors, in a deal that could be worth as much as $523 million, Bloomberg reports.

💎 Gulf Diamond: Lusail, Qatari Diar’s $250bn flagship project, aims to attract local and foreign investors with freehold properties, residency options, and flexible financing. 

🤑 New Interest: Dubai-based engineering and construction consultancy Sidara has begun renegotiations to take over British engineer John Wood Group, which has faced financial challenges.

🌍 Power Circuit

Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai and UAE Deputy Prime Minister and Minister of Finance, met with Emma Reynolds, UK Economic Secretary to the Treasury, at his office in Dubai on Tuesday. 

Prince Khalid bin Salman, Saudi Arabia’s Defense Minister, met with U.S. Defense Secretary Pete Hegseth at the Pentagon on Monday to discuss ways to strengthen the bilateral relationship between Washington and Riyadh.

Emir of Kuwait Sheikh Mishal Al-Ahmad Al-Jaber met with Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and UAE National Security Adviser, at Bayan Palace in Kuwait City on Sunday.

Sheikh Mohammed bin Rashid, UAE Vice President and Prime Minister and Ruler of Dubai, crowned Ahmed Zainoun from Morocco as the top Arab Hope Maker in the presence of Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai and UAE Deputy Prime Minister and Minister of Finance.

➿ On the Circuit

Mark Steward was appointed CEO of the Dubai Financial Services Authority, replacing Ian Johnston. Steward was previously Executive Director of Enforcement and Market Oversight at the UK’s Financial Conduct Authority.

Linos Lekkas, a former executive in Citigroup’s European banking division, is set to join First Abu Dhabi Bank in a senior position, Bloomberg reports.

Kirill Dmitriev, the former Goldman Sachs banker who has become the Russian President Vladimir Putin’s key go-between with the Gulf states, is profiled in the Financial Times.

Brett McGurk, former Middle East negotiator for the Biden administration, has joined U.S.-based Lux Capital and was spotted on Sunday at Saudi Arabia’s Founding Day celebrations in Riyadh.

🎶 Culture Circuit

🏺 Grand Opening: Egypt has finally fixed a date for the opening of its $1 billion flagship museum, which has been under construction since 2005. The Grand Egyptian Museum near the Giza pyramids, which holds 100,000 artifacts, including items from Tutankhamun’s tomb, will be inaugurated on July 3.

📷 Photo of the Week

Dancers perform an “Ardah” during celebrations for Saudi Founding Day in Diriyah, Riyadh, on Saturday (Getty Images)

🗓️ Ahead on The Circuit

Feb. 25-March 1, Dubai. WCA World 2025. The conference brings together some of the world’s biggest independent freight forwarders. Dubai World Trade Centre.

Feb. 26-27, Abu Dhabi. Investopia 2025. The fourth edition of the summit, to be held under the theme “Leveraging the Power of Massive Investments.” St. Regis, Abu Dhabi.

March 5-8, Abu Dhabi. 2025 Forbes 30/50 Summit. This summit aims to connect multiple generations of women together.

March 17-19, Dubai. Dubai International Horse Fair. A gathering of the equestrian industry and horse lovers from around the world. Dubai World Trade Centre.

April 7-9, Abu Dhabi. AIMCongress 2025. An investment platform bringing together thought leaders, decision-makers and entrepreneurs. ADNEC.

April 7-9, Dubai. Middle East Energy. Bringing together international energy suppliers to discuss products and solutions. Dubai World Trade Centre.

April 13-15, Riyadh. Saudi Food Manufacturing. Back for a second year, the focus turns to logistics solutions, including advancements in AI-driven supply chains, robotics, and sustainable automation technologies. Riyadh Front Exhibition & Conference Centre.

April 14-16, Dubai. IPS Congress. The Middle East’s largest international property sales event. Dubai World Trade Centre.

April 17-19, Dubai. World Art Dubai. A four-day art fair featuring more than 10,000 artworks. Dubai World Trade Centre.

April 18-20, Abu Dhabi. Middle East Film and Comic Con 2025. The region’s largest pop culture festival returns for its 13th year. ADNEC.

April 21-23, Abu Dhabi. Electric Vehicle Innovation Summit 2025. The Middle East’s largest annual event dedicated to shaping the future of electric mobility. ADNEC.

April 29-30, Abu Dhabi. Digital Transformation Summit UAE 2025. In its 37th edition, the summit is expected to be attended by over 300 C-suite executives, directors, and technology leaders. Sheraton Abu Dhabi Hotel and Resorts.

April 30. May 1, Dubai. Token2049 Dubai. A global conference dedicated to the crypto and blockchain ecosystem. Madinat Jumeirah.

The Daily Circuit: Gulf beckons Davos delegates + Investcorp’s IPO horizon

👋 Hello from the Middle East!

In today’s Daily Circuit, we’re looking at Bahrain-based Investcorp’s IPO horizon, QIA-backed Instabase’s $100 million funding round, Dubai’s new property rules aimed at attracting foreign investment and Sir Anthony Hopkins’ star-studded concert in Riyadh. But first, home away from home for Gulf delegates in Davos.

As the World Economic Forum opens today on the icy streets of Davos, Saudi Arabia and the UAE are beckoning delegates to come in from the cold – touting a range of gatherings inside their well-heated pavilions on the Swiss ski resort’s main drag.

Saudi House, an all-in-one base at 105 Promenade Street that the kingdom is using to attract foreign investment, will feature programs and exhibits prepared by 13 separate agencies.

They range from the Investment and Tourism ministries to the Royal Commission for AlUla – the ancient desert city, now a center for museums and resorts – to the Diriyah Company – which is carrying out a $63 billion overhaul of Riyadh’s historic core.

Walk-in visitors are generally treated to assorted varieties of Saudi dates and cardamom-infused coffee. Saudi House will also be hosting more elaborate luncheons and dinner meetings during the week.

“The kingdom’s approach to unlocking its potential involves really rewriting the economic playbook,” Saudi Economy and Planning Minister Faisal Alibrahim told Arab News in an interview published today.

“This is not just about investments or the government spending money,” he said. “This is about creating an environment that’s vibrant, that attracts capital, attracts minds to the opportunities that are being created in the kingdom led today by the government.”

Down the road at 68 Promenade Street, the UAE will also have a crowded schedule. On Tuesday, G42 Chief Operating Officer Mansoor Al Mansoori will host Brad Smith, Vice Chair and President of Microsoft, for a public chat on “how global cooperation can address challenges like ethical governance, inclusivity, and shared innovation.”

Welcome to the Daily Circuit. Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].

📰 Developing Stories

Dubai is taking new steps to make its prime property more attractive to foreign investors. The emirate issued regulations on Sunday enabling private property owners of all nationalities in the Sheikh Zayed Road and Al Jaddaf areas to convert their ownership to so-called “freehold” status, The National reports. Under freehold classification, an investor has a direct title of ownership of the property and the land on which it is built. “This news is huge because it could be the beginning of what I suppose will be the opening up of all areas to be bought by non-locals,” Mario Volpi, head of brokerage at Novvi Properties, told the newspaper.

💲 Sovereign Circuit

Mubadala: The Abu Dhabi sovereign wealth fund will proceed with a restructuring of the Turkish Getir grocery delivery service despite threats of a legal battle from its founders.

Qatar Investment Authority: Instabase, a San Francisco startup that creates software for extracting data from documents, raised $100 million in a Series D funding round led by the QIA.

Public Investment Fund: A subsidiary of the sovereign wealth fund’s Saudi-Egyptian Investment Co. agreed to invest in Cairo for Investment and Real Estate Development, Egypt’s largest private-sector education service provider.

↪↩ Closing Circuit

📈 Price Surge: An 81% increase in Riyadh residential real estate prices since 2020 has put home ownership out of reach for the vast majority of the Saudi capital’s residents, the Financial Times reports.

⛽ Gas Sale: ADNOC signed a 15-year Sales and Purchase Agreement with Germany’s EnBW for 0.6 million tons per annum of LNG from its Ruwais project, with deliveries expected to begin in 2028.

💲 Lean In: Egypt received a $231 million loan from the state-backed Japan International Cooperation Agency to support its private sector development to transition to a green economy.

🖥️ Digital Assets: Dubai Islamic Bank increased its stake in Turkey’s T.O.M. Group from 20% to 25%, strengthening its presence in Turkey’s growing financial market, which includes T.O.M. Katilim Bankasi, Turkey’s first licensed digital retail bank.

💸 SME Funds: Egypt’s Micro, Small, and Medium Enterprises Development Agency signed a micro-project financing deal worth $1.95 million with Erada Microfinance company to fund 1,700 micro-projects, each receiving $9,000.

🗣 Circuit Chatter

🚢 Holding Back: International cargo carriers are not ready to return to the Red Sea in the wake of a Gaza ceasefire because of uncertainty over whether Yemen’s Houthis will continue to attack their ships, Reuters reports.

🥬 Vegan Cuisine: Emirates airline is testing some 300 different vegan dishes, such as savory cannelloni and spicy shakshuka, to address increasing demand from passengers. 

₿ Crypto Power: Dubai Multi Commodities Centre and REIT Development will build a 17-story Crypto Tower in Dubai’s Jumeirah Lakes Towers to support blockchain, DeFi, and Web3 companies.

💰 Flying In: The UAE has emerged as the second most popular destination for high-net-worth individuals seeking to leave the U.K. ahead of upcoming tax regime changes, investment experts Henley & Partners said. 

🇰🇼 New Tracks: Kuwait’s Public Authority for Roads and Transportation issued a tender for a consulting agreement to establish the Kuwait Railway Co., a decision to be followed by a study of the private sector partnership for its operation and maintenance. 

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed met with Masrour Barzani, Prime Minister of the Kurdistan Region of Iraq at Qasr Al Shati in Abu Dhabi on Sunday. Sheikh Mohamed also received a phone call from the leader of the New Syrian Administration, Ahmed Al-Sharaa in which he reiterated the UAE’s steadfast position in support of Syria’s independence.

Crown Prince Mohammed bin Salman of Saudi Arabia is emerging as one of the biggest winners in the fallout of the 15-month conflict in Gaza, which has tilted the balance of power in the Middle East against its longtime rival Iran, Bloomberg reports.

Sheikh Abdullah bin Zayed, UAE Deputy Prime Minister and Minister of Foreign Affairs, spoke on the phone with outgoing U.S. Secretary of State Antony Blinken.

Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister and Ruler of Dubai, met with members of the Board of Directors of the Young Arab Leaders initiative at the Museum of the Future.

Sheikh Hamdan bin Mohammed, UAE Deputy Prime Minister and Crown Prince of Dubai, launched a new certification mechanism called the Dubai AI Seal to promote trust in reliable artificial intelligence companies.

Sheikh Maktoum bin Mohammed, UAE Deputy Prime Minister, Minister of Finance and Deputy Ruler of Dubai, met with Tara Davies, Partner and Co-Head of Europe, the Middle East, and Africa at private equity firm KKR. 

Sheikh Ahmed bin Mohammed, Second Deputy Ruler of Dubai and Chairman of the Dubai Media Council, launched the Media Leadership Programme, a strategic initiative aimed at shaping a new generation of media leaders.

➿ On the Circuit

Hussain Sajwani, Chairman and founder of DAMAC properties, is in Washington D.C. and posted a picture with Amazon founder Jeff Bezos during the pre-inauguration celebrations of U.S. President-elect Donald Trump at the Trump National Golf Club on Sunday.

Tarek Sultan, Vice Chairman of Kuwaiti logistics giant Agility, told The National that he is optimistic about the incoming administration of Donald Trump, and is expecting the U.S. to play a key role in the company’s investment strategy.

Saqr Ghobash, Speaker of the UAE Federal National Council, and Sheikh Khalid bin Hilal Al Maawali, Chairman of the Shura Council in the Sultanate of Oman, held a discussion session at the Shura Council headquarters in the Omani capital, Muscat.

🎶 Circuit Culture

🎻 Lighter Note: Sir Anthony Hopkins hosted a gala concert in Saudi Arabia on the weekend, alongside a bevy of stars, including Matthew McConaughey, Morgan Freeman and Christina Aguilera. It was the first public appearance for the legendary actor and composer since losing his home in the Los Angeles fires. Hopkins also attended the Kingdom’s Joy Awards, which honor artistic achievements in the Arab world.

📷 Photo of the Day

Stella Hopkins, Sir Anthony Hopkins and Turki Alshaikh, Chairman of Saudi Arabia’s General Entertainment Authority, onstage with Britain’s Royal Philharmonic Orchestra at the “Life Is A Dream” concert in Riyadh on Jan. 17 (Getty Images)

📅 Circuit Calendar

Jan. 20-24, Davos, Switzerland. World Economic Forum. The annual WEF meeting brings world leaders and business executives together to discuss the world’s greatest policy challenges. Davos-Klosters.  

Jan. 27-30, Dubai. Arab Health. Premier healthcare event where attendees network with global leaders, discuss ground-breaking innovations and seek to shape the future of healthcare. Dubai World Trade Center. 

Jan. 27-28, Riyadh. Private markets in Saudi Arabia and GCC.  Exploring fundraising strategies, value creation and opportunities across private equity, credit and venture capital within Saudi Arabia and the broader Middle East. The Fairmont Hotel.

Jan. 27-30, Miami, Fla. iConnection Miami Alts. Networking event for fund managers and finance industry professions. Miami Beach Convention Center.

Jan. 30, Abu Dhabi. MEVCA Investors Summit. The one-day conference is sponsored by the Middle East Venture Capital Association. ADGM.

Feb. 1-8, Abu Dhabi: Mubadala Abu Dhabi Open. Top women tennis stars compete in WTA 500 tournament. International Tennis Centre, Zayed Sports City.

Feb. 3-6, Dubai. Medlab Middle East 2025. The show attracts exhibitors whether global  giants or emerging startups to discuss digital health solutions. Dubai World Trade Centre.

Feb. 4-5, Doha. Seatrade Maritime Qatar Conference and Exhibition. Conference brings industry experts, decision-makers, shipping companies and leaders in technology, energy, finance and investment. Sheraton Grand Doha Resort.

Feb. 9-12, Riyadh. Leap 2025. Riyadh’s tech event that brings in tech innovators and leading experts from around the world to discover new ideas, build new partnerships, and connect with inspiring mentors and investors. Riyadh Front Expo Centre.

Feb. 11-13, Dubai. World Government Summit 2025. Annual event brings in world leaders and business leaders from the region and outside to discuss the most pressing matters. Madinat Jumeirah.

Feb. 14-16, Munich Security Forum. Known as one of the world’s leading forums for debating international security policy. Hotel Bayerischer Hof.

Feb. 17-21, Abu Dhabi: IDEX 2025. Military contractors from around the world show their wares at one of the most prominent international defense exhibitions. ADNEC Center.

Feb. 17-21, Dubai. Gulf Food. In its 30th edition, the exhibition brings in many more companies to show their work on food and the industry’s use of technology. Dubai World Trade Center. 

Feb. 18-19, Abu Dhabi. The Future of Asset Management Middle East. A two-day conference that gathers leading executives from top asset management companies in the Middle East region. The Ritz-Carlton, Grand Canal.

 Feb. 22-23, Miami, Fla. FII Priority. Saudi Arabia’s Future Investment Initiative connects U.S. and Middle Eastern investors. Faena Hotel & Forum, Miami Beach.

Feb. 25, Dubai. Family Office Summit 2025. Global fund leaders managing $1 trillion in assets will meet under the theme, “Taking Money Out of Cash.” Ritz Carlton Jumeirah Beach