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 Investment, granted 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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CIRCUIT INTERVIEW
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.
COOKING A DEAL
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

📅 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.