Investors Archives

Wynn faces pressure over UAE casino debut after Iran attacks

Investors in Wynn Resorts will be looking for answers this week about whether the Las Vegas-based casino operator will delay next year’s planned opening of its $5.1 billion UAE project because of the Iran war.

The company issued a statement in March that the conflict had briefly interrupted construction and that some employees were being offered to work abroad.

Now – after the UAE was attacked again this week by Iranian drones – Wynn is contemplating postponing its target opening in the spring of 2027, Bloomberg reports. Company executives will be questioned by investment bank analysts on Thursday when Wynn reports earnings.

The Wynn Al Marjan Island has been positioned as a catalyst for a wider investment boom in the northern emirate of Ras Al Khaimah, attracting luxury developers, hotel operators and retailers to the northern emirate. The resort is planned to include more than 1,500 rooms, a marina, shopping district and the Gulf’s first regulated gaming venue.

The UAE has pressed ahead with legalized gaming despite concerns elsewhere in the Gulf about casinos. Wynn rival MGM Grand is building a hotel in Dubai.

The government created a regulatory authority in 2023 to license casinos, lotteries, sports betting, online gaming, and integrated resorts. Wynn Resorts received the country’s first commercial gaming license in 2024.

Gulf power players head for Milken 2026 as Iran war brews

Top Gulf officials and investors will be taking the stage next week at the Milken Institute Global Conference 2026 in Los Angeles as the financial world focuses on the conflict with Iran.

Leading the UAE delegation will be Khaldoon Al Mubarak, Managing Director and Group CEO of Mubadala, joined by Deputy CEO Waleed Al Mokarrab Al Muhairi and Camilla Languille, Co-CEO of the sovereign wealth fund’s private equity platform.

Among other Emirati participants will be Omar Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, and Majid Al Suwaidi, CEO of Altérra.

The conference, which takes place May 3-6 at the Beverly Hilton & Waldorf Astoria Beverly Hills, comes as investors grapple with economic fallout from the Iran war, which has disrupted oil flows and led to record gasoline prices.

The Saudi delegation will include Bandar Al-Khorayef, Minister of Industry and Mineral Resources; Khalid Al-Falih, Minister of Investment; and Reema Bandar Al Saud, Saudi Ambassador to the U.S. Also on the program are Manar Al-Moneef, Chief Investment Officer of NEOM; Princess Noura bint Faisal Al Saud, Founder of Culture House; and Prince Turki Al Faisal Al Saud, Chairman of the King Faisal Center for Research and Islamic Studies.

From Qatar, Ali Al Kuwari, Minister of Finance, and Mohsin Pirzada, Head of Funds at the Qatar Investment Authority, will participate, along with Jasem Al Budaiwi, Secretary-General of the Gulf Cooperation Council.

UAE quits OPEC

The UAE said it is quitting OPEC, delivering a powerful blow to the alliance amid disruptions to the global energy business triggered by the Iran war.

“This decision follows a comprehensive review of the UAE’s production policy and its current and future capacity and is based on our national interest and our commitment to contributing effectively to meeting the market’s pressing needs,” OPEC said on Tuesday in a statement carried by the UAE state news agency Wam.

The split with OPEC and the broader OPEC+ coalitiion, comes as Gulf producers struggle to move exports through the Strait of Hormuz, where Iranian threats and attacks have disrupted a key global sea channel and LNG transit route. The UAE said its departure will be effective May 1.

Tensions have been escalating since the UAE, the world’s seventh largest oil producer, criticized fellow Arab states for failing to adequately respond to Iranian attacks. Anwar Gargash, an advisor to UAE President Sheikh Mohamed bin Zayed publicly condemned what he described as weak political and military support from both the Gulf Cooperation Council and the Arab League.

“During our time in the organization, we made significant contributions and even greater sacrifices for the benefit of all,” the OPEC statment said, “However, the time has come to focus our efforts on what our national interest dictates and our commitment to our investors, customers, partners and global energy markets. This is what we will focus on going forward.”

Dubai’s property market put to test in missile barrage from Iran

The UAE’s years-long property rally faces its first major test after Iranian missile strikes unsettled investors, sending shares in developers such as Aldar Properties and Emaar Properties down almost 5%.

The sell-off comes as analysts had already warned that a pipeline of new housing supply expected by 2028 could outpace population growth, Reuters reports.

Meanwhile, bond prices of major developers also dropped sharply, effectively shutting the debt market.

With expatriates and overseas buyers underpinning much of the market’s demand, investors say the outlook will depend largely on whether foreign appetite for property in the UAE holds up.

Gourmet Egypt shares soar 38% on Cairo stock exchange debut

Foie gras and French goat cheese fueled Gourmet Egypt’s stunning debut on the Cairo stock exchange today, in which the upscale grocer’s shares rose as much as 38%.

With sales split between institutional and retail investors at 6.90 Egyptian pounds per share, the store’s IPO raised almost $28 million, Bloomberg reports.

Gourmet Egypt, which opened its business 20 years ago and specializes in imported foods such as Angus beef and Roquefort cheese, recently introduced ready-to-heat meals under its own “Handcrafted by Gourmet” label.

The Egyptian Exchange’s benchmark index has soared 68% over the past 12 months and officials are expecting as many as eight new listings this year.

Middle East investors turn cautious as IPO momentum stalls

Middle East IPOs slowed to a crawl this year as investors have pulled back from public markets that surged following the global pandemic.

The 2024 boom was driven by high oil prices, strong government spending and privatizations, which helped companies in the UAE and Saudi Arabia raise nearly $10 billion through initial stock offerings in 2024, the Financial Times reports.

In 2025, the funds raised through IPOs have sunk to $6.5 billion. Investor appetite has been hit by weak post-listing performance, with shares of companies such as Pure Health, ADNOC Drilling and Americana Restaurants struggling to generate strong gains after their debuts.

Saudi Arabia’s venture capital firms, meanwhile, are increasingly looking to mergers and acquisitions to exit investments amid the Tadawul Stock Exchange’s weak performance, Bloomberg reports.

Investors such as Riyadh-based Merak Capital and Impact 46 say they prefer buying and selling stakes in private companies because going public has become more expensive and volatile.

The Daily Circuit: ADFW draws global investors + Binance gets Abu Dhabi OK

In The Daily Circuit today, we’re reporting on Abu Dhabi’s $16 billion expansion of its ADGM free zone, PIF-backed Lucid expanding its electric car network in Saudi Arabia, ADIA joining a group of investors that bought out British American Tobacco’s $776 million stake in India’s ITC Hotels and DP World’s agreement to modernize Afghanistan’s ports. But first, investors pour into Abu Dhabi for ADFW and Bitcoin MENA.

Abu Dhabi this week is hosting both the sprawling Abu Dhabi Finance Week event and the Bitcoin MENA conference, drawing crypto, finance and institutional investors to the UAE’s capital from around the world.

Headlining the Bitcoin event is Changpeng Zhao, the founder of Binance better known as CZ, who was pardoned by U.S. President Donald Trump in October after pleading guilty to violating money laundering laws. Also appearing are Ahmed Bin Sulayem, Executive Chairman & CEO of the Dubai Multi-Commodity Centre; Abdulla Al Dhaheri, CEO of The Blockchain Center; Faisal Al Hammadi, Managing Partner at Further Ventures; and Ali Alnuaimi, Founder at Shafra.

Amid the gatherings, Binance received formal approval from Abu Dhabi Global Market’s regulatory authority to provide global platform services from Abu Dhabi via three licensed entities – an exchange, a clearing house, and a broker-dealer. Under the arrangement, Binance’s regulated operations are set to begin January 5, 2026.

Missing this year is Eric Trump, who spoke to a packed hall last year before Donald Trump took office and promised that his father would be the most pro-crypto President ever. Excitement over crypto appeared not to be dampened much by the 30% slide in Bitcoin’s value.

“This year has certainly been an interesting one where we started well, went sideways, came a little bit lower and leveraged positions,” Sam North, a market analyst at eToro, told The Circuit’s Omnia Al Desoukie at the conference. “But overall, I think it has been a good year.”

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

📰 Developing Stories

CAPITAL EXPANSION

Abu Dhabi is planning a $16 billion expansion of its ADGM free zone, as the hedge funds, banks and fintech companies that have been flocking to one of the region’s fastest growing financial hubs demand more space to expand. The emirate’s Mubadala sovereign fund and its biggest developer, Aldar Properties, are partnering on the mixed-use development, which will double the Grade A office space available on Al Maryah Island and add another 3,000 luxury residences, Bloomberg reports. The number of operational entities within ADGM rose to 3,227 in the third quarter, up 43% year-on-year. Billionaire Alan Howard told Abu Dhabi Finance Week that his hedge fund, Brevan Howard Asset Management, which is Abu Dhabi’s largest, has run out of office space and is looking for more. Balyasny Asset Management, a $29 billion multi-strategy hedge fund, is the latest newcomer, with plans to open an office early next year.

SPIRITS SHIFT

Saudi Arabia has quietly eased its strict alcohol rules this week, allowing non-Muslim foreign residents who earn at least 50,000 riyals ($13,300) per month to purchase liquor from the country’s only licensed store in Riyadh if they show proof of income, Bloomberg reports. Previously, only foreign diplomats had access to alcohol sales – and more recently, residents with so-called premium visas. The store operates under a system where buyers’ income is checked via a Saudi platform before purchases are allowed. Loosening the restrictions is part of broader efforts to make the kingdom more attractive to expats, investors and international businesses.

💲 Sovereign Circuit

Public Investment Fund: PIF-backed U.S. electric vehicle maker Lucid has expanded its network in Saudi Arabia.

ADQ: AD Ports Group’s Karachi Gateway Terminal Multipurpose Limited and Louis Dreyfus Company have signed a long-term agreement to develop and operate a modern clean-bulk agricultural handling and storage facility at Karachi Port.

Abu Dhabi Investment Authority: ADIA is among investors who bought out British American Tobacco’s $776 million stake in India’s ITC Hotels.

Oman Investment Authority: OQ Gas Networks, part of OIA, has invited bids to build Oman’s first 800km carbon-waste pipeline, linking major industrial free zones in Sohar, Duqm, and Salalah.

↪↩ Closing Circuit

🤝 Afghan Alliance: DP World signed an agreement with the Afghan Ministry of Finance to modernize the country’s ports.

🌐 Fintech Milestone: Turkey’s Paribu has acquired a majority stake in Bahrain- and Dubai-based CoinMENA in a deal valuing the firm at up to $240 million.

💰 Funding Found: U.K.-based Wood Group secured access to $450 million in new funding from Dubai-based suitor Sidara after meeting key conditions, marking a major milestone in the year-long takeover bid.

🗣 Circuit Chatter

💼 New Bureau: U.K.-based hedge fund Man Group has applied for a license to open an Abu Dhabi office next year.

🏗️ Big Bucks: Egypt’s Palm Hills Developments aims to generate more than $7 billion in sales from its first UAE project and expects to begin construction next spring, chairman Yassin Mansour told Reuters.

📈 Debt Market: GCC debt issuance soared to a decade high of $226 billion by November 2025, far outpacing last year’s record and contrasting sharply with the region’s weakest IPO activity since 2020, S&P Global Market Intelligence reported.

🌍 Power Circuit

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, and Sheikh Tahnoon bin Zayed, UAE National Security Advisor, met with Microsoft CEO Satya Nadella in Abu Dhabi on Sunday. Sheikh Khaled also met with Daniel Noboa, President of Ecuador, on the sidelines of the Abu Dhabi Formula One Grand Prix on Sunday.

Sheikh Theyab bin Mohamed, Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs, met with Bill Gates, Chairman of the Gates Foundation, on the sidelines of Abu Dhabi Formula One Grand Prix on Sunday.

Sheikha Latifa bint Mohammed, Chairperson of Dubai Culture and Arts Authority, met with a delegation of Africa’s leading business and philanthropic figures to discuss opportunities for collaboration.

➿ On the Circuit

Noura Al Kaabi, UAE Minister of State, was among the figures who paid tribute to famed architect Frank Gehry, after he died on Friday aged 96. Gehry designed the Guggenheim Abu Dhabi, which is due to open next year.

Jihad Azour, International Monetary Fund Regional Director, told The National that the U.S.’s November decision to allow advanced chip exports to the UAE’s G42 and Saudi Arabia’s Humain marked a major boost to both countries’ AI ambitions, signalling their emergence as serious players in the sector.

Saad Sherida Al Kaabi, Qatar’s Energy Minister, said at the Doha Forum on Saturday that he’s “really worried” that a lack of investment and a surge in energy use from AI will create a shortage of LNG and natural gas supplies beyond 2035, Bloomberg reports.

Yasir Al Rumayyan, Governor of the Public Investment Fund, took part in a mini-hackathon where he personally built a “fantastic” stock trading assistant with Replit, Amjad Masad, CEO of Replit tweeted on Sunday.

Hamad Ali Al Khater was named Qatar Airways Group CEO, succeeding Badr Mohammed Al-Meer after just two years in the post.

Maryam AlBalooshi, Senior Manager of the Environmental Affairs Office at the UAE’s General Civil Aviation Authority, has been elected as Chair of the Committee on Aviation Environmental Protection of the International Civil Aviation Organization.

🎶 Culture Circuit

🌷 Art Roulette: A 66 million-year-old triceratops skull fossil, Jeff Koons’ large-scale “Tulips” sculpture and a 17th century tapestry are among the eclectic pieces to be displayed at Wynn’s Al Marjan Island casino resort when it opens in 2027, The National reports. Wynn has shared a preview of the extensive collection of art and artifacts it has curated for an “immersive living gallery” experience at the Ras Al Khaimah resort, which will be the first gaming facility to open in the Gulf region.

📷 Photo of the Day

**British racecar driver Lando Norris**, the new F1 World Drivers Champion, celebrates with McLaren teammates after placing third in the Etihad Airways Abu Dhabi Grand Prix 2025 at Yas Marina Circuit on Sunday. (Nicolas Economou/NurPhoto via Getty Images)

📅 Circuit Calendar

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. 8-9, Kuwait City. Kuwait Risk Management Summit. Equipping leaders in enterprise risk, audit, and compliance with the latest insights and actionable strategies to tackle the evolving risk landscape. Kuwait Four Seasons Hotel.

Dec. 8-9, Abu Dhabi. Global AI Show. A leading forum examining investment opportunities in artificial intelligence. Space42 Arena.

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.

Dec. 18-23, Abu Dhabi. Games of the Future. A forum to discuss trends and investment opportunities in digital gaming. ADNEC.

Dec. 29-30, Dubai. World Sports Summit. Athletes, investors and decision makers discuss how sports can change the face of humanity. Madinat Jumeirah Arena.

The Daily Circuit: Milken quizzes Mubadala chief + Abu Dhabi F1 Grand Prix

In The Daily Circuit today, we’re at the Milken Institute’s Middle East and Africa Summit, where Mubadala’s Khaldoon Al Mubarak and Michael Milken concluded proceedings with an on-stage chat. We’re also reporting on Netflix buying Warner Bros. for $72 billion, sidestepping a Gulf-backed bid from Paramount; Emirates NBD mulling the purchase of a $7 billion Indian bank stake, and the three-way showdown brewing at Abu Dhabi’s Formula One Grand Prix. But first, to the conference.

Michael Milken wrapped up his annual Middle East and Africa Summit today the same way he started it a day earlier, hailing the integration of artificial intelligence into all aspects of business and finance.

As he did in 2024, Milken used Abu Dhabi’s Mubadala sovereign wealth fund as a use case, asking CEO Khaldoon Al Mubarak for a report card on its campaign to incorporate AI into all decision making.

Al Mubarak talked about turning the fund’s G42 technology firm into a cauldron for AI development, about establishing MGX as a key vehicle for investing in AI companies and the establishment of the UAE’s Mohamed bin Zayed University of Artificial Intelligence. Then he cited U.S. President Donald Trump’s visit in May when the two countries agreed to build a 19-kilometer campus in Abu Dhabi for the development of AI technology and the U.S. administration’s decision to allow export of the most advanced AI chips to the UAE.

“This is like going from a speed of 5 kilometers an hour to about 250 kilometers an hour,” Al Mubarak said.

Al Mubarak also credited Milken for inspiring him to establish Mubadala Capital as the first sovereign investor to manage third-party money. “This is a process you helped seed. You give advice, you drop hints – but the responsibility is on us to act,” Al Mubarak said. “Mike not only gave advice – he backed it with his own money as one of our first investors. Over time, we’ve been very successful.

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

📰 Developing Stories

STARTING YOUNG

Saudi Arabia is working to engage its sports fans from the bottom up. As Crown Prince Mohammed bin Salman pours billions of dollars into international golf, tennis and football, Danny Townsend, CEO of Saudi Arabia’s SURJ Sports Investments, says it’s vital to get the young generation hooked when they’re young. “Frankly, I care far more about engaging a 10-year-old in a sport we invest in than engaging someone my age,” Townsend said in a panel discussion about sports at the Milken Summit. “If we get the product right and deliver it the right way for that young fan, the long-term value follows.” Ben Harburg, the American investor who bought Saudi Arabia’s Al-Kholood pro soccer club in July, said he’s constantly amazed by the dedication of local fans. “I’ve had fans come up to me at matches with printed A4 pages – line-by-line recommendations on how we should compete in the league, which players to pursue, what style of play to adopt, even preferred formations.”

NETFLIX AND DEAL

Netflix agreed to buy Warner Bros. Discovery in a $72 billion deal that pairs the world’s dominant paid streaming service with one of Hollywood’s oldest studios. Under the deal announced today, Warner Bros. shareholders will receive $27.75 a share in cash and stock in Netflix, Bloomberg reports. Netflix beat out a competing bid by David Ellison’s Paramount Skydance, which had backing from the Gulf’s three biggest sovereign wealth funds: Saudi Arabia’s Public Investment Fund, the Qatar Investment Authority and the Abu Dhabi Investment Authority. The sale will reshape the media and entertainment landscape globally, including in the Gulf, where Warner Bros. Discovery has interests ranging from content streaming and theme park branding deals to a CNN bureau. Earlier this year it paid $57 million for a 30% share in Dubai-based streamer OSN, which hosts HBO content in the region.

💲 Sovereign Circuit

Investment Corp. of Dubai: Emirates NBD, majority owned by the Dubai Government’s investment arm, is among the potential bidders for India’s $7 billion majority stake in IDBI Bank, in what could become the largest state-backed bank divestment in decades.

Public Investment Fund: The Saudi Bahraini Investment Co., owned by the PIF, signed an agreement with Mumtalakat, Bahrain’s sovereign wealth fund, to enhance cooperation and investment in strategic sectors.

Oman Investment Authority: OQ Alternative Energy, the OIA backed renewable energy company, is reportedly preparing to approve final investment decisions on 2 gigawatts of projects before year-end, the Oman Daily Observer reports.

↪↩ Closing Circuit

⚽ Star Power: Saudi Arabia-based billionaire footballer Cristiano Ronaldo has taken a stake in Perplexity AI and signed up for a global sponsorship agreement with the California-based startup.

💵 Building Blocks: Abu Dhabi-listed Investcorp Capital has acquired a $400 million diversified portfolio of industrial assets including properties across coastal markets in the eastern and western U.S.

🚢 Strategic Powerhouse: Morocco’s $4.2 billion Nador West Med port, located in the country’s northeast, is likely to become operational by the end of 2026, CEO Mohamed Jamal Benjelloun told Asharq Business.

🚙 Fancy Drops: Saudi Arabia is now the world’s laregst importer of classic cars, with investments exceeding $26.7 million, amid increased interest in classing car rallies.

🗣 Circuit Chatter

💼 ETF Bonanza: U.S. financial services firm State Street is expanding further in Saudi Arabia, with plans to add a dozen staff and launch a range of new Saudi exchange-traded funds, Bloomberg reports.

🎲 Winning Hand: Las Vegas casino operator Wynn Resorts has told investors that it expects almost 90% of revenue from its UAE project to come from gambling, Arabian Gulf Business Insights reports.

🤝 Good Job: The IMF welcomed Saudi Arabia’s recalibration of Vision 2030 spending as the kingdom moves to narrow its fiscal deficit.

🌱 Solid Growth: The UAE’s economy will grow by 4.8% in 2025, according to the World Bank’s Fall 2025 Gulf Economic Update, as the country continues to achieve strong and broad-based growth.

🛢️ Oil Pricing: Saudi Arabia cut the price of its Arab Light crude to a five-year low, amid signs of a growing surplus, Bloomberg reports.

📈 Kuwait Market: Infracorp, a Bahrain- and Gulf-focused infrastructure and real estate investor, is considering a Kuwait Stock Exchange listing.

🌍 Power Circuit

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, met with Michael Milken and former U.S. Secretary of the Treasury Steven Mnuchin on the sidelines of the Milken Summit.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, held a phone call with Antonio Tajani, Italy’s Deputy Prime Minister and Minister of Foreign Affairs on Thursday.

Prince Faisal bin Farhan, Saudi Arabia’s Minister of Foreign Affairs, and his Qatari counterpart, Sheikh Mohammed bin Abdulrahman, co-chaired the executive committee meeting of the Saudi-Qatari Coordination Council on Thursday in Riyadh.

Sheikh Ammar bin Humaid, Crown Prince of the northern UAE emirate of Ajman and Chairman of Ajman Executive Council, met with Fares Akkad, Regional Director for the Middle East and Africa at Meta, Mariam Obaid Al Mheiri, Public Policy Manager at Meta, and Ahmad Shehada, Head of Government, Politics and Nonprofits for the Middle East and North Africa at Meta.

➿ On the Circuit

Omar Al Olama, UAE Minister of State for AI, Digital Economy and Remote Work Applications, told attendees at the Milken Summit that his country plans to produce 60 trillions AI tokens, which is equivalent to about 60% of global production and is a key part of the Emirates’ ambitions to be the world’s factory of intelligence.

AbdulKader Husrieh, Syria’s Central Bank Governor, appearing via video link, told the Reuters NEXT conference in New York on Thursday that the country’s economy is growing much faster than the World Bank’s 1% estimate for 2025 as refugees flow back after the end of a 14-year civil war.

Richard Teng, Binance Co-CEO, told The National that the rising convergence of AI, blockchain and rising stablecoin adoption is propelling a major five-to-ten-year transformation in financial services.

🎶 Culture Circuit

🏎️ Broom Broom: Excitement is building for this weekend’s Etihad Airways Formula One Grand Prix, the first time in 15 years that more than two drivers are in contention for the world championship title at the last race of the season. McLaren driver Lando Norris, Red Bull’s Max Verstappen and second McLaren driver Oscar Piastri, are all in the running. Adding to the already high stakes, McLaren’s resurgence comes just three months after Abu Dhabi’s CYVN Holdings and Bahrain’s sovereign fund, Mumtalakat, became full owners of the team in a $5 billion deal.

📷 Photo of the Day

**Michael Milken in conversation with Khaldoon Al Mubarak**, Group CEO and Managing Director of the Mubadala sovereign wealth fund and Chairman of Abu Dhabi’s Executive Affairs Authority at the Milken Summit in Abu Dhabi. (Omnia Al Desoukie / The Circuit)

📅 Circuit Calendar

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. The Circuit is an official media partner for Milken Summit and is publishing special editions covering the conference. Make sure you are receiving updates from the Circuit Team!

Dec. 6-7, Doha. Doha Forum. Bringing together leaders in policy to discuss critical challenges facing our world. Sheraton Grand Doha Resort and Convention Hotel.

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. 8-9, Abu Dhabi. Global AI Show. A leading forum examining investment opportunities in artificial intelligence. Space42 Arena.

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. 18-23, Abu Dhabi. Games of the Future. A forum to discuss trends and investment opportunities in digital gaming. ADNEC.

Dec. 29-30, Dubai. World Sports Summit. Athletes, investors and decision makers discuss how sports can change the face of humanity. Madinat Jumeirah Arena.

The Daily Circuit: Milken summit ponders AI + Aldar-Mubadala $1B fund

In The Daily Circuit today, we’re at the Milken Institute’s Middle East and Africa Summit, where a line-up of investors and government ministers are pondering the fate of the earth. (Sign up here for our exclusive Milken conference briefing). We’re also looking at a plan for Abu Dhabi’s biggest developer to launch a $1 billion investment platform, Jeff Bezos dropping by the UAE, Saudi Arabia’s PIF revealing its share of Electronic Arts following its record $55 billion buyout. But first, to the conference.

It didn’t take long today for discussions at the Milken Institute Middle East and Africa Summit to focus on artificial intelligence – the promise, the costs and the threats of the technology that is permeating all levels of business and daily life.

Michael Milken, the billionaire financier who sponsors the annual two-day conference in Abu Dhabi, raised the issue in his opening remarks, pointing out that the largest amount of capital expenditures in the world are going into data centers for AI. “The world has changed and we can see it,” he said.

The UAE has, in fact, created a cabinet position to ensure that everyone in government embraces AI technology. Still, Omar Al Olama, the Minister of State for AI, Digital Economy and Remote Work Applications, warned about the dangers of artificial intelligence, especially the proliferation of fake information and images.

“The fact that I can give you a piece of paper and you think that is of value, that is trust,” Al Olama said. “Money is built on trust. If trust is being eroded, it will mean a tsunami of change that is going to be negative.”

Meanwhile, Mubadala Deputy CEO Waleed Al Mokarrab Al Muhairi gave a measured forecast for the Abu Dhabi sovereign wealth fund’s performance in credit markets. “We’ve had four fantastic years in private credit, and we know that’s likely to perform cyclically,” he said. “I don’t think it’s going to implode in any shape, way or form.”

Other headliners at the conference today included Emaar’s Mohamed Alabbar, Liberty Strategic Capital’s Steven Mnuchin, Saudi Culture House founder Princess Noura bint Faisal Al Saud, Greycroft’s Dana Settle and Maaden’s Bob Wilt.

While Elon Musk didn’t turn up at the Milken Summit, his brother Kimbal appeared under the “Visionaries of Tomorrow” program. Kimbal Musk is Co-Founder of Nova Sky Stories, which flies clusters of light-emitting drones to “turn the night sky into a canvas for storytelling.” He is also a major shareholder in Tesla and Co-Founder of both the restaurant group The Kitchen and the non-profit Big Green, which builds school gardens.

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

📰 Developing Stories

GLOBAL PUSH

Mubadala Capital, the asset management arm of Abu Dhabi’s Mubadala sovereign fund, and developer Aldar are pairing up to launch a platform that aims to connect global investors with real estate projects in the UAE and wider Gulf. The new venture, to be called Aldar Capital and based out of Abu Dhabi’s ADGM free zone, is planning to raise $1 billion for its first fund next year. “We have received significant inbound interest from a number of our existing investors who want exposure to the region,” Mubadala Capital CEO Hani Barhoush told Bloomberg. The fund will invest across office buildings, residential real estate and logistics, transforming one of the UAE’s biggest developers into a manager of global capital. The biggest shareholder in Abu Dhabi-listed Aldar is Alpha Dhabi, which is controlled by International Holding Co., the vast conglomerate overseen by UAE National Security Advisor Sheikh Tahnoon bin Zayed.

BILLIONAIRE DELIVERY

Jeff Bezos, the founder of Amazon and one of the five richest people in the world, paid a visit to UAE President Sheikh Mohamed bin Zayed on Wednesday, praising the Emirates’ approach to embracing future technology during a meeting at Qasr Al Shati palace in Abu Dhabi. The meeting, which covered innovation, advanced technology and AI, was also attended by Sheikh Tahnoon, and Khaldoon Al Mubarak, Group CEO and Managing Director of the Mubadala sovereign wealth fund and Chairman of Abu Dhabi’s Executive Affairs Authority. Sheikh Tahnoon previously met Bezos along with Elon Musk to discuss AI collaboration on the sidelines of Sheikh Mohamed’s official visit to the U.S. last year.

💲 Sovereign Circuit

ADNOC: Germany has begun preliminary talks with potential investors including the UAE’s Abu Dhabi National Oil Co. about selling the trading unit of nationalized energy company SEFE, formerly Gazprom’s European arm, as it weighs options for the business’s future structure, Bloomberg reports.

International Holding Co.: The Financial Times traces how Abu Dhabi’s International Holding Co. expanded from a small firm into a sprawling conglomerate spanning multiple sectors that now accounts for a mammoth share of the emirate’s stock-market value.

International Holding Co.: Abu Dhabi-based fintech Zelo, formerly known as eFunder, has received $715 million from parent company IHC to expand its financing services for small and medium-sized enterprises.

Mubadala: The Abu Dhabi Investment Council, part of Mubadala sovereign wealth fund, is suing U.S. private equity firm Energy & Minerals Group to try to block its sale of Ascent Resources, one of America’s largest private gas drillers, to one of the firm’s sister funds. ADIC alleges that Energy & Minerals Group coerced investors to support the deal by concealing alternatives and undervaluing the company.

Public Investment Fund: Saudi Arabia’s PIF will own 93.4% of Electronic Arts after its $55 billion buyout backed by Jared Kushner’s investment firm Affinity Partners and Silver Lake, filings have revealed. Silver Lake will own 5.5% and Affinity 1.1%. The PIF will need to find about $29 billion in cash to fund its share of the leveraged deal, The Wall Street Journal reports.

Public Investment Fund: National Grid, a subsidiary of PIF-owned Saudi Electricity Co., will design and construct a $346 million power network for luxury tourism destination Soudah Peaks in the southwest of Saudi Arabia.

↪↩ Closing Circuit

🔥 Fired Up: Bahrain-based asset manager Investcorp has acquired U.S.-based safety company Guardian Fire Services from private equity firm Northern Lakes Capital.

🛢️ Drill Down: Omani company Abraj Energy Services has won a $280 million oil drilling contract from state-run Petroleum Development Oman.

🌳 Tree Change: Sharjah-based deleloper Arada has awarded $735 million worth of contracts to deliver its forested megaproject Masaar 2, including 1,997 homes.

🗣 Circuit Chatter

🌱 Startup Surge: Abu Dhabi-based investor Plus VC plans to fund more than three dozen startups in 2026, focusing on Saudi Arabia as a growing venture hub while increasing annual capital deployment to about $10 million from $4.5 million this year, Bloomberg reports.

⚓ Finally Free: Yemen’s Houthis have released nine Filipino mariners held since a July attack on the ship Eternity C in the Red Sea, during which at least four people were killed, Arab News reports.

🦂 Attack Drones: The U.S. is launching a new task force, named Scorpion Strike, for its military’s first one-way attack drone squadron based in the Middle East.

🏢 Desk Rents: Saudi Arabia is driving a surge in prime office rents across the Gulf, with Grade-A rents in Riyadh climbing 15.1% year-on-year in the third quarter, according to a new report by U.K.-based consultancy Knight Frank.

🐪 Desert Retreat: KKR’s decision to set up its third Middle East office in Abu Dhabi came as the buyout giant deployed about $2 billion in the Gulf over the past year, including buying a stake in one of the largest data center firms in the region, Bloomberg reports.

🌍 Power Circuit

King Hamad of Bahrain, chaired the 46th GCC Summit on Wednesday and gave a closing speech stressing the importance of advancing paths related to food and water security and the digital economy, and of continuing to support political efforts aimed at achieving regional stability. Italian Prime Minister Giorgia Meloni, the guest of honor, also delivered a speech in which she said that Italy could serve as a gateway for Gulf states into the European market. GCC Secretary-General Jasem Albudaiwi noted that trade exchange with Italy surpassed $35 billion in 2024.

Saudi Crown Prince Mohammed bin Salman and Bahrain’s Crown Prince Salman bin Hamad Al Khalifa, co-chaired the fourth meeting of the Saudi-Bahraini Coordination Council in Manama on Wednesday. The Saudi Crown Prince also met with Italian Prime Minister Giorgia Meloni on the sidelines of the GCC Summit.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, met today with Zac Brown, CEO of McLaren Racing, in advance of this weekend’s F1 Abu Dhabi Grand Prix.

➿ On the Circuit

Mohammed Al-Jadaan, the Saudi Finance Minister, said the kingdom is open to canceling some projects under its Vision 2030 program if needed, in some of the strongest public remarks yet on scaling back costly developments.

Shivani Pandya, Red Sea International Film Festival Managing Director, told Arab News that the organization had to choose from more than 2,000 film submissions from 71 countries for this year’s festival, which opens in Jeddah today with the Middle East premiere of Rowan Athale’s boxing biopic “Giant.”

Michael Saylor, CEO of Strategy, the world’s biggest corporate Bitcoin holder, urged investors to avoid getting caught up by news of volatility in the crypto sector, speaking at Binance Blockchain Week in Dubai on Wednesday.

Zach Witkoff, co-founder and CEO of Trump family-backed World Liberty Financial, told Binance Blockchain Week that the U.S. is still playing catch-up with the UAE on crypto regulation.

Will Ahmed, the Egyptian-American founder of wearable fitness tracker Whoop, told The National that he credits his father’s decision to move to the U.S. with fuelling his entrepreneurial journey.

Fawaz bin Mohammed Al-Jasser has been named CEO of Saudi Arabian dairy giant Almarai.

🎶 Culture Circuit

👻 Good Spirits: Beloved Japanese animation house Studio Ghibli will take over Abu Dhabi’s Manarat Al Saadiyat next year for an exhibition exploring almost four decades of storytelling. Tickets go on sale on Dec. 8 for The World of Studio Ghibli, which will open on May 30. The show has toured South Korea, Taiwan, Hong Kong, Bangkok and Singapore since it was first presented in Japan more than 10 years ago. Visitors will be able to meet characters including Chihiro from “Spirited Away” and San from “Princess Mononoke,” The National reports.

📷 Photo of the Day

**Michael Milken** on stage today at the Milken Institute Middle East and Africa Summit 2025 in Abu Dhabi. (Milken Institute)

📅 Circuit Calendar

Dec. 3-5, Jeddah. AgroFood Jeddah. Bringing together developing businesses in the agricultural and food products field in Saudi Arabia. Jeddah Center for Exhibitions and Events.