The Daily Circuit: Trump favors Saudi F-35 deal + Flydubai orders Airbus fleet
In the Daily Circuit today, we’re reporting on Flydubai’s big Airbus order at the Dubai Airshow, the joint $1 billion fund launched by the Hong Kong Monetary Authority and Saudi Arabia’s PIF, Kuwait opening bids for a solar power project to help address its chronic blackouts and UAE developer Mohamed Alabbar’s $55 million purchase of a 12th-century Italian castle. But first, the Trump-MBS summit kicks off today at the White House.
Even before Saudi Crown Prince Mohammed bin Salman touched down earlier today with an entourage of 1,000 on his first visit to the U.S. in seven years, U.S. President Donald Trump was playing dealmaker.
Bucking opposition in Congress for one of the most controversial items on the agenda when the two leaders meet at the White House, Trump said the sale to Saudi Arabia of a fleet of F-35 stealth fighter jets for roughly $4 billion was practically in the bag. “They want to buy it, they’ve been a great ally,” Trump told reporters in the Oval Office on Monday, adding, “Yeah, I will say that we will be doing that. We’ll be selling F-35s.”
Virtually every member of the Saudi cabinet, senior officials from the Public Investment Fund and CEOs from state-owned companies will be among those accompanying Prince Mohammed as part of a delegation Al-Arabiya said would total about 1,000. A more exclusive black-tie dinner is being arranged in the White House East Room for tonight.
Among the business leaders will be Tareq Amin, CEO of state-backed Humain, who is pitching Silicon Valley companies on the kingdom as a major source of AI computing power and is visiting the White House to seek U.S. approval for access to advanced American chips, Bloomberg reports. Humain is central to Saudi plans to build large-scale AI infrastructure as the country aims to become one of the world’s largest exporters of computing resources.
On Wednesday, the two countries are organizing a Saudi-American investment forum at the Kennedy Center in Washington, where both leaders are expected to appear, similar to the conference Saudi Arabia sponsored in May when Trump visited the kingdom. This week’s event is being organized by Saudi Arabia’s Ministry of Investment and the U.S.-Saudi Business Council.
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📰 Developing Stories
AIR DEALS
Flydubai has signed up for 150 Airbus A321 Neo jets at the Dubai Airshow, marking its first Airbusorder and a shift from its all-Boeing fleet. The company will use the planes to diversify its fleet and strengthen its long-term expansion plans, Sheikh Ahmed bin Saeed, Chairman of Flydubai and CEO and Chairman of Emirates, told reporters at the airshow on Tuesday. Abu Dhabi carrier Etihad Airways placed an order for 32 wide-body aircraft from Airbus, including six A330 Neos, for delivery between 2028 and 2029. Etihad also agreed to lease nine A330-900s from Avalon beginning in 2027 to support its long-haul expansion. Meanwhile,Emirates President Tim Clark said he will hold off on ordering Airbus A350-1000 jets until engine durability and performance improve.
KING OF THE CASTLE
Mohamed Alabbar, founder of Dubai’s Emaar Properties, has purchased a 12th-century castle in the central Italian region of Umbria for $55 million and is planning to spend another $145 million turning it into “one of the most prestigious resorts in the world.” The developer behind the world’s tallest skyscraper, the Burj Khalifa, told Bloomberg the project at Castello di Antognolla would include a hotel, wellness and longevity center, luxury homes and a polo club and would hold fashion shows and competitions for chefs, truffles and wine. Alabbar has been increasing his international exposure and has already partnered with U.S. President Donald Trump’s son-in-law Jared Kushner to build Trump Tower Belgrade through his other company, Abu Dhabi-based Eagle Hills Properties. The extended property boom in Dubai and Abu Dhabi has seen many of the UAE’s cash-rich developers snapping up property in Europe and elsewhere to expand their glitzy brands overseas.
💲 Sovereign Circuit
Public Investment Fund: The Hong Kong Monetary Committee started a $1 billion fund with the PIF to help Hong Kong and Greater Bay Area companies expand into Saudi Arabia, Bloomberg reports.
King Salman Park Foundation: The Saudi state-owned developer launched a $1 billion investment fund with Ajdan Real Estate and SEDCO Capital to develop homes, hotels, and offices in the massive park project, providing the land outside Riyadh while its private partners finance construction.
Qatar Investment Authority: San Francisco-based software firm Databricks, which is backed by the QIA, is seeking to raise funds at a valuation of $130 million, The Information reports.
↪↩ Closing Circuit
💲 Mixed Developments: Saudi Arabia’s National Housing Company has signed two agreements worth $2.3 billion with Egypt’s Hassan Allam Holding and local developer Tilal Real Estate to develop mixed-use projects.
💉 HealthCare Funding: Aster DM Healthcare has secured $72 million from Emirates Development Bank to build two new Dubai hospitals.
🛢️ Oil Delivery: Saudi Arabia has delivered the first shipment of its 1.65-million-barrel crude oil grant to Syria under an agreement to support the country’s energy sector.
🚧 Road Work: Abu Dhabi Fund for Development has inaugurated the $23.6 million West Coast Road project in Mahé, Seychelles.
🗣 Circuit Chatter
🌀 Cable Delay: Google and Meta have delayed parts of their planned Red Sea subsea internet cable projects, citing heightened security risks and political tensions in the region.
🪖 UN Force: The U.N. Security Council voted to adopt a U.S.-drafted resolution that would back Trump’s Gaza plan and authorize a stabilization force under a transitional Board of Peace.
🚁 Startup Contractors: The Pentagon’s shift toward buying weapons from startups has boosted prospects for electric air taxi makers Joby Aviation and Archer Aviation – both active in UAE ventures – to secure U.S. defense contracts, The Information reports.
☀️ Solar Tender: Kuwait invited bids for a 0.5-gigawatt solar project under its public-private partnership framework, part of its effort to address growing power shortages.
🕋 Mecca Investment: Saudi developer Arabian Dyar is seeking foreign buyers for 1,000 units in phase two of its $2.6 billion Dyar Al Haram project in Mecca ahead of next year’s new real estate law opening the market to international investors.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed, met withLee Jae-myung, President of South Korea at Qasr Al Watan palace in Abu Dhabi on Tuesday. The Korean President was escorted by Sheikh Theyab bin Mohamed, Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs, on a visit to the Wahat Al Karama war memorial in Abu Dhabi on Monday.
UAE President Sheikh Mohamed bin Zayed, and Sheikh Tahnoon bin Zayed, the UAE National Security Advisor, met withTurki Al Sheikh, Chairman of Saudi Arabia’s General Entertainment Authority.
Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister and Ruler of Dubai, met withStephanie Pope, Executive Vice President of The Boeing Company and President and CEO of Boeing Commercial Airplanes.
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, toured several pavilions at Dubai Airshow 2025 on Monday. Sheikh Khaledmet withGérald Darmanin, French Minister of Justice on Tuesday.
Prince Yazid bin Farhan, Saudi Arabia’s envoy to Lebanon, led a delegation to Beirut on Monday, ahead of the Beirut One Conference which starts today, as the two countries consider ways to renew economic ties. Noura Al Kaabi, UAE Minister of State, is also in Beirut to attend the conference.
➿ On the Circuit
Khalfan Belhoul, CEO of the Dubai Future Foundation, used his opening speech at the Dubai Future Summit in Dubai to propose a new measure of national progress based on cognitive potential. “How do we protect deep focus and make it visible so that it’s valuable?” he said.
Saeed Ghumran Al Remeithi, Group CEO of Emsteel, called for collective industry action to strengthen competitiveness, navigate global trade challenges and accelerate decarbonization across the steel value chain.
Michel Issa, the newly appointed U.S. Ambassador to Lebanon, traveled to Beirut on Monday to present his credentials to President Joseph Aoun.
Ahmed Saeed Al Qamzi, Ibraheem Al Sayed Mohamed Al Hashemi, Fatma Al Jabri and Saif Al Dhaheri were appointed as Assistant Governors at the Central Bank UAE.
Michele Faissola, a senior executive of the former Qatari ruler Sheikh Hamad bin Khalifa Al Thani’s family office Dilmon, has relocated his residence from the U.K. to Italy, Bloomberg reports.
🎶 Culture Circuit
🎨 Last Orders: Abu Dhabi Art, one of the region’s most prominent art fairs, kicks off at Manarat Al Saadiyat tomorrow for its final outing before it relaunches as Frieze Abu Dhabi next year. The fair’s 17th and final edition in its current format brings more than 140 galleries representing 37 countries, with three special “Focus” sections highlighting artists from Turkey, Nigeria and the Gulf. Next year the fair will meld with Frieze, the organization behind some of the world’s biggest modern and contemporary art events, shifting its focus to curatorial excellence, emerging artists and large-scale installations.
📷 Photo of the Day
UAE President Sheikh Mohamed bin Zayed, accompanied by Alexey Lyakin, regional director for Russia’s JSC Rosoboronexport, walks past a Kamov KA-52E combat helicopter during the Dubai Airshow on Monday. (Giuseppe Cacace / AFP via Getty Images)
📅 Circuit Calendar
Nov. 17-19. Doha. Qatar Entrepreneurship Conference (ROWAD). Qatar’s national entrepreneurship platform and a flagship Global Entrepreneurship Week event, connecting startups, SMEs, and ecosystem leaders. Doha Exhibition & Convention Center.
Nov. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.
Nov. 18-19, Dubai. Dubai Future Forum. Drawing on the collective intelligence of global thinkers, futurists, and visionaries to explore what lies ahead and how we might navigate it with purpose and imagination. Museum of the Future.
Nov. 19-20, Dubai. Knowledge Summit. A global platform for knowledge production in the service of sustainable development. Dubai World Trade Center.
Nov. 19-23, Abu Dhabi. Abu Dhabi Art. One of the region’s biggest art fairs marks its 17th and final year before it relaunches as Frieze Abu Dhabi next year. Manarat Al Saadiyat.
Nov. 24-27, Dubai. Big 5 Global. Addressing the challenges shaping the construction and urban development community today and tomorrow. Dubai World Trade Center.
Nov. 25-26. Riyadh. Global Sustainability Expo. Dedicated to advancing sustainability practices across industries. The Arena Riyadh.
Nov. 26-27, Abu Dhabi. CyberQ 2025. The UAE’s flagship summit for cybersecurity and quantum technologies. ADNEC Center.
Dec. 1-2, UAE. UAE National Day. A two-day public holiday to celebrate the UAE’s 54th National Day, also known as Eid Al Etihad.
Dec. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island.
Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit.
Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.
Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.
Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.
Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the world’s top minds to redefine and shape the future of global markets. The Grand Steps, Al Maryah Island.
The Daily Circuit: Washington preps for MBS + Emirates $38B Boeing order
In the Daily Circuit today, we’re reporting on the $38 billion Boeing order Emirates announced at the Dubai Airshow, next month’s opening of a Six Flags amusement park in Saudi Arabia, a possible $600 million sale by ADIA of its stake in Qatar’s Ooredoo telecom and Saudi firms rolling back plump salary packages for expats. But first, Washington gets ready for MBS.
U.S. President Donald Trump is preparing to welcome Saudi Crown Prince Mohammed bin Salman to the White House tomorrow with the ceremonial trimmings associated with a full state visit – a grand arrival on the South Lawn, bilateral talks in the Oval Office and a formal dinner with Congressional and business leaders – despite the visit being described as a “working meeting.”
Washington officials and Saudi counterparts say multiple economic and defense agreements are expected to be sealed, underscoring the elevated status of the visit. State visits are technically reserved only for heads of state, which in the case of Saudi Arabia remains King Salman.
Behind the scenes the agenda includes a Saudi request to buy advanced fighter jets – potentially as many as 48 F‑35 stealth aircraft – from the U.S. and the prospect of a deeper U.S.-Saudi mutual-defense pact, similar to one enjoyed by Qatar.
The Saudi leader’s visit to the U.S., his first in seven years, follows Trump’s Gulf tour in May when Prince Mohammed showered the President with palace honors and contract commitments adding up to some $600 billion.
Trump has also said repeatedly that he hopes to use this week’s visit as a springboard for bringing Saudi Arabia into the Abraham Accords fold, thereby normalizing Riyadh’s ties with Israel as part of a broader regional realignment.
Meanwhile, Saudi Aramco is set to sign U.S. liquefied natural-gas deals during the visit, reflecting the kingdom’s pivot to gas and Washington’s interest in bolstering supply chains, Reuters reports.
In addition, Riyadh’s sovereign wealth fund, the Public Investment Fund, has recently trimmed its holdings in nine U.S.-listed companies ahead of the visit, including Visa and Pinterest, the Financial Times reports.
Editor’s Note: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].
📰 Developing Stories
DUBAI AIRSHOW
Emirates set the tone on Day 1 of the Dubai Airshow with a $38 billion order for 65 Boeing 777-9s, offering the aircraft giant a timely reprieve as it works to steady the long-delayed 777X program. Sheikh Ahmed bin Saeed, Chairman and CEO of Emirates Airline group, said at a press conference that the order is a “massive long-term commitment” to U.S. aerospace manufacturing. The airline will also roll out SpaceX’s Starlink across its fleet, with the first flight to offer the boosted Wi-Fi service on Nov. 23. Despite Boeing’s early lead, the bulk of the orders from one of the world’s biggest airshows is expected to be won by Airbus. The European planemaker is closing in on a deal to supply about 100 A321neos to Flydubai, a shift that would challenge Boeing’s long-standing dominance at the low-cost carrier.
PINCHING PAY
Saudi Arabia is scaling back the generous salary premiums it once offered to foreign professionals in a bid to rein in costs and realign priorities under its Vision 2030 national economic strategy plan.Fiscal pressure from lower oil revenues is reinforcing the drive toward more measured packages for project managers and engineers, which often include both salary and housing stipends, Reuters reports. The move comes as the kingdom’s Public Investment Fund is pivoting away from costly megaprojects toward sectors like AI, logistics, and mining. Recruiters say offers adding 40% or even double pay are now rare, and compensation is being anchored more closely to market benchmarks and performance.
💲 Sovereign Circuit
Abu Dhabi Investment Authority: The sovereign wealth fund is considering selling part of its 10% stake in Qatari telecom company Ooredoo QPSC, aiming to raise as much as $600 million, Bloomberg reports.
International Holding Co.:Samia Bouazza, the newly appointed Group CEO of 2PointZero Group, told The Nationalthat the company is working on creating the largest listed investment platform that powers the everyday life of consumers over the next decade.
Public Investment Fund: Saudi Arabia’s Qiddiya City will open the first Six Flags park outside North America at the end of this year, featuring the world’s tallest, longest and fastest roller coaster.
G42: Microsoft and G42 plan a 200-megawatt expansion of datacenter capacity in the UAE, delivered through Khazna Data Centers, a subsidiary of G42.
↪↩ Closing Circuit
🌴 Token Resort: The Trump Organization, run by U.S. President Donald Trump’s family, plans to build a luxury resort in the Maldives with Saudi developer Dar Global, and for the first time will “tokenize” the hotel-development project via blockchain, Bloomberg reports.
💸 Financial Expansion:Saudi brokerage platform Derayah Financial Company secured a $133 million Islamic compliant loan with Saudi National Bank to fuel its expansion.
💂 London Calling: Sharjah developerArada acquired an 80% stake in the $3.3 billion Thameside West waterfront development in London’s Royal Docks for $428 million.
✈️ Airways Facility: GE Aerospace will begin building a new $50 million facility at Dubai South’s Mohammed Bin Rashid Aerospace Hub next month.
🗣 Circuit Chatter
🏠 Housing Demand:Real estate transactions in Abu Dhabi nearly doubled to $26 billion in the first nine months of 2025.
🗞️ Broadsheet Bust: U.S.-based private investment firm RedBird Capital Partners pulled out of a $671-million bid for Britain’s Telegraph Media Group, ending months of negotiations after an initial bid from Abu Dhabi-backed RedBird-IMI was blocked by the U.K. government.
📈 Peace Dividend: Israel’s economy surged in the third quarter of 2025 with annualized GDP growth of 12.4%, driven by a sharp rebound in consumer spending, exports, and investment after a war-disrupted second.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed and Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, toured Dubai Airshow on Monday.
The UAE President will hold talks with South Korea’s President Lee Jae Myung, who is visiting the UAE today.
Emir of Qatar Sheikh Tamim met withSubrahmanyam Jaishankar, India’s Foreign Minister, at the Amiri Diwan in Doha on Sunday.Sheikh Mansoor bin Mohammed, Chairman of the Dubai Sports Council, crowned English golfer Matt Fitzpatrick as the champion of the DP World Tour Championship and also starred Northern Irish golfer Rory McIlroy with the Race to Dubai title for the seventh time in his career.
➿ On the Circuit
Saleh bin Nasser Al-Jasser, Saudi Minister of Transport and Logistic Services, inaugurated the new $163 million Agility Logistics Complex in Jeddah on Sunday.
Mohamed bin Mubarak, UAE Minister of State for Defense Affairs, opened the 12th edition of the Dubai International Air Chiefs Conference on Sunday in Dubai.
Steven Greenway, CEO of Flyadeal, told Arabian Gulf Business Insights that delays from Airbus for the delivery of A321neo jets will force the company to use its existing fleet more than planned.
Yasir Al Rumayyan, Governor of Saudi Arabia’s Public Investment Fund, along with Yoshinori Kanehana, Chairman of Kawasaki Heavy Industries, Takeshi Hashimoto, President and CEO of Mitsui O.S.K. Lines, Karl Deppen, CEO of Mitsubishi Fuso Truck and Bus Corporation, and Gene Berdichevsky, co-founder and CEO of U.S. battery tech company Sila, will be among the participants in FII Priority Asia, to be held Nov. 30 -Dec.1.
🎶 Culture Circuit
🐪 Eye in the Sky: Traditional camel herding could be about to get a high-tech upgrade, after a research team from Saudi Arabia created an AI-powered drone system that can track livestock from the air, Arab News reports. Scientists at the King Abdullah University of Science and Technology developed the low-cost system using commercially available drones and cameras to enable camel herders to track their animals in real time and also capture data on migration patterns and habitats for researchers. Camels roam up to 50 kilometers a day through desert terrain, making tracking them a challenging job.
📷 Photo of the Day
The UAE Air Force’s Fursan Al-Emarat aerobatic display team flies the Hongdu L-15 advanced jet trainer from China ahead of the Dubai Airshow on Sunday. (VCG/VCG via Getty Images)
📅 Circuit Calendar
Nov. 17-19. Doha. Qatar Entrepreneurship Conference (ROWAD). Qatar’s national entrepreneurship platform and a flagship Global Entrepreneurship Week event, connecting startups, SMEs, and ecosystem leaders. Doha Exhibition & Convention Center.
Nov. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.
Nov. 18-19, Dubai. Dubai Future Forum. Drawing on the collective intelligence of global thinkers, futurists, and visionaries to explore what lies ahead and how we might navigate it with purpose and imagination. Museum of the Future.
Nov. 19-20, Dubai. Knowledge Summit. A global platform for knowledge production in the service of sustainable development. Dubai World Trade Center.
Nov. 24-27, Dubai. Big 5 Global. Addressing the challenges shaping the construction and urban development community today and tomorrow. Dubai World Trade Center.
Nov. 25-26. Riyadh. Global Sustainability Expo. Dedicated to advancing sustainability practices across industries. The Arena Riyadh.
Nov. 26-27, Abu Dhabi. CyberQ 2025. The UAE’s flagship summit for cybersecurity and quantum technologies. ADNEC Center.
Dec. 1-2, UAE. UAE National Day. A two-day public holiday to celebrate the UAE’s 54th National Day, also known as Eid Al Etihad.
Dec. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island.
Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit.
Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.
Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.
Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.
Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the world’s top minds to redefine and shape the future of global markets. The Grand Steps, Al Maryah Island.
The Daily Circuit: Boarding for Dubai Airshow + EU nod on ADNOC-Covestro
In the Daily Circuit today, we’re reporting on the EU’s conditional approval for ADNOC’s $17 billion Covestro acquisition, Saudi Arabia’s $2 billion resort venture with Dubai-based Kerzner International, UAE digital bank Wio’s swift growth and Australia’s Brooki Bakehouse setting up shop in the UAE. But first, the world’s airline executives are departing this weekend for Dubai.
The rivalry between Boeing and Airbus will play out at next week’s Dubai Airshow as the industry wrestles with delayed jets, geopolitical conflict and an increasingly competitive battle for orders.
Airbus, which trails Boeing in annual orders, is especially looking to use the Middle East’s flagship aviation event to narrow the gap, Reuters reports. The European planemaker is preparing a series of announcements, hoping to regain momentum after President Donald Trump’s May trip to the Gulf produced tens of billions of dollars in Boeing orders.
Airbus sees an opening with flydubai, whose first potential order from Europe could chip away at Boeing’s dominance at the carrier, the news agency said. Emirates, celebrating its 40th anniversary, is expected to play a pivotal role in the week’s activity with around 300 aircraft orders across the show, including a possible purchase of Airbus A350-1000s.
Abu Dhabi’s Etihad Airways is also set to boost Airbus’s tally. The airline is expected to order more than a dozen wide-body jets, adding to a growing regional bet on long-range aircraft that can sustain the global reach of Gulf hubs.
Boeing will arrive in Dubai with deals of its own, but under a cloud of fresh delays, Reuters said. The long-awaited 777X program has slipped further, pushing its entry into service seven years behind schedule.
Editor’s Note: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].
📰 Developing Stories
STEALTH SCRUTINY
A Pentagon intelligence report warns that approving the F‑35 stealth-fighter sale to Saudi Arabia could compromise U.S. technological secrets, potentially allowing exposure of advanced capabilities to China. The U.S. under Donald Trump is assessing the kingdom’s request for up to 48 F-35s, a move that would reshape the military balance in the Middle East and challenge Israel’s qualitative military edge, The New York Times reports.If approved, Saudi Arabia would become only the second Middle Eastern country after Israel to operate F-35s.While the deal has cleared a key Pentagon hurdle, it still requires full approval from the White House, Cabinet and Congress, and carries risks of human-rights scrutiny and strategic backlash.
NEOBANK BILLIONS
UAE digital bank Wio is more than halfway to its goal of reaching 100 billion dirhams ($27 billion) in assets, just three years after it launched. “The objective would be to get there in two to three years max,” Wio CEO Jayesh Patel told The National. With backing from Abu Dhabi sovereign wealth fund ADQ, telecoms company e&, First Abu Dhabi Bank and investment company Alpha Dhabi, Wio is now one of the fastest growing banks in the region. Just seven UAE banks have more than Dh100 billion in assets, which is regarded as the industry gateway to being considered a “big” lender in the UAE. FAB, the country’s biggest lender, has more than $1.3 trillion. The company will soon face competition from London-based fellow “neobanks” Revolut and Wise, which have both secured approvals to operate in the UAE in recent months.
💲 Sovereign Circuit
ADNOC: Abu Dhabi’s state-owned oil firm received conditional approval from the EU for its $17 billion acquisition of German chemicals giant Covestro, the European Commission announced on Friday.
Public Investment Fund:Saudi Arabia’s Midad Real Estate, PIF-owned Jeddah Central Development Co., and Kerzner International launched a $2 billion joint venture to bring the Atlantis and One&Only resort brands to the kingdom.
Qatar Investment Authority: The QIA joined a $275 million Series C funding round for California-based generative AI company d-Matrix, which valued the company at $2 billion.
International Holding Co.: Multiply Group, an investment unit of Abu Dhabi-owned IHC, launched Innovation Labs, which it said will drive digital growth and AI-led value creation.
↪↩ Closing Circuit
💰 Capital Takeover: Investcorp Capital, the Abu Dhabi-listed alternative investments company, has acquired U.S.-based Kanawha Scales & Systems.
🛡️ Insurance Entry: UAE-based digital insurer Shory received authorization to operate in Saudi Arabia, bolstering its regional expansion strategy..
💻 Slack Upgrade: Salesforce has acquired Israeli startup Doti AI, founded by former Wix engineers, for about $100 million to integrate its artificial intelligence tools into Slack.
🗣 Circuit Chatter
🤝 Trade Revival: Saudi Arabia plans to strengthen commercial relations with Lebanon imminently after progress in curbing drug smuggling,Reuters reports.
⚽ Target Venue: A unit of Saudi Arabia’s National Development Fund will establish a premium shooting sports complex in Qiddiya City.
💵 Relocating Staff: JPMorgan Chase is expanding its operations in Dubai as part of a broad push to serve medium-sized businesses in the Middle East, moving banker Tushar Arora to the UAE from London, Reuters reports.
🛰 Autonomous Flight:LODD Autonomous conducted the first test flight of Hili, a hybrid heavy-lift cargo aircraft designed, built and manufactured entirely in Abu Dhabi on Thursday.
✈️ Stay Home: Oman Air said on Thursday that it has temporarily grounded some aircrafts and adjusted flight schedules amid supply chain delays.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed met withSheikh Mohammed bin Rashid, UAE Vice President, Prime Minister and Ruler of Dubai, in the presence of Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court and other dignitaries on Thursday. The UAE President will meet with Lee Jae Myung, President of South Korea, during his visit to the UAE on Monday.
Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, held a telephone call with Rashid Meredov, Minister of Foreign Affairs and Deputy Prime Minister of Turkmenistan.
Sheikh Mohammed bin Abdulrahman Al-Thani, Qatar’s Prime Minister, held a phone call with Iranian Foreign Minister Abbas Araghchi on Thursday.
Sheikha Latifa bint Mohammed, Chairperson of Dubai Culture and Arts Authority, met withSheikh Khalifa bin Ahmed, President of the Bahrain Authority for Culture and Antiquities, on the sidelines of the 27th General Conference of the International Council of Museums.
➿ On the Circuit
Lawrence Stroll, Executive Chairman of Aston Martin, is in early discussion with the Saudi Public Investment Fund, to take the struggling U.K. luxury-car maker private, The Financial Times reports. The PIF already holds a 17% stake in Aston Martin.
Jochen Theweswas appointed CEO of the AD Ports’ Logistics Cluster starting Dec.1 of this year.
Hamad Al Marar, Managing Director and Chief Executive of Edge, told The National that due to the ongoing wars, there has become a higher urgency in delivering defense solutions to overseas customers which is why they are moving faster to meet the demand.
Brooke Bellamy, the Australian businesswoman behind Brooki Bakehouse, spoke to The Nationalabout the bakery’s viral fame and plans to open in Dubai early next year following a $16 million investment from Sharjah developer Arada.
Sean Baker, the Academy Award-winning filmmaker, will head the features jury for Saudi Arabia’s Red Sea International Film Festival.
🎶 Culture Circuit
🐪 Desert Trek: British explorer Rosie Stancer is preparing to begin a three-month camel expedition across Saudi Arabia, following the ancient incense-trading route from south to north. Stancer and her team will start in Najran and traverse the Empty Quarter, the Nafud deserts and the Sarawat mountain range, exploring the impacts of climate changes and how local communities are adapting. The team includes Saudi explorer Princess Abeer Al-Saud, the kingdom’s representative on the expedition. “We’re also going to invite other Saudi women from the points we are going through to join our journey,” Stancer told Arab News.
📷 Photo of the Day
Italian pianist and composer Alessandro Martire performed at the Ritz-Carlton Ras Al Khaimah, Al Wadi Desert on Thursday for an audience including Ruler of Ras Al Khaimah Sheikh Saud bin Saqr Al Qasimi. (Emirates News Agency)
📅 Circuit Calendar
Nov. 5-16, Sharjah, UAE. Sharjah International Book Fair. A 12-day cultural and literary event attracting global publishers and literary stars. Expo Center Sharjah.
Nov. 17-19. Doha. Qatar Entrepreneurship Conference (ROWAD). Qatar’s national entrepreneurship platform and a flagship Global Entrepreneurship Week event, connecting startups, SMEs, and ecosystem leaders. Doha Exhibition & Convention Center.
Nov. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.
Nov. 18- 19, Dubai. Dubai Future Forum. Drawing on the collective intelligence of global thinkers, futurists, and visionaries to explore what lies ahead and how we might navigate it with purpose and imagination. Museum of the Future.
Nov. 19-20, Dubai. Knowledge Summit. A global platform for knowledge production in the service of sustainable development. Dubai World Trade Center.
Nov. 24-27, Dubai. Big 5 Global. Addressing the challenges shaping the construction and urban development community today and tomorrow. Dubai World Trade Center.
Nov. 25-26. Riyadh. Global Sustainability Expo. Dedicated to advancing sustainability practices across industries. The Arena Riyadh.
Nov. 26-27, Abu Dhabi. CyberQ 2025. The UAE’s flagship summit for cybersecurity and quantum technologies. ADNEC Center.
Dec. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island.
Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit.
Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.
Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.
Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.
Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the world’s top minds to redefine and shape the future of global markets. The Grand Steps, Al Maryah Island.
The Daily Circuit: IHC plots growth path + ADIA sells student housing unit
In the Daily Circuit today, we’re reporting on ADIA’s $1 billion sale of its U.S. student housing unit, EDGE Group’s $200 million deal with U.S. drone maker Anduril, Dubai’s strategy to become a global hub for sports, plus an interview with the head of 8VC’s defense portfolio, Alex Moore, as the American investment firm scouts for promising Mideast startups. But first, IHC is getting ready to grow.
International Holding Co., the sprawling conglomerate that has grown to become the UAE’s largest publicly held company, is putting plans in place to get even bigger.
The Abu Dhabi company, led by Sheikh Tahnoon bin Zayed, the UAE’s National Security Advisor, plans to invest as much as $24 billion across global markets within the next nine months, CEO Syed Shueb tells The National.
IHC will target sectors such as mining, energy and manufacturing, with new geographic expansion in South America and the Middle East, including Saudi Arabia, Shueb said.
It will fund the move through a combination of its current $10-$12 billion in cash reserves and the proceeds from recent divestments in assets such as Modon Holding and PAL Cooling.
As part of its restructuring, IHC combined its units 2PointZero, Multiply Group and Ghitha Holding into a $33 billion investment platform focused on energy and consumer products.
Editor’s Note: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].
CIRCUIT INTERVIEW
8VC’s Alex Moore scouts Mideast ahead of MBS’s White House visit
8VC Partner Alex Moore with Kinetica Chairman Yitz Applbaum and his team in Tel Aviv
As Saudi Crown Prince Mohammed bin Salman heads to Washington next week, venture capital investor Alex Moore is exploring laser warfare startups and sea-cruising drone technology that could capture a portion of the hundreds of billions of dollars the Gulf ruler promises to spend in the U.S.
Moore, an early protégé of Palantir co-founder Peter Thiel, heads the defense portfolio at Austin, Texas-based 8VC and was assessing new investment prospects last week in Israel, where he sat down for an interview with The Circuit’s Jonathan Ferziger. Other partners have been scouting companies in the UAE and neighboring countries for 8VC, which counts Abu Dhabi’s Mubadala sovereign wealth fund as an investor, he said.
The Saudi Crown Prince is scheduled to visit the White House on Nov. 18, where he will follow up on the $148 billion arms agreement he signed in May when U.S. President Donald Trump met him in Riyadh. The meeting in Washington will also take up Saudi Arabia’s longstanding request for a comprehensive defense pact similar to one with Qatar and may determine the disposition of some $450 billion more in Saudi funding commitments to the U.S.
“We’re very interested in this new possible agreement with the Saudis,” Moore said, predicting the cash will “unleash innovation.”
Dubai has launched a strategy to become a global hub for sports, with the goal of boosting the economic contribution of sporting events by 80% to reach $18.3 billion by 2033. “The ultimate vision, we want Dubai to be the world’s best sporting city,” Khalfan Belhoul, Vice Chairman of the Dubai Sports Council, said. With major events such as the 2030 Asian Games in Qatar and soccer’s 2034 FIFA World Cup in Saudi Arabia on the horizon, the Middle East is entering what consulting firm Oliver Wyman describes as a “defining decade” for sports. A report published by the New York-based agency on the region’s sports economy projects $75 billion in growth potential, Arab News reports. The report says governments have committed over $100 billion in sports infrastructure through 2034.
LIFESTYLE MANAGEMENT
Saudi Arabia’s influx of senior executives and wealthy expatriates is driving a growth in sophisticated conciergeand lifestyle management services. Less familiar in the West, concierge services are a popular luxury in the Gulf, easing the transition for new arrivals and helping them through anything from bureaucratic processes to finding a new home or transporting a pet. “We brought people from our offices around the world working with young, brilliant, talented Saudis so that the service that you can expect when you arrive is really ticked off,” Sir Ben Elliot, founder of global luxury concierge firm Quintessentially, told Arab News during the TOURISE summit in Riyadh.
💲 Sovereign Circuit
Abu Dhabi Investment Authority: Morgan Stanley Investment Management and Global Student Accommodation acquired a U.S. student-housing portfolio from ADIA and Landmark Properties worth about $1 billion, Bloomberg reports.
EDGE Group: The UAE’s state-owned defense manufacturer and California-based Anduril Industries are forming a $200 million joint venture to produce autonomous drones in Abu Dhabi.
Mubadala: Sheikh Mansour bin Zayed, UAE Vice President and Deputy Prime Minister and Chairman of Abu Dhabi’s Mubadala sovereign wealth fund, chaired Mubadala’s Board Meeting at Qasr Al Watan palace in Abu Dhabi on Wednesday.
↪↩ Closing Circuit
🏦 Tourism Future:Saudi Arabia’s Tourism Development Fund unveiled $773 million worth of new tourism projects and strategic partnerships during the TOURISE 2025 Forum.
🌐 Cyber Boost: Tenzai, an Israeli cybersecurity startup, raised $75 million in a seed funding round led by Battery Ventures, Greylock Partners, and Lux Capital.
📈 IPO Win:Almasar Alshamil Education, a subsidiary of Dubai’s Amanat Holdings, will raise as much $160 million from its listing on the Saudi stock exchange.
🚘 Motor Deal: Chinese company Jiangsu Changhong Intelligent will partner with Salalah Global City Company to build an automotive plant in Salalah’s free-trade zone.
🗣 Circuit Chatter
🛍️ Strategic Options: Dubai-based Majid Al Futtaim is reportedly exploring strategic options for the sprawling $19 billion conglomerate, although it has officially denied “any claims of stake sales,”Bloomberg reports.
💵 Conflict-Driven: The Gaza War has generated significant business for U.S. companies, with U.S. weapons sales to Israel since October 2023 exceeding $32 billion, benefiting firms such as Boeing, Northrop Grumman, Lockheed Martin and Caterpillar, the Wall Street Journal reports.
🚢 Premium Surge:Industry analysts say Red Sea vessel insurance premiums will likely stay high despite the Houthis’ ceasefire announcement linked to progress in Israel-Hamas peace talks, Arabian Business Gulf Insights reports.
✈️ Seamless Travel:UAE and Bahrain will begin a Schengen Style trial visa aimed to introduce the concept between the Gulf member states.
💼 New Bureau: Dubai Chambers has opened its first U.S. representative office in New York, an announcement made during the Dubai Business Forum – USA.
🏦 New Banking: Standard Bank Group, Africa’s biggest lender by assets, opened a representative office in Egypt on Wednesday, eying an economic recovery in the Arab world’s most populous nation, Reuters reports.
🌍 Power Circuit
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, met withBruce Flatt, CEO of global investment firm Brookfield Corporation, along with its Chairman, Frank McKenna, and several other board members. The Crown Prince attended a wedding reception hosted by Saeed Omeir Yousef Al Mheiri, Chairman of Al Barakah Investment Holding Company, for the marriage of his son Omeir, to the daughter of Mohamed Khadem bin Butti Al Hamed. The Crown Prince also attended the DRIFTx exhibition at Yas Marina Circuit in Abu Dhabi.
Sheikh Zayed bin Mohamedvisited DRIFTx 2025, part of Abu Dhabi Autonomous Week, at Yas Marina Circuit on Wednesday.
Sheikh Mansoor bin Mohammed, President of the UAE National Olympic Committee, and Sheikha Latifa bint Mohammed, Chairperson of Dubai Culture and Arts Authority, attended the official opening ceremony of the 27th General Conference of the International Council of Museums on Wednesday.
Sheikh Sabah Al Khaled Al Sabah, Crown Prince of Kuwait, met with interior ministers of the GCC states inKuwait.
➿ On the Circuit
Mark Carney, Canada’s Prime Minister, plans to visit the UAE this month in an effort to expand trade and relations between the two countries.
Mohamed Ali Al Shorafa, Chairman of Abu Dhabi’s Department of Municipalities and Transport and member of the Abu Dhabi Executive Council, told Arabian Businessthat the UAE capital has entered full-scale deployment of autonomous transport, with driverless taxis, buses and cargo drones already in operation.
Ehab Rashad, Vice Chairman at Mubasher Capital, told Zawya Arabic that the company is considering launching investment funds in the real estate and healthcare sectors.
Daniela Santanch, Italian Tourism Minister, said that Italians have become more interested in visiting Saudi Arabia.
Herman Narula, CEO of London-based technology company Improbable, said he plans to relocate to Dubai before the anticipated introduction of a U.K. “exit tax” on the wealthy.
🎶 Culture Circuit
🎨 Hammer Time: Sotheby’s is returning to Saudi Arabia for its second Origins auction, bringing together international and local artists including a rare work by the late Safeya Binzaar, a pioneer of the kingdom’s contemporary art scene. Painted in 1968, “Coffee Shop in Madinah Road” comes from Binzagr’s personal archive. Among the other highlights are works by modernist Mohammed Al Saleem and Indian-born British sculptor and Turner Prize-winner Anish Kapoor. The auction, to be held on Jan. 31, is timed to coincide with the opening of the Diriyah Contemporary Art Biennale. Sotheby’s held its first international auction in Saudi Arabia in February, when three pieces sold for more than $1 million.
📷 Photo of the Day
Egyptian actress Yousra poses on the red carpet during the 46th Cairo International Film Festival on Wednesday night. (Ahmad Hasaballah/Getty Images)
📅 Circuit Calendar
Nov. 5-16, Sharjah, UAE. Sharjah International Book Fair. A 12-day cultural and literary event attracting global publishers and literary stars. Expo Center Sharjah.
Nov. 10-15. Abu Dhabi. Abu Dhabi Autonomous Week. The inaugural event combines a summit, showcase, RoboCup Asia-Pacific and autonomous racing. Yas Marina Circuit.
Nov. 10-15, Abu Dhabi. RoboCup Asia-Pacific. A regional competition and event for AI and robotics where teams compete on challenges including humanoid robot soccer matches. ADNEC Center.
Nov. 11-14, Dubai. ICOM 2025. Bringing together museum professionals and cultural experts from around the world to explore the evolving role of museums. Dubai World Trade Center.
Nov. 17-19. Doha. Qatar Entrepreneurship Conference (ROWAD). Qatar’s national entrepreneurship platform and a flagship Global Entrepreneurship Week event, connecting startups, SMEs, and ecosystem leaders. Doha Exhibition & Convention Center.
Nov. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.
Nov. 19-20, Dubai. Knowledge Summit. A global platform for knowledge production in the service of sustainable development. Dubai World Trade Center.
Nov. 24-27, Dubai. Big 5 Global. Addressing the challenges shaping the construction and urban development community today and tomorrow. Dubai World Trade Center.
Nov. 25-26. Riyadh. Global Sustainability Expo. Dedicated to advancing sustainability practices across industries. The Arena Riyadh.
Nov. 26-27, Abu Dhabi. CyberQ 2025. The UAE’s flagship summit for cybersecurity and quantum technologies. ADNEC Center.
Nov. 30, Doha. Qatar F1 Grand Prix 2025. Formula One season’s second-to-final race before Abu Dhabi. Lusail International Circuit.
Dec. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island.
Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit.
Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.
Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.
Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.
Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the world’s top minds to redefine and shape the future of global markets. The Grand Steps, Al Maryah Island.
The Daily Circuit: Trump-MBS investor summit + NTT eyes Saudi data centers
In the Daily Circuit today, we’re reporting on Aramco’s raising production targets for gas, interest from Japan’s NTT in Saudi data centers, the UAE government’s first transaction in its new digital dirham and a 2028 completion date planned for the long-delayed Jeddah Tower, which aims to become the world’s tallest skyscraper. But first, investors are flocking to Washington before the Nov. 18 Trump-MBS meeting.
Preparations are moving into high gear for next week’s White House visit by Saudi Crown Prince Mohammed bin Salman, with an investor summit now set to take place on the sidelines.
The conference, co-hosted by the Saudi Ministry of Investment and the U.S.-Saudi Business Council, will take place on Nov. 19 at Washington’s John F. Kennedy Center for the Performing Arts, CBS reports.
While still unconfirmed, the event in billed in an invitation as a platform for “exclusive business matchmaking” through which participants will “explore new investment horizons across critical sectors, including energy, technology, financial services, infrastructure, and healthcare.”
No word yet whether the investor summit will be attended by MBSand President Donald Trump, who will meet the day before in the Oval Office and join a black-tie dinner likely to include top executives from Wall Street and Silicon Valley. When Trump visited Saudi Arabia in May, the U.S. leader joined the Crown Prince at an investor conference in Riyadh alongside Tesla’s Elon Musk, OpenAI’s Sam Altman, Nvidia’s Jensen Huang, BlackRock’s Larry Fink and Citigroup’s Jane Fraser.
Already gathering in Washington are some of MBS’s top lieutenants who are meeting with Trump administration counterparts to set the agenda for talks covering some $600 million that the Saudi kingdom has committed to spending with U.S. businesses. Among the most watched was the meeting on Tuesday between Yasir Al-Rumayyan, Governor of Saudi Arabia’s Public Investment Fund, and U.S. Treasury Secretary Scott Bessent.
Prince Khalid bin Salman, the Saudi Minister of Defense, met on Tuesday with U.S. Secretary of State Marco Rubio, Secretary of War Pete Hegseth, and U.S. Special Envoy for the Middle East Steve Witkoff. The meeting was also attended by Saudi Ambassador to the U.S. Princess Reema bint Bandar.
Editor’s Note: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].
📰 Developing Stories
TOWER OF POWER
Saudi Arabia’s on-again, off-again effort to build the world’s tallest skyscraper is on again. Kingdom Holding Co. says construction of its planned 1-kilometer-high Jeddah Tower has reached 74 of its 170 stories and should be completed in 2028. The company, founded by Prince Alwaleed bin Talal, began construction in 2013 but halted it amid a 2018 anti-corruption purge, during which the government detained the billionaire royal at the Ritz-Carlton hotel in Riyadh. He was released three months later after agreeing to an unspecified financial settlement. In October, Finland’s KONE Corp. won a contract to equip the building with high-speed elevators.
MARITIME MENACE
A resurgence in maritime piracy off Somalia is fueling concerns in one of the world’s busiest shipping corridors. At least three incidents have taken place off the Horn of Africa this month, Bloomberg reports. Among them was a Maltese-flagged tanker freed by the EU naval force’s Mission Atalanta in Somali waters on Friday. The renewed attacks along the Somali coast come amid a tapering off of assaults on shipping traffic by Houthi militants in the Red Sea. Daniel Mueller, a senior analyst at U.K.-based maritime security firm Ambrey, said the threat to shipping is likely to persist, “though piracy is inherently opportunistic,” and the causes should be addressed beyond military interventions.
💲 Sovereign Circuit
Saudi Aramco: The Saudi energy giant raised its gas production growth target to 80% by 2030 as the kingdom shifts away from burning oil for power toward cleaner and cheaper gas, the Financial Times reports.
International Holding Co:IHC-owned Marlan Space is teaming up with San Francisco-based Loft Orbital to launch Orbitworks, a manufacturing facility in Abu Dhabi capable of producing up to 50 satellites a year.
Investment Corp. of Dubai: Kerzner International, backed by the Dubai sovereign wealth fund, is teaming with Qatar-based Assets Group to bring the Atlantis brand to the Maldives with a two-island luxury resort featuring almost 500 rooms and cabins, 20 restaurants and a waterpark.
Energy Development Oman: The state-owned entity secured a $1 billion loan, arranged by Gulf International Bank and Mashreq, to fund capital spending and refinance debt.
↪↩ Closing Circuit
💸 Industrial Win: Abu Dhabi-based developer Aldar, acquired two institutional-grade industrial and logistics assets from a subsidiary of AD Ports Group for $155 million.
🌸 Floral Deal:UAE-based Quintas Capital has made its first Managed Equity investment of $18 million in Petal Group, a floral gifting and e-commerce company with operations in Ireland and the UAE.
💵 Getting Support: Builtop, a Saudi-based digital procurement startup in the construction and real estate sectors, has secured $11 million in a funding round led by TAM Capital.
🤖 AI Agents: Wonderful, an Israeli startup that helps businesses integrate AI agents into their customer service functions, raised $100 million in a Series A funding round led by Index Ventures, with participation from Insight Partners, IVP, Bessemer, and Vine Ventures.
🛩️ Flight Call: California-based Archer Aviation and the Abu Dhabi Investment Office have activated an investment framework to speed up testing and commercialization of Archer’s Air taxis in the UAE capital, where it will first deploy its Midnight aircraft.
🗣 Circuit Chatter
🌐 Data Pivot:Japanese IT-services giant NTT Data is exploring a data center buildout in Saudi Arabia to capture surging AI demand, Bloomberg reports.
🧲 Wealth Magnet: Dubai ranked first and Abu Dhabi fifth on London real estate consultant Savills’ annual HNWI Hostspot Index, assessing the most attractive cities for the world’s ultra-wealthy.
💸 Gateway Kingdom: For 90% of international businesses in the UAE, Saudi Arabia is viewed as the leading investment market, based on its economic stability, growth outlook and role as a Gulf-region hub, according to a report by HSBC.
👷 Gas Deal: UAE-based Dana Gas has signed an initial agreement with Syrian Petroleum Company to explore redevelopment and expansion of gasfields in central Syria, The National reports.
🌐 Digital Dirham: The UAE executed the first government payment using its new central bank-issued digital dirham, completing a transaction between the federal Ministry of Finance and Dubai’s finance department.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed today offered his condolences on the passing of the mother of Maj. Gen. Awadh Saeed bin Musleh Al Ahbabi, Deputy Commander of Joint Operations at the Ministry of Defence, during a visit to the condolence majlis in Al Ain.
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, chaired a meeting of the Executive Committee of the ADNOC Board of Directors on Tuesday. Sheikh Khaled also met withMakoto Fujiwara, Executive Director of Tokyo National Museum, on Wednesday.
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, UAE Deputy Prime Minister and Minister of Defense, and Chairman of the Executive Council of Dubai, reviewed the progress of transport infrastructure projects, including aerial taxi services and the Future Loop project, on Tuesday.
Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, met withU.S. Treasury Secretary Scott Bessent in New York.
➿ On the Circuit
Yasir Al-Rumayyan, Governor of Saudi Arabia’s Public Investment Fund, met withU.S. Treasury Secretary Scott Bessent on Tuesday in Washington.
Lana Nusseibeh, UAEMinister of State, led an official delegation to Cyprus to strengthen strategic partnerships.
Ron Dermer, Israel’s Strategic Affairs Minister and one of Prime Minister Benjamin Netanyahu’s closest advisors, resigned on Tuesday after playing a central role in addressing the country’s conflicts with Gaza and Iran.
🎶 Culture Circuit
🎥 Movie Business: Saudi Arabia’s Film Commission is touting its wares this week at the American Film Market in Los Angeles, one of the world’s biggest industry events for financing, distribution and production partnerships. The commission’s delegation is highlighting the kingdom’s diverse filming locations and generous financial incentives in an effort to spark partnerships with global producers. Saudi Arabia’s push to become a regional hub for cinema is starting to pay cultural dividends, with a growing number of blockbusters released. The film “Desert Warrior,” which was a joint production between British producer Jeremy Bolt’s JB Pictures, the Kingdom’s MBC Studios and LA-based ACG Studios, premiered in September.
📷 Photo of the Day
Art installation “The Shen” by Mert Ege Kose is displayed during the fifth edition of the “Forever is Now” art exhibition by Art d’Egypte at the Giza pyramids necropolis on Tuesday. (Khaled Desouki/AFP via Getty Images)
📅 Circuit Calendar
Nov. 5-16, Sharjah, UAE. Sharjah International Book Fair. A 12-day cultural and literary event attracting global publishers and literary stars. Expo Center Sharjah.
Nov. 10-15. Abu Dhabi. Abu Dhabi Autonomous Week. The inaugural event combines a summit, showcase, RoboCup Asia-Pacific and autonomous racing. Yas Marina Circuit.
Nov. 10-15, Abu Dhabi. RoboCup Asia-Pacific. A regional competition and event for AI and robotics where teams compete on challenges including humanoid robot soccer matches. ADNEC Center.
Nov. 11-14, Dubai. ICOM 2025. Bringing together museum professionals and cultural experts from around the world to explore the evolving role of museums. Dubai World Trade Center.
Nov. 17-19. Doha. Qatar Entrepreneurship Conference (ROWAD). Qatar’s national entrepreneurship platform and a flagship Global Entrepreneurship Week event, connecting startups, SMEs, and ecosystem leaders. Doha Exhibition & Convention Center.
Nov. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.
Nov. 19-20, Dubai. Knowledge Summit. A global platform for knowledge production in the service of sustainable development. Dubai World Trade Center.
Nov. 24-27, Dubai. Big 5 Global. Addressing the challenges shaping the construction and urban development community today and tomorrow. Dubai World Trade Center.
Nov. 25-26. Riyadh. Global Sustainability Expo. Dedicated to advancing sustainability practices across industries. The Arena Riyadh.
Nov. 26-27, Abu Dhabi. CyberQ 2025. The UAE’s flagship summit for cybersecurity and quantum technologies. ADNEC Center.
Dec. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island.
Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit.
Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.
Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.
Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.
Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the world’s top minds to redefine and shape the future of global markets. The Grand Steps, Al Maryah Island.
Abu Dhabi researchers aim to find cure for Type 1 diabetes by 2027
Abu Dhabi researchers are hopeful for a breakthrough in treatment for Type 1 diabetes within two years using a method of regenerating the pancreas with engineered cells.
The Abu Dhabi Stem Cells Center, a subsidiary of ADQ-controlled Pure Health, is collaborating with Kyoto University and research company Rege Nephro on the research, which is being showcased at Expo 2025 in Osaka, Japan, The National reports.
Type 1 diabetes is an autoimmune disease where the pancreas stops producing insulin, which regulates blood glucose levels.
There is currently no cure, and treatment usually relies on lifelong monitoring and daily insulin injections. It is hoped that regenerating the pancreas could provide long-term relief.
In separate research, ADSCC revealed in January it had successfully used umbilical cord-derived cells to treat a 20-year-old Emirati patient with Type 1 diabetes.
The Daily Circuit: Gulf tapped by Trump tariffs + Aramco’s Japanese drones
👋 Hello from the Middle East!
In the Daily Circuit today, we’re looking at Aramco’s Japanese drone deal, power cuts in Kuwait, tourists to Saudi Arabia spending a record $41 billion, and the UAE’s free-trade pacts in Africa and Central America. But first, the impact of Trump’s trade tariffs was relatively light in the Gulf.
The threat of a global trade war set off by U.S. President Donald Trump’s sweeping imposition of import tariffs is leaving Gulf countries on the sidelines.
At the lowest end of the levies that Trump announced on Wednesday are Saudi Arabia, the UAE and other GCC states, which will pay 10% tariffs on goods shipped to the U.S. – similar to what is imposed on American goods in the region.
“That means they do it to us and we do it to them,” Trump said at a White House ceremony announcing the tariffs. “Very simple.”
Other countries in the MENA region that were hit with reciprocal tariffs were Egypt and Morocco at 10%, Israel at 17%, Jordan at 20% and Tunisia at 28%.
Global financial markets were hit by a broad selloff after Trump’s announcement, with U.S. equity futures slumping as much as 4%, Bloomberg reports.
Oil prices fell by as much as 3% on worries that trade tensions could curtail economic growth and limit fuel demand.
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
TOURISM TURNOVER
As Saudi Arabia prepares to host more than 2 million Muslims making the Hajj pilgrimage to Mecca in June, the government says non-religious tourism now accounts for the majority of international visitors. Six years after introducing an e-visa and jazzing up its marketing efforts to attract foreign tourists, the kingdom’s efforts and billions of dollars in investment are paying off, Arab News reports. Inbound tourism spending surged to a record $41 billion in 2024 – 14% more than the previous year. The number of international visitors to Saudi Arabia jumped 9.5% last year, reaching a record 30 million.
UNLOCKING TRADE
The UAE expects to make deeper inroads into Africa and Central America as new free-trade pacts with Mauritius and Costa Rica take effect. The Comprehensive Economic Partnership Agreements signed last year became effective on Wednesday, cutting tariffs and simplifying regulations between the UAE and the two countries. The deals are aimed at “unlocking a range of opportunities for our private sector and driving forward our shared goals, from enhancing food security to accelerating clean energy adoption,” Dr. Thani Al Zeyoudi, the UAE Minister of State for Foreign Trade, said in a statement. The two agreements mark the seventh and eighth in the UAE’s free-trade program to come into force, following deals with India, Israel, Turkey, Indonesia, Cambodia and Georgia. Another 19 CEPAs have been signed and are waiting to take effect.
💲 Sovereign Circuit
Saudi Aramco: Terra Drone, a Japanese autonomous aircraft startup, signed a draft agreement with Saudi Arabia’s state-owned oil company to test its drone fleet’s ability to inspect some of Aramco’s oil and gas facilities, Reuters reports.
Qatar Investment Authority: The Qatari sovereign wealth fund is developing new metrics to measure the return on its investments in artificial intelligence, CFO Niall Byrne is quoted as saying in a World Economic Forum report.
Danantara: The new Indonesian government fund, which is starting out with assets of $900 billion, is cited by the Financial Times as the latest in a series of recently opened sovereign wealth funds with “no discernible macroeconomic purpose” that have been “created largely for the sake of having them.”
↪↩ Closing Circuit
🏦 Insurance Capital: Manama-based Solidarity Group reached a $153 million agreement with Bank of Bahrain and Kuwait to help finance its acquisition of Bahrain National Insurance.
🌐 Serbian Calling: Emirates Telecommunications Group, known as e&, completed its $891 million takeover of Belgrade-based Serbia Broadband, which was agreed upon in February.
💺 Moving Forward: Qatar Airways and Virgin Australia received final approval for their alliance, allowing Virgin’s 28 weekly Australia–Doha flights to proceed.
🤖 Burger Bot: Hi Auto, an Israeli startup that uses artificial intelligence tools to automate drive-thru restaurant orders, raised $15 million in a Series A funding round led by Delek Motors.
🗣 Circuit Chatter
🔌 Power Cuts: Kuwait has been making temporary power cuts in some agricultural and industrial areas as it tries to increase generating capacity to prepare for rising electricity demand before the summer scorching heat sets in, Bloomberg reports.
✨ Safe Haven: Gold prices in Egypt have climbed almost 16% this year as buyers see the metal as a safe asset amid the region’s economic and geopolitical turmoil, AhramOnline reports.
🛫 Return to Russia: Israel’s El Al Airlines said today it plans to resume flights to Moscow on May 1 after a five-month halt, becoming one of the only Western carriers allowed to fly to the Russian capital.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed received a phone call on Wednesday from Iranian President Masoud Pezeshkian to mark the holiday of Eid Al-Fitr.
Sheikh Hamdan bin Mohammed, UAE Minister of Defense and Crown Prince of Dubai, visited the Reserve Forces Command in Abu Dhabi on Wednesday to review their military readiness.
➿ On the Circuit
Hussain Sajwani, Chairman of Dubai-based Damac Properties, doubled his fortune to more than $10 billion in 2024, according to the annual Forbes list of the world’s wealthiest people.
Saudi Finance Minister Mohammed Al-Jadaan said a set of new real estate policy directives are aimed at pushing the proportion of Saudi families who own homes to reach the government’s goal of 70 percent by 2030 – up from the current level of about 64%, speaking in an interview with Alekhbariyah.
Yasmin Masithela, CEO of Johannesburg-based Absa Group, told Bloomberg that the firm’s Absa CIB bank, South Africa’s third-largest lender, is awaiting regulatory approval to open a representative office in Dubai next year.
🎶 Culture Circuit
🎨 Corporate Culture: More UAE companies are building art collections, paralleling the government’s growing investment in cultural institutions, Arabian Gulf Business Insight reports. Among the large collectors is Mubadala Investment Co., which acquired South Korean-American artist Timothy Hyunsoo-Lee’s watercolor triptych titled, “Into the Minds of the Invisible” – part of the Abu Dhabi sovereign wealth fund’s growing investment in both regional and global artworks.
📷 Photo of the Day
Sheikh Hamdan bin Mohammed, the UAE Defense Minister and Crown Prince of Dubai, reviewed troops on Wednesday during a visit to the Reserve Forces Command base in Abu Dhabi.
📅 Circuit Calendar
April 7-9, Abu Dhabi. AIMCongress 2025. An annual investment platform in the UAE capital that brings together corporate executives, political leaders and entrepreneurs. ADNEC.
April 7-9, Dubai. Middle East Energy. Annual conference of international energy suppliers to discuss products and solutions. Dubai World Trade Centre.
April 10-11, Dubai. BoF Crossroads 2025. Business of Fashion conference addresses shifting customer preferences, industry slowdown and emerging growth in Global South markets. One Za’abeel Hotel.
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. Annual retail art fair featuring more than 10,000 works for sale. Dubai World Trade Centre.
April 18-20, Dubai. Art Dubai. Three-day city festival spotlights more than 100 contemporary, modern and digital galleries from the UAE and over 40 other countries. Madinat Jumeirah.
April 18-20, Jeddah. STC Saudi Arabian GP. The Formula 1 Saudi Arabian Grand Prix by STC returns, promising an electrifying high-speed spectacle on the Red Sea. Jeddah Corniche Circuit.
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.
Aramco’s VC Unit, Sumitomo finance electronics startup
Wa’ed Ventures, Aramco’s venture capital unit, is teaming up with Japan’s Sumitomo conglomerate, to fund a Saudi consumer electronics startup.
The two companies joined Dubai-based Global Ventures in a $30 million financing round for Zension Technologies, which provides warranties, buy-back services and upgrades for mobile phones, Bloomberg reports.
Middle East startups raised $1.5 billion last year, a 29% decline compared to the previous year, according to a Magnitt report
Saudi Arabia attracted almost half of the region’s VC investing in 2024.
MBS is headed to Japan amid kingdom’s push for foreign investment
Saudi Arabia’s Crown Prince Mohammed bin Salman will travel to Japan later this month as the kingdom looks to boost foreign capital flows to fuel its vast Vision 2030 strategy.
The de facto leader will meet Prime Minister Fumio Kishida during a trip from May 20 to May 23, the Japanese government said on Friday.
Japan is one of Saudi Arabia’s biggest buyers of crude oil and the kingdom was Japan’s eighth-biggest trading partner last year, according to the International Monetary Fund, totaling $42 billion. The Public Investment Fund is also one of the largest shareholders in Japanese gaming giant Nintendo Co., Bloomberg reported.
The trip is likely to build on the “Saudi-Japan Vision 2030” agreement that was forged on a trip MBS took to Tokyo in 2016. Under the pact, Japanese companies are to invest in industries such as agriculture, healthcare, energy and infrastructure in the kingdom.
The Daily Circuit: Gulf markets on a hot streak + MBS headed to Tokyo
👋 Hello from the Middle East!
Today in The Daily Circuit, we’re looking at how the UAE’s first gaming resort is progressing, preparations for Saudi Crown Prince Mohammed bin Salman’s visit to Japan, Mubadala’s $3 billion bid for New York-based Fortress Investment and Adam Neumann’s continuing quest to reclaim WeWork. But first, the data shows a robust start to 2024 for Gulf capital markets.
Investor appetite for publicly traded companies in the Middle East remained strong in the first quarter of the year, with Saudi Arabia and the UAE raising over $1 billion in proceeds from initial public offerings. The kingdom continues to dominate listing activity, notching nine out of the region’s 10 IPOs in the first three months of the year and netting the largest chunk of stock market proceeds, according to the EY MENA IPO Eye Q1 2024 report. The UAE’s Parkin Co. IPO raised the most with $400 million, 37% of the total IPO value in the region.
Top performers for returns were the Egyptian Exchange (EGX30), which recorded an 8% gain during the first three months of the year; followed by Boursa Kuwait Premier Market, up 7.5% and then Dubai Financial Market (DFM) with 4.6%. So far, 25 private companies and 10 funds across various sectors plan to list on the exchanges in the MENA region this year. Globally, the IPO market is showing signs of life: 287 IPOs were launched in the first quarter, securing $23.7 billion in proceeds, up 7% compared to the prior year.
The lively Gulf capital markets will play into conversations and dealmaking in Doha next week, as the annual Qatar Economic Forum kicks off Tuesday. An array of Gulf cabinet ministers, central bankers and corporate chiefs will take the stage. Co-branded with Bloomberg – whose editor-in-chief John Micklethwait and a slew of TV anchors will be conducting onstage interviews – the conference will feature Jenny Johnson, President & CEO of Franklin Templeton, and Ken Griffin, Founder and CEO of Citadel.
Also joining panels in Qatar will be Darren Woods, Chairman and CEO of ExxonMobil; Noor Sweid, Founder and Managing Partner of UAE-based Global Ventures; and Gerry Cardinale, Founder, Managing Partner and Chief Investment Officer of Redbird Capital Partners.
📰 Developing Stories
GAMING CAPITAL
Wynn Resorts, which is building the UAE’s first casino on an island off the coast of the emirate of Ras Al Khaimah, will make sure that visitors can avoid the gaming area if they choose. Spokesman Michael Weaver told Khaleej Times that the casino section will be “centrally located” and easily accessible for visitors in the vast complex. The resort, which is scheduled to open in 2027, will also include a spa, a shopping arcade, 20 restaurants, nightclubs on the beach and a massive swimming pool built into a tropical landscape. “It will be very possible to come, experience the rooms, the restaurants, the spa, shopping and never enter the gaming area,” Weaver said.
TOKYO TRIP
Saudi Arabia’s Crown Prince Mohammed bin Salman will travel to Japan later this month as the kingdom looks to boost foreign capital flows to fuel its vast Vision 2030 strategy. The de facto leader will meet Prime Minister Fumio Kishida during a trip from May 20 to May 23, the Japanese government said today. Japan is one of Saudi Arabia’s biggest buyers of crude oil and the kingdom was Japan’s eighth-biggest trading partner last year, according to the International Monetary Fund, totaling $42 billion. The Public Investment Fund is also one of the largest shareholders in Japanese gaming giant Nintendo Co. The trip is likely to build on the “Saudi-Japan Vision 2030” agreement that was forged on a trip MBS took to Tokyo in 2016. Under the pact, Japanese companies are to invest in industries such as agriculture, healthcare, energy and infrastructure in the kingdom.
💲 Sovereign Circuit
Mubadala: A $3 billion bid from Mubadala Capital for Fortress Investment Group, a major investor in credit markets with a large allocation in U.S. rail, has “cleared a significant regulatory hurdle,” the Financial Times reports. The Committee on Foreign Investment in the U.S. had approved Fortress’s sale of a majority equity interest to the investment arm of Mubadala Investment Co. Meanwhile, Kelix Bio, which was acquired last month by Mubadala, is looking to buy five UAE-based pharma companies as part of a strategy to expand its product portfolio of generic biopharmaceutical drugs, VC Circle reports.
ADQ: Egyptian Prime Minister Mostafa Madbouly approved plans to build an international seaport for tourist cruise ships and yachts at Ras El-Hekma, the Mediterranean resort project in which Abu Dhabi’s ADQ sovereign wealth fund leads a group that will invest $35 billion.
Public Investment Fund: Saudi Arabia’s new PIF-backed cruise line Aroya is set to launch this December, promising cigar lounges, jacuzzis, 28 dining options, 20 venues for entertainment and a no-alcohol policy, Skift reports.
Qatar Investment Authority: Pakistani Prime Minister Shehbaz Sharif sought to develop closer investment ties with the QIA in a meeting with Qatar’s Minister of State for Foreign Affairs in Doha on Thursday.
↪↩ Closing Circuit
🛫 Profit Surge: Abu Dhabi’s Etihad Airways posted a ninefold increase in first-quarter profit of $143 million amid soaring travel demand, an expansion of its routes and lower financing costs.
🏠 New Property: Bahrain-based investment firm GFH Financial Group has acquired a 12% stake in Seef Properties, according to a bourse filing to the DFM on Thursday.
🚕 Taxi App: Pango, the operator of Israel’s most-used app to pay for parking, acquired Gett, an Israeli app-based taxi-hailing service, for $175 million.
💰 Gateway NYC: 97212 Ventures, a New York-based venture capital firm, raised $20 million for a new fund aimed at investing in Israeli startups at the Seed and Pre-Seed stages, while grooming them for growth in the U.S. market.
🗣 Circuit Chatter
🌐 Blockchain Analytics: Chainalysis, a New York-based blockchain data and analytics company, will set up a regional headquarters in Dubai for its Southern Europe, Middle East, Central Asia and Africa division, Cointelegraph reports.
🇰🇼 Turkish Partner: Kuwait and Turkey signed a series of agreements this week covering investment, defense and disaster management during a visit to Ankara by Emir Sheikh Meshal al-Ahmad.
📈 ETF Tracker: Hong Kong and Saudi Arabia are exploring the creation of an exchange-traded fund (ETF) tracking indices for Hong Kong securities, Reuters reports.
🏗️ Building Boom: Saudi mega-project NEOM unveiled another master-plan on Wednesday, a real estate development called Jaumur, The marina off the coast of the Gulf of Aqaba will add 1,200 residential units, including hundreds of luxury villas and marina apartments, to NEOM.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayedheld a meeting with Hakan Fidan, Turkey’s Minister of Foreign Affairs, at the Qasr Al Shati palace in Abu Dhabi on Thursday.
Sheikh Nahyan bin Mubarak, the UAE Minister of Tolerance and Coexistence, introduced a conference on Thursday titled “World Governments as Incubator for Tolerance,” which took place within the framework of Abu Dhabi’s AIM Congress 2024.
Sheikh Hamdan Bin Mohammed, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, visited the “Experience Abu Dhabi” stand on Thursday at the Arabian Travel Market show in the Dubai World Trade Centre, alongside DCT Chairman Mohamed Khalifa Al Mubarak.
➿ On the Circuit
Yie-Hsin Hung, CEO of State Street Global Advisors, said the firm is expanding its hubs in Saudi Arabia and the UAE to achieve growth targets in the MENA region, speaking in an interview with The National.
Abdulla bin Touq Al Marri, UAE Minister of Economy, is slated to speak at the SALT iConnections gathering of asset allocators in New York City, which opens May 20.
Adam Neumann, co-founder of WeWork and the Andreessen Horowitz-backed Flow, made predictions for the future of WeWork as his bid to take back the bankrupt co-working company hangs in limbo, speaking to Bloomberg’s Brad Stone in San Francisco on Thursday. He also explains his transition from office to residential real estate with his co-living concept Flow.
Mariet Westermann, outgoing vice chancellor of New York University Abu Dhabi, discussed her decision to leave her post after five years at NYUAD in an interview with The National.
Abdul Aziz Al Ghurair, an Emirati billionaire and philanthropist whose business interests span construction, banking, real estate and energy, is among those named in the “100 Most Influential Arabs” list from Arabian Business. Also included are Lubna Olayan, CEO of Saudi Arabia-based Olayan Financing Co.; Ronaldo Mouchawar, Co-founder of souq.com (acquired by Amazon in 2017); and Sheikh Ahmed bin Saeed Al Maktoum, Chairman and CEO of Emirates airline.
🎶 Culture Circuit
📽️ Mobster Flick: Saudi Arabia’s “Mandoob” has been a runaway hit with local movie audiences since its release in December. Now, Riyadh-based studio Telfaz11, which produced the film about a Saudi night courier who dodges mobsters as he tries to raise money for his father’s medical bills, has signed a distribution deal with Metis Films to release Mandoob in the U.K. and Ireland, Deadline.com reports.
🎞️ Master Class: Budding Saudi filmmakers learned the latest animation techniques as part of the Saudi Film Festival in Ithra that wrapped up on Thursday, Arab News reports. The animation workshops were led by experts from the U.S. as part of a collaboration between the festival with the American Chamber of Commerce and the U.S. Consulate in Dhahran.
🗓️ Ahead on The Circuit
May 13-15, Abu Dhabi, UAE: Abu Dhabi Global Healthcare Week. A conference focusing on investments, and innovation to solve the most important global health challenges. Abu Dhabi National Exhibition Center and Abu Dhabi City.
May 14-16, Doha, Qatar: Qatar Economic Forum, Powered by Bloomberg. A news-driven event dedicated to global business and investment. This year’s theme is “A World Remade: Navigating the Year of Uncertainty.” Request your invitation here. Fairmont & Raffles, Doha.
May 20-21, New York City: SALT iConnections. SALT brings together more than 1,500 asset owners, asset managers and entrepreneurs for curated capital introductions and panel discussions. The Glasshouse.
May 20-22, Riyadh, Saudi Arabia: Future Aviation Forum. Airline executives, investors and government ministers gather for the third annual conference on the aviation industry. King Abdulaziz International Conference Center.
May 29-31, Marrakech, Morocco: GITEX Africa. The second edition of the biggest tech and startup gathering in Africa. Place Bab Jdid.
June 5, Hong Kong: Bloomberg Wealth Event. A gathering to bring actionable intelligence to portfolio managers and other dealmakers and analysts from asset managers and owners, family offices and hedge funds. Conrad Hong Kong.
June 23-26, National Harbor, Maryland: SelectUSA Investment Summit. The highest profile event in the U.S. to facilitate business investment by connecting thousands of investors, companies, economic development organizations and industry experts to make deals. Gaylord National Resort and Convention Center.