The Daily Circuit: Trump headlines FII Summit + Mubadala-KKR divestment
In today’s Daily Circuit, we’re reporting on the $4.75 billion bounty reaped by Mubadala and KKR from selling their stakes in CoolIT Systems, Saudi Arabia’s Humain teaming up with Turing to launch an AI agent marketplace and Oman’s acquisition of budget carrier Salam Air. Plus The Circuit’s Omnia Al Desoukie reports on Dubai’s comeback strategy for when the Iran war ends. But first, PIF Governor Yasir Al-Rumayyan gets set to welcome Donald Trump to the fund’s Miami investor conference.
President Donald Trump headlines Saudi Arabia’s FII Priority Summit in Miami today, pitching international investors on American business while the Iran war roils markets around the world.
The three-day conference, sponsored by the kingdom’s Public Investment Fund, drew its usual bevy of Wall Street bankers, who listened to Saudi Finance Minister Mohammed Al-Jadaan warning about the impact of escalating geopolitical tensions.
“What we’ve seen in the last few weeks is an impact beyond what we have seen even post-Covid in terms of supply chain disruption,” Al Jadaan said. “We really need to make sure we resolve the conflict very quickly.”
The PIF, Saudi Arabia’s sovereign wealth fund, indicated it will keep investing globally despite the Iran war, with Governor Yasir Al-Rumayyan telling the conference that the kingdom’s financial position is solid.
“The Saudi macroeconomic and physical position remains strong, stable and resilient… We measure our returns not in quarters but in decades, and PIF remains committed to its investments around the world,” Al Rummayan said.
Among the conference’s other speakers on Thursday are Steven Mnuchin, the former U.S. Treasury secretary and founder of Liberty Strategic Capital; Dina Powell McCormick, President and Vice Chairman of Meta; Mary Callahan Erdoes, CEO of Asset & Wealth Management at JPMorgan Chase; and William E. Ford, Chairman and CEO of General Atlantic.
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CIRCUIT FEATURE
Dubai moves to reassure investors, anticipating strong comeback from war
As Iranian missiles continue to strike downtown Dubai, property owners in Dubai are cutting prices and investment bankers are temporarily moving abroad to safety, but the UAE’s government is betting on a comeback.
Four weeks into the war with Iran, the Central Bank of the UAE is trying to ensure that credit lines stay open and companies have the cash to deal with soaring freight costs and supply chain disruptions, The Circuit’s Omnia Al Desoukie reports.
Since Iran’s first missile attack on its neighbor across the Gulf on Feb. 28, the UAE has tried to keep markets calm and money flowing: the Central Bank of the UAE has pumped extra cash into banks so they can keep lending, kept interest rates aligned with the U.S. to support the dirham’s dollar peg, and made clear it will provide emergency funding if needed.
Saudi Arabia is advancing plans to establish a railroad corridor with Jordan aimed at boosting trade links and positioning the kingdom as a regional transport hub linking Asia, Europe and Africa. The 1,700-kilometer (1,050-mile) international rail project connects King Abdulaziz Port in Saudi Arabia’s ports of Dammam and Jubail to Jordan and neighboring countries, with trains carrying over 400 containers. The route has previously featured in plans for a rail connection linking the Gulf and Israel’s Mediterranean port in Haifa. Officials say the project will strengthen regional connectivity, reduce shipping time by half, and lessen reliance on long-distance trucking.
GROUNDED FLEET
Qatar Airways is seeking ways to preserve cash amid its fleet remaining grounded, including asking lessors to defer or reduce rental payments due to war-related disruptions. The airline has canceled thousands of flights since late February, making it the most affected carrier in the region by suspended services, Bloomberg reports. Building its reputation for luxury services and global sponsorships, the airline has been slower than rivals Emirates and Etihad Airways to restore operations, as its new CEO, Hamad Ali Al-Khater, navigates the crisis just months into the role. Around 20 large planes, including A380s and Boeing 787s, have been placed in storage abroad as the airline scales back operations.
💲 Sovereign Circuit
Mubadala: The Abu Dhabi sovereign wealth fund and KKR are selling their stakes in Canada’s CoolIT Systems, a liquid cooling provider to data centres, for $4.75 billion, earning 15 times their investment.
Humain: The Saudi AI investment firm is teaming up with Silicon Valley-based Turing to build a marketplace for AI agents capable of handling business functions such as HR, finance, legal, operations and procurement.
Public Investment Fund: The PIF’s FII Institute announced at the Miami conference the launch of a “Capital in Motion” Index that tracks shifting global investment flows.
Qatar Investment Authority: Qatar’s Emir Sheikh Tamim bin Hamad Al Thani issued a decision to reconstitute the board of the Qatar Investment Authority.
Oman Investment Authority: The Omani government has acquired SalamAir to strengthen the national aviation sector while keeping it and Oman Air, an OIA company, as independent brands.
↪↩ Closing Circuit
🏨Hotel Fund: Patel Family Office, a U.S. investment enterprise and Saudi-based Abdel Hadi A Al-Qahtani & Sons signed a $1 billion agreement to launch AYARA, a platform that aims to develop 50 international brand-name business hotels across Saudi Arabia by 2029.
🚢 Energy Assurances: TotalEnergies said it will honor all LNG contracts despite disruptions following attacks on facilities in Qatar, relying on its global portfolio to redirect supply around the world and maintain deliveries.
🏡High Value: Dubai Residential REIT, an Islamic‑compliant property investment trust, built 56 four‑bedroom villas at its Garden View Villas community after agreeing to buy them for about $65million.
🗣 Circuit Chatter
🏗️ Property Jitters: UAE developers are trying to reassure investors that the property market will rebound after the war, emphasizing strong demand and ongoing project pipelines despite the heightened geopolitical risk, Bloomberg reports.
🛢️ Pipeline Revival: Plans for a Syria-Iraq oil pipeline are gaining renewed attention as regional players explore alternative export routes to bypass chokepoints and mitigate disruptions linked to the Iran conflict, Arab News reports.
🚢 Hormuz Force: The UAE has told the U.S. and Western allies it will promote a multinational “Hormuz Security Force” to reopen the Strait of Hormuz amid Iranian attacks, The Financial Times reports.
⚓Port Trouble: Kuwait’s Shuwaikh port was damaged by a drone attack as Iran intensified Gulf strikes in retaliation for US-Israeli actions.
💰Cost Help: The World Bank said it will support governments affected by the Middle East conflict with immediate financial relief, policy guidance, and fast-disbursing finance.
🌍 Power Circuit
Saudi Crown Prince Mohamed bin Salman met with Ukrainian President Volodymyr Zelensky, who paid a surprise visit to Saudi Arabia on Thursday to discuss Ukrainian defense systems.
Prince Faisal bin Farhan, Saudi Foreign Minister, held separate meetings with Western counterparts, including British Foreign Secretary Yvette Cooper, Germany’s Johann Wadephul, France’s Jean-Noel Barrot, Canada’s Anita Anand, and Italy’s Antonio Tajani on the sidelines of the G7 meeting.
Sheikh Mohammed bin Abdulrahman, Qatar’s Foreign Minister, held talks withPete Hegseth, U.S. Secretary of Defense, on Thursday in Washington to discuss strategic cooperation between the two countries.
➿ On the Circuit
Dr. Sultan Al Jaber and Roger Kearns will lead Bourouge Group International, a petrochemicals maker created through the merger of companies owned by ADNOC and Austria’s OMV. Al Jaber, ADNOC’s Chairman and UAE Minister of Industry and Advanced Technology, will be Chairman of Bourouge’s Supervisory Board. Kearns, chief of OMV’s Nova Chemicals, will be CEO.
Dr. Al Jaberspoke to the crowd at the Middle East Institute that energy security is not a slogan but an important component in human life, adding that the Strait of Hormuz plays a significant role in it.
Jared Kushner, the White House envoy and founder of Affinity Partners, said in an onstage interview at the FII Priority Summit in Miami that he’s been working with Saudi Arabia on starting a sovereign wealth fund to support reconstruction of Gaza.
Khaldoon Al Mubarak, Managing Director and Group CEO said in a letter to the U.S.-UAE business council that the sovereign fund “reaffirms the strength of the foundation we have built over two decades,” expressing confidence that Mubadala will emerge stronger” from the current conflict.
Basim Khudair, Iraq’s deputy oil minister, said that the country is repairing the war-damaged Kirkuk-Faysh Khabur pipeline to restore exports of up to 650,000 barrels per day of crude oil to Turkey.
Joel Tan, CEO of XinXi Asset Management, a newly established firm focusing on family offices, told Bloomberg the firm is helping at least seven clients move more than $100 million in combined assets from Dubai to Hong Kong.
🎶 Culture Circuit
🐎Horse Power:Horse racing star arrived in Dubai this week for the 30th Dubai World Cup, including Forever Young, trained by Yoshito Yahagi. A win of $12 million would make Forever Young the richest dirt racer and simultaneous holder of the Breeders’ Cup Classic, Saudi Cup, and Dubai World Cup titles. The World Cup takes place at Meydan race track on Saturday.
📷 Photo of the Day
Saudi Finance Minister Mohammed Al-Jadaan in an onstage interview at the FII Priority Summit in Miami (Zak Bennett/Bloomberg via Getty Images)
📅 Circuit Calendar
March 30-April 1, Cairo. Egypes Energy Show. A major international energy exhibition and conference focused on the future of energy. Egypt International Exhibition Center.
April 7-9, Marrakesh. GITEX Africa. Africa’s biggest tech and startup conference. Place Bab Jdid on Boulevard Al Yarmouk
April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.
April 24-26, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles.
May 4-7, Abu Dhabi.Make It In The Emirates. The UAE’s industrial promotion board celebrates its fifth anniversary. ADNEC.
May 12-14, Dubai. Airport Show & Global Airport Leaders Forum. Bringing together top airport suppliers, aviation leaders, and thousands of professionals. Dubai World Trade Center.
May 19-21, Abu Dhabi. World Utilities Congress. Global policymakers, industry leaders and innovators discuss transforming the power, water and utilities sector into resilient, low‑carbon systems ADNEC.
May 19-21, Damascus. Big5 Construct Syria. The inaugural edition of the platform for reconstruction and development. Syria Expo Center.
May 19-21, Riyadh. Middle East Museums & Heritage Expo. Saudi Arabia’s first dedicated museums, heritage and cultural development trade show. Riyadh Front Exhibition & Convention Center.
May 8-24, Dubai. Dubai Esports & Games Festival. More than two weeks of events, tournaments, game launches and free activities citywide, including GameExpo 2026. Dubai World Trade Center.
The Daily Circuit: FII kicks off in Miami + Blackstone’s $250M UAE investment
In today’s Daily Circuit, we’re reporting on Blackstone’s $250 million investment in Abu Dhabi-based Advanced Digital Gaming Technology, Alterra’s backing for the U.K.’s Wireless Logic, NEOM terminating a $4.7 billion Trojena contract, and the $25 billion estimate for repairing damage from the Iran war on energy infrastructure across the Middle East. But first, investors pour into Miami Beach’s Faena Hotel for the FII Priority Summit.
Saudi Arabia’s FII Priority Summit opens its formal proceedings in Miami today, with Yasir Al-Rumayyan, Governor of the Public Investment Fund, set to deliver the keynote address to the gathering of global investors and policymakers.
With U.S. President Donald Trump due to speak on Friday, the conference takes place against the backdrop of war in the Middle East and the disruption of global energy markets following Iran’s effective closure of the Strait of Hormuz.
Among the speakers appearing today are Saudi Finance Minister Mohammed Al-Jadaan, Ambassador to the U.S. Princess Reema bint Bandar, and Khalid Al-Falih, the Minister of State who formerly served as Investment Minister. The lineup includes Dina Powell McCormick, the newly appointed President and Vice Chairman of Meta, Ripple CEO Brad Garlinghouse, AI leader Fei-Fei Li of Stanford University, BlackRock CEO Larry Fink, JPMorgan Chase CEO Jamie Dimon and Goldman Sachs CEO David Solomon.
Also scheduled to address the gathering are White House Special Envoy Steve Witkoff, White House advisors Jared Kushner and Massad Boulos, former Treasury Secretary Steve Mnuchin, real estate developer Stephen Ross and FIFA head Gianni Infantino.
Before the main sessions, the FII Priority summit on Wednesday focused on Latin America, highlighting the region’s growing importance in global capital flows. The program featured Delcy Rodriguez, Venezuela’s Acting President since the U.S. abduction of President Nicolas Maduro. Rodriguez spoke remotely and expressed hope that the country will be able to draw more international investors.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 Developing Stories
GULF GAMING
Blackstone has invested $250 million in an Abu Dhabi-based payments firm, valuing the company at about $1 billion in one of the first major private equity deals in the UAE since the start of the Iran war. The investment backs Advanced Digital Gaming Technology, which is building payments and compliance infrastructure for regulated digital markets. The deal comes as investors weigh geopolitical risks tied to the conflict while continuing to pursue opportunities in the Gulf. Blackstone’s move signals ongoing capital flows into the region despite heightened uncertainty, Bloomberg reports.
WESTERN PIVOT
Saudi Arabia is sharply increasing crude exports from its Red Sea port of Yanbu, with shipments climbing toward 5 million barrels a day as it redirects flows away from the disrupted Strait of Hormuz. Tanker-tracking data show exports from Yanbu have already surged to around 4 million barrels a day, up from well below 1 million earlier this year, Bloomberg reports. The shift relies on the kingdom’s East–West pipeline, which can carry about 5 million barrels a day to the Red Sea for export. But even with the diversions, piping oil to the Red Sea will only be enough to offset about half the lost Gulf shipments this month.
DAMAGE TOLL
Energy infrastructure repair costs across the Middle East could reach at least $25 billionArab News reports, citing estimates by Rystad Energy. Key facilities including LNG trains, refineries, and gas-to-liquids plants, have been hit, leaving some sites offline for years. Qatar’s Ras Laffan Industrial City faces up to a five-year recovery due to destroyed LNG trains and a 17% capacity drop. The disruption is also driving steep costs for regional businesses, like Hapag-Lloyd, which faces $40-50 million in extra weekly expenses that will likely be passed to customers.
💲 Sovereign Circuit
Public Investment Fund: The PIF’s NEOM unit has terminated Rome-based Webuild’s $4.7 billion contract to build three dams and related infrastructure at its Trojena ski resort.
Alterra: The Abu Dhabi-backed firm is investing in the U.K.-based Wireless Logic alongside General Atlantic to expand “Internet of Things” technology that connects devices like electric vehicle chargers, energy systems and industrial machines to mobile networks.
Mubadala: The Abu Dhabi sovereign wealth fund’s Mubadala Energy unit said it has secured a major exploration and production contract in Indonesia’s Southwest Andaman block.
↪↩ Closing Circuit
🏗️ Kenya Capital: UAE-based Arise IIP plans to invest $3 billion in Kenya over five years, expanding infrastructure and industrial projects as Gulf capital continues moving into East Africa.
📦Cargo Hubs: Egypt Marine Ports and the Suez Canal Economic Zone signed agreements to develop and operate cargo terminals at Ain Sokhna Port, boosting capacity and advancing Egypt’s goal of becoming a regional transport and logistics hub.
💨 Wind Power: A consortium led by Engie has signed a 25-year power purchase agreement with the Egyptian Electricity Transmission Company to develop a 900-megawatt onshore wind farm near Ras Shokeir.
🗣 Circuit Chatter
🛸Delayed Presence: The Iran war is likely to derail U.S. electric aviation startups’ plans to launch their first commercial flights in the Middle East, The Electric reports.
⚒️ Congo Copper: The UAE has secured control of key mining licences in the Democratic Republic of Congo’s Katanga region, including copper and cobalt deposits held by state miner Gécamines, African Intelligence reports. The assets were transferred last year to Kabulungu Kamilombe Mining, a joint venture with Falcon Resources, which is linked to Abu Dhabi-backed International Holding Co.
🥖 Food Shock: Shipping giant Maersk warned the Gulf faces a “pressing need” for food imports as war-related disruptions halt cargo flows, with the region reliant on imports for up to 85% of its food and companies scrambling to find alternative routes.
⛽ Iranian Gas: India has bought its first Iranian cargo of liquified petroleum gas in years after U.S. sanctions were eased, redirecting a tanker originally bound for China.
🚧 Port Cranes: DP World has added three new semi-automated quay cranes at Jeddah Islamic Port, boosting its ability to handle the world’s largest vessels.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed met withAhmed Abou Hashima, a member of the Egyptian Senate and Vice President of the Republican People’s Party.
Crown Prince Mohammed bin Salman of Saudi Arabia received a phone call on Wednesday from Pakistan’s Prime Minister Shehbaz Sharif to discuss mediation with Iran.
Sheikh Saud bin Saqr Al Qasimi, Ruler of the northern emirate of Ras Al Khaimah, met withFrancisco Chacón Hernández, Ambassador of Costa Rica to the UAE; Gerardo Pérez Figueroa, Ambassador of El Salvador to the UAE; and Jorge Rafael Archila Ruiz, Ambassador of Guatemala to the UAE at his palace in Saqr bin Mohammed City on Wednesday.
➿ On the Circuit
Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, met with U.S. Vice President JD Vance in Washington D.C. Later Dr. Al Jaber received the 2026 Distinguished Global Leadership Award at the Middle East Institute gala dinner. Among others attending were former Secretary of State John Kerry, Amos Hochstein, the former Assistant Secretary of State for Energy Resources, and Fox anchor Brett Baier.
Jamal Bin Thaniah, Chairman of Dubai-based Emaar Properties, said at the company’s annual general meeting that the company expects the Iran war to have little impact on its business.
Lana Nusseibeh, UAE Minister of State, warned in an interview with Fox News about the global consequences of Iran’s near shutdown of the Strait of Hormuz. “We should not allow Iran, a state sponsor of terrorism, to set the global price for food and gas,” she said.
🎶 Culture Circuit
🐪 Saddle Up: Dubai’s all-female camel racing championship is continuing its season, standing out as one of the few cultural events still going ahead despite widespread cancellations across the region, Arabian Business reports. The C1 Championship finale is scheduled for this coming Sunday at Dubai’s Al Marmoom Camel Race Track, with free entry for the sport’s avid fans.
📷 Photo of the Day
Omani families at the Sultan Qaboos Port in Muscat watch oil tankers marooned by Iran’s restrictions on access to the Strait of Hormuz ( Elke Scholiers/Getty Images)
📅 Circuit Calendar
March 23- 27, Houston, Texas. CERAWEEK. The annual event gathers global leaders to discuss energy transition, technology, and policy. Hilton Americas-Houston and George R. Brown Convention Center.
March 25-27, Miami Beach, Fla. FII PRIORITY Miami 2026. Saudi Arabia’s Future Investment Initiative holds an annual U.S. conference. Faena Hotel.
March 30-April 1, Cairo. Egypes Energy Show. A major international energy exhibition and conference focused on the future of energy. Egypt International Exhibition Center.
April 7-9, Marrakesh. GITEX Africa. Africa’s biggest tech and startup conference. Place Bab Jdid on Boulevard Al Yarmouk
April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.
April 24-26, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles.
May 4-7, Abu Dhabi.Make It In The Emirates. The UAE’s industrial promotion board celebrates its fifth anniversary. ADNEC.
May 12-14, Dubai. Airport Show & Global Airport Leaders Forum. Bringing together top airport suppliers, aviation leaders, and thousands of professionals. Dubai World Trade Center.
May 19-21, Abu Dhabi. World Utilities Congress. Global policymakers, industry leaders and innovators discuss transforming the power, water and utilities sector into resilient, low‑carbon systems ADNEC.
May 19-21, Damascus. Big5 Construct Syria. The inaugural edition of the platform for reconstruction and development. Syria Expo Center.
May 19-21, Riyadh. Middle East Museums & Heritage Expo. Saudi Arabia’s first dedicated museums, heritage and cultural development trade show. Riyadh Front Exhibition & Convention Center.
May 8-24, Dubai. Dubai Esports & Games Festival. More than two weeks of events, tournaments, game launches and free activities citywide, including GameExpo 2026. Dubai World Trade Center.
Hormuz alternatives give oil not a ‘smidgen’ of help, Kuwaiti says
Kuwait Petroleum Corp. CEO Sheikh Nawaf Al-Sabah says emergency measures aimed at offsetting the Iran war’s impact on oil shipping have not raised supplies “even a smidgen” to the level of normal exports.
Speaking in Houston at the annual CERAWeek energy conference, Al-Sabah said Iran is “holding the world’s economy hostage” through its attacks on infrastructure and choking off of the Strait of Hormuz.
Iran has struck Kuwait’s largest oil refinery, as well as the Shah gasfield in the UAE and Qatar’s Ras Laffan industrial hub in response to the bombing campaign by the U.S. and Israel over the past month.
On the other hand, JPMorgan CEO Jamie Dimon said in Washington that the Iran war could ultimately bring calm to the region, saying he sees the possibility that, “in the long run, this actually enhances the chance of peace in the Middle East.”
Dimon cautioned, however, that the risks remain severe in the near term, warning of potential terrorist activity and cyberattacks that could spill into global markets, speaking in an onstage interview at the Hill and Valley Forum in Washington, D.C.
The Daily Circuit: Dr. Sultan’s D.C. Swing + Hormuz alternatives disappoint
In today’s Daily Circuit, we’re reporting on ADIA’s profitable China investments, Aramco’s $370 million supercomputer project, Millennium Management’s relocation plans for Dubai employees and a new gas discovery in Egypt’s Western Desert. But first, oil executives say looking for alternatives to the shut-down Strait of Hormuz has been disappointing.
Kuwait Petroleum Corp. CEO Sheikh Nawaf Al-Sabah says emergency measures aimed at offsetting the Iran war’s impact on oil shipping have not raised supplies “even a smidgen” to the level of normal exports.
Speaking in Houston at the annual CERAWeek energy conference, Al-Sabah said Iran is “holding the world’s economy hostage” through its attacks on infrastructure and shipping routes.
Iran has struck Kuwait’s largest oil refinery, as well as the Shah gasfield in the UAE and Qatar’s Ras Laffan industrial hub in response to the bombing campaign by the U.S. and Israel over the past month.
On the other hand, JPMorgan CEO Jamie Dimon said in Washington thatthe Iran war could ultimately bring calm to the region, saying he sees the possibility that, “in the long run, this actually enhances the chance of peace in the Middle East.”
Dimon cautioned, however, that the risks remain severe in the near term, warning of potential terrorist activity and cyberattacks that could spill into global markets, speaking in an onstage interview at the Hill and Valley Forum in Washington, D.C.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 Developing Stories
HEDGE SHIFT
Millennium Management, led by investor Izzy Englander may relocate some of its Dubai staff amid the disruptions and security concerns stemming from the Iran war. The New York-based firm, which had more than 100 employees based in Dubai before the war began, is prepared to expand its presence in the Channel Island of Jersey to staff members who have requested the move, The Financial Times reports. Other hedge funds and financial firms are weighing contingency plans, including splitting teams across locations, tightening travel and adjusting trading operations to manage risk. Damage from drone debris to a building in Dubai’s International Financial Centre that houses Millennium employees added to the fears about safety, according to the FT.
DR. SULTAN’S D.C. SWING
Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Group CEO of ADNOC, held meetings with U.S. senators this week in Washington, D.C., including Sen. Lindsey Graham of South Carolina, Sen. Dave McCormick of Pennsylvania and Sen. Bill Cassidy of Louisiana. The meetings come as ADNOC’s international arm, XRG, accelerates its expansion across the U.S. despite the national oil company’s installations in the UAE being attacked by Iran. “The message is clear: energy security is the foundation of economic security,” ADNOC said in an X post. Al Jaber is to receive the Middle East Institute’s Distinguished Global Leadership Award today at the Washington think tank’s gala dinner.
💲 Sovereign Circuit
Abu Dhabi Investment Authority: ADIA and Aramco Ventures are among the Gulf wealth funds reaping hundreds of millions of dollars in gains from early investments in Chinese AI companies, Bloomberg reports.
Mubadala: The Abu Dhabi-based sovereign wealth fund is part of a group with Japan’s SoftBank and Singapore’s Temasek that will seek to raise as much as $1 trillion to strengthen supply chains for fuels and critical minerals, including $250 million pledged by the U.S. government under its Pax Silica alliance. Meanwhile, a delegation from the UAE will meet U.S. officials in Washington on Thursday to strengthen AI partnerships, The National reports.
Saudi Aramco: The kingdom’s state-owned oil company signed a $370 million deal with Arabian Internet and Communications Services for a supercomputing project.
NEOM: The company owned by Saudi Arabia’s Public Investment Fund has terminated Eversendai Corporation Berhad’s Trojena contract effective March 26.
↪↩ Closing Circuit
✈️ Credit Lift: Dubai Aerospace secured $2.8 billion in new long-term revolving credit lines, lifting its total borrowing capacity to about $4 billion.
🛢️ QatarEnergy: The Doha-based oil company declared force majeure on some of its long-term LNG supply contracts with customers in Italy, Belgium, South Korea, and China, saying its inability to fulfill the terms was beyond the firm’s control.
⛽ Desert Discovery: U.S. energy firm Apache Corp. and Egyptian General Petroleum Corp. announced a major new gas discovery in Egypt’s Western Desert region.
🗣 Circuit Chatter
🏗️ Bond Stress: At least six Dubai real estate bonds have fallen into distress as the Iran war batters investor confidence, with property developers among the hardest hit, Bloomberg reports.
🌙 Islamic Finance: Vault22, backed by Standard Chartered’s innovation unit, plans to launch its AI-powered, Islamic-compliant personal finance and wealth platform Hafiq in the UAE mid-year.
🇦🇪 Indian Anchor: Indian expatriates, the largest foreign community in Dubai, are largely choosing to remain in the city despite the missile barrage, citing deep economic ties and limited alternatives, The Financial Times reports.
🚀 Missile Defense: Volkswagen is discussing a deal with Israel’s Rafael Advanced Defense Systems to shift one of its factories in Germany from car production to making components for the Iron Dome missile defense system,The Financial Times reports.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed held a phone call with Dr. Nataša Pirc Musar, President of Slovenia on Tuesday. Sheikh Mohamed also spoke withAnwar Ibrahim, Prime Minister of Malaysia.
Saudi Crown Prince Mohammed bin Salman held a phone call with British Prime Minister Keir Starmer about the Iran conflict.
Prince Khalid bin Salman, the Saudi Defense Minister, met French Defense Minister Catherine Vautrin in Riyadh to discuss defense cooperation.
➿ On the Circuit
Sheikh Hamad bin Jassim Al Thani, a Qatari billionaire and member of the royal family, is backing German robotics startup Neura, along with Amazon, Bloomberg reports.
Shane Heraty was appointed as the Vice President and General Manager for Cisco Middle East, Africa, Turkey and Romania effective May.1st.
Tomaso Rodriguezwas named Non-Executive Chairman at UAE-based adtech company Flyby.
🎶 Culture Circuit
🎤 Stage Shift: More concerts and cultural events across the UAE are being postponed as the Iran war disrupts travel and logistics, forcing organizers to reshuffle crowded spring calendars. Art Dubai, originally set for April, has been moved to May 14–17 at Madinat Jumeirah, while the Offlimits Music Festival in Abu Dhabi will now take place on Nov. 21 with Shakira and the Jonas Brothers still slated to perform. Among other events, Arabian Travel Market is being pushed back to August and Middle East Comic Con to September.
📷 Photo of the Day
Tourists wait in the departure lounge to board flights at Hamad International Airport in Doha as Qatar Airways resumed operations on a limited basis after suspending them due to conflict with Iran ( Picture alliance via Getty Images)
📅 Circuit Calendar
March 23- 27, Houston, Texas. CERAWEEK. The annual event gathers global leaders to discuss energy transition, technology, and policy. Hilton Americas-Houston and George R. Brown Convention Center.
March 25, Washington, D.C. Middle East Institute Gala. MEI to present Dr. Sultan Al Jaber, the UAE’s Minister of Industry and Advanced Technology and ADNOC Group CEO, with its Distinguished Global Leadership Award. Ritz Carlton.
March 25-27, Miami Beach, Fla. FII PRIORITY Miami 2026. Saudi Arabia’s Future Investment Initiative holds an annual U.S. conference. Faena Hotel.
March 30-April 1, Cairo. Egypes Energy Show. A major international energy exhibition and conference focused on the future of energy. Egypt International Exhibition Center.
April 7-9, Marrakesh. GITEX Africa. Africa’s biggest tech and startup conference. Place Bab Jdid on Boulevard Al Yarmouk
April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.
April 24-26, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles.
May 4-7, Abu Dhabi.Make It In The Emirates. The UAE’s industrial promotion board celebrates its fifth anniversary. ADNEC.
May 12-14, Dubai. Airport Show & Global Airport Leaders Forum. Bringing together top airport suppliers, aviation leaders, and thousands of professionals. Dubai World Trade Center.
May 19-21, Abu Dhabi. World Utilities Congress. Global policymakers, industry leaders and innovators discuss transforming the power, water and utilities sector into resilient, low‑carbon systems ADNEC.
May 19-21, Damascus. Big5 Construct Syria. The inaugural edition of the platform for reconstruction and development. Syria Expo Center.
May 19-21, Riyadh. Middle East Museums & Heritage Expo. Saudi Arabia’s first dedicated museums, heritage and cultural development trade show. Riyadh Front Exhibition & Convention Center.
May 8-24, Dubai. Dubai Esports & Games Festival. More than two weeks of events, tournaments, game launches and free activities citywide, including GameExpo 2026. Dubai World Trade Center.
Hormuz shutdown sparks oil industry warnings at CERAWeek
Oil executives from the Gulf and around the world warned at the energy industry’s massive CERAWeek conference in Houston that the Iran war is inflicting potentially lasting damage, with disruptions to supply chains expected to take years to repair.
Iran’s effort to shut down the Strait of Hormuz is an act of “economic terrorism against every nation”, Dr. Sultan Al Jaber, the UAE’s Minister of Industry and Advanced Technology and ADNOC’s Group CEO, said in a keynote speech on Monday, delivered remotely.
Pointing to damage ADNOC facilities have suffered, including the Shah gas field, the Habshan gas processing complex and the Ruwais refining hub, Al Jaber said: “Our defenses have been tested. Our resilience has been tested. Our character has been tested. And we withstood.”
Other industry leaders, including TotalEnergies Chairman and CEO Patrick Pouyanne, warned that prolonged disruption risks fueling inflation, tightening global supplies and triggering broader economic fallout.
Closing the Strait of Hormuz also threatens global agriculture, as the passage carries key nitrogen inputs underpinning roughly half the world’s food supply, Chris Krebs, former director of the U.S. Cybersecurity and Infrastructure Security Agency, warns in the Financial Times.
Gulf states supply 49% of globally traded urea and 30% of ammonia, and any disruption could undermine crop yields in the months ahead, Krebs said.
The Daily Circuit: ADNOC Chief’s CERAWeek warning + QIA’s Golden Goose deal
In today’s Daily Circuit, we’re reporting on Aramco bolstering links with Kuwait Petroleum, the QIA buying a 10% stake in Italy’s Golden Goose, a $250 million commitment from the U.S. to strengthen supply chains, and Primark opening in the Dubai Mall. But first, reverberations in Texas from the Strait of Hormuz shutdown.
Oil executives from the Gulf and around the world warned at the energy industry’s massive CERAWeek conference in Houston that the Iran war is inflicting potentially lasting damage, with disruptions to supply chains expected to take years to repair.
Iran’s effort to shut down the Strait of Hormuz is an act of “economic terrorism against every nation”, Dr. Sultan Al Jaber, the UAE’s Minister of Industry and Advanced Technology and ADNOC’s Group CEO, said in a keynote speech on Monday, delivered remotely.
Pointing to damage ADNOC facilities have suffered, including the Shah gas field, the Habshan gas processing complex and the Ruwais refining hub, Al Jaber said: “Our defenses have been tested. Our resilience has been tested. Our character has been tested. And we withstood.”
Other industry leaders, including TotalEnergies Chairman and CEO Patrick Pouyanne, warned that prolonged disruption risks fueling inflation, tightening global supplies and triggering broader economic fallout.
Closing the Strait of Hormuz also threatens global agriculture, as the passage carries key nitrogen inputs underpinning roughly half the world’s food supply, Chris Krebs, former director of the U.S. Cybersecurity and Infrastructure Security Agency, warns in the Financial Times. Gulf states supply 49% of globally traded urea and 30% of ammonia, and any disruption could undermine crop yields in the months ahead, Krebs said.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 Developing Stories
ENVIRONMENTAL HAZARD
The conflict between Iran, the U.S. and Israel poses a major environmental threat to the Gulf’s fragile ecosystems, experts warn. Attacks on energy facilities and ships risk severe air and marine pollution, including oil spills and toxic emissions like the “black rain” reported in Tehran, The National reports. Damage to desalination plants could disrupt vital water supplies, worsening existing environmental stress and threatening public health and food systems, the newspaper says, citing Doug Weir, director of the London-based Conflict and Environment Observatory. The longer the conflict becomes, the greater and more unpredictable the environmental consequences will be, he said.
CHEEKY SHOPPING
Even as Iranian missiles score direct hits at adjoining hotels and office towers, the Dubai Mall is preparing to welcome Primark this week to its vast retail galleries. Primark will open its largest Middle East store in the world’s busiest shopping emporium on Thursday, part of a three-store rollout with UAE partner Alshaya Group, employing a staff of 600, Arabian Gulf Business Insights reports. Primark, a pioneer of bargain fast-fashion stores, will be sitting amid luxury boutiques operated by Prada, Gucci and Hermès. Executives say prolonged instability could impede supply chains, but alternative routes and strong inventory levels are helping maintain operations for now.
💲 Sovereign Circuit
Qatar Investment Authority: Qatar’s sovereign fund is planning to buy about a 10% stake in Italian sneaker maker Golden Goose, joining investors including HSG, Temasek, and Permira following a deal valuing the company at over $2.9 billion.
Saudi Aramco: Saudi Arabia’s national oil company, the world’s biggest, is pressing ahead with plans to expand cooperation with state-owned Kuwait Petroleum Corp., which has been trying to lease part of its pipeline network, Bloomberg reports.
ADNOC Gas: The UAE-owned company resumed operations at its Habshan natural gas processing plant after an attack last week forced a halt in production.
↪↩ Closing Circuit
🤝 Energy Merger: Saudi’s National Gas and Industrialisation Holding Co. will invest $33 million to acquire a 50% stake in Riyadh-based JACKO Gases.
🏗️ Supply Boost:The U.S. is committing $250 million to a new investment fund aimed at strengthening supply chains amid disruption from the Iran war, Bloomberg reports.
💰 Asset Surge: Jared Kushner’s Affinity Partners, backed largely by Gulf sovereign wealth funds, saw assets climb nearly 30% to $6.2 billion by the end of 2025, Bloomberg reports.
🗣 Circuit Chatter
🏎️ F1 Comeback: Formula One owner Liberty Media should be able withstand the Middle East conflict and go ahead with its international racing schedule despite cancellation of races next month in Bahrain and Saudi Arabia, Reuters reports.
🍳 Homegrown Delivery: Talabat UAE, owned by Germany’s Delivery Hero, has launched a program offering 100 rent-free kitchen spaces to the country’s restaurant brands
🛜 Storage Outage: Amazon Web Services in Bahrain endured disruptions this week attributed to Iranian drone attacks, marking the second outage in a month.
🌋 Sulphur Disruptions: Iran war is disrupting sulphur supplies, driving up prices of fertilizers, chemicals, and semiconductors, Arabian Gulf Business Insights reports.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed met withCatherine Vautrin, French Minister of the Armed Forces and Veterans Affairs in Abu Dhabi on Monday.
Saudi Crown Prince Mohamed bin Salmanreceived phone calls from King Philippe of Belgiumband Rob Jetten, Prime Minister of the Netherlands, on Monday.
Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, held calls withJosé Manuel Albares, Minister for Foreign Affairs for the European Union; Lê Hoài Trung, Minister of Foreign Affairs of Vietnam; and Tom Berendsen, Minister of Foreign Affairs of the Netherlands.
Sheikh Mohammed bin Abdulrahman, Qatar’s Prime Minister and Minister of Foreign Affairs, held a phone call with Ayman Safadi, Minister of Foreign Affairs of Jordan.
➿ On the Circuit
Italian Prime Minister Giorgia Meloni will travel to Algeria this week to secure alternative gas supplies Reuters reports.
Sultan bin Saeed Al Mansoori, Chairman of Dubai Chambers, chaired a meeting that included Ahmad Yousef Al-Hassan, CEO and Managing Director of DP World GCC, and other major private sector companies to discuss shipping challenges.
John Stevenswas appointed CEO for Chestertons, a London-based real estate advisory firm, to lead MENA expansion.
🎶 Culture Circuit
🚶🏽Culture Walk: Dubai is seeking to revitalize one of the city’s oldest districts and its historic Al Ras Walkway. The project will create 12 kilometers (7.5 miles) of walking paths and 5 kilometers of cycling tracks. The trail will also include 10 stations along the way showcasing works by local artists, Arabian Gulf Business Insights reports.
📷 Photo of the Day
Osama Mobarez, Secretary General of the East Mediterranean Gas Forum and Egypt’s former Energy Minister, speaks at the CERAWeek energy conference in Houston, Tex., on Monday (F. Carter Smith/Bloomberg via Getty Images)
📅 Circuit Calendar
March 23- 27, Houston, Texas. CERAWEEK. The annual event gathers global leaders to discuss energy transition, technology, and policy. Hilton Americas-Houston and George R. Brown Convention Center.
March 25, Washington, D.C. Middle East Institute Gala. MEI to present Dr. Sultan Al Jaber, the UAE’s Minister of Industry and Advanced Technology and ADNOC Group CEO, with its Distinguished Global Leadership Award. Ritz Carlton.
March 25-27, Miami Beach, Fla. FII PRIORITY Miami 2026. Saudi Arabia’s Future Investment Initiative holds an annual U.S. conference. Faena Hotel.
March 30-April 1, Cairo. Egypes Energy Show. A major international energy exhibition and conference focused on the future of energy. Egypt International Exhibition Center.
April 7-9, Marrakesh. GITEX Africa. Africa’s biggest tech and startup conference. Place Bab Jdid on Boulevard Al Yarmouk
April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.
April 24-26, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles.
May 4-7, Abu Dhabi.Make It In The Emirates. The UAE’s industrial promotion board celebrates its fifth anniversary. ADNEC.
May 12-14, Dubai. Airport Show & Global Airport Leaders Forum. Bringing together top airport suppliers, aviation leaders, and thousands of professionals. Dubai World Trade Center.
May 19-21, Abu Dhabi. World Utilities Congress. Global policymakers, industry leaders and innovators discuss transforming the power, water and utilities sector into resilient, low‑carbon systems ADNEC.
May 19-21, Damascus. Big5 Construct Syria. The inaugural edition of the platform for reconstruction and development. Syria Expo Center.
May 19-21, Riyadh. Middle East Museums & Heritage Expo. Saudi Arabia’s first dedicated museums, heritage and cultural development trade show. Riyadh Front Exhibition & Convention Center.
May 8-24, Dubai. Dubai Esports & Games Festival. More than two weeks of events, tournaments, game launches and free activities citywide, including GameExpo 2026. Dubai World Trade Center.
The Daily Circuit: Gulf scrambles to secure exports + Dubai property slowdown
In today’s Daily Circuit, we’re reporting on Gulf delegates headed to Saudi Arabia’s Future Investment Initiative summit in Miami, cracks appearing in Dubai’s property boom, the Public Investment Fund’s $6 billion deal for mobile gaming company Moonton, and the world’s best horse being cleared to race in the Dubai World Cup. But first, Gulf oil and gas companies seek to contain the impact of war.
The Gulf’s national energy companies are scramblingto keep critical oil and gas supplies flowing amid Iranian attacks on their refineries and the closure of the Strait of Hormuz. Saudi Aramco and other major exporters are working to ramp up alternative routes and taking measures to ensure plants can rapidly return to full production.
More than 40 energy assets across the Middle East have now been “severely or very severely” damaged in the escalating Iran war, according to the International Energy Agency, including extensive damage at Qatar’s Ras Laffan Industrial City, which houses the world’s biggest LNG export plant.
The attacks had knocked out 17% of Qatar’s LNG export capacity, causing about $20 billion in lost annual revenue, for three to five years, QatarEnergy CEO Saad al-Kaabi, who is also Qatar’s Energy Minister, told Reuters in an interview.
The disruption is equivalent to the two major oil crises in the 1970s and the 2022 natural gas crisis triggered by Russia’s invasion of Ukraine “all put together,” IEA Executive Director Fatih Birol said at Australia’s National Press Club in Canberra today. Global LNG exports have declined to a six-month low.
Adnoc Gas has resumed operations at Habshan, the UAE’s largest gas processing facility, after it was forced to halt operations following an attack last week, Bloomberg reports. Its LNG plant at Das Island is operating at very low levels because of the export bottleneck, but has continued producing to allow for a quick return to higher capacity.
Saudi Aramco is ramping up flows through its 1,200-kilometer East-West pipeline, rerouting some oil exports from the kingdom’s oil fields in the east of the country to the port of Yanbu on the Red Sea, where more oil tankers are arriving daily and exports have passed 3.6 million barrels a day.
Aramco CEO Nasser Amin withdrew from CERAweek, the major energy conference kicking off in Houston today, as he prioritizes dealing with the crisis. Nasser earlier this month warned of the “catastrophic” impact on global oil markets if the Iran war continues.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at[email protected].
📰 Developing Stories
NEW NORMAL
Hundreds of Gulf delegates are set to attend Saudi Arabia’s Future Investment Initiative summit this week in Miami Beach amid the Iran war, which has shaken regional economies and global markets. FII chief Richard Attias said the event, at which U.S. President Donald Trump is scheduled to speak, will address how Middle East executives can adjust to the “volatile environment” created by the conflict. “Uncertainty is the new norm for years,” Attias told The National. Analysts warn the conflict’s impact on energy supplies and Gulf GDP could be severe, with the UAE and Saudi Arabia potentially contracting 5% and Kuwait and Qatar facing double-digit declines. The three-day event starts on Wednesday.
BUBBLE BURSTS
The UAE’s real estate boom is showing signs of a rapid slowdown three weeks into the war with Iran, in the biggest test yet for the five-year long rally fueled by an influx of wealthy migrants. Real estate transaction volumes fell 49% month-on-month for the first 12 days of March and 37% when compared to the same period last year, according to estimates published by Goldman Sachs. Agents are reporting some properties already being offered at big discounts of 12% to 15% as owners seek quick sales, Reuters reports. One agent told the news agency that an off-plan flat in Dubai’s Palm Jumeirah was advertised at a 15% discount to its original price of $2 million. Shares in Emaar Properties, the developer behind the Burj Khalifa, have fallen more than 26% since the start of the war.
💲 Sovereign Circuit
Public Investment Fund: Savvy Games Group, a PIF company, will acquire mobile gaming company Moonton from Tiktok’s ByteDance for about $6 billion.
Qatar Investment Authority: Qatar’s sovereign fund is reportedly preparing to buy a 10% stake in Italian luxury sneaker maker Golden Goose. The company was valued at about $2.9 billion in December, when private equity firm HSG acquired a majority stake.
Mubadala Capital: Brazil’s President Luiz Inácio Lula da Silva said on Friday that Petrobras would attempt to repurchase the Mataripe refinery in Bahia, which was sold to Mubadala’s asset management arm in 2021 under his predecessor, Jair Bolsonaro.
↪↩ Closing Circuit
🛡️ Fast Delivery: The U.S. has fast-tracked an $8 billion defense package to the UAE, approved under emergency measures by Secretary of State Marco Rubio, including F-16 munitions, THAAD air defences, and anti-drone systems.
🛢️ Iran Oil: The Trump administration waived sanctions on the purchase of Iranian oil at sea for 30 days on Friday, bringing some 140 million barrels of oil to global markets and help relieve pressure on energy supply, Reuters reports.
🎓 Education Bet: Arada has awarded the main $50 million construction contract for a branch of the U.K.’s prestigious Reigate Grammar School in Masaar, its megaproject in Sharjah.
🧈 Gold Bet: Gold prices suffered their biggest weekly drop in more than 14 years last week and fell a further 3% on Monday to reach a four-month low.
🏗️ In Storage: Group Amana won a DP World contract to develop a multi-tenant warehouse project at Jafza in Dubai.
🗣 Circuit Chatter
✈️ Parked Jets: Qatar Airways has sent 20 of its largest aircraft to a site used for long-term storage in Spain,The Financial Times reports.
🐴 Horse On Course: Calandagan, considered the best racehorse in the world, has been cleared to travel to compete in the Dubai World Cup this week despite earlier doubts due to the Iran war.
🏎️ Paradise Parking: Dozens of gleaming Porsches are sitting in a warehouse on the island of Lamu, a UNESCO World Heritage Site off Kenya, among more than 4,000 vehicles unloaded from ships that were unable to reach Dubai’s Jebel Ali port.
🛫 Flight Risk: Dozens of flights have arrived and departed from Middle East airports within minutes of Iranian strikes, raising concerns among some industry experts, The Wall Street Journal reports.
🚢 Ship Shape: Saudi Arabia has launched five new maritime shipping services to boost supply chain resilience and expand alternative routes to the Strait of Hormuz.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayedmet withAleksandar Vučić, President of Serbia, on Sunday in Abu Dhabi to discuss developments in the region. Sheikh Mohamedmet withHakan Fidan, Turkey’s Minister of Foreign Affairs, on Friday.
Saudi Crown Prince Mohammed bin Salmanheld a phone call with French President Emmanuel Macron on Sunday to discuss regional developments.
Qatar’s Emir Sheikh Tamim bin Hamad performed a funeral prayerfor Qatari military personnel who died in a helicopter crash on Sunday.
➿ On the Circuit
Jeff Bezos, the billionaire founder of Amazon, traveled to the Middle East a few months ago to meet with sovereign wealth funds as he seeks to raise $100 billion for a new fund to buy up manufacturing companies for AI automation, the Wall Street Journal reports.
David Ellison, CEO of Paramount, faces an uphill challenge of winning over Wall Street with his Gulf-backed $111 billion bet on Warner Bros. Discovery,The Ankler reports..
Luigi Di Maio, EU Special Representative for the Gulf region, met withDr. Anwar Gargash, Diplomatic Advisor to UAE President, on Sunday to express full EU solidarity with the UAE.
Mansour AlMullawas appointed Chairman of Abu Dhabi Aviation.
🎶 Culture Circuit
🌙 Keeping Faith: Abu Dhabi’s Sheikh Zayed Grand Mosque welcomed nearly 1.7 million visitors during Ramadan and Eid Al Fitr, serving a record number of iftar meals to help worshippers break their daily fast. Despite regional conflict, worshippers continued to gather in large numbers, reflecting solidarity and faith, The National reports. Mosques across the UAE hosted more than 3.2 million guests collectively, highlighting their role in promoting tolerance and community initiatives.
📷 Photo of the Day
A man walks along Abu Dhabi’s Corniche past a laser and light show during Eid Al-Fitr, marking the end of Ramadan, on Friday. (Ryan Lim / AFP via Getty Images)
📅 Circuit Calendar
March 23- 27, Houston, Texas. CERAWEEK. The annual event gathers global leaders to discuss energy transition, technology, and policy. Hilton Americas-Houston and George R. Brown Convention Center.
March 25-27, Miami Beach, Fla. FII PRIORITY Miami 2026. Saudi Arabia’s Future Investment Initiative holds an annual U.S. conference. Faena Hotel.
March 30-April 1, Cairo. Egypes Energy Show. A major international energy exhibition and conference focused on the future of energy. Egypt International Exhibition Center.
April 7-9, Marrakesh. GITEX Africa. Africa’s biggest tech and startup conference. Place Bab Jdid on Boulevard Al Yarmouk
April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.
April 24-26, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles.
May 12-14, Dubai. Airport Show & Global Airport Leaders Forum. Bringing together top airport suppliers, aviation leaders, and thousands of professionals. Dubai World Trade Center.
May 19-21, Abu Dhabi. World Utilities Congress. Global policymakers, industry leaders and innovators discuss transforming the power, water and utilities sector into resilient, low‑carbon systems ADNEC.
May 19-21, Damascus. Big5 Construct Syria. The inaugural edition of the platform for reconstruction and development. Syria Expo Center.
May 19-21, Riyadh. Middle East Museums & Heritage Expo. Saudi Arabia’s first dedicated museums, heritage and cultural development trade show. Riyadh Front Exhibition & Convention Center.
May 8-24, Dubai. Dubai Esports & Games Festival. More than two weeks of events, tournaments, game launches and free activities citywide, including GameExpo 2026. Dubai World Trade Center.
Iran conflict disrupts deals, sports and major business conferences
The impact of war with Iran is spreading far beyond oil markets and shipping lanes, forcing companies, conference organizers and sports federations to cancel deals and major international events across the Middle East.
Australian infrastructure giant Macquarie withdrew from bidding for a stake in Kuwait’s oil pipeline network in a deal valued at some $7 billion, Reuters reports. The project was intended to bring private capital into Kuwait’s energy infrastructure, but the conflict and the closure of the Strait of Hormuz have sharply raised the risk profile for Gulf oil assets.
Macquarie’s withdrawal is one of the first major examples of an international investor walking away from a Gulf transaction because of the war. Kuwait Petroleum Corp., which launched the pipeline sale shortly before Iranian strikes hit Gulf cities, is still seeking bids from other investors, though the conflict has already forced it to declare force majeure and reduce output.
The shock waves are also affecting the region’s conference industry. Organizers of major international gatherings in the Gulf are reassessing schedules as travel disruptions and security concerns mount, with some large events being postponed or shifted while others warn that further delays are possible if the conflict drags on.
Among the events affected is the World Petroleum Congress, one of the energy industry’s most important gatherings, which organizers said will be postponed because of the ongoing Middle East crisis. Arabian Travel Market, a flagship global travel trade show scheduled for May in Dubai,has been pushed back to August at the Dubai World Trade Centre as organizers try to ensure international participation and safety for exhibitors and visitors.
Major sporting events have also been caught in the turmoil. UEFA and CONMEBOL confirmed that the 2026 Finalissima between Spain and Argentina, scheduled for March 27 in Qatar, has been cancelled after organizers concluded that the regional security situation and travel disruptions made the match impossible to stage.
Dr. Sultan Al Jaber, the UAE’s Minister of Industry and Advanced Technology and CEO of ADNOC, meanwhile, said Iran’s actions represent a broader threat to regional stability that goes beyond a conventional military confrontation. “This is not a military exchange. This is an attack on a peaceful nation, a nation that has been working diligently and very hard for diplomacy,” Al Jaber told The Wall Street Journal.
Yousef Al Otaiba, the UAE’s ambassador to the U.S., said the conflict with Iran is testing the resilience of international partnerships as governments coordinate responses to the regional instability. “The international community sent a clear message – it will not tolerate attacks on our sovereignty,” Al Otaiba said in a statement posted by the UAE Embassy.
In today’s Daily Circuit, we’re reporting on the acquisition by Saudi Arabia’s Electronic Gaming of a 5% stake in Japan’s Capcom, NEOM canceling a $1 billion tunneling contract with Hyundai, Elon Musk’s Starlink launching today in the UAE, and an easing of Emirati tax rules for expats who have temporarily left the country. But first, if you have plans to attend a business conference in the Gulf, look again.
The impact of war with Iran is spreading far beyond oil markets and shipping lanes, forcing companies, conference organizers and sports federations to cancel deals and major international events across the Middle East.
Australian infrastructure giant Macquarie withdrew from bidding for a stake in Kuwait’s oil pipeline network in a deal valued at some $7 billion, Reuters reports. The project was intended to bring private capital into Kuwait’s energy infrastructure, but the conflict and the closure of the Strait of Hormuz have sharply raised the risk profile for Gulf oil assets.
Macquarie’s withdrawal is one of the first major examples of an international investor walking away from a Gulf transaction because of the war. Kuwait Petroleum Corp., which launched the pipeline sale shortly before Iranian strikes hit Gulf cities, is still seeking bids from other investors, though the conflict has already forced it to declare force majeure and reduce output.
The shock waves are also affecting the region’s conference industry. Organizers of major international gatherings in the Gulf are reassessing schedules as travel disruptions and security concerns mount, with some large events being postponed or shifted while others warn that further delays are possible if the conflict drags on.
Among the events affected is the World Petroleum Congress, one of the energy industry’s most important gatherings, which organizers said will be postponed because of the ongoing Middle East crisis. Arabian Travel Market, a flagship global travel trade show scheduled for May in Dubai,has been pushed back to August at the Dubai World Trade Centre as organizers try to ensure international participation and safety for exhibitors and visitors.
Major sporting events have also been caught in the turmoil. UEFA and CONMEBOL confirmed that the 2026 Finalissima between Spain and Argentina, scheduled for March 27 in Qatar, has been cancelled after organizers concluded that the regional security situation and travel disruptions made the match impossible to stage.
Dr.Sultan Al Jaber, the UAE’s Minister of Industry and Advanced Technology and CEO of ADNOC, meanwhile, said Iran’s actions represent a broader threat to regional stability that goes beyond a conventional military confrontation. “This is not a military exchange. This is an attack on a peaceful nation, a nation that has been working diligently and very hard for diplomacy,” Al Jaber told The Wall Street Journal.
Yousef Al Otaiba, the UAE’s ambassador to the U.S., said the conflict with Iran is testing the resilience of international partnerships as governments coordinate responses to the regional instability. “The international community sent a clear message – it will not tolerate attacks on our sovereignty,” Otaiba said in a letter to the U.S.-UAE Business Council.
Editor’s Note: The Circuit’s next issue will appear on Monday, March 23. Eid Mubarak! Have thoughts or feedback? Hit reply or drop us a note at[email protected].
📰 Developing Stories
STAYING PUT
The UAE is expected to ease tax residency rules for expats who left amid the Iran conflict. Authorities are signaling that they’ll allow residents to spend longer periods abroad without losing their favorable tax status – in an effort, aiming to encourage their return, The Financial Times reports. The policy could be especially significant for Dubai, which has attracted high-net-worth individuals with its tax appeal. The adjustment reflects the UAE’s effort to protect its status as a global hub for mobile wealth and talent, the FT notes.
MUSK DEBUT
Elon Musk’s Starlink service launched today in the UAE, offering market-beating plans for both residential and business customers. The rollout illustrates Starlink’s expanding role in the Middle East, both as a major boost to connectivity and a growing source of tension, Gulf News reports. As adoption spreads across the Gulf, including upcoming in-flight Wi-Fi on Emirates Airlines, the service is stirring controversy in Iran. Authorities have seized hundreds of smuggled terminals over concerns about unrestricted internet access. Starlink is already available in more than 150 countries and territories.
💲 Sovereign Circuit
Presight: The data analytics firm owned by Abu Dhabi-based G42 has begun deploying capital from its artificial intelligence investment fund, backing early projects aimed at expanding AI applications.
Public Investment Fund: PIF-owned Electronic Gaming Development Co. acquired a 5% stake in Capcom, the Japanese video game company, bringing the Kingdom’s total holding to about 10% alongside the PIF ’s existing stake.
NEOM: The PIF-owned mega-project has terminated a $1 billion tunnelling contract with Hyundai Engineering & Construction for its urban development in western Saudi Arabia, “The Line.”
Oman LNG: Oman has kept a limited stream of liquefied natural gas shipments moving despite the regional conflict, providing one of the few remaining Gulf export outlets as the war and shipping risks disrupt energy flows through the Strait of Hormuz, Bloomberg reports.
G42: Talal M. Al Kaissi, interim CEO of Core42, a G42 company, said he was “on the ground” at the NVIDIA GTC event in San Jose, Calif., for CEO Jensen Huang’s keynote address.
Saudi Aramco: Wa’ed Ventures, Aramco’s $500 million VC arm, has invested in Resemble AI, a California-based developer of AI voice generation and real-time deepfake detection.
↪↩ Closing Circuit
📈 Price Shock: Middle East crude benchmarks surged to record highs as the Iran war disrupts tanker traffic and cuts supply, with Cash Dubai crude rising to $157.66 a barrel and Oman crude topping $152.
💶 Asian Pledge: Sumitomo Mitsui Banking Corp. asked Asian banks to reconfirm commitments to a $1.5 billion Saudi loan deal amid Iran conflict risks.
🏦 Bank Warning: S&P Global Ratings warned Gulf banks could face up to $307 billion in deposit outflows if the Iran war intensifies, though regulators say lenders remain well capitalized with hundreds of billions of dollars in liquidity buffers.
🔥 Power Shift: Israeli startup Niv-AI raised $12 million in a seed round led by Glilot Capital Partners to develop software that manages electricity use in data centers, helping AI processors run heavy workloads without overloading power grids.
🗣 Circuit Chatter
💲Chilling Time: The UAE central bank introduced a resilience package allowing banks greater liquidity access, regulatory relief, and flexibility on loan classifications to support lending and the economy amid regional market strain from the Iran war.
🍷 Dry Capital: Syrian authorities imposed a ban on alcohol in Damascus as the government tightens social restrictions during wartime conditions, affecting restaurants, bars and nightlife in the capital.
🛢️ Refinery Hunt: Asian refiners are searching global markets for crude from Africa and the Americas as Middle East supplies shrink and shipping through Hormuz halts, forcing some plants to cut operating rates, Bloomberg reports.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayedheld a phone call with Indian Prime Minister Narendra Modi to talk about the Iran conflict.
King Hamad bin Isa Al Khalifa of Bahrain received a phone call from the U.S. PresidentDonald Trump to discuss issues connected to the war.
Qatar’s Emir Sheikh Tamim bin Hamad Al Thani met withKing Abdullah II of Jordan on Tuesday to discuss war issues.
Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, spoke with Marco Rubio, the U.S. Secretary of State of the U.S., Khaled El-Enany, Director-General of UNESCO, and Sheikh Jarrah Al-Sabah, Minister of Foreign Affairs of Kuwait.
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defense,met withSébastien Bazin, Chairman and CEO of Accor Group.
➿ On the Circuit
Dr. Anwar Gargash, Diplomatic Adviser to the President of the UAE, discusses the rapidly evolving conflict involving Iran, Israel, and the United States in an online interview with the Council on Foreign Relations, and its implications for the Middle East.
Paul Griffiths, CEO of Dubai Airports, said in an interview with CNN that Dubai will bounce back very quickly from the war, adding that expansion Dubai airports will not be suspended.
Hayyan Abdul Ghani, the Iraqi Oil Minister, told the state news agency on Tuesday that there is ongoing communication with Iran regarding allowing the passage of some Iraqi oil tankers.
Thani Al Zeyoudi, the UAE Minister for Foreign Trade, met with leaders of the gold industry in Dubai to discuss business continuity, supply-chain resilience and public-private collaboration.
Brandon Craig was appointed CEO of BHP Group, the world’s biggest mining company, which sells to steelmakers and other industrial buyers across the Middle East.
🎶 Culture Circuit
🦅 Museum Moment: Abu Dhabi’s Zayed National Museum has been named to TIME’s “World’s Greatest Places 2026” list, placing it among 100 destinations worldwide recognized for their cultural significance and visitor experience. Located in the Saadiyat Cultural District, the museum – crafted by architect Norman Foster to recall the shape of a falcon’s wings – traces 300,000 years of human history in the region and highlights the legacy of the UAE’s founder, Sheikh Zayed bin Sultan Al Nahyan.
📷 Photo of the Day
A father and son shop for new clothes at a store in Kuwait City ahead of the Eid al-Fitr holiday (Asad/Xinhua via Getty Images)
📅 Circuit Calendar
March 23- 27, Houston, Texas. CERAWEEK. The annual event gathers global leaders to discuss energy transition, technology, and policy. Hilton Americas-Houston and George R. Brown Convention Center .
March 25-27, Miami Beach, Fla. FII PRIORITY Miami 2026. Saudi Arabia’s Future Investment Initiative holds an annual U.S. conference. Faena Hotel.
March 31-April 2, Dubai. Arab Media Summit. The annual gathering brings together Arab media personnel, influencers and organizations. DWTC.
April 6-7, Riyadh. Real Estate Supply Chain Forum. Transforming the real estate supply chain landscape. Mandarin Oriental.
April 7-9, Abu Dhabi. Future Health. Bringing together global leaders in government, science, technology and investment. ADNEC.
April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.
April 13-16, Riyadh. LEAP 2026. Global tech event covering AI, 5G and startups. RECC Malham.
April 24-26, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles.
The Daily Circuit: Hormuz insurance rates soar + Mubadala invests in Loscam
In today’s Daily Circuit, we’re reporting on Mubadala’s acquisition of a 30% stake in Hong Kong’s Loscam, G42’s joint AI agent venture with Boston-based Publicis Sapient, British Airways’ cancellation of all flights to the UAE, Bahrain and Jordan until June, and the initial line-up of speakers for next week’s FII PRIORITY conference in Miami Beach. But first, soaring insurance rates for shippers brave enough to enter Gulf waters.
War-risk insurance premiums for ships crossing the Strait of Hormuz are still available, but they’ve climbed to record levels after Iran’s attacks on commercial vessels.
Coverage now costs about 5% of a ship’s value, roughly five times higher than premiums charged earlier in the conflict, Bloomberg reports. For a tanker valued at $100 million, that rate implies an insurance bill of roughly $5 million for a single voyage.
The Strait of Hormuz normally carries about one-fifth of global oil shipments, making insurance coverage essential for tankers and other vessels transporting energy supplies from the Gulf.
The surge in insurance costs adds another financial barrier for shipowners weighing whether to send vessels through the strait that links the Gulf to global markets.
President Donald Trump has said the U.S. will make sure that ships are able to pass through Hormuz without saying exactly how. Details of a $20 billion reinsurance plan to help revive shipping are still unclear.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 Developing Stories
DRUG DETOURS
Disruptions to Middle East airspace are forcing pharmaceutical companies to reroute cargo flights carrying temperature-sensitive medicines, raising concerns about delays to shipments of treatments, including cancer drugs. Airlines are diverting aircraft around closed corridors over Iran and parts of the Gulf, adding hours to delivery times and complicating cold-chain logistics, Reuters reports. Industry executives say longer routes increase the risk of temperature fluctuations that can damage sensitive biologic medicines. Companies are now shifting shipments through alternative hubs in Europe and Asia while monitoring supply risks if the conflict persists.
RIYADH IN MIAMI
Global investors, tech executives and, possibly, President Donald Trump, will converge on Miami Beach next week for the U.S. edition of Saudi Arabia’s annual Future Investment Initiative conference. FII PRIORITY Miami 2026 is a satellite event of the annual “Davos in the Desert” gathering held in Riyadh and will take place under the shadow of the current conflict with Iran. As he did last year, U.S. President Donald Trump is expected to appear at the conference, while Donald Trump Jr. is among the scheduled speakers. Participants will include Princess Reema bint Bandar, Saudi Arabia’s ambassador to the U.S., and Yasir Al-Rumayyan, governor of the PIF sovereign wealth fund and chairman of Saudi Aramco. Other speakers include Saudi Finance Minister Mohammed Al-Jadaan, Humain CEO Tareq Amin, Diriyah Co. Group CEO Gerard Inzerillo, U.S. Middle East envoy Steve Witkoff and Meta President and Vice Chairman Dina Powell McCormick.
💲 Sovereign Circuit
Mubadala: Abu Dhabi sovereign wealth fund Mubadala will acquire a 30% stake in Hong Kong-based Loscam International, a provider of pallet pooling and returnable packaging.
Investment Corp. of Dubai: Emirates airline, which is owned by ICD, is operating some flights back to Dubai with extremely light loads as travelers avoid the Gulf, with some services from Prague and Budapest only about 5% to 10% full, Bloomberg reports.
G42: The Abu Dhabi-owned technology company signed a draft agreement with Boston-based Publicis Sapient to explore a joint venture to develop AI agent capabilities in the UAE and countries in Asia, Africa and South America.
↪↩ Closing Circuit
🇬🇧 Summer Halt: British Airways has canceled all flights to the UAE, Bahrain and Jordan until at least June, and to Qatar until May.
🏠 Designer Homes: Zoya Developments launched Nuvé by Zoya, a $55 million residential project featuring 232 fully furnished units.
🚧 Construction Funds: Dubai-based construction and engineering company, Drake & Scull International, said 2025 revenues more than doubled to $61 million.
🏖️ Business Down: The Gulf’s tourism sector faces a sharp short-term hit from regional conflict – triggering over 5,000 flight cancellations, airspace closures, and a projected 11%–27% drop in 2026 arrivals, according to Oxford Economics and Tourism Economics.
✈️ Flight Risk: Oman Air will introduce fuel and war risk surcharges across its cargo network f, citing volatile fuel prices and rising insurance costs in high-risk regions.
💉 Healthcare Logistics: Aramex has opened a certified regional healthcare and pharmaceutical hub in the Dubai South Free Zone to expand its capabilities in the growing life sciences supply chain sector.
🫂 Stronger Ground: The UAE will “emerge stronger” from the Iran conflict, based on how its diversified economy and strategic investments have enabled it to weather previous crises, entrepreneur Mishaal Gergawin writes in Semafor.
🌍 Power Circuit
UAE President Sheikh Mohammed bin Zayed met withKing Abdullah of Jordan in Abu Dhabi on Monday to discuss the conflict with Iran. The meeting was also attended by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court.
Saudi Crown Prince Mohammed bin Salmanreceived a phone call from Egyptian President Abdel Fattah El-Sisi on Monday.
Sheikh Abdullah bin Zayed, UAE Deputy Prime Minister and Minister of Foreign Affairs, held a series of calls with international officials, including Sheikh Mohammed bin Abdulrahman, Prime Minister and Minister of Foreign Affairs of Qatar; Prince Faisal bin Farhan, Minister of Foreign Affairs of Saudi Arabia; and Dr. Abdullatif bin Rashid, Minister of Foreign Affairs of Bahrain.
➿ On the Circuit
Behnam Gurban-Zadawas appointed Executive Director, Islamic Finance and Banking of Fasset, a banking and investment platform based in Dubai.
Ziad Malak was appointed Head of Investment Banking of SICO Capital, a provider of asset management, brokerage, and investment banking services in Riyadh.
Hisham Ezz El-Arabwas appointed CEO of Egypt’s Commercial International Bank with an initial three-year contract.
🎶 Culture Circuit
🎨 Canvas Boom: Saudi Arabia’s art market is gaining global attention after a painting by artist Safeya Binzagr sold for $2.1 million at a Sotheby’s auction in Riyadh, nearly double its estimate. Initiatives such as Riyadh Art, the Diriyah Contemporary Art Biennale and Desert X in AlUla are helping expand the cultural sector, which the government aims to grow to about $48 billion by 2030, Arab News reports. Auction houses and collectors say Saudi artists are increasingly entering global art markets, though the industry still lacks mature financial infrastructure such as valuation data, funds and financing mechanisms.
📷 Photo of the Day
Women gather at the Sheikh Zayed Grand Mosque in Abu Dhabi to pray and mark Laylat al-Qadr, the night when the Quran is believed to have been first revealed (Mohammed Zarandah/Anadolu via Getty Images)
📅 Circuit Calendar
March 23- 27, Houston, Texas. CERAWEEK. The annual event gathers global leaders to discuss energy transition, technology, and policy. Hilton Americas-Houston and George R. Brown Convention Center .
March 25-27: Miami Beach, Fla. FII PRIORITY Miami 2026. Saudi Arabia’s Future Investment Initiative holds annual U.S. conference. Faena Hotel.
March 31-April 2, Dubai. Arab Media Summit. The annual gathering brings together Arab media personnel, influencers and organizations. DWTC.
April 6-13, Dubai. Quantum Innovation Summit. Part of Global Quantum Week, focusing on quantum technology and applications. Grand Hyatt.
April 6-7, Riyadh. Real Estate Supply Chain Forum. Transforming the real estate supply chain landscape. Mandarin Oriental.
April 7-9, Dubai. Middle East Energy. Discover what’s new in energy. Dubai World Trade Centre.
April 7-9, Abu Dhabi. Future Health. Bringing together global leaders in government, science, technology and investment. ADNEC.
April 11-20, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC.
April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.
April 13-16, Riyadh. LEAP 2026. Global tech event covering AI, 5G and startups. RECC Malham.
April 21-23, Dubai. UITP Summit 2026. A high-level event for the public transport sector looking at the future of urban mobility. Dubai World Trade Centre
April 24-26, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles.