The Daily Circuit: Gulf gets set for Trump + Flynas IPO sellout
👋 Hello from the Middle East!
In the Daily Circuit today, we’re reporting on a sellout for Saudi Arabia’s Flynas IPO, the Kuwait Investment Authority’s $500 million commitment to a Chinese EV battery manufacturer, Aramco’s drop in first-quarter profit and a possible public offering of Omani gas assets. But first, Gulf rulers get set for a busy week of Trump administration dealmaking.
U.S. President Donald Trump departs today for a Middle East tour that will take him to the glittering palaces of Saudi Arabia, Qatar and the UAE, with the stated mission of generating trillions of dollars in business for American companies.
After he arrives in Riyadh on Tuesday, the President will meet with Crown Prince Mohammed bin Salman, who pledged in January to invest $600 billion in the U.S. over the next four years.
Trump countered that Saudi Arabia should be good for at least $1 trillion, a figure that could be unrealistic given the kingdom’s falling oil revenue and budget shortfalls.
On the sidelines of the palace meeting, Saudi Arabia’s Public Investment Fund is convening a Saudi-U.S. Investment Forum that promises to bring more than 1,000 corporate executives, bankers and investors to the capital for a daylong conference modeled on the annual Future Investment Initiative conference.
The U.S. leader is also due to meet the rulers of all six Gulf states together on Wednesday for a summit hosted by Saudi King Salman bin Abdulaziz.
When Trump arrives in Qatar the following day, he will make a decision on whether to accept a gift offered by the royal family of a Boeing 747-8 jumbo jet that would be converted into an upgraded version of the president’s Air Force One plane.
The trip concludes in Abu Dhabi, where Trump will meet with UAE President Sheikh Mohamed bin Zayed, along with his Cabinet ministers and prominent business figures, and work out details of the government’s pledge to invest $1.4 trillion in the U.S. over the coming decade.
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📰 Developing Stories
FLYING HIGH
The $1.1 billion IPO of Saudi Arabia’s low-cost carrier Flynas, backed by billionaire Prince Alwaleed bin Talal, sold out within minutes of books opening on Monday, Bloomberg reports. The sale of the first Gulf airline to go public in almost two decades will be closely watched by executives and bankers for Abu Dhabi’s Etihad Airways, which is planning its own $1 billion listing this year. The price for the Flynas IPO was set at a range of 76 to 80 riyals per share ($20.26 to $22.33), implying a market capitalization of up to $3.6 billion. Flynas and its shareholders are selling a 30% stake, with Goldman Sachs, Morgan Stanley and BSF Capital acting as joint global coordinators.
OIL DROP
Saudi energy giant Aramco reported a drop in first-quarter net income to $26 billion, falling short of market expectations and cutting into a key source of funds for Saudi Arabia’s budget amid an uncertain outlook for oil prices. The drop led to a $10 billion reduction in its total dividend to $21.4 billion, down from $31 billion in the previous quarter. The lower dividend will put further pressure on Saudi Arabia’s budget as the kingdom ramps up spending to diversify its economy beyond oil, The Financial Times reports. Despite the earnings dip, Aramco’s performance was better than many of its peers, including BP, which halved its first-quarter profit, and Shell, which saw its first quarter profit fall by 28%.
💲 Sovereign Circuit
G42: CEO Peng Xiao met with Toto Wolff, Team Principal & CEO of the Mercedes-AMG Petronas Formula One Team, a G42 partner, at the company’s headquarters in Abu Dhabi.
Kuwait Investment Fund: KIA has committed $500 million as a cornerstone investor in Chinese EV battery manufacturer CATL’s $4 billion IPO, making it one of the most prominent backers of the year’s biggest listing.
ADNOC: Fertiglobe, the MENA region’s largest nitrogen fertiliser producer, majority owned by ADNOC, will acquire Wengfu’s fertilizer distribution assets in Australia, with the final value of the deal to be determined at closing.
Druk Holdings and Investments: Bhutan’s tiny sovereign wealth fund is banking on green energy and crypto, CEO Ujjwal Deep Dahal told Fortune. The landlocked Himalayan country, better known for its “Gross National Happiness” measure, plans to leverage cheap and widespread hydropower to feed data centers and Bitcoin mining, as well as a new zone connecting Bhutan with businesses in South and Southeast Asia.
↪↩ Closing Circuit
🩺 Doctor’s Orders: SMC’s $500 million IPO of a 30% stake in the Saudi hospital operator sold out within hours, Bloomberg reports.
🌍 Arabic AI: AqlanX, a UAE-based AI startup that automates business processes in Arabic, said it received a $10 million investment from Australia’s Lakeba Group through its venture unit DoxAI.
💲 Parallel Funds: Saudi Asas Makeen Real Estate Development and Investment Company will raise $21.3 million by offering 10% of its post-IPO capital via its Nomu market listing.
🚢 New Kid: Oman is investing $200 million to expand Shinas Port by 40% to boost re-export activity and compete regionally, with construction set to begin in the third quarter of this year.
🌐 Fresh Capture: Wyld VC, a Saudi Arabia-based venture capital firm that’s backed by the family office of U.S. billionaire Lawrence Golub is launching a $50 million fund to invest in artificial intelligence startups across the Middle East and the San Francisco Bay Area, Bloomberg reports.
💵 Credit Launch: Amwal Capital Partners has launched a $150 million Shariah-compliant private credit fund, which has already exceeded its initial close target, attracting leading institutional investors from the region.
🗣 Circuit Chatter
⛽ Gas Stake: Oman is looking to sell a stake in natural gas assets valued at about $8 billion in an effort to strengthen government finances and fund investments, Bloomberg reports.
🏙️ New Cities: AI startup Scale AI, backed by Amazon, plans to open offices in Saudi Arabia and the UAE as part of its Middle East expansion, citing the region’s rapid AI adoption and growing tech investment, Bloomberg reports.
💲 Buy In: Barclays Bank recommends buying shares in five ADNOC companies, saying they are strong investments that are likely to outperform others in the energy sector.
🤝 Making Friends: Abu Dhabi Investment Office and Japan’s ITOCHU Corporation, have signed a strategic agreement to expand ITOCHU’s portfolio companies into Abu Dhabi’s priority sectors and explore joint investment opportunities.
🤖 AI Hallucinations: AI21 Labs, an Israeli startup seeking to reduce “hallucinations” that distort artificial intelligence models, is seeking to raise $300 million in a Series D funding round that includes backing from Google and Nvidia, Business Insider reports.
💼 Bot Job: Chief AI Officers are rapidly gaining prominence in Dubai, especially in the private sector, with companies like Al Futtaim collaborating with government initiatives in Dubai to train potential CAIOs, Arabian Gulf Business Insights reports.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed received a phone call on Sunday from Syria’s President Ahmed Al-Sharaa.
Sheikh Mohammed bin Rashid, the UAE’s Vice President and Ruler of Dubai, was seen at Dubai Basketball’s first playoff.
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Executive Council, arrived in Kazakhstan’s capital of Astana on Sunday for meetings with President Kassym-Jomart Tokayev and senior government officials.
Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and UAE National Security Advisor, wrote on X on Sunday that he met with David Sacks, the White House Senior Advisor for AI and Crypto, who was visiting the UAE.
Sheikh Abdullah bin Zayed, UAE’s Deputy Prime Minister and Minister of Foreign Affairs, held phone calls with Dr Subrahmanyam Jaishankar, Minister of External Affairs of India, and Mohammad Ishaq Dar, Deputy Prime Minister and Foreign Minister of Pakistan, on Sunday. Sheikh Abdullah also held a phone call on Monday with Jeyhun Bayramov, the Foreign Minister of Azerbaijan to discuss bilateral relations.
Sheikh Meshal, Emir of Kuwait, received Sheikh Mansoor bin Mohammed bin Rashid, President of the UAE National Olympic Committee, on Sunday, who is in Kuwait to attend the 37th meeting of the Presidents of the Olympic Committees of the Gulf Cooperation Council countries.
Sheikh Hamdan bin Zayed, Ruler’s Representative in Al Dhafra Region and Chairman of the Environment Agency – Abu Dhabi, has directed the expansion of the scope of the agency’s coral rehabilitation project to plant more than four million coral colonies by 2030.
➿ On the Circuit
Brad Smith, President of Microsoft, urged the U.S. to adopt AI-powered public service models inspired by Abu Dhabi. At a Senate hearing, Smith cited the Tamm app as a prime example of how AI can streamline governance.
Nasser Hassan Al Shaikh has been appointed Chairman of Abu Dhabi-listed investor Eshraq following the resignation of Fahad Al Qassim.
Imran Changezi, Executive Director of Hospitality Development at Diriyah, said during a panel discussion at the Future Hospitality Summit in Riyadh that Saudi Arabia’s hotel sector is undergoing a rapid and large-scale transformation, with Saudization in the sector reaching 45%.
Neda Almubarak, Managing Director of SRMG Think, led a panel discussion at the Arab European Cities Dialogue that included Jerry Inzerillo, Group Chief Executive Officer of Diriyah Gate Company Limited; Jayne McGivern, CEO at Sports Boulevard Foundation; and George Tanasijevich, CEO of King Salman Park Foundation.
🎶 Culture Circuit
☕ Warm Welcome: The ritual of Gahwa, the traditional method for making coffee using a long-spouted pot known as a “dallah,” is in the spotlight as the UAE prepares to welcome a high-profile guest this week. U.S. President Donald Trump is likely to be offered a small cup of the cardamom-scented brew on arrival in the emirates, as a symbol of hospitality.
📷 Photo of the Day
📅 Circuit Calendar
April 25 – May 11, Dubai. Dubai Esports and Gaming Festival. Dubai’s gaming and esports extravaganza brings together global players, creators, fans, and industry leaders. Dubai World Trade Center.
May 12-13, Dubai. Dubai FinTech Summit. Exploring a future where finance is accessible, inclusive, and empowering. Madinat Jumeirah.
May 13, Riyadh. Saudi-U.S. Investment Forum. An invitation-only event to be held during U.S. President Donald Trump’s visit to Saudi Arabia. The forum will bring together government, business, finance and innovation to discuss the next chapter of business between the two countries. Venue TBA.
May 13, Abu Dhabi. AI Gov Summit. This is the 2nd summit of its kind that addresses the integration of artificial intelligence into government operations. The Ritz-Carlton, Canal View.
May 13-14, Dubai. Low Carbon Fuels MENA. The conference promises a space for industry leaders, potential partners, and innovators to discuss potential opportunities and challenges. Sheraton Dubai Creek Hotel & Towers.
May 13-15, Dubai. CABSAT. The Middle East & Africa’s leading event for content, broadcast, media & entertainment industry professionals looking to leverage the latest technology and innovation in creating the next-gen content. Dubai World Trade Center.
May 13-15, Dubai. World Police Summit. Uniting law enforcement professionals, policymakers, industry leaders, and innovators to redefine the standards of modern policing. Dubai World Trade Center.
May 14-15, Dubai. HODL. Formerly known as the World Blockchain Summit, the event transforms to HODL to incorporate business opportunities, investor connections and regulatory dialogues. Madinat Jumeirah.
May 16, Milan. Investopia Europe 3rd Edition. Highlighting discussions around transforming the global economy. Featured speakers include Abdulla bin Touq Al Marri, UAE Minister of Economy and Chairman of Investopia, and UAE Minister of State for Entrepreneurship Alia Abdulla Al Mazrouei. Palazzo Mezzanotte.
May 16-17, Tirana, Albania. FII Priority Europe 2025. Saudi Arabia’s Public Investment Fund sponsors a regional business summit focused on Europe and is affiliated with the annual Future Investment Initiative conference in Riyadh. National Theater of Opera and Ballet.
May 19-22, Abu Dhabi. Make it in the Emirates. The UAE’s premier manufacturing event, uniting innovators, investors, and policymakers to shape the future of industry. ADNEC.
May 20-22, Doha, Qatar. Qatar Economic Forum. Annual conference bringing together Qatari government and business leaders with corporate executives, investors and policymakers from around the world. Media City Qatar.
May 26-27, Abu Dhabi. Building the Future Summit. This Forbes event serves as an exclusive platform for industry leaders, investors, architects, and innovators to explore the latest trends shaping the future of real estate. Louvre Abu Dhabi.
May 29-30, Tripoli, Libya. Building the Future Summit. A Forbes event that is designed to help delegates from Libya understand their investment opportunities, foster strategic partnerships, and showcase key reforms that will drive economic progress. Venue TBA.
June 12, Dubai. Dubai Family Office Investment Summit. An invitation-only event hosted by Epicon Capital Club, for Family Offices, Serial Entrepreneurs, Private Investors, Fund Managers and Government Entities. Unknown.
