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The Daily Circuit: NEOM scales back + ADIA sells Singapore stake

In the Daily Circuit today, we’re reporting on the scaling back of Saudi Arabia’s city of the future, the surge in AI investments by Gulf sovereign wealth funds, Indonesia’s $1 billion bid for a chunk of prime property in Mecca and Will Smith visiting the Sharjah book fair. But first, Kazakhstan is the first country in almost five years to join the Abraham Accords.

With Saudi Crown Prince Mohammed bin Salman due to visit the White House this month, U.S. President Donald Trump is trying to inject new life into the Abraham Accords.

First signed five years ago to normalize Israel’s ties with the UAE, Bahrain and Morocco, the agreement will be expanded to include the central Asian nation of Kazakhstan, whose population is mostly Muslim, Trump said on Thursday.

Posting on his Truth Social media platform, Trump said he held a three-way call with Israeli Prime Minister Benjamin Netanyahu and Kazakh President Kassym-Jomart Tokayev. The U.S. leader said Kazakhstan would be the first of “many” new countries to join in his second term.

Tokayev said his decision to join the accords was driven primarily by financial benefits, The New York Times reports. “We will get certain dividends from the point of view of economic cooperation,” he said.

Trump has repeatedly coaxed Saudi Arabia’s de facto leader to join the agreement and said that the issue will be on the agenda for their Nov. 18 meeting. Prince Mohammed, who has said he would like to improve ties with Israel, more recently conditioned signing the accords on the Jewish state agreeing on a “pathway” to Palestinian statehood.

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📰 Developing Stories

REALITY CHECK

Saudi Arabia’s scaling back of The Line, the futuristic centerpiece of its multitrillion-dollar NEOM project, is evident from a series of major missed construction deadlines and the assessments of some of its original designers. With costs surging for its first phase and a shortfall in anticipated foreign investment, officials now describe the ambitious initiative first presented by Saudi Crown Prince Mohammed bin Salman as a “multi-generational development,” dropping earlier promises of its rapid rise, The Financial Times reports. Conceived as a 170-kilometer (105-mile) city built into a vertical mirror-walled structure taller than the Empire State Building, The Line was planned to house 9 million residents without cars or streets, and powered entirely by renewable energy. For now, the newspaper says, the desert megacity that was a symbol of Saudi Arabia’s effort to shift from an oil-dependent economy to a digital and technological one has been forced to adjust to reality.

CHIPS DOWN

Khaldoon Al Mubarak, CEO of Abu Dhabi’s Mubadala sovereign wealth fund, said that future sectors including AI, advanced computing, healthcare and clean energy, will be key pillars of growth for the UAE in coming decades. Speaking at the UAE Government Annual Meetings 2025 to an audience of the country’s top officials and leaders, including Dubai Ruler Sheikh Mohammed bin Rashid, UAE Vice President and Prime Minister, Al Mubarak said UAE sovereign investments play a pivotal role in reinforcing economic ties facilitated by strategic partnerships with governments and investment institutions around the world. He said the country needed to harness the increasing flow of capital and talent into the emirates to sustain productivity and innovation. Gulf sovereign funds, including Mubadala, which backs the UAE’s main AI firm G42, Saudi Arabia’s Public Investment Fund and the Qatar Investment Authority, are rapidly deploying billions of dollars to build domestic AI industries, including gargantuan data center projects and quid pro quo investment deals with the U.S. in exchange for shipments of advanced chips from Nvidia and AMD.

💲 Sovereign Circuit

Abu Dhabi Investment Authority: Lendlease Global Commercial REIT has acquired ADIA’s 70% stake in Singapore’s $679 million PLQ mall.

Danantara: Indonesia’s new sovereign fund has launched a $1 billion bid for a large plot of land near the Grand Mosque in Mecca to build a “Hajj Village” for Indonesian pilgrims, Bloomberg reports. If successful, it will be the fund’s first overseas investment and potentially the first major land sale under Saudi Arabia’s new foreign ownership rules, which come into force next year.

Mubadala Capital: Aquarian Capital, backed by Mubadala Capital, will take Brighthouse Financial private in a $4.1 billion all-cash deal, expanding the Gulf’s growing presence in U.S. financial services.

Mubadala: Uber has held early talks with Getir’s main investor, Mubadala, about acquiring key parts of the Turkish company’s delivery business in a deal that could be worth up to $1 billion, Bloomberg reports.

ADQ: Ta’ziz, a joint venture between ADQ and ADNOC, has signed agreements with India’s Sanmar Group for long-term product sales.

↪↩ Closing Circuit

🛢️ Oil Bounty: Abu Dhabi’s Adipec oil and gas conference this week generated $400 million in economic benefits for the UAE capital, boosting its hotel, tourism and transportation industries.

⚓ Syrian Sale: Abu Dhabi’s AD Ports Group intends to buy a minority stake in a container terminal in Syria’s main commercial port for $22 million, Reuters reports.

🏗️ Sim Tower: Work has begun on Muraba Veil, a super-slim, 79-story skyscraper in Dubai, designed by Spain’s RCR Arquitectes.

🗣 Circuit Chatter

🏡 Better Home: Dubai scored No. 1 in a ranking by Savills real estate of the world’s most accommodating cities for wealthy people.

⛏️ Mining Bid: Saudi Arabia’s Industry and Mineral Resources Ministry is inviting bids for three mining complexes in the Riyadh and Makkah regions.

🚢 Gulf Ferry: Qatar and Bahrain have launched a passenger service between Al-Ruwais Port and Sa’ada Marina that takes 50 minutes between the two countries.

᯽ Luxury Squad: Louis Vuitton and Ajman police are teaming up to combat counterfeit products.

🎫 Golden Ticket: Saudi Arabia gave premium visas to more than 100 entrepreneurs from over 20 countries during Biban Forum 2025.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed declared 2026 as the Year of the Family for the UAE and launched the National Family Growth Agenda 2031.

Sheikh Tahnoon bin Zayed, UAE National Security Advisor, Deputy Ruler of Abu Dhabi and Chairman of G42, chaired the AI company’s year-end board meeting.

Princess Reema Bandar, Saudi Arabia’s Ambassador to Washington, told the American Business Forum in Miami that the U.S. has welcomed the kingdom’s role in resolving international conflicts.

Sheikh Mansoor bin Mohammed, President of the UAE National Olympic Committee, toured the Middle East Hunting Expo at the Dubai Exhibition Centre, Expo City Dubai on Thursday.

Sheikh Theyab bin Mohamed, Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs, went on a site visit to the China International Import Expo 2025 in Shanghai.

➿ On the Circuit

Syrian President Ahmed Al Sharaa and Interior Minister Anas Hasan Khatta were freed from U.N. sanctions following a Security Council vote, paving the way for their upcoming White House visit.

Ahmed Alattar, UAE Ambassador to Germany, took part in a discussion concerning the expansion of Mubadala-backed Global Foundries’ Dresden plant, where he met Chancellor Friedrich Merz.

Noam Perski, Executive Vice President of Palantir, spoke to The National about the company’s joint venture with Dubai Holding, declaring that those who do not invest in artificial intelligence “will absolutely get left behind.”

Jake Loosararian, CEO of Gecko Technology, told The National that the company expects to start making robots in the UAE next year as part of three agreements signed with state-run ADNOC.

🎶 Culture Circuit

🍫 Raising the Bar: The Filipino chef who helped create the famous Dubai chocolate bar has launched a flavor for Abu Dhabi that combines salted caramel with halva and a mix of spices and date syrup in an attempt to capture the UAE capital’s distinct flavours and identity. “When you take a bite, what you experience right away is very Abu Dhabi,” Chef Nouel Catis told The National. “Even the older generation of Emiratis who tried it said it reminded them of home. So instead of creating a bar like Snickers or Twix that’s commercial, this is really more of a cultural bar.” The bar, which is topped off with 24-karat gold flakes, is priced at Dh100 ($27) for 200g and is available from today.

📷 Photo of the Day

**Visitors attend the Sharjah International Book Fair**, a publishing industry event that attracts thousands of booksellers and enthusiasts to the UAE emirate. Hollywood star Will Smith and Nigerian author Chimamanda Ngozi Adichie are among this year’s guest speakers. (Photo by Giuseppe Cacace / AFP via Getty Images)

📅 Circuit Calendar

Nov. 4-9, Dubai. Dubai Design Week. The Middle East’s largest creative festival, showcasing more than 200 events across architecture, product, furniture, interior and graphic design. D3.

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. Abu Dhabi. Abu Dhabi Autonomous Summit. The flagship platform of the inaugural Abu Dhabi Autonomous Week, convening global leaders to define the next chapter of smart and autonomous mobility. Yas Marina Circuit.

Nov. 10-12, Abu Dhabi. DRIFTx. An international exhibition showcasing smart and autonomous mobility solutions. 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. 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: PIF expands U.S. engagements + Microsoft-G42 data centers

In the Daily Circuit today, we’re reporting on Microsoft and G42 expanding their joint data centers in the UAE, Abu Dhabi doubling its investments in the U.K. to $26 billion over the past four years, Qatar selling back its Cathay Pacific stake to the Hong Kong airline for almost $900 million, and M42’s new “precision nutrition” platform. But first, Saudi Arabia bolsters its presence in women’s golf.

Saudi Arabia’s Public Investment Fund will back a U.S. women’s golf event for the first time on the LPGA Tour when the Aramco Championship is held in Las Vegas this coming April.

The sovereign wealth fund said it will offer a $4 million purse, making it one of the largest prize funds for a regular LPGA event outside the four major women’s golf competitions in the U.S., the Associated Press reports.

Saudi Crown Prince Mohammed bin Salman has steered the PIF into becoming a leading backer of professional sports, creating the LIV Golf tournament and becoming a sponsor of the ATP tennis series. The PIF also owns a stake in the English Premier League’s Newcastle United football club.

LPGA commissioner Craig Kessler described the Saudi-sponsored event as “exactly where we’re headed” in building a truly global schedule.

The move comes amid ongoing tensions in men’s professional golf, where efforts to merge the PGA Tour and PIF-backed LIV Golf remain stalled.

Negotiations that once seemed poised to formally integrate LIV’s model into the PGA Tour framework were never finalized, leaving both sides in limbo. Although a framework agreement was signed in June 2023 between PIF and the PGA Tour and European Tour, the deal has yet to yield a merger.

Meanwhile, U.S. President Donald Trump used the PIF-sponsored American Business Forum in Miami on Wednesday to celebrate the one-year anniversary of his election victory.

Asserting that the U.S. has the “greatest economy” in the world, he blamed Republican setbacks in Tuesday’s off-year elections on the party’s communication failures, not economic conditions, the AP reported.

Princess Reema bint Bandar, Saudi Arabia’s Ambassador to the U.S., hailed technological ties between the two countries during a moderated discussion at the forum.|

Also causing a stir was an unverified report that the PIF is preparing a competing $70 billion offer for Warner Bros. Discovery amid Paramount’s attempt to buy the U.S. media and entertainment conglomerate.

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

📰 Developing Stories

MEGA MEGAWATTS

Microsoft President Brad Smith was in Dubai with G42 CEO Peng Xiao today to roll out plans for expanding the capacity of their joint data centers in the UAE by an additional 200 megawatts, The Circuit’s Omnia Al Desoukie reports. Completion for upscaling G42’s Khazna Data Centers is targeted for the end of 2026 and the project follows Microsoft’s $1.5 billion investment in G42 earlier this year. “We can leverage the resources of the UAE to help other nations,” Peng said. Smith said the UAE’s geographic location bridges Asia and Europe and could enable the Microsoft-G42 partnership to serve 4 billion people.

LONDON CALLING

Abu Dhabi is doubling down on its commitment to invest in the U.K. Four years ago, the emirate agreed to channel 10 billion pounds ($13 billion) via its Mubadala sovereign fund into British assets, particularly in tech and life-sciences firms and London property developments, signing a deal labeled the Sovereign Investment Partnership. Since then, spending in the U.K. by Abu Dhabi entities has ballooned to 20 billion pounds, Bloomberg reports. Among the investments was the $600 million stake Mubadala bought this year in London-based school operator Nord Anglia Education. Prime Minister Keir Starmer underlined the U.K.’s desire to draw more Gulf investment with a visit to the UAE and Saudi Arabia last December.

💲 Sovereign Circuit

Qatar Investment Authority: QIA-backed Qatari Diar plans to invest $30 billion in a luxury development in Egypt’s Mediterranean coast, including resorts, golf courses and schools, , Reuters reports.

Qatar Investment Authority: Qatar Airways will sell its entire stake in Cathay Pacific back to the Hong Kong airline for $897 million, marking its complete exit after eight years, Reuters reports.

Qatar Investment Authority: QIA-backed OpenAI rival Anthropic expects to generate as much as $70 billion in revenue in 2028, up from about $4.7 billion this year, The Information reports. Rapid revenue growth may see the company tapping investors again in coming months, with a potential valuation of $300 billion to $400 billion.

Masdar: The Abu Dhabi green energy company will acquire a 49% stake in Austria’s largest hydrogen plant, which is expected to start operating in 2027. Austrian energy company OMV, which is part owned by ADNOC’s international investment arm XRG, will retain 51%.

Public Investment Fund: California-based electric vehicle maker Lucid will get another $1 billion cash injection from Saudi Arabia’s PIF, its biggest shareholder, as it grapples with a worse-than-expected third-quarter loss amid production challenges, Bloomberg reports.

Public Investment Fund: PIF subsidiaries Savvy Games Group and Humain signed an agreement to deploy full-stack artificial intelligence across operations.

Public Investment Fund: An unverified rumor that the PIF is preparing a competing $70 billion offer for Warner Bros. Discovery is causing a stir among commentators reporting on Paramount’s attempt to buy the U.S. media and entertainment conglomerate.

Abu Dhabi Investment Authority: The IPO of Reliance Jio, an arm of Indian billionaire Mukesh Ambani’s Reliance Industries, which is backed by ADIA and the PIF, could see the wireless carrier valued at as much as $170 billion, Bloomberg reports.

Lunate: The Abu Dhabi-backed alternative investment manager has launched its second thematic ETF within its Boreas range, this time covering AI Data, Power & Infrastructure investments.

Mubadala: M42, the health company owned by AI powerhouse G42 and the Abu Dhabi sovereign fund, is partnering with 10X Health and REVIV Global to launch a precision nutrition platform.

↪↩ Closing Circuit

🚦 Green Light: ADNOC is expected to secure EU clearance within weeks for its $17 billion acquisition of German chemicals firm Covestro, after the European Commission resumed its antitrust review last month, Reuters reports.

🌐 Cyber Surge: Israeli-founded cybersecurity firm Armis raised $435 million at a $6.1 billion valuation in a round led by Goldman Sachs Alternatives and CapitalG, one of the year’s biggest private cyber financings.

✈️ Flying High: Emirates airline posted a record $2.7 billion half-year profit amid “strong and sustained” travel demand, The National reports.

💵 Green Fund: Kuwaiti developer Mabanee secured an Islamic-compliant green loan of $81 million to develop a retail centre.

🗣 Circuit Chatter

🧑‍💻 Silk Link: Saudi Arabia and Syria are in talks to build data cables connecting the kingdom to Europe, a key step in its goal to become a global artificial intelligence hub, Semafor reports.

🛣️ Heavy Traffic: The UAE will spend $46 billion on transport and road projects over the next five years to ease traffic congestion, amid a population surge, The National reports.

💰 New Fund: Kuwait-based firms Kamco Invest and TechInvest will launch a new fund called The JEDI Opportunity Fund to invest in startups.

🚍 Trade Route: Work has begun on the $2 billion Al-Rawdah Special Economic Zone project, which will increase foreign trade and reduce logistics costs between Oman and the UAE.

🛢️ December Sales: Saudi Aramco cut the price of its flagship Arab Light crude for Asia by $1.20 a barrel for December, the lowest level in 11 months.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed met with Ratu Naiqama Lalabalavu, President of Fiji, at Qasr Al Shati palace in Abu Dhabi on Wednesday.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, visited ADIPEC 2025.

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, honoured recipients of the UAE Order for Culture and Creativity at the UAE Government Annual Meetings 2025 held in Abu Dhabi, in the presence of Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister and Ruler of Dubai.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, UAE Deputy Prime Minister, Minister of Defense, and Chairman of The Executive Council of Dubai, met with Chief AI Officers from government entities on the sidelines of the UAE Government Annual Meetings 2025 held in Abu Dhabi this week.

Princess Reema bint Bandar, Saudi Arabia’s Ambassador to the U.S., hailed technological relations between the two countries during a moderated discussion at the America Business Forum in Miami. The kingdom’s Public Investment Fund was named as the presenting partner for the forum.

Sheikha Latifa bint Mohammed, Chairperson of the Dubai Culture and Arts Authority, attended a session led by Dr. Anwar Gargash, Diplomatic Advisor to the UAE President, who said that under the leadership of Sheikh Mohamed bin Zayed, the UAE has established itself as a soft power instrumental in shaping the future of the region and the world.

➿ On the Circuit

Turki Alalshikh, Chairman of Saudi Arabia’s General Entertainment Authority, said that two million people have visited the Riyadh Season since the festival began on Oct.10.

Dennis Jol, CEO of Abu Dhabi energy sector AI company AIQ, told The National on the sidelines of ADIPEC that the company is preparing to export its solutions to global markets and is already running pilot projects in six countries.

Dr. Steven Griffiths, Professor and Vice Chancellor for Research at the American University of Sharjah, told Zawya Projects that the region’s financial strength, policy alignment, and industrial demand have positioned it well to advance commercial decarbonisation technologies.

🎶 Culture Circuit

🥊 Knockout Lineup: British-Indian director Rowan Athale’s biopic “Giant,” about the British-Yemeni boxing champion Prince Naseem ‘Naz’ Hamed, has been selected to open the fifth Red Sea International Film Festival in Jeddah. Festival organizers unveiled key picks for the festival, to be held Dec. 4-13, at a press conference in the city on Tuesday. Among the standouts were fellow British filmmaker Rupert Wyatt’s “Desert Warrior,” which was shot in Saudi Arabia with an international cast, “Hijra” by Saudi director Shahad Ameen, which follows three generations of women on a journey from Taif to Makkah, and Paris-set drama “Couture” by Alice Winocour, starring Angelina Jolie.

📷 Photo of the Day

**UAE Grandmaster Salem Saleh** secured a thrilling victory over American Grandmaster Abhimanyu Mishra at the 2025 FIDE World Chess Cup in Goa, India, on Wednesday. The tournament runs until 27 November, with more than 200 international players competing for prize money exceeding $2 million. (Emirates News Agency)