The Daily Circuit: Saudi energy grid pivot + ADNOC’s dim sum bonds
In today’s Daily Circuit, we report on ADNOC’s plan to issue $2 billion of dim sum bonds, G42’s “agent factory” for AI computing, QatarEnergy’s 27-year Japanese supply contract and how the Dubai Loop will cut 20-minute downtown commutes to three minutes. But first, Saudi Arabia’s rapid pivot to enormous batteries.
Saudi Arabia has emerged as a surprise leader in the market for massive industrial batteries and is now one of the world’s fastest deployers of grid-scale energy storage.
A new report on the state of the battery market from Volta Foundation shows that the kingdom, the world’s biggest crude oil exporter, is among the top adopters of large-scale batteries, which are being used to help stabilize its electricity system as it increases reliance on renewable energy.
The speed of the transformation has caught industry watchers by surprise – just two years ago Saudi Arabia had no grid-scale batteries installed and now it ranks fifth globally for annual installed capacity, with almost three gigawatts added last year, the Financial Times reports.
It comes as the country is ramping up efforts to build out its renewable energy and green hydrogen industries to diversify away from fossil fuels, following a similar approach to the UAE, which is investing billions in solar and wind farms both domestically and overseas.
Saudi Energy Minister Abdulaziz bin Salman signed an agreement with his Turkish counterpart Alparslan Bayraktar on Tuesday to invest $2 billion to build solar and wind projects in Turkey.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 Developing Stories
TUNNEL VISION
Dubai unveiled the first four stations of its planned underground Dubai Loop, including stops at the Burj Khalifa skyscraper and the Dubai International Financial Centre, as part of a $545 million effort to ease downtown congestion. The full network – built with Elon Musk’s Boring Company – is expected to stretch about 22 kilometers (13.6 miles) with 19 stations, and is designed to cut travel time on the initial route from about 20 minutes to three minutes. In a separate above-ground project called the Glydways system, Dubai plans to launch small autonomous electric vehicles running on narrow dedicated lanes and linked to the Metro that can move more than 10,000 passengers per hour in each direction.
YUAN BET
ADNOC is preparing to raise as much as $2 billion through yuan-denominated dim sum bonds – the UAE energy company’s first debt issuance in China’s currency. The deal, which comes as Gulf borrowers increasingly look to Asian markets for capital, highlights deepening financial ties between the UAE and China, Bloomberg reports. ADNOC is working with banks on the potential offshore yuan bond sale and is meeting investors as part of the process. U.S. officials have repeatedly warned about the security and strategic risks tied to the UAE’s expanding financial and technology links with Beijing.
💲 Sovereign Circuit
L’Imad Holding Co: AD Ports Group raised $115 million to support the development of the Noatum Ports – Safaga Terminal in Egypt.
Abu Dhabi Investment Authority: ADIA sold its 50% stake in Sydney’s O’Connell office precinct to Charter Hall for $351 million, as the Abu Dhabi fund rebalances its Asia-Pacific portfolio.
G42: The Abu Dhabi AI company is developing national infrastructure for autonomous AI systems, alongside a large-scale computing centre known as the “agent factory,” CEO Peng Xiao told a panel at the World Governments Summit in Dubai on Tuesday.
Abu Dhabi Investment Council: Saeed Al Mazrouei, CEO of ADIC, an independent unit of Mubadala, told Bloomberg that the organization’s goal was to lift returns by expanding its asset classes – including secondaries, insurance and Bitcoin – without abandoning its endowment-style approach.
↪↩ Closing Circuit
🚧 Big Spender: Abu Dhabi developer Aldar awarded $18 billion in contracts across the UAE in 2025, spanning residential, commercial, infrastructure, and logistics projects.
🛢️ Field Expansion: Oilfield services provider SLB secured a $1.5 billion contract to manage the next development phase of Kuwait’s Mutriba oil field.
⛽ Gas Deal: QatarEnergy, the state-owned oil and gas company, signed a 27-year agreement with Japan’s Jera to supply 3 million tons a year of LNG starting in 2028.
🗣 Circuit Chatter
💰 Risky Business: Saudi National Bank is exploring entry into the significant-risk-transfer market as it looks to offload loan exposure, free up capital and expand lending capacity, Bloomberg reports.
🧠 AI Inflation: Artificial intelligence is likely to add to near-term inflationary pressures as governments and companies, particularly in the Gulf, pour unprecedented investment into AI infrastructure, a research chief at BlackRock told Arabian Gulf Business Insights.
🌴 Muscat Chat: Iran has asked the United States to move diplomatic talks from Turkey to Oman and restrict them to its nuclear program in a meeting between U.S. envoy Steve Witkoff and Iranian Foreign Minister Abbas Araghchi.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed met withDaniel Noboa, President of Ecuador, at Qasr Al Bahr palace in Abu Dhabi on Tuesday. Sheikh Mohamed also met with Santiago Peña, President of Paraguay and withMasrour Barzani, Prime Minister of the Kurdistan Region of Iraq.
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of L’Imad Holding Co, has become one of the top royal business figures in the UAE, a key point of contact for visitors ranging from U.S. President Donald Trump to BlackRock CEO Larry Fink, Bloomberg reports.
Saudi Crown Prince Mohammed bin Salmanmet with Turkey’s President Recep Tayyip Erdoğan in Riyadh on Tuesday. Prince Mohammed also held a phone call with Russia’s President Vladimir Putin.
Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, swore in three new judges of the Dubai International Financial Centre Courts.
Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, met with Chairman of the Cabinet of Ministers of Kyrgyzstan Adylbek Kasymaliev on Tuesday.
Sheikh Hazza bin Zayed, UAE Ruler’s Representative in Al Ain Region, reviewed the region’s key strategic plans for cultural and tourism projects during a meeting with a delegation led by Mohamed Khalifa Al Mubarak, Chairman of the Department of Culture and Tourism – Abu Dhabi.
➿ On the Circuit
Josh D’Amaro will succeedBob Iger as CEO of Walt Disney Co. on March 18. The two came to the UAE last month to tour the future site of Disneyland Abu Dhabi and meet with Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed.
Ray Dalio, Founder of Bridgewater Associates, said during a panel discussion at the World Governments Summit in Dubai on Tuesday that geopolitical tensions and volatile capital markets have put the world “on the brink” of a capital war
Kristalina Georgieva, Managing Director of the International Monetary Fund, called on Gulf countries to create an Airbus-style company that could foster unity and deepen economic integration of the Middle East bloc.
Ben Harburg, the American investor who is the first foreigner to buy a Saudi Pro League team, talked to Bloomberg as he celebrated Al Kholood reaching the semi-finals of the King’s Cup for the first time.
🎶 Culture Circuit
🍽️ Good Eating: The Middle East and North Africa’s 50 best restaurants were named at a glittering ceremony at Emirates Palace Mandarin Oriental in Abu Dhabi on Tuesday night. Leading the list was Khufu’s, a gastronomic restaurant with a knockout view of the Giza Pyramids – the first time a restaurant in Egypt has taken the top spot. Abu Dhabi and Dubai dominated the rest of the list, with Dubai’s Kinoya and Tresind Studio taking second and third place.
📷 Photo of the Day
Illuminated drones fly over the Dr. Sultan Al-Qasimi Centre, during the 15th annual Sharjah Light Festival on Tuesday in the emirate of Sharjah. (Giuseppe Cacace / AFP via Getty Images)
📅 Circuit Calendar
Jan. 31-Feb. 7, Abu Dhabi. Mubadala Abu Dhabi Open 2026. Some of the biggest names on the WTA Tour compete in the UAE capital, including defending champion Belinda Bencic. Zayed Sports City International Tennis Centre.
Feb 1-6, Dubai. Dubai Fashion Week. The event showcases the latest collections by global and regional designers and aims to position Dubai as a major creative hub on the global fashion calendar. Dubai Design District.
Feb. 2-5, Doha. LNG2026. Qatar holds the 21st edition of its annual international Conference and exhibition on liquefied natural gas. Qatar National Convention Center.
Feb. 3-5, Dubai. World Governments Summit. Brings together heads of state, policy makers, top corporate executives to debate global priorities. Madinat Jumeirah.
Feb. 4-5, Dubai. PropTech Connect Middle East. The Dubai Land Department hosts the first regional edition of the real estate technology event. Grand Hyatt Dubai.
Feb. 8-12, Riyadh. World Defense Show. Brings together global weapons manufacturers, government procurement officers and defense contractors. Riyadh International Convention and Exhibition Centre.
Feb. 9-12, Dubai. WHX Dubai 2026. World Health Expo Dubai (formerly Arab Health) brings together global healthcare professionals, innovations and ideas within the sector. Dubai Exhibition Center.
Feb. 10-11, Abu Dhabi. Top Advisors & Investors Summit. The event will convene advisors, financiers, and investors from across the Middle East in the UAE capital. Conrad Etihad Towers.
Feb. 11, Dubai. AIMA Middle East Forum. A conference for alternative asset managers in the UAE and the wider alternative assets eco-system. Kempinski Central Avenue Dubai.
Feb. 11-12, Cairo. Ai Everything Middle East and Africa, Egypt. Bringing together AI leaders, innovators, startups, investors, and policymakers to explore transformative technologies and accelerate AI adoption across industries. Egypt International Exhibition Center.
Feb. 12-13, Riyadh. PIF Private Sector Forum. The event, in its third edition, aims to support the Saudi Public Investment Fund’s Private Sector Engagement Strategic Initiative. King AbdelAziz International Conference Center.
Feb. 13-15, Munich. Munich Security Conference. A global forum for senior political, military and diplomatic leaders to debate major international security challenges. Hotel Bayerischer Hof.
The Daily Circuit: Musk reverberations in Gulf + Mubadala Capital’s Waymo cash
In today’s Daily Circuit, we report on Mubadala Capital joining Waymo’s $16 billion funding round, Emirates Global Aluminium meeting with investors ahead of a planned IPO, the Oman Investment Authority shedding stakes in some 30 companies as part of a divestment drive to diversify its economy and the rumble set off in Saudi Arabia this week by Ronaldo missing a match. But first, reverberations in the Gulf from Elon Musk’s consolidation strategy.
Elon Musk’s plan to combine SpaceX and artificial-intelligence firm xAI into a $1.25 trillion venture is drawing renewed attention to the Gulf sovereign wealth funds that have invested in his companies.
Abu Dhabi’s Mubadala fund is one ofSpaceX’s largest outside backers, meaning the proposed merger would deepen its exposure to Musk by effectively adding xAI’s assets to an investment long tied to rockets, satellites and launch services.
Providing Musk with large pools of long-term capital may boost the influence of Middle East investors in the future as the world’s richest man continues to expand his business empire.
Abu Dhabi is also connected to xAI through MGX, the AI-focused vehicle backed by Mubadala and G42, which has participated directly in xAI funding rounds alongside global giants such as Fidelity, Nvidia and Cisco.
Qatar’s sovereign wealth fund, the Qatar Investment Authority, is another prominent xAI investor, as is the Oman Investment Authority. Saudi Arabia’s Public Investment Fund is involved with xAI through its minority stake in Kingdom Holding Co., the conglomerate majority-owned by Prince Alwaleed bin Talal.
Musk last visited the UAE in December, when he met with President Sheikh Mohamed bin Zayed and Dubai Crown Prince Sheikh Hamdan bin Mohammed.He made a high-profile appearance in Saudi Arabia last May when he attended the Saudi-U.S. Investment Forum in Riyadh and chatted on the conference floor with U.S. President Donald Trump and Saudi Crown Prince Mohammed bin Salman.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 Developing Stories
SOVEREIGN STEERING
Mubadala Capital, an investment arm of Abu Dhabi’s Mubadala sovereignwealth fund, joined Waymo’s $16 billion funding round, taking part alongside Silicon Valley investors Sequoia Capital, Dragoneer and Silver Lake. The investment by Mubadala Capital follows its parent fund’s participation in a $2.5 billion Waymo round in 2020. With the new financing, the value of Alphabet’s self-driving unit is being assessed at $126 billion. The UAE plans to expand use of autonomous cars over the rest of the decade, with Dubai targeting 25% of all trips to be self-driving by 2030 and Abu Dhabi aiming for a similar target by 2040.
RONALDO STRIKES
Soccer star Cristiano Ronaldo appears to have sat out of a Saudi Pro League match in protest over a disagreement with the Public Investment Fund. Ronaldo, who plays for the Al Nassr Football Club, skipped Monday night’s game against Al Riyadh, which his team won 1-0. The Portuguese forward, who signed for Al Nassr in 2023, has become enmeshed in the kingdom’s global image, acting as a brand ambassador for tourism and sports ventures. He is also building his own Saudi business empire, from hair loss clinics and real estate to his stake in Al Nassr. Ronaldo reportedly became frustrated after Al Nassr failed to sign any new star players, while leading competitor Al Hilal, which is also backed by the PIF, signed France’s Karim Benzema from Al Ittihad.
💲 Sovereign Circuit
Mubadala: The Abu Dhabi sovereign wealth fund and Aldar Properties formed a strategic joint venture combining Yas Mall and The Galleria Luxury Collection into an Abu Dhabi retail platform valued at about $2.7 billion.
Mubadala: The fund won more than $827 million from an arbitration linked to the insolvent Signa conglomerate and its founder, bankrupt European property tycoon René Benko, in a decision that could test Austrian solvency laws, Bloomberg reports.
XRG: Private-equity firm Carlyle is in talks with potential UAE partners including International Holding Co. Mubadala and XRG about investing in Lukoil’s international assets, valued at about $20 billion, Reuters reports.
Emirates Global Aluminium: The company owned by Mubadala and Investment Corp. of Dubai, has begun initial investor meetings in the UAE ahead of a potential IPO, which could become one of the Gulf’s largest share sales.
ADNOC: XRG, the international investment arm of the Abu Dhabi National Oil Co., signed an agreement with Azerbaijan to acquire an equity stake in the Southern Gas Corridor.
Oman Investment Authority:The sovereign wealth fund plans to sell stakes in roughly 30 companies under a broad divestment drive aimed at boosting private-sector participation and attracting foreign capital.
↪↩ Closing Circuit
🏗️ Industrial Partners: Saudi Arabia has agreed to support the development of an integrated industrial and logistics city in Oman’s Dhofar region, including $40 million in financing.
🚦Green Light: Shareholders of KFIC Invest have approved its $26.4 million acquisition of Rasameel, a Kuwaiti Islamic-compliant investment firm.
📈 IPO Prep: Shorooq, an Abu Dhabi based investment firm, launched a Qatar-backed $200 million late-stage growth fund to help mature fintech, software, and AI companies in the GCC and Asia prepare for IPOs.
🗣 Circuit Chatter
💵 Opening Floodgates: Saudi Arabia’s Capital Market Authority said it is reviewing rules that cap foreign ownership of listed companies at 49% in a sign it could proceed with plans to lift the cap this year.
🛢️ Pipe Dream: Kuwait is planning to open up some of its oil fields to overseas firms and lease part of its pipeline network, Bloomberg reports.
🌉 Casino Link: A 548-meter bridge linking Ras Al Khaimah’s Wynn Al Marjan Island resort to the UAE road network is on track to open in October, with construction 48% complete ahead of the resort’s planned spring 2027 opening.
⛽ Gas Guzzler: Rapid growth in electricity demand from data centers could turn an expected global LNG supply glut into a shortage by 2030, QatarEnergy CEO Saad al-Kaabi told the LNG2026 conference in Doha on Monday.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed met with Félix Tshisekedi, President of the Democratic Republic of the Congo, as the two countries signed a Comprehensive Economic Partnership Agreement.
Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, visited the World Preservation Lab and BioVault, a collaboration between the Museum of the Future and Colossal Biosciences, at the World Governments Summit 2026.
Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, held a phone call with Sheikh Jarrah Jaber Al Ahmad Al Sabah to congratulate him on his appointment as Minister of Foreign Affairs of Kuwait. Sheikh Abdullah also met withDr. Badr Abdelatty, Minister of Foreign Affairs and Emigration of Egypt.
Sheikh Dr. Sultan bin Mohammed Al Qasimi, Ruler of Sharjah, met withDr. Khaled El Enany, Director-General of UNESCO, on Tuesday at Dr Sultan Al Qasimi Centre in University City.
➿ On the Circuit
Dr. Anwar Gargash, Advisor to the UAE President, told the World Governments Summit in Dubai that the Middle East does not need another confrontation and that he would rather see direct Iranian-U.S. negotiations, leading to understandings, The Circuit’s Omnia Al Desoukie reports. Dr. Gargash was speaking on a panel with former U.S. Secretary of State Mike Pompeo.
Guillaume Faury, CEO of Airbus, said during the World Governments Summit on Tuesday that China’s aircraft maker Comac is becoming a serious competitor in global aviation.
Mohsin Hamad al Hadhrami, Oman’s Undersecretary of the Ministry of Energy and Minerals, said that work has already begun on the $700 million GCC electrical interconnection between the UAE and Oman.
Ahmed Salem, JP Morgan’s Co-Head of Investment Banking for MENA, told Zawya that the M&A landscape will continue to bring certain sectors into focus, including energy, artificial intelligence and digital infrastructure.
Turki Al Shehri was appointed Country Manager for Saudi Arabia at French utility ENGIE.
Jorge Naveawas appointed President of Al-Futtaim Automotive.
🎶 Culture Circuit
🌙 Child’s Play: As Ramadan approaches, children in the Middle East have a special day to celebrate the Muslim holy month. Known as Hag Al Laila in the UAE – meaning “for this night”– children wear traditional clothing and carry colorful woven bags door-to-door as they sing in return for candy and nuts. The tradition is believed to predate Islam and may have even inspired Halloween trick-or-treating. The celebration, taking place tonight, typically starts 15 days before Ramadan, which is likely to fall on Feb. 18 this year.
📷 Photo of the Day
A model walks the runway at the John Richmond show during Dubai Fashion Week Fall/Winter 2026-2027 on Monday (Victor Boyko/Getty Images)
📅 Circuit Calendar
Jan. 31-Feb. 7, Abu Dhabi. Mubadala Abu Dhabi Open 2026. Some of the biggest names on the WTA Tour compete in the UAE capital, including defending champion Belinda Bencic. Zayed Sports City International Tennis Centre.
Feb. 1-4, Doha. Web Summit Qatar. Connecting startup founders in the Middle East to investors, policymakers and journalists around the world. Doha Exhibition and Convention Center.
Feb 1-6, Dubai. Dubai Fashion Week. The event showcases the latest collections by global and regional designers and aims to position Dubai as a major creative hub on the global fashion calendar. Dubai Design District.
Feb. 2-4, Abu Dhabi. The Abu Dhabi AI Summit. The summit aims to strengthen collaboration between the UAE’s Mohamed bin Zayed University of Artificial Intelligence and the U.S. National Science Foundation’s Athena Institute to advance research, entrepreneurship and business opportunities. MBZUAI campus.
Feb. 2-5, Doha. LNG2026. Qatar holds the 21st edition of its annual international Conference and exhibition on liquefied natural gas. Qatar National Convention Center.
Feb. 3-5, Dubai. World Governments Summit. Brings together heads of state, policy makers, top corporate executives to debate global priorities. Madinat Jumeirah.
Feb. 4, Abu Dhabi. MEVCA Investors Summit 2026. A forum that provides “knowledge sharing, strategic discussion, and ecosystem engagement” for venture capitalists. ADGM.
Feb. 4-5, Dubai. PropTech Connect Middle East. The Dubai Land Department hosts the first regional edition of the real estate technology event. Grand Hyatt Dubai.
Feb. 8-12, Riyadh. World Defense Show. Brings together global weapons manufacturers, government procurement officers and defense contractors. Riyadh International Convention and Exhibition Centre.
Feb. 9-12, Dubai. WHX Dubai 2026. World Health Expo Dubai (formerly Arab Health) brings together global healthcare professionals, innovations and ideas within the sector. Dubai Exhibition Center.
Feb. 10-11, Abu Dhabi. Top Advisors & Investors Summit. The event will convene advisors, financiers, and investors from across the Middle East in the UAE capital. Conrad Etihad Towers.
Feb. 11, Dubai. AIMA Middle East Forum. A conference for alternative asset managers in the UAE and the wider alternative assets eco-system. Kempinski Central Avenue Dubai.
Feb. 11-12, Cairo. Ai Everything Middle East and Africa, Egypt. Bringing together AI leaders, innovators, startups, investors, and policymakers to explore transformative technologies and accelerate AI adoption across industries. Egypt International Exhibition Center.
Feb. 12-13, Riyadh. PIF Private Sector Forum. The event, in its third edition, aims to support the Saudi Public Investment Fund’s Private Sector Engagement Strategic Initiative. King AbdelAziz International Conference Center.
Feb. 13-15, Munich. Munich Security Conference. A global forum for senior political, military and diplomatic leaders to debate major international security challenges. Hotel Bayerischer Hof.
Lockheed opens Saudi software factory to boost tech industry
Lockheed Martin has opened a new software factory in Riyadh to speed development of advanced digital systems in Saudi Arabia.
The facility, officially launched on Sunday, will focus on rapid prototyping and advanced software practices to support modern command-and-control aeronautics systems.
It is being developed with Saudi partners, including Saudi Arabian Military Industries, and is designed to build local engineering and software talent.
The move aligns with Saudi Arabia’s push to localize high-value technology and expand the country’s digital capabilities.
The Daily Circuit: Qatar nurtures startups + Lockheed’s Saudi software
In today’s Daily Circuit, we report on Lockheed Martin’s new software factory in Riyadh, Abu Dhabi-based IHC’s $2 billion spending plan, ACWA Power’s green hydrogen venture in Germany and the record $2 million paid for a Saudi artwork at Sotheby’s. But first, Qatar’s bid to become a startup nation.
Qatar committed a further $2 billion to support startups as its banner tech gathering opened to sold-out crowds, drawing more than 30,000 people.
The Qatar Investment Authority is planning to invest in five new venture capital funds as part of an expanded fund-of-funds initiative, taking the sovereign wealth fund’s total commitment to $3 billion.
The funds – Greycroft, Ion Pacific, Liberty City Ventures, Shorooq and Speedinvest– will open offices in Doha to help develop the city as a hub for tech entrepreneurs.
“This year, we move from momentum to scale,” Sheikh Mohammed bin Abdulrahman Al Thani, Qatar’s Prime Minister and Minister of Foreign Affairs, said in a keynote address on Sunday at the opening of Web Summit Qatar, where he announced a raft of incentives, including a 10-year residency program for entrepreneurs, founders, investors, and senior executives.
“We invite you to put down roots and grow alongside a nation that invests in your future,” he said.
Now in its third year, the Middle East’s franchise of the famed Web Summit in Lisbon drew a record 1,600 startups, 85% of which came from outside of Qatar.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 Developing Stories
CODE PUSH
Lockheed Martin has opened a new software factory in Riyadh to speed development of advanced digital systems in Saudi Arabia. The facility, officially launched on Sunday, will focus on rapid prototyping and advanced software practices to support modern command-and-control aeronautics systems. It is being developed with Saudi partners, including Saudi Arabian Military Industries, and is designed to build local engineering and software talent. The move aligns with Saudi Arabia’s push to localize high-value technology and expand the country’s digital capabilities.
TRUMP BROTHERS
Investors linked to the UAE’s royal family bought a 49% stake in a cryptocurrency venture founded by members of the Trump family shortly before Donald Trump returned to the White House last year. The Trump firm, World Liberty Financial, whose co-founders include Donald Trump Jr., Eric Trump and Barron Trump, sold the stake to the Emirati firm Aryam Investment 1 – a company overseen by UAE National Security Advisor Sheikh Tahnoon bin Zayed – for about $500 million, The Wall Street Journal reports. The deal has drawn scrutiny because it coincided with U.S. policy decisions affecting the UAE, including the sale of advanced AI computer chips that the Biden administration had refused to sell to the Gulf state. Spokesmen for the White House, World Financial and Aryam have denied any link between the investment and U.S. government actions.
💲 Sovereign Circuit
Mubadala: The Abu Dhabi sovereign wealth fund and Singapore’s GIC are in talks to join a KKR-led consortium seeking to acquire Singapore-based data center operator STT GDC in a deal that could value the company at more than $10 billion, Bloomberg reports.
Public Investment Fund: Ruya Partners, a UAE-based firm backed by Saudi Arabia’s Public Investment Fund and Mubadala, is raising a $400 million private credit fund to address financing gaps in Saudi Arabia
International Holding Co.: Syed Basar Shueb, CEO of the UAE’s biggest company by value, said in an interview with Semafor that he plans to deploy roughly $2 billion of new capital each month over the next four years to bolster IHC’s international business…
Abu Dhabi Investment Authority: ADIA is seeking a $2.6 billion loan, secured by subsidiary Tawreed Investments’ minority stakes in four Australian infrastructure assets, including the Port of Brisbane.
ACWA Power: Germany’s utility EnBW and Saudi Arabia’s PIF-owned ACWA Power signed a draft agreement to develop an ammonia import and treatment pathway that will supply green hydrogen for German energy projects.
Mumtalakat: BlueFive Capital, in which Bahrain’s sovereign wealth fund is an investor, said it closed its $3 billion Onyx Fund I, anchored by Gulf sovereign capital and registered with Abu Dhabi Global Market, to pursue opportunistic AI, biotechnology and advanced computing investments in the U.S. and Europe.
↪↩ Closing Circuit
💰 New Business: Dubai-based Magellan Capital launched a $975 million hedge fund, one of the MENA region’s largest, marking the first time it has opened its flagship fund to third-party investors.
🏞️ New Land: Aldar, Abu Dhabi’s largest developer, added over 2 million square meters to its land bank, aiming to deliver 3,000 residential units worth nearly $6.3 billion.
💰 Raising Capital: Damac borrowed $600 million via an Islamic bond as part of a pre-approved $2 billion borrowing program.
🎨 Art Record: Safeya Binzagr’s 1968 painting “Coffee Shop in Madina Road” sold for more than $2 million at Sotheby’s Diriyah auction, setting a new record for a Saudi artist and beating a Picasso that sold for $1.6 million.
🗣 Circuit Chatter
✌️ Peace Talks: Ukrainian President Volodymyr Zelenskyy said a second round of Abu Dhabi-hosted peace talks between Ukraine, Russia and the U.S. is expected to take place on Feb. 4-5, following progress at initial talks in January.
✈️ Return Flight: Emirates airline is preparing to resume flights to Israel’s Ben Gurion Airport in Tel Aviv after a two-year pause, Bloomberg reports.
📈 Investment Strategy: Egyptian developer Tatweer Misr is considering a local IPO by next year as part of a five-year strategy that includes a potential strategic investor by 2027, $318 million in 2026 investments and possible land acquisitions in Egypt and Oman.
🤝 Working Together: Kamco Invest and PGIM, Prudential Financial’s $1.5 trillion global asset manager, signed an agreement to pursue a strategic partnership focused on joint and co-branded investment solutions.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed and Vice Presidents Sheikh Mohammed bin Rashid and Sheikh Mansour bin Zayed attended the opening session of the World Laureates Summit on Sunday, along with Sheikh Hamdan bin Rashid, Crown Prince of Dubai.
Sheikh Mohamedconferred the Order of the Union upon Mohammad Al Gergawi, UAE Minister of Cabinet Affairs, at the World Laureates Summit.
Sheikh Mohamed has cancelled a state visit to Japan planned for later this week, amid rising U.S.-Iran tensions, Bloomberg reports, citing Japan’s public broadcaster NHK. On Friday, Sheikh Mohamedheld a phone call with Iranian President Masoud Pezeshkian.
Sheikh Mohamed is expected to meet with Félix Tshisekedi, President of the Democratic Republic of the Congo, during his visit Abu Dhabi to sign mining-related MoUs.
Sheikh Dr. Sultan bin Mohammed Al Qasimi, Ruler of Sharjah, received the Grand Collar of the Order of Camões, the highest sovereign cultural order in Portugal, given to him by Marcelo Rebelo de Sousa, President of Portugal.
Sheikh Tahnoon bin Zayed, UAE National Security Advisor, met withRichard Branson, Founder and Chairman of Virgin Group, on Friday.
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defense, approved the $136 million Umm Suqeim Beach project.
Sheikha al-Mayassa bint Hamad bin Khalifa al-Thani, Chair of Qatar Museums, tells The Financial Times that the country is hosting Art Basel Qatar as part of its strategy to use art for advancing cultural diplomacy. “Training your eye to look at art builds empathy,” Al Mayassa says. “Culture breeds tolerance.”
➿ On the Circuit
SheikhAbdulla Mohmmed Butti Alhamed, Chairman of the UAE National Media Authority, informally met with U.S. President Donald Trump at the premiere of the “Melania” documentary in Washington D.C. on Thursday.
Thani Al Zeyoudi, UAE Minister of Foreign Trade, said that the comprehensive economic partnership agreement with Japan has reached its final stages and that negotiations with the European Union are also progressing positively.
Hillary Clinton, former U.S. Secretary of State, visited Diriyah, the historic site on the outskirts of Riyadh where the Kingdom of Saudi Arabia was founded.
Yaacoub al-Refaie was named Kuwait’s new Finance Minister and Jarrah al-Ahmad al-Sabah was appointed Foreign Minister in a limited cabinet reshuffle.
🎶 Culture Circuit
🏛️ New Beginning: Louvre Abu Dhabi Director Manuel Rabate is stepping down and relocating to India to head the Kiran Nader Museum of Art in New Delhi, 10 years after he helped launch the iconic branch of the Paris landmark in the UAE. The Indian museum is projected to be the largest cultural center in South Asia and scheduled to open within three years.
📷 Photo of the Day
UAE President Sheikh Mohamed bin Zayed and Vice President Mohammed bin Rashid, confer at the World Laureates Summit in Abu Dhabi on Sunday. (Omnia Al Desoukie/The Circuit)
📅 Circuit Calendar
Jan. 31-Feb. 7, Abu Dhabi. Mubadala Abu Dhabi Open 2026. Some of the biggest names on the WTA Tour compete in the UAE capital, including defending champion Belinda Bencic. Zayed Sports City International Tennis Centre.
Feb. 1-3, Dubai. World Laureates Summit. The event brings Nobel Prize winners and top scientists to the UAE to discuss their research and the state of the world. Madinat Jumeirah.
Feb. 1-4, Doha. Web Summit Qatar. Connecting startup founders in the Middle East to investors, policymakers and journalists around the world. Doha Exhibition and Convention Center.
Feb 1-6, Dubai. Dubai Fashion Week. The event showcases the latest collections by global and regional designers and aims to position Dubai as a major creative hub on the global fashion calendar. Dubai Design District.
Feb. 2-4, Abu Dhabi. The Abu Dhabi AI Summit. The summit aims to strengthen collaboration between the UAE’s Mohamed bin Zayed University of Artificial Intelligence and the U.S. National Science Foundation’s Athena Institute to advance research, entrepreneurship and business opportunities. MBZUAI campus.
Feb. 2-5, Doha. LNG2026. Qatar holds the 21st edition of its annual international Conference and exhibition on liquefied natural gas. Qatar National Convention Center.
Feb. 3-5, Dubai. World Governments Summit. Brings together heads of state, policy makers, top corporate executives to debate global priorities. Madinat Jumeirah.
Feb. 4, Abu Dhabi. MEVCA Investors Summit 2026. A forum that provides “knowledge sharing, strategic discussion, and ecosystem engagement” for venture capitalists. ADGM.
Feb. 4-5, Dubai. PropTech Connect Middle East. The Dubai Land Department hosts the first regional edition of the real estate technology event. Grand Hyatt Dubai.
Feb. 8-12, Riyadh. World Defense Show. Brings together global weapons manufacturers, government procurement officers and defense contractors. Riyadh International Convention and Exhibition Centre.
Feb. 9-12, Dubai. WHX Dubai 2026. World Health Expo Dubai (formerly Arab Health) brings together global healthcare professionals, innovations and ideas within the sector. Dubai Exhibition Center.
Feb. 10-11, Abu Dhabi. Top Advisors & Investors Summit. The event will convene advisors, financiers, and investors from across the Middle East in the UAE capital. Conrad Etihad Towers.
Feb. 11, Dubai. AIMA Middle East Forum. A conference for alternative asset managers in the UAE and the wider alternative assets eco-system. Kempinski Central Avenue Dubai.
Feb. 11-12, Cairo. Ai Everything Middle East and Africa, Egypt. Bringing together AI leaders, innovators, startups, investors, and policymakers to explore transformative technologies and accelerate AI adoption across industries. Egypt International Exhibition Center.
Feb. 12-13, Riyadh. PIF Private Sector Forum. The event, in its third edition, aims to support the Saudi Public Investment Fund’s Private Sector Engagement Strategic Initiative. King AbdelAziz International Conference Center.
Feb. 13-15, Munich. Munich Security Conference. A global forum for senior political, military and diplomatic leaders to debate major international security challenges. Hotel Bayerischer Hof.
Saudi Arabia passes Pentagon hurdle in campaign to buy F35s
Saudi Arabia’s quest to buy as many as 48 F-35 stealth fighter jets from Lockheed Martin is picking up traction amid White House preparations for Crown Prince Mohammed bin Salman’s Nov. 18 visit to the White House.
On its way to final approval, the deal cleared a critical hurdle when it recently received a green light from the Pentagon, Reuters reports. U.S. officials noted that the proposed sale still must be fully confirmed by the Trump administration with a formal notification to Congress.
Before delivery of the world’s most advanced fighter jets can be made to the Gulf kingdom, lawmakers have the authority to block or amend the deal, which is expected to draw scrutiny given regional sensitivities and human rights concerns.
Saudi Arabia has sought the F-35s as part of a broader effort to modernize its armed forces and replace aging aircraft. The request comes amid shifting regional alliances and increasing security coordination between Washington and the Gulf states, including the UAE and Qatar.
The F-35 boasts stealth capabilities that reduce radar visibility, though any Gulf sale would likely involve modifications or restrictions because U.S. policy requires that Israel, which first purchased the F35s in 2016, retain a “qualitative military edge” in the region, according to Reuters.
MBS tells Trump in Riyadh he’ll try to invest $1 trillion in U.S.
Saudi Crown Prince Mohammed bin Salman told President Donald Trump and a solid portion of the world’s business elite on Tuesday that he hopes to fulfill his pledge to invest $600 billion in the U.S. and might even hit the $1 trillion mark sought by the White House.
In turn, Trump praised MBS as a visionary leader and hailed the U.S.-Saudi alliance as a profitable enterprise for both sides as the two spoke at a business conference in Riyadh and the president kicked off a four-day swing through the Gulf that will also take him to Qatar and the UAE.
“Today we hope for investment opportunities worth $600 billion, including deals worth $300 billion that were signed during this forum,” the Saudi leader said in a speech at the capital city’s King Abdulaziz International Conference Center. “We will work in the coming months on the second phase to complete deals and raise it to $1 trillion,” he said.
A good chunk of that commitment will come from an agreement to sell Saudi Arabia an arms package worth nearly $142 billion, which the White House called “the largest defense cooperation agreement” that the U.S. has ever signed.
Trump beamed as he followed MBS onstage to address an audience that included Tesla founder Elon Musk, Nvidia CEO Jensen Huang, BlackRock CEO Larry Fink, Aramco CEO Amin Nasser, Saudi Public Investment Fund Governor Yasir Al-Rumayyan and hundreds of other corporate leaders, investors and government officials from the two countries.
The President thanked MBS for setting the $1 trillion goal and talked for close to an hour about his affection for the kingdom, ticking off several of the deals signed by the two countries during the day.
“So, number one, I like visiting with you, and we’ve known each other very well, and I really believe we like each other a lot and, number two, for the United States, we’ve brought tremendous investment in and tremendous jobs, and we continue to service your great country very well,” Trump said.
The U.S. leader also said he maintains a “fervent hope” that Saudi Arabia will join the Abraham Accords to normalize relations with Israel, as the UAE, Bahrain and Morocco did in 2020, though he added, “you’ll do it in your own time.”
Earlier in the day, the Saudi Crown Prince took the unusual step of greeting Trump in person when the president landed on a flight from Washington at King Khalid International Airport outside Riyadh.
Unlike former President Joe Biden’s tense visit and cautious fist bump in 2022, MBS stood on the tarmac and patiently watched Trump descend from Air Force One onto a royal purple carpet. The two shook hands and Trump gave the prince a warm shoulder tap before they strode together to the waiting motorcade.
The greeting underlined the intentions on both sides to make Trump’s first regional trip in his second term a public success and broadcast the closeness of the U.S.-Saudi alliance.
Inside the Al-Yamamah Palace where a lavish reception and lunch were held, both leaders were accompanied by top Cabinet ministers and a roster of business leaders, with Trump’s entourage including Musk and OpenAI’s Sam Altman.
Conversations at the Saudi-U.S. Investment Forum – held at the same site beside the marble-lined Ritz-Carlton Hotel as the annual Future Investment Initiative conference – were focused on concrete dealmaking and illustrated the seriousness in both countries to make the most of the rare event, said Tally Zingher, Managing Director of the U.S.-headquartered boutique advisory firm Blue Laurel.
“Being here allows me to listen and observe firsthand how the Saudis are articulating their priorities and how those priorities have already manifested into concrete opportunities for U.S. companies,” Zingher told The Circuit.
Among the headliners addressing the conference were Khalid Bin Abdulaziz Al-Falih, Minister of Investment; Mohammed Al-Jadaan, Minister of Finance; Prince Abdulaziz bin Salman, Minister of Energy; Bandar Alkhorayef, Minister of Industry and Minerals and Faisal Alibrahim, Minister of Economy & Planning.
The U.S. delegation was headed by Scott Bessent, Secretary of the Treasury; Howard Lutnick, U.S. Secretary of Commerce; and David Sacks, the White House Special Advisor on AI and Crypto.
From the Saudi business world, the conference featured Muhammad Al Jasser, Chairman, Islamic Development Bank; Nabeel Koshak, CEO of Saudi Venture Capital; Marc Winterhoff, Interim CEO of Lucid; John Pagano, Group CEO of Red Sea Global; Mohammad Abunayyan, Chairman of ACWA Power; Tony Douglas, CEO of Riyadh Air and Jerry Inzerillo, Group CEO of Diriyah Co.
U.S. financiers at the forum included Citigroup’s Jane Fraser, Franklin Templeton’s Jenny Johnson, Blackstone’s Stephen Schwarzman and Bridgewater’s Ray Dalio, LionTree’s Aryeh Bourkoff and BDT & MSD Partners’ Dina Powell McCormick.
From the U.S. tech industry, Palantir’s Alex Karp joined the forum as well as Alphabet/Google’s Ruth Porat, Amazon’s Andy Jassy, IBM’s Arvind Krishna and Qualcomm’s Cristiano Amon.
With planemakers and defense contractors set to reap billions in Saudi deals, the conference featured Boeing’s Kelly Ortberg, Lockheed Martin’s Michael Williamson, Honeywell’s Ken West and Halliburton’s Jeff Miller.
Among other speakers at the summit, Miami Mayor Francis Suarez is a perennial fixture at the FII conference and hosted a spinoff conference in his city last February, where Trump spoke. Also appearing was Gianni Infantino, President of world soccer’s governing FIFA organization, after Saudi Arabia was picked to host the 2034 World Cup.
Musk’s xAI, Nvidia join with MGX in artificial intelligence fund
The UAE’s biggest tech firms are capitalizing on White House support to tighten partnerships with America’s leaders in the booming industry of artificial intelligence.
A consortium created last year by Abu Dhabi investment fund MGX, Microsoft and BlackRock to finance power-hungry AI data centers welcomed chipmaker Nvidia and Elon Musk’s xAI to the group on Wednesday.
Expansion of the top-level venture came amid the Washington visit by Sheikh Tahnoon bin Zayed, the UAE National Security Advisor and Chairman of MGX and a constellation of other tech companies, who dined at the White House this week with President Donald Trump.
Sheikh Tahnoon, who held a meeting with Musk through a video feed on Wednesday, has been accompanied through the trip by Khaldoon Al Mubarak, the MGX Vice Chairman and CEO of the Mubadala sovereign wealth fund. Also on the visit is Dr. Sultan Al Jaber, CEO of the ADNOC national oil company and the UAE Minister of Industry and Advanced Technology. Peng Xiao, CEO of the Abu Dhabi-based AI company G42, joined the call with Musk.
Among the other meetings in his U.S. rounds, Sheikh Tahnoon said he “explored opportunities for collaboration and investment” with Oracle’s Larry Ellison.
ADQ, meanwhile, another Abu Dhabi sovereign wealth fund chaired by Sheikh Tahnoon, agreed to invest a combined $5 billion in a partnership with U.S-based Energy Capital Partners to build power stations for data centers and AI projects – with the investment eventually reaching $25 billion.
The announcement came as Nvidia CEO Jensen Huang told the company’s GTC conference in San Jose, Calif., that the industry is preparing for a massive leap in building data centers and chip manufacturing plants with accompanying energy demand.
“Over the next several years, we’re going to be building giant AI factories,” he said. Not normal AI factories … ones you see from space,” Huang said.
Lockheed showcases F-35 Israel sales in face-off with Boeing
As tensions with Iran simmered last November, Israeli Air Force officers turned up at Nevatim Air Base in the Negev desert to greet the delivery of three F-35 stealth fighter jets. The message was clear: Israel is equipped with the most advanced aerospace technology that can attack multiple sites in Iran if it escalates its nuclear program.
The aircraft delivery by Lockheed Martin, which increased the size of Israel’s F-35 fleet to 36 planes, was also a message to Boeing and other competitors that it will battle across global markets for dominance in military aircraft sales. The Bethesda, Md.-based aerospace company is the biggest weapons manufacturer in the world, and is strengthening links with Israeli defense contractors as it fights to maintain its stature in the Middle East.
Heading that effort is Joshua Shani, a retired brigadier general in the Israeli Air Force, who has been CEO for Lockheed Martin’s operations in Israel for 30 years. The company has engaged in over $1 billion of offset deals through manufacturing agreements with Haifa-based Elbit Systems, state-owned Israel Aerospace Industries and other Israeli firms. Elbit produces helmet-mounted displays for the F-35s that project information onto a pilot’s visor. IAI produces wing parts for both the F-35 and F-16 jets.
“Lockheed Martin has a large footprint in Israel,” Shani, 77, said in an interview with The Circuit.
Besides the fighter aircraft, Lockheed Martin is working with state-owned Rafael Advanced Defense Systems on a variant of Israel’s Iron Beam laser air-defense system for the U.S. market. Iron Beam is a 100-kilowatt air-defense laser cannon, developed by Rafael in cooperation with Elbit, and the Israeli Defense Ministry. The defense system shoots down rockets, mortars and unmanned aerial vehicles at far cheaper costs than missile interceptors. The system was displayed for visiting U.S. President Joe Biden at Ben Gurion International Airport in July by former Prime Minister Yair Lapid and former Defense Minister Benny Gantz.
Just last week, it was reported that Israel and the U.S. are in initial talks for the purchase of 25 Boeing F-15 fighter jets.
Lockheed Martin is active throughout the Gulf region, where it sells Hercules C-130 transport aircraft to Saudi Arabia and maintains a Center for Innovation and Security Solutions in the United Arab Emirates. The company is expected to begin delivering new F-16 jets to Bahrain in 2024.
Lockheed Martin F-35 Stealth fighter jet
Meanwhile, U.S. Air Force pilots stationed in the region, who fly F-16s and F-35s out of Al-Udeid Base in Qatar, regularly cooperate with Israeli Air Force pilots and often train together. With Israel’s entry into CENTCOM, the U.S. military command responsible for the Middle East., joint military drills with Gulf allies Bahrain and the UAE are becoming formalized. In October 2021, the Emirati air force chief, Maj. Gen. Ibrahim al Alawi, arrived in Israel for a groundbreaking visit to observe the IAF’s Blue Flag combat drill.
“This is a government-to-government relationship, but the joint systems means that the Israeli and U.S. militaries can cooperate well, and as a result, brings genuine value,” Shani said.
Bridging the gap between the aerospace giant and the State of Israel is only the latest of Shani’s many exploits in a 58-year career. Born in 1945 to Holocaust survivors in Germany’s Bergen-Belsen displaced persons center, which had previously been a concentration camp, Shani came to Israel as a child. He received his pilot’s wings from Ezer Weizman, the commander of the IAF who went on to become Israel’s president.
“For my family who attended the wings ceremony, it was the most joyful and moving moment of their lives,” he recalled.
Shani’s skills were recognized in his selection for the IAF’s aerobatic flying team, but he was ultimately transferred to the transport flying division. Starting on the Boeing B377 Stratocruiser aircraft, which began flying in 1947, Shani rose through the ranks until he started flying the C-130 Hercules, which was the aircraft that in 1976 transported Israeli commandos to the Entebbe airport in Uganda to rescue more than 100 hostages taken captive by Palestinian and West German terrorists. Among those killed in Entebbe were three hostages and the ground unit commander, Yonatan Netanyahu, older brother of Israeli Prime Minister Benjamin Netanyahu.
“Prime Minister Yitzhak Rabin asked me directly to take this on,” Shani said. “We had days of preparations leading up to it. It was extraordinarily difficult, especially in a relatively new IAF plane, which few knew how to fly. No one knew much about the Hercules.” Upon his return from Entebbe, Shani recalls being greeted by the IAF commander who gave him a bottle of whiskey.
“I learned how to fly the Hercules in the United States, being one of the first two Israeli pilots [trained] on it,” he said. “We then instructed hundreds of pilots – a whole generation – on how to fly it. Today, I have ‘grandchildren’ – the sons of pilots I instructed – in the transport fleet,” he said.
In 1978, Shani became commander of the IAF base in Lod, adjacent to Ben Gurion International Airport, the first base commander from the transport aircraft array.
“As commander, the buck stopped with me,” he said. “I had the last say. The responsibility caused my hair to turn white.”
In 1985, Shani became the IAF’s attaché in the U.S. with the rank of brigadier-general. He was awarded the Legion of Merit by the U.S. Armed Forces. Entering civilian life, he started by advising Israeli defense companies and in 1993 was hired by Lockheed Martin as its chief executive in Israel.
Shani takes pride in Lockheed’s role in building Israeli air capabilities, including the delivery of 102 F-16 Sufa fighter jets – the backbone of the IAF, and the acquisition of two squadrons of F-35 stealth aircraft. If the purchase of a third squadron is approved, Israel will have 75 F-35s.
“The F-35 faced stiff competition from Boeing’s F-15, and many questioned its true capabilities in air-to-air combat. But the F-35 has won,” Shani said. “There were challenges, it was initially expensive, but when its price dropped to $78 million – the price of an F-16 — the IAF began purchasing many of these planes.”
Shani maintains close relationships to Israel’s military decision-makers. The Lockheed Martin Israel chief “is a rare combination of an officer and a former senior IAF pilot who continues, in his present role, to contribute to the national security of Israel, in the field of the IAF’s force build up, which is a spearhead of Israel’s combined force,” former Maj. Gen. Amos Gilead, executive director of the Institute for Policy and Strategy at Reichman University, and former director of policy and political-military affairs at the Israeli Defense Ministry, told The Circuit. Shani’s also a “charming and intelligent person,” he said.
While Lockheed Martin has a retired general running its Israeli division, Boeing hired the IAF’s former commander, Maj. Gen. Ido Nehushtan, to run its operation in Israel.
Competition between the two global giants heated up over an IAF contract to upgrade its aging Hercules fleet. Boeing offered the IAF a plan to upgrade existing planes, while Lockheed Martin argued that they needed to be replaced. “As the oldest Hercules operator, I knew what we did to these planes and how we broke them by landing them on dirt runaways. I objected to the upgrade proposal,” said Shani.
The IAF ultimately bought Lockheed’s new Super Hercules, and Elbit fitted out two squadrons with new on-board electronics systems, he said. Lockheed Martin and Boeing also faced off in 2021 over which would supply the IAF with new transport helicopters, to replace its aging fleet of Yasur CH-53D aircraft. The question was settled in February of that year, when Israel announced that it opted for the Lockheed Martin Sikorsky CH-53K King Stallion, which has a range of advanced capabilities, including autonomous pilot assist modes. The competitor was Boeing’s CH-47 Chinook.
“We demonstrated that despite being more expensive, if you look at it over the years, the Chinook would have had to be upgraded twice, to receive new refueling capabilities, meaning that the long-term costs would have been the same,” Shani argued.
The IAF has ordered 12 Sikorskys, and reserved the possibility for another six.
“I believe that my work with Lockheed Martin has created extensive and crucial benefits for Israeli defense,” said Shani. “The F-35, the new Hercules, the C-130J Hercules and the CH-53K King Stallion have no competition. They are the best in the world.”