The Daily Circuit: Oil surges after attacks in Iran + Boeing 787 probe

👋 Hello from the Middle East!

In the Daily Circuit today, we report on troubled planemaker Boeing back in the spotlight after the Air India disaster, a slowdown in contracts issued for large-scale projects in Saudi Arabia, G42 launching a London office, EDGE Group’s joint venture with Italian aerospace company Leonardo, and the ways in which robots are becoming integrated into daily life in the Gulf. But first, the market reacts to events in the Middle East…

Stocks fell and oil surged as much as 13% in its biggest intraday rise in three years early on Friday, as investors feared a major escalation of tensions in the Middle East after Israel attacked Iran’s nuclear program and Iranian military leaders.

Brent crude surged to $78 a barrel before easing to around $75, rapidly erasing much of this year’s losses caused by trade tensions and increased OPEC+ output. Gold also hit its highest level in weeks, rising 1.2% to $3,423.30 an ounce as investors fled to safety.

Analysts fear that Iran could target shipping in the Strait of Hormuz, which about one-fifth of the world’s oil passes through, potentially disrupting supplies of millions of barrels of oil a day in an extreme scenario. Such a scenario could see prices reach $130 a barrel, JPMorgan Chase & Co. recently warned.

“We are seeing classical risk-off moves,” Matthew Haupt, portfolio manager at Wilson Asset Management, told Bloomberg. “What we are watching now for is the speed and scale of the response from Tehran. That will shape the duration of the current moves. Quite often these moves fade after the initial shocks.”

Meanwhile, Gulf airlines delayed and cancelled flights to Iran, Iraq and Israel on Friday, with some rerouted mid-flight. Israel’s Ben Gurion Airport was closed until further notice, while Iran closed its airspace and Iraq suspended civilian flights. Flights to Lebanon and Jordan were also disrupted.

Welcome to The Circuit. Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].

📰 Developing Stories

CRASH PROBE

U.S. planemaker Boeing is back in the spotlight as investigators probe the cause of yesterday’s Air India plane crash that killed more than 290 people in the world’s worst aviation disaster in a decade. The Indian government is reportedly considering grounding the airline’s entire Boeing 787 Dreamliner fleet as a precaution while the cause of the disaster is determined. While multiple avenues of investigation are open, early inquiries are considering whether the aircraft suffered a reduction or loss of engine thrust, The Wall Street Journal reports. The crash complicates Boeing’s turnaround efforts under new Chief Executive Kelly Ortberg, just days after the company reported a healthy May order book and ahead of the crucial Paris Air Show next week. There are more than 1,100 Dreamliners in service around the world and just last month Boeing celebrated carrying its billionth customer on the model, which has so far had a good safety record. Boeing shares fell by almost 5% on Thursday.

Ultra-luxury real estate developer Omniyat wants to transform Marasi Bay Island in the Burj Khalifa District into Dubai’s first urban beach club. The reclaimed island, located in a central location in Dubai, will offer curated waterfront experiences and exclusive amenities tailored for ultra-high-net-worth individuals. Connected to Downtown and other key districts, the project is designed to blend upscale living with leisure, wellness, and a touch of resort-style indulgence, according to a promotion published in The National. It will include a yacht club, jetty lounges, and a private floating park.

💲 Sovereign Circuit

Public Investment Fund: The value of large-scale infrastructure contracts issued by the Saudi government and the PIF dropped by 77% in the first five months of 2025 compared to the same period last year, amid falling oil revenues and project realignments, signaling a sharp slowdown in the construction sector.

Public Investment Fund: The PIF earned an estimated $1.2 billion trading Nintendo shares, but may regret reducing its stake just before the record-breaking launch of the Switch 2 console last week, Arabian Gulf Business Insight reports.

G42: The UAE-based AI and technology group launched G42 Europe & U.K., headquartered in London, to deliver tailored AI solutions and support AI infrastructure development by the private sector and governments across the region.

ADQ: AD Ports Group, majority owned by ADQ, signed three agreements with the Arab Shipbuilding & Repair Yard Company to expand marine services and develop strategic maritime projects in Bahrain, including a joint venture to manage drydock facilities and enhance shipbuilding capabilities across the GCC.

↪↩ Closing Circuit

🌀 Power Storage: The African Development Bank has approved $184 million for Egypt’s Obelisk solar and battery storage project, which is expected to be fully operational by the third quarter of 2026. 

🚀 Pumping Up: EDGE Group and Italian aerospace company Leonardo will establish a joint venture in Abu Dhabi to create an advanced defence technology hub.

LNG Import: Egypt signed LNG supply contracts with major global energy firms, including Saudi Aramco, Trafigura, Vitol, Shell, and others, to address peak summer power demand and declining domestic production.

🗣 Circuit Chatter

🛵 Food Delivery: Keeta, the international arm of China’s largest food delivery app, is reportedly preparing to launch in Kuwait by early 2026 as part of its Gulf expansion strategy, possibly through acquiring a local logistics company.

💰 Capital Office: Hudson Bay Capital Management, a $20 billion multi-strategy investment firm, is expanding its UAE presence by opening an Abu Dhabi office later this year, adding to its existing Dubai team, Bloomberg reports.

💰 New Income: Kuwait expects to collect nearly $13.5 million in fines from about 4,100 companies that missed a June 10 deadline to disclose their true ownership, part of a government crackdown on money laundering.

🛢️ Looking Elsewhere: Iraq plans to invest in oil refineries in high-demand Asian markets like India, China, and others to boost crude sales and income.

🏭 Shaky Business: Amid growing earthquake fears, Turkey plans to relocate Istanbul’s industrial zones to safer areas with modern, quake-resistant infrastructure.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed received Muhammad Shehbaz Sharif, Prime Minister of Pakistan, at Qasr Al Shati palace in Abu Dhabi during his working visit to the UAE. Sheikh Mohamed also had a phone call with Mark Carney, Prime Minister of Canada.

Bahrain’s King Hamad bin Isa Al Khalifa received Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, at Al Safriya Palace in Manama during an official visit by an Emirati delegation.

Saudi Crown Prince Mohammed bin Salman has decided not to attend next week’s G7 summit in Canada, Reuters reports.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has issued a resolution appointing Hamad Sayah Al Mazrouei as Undersecretary of the Department of Economic Development.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, met with Howard Lutnick, U.S. Secretary of Commerce, during his ongoing visit to Washington.

Sheikh Mohammed bin Abdulrahman Al Thani, Qatar’s Prime Minister and Minister of Foreign Affairs, met with Jean-Noel Barrot, French Minister for Europe and Foreign Affairs, on the sidelines of the third Qatar-France Strategic Dialogue held in Paris on Thursday.

➿ On the Circuit

Jasem Al-Budaiwi, Secretary-General of the Gulf Cooperation Council, met with British Foreign Secretary David Lammy in London on Thursday.

Aladdin Hangari, Head of Global private banking at HSBC Middle East said that the lack of succession planning by UAE entrepreneurs hinders their legacy.

Francis Alfred, Managing Director of Sobha Realty, said that the luxury developer’s ability to stand out in the UAE’s highly competitive property market is due to its “backward-integrated” model.

🎶 Culture Circuit

🤖Robotic World: In the Gulf, robots are slowly stepping off the screen and into daily life, from greeting visitors at Dubai’s Museum of the Future to patrolling beaches and offering tech support in Saudi hospitals. But this isn’t just about efficiency; it’s about how technology is beginning to shape the cultural fabric of public life, Arabian Gulf Business reports. As Saudi Arabia and its neighbors invest heavily in tourism, leisure, and healthcare, humanoid robots are being woven into the region’s broader vision of modernity, one that blends tradition with innovation. The machines may still be learning, but their presence hints at a future where they’re not just tools, but part of the everyday rhythm of life in the Middle East.

📷 Photo of the Day

A girl walks past stalls during the Indian Mango Festival at Souq Waqif in Doha on Thursday. Gulf countries are among the biggest importers of Indian mangoes, which are in peak season from June to July. (Karim Jaafar / AFP via Getty Images)
A girl walks past stalls during the Indian Mango Festival at Souq Waqif in Doha on Thursday. Gulf countries are among the biggest importers of Indian mangoes, which are in peak season from June to July. (Karim Jaafar / AFP via Getty Images)

📅 Circuit Calendar

June 16-18, Riyadh. Sports Show Riyadh. The event connects exhibitors, architects, developers and key decision-makers from the sports infrastructure development, leisure facilities and public spaces industry. Riyadh International Convention and Exhibition Center.

June 16-18, Dubai. Credit Risk Management For Financial Investments. Credit risk professionals explore strategies for enhancing their frameworks. Venue TBA.

June 16-19, Boston. BIO International Convention 2025. The largest  world conference in biotechnology, drawing 20,000 industry leaders from across the globe, including the Middle East. Boston Convention & Exhibition Center

June 17-18, Abu Dhabi. Abu Dhabi Infrastructure Summit. A platform for policymakers, investors, developers, contractors, and industry experts to explore emerging trends and unlock investment opportunities. Abu Dhabi Energy Center. 

June 17-18, Dubai. Middle East Event Show. Featuring exhibitors, speakers, and event professionals, MEES offers expert-led workshops, tech showcases, and networking. Dubai World Trade Center.

June 17-18, Abu Dhabi. RetrofitTech and Sustainable Buildings. The event will bring industry leaders together to explore technology’s role in cutting carbon emissions. Dusit Thani Abu Dhabi.

June 17-19, Cairo. Big 5 Construct Egypt. Showcasing the latest products, technologies, and innovations shaping the future of construction. Egyptian International Exhibition Center. 

June 18, Dubai. Critical Infrastructure Summit. Senior stakeholders explore opportunities and challenges in public transportation, climate resilience, green spaces, and robust soft infrastructure. Habtoor Grand JBR. 

June 23-26, Amman. JIMEX Exhibition 2025. The event is a showcase of industrial engineering in the Near East. Jordan International Exhibition Center.

June 24, Dubai. Zawya GCC Capital Markets Forum. The event will bring together a diverse panel of C-suite-level participants from banks and top financial institutions. Fairmont Dubai. 

June 24-25, Dubai. Middle East Rail. The two-day programme will host more than 250 speakers from the region and beyond. Dubai World Trade Center.

June 24-25, Dubai. Mobility Live. A free-to-attend multi-brand exhibition hosting multiple country pavilions and  showcasing cutting-edge solutions. Dubai World Trade Center.

The Daily Circuit: DHL’s $575m Mideast plans + Qatar and Apollo’s pizza play

👋 Hello from the Middle East!

In the Daily Circuit today, we report on India’s plans to export power to the Gulf via high-voltage subsea cables, a Qatar-backed buyout plan for pizza chain Papa John’s, OpenAI in funding talks with the PIF and MGX, and Abu Dhabi gracing coffee tables around the world with its own Assouline book. But first, DHL’s big bet on African healthcare… 

German parcel company DHL will invest $575 million in the Middle East over the next five years, with a heavy focus on Saudi Arabia and the UAE, as it plans to use Gulf hubs as a gateway for a push into Africa.

Investments across all four of DHL’s divisions – DHL Express, DHL Global Forwarding, DHL Supply Chain, and DHL eCommerce – will “significantly strengthen the region’s logistics backbone,” DHL said in a statement.

The delivery giant sees health-care services in Africa and the Middle East as a major growth opportunity and is targeting time-critical shipments of vaccines, stem-cells and cryogenics, DHL’s Head of Life Sciences MEA Annette Naude told Bloomberg. The move will capitalize on Chinese investment in the region.

“We see America has come in and cut costs, but we do see other countries coming to the forefront and filling those gaps,” Naude said. “I went to China and met with a number of investors who are going to make investments on the African continent. Chinese investment in the region is really big.”

Demand for pharmaceuticals in Africa is rising, with revenues expected to reach $33.8 billion by 2030. Drugs and medical devices require specialized supply chains with reliable ultra-cold refrigeration and end-to-end tracking, which can be a major challenge in many parts of the continent.

Advanced insulin from China is among the sought-after medications by African governments, as emerging lifestyle diseases rise in priority next to established healthcare challenges such as malaria.

Welcome to The Circuit. Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].

📰 Developing Stories

POWER SUPPLY

India is set to export 2GW of electricity each to Saudi Arabia and the UAE through high-voltage subsea cables, as part of a broader push to position itself as a regional energy exporter. The projects, estimated to cost $5.5 billion for the 1,700km Saudi link and $5.1 billion for the 1,400km UAE connection, were announced by India’s Power Minister Manohar Lal Khattar. State-run Power Grid Corporation of India is leading the initiative and is formalising joint ventures with both Gulf states, following earlier talks with Oman. The undersea connections, which are expected to take six years to complete, are part of New Delhi’s strategic effort to deepen economic and energy ties with the Gulf.

Emirati talent will take centre stage in a new $15 million production slate between Abu Dhabi’s Creative Media Authority and NG9 Group to showcase local creativity on a global platform. The deal includes two feature films and a 10-episode TV series, set to begin filming in September with local crews and creatives under the Abu Dhabi Film Commission’s enhanced rebate programme. The CMA will provide location support, casting, and talent development, while NG9 – a consortium of Nirvana Holding, Gewan Holding, and 9Yards Group – will extend preferential rates on hospitality and transport. The initiative reinforces Abu Dhabi’s strategy to position itself as a global creative hub.

💲 Sovereign Circuit

Public Investment Fund: ChatGPT maker OpenAI has held talks with Saudi Arabia’s PIF, India’s Reliance Industries, and UAE-based MGX about its $40 billion funding round, The Information reports.

Public Investment Fund: Saudi utility ACWA Power, backed by the PIF, plans to invest another $5 billion in Uzbekistan’s energy sector. ACWA said the deal was part of a broader strategy to increase its overall commitments in the Central Asian nation to $15 billion.

Qatar Investment Authority: Qatar-backed Rolls-Royce SMR won a $2.9 billion U.K. contract to build three modular nuclear reactors, boosting parent company Rolls-Royce’s shares to a record high. The QIA owns 10% equity in Rolls-Royce SMR after investing $115 million in the joint venture in 2021.

↪↩ Closing Circuit

🍕 Pizza Slice: Apollo Global Management and Irth Capital, backed by Qatar royal Sheikh Mohamed al Thani, have jointly bid about $2 billion for Papa John’s, Semafor reports.

🪙 Flash Token: Dubai Land Department announced that its second tokenized project on the PRYPCO Mint platform was fully funded in 1 minute and 58 seconds, drawing 149 investors from 35 nationalities and pushing the waiting list to over 10,000.

💰 Oil Growth: Kuwait’s Independent Petroleum Group is borrowing $1 billion through local banks to fund new projects as part of broader efforts to expand the country’s oil sector.

💵 Big Bucks: Saudi Arabia awarded around $9.6 billion in public contracts during the first five months of 2025, with April seeing the highest value and May the lowest, according to the Saudi Contractors Authority.

🖥️ Secure AI: Israeli AI-powered data security startup Cyera raised $540 million in a late-stage funding round, doubling its valuation to $6 billion as it aims to scale its platform to meet rising enterprise demand.

🗣 Circuit Chatter

🟢 Green Light: Shares in Emaar Properties rose on Wednesday after both S&P Global Ratings and Moody’s upgraded the company’s credit ratings.

₿ Crypto Syria: Binance, the world’s largest cryptocurrency exchange, will allow Syrians full access to its platform, including trading over 300 tokens with the Syrian pound, Reuters reports

🚪 Exit Pass: Starting in July, expatriate private sector workers in Kuwait will be required to obtain their employer’s official approval before traveling abroad.

🏗️ 3D Schools: Qatar’s UCC Holding, a construction and energy company,  has started building two public schools using 3D printing, in what is said to be the world’s largest project of its kind.

🤑 Stable Remittance: Fresh off a $1 billion IPO, stablecoin issuer Circle is in early talks with UAE remittance firms to integrate its $60 billion USDC token into one of the world’s busiest payment corridors, Arabian Gulf Business Insight reports

🌍 Power Circuit

UAE President ​​Sheikh Mohamed bin Zayed was invited by Mark Carney, Prime Minister of Canada, to participate in the G7 Summit to be held in Alberta from June 15 to 17.

Sheikh Mohamed, along with Sheikh Mohammed bin Rashid, Ruler of Dubai and UAE Vice President and Prime Minister, and Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, offered their condolences to Saudi Arabia’s King Salman over the passing of Prince Faisal bin Turki bin Saud Al Kabir Al Saud. Condolences also came from the ruling families of Sharjah, Ajman, Fujairah, Umm Al Quwain, and Ras Al Khaimah. Qatar’s Emir, Sheikh Tamim Al Thani, and Deputy Emir, Sheikh Abdullah Al Thani, also conveyed their condolences. 

Sheikh Hamdan bin Zayed, Ruler’s Representative in Al Dhafra Region, received Timur Zabirov, Russia’s Ambassador to the UAE, at Al Nakheel Palace in Abu Dhabi on Wednesday.

Sheikh Sultan bin Ahmed Al Qasimi, Deputy Ruler of Sharjah, President of the University of Sharjah, and Chairman of the University’s Board of Trustees, chaired the fifty-ninth meeting of the Board on Wednesday at his office at the university’s headquarters.

Sheikh Mohammed bin Abdullah Al Nahyan paid a visit to Al Ain FC at training headquarters for the FIFA Club World Cup 2025 in Alexandria, Virginia, on Wednesday in the presence of Sheikh Sultan bin Hamdan Al Nahyan, Chairman of the Board of Directors of Al Ain Club and Chairman of Al Ain FC’s mission at the Club World Cup.

➿ On the Circuit

Mohammad Al Gergawi, UAE Minister of Cabinet Affairs, told a gathering of senior officials and employees of Emirates Airline that the company, which was founded 40 years ago, was the greatest airline in the world and reflected the vision of Sheikh Mohammed bin Rashid, Ruler of Dubai and UAE Vice President and Prime Minister, rooted in Dubai’s enduring passion for competition and innovation.

Abdulla Al Hamed, Chairman of the National Media Office and Chairman of the Board of Directors of the UAE Media Council, held several meetings in London with media sector leaders in preparation for the NMO’s Bridge Summit in Abu Dhabi in December. The meetings were also attended by Dr. Jamal Mohammed Al Kaabi, Director-General of the National Media Office.

Evgeny Ratskevich, CEO of Metropolitan Capital Real Estate, told Arabian Gulf Business Insight that Abu Dhabi’s branded residences are cheaper than in Dubai and Ras Al Khaimah.

Carlos Pascual, Senior Vice President for Geopolitics and International Affairs at S&P Global Commodity Insights, told Zawya that rising solar and battery competitiveness, especially in the Middle East, is reshaping energy markets and driving a regional focus on critical minerals and grid storage.

Thierry Delvaux, CEO of Emirates REIT, one of the UAE’s largest listed Islamic-compliant real estate investment funds, said that strong demand from local and foreign investors, coupled with limited supply, is driving up Dubai office rents and boosting returns.

🎶 Culture Circuit

📚 Bookshelf Bling: Abu Dhabi has been given the Assouline treatment with the launch yesterday of a colorful, high-end travel book about the emirate written by cultural expert Myrna Ayad. The book, titled “Abu Dhabi Bright,” includes beautiful images and highlights attractions including Sheikh Zayed Grand Mosque, Louvre Abu Dhabi and Al Ain’s desert oasis.

📷 Photo of the Day

Virgin Australia cabin crew wave goodbye to the inaugural VA1 service from Sydney to Doha beside the runway at Sydney International Airport on Thursday. Virgin Australia is returning to international long-haul flights through an alliance with Qatar Airways five years after the pandemic forced it into administration and two years since Qatar Airways was initially blocked from expanding in Australia. (James D. Morgan/Getty Images for Virgin Australia)
Virgin Australia cabin crew wave goodbye to the inaugural VA1 service from Sydney to Doha beside the runway at Sydney International Airport on Thursday. Virgin Australia is returning to international long-haul flights through an alliance with Qatar Airways five years after the pandemic forced it into administration and two years since Qatar Airways was initially blocked from expanding in Australia. (James D. Morgan/Getty Images for Virgin Australia)

📅 Circuit Calendar

June 11-13, Dubai. China Homelife UAE Expo. The event features top global suppliers showcasing products ranging from kitchen supplies to building materials. Dubai World Trade Center. 

June 16-18, Riyadh. Sports Show Riyadh. The event connects exhibitors, architects, developers and key decision-makers from the sports infrastructure development, leisure facilities and public spaces industry. Riyadh International Convention and Exhibition Center.

June 16-18, Dubai. Credit Risk Management For Financial Investments. Credit risk professionals explore strategies for enhancing their frameworks. Venue TBA.

June 16-19, Boston. BIO International Convention 2025. The largest  world conference in biotechnology, drawing 20,000 industry leaders from across the globe, including the Middle East. Boston Convention & Exhibition Center

June 17-18, Abu Dhabi. Abu Dhabi Infrastructure Summit. A platform for policymakers, investors, developers, contractors, and industry experts to explore emerging trends and unlock investment opportunities. Abu Dhabi Energy Center. 

June 17-18, Dubai. Middle East Event Show. Featuring exhibitors, speakers, and event professionals, MEES offers expert-led workshops, tech showcases, and networking. Dubai World Trade Center.

June 17-18, Abu Dhabi. RetrofitTech and Sustainable Buildings. The event will bring industry leaders together to explore technology’s role in cutting carbon emissions. Dusit Thani Abu Dhabi.

June 17-19, Cairo. Big 5 Construct Egypt. Showcasing the latest products, technologies, and innovations shaping the future of construction. Egyptian International Exhibition Center. 

June 18, Dubai. Critical Infrastructure Summit. Senior stakeholders explore opportunities and challenges in public transportation, climate resilience, green spaces, and robust soft infrastructure. Habtoor Grand JBR. 

June 23-26, Amman. JIMEX Exhibition 2025. The event is a showcase of industrial engineering in the Near East. Jordan International Exhibition Center.

June 24, Dubai. Zawya GCC Capital Markets Forum. The event will bring together a diverse panel of C-suite-level participants from banks and top financial institutions. Fairmont Dubai. 

June 24-25, Dubai. Middle East Rail. The two-day programme will host more than 250 speakers from the region and beyond. Dubai World Trade Center.

June 24-25, Dubai. Mobility Live. A free-to-attend multi-brand exhibition hosting multiple country pavilions and  showcasing cutting-edge solutions. Dubai World Trade Center.

UAE Lottery launches new digital games, eyeing sector expansion

The UAE Lottery has introduced two new digital games offering prizes of up to $340,000, as it seeks to expand its product offering within the country’s nascent regulated gaming sector.

The launch of Marble Run and Lucky Lagoon, the new titles, overseen by the General Commercial Gaming Regulatory Authority, reflect a broader state-backed effort to formalize lottery and gaming activities, The National reports.

The expansion marks the first significant product rollout since the Lottery was licensed in 2023, and coincides with a multi-year partnership between UAE Lottery operator Game LLC and U.S.-based EQL Games.

The move signals growing investor interest and regulatory confidence in the UAE’s evolving commercial gaming landscape.

The Daily Circuit: EU plans to drop UAE from money-laundering list

👋 Hello from the Middle East!

In the Daily Circuit today, we report on Boeing receiving its highest number of monthly orders in more than a year, boosted by orders from the Gulf, two new digital games launched by the UAE Lottery, a $436 million luxury residential project for Abu Dhabi’s Reem Island and ADNOC awarding $5 billion in contracts for its Rich Gas Development. But first, the EU’s new money-laundering list is out…

The UAE is one step closer to being removed from the European Union’s list of “high-risk” jurisdictions for money laundering, a move the Gulf country has been lobbying for after making progress in its crackdown on financial crime in recent years.

While the European Commission, the executive body of the EU, announced that it had taken the UAE off the list, the update still needs to be ratified by EU member states and the European Parliament, which blocked the first attempt last year. 

The Parliament also pushed back against the same proposal pitched behind closed doors by Financial Services Commissioner Maria Luís Albuquerque in January, Politico reports. It now has one month to issue its no-objection to the updated list, extendable by one month.

The Commission said it had taken into account the work of the Financial Action Task Force, the global body that combats money laundering and terror financing, which took the UAE off its “grey list” in February last year.

It comes two weeks after the UAE and the EU launched talks around a trade agreement which would give the emirates consolidated access to the world’s largest trading bloc and potentially unlock a wider agreement between Europe and the Gulf Cooperation Council.

Editor’s note: The Circuit won’t be publishing during the Eid al-Adha holiday and will return on Monday, June 9. Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].

📰 Developing Stories

SOFT LANDING


Troubled U.S. planemaker Boeing received the highest number of monthly orders in more than a year last month, bolstered by deals made during President Donald Trump’s trip to the Middle East, Bloomberg reports. The total 303 aircraft ordered in May included a deal with Qatar Airways to purchase 120 787 Dreamliners and 30 777X jets, as well as the sale of up to 30 737 jets to AviLease, the global aircraft lessor owned by Saudi Arabia’s Public Investment Fund. Boeing delivered 45 aircraft, including 32 narrow body 737 jets, during the month. The healthy order book comes as Boeing heads to the Paris Air Show next week, a crucial event for sales and an opportunity for the airline to demonstrate that it is recovering from the deep crisis it has been in since early last year.

The UAE Lottery has introduced two new digital games offering prizes of up to $340,000, as it seeks to expand its product offering within the country’s nascent regulated gaming sector. The launch of Marble Run and Lucky Lagoon, the new titles, overseen by the General Commercial Gaming Regulatory Authority, reflect a broader state-backed effort to formalise lottery and gaming activities, The National reports. The expansion marks the first significant product rollout since the Lottery was licensed in 2023, and coincides with a multi-year partnership between UAE Lottery operator Game LLC and U.S.-based EQL Games. The move signals growing investor interest and regulatory confidence in the UAE’s evolving commercial gaming landscape.

💲 Sovereign Circuit

ADNOC: ADNOC Gas, a unit of Abu Dhabi’s national oil company, has awarded $5 billion in contracts for the first phase of its Rich Gas Development project to enhance liquid gas exports and bolster the UAE’s gas self-sufficiency.

Saudi Aramco: Nigeria and Saudi Arabia’s national oil company are struggling to finalize a $5 billion oil-backed loan, which was previously discussed in November, as falling crude prices raise concerns among potential bank lenders, Reuters reports

International Holding Company:  Easy Lease, a subsidiary of IHC, partnered with U.S.-based BigBear.ai and Vigilix Technology Investment to accelerate AI-driven solutions for digital transformation in mobility, logistic​​s and key sectors across the UAE and the region.

International Holding Company: Royal Development Holding, a subsidiary of IHC’s Emirates Stallions Group, has partnered with SAAS Properties to launch a AED1.6 billion  ($436 million) branded residence project on Reem Island in Abu Dhabi.

G42: Nvidia will partner with UAE-based Khazna Data Centers to build AI facilities in the Middle East and Africa.

Public Investment Fund: American professional golfer Bryson DeChambeau ​​​​expressed confidence in his future with the PIF’s LIV Golf tour, saying he’s “super excited” to renegotiate his contract, reported to be worth $100 million, later this year.

↪↩ Closing Circuit

⚕️ Pipe Dreams: Jindal SAW, a manufacturer of steel pipes in India, will establish a $105 million facility in Abu Dhabi to cater to the MENA market. 

🤝 Helping Hand: The European Bank for Reconstruction and Development will lend $86 million to Turkey’s development bank TSKB to support businesses that support women, youth and those affected by the 2023 earthquakes.

🚢 Moving Forward: Dubai-listed Gulf Navigation signed a sale and purchase agreement to finalize its $871 million deal to acquire the assets of Brooge Energy, a Cayman Islands-based midstream oil storage and services company.

🏭 Chemical Bond: Borouge and ADNOC Logistics & Services signed a $531 million partnership to boost UAE petrochemical exports, cut costs, and enhance supply chain operations at the Borouge terminal in Al Ruwais.

🏦 Tapping Debt: Muscat Finance plans to launch a $130 million bond programme in multiple tranches, to be listed on the Muscat Stock Exchange.

🗣 Circuit Chatter

📈 Expanding Shop: Spain’s second-largest lender, BBVA SA, is planning to expand its corporate and investment banking operations in Abu Dhabi by upgrading its representative office into a full banking branch, Bloomberg reports

🪙 Crypto Rules: Abu Dhabi’s ADGM free zone has moved to streamline the approvals process for digital assets as it seeks to attract more institutional players.

🐪 Camel Rides: Egypt wants to attract 30 million tourists by 2031 as part of a new strategy to boost foreign investment in tourism and antiquities, Prime Minister Mostafa Madbouly told a cabinet meeting on Tuesday.

🪨 Carbon Token: The Qatar Financial Centre is developing a tokenised carbon markets ecosystem to facilitate cross-border carbon credit trading.

💵 Discount Offers: Gulf investment banks are slashing or waiving IPO fees to win deals amid a surge in listings, as global activity slows and competition intensifies.

⛰️ Business Influx: Fueled by European tourists and an aggressive marketing drive, Oman’s hotel sector broke its April record for stays and saw revenue climb sharply to $283 million.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed received Qatar’s Prime Minister and Minister of Foreign Affairs, Sheikh Mohammed bin Abdulrahman Al Thani, on Tuesday.

Sheikh Abdullah bin Zayed, UAE Deputy Prime Minister and Minister of Foreign Affairs, met U.S. Secretary of State Marco Rubio at the State Department on Tuesday.

Sheikh Mohammed bin Rashid, Ruler of Dubai and UAE Vice President and Prime Minister, honoured the winners of the fourth edition of the Mohammed Bin Rashid Al Maktoum Global Water Award during a ceremony that took place at Emirates Towers in Dubai on Tuesday and was attended by Sheikh Ahmed bin Mohammed, Second Deputy Ruler of Dubai.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, received Larry Fink, Chairman and CEO of BlackRock, in Abu Dhabi on Tuesday. Sheikh Khaled also chaired a meeting of the Executive Committee of the ADNOC Board of Directors to review the financial performance of the group in the first quarter of 2025.

Sheikh Theyab bin Mohamed, Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs, chaired the Emirates Foundation’s first board meeting of 2025.

➿ On the Circuit

Claude Kurzo has been appointed as JP Morgan’s new Head of Middle East for its asset management division.

Mohamad El Hout, Chairman of Lebanon’s Middle East Airlines, told The National that the airline is studying setting up a low-cost carrier to serve destinations in the Middle East and Europe, as the country plans to construct a second terminal in Beirut airport.

Abdulla Al Hamed, Chairman of the National Media Office and Chairman of the Board of Directors of the UAE Media Council, visited the London Design Biennale 2025, during which he toured the pavilion of the Department of Culture and Tourism – Abu Dhabi.

Ben Black, U.S. President Donald Trump’s nominee for Chief Executive Officer of the U.S. International Development Finance Corporation, had his confirmation hearing before the Senate Foreign Relations Committee on Tuesday.

🎶 Culture Circuit

🐬 Artistic Leap: A species of dolphin known for making acrobatic leaps above the water in its Arabian Gulf habitat is the inspiration for a new sculptural work going on show at Christie’s Dubai today. “Spinning Dolphin Stool” is a seat made from recycled aluminum cans collected from beaches and mangroves by artist Zahra Ebrahimi Behfar, who goes by Saghi.

📷 Photo of the Day

Sheikh Abdullah bin Zayed, UAE Foreign Minister and Deputy Prime Minister, shakes hands with U.S. Secretary of State Marco Rubio at the State Department in Washington on Tuesday. (Alex Wroblewski/AFP via Getty Images)

📅 Circuit Calendar

June 11-13, Dubai. China Homelife UAE Expo. The event features top global suppliers showcasing products ranging from kitchen supplies to building materials. Dubai World Trade Center. 

June 12, Dubai. Dubai Family Office Investment Summit. The event hosted by Epicon Capital Club is aimed at family offices, serial entrepreneurs, private investors, fund managers and government entities. Venue to be provided upon registration.

June 16-18, Riyadh. Sports Show Riyadh. The event connects exhibitors, architects, developers and key decision-makers from the sports infrastructure development, leisure facilities and public spaces industry. Riyadh International Convention and Exhibition Center.

June 16-18, Dubai. Credit Risk Management For Financial Investments. Credit risk professionals explore strategies for enhancing their frameworks. Venue TBA.

June 16-19, Boston. BIO International Convention 2025. The largest  world conference in biotechnology, drawing 20,000 industry leaders from across the globe, including the Middle East. Boston Convention & Exhibition Center

June 17-18, Abu Dhabi. Abu Dhabi Infrastructure Summit. A platform for policymakers, investors, developers, contractors, and industry experts to explore emerging trends and unlock investment opportunities. Abu Dhabi Energy Center. 

June 17-18, Dubai. Middle East Event Show. Featuring exhibitors, speakers, and event professionals, MEES offers expert-led workshops, tech showcases, and networking. Dubai World Trade Center.

June 17-18, Abu Dhabi. RetrofitTech and Sustainable Buildings. The event will bring industry leaders together to explore technology’s role in cutting carbon emissions. Dusit Thani Abu Dhabi.

June 17-19, Cairo. Big 5 Construct Egypt. Showcasing the latest products, technologies, and innovations shaping the future of construction. Egyptian International Exhibition Center. 

June 18, Dubai. Critical Infrastructure Summit. Senior stakeholders explore opportunities and challenges in public transportation, climate resilience, green spaces, and robust soft infrastructure. Habtoor Grand JBR. 

June 23-26, Amman. JIMEX Exhibition 2025. The event is a showcase of industrial engineering in the Near East. Jordan International Exhibition Center.

June 24, Dubai. Zawya GCC Capital Markets Forum. The event will bring together a diverse panel of C-suite-level participants from banks and top financial institutions. Fairmont Dubai. 

June 24-25, Dubai. Middle East Rail. The two-day programme will host more than 250 speakers from the region and beyond. Dubai World Trade Center.

June 24-25, Dubai. Mobility Live. A free-to-attend multi-brand exhibition hosting multiple country pavilions and  showcasing cutting-edge solutions. Dubai World Trade Center.