The Daily Circuit: Blackstone’s Kuwait move + Oil flows via Suez
In today’s Daily Circuit, we’re reporting on Saudi Arabia sending its oil the long way around through Egypt’s Suez Canal, Malaysia agreeing to stage Bahrain’s postponed F1 Grand Prix, Qatar investing in a Spanish quantum computing company, and Tadej Pogacar of UAE Team Emirates – XRG winning his fifth Tour de France. But first, Blackstone arrives in Kuwait.
Just days after agreeing to participate in a $16 billion oil pipeline partnership in Kuwait, marking the largest foreign direct investment in the country’s history, Blackstone announced it would open an office in the country.
The New York-based alternative asset manager, which already has an office in Abu Dhabi, said it would open its second Gulf outpost in the third quarter of this year via the Kuwait Direct Investment Promotion Authority, Bloomberg reports.
Kuwait Petroleum Company, Blackstone, Brookfield Asset Management and KKR & Co. signed a leasing agreement on Saturday for KPC’s crude pipelines, held by subsidiary Kuwait Oil Company, helping to boost the country’s capital sources amid the conflict with Iran.
Blackstone’s commitment to a physical presence in the country comes even as Kuwait, which hosts multiple U.S. military facilities, has faced repeated threats from Iran amid a flare up of hostilities that started on July 7.
“Kuwait has the resources, vision and leadership to be a key commercial and financial hub in the region,” Blackstone President and Chief Operating Officer Jon Gray said. “Private capital can play an important role to support the country’s long-term economic diversification efforts.”
Growing competition among private equity, private credit and infrastructure investors to win business from the Kuwait Investment Authority has already seen firms including BlackRock, Partners Group and Carlyle Group commit to opening offices in Kuwait.
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📰 Developing Stories
SUEZ ROUTE
Saudi Arabia is rerouting more oil through Egypt’s Suez Canal, adding to a broader reshuffling of global oil flows as Gulf producers seek alternatives to the Strait of Hormuz. At least four tankers carrying Saudi crude abruptly reversed course this week before reaching the Bab el-Mandeb Strait at the southern end of the Red Sea, instead heading north toward the Suez Canal, according to ship-tracking firm Vortexa, The Wall Street Journal reports. On Sunday, two supertankers bound for Asia took the longer Suez Canal route, with the Greek-owned Olympic Luck already through the canal partially laden and the DHT Gazelle following, Bloomberg reports.Vessels from nations including China and Pakistan continue to use the Bab el-Mandeb Strait.
RACING AHEAD
Malaysia will host its first Formula One race in nine years after agreeing to stage Bahrain’s postponed Grand Prix at the Sepang International Circuit, allowing the event to go ahead despite the disruption caused by the conflict. The race will be held between the Azerbaijan and Singapore fixtures, taking place Oct. 2-4, Bloomberg reports. The Bahrain race was originally scheduled for April but was postponed alongside Saudi Arabia’s Jeddah Grand Prix after the outbreak of hostilities. The agreement remains subject to final contracts and approval from the World Motor Sport Council, Formula One and the FIA.
💲 Sovereign Circuit
Public Investment Fund: Saudi Arabia’s sovereign fund signed a memorandum of understanding with the Export-Import Bank of the U.S. to build a financing framework worth up to $15 billion to support strategic investments and procurement from U.S. companies. The PIF also signed agreements worth up to $9.5 billion with the International Finance Corporation and the Multilateral Investment Guarantee Agency.
Kuwait Investment Authority: BP is in advanced talks to sell its Lightsource solar business to a consortium backed by Kuwait’s sovereign wealth fund, as the energy major refocuses on oil and gas and pursues a $20 billion divestment plan.
Qatar Development Bank: The state-backed entity was among investors in a $570 million fundraising round for Multiverse Computing, a quantum AI software company headquartered in San Sebastián, Spain.
Mubadala Capital: Carlyle and Bain Capital are competing to acquire Wealth Enhancement, a wealth management platform overseeing nearly $160 billion in client assets, as Mubadala Capital’s $8.8 billion acquisition of CI Financial highlights growing investor interest in the sector, the Financial Times reports.
↪↩ Closing Circuit
🔋 Battery Power: The African Development Bank has approved a $114.2 million loan to Gotion Power Morocco to help finance a lithium battery gigafactory, with plans to mobilize an additional $160.9 million from financial partners.
🏦 Bank Deal: Nigerian billionaire Tony Elumelu’s United Bank for Africa, which has a presence in Dubai, is nearing approval for a French banking license as it expands its international footprint.
🧲 Wealth Magnet: Dubai’s Department of Economy and Tourism is partnering with Swiss wealth manager Julius Baer to attract international investors, business owners and family offices to establish and expand their presence in the emirate.
🎰 Wynn Win: Construction has begun on Janu Al Marjan Island, a luxury hotel and branded residences project in Ras Al Khaimah, marking the second joint venture between Marjan and Wynn Resorts.
💸 New Bonds: Oman’s Bank Dhofar is planning to raise up to $400 million through the issuance of a new type of investment.
🗣 Circuit Chatter
🚘 Trump Way: U.S. President Donald Trump said Morocco is naming a 655-mile highway after him, thanking King Mohammed VI and calling it “such an honor” in a social media post.
🎮 Gaming Hub: Australian video game streaming company Kick, which lets people broadcast themselves playing live, is expanding in Saudi Arabia and the wider Gulf.
🤝 Working Together: The UAE and Canada have concluded negotiations on a Comprehensive Economic Partnership Agreement, which is expected to cut tariffs and expand market access, building on bilateral trade that reached $4.2 billion in 2025.
🏢 Oman’s Market: Younger first-time buyers benefiting from lower interest rates are driving Oman’s property market, with sale contracts rising 7% to 34,000 in the first half of 2026 and mortgage signings up 26% year-on-year.
💰 Alternative Option: Morocco’s Casablanca Finance City is stepping up efforts to attract companies seeking alternatives to Gulf hubs amid regional conflict and travel disruptions, pitching its strategic access to African markets, Africa Intelligence reports.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed held a phone call on Sunday with Andy Burnham, the U.K.’s new Prime Minister.
Saudi Crown Prince Mohammed bin Salman also held a phone call with Andy Burnham, who condemned attacks by Yemen’s Iran-backed Houthi militia.
Bahrain’s King Hamad bin Isa Al Khalifa held a phone call with Israel’s President Isaac Herzog on Sunday.
Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, held a phone call with Qatar’s Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman on Sunday. Sheikh Abdullah also held a phone call with Oman’s Minister of Foreign Affairs Sayyid Badr bin Hamad bin Hamoud.
➿ On the Circuit
Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, met with Stéphane Courbit, Chairman of Banijay Group, on the sidelines of the Tour de France, where they discussed the future of the media and entertainment landscape.
Dave Shaw, the UFC’s Executive Vice-President and Head of International and Content, told The National that the return to Abu Dhabi “feels like a homecoming.”
Rizwan and Adel Sajan, the father and son behind Danube Properties, told Arabian Gulf Business Insight that while newcomer developers may now be struggling with the downturn in Dubai’s property market, it was creating an advantage for mature businesses. “All my sites are running better than before because a lot of projects from other developers have stopped,” Rizwan said.
🎶 Culture Circuit
🌴 Natural Beauty: The UAE’s Wadi Wurayah National Park, a geological site in Fujairah, has been added to the Unesco World Heritage List, The National reports. Wadi Wurayah sits within the Hajar Mountains about 45km from Fujairah City and is the only permanent freshwater ecosystem in the area, with year-round streams, springs and natural waterfalls. The site, which became the country’s first national park in 2013, will become a protected site of global importance, recognized for its “outstanding universal natural value.”
📷 Photo of the Day
📅 Ahead on the Circuit
July 26-28, Riyadh. Sanabil Angel Investing Unlocked. Training the next generation of angel investors in Saudi Arabia and the wider MENA region.
July 28-30, Cairo. EduGate. The annual fair highlights technology and new educational trends and techniques from across the Middle East. Egypt International Exhibition Center.
August 18-19, Dubai. Middle East Event Show. Bringing together professionals from the events industry. Dubai World Trade Center.
August 28-Sept. 6, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition. An annual event celebrating traditional Emirati heritage and culture. ADNEC Centre.
August 30-Sept. 2, Riyadh. Big 5 Construct. The event connects construction industry stakeholders with suppliers in Saudi Arabia. Riyadh Front Exhibition & Conference Center.
August 31-Sept. 3, Riyadh. LEAP Expo Riyadh. A major tech trade show for the Middle East, which includes a global startup live pitch event. RECC Malham.
Sept. 1-3, Dubai. Middle East Energy. A three-day energy exhibition in Dubai brings together utilities, developers, manufacturers and industry professionals. Dubai World Trade Centre.
Sept. 1-3, Doha. Qatar Event Show. Brings together the events industry through a three-day program featuring exhibitions, conferences, workshops and networking opportunities. Doha Exhibition & Convention Center.
Sept. 11-13, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles. ADNEC Centre.
Sept. 13-18, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC Centre.
Sept. 17-19, Abu Dhabi. International Real Estate & Investment Show 2026. An event targeting investors and consumers rather than trade visitors. ADNEC Centre.
Sept. 29-Oct. 1, Abu Dhabi. LIVEX 2026. Abu Dhabi’s inaugural Livability and Investment Exhibition. ADNEC Centre.
Oct. 26-29, Riyadh. Future Investment Initiative Tenth Edition 2026. Saudi Arabia’s keystone annual business conference, sponsored by the Public Investment Fund. King Abdulaziz International Convention Center.