The Daily Circuit: Savvy Games eyes ByteDance unit + Aramco selects Citi
In the Daily Circuit today, we’re reporting on Aramco picking Citigroup to manage its multibillion-dollar logistics deal, Dubai’s Multiply Media buying digital advertising firm London Lites, Trump Tower Jeddah’s new main contractor, and a Formula One faceoff this weekend at the Qatar Grand Prix. But first, Saudi Arabia shops for another big gaming acquisition.
Saudi Arabia’s Savvy Games Group, fresh off a $55 billion takeover of Electronic Arts, is getting ready for its next blockbuster deal.
The PIF-backed firm, centerpiece of Crown Prince Mohammed bin Salman’s strategy for dominance in the global gaming market, is in talks with TikTok owner ByteDance to buy its Shanghai Moonton Technology unit, Bloomberg reports.
Along with the Saudi sovereign wealth fund, Savvy was backed by investors Silver Lake and Jared Kushner’s Affinity Partners on the EA deal.
If Savvy succeeds in buying Moonton, the acquisition would add one of the world’s most popular mobile developers – creator of “Mobile Legends: Bang Bang” – to a portfolio that already includes some of gaming’s biggest console and PC properties.
Extending control from popular titles to fast-growing mobile hits could help Saudi Arabia influence how and what billions of gamers play. Bloomberg notes, however, that negotiations are still at an early stage, and as with an earlier failed attempt, the deal could unravel again.
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📰 Developing Stories
TRUMP TUMBLE
The Trump family’s $1.5 billion crypto deal with Canada’s Alt5 Sigma is going south. Alt5 CEO Peter Tassiopoulos was suspended after the merger and the company has warned employees it may face lawsuits and regulatory probes, The Information reports. The merger, announced in August and signed by Eric Trump and Donald Trump Jr. on behalf of their company, World Liberty Financial, was meant to boost both firms through a new Trump-linked WLFI cryptocurrency. Eric Trump earlier touted the digital coin at the TOKEN2049 conference in Dubai before it was first generated. Now, Alt5’s stock has fallen 75% on the Nasdaq and the WLF token has plunged by nearly half its value.
REVVING UP
All eyes will be on Qatar’s F1 Grand Prix in Doha this weekend to see what shape the race leaders will be in going into the final showdown of the season at Abu Dhabi’s Yas Marina Circuit.The Etihad Airways Abu Dhabi Grand Prix, the biggest sporting event on the Gulf calendar, is expected to see a record-breaking crowd next week, as speculation grows for a potential three-driver showdown between Briton Lando Norris, Australian Oscar Piastri and Dutchman Max Verstappen. Four days of squealing tires will be topped off with after-race concerts headlined by Benson Boone, Post Malone, Elyanna, Metallica and Katy Perry.
💲 Sovereign Circuit
Aramco: Saudi Arabia’s state-owned oil company has picked Citigroup to arrange a potential multibillion-dollar sale of a stake in its oil export and storage terminals business.
EDGE: The UAE’s largest arms manufacturer says developing a homegrown air-defense system is its top priority, reflecting heightened concern over drone and missile threats in the Gulf, Bloomberg reports.
2PointZero:Multiply Media Group announced the full acquisition of London Lites, one of London’s leading digital display advertising companies
International Holding Co.:Abu Dhabi investment firm Alpha Dhabi Holding has acquired a $436 million stake in NMDC Group previously held by AD Ports Group.
Mubadala: Bahrain-based Investcorp, partially owned by Mubadala, will sell its majority stake in Denmark-based digital business platform Shine to Cegid, a cloud and AI solutions business majority owned by Silver Lake.
↪↩ Closing Circuit
🏗️ Trump Jeddah: Developer Dar Global awarded Arabian Construction Company the main contract to build the $532 million Trump Tower Jeddah.
🏢 New Office: Jefferies Financial Group has made its first move into Saudi Arabia’s private credit market by leading a $125 million financing deal for startup Erad.
🌀 Sea Cables: Qatari-listed telecom Ooredoo will put more than $500 million into international cable projects to reduce connectivity risks due to disruptions in the Red Sea and the Strait of Hormuz.
⚡ Power Towers:Oman Electricity Transmission Co. has awarded $640 million in contracts to supply power to eight new towns under construction.
🗣 Circuit Chatter
🚕 Robotaxi Launch: Uber and WeRide launched fully driverless robotaxis on Abu Dhabi’s Yas Island, the first location outside the U.S. to host such commercial rides on the Uber platform.
💸 Gulf Expansion: The Kuwait Financial Centre, an asset management firm known as Markaz, plans to launch a new equity fund and open its first foreign branch in Saudi Arabia, as part of its strategy to expand across the Gulf.
⛏️ New Ore: Saudi miner Amak has discovered new copper, zinc, gold and silver reserves in its Najran exploration area.
💰 Gold Enterprise: UAE based Aditum Investment Management plans to raise up to $50 million to fund Wiz Financial’s gold-backed private credit expansion in India.
🌍 Power Circuit
Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, asked the UAE public to support a nationwide drive to send more than 10 million meals to Gaza on a ship bearing his name.
Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, attended the Zayed Camel Race Grand Prize 2025.
Sheikh Ahmed bin Saeed, Chairman of the Dubai Integrated Economic Zones Authority, inaugurated the Dubai edition of the Doers Summit, which links venture capital and investors with startups.
Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, received a phone call on Wednesday from Rashif Meredov, his Turkmen counterpart.
Sheikha Jawaher bint Mohammed Al Qasimi, Wife of the Ruler of Sharjah and Chairperson of the Sharjah Family and Community Council, inaugurated the third edition of the Child Safety Forum 2025.
➿ On the Circuit
Abdulla bin Touq Al Marri, UAE Minister of Economy and Tourism, witnessed the launch of a digital platform for buying and selling trademarks.
Habiba Alsafar, Dean of the College of Medicine and Health Sciences at Khalifa University of Science and Technology in Abu Dhabi, has been awarded Belgium’s top honor of Knight in the Order of Leopold for her contribution to a biomedical research partnership between Belgium and the UAE.
James Holder, Head of Citi Private Bank for the U.K., Europe, the Middle East and Africa, told The Nationalthat capital inflows and the migration of the super wealthy to the UAE are likely to continue for at least another decade.
Abdulsalam Sulaiman Alrajhi, a board member of Liwan Real Estate Development, told Zawya Projects that he expects rising foreign ownership, policy reforms and sustained domestic demand to support Riyadh’s property market over the medium term.
🎶 Culture Circuit
👣 Famous Fossil: Lucy, the fossil of one of the earliest human ancestors, has been put on display at the newly opened Natural History Museum Abu Dhabi, The National reports. The 3.2 million-year-old skeleton was found at the Hadar site in Ethiopia’s Afar region in 1974 by American paleoanthropologist Donald Johanson and his team. Named after the Beatles song “Lucy in the Sky with Diamonds,” Lucy offered scientific insights into early humanity, including evidence for when bipedalism emerged in human evolution.
📷 Photo of the Day
Visitors test perfume at the “Scent Arabia” exhibition in Manama, Bahrain, on Tuesday. The exhibition features more than 100 brands, including perfumes, home fragrances and Arabian incense. (Chen Junqing/Xinhua via Getty Images)
📅 Circuit Calendar
Dec. 1-2, UAE. UAE National Day. A two-day public holiday to celebrate the UAE’s 54th National Day, also known as Eid Al Etihad.
Dec. 1-3, Riyadh. Saudi Intermobility Expo. A platform dedicated to advancing next-generation road networks, from sustainability to integrating AI and EVs. Riyadh Front Exhibition and Convention Center.
Dec. 3-5, Jeddah. AgroFood Jeddah. Bringing together developing businesses in the agricultural and food products field in Saudi Arabia. Jeddah Center for Exhibitions and Events.
Dec. 4, Abu Dhabi. Family Office Summit. Dedicated to fostering innovation and wealth management within the family office community. Park Hyatt Hotels and Villas.
Dec. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island.
Dec. 6-7, Doha. Doha Forum. Bringing together leaders in policy to discuss critical challenges facing our world. Sheraton Grand Doha Resort and Convention Hotel.
Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit.
Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.
Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.
Dec. 8-9, Kuwait City. Kuwait Risk Management Summit. Equipping leaders in enterprise risk, audit, and compliance with the latest insights and actionable strategies to tackle the evolving risk landscape. Kuwait Four Seasons Hotel.
Dec. 8-9, Abu Dhabi. Global AI Show. A leading forum examining investment opportunities in artificial intelligence. Space42 Arena.
Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.
Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the world’s top minds to redefine and shape the future of global markets. The Grand Steps, Al Maryah Island.
Dec. 18-23, Abu Dhabi. Games of the Future. A forum to discuss trends and investment opportunities in digital gaming. ADNEC.
Dec. 29-30, Dubai. World Sports Summit. Athletes, investors and decision makers discuss how sports can change the face of humanity. Madinat Jumeirah Arena.
UAE’s TrueWin, Dream Island online betting platforms go live
Momentum, the company behind the UAE’s only licensed lottery, has launched two online betting and casino platforms, TrueWin and Dream Island, Arabian Gulf Business Insights reports.
Both sites offer casino games and sports betting and are already live.
Their launch comes as the UAE weighs a historic policy shift that could generate an estimated $6.6 billion in annual gaming revenue.
Both TrueWin and Dream Island were registered in March 2023, several months before the General Commercial Gaming Regulatory Authority was established.
It comes as the UAE Lottery announced on Tuesday that it would be revamping its flagship Lucky Draw, just weeks after handing out its first Dh100 million ($27 million) grand prize.
The Daily Circuit: Aramco opens Paris VC outpost + BlackRock’s Saudi strategy
In the Daily Circuit today, we’re reporting on BlackRock’s plans to double its investments in Saudi Arabia, the PIF’s $253 million sale of its stake in Mecca developer Masar and Pope Leo’s first overseas trip to Lebanon and Turkey, plus an interview with Talib Alhinai, the lead Middle East executive for flying taxi maker Archer Aviation. But first, Aramco scouts for European startups from its new VC headquarters in Paris.
Aramco Ventures, a VC arm of Saudi Arabia’s state-owned oil company, is opening an office in Paris to oversee hundreds of millions of dollars worth of investments in artificial intelligence planned across Europe.
While heavy red-tape has hindered Europe’s ability to compete on the scale of the U.S. and China, it has produced some successful AI startups, including Paris-based Mistral, a maker of large language models, which counts Sanabil, the tech arm of Saudi Arabia’s Public Investment Fund, among its investors.
Ahmad O. Al-Khowaiter, Aramco’s Executive Vice President of Technology and Innovation, highlighted Aramco’s growing collaborations with French companies and plans for deeper investment in next-generation technologies across Europe at the Adopt AI International Summit in Paris this week.
On Sunday, French quantum computing start-up Pasqal installed its most powerful system at Aramco’s datacenter in Dhahran. Another part of Aramco’s VC arm, Wa’ed Ventures, was an early backer in Pasqal’s 2023 funding round and has been working with the company to adapt its technology to the kingdom’s industrial needs.
“This will expand quantum computing expertise in the region, and accelerate quantum applications in the energy, materials, and industrial sectors,” Al-Khowaiter said. “We are committed to our partnerships here, and also to the infectious spirit of innovation that surrounds the French tech industry.”
Editor’s Note: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].
CIRCUIT INTERVIEW
Archer aims for Abu Dhabi launch of flying taxi fleet in 2026
Abu Dhabi is positioning itself to become the first city in the Middle East to run a full-scale network of air taxis, with plans to launch commercial operations next year.
The emirate’s government and local companies are working with U.S.-based Archer Aviation to create a system that could turn congested car commutes into 10-20 minute flights across the city, Talib Alhinai, Archer’s lead executive for the Middle East, told The Circuit’s Omnia Al Desoukie.
Alhinai, 37, frames the project in terms of urban design and looking skyward. “Our cities have landed a lot in the second dimension,” he said. “As populations have grown and as urbanization continues, our cities have not expanded in the third dimension.”
Momentum, the company behind the UAE’s only licensed lottery, has launched two online betting and casino platforms, TrueWin and Dream Island, Arabian Gulf Business Insights reports. Both sites offer casino games and sports betting and are already live. Their launch comes as the UAE weighs a historic policy shift that could generate an estimated $6.6 billion in annual gaming revenue. Both TrueWin and Dream Island were registered in March 2023, several months before the General Commercial Gaming Regulatory Authority was established. The UAE Lottery, meanwhile, announced on Tuesday that it would be revamping its flagship Lucky Draw, just weeks after handing out its first 100 million-dollar ($27 million) grand prize.
NATIVE SPECIES
Scientists have uncovered a new ant species in the rugged Hajar Mountains of the UAE and named it Carebara sharjahensis in honor of the emirate of Sharjah.The insect – a so-called “soldier” ant – was found in the remote Wadi Shees region and bears unique anatomical features such as horn-like head appendages and fine setae that mark it as distinct, The National reports. The Carebara sharjahensis was identified by Mostafa Sharaf, an ant expert at the Sharjah Environment and Protected Areas Authority, who wrote a paper about his discovery in the Journal of Natural History. Sharaf said the Sharjah ant highlights the urgent need for environmental protection in the region where rapid development is threatening sensitive habitats.
💲 Sovereign Circuit
Public Investment Fund: The PIF sold 3.3% of its stake in Mecca developer Umm Al Qura for Development and Construction, known as Masar, for $253 million.
ADNOC: ADNOC Gas has signed a $4 billion agreement with UAE-based steel manufacturer Emsteel to supply natural gas.
Oman Investment Authority: Abdulsalam Mohammed Al Murshidi, Chairman of the OIA, met with Botswana’s President Duma Gideon Boko at the Presidential Palace in the capital Gaborone. Botswana has been seeking Gulf backing for its plan to take control of diamond giant De Beers and reverse ailing prices for natural stones.
L’imad Holding: Abu Dhabi-based master developer Modon Holding, majority owned by government company L’imad Holding, has taken a stake in Wellington Lifestyle Partners, which is developing an equestrian-led luxury project in Florida’s Palm Beach County.
↪↩ Closing Circuit
✈️ Airport Upgrades: Saudi airport operator Matarat Holding has chosen U.K.-based engineering and consulting firm Mott MacDonald to advise on long-term development and investment planning for 25 airports across the kingdom.
💺 Private Jets: VistaJet, the first foreign airline approved for private domestic flights in Saudi Arabia, has already operated 37 flights, mostly between Riyadh andJeddah, since August, with rates starting at $15,000 per hour.
💵 Property Deal: A unit of Bahrain-based GFH Financial Group has acquired a controlling stake in UAE-based Devmark Real Estate Brokers.
🗣 Circuit Chatter
💰 Doubling Down:BlackRock plans to double its investments in Saudi Arabia, where it has already deployed more than $35 billion,supported by four Riyadh-based teams targeting opportunities from infrastructure to AI,Bloomberg reports.
🛩️ Flight Bundles: Saudia has launched a new Flight Pass subscription offering prepaid economy-class trip bundles that could boost revenue from Saudi Arabia’s domestic market.
🔋 EV Maker: Morocco is nearing entry into the world’s top five electric-vehicle battery value-chain producers, Minister of Industry and Trade Riad Mezzour said.
🛢️ Oil Search: Egypt plans to drill more than 100 exploratory wells in 2026 after boosting crude production by nearly 200,000 barrels per day.
📉 Economy Collapse: A UNCTAD report said that the two-year Gaza war and West Bank restrictions have caused the worst economic collapse in Palestinian history, with the economy shrinking 30% in 2024 compared with 2022.
💸 Flying Contest: As Gulf’s major airports expand capacity, they are shifting from competing with Europe’s major hubs to vying against one another to attract hundreds of millions of future passengers, The Financial Times reports.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed met with Sheikh Fahad Yousef Saud Al Sabah, First Deputy Prime Minister and Minister of Interior of Kuwait, at Qasr Al Bahr palace in Abu Dhabi on Tuesday.
Sheikh Mohamed also met with Farid Ahmadov, Minister of Justice of Azerbaijan, on Tuesday in Abu Dhabi.
Saudi Crown Prince Mohammed bin Salmanreceived a phone call on Tuesday from King Abdullah II of Jordan.
Sheikh Tahnoon bin Zayed, UAE National Security Advisor, met withChristian Klein, CEO of German software company SAP on Tuesday.
➿ On the Circuit
Pope Leo plans to visit both Turkey and Lebanon on his first overseas trip, meeting with Orthodox Christian leaders and making appeals for peace in the region.
Gianni Infantino, President of the FIFA soccer federation, was granted Lebanese citizenship by President Joseph Aoun during a visit to Lebanon’s Presidential palace in Baabda on Tuesday. Infantino’s wife, Leena Al Ashqar, is Lebanese.
Hessa Alshuwaihihas been appointed as the UAE’s Consul General in Los Angeles.
Saeed bin Mubarak Al Hajeri, UAE Minister of State at the Ministry of Foreign Affairs, told Bloombergthat the government plans to expand commerce within sub-Saharan Africa as it seeks to bolster food security and tap into Africa’s rapid growth.
🎶 Culture Circuit
🎬 Shakespeare in the Desert: Barbara Broccoli’s Eon Productions, the former James Bond franchise producer, has signed up to make a screen adaptation of William Shakespeare’s “Othello” with financing from Qatar’s Katara Studios, to be shot in Doha next year. The production will be directed by British actor David Oyelowo, who will also star alongside “The Marvelous Mrs. Maisel’s” Rachel Brosnahan. It will be Broccoli’s first project since her company sold the Bond rights to Amazon MGM, Variety reports. The adaptation is based on a production directed by Sam Gold at the New York Theater Workshop in 2016. Entertainment news site Deadline reports that the screenplay reimagines the story in a contemporary Middle East, set in a U.S. barracks in Iraq.
📷 Photo of the Day
Members of the Dubai Basketball team celebrate after their 90-89 victory in the EuroLeague Round 13 match against Paris Basketball at Coca-Cola Arena in Dubai on Tuesday. (Charles Verghese/Euroleague Basketball via Getty Images)
📅 Circuit Calendar
Nov. 24-27, Dubai. Big 5 Global. Addressing the challenges shaping the construction and urban development industries. Dubai World Trade Center.
Nov. 26-27, Abu Dhabi. CyberQ 2025. The UAE’s flagship summit for cybersecurity and quantum technologies. ADNEC Center.
Dec. 1-2, UAE. UAE National Day. A two-day public holiday to celebrate the UAE’s 54th National Day, also known as Eid Al Etihad.
Dec. 1-3, Riyadh. Saudi Intermobility Expo. A platform dedicated to advancing next-generation road networks, from sustainability to integrating AI and EVs. Riyadh Front Exhibition and Convention Center.
Dec. 2-5, Abu Dhabi: Sotheby’s Abu Dhabi Collectors’ Week. Auction house runs a series of public sales, masterclasses, panel discussions and exhibitions. St. Regis Saadiyat Island Resort.
Dec. 3-5, Jeddah. AgroFood Jeddah. Bringing together developing businesses in the agricultural and food products field in Saudi Arabia. Jeddah Center for Exhibitions and Events.
Dec. 4, Abu Dhabi. Family Office Summit. Dedicated to fostering innovation and wealth management within the family office community. Park Hyatt Hotels and Villas.
Dec. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island.
Dec. 6-7, Doha. Doha Forum. Bringing together leaders in policy to discuss critical challenges facing our world. Sheraton Grand Doha Resort and Convention Hotel.
Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit.
Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.
Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.
Dec. 8-9, Kuwait City. Kuwait Risk Management Summit. Equipping leaders in enterprise risk, audit, and compliance with the latest insights and actionable strategies to tackle the evolving risk landscape. Kuwait Four Seasons Hotel.
Dec. 8-9, Abu Dhabi. Global AI Show. A leading forum examining investment opportunities in artificial intelligence. Space42 Arena.
Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.
Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the world’s top minds to redefine and shape the future of global markets. The Grand Steps, Al Maryah Island.
Dec. 18-23, Abu Dhabi. Games of the Future. A forum to discuss trends and investment opportunities in digital gaming. ADNEC.
Dec. 29-30, Dubai. World Sports Summit. Athletes, investors and decision makers discuss how sports can change the face of humanity. Madinat Jumeirah Arena.
Archer aims for Abu Dhabi launch of flying taxi fleet in 2026
Abu Dhabi is positioning itself to become the first city in the Middle East to run a full-scale network of air taxis, planning to launch commercial operations next year.
The emirate’s government and local companies are working with U.S.-based Archer Aviation to create a system that could turn congested car commutes into 10-20 minute flights across the city, Talib Alhinai, Archer’s lead executive for the Middle East, told The Circuit.
“It’s an ecosystem‑wide approach that is making this happen,” Alhinai said in an interview.
Archer, headquartered in San Jose, California, will bring its “Midnight” eVTOL aircraft to the UAE, backed by the Abu Dhabi Investment Office, Abu Dhabi Aviation, Etihad Aviation Training, and Abu Dhabi Airports, which plans to build at least 10 so-called vertiports across the emirate. ADIO signed a multimillion‑dollar framework agreement with Archer last year and presented key elements of its plan during Abu Dhabi Autonomous Week.
Alhinai, 37, a board member of the UAE’s General Civil Aviation Authority who has a Ph.D. in Aerial Robotics from Imperial College London, frames the project in terms of urban design and looking skyward.
“Our cities have landed a lot in the second dimension,” he said. “As populations have grown and as urbanization continues, our cities have not expanded in the third dimension.”
Globally, air taxi technology is advancing rapidly. In China, EHang is already operating autonomous air taxis in Guangzhou and Hefei while conducting test flights in Shanghai and Shenzhen. In the U.S., Archer and Joby Aviation have flown demonstration eVTOL (electric vertical take-off and landing) aircraft and are pursuing regulatory approval. Europe’s Volocopter and Lilium are conducting test flights and limited urban services, while Japan is updating regulations to allow short‑range urban air mobility.
In Abu Dhabi, Archer plans to operate dozens of air taxis across a network of vertiports connecting Zayed International Airport, Al Bateen Executive Airport, hotels, business districts, and residential areas. The goal is to cut a 60-90 minute drive through clogged city traffic to a 10–20 minute flight. Flights will initially be piloted, using crews trained by Etihad Aviation Training. Autonomous operations have not been scheduled.
While fares have not been publicly announced, Archer has previously indicated that rates will reach the upper end of the premium‑transportation market. A study by St. Petersburg, Florida-based Ark Invest in 2023 found that air taxis will probably settle at prices slightly lower than helicopter rides, with a flight between New York’s JFK Airport and downtown Manhattan costing about $430.
As Abu Dhabi moves to offer the UAE’s first commercial air taxi service, Dubai is advancing air-taxi programs with EHang and other companies. Saudi Arabia is planning air taxis as part of large-scale development projects in Riyadh and on the kingdom’s western coast.
Alhinai says Abu Dhabi’s progress has been accelerated by the government’s determination to get air taxis flying as soon as possible. “The country has built the scaffolding around us to make this commercially viable, not just experimental,” he said.
Gulf Airlines compete for passengers with Starlink internet
Providing dependable internet connections is the latest battleground in competition between Gulf airlines.
The rivalry on international routes between Emirates and Qatar Airways is being stoked by the increased availability of Starlink, the low-orbit satellite network developed by Elon Musk’s SpaceX, Arabian Gulf Business Insight reports.
While the Qatar carrier has already equipped more than 100 of its long-haul aircraft with Starlink’s service, Dubai-based Emirates is trying to catch up with a new fleet-wide rollout of Starlink that will enable streaming videos, playing video games and making voice calls simultaneously.
Budget airline Flydubai, meanwhile, is preparing to offer Starlink’s high-speed WiFi as a standard feature rather than a premium perk.
In the Daily Circuit today, we’re reporting on Morocco’s Akdital planning a $1.6 billion expansion of its private hospital network into Gulf markets, Uber seeking regulatory approval to buy Turkey’s Getir food delivery service from Mubadala, Qatar’s Ooredoo completing a secondary share offering and the construction of two liquor stores for expats in Saudi Arabia. But first, ADNOC sets its course through 2030.
Abu Dhabi’s state oil company ADNOC is moving ahead with a $150 billion capital spending plan for the next five years aimed at boosting growth and meeting rising global energy demand.
During a meeting in Abu Dhabi on Monday, which was chaired by UAE President Sheikh Mohamed bin Zayed, the company’s board approved its 2026-2030 spending program, noting that its oil reserves have grown to 120 billion stock tank barrels, up from 113 billion. Natural gas reserves have also increased.
ADNOC is focused on “leveraging advanced technologies and AI to future-proof our business,” Group CEO Dr. Sultan Al Jaber told the board. “We will continue to transform how we create value at speed and scale, driving a new era of intelligence-powered performance, operating at the intersection of AI and energy, to deliver growth for the UAE.”
ADNOC reported that its investment arm, XRG, has grown in value to about $151 billion since its November 2024 launch and will target global deals in chemicals, natural gas, and renewables as part of the UAE’s energy diversification efforts.
The board also approved a new operating company for its Ghasha offshore concession, which is expected to produce 1.8 billion cubic feet of gas and 150,000 barrels of oil and condensates per day.
Editor’s Note: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].
📰 Developing Stories
BOTTLE SERVICE
Two new liquor stores are under construction in the cities of Jeddah and Dammam as Saudi Arabia further eases restrictions on alcohol in a bid to draw more foreign talent to reside in the kingdom, Reuters reports. It comes after reports that the country’s only sanctioned liquor store, in Riyadh, is now allowing a larger group of foreign residents to make purchases. Non-Muslims holding a permit under the Premium Residency program, which grants visas to entrepreneurs, investors, property owners and talented individuals, are now allowed to purchase alcohol in the store, which was previously reserved for diplomats. Loosening rules around alcohol has been a delicate task for the Saudi leadership, which has attempted to appease conservatives by cracking down on nightclubs known as “lounges” in recent months.
AERIAL CONNECTIONS
Providing dependable internet connections is the latest battleground in competition between Gulf airlines. The rivalry on international routes between Emirates and Qatar Airways is being stoked by the increased availability of Starlink, the low-orbit satellite network developed by Elon Musk’s SpaceX, Arabian Gulf Business Insight reports.While the Qatar carrier has already equipped more than 100 of its long-haul aircraft with Starlink’s service, Dubai-based Emirates is trying to catch up with a new fleet-wide rollout of Starlink that will enable streaming videos, playing games and making voice calls simultaneously. Budget airline Flydubai, meanwhile, is preparing to offer Starlink’s high-speed WiFi as a standard feature rather than a premium perk.
💲 Sovereign Circuit
Mubadala: Uber is seeking regulatory approval in Turkey to buy Getir Food from the Abu Dhabi sovereign wealth fund, a move that would deepen its presence in Turkey’s food delivery market as Mubadala exits the business, Bloomberg reports.
Mubadala: Los Angeles-based Ares Management is teaming up with Mubadala and the Abu Dhabi Investment Council to launch a so-called GP-stakes platform that will buy minority holdings in mid-size private equity firms.
ADQ:AD Ports Group, an ADQ subsidiary, and Masdar signed an agreement to collaborate on the development and delivery of offshore wind projects.
Abu Dhabi Investment Authority:Qatari telecoms operator Ooredoo said its secondary global offering of shares, stemming from ADIA’s recent divestment of half its 10% stake, has been completed.
↪↩ Closing Circuit
✈️ Double Money:The Dubai Airshow 2025 closed with deals surpassing $202 billion, double its 2023 edition.
🩺 Gulf Reach: Moroccan private hospital giant Akdital is launching a $1.6 billion expansion into Gulf markets, using its property arm Tazak to raise capital for new hospitals in Saudi Arabia and the UAE.
⛏️ Start Digging:Brunswick Exploration, a Montreal-based miner, has begun lithium exploration in Saudi Arabia after receiving a pending-approval license.
🌐 Quantum Lift: Heven AeroTech, an Israeli drone startup, announced a new investment and strategic partnership with U.S. quantum computing company IonQ.
📈 Economic Rebound: The Bank of Israel cut its benchmark interest rate by 0.25% to 4.25%, its first rate cut since January 2024, citing eased inflation after the Gaza ceasefire and a rebound in economic activity.
🗣 Circuit Chatter
📉 Fiscal Warning:The International Monetary Fund warned that Bahrain’s deteriorating fiscal position and rising debt-to-GDP ratio require new measures, including a general corporate income tax and reduction in broad energy subsidies.
📜 Executive Ban: U.S. President Donald Trump has signed an executive order directing his top diplomats and treasury officials to begin the process of designating certain chapters of the Muslim Brotherhood as foreign terrorist organizations.
💸 Desert Debut: Airtel Money, a subsidiary of London-listed telecom Airtel Africa, is planning a $1 billion IPO in the UAE after securing a regulatory waiver because of its lack of a local headquarters.
🇪🇬 Winning Trust: HSBC says Egypt’s devalued pound is winning back foreign debt investors’ trust, arguing that fears of policy reversals have eased and that convertibility, rather than fixed value, has become more credible.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed chaired the annual meeting of the ADNOC Board of Directors at the Habshan complex in Abu Dhabi on Monday.
Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, opened a new session of the Federal National Council. The session was attended by Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court.
Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, met withMassad Boulos, Advisor to the U.S. President for African and Arab Affairs on Monday in Abu Dhabi.
Sheikha Moza bint Nasser, Chairperson of the Qatar Foundation and mother of Qatar’s Emir Sheikh Tamimdelivered the opening speech on Monday at the 12th World Innovation Summit for Education. Speaking about artificial intelligence, Sheikha Moza said: “The pace of change now surpasses our limits and our ability to adapt. This reality brings risks that we can neither downplay nor ignore.”
➿ On the Circuit
Abdullah Ali Al-Yahya, Kuwait’s Minister of Foreign Affairs, met on Monday with Adam Boehler, the U.S. Special Envoy for Hostage Response.
Faisal Al Bannai, Secretary General of the Advanced Technology Research Council, talked with CNN’s Becky Anderson about the UAE’s determination to take the lead in the global AI race.
Yuriko Koike, Governor of Tokyo, will attend and deliver a keynote address at the FII Priority Asia Summit in Tokyo on Nov. 30- Dec. 1, according to a press statement.
Danny Townsend, CEO of SURJ Sports Investment, spoke to The Nationalabout the recent Masters 1000 announcement, the company’s overall strategy, and the challenges that come with working to transform the sports ecosystem in Saudi Arabia.
Gerd Muller, Director-General of the UN Industrial Development Organization, said that Saudi Arabia represents an ambitious model for achieving sustainable industry.
Aldo De Jager was appointed CEO of Dubai’s Mira International, formerly known as Mira Real Estate.
🎶 Culture Circuit
🪩 Coming Out: American superstar Diana Ross is joining the lineup for Abu Dhabi’s Saadiyat Nights concert series, performing the opening night double-header with British singer Seal on Jan. 9. The Supremes singer will perform favorites from her six-decade career, including solo hits “I’m Coming Out” and “Upside Down.” The concert series, which continues through to Feb. 11 at a venue near Manarat Al Saadiyat, will also feature Ludovico Einaudi, Lewis Capaldi, John Mayer, Ricky Martin, Mariah Carey and Bryan Adams.
📷 Photo of the Day
UAE President Sheikh Mohamed bin Zayed (right) and Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Group CEO of ADNOC, met with Emirati employees at ADNOC’s Habshan complex in Abu Dhabi ahead of the company’s annual meeting held at the facility on Monday. (Emirates News Agency)
📅 Circuit Calendar
Nov. 24-27, Dubai. Big 5 Global. Addressing the challenges shaping the construction and urban development industries. Dubai World Trade Center.
Nov. 25-26, Riyadh. Global Sustainability Expo. Dedicated to advancing sustainability practices across industries. The Arena Riyadh.
Nov. 26-27, Abu Dhabi. CyberQ 2025. The UAE’s flagship summit for cybersecurity and quantum technologies. ADNEC Center.
Dec. 1-2, UAE. UAE National Day. A two-day public holiday to celebrate the UAE’s 54th National Day, also known as Eid Al Etihad.
Dec. 1-3, Riyadh. Saudi Intermobility Expo. A platform dedicated to advancing next-generation road networks, from sustainability to integrating AI and EVs. Riyadh Front Exhibition and Convention Center.
Dec. 3-5, Jeddah. AgroFood Jeddah. Bringing together developing businesses in the agricultural and food products field in Saudi Arabia. Jeddah Center for Exhibitions and Events.
Dec. 4, Abu Dhabi. Family Office Summit. Dedicated to fostering innovation and wealth management within the family office community. Park Hyatt Hotels and Villas.
Dec. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island.
Dec. 6-7, Doha. Doha Forum. Bringing together leaders in policy to discuss critical challenges facing our world. Sheraton Grand Doha Resort and Convention Hotel.
Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit.
Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.
Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.
Dec. 8-9, Kuwait City. Kuwait Risk Management Summit. Equipping leaders in enterprise risk, audit, and compliance with the latest insights and actionable strategies to tackle the evolving risk landscape. Kuwait Four Seasons Hotel.
Dec. 8-9, Abu Dhabi. Global AI Show. A leading forum examining investment opportunities in artificial intelligence. Space42 Arena.
Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.
Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the world’s top minds to redefine and shape the future of global markets. The Grand Steps, Al Maryah Island.
Dec. 18-23, Abu Dhabi. Games of the Future. A forum to discuss trends and investment opportunities in digital gaming. ADNEC.
Dec. 29-30, Dubai. World Sports Summit. Athletes, investors and decision makers discuss how sports can change the face of humanity. Madinat Jumeirah Arena.
UAE developers tap bond market as real estate boom accelerates
Property developers in the UAE are raising billions through bonds and private credit to take advantage of the ongoing real estate boom, as banks tighten lending to private developers.
Dollar bond and sukuk issuances have grown more than 12 times to $6 billion since 2021, Bloomberg reports.
Heavyweight developers Emaar, Aldar and DAMAC, as well as emerging names like Sharjah’s Arada, have been regularly issuing Islamic bonds as they compete to buy prime land.
The rise in issuances has seen maturities due by 2030 grow to about $8 billion and some analysts are now flagging risks from the boom-time spending.
The Daily Circuit: Lunate aims at AI + Aramco mulls asset sale
In the Daily Circuit today, we’re reporting on Aramco mulling a plan to raise funds by selling billions of dollars in assets, DHL’s possible $150 million investment in building a Riyadh logistics center, an agreement between the QIA and Canada’s Ivanhoe Mines to produce critical minerals, and Saudi Arabia enabling expats with special residency permits to buy liquor. But first, Lunate considers a $1 billion investment in AI.
Abu Dhabi’s Lunate investment firm is spearheading a new push to bolster the UAE’s global position in developing artificial intelligence technology.
The two-year-old Abu Dhabi asset manager is now considering a possible investment of up to $1 billion in MGX, which was established last year by the Mubadala sovereign wealth fund and its G42 tech unit to channel money into AI, Bloomberg reports.
Lunate, which works with many of the world’s largest firms including BlackRock, Blackstone, CVC Capital Partners and Brookfield Asset Management, raised about $17 billion in 2024, of which it has already invested about $13.5 billion, the news agency said.
Among its largest backers are Abu Dhabi sovereign wealth fund ADQ and Chimera Investment, which are both connected to Sheikh Tahnoon bin Zayed, the UAE National Security Advisor and Deputy Ruler of Abu Dhabi.
The UAE government, meanwhile, announced a $1 billion “AI for development” initiative at the G20 summit in Johannesburg to expand AI infrastructure across Africa, and integrate the technology into education, agriculture, health care and climate adaptation.
Editor’s Note: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].
📰 Developing Stories
WASHINGTON COMEBACK
The elaborate reception with which U.S. President Donald Trump greeted Crown Prince Mohammed bin Salman last week capped the de facto Saudi leader’s Washington comeback. Topping the visit’s tangible achievements were the designation of Riyadh as a major non-NATO ally and a promise that the U.S. would sell Saudi Arabia its most advanced jet fighter, the F-35, The Wall Street Journal notes. Those two elements showcased Trump’s determination to pursue a new approach to Saudi Arabia, reversing former President Joe Biden’s initial approach of treating the kingdom’s heir to the throne as a pariah.. “No Arab leader in recent memory has received such a lavish welcome from an American president – including a red-carpet welcome, a parade of horses and a black-tie dinner – and certainly not an authoritarian leader with such a scrutinized human-rights record,” the Journal said.
DEBT SPREE
Property developers in the UAE are raising billions through bonds and private credit to take advantage of the ongoing real estate boom, as banks tighten lending to private developers. Dollar bond and sukuk issuances have grown more than 12 times to $6 billion since 2021, according to Bloomberg. Heavyweight developers Emaar, Aldar and DAMAC, as well as emerging names like Sharjah’s Arada, have been regularly issuing Islamic bonds as they compete to buy prime land. The rise in issuances has seen maturities due by 2030 grow to about $8 billion and some analysts are now flagging risks from the boom-time spending.
💲 Sovereign Circuit
Saudi Aramco: The state-owned energy giant is considering plans to raise as much as $10 billion by selling a range of assets, including a stake in its oil export and storage terminals, Bloomberg reports.
EDGE: Tawazun Council for Defense Enablement, EDGE Group, Khalifa University of Science and Technology, and Lockheed Martin signed a letter of intent to launch a national integrated ecosystem for the design and production of microelectronics in Abu Dhabi.
Qatar Investment Authority: The QIA and Canada’s Ivanhoe Mines signed an agreement to produce critical minerals.
Abu Dhabi Investment Authority:A subsidiary of ADIA along with GIC, Singapore’s sovereign wealth fund, led a $1.6 billion equity investment in the Asia-Pacific platform of Vantage Data Centers. Part of the capital will be used to close the acquisition of Yondr Group’s 300MW hyperscale data center in Johor, Malaysia.
Oman Investment Authority: Oman signed an agreement with Airbus Defense and Space to build Oman’s first communications satellite OmanSat-1, to be overseen by Space Communications Technologies, a subsidiary of the OIA.
↪↩ Closing Circuit
📦 Delivery Hub: DHL said it will invest $150 million in a Riyadh logistics hub adjoining King Khalid International Airport, drawn by Saudi Arabia’s push to become a regional trade gateway.
🏡 Building Deals:Deals at CityScape in Riyadh exceeded $63 billion, with wide participation from local and international companies.
⚓ Breaking Ground: Saudi Global Ports has begun building the $347 million integrated logistics park at King Abdulaziz Port in Dammam.
🎞️ Filming Hub:The Film Committee at Media City Qatar signed an agreement with Company 3 to establish a dedicated post-production and VFX studio in Doha.
🗣 Circuit Chatter
🍻 Bottoms Up: Saudi Arabia is quietly expanding alcohol sales to non-Muslim expats who hold a special level of residence status, enabling them to buy liquor at a Riyadh store once reserved for diplomats, Semafor reports.
🌍 Return to Libya: Global oil companies including Shell, Chevron, and TotalEnergies are returning to Libya as the North African country launches its first exploration auction in 18 years, the Financial Times reports.
🏦 Banking on India: Foreign banks have poured $8 billion into India this year, highlighted by Emirates NBD’s $3 billion buyout of RBL Bank and Sumitomo Mitsui’s stake in Yes Bank, the Financial Times reports.
💸 Future Focus: Lux Capital cites Abu Dhabi and Dubai in its third-quarter letter to investors as “testbeds for a new model of state capitalism: nimble, cash-rich and future-obsessed.”
💵 Building Boom: Abu Dhabi is seeking partners to carry out infrastructure projects worth $54 billion over the next five years, and aims to double that amount by 2040, the head of Abu Dhabi Projects and Infrastructure Centre, Maysarah Mahmoud, said on a tour of Istanbul.
💰 Swiss Banking: Swiss wealth management firm Julius Baer is expanding into Abu Dhabi with a new advisory office in the ADGM freezone set to open in December.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed and King Hamad of Bahrain oversaw a joint military exercise in Bahrain on Saturday.
Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, has approved Dubai’s general budget cycle for the fiscal years 2026-2028, with a record total expenditure of $82.4 billion.
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, UAE Minister of Defense and Chairman of the Supreme Space Council, chaired the Council’s second meeting on Sunday.
Sheikh HamdanappointedHesham Mohammed Abdulrahim Al Olama as CEO of the Media Development Sector and Rashid Humaid Saeed Al Marri as CEO of the Media Regulation Sector at the Dubai Media Council on Monday.
Sheikha Al Mayassa bint Hamad Al-Thani, the sister of Qatar’s Emir Sheikh Tamim, hosted the inaugural Franca Fund Gala in Doha along with Vogue’s Anna Wintour and Italian director Francesco Carrozzini. Attendees at the glitzy gathering included supermodel Gisele Bündchen, model and TV personality Tyra Banks, actress Tessa Thompson, artist Jeff Koons, designer Christian Louboutin and tennis star Ons Jabeur.
➿ On the Circuit
Yasir Al Rumayyan, Governor of the Public Investment Fund, and Saudi Arabia’s Crown Prince Mohammed bin Salman have been rendered in two bronze busts, unveiled at Al Rumayyan’s London residence on Friday.
Aladdin bin Adbullah Bait Fadhilwas appointed CEO of Oman Telecommunications Co..
Naif Alnasserwas appointed as Head of Asset Management and Remedial Management Unit of Bahrain’s Ithmaar Bank.Khaled Abdullah Belhoulpresented his credentials to Masoud Pezeshkian, President of Iran, as Ambassador Extraordinary and Plenipotentiary of the UAE.
Gerry Cardinale, RedBird Capital Partners founder and Managing Partner, told Axios Business Editor Dan Primack on Axios Live that his failed attempt to buy London’s Daily Telegraph, initially with backing from the UAE,“just got too political.” “I don’t aspire to be the proprietor of a newspaper. I’m not buying a newspaper. My fund is buying a newspaper,” he said. The Telegraph said on Saturday it was in advanced talks to sell itself to DMGT, the owner of right-wing tabloid The Daily Mail, for $655 million.
Hary Tanoesoedibjo, founder of Indonesia’s MNC Group conglomerate and a longtime associate of U.S. President Donald Trump, is the subject of a report in the Financial Times about Trump’s real estate deals and political involvement in Indonesia. Trump has been trying to persuade Indonesia to join the Abraham Accords and normalize relations with Israel.
Lakshmi Mittal, the Indian billionaire businessman, is leaving the U.K. for Dubai, blaming new taxes on the super-rich.
🎶 Culture Circuit
🎞 Blasting Off: Emmy Award winner David Darg has signed on to direct a new film based on the Arab world’s first female astronaut. The 90-minute drama titled, “The Desert Beyond,” is a fictionalized version of the real-life story of Nora Al Matrooshi, who last year became the first Arab woman to qualify as an astronaut in the UAE Space Agency’s training program, Deadline reports. “We’re bringing a female-driven story from the Arab world to a global audience – one that shows women not only breaking barriers, but defining what leadership and growth look like in the Middle East today,” producer Carla DiBello told the Hollywood trade publication. Rasha Al Mubarak is executive producer.
📷 Photo of the Day
Visitors view dinosaur fossils at the newly opened Abu Dhabi Natural History Museum in the Saadiyat Cultural District on Saturday. Giuseppe Cacace / AFP via Getty Images)
📅 Circuit Calendar
Nov. 19-23, Abu Dhabi. Abu Dhabi Art. One of the region’s biggest art fairs marks its 17th and final year before it relaunches as Frieze Abu Dhabi next year. Manarat Al Saadiyat.
Nov. 24-27, Dubai. Big 5 Global. Addressing the challenges shaping the construction and urban development community today and tomorrow. Dubai World Trade Center.
Nov. 25-26. Riyadh. Global Sustainability Expo. Dedicated to advancing sustainability practices across industries. The Arena Riyadh.
Nov. 26-27, Abu Dhabi. CyberQ 2025. The UAE’s flagship summit for cybersecurity and quantum technologies. ADNEC Center.
Dec. 1-2, UAE. UAE National Day. A two-day public holiday to celebrate the UAE’s 54th National Day, also known as Eid Al Etihad.
Dec. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island.
Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit.
Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.
Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.
Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.
Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the world’s top minds to redefine and shape the future of global markets. The Grand Steps, Al Maryah Island.
The Daily Circuit: UAE’s $50B Canada pledge + Dubai Airshow wraps up
In the Daily Circuit today, we’re reporting on the UAE’s pledge to invest $50 billion in Canada, Abu Dhabi’s IHC entering the bidding war for Lukoil, new derivatives trading planned for Saudi Arabia’s Tadawul exchange and the exotic dishes chef Alain Ducasse will serve up at his pop-up restaurant in AlUla. But first, a sad conclusion to the Dubai Airshow.
The Dubai Airshow wrapped up today in tragedy when an Indian fighter jet crashed during an aerial demonstration, killing the pilot.
Video footage showed a massive explosion after the Tejas aircraft plummeted to the ground, The National reports. The Indian Air Force said an investigation would be launched to establish the cause of the incident. Today was the final day of the exhibition, one of the world’s largest aviation events, which was expected to attract close to 150,000 visitors this year
In other developments at the airshow, Riyadh Air said it will run the carrier’s first commercial passenger flights to London Heathrow before April next year.
Saudi Arabia’s new national airline, owned by the Public Investment Fund, postponed its launch because of a yearlong delay in the delivery of eight Boeing 787 aircraft. Now that four of the planes have arrived, Riyadh Air will start flying to London and Dubai, with five other destinations to follow, CEO Tony Douglas told The National.
“Early in the new year we will be up and running,” Douglas said in an interview with the Abu Dhabi newspaper on the sidelines of the Dubai Airshow.
Riyadh Air, part of Saudi Arabia’s effort to return an air of chic to international travel, unveiled the couture-influenced uniforms worn by its flight attendants on a Paris runway last year. Last month, the airline started flights to Heathrow that were limited to employees of Riyadh Air and the PIF, as well as select guests.
Flydubai, meanwhile, announced it will introduce a three-class layout on its Boeing 787 planes, operating business class, economy and premium economy sections starting in 2027.
Mubadala’s Strata Manufacturing said it signed an agreement with Airbusto produce the hinged wing parts called ailerons for the European aircraft maker’s A320.
Emirates and OpenAI announced a strategic collaboration deal to advance AI adoption across the airline’s business units, including tailored AI literacy programs for executives and across the entire workforce.
Editor’s Note: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].
📰 Developing Stories
MAPLE LEAF DIPLOMACY
Canada’s Prime Minister Mark Carney is “very confident” that his country can more than double its trade with the UAE in less than a decade. Speaking to the Canada-UAE Business Council today, Carney said his government is finalizing a framework agreement to spend more than $50 billion in fields including energy, AI logistics and mining. Among the commitments, Carney said his government was finalizing a $1 billion investment in a project to expand critical minerals processing capacity. “To the uninitiated, Canada and the UAE can appear as different as snow and sand, yet we’re deeply, deeply aligned,” he said. In the wake of the visit, Inovia Capital, one of Canada’s biggest VC tech investors, announced today that it would open an office in Abu Dhabi’s ADGM free zone.
TRANSFORMING TRADES
Saudi Arabia’s Tadawul Exchange plans to roll out a “new generation” of investment products, including debt instruments and derivatives. CEO Khalid Al-Hussan told Asharq Bloomberg in an interview that the Saudi financial market is “going through the fastest stage of its development in decades,” adding that it is “racing to innovate new products… in preparation for a digital expansion phase reliant on AI and blockchain.” Over the past eight years, the number of listed companies has risen to 380 from 100 with total capitalization exceeding $2.5 trillion. Al-Hussain noted that the amount raised through initial public offerings since 2018 has exceeded $130 billion.
💲 Sovereign Circuit
International Holding Co.: IHC has joined a list of potential bidders for the global assets of Lukoil, following U.S. sanctions on one of Russia’s biggest oil companies, Reuters reports. Lukoil has stakes in oilfields in Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt, the UAE and Nigeria, as well as three refineries in Europe and hundreds of retail fuel stations globally. Other bidders include ExxonMobil, Chevron and U.S. private equity firm Carlyle.
International Holding Co.: IHC plans to exit from non-strategic minority investments worth up to $25 billion over the next 18 months, CEO Syed Basar Shueb told Reuters.
Qatar Investment Authority: Qatar’s sovereign wealth fund is revising its plans for redeveloping the HSBC Tower in London’s Canary Wharf so that it can retain up to 80% of the office space, shifting away from previous mixed-use plans, amid stronger office demand,Reuters reports.
ADQ: AD Ports, a subsidiary of ADQ, acquired the Public Investment Fund’s full stake in Alexandria Container & Cargo Handling Co for $279 million.
ADQ: AD Ports Group subsidiary KEZAD Group, has signed two land lease agreements worth more than $299 million with two leading Indian business groups.
↪↩ Closing Circuit
🚗 Auto Pact: Saudi Arabia’s Ministry of Investment signed a preliminary agreement with Dutch car maker Stellantis and Saudi auto products firm Petromin, to manufacture cars in the kingdom.
🌐 Raising Security: UAE-based AI digital security company Secure closed a $4.5 million funding round, which was led by venture investor Disrupt.
⚗️ Genetic AI: Cassidy Bio, an Israeli biotech startup, raised $8 million in seed funding to build an AI-driven platform that accelerates design of gene-editing therapies.
🗣 Circuit Chatter
🏘️ Open House: Saudi Arabia’s plans to allow foreigners to own a wide range of real estate, including in Mecca, are on track, with the new rules to kick in from January, Bloomberg reports.
🛢️ Oil Talks: Libya’s National Oil Company is finalizing preparations for February’s first oil exploration bid round in 17 years, offering 22 offshore and onshore concessions.
💰 Exit India: Emirates NBD India is among potential buyers who are interested in taking over Deutsche Bank’s retail and wealth management business in India,Bloomberg reports.
🌍 Power Circuit
Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, witnessed the launch of a new strategy from the Ministry of Foreign Trade.
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, attended the opening ceremony of the Natural History Museum Abu Dhabi in the Saadiyat Cultural District.
U.S. President Donald Trump received assurances from the World Economic Forum that “woke” topics, such as female empowerment, diversity and climate change, would not be included in panel discussions as a condition to his participating in the annual Davos event, the Financial Times reports.
➿ On the Circuit
Pope Leo XIV, met withDr. Khalid Ghanem Al Ghaith, UAE Secretary-General of the Higher Committee of Human Fraternity, at the Vatican on Thursday.
Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, said that the country is in advanced talks with Japan and the EU over comprehensive economic partnership agreements.
President Alexander Stubb of Finland said in an interview with The National that he is looking to enhance trade and technological relations with the UAE.
🎶 Culture Circuit
🧑🍳 Bon appétit: Slow-cooked young camel with foie gras and grilled spiny lobster with tamarind and curry leaves are among the locally-inspired dishes to be served up at the Ducasse in AlUla pop-up this December in Saudi Arabia. Designed by famed French-born Monagasque chef Alain Ducasse, the five or seven-course meal will use 80% local produce, including camel, dates, spices and seafood from the Red Sea, prepared with French techniques, Arab News reports.
📷 Photo of the Day
UAE President Sheikh Mohamed bin Zayed stepped in to capture a photo of Canadian Prime Minister Mark Carney with UAE-based Canadian photographer Ryan Carter in a candid moment during Carney’s official visit to Abu Dhabi on Thursday. Carter has worked as an official UAE photographer covering the UAE President’s events. (@shkmbz/Instagram)
📅 Circuit Calendar
Nov. 19-23, Abu Dhabi. Abu Dhabi Art. One of the region’s biggest art fairs marks its 17th and final year before it relaunches as Frieze Abu Dhabi next year. Manarat Al Saadiyat.
Nov. 24-27, Dubai. Big 5 Global. Addressing the challenges shaping the construction and urban development community today and tomorrow. Dubai World Trade Center.
Nov. 25-26. Riyadh. Global Sustainability Expo. Dedicated to advancing sustainability practices across industries. The Arena Riyadh.
Nov. 26-27, Abu Dhabi. CyberQ 2025. The UAE’s flagship summit for cybersecurity and quantum technologies. ADNEC Center.
Dec. 1-2, UAE. UAE National Day. A two-day public holiday to celebrate the UAE’s 54th National Day, also known as Eid Al Etihad.
Dec. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island.
Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit.
Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.
Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.
Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.
Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the world’s top minds to redefine and shape the future of global markets. The Grand Steps, Al Maryah Island.
The Daily Circuit: Trump-MBS summit tallies $575B in deals + Paramount engages the Gulf
In the Daily Circuit today, we’re reporting on possible involvement by Gulf sovereign wealth funds in Paramount’s bid for Warner Bros. Discovery, Kuwait’s Wafra buying a stake in Paris-based Ardian, EDGE Group’s joint defense venture with Italian aerospace firm Leonardo, and this weekend’s opening of the Natural History Museum Abu Dhabi. But first, the Trump-MBS show winds down in Washington.
Amid the social splash and diplomatic advances that Saudi Crown Prince Mohammed bin Salman made in Washington this week, the kingdom tallied some $575 billion in deals from two days of rubbing shoulders with America’s corporate elite.
Among the biggest was an agreement between Elon Musk’s xAI, Jensen Huang’s Nvidia and Saudi Arabia’s Humain to build a 500-megawatt data center to bolster the kingdom’s ambitions of becoming a world hub for powering artificial intelligence.
Humain, which was launched by the Public Investment Fund in May, meanwhile, formed a joint venture with Advanced Micro Devices and Cisco to build more Middle East data centers. Also announced was a deal between PIF-owned mining company Ma’aden and Pentagon-backed MP Materials to build a rare-earth refining facility in Saudi Arabia, challenging China’s dominance in global mineral markets. And Salesforce said it will set up a regional headquarters in Riyadh as it prepares to invest $500 million in setting up AI and cloud services.
Addressing the Crown Prince and an entourage of his Cabinet ministers at the U.S.-Saudi Investment Forum held at Washington’s Kennedy Center on Wednesday, U.S. President Donald Trump said: “I want to thank you for bringing all those jobs and all those great opportunities to America.”
The deals were made possible, in part, by the U.S. Commerce Department allowing U.S. companies to sell advanced Nvidia chips to both Humain and Abu Dhabi AI company G42, The Wall Street Journal reports.
While the Saudi leader told Trump during their initial meeting this week in the Oval Office that the kingdom plans to spend almost $1 trillion in the U.S. – spanning energy, artificial intelligence, defense and aerospace, finance, infrastructure, education, and healthcare – many of the announcements involved preliminary agreements far from conclusion, The New York Times reports. That reflects Saudi Arabia’s current financial constraints amid slumping oil prices that have produced serial budget deficits and forced cutbacks in NEOM and several of its other ambitious megaprojects.
Editor’s Note: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].
📰 Developing Stories
AI HOLLYWOOD
Saudi Arabia has deepened its push into artificial intelligence with a $900 million dollar investment in Luma AI, a Silicon Valley company developing technology that could reshape film production. Luma’s executives, who were present at the Future Investment Initiative last month in Riyadh, raised funds in a round led by Humain, alongside AMD Ventures and existing backers including Andreessen Horowitz and Matrix Partners. Humain and Luma AI are also building a 2-gigawatt data centre in the kingdom, known as Project Halo, which Luma CEO Amit Jain said would meet regional demand and “a big portion” of the company’s global compute needs, Arabian Gulf Business Insight reports. Jain added that the kingdom’s combination of land, low-cost solar power and close U.S. ties made it an attractive location for large-scale AI infrastructure.
COMIC RELIEF
Speculation is growing over the role of Gulf sovereign wealth funds in Paramount’s bid for Warner Bros. Discovery, despite the media and entertainment company attempting to throw cold water on the rumours. Paramount is seen as the favorite among a cohort of potential suitors, including Netflix and Comcast, which are preparing bids for the entertainment conglomerate, which owns iconic brands including CNN, HBO and DC Comics. Variety reported on Tuesday that the Ellison family, which owns 100% of Paramount Skydance, was putting together a $71 billion bid with backing from Saudi Arabia’s Public Investment Fund, the Qatar Investment Authority and the Abu Dhabi Investment Authority. Paramount responded by saying the information in the report was “categorically inaccurate.” However, the Financial Times reported that Paramount held “preliminary talks” with the PIF and other investors about backing the deal separately.
💲 Sovereign Circuit
Mubadala: The Abu Dhabi Investment Council, an independently-run unit of the sovereign wealth fund, more than tripled its stake in the iShares Bitcoin Trust ETF in the third quarter to nearly 8 million shares just before Bitcoin’s steady ascent turned into a steep selloff, Bloomberg reports.
Masdar:Masdar and Tadweer Group signed a preliminary agreement to develop Abu Dhabi’s first commercial-scale waste-to-SAF plant, which will convert about 500,000 tonnes of waste annually into sustainable aviation fuel using green hydrogen and waste gasification.
Wafra: The $28 billion money manager owned by Kuwait’s state pension agency, has bought a minority stake in the $192 billion European private markets firm Ardian, Bloomberg reports.
Qatar Investment Authority: Blue Owl Capital, a New York asset management firm that has backing from the QIA and Mubadala, has abandoned its planned merger of two private-credit funds after concerns it could trigger as much as 20% in losses for investors, the Financial Times reports.
↪↩ Closing Circuit
🪖 Defense Alliance: Abu Dhabi’s EDGE Group and Italian aerospace firm Leonardo said they will form a joint venture in the UAE to produce advanced defense systems.
💰 Coastal Investment: State-run Minerals Development Oman has signed a $530 million concession agreement with India’s JSW Group to mine gypsum and limestone in Dhofar.
🌱 Seed Round: UAE-based AI SaaS company Kingpin raised $3.5 million in a seed funding round backed by investors including San Francisco-based Infinity Ventures, with support from Abu Dhabi business accelerator Hub71.
🗣 Circuit Chatter
🚢 Tanker Mystery: Iran has released the seized oil tanker Talara and its crew, minus its cargo, Bloomberg reports.
🪸 Climate Coup: Turkey is expected to host next year’s COP31 climate meeting after Australia dropped its bid to host the annual event.
🪙 Approved Coin: The UAE Central Bank has allowed AI-powered bank Zand to launch Zand AED, the first officially approved digital token backed by the Dirham.
🔋 Asia Expansion: Abu Dhabi-listed NMDC Energy is, opening new branches in Taiwan and in Shanghai, China.
🌍 Power Circuit
Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, announced the establishment of a national investment fund with initial capital of $10 billion to encourage foreign investment.
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, will lead the UAE delegation at the 20th G20 summit, which takes place Nov. 22-23, in Johannesburg, South Africa.
Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of the Central Bank of the UAE, met withPan Gongsheng, Governor of the People’s Bank of China, at Qasr Al Watan palace in Abu Dhabi on Wednesday.
Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, held a phone call with Pablo Quirno, Argentina’s newly appointed Minister of Foreign Affairs, International Trade and Worship. Sheikh Abdullah also held a phone call with David van Weel, Minister of Foreign Affairs of the Netherlands.
➿ On the Circuit
Mark Carney, the Canadian Prime Minister, arrived in Abu Dhabi today for a working visit. He is expected to meet with business executives and the heads of the UAE’s sovereign wealth funds.
Abdul Wahab Al-Halabi, a turnaround specialist, has been named Executive Chairman of UAE-based conglomerate IFFCO Group, which operates food brands including London Dairy, as it works with Rothschild & Co. to restructure about $2 billion in debt.
Dilhan Pillay, CEO of Singapore’s Temasek sovereign wealth fund, warns that the weakening U.S. dollar is eroding returns and making U.S.-dollar–denominated assets less attractive, with hedging costs ballooning, Bloomberg reports.
Usman Ahmed, Group CEO of National Bank of Bahrain, was appointed as an Executive Director representing NBB at asset manager SICO.
Mohammed Alawadhi, Managing Director of the U.K.’s Cheval Collection, told The Nationalthat the developer plans to launch up to seven projects in Saudi Arabia over the next three years as the market opens up to foreign buyers.
Lourdes Vega, a Professor at Khalifa University, was included in the Women in Hydrogen 50 for 2025 global list’s Technology and Innovation category.
🎶 Culture Circuit
🦖 Dino Date: The Natural History Museum Abu Dhabi, one of the star attractions of the Saadiyat cultural district and the first of its kind in the region, will open to the public this weekend. Among the artifacts on display will be a nearly 12-meter (38-foot)-tall Tyrannosaurus rex skeleton named Stan and a 7-billion-year-old meteorite. The museum sits between immersive digital art museum TeamLab Phenomena Abu Dhabi, which opened in February, and the Louvre Abu Dhabi. The launch comes less than two weeks before the Zayed National Museum opens its doors to the public on Dec. 3.
📷 Photo of the Day
U.S. President Donald Trump, Saudi Crown Prince Mohammed bin Salman, Nvidia founder and CEO Jensen Huang, Elon Musk and other attendees, arrive for a family picture at the U.S.-Saudi Investment Forum in Washington on Wednesday. (Brendan Smialowski / AFP via Getty Images)
📅 Circuit Calendar
Nov. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.
Nov. 19-23, Abu Dhabi. Abu Dhabi Art. One of the region’s biggest art fairs marks its 17th and final year before it relaunches as Frieze Abu Dhabi next year. Manarat Al Saadiyat.
Nov. 24-27, Dubai. Big 5 Global. Addressing the challenges shaping the construction and urban development community today and tomorrow. Dubai World Trade Center.
Nov. 25-26. Riyadh. Global Sustainability Expo. Dedicated to advancing sustainability practices across industries. The Arena Riyadh.
Nov. 26-27, Abu Dhabi. CyberQ 2025. The UAE’s flagship summit for cybersecurity and quantum technologies. ADNEC Center.
Dec. 1-2, UAE. UAE National Day. A two-day public holiday to celebrate the UAE’s 54th National Day, also known as Eid Al Etihad.
Dec. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island.
Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit.
Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.
Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.
Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.
Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the world’s top minds to redefine and shape the future of global markets. The Grand Steps, Al Maryah Island.