The Daily Circuit: $600 billion MBS-Trump phone call + Dubai IPOs
👋 Hello from the Middle East!
In today’s Daily Circuit, we’re looking at the UAE’s 2025 IPO pipeline, a planned stock offering for Oman’s Asyad Shipping, DP World’s $1 billion offer to expand Peruvian ports and a possible new version of the Saudi national anthem. But first, the $600 billion phone call MBS made to the White House.
Saudi Arabia’s Crown Prince Mohammed Bin Salman and U.S. President Donald Trump are picking up where they left off four years ago.
After congratulating Trump on his return to the White House in a phone call on Wednesday, Prince Mohammed, who is also Prime Minister, said he’s willing to boost investment and trade with the U.S. by $600 billion through 2028, the Saudi Press Association reports.
The Saudi kingdom hopes to participate in the new U.S. administration’s “ability to create unprecedented economic prosperity and opportunity,” the Prince said in the SPA dispatch.
The phone conversation came on the eve of Trump’s virtual address today to the World Economic Forum in Davos, where he is expected to expand on his foreign policy agenda.
President Trump will also take questions from a panel including Blackstone CEO Stephen Schwarzman, Bank of America CEO Brian Moynihan, TotalEnergies CEO Patrick Pouyanne and Banco Santander Chair Ana Botin.
Trump forged a close relationship with the heir to the Saudi throne during his first term and said he selected the kingdom for his first overseas trip as president in 2017 because of its commitment to buy U.S. weapons and other goods.
Shortly after his inauguration on Monday, Trump told reporters he’d consider visiting Saudi Arabia again if it would agree to buy “another $450 billion or $500 billion” worth of U.S. products.
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📰 Developing Stories
IPO PIPELINE
After leading the Gulf region as a source for IPOs last year, the UAE is kicking off 2025 with a new slate of stock offerings. Dubai Investments, which is backed by the sovereign wealth fund Investment Corporation of Dubai, plans to take four of its subsidiaries public this year, CEO Khalid bin Kalba tells The National. The company’s business units span a range of sectors, including real estate, building materials and construction, education, financial services and others, though Bin Kalba declined to be specific. “We talked to the local authorities with [regards to] our intention to IPO,” he said. “The discussion is going on now [around] what multiples we are going to get and what value we are going to get for our divestments.”
CASH CALL
Saudi Arabia is having some trouble getting across the message that it wants to be a target for investment and not just a source. The difficulty has been evident in the oil-rich kingdom’s campaign to promote itself as a metals and mining hub, Bloomberg reports. Saudi Arabia presented $100 billion of local investment opportunities at its Future Minerals Forum in Riyadh last week amid Crown Prince Mohammed bin Salman’s push to make metals and mining the “third pillar” of the nation’s economy. “We’re at the show me stage,” Canada Nickel CEO Mark Selby told the news agency. “There’s a lot of stuff in progress but there is yet to be many shovels in the ground.”
💲 Sovereign Circuit
Mubadala: M42, an AI-powered healthcare company backed by the Abu Dhabi sovereign wealth fund, announced a new operating structure on Thursday that the firm said will enable it to make more acquisitions and expand into new markets. Meanwhile, a report commissioned by Mubadala and MGX outlines how they expect AI to revolutionize the investment industry in the next three to five years by improving portfolio management and operational efficiency.
Oman Investment Authority: OIA-backed Asyad Group is planning an IPO in March for its Asyad Shipping unit, Bloomberg reports.
Qatar Investment Authority: The Qatar sovereign wealth fund expects that Donald Trump’s return to the White House will lead to a boom in U.S. technology deals, Mohammed Al Hardan, the QIA’s head of technology, media and telecommunications, told Bloomberg in an interview at Davos.
↪↩ Closing Circuit
🛫 Taking Off: Kingdom Holding expects to receive approval by Saudi Arabia’s Capital Market Authority to hold an IPO for low-cost airline Flynas, CEO Talal Al-Maiman told Al-Arabiya.
⚓ Port Overhaul: DP World CEO Sultan Ahmed bin Sulayem offered to invest more than $1 billion to expand port infrastructure in Peru during a meeting with President Dina Boluarte in Davos.
🛢️ Slowing Growth: The IMF reduced its 2024 growth forecast for Saudi Arabia to 1.5%, citing the decision by OPEC+ to extend cuts in oil production.
😔 Mental Health: Eleos, an Israeli startup that uses AI to help mental health professionals manage administrative tasks, raised $60 million in a Series C funding round led by Greenfield Partners.
🗣 Circuit Chatter
🤖 AI Focus: Oracle plans to quintuple its investment in Abu Dhabi, focusing on artificial intelligence and cloud services, Nick Redshaw, the company’s Senior Vice President for Technology Cloud and UAE country leader, told The National.
📡 Signal Up: Qatar Es’hailSat, the Qatar Satellite Company, signed a multi-year deal with Morocco’s National Radio and Television Authority to help expand home service across the MENA region.
👩🏾🎓 Risk Education: The Dubai International Financial Academy signed an agreement with Lloyd’s to expand its Lloyd’s Academy’s educational platform for risk professionals.
🚢 Calmer Seas: Cargo shipping prices should fall at least 20% if attacks by Yemen’s Houthi rebels are curbed, DP World Deputy CEO Yuvraj Narayan told Reuters in an interview at Davos.
⚡ Tower Electric: UAE telecom company e& will work with IBM to improve its compliance, ethical practices, and oversight systems.
🌍 Power Circuit
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Deputy Prime Minister and Minister of Defence, hosted a majlis gathering with guests including Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, and Group CEO of ADNOC; Omar Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications; and Dr. Andreas Kaufmann, Chairman of the Supervisory Board of Leica Camera.
Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai, and UAE Deputy Prime Minister and Minister of Finance, inaugurated the second phase of the Dubai Electricity and Water Authority’s Green Data Centre on Wednesday.
➿ On the Circuit
Syrian Foreign Minister Asaad al-Shibani said at Davos on Wednesday that his country is working with Gulf states on energy partnerships and planning to open its economy to foreign investment.
Adam Neumann’s Canada Global investment company bought a property for $70.5 million in Miami, Fla., where the WeWork founder plans to build a residential community with 2,400 apartments.
Ali Ahmed Al-Kuwari, Qatari Finance Minister, said during a panel at Davos that his country considers it a duty to support Syria and its new administration after 14 years of devastating civil war.
Gen. Imad Kreidieh, Chairman of Lebanon’s Ogero telecom company, said the firm is working to restore and expand the country’s damaged connectivity.
🎶 Circuit Culture
🎶 New Sound Track: Famed composer Hans Zimmer is working on a new version of the Saudi national anthem and is also in discussions to potentially produce a large-scale concert and original composition for the Kingdom called “Arabia,” The National reports. Zimmer was among a host of Hollywood’s finest attending the Joy Awards in Riyadh over the weekend.
📷 Photo of the Day
📅 Circuit Calendar
Jan. 20-24, Davos, Switzerland. World Economic Forum. The annual WEF meeting brings world leaders and business executives together to discuss the world’s greatest policy challenges. Davos-Klosters.
Jan. 23-25, Riyadh. 2025 Drone Racing World Cup. The tournament will feature elite pilots from over 50 countries competing in races with speeds reaching 350 km/h. Winners will take home prizes exceeding $266,530. Boulevard City.
Jan. 27-30, Dubai. Arab Health. Premier healthcare event where attendees network with global leaders, discuss ground-breaking innovations and seek to shape the future of healthcare. Dubai World Trade Center.
Jan. 27-28, Riyadh. Private markets in Saudi Arabia and GCC. Exploring fundraising strategies, value creation and opportunities across private equity, credit and venture capital within Saudi Arabia and the broader Middle East. The Fairmont Hotel.
Jan. 27-29, Abu Dhabi. TII – Quantum Technology Symposium. The symposium celebrates the UNESCO International Year of Quantum Science and Technology, marking 100 years since the advent of quantum mechanics. Hilton Yas Island, Abu Dhabi.
Jan. 27-30, Miami, Fla. iConnection Miami Alts. Networking event for fund managers and finance industry professions. Miami Beach Convention Center.
Jan. 30, Abu Dhabi. MEVCA Investors Summit. The one-day conference is sponsored by the Middle East Venture Capital Association. ADGM.
Feb. 1-8, Abu Dhabi: Mubadala Abu Dhabi Open. Top women tennis stars compete in WTA 500 tournament. International Tennis Centre, Zayed Sports City.
Feb. 3-6, Dubai. Medlab Middle East 2025. The show attracts exhibitors whether global giants or emerging startups to discuss digital health solutions. Dubai World Trade Centre.
Feb. 4-5, Doha. Seatrade Maritime Qatar Conference and Exhibition. Conference brings industry experts, decision-makers, shipping companies and leaders in technology, energy, finance and investment. Sheraton Grand Doha Resort.
Feb. 9-12, Riyadh. Leap 2025. Riyadh’s tech event that brings in tech innovators and leading experts from around the world to discover new ideas, build new partnerships, and connect with inspiring mentors and investors. Riyadh Front Expo Centre.
Feb. 11-13, Dubai. World Government Summit 2025. Annual event brings in world leaders and business leaders from the region and outside to discuss the most pressing matters. Madinat Jumeirah.
Feb. 14-16, Munich Security Forum. Known as one of the world’s leading forums for debating international security policy. Hotel Bayerischer Hof.
Feb. 17-21, Abu Dhabi: IDEX 2025. Military contractors from around the world show their wares at one of the most prominent international defense exhibitions. ADNEC Center.
Feb. 17-21, Dubai. Gulf Food. In its 30th edition, the exhibition brings in many more companies to show their work on food and the industry’s use of technology. Dubai World Trade Center.
Feb. 18-19, Abu Dhabi. The Future of Asset Management Middle East. A two-day conference that gathers leading executives from top asset management companies in the Middle East region. The Ritz-Carlton, Grand Canal.
Feb. 22-23, Miami, Fla. FII Priority. Saudi Arabia’s Future Investment Initiative connects U.S. and Middle Eastern investors. Faena Hotel & Forum, Miami Beach.
Feb. 25, Dubai. Family Office Summit 2025. Global fund leaders managing $1 trillion in assets will meet under the theme, “Taking Money Out of Cash.” Ritz Carlton Jumeirah Beach