The Daily Circuit: G42’s Minneapolis data center + OPEC hits 36-year low
In today’s Daily Circuit, we’re reporting on OPEC oil production plunging to a 36-year low, the Oman Investment Authority investing in Elon Musk’s Neuralink, Lockheed teaming up with UAE defense firm EDGE to assemble chiplets in Abu Dhabi and peak truffle season in Kuwait. But first, Abu Dhabi’s G42 plants an AI flag in America’s Midwest.
G42, the UAE’s government-backed artificial intelligence company, is moving forward with expansion plans in the U.S. by opening a new data center in downtown Minneapolis, Minnesota.
A unit of the Abu Dhabi-based firm, Core42, leased space in a converted office tower in the Midwest city that is being redeveloped into an AI data center, as it seeks a bigger foothold in the U.S. market amid surging demand for high-speed computing, Bloomberg reports.
The Minnesota project is part of the strategy pursued by G42 Chairman Sheikh Tahnoon bin Zayed, the UAE’s National Security Advisor, to turn the company into a global AI leader through partnerships with U.S. technology firms, including Microsoft and OpenAI.
G42, which is also operating in California, Texas and New York, announced in February that it’s leading a $1 billion project in Vietnam to build data centers and provide cloud computing services.
At the Milken Institute’s Global Conference 2026 in Los Angeles this week, Mubadala Deputy Group CEO Waleed Al Mokarrab Al Muhairi said that disruptions from the ongoing conflict with Iran won’t stop the sovereign wealth fund – which holds a minority stake in G42 – from increasing its investments in the U.S.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
SECURITY HUB
UAE to build free zone for defense manufacturers amid Iran attacks
UAE Vice President Sheikh Mohammed bin Rashid, the Ruler of Dubai, visited defense firms today at the “Make it in the Emirates” fair (Emirates News Agency)
The UAE said it’s going to build a free zone in Abu Dhabi designed to attract foreign defense manufacturers, acting days after Iran renewed attacks on its oil installations.
The industrial complex will be developed in partnership with Abu Dhabi-backed AD Ports and coordinated with state-owned military contractor EDGE and ADNOC, the UAE’s Tawazun Council for Defense Enablement said on Wednesday.
OPEC oil production has fallen to the lowest level in 36 years. As the Iran war disrupted exports and infrastructure across the Gulf, supplies sunk by 420,000 barrels a day in Aprilto 20.5 million barrels, according to a Bloomberg survey. The report reflects the shutdown of oil shipping in the Gulf that has sent prices for jet fuel, diesel and gasoline skyrocketing. It was released on Tuesday, almost a week after the UAE announced it would leave OPEC following years of friction with Saudi Arabia and other members over production quotas. The survey showed that Kuwait had the biggest losses last month – producing less than a third of pre-conflict levels – followed by Iran.
FLIGHT DELAY
The commercial launch of Riyadh Air, the new carrier backed by Saudi Arabia’s Public Investment Fund, is facing delays because of hold-ups in certification of its new jets by the U.S. Federal Aviation Administration. The airline was supposed to start taking delivery of its Boeing 787 widebody aircraft last year, but only a handful of the planes have been assembled and they are still awaiting certification, Bloomberg reports. The certification process has dragged on for months longer than expected and the FAA has not given a fresh timeline for final approvals, the news agency reports. Riyadh Air, which has not yet given an exact date for its planned 2026 launch, signed deals for more than 39 Boeing 787-9 models, with options for 33 more. It also has orders for 100 narrow and widebody aircraft from Airbus, which are yet to be delivered.
💲 Sovereign Circuit
Mubadala: CredibleX, a UAE lender specializing in AI-driven financing for small businesses, raised $15 million in a Series A funding round led by the Abu Dhabi sovereign wealth fund.
Mubadala: Mubadala said it has made a minority investment in Power Factors alongside existing investor Vista Equity Partners to support the global expansion of its renewable energy management platform.
Oman Investment Authority: Oman’s sovereign wealth fund has invested in Elon Musk’s brain chip firm Neuralink.
Saudi Aramco: Asmo, a joint venture between the Saudi oil giant and DHL Supply Chain, has started building its first large logistics hub at King Salman Energy Park in Saudi Arabia.
EDGE: Lockheed Martin signed an agreement with the Tawazun Council for Defense Enablement to establish an advanced microelectronics design and assembly facility in the UAE, to be built in partnership with Abu Dhabi defense group EDGE.
Public Investment Fund: Saudi Arabia’s PIF is selling its first U.S. dollar bond since the start of the Iran conflict, Bloomberg reports.
↪↩ Closing Circuit
🏥 Healthcare Buyout: Saudi Arabia’s Dr. Soliman Fakeeh Hospital Co. agreed to acquire Dr. Mohammed Bin Rashed Al Faqih & Partners Co. in a deal valued at about $425 million amid consolidation in the kingdom’s private healthcare sector.
🚧 Rebalancing Riyadh: The Royal Commission for Riyadh City has awarded $637 million in infrastructure contracts under a program aimed at providing affordable residential land to Saudi citizens.
🚗 Scrap Station: Stellantis, an Amsterdam-based car maker, has opened its first Middle East and Africa vehicle dismantling centre in Casablanca.
🔗 Aluminum Expansion: Egypt signed a strategic partnership with Trafigura to expand the Nag Hammadi Aluminum Complex, investing up to $900 million through the Metallurgical Industries Holding Company subsidiary, Egyptalum.
🗣 Circuit Chatter
🛍️ Trust Building: Brookfield Asset Management is forming a joint venture with Alshaya Group to develop a 480,000-square-foot mixed-use project in Dubai Hills, in a bid of confidence in the long-term strength of the Dubai property market.
₿ Crypto Acceleration: Wall Street giant BNY is collaborating with Finstreet and the ADI Foundation to launch regulated digital asset custody services within the Abu Dhabi Global Market.
🏰 Happiest News: Plans to build Disneyland Abu Dhabi remain on track despite the Iran conflict, with Disney CEO Josh D’Amaro saying in a letter to shareholders that the “strategic logic” of the UAE project remains unchanged.
🚢 Port Pressure: The UAE’s eastern ports of Fujairah and Khor Fakkan have become the Gulf’s main trade lifeline since the Strait of Hormuz was effectively shut, with truck and container traffic surging even after Iranian drone attacks targeted Fujairah facilities, Reuters reports.
💵 Selling Assets: Italy’s UniCredit said it has reached a preliminary agreement to sell part of its Russian subsidiary to a private investor in the UAE for an undisclosed amount, The Wall Street Journal reports.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayedmet today in Abu Dhabi with Sheikh Mohammed bin Abdulrahman Al Thani, Prime Minister and Minister of Foreign Affairs of Qatar. He also met withNikos Christodoulides, President of Cyprus. On Wednesday, Sheikh Mohamed met withSheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, at the Make it the Emirates expo in Abu Dhabi. He alsomet withJohn Mahama, President of Ghana, on the sidelines of the event.
Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, co-chaired withSheikh Mohammed bin Abdulrahman Al Thani, Prime Minister and Minister of Foreign Affairs of Qatar, the seventh session of the UAE-Qatar Joint Higher Committee, held today at the Zayed National Museum in Abu Dhabi.
Sheikha Al Mayassa bint Hamad, sister of Emir of Qatar Sheikh Tamim bin Hamad, attended the opening of the new Qatar Pavilion at the Venice Biennale.
➿ On the Circuit
French President Emmanuel Macron said in a post on X that he spoke with IranianPresident Massoud Pezeshkian and “condemned the unjustified strikes against Emirati civilian infrastructure and several ships.”
Saad Rafiq Al Hariri, the former Lebanese Prime Minister, was seen at the Make it in the Emirates exhibition in Abu Dhabi on Wednesday.
Mohamed Alsuwaidi, UAE Minister of Investment, said during a fireside chat at the Make it in the Emirates expo that the UAE’s economic landscape is driven more by the private sector than the government.
Mohamed Sultan Salim Al Habsiwas appointed CEO of Oman Investment Bank.
🎶 Culture Circuit
🏅 Prized Landmark: Abu Dhabi’s newly-launched Zayed National Museum was named one of the World’s Most Beautiful Museums at the international architecture and design award Prix Versailles, presented at UNESCO Headquarters in Paris. Designed by Norman Foster of Foster + Partners and inspired by the wing of a falcon, the UAE’s national museum’s five steel towers soar elegantly above the Saadiyat cultural district, while also functioning as thermal chimneys to naturally regulate airflow within the building.
📷 Photo of the Day
A vendor in Kuwait City cleans and arranges desert truffles as the season for collecting the sought-after delicacy peaks following the region’s sparse winter rainfall (Yasser Al Zayyat / AFP via Getty Images)
📅 Ahead on the Circuit
May 11-13, Abu Dhabi. Ai Everything. A one-day summit combined with a two-day expo explores how AI and humans can work together. ADNEC.
May 12-14, Dubai. Airport Show & Global Airport Leaders Forum. Bringing together top airport suppliers, aviation leaders, and thousands of professionals. Dubai World Trade Center.
May 12-14, Abu Dhabi. Abu Dhabi Infrastructure Summit. The event brings senior government leaders, global investors, developers, contractors, policymakers, and technology providers to discuss the future of smart cities, urban development, and sustainable infrastructure. ADNEC.
May 15-17, Dubai. Art Dubai. Annual event taking place in Dubai, bringing artists from the region and the Global South. Madinat Jumeirah.
May 19-21, Abu Dhabi. World Utilities Congress. Global policymakers, industry leaders and innovators discuss transforming the power, water and utilities sector into resilient, low‑carbon systems. ADNEC.
May 19-21, Damascus. Big5 Construct Syria. The inaugural edition of the platform for reconstruction and development. Syria Expo Center.
May 19-21, Riyadh. Middle East Museums & Heritage Expo. Saudi Arabia’s first dedicated museum, heritage and cultural development trade show. Riyadh Front Exhibition & Convention Center.
May 8-24, Dubai. Dubai Esports & Games Festival. More than two weeks of events, tournaments, game launches and free activities citywide, including GameExpo 2026. Dubai World Trade Center.
June 3-4, Dubai. MENA Investor Conference. The event focuses on capital market trends, GCC macro outlooks, and investment opportunities in the Middle East and North Africa. The Ritz Carlton DIFC.
June 17-19, Rome: FII Priority Europe: Saudi Arabia’s Future Investment Initiative holds a conference focusing on European business links with the Middle East. Cavalieri, Waldorf Astoria Hotel.
The Daily Circuit: Wynn mulls casino delay + UAE defense investment fund
In today’s Daily Circuit, we’re reporting on Mubadala co-investing $300 million with Stonepeak in a leasing platform for shipping containers, UAE leaders contemplating a new vehicle for defense investments, Saudi Arabia posting its biggest quarterly deficit in eight years, and the Milken summit wrapping up in Beverly Hills. But first, will war-related disruptions delay the opening of the Gulf’s first casino?
Investors in Wynn Resorts will be looking for answers this week about whether the Las Vegas-based casino operator will delay next year’s planned opening of its $5.1 billion UAE project because of the Iran war.
The company issued a statement in March that the conflict had briefly interrupted construction and that some employees were being offered to work abroad. Now – after the UAE was attacked again this week by Iranian drones – Wynn is contemplating postponing its target opening in the spring of 2027, Bloomberg reports. Company executives will be questioned by investment bank analysts on Thursday when Wynn reports earnings.
The Wynn Al Marjan Island has been positioned as a catalyst for a wider investment boom in the northern emirate of Ras Al Khaimah, attracting luxury developers, hotel operators and retailers to the northern emirate. The resort is planned to include more than 1,500 rooms, a marina, shopping district and the Gulf’s first regulated gaming venue.
The UAE has pressed ahead with legalized gaming despite concerns elsewhere in the Gulf about casinos. Wynn rival MGM Grand is building a hotel in Dubai.
The government created a regulatory authority in 2023 to license casinos, lotteries, sports betting, online gaming, and integrated resorts. Wynn Resorts received the country’s first commercial gaming license in 2024.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 Developing Stories
FALLING SHORT
Saudi Arabia has posted its biggest quarterly budget deficit since 2018 in a sign of the challenges faced by the Middle East’s largest economy in the wake of the Iran war. The budget shortfall of 125.7 billion riyals ($33.5 billion) is more than double that for the same period last year. Despite the kingdom attempting to rein in some of its spending on big-budget projects and splashier investments like LIV Golf, expenditure rose about 20% to $103 billion during the quarter. While the conflict has caused disruption and damage to some infrastructure, Saudi Arabia has now diverted most of its oil exports to the Red Sea port of Yanbu and is benefiting from the higher oil price, meaning it could see improved revenues and a smaller shortfall for the second quarter if it maintains export levels, Bloomberg reports.
MILKEN FINALE
As the Milken Institute’s Global Conference 2026 wraps up today in Los Angeles, Gulf executives will be talking about attracting investment, gaming and the region’s role in the current conflict with Iran. A morning session on the UAE features Emirates NBD Chief Investment Officer Maurice Gravier, while Mubadala Co-CEO of Private Equity Camilla Languille joins a discussion on the growing influence of private capital in global markets. Laura Miele, whose Electronic Arts is being acquired by Saudi Arabia’s Public Investment Fund, appears at a gaming industry session and Tel Aviv Stock Exchange Chairman Eugene Kandel will discuss Israel’s capital market. Speaking on Monday, Dubai Economic Development Corp. CEO Hadi Badri said the emirate has learned from previous crises to work on improving logistics and infrastructure. “Now we’re saying: Don’t waste this challenge. Let’s turn it into an opportunity.
💲 Sovereign Circuit
Mubadala: The Abu Dhabi sovereign wealth fund will co-invest $300 million with New York-based investment company Stonepeak to build the world’s largest shipping container leasing platform.
ADNOC: The UAE national oil company is preparing to launch shale-style oil and gas projects using hydraulic fracturing and horizontal drilling after the UAE’s exit from OPEC, Reuters reports.
AD Ports: Abu Dhabi-based LifePharma signed a $190 million agreement with AD Ports Group to build a pharmaceutical manufacturing platform aimed at boosting local drug production.
AD Ports: AD Ports Group signed an agreement with CMA Terminals, Khalifa Port container terminal and CMA CGM Group to expand inland reach across the UAE and the wider region via its rail-linked cargo network.
LIV Golf: The ailing league has appointed law firm Gibson Dunn & Crutcher, investment bank Ducera Partners and business advisory firm AlixPartners as it scrambles to find investors following the PIF’s departure.
Public Investment Fund: The PIF has opened an office in Shanghai, its second outpost in mainland China,Bloomberg reports.
↪↩ Closing Circuit
🛠️ New Venture: The UAE plans to become a key producer of the advanced material Graphene, which is used in batteries, sensors and computer chips, after Dana Gas partnered with the U.K.’s Levidian to develop the Sharjah Graphene Park.
✈️ Defense Push: Brazil’s Embraer is pursuing new defense contracts across the Middle East after securing an aircraft order from the UAE, targeting regional demand for military transport and surveillance platforms, Reuters reports.
💳 Security Bet: A unit of UAE telecom company e& said it invested in U.S.-based payments security company MagicCube’s $10 million fundraising.
💰 Overland Route: Trade across the Oman-Saudi Arabia border has surged to record levels, nearly tripling to $830 million in March, as companies reroute goods like fertilizers, food, and machinery overland.
🌙 Record Sukuk: The International Islamic Liquidity Management Corporation raised $1.5 billion from its latest Islamic bonds offering, considered to be the largest single issuance in over a decade.
🗣 Circuit Chatter
🛡️ Defense Fund: Top leaders in Abu Dhabi have held preliminary talks on creating a new defense-focused investment vehicle which would be mandated to take stakes in companies worldwide to diversify supplies for the UAE, Bloomberg reports. Among those reported participating were Crown Prince Sheikh Khaled bin Mohammed and Mubadala CEO Khaldoon Al Mubarak..
🛳️ Ship Hit: French shipping group CMA CGM said several crew members of the San Antonio container ship were injured and the vessel sustained damage when it was attacked by Iran in the Strait of Hormuz on Tuesday.
🛂 Visa Drop: Turkish President Recep Tayyip Erdoğan and Saudi Crown Prince Mohammed bin Salman are set to eliminate visa requirements between their countries to ease travel and strengthen economic ties following years of strained relations, Reuters reports.
🥗 Food Stamp: UAE’s First Abu Dhabi Bank and Emirates NBD, as well as Bahrain’s Arab Banking Corporation, are most likely to support Egypt’s request for $700 million from GCC banks to cover essential food imports.
💵 Big Wins: The Comprehensive Economic Partnership Agreements, which the UAE has put in place with 36 countries so far, enabled the UAE’s non-oil foreign trade to surpass $1 trillion in 2025.
🧑🏽🚒 Fighting Fire: Firefighters contained a blaze this morning at an under-construction 50-storey tower in Dubai Marina’s The Residences Al Habtoor Grand, which is owned by UAE conglomerate Al Habtoor Group.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed met withKyriakos Mitsotakis, Prime Minister of Greece, today. Sheikh Mohamed also held a phone call this week with Israel’s Prime Minister Benjamin Netanyahu, Bloomberg reports.
Kuwait’s Crown Prince Sheikh Sabah Khaled Al-HamadAl-Sabahmet with the GCC’s Secretary-General Jasem Mohamed Al-Budaiwi at the Bayan Palace in Kuwait on Tuesday.
Sheikh Hamad bin Mohammed, Ruler of Fujairah, Sheikh Mohammed bin Hamad, Crown Prince of Fujairah, and Sheikh Theyab bin Mohamed, Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs, and Chairman of Etihad Rail, visited Fujairah passenger station, the first completed passenger station on the UAE’s Etihad Rail network.
➿ On the Circuit
Yousef Al Otaiba, UAE Ambassador to the U.S., wrote in the Financial Times that leaving OPEC is not a commercial calculation alone, but reflects structural changes in energy markets. “The UAE has the capacity to contribute to global energy security and international economic stability at a moment when that security and stability is genuinely at risk. We intend to do so,” he said.
Ukrainian President Volodymyr Zelensky said he offered Bahrain a joint drone production deal during talks in Manama with Crown Prince Salman bin Hamad Al Khalifa. Zelensky seeking Gulf funding and cooperation to expand Ukraine’s defense manufacturing capacity amid the war with Russia.
Mohammed Alabbar, Emirati businessman and founder of Emaar Properties, visited Damascus on Tuesday, as he explores a potential $50 billion investment in two major construction projects.
Mohammed El-Kuwaiz, Chairman of the Saudi Capital Market Authority, told Al-Eqtisadiahthat the authority is prioritizing domestic listings over dual listings to curb capital outflows.
Abdulla Balalaa, UAE Assistant Minister of Foreign Affairs for Energy and Sustainability, took part in the 5th Istanbul International Water Forum on Tuesday.
🎶 Culture Circuit
🏰 Making Magic: A soaring crystalline castle inspired by “Frozen,” a branded hotel and a turn-of-the-century Main Street inspired by the fictional Middle East city of Agrabah from “Aladdin” are among the likely features of Disneyland Abu Dhabi, which is being built on Yas Island. Jim Shull, a former Disney theme park designer and creator of the Disney Journey YouTube channel, gave The National insight into how the features of the new park would be decided. “Abu Dhabi will want something that feels like a Disneyland, yet at the same time something that’s unique to them … something that you can only come to Abu Dhabi to see,” he said.
📷 Photo of the Day
Visitors explore the Qatar Pavilion at Giardini during a preview of the Venice Biennale, which opens on Saturday. Qatar’s debut exhibit at the event is a tent-like structure designed by Thai artist Rirkrit Tiravanija and inspired by traditional Qatari gathering spaces. (Simone Padovani/Getty Images)
📅 Ahead on the Circuit
May 4-7, Abu Dhabi. Make It In The Emirates. The UAE industrial promotion board’s annual event marks its fifth anniversary. ADNEC.
May 11-13, Abu Dhabi. Ai Everything. A one-day summit combined with a two-day expo explores how AI and humans can work together. ADNEC.
May 12-14, Dubai. Airport Show & Global Airport Leaders Forum. Bringing together top airport suppliers, aviation leaders, and thousands of professionals. Dubai World Trade Center.
May 12-14, Abu Dhabi. Abu Dhabi Infrastructure Summit. The event brings senior government leaders, global investors, developers, contractors, policymakers, and technology providers to discuss the future of smart cities, urban development, and sustainable infrastructure. ADNEC.
May 15-17, Dubai. Art Dubai. Annual event taking place in Dubai, bringing artists from the region and the Global South. Madinat Jumeirah.
May 19-21, Abu Dhabi. World Utilities Congress. Global policymakers, industry leaders and innovators discuss transforming the power, water and utilities sector into resilient, low‑carbon systems. ADNEC.
May 19-21, Damascus. Big5 Construct Syria. The inaugural edition of the platform for reconstruction and development. Syria Expo Center.
May 19-21, Riyadh. Middle East Museums & Heritage Expo. Saudi Arabia’s first dedicated museum, heritage and cultural development trade show. Riyadh Front Exhibition & Convention Center.
May 8-24, Dubai. Dubai Esports & Games Festival. More than two weeks of events, tournaments, game launches and free activities citywide, including GameExpo 2026. Dubai World Trade Center.
June 3-4, Dubai. MENA Investor Conference. The event focuses on capital market trends, GCC macro outlooks, and investment opportunities in the Middle East and North Africa. The Ritz Carlton DIFC.
June 17-19, Rome: FII Priority Europe: Saudi Arabia’s Future Investment Initiative holds a conference focusing on European business links with the Middle East. Cavalieri, Waldorf Astoria Hotel.
The Daily Circuit: UAE business confab defies conflict + Masdar’s Spanish Acquisition
In today’s Daily Circuit, we’re reporting on Masdar buying a 49% stake in wind and solar assets from Spain’s Repsol, Saudi Arabia holding its first IPO since the U.S.-Iran war started, Dairy Queen freezing its Middle East rollout and Day 3 of the Milken Institute Global Conference 2026 in Los Angeles. But first, thousands turn out for a business show in Abu Dhabi despite the renewed regional hostilities.
On the UAE’s eastern coast, it was back to wartime footing after an Iranian drone attack set off a fire at the Port of Fujairah’s petroleum storage complex and struck an empty ADNOC oil tanker. But in Abu Dhabi’s ADNEC Centre, it was business as usual at the annual Make It In The Emirates expo.
After Dr. Sultan Al Jaber, ADNOC’s CEO and the UAE Minister of Industry and Advanced Technology, opened the four-day show on Monday, tens of thousands of attendees milling through the vast halls and 1,200 exhibitors betrayed precious little concern.
“We are here for the business opportunities basically,” Ravina Kumari, a sales executive at Daman Insurance, told The Circuit’s Omnia Al Desoukie. “I don’t think there is any fear. We don’t feel that.”
The renewed Gulf hostilities, however, sent oil prices higher and global equities lower as the Iranian attacks against U.S. and UAE targets stoked fears of supply disruption through the Strait of Hormuz. Brent crude climbed toward a four-year high.
The UAE, meanwhile, is in talks with the U.S. over a potential currency swap line that would provide it with direct dollar liquidity access in times of crisis, Foreign Trade Minister Thani Al Zeyoudi said on Monday.
“It’s part of an elite group that the U.S. is having this swap policy with,” Zeyoudi said at the Abu Dhabi conference. “Being part of that group means that transactions… trade, investments between both nations reach a level where that swap is highly needed, adding the move is “not about bailing out.”
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 Developing Stories
MILKEN MORNING
In Beverly Hills, where the Milken Institute’s Global Conference 2026 enters Day 3 this morning, the embattled Middle East is front and center. One session today focuses on the GCC states, featuring interviews with Hadi Badri, CEO of the Dubai Economic Development Corp., and Qatar’s Finance Minister Ali Al Kuwari. Other speakers include Majid Al Suwaidi, CEO of Altérra, Ahmed Al Zaabi, Chairman of the Abu Dhabi Global Market. At a panel talk on Monday, Mubadala Deputy Group CEO Waleed Al Mokarrab Al Muhairi said disruption from the war won’t divert the sovereign wealth fund from its strategy of directing more money to the U.S., which he termed the best investment destination from a “risk-reward” perspective.
WIND POWER
Masdar is bolstering its expansion in the Iberian market with the purchase of another major stake in wind and solar assets. The Abu Dhabi green energy company has agreed to buy a 49% stake in Spanish energy group Repsol’s largest renewables portfolio, according to a Spanish media report. The Minerva project includes 13 wind farms and six solar farms, with 706 megawatts of installed capacity, and is valued at about 850 million euros ($996 million). The deal is in its final stages and is likely to be formalized within weeks, newspaper Cinco Dias reported on Monday. Masdar has been snapping up European assets, with a strong focus on Spain. In October, it finalized its purchase of a 49.99% stake in a $432 million portfolio of four solar plants from Endesa.
💲 Sovereign Circuit
Public Investment Fund: Strauss Zelnick, the CEO of video-game publisher Take-Two Interactive, which counts the PIF’s Savvy Games Group as a major shareholder, told Bloomberg the November launch of “Grand Theft Auto VI” under its Rockstar Games subsidiary was “terrifying” because expectations were so high for what is anticipated to be one of the biggest entertainment launches of all time.
LIV Golf: American sports investors say the PGA rival is in “free fall” after the PIF said it would pull out at the end of the 2026 season, leaving the league to scramble for private investors and the sale of its 13 teams, The Athletic reports.
Public Investment Fund: Emaar Economic City, majority owned by the PIF, awarded a $146 million infrastructure contract for Industrial Valley and the Special Economic Zone on Saudi Arabia’s Red Sea coast to Nesma and Partners, which is 30.1% owned by the PIF.
ADNOC: TA’ZIZ, a joint venture between ADNOC and L’imad Holding, announced $28.5 billion in long-term agreements at the Make it in the Emirates forum.
↪↩ Closing Circuit
⛏️ Mining Bonanza: Saudi Arabia said mining investments doubled to $11.7 billion in 2025, with a 220% jump in mining licenses.
🛣️ China Road: Chinese companies have been awarded a $5 billion construction project by Saudi Arabia to build a 130-kilometer (80-mile) road connecting the southern cities of Abha and Jazan.
👷 Tunnel Vision: Parsons Corp. has been awarded a nine-month contract on the Dubai Loop, a futuristic underground transport project being built by Elon Musk’s The Boring Company.
📈 IPO Return: Saudi Arabia’s first IPO since the start of the Iran War is expected to raise $55 million for IT services provider Dar Albalad for Business Solutions Co.
💻 Privacy-Preserving: OPAQUE, an AI company headquartered in San Francisco, acquired advanced cryptographic systems from the UAE’s Technology Innovation Institute.
🛡️ AI Defense: Cisco has acquired Israeli startup Astrix to bolster its cybersecurity offerings for AI systems, targeting risks tied to autonomous agents and enterprise automation.
🗣 Circuit Chatter
💼 Hedge Move: London-based Man Group, the world’s largest publicly traded hedge fund firm with about $229 billion in assets under management, has applied for a license to operate within Abu Dhabi Global Market, The National reports.
💰 Fresh Start: Capital Group, a global asset manager that manages $3.3 trillion in assets worldwide, is relocating Benno Klingenberg Timm, head of institutional business for Europe and Asia, to Abu Dhabi, where he will also take on the role of head of the firm’s local office.
✈️ Traffic Slump: Passenger traffic at Dubai International Airport fell 66% in March as the Iran war disrupted global travel.
🍦 Frozen Dessert: Dairy Queen, the U.S.-based ice cream chain, said it has paused Middle East expansion plans and that shipping restrictions meant it had to search for alternative routes for products that weren’t made locally.
💵 Cashing Out: A declining monetary base and rising interbank lending rates indicate the UAE banking system is under strain and the central bank will likely intervene again to help lenders, Arabian Gulf Business Insight reports.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed received phone calls on Monday from regional leaders, including Saudi Arabia’s Crown Prince Mohammed bin Salman, Bahrain’sKing Hamad bin Isa Al Khalifa, and Qatar’sSheikh Tamim bin Hamad, condemning Iran’s latest attacks on the UAE.
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, met withGeorges Elhedery, Group CEO of HSBC Holdings, in Abu Dhabi on Monday.
Prince Faisal bin Farhan, Saudi Arabia’s Minister of Foreign Affairs, received his Singaporean counterpartDr. Vivian Balakrishnan at the ministry’s branch in Jeddah on Monday.
Sheikh Saqr bin Omar Al Qasimi,a member of the Ras Al Khaimah royal family, was appointed CEO of Marjan Development, a unit of one of the UAE’s biggest real estate entities, Marjan Group.
➿ On the Circuit
Kristalina Georgieva, IMF Managing Director, said on Monday that inflation was already picking up and the global economy could face a “much worse outcome” if the war in the Middle East drags on into 2027 and oil prices hit around $125 per barrel.
Abdul Aziz Al Ghurair, Chairman of Mashreq Bank, told The National that banks are ready to support expansion in the UAE and lenders were posting strong results despite the Iran war.
Hamad Al Marar, Managing Director and CEO of EDGE Group, said the UAE defense group had contracts under execution exceeding $25 billion.
🎶 Culture Circuit
🌎 Artistic Direction: Dubai arts platform Art Jameel is preparing to present a dual country exhibition in the UAE and Saudi Arabia. The two-part group show, titled “Global Positioning System,” will run at Hayy Jameel in Jeddah from May 20 to Oct. 17 and at Jameel Arts Center in Dubai from May 9 to Oct. 4. Bringing together more than 40 artists from around the world, the exhibition explores how navigation systems shape contemporary life, Arab News reports.
📷 Photo of the Day
Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, toured the Make it in the Emirates expo at ADNEC Centre in Abu Dhabi on Monday. (Emirates News Agency)
📅 Ahead on the Circuit
May 3-6, Los Angeles. Milken Institute Global Conference 2026. The Milken Institute’s flagship annual event brings together leaders across health, finance, business, technology, philanthropy, and public policy. The Beverly Hilton & Waldorf Astoria Beverly Hills.
May 4-7, Abu Dhabi. Make It In The Emirates. The UAE industrial promotion board’s annual event marks its fifth anniversary. ADNEC.
May 11-13, Abu Dhabi. Ai Everything. A one-day summit combined with a two-day expo explores how AI and humans can work together. ADNEC.
May 12-14, Dubai. Airport Show & Global Airport Leaders Forum. Bringing together top airport suppliers, aviation leaders, and thousands of professionals. Dubai World Trade Center.
May 12-14, Abu Dhabi. Abu Dhabi Infrastructure Summit. The event brings senior government leaders, global investors, developers, contractors, policymakers, and technology providers to discuss the future of smart cities, urban development, and sustainable infrastructure. ADNEC.
May 15-17, Dubai. Art Dubai. Annual event taking place in Dubai, bringing artists from the region and the Global South. Madinat Jumeirah.
May 19-21, Abu Dhabi. World Utilities Congress. Global policymakers, industry leaders and innovators discuss transforming the power, water and utilities sector into resilient, low‑carbon systems. ADNEC.
May 19-21, Damascus. Big5 Construct Syria. The inaugural edition of the platform for reconstruction and development. Syria Expo Center.
May 19-21, Riyadh. Middle East Museums & Heritage Expo. Saudi Arabia’s first dedicated museum, heritage and cultural development trade show. Riyadh Front Exhibition & Convention Center.
May 8-24, Dubai. Dubai Esports & Games Festival. More than two weeks of events, tournaments, game launches and free activities citywide, including GameExpo 2026. Dubai World Trade Center.
June 3-4, Dubai. MENA Investor Conference. The event focuses on capital market trends, GCC macro outlooks, and investment opportunities in the Middle East and North Africa. The Ritz Carlton DIFC.
June 17-19, Rome: FII Priority Europe: Saudi Arabia’s Future Investment Initiative holds a conference focusing on European business links with the Middle East. Cavalieri, Waldorf Astoria Hotel.
Tracking Gulf newsmakers at the Milken summit in Beverly Hills
The Gulf is open for business — and on the move. That was the message from key Middle East players attending the Milken Institute Global Conference this week at the Beverly Hilton.
The Circuit offers a roundup of newsmaking moments and soundbites from the annual gathering of the world’s financial elite.
Saudi Arabia’s Minister of Investment Khalid Al-Falih issued a broad invitation for business leaders to visit his country. In a conversation on Tuesday with Dina Powell McCormick, Vice Chairman of BDT & MSD Partners, Al-Falih touted the largest Gulf state as a source for financing in fields from artificial intelligence to sustainable energy.
“Globally leading VCs are flocking to the kingdom,” Al-Falih said, adding: “We’re also attracting global innovators to come to the kingdom to scale up their innovative companies and startups.”
Al-Falih, who also pitched Saudi Arabia’s futuristic Neom project and other mega-developments, didn’t stop at the kingdom’s borders, presenting the six countries of the Gulf Cooperation Council as a safe haven amid conflict across the Middle East.
“I’m not exaggerating when I say Saudi Arabia and the rest of the GCC are actually leading the world and trying to find pragmatic implementable solutions to address the climate challenge and to create opportunities out of the energy transition,” Al-Falih said, pronouncing the Arabian Peninsula “ripe for benefiting foreign investors.” Later in the day, the Minister stopped by a party hosted by Invest Saudi, the kingdom’s foreign investment arm, held on the sidelines of Milken.
Meanwhile, Saudi Arabia’s new $100 billion investment fund Alat wants to win the trust of both U.S. tech and government leaders. Following up on the political terms that paved the way for Microsoft to invest $1.5 billion last month in Abu Dhabi-based artificial intelligence firm G42, Alat CEO Amit Midha said Saudi Arabia is willing to sell its China holdings if asked by Washington.
“So far the requests have been to keep manufacturing and supply chains completely separate, but if the partnerships with China would become a problem for the U.S., we will divest,” he told Bloomberg in an interview on the sidelines of the conference. Midha said Alat, which is focused on AI and semiconductors, will announce partnerships with two U.S. tech companies by the end of June, and will co-invest alongside a U.S. investment firm. He did not identify the companies.
Sarah Al Suhaimi, Chair of the Board of Saudi Tadawul Group, extended an invitation to Milken attendees to visit the kingdom and the region: “If you’re getting to know us from far away you will be mostly misguided,” she said.
Mubadala, the Abu Dhabi sovereign wealth fund, is preparing to launch a mental healthcare company in the U.S. Alaa Halawa, Mubadala’s Head of U.S. Ventures said on a panel at the Milken conference on Wednesday that the new firm will be geared toward young adults.
Oscar Fahlgren, Chief Investment Officer and Head of Brazil for Mubadala Capital, spoke about the fund’s confidence in the future of biofuels on a panel, days after he disclosed a planned $13.5 billion biofuel project in Brazil.
Khalfan Belhoul, CEO of the Dubai Future Foundation, quipped on a Milken panel that “leaders are a Whatsapp away” in the UAE as he talked about agile policymaking in the GCC. The bloc needs to make it easier for startups to scale outside their home markets, he added.
Mohammed El-Kuwaiz, Chair of the Board of the Capital Market Authority of Saudi Arabia, addressed the Gulf’s growth story amid the energy transition. “We’re known as oil exporters, but our second biggest export is capital,” El-Kuwaiz said on Monday, fielding questions from The Economist’s Editor-in-Chief Zanny Minton Beddoes.
“For the first time in our history we may be capital importers,” El-Kuwaiz said, as the kingdom looks to lure foreign capital to help fuel the $3 trillion of investment from now until 2030 for its economic diversification drive. The money is being poured into developing sectors like tourism, manufacturing and tech alongside mega-projects like NEOM. “The capital markets are an extremely important fulcrum,” he said.
Middle East power brokers descend on Milken’s Global Conference in LA
Among the more than 1,000 speakers descending on Beverly Hills for the Milken Institute Global Conference starting Sunday will be a cadre of Middle East power brokers who are shaping the future of the region.
Between morning yoga sessions and sound baths – Milken has a “healthy aging” bent – the financiers, entrepreneurs and business leaders are likely to be figures of curiosity at this year’s four-day gathering at The Beverly Hilton. The Gulf’s economic diversification drives have gathered pace, making investments and headlines in everything from artificial intelligence and mineral mining to moviemaking and golf.
Making his way to the California sunshine is Ahmed Saeed Al Calily, Chief Strategy and Risk Officer at Abu Dhabi’s second-largest sovereign wealth fund, Mubadala Investment Co., who is set to speak on balancing climate risk and returns.
For advice on connecting Gulf investors with U.S. targets, Saleha Osmani, Managing Director of Dubai’s Falconbridge Advisors, will be on hand.
Khalfan Belhoul, CEO of the Dubai Future Foundation can describe the city’s investment thesis on the future (yes, really) while Sheikha Shamma Al Nahyan, President and CEO of UAE Independent Climate Change Accelerators, will tout her home country’s bona fides in sustainable investing.
Qatar Investment Authority, the Gulf’s fourth-largest sovereign with $510 billion in assets under management, is sending Americas investment chief Mohammed Al Sowaidi and Head of Funds Mohsin Tanveer Pirzada.
Saudi Arabia will be well-represented, too. As the kingdom looks to drive foreign investment through its Vision 2030 strategy, Minister of Investment Khalid Al-Falih will be on hand alongside Manar Al Moneef, Chief Investment Officer of NEOM, who has been traveling the world promoting the futuristic mega-project’s investment opportunities.
The Gulf’s hot capital markets are also on the agenda with Sarah Al Suhaimi, Chair of the Board of Saudi Tadawul Group slated to speak. From the industry side, Fahad Al-Dhubaib, Senior Vice President of Strategy and Market Analysis of Saudi Aramco, and executives from Alat, Saudi Arabia’s new manufacturing company backed by the Public Investment Fund, will be there, including CEO Amit Midha and corporate development head Brian Rogove.
From the wider region, and likely to tackle themes stemming from the war in Gaza, are Queen Rania Al Abdullah of Jordan; Eugene Kandel, Chairman of the Tel Aviv Stock Exchange; and Jon Medved, Founder and CEO of Israeli venture capital fund OurCrowd; as well as Lebanese entrepreneur Ibrahim Al Husseini, Founder and Managing Partner of Full Cycle, a climate restoration investment fund.