The Daily Circuit: MGX invests in U.S. TikTok + Dubai’s $3.5B tech zone boost
In today’s Daily Circuit, we’re reporting on Dubai’s $3.5 billion expansion of its Silicon Oasis free zone, Aramco Ventures teaming up with Bill Gates to raise $110 million for AI startup Neurophos, Titan Lithium’s $300 million EV battery supply deal with Mercedes Benz, and Jeddah Tower resuming construction on its way to becoming the world’s tallest skyscraper. But first, the UAE’s role in financing TikTok’s future U.S. operations.
Emirati investment fund MGX has emerged as a central player in the deal struck with China’s ByteDance on Thursday to create a U.S. TikTok, joining Oracle and private equity firm Silver Lake in the venture that has an estimated value of $14 billion.
The arrangement, signed off by both U.S. and Chinese authorities, will transfer control of TikTok’s U.S. operations into a new entity designed to address long-running national security concerns over data and algorithm access.
ByteDance will retain a minority stake of just under 20%, while American and global investors hold the balance, with a majority-American board overseeing data protection, content moderation and cybersecurity. MGX, Larry Ellison’s Oracle and Silicon Valley-based Silver Lake, which has backing from Abu Dhabi’s Mubadala sovereign wealth fund, will each hold a 15% stake.
MGX, an AI-focused fund that is chaired by UAE National Security Advisor Sheikh Tahnoon bin Zayed and backed by Mubadala, has been investing heavily in U.S. tech companies, including Elon Musk’s xAI.
The deal is intended to bring an end to years of political and legal battles, including threats of a nationwide ban that had loomed under U.S. law and led to a temporary shutdown of the app. TikTok said American users can continue to use the platform uninterrupted as the new company begins operations under the revamped ownership structure.
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📰 Developing Stories
HIGH TECH HUB
Dubai will seek to attract 6,500 new tech companies and 75,000 specialized workers with a $3.5 billion expansion of its Silicon Oasis free zone. Two new projects form the backbone of the expansion. The first, District I0, will be a hub for research, development and innovation, housing small-to-medium enterprises and startups working in industries including robotics, smart mobility, AI and quantum computing. The second element, Block 14, will be a residential and commercial district close to the Dubai Metro Blue Line. Launching the initiative, Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, said the project would contribute to an “advanced, technology-driven business environment for emerging economic sectors.”
UPWARD BOUND
Climbing again on the Red Sea coast after years of delays, the Jeddah Tower is now expected to be completed in 2028, reviving Saudi Arabia’s ambitions to build the world’s tallest skyscraper. The structure is already past the 80th floor and growing one floor every five days, Kingdom Holding CEO Talal Almaiman told Al Arabia TV at the World Economic Forum in Davos. That’s about halfway to the goal of building a kilometer-tall (3,281-feet) building, which will eclipse the Burj Khalifa tower in Dubai. The tower is designed to include luxury residences, offices, a hotel and the highest observation deck in any skyscraper.
💲 Sovereign Circuit
Mubadala: Khaldoon Al Mubarak, Managing Director and Group CEO of the Abu Dhabi sovereign wealth fund, was appointed Chair of the World Economic Forum’s International Business Council, the WEF announced in Davos.
Mubadala: Abu Dhabi AI startup AppliedAI secured new investment from Mubadala and Arbor Ventures to accelerate global expansion of its enterprise platform Opus.
Saudi Aramco: Aramco Ventures, an investment arm of the world’s biggest oil company, is joining with Bill Gates’ VC and Microsoft’s M12 fund to raise $110 million for Austin, Tex.-based Neurophos, a startup developing optical technology to run AI models, Bloomberg reports.
ADQ: Khalifa Economic Zones Abu Dhabi, backed by the Abu Dhabi sovereign wealth fund through AD Ports, launched Metal Park, creating in the UAE capital what it called “the world’s first pay-as-you-grow metals ecosystem.”
↪↩ Closing Circuit
⚡ Power Deals:Oman signed energy generating deals worth about $2.6 billion on Thursday with Qatar’s Nebras Power and South Korea’s Korea Western Power.
🍗 Chicken Dinner:JBS, the Brazilian company that ranks as the world’s biggest meatpacker, said it plans to double production this year at its Saudi chicken processing plant in Jeddah.
🔋 Battery Support: Titan Lithium, the UAE’s flagship lithium refinery, signed a $300 million agreement with Mercedes-Benz to provide battery-grade lithium for its electric vehicles.
🗣 Circuit Chatter
🌴 New Gaza:Jared Kushner unveiled a $30 billion vision for rebuilding Gaza, presenting plans at the World Economic Forum in Davos on Thursday that focused on real estate, infrastructure and private capital.
🇨🇳 Gulf Support: The Gulf is becoming central to China’s financial strategy, as Chinese bank lending to the region surged nearly threefold to a record $15.7 billion in 2025, far outpacing financing from U.S., U.K. and eurozone banks, Bloomberg reports.
🛢️ Oil Strategy: Indian refiners are turning from Russia to the Middle East as higher output quotas from OPEC are keeping global markets well-supplied, softening the impact on prices,Reuters reports.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed paid a visit to the Unmanned Systems Exhibition at the Abu Dhabi National Exhibition Centre on Thursday. Later, Sheikh Mohamedmet with both Vice Presidents Sheikh Mohammed bin Rashid and Sheikh Mansour bin Zayed.
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, met with Walt Disney CEO Bob Iger and Josh D’Amaro, Chairman of Disney Experience, on Thursday.
Prince Faisal bin Farhan, Saudi Arabia’s Minister of Foreign Affairs, held separate meetings in Davos with Yvette Cooper, the U.K. Secretary of State for Foreign, Commonwealth and Development Affairs, and French Minister for Europe and Foreign Affairs Jean-Noël Barrot.
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, UAE Deputy Prime Minister and Minister of Defense, and Chairman of the Executive Council of Dubai, attended the graduation ceremony on Thursday of new officer cadets at the Dubai Police Academy.
Sheikha Latifa bint Mohammed, Chairperson of the Dubai Culture and Arts Authority, witnessed the signing of an agreement between the UAE Government and the World Economic Forum to strengthen bilateral cooperation and enhance public-private partnerships.
➿ On the Circuit
Hussain Sajwani, founder of Dubai-based Damac Properties, spoke to Sky News Arabia about his business expansion into data centers.
Majed Al Sorour, CEO of Golf Saudi, former CEO of LIV Golf and the President of the Saudi Arabian Golf Federation, will join the Board of Directors of California-based Argentum AI.
Ashish Jainwas appointed as CFO of Network International, a Dubai-based fintech company.
Michael Syn, President of the Singapore Exchange Group, told The Nationalthat the Gulf is an increasingly important growth market for SGX, as it expands its commodities, foreign exchange and shipping business in the region.
Dr. Mugheer Khamis Al Khaili has been appointed by royal decree as Secretary-General of the UAE’s humanitarian organization Erth Zayed Philanthropies.
🎶 Culture Circuit
🌴 Desert Art: Against the vibrant backdrop of desert canyons and lush palm groves, the fifth AlUla Arts festival is transforming the ancient oasis into a canvas for creative exploration. Running until Feb. 14, the festival is now in its fifth year and has grown into a major draw for Saudi Arabia, attracting 70,000 visitors last year, with that number expected to grow. A highlight is Desert X AlUla, which showcases 11 installations, including Héctor Zamora’s “Tar HyPar,” which transforms the valley into a musical instrument. “We believe that AlUla, as a destination, was built by artists for artists,” Hamad Alhomiedan, director of arts and creative industries at the Royal Commission for AlUla, told Arab News.
📷 Photo of the Day
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, met with Disney CEO Bob Iger in Abu Dhabi on Thursday. The pair discussed development plans for the Disney Theme Park on Yas Island. (Emirates News Agency)
📅 Circuit Calendar
Jan. 26-27, Riyadh. Super Return. A major private equity & venture capital conference held in Saudi Arabia.The Fairmont Hotel.
Jan. 26-28, Riyadh. Saudi Franchise Expo. The exhibition brings local and international businesses that want to create franchising companies into the kingdom. The Arena Riyadh Venue for Exhibitions.
Jan. 26-30, Dubai. Gulf Food. The world’s largest food and beverage industry event. Dubai World Trade Centre & Dubai Exhibition Centre.
Jan. 29, Dubai. The Great Marketing & Business Minds. In this 4th edition, the event brings the most influential marketing and business leaders for a deep dive into performance-driven marketing, data integration, and the evolving accountability of brand leadership. Pullman Dubai Downtown.
Jan. 31-Feb. 7, Abu Dhabi. Mubadala Abu Dhabi Open 2026. Some of the biggest names on the WTA Tour compete in the UAE capital, including defending champion Belinda Bencic. Zayed Sports City International Tennis Centre.
Feb 1-6, Dubai. Dubai Fashion Week. The event showcases the latest collections by global and regional designers and positions Dubai as a major creative hub on the global fashion calendar alongside fashion capitals like New York, London, Milan and Paris. Dubai Design District.
Feb. 1-4, Doha. Web Summit Qatar. Connecting a new generation of founders in the Middle East to investors, journalists and more around the world. Doha Exhibition and Convention Center.
Feb. 2-4, Abu Dhabi. The Abu Dhabi AI Summit. The summit aims to strengthen collaboration between MBZUAI and the U.S. NSF Athena Institute to advance research, entrepreneurship and opportunities in Edge AI. Mohamed bin Zayed University of Artificial Intelligence.
Feb. 2-5, Doha. LNG2026. The 21st International Conference & Exhibition on Liquefied Natural Gas. Qatar National Convention Center.
Feb. 3, Dubai. World Laureates Summit. Held alongside the World Government Summit, the inaugural event will bring 200 of the world’s top scientific researchers, marking a historic integration of science and government.
Feb. 3-5, Dubai. World Government Summit. Brings together heads of state, policy makers, top corporate executives to debate global priorities. Madinat Jumeirah.
Feb. 4-5, Dubai. PropTech Connect Middle East. The Dubai Land Department will host the first regional edition of the real estate technology event. Grand Hyatt Dubai.
Feb. 10-11, Abu Dhabi. Top Advisors & Investors Summit. The event will convene the region’s foremost advisors, financiers, and investors in the UAE capital. TBC
Feb.12-13, Riyadh. PIF Private Sector Forum. The event, in its third edition, aims to support the Saudi Public Investment Fund’s Private Sector Engagement Strategic Initiative. King AbdelAziz International Conference Center.
The Daily Circuit: OpenAI seeks Gulf funds + Riyadh Air cargo
In today’s Daily Circuit, we’re reporting on OpenAI’s Sam Altman courting Middle East investors for a $50 billion funding round,Riyadh Air commencing cargo operations, Dubai-based Damac Properties securing land and power to build data centers in the U.S., and Britain’s Prince William getting ready to visit Saudi Arabia next month. But first, Donald Trump unveils his Board of Peace at Davos.
Saudi Arabia, the UAE, Qatar, Israel and other Middle East states are lining up to join U.S. President Donald Trump’s Board of Peace that will oversee an estimated $70 billion in reconstruction costs for the war-ravaged Gaza Strip and work to help resolve other global conflicts.
At the World Economic Forum in Davos today, Trump introduced details of the board, saying he will serve as its chair and that the initiative will initially focus on post-war Gaza but expand to mediate conflicts worldwide.
Carrying out the work will require the board to approve paying billions of dollars to contractors for jobs that include removing rubble, clearing unexploded missiles, building new homes, restoring electricity and creating new infrastructure to accommodate the strip’s 2.5 million people, according to the U.N.
“The first steps toward a brighter future for the Middle East and the world are unfolding,” Trump told a press conference.
Trump said the board’s executive leadership will include negotiators Steve Witkoff and Jared Kushner, as well as former U.K. Prime Minister Tony Blair, who will help steer efforts to rebuild infrastructure. The board will work with a 15-member internal Palestinian body composed of technocrats and called the National Committee for the Administration of Gaza.
With some 60 nations invited to join, member states will serve three-year terms, and those that contribute $1 billion will secure permanent membership.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 Developing Stories
Q-FORCE ONE
President Trump is on track to receive a luxury Boeing 747-8 jet donated by Qatar by this summerthat will serve as his new Air Force One, after years of delays to the officially contracted replacement aircraft. The Qatari aircraft is being refurbished and retrofitted for presidential use, potentially at significant cost beyond its estimated $400 million value, according to an Air Force statement issued on Wednesday. Trump has described the acquisition as a practical interim solution while the new Air Force One planes remain years behind schedule, even as critics raise concerns about the legalities of accepting such a gift. The statement was released a day after the current Air Force One carrying Trump to Switzerland for the Davos conference had to return to Washington because of an electrical issue, forcing the White House to use a second plane.
CHAT BILLIONS
OpenAI has been courting Middle Eastern investors, including Abu Dhabi’s sovereign wealth funds, as it prepares to raise as much as $50 billion in its latest funding round. CEO Sam Altman recently visited the region to meet with top investors, Bloomberg reports. The ChatGTP maker, which has previously received backing from Abu Dhabi tech investor MGX and is partnering with G42 to build the huge Starlink data center in the emirate, is seeking funds at a valuation of about $750 billion to $830 billion. It comes as competitor Anthropic, which is backed by the Qatar Investment Authority, is also in talks to raise more funds.
💲 Sovereign Circuit
L’Imad Holding: Abu Dhabi folded the owner of McLaren Automotive and its stake in Chinese electric-vehicle maker Nio into the new state-owned fund, Bloomberg reports.
Public Investment Fund: Saudi Arabia’s National Infrastructure Fund and AI company Humain agreed on a $1.2 billion financing framework to develop up to 250 MW of AI data center capacity.
Riyadh Air: Saudi Arabia’s new national carrier, which is owned by the PIF, announced that it has launched cargo operations.
Masdar: The UAE-owned sustainable energy company is teaming up with Emirates Utilities Development Co. and Uzbekistan’s Ministry of Energy to develop a massive clean-energy project in the Central Asian nation.
↪↩ Closing Circuit
💻 AI Deal: UAE conglomerate Damac Properties secured land and power for about 1GW of U.S. data centre capacity, worth about $12 billion, putting it more than halfway to its U.S. investment target, chairman Hussain Sajwani said at Davos.
💶 Debt Payment: Egypt has paid nearly $5 billion owed to foreign oil and gas companies and aims to cut the remaining debt to $1.2 billion by June 2026, prime minister Mostafa Madbouly said.
🏠 Plot Twist: Developer Object 1 completed a major land acquisition of four waterfront plots on Al Reem Island worth $1.2 billion, advancing its expansion and long-term growth plans in Abu Dhabi.
🗣 Circuit Chatter
🛢️ Oil Spending: GCC national oil companies are set to outspend international oil firms over the next two years as they ramp up investment, refocusing on renewables, downstream capacity and diversification, according to S&P Global.
🌧️ Rainy Days: Three scientists have each won grants of up to $1.5 million under the UAE’s cloud seeding program.
🌐 Laser Shift: Israel said its laser-based air defense system will become mobile this year, allowing it to be deployed on vehicles and aircraft as part of efforts to counter rockets and drones more flexibly.
🎓 Educational Expansion: Saudi education provider Almasar Alshamil plans to nearly double its special educational needs centres over the next three years and expand its higher education business following its recent IPO.
🌍 Power Circuit
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, visited the Unmanned Systems Exhibition (UMEX) and the Simulation and Training Exhibition (SimTEX) at ADNEC Centre Abu Dhabi on Wednesday.
Britain’s Prince William is set to arrive inSaudi Arabia on Feb. 9 for a three-day visit celebrating a century of diplomatic relations.
Sheikha Latifa bint Mohammed, Chairperson of the Dubai Culture and Arts Authority, met with Alexander De Croo, Administrator of the United Nations Development Programme (UNDP), in Davos.
➿ On the Circuit
U.S. President Donald Trump met with Egypt’s President Abdel Fattah El-Sisi in Davos.
Stella Li, BYD Americas CEO, described the Middle East as a “homeland for innovation” during an interview with Arab News in Davos.
Mohit Gabawas appointed Director, Investment Advisory in Dubai at Klay Group, a boutique financial services firm targeted at ultra-high-net-worth families and institutions.
Yousif Al Hammadiwas appointed interim CEO of Tabreed, following former CEO Khalid Al Marzooqi’s retirement in November.
🎶 Culture Circuit
🎤 Whenever, Wherever:Shakira will bring her Las Mujeres Ya No Lloran tour to the UAE, headlining Abu Dhabi’s second Offlimits music festival at Etihad Park on Yas Island on April 4. Having last performed at the same venue in 2011, the Colombian singer’s return to the Emirates has been a long-time coming. One of the most successful Latin artists of her generation, Shakira also has Middle Eastern roots – her father is of Lebanese descent.
📷 Photo of the Day
U.S. President Donald Trump presents the Board of Peace onstage at the World Economic Forum in Davos, Switzerland. (Chip Somodevilla/Getty Images)
📅 Circuit Calendar
Jan. 26-27, Riyadh. Super Return. A private equity & venture capital conference held in Saudi Arabia. Fairmont Hotel.
Jan. 26-28, Riyadh. Saudi Franchise Expo. The exhibition brings local and international businesses that want to create franchising companies into the kingdom. The Arena.
Jan. 26-30, Dubai. Gulf Food. The world’s largest food and beverage industry event. Dubai World Trade Centre & Dubai Exhibition Centre.
Jan. 29, Dubai. The Great Marketing & Business Minds. In this 4th edition, the event brings the most influential marketing and business leaders for a deep dive into performance-driven marketing, data integration, and the evolving accountability of brand leadership. Pullman Dubai Downtown.
Feb 1-6, Dubai. Dubai Fashion Week. The event showcases the latest collections by global and regional designers and positions Dubai as a major creative hub on the global fashion calendar alongside fashion capitals like New York, London, Milan and Paris. Dubai Design District.
Feb. 1-4, Doha. Web Summit Qatar. Connecting a new generation of founders in the Middle East to investors, journalists and more around the world. Doha Exhibition and Convention Center.
Feb. 2-4, Abu Dhabi. The Abu Dhabi AI Summit. The summit aims to strengthen collaboration between MBZUAI and the U.S. NSF Athena Institute to advance research, entrepreneurship and opportunities in Edge AI. Mohamed bin Zayed University of Artificial Intelligence.
Feb. 2-5, Doha. LNG2026. The 21st International Conference & Exhibition on Liquefied Natural Gas. Qatar National Convention Center.
Feb. 3, Dubai. World Laureates Summit. Held alongside the World Government Summit, the inaugural event will bring 200 of the world’s top scientific researchers, marking a historic integration of science and government.
Feb. 3-5, Dubai. World Government Summit. Brings together heads of state, policy makers, top corporate executives to debate global priorities. Madinat Jumeirah.
Feb. 4-5, Dubai. PropTech Connect Middle East. The Dubai Land Department will host the first regional edition of the real estate technology event. Grand Hyatt Dubai.
Feb. 10-11, Abu Dhabi. Top Advisors & Investors Summit. The event will convene the region’s foremost advisors, financiers, and investors in the UAE capital. TBC
Feb.12-13, Riyadh. PIF Private Sector Forum. The event, in its third edition, aims to support the Saudi Public Investment Fund’s Private Sector Engagement Strategic Initiative. King AbdelAziz International Conference Center.
The Daily Circuit: Saudi mineral overture at Davos + Qatar-Goldman deal
In today’s Daily Circuit, we’re reporting on the Qatar Investment Authority’s $25 billion plan with Goldman Sachs, Saudi Arabia’s $20 billion in bond sales, Oman taking bids to launch a flying taxi service and Diriyah’s campaign to sell its mansions to foreign investors. But first, a Saudi overture for international cooperation in mining minerals.
Saudi Arabia is using Davos this week to call for closer global cooperation on mining and critical minerals amid growing tensions over competition for resources as Donald Trump stirs the pot.
As the U.S. President left Washington to address the World Economic Forum, Saudi Minister of Mining and Mineral Resources Bandar Alkhorayef warned on Monday that countries risk conflict if they try to squeeze out competitors.
“We cannot afford a world where every country tries to secure critical minerals on its own,” Alkhorayef told a Davos panel, urging shared frameworks and cross-border partnerships.
Trump is scheduled to address the WEF today in the conference’s most anticipated event as he confronts European allies over his plans to take over Greenland from Denmark, in part because of its underground stores of rare earths such as graphite, copper, zinc and titanium.
Saudi Arabia has been positioning itself as a hub for mineral processing and investment, with Alkhorayef framing cooperation as essential to stabilizing supply chains and easing geopolitical strain. The kingdom, which is trying to diversify its economy away from reliance on oil, has an estimated $2.5 trillion in mineral wealth.
“We realized that unlocking the value that we have in our natural resources, of the different minerals that we have, will definitely help our economy to grow, to diversify,” Alkhorayef said.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
CIRCUIT FEATURE
Saudi Arabia woos the wealthy with mansions, polo, golf and Trump
Boasting a polo club and a Trump-branded golf resort that hugs the desert landscape, the new Wadi Safar mansion district under construction in Saudi Arabia’s $63 billion Diriyah Gate project is emerging as a key part of the kingdom’s campaign to market itself abroad.
The development, which is being built near the mud-brick ruins of the country’s At-Turaif tribal center and a short ride from Riyadh’s shimmering glass skyscrapers, is now in the early stages of its four-year phased opening, The Circuit’s Omnia Al Desoukie reports from Diriyah.
This week, Diriyah is center-stage at Saudi Arabia’s national pavilion in Davos, Switzerland, where CEO Jerry Inzerillo and other top executives are wooing the thousands of wealthy investors who attend the World Economic Forum.
Goldman Sachs is bolstering its ties with Qatar’s sovereign wealth fund through an expanded investment partnership that could reach $25 billion in value. The Qatar Investment Authority plans to channel the money into Goldman Sachs Asset Management funds and co-investments spanning private equity, credit and other alternatives, Bloomberg reports. The deal builds on an existing relationship and positions QIA as a major anchor investor while strengthening Goldman’s footprint in the Middle East. Executives said the partnership is designed to deliver long-term capital deployment, broader deal access and closer collaboration across global markets.
CHOO CHOO
Etihad Rail’s first passenger routes to come online will link Abu Dhabi city with Dubai and the UAE’s east-coast resort city of Fujairah, The National reports. While a date is yet to be announced, anticipation is building for the launch of the service, which is expected to whisk travelers from the UAE capital to Dubai in about one hour and to Fujairah in about 90 minutes. It comes amid a population boom in the UAE which is putting increasing strain on road networks, particularly for commuters traveling between the emirates’ two biggest cities for work and conferences. The first three stations will be Mohamed bin Zayed City in Abu Dhabi, Jumeirah Golf Estates in Dubai and Fujairah’s Sakamkam neighbourhood.
💲 Sovereign Circuit
Qatar Investment Authority: The fund is considering a radical overhaul that would see it separate its overseas holdings from its domestic portfolio, Bloomberg reports.
G42: The Abu Dhabi-backed AI company expects shipments of some of the world’s most advanced artificial-intelligence chips from Nvidia, AMD and Cerebras to reach the UAE within months, CEO Peng Xiao told Bloomberg in Davos.
Mubadala: The Mohamed bin Zayed Species Conservation Fund and Mubadala have launched a $3 million, two-year partnership to conserve dugongs and seagrass habitats across the UAE and four other countries.
Abu Dhabi Investment Authority: India’s ReNew Energy Global has revived plans to delist in the U.S., with CPPIB and ADIA leading after Masdar’s exit from the consortium, as it weighs options including an India listing or staying private amid a suppressed share price..
Arab Energy Fund: The Arab Energy Fund received approval in China to issue up to $1.4 billion in panda bonds over two years.
↪↩ Closing Circuit
📈 Bond Surge:Saudi Arabia has sold more than $20 billion of international bonds since the start of 2026, marking a record January as the government, banks and companies tap global debt markets at an accelerated pace, Bloomberg reports.
💰 Infrastructure Finance: Qatar’s Ras Abu Fontas Power secured about $990 million from Japan Bank for International Cooperation to develop a natural gas‑fired power plant.
💸 Cashed Up: Energy and commodities trader BGN has refinanced with a $400 million revolving credit facility led by the Abu Dhabi Exports Office and First Abu Dhabi Bank.
🗣 Circuit Chatter
✈️ Flying Taxis: Oman plans to launch air taxis in 2027 and is taking bids from seven companies to operate the service.
💵 Minimum Wage: The UAE has formally set a minimum monthly wage of of $1,633 for Emiratis working in the private sector, as it further raises targets for the number of nationals required to be employed by mainland companies.
🏘️ Cheaper Homes: Property prices in Saudi Arabia have fallen for the first time in five years, recording a 0.7% decline in the last quarter of 2025, largely attributed to a 2.2% drop in the residential sector.
📺 TV Business: The UAE is emerging as a key player in global media consolidation, illustrated by merger talks between Abu Dhabi-controlled All3Media and Amsterdam-listed Banijay, which is behind reality TV hits including MasterChef, Arabian Gulf Business Insight reports.
🌽 Farm Focus: Abu Dhabi-based Al Dahra Holding plans to exit third-party grains and oilseeds trading and refocus on its farming operations across Europe, Africa and the U.S. as part of a strategic overhaul, Bloomberg reports.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed accepted an invitation from U.S. President Donald Trump to join the new Board of Peace, which aims to develop solutions for rebuilding the Gaza Strip and resolving other global conflicts.
Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, said that the UAE came in 10th place globally in the overall ranking of the Global Soft Power Index, announced at the World Economic Forum in Davos.
Sheikha Latifa bint Mohammed, Chairperson of the Dubai Culture and Arts Authority, met with the Bahraini delegation, led by Sheikh Isa bin Salman Al Khalifa, Minister of the Prime Minister’s Court, at the World Economic Forum in Davos.
King Salman of Saudi Arabia chaired a cabinet meeting days after leaving the hospital following medical tests.
➿ On the Circuit
Fady Jameel, Chairman of Saudi Arabia’s Art Jameel and Vice Chairman, International, at Abdul Latif Jameel, has been awarded the title of Chevalier in the Order of Arts and Letters by the French Ministry of Culture.
Hashem Alsada was appointed as the new Head of Equities Asset Management of SICO Capital, a provider of asset management, brokerage, and investment banking services in Riyadh.
Hassan Gabry was reelected as Chairman of the Cement Industry Division for the new term at the Federation of Egyptian Industries.
🎶 Culture Circuit
📷 Look Twice: The lava flows, black basalt formations and desert plains of Saudi Arabia’s isolated Harrat Rahat volcanic field will be the inspiration for British fine-art photographer John Balsdon’s first Middle East project. Balsdon will head out later this month with a small film crew, a drone pilot and a Saudi guide to shoot the dramatic landscape, which is set to feature in his ongoing “Always Look Twice” project, which documents wild places. “Saudi Arabia felt like a place of immense creative potential, one that is still largely unexplored from a visual storytelling perspective,” the photographer told Arab News.
📷 Photo of the Day
UAE Education Minister Sarah Al Amiri (R) spoke at the World Economic Forum in Davos about the use of “soft power” in diplomacy, joining a panel with former Canadian Prime Minister Justin Trudeau and Brand Finance CEO David Haigh. (Emirates News Agency)
📅 Circuit Calendar
Jan. 18-21, Riyadh. Big5 Construct Saudi. Latest trends and opportunities among construction companies operating in KSA. Riyadh Front Exhibition & Conference Center located at ROSHN Front.
Jan. 20-22, Abu Dhabi. UMEX 2026. The Unmanned Systems Exhibitions and Conference showcases the latest advances in autonomous systems, robotics, artificial intelligence, and training simulation. ADNEC.
Jan. 26-27, Riyadh. Super Return. A major private equity & venture capital conference held in Riyadh, Saudi Arabia. The Fairmont Hotel.
Jan. 26-28, Riyadh. Saudi Franchise Expo. The exhibition brings local and international businesses that want to create franchising companies into the kingdom. The Arena Riyadh Venue for Exhibitions, Riyadh.
Jan. 26-30, Dubai. Gulf Food. The world’s largest food and beverage industry event. Dubai World Trade Centre & Dubai Exhibition Centre.
Jan. 29, Dubai. The Great Marketing & Business Minds. In this 4th edition, the event brings the most influential marketing and business leaders for a deep dive into performance-driven marketing, data integration, and the evolving accountability of brand leadership. Pullman Dubai Downtown.
Feb 1-6, Dubai. Dubai Fashion Week. The event showcases the latest collections by global and regional designers and positions Dubai as a major creative hub on the global fashion calendar alongside fashion capitals like New York, London, Milan and Paris. Dubai Design District.
Feb. 1-4, Doha. Web Summit Qatar. Connecting a new generation of founders in the Middle East to investors, journalists and more around the world. Doha Exhibition and Convention Center.
Feb. 2-4, Abu Dhabi. The Abu Dhabi AI Summit. The summit aims to strengthen collaboration between MBZUAI and the U.S. NSF Athena Institute to advance research, entrepreneurship and opportunities in Edge AI. Mohamed bin Zayed University of Artificial Intelligence.
Feb. 2-5, Doha. LNG2026. The 21st International Conference & Exhibition on Liquefied Natural Gas. Qatar National Convention Center.
Feb. 3, Dubai. World Laureates Summit. Held alongside the World Government Summit, the inaugural event will bring 200 of the world’s top scientific researchers, marking a historic integration of science and government.
Feb. 3-5, Dubai. World Government Summit. Brings together heads of state, policy makers, top corporate executives to debate global priorities. Madinat Jumeirah.
Feb. 4-5, Dubai. PropTech Connect Middle East. The Dubai Land Department will host the first regional edition of the real estate technology event. Grand Hyatt Dubai.
Feb. 10-11, Abu Dhabi. Top Advisors & Investors Summit. The event will convene the region’s foremost advisors, financiers, and investors in the UAE capital. TBC
Feb.12-13, Riyadh. PIF Private Sector Forum. The event, in its third edition, aims to support the Saudi Public Investment Fund’s Private Sector Engagement Strategic Initiative. King AbdelAziz International Conference Center.
The Daily Circuit: Davos draws Gulf CEOs + UAE-India gas deal
In today’s Daily Circuit, we’re reporting on the UAE’s $3 billion LNG deal with India, ACWA Power’s acquisition of a stake in Kuwait’s Az Zour project, private equity firm Alta Semper taking control of UAE-based sports nutrition company Nature’s Rule, and a joint defense venture between the UAE’s EDGE and Qatar’s Barzan Holdings. But first, Gulf executives navigate Switzerland’s frigid terrain at the World Economic Forum.
Davos is once again pulling the Gulf’s top business leaders to Switzerland’s snow-capped ski resort, where executives from the Middle East are mingling at the World Economic Forum with global corporate heavyweights including Bridgewater’s Ray Dalio, BlackRock’s Larry Fink and Palantir’s Alex Karp.
From Saudi Arabia, the delegation includes Talal Al Maiman, CEO of Kingdom Holding, Tareq Al Sadhan, CEO of Saudi National Bank, Abdullah Aladel, managing director and CEO of Alkhair Capital, Marco Arcelli, CEO of ACWA Power, and Jerry Inzerillo, group CEO of Diriyah Company.
The UAE contingent includes Khaldoon Al Mubarak, Managing Director and CEO of Mubadala Investment Co., and Dr. Sultan Al Jaber, CEO of ADNOC and Minister of Industry and Advanced Technology, alongside private-sector leaders such as Peng Xiao, CEO of G42, and Badr Jafar, CEO of Crescent Enterprises.
Qatar is represented by Mansoor Al-Mahmoud, CEO of the Qatar Investment Authority, and Saad Al-Kaabi, president and CEO of QatarEnergy. Bahrain’s presence includes Abdulla Al Khalifa, CEO of Mumtalakat, the kingdom’s sovereign wealth fund, and Hisham Alrayes, CEO of GFH Financial Group.
Several of the execs were making the rounds at the TV networks that give Davos wall-to-wall coverage. Al Mubarak, for one, annually uses the Swiss conference as a pulpit to raise Mubadala’s international visibility.
“Leaving the noise and the hype aside, I think we have a very clear view of what we think are the investable spaces,” Al Mubarak said in an interview with Bloomberg. “Particularly when it comes to AI enablement, there are a lot of aspects that I think we believe in.”
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📰 Developing Stories
GAS DIPLOMACY
India has signed a $3 billion deal to buy liquefied natural gas from the United Arab Emirates, making it the UAE’s largest LNG customer, as the two countries moved to deepen trade and defense ties. The agreement was struck during a working visit by UAE President Sheikh Mohamed bin Zayed, with both sides pledging to double bilateral trade to $200 billion within six years and pursue a strategic defense partnership, Reuters reports. As per the agreement, Abu Dhabi state firm ADNOC Gas will supply half a million tons of LNG a year to Hindustan Petroleum over 10 years, taking ADNOC’s total contracts with India to more than $20 billion. Indian officials said the defense cooperation would not draw New Delhi into regional conflicts, despite shifting alliances in the Gulf.
TRADE BOT
Abu Dhabi artificial intelligence firm Presight will develop a platform to boost the UAE’s foreign trade capabilities by analyzing real-time data from sources including ports, shipping routes and customs records. The G42 company signed an agreement with the UAE’s Ministry of Foreign Trade, announced on Monday, to create a series of AI-powered tools that will support its mission to be the world’s first AI-driven trade ministry. “The future of trade belongs to economies that can see early and move fast, Mansoor Al Mansoori, Vice Chairman of Presight, said. “By putting real-time insight into the hands of decision-makers, we reduce friction, compress timelines, and help governments and businesses operate with confidence.”
💲 Sovereign Circuit
Mubadala: Mubadala Bio’s subsidiary Bioventure Healthcare secured the European Union’s Good Manufacturing Practice certification, a key requirement for enabling pharmaceutical product export to the EU.
Public Investment Fund: ACWA Power, the PIF-owned Saudi energy utility, bought Engie’s 17.5% stake in Kuwait’s Az Zour independent water and power project, consolidating its ownership in one of the country’s largest utility facilities.
ADQ: AD Ports Group, majority owned by ADQ, signed an agreement with Nigeria to explore collaboration opportunities across ports, logistics, maritime services and digital trade infrastructure.
ADQ: Safeen Drydocks, part of Noatum Maritime, which is owned by ADQ’s AD Ports Group, fully acquired Balenciaga Astilleros Shipyard, one of Spain’s most established shipbuilding and repair facilities, for $13 million.
EDGE Group: UAE defense group EDGE and Qatar’s Barzan Holdings have agreed to form a joint venture to co-develop advanced defense technologies.
↪↩ Closing Circuit
🍎 Nutrition Bet: Private equity firm Alta Semper agreed to acquire a majority stake in UAE-based sports nutrition company Nature’s Rule, describing the deal as a step toward scaling the business through a more institutional growth strategy.
💻 Blockchain Bonds: Emirates NBD, Dubai’s largest bank, issued the region’s first Dirham-denominated digital bond, raising $272.3 million.
🏢 Office Expansion: Egyptian developer Marakez secured $63 million from Kuwait Finance House – Egypt to expand the commercial Mindhaus Campus at its District 5 project in New Cairo.
🚇 Metro Link: Dubai’s RTA has invited consultants to bid for designing a 3km Route 2020 metro extension from the Expo 2020 station to Al Maktoum International Airport’s West Terminal.
📈 Economy Performing: The IMF raised its 2026 growth forecast for Saudi Arabia to 4.5% citing higher oil output, strong domestic demand, and ongoing reforms.
💰 Dreaming Big: Northern Graphite’s plan to build a $200 million graphite battery anode plant in Saudi Arabia with Obeikan has fueled an eightfold revenue growth forecast and a sharp rise in its shares.
🍪 Snack Deal: Dubai-listed Unikai Foods received a $35 million cash takeover bid from a Kuwait’s Al Wafir for Marketing Services.
🌍 Power Circuit
Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, visited the fifth edition of World of Coffee Dubai on Monday at Dubai World Trade Centre.
Sheikh Hamdan bin Zayed, Ruler’s Representative in the Al Dhafra Region, reviewed the outcome of this year’s Liwa International Festival on Monday.
Sheikh Mansoor bin Mohammed, Vice Chairman of the Dubai Health Board of Directors, attended the opening of the annual UAE International Dental Conference and Arab Dental Exhibition on Monday.
➿ On the Circuit
Faisal al-Ibrahim, Saudi Arabia’s Investment Minister, said in an interview with Reuters in Davos that the kingdom’s private sector is taking on a larger role in delivering Vision 2030 projects as the government seeks to shift more execution and financing to companies outside the state.
Dr. Thani Al Zeyoudi, UAE Minister for Foreign Trade, led a high-level government and business delegation to the Lualaba Province in the Democratic Republic of Congo for the UAE-DRC Trade and Investment day.
Nayef Nasser Alnasserwas appointed Managing Director of Ithmaar Development Company, succeeding Mohammed Khalil Alsayed.
David Hadley, CEO of UAE-based NMC Healthcare, said that hospitals are increasingly under strain as profit margins shrink and may have to consolidate further to unlock economies of scale.
Rashid Al Dhaheri, an Emirati racing driver, won the opening round of the Formula Regional Middle East Championship, held at Yas Marina Circuit.
🎶 Culture Circuit
📺 On the Box: Netflix has unveiled its line-up of Arabic releases for 2026, including new seasons of hit reality shows “Love is Blind, Habibi” and “Dubai Bling.” Season 2 of the streamer’s regional adaptation of the global matchmaking show introduces potential couples on either side of a wall to test if they can form a bond without seeing one-another. “Dubai Bling,” now in its fourth season, follows a cast of fashion-obsessed socialites who revel in delivering snappy one-liners like “I’m not playing hard to get, I am hard to get.”
📷 Photo of the Day
UAE President Sheikh Mohamed bin Zayed and Indian Prime Minister Narendra Modi watch as Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC, and Hardeep Singh Puri, India’s Minister of Petroleum and Natural Gas, exchange documents for a deal between ADNOC Gas and Hindustan Petroleum Corporation in New Delhi on Monday. (Emirates News Agency)
📅 Circuit Calendar
Jan. 18-21, Riyadh. Big5 Construct Saudi. Latest trends and opportunities among construction companies operating in KSA. Riyadh Front Exhibition & Conference Center located at ROSHN Front.
Jan. 20-22, Abu Dhabi. UMEX 2026. The Unmanned Systems Exhibitions and Conference showcases the latest advances in autonomous systems, robotics, artificial intelligence, and training simulation. ADNEC.
Jan. 26-27, Riyadh. Super Return. A major private equity & venture capital conference held in Riyadh, Saudi Arabia. The Fairmont Hotel.
Jan. 26-28, Riyadh. Saudi Franchise Expo. The exhibition brings local and international businesses that want to create franchising companies into the kingdom. The Arena Riyadh Venue for Exhibitions, Riyadh.
Jan. 26-30, Dubai. Gulf Food. The world’s largest food and beverage industry event. Dubai World Trade Centre & Dubai Exhibition Centre.
Jan. 29, Dubai. The Great Marketing & Business Minds. In this 4th edition, the event brings the most influential marketing and business leaders for a deep dive into performance-driven marketing, data integration, and the evolving accountability of brand leadership. Pullman Dubai Downtown.
Feb 1-6, Dubai. Dubai Fashion Week. The event showcases the latest collections by global and regional designers and positions Dubai as a major creative hub on the global fashion calendar alongside fashion capitals like New York, London, Milan and Paris. Dubai Design District.
Feb. 1-4, Doha. Web Summit Qatar. Connecting a new generation of founders in the Middle East to investors, journalists and more around the world. Doha Exhibition and Convention Center.
Feb. 2-4, Abu Dhabi. The Abu Dhabi AI Summit. The summit aims to strengthen collaboration between MBZUAI and the U.S. NSF Athena Institute to advance research, entrepreneurship and opportunities in Edge AI. Mohamed bin Zayed University of Artificial Intelligence.
Feb. 2-5, Doha. LNG2026. The 21st International Conference & Exhibition on Liquefied Natural Gas. Qatar National Convention Center.
Feb. 3, Dubai. World Laureates Summit. Held alongside the World Government Summit, the inaugural event will bring 200 of the world’s top scientific researchers, marking a historic integration of science and government.
Feb. 3-5, Dubai. World Government Summit. Brings together heads of state, policy makers, top corporate executives to debate global priorities. Madinat Jumeirah.
Feb. 4-5, Dubai. PropTech Connect Middle East. The Dubai Land Department will host the first regional edition of the real estate technology event. Grand Hyatt Dubai.
Feb. 10-11, Abu Dhabi. Top Advisors & Investors Summit. The event will convene the region’s foremost advisors, financiers, and investors in the UAE capital. TBC
Feb.12-13, Riyadh. PIF Private Sector Forum. The event, in its third edition, aims to support the Saudi Public Investment Fund’s Private Sector Engagement Strategic Initiative. King AbdelAziz International Conference Center.
The Daily Circuit: Gulf financial chiefs in Davos + Masdar-Engie venture
In today’s Daily Circuit, we’re reporting on the Abu Dhabi solar plant being built by Masdar and French utility Engie, NMDC Group’s acquisition of Spain’s Lantania Aguas water company, Libya’s $2.7 billion free zone partnership with firms in Qatar and Italy, and more international shipping lines cautiously returning to the Red Sea. But first, Davos takes center stage.
From the Gulf’s desert capitals to the icy streets of Davos, senior government officials and corporate powerbrokers from the United Arab Emirates, Saudi Arabia, Qatar and Bahrain are converging on Switzerland for the World Economic Forum, the weeklong economic jamboree that opens tonight.
The UAE is sending a delegation of more than 100 ministers, senior officials and business leaders, led by Sheikha Latifa bint Mohammed, Chairperson of Dubai Culture and Arts Authority, with Finance Minister Mohamed bin Hadi Al Hussaini, Minister of Economy Abdullah bin Touq Al Marri and Mubadala CEO Khaldoon Al Mubarak among those holding meetings and appearing on panels.
Saudi Arabia’s delegation is headed by Foreign Minister Prince Faisal bin Farhan and includes Finance Minister Mohammed Al-Jadaan, Investment Minister Khalid Al-Falih, Ambassador to the U.S. Princess Reema Bandar Al Saud and senior executives from the kingdom’s Public Investment Fund and flagship companies.
Qatar is also marking a strong presence, bringing a host of government and business leaders including Ali bin Ahmed Al-Kuwari, Minister of Finance, Mohammed bin Ali Al Mannai, Minister of Communications and Information Technology, and senior executives from the Qatar Investment Authority, Qatar Stock Exchange and major banks.
Bahrain’s delegation will feature Finance and National Economy Minister Sheikh Salman bin Khalifa, Sustainable Development Minister and Economic Development Board CEO Noor bint Ali Al Khalifa, Industry and Commerce Minister Abdullah bin Adel Fakhro, and Mumtalakat CEO Sheikh Abdullah bin Khalifa.
All four countries will run their own bases of operations along the Promenade, the main street in Davos — UAE House, Saudi House, the Invest Qatar Pavilion and GFH Bahrain — featuring speakers and panel discussions designed to attract investors and deepen global ties.
Editor’s Note: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 Developing Stories
INDIA BUYING
UAE President Sheikh Mohamed bin Zayed began a visit today to India, where he was due to meet Prime Minister Narendra Modi. This marks the UAE President’s third visit, and comes after trade between the UAE and India surged to $100 billion in 2024‑25 following implementation of a Comprehensive Economic Partnership Agreement. The visit also comes as state-owned Etihad Water and Electricity said it is planning a feasibility study for a proposed undersea power link. The “one sun, one world, one grid” initiative would allow solar power to be traded between the countries. The UAE is home to more than 3.5 million Indians, its largest expatriate community.
CREDIT SHIFT
Sovereign wealth funds from the Gulf are putting more money into private lending deals in emerging markets to earn higher returns. The move reflects a search for alternatives as traditional bonds offer lower yields and banks pull back from riskier markets, Bloomberg reports. The Gulf funds – including the UAE’s Mubadala and Abu Dhabi Investment Authority, and Saudi Arabia’s Public Investment Fund – are teaming up with global asset managers to provide loans directly to companies and projects that struggle to access financing. Mubadala Capital, for example, the sovereign fund’s alternative asset management arm, has secured about $240 million in commitments for its latest Brazil vehicle after closing a $710 million fund focused on the country in 2023.
💲 Sovereign Circuit
Masdar: Masdar and French utility Engie have reached financial close on the 1.5GW Khazna Solar PV project in Abu Dhabi, backed by financing from seven banks and a 30-year power purchase agreement with Emirates Water and Electricity Company.
International Holding Co.: NMDC Group, majority owned by IHC’s Alpha Dhabi Holding, said its subsidiary NMDC Infra agreed to acquire a 51% stake in Spain’s Lantania Aguas to form Lantania NMDC Water, creating a global water-sector player.
Public Investment Fund: The Royal Commission for AlUla signed a memorandum with SURJ Sports Investment to explore sports programmes, joint investments and hosting major events to boost AlUla’s position as a global sports destination.
Mubadala: Waleed Al Mokarrab Al Muhairi, Mubadala’s Deputy Group CEO, joined the first episode of the Abu Dhabi sovereign fund’s newly-launched podcast series “The Exchange” to talk about conviction-led investing.
↪↩ Closing Circuit
💰 Rising Competition: Libya signed a $2.7 billion public-private partnership with Qatari and Italian firms to expand the Misurata Free Zone port into a regional transhipment hub competing with Egypt and Morocco.
🤝 Middle Team: Qatar has become the quiet middleman for Washington’s first $500 million Venezuelan oil sale, holding the proceeds in Doha as the U.S. markets the crude and manages revenues.
💵 Buying Power: Saudi Arabia raised its U.S. Treasury holdings in November to $148.8 billion, lifting it to 17th among foreign holders.
🗣 Circuit Chatter
🚢 Red Sea Return: Major container shipping lines are cautiously resuming passage through the Red Sea after more than two years of avoidance, amid improving security conditions.
🌐 Staying Online: Elon Musk’s Starlink satellite network is facing a high-profile security challenge as Iran intensifies efforts to restrict access during a crackdown on political unrest.
⛽ Gas Expansion: Chevron and its partners have approved an expansion of Israel’s Leviathan gas field, increasing supplies for domestic use and regional export markets.
⚡ AI Tariff: Abu Dhabi is preparing a dedicated electricity tariff for data centres to protect households and businesses from higher energy bills.
🌍 Power Circuit
Emir of Qatar Sheikh Tamim received Canada’s Prime Minister Mark Carney on his first visit to Qatar on Sunday. Following the visit, Carney announced that Qatar would make significant investments in Canada.
Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, watched key stages of the Elite Race held as part of the Al Salam Cycling Championship organized by his private office.
Sheikh Mansour bin Zayed, UAE Vice President, and Sheikh Jassim bin Hamad Al Thani, son of Qatar’s Emir, attended the Global Champions Arabians Tour – Abu Dhabi, at the Abu Dhabi Equestrian Club.
➿ On the Circuit
Mohammed Alardhi, Executive Chairman of Bahrain-based Investcorp, told Bloombergat Davos that the outlook for IPOs is getting better in Gulf markets.
Mariam Mohamed AlMusharrekh was appointed Director General of Government Talent at the Department of Government Enablement in Abu Dhabi and Abdulaziz Mohamed Alhammadiwas appointed as Director General of Regulatory Affairs at the Department of Energy.
Rafiza Ghazali was appointed Managing Director, Consumer Banking at Fasset, the UAE-based global Islamic banking and investment platform.
Rajesh Nagpalwas appointed Vice President of Enterprise Business for Huawei UAE.
🎶 Culture Circuit
🦁 Mane Attraction: The last drawing of a lion by Rembrandt remaining in private hands will be displayed in Saudi Arabia later this month ahead of its auction in New York, where it is expected to fetch more than $15 million. “Young Lion Resting,” one of six known lion drawings by the Dutch master, will be displayed at Diriyah’s Bujairi Terrace from Jan. 24 to 25, as part of the Leiden Collection of 17th-century Dutch and Flemish art. Proceeds from the sale will benefit Panthera, a wild cat conservation organization chaired by the co-owner of the painting, philanthropist Jon Ayers. Panthera is leading the re-introduction of the critically endangered Arabian leopard to AlUla.
📷 Photo of the Day
American pop star Katy Perry performs on stage during the Joy Awards in Riyadh on Saturday. The awards, now in their sixth season, are billed as the region’s “People’s Choice Awards,” spotlighting music and movie stars, as well as sports people and other inspiring figures. (Photo by Mohammed Saad/Anadolu via Getty Images)
📅 Circuit Calendar
Jan. 18-21, Riyadh. Big5 Construct Saudi. Latest trends and opportunities among construction companies operating in KSA. Riyadh Front Exhibition & Conference Center located at ROSHN Front.
Jan. 20-22, Abu Dhabi. UMEX 2026. The Unmanned Systems Exhibitions and Conference showcases the latest advances in autonomous systems, robotics, artificial intelligence, and training simulation. ADNEC.
Jan.26-27, Riyadh. Super Return. A major private equity & venture capital conference held in Riyadh, Saudi Arabia.The Fairmont Hotel.
Jan. 26-28, Riyadh. Saudi Franchise Expo. The exhibition brings local and international businesses that want to create franchising companies into the kingdom. The Arena Riyadh Venue for Exhibitions, Riyadh.
Jan. 26-30, Dubai. Gulf Food. The world’s largest food and beverage industry event. Dubai World Trade Centre & Dubai Exhibition Centre.
Jan.29, Dubai. The Great Marketing & Business Minds. In this 4th edition, the event brings the most influential marketing and business leaders for a deep dive into performance-driven marketing, data integration, and the evolving accountability of brand leadership. Pullman Dubai Downtown.
Feb 1-6, Dubai. Dubai Fashion Week. The event showcases the latest collections by global and regional designers and positions Dubai as a major creative hub on the global fashion calendar alongside fashion capitals like New York, London, Milan and Paris. Dubai Design District.
Feb. 1-4, Doha. Web Summit Qatar. Connecting a new generation of founders in the Middle East to investors, journalists and more around the world. Doha Exhibition and Convention Center.
Feb 2-4, Abu Dhabi. The Abu Dhabi AI Summit. The summit aims to strengthen collaboration between MBZUAI and the U.S. NSF Athena Institute to advance research, entrepreneurship and opportunities in Edge AI. Mohamed bin Zayed University of Artificial Intelligence.
Feb. 2-5, Doha. LNG2026. The 21st International Conference & Exhibition on Liquefied Natural Gas. Qatar National Convention Center.
Feb. 3, Dubai. World Laureates Summit. The inaugural summit, held alongside the World Government Summit, will bring 200 of the world’s top scientific researchers, marking a historic integration of science and government.
Feb. 3-5, Dubai. World Government Summit. Brings together heads of state, policy makers, top corporate executives to debate global priorities. Madinat Jumeirah.
Feb. 4-5, Dubai. PropTech Connect Middle East. The Dubai Land Department will host the first regional edition of the real estate technology event. Grand Hyatt Dubai.
Feb. 10-11, Abu Dhabi. Top Advisors & Investors Summit. The event will convene the region’s foremost advisors, financiers, and investors in the UAE capital. TBC
Feb.12-13, Riyadh. PIF Private Sector Forum. The event, in its third edition, aims to support the Saudi Public Investment Fund’s Private Sector Engagement Strategic Initiative. King AbdelAziz International Conference Center.
Saudi group negotiates U.S. venture for Greenland minerals
Amid U.S. President Donald Trump’s declarations of interest in taking over Greenland, a Saudi investment group is in talks with New York-based Critical Metals Corp. to build a refinery for processing the massive Arctic island’s mineral resources.
Critical Metals announced on Thursday that it signed a non-binding term sheet to form a 50-50 joint venture with Saudi Arabia’s Tariq Abdel Hadi Abdullah Al-Qahtani & Brothers. The facility would be linked to the U.S. company’s planned Tanbreez mining project in Greenland.
Under the plan, about a quarter of the minerals from the Tanbreez mine would be processed in Saudi Arabia, which is looking to extract more value from its own deposits of so-called rare earths. Critical Metals said the refined materials could be used in high-tech applications and distributed through U.S. defense supply chains.
If finalized, the deal would give Critical Metals guaranteed customers and likely ease its path to full financing for the project, which is estimated to cost $290 million to start production by next year.
“We see a strong opportunity to work closely with partners in the United States to responsibly develop and deploy these materials in support of next-generation technologies,” Abdulmalik Tariq Al-Qahtani, the Saudi firm’s CEO, said in a statement.
The Daily Circuit: Saudi interest in Greenland’s minerals + ADNOC eyes Venezuela
In today’s Daily Circuit, we’re reporting on ADNOC’s interest in Venezuelan gas, Qatari plans to buy control of two Syrian banks, the Arab Energy Fund taking a minority stake in Saudi Arabia’s Arabian Petroleum Supply Co., and plans for an $8.2 billion Mercedes Benz-branded city in Dubai. But first, Greenland’s mineral resources are attracting investors in Saudi Arabia.
Amid U.S. President Donald Trump’s declarations of interest in taking over Greenland, a Saudi investment group is in talks with New York-based Critical Metals Corp. to build a refinery for processing the massive Arctic island’s mineral resources.
Critical Metals announced on Thursday that it signed a non-binding term sheet to form a 50-50 joint venture with Saudi Arabia’s Tariq Abdel Hadi Abdullah Al-Qahtani & Brothers. The facility would be linked to the U.S. company’s planned Tanbreez mining project in Greenland.
Under the plan, about a quarter of the minerals from the Tanbreez mine would be processed in Saudi Arabia, which is looking to extract more value from its own deposits of so-called rare earths. Critical Metals said the refined materials could be used in high-tech applications and distributed through U.S. defense supply chains.
If finalized, the deal would give Critical Metals guaranteed customers and likely ease its path to full financing for the project, which is estimated to cost $290 million to start production by next year.
“We see a strong opportunity to work closely with partners in the United States to responsibly develop and deploy these materials in support of next-generation technologies,” Abdulmalik Tariq Al-Qahtani, the Saudi firm’s CEO, said in a statement.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 Developing Stories
SYRIAN STAKES
Qatar’s Estithmar Holding is poised to purchase controlling stakes in two Syrian banks. The investment group plans to take over majority ownership of Shahba Bank and about 30% of Syria International Islamic Bank, Reuters reports. The move would be the first foreign banking acquisition in Syria since the fall of Bashar al-Assad and follows the recent lifting of U.S. sanctions on Syria. The year-old interim government of President Ahmed al-Sharaa has been seeking to bring foreign capital into Syria’s banking system after more than a decade of conflict.
EXPO IPO
Competition to dominate the events space in the Gulf is heating up, with two major groups exploring the potential to launch IPOs this year. Dubai World Trade Centre and U.K.-based Informa Group, which host some of the emirate’s biggest conferences and expos, have hired Rothschild & Co. as a financial adviser for a potential listing in Dubai, Bloomberg reports. The pair announced a joint venture last March to own and operate major events, including the Dubai Airshow and Gulfood. Meanwhile, the organizer of Saudi Arabia’s Future Investment Initiative, Richard Attias & Associates, is among eight companies earmarked by the Public Investment Fund for IPOs this year.
💲 Sovereign Circuit
ADNOC: Abu Dhabi’s state oil company is evaluating a potential investment in Venezuela’s natural gas industry as the beleaguered country tries to revive output and attract foreign partners, Bloomberg reports. TAQA: Abu Dhabi National Energy Company (TAQA), Emirates Water and Electricity Company, Masdar, EDF power solutions and Jinko Power Technology announced the issuance of long-term green bonds to refinance Al Dhafra Solar Photovoltaic Independent Power Plant, raising more than $870 million.
Masdar: UAE’s Masdar is partnering with Elite Agro Holding to launch the MENA region’s first agricultural photovoltaic project, combining solar panels with greenhouses. Masdar and Montenegro’s national power utility EPCG, meanwhile, agreed to explore a joint venture to develop and operate large-scale renewable energy projects.
Qatar Investment Authority: Qatar National Bank raised $650 million through a Formosa bond issue in Taiwan, with HSBC, KGI Securities and Standard Chartered acting as joint managers.
ADQ: AD Ports Group signed a $228 million land sale agreement with Danube Properties for a major residential and mixed-use project on roughly 1 million square meters within Abu Dhabi’s KEZAD Town Centre.
Arab Energy Fund: The fund has taken a minority stake in Saudi Arabia’s Arabian Petroleum Supply Co., backing the company’s regional expansion across fuel supply, logistics and related energy services.
↪↩ Closing Circuit
💰 Japanese Credit: Saudi Arabia has secured a 12-year, $1.5 billion credit line from Japan’s export credit agency Nexi to support water and energy projects under Vision 2030.
🔋 Clean Projects: The UAE Ministry of Energy and Infrastructure announced a joint venture with Baah and India’s Lohum to develop the country’s first large-scale electric vehicle battery recycling facility in the emirate of Sharjah.
🚗 Branded Build: UAE developer Binghatti and Mercedes-Benz unveiled an $8.2 billion co-branded development in Dubai’s Nad Al Sheba at a star-studded event hosted by American TV star Terry Crews.
🗣 Circuit Chatter
🏦 Open Shop: National Bank of Canada announced the opening of an office in the Dubai International Financial Centre to support Canadian clients expanding into the Middle East.
⭐ Gold Star: Abu Dhabi Customs and the Emirates Drug Establishment launched the Golden List of Pharmaceutical Companies, initially covering 31 firms, to streamline customs procedures and strengthen supply chains.
🛥️ Calm Seas: Danish Shipping company Maersk will resume sailing through the Red Sea and Suez Canal following improved stability in the area, The Wall Street Journal reports.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayedmet withBassirou Diomaye Faye, President of Senegal, at Qasr Al Shati palace in Abu Dhabi on Thursday. Sheikh Mohamed also held a phone call with Robert Fico, Prime Minister of the Slovak Republic, on Thursday and received a written message from Sanae Takaichi, Prime Minister of Japan.
Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, honored the six winners of Great Arab Minds 2025 at the Museum of the Future in Dubai.
Sheikh Tahnoon bin Zayed, UAE National Security Advisor and Chairman of Abu Dhabi’s International Holding Co., said talks on Thursday with U.S. Undersecretary of State for Economic Affairs Jacob Helbergfocused on deepening cooperation in artificial intelligence and investment.
Sheikh Maktoum bin Mohammed, UAE Minister of Finance and Deputy Ruler of Dubai, met withNicolas Bos, Group CEO of Richemont, to discuss opportunities in the UAE. Sheikh Maktoum also met withWang Chuanfu, Chairman of the Board and CEO of Chinese electric vehicle maker BYD.
Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, held a phone call with Kaja Kallas, High Representative of the European Union for Foreign Affairs and Security Policy and Vice-President of the European Commission, on Thursday.
Saudi Arabia’s Crown Prince Mohammed bin Salmanreceived a written message on Thursday from Oman’s Sultan Haitham bin Tariq.
➿ On the Circuit
Bandar Alkhorayef, Saudi Arabia’s Minister of Industry and Mineral Resources, said reports that the Public Investment Fund intends to spin off its Manara Minerals subsidiary were inaccurate and any move would have to be announced by the PIF.
Ali Shaath, the former deputy planning minister for the Palestinian Authority who was chosen to lead a U.S.-backed committee to govern Gaza, has proposed pushing war debris into the Mediterranean Sea to speed reconstruction, Reuters reports
Nasser al Sharji was appointed CEO of Oman Airports, replacing Ahmed Al Amri, who has been appointed Chairman of the Muscat Municipality.
Mattar Al Tayer, Dubai’s Roads and Transport Authority Chairman, said Electric air taxis developed by Joby Aviation are set to begin commercial operations in Dubai by the end of this year, Reuters reports.
Aryna Sabalenka, the world’s No.1 tennis player, has been signed as Emirates airline’s first tennis ambassador as part of the airline’s commitments as the official airline of all four Grand Slams worldwide.
🎶 Culture Circuit
🎨 Under the Hammer: Pieces by Andy Warhol, Pablo Picasso, Jean-Michel Basquiat, Camille Pissarro and David Hockney are among the highlights in Sotheby’s next major art sale in Saudi Arabia. The “Origins II” auction taking place in Diriyah on Jan. 31 comes amid a growing appetite for fine art investment in the kingdom, where Sotheby’s held its first international sale last January, netting $17 million. Among this year’s works is Warhol’s 1978 painting of Muhammad Ali, originally commissioned by U.S. investment banker Richard Weisman.
📷 Photo of the Day
Jean-Claude Van Damme, the action movie star, walks the red carpet at opening night for the Nobu One Za’abeel restaurant in Dubai on Thursday. (Tristan Fewings/Getty Images for One & Only)
📅 Circuit Calendar
Jan. 18-21, Riyadh. Big5 Construct Saudi. Latest trends and opportunities among construction companies operating in KSA. Riyadh Front Exhibition & Conference Center located at ROSHN Front.
Jan. 20-22, Abu Dhabi. UMEX 2026. The Unmanned Systems Exhibitions and Conference showcases the latest advances in autonomous systems, robotics, artificial intelligence, and training simulation. ADNEC.
Jan.26-27, Riyadh. Super Return. A major private equity & venture capital conference held in Riyadh, Saudi Arabia.The Fairmont Hotel.
Jan. 26-28, Riyadh. Saudi Franchise Expo. The exhibition brings local and international businesses that want to create franchising companies into the kingdom. The Arena Riyadh Venue for Exhibitions, Riyadh.
Jan. 26-30, Dubai. Gulf Food. The world’s largest food and beverage industry event. Dubai World Trade Centre & Dubai Exhibition Centre.
Jan.29, Dubai. The Great Marketing & Business Minds. In this 4th edition, the event brings the most influential marketing and business leaders for a deep dive into performance-driven marketing, data integration, and the evolving accountability of brand leadership. Pullman Dubai Downtown.
Feb 1-6, Dubai. Dubai Fashion Week. The event showcases the latest collections by global and regional designers and positions Dubai as a major creative hub on the global fashion calendar alongside fashion capitals like New York, London, Milan and Paris. Dubai Design District.
Feb. 1-4, Doha. Web Summit Qatar. Connecting a new generation of founders in the Middle East to investors, journalists and more around the world. Doha Exhibition and Convention Center.
Feb. 2-5, Doha. LNG2026. The 21st International Conference & Exhibition on Liquefied Natural Gas. Qatar National Convention Center.
Feb. 3-5, Dubai. World Government Summit. Brings together heads of state, policy makers, top corporate executives to debate global priorities. Madinat Jumeirah.
Feb. 4-5, Dubai. PropTech Connect Middle East. The Dubai Land Department will host the first regional edition of the real estate technology event. Grand Hyatt Dubai.
Feb. 10-11, Abu Dhabi. Top Advisors & Investors Summit. The event will convene the region’s foremost advisors, financiers, and investors in the UAE capital. TBC
Feb.12-13, Riyadh. PIF Private Sector Forum. The event, in its third edition, aims to support the Saudi Public Investment Fund’s Private Sector Engagement Strategic Initiative. King AbdelAziz International Conference Center.
Egypt pitches ‘Golden Triangle’ mineral hub to lure new investors
In a bid to attract fresh capital to Egypt’s underdeveloped southeastern desert, the government is preparing a list of investment opportunities in its “Golden Triangle” economic zone.
Prime Minister Mostafa Madbouly directed his cabinet ministers this week to “identify, develop, and promote” promising ventures across the resource-rich area focused on minerals, petroleum and natural gas for potential investors, Arabian Gulf Business Insight reports.
The triangle, which spans thousands of square kilometers, contains an estimated 2,000 tons of gold as well as large reserves of phosphates, limestone and glass sand.
As Egypt’s economy rebounds under an $8 billion IMF bailout program, the government is carrying out IMF-mandated reforms to lure foreign direct investment and tackle persistent fiscal deficits.