The Daily Circuit: Property shopping in Dubai + Mubadala-Fortress investment
đź‘‹ Hello from the Middle East!
In the Daily Circuit today, we’re reporting on Mubadala’s $1 billion investment with New York’s Fortress group, funding for PIF-backed AviLease’s expansion strategy, Kuwaiti investment plans in Egypt, and a Knicks-76ers face-off in October at the NBA’s annual preseason games in Abu Dhabi. But first, looking for a home in the UAE.
Dubai’s property boom is boosting the potential value of two online real estate platforms headed for IPOs.
Dubizzle, which operates several sites carrying classified ads, is preparing to meet with investors as it works with banks to plan its initial share sale, which has been in the works since 2023, Bloomberg reports.
A Dubizzle IPO should raise at least $500 million, according to the news agency, which said the company is consulting with Emirates NBD, Goldman Sachs, HSBC and Morgan Stanley on the sale.
Across town, the competing online portal Property Finder, which was valued at $1 billion for a credit deal it carried out last year, has been talking to equity investors about staging a so-called “non-deal roadshow,” Bloomberg reports.
Property prices in Dubai have risen by more than 70% in the past four years.
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đź“° Developing Stories
CALL TO ARMS
U.S. President Donald Trump will come to the Gulf next month carrying a lucrative package of potential arms contracts. In Saudi Arabia, the President will likely propose a series of defense deals worth more than $100 billion, Reuters reports. Among the companies poised to offer advanced weapon systems to the kingdom are Lockheed Martin, RTX Corp., Northrop Grumman, and General Atomics, the news agency said. In his first term, Trump hosted Crown Prince Mohammed bin Salman in the Oval Office, holding up a photo-laden chart of Saudi Arabia’s billion-dollar arms purchases. The Prince has said he expects to invest some $600 billion in the U.S. during Trump’s second term.
AT THE CLUB
One of Abu Dhabi’s longest-running expat social institutions faces a reckoning after receiving an eviction notice on the plot of prime land that was originally gifted to the organization in the 1960s. The Club (colloquially known as the “British Club”) sits on the edge of Mina Zayed, an industrial port area undergoing rapid gentrification, and is adjacent to Saadiyat Island, home to the city’s evolving cultural district. Members, who pay around AED5,000 ($1,360) a year in fees, have access to two beaches, a 25-meter pool and sailing facilities, as well as several restaurants and bars. The organization is set to meet next week for its first annual general meeting since telling its 3,500-strong membership the news last summer, The National reports. Facing eviction by the end of 2026, The Club is now considering a new home in the Raha Beach area, close to Zayed International Airport, but will have to come up with substantial funding to develop a new site amid Abu Dhabi’s red-hot real estate market.
đź’˛ Sovereign Circuit
Mubadala: The Abu Dhabi sovereign wealth fund said it agreed to invest $1 billion in private credit and other strategies with New York-based Fortress Investment Group, in which the fund holds nearly 70% equity.
Mubadala: The Abu Dhabi fund is changing its “base case assumptions” and taking more time to evaluate deals, amid U.S.-driven global trade tensions, Group CEO Khaldoon Al Mubarak told reporters at the IMF/World Bank spring meetings this week in Washington.
Public Investment Fund: AviLease, a PIF-backed aircraft leasing company, closed a $1.5 billion unsecured revolving credit facility to support its international expansion and investment in new fuel-efficient aircraft.
Abu Dhabi Investment Authority: Indian lender IIFL Home Finance, backed by ADIA, is raising capital from offshore investors to expand its loans to low-income households.
ADQ: This year’s annual pre-season NBA games in Abu Dhabi will pit the New York Knicks against the Philadelphia 76ers. The two basketball games, sponsored by ADQ, will take place Oct. 2 and Oct. 4 at Etihad Arena on Yas Island.
↪↩ Closing Circuit
🇪🇬 Investment Options: Kuwait is in advanced discussions to convert $4 billion of deposits held in Egypt’s central bank into investments in the country, spread across sectors including energy, agriculture, real estate and pharmaceuticals, Bloomberg reports.🏗️
Risky Business: TruBuild, a Saudi startup that uses AI to identify risks in construction projects, raised $1 million in a seed funding round led by WaĘĽed Ventures, Dar Ventures, and Plug & Play Ventures.
🛠️ Economic Pipeline: Morocco and Nigeria have formed a joint venture to advance their $25 billion gas pipeline to Europe, with construction plans underway and a floating terminal set for Morocco’s Nador.
🩺 Skin Deep: India’s Ayu Life Sciences is investing $9 million to build the region’s first artificial skin manufacturing facility in Dubai’s Jebel Ali Free Zone, Arabian Business reports.
đź—Ł Circuit Chatter
🇱🇧 Going Up: Lebanese Finance Minister Yassine Jaber said the country has received preliminary approval from the World Bank to increase the value of its reconstruction loan to $400 million from $250 million.
â›˝ Public Petrol: UAE-based fuel-on-demand startup Cafu is exploring a potential IPO as it expands beyond fuel delivery into car services and EV charging, Bloomberg reports.
đź’‰ Saudi Approved: U.S. biotech firm CEL-SCI plans to seek regulatory approval in Saudi Arabia for its cancer treatment, Multikine, to conduct clinical trials in Saudi hospitals, and to establish a local Multikine manufacturing facility that would serve the MENA region.
đź“Š Slowing Growth: The IMF cut its 2025 growth forecast for the MENA region to 2.6% from 3.9%, citing trade tensions and slower oil production, Managing Director Kristalina Georgieva said at a news briefing on Thursday.
✂️ Cutting Down: The GCC utilities sector could save up to $22 billion over the next decade by cutting operational costs by 15% to 30% through short- and long-term efficiency measures, says PwC’s Strategy& Middle East report.
đź’¨ Pipe Dream: A Dubai Hookah maker has developed an electric water pipe with a rechargeable battery and tobacco pods that work like a Nespresso coffee machine, Bloomberg reports.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed spoke on the phone with Austria’s Chancellor Christian Stocker to discuss bilateral relations and ways to enhance cooperation.
Sheikh Abdullah bin Zayed, UAE Deputy Prime Minister and Minister of Foreign Affairs, received Jean-Noël Barrot, France’s Minister for Europe and Foreign Affairs.
Prince Abdulaziz bin Salman has been appointed Chairman of Saudi Arabia’s King Abdullah University of Science and Technology (KAUST), succeeding Crown Prince Mohammed bin Salman.
âžż On the Circuit
Adam Neumann, the founder and ex-CEO of WeWork, raised $100 million for his Flow real estate platform in a Series B funding round joined by Andreessen Horowitz, giving the company a valuation of about $2.5 billion.
Prince Alwaleed bin Talal, Chairman of Saudi Arabia’s Kingdom Holding Co., is re-emerging as a global dealmaker, buoyed by his longtime relationships with U.S. President Donald Trump and X-owner Elon Musk, Bloomberg reports.
Sheikh Mohammed Bin Rashid, Ruler of Dubai and UAE Vice President and Prime Minister, visited Expo 2025 Osaka in Japan today.
Phil Murphy, Governor of New Jersey, takes off to Saudi Arabia today for an economic mission to the Gulf that will also bring him to Bahrain and the UAE. Murphy, a Democrat and former Goldman Sachs executive, said he hopes to expand business and economic ties in the region during the weeklong trip. Among the items on his agenda is to establish partnerships with gaming regulators in the Gulf and share New Jersey’s experience in supervising the industry.
Yaser Al Yousuf, Director of Growth at the Abu Dhabi Investment Office told India’s ET Digital that Abu Dhabi wants to be the manufacturing gateway to India and the world, as the UAE chases an ambitious target for 80% of its GDP to come from the non-oil sector by 2040.
🎶 Culture Circuit
📚 Top Shelf: The $50,000 International Prize for Arabic Fiction was awarded to Egyptian novelist Mohamed Samir Nada at a ceremony in Abu Dhabi on Thursday night for his third novel “The Prayer of Anxiety.” Judges commended the poetic book, set in an isolated village in Upper Egypt, as a “metaphor for societies besieged by fear and authoritarianism,” touching on universal human themes.
đź“· Photo of the Day
đź“… Circuit Calendar
April 25 – May 11, Dubai. Dubai Esports and Gaming Festival. Dubai’s gaming and esports extravaganza brings together global players, creators, fans, and industry leaders. Dubai World Trade Center.
April 27-29, Abu Dhabi. Culture Summit. The annual event features panels, case studies, creative conversations, artist talks and workshops. Manarat Al Saadiyat.
April 28-May 1, Dubai. Arabian Travel Market. This year’s theme, “Global Travel: Developing Tomorrow’s Tourism Through Enhanced Connectivity,” highlights the role of connectivity in the transformation of the tourism industry. Dubai World Trade Center.
April 29-30, Abu Dhabi. Digital Transformation Summit UAE 2025. In its 37th edition, the summit is expected to be attended by over 300 C-suite executives, directors, and technology leaders. Sheraton Abu Dhabi Hotel and Resorts.
April 30- May 1, Dubai. Token2049 Dubai. A global conference dedicated to the crypto and blockchain ecosystem. Madinat Jumeirah.
May 5-6, Abu Dhabi. Governance of Emerging Technologies Summit. Shaping Responsible Governance of AI & Emerging Technologies in a Future Digital Economy. St. Regis Saadiyat Island Resort.
May 6-7, Dubai. MENA Capital Market Summit. The event will bring together 1,500 businesses, decision-makers and global financial leaders to discuss the capital market. Madinat Jumeirah.
May 6-8, Dubai. Airport Show. Showcasing the latest technological advancements in the airport industry. Dubai World Trade Center.
May 6-8, Dubai, GISEC. The 14th edition of the Middle East and North Africa’s largest cybersecurity event, under the theme “Securing an AI-Powered Future.” Dubai World Trade Center.
May 12-13, Dubai. Dubai FinTech Summit. Exploring a future where finance is accessible, inclusive, and empowering. Madinat Jumeirah.
May 13-14, Dubai. Low Carbon Fuels MENA. The conference promises a space for industry leaders, potential partners, and innovators to discuss potential opportunities and challenges. Sheraton Dubai Creek Hotel & Towers.
May 13-15, Dubai. CABSAT. The Middle East & Africa’s leading event for content, broadcast, media & entertainment industry professionals looking to leverage the latest technology and innovation in creating the next-gen content. Dubai World Trade Center.
May 16-17, Tirana, Albania. FII Priority Europe 2025. Saudi Arabia’s Public Investment Fund sponsors a regional business summit focused on Europe and is affiliated with the annual Future Investment Initiative conference in Riyadh. National Theater of Opera and Ballet.
May 20-22, Doha, Qatar. Qatar Economic Forum. Annual conference bringing together Qatari government and business leaders with corporate executives, investors and policymakers from around the world. Media City Qatar.
May 26-27, Abu Dhabi. Building the Future Summit. This Forbes event serves as an exclusive platform for industry leaders, investors, architects, and innovators to explore the latest trends shaping the future of real estate. Louvre Abu Dhabi.
May 29-30, Tripoli, Libya. Building the Future Summit. A Forbes event that is designed to help delegates from Libya understand their investment opportunities, foster strategic partnerships, and showcase key reforms that will drive economic progress. Venue TBA.