The Daily Circuit: Uber’s Saudi shakeup + nuclear deal doubts
In today’s Daily Circuit, we’re reporting on Saudi Arabia’s nuclear deal hitting its first major hurdle, Bahrain’s diminishing hopes of hosting a rescheduled Formula One Grand Prix this year amid renewed Iranian strikes, Mubadala Capital launching a blockchain-based version of one of its private market funds, concerns mounting over Kuwait’s water supply, and the return of Abu Dhabi’s Comedy Season. But first, a shakeup in takeout in the Middle East.
Saudi Arabia’s burgeoning food delivery scene is being reshaped once again, as Uber consolidates its position in the kingdom’s app-based transport market.
The U.S. rideshare and delivery giant is taking direct control of some of the Middle East’s biggest food and grocery delivery networks via its $14.8 billion takeover deal for Berlin-based Delivery Hero.
In Saudi Arabia, the deal brings market leader HungerStation, which operates in more than 100 cities across the kingdom and Bahrain, under Uber’s umbrella. The Public Investment Fund has direct exposure via its 3.58% stake in Uber, which is valued at about $5.24 billion, Arab News reports.
Combined with its ride-hailing service, the deal effectively turns Uber into the biggest player in Saudi Arabia, where its main competitors, Jahez Group and Keeta, are also aggressively expanding. Industry commentators expect it will herald further consolidation as players look to strengthen their market positions.
Uber will also swallow a majority stake in Dubai-listed Talabat, a business which has transformed the food industry across the Middle East since its launch in Kuwait 20 years ago. Talabat was valued at more than $10 billion when Delivery Hero listed 20% of its shares in a $2 billion IPO in 2024.
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📰 Developing Stories
NUCLEAR DOUBTS
Saudi Arabia’s deal with the U.S. to develop a civilian nuclear program was thrown into doubt just a day after it was announced, after President Donald Trump added a condition that the kingdom normalize relations with Israel. Under the landmark agreement announced on Wednesday, Trump gave formal approval to the 30-year agreement, which is expected to be worth tens of billions for American firms, including Westinghouse. The agreement secured with Crown Prince Mohammed bin Salman dropped the requirement to normalize relations. But Trump appeared to walk back on the issue on Thursday, saying the deal “is totally subject to Saudi Arabia joining the very respected and successful Abraham Accords.”
HOSTING F1
Bahrain’s hopes of hosting a rescheduled Formula One Grand Prix this year appear to have been dashed by renewed hostilities with Iran. Malaysia is now weighing the possibility of holding the race, which would be the first time it has played host in nine years. Bahrain had been seeking to reschedule its Grand Prix for early October, after its April fixture was postponed by the outbreak of the Iran conflict. In the latest flare up, Iran has mostly targeted Bahrain, Kuwait and Jordan. Bahrain sounded its emergency sirens twice today to alert civilians to incoming projectiles. Saudi Arabia’s Jeddah Grand Prix was also postponed in April. Qatar’s race in November and Abu Dhabi’s in December are still expected to go ahead.
💲 Sovereign Circuit
Mubadala Capital: The asset management arm of the Abu Dhabi sovereign fund has launched a blockchain-based digital version of one of its private market funds, allowing investors to hold digital tokens representing their investment, with technology from Coinbase and Abu Dhabi-based KAIO.
Public Investment Fund: A group of investors, including Saudi Arabia’s PIF, has secured EU antitrust approval for its $55 billion acquisition of video game developer Electronic Arts, the European Commission said on Thursday.
Public Investment Fund: The pause on Paramount Skydance Corp.’s Gulf-backed $110 billion takeover of Warner Bros. has been extended two weeks to Aug. 17 by a federal judge in California. Saudi Arabia’s PIF, the Qatar Investment Authority and Abu Dhabi’s L’Imad Holding are all backing the deal.
ADNOC: Abu Dhabi National Oil Company has launched its seventh crude tender since early June, offering August-October cargoes amid escalating Middle East conflict and shipping disruptions.
↪↩ Closing Circuit
💰 FX Deal: First Abu Dhabi Bank is offering up to $1.5 billion in financing to non-resident Indians investing in India’s foreign-currency deposit program.
🪖 Defense Dollars: U.S. arms sales to GCC states reached $41 billion in the first half of 2026, more than quadrupling the $9 billion recorded in all of 2025, Arabian Gulf Business Insights reports.
⚡ Grid Goals: Dubai Electricity and Water Authority has invested more than $2.7 billion in electricity transmission projects as it expands infrastructure to meet rising power demand.
🗣 Circuit Chatter
🚿 Water Worries: Concerns are mounting over Kuwait’s fresh water supply after Iranian strikes on power stations and desalination plants.
🤝 Damascus Deals: Turkey aims to boost trade with Syria to $10 billion after bilateral commerce surged more than 40% to a record $3.75 billion in 2025.
🏢 Expanding Relations: Abu Dhabi’s Masdar City Free Zone has opened representative offices in Shanghai and Shenzhen, as it seeks to attract more Chinese companies to the Gulf.
⚔️ Fighting Corruption: Kuwait has urged jewellers to tighten anti-money laundering and counter-terrorist financing measures as it seeks to exit the Financial Action Task Force grey list.
🛢 Russia Wins: Chinese buyers are snapping up Russian ESPO crude earlier than usual as Middle East supply risks drive refiners to secure supplies, Bloomberg reports.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed met with Sheikh Hamad bin Mohammed Al Sharqi, Ruler of Fujairah, on Thursday.
Prince Faisal bin Farhan, Saudi Foreign Minister, held separate phone calls with Sheikh Mohammed bin Abdulrahman, Qatar’s Prime Minister and Foreign Minister, Ayman Safadi, Jordan’s Foreign Minister, and Sheikh Jarrah Jaber Al-Ahmad Al-Sabah, Kuwait’s Foreign Minister.
Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, has approved a national program aimed at modernizing the use of economic statistics and data in the UAE, the National reports.
➿ On the Circuit
UN Secretary General Antonio Guterres will visit Damascus this week for the first time since taking office. He is expected to meet President Ahmed al-Sharaa.
Mariya Dangote, a board member of Nigeria’s Dangote Cement, said in an interview with Bloomberg that the company was opting to list the business in London instead of Dubai because it will be quicker.
Jeff Zucker, RedBird IMI CEO, told The Ankler that the U.S. market was underestimating the significance of the merger between Banijay and All3Media, creating the world’s biggest indie producer. “We’ll continue to take them by surprise,” he said. “And sometimes that’s an even better way to operate.”
🎶 Culture Circuit
🎤 Comedy Gold: Mo Amer and Morgan Jay have been confirmed among the lineup for Abu Dhabi Comedy Season’s return to Etihad Arena in October, The National reports. Amer, who is Palestinian-American, was born in Kuwait and draws on themes of displacement, immigration and life between cultures in his shows. He will take to the stage on November 6. American Jay will open the season on October 11 with his signature combination of stand-up and improvised songs.
📷 Photo of the Day
📅 Ahead on the Circuit
July 26-28, Riyadh. Sanabil Angel Investing Unlocked. Training the next generation of angel investors in Saudi Arabia and the wider MENA region.
July 28-30, Cairo. EduGate. The annual fair highlights technology and new educational trends and techniques from across the Middle East. Egypt International Exhibition Center.
August 18-19, Dubai. Middle East Event Show. Bringing together professionals from the events industry. Dubai World Trade Center.
August 28-Sept. 6, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition. An annual event celebrating traditional Emirati heritage and culture. ADNEC Centre.
August 30-Sept. 2, Riyadh. Big 5 Construct. The event connects construction industry stakeholders with suppliers in Saudi Arabia. Riyadh Front Exhibition & Conference Center.
August 31-Sept. 3, Riyadh. LEAP Expo Riyadh. A major tech trade show for the Middle East, which includes a global startup live pitch event. RECC Malham.
Sept. 1-3, Dubai. Middle East Energy. A three-day energy exhibition in Dubai brings together utilities, developers, manufacturers and industry professionals. Dubai World Trade Centre.
Sept. 1-3, Doha. Qatar Event Show. Brings together the events industry through a three-day program featuring exhibitions, conferences, workshops and networking opportunities. Doha Exhibition & Convention Center.
Sept. 11-13, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles. ADNEC Centre.
Sept. 13-18, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC Centre.
Sept. 17-19, Abu Dhabi. International Real Estate & Investment Show 2026. An event targeting investors and consumers rather than trade visitors. ADNEC Centre.
Sept. 29-Oct. 1, Abu Dhabi. LIVEX 2026. Abu Dhabi’s inaugural Livability and Investment Exhibition. ADNEC Centre.
Oct. 26-29, Riyadh. Future Investment Initiative Tenth Edition 2026. Saudi Arabia’s keystone annual business conference, sponsored by the Public Investment Fund. King Abdulaziz International Convention Center.