The Daily Circuit: XRG’s American vision + Mubadala Capital in France
In today’s Daily Circuit, we’re reporting on Mubadala Capital’s $1.1 billion acquisition of France’s Pierre et Vacances, Dubai Investments Industries buying a majority stake in Clemenceau Medical Center, SABIC’s petrochemicals joint venture in China, and Skidmore, Owings & Merrill winning the contract to lead the development of Egypt’s $30 billion Alam Al Roum project. But first, ADNOC’s American dream.
Abu Dhabi’s XRG, the international investment arm of state-owned oil giant ADNOC, is ramping up its push into the U.S. and Latin America.
“The United States is central to XRG’s ambition to build a globally integrated energy and industrial platform,” XRG Americas CEO Philip Haddad told the Emirates News Agency, calling the country the company’s top market for growth.
The centerpiece is Texas, where XRG now owns stakes in all five trains serving the Rio Grande LNG export project, one of the world’s largest export facilities under construction.
XRG is also investing in Argentina’s Vaca Muerta shale gas fields and expanding its North American chemicals business through Covestro and NOVA Chemicals.
The strategy reflects ADNOC’s effort to use XRG as a global investment vehicle, expanding the UAE’s presence in energy, chemicals and industrial businesses well beyond its own oil and gas production, Haddad said.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 Developing Stories
EGYPTIAN SHORES
Skidmore, Owings & Merrill, the U.S. architecture firm behind Dubai’s Burj Khalifa, will lead the masterplan of Qatari Diar’s $30 billion Alam Al Roum smart-city project on Egypt’s Mediterranean coast. The massive development will include more than 7 kilometers (4.3 miles) of private beachfront and be supported by a consortium of global design and engineering firms, Arabian Gulf Business Insight reports. Qatari Diar, owned by the Qatar Investment Authority, has committed $3.5 billion to the project. The move comes as Gulf-backed coastal developments accelerate in Egypt, with Abu Dhabi’s Modon leading the Ras El Hekma master development.
MOROCCAN SOJOURN
Morocco plans to add 60,000 hotel beds before it co-hosts the 2030 FIFA World Cup with Spain and Portugal, increasing the country’s lodging capacity by about 20%. Tourism Minister Fatim-Zahra Ammor said the tournament is an opportunity to speed up long-term growth rather than a goal in itself, Reuters reports. The government is investing more than $20 billion in rail, roads, airports, stadiums and other infrastructure ahead of the event. Morocco, which welcomed nearly 20 million visitors last year, aims to attract 26 million tourists annually by 2030.
💲 Sovereign Circuit
Mubadala: Mubadala Capital, the alternative asset management arm of the Mubadala sovereign wealth fund, has agreed to acquire the outstanding securities of French leisure operator Pierre et Vacances through an all-cash tender offer of approximately 900 million euros ($1.1 billion).
Dubai Investment Co.: Dubai Investments Industries agreed to acquire an 80% stake in Clemenceau Medical Center through a share-swap transaction.
Public Investment Fund: The Saudi sovereign wealth fund, along with Jared Kushner’s Affinity Partners and private equity firm Silver Lake, is expected to win unconditional approval from the European Commission for its $55 billion acquisition of Electronic Arts after the end of its preliminary review on July 30, Reuters reports.
SABIC: Saudi Basic Industries Corp. signed a project development agreement with China’s Rongsheng Petrochemical that could give SABIC a 50% stake in a major new petrochemicals complex in Zhejiang province.
G42: A veteran CIA officer sent to Abu Dhabi helped address Washington’s concerns over G42’s ties to China, clearing the way for closer U.S.-UAE cooperation on advanced artificial intelligence technologies, The Wall Street Journal reports.
↪↩ Closing Circuit
✍️ Destination Jeddah: Saudi-based ALMA Destination signed agreements with the Jeddah Municipality and the National Water Co. to establish long-term management of public infrastructure and operate water treatment facilities across its 3.125 million square meter.
💰 Logistics Zone: Saudi Arabia’s Ports Authority, Mawani, signed seven agreements worth nearly 1 billion riyals ($267 million) to develop and expand logistics centers at Jeddah Islamic Port and Al-Khumra Logistics Zone.
📈 Oil Jump: Oil prices climbed above $90 a barrel for the first time in over a month as escalating U.S.-Iran strikes heightened fears of energy market disruption.
🗣 Circuit Chatter
🇰🇼 Kuwait Under Fire: Iran struck a Kuwaiti oil facility, a power and desalination plant and an army barracks in one of the heaviest attacks on the Gulf state since the conflict began,
✈️ Low Altitude: Ryanair’s quarterly profit fell 34% to about $625 million as Middle East tensions forced lower fares while rising fuel costs pushed expenses higher, the Financial Times reports.
🛢️ Energy Expansion: An Egyptian consortium of Petrojet and Enppi has been shortlisted by Petroleum Development Oman to bid for its $6 billion project portfolio.
🌍 Power Circuit
Saudi Crown Prince Mohammed bin Salman held a phone call on Sunday with Lebanese President Joseph Aoun. On Tuesday, Aoun will make his first White House visit to present President Donald Trump with a plan to disarm Hezbollah and press Israel to complete its withdrawal from southern Lebanon.
Sheikh Abdullah bin Zayed, the UAE Minister of Foreign Affairs, held a phone call with Jordan’s Foreign Minister Ayman Safadi on Sunday. Sheikh Abdullah also held a phone call with Sergey Lavrov, Russia’s Minister of Foreign Affairs, on Saturday.
Prince Abdullah bin Khalid bin Sultan, Saudi Ambassador to the U.K., met with Richard Deverell, Director of Royal Botanic Gardens, Kew, and Mark Chadwick, Kew Reach’s CEO, at the Saudi Embassy in London.
Sheikha Fatima bint Tahnoon, daughter of UAE National Security Advisor Sheikh Tahnoon bin Zayed – who oversees many of Abu Dhabi’s biggest companies and sovereign wealth funds – is the founder Sahm Holding, a government-backed firm that is active in helping businesses use artificial intelligence, Intelligence Online reports.
➿ On the Circuit
Khaldoon Al Mubarak, Group CEO of Mubadala and Chairman of the Manchester City football club, was among the prominent UAE figures who attended the FIFA World Cup finals on Sunday at MetLife Stadium in East Rutherford, N.J. Also spotted were Mariam bint Mohammed Almheiri, Head of the International Affairs Office at the UAE Presidential Court; Sayed Basar Shuaib, CEO of International Holding Co.; Mohammed Al Mubarak, Chairman of Aldar Properties; Khalfan Belhoul, CEO of the Dubai Future Foundation and Vice Chairman of the Dubai Sports Council; and Fouad Darwish, CEO of Palms Sport.
Said Bakhache, the IMF’s mission chief for the UAE, said in a report that while “the country’s banking sector’s exposure to real estate is contained, evolving market conditions warrant continued monitoring.”
Vijay Pereira, Senior Partner of Irish whiskey maker Marrowbone Lane, told Arabian Gulf Business Insights that the company is launching a UAE-based global platform that uses stablecoins and blockchain tokenization to let retail investors buy fractional stakes in whiskey casks.
Lt. Gen. Mazyad Al-Amro, commander of the Royal Saudi Air Defense Forces, met with Lt. Gen. Patrick D. Frank, deputy commander of U.S. Central Command, on Sunday.
🎶 Culture Circuit
🏺 Pharaoh’s Guide: Egypt’s best-known archaeologist, Zahi Hawass, has become one of the biggest attractions at Cairo’s Grand Egyptian Museum, where the 79-year-old celebrity historian is mobbed by visitors when he turns up. In an interview with the Financial Times, Hawass reflects on his decades as the public face of Egyptology, from guiding former U.S. President Barack Obama through the pyramids to debunking theories that aliens built them.
📷 Photo of the Day
📅 Ahead on the Circuit
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 Center.
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 Center.
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 Center.
Sept. 13-18, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC Center.
Sept. 17-19, Abu Dhabi. International Real Estate & Investment Show 2026. An event targeting investors and consumers rather than trade visitors. ADNEC Center.
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.