The Daily Circuit: Saudi HQ rule softened + More PIF cash for LIV Golf
In today’s Daily Circuit, we report on the Saudi Public Investment Fund’s new cash injection for LIV Golf, the hundreds of millions of dollars invested in private credit firm 5C by the QIA, Cairo’s plans to build a fourth airport terminal, and Dubai’s DAE Capital negotiating to acquire Macquarie AirFinance. But first, a change in Saudi Arabia’s corporate HQ requirement.
Saudi Arabia has softened its strict regional headquarters rule just two years after requiring foreign firms to base their Middle East hubs in the kingdom to win government work.
Officials said government agencies may now seek exemptions to award contracts to companies that don’t have Saudi regional headquarters, using its Etimad procurement platform.
The Local Content and Government Procurement Authority is still setting tight conditions, allowing such bids only when a company is the sole qualified bidder or offers a price at least 25% lower than competitors.
Small contracts worth 1 million riyals ($266,000) or less are automatically exempt, and cabinet ministers can adjust the thresholds or halt the exceptions if they deem necessary.
The shift comes as more than 700 multinationals have already moved regional headquarters to Riyadh, well above the government’s earlier target of 500 by 2030.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 Developing Stories
BUNKER BILLIONS
Saudi Arabia’s Public Investment Fund has injected another $267 million into LIV Golf. The figure puts the PIF on track to exceed $6 billion in spending on the renegade league by the end of this year, the Money In Sport newsletter reports. It comes as the PIF and its Governor, golfing enthusiast Yasir al-Rumayyan, face tough questions about the future of the league, which has endured four years of lower-than-expected TV ratings and sparse attendance. Talks to merge with the PGA Tour have faltered and several high-profile players have been lured back to the dominant league.
TERMINAL TAKE-OFF
Egypt plans to build a fourth terminal at Cairo International Airport and has drawn interest from 68 global firms to manage an airport in the Red Sea resort city of Hurghada. Speaking to legislators, Civil Aviation Minister Sameh El-Hefny said the new Terminal 4 will substantially increase Cairo airport’s capacity and transform it into a regional hub. Regarding Hurghada, El-Hefny said contractors selected will handle the airport’s management and commercial activities, introducing e-gates and paperless travel systems. EgyptAir, meanwhile, will implement a major expansion, adding 34 new aircraft to its fleet, El-Hefny said.
💲 Sovereign Circuit
Public Investment Fund: Saudi Arabia’s $32 billion bet on turning Qiddiya into a vast entertainment hub anchored by Six Flags is examined in a Bloomberg story placing it as part of a broader push to make life more appealing for residents and attract international tourists.
Qatar Investment Authority: Qatar’s wealth fund is investing hundreds of millions in 5C Investment Partners, a private credit firm run by former Goldman Sachs Group Inc. partners Tom Connolly and Michael Koester, Bloomberg reports.
Abu Dhabi Investment Authority: ADIA joined the IPO of Clean Max Enviro Energy Solutions as an anchor investor, taking a stake valued at $3.3 million.
↪↩ Closing Circuit
✈️ Aircraft Assets: Dubai Aerospace Enterprise’s DAE Capital is nearing a deal to buy control of Macquarie AirFinance after a competitive auction that also drew Saudi Arabia’s AviLease and Qatar’s Lesha Bank amid strong demand for aircraft leasing assets.
🔌 Electric Exchange: A Saudi-Egypt power project, now being trialled, will become operational in the coming weeks, enabling the two countries to exchange up to 3,000 megawatts through a 1,350-kilometer (840-mile) network of transmission lines and Red Sea submarine cables.
🚗 Road Revival: Tunisia is ramping up road infrastructure spending with a $2.4 billion program covering 16 new projects aimed at improving connections between cities and stimulating economic development.
🗣 Circuit Chatter
🛡️ Cyber Alarm: The UAE said it foiled a wave of AI-enabled cyberattacks targeting vital sectors, warning of a “qualitative shift” in terrorist tactics.
💼 Suing Beirut: Dubai-based Al Habtoor Group has appointed law firm White & Case as it prepares to begin arbitration proceedings with Lebanon to recover some $1.7 billion in losses, eying funds held in the U.S., The National reports.
📈 IPO Dilemma: Several Saudi firms are pursuing local listings in Riyadh despite oil price volatility and geopolitical risks weighing on the market.
🌊 Maritime Borders: Saudi Arabia’s Foreign Ministry said it is closely monitoring Iraq’s submission of maritime coordinates to the U.N., which its says encroach on its territory.
🌍 Power Circuit
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, and Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, attended the Abu Dhabi Government’s Ramadan Majlis, Barzat Abu Dhabi, organized by the Abu Dhabi Media Office at Qasr Al Hosn.
Sheikh Abdullah bin Zayed, UAE Deputy Prime Minister and Minister of Foreign Affairs, met with Ambassador Rabbi Yehuda Kaploun, U.S. Special Envoy to Monitor and Combat Antisemitism, during a working visit to Washington. Sheikh Abdullah also met with Massad Boulos, U.S. President’s Senior Advisor for Arab and African Affairs.
Sheikh Theyab bin Mohamed, UAE Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs and Chair of Board of Trustees of Erth Zayed Philanthropies, approved a contribution of 100 million dirhams ($27 million) from Erth Zayed Philanthropies to the Mother of the Nation Endowment for Orphans initiative.
➿ On the Circuit
Jon Gray, President and Chief Operating Officer of Blackstone, told Bloomberg he sees a “tipping point” for deals in the Middle East, and that Blackstone’s presence in the region will “grow materially over time.”
Chamath Palihapitiya, a Canadian-American venture capitalist and entrepreneur, offers business advice in a YouTube video, recommending that “if you want to be in crypto, you probably need to be in Abu Dhabi.”
Ali Tariq was appointed Managing Director and Head of the Middle East at SheltonAI, an institutional AI platform for pensions and sovereign wealth funds.
Jamal M. Labani was appointed CEO of Solidrange, a Riyadh-based cybersecurity company.
🎶 Culture Circuit
🏰 Castle Reno: Dubai’s oldest historic building, Al Fahidi Fort, is almost ready to reopen five years after its doors were closed for a major restoration. The fort, built in 1787 by Dubai’s ruling family, will include a large museum space harnessing digital media to tell the story of its evolution, The National reports. “As you stand between the walls of Dubai’s oldest surviving structure, you find yourself face-to-face with the earliest beginnings of a city that believed in its dream and continues to move forward with confidence from one achievement to the next,” Sheikha Latifa bint Mohammed, Chairwoman of Dubai Culture and Arts Authority, said following a site visit on Sunday.
📷 Photo of the Day
📅 Circuit Calendar
Feb 23-26, Miami. Global Alts Miami 2026. Billed as the largest cap intro event in the world. Miami Beach Convention Center.
March 25-27, Miami. FII Miami 2026. A summit on disruptive technology and investment trends hosted by the Public Investment Fund’s Future Investment Initiative Institute. Faena Hotel, Miami Beach.
March 31-April 2, Dubai. Arab Media Summit. The annual gathering brings together Arab media personnel, influencers and organizations. DWTC.
April 6-13, Dubai. Quantum Innovation Summit. Part of Global Quantum Week, focusing on quantum technology and applications. Grand Hyatt.
April 6-7, Riyadh. Real Estate Supply Chain Forum. Transforming the real estate supply chain landscape. Mandarin Oriental.
April 7-9, Dubai. Middle East Energy. Discover what’s new in energy. Dubai World Trade Centre.
April 7-9, Abu Dhabi. Future Health. Bringing together global leaders in government, science, technology and investment. ADNEC.
April 11-20, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC.
April 20-22, Riyadh. Future Aviation Forum. Exploring the future of air transport, sustainability, advanced air mobility, and artificial intelligence. King Abdulaziz International Conference Center.
April 13-16, Riyadh. LEAP 2026. Global tech event covering AI, 5G and startups. RECC Malham.
April 21-23, Dubai. UITP Summit 2026. A high-level event for the public transport sector looking at the future of urban mobility. Dubai World Trade Centre
April 24-26, 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.
April 29-30, Dubai. TOKEN2049 Dubai. A global gathering for the crypto ecosystem. Madinat Jumeirah.