Saudi Aramco-TotalEnergies refinery damaged in Iran attack
TotalEnergies said on Friday that a processing unit at its SATORP refinery in eastern Saudi Arabia was damaged this week, forcing a shutdown amid the Iranian assault on Saudi energy infrastructure.
The facility, a joint venture between the Paris-based oil and gas company and Saudi Aramco, is one of the kingdom’s largest refining and petrochemical complexes, processing about 465,000 barrels a day in the port city of Jubail.
The overnight strikes between Tuesday and Wednesday also hit oilfields, refineries and a pumping station on the East-West pipeline, cutting Saudi production capacity by about 600,000 barrels a day and reducing pipeline flows by roughly 700,000 barrels a day. They came as the ceasefire agreed upon by the U.S. and Iran was due to take effect.
The pipeline, which runs from the Gulf to the Red Sea, has become Saudi Arabia’s main alternative to shipping crude through the Strait of Hormuz, making the damage especially significant as Iran restricts tanker traffic through the waterway.
Oil prices rose following the strikes on Saudi facilities, with markets reacting to the combined loss of production and disruption to alternative export routes.
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.”
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 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.
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.