The Daily Circuit: Saudi Prince buys into Lucid + U.S.-UAE AI task force
In today’s Daily Circuit, we’re reporting on Saudi Arabia’s Red Sea Global developing its first overseas resort off Sardinia, the U.S. and UAE building a joint military AI task force, Abu Dhabi’s Fertiglobe cashing in on higher fertilizer prices, Emirates launching crypto payments for flight bookings, and Guggenheim Abu Dhabi setting a date for its opening. But first, a royal intervention in Lucid’s share slump.
Lucid Group has been given a much-needed boost after Saudi Prince Alwaleed bin Talal acquired a $129.5 million stake in the struggling California-based electric vehicle maker.
Saudi Arabia’s Public Investment Fund, which is Lucid’s biggest shareholder, has poured more than $9 billion into the company as part of the kingdom’s attempts to become a hub for EVs and the battery industry.
But the loss-making automaker has become a laggard for the PIF, with its NASDAQ-listed shares falling 72% over the past year, forcing the company to fend off rumors of impending bankruptcy or a take-private deal.
Its shares surged 22% to their highest level since April following regulatory disclosure of Alwaleed’s direct purchase of 19.5 million shares, equivalent to a 5% stake in the company. One of the Middle East’s richest people, Alwaleed is estimated by Bloomberg to be worth $24.2 billion.
Lucid acknowledged earlier this month that it had brought in restructuring advisors from AlixPartners under new CEO Silvio Napoli, who has been cutting costs and jobs through an organizational review.
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📰 Developing Stories
ITALIAN SUMMER
Saudi Arabia’s Red Sea Global is developing its first overseas destination, an island resort at Santo Stefano off the coast of Sardinia. The Public Investment Fund-controlled developer holds a 90% stake in Santo Stefano Resort, while the remaining share is owned by Re.vo, a real estate investment firm controlled by members of the Benetton family. The resort, which had been shuttered for years, is being brought under RSG’s management as the company expands beyond its Saudi projects, Arabian Gulf Business Insight reports.
MILITARY TASKFORCE
The U.S. and UAE are building a task force to accelerate military artificial intelligence applications. The Abu Dhabi-based team, called Talon Synapse, will include about 20 American and Emirati experts in AI, data and cybersecurity, CENTCOM said on X. The initiative follows discussions between CENTCOM Commander Adm. Brad Cooper and UAE National Security Adviser Sheikh Tahnoon bin Zayed last year. It will focus on AI applications for intelligence support, critical infrastructure protection and monitoring the regional security environment. “This will be a historic milestone as we work with one of our most capable regional partners to rapidly deliver evolving AI advancements to our warfighters,” Adm. Cooper said.
💲 Sovereign Circuit
Public Investment Fund: Egyptian developer Hassan Allam Holding won a $720 million contract to build a Waldorf Astoria hotel, residences and mixed-use superblock in Diriyah, the PIF-backed gigaproject on the northwestern outskirts of Riyadh.
Jada Fund of Funds: The PIF subsidiary has committed to Saudi private equity fund Growth Catalyst Fund I, which is targeting $200 million to invest in mid-market companies across the kingdom.
QatarEnergy: The energy giant has extended its force majeure notice to Italy’s Edison until the end of September, canceling three additional LNG cargo deliveries.
ADNOC: Fertilizer producer Fertiglobe, which is majority owned by the Abu Dhabi national oil company, more than doubled its earnings in the second quarter, compared to last year, benefiting from higher fertilizer prices even as it was forced to find new overland and sea routes to export its products.
ADNOC: The Abu Dhabi national oil company appears to be pushing ahead with LNG exports from the Gulf, with an empty carrier owned by its shipping arm appearing in the Gulf today after traversing the Strait of Hormuz with its location broadcasters turned off, Bloomberg reports.
↪↩ Closing Circuit
✈️ Fleet Up: Plane lessor Dubai Aerospace Enterprise completed the acquisition of Ireland-based Macquarie AirFinance for about $9 billion, giving DAE a total fleet of about 1,000 owned, managed and committed aircraft.
💵 Record Selling: UAE sovereign entities and companies have raised a combined $30.3 billion through dollar- and euro-denominated bond sales this year as of July 28, Bloomberg reports.
🚿 Desal Deal: Nasdaq-listed Energy Recovery will build a desalination technology factory near Dammam Second Industrial City in Saudi Arabia, Arab News reports.
💧 Water Works: Jordan’s cabinet has approved $97 million in funding from the French Development Agency for its national water carrier project, a part of government efforts to begin work on a $5.8 billion desalination project.
🗣 Circuit Chatter
🪖 Incoming Threat: Saudi Arabia intercepted drones fired at oil facilities in its Eastern Region by Iran-backed militias in Iraq for the second day in a row on Tuesday.
₿ Crypto Payment: Emirates has launched Crypto.com Pay, allowing eligible UAE residents to use the digital payment service for flight bookings.
🚢 Trade Diplomacy: Shipping between Iran and the UAE returned to pre-war levels, with 51 container ships crossing the Arabian Gulf between June 27 and July 25.
👖 Street Cred: Saudi streetwear label 1886 is being stocked at Selfridges in London as part of a Saudi pop-up running at the department store until Sept. 5 in partnership with PIF-backed food and beverage group Milaf Global.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed held a phone call with Kyriakos Mitsotakis, Prime Minister of Greece, on Tuesday. Sheikh Mohamed received Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, in Abu Dhabi on Tuesday.
Saudi Crown Prince Mohammed bin Salman held a phone call with Spanish Prime Minister Pedro Sanchez on Tuesday.
Qatar’s Emir Sheikh Tamim bin Hamad Al Thani met with Rabbi Mendy Chitrik, Chairman of the Alliance of Rabbis in Islamic States, on Monday to offer condolences following the death of the Father Emir, Sheikh Hamad bin Khalifa Al Thani.
➿ On the Circuit
Jeff Zucker, CEO of Abu Dhabi-backed RedBird IMI, is banking on the UAE to help build his new $8 billion entertainment empire after the merger of Banijay and All3Media, Fortune reports.
Israeli Prime Minister Benjamin Netanyahu was seen at a table with Lebanese banker Antoun Sehnaoui and U.S. diplomat Morgan Ortagus at a memorial dinner for late Senator Lindsey Graham hosted by Sehnaoui and Ortagus at the Four Seasons in Washington, D.C. on Monday night.
Abdulla bin Mohammed bin Butti, Chairman of the National Media Authority, met with Kojo Boakye, Meta’s Vice President of Public Policy for Africa, the Middle East and Turkey, in London.
Ahmed Taha and Yannick Lakoue-Derant were appointed as co-heads of HSBC’s MENAT DCM business.
🎶 Culture Circuit
✂️ Grand Opening: Guggenheim Abu Dhabi, one of the cornerstones of the Saadiyat Cultural District, will open to the public on Dec. 11. The enormous Frank Gehry-designed art museum, made up of a complex of asymmetrical stacked cones and interconnected galleries, is inspired by traditional Middle Eastern wind towers. It will focus on modern and contemporary art, with a collection of works from artists including Jackson Pollock, Mark Rothko, Andy Warhol and Jean-Michel Basquiat.
📷 Photo of the Day
📅 Ahead on the Circuit
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 Centre.
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. 15-17, Dubai. Arab Media Forum. The region’s largest media gathering, organized by the Dubai Press Club. Dubai World Trade 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.20, New York. Qatar Economic Forum, Powered by Bloomberg: UNGA Special Edition 2026. The forum will host a special leadership gathering alongside the 2026 UNGA in New York, bringing together global leaders to explore capital, risk and resilience in a volatile global economy.
Sept. 28-Oct. 1, Singapore. SuperReturn Asia. The region’s premier private capital gathering. Marina Bay Sands Convention Centre.
Sept. 29-Oct. 1, Abu Dhabi. LIVEX 2026. Abu Dhabi’s inaugural Livability and Investment Exhibition. ADNEC Centre.
Oct. 7-9, Singapore. Milken Institute Asia Summit. Bringing together a global community of influential leaders shaping the next era of intelligence, collaboration and growth. Four Seasons Hotel.
Oct. 21-24, Riyadh. Six Kings Slam. World No. 1 Jannik Sinner will defend his Six Kings Slam title when the exhibition tournament returns, to be streamed globally on Netflix. ANB Arena.
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.