Saudi PIF shifts $12 billion in gaming investments to Savvy
Saudi Arabia’s Public Investment Fund has moved to consolidate its expansive gaming investments, shifting about $12 billion worth of shares, including its stake in Nintendo, to its Savvy Games subsidiary.
Savvy, which was created in 2021 with a cash stockpile of $38 billion, is the backbone of Crown Prince Mohammed bin Salman’s plans to dominate global gaming.
The move to bring more of the PIF’s gaming investments under one roof indicates a desire to further elevate Savvy’s status in the industry.
“These transfers will move the stewardship of PIF’s games investments to Savvy, given Savvy is a leading games organization for the PIF and a core component of the National Gaming and Esports Strategy,” Amar Batkhuu, a Savvy spokesperson, told Bloomberg, noting that the transfer has been planned for a long time.
Savvy’s investments include Niantic, the developer of mobile hit “Pokemon Go” and “Monopoly Go” developer Scopely Inc., as well as several esports plays, which have had mixed success.
Most recently, it has been in talks with TikTok owner ByteDance to buy its Shanghai Moonton Technology unit, one of the world’s most popular mobile developers.
The company’s success was somewhat overshadowed last year by the PIF’s own blockbuster deal to take gaming titan Electronic Arts private in a $50 billion leveraged buyout backed by private equity firm Silver Lake and Jared Kushner’s Affinity Partners.
The Daily Circuit: PIF’s $12B gaming shift + French connection for Bapco
In today’s Daily Circuit, we’re reporting on the $18.7 billion acquisition by a Mubadala Capital unit of Invesco’s Canadian fund business, TotalEnergies’ joint venture with Bahrain’s Bapco Energies, Emirati startup Mal raising $230 million for its new AI-driven bank, and the UAE’s broad exposure to Trump tariffs over its business with Iran. But first, MBS’s latest move to rule the gaming world.
Saudi Arabia’s Public Investment Fund has moved to consolidate its expansive gaming investments, shifting about $12 billion worth of shares, including its stake in Nintendo, to its Savvy Games subsidiary.
Savvy, which was created in 2021 with a cash stockpile of $38 billion, is the backbone of Crown Prince Mohammed bin Salman’s plans to dominate global gaming. The move to bring more of the PIF’s gaming investments under one roof indicates a desire to further elevate Savvy’s status in the industry.
“These transfers will move the stewardship of PIF’s games investments to Savvy, given Savvy is a leading games organization for the PIF and a core component of the National Gaming and Esports Strategy,” Amar Batkhuu, a Savvy spokesperson, told Bloomberg, noting that the transfer has been planned for a long time.
Savvy’s investments include Niantic, the developer of mobile hit “Pokémon Go”and “Monopoly Go” developer Scopely Inc., as well as several esports plays, which have had mixed success. Most recently, it has been in talks with TikTok owner ByteDance to buy its Shanghai Moonton Technology unit, one of the world’s most popular mobile developers.
The company’s success was somewhat overshadowed last year by the PIF’s own blockbuster deal to take gaming titan Electronic Arts private in a $50 billion leveraged buyout backed by private equity firm Silver Lake and Jared Kushner’s Affinity Partners.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 Developing Stories
TRADE TROUBLE
The UAE and China top the list of countries most exposed to U.S. President Donald Trump’s threat to impose a 25% tariff on those doing business with Iran. Abu Dhabi is assessing how the proposed measure could disrupt supply chains and trade flows, given the UAE’s role as one of Iran’s largest commercial partners, Bloomberg reports. UAE Minister of Foreign Trade Thani Al Zeyoudi said he’s still evaluating the possible effects, while details of how the tariff would be applied remain unclear. The UAE, meanwhile, signed Comprehensive Economic Partnership Agreements with Nigeria and the Philippines in Abu Dhabi on Tuesday to cut tariffs and deepen trade and investment.
PETROLEUM PARTNERS
French energy giant TotalEnergies has formed a joint venture with Bahrain’s Bapco Energies aimed at boosting trade in petroleum products across the Middle East. The venture called BxT Trading will handle flows from Bapco’s expanded Sitra refinery and draw on TotalEnergies’ global expertise to deepen market access. The companies said they expect the partnership to strengthen Bahrain’s competitiveness and enhance TotalEnergies’ regional presence. Bapco Chairman Sheikh Nasser Al Khalifa and TotalEnergies CEO Patrick Pouyanne signed the 50-50 venture agreement at a ceremony in Abu Dhabi on Tuesday.
💲 Sovereign Circuit
Mubadala Capital: Invesco is selling its $18.7 billion Canadian investment fund business to Mubadala Capital-backed CI Global Asset Management amid ongoing consolidation in the mutual fund industry.
AD Ports: KEZAD Group, a unit of AD Ports, formed a joint venture with Sharjah-based BEEAH to provide eco-friendly waste management services across the company’s free zones and industrial districts.
Emirates Nuclear Energy Co., which is backed by ADQ, said its Barakah plants are now supplying 57% of electricity demand from UAE households.
Public Investment Fund: Saudi Arabia’s Heritage Commission, in collaboration with PIF-owned Soudah Development, announced the discovery of 20 ancient rock art sites within the southwest Soudah Peaks area.
Arab Energy Fund: The Arab Energy Fund plans to allocate more capital to regional funds as Gulf nations seek global investment to diversify their hydrocarbon-dependent economies, CEO Khalid Al-Ruwaigh told Bloomberg.
↪↩ Closing Circuit
💰 Record Fund: Abu Dhabi-based digital finance startup Mal raised $230 million in a seed round led by BlueFive Capital, as it prepares to launch an AI-driven Islamic bank.
🩺 New Beds:Saudi Arabia’s Mouwasat Medical Services Co. won approval to build a $240 million hospital in Riyadh.
📈 Private Credit: Saudi Arabia’s Jadwa Investment Co. plans to raise up to $200 million for its flagship private credit fund to capitalize on Gulf demand for alternative financing.
🛡️ Defense Pact: The UAE’s EDGE and Spain’s Indra Group signed an agreement to establish a new defense manufacturing company in Spain to develop smart weapons and munitions.
✈️ Drone Deal: European missile manufacturer MBDA signed the first export contract for its Sky Warden anti-drone system with Oman on the sidelines of the Dubai Airshow in November,Intelligence Online reports.
🗣 Circuit Chatter
🛫 African Runway: Ethiopia started construction on what it says will be Africa’s largest airport, a $12.5 billion project that aims to handle up to 110 million passengers annually.
🤝 New Market: Canada will begin negotiations next month on a comprehensive economic partnership agreement with the UAE as it seeks to diversify trade away from the United States and attract Gulf investment, particularly in liquefied natural gas, Reuters reports.
🌊 Trade Player: Medina, one of the two Muslim holy cities, is emerging as a strategic hub for maritime transport and supply chains, benefiting from its Red Sea coast location and its key role in the kingdom’s logistics network
🏠 Tower of Wellness: Sharjah developer Arada launched Inaura Downtown, a 42-story skyscraper in central Dubai that will contain apartments, fitness clubs, restaurants and a luxury hotel, all dedicated to “wellness.”
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayedmet with Daniel Chapo, President of Mozambique, who is taking part in Abu Dhabi Sustainability Week, on Tuesday. Sheikh Mohamed also met withMilojko Spajić, Prime Minister of Montenegro; Bola Ahmed Tinubu, President of Nigeria; and Ferdinand Marcos Jr., President of the Philippines.
Sheikh Mohamedconferred the Order of Zayed, the UAE’s highest civilian honour, on Edi Rama, Prime Minister of Albania, on Tuesday.
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, met withWang Chuanfu, Chairman and CEO of Chinese electric car maker BYD, on Wednesday.
Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, held a phone call with Abbas Araghchi, Minister of Foreign Affairs of Iran, on Tuesday. Sheikh Abdullahmet withJamshid Khodjaev, Deputy Prime Minister of Uzbekistan, on the sidelines of Abu Dhabi Sustainability Week. He also met with Ronald Lamola, Minister of International Relations and Cooperation of South Africa.
Sheikh Zayed bin Hamdan, Chairman of International Holding Co.’s 2PointZero investment firm, met withJamshid Khodjayev, Deputy Prime Minister of Uzbekistan, on Tuesday.
➿ On the Circuit
Bandar Alkhorayef, Saudi Arabia’s Minister of Industry and Mineral Resources, said the world is preparing for “a new era of global development, prosperity and stability through minerals,” speaking on Tuesday to the annual Future Minerals Forum in Riyadh.
Saeed Al Hajeri, UAE Minister of State, met with Maria Theresa Lazaro, Secretary of Foreign Affairs of the Philippines, during her visit to the UAE to participate in Abu Dhabi Sustainability Week.
Rolf Schilde was appointed Senior Executive Officer at Indosuez Wealth Management Dubai International Financial Centre Branch, while Charles Tort was named Deputy CEO.
🎶 Culture Circuit
👣 Feet First: A drawing of a foot by Michelangelo is on display in Dubai, the first time a work by the Italian Renaissance artist has gone on show in the UAE. The previously unknown sketch is of the right foot of the Libyan Sibyl, a figure who appears on the far east end of the frescoes on the Sistine Chapel ceiling in the Vatican. It is one of only 50 known studies related to the chapel. Christie’s will auction the work in New York next month with an estimate of $1.5 million to $2 million.
📷 Photo of the Day
UAE President Sheikh Mohamed bin Zayed met with Sheikh Mohammed bin Rashid, Vice President, Prime Minister and Ruler of Dubai, at Qasr Al Bahr palace in Abu Dhabi on Tuesday and presented him with an inscribed photo album. (Emirates News Agency)
📅 Circuit Calendar
Jan. 11-15, Abu Dhabi. Abu Dhabi Sustainability Week. UAE leaders host corporate executives, policymakers and environmental groups to debate the future of renewable energy and climate change. ADNEC.
Jan. 12-15, Dubai. Dubai International Project Management Forum. Bringing together global leaders, policymakers, and innovators to explore how collaboration, innovation, and sustainability can unite diverse communities. Madinat Jumeirah.
Jan. 13-15, Riyadh. Future Minerals Forum. The conference aims to hold conversations among governments, investors, and innovators to secure the minerals essential for a sustainable, tech-enabled future. King AbdelAziz International Conference Center.
Jan. 13-15, Abu Dhabi. World Future Energy Summit. The annual event brings in policymakers and industry leaders to discuss the challenges of working towards net zero. ADNEC.
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.
DP World ready for immediate return to Venezuelan ports
Dubai’s global port operator DP World is ready to start operations in Venezuela “within 24 hours” if the situation changes following the capture of President Nicolas Maduro by the U.S., its chairman says.
“Tomorrow if there’s a cargo opportunity in Venezuela, we will go … We can start within 24 hours if we need to. We know the place very well, the teams, everybody,” Sultan bin Sulayem, DP World Chairman and Group CEO, told The National.
The container shipping and logistics giant previously ran terminal operations at Venezuela’s Puerto Cabello until 2009, when the military took over the country’s ports and airports under former President Hugo Chavez.
Since then U.S. sanctions have made it difficult to return.
UAE energy chief says data center boom assures oil’s dominance
The UAE’s top energy executive told the audience at Abu Dhabi Sustainability Week that an expected 500% increase in power demand from data centers by 2040 – propelled by artificial intelligence – means that hydrocarbons will remain the Earth’s dominant fuel.
In a keynote address to the annual environment conference on Monday, Dr. Sultan Al Jaber, CEO of the ADNOC state oil company and Minister of Industry and Advanced Technology, said the UAE has invested more than $148 billion in AI initiatives.
The government plans to expand its clean energy capacity to more than 22 gigawatts by 2031 to help meet rising electricity needs from its data centers, he said.
“While some view this as a constraint, I view it as a catalyst,” said Al Jaber, who served as President at the U.N.’s COP28 climate conference in Dubai three years ago. “Sustainable progress is not about slowing down growth; it is about designing a better engine.”
Al Jaber told the gathering that roughly $4 trillion of annual investment will be required globally in grids and data center infrastructure to keep pace with demand as digitalization accelerates.
The event drew senior leadership from around the world, with UAE President Sheikh Mohamed bin Zayed attending the opening ceremony alongside heads of state from Serbia, Albania, Nigeria, South Africa and the Philippines.
Chief executives from major energy and investment firms came to Abu Dhabi for the conference, including BlackRock, TotalEnergies, Engie and Iberdrola.
The Daily Circuit: Sustainability meets energy in Abu Dhabi + PIF-EWPartners fund
In today’s Daily Circuit, we’re reporting on the $800 million tech fund being developed by PIF-backed EWPartners, First Abu Dhabi Bank’s collaboration with T. Rowe Price, Qatar’s entry to the U.S.-initiated “Pax Silica,” and L’Imad Holding’s new board, chaired by Abu Dhabi’s Crown Prince. But first, hydrocarbons hold their own during Abu Dhabi Sustainability Week.
The UAE’s top energy executive told the audience at Abu Dhabi Sustainability Week that an expected 500% increase in power demand from data centers by 2040 – propelled by artificial intelligence – means that hydrocarbons will remain the Earth’s dominant fuel.
In a keynote address to the annual environment conference, Dr. Sultan Al Jaber, CEO of the ADNOC state oil company, Chairman of Masdar and Minister of Industry and Advanced Technology, said the UAE has invested more than $148 billion in AI initiatives. The government plans to expand its clean energy capacity to more than 22 gigawatts by 2031 to help meet rising electricity needs from its data centers, he said.
“While some view this as a constraint, I view it as a catalyst,” said Al Jaber, who served as President at the U.N.’s COP28 climate conference in Dubai three years ago. “Sustainable progress is not about slowing down growth; it is about designing a better engine.”
Al Jaber told the gathering that roughly $4 trillion of annual investment will be required globally in grids and data center infrastructure to keep pace with demand as digitalization accelerates.
The event drew senior leadership from around the world, with UAE President Sheikh Mohamed bin Zayed attending the opening ceremony alongside heads of state from Serbia, Albania, Nigeria, South Africa and the Philippines. Chief executives from major energy and investment firms came to Abu Dhabi for the conference, including BlackRock, TotalEnergies, Engie and Iberdrola.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
TOP TEAM
Abu Dhabi names L’Imad board, led by Crown Prince, e& Chief
The government of Abu Dhabi appointed a board of directors chaired by its Crown Prince for L’Imad Holding Co., the investment vehicle backed by the emirate’s sovereign wealth funds that last month joined Paramount’s hostile takeover bid for Warner Bros.
Jassem Al Zaabi, Chairman of the Abu Dhabi Department of Finance and of telecommunications group e&, was named Managing Director and CEO, The Circuit’s Jonathan Ferziger reports. Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, will serve as Chairman.
Board members include Khaldoon Al Mubarak, Managing Director and CEO of Mubadala; Waleed Al Mokarrab Al Muhairi, the sovereign fund’s Deputy CEO; and Mohamed Al Shorafa, Chairman of Etihad Airways and of the Abu Dhabi Department of Municipalities and Transport.
Qatar has joined the Trump administration’s international initiative aimed at strengthening cooperation on advanced technology, dubbed “Pax Silica.” The pact – which the UAE is scheduled to sign later this week – covers semiconductors, artificial intelligence and secure supply chains. The aim is to make critical technologies more reliable and less vulnerable to disruption as demand rises worldwide. Qatari officials said the agreement will assist the government’s push to build up its digital economy and play a bigger role in global technology infrastructure. Israel, Japan, South Korea, Singapore, the U.K. and Australia are already partners to the initiative.
ON STANDBY
Dubai’s global port operator DP World is ready to start operations in Venezuela “within 24 hours” if the situation changes following the capture of President Nicolas Maduro by the U.S., its chairman says. “Tomorrow if there’s a cargo opportunity in Venezuela, we will go … We can start within 24 hours if we need to. We know the place very well, the teams, everybody,” Sultan bin Sulayem, DP World Chairman and Group CEO, told The National. The container shipping and logistics giant previously ran terminal operations at Venezuela’s Puerto Cabello until 2009, when the military took over the country’s ports and airports under former President Hugo Chavez. Since then U.S. sanctions have made it difficult to return.
💲 Sovereign Circuit
PureHealth: The Abu Dhabi-based company, backed by ADQ, International Holding Co. and Alpha Dhabi, launched a central research center to consolidate clinical research across its hospitals, clinics and labs.
Public Investment Fund: Saudi Electricity Co., backed by the PIF, secured a five-year loan of up to $1.5 billion, arranged by Sumitomo Mitsui Banking Corp.
Public Investment Fund: Private equity firm EWPartners, backed by the PIF, is seeking to close an $800 million Saudi Arabia-based fund backed by investors from the GCC and East Asia to invest in supply chains, logistics, and digital infrastructure, including data centers.
Maaden: Saudi Arabian Mining Company, a PIF company, has added 7.8 million ounces of gold reserves across four sites.
Aramco: Arabian Drilling Co. has secured three Saudi Aramco land rig contract extensions worth $373 million, adding 25 rig years to its backlog, with operations phased throughout the year.
↪↩ Closing Circuit
💰 UAE Partnership: First Abu Dhabi Bank announced a strategic collaboration agreement with U.S. asset manager T. Rowe Price to expand investment services across the Gulf.
🌐 Star Power: Sama X secured a license from Bahrain’s telecom regulator to launch SpaceX’s Starlink broadband services in the kingdom.
🚆 Global Loop: UAE-based BNW Developments has awarded a AED1 billion ($272 million) contract to China Railway Group subsidiary CREC4 for a prime Dubai project.
🗣 Circuit Chatter
📈 Lebanon Rally: Lebanese government bonds surged to their highest levels in almost five years on Monday amid growing hopes that a proposed banking law could unlock deposits and pave the way for debt restructuring.
💔 Deals Off: Somalia’s government annulled all agreements with the UAE, including port and security deals.
🛢️ Last Chance: Iraq will allow Russia’s Lukoil to retain its 75% stake in the West Qurna-2 oilfield for one year to either resume operations or sell its share, denying reports of nationalization.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed attended the opening ceremony of Abu Dhabi Sustainability Week at the Abu Dhabi National Exhibition Centre on Tuesday.
President Ferdinand R. Marcos Jr. of the Philippines arrived in the UAE late Monday evening for a one-day visit at the invitation ofthe UAE President.
Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, held a phone call on Monday with Dr. Fuad Mohammed Hussein, Deputy Prime Minister and Minister of Foreign Affairs of Iraq. Sheikh Abdullah also held a call with Anita Anand, Minister of Foreign Affairs of Canada.
Sheikh Hamdan bin Zayed, Ruler’s Representative in the Al Dhafra Region, reviewed the main strategic energy and water projects in the region during a meeting with a delegation from the Abu Dhabi Department of Energy, led by Dr. Abdulla Humaid Al Jarwan, Chairman of the Department.
Sheikh Theyab bin Mohamed, Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs, attended a reception hosted by Abdullah Ali Abdullah Al-Yahya, Minister of Foreign Affairs of Kuwait, for the marriage of his son Othman.
➿ On the Circuit
Dina Powell McCormickwas named President and Vice Chairman of Meta, reporting to CEO Mark Zuckerberg. She was previously U.S. Deputy National Security Advisor, a senior executive at Goldman Sachs, and President and Vice Chair at BDT & MSD Partners.
Bandar Alkhorayef,Saudi Arabia’s Minister of Industry and Mineral Resources, met with several foreign officials ahead of the Future Minerals Forum, which starts today in Riyadh. The meetings included Brazil’s Minister of Mining and Energy Alexandre Silveira, Pakistan’s Minister of Petroleum Ali Pervaiz Malik, Nigeria’s Minister of Solid Minerals Development Dele Alake and Minister of Mines of the Democratic Republic of the Congo Louis Watum Kabamba.
Eric Trump, son of U.S. President Donald Trump and Executive Vice President of The Trump Organization, told Asharq Al-Awsat he expects that Saudi Arabia’s decision to open its stock market to foreign investors will attract billions of dollars in new capital.
Will Smith, the U.S actor, attended the Middle East premier of National Geographic’s “Pole to Pole with Will Smith” in Dubai on Monday.
Serena Sebastiani was appointed as new Group Chief Strategy and Venture Officer at Fuze, one of the Middle East and Turkey’s fastest-growing financial infrastructure providers.
🎶 Culture Circuit
🎻 Musical Awakening: A sweeter sound than the more commonly-heard squealing of racing car tires has been building over Abu Dhabi’s Yas Island in recent weeks. The UAE National Orchestra, a new 100-piece ensemble made up of musicians from 30 different countries, has been warming up in a warehouse at Yas Creative Hub for its debut public performance, The National reports. The orchestra’s opening show this Thursday at the Emirates Palace Auditorium will see it perform “The Beginning,” an Emirati Symphony commissioned from Lebanese composer Nadim Tarabay.
📷 Photo of the Day
Britain’s Rachel Stratton claimed first place in the Camel Trek Marathon’s 1,500-meter race at the Dubai Camel Racing Club on Sunday. (Emirates News Agency)
📅 Circuit Calendar
Jan. 11-15, Abu Dhabi. Abu Dhabi Sustainability Week. UAE leaders host corporate executives, policymakers and environmental groups to debate the future of renewable energy and climate change. ADNEC.
Jan. 12-14, Dubai. Intersec. Billed as the world’s premier event for security, safety, and fire protection. Dubai World Trade Center.
Jan. 12-15, Dubai. Dubai International Project Management Forum. Bringing together global leaders, policymakers, and innovators to explore how collaboration, innovation, and sustainability can unite diverse communities. Madinat Jumeirah.
Jan. 13-15, Riyadh. Future Minerals Forum. The conference aims to hold conversations among governments, investors, and innovators to secure the minerals essential for a sustainable, tech-enabled future. King AbdelAziz International Conference Center.
Jan. 13-15, Abu Dhabi. World Future Energy Summit. The annual event brings in policymakers and industry leaders to discuss the challenges of working towards net zero. ADNEC.
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.
Abu Dhabi names L’Imad board, led by Crown Prince, e& Chief
The government of Abu Dhabi appointed a board of directors chaired by its Crown Prince for L’Imad Holding Co., the investment vehicle backed by the emirate’s sovereign wealth funds that last month joined Paramount’s hostile takeover bid for Warner Bros.
Jassem Al Zaabi, Chairman of the Abu Dhabi Department of Finance and of telecommunications group e&, was named Managing Director and CEO, according to a government statement issued on Monday. Sheikh Khaled bin Mohamed bin Zayed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, will serve as Chairman.
Board members include Khaldoon Al Mubarak, Managing Director and CEO of Mubadala Investment Co.; Waleed Al Mokarrab Al Muhairi, the sovereign fund’s Deputy CEO; and Mohamed Al Shorafa, Chairman of Etihad Airways and of the Abu Dhabi Department of Municipalities and Transport.
L’Imad – jointly owned by Mubadala, the Abu Dhabi Investment Authority and ADQ – was formed last year as a state-owned investment vehicle designed to pool capital for large-scale global deal. Its mandate is to invest in industries that include infrastructure, financial services, technology and urban transportation.
The firm is part of the consortium that is backing Paramount Chairman David Ellison’s bid for Warner that includes Saudi Arabia’s Public Investment Fund, the Qatar Investment Authority and Jared Kushner’s Affinity Partners.
L’Imad first made headlines in October when it bought a $7 billion stake in real estate investor Modon from IHC Real Estate Holding and Alpha Dhabi Holding, both subsidiaries of Sheikh Tahnoon bin Zayed’s International Holding Co.
Mideast venture capital funding jumps to record $3.8 billion
Venture capital funding in the Middle East jumped 74% last year, hitting a record as startups raised about $3.8 billion across nearly 700 deals.
Much of the growth came from foreign investors, with Saudi Arabia and the UAE drawing the largest share of the money, Bloomberg reports, citing data from Magnitt.
The surge came even as venture funding stayed weak or slowed in many other regions.
Investors have been drawn by government-backed tech pushes, large domestic markets and a growing pipeline of local startups.
IRENA hunts for funds at UAE summit amid Trump climate cuts
The Trump administration’s retreat from U.S. global climate commitments is forcing an Abu-Dhabi based global energy organization to seek cash from corporate donors.
The International Renewable Energy Agency will solicit help from businesses as well as additional donations from member countries to patch up its budget, Director-General Francesco La Camera told reporters at its annual assembly in the UAE capital on Sunday. The meeting is the first in a series of environmental conferences marking Abu Dhabi Sustainability Week.
The U.S. contributes about 22% of IRENA’s budget and there are doubts over whether it will fulfill its obligation to give one year’s notice before ceasing payments.
“This is what politics brings,” La Camera said. “We have to accept it and strive for the best.”
The Trump administration announced last week that it was withdrawing from 66 global organizations, including the United Nations Framework Convention on Climate Change, that the President said were “contrary to the interests of the United States.”
Abu Dhabi houses IRENA in a custom-built sustainable office complex on the edge of its futuristic green community, Masdar City, and is a substantial donor, alongside Germany and other European nations. Hosting the organization has helped burnish the UAE’s reputation for leadership in the energy transition, despite being among the world’s biggest oil producers.
The Daily Circuit: UAE climate confab kicks off + Trump-branded Saudi villages
In today’s Daily Circuit, we’re reporting on Dar Global’s Trump-branded luxury projects in Riyadh and Jeddah, prospects for a $10 billion bounty from new foreign investment in the Saudi stock market, the 74% jump in last year’s venture capital funding for Mideast startups, and Qatar’s efforts to host the first FIFA World Cup tournament for women’s soccer. But first, climate warriors flock to Abu Dhabi.
The Trump administration’s retreat from U.S. global climate commitments is forcing an Abu Dhabi-based global energy organization to seek cash from corporate donors.
The International Renewable Energy Agency will solicit help from businesses as well as additional donations from member countries to patch up its budget, Director-General Francesco La Camera told reporters at its 16th assembly in the UAE capital on Sunday. The meeting is the first in a series of environmental conferences marking Abu Dhabi Sustainability Week.
The U.S. contributes about 22% of IRENA’s budget and there are doubts over whether it will fulfill its obligation to give one year’s notice before ceasing payments.
“This is what politics brings,” La Camera said. “We have to accept it and strive for the best.”
The Trump administration announced last week that it was withdrawing from 66 global organizations, including the United Nations Framework Convention on Climate Change, that the President said were “contrary to the interests of the United States.”
Abu Dhabi houses IRENA in a custom-built sustainable office complex on the edge of its futuristic green community, Masdar City, and is a substantial donor, alongside Germany and other European nations. Hosting the organization has helped burnish the UAE’s reputation for leadership in the energy transition, despite being among the world’s biggest oil producers.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 Developing Stories
OPEN DOORS
Saudi Arabia’s plan to open its stock exchange to all foreign investors next month could unlock as much as $10 billion in foreign investment, Arab News reports. The change removes long-standing rules that limited access by foreigners mainly to large institutions. Regulators say the changes will make it easier for global funds and individuals to buy Saudi shares directly. Hamza Dweik, head of trading at Saxo Bank for the Middle East and North Africa, told the newspaper that the move will deepen liquidity in a market and is expected to increase Saudi Arabia’s weighting in global emerging-market indices to 4.7% from 3.2%.
VC BOOM
Venture capital funding in the Middle East jumped 74% last year, hitting a record as startups raised about $3.8 billion across nearly 700 deals. Much of the growth came from foreign investors, with Saudi Arabia and the UAE drawing the largest share of the money, Bloomberg reports, citing data from Magnitt. The surge came even as venture funding stayed weak or slowed in many other regions. Investors have been drawn by government-backed tech pushes, large domestic markets and a growing pipeline of local startups.
💲 Sovereign Circuit
Abu Dhabi Investment Authority: Shares of Chinese AI firm MiniMax, backed by ADIA, more than doubled on their Hong Kong debut, boosting the company’s value to about $14 billion.
Masdar: Abu Dhabi Future Energy Company Masdar signed its first power purchase agreement in Angola for the 150-megawatt Quipungo solar project, part of the wider 500-megawatt Project Royal Sable, on the sidelines of Abu Dhabi Sustainability Week.
Public Investment Fund: Saudi Arabia’s PIF-backed Ayar First Investment Co., invested in four major Japanese gaming firms – Capcom, Bandai Namco, Nexon, and Koei Tecmo.
ADQ: Etihad Airways, which is owned by the Abu Dhabi sovereign wealth fund, carried 22.4 million passengers in 2025, a 21% increase from the previous year.
Mubadala:Elena Rybakina, the 2022 Wimbledon champion, will headline the Mubadala Abu Dhabi Open when the event kicks off at the end of this month, The National reports.
↪↩ Closing Circuit
🏢 Trump Towns: Saudi developer Dar Global said it will team up with the Trump Organization on $10 billion of luxury residential, hotel and golf course developments in Riyadh and Jeddah.
🏡 Millionaire Homes: Dubai set a record for luxury home sales last year, with 500 sales above $10 million, totalling more than $9 billion, according to Knight Frank.
🌀 New Energy:Egypt signed $1.8 billion in renewable energy deals, including contracts with Norwegian firm Scatec and China’s Sungrow.
💶 Copper Funds:Oman secured $400 million in financing for the Mazoon Copper Project, the country’s largest copper mining development, led by Qatar-based Ahlibank.
💰 Flight Money: Kuwait’s low-cost airline Jazeera Airways has secured new loans and renewed deals with local banks for up to $152 million.
🗣 Circuit Chatter
🌍 Tourist Hotspots: Morocco and Egypt each drew nearly 20 million visitors in 2025 as expanded air links and new attractions such as the Grand Egyptian Museum made them Africa’s most popular destinations.
⚽ Trophy Hunting: Qatar is in talks with FIFA to host the inaugural Women’s Club World Cup in January 2028, as part of its continued pursuit of major football events following the 2022 men’s World Cup.
🖥️ Tech Alliance: Qatar and the UAE are set to join a U.S.-led initiative to secure and diversify semiconductor and AI supply chains, expanding what backers call “Pax Silica” to foster cooperation among Middle Eastern and allied partners.
💵 FDI Surge: Foreign direct investment into Jordan rose 27% in 2025 to nearly $2.1 billion, with Gulf states, led by Saudi Arabia, accounting for almost a third of the inflows.
✈️ Clear Skies:Airlines from the UAE and Qatar resumed flights to Iran on Sunday after a two-day suspension, with Emirates and flydubai services to Tehran and other cities operating on schedule.
🌍 Power Circuit
Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister, and Ruler of Dubai, attended the fourth edition of the 1 Billion Followers Summit, the emirate’s gathering dedicated to the “content creation” economy.
Oman’s Sultan Haitham bin Tariqhas issued a number of decrees, in celebration of the anniversary of his accession, to support key social and economic initiatives.
Sheikh Mohammed bin Abdulrahman, Qatar’s Prime Minister and Minister of Foreign Affairs, met withBen Black, CEO of the U.S. International Development Finance Corporation in Qatar on Monday. The Qatari Prime Minister held a phone call with Anita Anand, Canada’s Minister of Foreign Affairs, on Sunday.
Sheikh Hazza bin Zayed, Ruler’s Representative in Al Ain Region, visited Al Sarooj Park on Monday to review its facilities, following a redevelopment.
➿ On the Circuit
Ursula von der Leyen, EU President, said on Friday during a visit to Damascus that the EU will grant Syria around 620 million euros ($722 million) this year and next for post-war recovery, bilateral support and humanitarian aid.
Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC, chaired a meeting of the UAE-France High-Level Business Council in Abu Dhabi. Also attending were Samia Bouazza, CEO at 2PointZero Group, Mohamed Hesham, CEO of ePointZero, and Peter Abraam, Chief Strategy and Growth Officer at IHC.
Daisy Ho, HSBC Asset Management’s CEO for Asia and the Middle East, told Bloomberg TV that the bank has a long-term commitment in the Middle East, announcing its asset management arm has been given the green light to open a branch in the UAE.
Mansoor Rashid Al-Khaterwas appointed CEO of the Qatar Financial Centre, effective Jan. 11, succeeding Yousuf Mohamed Al-Jaida.
Hasan Hadi, an Iraqi director, was nominated by the Directors Guild of America Awards nomination for Outstanding Directorial Achievement in a First-Time Theatrical Feature Film for his debut, “The President’s Cake.”
Lara Trump, daughter-in-law of U.S. President Donald Trump and a political commentator, attended the 1 Billion Followers Summit in Abu Dhabi, where she was interviewed by The National on stage.
🎶 Culture Circuit
🤖 Haunted Doll: Tunisian filmmaker Zoubeir Jlassi was awarded the $1 million AI Film Award at Dubai’s 1 Billion Followers Summit for his submission “Lilly”. The award, given in partnership with Google Gemini, recognizes films that are at least 70% produced using generative AI tools. The winning film follows the redemptive story of a man who commits a hit-and-run accident and is then haunted by a doll that was lodged in his car bumper.
📷 Photo of the Day
FC Barcelona soccer players celebrate their victory in the Spanish Super Cup Final match against Real Madrid at King Abdullah Sports City Hall Stadium in Jeddah on Sunday. (Maciej Rogowski/Eurasia Sport Images/Getty Images)
📅 Circuit Calendar
Jan. 11-15, Abu Dhabi. Abu Dhabi Sustainability Week. With the theme “The Nexus of Next: All Systems Go,” ADSW will connect ambition with action across innovation, finance, and people, showcasing how the world can move forward with confidence. ADNEC.
Jan. 12-14, Dubai. Intersec. Billed as the world’s premier event for security, safety, and fire protection. Dubai World Trade Center.
Jan. 12-15, Dubai. Dubai International Project Management Forum. Bringing together global leaders, policymakers, and innovators to explore how collaboration, innovation, and sustainability can unite diverse communities. Madinat Jumeirah.
Jan. 13-15, Riyadh. Future Minerals Forum. The conference aims to hold conversations among governments, investors, and innovators to secure the minerals essential for a sustainable, tech-enabled future. King AbdelAziz International Conference Center.
Jan. 13-15, Abu Dhabi. World Future Energy Summit. The annual event brings in policymakers and industry leaders to discuss the challenges of working towards net zero. ADNEC.
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.
Dubai taps Baidu as first to conduct driverless vehicle tests
Apollo Go, the ride-hailing platform owned by China’s Baidu, will be the first company to test fully driverless vehicles in Dubai, after receiving a permit from the emirate’s Road Transport Authority.
The authorization comes as Baidu officially launched a hub for autonomous vehicles in downtown Dubai, which includes charging and maintenance facilities and will eventually serve as a command center for a fleet of more than 1,000 robotaxis.
Uber and WeRide launched driverless taxis in parts of neighboring emirate Abu Dhabi in November.
Both emirates have ambitious plans for driver automation, with Dubai targeting 25% autonomous total transportation by 2030 and Abu Dhabi setting a similar goal for 2040.
