The Daily Circuit: PIF nets football stakes + Investcorp buys 20Cube
In today’s Daily Circuit, we’re reporting on Investcorp’s $58 million bet on Indian logistics firm 20Cube, DP World’s expansion of its logistics network across Asia, the potential impact of the UAE cutting off financial transactions with Iran, and Kuwait Petroleum Corp.’s effort to reassure investors after its headquarters was hit in the Iran war. But first, Saudi Arabia is handing more control of its biggest soccer clubs to the Public Investment Fund.
Saudi Arabia is reshuffling ownership in four of its biggest soccer clubs, transferring additional stakes to its sovereign wealth fund as the kingdom seeks to attract private investment.
The Public Investment Fund is receiving 25% holdings in Al-Ittihad, Al-Ahli, Al-Hilal and Al-Nassr that are currently held by nonprofit foundations, Arabian Gulf Business Insight reports.
The Saudi Ministry of Sports announced on Wednesday that the foundations’ boards will be dissolved, saying the changes are intended to make the clubs more attractive to investors.
The PIF already agreed in April to sell 70% of Al-Hilal to Prince Alwaleed bin Talal’s Kingdom Holding for $224 million, while U.S.-based Harburg Group became the first foreign buyer of a Saudi Pro League club last year.
The moves are part of Crown Prince Mohammed bin Salman’s effort to turn Saudi sports into a business that can attract outside capital, rather than relying primarily on government money.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 Developing Stories
SQUEEZING IRAN
Iran is losing one of its biggest economic lifelines as the UAE cuts off financial and commercial transactions with Tehran. Dubai has long served as a gateway for Iranian imports, foreign currency and access to the global financial system, The Wall Street Journal reports. The cutoff could give U.S. President Donald Trump a powerful tool in his campaign to squeeze Iran economically by closing channels Tehran has used to work around international sanctions. Enforcement may prove difficult, however, after Iranian businesses spent years building networks of shell companies, money exchanges and other workarounds in Dubai, the Journal said.
KUWAITI REBOUND
Kuwait Petroleum Corp.’s scorched waterfront headquarters has become a symbol of the Iran war’s impacton the Gulf nation. The government is trying to reassure businesses that the country remains open for business despite the April drone strike that forced employees to relocate while operations continued, Bloomberg reports. After seven months of conflict, Kuwait is focused on maintaining oil exports, electricity and desalination supplies and normal economic activity, including a $16 billion pipeline deal with North American firms. The response reflects a resilience shaped by the 1990 Iraqi invasion, with many Kuwaitis seeing the latest conflict as another chapter in the country’s struggle to preserve its independence, the news agency said.
💲 Sovereign Circuit
Aramco: Saudi Aramco will supply at least three European refiners with their full requested crude volumes for September, using export routes including Egypt’s Sidi Kerir and Saudi Arabia’s Yanbu as disruptions continue in the Strait of Hormuz and the Red Sea, Bloomberg reports.
Public Investment Fund: Saudi Arabia spent more than $50 billion on the construction of its NEOM megaproject, with the PIF now paying billions more to wind down contracts, leaving partially built structures in the desert, The Wall Street Journal reports.
DP World: DP World is expanding its Southeast Asian logistics network, opening a warehouse in Malaysia and planning facilities in Kuala Lumpur, the Philippines and Thailand by year-end.
↪↩ Closing Circuit
🚕 Bolt Boost: Dubai Taxi Co. and Bolt are adding Arabia Taxi’s 1,607 vehicles to the Bolt ride-hailing platform, expanding their Dubai fleet to boost availability and cut passenger wait times.
📦 Indian Logistics: Bahrain-based Investcorp acquired India’s 20Cube 3PL Solutions for about $58 million and plans, together with 20Cube, to invest up to another $78 million buying logistics businesses as it expands in the fast-growing Indian market.
🚚 Building Blocks: Egypt’s EDECS Group won a contract from DP World to redevelop seven cargo and material handling yards at Tanzania’s Dar es Salaam Port, expanding its logistics footprint in East and Central Africa.
🗣 Circuit Chatter
☀️ Tight Deadline: Saudi Arabia must accelerate renewable energy development to meet its 2030 target of generating half its electricity from green sources, despite war-related supply-chain disruptions and tighter financing, Arabian Gulf Business Insight reports.
💻 Tech Allies: Dubai and India have deepened cooperation on agentic AI through a preliminary agreement between Dubai Chambers and Nasscom to help UAE businesses adopt the technology and Indian AI firms expand into the Emirates.
💵 Targeting Investors: The Sharjah Research, Technology and Innovation Park is aiming to commercialize products in water, food, energy, sustainability and advanced manufacturing.
🌍 Power Circuit
Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, met withToshimitsu Motegi, Japanese Foreign Minister, who said that the kingdom is seeing “promising opportunities to expand cooperation” in investment, energy, resources, supply chains, defense, and technology.
Prince Faisal also met with Qatar’s Foreign Minister Sheikh Mohammed bin Abdulrahman in Riyadh.
Emir Sheikh Meshal Al-Ahmad Al-Jaber of Kuwait received a letter from Sudan’s President of the Transitional Sovereignty Council, General Abdel Fattah Al-Burhan.
➿ On the Circuit
Dr. Anwar Gargash, Adviser to the UAE President, said several media outlets circulated “false information” about alleged loopholes in the country’s financial sanctions against Iran.
Mohamed Abdalla Al Zaabi, CEO of Miral Group, the company bringing Disney World to Abu Dhabi, attended D23, an event for Disney fans in Anaheim, Calif.
Gianni Infantino: The Qatar Football Association expressed concerns over the lack of consultation with members before the Asian Football Confederation signed an open letter criticizing Infantino, the FIFA President,Reuters reports.
Abdulaziz Alobaidli, Director General for Regulatory Affairs at the Department of Energy in Abu Dhabi, told The Nationalthat the city’s power demand is expected to double by 2050.
Yevgeny Dibrov, the co-founder of cybersecurity firm Armis, is profiled in Fortune, which recounts his start in an elite Israeli military technology unit before selling Armis to ServiceNow for $7.75 billion in April.
🎶 Culture Circuit
📚 Back to Books: The Abu Dhabi International Book Fair returns Sept. 13 after the Iran war forced organizers to postpone it from April. The six-day event will also host the delayed Sheikh Zayed Book Award, one of the Arab world’s biggest literary prizes, with $2.1 million in prize money. Taking center stage will be the classic novel Don Quixote, with talks exploring Miguel de Cervantes’ tale of the would-be knight and his sidekick Sancho Panza, and how their adventures found an audience in the Arab world, The National reports.
📷 Photo of the Day
Elynor Backstedt, riding for UAE Team L’Imad, during Stage 1 of the 11th Lloyds Tour of Britain Women 2026 in Cockermouth, England, on Wednesday (Matt McNulty/Getty Images)
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.7-8, Abu Dhabi. Hili Forum. The events bring policymakers and leading experts to examine the future of regional security, trade and energy corridors and technology. The St. Regis Saadiyat Island Resort.
Sept. 7-9, Dubai. AIM Congress. The global investment platform’s annual meeting brings together investors, governments, businesses and policymakers. Dubai World Trade Centre.
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. 14-16, Riyadh. Money 20/20. The event brings together banks, Big Tech, fintechs, regulators, startups and investors. Riyadh Exhibition & Convention Centre.
Sept.14-17, Bangkok. Gastech. The global energy event brings together global energy leaders, policymakers and industry experts to explore natural gas, LNG, hydrogen, low-carbon solutions, electrification and AI. Bangkok International Trade & Exhibition Centre.
Sept. 14-18, Dubai. Arabian Travel Market. The flagship global travel trade show, which was postponed in May, returns, bringing 55,000+ travel professionals, 2,800+ exhibitors and representatives from 166 countries. Dubai World Trade 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. 16-18, Dubai. GISEC Global. MENA’S largest cybersecurity event brings together governments, CISOs, technology companies and cybersecurity experts to explore emerging threats, AI security, and other technologies. Dubai Exhibition 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. 6-7, Abu Dhabi. AiEverything.The AI Summit brings together policymakers, innovators and business leaders. ADNEC.
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. Saudi Arabia’s keystone annual business conference, sponsored by the Public Investment Fund. King Abdulaziz International Convention Center.
Saudi Arabia tightens scrutiny of UAE-bound money transfers
Saudi Arabia is treating financial transfers to the UAE with the extra scrutiny generally applied to countries suspected of money laundering.
The Saudi central bank notified key banks earlier this year to apply the additional checks, Reuters reports, three people with direct knowledge of the policy and six who said transfers to the UAE have been delayed or returned.
The Saudi central bank said there are “no direct restrictions on specific countries, while a UAE official said the government had received no reports of unusual transfer delays.
One Saudi insider told the news agency that the measures are a “subtle message” to Abu Dhabi amid widening tensions between the two Gulf powers.
Gulf producers look to Asia for safer storage of their crude oil
Saudi Arabia and the UAE are looking far from home for safer places to store their oil, pushing to expand stockpiles in Asia as the Strait of Hormuz remains dangerous because of the U.S.-Iran war.
The two Gulf producers have asked Japan to let each increase its stored crude by as much as 10-fold from the roughly 8 million barrels they hold there today, The New York Times reports.
They are pursuing similar talks with South Korea, putting more barrels closer to their biggest customers and beyond the Gulf’s vulnerable shipping routes.
The plan could give Japan and South Korea a bigger cushion against supply disruptions, although Japan may not have enough spare tank capacity to accommodate all the oil that Riyadh and Abu Dhabi want to store.
Meanwhile, Japanese refiner Idemitsu Kosan has begun sourcing Saudi crude from the Red Sea port of Yanbu through safer alternative routes that can extend shipping from about 20 days to as long as 60 days, Reuters reports.
The Daily Circuit: Storing Gulf oil in Asia + Anthropic’s sovereign fund bounty
In today’s Daily Circuit, we’re reporting on the bounty Gulf sovereign wealth funds can expect when Anthropic goes public, Aramco’s mineral exploration venture with Maaden in the Saudi desert, the Abu Dhabi Investment Council investing $1 billion with Singapore’s Dymon Asia Capital hedge fund, and an interview with the DMCC’s Ahmed Bin Sulayem on turning Dubai into a hub for computer gaming. But first, Gulf oil producers want to park stockpiles of crude in Asia to assure their safety.
Saudi Arabia and the UAE are looking far from home for safer places to store their oil, pushing to expand stockpiles in Asia as the Strait of Hormuz remains dangerous because of the U.S.-Iran war.
The two Gulf producers have asked Japan to let each increase its stored crude by as much as 10-fold from the roughly 8 million barrels they hold there today, The New York Times reports.
They are pursuing similar talks with South Korea, putting more barrels closer to their biggest customers and beyond the Gulf’s vulnerable shipping routes.
The plan could give Japan and South Korea a bigger cushion against supply disruptions, although Japan may not have enough spare tank capacity to accommodate all the oil that Riyadh and Abu Dhabi want to store.
Meanwhile, Japanese refiner Idemitsu Kosan has begun sourcing Saudi crude from the Red Sea port of Yanbu through safer alternative routes that can extend shipping from about 20 days to as long as 60 days, Reuters reports.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
CIRCUIT INTERVIEW
From coffee to consoles: how Ahmed Bin Sulayem is turning Dubai into a gaming hub
Ahmed Bin Sulayem, the DMCC’s Executive Chairman and CEO, with Mario Rizzo, co-founder and CEO of Artisan Studios
Ahmed Bin Sulayem follows his passions. Running the massive Dubai Multi Commodities Centre, which was established in 2002 as a hub for the emirate’s flourishing diamond industry, he channeled a deep love of coffee into creating a Middle East exchange for the caffeinated crop.
Bin Sulayem, the DMCC’s Executive Chairman and CEO, is following a similar roadmap for computer gaming, an industry that has mushroomed into a $350 billion global market, The Circuit’s Omnia Al Desoukie reports. Early on, the DMCC became a magnet for tech companies and now hosts firms active in artificial intelligence, cryptocurrencies and cybersecurity.
But it’s Bin Sulayem’s favorite video games such as “Street Fighter,” “Hitman,” ”Braid,” ”The Legend of Zelda,” and “Assassin’s Creed” that are fueling the current endeavor.
Saudi Arabia is treating financial transfers to the UAE with the extra scrutiny generally applied to countries suspected of money laundering. The Saudi central bank notified key banks earlier this year to apply the additional checks, Reuters reports, citing three people with direct knowledge of the policy and six who said transfers to the UAE have been delayed or returned. The Saudi central bank said there are “no direct restrictions on specific countries,” while a UAE official said the government had received no reports of unusual transfer delays. One Saudi insider told the news agency that the measures are a “subtle message” to Abu Dhabi amid widening tensions between the two Gulf powers.
REAPING REWARDS
A potential $2 trillion IPO by Anthropic this autumn could reward Gulf sovereign wealth funds for investing early in the AI developer. Anthropic counts the Qatar Investment Authority, Abu Dhabi’s MGX – a joint venture between Mubadala and G42 – and Alpha Wave, which is majority-owned by International Holding Co.’s Judan Financial, among its startup backers, with the funds committing an estimated $7.5 billion, Arabian Gulf Business Insight writes. Institutional investors interviewed by the Financial Times last week expect Anthropic to reach a $2 trillion valuation when it goes to market. The San Francisco-based company’s preliminary second-quarter revenue exceeded $11.5 billion, up from $787 million a year earlier and $4.7 billion in the first quarter.
💲 Sovereign Circuit
Public Investment Fund: Saudi Aramco and PIF-owned mining company Maaden are forming a joint venture to explore for copper and other critical minerals across a 100-kilometer area of the kingdom.
LIV Golf: The upstart golf league that was founded by the PIF – which is now withdrawing support – has canceled its final event of the season, moving the team championship to Indianapolis this week.
Red Sea Global: The Saudi tourism developer has opened the Rosewood AMAALA at Triple Bay resort on Saudi Arabia’s northwestern coast, which it is pitching as a “wellness destination.”
↪↩ Closing Circuit
💰 Asia Expansion: The Abu Dhabi Investment Council is committing about $1 billion to Singapore-based hedge fund firm Dymon Asia Capital to support its expansion from London to Hong Kong, while ADIC increases its exposure to hedge funds, Bloomberg reports.
📈 Raising Stakes: Saudi Arabia’s holdings of U.S. Treasuries rose by approximately $2.2 billion to $142.5 billion in June 2026, compared with the previous month, according to data from the U.S. Treasury Department.
☀️ Energy Boost: Saudi Arabia’s cumulative investment in operating renewable energy projects reached $9.6 billion by the end of 2025, with 15 projects providing more than 12,000 megawatts of capacity, up 88% year-on-year after five new solar projects came online.
🗣 Circuit Chatter
⚜️ Gold Diggers: Saudi Gold Refinery Co. has applied for exploration licenses in Egypt’s Eastern Desert and aims to secure a mining license and begin gold production before 2030, Chairman Suliman Al-Othaim said.
👓 Seeing AI: Blind Egyptian entrepreneur Mark Morad, 20, developed ScribeMe, an AI-assisted app that describes the world to visually impaired users through smartphones and Meta glasses and is now used by thousands of people in 140 countries, Reuters reports.
🚢 Tanker Premium: Daily earnings for supertankers carrying Persian Gulf crude to China have surged to nearly $510,000, a two-month high, as Saudi Arabia, Iraq and the UAE scramble for vessels to move promised supplies through the still-dangerous Strait of Hormuz, Bloomberg reports.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayedheld a phone call withU.S. President Donald Trump on Tuesday.
U.S. Secretary of State Marco Rubiospoke on Tuesday with UAE National Security Advisor Sheikh Tahnoon bin Zayed over security issues, including Lebanon coordination in the region.
Prince Turki Al-Faisal, former head of Saudi Arabia’s General Intelligence Presidency, spoke at the closing ceremony of the Gulf Academy for Leadership and Innovation in the U.K. for budding government and business leaders across the GCC.
➿ On the Circuit
Dr. Abdullah Al-Rabeeah, advisor at the Saudi Royal Court and supervisor-general of the Saudi aid agency KSrelief, met withGhazi Al-Enez, Saudi Ambassador to Syria, in Riyadh.
Afra Al Hameli, Director of Strategic Communications at the UAE Ministry of Foreign Affairs, said all trade, commercial exchanges and financial transactions with Iran have been halted until further notice.
David Petraeus, former Director of the CIA, said 15% of Qatar’s liquefied natural gas “is out” for the next three to five years as a result of Iranian strikes and that Saudi oil facilities have also been damaged, speaking to The Cipher Brief.
Ayesha Bin Kalban, the Dubai International Financial Centre’s Courts Registrar, told Arabian Gulf Business Insightthat thevolume of cases filed is expected to grow this year, driven by more cross-border litigation and disputes related to the Iran conflict.
Kirill Dmitriev, head of the Russian Direct Investment Fund, is expected to lose his role as President Vladimir Putin’s special envoy for international investment within the year, as Russian prosecutors and the FSB prepare an audit of the sovereign wealth fund amid signs that Dmitriev’s influence in Moscow is fading, Intelligence Online reports.
🎶 Culture Circuit
🏰 Emirati Magic: Disney is working to give its planned Abu Dhabi theme park a distinctly Emirati identity, with its Imagineers studying the UAE’s heritage, architecture and culture as they develop the Yas Island resort. Footage shown at Disney’s annual D23 convention in California featured the design team visiting Al Ain Oasis and Qasr Al Hosn, Abu Dhabi’s oldest surviving building, The National reports. Disney hasn’t revealed what will make it into the park, but former CEO Bob Iger has said the resort will be “authentically Disney and distinctly Emirati.”
📷 Photo of the Day
Joao Felix of the Saudi Pro League’s Al Nassr FC team after scoring a goal last weekend against Al Fateh FC at Riyadh’s Al Awwal Park. Al Nassr struck a sponsorship deal with the Public Investment Fund’s Humain company in July to put the AI firm’s logo on its jerseys. (Abdullah Ahmed/Getty Images)
📅 Ahead on the Circuit
August 18-19, Dubai. Middle East Event Show. Bringing together professionals from the events industry. Dubai World Trade 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. 7-9, Dubai. AIM Congress. The global investment platform’s annual meeting brings together investors, governments, businesses and policymakers. Dubai World Trade Centre.
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. 14-18, Dubai. Arabian Travel Market. The flagship global travel trade show, which was postponed in May, returns, bringing 55,000+ travel professionals, 2,800+ exhibitors and representatives from 166 countries. Dubai World Trade 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. 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. Saudi Arabia’s keystone annual business conference, sponsored by the Public Investment Fund. King Abdulaziz International Convention Center.
From coffee to consoles: How Ahmed Bin Sulayem is turning Dubai into a gaming hub
Ahmed Bin Sulayem follows his passions.
Running the massive Dubai Multi Commodities Centre, which was established in 2002 as a hub for the emirate’s flourishing diamond industry, Bin Sulayem channeled his deep love of coffee into creating a Middle East exchange for the caffeinated crop. The coffee division, which serves about 300 member companies, now includes warehouses for storing raw beans, industrial roasters, packaging lines, office suites, and a training institute for baristas.
Bin Sulayem, the DMCC’s Executive Chairman and CEO, is following a similar roadmap for computer gaming, an industry that has mushroomed into a $350 billion global market. Early on, the DMCC became a magnet for tech companies and now hosts firms active in artificial intelligence, cryptocurrencies, cybersecurity and digital finance.
But it’s his favorite video games such as “Street Fighter,” “Hitman,” ”Braid,” ”The Legend of Zelda,” and “Assassin’s Creed” that are fueling the current endeavor.
“I am a gaming addict,” Bin Sulayem told The Circuit in an interview. “That’s the future.”
Employing 90,000 people, DMCC is the city’s largest free-trade zone and functions as a semi-independent city within the Dubai metropolis. Its twin districts, Jumeirah Lakes Towers and Uptown Dubai, contain 87 commercial and residential buildings, with offices, apartments, restaurants, and retail stores. Starting from 28 companies when it opened almost a quarter-century ago, DMCC now counts 26,000 member companies from 180 countries.
The sprawling business district competes with the smaller Dubai International Financial Centre, which has about 8,800 companies, but contains the Gulf’s largest concentration of global banks and asset managers, including JPMorgan, Goldman Sachs and BlackRock. The DIFC is also a base for the world’s biggest hedge funds, such as Millennium and Point72.
Bin Sulayem, an intense, bearded man in his 40s, is the scion of one of Dubai’s wealthiest and most influential families. His father, Sultan Bin Sulayem, is the former Chairman and CEO of DP World, one of the world’s largest port and logistics companies.
The DMCC’s recent focus on developing computer games emerged from its burgeoning tech ecosystem and now includes more than 150 gaming companies, about 40% of the industry’s presence in Dubai. The city has set a target to create 30,000 new jobs in gaming companies by 2033, which is projected to contribute $1 billion to GDP. Analysts estimate the UAE gaming market could reach $2.4 billion in revenue over the next decade.
“I enjoy every now and then when the Arabic press covers some big news from DMCC and gaming,” Bin Sulayem said. “I call my mother. I tell her, ‘Open the newspaper.’ She looks at it and I say, ‘Remember when you were whipping me because I stayed up late playing video games? Just wanted you to know.’”
DMCC’s gaming push comes as Saudi Arabia has emerged as the region’s biggest force in the industry, with Crown Prince Mohammed bin Salman – himself an avid gamer – making gaming and esports a key part of his Vision 2030 economic program. The kingdom’s Public Investment Fund has spent a fortune on gaming companies, including the $55 billion acquisition of Electronic Arts, the largest leveraged buyout in history.
DMCC is taking a different approach, focusing on attracting game developers, startups and technology companies rather than buying major global publishers.
Mario Rizzo, co-founder and CEO of DMCC-based Artisan Studios, said he was drawn to Dubai almost five years ago by the potential to create something new. He saw the GCC’s young population, high player engagement, strong spending power, and the untapped potential of Arabic-language gaming as unique advantages.
“When I came here, actually, it was a little scary because I went and met with people, and nobody knew anything about gaming. It was like a completely blank slate,” Rizzo told The Circuit.
“If you come now as an investor, you participate in the growth. This is where you’ll get the highest return,” said Rizzo, a California native who previously worked at Sony and Electronic Arts. “If you wait, someone else will crack it first.”
In a report that Bin Sulayem wrote on developing gaming in both Dubai and across the GCC region, he points to the dearth of Arabic-language gaming and support as an important area for the region to focus on.
“The opportunity is one of full Arabic platform parity, i.e., right-to-left interface logic, Arabic typography, store layout, community moderation, support flows, and regional commerce,” Bin Sulayem writes.
Across the GCC, Bin Sulayem says the gaming industry is not underdeveloped, but shows a “distinct lack of parity with mature gaming markets” such as Japan, the U.S. and Western Europe.
“Players across the region already buy, subscribe, download, and stream socially at high levels of spend, and local studios are actively building increasingly sophisticated communities,” he writes.
Still, the “defining layers of the modern gaming experience, namely cloud streaming, Arabic-native storefronts, official hardware ecosystems, regional developer relations, and local payment rails, remain largely unbuilt or inconsistent across the region.”
Bin Sulayem sees lessons in institutional models elsewhere in the world, most notably in Canada and France, which became industry leaders through aggressive tax credits and developer subsidies.
”The UAE is uniquely positioned to adopt a bespoke version of these frameworks,” he said. “Where other regional markets focus on capital deployment, the UAE’s strategic advantage lies in policy innovation, regulatory stability, and ease of doing business.”
Space42 targets global markets, seeks to reduce UAE dependence
Abu Dhabi’s Space42 aims to become a lot less dependent on the UAE, targeting international markets to account for nearly a third of its revenue by 2030.
The satellite and data company, whose largest shareholders are Abu Dhabi-based G42, the Mubadala sovereign wealth fund and International Holding Co., currently gets about 90% of its business from the UAE and 80% of its revenue from government contracts, Arabian Gulf Business Insight reports.
Managing Director Karim Michel Sabbagh told the outlet that the Iran conflict has increased demand for resilient communications and near-real-time satellite intelligence, lifting what he called the “baseline” for Space42’s services.
Space42 reported first-half revenue on Monday of $260 million, up about 15% from $226 million a year earlier, while net profit fell about 65% to $18 million. The company is committing about $1.7 billion to growth while aiming to cut government business to roughly half of its revenue by the end of the decade.
Sabbagh said one of the company’s key prospects is Equatys, a partnership with U.S. satellite operator Viasat that would let ordinary mobile phones connect directly to satellites, with deployment planned for 2028-2029.
The Daily Circuit: Space42 orbits abroad + Saudi fund’s AUM drops
In today’s Daily Circuit, we’re reporting on a decline in assets under management for Saudi Arabia’s Public Investment Fund, DP World delivering mobile port cranes to Syria, Libya seeking $40 billion to double its oil production, and Riyadh’s Diriyah development securing $533 million in financing for its hotel-branded residences. But first, Space42 heads for foreign markets.
Abu Dhabi’s Space42 aims to become a lot less dependent on the UAE, targeting international markets to account for nearly a third of its revenue by 2030.
The satellite and data company, whose largest shareholders are Abu Dhabi-based G42, the Mubadala sovereign wealth fund and International Holding Co., currently gets about 90% of its business from the UAE and 80% of its revenue from government contracts, Arabian Gulf Business Insight reports.
Managing Director Karim Michel Sabbagh told the outlet that the Iran conflict has increased demand for resilient communications and near-real-time satellite intelligence, lifting what he called the “baseline” for Space42’s services.
Space42 reported first-half revenue on Monday of $260 million, up about 15% from $226 million a year earlier, while net profit fell about 65% to $18 million. The company is committing about $1.7 billion to growth while aiming to cut government business to roughly half of its revenue by the end of the decade.
Sabbagh said one of the company’s key prospects is Equatys, a partnership with U.S. satellite operator Viasat that would let ordinary mobile phones connect directly to satellites, with deployment planned for 2028-2029.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 Developing Stories
PIF PROFIT
Saudi Arabia’s Public Investment Fund reported that assets under management slipped to about $905 billion last year from $913 billion in 2024, while annualized total return for shareholders dropped to 5.8% from 7.2%. The results were contained in the sovereign wealth fund’s annual report for 2025, which was released on Monday. At the end of June, the PIF reported that last year’s profitmore than doubled to $17 billion and revenue rose 9% to $120 billion. The PIF has recently been shifting its strategy and scaling back some of the kingdom’s largest projects. The fund said the drop in shareholder return stemmed from a decrease in the valuations of some assets “as a result of wider market conditions, and as PIF continued to make long-term local investments to drive economic transformation.”
LIBYAN CRUDE
Libya hopes to double oil production to 2 million barrels a day by the early 2030s but needs as much as $40 billion in foreign investment to accomplish the goal. Libya’s National Oil Corp. Chairman Masoud Suleman tells the Financial Times that a $2 billion allocation for the oil company in the government’s new budget gives him confidence that investors will come aboard. The country has resumed oil tenders after nearly two decades, signing deals with Repsol, Eni and QatarEnergy, while BP, Shell, Exxon and Chevron are also returning as security conditions improve. The comeback remains fragile, however, with oil facilities still vulnerable to attacks and NOC recently declaring force majeure at an export terminal after drone strikes, the FT said.
💲 Sovereign Circuit
Mubadala: A federal investigation into Dodgers owner Mark Walter’s financial empire grew out of scrutiny over a 2025 deal in which the Abu Dhabi sovereign wealth fund’s Mubadala Capital unit agreed to help his TWG Global raise $10 billion, The Wall Street Journal reports.
DP World: The Dubai logistics giant delivered three mobile cranes as part of its $800 million investment to modernize Syria’s Port of Tartous, boosting cargo-handling capacity by about 40% under its 30-year concession.
Public Investment Fund: Diriyah Co., which is owned by the Saudi sovereign wealth fund, secured $533 million in financing from Arab National Bank to develop hotel-branded residences.
Saudi Aramco: The state-owned oil company is offering crude for sale from ships off Oman, a sign the kingdom is joining the UAE in moving oil through the Strait of Hormuz before transferring it to other vessels outside the Gulf, Bloomberg reports.
↪↩ Closing Circuit
🚚 Green Logistics: A.P. Moller Capital is acquiring a majority stake in Morocco’s transportation and logistics firm Globex Investissement to support growth and green logistics expansion.
🏗️ Concrete Loan: Saudi-based Qassim Cement Co. has secured a $107 million loan from the Saudi Industrial Development Fund to finance the construction of a fourth production line.
🏦 Digital Banking: Egypt’s Financial Regulatory Authority has approved the newly established company, Digital Banker, Wayak, to provide fintech-enabled consumer finance services, and CFH Asset Management to conduct portfolio and investment fund management activities.
🗣 Circuit Chatter
💰 Kuwait Capital: Blackstone, Brookfield and KKR tapped insurance-industry capital to finance much of the debt in their $16 billion Kuwait pipeline deal, bypassing a more traditional bank package assembled by HSBC and JPMorgan, Bloomberg reports.
🌊 Spill Struggle: Bad weather and technical problems are slowing efforts to salvage a grounded tanker leaking Russian crude off Oman, where the spill has spread around a protected nature reserve and reached the coastline, Reuters reports.
✈️ Open Airspace: Flydubai has resumed select flights through Iranian airspace while Emirates continues to avoid the country amid ongoing security assessments.
🚢 Tanker Arrests: The UAE-linked fuel tanker Amara made multiple U-turns and stopped near Iran’s Qeshm Island as Tehran tightened control of the Strait of Hormuz and reportedly detained another UAE-linked tanker, warning ships must pay for transit, Bloomberg reports.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed met withOman’s Sultan Haitham bin Tariq on Monday in Abu Dhabi to discuss relations between both countries.
Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, held a phone call withSheikh Jarrah Jaber Al-Ahmad, Kuwait’s Minister of Foreign Affairs, on Monday.
Prince Faisal bin Farhan bin Abdullah, Saudi Arabia’s Minister of Foreign Affairs, met with Mohieldin Salem Ahmed Ibrahim, Sudan’s Minister of Foreign Affairs and International Cooperation, on Monday to sign a document establishing the Saudi-Sudanese Coordination Council.
➿ On the Circuit
Fahad Al-Bani, CEO of Arabian Drilling, said that the company has secured an undisclosed contract with a new GCC client, marking its entry into another regional market and expanding its offshore operations beyond Saudi Arabia.
Faisal Fahad Al Tlasiwas appointed as Julphar’s General Manager in Saudi Arabia, and Khaled Tawfik Mohamed Khalil was appointed Chief Commercial Officer.
Soumaya Ben Beya Dridje, a partner at Qatar’s first independent venture capital firm, Rasmal Ventures, told Arabian Gulf Business Insight that Middle Eastern and East Asian startups offer some of the strongest technology opportunities, with lower valuations and greater return potential than Western counterparts.
🎶 Culture Circuit
💃 Show Stopper: Shakira won’t be taking the stage in Abu Dhabi in November after organizers canceled the 2026 Offlimits Music Festival, which was already postponed in April because of regional tensions. The event, billed as the UAE’s largest single-day music festival, was also set to feature the Jonas Brothers, NE-YO, Biffy Clyro and a lineup of regional acts, The National reports.
📷 Photo of the Day
Christian pilgrims gather at Dronka Monastery in Assiut, Egypt, to observe the annual Fast of the Virgin Mary, which runs through Aug. 21 (Doaa Adel/NurPhoto via Getty Images)
📅 Ahead on the Circuit
August 18-19, Dubai. Middle East Event Show. Bringing together professionals from the events industry. Dubai World Trade 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. 7-9, Dubai. AIM Congress. The global investment platform’s annual meeting brings together investors, governments, businesses and policymakers. Dubai World Trade Centre.
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. 14-18, Dubai. Arabian Travel Market. The flagship global travel trade show, which was postponed in May, returns, bringing 55,000+ travel professionals, 2,800+ exhibitors and representatives from 166 countries. Dubai World Trade 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. 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. Saudi Arabia’s keystone annual business conference, sponsored by the Public Investment Fund. King Abdulaziz International Convention Center.
L’Imad moves to take full control of AD Ports amid Hormuz risks
Abu Dhabi’s L’Imad Holding sovereign wealth fund wants tighter control of the emirate’s ports as the Iran war makes shipping through the Strait of Hormuz increasingly risky.
The government-owned fund is offering to buy the 24.6% of AD Ports it doesn’t already control for about $2.1 billion, valuing the company at $8.66 billion, Bloomberg reports.
The offer of 6.25 dirhams a share is a 23% premium to Friday’s close and sent AD Ports shares up by the daily limit of 15% on Monday.
Taking AD Ports private would give L’Imad more freedom to invest and make acquisitions across a network that includes ports, shipping services and economic zones, including infrastructure that can help Abu Dhabi bypass Hormuz.
The move comes two months after L’Imad said it would delist $81 billion utility TAQA, reversing Abu Dhabi’s recent push to put major state assets on the public market.
The Daily Circuit: L’Imad offers AD Ports buyout + QIA in Canary Wharf
In today’s Daily Circuit, we’re reporting on the Qatar Investment Authority buying a London office complex in Canary Wharf, Bahrain borrowing $530 million to help pay off war-related costs, Dubai examining proposals for a rail link between DXB and Al Maktoum International Airport, and Gulf countries taking a new look at rehabilitating Jordan’s old Hejaz railway. But first, L’Imad Holding offers to buy full control of AD Ports.
Abu Dhabi’s L’Imad Holding sovereign wealth fund wants tighter control of the emirate’s ports as the Iran war makes shipping through the Strait of Hormuz increasingly risky.
The government-owned fund is offering to buy the 24.6% of AD Ports it doesn’t already control for about $2.1 billion, valuing the company at $8.66 billion, Bloomberg reports.
The offer of 6.25 dirhams a share is a 23% premium to Friday’s close and sent AD Ports shares up by the daily limit of 15% on Monday.
Taking AD Ports private would give L’Imad more freedom to invest and make acquisitions across a network that includes ports, shipping services and economic zones, including infrastructure that can help Abu Dhabi bypass Hormuz.
The move comes weeks after L’Imad said it would delist $81 billion utility TAQA, reversing Abu Dhabi’s recent push to put major state assets on the public market.
Editor’s Note: Have thoughts or feedback? Hit reply or drop us a note at [email protected].
📰 Developing Stories
JORDANIAN ROUTE
Gulf countries are taking a new look at Jordan’s old Hejaz railway as an alternative to shipping goods through the Strait of Hormuz. While the rusting tracks have been eyed for years as a link between the Gulf and the Mediterranean through Israel’s Haifa port, now planners are looking toward Turkey, Arabian Global Business Insight reports. Saudi Arabia has been in discussions with Turkey and Syria about reviving the century-old Jordanian link, which would require tens of billions of dollars of reconstruction work. Meanwhile, the UAE and Oman are looking into the route as an extension of the ongoing GCC railway project that aims to link all of the Gulf states through one trunk line by 2030.
OIL FLOW
The use of so-called “dark tankers” by Middle Eastern oil producers is moving more than 4 million barrels a daythrough the Strait of Hormuz. The covert trade involves shuttling crude through the strait and transferring it to tankers in the Gulf of Oman, even as vessels face repeated attacks and heightened security risks, Bloomberg reports. The flows have become a crucial lifeline for global markets, which had feared a far larger supply shock when the war began. Tracking the shipments remains difficult, but the volumes are running above previous market estimates, according to people familiar with the trade.
💲 Sovereign Circuit
Oman Investment Authority: OQ Exploration & Production’s first-half 2026 revenue rose 12% year-on-year to $ 1.8 billion, and net profit climbed 19% due to the increase in oil prices.
Qatar Investment Authority: Brookfield and Qatar Investment Authority affiliates bought a London office complex in Canary Wharf for $843 million from their joint venture, Canary Wharf Group.
Masdar: The government-owned Abu Dhabi Future Energy Company, known as Masdar, and ScottishPower Renewables have installed 95 foundations at the $5.4 billion East Anglia Three offshore wind farm, paving the way for the 1.4GW project to become operational by the end of 2026.
↪↩ Closing Circuit
🚢 Port Struck: Yemen’s Mocha port suspended operations after more than 25 Houthi missiles struck the Red Sea facility in recent days, killing seven people and causing an estimated $16 million in damage.
📉 Deep Dip: The MENA economy is projected to contract 3.3% this year, its deepest downturn in four decades, before rebounding 8.5% in 2027, according to BMI.
💰 Financial Hurdle: Bahrain has borrowed $530 million for two years at a 7% interest rate, as the country continues to face financial pressure linked to high debt and the impact of the regional conflict.
🎬 AI Video: Higgsfield, the hit AI video generation platform, raised $400 million in a funding round from investors including Goldman Sachs, Intel and DST Global, reaching a valuation of $5.4 billion, the Financial Times reports. Alex Mashrabov, the company’s CEO and co-founder, spoke at Web Summit Qatar in February.
🗣 Circuit Chatter
⚡ Power Shortage: A global shortage of power transformers is threatening the Gulf’s AI data-center buildout as projects compete with renewable energy developments for scarce equipment, Arabian Gulf Business Insight reports, citing Hassan Zaheer, managing partner at industry research firm PTR.
🚂 Rail Talent: King Abdulaziz University and Saudi Arabia’s Transport General Authority have launched the Kingdom’s first specialized bachelor’s degree programs in railway transport to develop national talent for the expanding rail and logistics sector.
✈️ Airport Bid: Dubai has received proposals from six consultant groups for the study and design of the planned 55-kilometer Airport Express Line linking Dubai International Airport with Al Maktoum International Airport.
🤖 Approaching Agreement: Anthropic is nearing a deal to acquire Israeli AI startup Decart at a valuation of about $7 billion, with most of the consideration expected to be paid in Anthropic shares, Calcalist reports.
💺 Status Quest: Coby Wayne, a creator of aviation content, tells Business Insider about how he spent $2,700 flying around the world in three days to keep his British Airways frequent-flier status, with a missed connection leaving him an unexpected 18 hours to explore Doha, Qatar.
🌍 Power Circuit
U.S. President Donald Trump praised the Makkah Joint Defense Agreement, writing in a Truth Social post on Sunday he was “very happy to see that Saudi Arabia, Turkey, and Pakistan have recently, and finally, signed” the accord.
Egyptian President Abdel Fattah al-Sisimet withJared Kushner, the U.S. envoy and son-in-law of President Trump, who was in Egypt for talks with a Hamas delegation.
Jordan’s King Abdullah IIflew to China today for his first visit since 2015 and was scheduled to meet with President Xi Jinping.
Sheikh Joaan bin Hamad Al Thani, President of the Qatar Olympic Committee and Chairman of Al Shaqab equestrian center, attended the Global Champions Arabians Tour in London over the weekend, where the world’s top Arabian horses competed in the three-day championship.
➿ On the Circuit
Ziad El Chaar, Dar Global CEO, predicts a shake-up of the so-called “off-plan” model of construction for Gulf developers, in which buyers pay most of the costs before the building is built, Arabian Gulf Business Insight reports.
Abbas Sajwani, founder and CEO of AHS Properties, shows how he runs his Dubai-based business empire from a $250 million superyacht in a new video tour.
Darine Obeidwas appointed by the U.K.’s Financial Conduct Authority as its attaché for the UAE, based at the British Embassy in Abu Dhabi.
Eoin Cantwell, Founder and CEO of Dubai-based FITT Meals, has more than tripled the healthy meal-delivery company’s revenue to over $10 million from $3 million in 2023 while expanding its workforce to 140 employees, CEO Magazine reports.
🎶 Culture Circuit
🏺 Lost City: Egyptian archaeologists may have found the long-lost ancient city of Masn, whose location has puzzled scholars for nearly 140 years. The researchers uncovered a sandstone inscription near the Suez Canal that names the 3,000-year-old city and bears the royal titles of Ramses II, The National reports, adding that further excavation is needed to confirm the discovery.
📷 Photo of the Day
Portugal’s Rui Oliveira, riding for UAE Team Emirates XRG, celebrates his victory on Sunday in the final stage of the Volta a Portugal 2026 cycling race in the city of Porto (Miguel Lemos / NurPhoto via Getty Images)
📅 Ahead on the Circuit
August 18-19, Dubai. Middle East Event Show. Bringing together professionals from the events industry. Dubai World Trade 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. 7-9, Dubai. AIM Congress. The global investment platform’s annual meeting brings together investors, governments, businesses and policymakers. Dubai World Trade Centre.
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. 14-18, Dubai. Arabian Travel Market. The flagship global travel trade show, which was postponed in May, returns, bringing 55,000+ travel professionals, 2,800+ exhibitors and representatives from 166 countries. Dubai World Trade 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. 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. Saudi Arabia’s keystone annual business conference, sponsored by the Public Investment Fund. King Abdulaziz International Convention Center.
DP World plans to invest $3 billion in Gulf, India and Africa
DP World plans to invest $3 billion this year across the UAE, Saudi Arabia, India and the Democratic Republic of the Congo as the Dubai-based ports operator expands despite disruptions from the Iran war.
In the UAE, the government-owned company is developing two deepwater terminals in Fujairah that would give cargo ships access to its logistics network without passing through the Strait of Hormuz, The National reports.
DP World said first-half profit fell 39% to $585 million even as revenue rose 13% to $12.7 billion.
The company has sought to keep cargo moving by expanding inland connections and logistics capacity, including the purchase of 700 trucks last month for its Gulf road-freight network.
