The Daily Circuit: DP World plans bypass port + Saudi cabinet shuffle
In today’s Daily Circuit, we’re reporting on Saudi Energy Minister Prince Abdulaziz bin Salman taking on the additional post as Minister of Industry and Mineral Resources, Masdar raising $5 billion in financing for its new solar battery storage project, Saudi Re getting regulatory permission to acquire a stake in London-based AdA Risk Holding, and the stream of kings, princes and presidents pouring into Qatar to offer condolences on the death of the former Emir, Sheikh Hamad bin Khalifa Al-Thani.
DP World is drawing up plans to build a new port on the UAE’s east coast after the Iran war exposed the risks of relying on the Strait of Hormuz.
The Dubai-owned company has been discussing construction of a port and container terminal in Fujairah that would let cargo reach the UAE through the Gulf of Oman and then travel by truck to Dubai, Abu Dhabi and elsewhere in the Gulf, the Financial Times reports.
The move is part of a wider UAE effort to protect its economy after fighting with Iran caused shipping through Hormuz to collapse and sharply reduced traffic at Jebel Ali, the country’s biggest port.
DP World has said broadly it is working on plans to keep cargo moving during future disruptions. People familiar with the project told the newspaper that construction could begin soon enough for the first phase to open in about 18 months.
Meanwhile, Iran struck two supertankers with cruise missiles in the Strait of Hormuz, killing an Indian crew member. One of the vessels belonged to ADNOC Logistics & Services.
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📰 Developing Stories
POWER SHIFT
Saudi Arabia has put Energy Minister Prince Abdulaziz bin Salman in charge of both energy and industry after the Iran war exposed how disruptions to oil shipments, trade routes and manufacturing can quickly spill across the economy. In appointing Prince Abdulaziz Minister of Industry and Mineral Resources in addition to his current post, the government aims to centralize decisions across oil, mining and factories as it works to reduce its dependence on crude exports, Asharq Al-Wasat reports. Under the new structure, Prince Abdulaziz will lead efforts to expand manufacturing, increase non-oil exports and raise the sector’s contribution to the economy to almost $240 billion by 2030. Former Industry Minister Bandar Alkhorayef will remain in the cabinet and take charge of the kingdom’s military industries regulator.
FOUNDER FAITH
Startup founders chasing money in the Gulf have not let the war slow their stride. Many are staying put in the UAE, Qatar and Saudi Arabia in the hope that generous incentives will continue to flow from the region’s sovereign funds, Bloomberg reports. In Abu Dhabi, Mubadala-backed startup incubator Hub71, which gives successful entrants $140,000 in cash investment and incentives, went ahead with its annual event in June, treating attendees to Mexican food and talks from Careem, Talabat and Whoop. “This situation has become sort of normalized, and people kind of know what to expect,” said Biotech entrepreneur Rayees Rahman, whose drug discovery startup Harmonic Discovery joined Hub71 last September and is now negotiating with a Dubai-based venture capital firm.
💲 Sovereign Circuit
Mubadala: The Abu Dhabi sovereign wealth fund’s Mubadala Bio unit has begun producing hemodialysis concentrate solutions in the UAE for the first time through its Wellpharma subsidiary, launching eight products used to treat patients with kidney failure.
Abu Dhabi Investment Authority: India’s largest asset manager, SBI Funds Management, raised almost $280 million from anchor investors, including ADIA, ahead of its $1.2 billion IPO.
Masdar: The Abu Dhabi-owned renewable power company has secured a $5 billion financing package from a consortium of 13 banks for its $6 billion around-the-clock solar and battery storage project.
Public Investment Fund: The Saudi sovereign wealth fund signed a preliminary agreement with infrastructure investor I Squared Capital to pursue up to $2 billion in investments in PIF-owned real estate and infrastructure assets, with a focus on digital infrastructure and district cooling.
Public Investment Fund: California led a group of 12 U.S. States in filing a lawsuit to block the $110 billion merger between Paramount Skydance and Warner Bros. The PIF, Qatar Investment Authority and Abu Dhabi’s L’Imad Holding are all backing the deal.
Saudi Re: The PIF-owned reinsurance company has secured regulatory approval to acquire a 22.5% stake in London-based AdA Risk Holding for nearly $12 million.
Riyadh Air: The PIF-owned airline is studying an order for 25 to 30 additional Boeing 787 Dreamliners by exercising most of its purchase options, with a deal potentially announced at next week’s Farnborough Airshow, Reuters reports.
↪↩ Closing Circuit
⚓ Port Authority: Saudi Ports Authority (Mawani) will invest $170 million with DP World and Red Sea Gateway Terminal to expand cargo-handling capacity at Jeddah Islamic Port.
☀️ Sun Smart: UAE-based energy transition platform Positive Zero has secured a $375 million loan to expand its distributed solar, energy efficiency and clean mobility infrastructure across the GCC.
💰 Loan Refresh: Saudi-listed SHL Finance has renewed a $480 million Shariah-compliant credit facility agreement with Arab National Bank.
🏢 HQ Contract: China State Construction Engineering Corporation Middle East has won the contract to build Kuwait’s 55-story Direct Investment Promotion Authority headquarters in Sharq.
🗣 Circuit Chatter
🛢️ Output Surge: The UAE told OPEC its crude production jumped to 3.8 million barrels a day in June, reflecting its exit from the producer group and efforts to reroute exports during the Iran conflict.
✈️ Adjusting Flights: Air travel in the Gulf faces renewed disruption as airlines adjust operations amid escalating U.S.-Iran tensions.
🚨 Back On: Iran-backed Houthis in Yemen fired ballistic missiles and drones on Saudi Arabia on Monday, targeting Abha Airport in the south-west region in the first major escalation since the 2022 ceasefire.
🌍 Power Circuit
Qatar’s Emir Sheikh Tamim bin Hamad received a stream of regional and global leaders at Lusail Palace offering condolences for the death of his father, Sheikh Hamad bin Khalifa Al-Thani. Guests included: Bahrain’s King Hamad bin Isa Al Khalifa, Syrian President Ahmed al-Sharaa, Egyptian President Abdel Fattah El-Sisi, Lebanese President Joseph Aoun, Italian Prime Minister Giorgia Meloni, Ethiopian Prime Minister Abiy Ahmed Ali, FIFA President Gianni Infantino, Kazakhstan’s President Kassym-Jomart Tokayev and UAE Deputy Prime Minister and Minister of Interior Lt. Gen. Sheikh Saif bin Zayed. Sheikh Tamim received phone calls from UAE President Sheikh Mohamed bin Zayed and Saudi Crown Prince Mohammed bin Salman.
Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, chaired a meeting of the Emirates Investment Authority board on Monday.
Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, held a telephone call with Antonio Tajani, Italy’s Deputy Prime Minister and Minister of Foreign Affairs, on Monday.
➿ On the Circuit
U.S. President Donald Trump will host Iraqi Prime Minister Ali Al Zaidi at the White House today.
Hamdullah Mohib, CEO of Orbitworks, a two-year-old satellite manufacturer in the UAE, told Arabian Gulf Business Insight that the company is preparing for its first launch in the autumn.
Xavier Niel: The French billionaire sent a banker to the UAE in early July to gauge whether telecom giant e& would sell its 16.2% stake in Vodafone, wrapping up a $5.9 billion deal a week later that made him the company’s largest shareholder, the Financial Times reports.
🎶 Culture Circuit
🎨 Art Scene: Three leading Emirati artists were featured among the exhibitions at NOMAD Hamptons 2026 in the first U.S. edition of the traveling art fair. In a show titled “Rooted Movements,” Afra Al Dhaheri, Zuhoor Al Sayegh, and Azza Al Qubaisi introduced New York audiences in the exclusive Southampton town of Water Mill to a new generation of Emirati artistic practices that engaged deeply with materiality, memory, and place. The collaboration between the Department of Culture and Tourism-Abu Dhabi and NOMAD came after the emirate hosted the art fair at the decommissioned Zayed International Airport Terminal 1 last year.
📷 Photo of the Day
📅 Ahead on the Circuit
July 14-15, Carlisle, Pa., Pennsylvania Defense and Innovation Summit. U.S. President Donald Trump to headline event at U.S. Army War College in Carlisle, joining defense, technology, finance and government leaders for discussions on military innovation and investment.
August 18-19, Dubai. Middle East Event Show. Bringing together professionals from the events industry. Dubai World Trade Center.
August 28-Sept. 6, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition. An annual event celebrating traditional Emirati heritage and culture. ADNEC 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. 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 Center.
Sept. 13-18, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC Center.
Sept. 17-19, Abu Dhabi. International Real Estate & Investment Show 2026. An event targeting investors and consumers rather than trade visitors. ADNEC Center.
Sept. 29-Oct. 1, Abu Dhabi. LIVEX 2026. Abu Dhabi’s inaugural Livability and Investment Exhibition. ADNEC Centre.