The Daily Circuit: UAE’s new business & philanthropy envoy + $1.4B Saudi opera contract
👋 Hello from the Middle East!
In the Daily Circuit today, we’re looking at the award of a $1.4 billion contract to build a new Saudi opera house, ADNOC’s 15-year LNG deal in China, Riyadh Air’s classy cabin design and Australian driver Oscar Piastri’s victory in the Saudi Arabian Grand Prix. But first, the UAE creates a new post to strengthen its international business reach.
The UAE is tapping an oil company executive to integrate private sector business and philanthropic activities more deeply into its foreign policy.
Sheikh Abdullah bin Zayed, the UAE’s Minister of Foreign Affairs and Deputy Prime Minister, announced the appointment of Badr Jafar today to a newly created post as Special Envoy for Business and Philanthropy.
Jafar, 45, a Cambridge-educated native of the Sharjah emirate, is CEO of Crescent Enterprises – which has broad interests in energy, ports, logistics and finance – and President of its Crescent Petroleum unit.
“By fostering significant partnerships and unlocking new avenues for investment and innovation, this role [for Jafar] reinforces the UAE’s position as a dynamic hub for economic diplomacy, sustainable finance, and social progress,” the government said in a statement.
Creating the new post is part of an effort to strengthen the UAE’s diplomatic influence by embedding business and philanthropy into its international engagement, the government said.
“By bridging the efforts of government, business and philanthropy, we can accelerate sustainable development and create lasting prosperity for all,” Jafar said.
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📰 Developing Stories
CHIPPING AWAY
The UAE is making “very good and tangible progress” towards securing access to cutting-edge chips currently under U.S. export restrictions, according to Peng Xiao, chief executive of Abu Dhabi’s G42 artificial intelligence firm. “We’d like to continue to double down in the U.S. even more,” Xiao told Bloomberg. “We have our conditions of course. We want it to be a mutually beneficial relationship.” Last month, the UAE pledged to invest $1.4 trillion in the U.S. over a decade after a meeting between U.S. President Donald Trump and Sheikh Tahnoon bin Zayed, the UAE National Security Adviser, who leads many of the country’s largest companies, including chairing tech firms G42 and MGX. The commitments include funding from MGX towards the $100 billion AI infrastructure venture unveiled by Trump in his first week in office.
AUTO ALLIANCE
Saudi Aramco is teaming up on a new technology venture with Chinese electric vehicle maker BYD. Aramco’s tech subsidiary signed a joint development deal with BYD to collaborate on making electric cars that are more energy-efficient and reduce carbon emissions. Saudi Arabia has made EVs a priority in its national industrial planning, with a goal of increasing adoption from 1% to 30% in five years. The Public Investment Fund is the majority shareholder in California-based Lucid Motors. The deal with BYD comes less than two weeks after Elon Musk’s Tesla launched in the kingdom. The Public Investment Fund is also the majority shareholder in California-based Lucid Motors.
💲 Sovereign Circuit
Public Investment Fund: Diriyah Co., the PIF-owned company developing Riyadh’s historic Diriyah quarter, awarded a $1.4 billion contract to a joint venture by El Seif Engineering Contracting Co., China State Construction Engineering Corp., and Midmac Co. to build the Royal Diriyah Opera House.
Roshn: Saudi Arabia’s PIF-backed real estate company has yet to respond to a $120 million settlement offer from former CEO David Grover, who is suing for wrongful dismissal, the Financial Times reports.
Mubadala: The Abu Dhabi sovereign wealth fund, together with Chevron and Shell, have relinquished their concessions to drill for oil and gas at an Egyptian site in the northern Red Sea, Reuters reports.
↪↩ Closing Circuit
⛽ LNG Deal: China’s privately controlled ENN Natural Gas and state-run Zhenhua Oil have each signed deals to buy LNG from ADNOC, including a 15-year agreement for 1 million tonnes annually, ADNOC’s largest LNG contract with a Chinese buyer, Reuters reports.
🌍 Africa Pivot: U.K.-based Development Partners International acquired Egypt’s Nclude, the largest fintech fund focused on Africa, from Global Ventures.
🚰 Water Boost: The Saudi National Water Company launched 14 water and sanitation projects in the Hail Region valued at over $320 million.
💵 Oman Help: The International Finance Corp., a part of the World Bank Group, has agreed to provide $310 million in loans to support Oman’s economic diversification, focusing on renewable energy and job creation through three local companies.
🏭 Oil City: Sepco Electric Power Construction Corp., a subsidiary of state-run PowerChina, will build an industrial city in the Karbala governorate to develop Iraq’s petrochemical sector, Iraq’s News Agency reports.
🗣 Circuit Chatter
💺 Classy Cabin: Riyadh Air, the PIF-owned Saudi carrier due to launch later this year, unveiled its cabin designs, which show it plans to compete with Emirates and Qatar Air to offer the most luxurious business class service in the industry.
💼 Mideast Base: Bain & Co., the Boston-based consulting firm, has opened a new regional headquarters in Riyadh to strengthen its business in the kingdom and pursue new clients throughout the Middle East.
📈 New Exchange: Morocco’s Casablanca Stock Exchange, Africa’s second-largest, signed a deal with Mauritania’s central bank to help establish a stock market in its capital city of Nouakchott.
🌙 Faith-Based: Dubai developers Sobha Realty and Omniyat are exploring debut dollar Islamic financing issuances to tap Islamic debt markets and fund land acquisitions and upcoming projects amid strong property demand, Bloomberg reports.
💵 Tariff Drama: Bahrain and Jordan face the greatest risk from U.S. tariffs on nearly $22 billion in non-oil exports from the Arab world, the UN Economic and Social Commission for Western Asia said.
🌍 Power Circuit
Oman’s Sultan Haitham flies to Moscow today for a meeting with Russian President Vladimir Putin to discuss the U.S.-Russia nuclear talks mediated by Oman.
Indian Prime Minister Narendra Modi plans to visit Saudi Arabia on Tuesday for the first time in six years and meet with Crown Prince Mohammed bin Salman.
Sheikh Nahyan bin Mubarak, the UAE’s Minister of Tolerance and Coexistence, attended the Easter celebrations on Saturday evening at Egypt’s St. Anthony’s Coptic Orthodox Cathedral in Abu Dhabi.
Jasem Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), met with Shan Zhongde, Director of the China Atomic Energy Authority, on the sidelines of the first GCC-China Forum on Peaceful Uses of Nuclear Technology in Chengdu on Sunday.
➿ On the Circuit
Klaus Schwab stepped down as Chairman of the World Economic Forum 55 years after founding the organization. Vice Chairman Peter Brabeck-Letmathe has been appointed Interim Chairman while the WEF searches for a permanent replacement.
Khaldoon Al Mubarak, Group CEO of Mubadala, tells The Wall Street Journal in a new profile of UFC Chief Executive Ari Emanuel about inviting Emanuel to his home for dinner. “Some people will come to your house and say, `I don’t eat cheese or I’m lactose intolerant.’ Ari will send a two-page list of things he will or won’t eat,” Al Mubarak said.
Mohamed Khalifa Al Mubarak, Chairman of Abu Dhabi’s Department of Culture and Tourism, told Bloomberg in an interview that slumping oil prices should not slow the pace of the city’s development.
Antony Marke was appointed CEO of Dulsco Group, a Dubai-based workforce recruitment and training firm.
🎶 Culture Circuit
👠 XOXO: Gossip Girl star Kelly Rutherford and Tamu McPherson, street style icon and founder of fashion media company All the Pretty Birds, were among the high-profile guests to drop in on the Abu Dhabi pop-up of The Frankie Shop at Zayed Port, where they caught up with founder Gaëlle Drevet. The pop-up, open until May 1, is the first venture into the Middle East for the cult brand, which has stores in New York and Paris.
📷 Photo of the Day
📅 Circuit Calendar
April 21-23, Abu Dhabi. Electric Vehicle Innovation Summit 2025. The Middle East’s largest annual event dedicated to shaping the future of electric mobility. ADNEC.
April 23-34, Dubai. Dubai AI Festival. Bringing together the brightest minds to explore and expand the commercial and economic possibilities of AI technology.” Madinat Jumeirah.
April 27-29, Abu Dhabi. Culture Summit. The annual event features panels, case studies, creative conversations, artist talks and workshops. Manarat Al Sadiyat.
April 29-30, Abu Dhabi. Digital Transformation Summit UAE 2025. In its 37th edition, the summit is expected to be attended by over 300 C-suite executives, directors, and technology leaders. Sheraton Abu Dhabi Hotel and Resorts.
April 30- May 1, Dubai. Token2049 Dubai. A global conference dedicated to the crypto and blockchain ecosystem. Madinat Jumeirah.
May 5-6, Abu Dhabi. Governance of Emerging Technologies Summit. Shaping Responsible Governance of AI & Emerging Technologies in a Future Digital Economy. St. Regis Saadiyat Island Resort.
May 6-7, Dubai. MENA Capital Market Summit. The event will bring together 1,500 businesses, decision-makers and global financial leaders to discuss the capital market. Madinat Jumeirah.
May 6-8, Dubai. Airport Show. Showcasing the latest technological advancements in the airport industry. Dubai World Trade Center.
May 16-17, Tirana, Albania. FII Priority Europe 2025. Saudi Arabia’s Public Investment Fund sponsors a regional business summit focused on Europe and is affiliated with the annual Future Investment Initiative conference in Riyadh. National Theater of Opera and Ballet.
May 20-22, Doha, Qatar. Qatar Economic Forum. Annual conference gathers brings together Qatari government and business leaders with corporate executives, investors and policymakers from around the world. Media City Qatar.