MBS tells Trump in Riyadh he’ll try to invest $1 trillion in U.S.
Saudi Crown Prince Mohammed bin Salman told President Donald Trump and a solid portion of the world’s business elite on Tuesday that he hopes to fulfill his pledge to invest $600 billion in the U.S. and might even hit the $1 trillion mark sought by the White House.
In turn, Trump praised MBS as a visionary leader and hailed the U.S.-Saudi alliance as a profitable enterprise for both sides as the two spoke at a business conference in Riyadh and the president kicked off a four-day swing through the Gulf that will also take him to Qatar and the UAE.
“Today we hope for investment opportunities worth $600 billion, including deals worth $300 billion that were signed during this forum,” the Saudi leader said in a speech at the capital city’s King Abdulaziz International Conference Center. “We will work in the coming months on the second phase to complete deals and raise it to $1 trillion,” he said.
A good chunk of that commitment will come from an agreement to sell Saudi Arabia an arms package worth nearly $142 billion, which the White House called “the largest defense cooperation agreement” that the U.S. has ever signed.
Trump beamed as he followed MBS onstage to address an audience that included Tesla founder Elon Musk, Nvidia CEO Jensen Huang, BlackRock CEO Larry Fink, Aramco CEO Amin Nasser, Saudi Public Investment Fund Governor Yasir Al-Rumayyan and hundreds of other corporate leaders, investors and government officials from the two countries.
The President thanked MBS for setting the $1 trillion goal and talked for close to an hour about his affection for the kingdom, ticking off several of the deals signed by the two countries during the day.
“So, number one, I like visiting with you, and we’ve known each other very well, and I really believe we like each other a lot and, number two, for the United States, we’ve brought tremendous investment in and tremendous jobs, and we continue to service your great country very well,” Trump said.
The U.S. leader also said he maintains a “fervent hope” that Saudi Arabia will join the Abraham Accords to normalize relations with Israel, as the UAE, Bahrain and Morocco did in 2020, though he added, “you’ll do it in your own time.”
Earlier in the day, the Saudi Crown Prince took the unusual step of greeting Trump in person when the president landed on a flight from Washington at King Khalid International Airport outside Riyadh.
Unlike former President Joe Biden’s tense visit and cautious fist bump in 2022, MBS stood on the tarmac and patiently watched Trump descend from Air Force One onto a royal purple carpet. The two shook hands and Trump gave the prince a warm shoulder tap before they strode together to the waiting motorcade.
The greeting underlined the intentions on both sides to make Trump’s first regional trip in his second term a public success and broadcast the closeness of the U.S.-Saudi alliance.
Inside the Al-Yamamah Palace where a lavish reception and lunch were held, both leaders were accompanied by top Cabinet ministers and a roster of business leaders, with Trump’s entourage including Musk and OpenAI’s Sam Altman.
Conversations at the Saudi-U.S. Investment Forum – held at the same site beside the marble-lined Ritz-Carlton Hotel as the annual Future Investment Initiative conference – were focused on concrete dealmaking and illustrated the seriousness in both countries to make the most of the rare event, said Tally Zingher, Managing Director of the U.S.-headquartered boutique advisory firm Blue Laurel.
“Being here allows me to listen and observe firsthand how the Saudis are articulating their priorities and how those priorities have already manifested into concrete opportunities for U.S. companies,” Zingher told The Circuit.
Among the headliners addressing the conference were Khalid Bin Abdulaziz Al-Falih, Minister of Investment; Mohammed Al-Jadaan, Minister of Finance; Prince Abdulaziz bin Salman, Minister of Energy; Bandar Alkhorayef, Minister of Industry and Minerals and Faisal Alibrahim, Minister of Economy & Planning.
The U.S. delegation was headed by Scott Bessent, Secretary of the Treasury; Howard Lutnick, U.S. Secretary of Commerce; and David Sacks, the White House Special Advisor on AI and Crypto.
From the Saudi business world, the conference featured Muhammad Al Jasser, Chairman, Islamic Development Bank; Nabeel Koshak, CEO of Saudi Venture Capital; Marc Winterhoff, Interim CEO of Lucid; John Pagano, Group CEO of Red Sea Global; Mohammad Abunayyan, Chairman of ACWA Power; Tony Douglas, CEO of Riyadh Air and Jerry Inzerillo, Group CEO of Diriyah Co.
U.S. financiers at the forum included Citigroup’s Jane Fraser, Franklin Templeton’s Jenny Johnson, Blackstone’s Stephen Schwarzman and Bridgewater’s Ray Dalio, LionTree’s Aryeh Bourkoff and BDT & MSD Partners’ Dina Powell McCormick.
From the U.S. tech industry, Palantir’s Alex Karp joined the forum as well as Alphabet/Google’s Ruth Porat, Amazon’s Andy Jassy, IBM’s Arvind Krishna and Qualcomm’s Cristiano Amon.
With planemakers and defense contractors set to reap billions in Saudi deals, the conference featured Boeing’s Kelly Ortberg, Lockheed Martin’s Michael Williamson, Honeywell’s Ken West and Halliburton’s Jeff Miller.
Among other speakers at the summit, Miami Mayor Francis Suarez is a perennial fixture at the FII conference and hosted a spinoff conference in his city last February, where Trump spoke. Also appearing was Gianni Infantino, President of world soccer’s governing FIFA organization, after Saudi Arabia was picked to host the 2034 World Cup.
BlackRock joins Abu Dhabi’s IHC in $1 billion reinsurance venture
Wall Street titan BlackRock is teaming up with Abu Dhabi’s International Holding Co. to create a $1 billion reinsurance firm with its foundations in AI.
The venture announced Thursday is one of a cavalcade of deals that are being cooked up amid Trump’s tour of the Gulf next week, which will take him to Saudi Arabia on Tuesday, followed by Qatar and the UAE.
BlackRock, the world’s largest alternative investment firm, and Abu Dhabi asset manager Lunate will join as minority partners, according to a statement issued by IHC.
The new company will be chaired by Dr. Sultan Al Jaber, the UAE Minister of Industry and Advanced Technology and Chairman of ADNOC. Mark Wilson, the former chief executive of Aviva and AIA Group, will serve as CEO.
Lunate, which was founded two years ago and manages $110 billion, will provide expertise in private and public markets to the reinsurance company, which will operate from the capital city’s free zone financial center, ADGM.
Also in the run-up to the Trump visit, the U.S. is developing a fast-track process for screening foreign investments, which could smooth the process for sovereign wealth funds such as the Saudi Public Investment Fund, the UAE’s Mubadala, and the Qatar Investment Authority to sign contracts next week, Bloomberg reports.
The Daily Circuit: ADQ doubles its assets + Red Sea Global’s plans
👋 Hello from the Middle East!
In the Daily Circuit today, we’re reporting on Red Sea Global’s expansion plans, the Saudi Public Investment fund’s $1.25 billion Islamic bond issue, Investcorp’s sale of U.S.-based Resa Power, and advice for the UAE on regulating casinos from New Jersey’s governor. But first, Abu Dhabi’s ADQ is coming on strong.
Despite being dwarfed by big brothers ADIA and Mubadala, Abu Dhabi’s ADQ sovereign wealth fund is sharply turning heads after doubling assets in four years and emerging as one of the world’s fastest-growing national funds.
CEO Mohamed Alsuwaidi, who is also UAE Minister of Investment, granted a rare interview to Bloomberg, preaching the virtues of patience just four years after saying the fund couldn’t “move fast enough” as it started building momentum.
ADQ has matured and sharpened its vision in that time, growing stakes in blue chip firms like Amsterdam-based agriculture merchant Louis Dreyfus Co. and spearheading Abu Dhabi’s $35 billion Egyptian investments. At home, it controls Abu Dhabi Ports and Etihad Airways, which is preparing for a major IPO. Recently, it forged a $25 billion partnership investing in data center power generation in the U.S.
“We’ve systematically gone company by company, brought in the right management teams, put in the right systems for performance, put in the right strategies of focus,” Alsuwaidi said.
The $251 billion fund is increasingly sought-out by Wall Street bankers looking to get a piece of the pie and may now be on the hunt for opportunities amid market uncertainty caused by the U.S. trade turmoil.
“We won’t go out guns blazing,” Alsuwaidi told the news agency. “We track, we trace, we take time. We are an investor that takes our time to understand the business, but we can respond quickly to a deal.”
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CIRCUIT INTERVIEW
New Jersey governor tours Gulf, offering advice on how to keep casinos in check
When it comes to regulating casinos, the Gulf could learn some valuable lessons from New Jersey, The Circuit’s Jonathan Ferziger reports. That was the message Gov. Phil Murphy carried this week on a Mideast trade mission in which he signed a non-binding agreement to advise the UAE on how to both nurture and regulate its future new gaming industry.
Las Vegas-based Wynn Resorts plans to open the country’s first casino two years from now on an artificial island off the coast of the emirate of Ras Al Khaimah. The contract to build the $5 billion Wynn Al Marjan followed the UAE’s circulation of rules to govern the industry last year, though casinos are still banned in most Islamic countries.
“Setting up the right governance structures is critical to ensuring the integrity of both the development of a casino project and its ultimate operations,” Murphy told The Circuit. “We hope that the UAE regulators will take a similar approach as New Jersey did.”
Saudi Arabia is spreading the word that it is no longer willing to prop up the oil market with supply cuts and that it can withstand lower prices for a prolonged period. Officials are briefing allies and industry experts on what appears to be a shift in the Kingdom’s policy towards producing higher volumes to increase its market share after five years of OPEC+-led supply cuts to balance prices, Reuters reports. Meanwhile, the International Monetary Fund has cut its 2025 growth forecast for Middle East oil exporters, including Saudi Arabia, to 2.3% amid global trade tensions and falling energy prices. The organization added that while non-oil growth is expected to be bolstered by infrastructure projects and other diversification efforts in the Gulf, government spending will be dampened by low oil prices, Bloomberg reports. The IMF expects increased natural gas production in Saudi Arabia, Qatar, the UAE, and Oman to drive medium-term growth, with Qatar set to nearly double its LNG output by 2030.
COOKING A DEAL
The Saudi PIF-backed ghost kitchen startup run by former Uber CEO Travis Kalanick is considering an IPO of its Middle East unit. CloudKitchens has hired Goldman Sachs to work on the deal, which would involve a listing in the UAE, Saudi Arabia, or both, Bloomberg reports, citing people familiar with the matter. The PIF, which invested $3.5 billion in Uber under Kalanick, pumped $400 million into his new kitchen venture in 2019, helping fund its rapid global expansion. Ghost kitchens are the unseen commercial cooking operations that largely fuel the food delivery business, using cheaper real estate in industrial areas to keep costs down for restaurant businesses. CloudKitchen’s Middle East operations include KitchenPark, which operates facilities in Saudi Arabia, the UAE and Kuwait. Meanwhile, Uber subsidiary Careem has branched out in an unlikely direction, offering to deliver certified 24-carat gold coins to Dubai residents in less than an hour.
💲 Sovereign Circuit
Lunate: Alterra, the UAE’s $30 billion climate fund managed by Lunate, partnered with investors including Canada-based investment company Brookfield Asset Management to co-invest $100 million in Indian renewable energy company Evren.
Public Investment Fund: Red Sea Global, a company owned by the PIF, plans to expand beyond its west coast projects with new developments in other Saudi cities and overseas, head of hospitality Sébastien Carre told Arabian Gulf Business Insights.
Public Investment Fund: The PIF raised $1.25 billion by selling seven-year Islamic bonds, after strong investor demand helped it lower borrowing costs, Reuters reports.
Abu Dhabi Investment Authority: ADIA is considering selling its 50% stake in plastic container firm IFCO in a deal that could exceed $2.3 billion, while co-owner Triton plans to retain its share, Bloomberg reports.
Mubadala: Bugaboo, which the Abu Dhabi sovereign fund’s Mubadala Capital unit bought a majority stake in from Bain Capital last year, told customers in an email that it would raise prices across the majority of its luxury baby buggies and accessories from May 20, blaming U.S. tariffs.
↪↩ Closing Circuit
🏢 Building Up: Property developer ASPECT, has launched in Egypt with a $295 million residential compound in New Cairo, and a $99 million residential tower in partnership with UAE-based Aldar.
💰 Stamp On: Saudi Arabia Capital Market approved Al Rajhi Bank’s plan to raise up to $2.6 billion by selling debt, giving it six months to complete the first sale.
📦 Logistical Hub: Saudi Ports Authority, known as Mawani, has signed two deals worth $134 million to develop logistics parks for vehicles and spare parts at Dammam’s King Abdulaziz Port with Alissa Universal Motors and Sultan Logistics.
⚡ Exit Strategy: Bahrain’s Investcorp, the Middle East’s largest alternative asset manager, has sold U.S.-based Resa Power to Kohlberg in the first exit from its $1.2 billion North America Private Equity Fund 1, after growing Resa’s revenue more than fourfold since acquiring it in 2021.
💲 New Style: Apollo Global Management, Carlyle Group, and Ares Management bought $375 million of the first known bonds from Sumitomo Mitsui that help the bank reduce risk from loans it gave to private credit funds, Bloomberg reports.
🗣 Circuit Chatter
🔋 Hydrogen Bid: Oman’s green hydrogen developer Hydrom has launched its third auction round, offering 300 sq km of development land near Duqm, with bidding expected to start mid-2025 and winners announced in early 2026.
⛏ Saudi Resources: Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef urged Kuwaiti investors to tap into the Kingdom’s $2.5 trillion mining sector during his visit to Kuwait.
🚗 Market Share: Chinese carmakers are projected to capture 34% of the Middle East and Africa market by 2030, up from 10% in 2024, according to global consulting firm AlixPartners.
💲 Money In: Egypt may face a slowdown in foreign investments due to new U.S. tariffs, but upcoming GCC investments, led by Qatar and Kuwait, are expected to help fill a $10-12 billion funding gap through to 2026, according to the National Bank of Kuwait. The IMF has advised Egypt to proceed cautiously with interest rate cuts amid global uncertainty.
🏨 ATM Bucks: Hotelier Rotana Group is IPO-ready and could go public immediately if shareholders agree, but is currently focused on further growth, according to co-founder Selim El Zyr.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayedmet with Lebanese President Joseph Aoun on Wednesday at Qasr Al Shati palace in Abu Dhabi. Sheikh Mohamed also met withDaniel Noboa, President of Ecuador, to discuss trade partnerships.
Lt. Gen. Sheikh Saif bin Zayed, UAE Deputy Prime Minister and Minister of Interior, sat down with Russia’s President Vladimir Putin during his visit to Russia. Sheikh Saif also met withIgor Krasnov, Russia’s Prosecutor General.
Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai and UAE Deputy Prime Minister and Minister of Finance, met on Wednesday with Mark Read, CEO of WPP, one of the world’s largest marketing and communications services groups.
➿ On the Circuit
Ali bin Ahmed Al Kuwari, Qatar’s Minister of Finance, met with the Chairman and CEO of General Atlantic, William Ford, who visited Qatar this week.
Paul Griffiths, Dubai Airports CEO, told Reuters that, despite global tourism volatility caused by U.S. tariffs, passenger traffic remains strong, helped by China’s travel rebound, with Dubai expecting 96 million travelers in 2025.
Richard Teng, CEO of Binance, said in an interview with The National that the U.S. is most likely to issue pro-crypto regulations in August.
Ebru Pakcan, Citigroup Mena CEO, said during a virtual conversation hosted by the Atlantic Council that both the UAE and Egypt “may” benefit the most in the Mena region from the U.S.-led reordering of the global trade framework.
Mariam Al Mheiri, Head of the International Affairs Office at the UAE Presidential Court, discussed with Hugh Evans, CEO of Global Citizen, at the Global Citizen conference in New York, the shifting global narratives shaping our future, including the UAE’s role in a rapidly evolving world.
Fabien Toscano, CEO of AlUla Development Company, said that AlUla expects a record year for visits in 2026, following an international marketing campaign targeting overseas travellers who typically stay longer and generate more yield, Arabian Gulf Business Insights reports.
🎶 Culture Circuit
⚽ Blue Living: Diehard fans of Chelsea Football Club will soon be able to literally live in a dream. The blue jersey-wearing English Premier League club has partnered with Dubai-based DAMAC Properties to launch Chelsea Residences by DAMAC, the first-ever soccer club-themed residential project, consisting of 1,400 seafront units in Dubai Maritime City. The partnership marks Chelsea’s push into the Middle East and reflects a broader trend of collaborations between elite football clubs and luxury developers.
📷 Photo of the Day
Attendees at Dubai’s Token2049 crypto conference pause for a picture with a mascot for meme coin Pepe the frog on Wednesday. (Giuseppe Cacace /AFP via Getty Images)
📅 Circuit Calendar
April 25 – May 11, Dubai. Dubai Esports and Gaming Festival. Dubai’s gaming and esports extravaganza brings together global players, creators, fans, and industry leaders. Dubai World Trade Center.
May 4 – 7, Los Angeles. Milken Institute Global Conference. Bringing together the world’s brightest minds to address urgent challenges and unlock the most promising opportunities of our time. Beverly Hilton.
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 6-8, Dubai, GISEC. The 14th edition of the Middle East and North Africa’s largest cybersecurity event, under the theme “Securing an AI-Powered Future.” Dubai World Trade Center.
May 12-13, Dubai. Dubai FinTech Summit. Exploring a future where finance is accessible, inclusive, and empowering. Madinat Jumeirah.
May 13, Riyadh. Saudi-U.S. Investment Forum. An invitation-only event to be held during U.S. President Donald Trump’s visit to Saudi Arabia. The forum will bring together government, business, finance and innovation to discuss the next chapter of business between the two countries. Venue TBA.
May 13-14, Dubai. Low Carbon Fuels MENA. The conference promises a space for industry leaders, potential partners, and innovators to discuss potential opportunities and challenges. Sheraton Dubai Creek Hotel & Towers.
May 13-15, Dubai. CABSAT. The Middle East & Africa’s leading event for content, broadcast, media & entertainment industry professionals looking to leverage the latest technology and innovation in creating the next-gen content. Dubai World Trade Center.
May 13-15, Dubai. World Police Summit. Uniting law enforcement professionals, policymakers, industry leaders, and innovators to redefine the standards of modern policing. Dubai World Trade Center.
May 16, Milan. Investopia Europe 3rd Edition. Highlighting discussions around transforming the global economy. Featured speakers include Abdulla bin Touq Al Marri, UAE Minister of Economy and Chairman of Investopia, and UAE Minister of State for Entrepreneurship Alia Abdulla Al Mazrouei. Palazzo Mezzanotte.
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 bringing together Qatari government and business leaders with corporate executives, investors and policymakers from around the world. Media City Qatar.
May 26-27, Abu Dhabi. Building the Future Summit. This Forbes event serves as an exclusive platform for industry leaders, investors, architects, and innovators to explore the latest trends shaping the future of real estate. Louvre Abu Dhabi.
May 29-30, Tripoli, Libya. Building the Future Summit. A Forbes event that is designed to help delegates from Libya understand their investment opportunities, foster strategic partnerships, and showcase key reforms that will drive economic progress. Venue TBA.
Goldman Sachs deepens ties with Saudi Arabia as PIF backs funds
As Goldman Sachs boosts its involvement with Saudi Arabia, the kingdom is offering more support for the Wall Street investment bank.
The Saudi Public Investment Fund is set to become an anchor investor in a series of new Goldman Sachs-managed funds that focus both on the kingdom and the other five Gulf states, Bloomberg reports.
The PIF and the U.S. firm signed a draft agreement relating to the new funds – subject to regulatory approval – which will be centered on private credit and public equity strategies in the GCC region, the news agency said.
Saudi Arabia has courted Goldman Sachs and other Wall Street firms as it seeks to invest its wealth and wean the economy off its dependence on oil.
U.S. deregulation will bring more Saudi funds, PIF chief says
Saudi Public Investment Fund Governor Yasir Al-Rumayyan says the U.S. needs to cut red tape if it wants more investment from the Gulf kingdom.
Wrapping up the PIF’s FII Priority Summit in Miami Beach on Friday, Al-Rumayyan noted that 40% of the sovereign wealth fund’s current foreign investments are in American companies.
“It could have been much more,” the PIF chief said, pointing to a series of U.S. regulatory rules he described as barriers.
“I hope with the current administration, these restrictions [will] be ironed out and it will attract more investment back to the U.S.”
The three-day conference opened with a speech by President Donald Trump, who said he wants Saudi Arabia to invest $1 trillion in the U.S. over the next four years – a response to Crown Prince Mohammed bin Salman’s pledge to invest $600 billion.
The Daily Circuit: OPEC+ ponders Trump tariffs + Apollo’s latest Aldar investment
👋 Hello from the Middle East!
In today’s Daily Circuit, we’re looking at Apollo’s $500 million investment in Aldar, a planned IPO for the Saudi Public Investment Fund’s construction unit building in Mecca, M42’s organ donation agreement with Bahrain’s Royal Medical Services and designers from around the world showing their wares at Dubai Fashion Week. But first, caution in the oil market surrounding the barrage of Trump tariffs.
Energy ministers from OPEC+ meet today as oil and gascustomers around the world gird for the expected fallout from the U.S. trade war taking shape with Canada, Mexico and China.
Oil prices rose today after U.S. President Donald Trump imposed tariffs on the three countries, sparked by fears that the feuds would disrupt supplies. Brent crude futures rose 78 cents, or 1.03%, to $76.45 a barrel at 1:33 p.m. UAE time after touching a high of $77.34. U.S. West Texas Intermediate crude futures were up $1.36, or 1.88%, to $73.89.
The OPEC+ members, led by Saudi Arabia and Russia, will meet online for a monthly review at which they’re expected to leave production and supply plans unchanged through March and gradually lift the current quotas that were designed to keep prices from falling, Reutersreports.
While Trump has urged the petroleum producers bloc to cut prices, several OPEC+ delegates have said they won’t adjust the plan for now since crude markets remain fragile amid faltering demand in China and plentiful supply across the Americas, Bloomberg reports.
Goldman Sachs issued a report on Sunday that suggests the Trump tariffs are likely to have a limited near-term impact on global oil and gas prices.
“Potential tariff-driven decline in U.S. natural gas imports from Canada is too small to significantly raise U.S. natural gas prices,” the investment bank said.
Welcome to the Daily Circuit. Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].
📰 Developing Stories
RED SEA CRESCENT
The UAE is moving ahead with plans to transform a piece of Jordan’s Red Sea beachfront. MAG Group, a subsidiary of ADQ’s AD Ports Group, said it will begin development of the Marsa Zayed resort in the southern port city of Aqaba, which abuts the Saudi border. In the first phase, MAG will begin construction on what will be called the Zayed Riviera with four residential towers, a yacht club, and restoration of the Aqaba Minaret. The Jordanian project could potentially link to similar planned resorts in Saudi Arabia, Egypt and Israel that form a border-traversing horseshoe around the Red Sea.
COURTING WEALTH
Dubai is adding luxury mansions and penthouses, some priced higher than $120 million, targeting wealthy buyers with extravagant features like cinemas, spas and private elevators. Despite prices moderating across Dubai’s property market after a surge since 2021, high-end developments continue along prime beachfront locations, Bloomberg reports. “On a per square foot basis, prices in the emirate are a third of New York’s and a fifth of London’s,” Mahdi Amjad, founder of Omniyat, a developer of ultra-luxury apartments, told the news agency. While wealthy buyers are pushing back on price hikes after years of increases, demand remains ahead of supply.
💲 Sovereign Circuit
Public Investment Fund: Umm Al Qura for Development & Construction Co., a PIF company that has been behind one of the most significant projects in Mecca, plans to proceed with an IPO on the Tadawul stock exchange, Bloomberg reports.
M42: The Abu Dhabi-owned company, operated through G42 Healthcare and Mubadala Health, signed an agreement with Bahrain’s Royal Medical Services to provide heart and lung transplants as part of Abu Dhabi’s “Hayat” organ donation program.
Mubadala: Mina Hamoodi, Mubadala’s Head of Healthcare, held an onstage discussion with Christopher Boerner, Board Chair and CEO of Bristol Myers Squibb, about how AI and digital advancements are accelerating innovation and improving patients’ wellbeing, appearing at the JPMorgan Healthcare Conference in San Francisco last month.
↪↩ Closing Circuit
🏢 Property Backer: Apollo Global Management said on Friday it will invest $500 million in Abu Dhabi-based Aldar Properties, calling the deal “one of the region’s largest-ever corporate hybrid private placements.” Apollo has invested about $1.9 billion in Aldar since 2022.
📈 IPO Fever: Saudi Arabia’s Derayah Financial will seek to raise $400 million in an IPO for a 20% stake in the online brokerage sold out minutes after subscriptions opened on Sunday.
♻️ Clean Methanol: Abu Dhabi’s Ta’ziz has awarded a $1.7 billion contract to Samsung E&A to build the UAE’s first methanol plant in Al Ruwais Industrial City, with a capacity of 1.8 million tonnes per annum. The plant will be powered by clean energy and will be completed by 2028.
💰 Closed Chapter: The Saudi Electricity Co. will settle $1.5 billion past obligations to the kingdom after an executive panel approved a final settlement related to discrepancies in fuel and electric power charges.
🖨️ 3D Investor: Fortissimo, an Israeli private equity fund, signed an agreement to invest $120 million in 3D printing company Stratasys, increasing its stake to 15.5%.
🗣 Circuit Chatter
🤝 Summit Site: Saudi Arabia and the UAE are being considered as sites for a possible summit meeting between U.S. President Donald Trump and Russian President Vladimir Putin, Reuters reports. 💸 New Deal: ADNOC confirmed ongoing negotiations with Austria’s OMV to merge their companies Borouge and Borealis and create a global polyolefins group.
🎥 Media Operation: CNN is expanding its Middle East presence with a new Qatar Media City operation to complement its Abu Dhabi HQ, Dubai base and regional bureaus.
🏗️ High-Rise: Dubai-based Refine Development Management unveiled a $12 billion project pipeline and a new sales gallery ahead of major 2025 launches.
📞 Big Calls: Saudi Arabia’s STC Group has become the largest publicly traded telecom operator in the MENA region, surpassing UAE’s e&, Saudi Arabia’s Mobily, Qatar’s Ooredoo, and the UAE’s Emirates Integrated Telecommunications, with a market capitalization of $57.7 billion, Forbes reports.
🌍 Power Circuit
Saudi Crown Prince Mohammed Bin Salmanheld talks withSyria’s interim President Ahmed Al-Sharaa on Sunday, focusing on broad economic cooperation between the two countries, as well as on security and political issues connected to the post-Assad era. It was the new Syrian leader’s first official foreign trip.
Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi, UAE National Security Advisor and Chairman of the Artificial Intelligence and Advanced Technology Council, issued a directive on Friday to reconstitute the Board of Trustees of the Mohamed bin Zayed University of Artificial Intelligence with Khaldoon Al Mubarak, CEO of Mubadala and a member of the Abu Dhabi Executive Council as Chairman.
Sheikh Mohammed bin Abdulla Al Thani, Qatar’s Minister of Transport, signed an agreement with his Libyan counterpart to update a 2004 bilateral agreement and enable Qatar’s national carrier to expand its network.
Sheikh Nahyan bin Mubarak, UAE Minister of Tolerance and Coexistence, received the Indian yogi Sadhguru at his majlis gathering in Abu Dhabi on Sunday.
➿ On the Circuit
Hend Al Otaiba, the former UAE Ambassador to France, met with Anna Wintour in Dubai, lauding the Vogue editor-in-chief in an Instagram post for her global influence “not only in shaping the media landscape but in setting a precedent for women in leadership.”
Jared Kushner, founder of Miami-based Affinity Partners and son-in-law of President Trump, courted Albanian Prime Minister Edi Rama on a yacht four years ago, building a relationship that ultimately led to his announcement in December of a $1.4 billion island resort on the Albanian coast, the Financial Times reports in a new profile of Kushner.
Scott Sheffield, the former CEO of Pioneer Natural Resources, is the subject of a profile in Texas Monthly as he tries to defend himself against accusations by the U.S. Federal Trade Commission that he worked with OPEC to fix prices.
Scott Minerd, the former Chief Investment Officer of Guggenheim Partners who died of a heart attack Dec. 21, 2022, days after a 17-hour flight home from seeing the World Cup in Qatar, is the subject of a story in Vanity Fair about the fight over his $400 million estate.
Jackie Lee Robinson, a former NBA player, has left a trail of jilted backers after promising to build a $5 billion sports arena and resort in Las Vegas with billions of dollars raised from well-capitalized investors, including Qatar, and failing to begin construction, the Los Angeles Times reports.
🎶 Circuit Culture
📺 On the Box: Anticipation is building for four new Arabic-language original series and films set to be released by Netflix this year, following the success of shows including The Exchange and Alrawabi School for Girls. “This past year, we launched incredible stories that have resonated with audiences in the Arab world and globally,” Nuha Eltayeb, regional Director of Content for Netflix, told The National. “Get ready for what’s next.”
📷 Photo of the Day
Indonesian brand Tonton’s runway show at Dubai Fashion Week, which kicked off on Saturday at Dubai Design District. (Dubai Fashion Week)
📅 Circuit Calendar
Feb. 1-8, Abu Dhabi: Mubadala Abu Dhabi Open. Top women tennis stars compete in WTA 500 tournament. International Tennis Centre, Zayed Sports City.
Feb. 3-6, Dubai. Medlab Middle East 2025. The show attracts exhibitors whether global giants or emerging startups to discuss digital health solutions. Dubai World Trade Centre.
Feb. 4-5, Doha. Seatrade Maritime Qatar Conference and Exhibition. Conference brings industry experts, decision-makers, shipping companies and leaders in technology, energy, finance and investment. Sheraton Grand Doha Resort.
Feb. 4-6, Abu Dhabi & Dubai. Ai Everything Summit. The event brings in artificial intelligence experts and the world’s brightest researchers and builders of new tech. St. Regis Saadiyat Resort and Dubai Exhibition Center.
Feb.5, Dubai. Energy Industry Conference. Over 500 CEOs, CFOs, risk managers, investors, insurers, government representatives, and more—at the Energy Industry Conference to discuss energy transition. Intercontinental Festival City.
Feb. 9-12, Riyadh. Leap 2025. Riyadh’s tech event that brings in tech innovators and leading experts from around the world to discover new ideas, build new partnerships, and connect with inspiring mentors and investors. Riyadh Front Expo Centre.
Feb. 11-13, Dubai. World Government Summit 2025. Annual event brings in world leaders and business leaders from the region and outside to discuss the most pressing matters. Madinat Jumeirah.
Feb. 14-16,Munich Security Forum. Known as one of the world’s leading forums for debating international security policy. Hotel Bayerischer Hof.
Feb. 17-21, Abu Dhabi: IDEX 2025. Military contractors from around the world show their wares at one of the most prominent international defense exhibitions. ADNEC Center.
Feb. 17-21, Dubai. Gulf Food. In its 30th edition, the exhibition brings in many more companies to show their work on food and the industry’s use of technology. Dubai World Trade Center.
Feb. 18-19, Abu Dhabi. The Future of Asset Management Middle East. A two-day conference that gathers leading executives from top asset management companies in the Middle East region. The Ritz-Carlton, Grand Canal.
Feb. 22-23, Miami, Fla. FII Priority. Saudi Arabia’s Future Investment Initiative connects U.S. and Middle Eastern investors. Faena Hotel & Forum, Miami Beach.
Feb. 25, Dubai. Family Office Summit 2025. Global fund leaders managing $1 trillion in assets will meet under the theme, “Taking Money Out of Cash.” Ritz Carlton Jumeirah Beach.
Feb.25-March 1, Dubai. WCA World 2025. The conference brings together some of the world’s biggest independent freight forwarders. Dubai World Trade Centre.
March 17-19, Dubai. Dubai International Horse Fair. A gathering of the equestrian industry and horse lovers from around the world. Dubai World Trade Centre.
G42 board plots AI strategy with Microsoft’s Smith at the table
G42, the Abu Dhabi technology firm backed by the emirate’s sovereign wealth and Microsoft, is cooking up plans for its new investments in artificial intelligence next year.
At a board meeting on Thursday led by G42 Chairman Sheikh Tahnoon bin Zayed, who is also the UAE’s Deputy Ruler and National Security Advisor as well as Chairman of ADIA and International Holding Co., the company worked out its growth strategy for 2025.
Among those around the board table were Mubadala CEO Khaldoon Al Mubarak, G42 CEO Xiao Peng, G42 Group Counsel Marty Edelman, Microsoft President and Vice Chairman Brad Smith, and Bridgewater Associates Founder Ray Dalio, Etisalat Chairman Jassem Al Zaabi and Silver Lake Technology CEO Egon Durban.
“We emphasized the Group’s crucial role in shaping the future of global technology and making innovation a cornerstone for a more prosperous future globally,” Sheikh Tahnoon said in an Instagram post.
As G42 grows, Saudi Arabia is planning a new AI initiative with as much as $100 billion in backing as it seeks to compete with the UAE, Bloomberg reports. A tech hub being built by the Saudi Public Investment Fund and Google may serve as the starting point for the project, the news agency said.
The Daily Circuit: SoftBank courts UAE in Tokyo + Dubai’s mega car market
👋 Hello from the Middle East!
Today in The Daily Circuit, we’re looking at Dubai’s plans to build the world’s largest car market, the Saudi Public Investment Fund’s latest deals in Turkey and Hong Kong, a new finance team at the Egyptian Cabinet table and the Michelin stars awarded to five more Dubai restaurants. But first, the UAE and Japan talk tech in Tokyo.
The UAE’s power man met with the head of SoftBank on Thursday as the Japanese firm is reportedly looking to make investments at the intersection of energy and artificial intelligence.
Dr. Sultan Al Jaber, who in addition to serving in the Cabinet as Minister of Industry and Advanced Technology is also CEO of state-owned oil company ADNOC and Chairman of alternative energy firm Masdar, met with SoftBank CEO Masayoshi Son in Tokyo. The pair discussed “trends in the energy, industry and advanced technology sectors, highlighting the importance of increasing strategic investments in these areas to enhance sustainable economic growth,” according to an Instagram post from the Ministry of Industry and Advanced Technology.
Abu Dhabi and SoftBank have a history: The capital’s sovereign wealth fund Mubadala was an anchor investor in Son’s Vision Fund I, ultimately writing down its stake as the fund’s big play for WeWork went belly up. SoftBank’s fortunes have since reversed with Arm. The U.K. chip designer it acquired in 2016 has more than doubled its market capitalization to about $170 billion since going public last year in New York.
The Information reported on Thursday that SoftBank is looking to borrow up to $10 billion from banks to enable investments in energy-related projects. The data centers that power AI are hugely energy-intensive and face growing demand. SoftBank is also exploring ways to gain access to a large volume of Nvidia’s graphics processing units, the building block of AI development, the Silicon Valley publication reported.
Al Jaber also met with Japanese Prime Minister Fumio Kishida as well as Hayashi Yoshimasa, Chief Cabinet Secretary; and Taro Kono, Minister of Digital Transformation. Alongside UAE Minister of Foreign Trade Thani Al Zeyoudi, he met with Ken Saito, Japan’s Minister of Economy, Trade and Industry of Japan to discuss strengthening trade and investments in energy and advanced industry with the world’s fourth-largest economy.
Dubai is planning to build what its leaders describe as the world’s largest and most advanced car market. Officials signed a contract with DP World on Thursday to build and manage a 20 million square-foot facility connected to 77 international ports that is expected to generate an estimated $3.8 billion in sales. “The new market will become a global hub that offers commercial services and logistics and financing solutions” for the automobile industry,” Sheikh Mohammed bin Rashid, Ruler of Dubai and the UAE’s Vice President and Prime Minister, said in a statement released on Thursday. The new compound – eight times the size of the city’s current car market – will enable buying, selling, registration and banking within its domain. It will also host major conferences and events for the international automotive industry.
SCORING RISK
Israel and Saudi Arabia are at the greatest risk of defaulting on their debt among emerging markets tracked by Goldman Sachs. Over the first half of 2024, Israel showed the sharpest decline in the investment bank’s tally of sovereign-risk scores, as war in Gaza created a drain on public finances, Bloomberg reports. Saudi Arabia’s massive spending on Neom and other mega-projects mapped out in Crown Prince Mohammed Bin Salman’s Vision 2030 economic blueprint led to the kingdom’s drop in the risk scorecard, according to the July 1 Goldman Sachs report. Reduced oil revenues led to lower scores for other Arab Gulf countries including Oman and Bahrain, Bloomberg said. Goldman takes into account economic, governance, fiscal, external and monetary metrics to come up with its overall risk scores.
💲 Sovereign Circuit
Public Investment Fund: PIF-owned Saudi Arabian Military Industries signed draft agreements with Turkish defense contractors Baykar, Fergani Space and Aselsan to develop products and services together at facilities within Saudi Arabia. Meanwhile, the fund’s expansion in Asia continues as the PIF on Thursday signed a non-binding preliminary agreement with Hong Kong conglomerate ChaoShang for a potential $500 million investment aimed at providing the company with convertible debenture and loan financing. The investment, which will be fully funded by the sovereign wealth fund, will be finalized over the next three months and back investments in industries like mining and healthcare.
ADQ: Abu Dhabi’s ADQ has listed a dual-tranche $2.5 billion bond on ADX. The notes were initially listed on the London Stock Exchange in April. The fund sold a $1.25 billion five-year portion at 80 basis points (bps) over US Treasuries and another $1.25 billion 10-year tranche at 90 bps over the same benchmark.
Lunate: The UAE’s $105 billion investment firm, which is backed by Abu Dhabi-based International Holding Co. and ADQ, and Daman Investments were authorized by The Ministry of Human Resources and Emiratisation and the Securities and Commodities Authority to launch employee savings funds that protect capital and comply with Islamic Sharia.
↪↩ Closing Circuit
💵 Green Backing: ADNOC and the Japan Bank for International Cooperation have signed a $3 billion agreement for a green financing facility. ADNOC said the funding would support decarbonisation and energy transition initiatives.
🌐 Potential IPO: Alpha Data, an IT services company based in the UAE is planning an IPO that would seek to raise about $200 million and is working with EFG Hermes and Emirates NBD Capital on the potential sale, Bloomberg reports.
🤖 Fiber AI: CogniFiber, an Israeli startup that processes data at the speed of light for artificial intelligence applications, raised $5 million in a funding round led by Chartered Group and Eastern Epic Capital.
🇲🇦 Pay Boost: Moroccan government and union negotiators reached agreement on a new contract that will provide a 50% salary increase and expanded health coverage for 1.1 million public employees.
🗣 Circuit Chatter
🚚 Overheated EVs: Amazon is trying to address the challenges to electric vehicles posed by the Middle East’s extreme heat as it accelerates use of EVs for its delivery fleet in the UAE, Prashant Saran, the company’s director of operations for Turkey, the Middle East and Africa, told The National.
🛂 Citizen Drive: Saudi Arabia has begun granting citizenship by royal decree to a number of scientists, medical doctors, researchers and entrepreneurs with unique specializations as it looks to attract talent to the kingdom.
🇬🇧 New Order: The financiers that populate the City of London and Mayfair, sometimes referred to as “Little Doha,” shunned the Conservatives on U.K.’s Election Day yesterday and are embracing their new Labour constituency, Bloomberg reported.
🏗️ Going Public: Oman’s state-owned logistics company Asyad Group has hired Jefferies Group and EFG Hermes as advisers and is planning an IPO for its subsidiary Asyad Shipping Co before the end of the year, Zawya reports.
🎞️ Film Drama: The terrorism charges against animated-film maker Abdulaziz Almuzaini, a U.S.-Saudi citizen who does work for Netflix, shows the possible limits of reform in Saudi Arabia, the Wall Street Journal reports.
🌍 Power Circuit
Egyptian President Abdel-Fattah el-Sissiled the first meeting of his new Cabinet on Thursday, declaring the importance of completing economic reform while “attracting and encouraging domestic and foreign investments.” Among the government’s new faces were Finance Minister Ahmed Kouchouk; Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation; and Hassan ElKhatib, Minister of Investment and Foreign Trade.
Emir of Qatar Sheikh Tamim bin Hamad Al Thanimet with Russian President Vladimir Putin on the sidelines of the Shanghai Cooperation Organization summit in Astana, Kazakhstan.
The UAE sent a delegation to the summit in Astana to represent President Sheikh Mohamed bin Zayed that included Sheikh Saud bin Saqr Al Qasimi, Member of the Supreme Council and Ruler of the emirate of Ras Al Khaimah.
➿ On the Circuit
U.S. Congressman Josh Gottheimer (D-NJ) led a House Intelligence Committee trip to Israel and the UAE where he met with UAE Secretary-General of the Supreme Council for National Security Ali Al Shamsi; UAE Director of Signals Intelligence Agency Ahmed Al Dehaim and Executive Vice President of G42 Talal Al Kaissi.
Hamad Al Ameri, CEO of Abu Dhabi-listed conglomerate Alpha Dhabi, said the firm plans to list some of its portfolio companies this year amid strong market performance, in an interview with The National.
🎶 Culture Circuit
⭐ Star Power: Five restaurants have been added to Dubai’s growing list of Michelin-starred dining venues in the latest rankings for the emirate by the famed French gastronomic guide, announced on Wednesday. A total of 19 restaurants now boast the coveted stars, with four obtaining two-star rankings. Jason Atherton’s new restaurant Row on 45, which offers a 1,145 dirham ($312) tasting menu, was awarded two-stars just 10 months after opening, while Dubai institution Orfali Bros and Anne-Sophie Pic’s La Dame Pic received their first stars.
📷 Photo of the Day
Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, met with Masayoshi Son, CEO of SoftBank Group, in Tokyo. They discussed key trends in the energy, industry, and advanced technology sectors. (Photo: Ministry of Industry & Advanced Technology/Instagram)
🗓️ Ahead on The Circuit
July 2-Aug. 25, Riyadh, Saudi Arabia: Esports World Cup. An international competition for professional gamers with a $60 million prize pot. Boulevard City.
July 10-11, Riyadh, Saudi Arabia: Global EV and Technology Forum. The inaugural summit in Saudi Arabia bringing together policymakers, companies and investors focused on sustainable urban mobility solutions. Riyadh International Convention & Exhibition Center.
July 15-26, Granada, Spain: ADIA Lab International Summer School. A course of lectures and case studies to explore the critical role of trust and safety in AI, examining the ethical, technical and societal implications of AI applications. University of Granada.
Aug. 12-15, Riyadh, Saudi Arabia: Saudi Food Expo. One of the kingdom’s largest trade shows for the food & beverage industry. Riyadh Front Exhibitions.
Sep. 30-Oct. 2, Dubai, UAE: Future Hospitality Summit. The global conference for leaders in the hospitality industry expands this year at a new location with dedicated space for ESG planning, country pavilions and a larger exhibition area. Madinat Jumeirah.
