The Daily Circuit: MGX invests $2B in Binance + PIF acquires Niantic
👋 Hello from the Middle East!
In the Daily Circuit today, we’re looking at PIF-owned Scopely’s $3.5 billion acquisition of gaming giant Niantic Labs, turnaround plans for Abu Dhabi-acquired sports car maker McLaren, the Muscat trading debut of Oman’s Asyad Shipping and the Armani-branded homes to be built in historic Diriyah on the outskirts of Riyadh. But first, MGX’s $2 billion crypto bet.
Having set leadership in the emerging realm of digital assets as a national goal, the UAE is extending its embrace of Binance, the world’s biggest crypto exchange.
MGX, the tech investment fund created by Abu Dhabi’s Mubadala sovereign wealth fund and G42 artificial intelligence firm, announced on Wednesday that it has invested $2 billion in the company, which was founded in China and has about 1,000 employees working in Dubai.
When Binance founder Changpeng Zhao, known as CZ, pleaded guilty to U.S. money laundering charges last year and spent several months in prison, he was replaced as CEO by Richard Teng, previously head of Abu Dhabi’s Financial Services Authority.
“MGX’s investment in Binance reflects our commitment to advancing blockchain’s transformative potential for digital finance,” Ahmed Yahia, Managing Director and CEO of MGX, said in a statement.
MGX, which was established a year ago, has also invested in OpenAI and Elon Musk’s xAI. The firm is chaired by Sheikh Tahnoon bin Zayed, the UAE’s national security adviser, who is also Chairman of Abu Dhabi sovereign wealth funds ADQ and ADIA.
The Dubai Financial Services Authority, meanwhile, announced that San Francisco-based crypto payments developer Ripple Labs received regulatory approval to operate in the emirate.
“As the Middle East, Africa and South Asia’s leading global financial center, DIFC is proud to support forward-thinking companies like Ripple as they shape the future of finance and accelerate the adoption of blockchain technology in the payments industry,” DIFC Authority CEO Arif Amiri said.
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📰 Developing Stories
MCLAREN MAKEOVER
After taking control of McLaren Automotive last year, Abu Dhabi’s state-owned CYVN Holdings is starting to roll out its turnaround plans for the venerable British sports car maker. The investment company, a unit of the ADIA sovereign wealth fund, is preparing to merge McLaren with its London-based electric-vehicle startup Forseven Holdings, Bloomberg reports. At that point, the combined company will start producing high-end sport utility vehicles and sedans, following a blueprint that has been successful for Ferrari, Lamborghini and Porsche, the news agency said. CYVN plans to announce the move in the coming weeks, with former Jaguar Land Rover executive Nick Collins in charge of the merged automaker.
SEIZE THE DAY
Rival consulting firms are jumping to fill the gap created by the Saudi Public Investment Fund’s decision to suspend work with PwC for a year. Managers at Deloitte and Ernst & Young have instructed staffers to prepare for more work in the kingdom, while some firms have been invited to bid for contracts tied to the kingdom’s most prestigious projects, such as Neom and AlUla, Bloomberg reports. While the Saudi sovereign wealth fund decision bars hiring PwC for advisory work, it allows the London-based firm to still compete for auditing contracts, according to the news agency. The billions spent on Saudi Arabia’s megaprojects have been a boon for international consulting firms amid an industry slump in other parts of the world.
💲 Sovereign Circuit
Public Investment Fund: Scopely, a California video game developer owned by the Saudi sovereign wealth fund, will pay $3.5 billion to buy Niantic Labs, the U.S. augmented reality firm that created the 2016 blockbuster “Pokemon Go.”
Oman Investment Authority: Oman’s Asyad Shipping debuted on the Muscat Stock Exchange after raising $333 million in an IPO and reaching a market cap of $1.7 billion.
ADQ: AD Ports’ digital arm Maqta Technologies is teaming up with Pakistan Single Window, a digital platform owned by the Pakistani government, to streamline cross-border trade.
MGX: The Abu Dhabi-owned fund is beefing up its U.S. operations with new senior executives hired from Apollo Global Management and Warburg Pincus, Bloomberg reports.
↪↩ Closing Circuit
🤝 Power Contract: Germany’s Siemens Energy secured a $1.6 billion contract to supply technology for two Saudi gas-fired power plants.
✈️ Air Care: Emirates has invested more than $2.4 million in co-designing new onboard equipment with Parsys Telemedicine that will enable passengers to receive better emergency medical care in the air.
🤖 Robot Trading: Micropolis, a Dubai-based maker of autonomous mobile robots, said on Wednesday it raised $15.5 million in an IPO on the NYSE American exchange.
🔒 Cyber Sentry: Pentera, an Israeli cybersecurity startup, raised $60 million in a Series D funding round led by Evolution Venture Partners.
🗣 Circuit Chatter
👠 Armani Style: Italy’s Armani design house signed an agreement to build 15 branded luxury residences in Riyadh’s historic Diriyah district, announcing the deal at the MIPIM real estate trade show in Cannes, France.
💲 Done Deal: Egypt’s parliament approved an investment protection agreement with Saudi Arabia, part of a series of economic deals signed during Crown Prince Mohammed bin Salman’s October visit.
☀️ Energy Mix: GEMS Education signed a deal with Positive Zero to install and maintain solar panels on rooftops, carports, and bus parking areas at 23 GEMS schools in Dubai.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed held a meeting with Bahrain’s Prime Minister Crown Prince Salman bin Hamad Al Khalifa at Qasr Al Shati Palace in Abu Dhabi on Wednesday.
Sheikh Mohammed bin Rashid, the UAE Vice President and Prime Minister, and Ruler of Dubai, met on Wednesday with Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, at Al Marmoom, Dubai.
Sheikh Abdullah bin Zayed, UAE Deputy Prime Minister and Minister of Foreign Affairs, met with Denmark’s King Frederik X, after which he signed an agreement with Lars Løkke Rasmussen, Minister of Foreign Affairs of Denmark, to cooperate in sustainable agriculture and food systems.
➿ On the Circuit
Leila Benali, Morocco’s Minister of Energy Transition and Sustainable Development, held a meeting with U.S. Energy Secretary Chris Wright on Tuesday at the S&P Global CERAWeek conference in Houston, Texas.
Mohamed Hassan Al Suwaidi, UAE Minister of Investment and ADQ Managing Director and Group CEO, said that the government’s new national investment strategy will turn the UAE into a global hub, nearly doubling annual inflows of foreign direct investment to $65.4 billion by 2031.
Zayed bin Rashid, CEO of Abu Dhabi Investment Group, told Arabian Business that Europe is “no longer an attractive destination for investment” and that many wealthy investors are shifting their capital to the UAE.
🎶 Culture Circuit
🌙 Holiday in Sight: The first day of Eid Al Fitr, which marks the end of Ramadan, is “most likely” to fall on Monday, March 31, according to the Emirates Astronomical Society. The holiday will begin when the Moon-sighting committee confirms that the new crescent moon is visible. The occasion is marked by a public holiday in the UAE, with three days off likely if it falls on a Monday as expected.
📷 Photo of the Day
📅 Circuit Calendar
March 1-30, Abu Dhabi. Ramadan and Eid exhibition. The exhibition will showcase companies displaying an array of fashion, accessories, perfumes and other gifts. ADNEC.
March 1-19, Dubai. Nad El Sheba Sports Tournament. Organized by the Dubai Sports Council, NAS Sports Tournament is the biggest event of its kind and takes place every year during Ramadan. Nad Al Sheba Sports Complex.
March 6-23, Dubai. Ramadan Food Festival. The free festival features a curated selection of restaurants across five zones. Sheikh Hamdan Colony, Karama.
March 10-14, Houston, Texas: S&P Global CERAWeek. Gathering of top energy industry executives from around the world. Hilton Americas-Houston.
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.
April 7-9, Abu Dhabi. AIMCongress 2025. An investment platform bringing together thought leaders, decision-makers and entrepreneurs. ADNEC.
April 7-9, Dubai. Middle East Energy. Bringing together international energy suppliers to discuss products and solutions. Dubai World Trade Centre.
April 11-13, Sakhir, Bahrain. F1 Gulf Air Bahrain Grand Prix. Formula 1 racing returns to the Gulf island state. Bahrain International Circuit.
April 13-15, Riyadh. Saudi Food Manufacturing. Back for a second year, the focus turns to logistics solutions, including advancements in AI-driven supply chains, robotics, and sustainable automation technologies. Riyadh Front Exhibition & Conference Centre.
April 14-16, Dubai. IPS Congress. The Middle East’s largest international property sales event. Dubai World Trade Centre.
April 15-17, Dubai. Abu Dhabi Global Health Week. A critical worldwide forum dedicated to shaping the future of health. ADNEC.
April 16-17, Dubai. FastBull Finance Summit Dubai. Focused on the depth and breadth of global finance, emphasizing areas such as forex and blockchain financial technology. Coca-Cola Arena.
April 17-19, Dubai. World Art Dubai. A four-day art fair featuring more than 10,000 artworks. Dubai World Trade Centre.
April 18-20, Abu Dhabi. Middle East Film and Comic Con 2025. The region’s largest pop culture festival returns for its 13th year. ADNEC.
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 21-25, Dubai. Dubai AI Festival. Bringing together the brightest minds to explore and expand the commercial and economic possibilities of AI technology.” Madinat Jumeirah.
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.