OIL CUTS

Saudi Aramco, the world’s biggest oil company, is set to supply China in April with the lowest amount of oil in at least 10 months, Bloomberg reports. The decline to 34 million barrels on order for next month from 41 million in March comes despite plans by the OPEC+ bloc to lift production limits observed for the past two years. It’s unclear if the drop in oil sales is due to a reduction in orders from Chinese customers or a reduction in supply from Saudi Arabia, the news agency said. China is Aramco’s biggest customer in the world, followed by India and Japan.

Dubai Holding: Merex Investment, a joint venture between Brookfield Asset Management and Dubai Holding –  the investment company owned by Sheikh Mohammed bin Rashid, the Ruler of Dubai and Vice President of the UAE – is planning to start building an ultra-luxury residential development at La Mer North, a seafront area popular with expats, Bloomberg reports.

Abu Dhabi Investment Authority: ADIA has invested in AI-driven life sciences by joining the $200 million seed round for U.S.-based Lila Sciences, which is backed by Moderna-founded Flagship Pioneering and has previously drawn seed capital from Blue Horizon Advisors, an investment firm with offices in the UAE and the U.K.

Public Investment Fund: The Saudi sovereign wealth fund’s recent acquisitions of San Francisco-based Niantic and the continuing saga of its merger negotiations with the PGA are the subject of an SWF report on its gaming and sports investments.

🏗 Gas Platform: Egypt said it’s in talks with U.S.-based Excelerate Energy to build an offshore floating storage and regasification unit (FSRU).

💻 Digital Synergy: Doha Bank and Ooredoo Money signed an agreement to develop new fintech applications that strengthen digital banking and financial inclusion in Qatar.

💸 Crossing Borders: Rapyd, an Israeli company that facilitates international payments, raised $500 million to complete the acquisition of European fintech PayU from Dutch investment firm Prosus for approximately $610 million, Calcalist reports.

🪨 Mineral Tariffs: UAE exports of aluminum to the U.S. jumped in the first 11 days of March as buyers stocked up on shipments from their second-biggest supplier before Trump administration tariffs took effect on Wednesday, Reuters reports.

🕹️ Drone Traffic: The UAE’s General Civil Aviation Authority is introducing the country’s first national regulatory framework for keeping drone traffic safe amid predictions that they will double in number over the next few years.

🏭 Renewable HQ: Ignite Energy Access, a pan-African renewable energy provider, will establish a new global headquarters in Abu Dhabi.

🛏️ Luxury Lifestyle: Abu Dhabi Fund for Development said it launched the new five-star Sofitel Legend Pyramids Giza Hotel to boost Egypt’s tourism sector and promote sustainable development.

🕋 Women First: The Grand Mosque in Mecca has introduced its first-ever dedicated bus service for women, featuring an all-female staff and enhanced safety measures.

Sheikh Abdullah bin Zayed, UAE Deputy Prime Minister and Minister of Foreign Affairs, met with Maria Malmer Stenergard, Minister of Foreign Affairs of Sweden, and held a separate meeting with Pål Jonson, Minister of Defense of Sweden.

Sheikh Maktoum bin Mohammed, UAE Deputy Prime Minister and Minister of Finance and First Deputy Ruler of Dubai, met on Thursday with Michael Miebach, CEO of Mastercard.

Sheikh Khalifa bin Tahnoun, Chairman of the Crown Prince’s Court of Abu Dhabi, met on Thursday with Nicolas Niemtchinow, the Ambassador of France to the UAE.

Peng Xiao, Group CEO of G42, spoke about AI’s impact on the world, leading discussion at a company Iftar meal in Abu Dhabi that brought together executives from all of the firm’s operating units. 

Sheikh Salman bin Khalifa Al Khalifa, Bahrain’s Finance and National Economy Minister, told Parliament that Bahrain spoke about the country’s regulations governing cryptocurrencies.

Omar Saif Al Ghobash, the UAE’s Assistant Minister for Culture and Public Diplomacy and Ambassador to the Vatican, discussed his career and the relationship between humans and technology in an interview on the Yalsat Nwakhtha podcast.

🎶 Culture Circuit

🏎️ Finish Line: An upcoming racing film starring Brad Pitt will feature a “spectacular” finale at Abu Dhabi’s Yas Marina Circuit, the film’s director Joseph Kosinski said at an online launch event for the film’s trailer. Set to be released in cinemas on June 25, the Apple Original Films’ movie “F1” follows Sonny Hayes, a fictional retired racing driver played by Pitt, as he returns to motorsport to mentor a young rookie.

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.

ROAD WARRIOR

UAE National Security Advisor Sheikh Tahnoon bin Zayed, who also chairs Abu Dhabi artificial intelligence firm G42, headed for Microsoft’s headquarters in Redmond, Wash., following a three-day state visit to Washington, D.C. He met with CEO Satya Nadella on Thursday to discuss “ways to strengthen collaboration,” according to a post on X. Microsoft, the biggest backer and partner of generative AI market leader OpenAI, made a $1.5 billion investment in G42 in April. The deal brought Abu Dhabi’s AI champion into the fold of American companies leading tech’s big wave. The investment required G42 to sever its ties with Chinese manufacturers like Huawei. Sheikh Tahnoon, who also chairs two Abu Dhabi sovereign wealth funds – Abu Dhabi Investment Authority and ADQ – is now working on behalf of the UAE to finalize a data protection and intellectual property agreement with the U.S. The aim is to assuage fears over national security as the trade relationship increasingly funnels investments to machine learning, semiconductors and aerospace. 

BOOK SMART

Alef Education delivered a promising IPO, the first of the year for Abu Dhabi’s ADX, pricing the education technology platform at the top of the range and drawing $20 billion in orders. The offering was 39 times oversubscribed and raised a total AED 1.89 billion ($515 million) after the deal priced shares at 1.35 dirhams each, implying a market capitalization of $2.6 billion. Alef, founded in 2016 and indirectly owned by private asset manager Abu Dhabi Capital Group, makes online learning programs for K through 12 students, with customers in the UAE, Morocco, Indonesia and the U.S. Shares are expected to be listed on June 12 under the ticker symbol “AlefEdT.”

💲 Sovereign Circuit

Mubadala: Brazilian restaurant chain operator Zamp, which is backed by Mubadala, has agreed to buy the rights to operate the Starbucks brand and some stores in the South American country from bankrupt SouthRock for $23 million, Bloomberg reports. The Abu Dhabi sovereign wealth fund’s Mubadala Energy unit collaborated with Indonesia’s Kotabaru Environment Agency to plant 10,000 mangrove seedlings in the area of Tanjung Pangga Village to help protect the coastal ecosystem and preserve biodiversity.

Qatar Investment Authority: The sovereign wealth fund is eyeing expansion in Japan, according to Head of the QIA advisory, Asia Pacific Abdulla Ali Al Kuwari. The QIA’s investments in Japan have more than doubled since opening an office in Singapore in 2021. So far, QIA has invested nearly $646 million in Japan, including a 5% stake in semiconductor manufacturer Kokusai Electric, valued at $320.6 million. Semiconductors, manufacturing and real estate are among the top investment priorities.

Public Investment Fund: The fate of a deal between PIF-owned LIV Golf and the PGA Tour is examined by The Athletic, one year after the two sides agreed to work together. Under the proposed agreement, the Saudi sovereign wealth fund would pour billions into the American tour and PIF governor Yasir Al-Rumayyan would be chairman of a newly formed entity with a seat on the policy board. PGA Tour Commissioner Jay Monahan would be CEO of the venture and have control over LIV’s future – a point of contention for the kingdom, which is pushing a more globalized vision for the game of golf. 

↪↩ Closing Circuit

⛽ Pipeline Building: A unit of China’s Sinopec signed a $1.1 billion deal to build natural gas pipelines for Saudi Aramco and the third phase of its Master Gas System in Saudi Arabia.

💻 Trend Capitalizing: Dubai and London fintech start-up Elevate has secured $5 million in new funding to scale its operations and capitalize on growing numbers of remote workers and freelancers.

☁️ Cloud Guardian: U.S. cloud security company Tenable signed an agreement to acquire Israeli cyber startup Eureka for an undisclosed price.

🗣 Circuit Chatter

✈️ Body Shopping: Saudia is in talks with Airbus and Boeing over orders for wide-body jets as the planemakers face constraints in producing narrow-body aircraft, Reuters reports.

🪪 Single Ticket: The Abu Dhabi Department of Economic Development launched its new Unified Economic Licence, which is designed to streamline registration and other required procedures for companies that operate in the emirate and its free zones.

🛩️ Top in Transport: The UAE ranked No. 1 in quality of air transport infrastructure, according to the World Economic Forum’s recently launched Travel & Tourism Development Index 2024.

💰Clan Wealth: Ultra-rich families worth more than $150 billion are helping to drive a resurgence in private equity buyouts and fueling some of the year’s biggest acquisitions, Bloomberg reports.

💡 Startup Support: The legacy Dubai Expo site is now home to a non-government foundation to support female tech entrepreneurs from the region and the Global South and assist start-ups that aim to tackle social and environmental challenges through grantmaking and in-kind support. The Expo City Dubai Foundation was launched at an event in the Women’s Pavilion at Expo City Dubai on Thursday. 

🌍 Power Circuit

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, attended the commencement of the Mohamed Bin Zayed University of Artificial Intelligence’s third graduating class on Thursday. He was joined onstage by Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of MBZUAI, and Dr. Eric Xing, MBZUAI President, as the 101 graduates accepted their diplomas. “You don’t just have a front-row seat to history, you will play a primary role in shaping it,” Al Jaber said in a speech.

Saudi Oil Minister Prince Abdulaziz bin Salman said the kingdom will increase its oil production capacity from 2025 to 2027, before going back to the current level of 12.3 million barrels per day in 2028, speaking at the International Economic Forum in St. Petersburg. “To increase the capacity over the years, you need to have a clear path on how you produce these volumes,” he said.

➿ On the Circuit

OPEC Secretary General Haitham Al Ghais defended recent adjustments to the deal agreed upon this week limiting OPEC+ oil production output, calling it a success. Speaking at the St. Petersburg forum, Al Ghais expressed optimism about continued strong oil demand, citing a rebound in travel, Reuters reports.

Qatari Minister of Transport Jassim Al Sulaiti traveled to Zhengzhou, China, to meet Tang Yuxiang, Chairman of Yutong Bus Co., which has one of the world’s largest e-bus factories.

🎶 Culture Circuit

🎨 Under the Hammer: Highlights from the art collection of the late Dr. Mohammed Said Farsi, the former mayor of Jeddah who died in 2019, are set to dominate the Summer Fine Art auction by Sloan Street Auctions in London on June 12, Arab News reports. Among the works in the eclectic and far-reaching collection are a lithograph from David Hockney’s “Swimming Pool” series and works by pioneering artists from the Middle East, including Mohamed Nagy, Abdul Hazi El-Gazzar and Seif Wanly.

📷 Photo of the Day

🗓️ Circuit Calendar

June 11-13, Rio de Janeiro, Brazil: Future Investment Initiative Priority Summit. Saudi Public Investment Fund holds FII conference for first time in Latin America. Copacabana Palace.

June 16-18, Across MENA: Eid Al Adha. Government offices and businesses are closed throughout the region for the Islamic holiday. Dates are subject to sighting of the moon by state religious committees in each country.

June 22-23, New York City: Mubadala New York Sail Grand Prix. Flying catamarans compete at SailGP’s two-day racing festival in New York Harbor. Governors Island.

June 23-26, National Harbor, Maryland: SelectUSA Investment Summit. The highest profile event in the U.S. to facilitate business investment by connecting thousands of investors, companies, economic development organizations and industry experts to make deals. Gaylord National Resort and Convention 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.