The Daily Circuit: Sheikh Tahnoon’s latest DC trip + ADIA invests in U.S.
đź‘‹ Hello from the Middle East!
In the Daily Circuit today, we’re looking at ADIA’s investments in U.S. life sciences companies, Dubai Holding’s joint venture to build luxury seaside homes, Aramco’s reduced oil exports to China and Monaco’s role in Saudi Arabia’s effort to cultivate yachting in the Red Sea. But first, Sheikh Tahnoon’s latest trip to the U.S.
Sheikh Tahnoon bin Zayed, the UAE’s National Security Adviser and, arguably, its most influential business figure, is headed to Washington.
Amid concern about tightening restrictions on access to advanced U.S. technology, Sheikh Tahnoon is setting up meetings with a series of top Trump administration officials as early as next week, Bloomberg reports.
Those would probably include Commerce Secretary Howard Lutnick, Treasury Secretary Scott Bessent and National Security Advisor Mike Waltz, although neither UAE nor U.S. officials have confirmed the visit. Whether he will meet with President Donald Trump is unclear.
Sheikh Tahnoon, the brother of UAE President Sheikh Mohamed bin Zayed, serves as Chairman of Abu Dhabi’s biggest investors, including the Abu Dhabi Investment Authority, ADQ and International Holding Co. He also heads the boards of G42, the government-backed artificial intelligence company, and tech investment fund MGX.
A central part of Sheikh Tahnoon’s agenda in Washington will be to press for greater access to Nvidia’s advanced semiconductor chips that are central to development of AI technology, the news agency reports.
MGX is one of the major backers – along with SoftBank, OpenAI, and Oracle – of a $100 billion AI infrastructure venture that Trump unveiled during his first week in office.
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đź“° Developing Stories
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.
ALL ABOARD
Saudi Arabia is planning to bring the sparkle of Mediterranean marinas to its Red Sea coast, seeking counsel from the Principality of Monaco as it attempts to grow its yachting sector. The Saudi Red Sea Authority has already issued 29 tourism licenses for yacht chartering and marina operations for its 1,800km coastline, which includes more than 1,000 islands and 150 pristine beaches. Now it has signed agreements with the Yacht Club de Monaco and the Prince Albert II of Monaco Foundation to help develop the sector. Monaco, a minuscule tax haven on the French Riviera, is famous for attracting gigantic super yachts – and their billionaire owners – to its iconic Port Hercule, the glittering backdrop to one of the world’s most famous F1 circuits. Saudi’s ambition is to attract 250,000 visitors from yacht tourism by 2030, generating $2.9 billion and creating 28,000 jobs.
đź’˛ Sovereign Circuit
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.
↪↩ Closing Circuit
🏗 Gas Platform: Egypt said it’s in talks with U.S.-based Excelerate Energy to build an offshore floating storage and regasification unit (FSRU).
đź’» Digital Synergy: Doha Bank and Ooredoo Money signed an agreement to develop new fintech applications that strengthen digital banking and financial inclusion in Qatar.
đź’¸ 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.
đź—Ł Circuit Chatter
🪨 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.
đź•‹ 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.
🌍 Power Circuit
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 PĂĄl 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.
âžż On the Circuit
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.
đź“· Photo of the Day
đź“… 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.