The Daily Circuit: Zain wins Syrian mobile contract + Masdar’s Kazakh wind farm
In today’s Daily Circuit, we’re reporting on Masdar breaking ground for a $1.4 billion wind farm in Kazakhstan, ADNOC’s acquisition of a 32% stake in three Argentinian gas blocks, Oman’s $2.3 billion water management deal with French utility Suez, and Egypt’s plan to spark start-ups. But first, Zain makes a foray into Syria’s telecom market.
Kuwait’s Zain is making a more than $1.5 billion bet on Syria, agreeing to build and operate the country’s second mobile network, in what would rank among the biggest foreign investments since Bashar al-Assad’s ouster.
The telecom company, formally known as Mobile Telecommunications Co., will pay $747 million for the license and invest about $800 million to upgrade Syria’s wireless infrastructure, including deploying 5G services, while the Syrian government will retain a 25% stake in the venture, Bloomberg reports.
The award gives President Ahmed al-Sharaa one of his biggest early foreign investments as he seeks to rebuild the country’s economy after the U.S. eased most sanctions.
The license became available after Johannesburg-based MTN Group exited Syria, while Qatar’s Ooredoo was also competing for the concession. Zain competes with Syriatel, a mostly government-owned company.
Zain, which trades on the Boursa Kuwait stock exchange, counts the Kuwait Investment Authority and Omantel among its largest shareholders.
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📰 Developing Stories
ENERGY INVESTMENT
Middle East sovereign wealth funds are making energy security their top investment priority as geopolitical tensions, supply chain disruptions, and market volatility reshape portfolio strategies. Some 89% of regional sovereign funds surveyed by Invesco ranked energy security as a key focus, while 67% said they plan to increase investments in critical infrastructure over the next year, Arab News reports. The U.S.-based asset management firm’s annual Global Sovereign Asset Management Study showed all the funds expect the coming decade to be more challenging than the last, driving greater interest in resilient infrastructure, private markets and artificial intelligence. The study was based on interviews with institutions managing a combined $29 trillion in assets.
ECONOMIC RESILIENCE
Egypt is exploring a new mechanism to finance late-stage startups, Investment and Foreign Trade Minister Mohamed Farid said. The initiative, which involves the Sovereign Fund of Egypt, aims to address funding gaps at early stages of company growth and support a new integrated investment data system. Farid, speaking on Monday at the 2026 annual investors meeting of Development Partners International, also outlined broader reforms to boost exports, upgrade trade infrastructure, and expand market access through technology and institutional coordination. Separately, the IMF said it has reached a draft agreement with Egypt on program reviews that could unlock about $1.6 billion in funds.
💲 Sovereign Circuit
Masdar: The Abu Dhabi renewable energy company, which is owned by Mubadala, ADNOC and TAQA, broke ground on a $1.4 billion wind farm in Kazakhstan.
ADNOC: XRG, ADNOC’s international investment arm, has agreed to acquire a 32% stake in three YPF-operated gas blocks in Argentina.
Qatar Investment Authority: American Express Global Business Travel agreed to be acquired by Long Lake Management in a $6.3 billion all-cash deal, with the backing of major shareholders that include the QIA, Expedia and BlackRock.
DP World: DP World and Lintara Properties, the real estate development platform of Arcapita Group Holdings, have broken ground on a logistics center in Dubai’s Jebel Ali Free Zone.
Dubai Holding: Dubai Residential REIT acquired 220 townhouses in Jebel Ali Village for about $243 million, expanding its income-generating portfolio with assets.
↪↩ Closing Circuit
💧 Water deal: French utility Suez won a 15-year contract worth $2.3 billion to operate and maintain water and wastewater services in Oman, the company’s biggest-ever Middle East deal.
💳 Fintech push: Saudi buy-now-pay-later company Tabby secured finance licenses in the kingdom, allowing it to broaden its consumer finance offerings as it expands beyond installment payments into wider digital banking services.
🏭 Small Business: Jordan launched a $39 million German-funded program to improve financing, exports and competitiveness for small and medium-sized businesses as part of its 2026-2029 economic reform agenda.
🏦 Debt Issuance: The Arab Energy Fund plans to issue its first $1.4 billion onshore RMB-denominated Panda bonds in China by late 2026 or early 2027 Chief Financial Officer Vicky Bhatia told CNBC Arabia.
🗣 Circuit Chatter
📈 Asset Growth: Assets under management in the GCC rose 10% to $2.7 trillion in 2025, driven by strong retail growth led by Saudi Arabia, according to Boston Consulting Group.
🏢 Regional Expansion: State Street, a New York-listed fund manager, has upgraded its license to a fund administration license in Saudi Arabia from the Capital Market Authority, deepening its ties to the Kingdom.
👍 Border Crossing: The UAE Foreign Ministry lifted restrictions on travel Lebanon, provided citizens register with the UAE’s Twajudi emergency service.
🏦 Bank Buyout: Emirates NBD bank is reportedly in early-stage talks to acquire HSBC’s Turkey operations as part of its broader expansion in the country, where it already owns Denizbank, Bloomberg reports.
🌍 Power Circuit
Oman’s Sultan Haitham bin Tarik met with French President Emmanuel Macron in Paris on Monday to discuss France’s role in building a Metro rail line in Muscat and several investment projects.
Sheikh Saud bin Saqr Al Qasimi, Ruler of the northern emirate of Ras Al Khaimah, received Judha Nugraha, Ambassador of Indonesia, to the UAE in his residence in Saqr bin Mohammed City.
Saudi Crown Prince Mohammed bin Salman’s relationship with U.S. President Donald Trump is the subject of a new PBS Frontline documentary called “The Crown Prince & the President.”
➿ On the Circuit
Iraq’s Prime Minister Ali Al Zaidi said a wave of arrests targeting legislators, politicians and officials on corruption charges is the first phase in a campaign to fight graft and recover public funds.
Razi Almerbati was appointed CEO of Bahrain-based Khaleeji Bank. Almerbati is taking over for Abdulkarim Mohamed Alzakari, who was named acting CEO by the Islamic lender in April.
Adel Al-Jubeir, Saudi Minister of State for Foreign Affairs and Climate Envoy, met with Stephen Charles Hitchen, British Ambassador to the kingdom, in Riyadh on Monday.
🎶 Culture Circuit
⚽ Poetry play: Arab broadcasters at the World Cup are turning football commentary into an art form, using poetic Arabic and Quranic storytelling to rouse fans across the Middle East. After the record 17th World Cup goal that Argentina’s Lionel Messi scored against Austria, the Yemeni commentator Hassan al-Aidarous fell into a rapture, The Guardian reports. “Let history open its arms,” he intoned. “Let the world bear witness to this moment. Let glory be etched for ever into eternity. I do not call you Leo, I call you history itself!”
📷 Photo of the Day
📅 Ahead on the Circuit
July 7-11, Sun Valley, Idaho. Allen & Co. Conference. Annual invitation-only gathering of top figures in technology, finance, media and government. Sun Valley Lodge.
July 8-9, Abu Dhabi. Money Expo Abu Dhabi. Bringing together investors, traders, fintech innovators, and financial institutions to explore the future of finance. ADNEC Center.
July 14-15, Carlisle, Pa.: Pennsylvania Defense and Innovation Summit. U.S. President Donald Trump to headline event at U.S. Army War College in Carlisle, joining defense, technology, finance and government leaders for discussions on military innovation and investment.
August 18-19, Dubai. Middle East Event Show. Bringing together professionals from the events industry. Dubai World Trade Center.
August 28-Sept. 6, Abu Dhabi. Abu Dhabi International Hunting and Equestrian Exhibition. An annual event celebrating traditional Emirati heritage and culture. ADNEC Center.
August 31-Sept. 3, Riyadh. LEAP Expo Riyadh. A major tech trade show for the Middle East, which includes a global startup live pitch event. RECC Malham.
Sept. 11-13, Abu Dhabi. Middle East Film & Comic Con. Featuring some of the world’s biggest brands in film, TV, sci-fi, animation, manga, comics and collectibles. ADNEC Center.
Sept. 13-18, Abu Dhabi. Abu Dhabi International Book Fair. Fostering collaboration between regional publishing sectors and creative industries. ADNEC Center.
Sept. 17-19, Abu Dhabi. International Real Estate & Investment Show 2026. An event targeting investors and consumers rather than trade visitors. ADNEC Center.