The Daily Circuit: Trump energy secretary meets MBZ + Masdar’s Greek buyout
š Hello from the Middle East!
In the Daily Circuit today, weāre looking at Masdarās buyout of Terna Energy in Greece, Mubadalaās deal with Kimmeridge to pave its way for new U.S. acquisitions, Appleās new hiring drive in the Gulf and Teslaās debut in Saudi Arabia. But first, the Trump administrationās energy secretary lays the groundwork for a presidential tour of the region.
U.S. Secretary of Energy Chris Wright kicked off his tour of the Gulf this week with a palace visit in Abu Dhabi and a tour of the UAEās state oil company.
Wright, setting up parts of President Donald Trumpās trip to the region that is expected next month, was received by UAE President Sheikh Mohamed bin Zayed on Thursday for talks that focused on joint investments in artificial intelligence and other technologies, The National reports.
The U.S. energy chief, founder of an oil fracking company, also paid a visit to the Abu Dhabi headquarters of ADNOC, where he said partnerships with the UAE, Saudi Arabia and Qatar were key to meeting growing global demand for oil and gas. He also plans to visit Riyadh and Doha during the trip.
“You’re going to see a lot of energy cooperation between the United States and the UAE,ā Wright told reporters. āYou’re going to see a huge cooperation on AI.”
Also meeting Wright at Qasr Al Shati Palace in the UAE capital were Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi; Dr. Sultan Al Jaber, the ADNOC Chairman and Minister of Industry and Advanced Technology; Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior; Suhail Al Mazrouei, Minister of Energy and Infrastructure; and Yousef Al Otaiba, Minister of State and the UAE’s Ambassador to Washington.
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š° Developing Stories
FAMILY FEUD
The UAE is making an attempt to prevent the squabbling between heirs that often damages family businesses, which make up 90% of the countryās private companies. Economy Ministry officials recently met with the heads of prominent business families to encourage them to improve succession planning by establishing formal structures around their wealth, Bloomberg reports. While there are no official estimates, U.S.-based Dash Venture Labs projects that the UAEās richest families will control a combined $1 trillion by the end of next year. The increased involvement of family business in private equity and venture capital deals ā riskier than the supermarkets and car dealerships favored by previous generations ā has made it critical to introduce more formalized internal governance and processes, the news agency said.
MISSING MUSK
Tesla kicked off operations in Saudi Arabia this week with a display of its Model Y sedan and Cybertruck but without its multibillionaire founder. The opening of a sales office in Riyadh appeared to signal that Elon Musk and the Public Investment Fund have put aside a 10-year feud, The National reports. Though Musk was a no-show at the Tesla debut on Thursday, heās planning to visit the kingdom next month and has appeared with PIF Governor Yasir Al Rumayyan and U.S. President Donald Trump while working as White House adviser on government efficiency. The PIF is the majority owner of Lucid Motors, a smaller California-based EV maker that competes with Tesla.
š² Sovereign Circuit
Masdar: The Abu Dhabi-owned renewable energy company said on Thursday it had fully acquired Greece’s $3.5 billion Terna Energy after buying a 70% stake last year.
Mubadala Energy: The Abu Dhabi sovereign wealth fundās energy arm signed a deal on Thursday with New York-based investment firm Kimmeridge that will give it ownership stakes in gas and LNG facilities in the U.S., in line with the companyās growth plans.
Qatar Investment Authority: The Qatari sovereign wealth fund denied a newspaper report it was seeking to buy a prestigious building in Milan worth $1.4 billion from Gucci parent Kering SA.
āŖā© Closing Circuit
š¦ Branching Out: UAE-based Al Ansari Financial Services completed its $200 million acquisition of BFC Group Holdings, making Al Ansari the largest non-banking financial institution in the Gulf by branch network and expanding its presence in Bahrain, Kuwait, and India.
š Africa Aid: The 22-member-nation Arab Monetary Fund signed a $307 million debt relief agreement with Somalia to support the African countryās economic reform program.
š°Islamic Funds: The International Islamic Trade Finance Corp. signed a $45 million financing agreement with the African nation of Comoros to support its energy sector.
šNew Look: OQ Chemicals, a wholly state-owned Omani producer of Oxo chemicals, has been acquired by UK-based investment firms Strategic Value Partners and Blantyre Capital and will be rebranded as OXEA.
š£ Circuit Chatter
š§³ Baggage Limits: Flydubai signed an agreement with Boeing to retrofit 21 of its 737 MAX airliners with bigger onboard storage compartments, providing room for six bags per unit instead of four.
š¹š·Turkey Trade: The Gulf Cooperation Council and Turkey have begun free trade talks, building on Ankaraās existing agreements with the UAE and Qatar according to UAE state news agency WAM.
š Equity Focus: Cogence, the BlackRock-backed South African fund manager, plans to make stock investments in Saudi Arabia, India and other emerging markets over the next three to five years, Bloomberg reports.
š„Local Talent: Apple launched a hiring drive across Saudi Arabia and the UAE, offering a wide range of roles in retail, operations, marketing, and leadership amid its regional expansion, Gulf News reports.
š Power Circuit
UAE President Sheikh Mohamed bin Zayed held a phone conversation with Ursula von der Leyen, President of the European Commission, on Thursday to launch negotiations towards a Comprehensive Economic Partnership Agreement between the UAE and European Union.
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Minister of Defense, inaugurated DP World’s Free Trade Warehousing Zone in Indiaās capital of Mumbai.
Sheikh Hamdan bin Zayed, the Ruler’s Representative in the Al Dhafra Region, received a delegation from the Emirates Nuclear Energy Company, headed by CEO Mohamed Ibrahim Al Hammadi, at Al Nakheel Palace in Abu Dhabi.
āæ On the Circuit
Prince Abdullah bin Mosaad, the former Saudi owner of Britainās Sheffield United football club, is returning to the sports market with a $266 million fund he aims to invest in new soccer teams, Arabian Gulf Business Insight reportsreports.
Futoon Al Mazrouei, Group Head for Consumer Banking at First Abu Dhabi Bank, the UAEās largest lender, has assumed responsibility for wealth management and business banking as part of a shakeup of the bankās Executive Committee.
Isa Al Khalifa, Director of MENA real estate at Arcapita, a Bahrain-based asset manager, told Zawya that the firm will increase investments in Saudi Arabiaās logistics and warehouse sector.
Naomi Campbell, the British supermodel in the midst of opening a talent agency in Dubai, talks to the Financial Times about why the charity she founded, Fashion for Relief, was shut down by U.K. authorities.
š¶ Culture Circuit
šļø Speed Racer: Reigning MotoGP champion Jorge Martin, recovering from a pre-season crash, is returning from injuries to compete in the Qatar Grand Prix motorcycle racing event, which runs from today through Sunday. The 27-year-old Spaniard missed races in Thailand, Argentina and the United States after sustaining a broken hand and foot in February during a crash on the opening day of pre-season testing in Malaysia, The Peninsula reports.
š· Photo of the Day
U.S. Energy Secretary Chris Wright meets with UAE President Sheikh Mohamed bin Zayed atĀ Qasr Al Shati Palace in Abu Dhabi on Thursday.
š Circuit Calendar
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 Eastās 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, Qatar. Startup Grind Qatar. Qatar Investment Authority presents new startups selected as part of its Fund of Funds program. Workinton Alfardan Centre.
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. Annual retail art fair featuring more than 10,000 works for sale. Dubai World Trade Centre.
April 18-20, Dubai. Art Dubai. Three-day city festival spotlights more than 100 contemporary, modern and digital galleries from the UAE and over 40 other countries. Madinat Jumeirah.
April 18-20, Jeddah. STC Saudi Arabian GP. The Formula 1 Saudi Arabian Grand Prix by STC returns, promising an electrifying high-speed spectacle on the Red Sea. Jeddah Corniche Circuit.
April 18-20, Abu Dhabi. Middle East Film and Comic Con 2025. The regionās largest pop culture festival returns for its 13th year. ADNEC.
April 21-23, Abu Dhabi. Electric Vehicle Innovation Summit 2025. The Middle Eastās 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.ā 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.
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 20-22, Doha, Qatar. Qatar Economic Forum. Annual conference gathers brings together Qatari government and business leaders with corporate executives, investors and policymakers from around the world. Media City Qatar.