The Line Archives

The Daily Circuit: Riyadh’s Mukaab project halted + EGA’s Oklahoma smelter

In today’s Daily Circuit, we’re reporting on Mubadala Capital’s oversubscribed new co-investment fund, Saudi efforts to tap family offices to help fund its megaprojects, the new open-sourced AI model released by the UAE’s Mohamed bin Zayed University of Artificial Intelligence and an actual street made of gold being paved in Dubai. But first, a $27 billion expansion for the DIFC.

Dubai is moving aggressively to cement its role as the Middle East’s deal-making engine, rolling out a plan to stretch its financial district westward as demand for space grows from global banks, hedge funds and tech firms.

The expansion will involve about $27 billion in new projects centered on the Dubai International Financial Centre, transforming the adjacent Zabeel area into a vast mixed-use district over multiple phases running through 2040.

The development, which will bear the name DIFC Zabeel, is being planned to add roughly 17 million square feet of space for offices, homes, hotels, retail and cultural institutions, creating room for thousands of additional companies and tens of thousands of workers as the DIFC continues to grow beyond its original footprint from about 20 years ago.

Officials said the new district will include an artificial intelligence campus and extend the DIFC’s independent regulatory and legal framework into an area designed to support clusters of finance, technology and professional services.

The DIFC extension will be connected to the Dubai Loop, the underground high-speed transportation network Elon Musk plans to build, and will be able to host flying taxis and self-driving vehicles.

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📰 Developing Stories

DOMESTIC CAPITAL

Saudi Arabia is widening its search for capital by engaging some of the kingdom’s wealthiest families to help attract new investment for its budget-busting megaprojects. The Public Investment Fund hosted a dozen prominent family representatives at a Red Sea meeting last month to discuss their interest in teaming up on future ventures, Bloomberg reports. The government outreach focuses on pairing family offices and other domestic sources with global investors to fund a second phase of Crown Prince Mohammed bin Salman’s Vision 2030 development plan. Cost overruns and declining oil prices have forced multibillion projects such NEOM’s The Line and Trojena to trim their original plans and slow down construction schedules.

OPEN INTELLIGENCE

The UAE has launched an open-source AI model called K2 Think, publishing its data, algorithms and code in full to compete with OpenAI, Nvidia and Alibaba and other leaders in artificial intelligence. The model’s release by the Mohamed bin Zayed University of Artificial Intelligence makes available the building blocks of its design to researchers and developers around the world, the Financial Times reports. Releasing the so-called “sovereign” model reflects research showing that Chinese groups such as DeepSeek and Alibaba have overtaken their U.S. rivals in global markets. “In the western community there hasn’t been an answer to the Chinese open-weight models yet,” Eric Xing, MBZUAI President Eric Xing, told the FT. “Our production is filling that void.”

💲 Sovereign Circuit

Mubadala Capital: The Mubadala sovereign wealth fund’s asset management unit raised $554 million for its new Mubadala Capital Co-Investment Fund, surpassing the original target of $400 million, Semafor reports.

Investment Corp. of Dubai: The emirate plans to build a street paved with gold – part of a new gold district being developed by Ithra Dubai, which is owned by the IHC.

Lunate: Abu Dhabi kicked off its first IPO of 2026 with the ADX listing of Boreas S&P Absolute Luxury UCITS ETF, a Lunate-backed fund offering exposure to 32 global luxury brands including LVMH, Hermès and Ferrari.

↪↩ Closing Circuit

💵Lifestyle Buyout: Saudi lifestyle technology firm Glamera Holding acquired Kuwait’s Bookr Group, broadening its regional footprint as it builds a platform combining beauty, wellness and booking services across Gulf markets.

💰Wind Bet: Saudi developer Riyah Al Sahil secured $305 million in project financing for the Yanbu wind farm, advancing one of the kingdom’s larger renewable energy projects.

💲Aid Lifeline: The World Bank approved $350 million in financing to support Lebanon’s most vulnerable households.

🌐Legal Eagle: Chameio, an Israeli cybersecurity startup that developed an AI platform to manage the activities of in-house legal departments, raised $10 million in a seed funding round led by Work-Bench and Emerge.

🛢️Oil Barrels: Japan’s Mitsui & Co. has agreed to sell all its onshore oil and gas interests in three Omani blocks to UK-based Kistos Energy for $148 million as part of a portfolio reshuffle.

🗣 Circuit Chatter

🛬Foreigners Welcome: Oman is seeking over $2.6 billion in private investment under its National Aviation Strategy 2040 to modernize aviation and boost connectivity.

✈️Shorter Trips: International flights to the Middle East are being suspended or rerouted amid rising U.S.–Iran tensions, with airlines such as KLM cancelling or limiting services to destinations including Dubai, the UAE and Israel.

🛒Closing Shop: UAE-based Al Habtoor Group has shut down all operations in Lebanon and laid off staff.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed met with Asif Ali Zardari, President of Pakistan in Abu Dhabi on Tuesday.

Saudi Crown Prince Mohammed bin Salman, held a phone call with Iran’s President Masoud Pezeshkian on Tuesday who said he welcomes any process to avoid war.

Prince Mohamed also chaired the Cabinet session held in Riyadh on Tuesday.

Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and Deputy Prime Minister, met with Abdullah Ali Al Yahya, Kuwait’s Minister of Foreign Affairs, upon his arrive to Kuwait on Tuesday.

➿ On the Circuit

Nigel Farage, leader of the Reform UK party, sought backing from wealthy donors at a Dubai lunch on Tuesday hosted by Indian billionaire Sunny Varkey.

Martin Edelman, a New York real estate lawyer and advisor to Emirati leaders who sits on the board of Abu Dhabi-based investment firm MGX has been appointed to the Executive Committee of U.S. President Donald Trump’s Board of Peace, The New York Times reports.

Omar Al Olama, UAE Minister of State for AI, Digital Economy and Remote Work Applications said that the Abu Dhabi-based Stargate UAE data center project will cost more than $30 billion to build, 50% more than projected when it was announced last May.

Mazen Al Salhani, Syria’s Minister of Tourism, told The National that the country needs as much as $100 billion in investment over the next seven years to revive its tourism sector as the country seeks to bring back international visitors and create jobs.

Meshal Abdullah Mohammad Aliwas named Chairman of UAE-based multimedia streaming platform Anghami, succeeding Sheikha Adana Nasser Sabah Al-Sabah who stepped down.

🎶 Culture Circuit

🖼️ Diriyah Dazzle: Sotheby’s holds an art auction this weekend in Riyadh’s historic Diriyah section featuring Saudi artists Mohamed Siam and Dia Aziz Dia, alongside works by Pablo Picasso, Andy Warhol and Anish Kapoor. The sale coincides with the Diriyah Contemporary Art Biennale, which invited artists for its third edition to create works inspired by Bedouin encampments and the journeys of nomadic tribes across the Arabian Peninsula.

📷 Photo of the Day

**Dr. Sultan Ahmed Al Jaber**, UAE Minister of Industry and Advanced Technology and CEO of the ADNOC oil company (right), onstage with Indian Oil Minister Hardeep Singh Puri on Tuesday at the India Energy Week conference in Goa, India. (Dhiraj Singh/Bloomberg via Getty Images)

📅 Circuit Calendar

Jan. 26-30, Dubai. Gulfood. The world’s largest food and beverage industry event. Dubai World Trade Centre & Dubai Exhibition Centre.

Jan. 29, Dubai. The Great Marketing & Business Minds. In this 4th edition, the event brings the most influential marketing and business leaders for a deep dive into performance-driven marketing, data integration, and the evolving accountability of brand leadership. Pullman Dubai Downtown.

Jan. 31-Feb. 7, Abu Dhabi. Mubadala Abu Dhabi Open 2026. Some of the biggest names on the WTA Tour compete in the UAE capital, including defending champion Belinda Bencic. Zayed Sports City International Tennis Centre.

Feb 1-6, Dubai. Dubai Fashion Week. The event showcases the latest collections by global and regional designers and positions Dubai as a major creative hub on the global fashion calendar alongside fashion capitals like New York, London, Milan and Paris. Dubai Design District.

Feb. 1-4, Doha. Web Summit Qatar. Connecting a new generation of founders in the Middle East to investors, journalists and more around the world. Doha Exhibition and Convention Center.

Feb. 2-4, Abu Dhabi. The Abu Dhabi AI Summit. The summit aims to strengthen collaboration between MBZUAI and the U.S. NSF Athena Institute to advance research, entrepreneurship and opportunities in Edge AI. Mohamed bin Zayed University of Artificial Intelligence.

Feb. 2-5, Doha. LNG2026. The 21st International Conference & Exhibition on Liquefied Natural Gas. Qatar National Convention Center.

Feb. 3, Dubai. World Laureates Summit. Held alongside the World Government Summit, the inaugural event will bring 200 of the world’s top scientific researchers, marking a historic integration of science and government.

Feb. 3-5, Dubai. World Government Summit. Brings together heads of state, policy makers, top corporate executives to debate global priorities. Madinat Jumeirah.

Feb.4, Abu Dhabi. MEVCA Investors Summit 2026. A forum that provides “knowledge sharing, strategic discussion, and ecosystem engagement” for venture capitalists. ADGM.

Feb. 4-5, Dubai. PropTech Connect Middle East. The Dubai Land Department will host the first regional edition of the real estate technology event. Grand Hyatt Dubai.

Feb. 8-12, Riyadh. World Defense Show. Brings together global weapons manufacturers, government procurement officers and defense contractors. Riyadh International Convention and Exhibition Centre.

Feb. 10-11, Abu Dhabi. Top Advisors & Investors Summit. The event will convene the region’s foremost advisors, financiers, and investors in the UAE capital. TBC

Feb.11, Dubai. AIMA Middle East Forum. This half day event will dive into the key issues shaping alternative asset managers in the UAE and the wider alternative assets eco-system, whether you’re based in the region or looking to explore its potential. Kempinski Central Avenue Dubai.

Feb. 12-13, Riyadh. PIF Private Sector Forum. The event, in its third edition, aims to support the Saudi Public Investment Fund’s Private Sector Engagement Strategic Initiative. King AbdelAziz International Conference Center.

Feb. 13-15, Munich. Munich Security Conference. A global forum for senior political, military and diplomatic leaders to debate and shape responses to major international security challenges. Hotel Bayerischer Hof.

Neom’s mega-city The Line comes under scrutiny for soaring costs

Saudi Arabia’s Public Investment Fund is taking a critical look at Neom and its banner construction project The Line to decide whether building the futuristic city from scratch is still feasible.

The sovereign wealth fund has asked consulting firms to conduct a strategic review and suggest possible changes amid declining oil prices and concerns that the kingdom can’t afford the 170-kilometer (105-mile) project as originally laid out in 2017, Bloomberg reports.

Neom, the PIF’s umbrella company for The Line and an array of other megaprojects in western Saudi Arabia, issued a statement on Monday outlining its aims in assessing The Line.

“As is typical with large-scale, multi-year projects, strategic reviews are common practice and occur several times over the course of a major development project or infrastructure program,” Neom said. “The Line remains a strategic priority and Neom is focused on maintaining operational continuity, improving efficiencies and accelerating progress to match the overall vision and objectives of the project.”

The review reflects changes in the Saudi economy since the stunning $500 billion Neom development was introduced at a gathering of international investors eight years ago by Crown Prince Mohammed bin Salman.

Prices for oil, the bedrock of the kingdom’s finances, reached as high as $139 a barrel in 2022 and have since fallen to about $71. Saudi Arabia needs a price of $96 a barrel to balance its budget, and $113 if domestic spending by the PIF on the Crown Prince’s projects is included, according to Bloomberg Economics.

The Daily Circuit: Lulu IPO drops in debut + PIF sells telecom stake

👋 Hello from the Middle East

In The Daily Circuit today, we’re looking at the PIF’s sale of a 2% stake in Saudi Telecom, ADIA’s mounting private equity investments, NEOM’s focus on getting its sky-high soccer stadium built in time for the 2034 World Cup and Etihad’s $1 billion cabin retrofitting. But first, Lulu’s underwhelming ADX debut.

After electrifying investors across the Gulf who wrestled to buy its shares, mega-grocery chain Lulu Retail Holdings’ IPO landed today with a thud.

Touted as the UAE’s biggest initial stock sale this year, priced at the top of its marketed range and oversubscribed within an hour of its offering, Lulu fell as much as 2.5% in trading on the Abu Dhabi Securities Exchange. The IPO looked like such a sure bet that Lulu boosted the size of the offering to 30% from its initial plan for a 25% sale.

Lulu’s slow start comes weeks after a $2 billion energy-sector IPO by Oman’s OQ Exploration & Production dropped 8% in its debut, Bloomberg reports. Dubai-based supermarket chain Spinneys, which raised $374 million in May, also had an undramatic debut and continues to trade around the offer price. Both those deals were oversubscribed too.

The Middle East is in the midst of an IPO boom that’s seen firms raise around $10 billion this year. Coming soon is an initial share sale from Talabat, the Middle East unit of Berlin-based Delivery Hero, that could reach a value higher than its parent.

Since its founding in 1973, Lulu has grown into one of the Middle East’s largest hypermarket chains and reported a profit of $192 million last year. It serves over half a million shoppers a day from 240 stores in six countries across the Gulf, and employs more than 50,000 people.

The IPO boosted India-born founder Yusuff Ali’s net worth to $7.1 billion, cementing his position as the UAE’s second-richest private individual, according to the Bloomberg Billionaires Index.

Welcome to the Daily Circuit. Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].

📰 Developing Stories

SPORTS FOCUS

In the wake of NEOM’s construction delays and corporate reorganization, the Saudi megaproject is making sure it’s ready to host a series of high-profile sporting events. Work on The Line, NEOM’s $500 billion linear desert city, is now focused on finishing a mile-long stretch including a stadium that is expected to host the final match of the 2034 soccer World Cup, Reuters reports. Another priority is the completion of Trojena, a planned mountain ski resort which will host the Asian Winter Games in 2029. NEOM announced the departure of its longtime Chief Executive, Nadhmi al-Nasr, and his replacement by Aiman al-Mudaifer as acting CEO

SPRUCING UP

Plusher business-class seats, high-speed internet and a dazzlingarray of new entertainment choices. Etihad Airways plans to spend as much as $1 billion to overhaul widebody aircraft as the Abu Dhabi-based carrier looks to refresh its fleet amid delays from planemakers, Bloombergreports. The retrofit program, Etihad’s largest to date, will start with about 50 twin-aisle jets, the Boeing Co. 787 and 777 models, and later expand to all widebody aircraft. “We’re going to retrofit even the planes that don’t need a retrofit, but we believe it’s important for the airline,” to have consistency across the fleet, Etihad CEO Antonoaldo Neves told the news agency.

💲 Sovereign Circuit

Public Investment Fund: The Saudi sovereign wealth fund is selling a 2% stake in Saudi Telecom Co. in a bid to raise about $1 billion for the government’s economic overhaul plan.

Kuwait Investment Authority: Kuwaiti officials are consideringleadership changes at the sovereign wealth fund, potentially replacing Managing Director Ghanem Al-Ghenaiman, Bloomberg reports.

Abu Dhabi Investment Authority: ADIA, which manages close to $1 trillion in assets, is increasing its allocation of investments in the private equity sector, according to the fund’s 2023 annual review published today.

ADQ: The Abu Dhabi sovereign wealth fund is developing its petrochemicals portfolio, “adding value to upstream output – but also overlapping with the interests of Abu Dhabi’s other state-owned investor, Mubadala, which has its own assets in the sector,” SWF Global reports.

↪↩ Closing Circuit

📈 Share Buyback: International Holding Co., Abu Dhabi’s largest publicly traded firm, said it has launched a share buyback program worth almost $1.4 billion.

☀️ Solar Power: Emirates Development Bank has introduced a $27 million financing program with Dubai-based Yellow Door Energy to support the development of more than 60 solar plants across the UAE.

💳 Digital Wallet: Perno, a Dubai-based startup that developed a spending management platform, raised $7 million in a pre-Series A funding round led by Shorooq and Augmentum Fintech.

🏃🏾‍♀️ Fitness Fund: Saudi fitness chain Armah Sports has secured a $48 million Islamic-compliant credit facility from Bank AlJazira to fund capital expenditures for expansion, with a seven-year term and a two-year grace period.

🩺 Healthcare Spending: Bluespine, an Israeli startup that helps manage healthcare spending for self-insured employers, raised $7.2 million in a seed funding round led by Team8.

🗣 Circuit Chatter

🌟 Growing Bigger: Dubai World Trade Centre has launched the first phase of its $2.7 billion expansion plan for the Dubai Exhibition Centre at Expo City Dubai.

🌎 Green Partners: Abu Dhabi renewable energy company Masdar and Albania’s state power utility Kesh signed a preliminary agreement to form a joint venture for developing large-scale renewable energy projects in Albania.

🇨🇳 Banking Adventures: Goldman Sachs’ decades-long efforts to “weave itself into the fabric” of China’s investment banking world and play a key role in other international markets is explored in a feature story by the Financial Times.

🌍 Power Circuit

Saudi Crown Prince Muhammed bin Salman held a phone conversation with Russian President Vladimir Putin in which, among other issues, they discussed the importance of coordination among OPEC+ states, according to a Kremlin statement.

Qatar’s Emir Sheikh Tamim bin Hamad Al Thani made a visit to Turkey today for high-level meetings with the government of Turkish President Recip Erdogan.

➿ On the Circuit

Saudi Minister of Energy Prince Abdulaziz bin Salman led the kingdom’s delegation to the COP29 climate summit in Azerbaijan, outlining a policy that “aims for investments in clean energy to encompass all renewable and traditional resources, while respecting the sovereign rights of countries to utilize their natural resources.”

Yasir Al-Rumayyan, Governor of Saudi Arabia’s Public Investment Fund, is profiled by Fortune magazine in its 100 Most Powerful People in Business for 2024 issue, noting his key role as Chairman of Saudi Aramco in the kingdom’s economic reforms and his involvement in soccer as Chairman of Newcastle United in the English Premier League.

Yousef Al Nowais, CEO of Arab Development Establishment, a UAE business group active in gas and petrochemicals, has acquired a 5% stake in Nextchem, valuing the engineering company’s subsidiary at $1.3 billion.

🎶 Culture Circuit

💃 Riyadh Glamor: Jennifer Lopez, Celine Dion and Halle Berry hit the stage in Riyadh on Wednesday night as Lebanese designer Elie Saab put on a fashion spectacle, Arab News reports. The show, part of the Riyadh Season festival, began with a high-octane performance by Lopez, wearing a revealing dress made up of white crystals. Also featured was “an ode to the female figure,” where dresses in different shades of pink and green were lit up on stage to music by singer-songwriter Camila Cabello.

📷 Photo of the Day

**Emirates repainted one of its Airbus A380** planes before its flight to New York to mark the airline’s sponsorship of the Emirates NBA Cup basketball series that runs through Dec. 17 (Photo: Emirates)

📅 Circuit Calendar

Nov. 15-17, Abu Dhabi, UAE: Sir Bani Yas Forum, The three-day annual retreat, sponsored by the UAE Ministry of Foreign Affairs and the Atlantic Council, brings together top decision-makers and experts to debate regional peace, security and economic transformation. Qasr Al Sarab Resort.

Nov. 19-20, Dubai: Dubai Future Forum. Bringing in different people to discuss the future of the world and youth’s role in changing the narrative. Museum of the Future.

Nov. 20-24, Abu Dhabi: Abu Dhabi Art. Annual art fair brings together Emirati and international galleries, offering artworks for sale, alongside exhibitions, artist commissions and installations. Manarat Al Saadiyat.

Nov. 21-24, Abu Dhabi: Abu Dhabi International Boat Show. A platform for marine enthusiasts that offers live performances and the opportunity to navigate the waters of Abu Dhabi. ADNEC.

Nov. 23-24, Dubai: Forbes Medical Tourism and Wellness Summit. Discussions will center around efforts by participant countries to attract patients from abroad for medical care. Jumeirah Beach Hotel.

Nov. 26-28, Abu Dhabi: Global Media Congress. The event brings together a range of media groups to discuss the latest trends in publishing and media.

Nov. 26-29, Dubai: Big5 Global. The event gathers participants who are interested in technology and construction. Dubai World Trade Centre.

Dec. 4-6, Abu Dhabi: Abu Dhabi Business Week. Participants will hear from business pioneers who built billion-dollar enterprises, developed global brands and led significant campaigns. ADNEC.

Dec. 5-6, Abu Dhabi: Milken Institute Middle East and Africa Summit. Corporate executives, investors, government officials, and philanthropists gather to address the globe’s most pressing issues. St. Regis Saadiyat Island.

Dec. 5-8, Abu Dhabi: Abu Dhabi Grand Prix 2024. World’s fastest race drivers compete in the Abu Dhabi leg of the Formula One season. Yas Marina Circuit.

Dec. 5-14, Jeddah, Saudi Arabia: Red Sea Film Festival. Directors from Saudi Arabia and abroad will premiere feature films at the 10-day event. Al-Balad.

Dec. 9-10, Abu Dhabi: The Bitcoin Conference. The conference connects industry leaders in an exposition hall featuring a fusion of technology and art. ADNEC.

Dec. 9-12, Abu Dhabi: Abu Dhabi Finance Week. Market experts and entrepreneurs from around the world discuss the latest market trends. Al Maryah Island, ADGM Square.

NEOM teams up on $187 million cement factories to build The Line

Saudi Arabia is taking concrete steps to accelerate construction of The Line, its planned trillion-dollar city of the future.

NEOM, which runs the project and surrounding development of the kingdom’s Red Sea coast, signed a partnership agreement with a Saudi construction company to build cement factories costing $187 million that will be used for the structure, which is planned to extend 110 miles across the desert.

The manufacturing facilities, which begin operations in November, will use carbon capture technology and a range of energy-saving innovations, NEOM CEO Nadhmi Al-Nasr told the Saudi Press Agency.

He said the deal illustrates “the critical role local partnerships play in delivering this transformational project efficiently and sustainably.”

The Weekly Circuit: UAE, India and Israel team up

👋 Good Monday morning in the Middle East!

Amid the business lull this week with the intersection of Ramadan, Passover and Easter, the Middle East has been rattled by developments in the region. Three weeks after Iran and Saudi Arabia said they would renew diplomatic relations in an agreement brokered by China, the U.S. Navy announced it was sending a nuclear-powered submarine equipped with guided missiles to its base in Bahrain, passing through Egypt’s Suez Canal and the Persian Gulf. In turn, Iran said it will conduct a maritime exercise that will send its ships into both the Gulf and the Red Sea.

Israel is on alert in the wake of missile attacks from Lebanon and Gaza, while Palestinian gunmen killed two Israeli-British sisters in the West Bank and an Arab attacker in Tel Aviv rammed his car into a crowd and killed an Italian tourist.

Economic growth will slow across the Middle East and North Africa this year as inflation heightens food insecurity, according to the World Bank. Gross domestic product in the region is expected to drop to 3% in 2023 from 5.8% last year, the World Bank said in a March 30 report. Almost one in five people living in MENA’s 16 poorest countries will face food insecurity, of which 8 million children under the age of 5 will regularly suffer from hunger, according to the report.

Two Saudi astronauts, including the first Arab woman in space, will blast off next month on a NASA mission to the International Space Station. Rayyanah Barnawi, a breast cancer researcher, and her crewmate Ali Al Qarni, a fighter pilot in the Saudi Air Force, will join American and Canadian astronauts when the SpaceX rocket launches from the Kennedy Space Center in Florida on May 9. Waiting for them in the orbiting space lab will be Emirati astronaut Sultan Al Neyadi.

Welcome to The Weekly Circuit, where we cover the Middle East through a business and cultural lens. Read on for the stories, deals and players at the top of the news. Please send comments and story tips to [email protected].

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TRADING PARTNERS

Gulf ties with Indian health care industry draw investors to Mideast alliance

Sonu Mehta/Hindustan Times via Getty Images

When Hong Kong-based fund manager Sean Debow went hunting in India for promising health care investments in 2009, he became intrigued by the growing demand for knee and hip replacement surgery, The Circuit’s Jonathan Ferziger reports. Many private hospitals in New Delhi and Mumbai were filling beds for such elective operations with patients from the nearby Arab Gulf states who were struggling with obesity. The trend in medical tourism that Debow discovered 14 years ago when he ran a small regional investment firm has fueled a significant part of his India strategy as CEO for Asia of Eurizon Asset Management, the Milan-based unit of Italy’s biggest banking group, Intesa Sanpaolo. With $416 billion under management, Eurizon invests in some of India’s biggest hospitals and pharmaceutical companies.

Trade quartet: “I’ve been watching the sector grow,” Debow told The Circuit during an interview in Tel Aviv. “The accelerant has absolutely been the growth from the Gulf, whereby there’s this mutual trust between Indian health care companies, health professionals and people in the Gulf,.” The close ties between India and the Gulf states has in turn become a pillar of the regional trade alliance known as “I2U2” that was designed to promote cooperation among India, Israel, the United Arab Emirates and the U.S., following up on the 2020 Abraham Accords. Creating the quartet was among the foreign policy objectives that U.S. President Joseph Biden sought to reinforce during his visit to Israel and Saudi Arabia last July. Health care is among the central components of the initiative, which also aims to promote investment in water, energy, transportation, space and food security.

Partner’s synergy: Debow, a 56-year-old Canadian who is also chief investment officer for Eurizon Asia and has spent three decades managing money in the region, describes a level of synergy among the group’s four members in the health care market. It’s based on the wide-ranging U.S. leadership in the field, the UAE’s willingness to invest large sums of money, Israel’s innovative medical startups and India’s position as the world’s fifth-biggest economy with a population that is projected to surpass China’s this year, he said. Israel’s Teva Pharmaceutical Industries is the largest maker of generic drugs while India’s Sun Pharma is ranked No. 4. Betting on India’s health care industry, where he says “it would not be unusual to see 30% compounded growth for the next five years,” Debow said cooperation with the UAE, Israel and the U.S. is good for everyone.

Water from air: Formally established in October 2021 by U.S. Secretary of State Tony Blinken and the foreign ministers of the UAE, India and Israel, I2U2 got a top-level launch last year. Biden held a video conference from Jerusalem to discuss the initiative with Sheikh Mohammed bin Zayed, now president of the UAE; Indian Prime Minister Narendra Modi; and the Israeli prime minister at the time, Yair Lapid. Besides health care, other areas where the commercial paths of the three countries intersect is in water conservation and the diamond trade. Watergen, an Israeli company that can extract large quantities of drinking water from the air, opened a branch in India after a visit in 2018 by Prime Minister Benjamin Netanyahu. Watergen also started operating in the UAE after the Abraham Accords normalized ties between the two countries that had no diplomatic relations before 2020.

Opening corridors: The transition of the landmark Arab-Israeli agreements into a multilateral network will have further benefits down the line in developing the alliance as a regional hub for international trade, Sanjeev Dutta, executive director of commodities and financial services at the Dubai Multi Commodities Centre, told The Circuit. “You’re opening up corridors, you’re opening up efficiencies, you’re removing a protectionist mentality,” Dutta said.

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Circuit Chatter

Venture Partners: The venture arm of Saudi Arabia’s Public Investment Fund has begun disclosing its partnerships with nearly 40 U.S. VC firms and several international funds.

Changing Places: Fairmont Hotels & Resorts has moved its headquarters from Paris to Dubai as part of an effort to focus on the Gulf’s growing hospitality industry.

Royal Treatment: Cruise Saudi, a kingdom-owned business, will launch a luxury yacht with 47 suites, Japanese gardens and high-end restaurants.

Missed Target: An Israeli sovereign wealth fund that was set up with profits from offshore gas finds holds $617 million, one-sixth of government predictions.

Sleep Safely: Red Sea Global, which will open 13 hotels on Saudi Arabia’s western coast, is sending security staff for anti-terrorism training with Saudi Special Forces.

Russia Crackdown: The UAE Central Bank revoked the license of Moscow-based MTS Bank in compliance with international sanctions.

Off the Road: Kuwait may withdraw driver’s licenses from expatriate residents whose salaries are below $1,950 a month and individuals without university degrees.

Charity Click: Amazon will use its technology and logistics expertise to help the UAE Food Bank distribute meals as part of its “Iftar on Wheels” program.

Closing Circuit

Sports Wager: Entertain, one of the world’s biggest sports betting companies, bought Israel’s 365Scores for $160 million.

No Thanks: Tunisia turned down a $1.9 billion International Monetary Fund bailout, rejecting demands to reduce food subsidies and other economic reforms.

Digital Access: The World Bank approved a $450 million loan to help Morocco expand access to financial and digital services.

Setting Fares: Israel’s Fetcherr, which created an AI-based pricing system used by airlines, secured a $12.5 million investment from investors led by M-Fund.

Space Bill: The UAE is issuing a new AED 1,000 bill that depicts its late founding leader, Sheikh Zayed bin Sultan, sitting next to a model of a space shuttle.

Drink Up: Anheuser-Busch InBev, the world’s largest brewery, will select as many as six Israeli startups for joint R&D projects or new pilot business ventures.

On the Circuit

Reza Ameri was appointed Iranian ambassador to the UAE, a post that has been vacant for eight years. Ameri was previously ambassador to Algeria, Sudan and Eritrea.

Eric Gan was named CEO of Israel’s Cybereason as the company raised $100 million in a financing round led by SoftBank, where Gan was a senior executive.

Isaac “Yitz” Applbaum, co-founder of Mizmaa Ventures, appears on Joe Lonsdale’s “American Optimist” podcast to talk about the wide-ranging investment opportunities he’s found in the Gulf and Israel. “I’m the first Orthodox Jewish boy from Brooklyn who’s chairman of a genome sequencing company in Saudi Arabia,” he says. “Think about that.”

Kevin Mayer, co-founder of Smash Capital, is trying to raise $500 million and double the size of his VC fund, which invests in consumer internet and technology startups, according to The Information.

Ahead on the Circuit

April 26-27, Dubai, UAE: FiNEXT Awards and Conference 2023. A platform for global investors, financial institutions and fintech companies to interact. Le Meridien Dubai Hotel and Conference Centre.

May 2-3, Tel Aviv, Israel: Agritech Israel. Introducing innovative farming technologies for growing food and meeting the challenges of climate change, water shortages and desertification. Expo TLV.

May 3, Tel Aviv, Israel: GoForIsrael Investment Conference. Connecting global investors and technology companies. Co-hosted by Cukierman & Co and Catalyst Investment. Tel Aviv Hilton.

May 11, Dubai, UAE: Annual Private Wealth Middle East Forum. Conference connecting family offices, high-net-worth wealth managers and investors. Shangri-La Hotel.

May 15-16, Abu Dhabi, UAE: Mobility Live Middle East 2023. Conference brings together investors, corporate executives, policymakers to discuss the future of transportation. Abu Dhabi National Exhibition Center.

May 23-25, Doha, Qatar: Qatar Economic Forum. Qatari financial leaders, international investors and corporate executives meet to discuss global financial challenges.

May 29-31, Tokyo: Israel-Japan Innovation and Technology Conference. Calcalist and Israel Discount Bank hold three-day conference pairing Israeli and Japanese investors and business executives. Toranomon Hills Forum.

Culture Circuit

Afghan Stand-in: Saudi Arabia’s AlUla region will substitute for Afghanistan’s barren desert terrain when the action thriller movie “Kandahar,” which stars Gerald Butler as an undercover CIA operative trapped in hostile territory in Afghanistan, is released on May 26. The film, directed by Ric Roman Waugh, is the first made in AlUla, which Saudi Arabia is promoting as a prime location for movie-making and a cultural oasis in the Arabian desert. The AlUla Cultural Center, whose mirrored facade reflects the rocky cliffs that surround it, was home last month to a retrospective of ‘60s artist Andy Warhol. Produced by the G-BASE, Thunder Road, Capstone Studios and MBC Studios ,

Masters Runners-Up: When Spaniard Jon Rahm came from four shots behind to win the Masters on Sunday at the Augusta National Golf Club in Augusta, Ga., he was trailed by two stars of the upstart LIV Golf league who have fought all year to challenge the predominance of the PGA Tour. Phil Mickelson and Brooks Koepka, leaders in the LIV league, which is backed by Saudi Arabia’s Public Investment Fund, tied for second place in professional golf’s most prestigious competition. The PGA Tour is suing LIV for poaching some of its top players, including Mickelson and Koepka.

Pharaoh in Paris: The sarcophagus of Ramses II, the ancient Egyptian pharaoh, is on display in Paris for a rare exhibition recognizing French assistance in protecting the mummy found inside from decay. While the coffin is part of a traveling museum show of Egyptian treasures found in the tomb of Ramses II, only visitors to the French exhibition will be able to view the sarcophagus. The mummy itself, which was included in an international tour in 1976, remains in Cairo because of an Egyptian law that forbids transporting royal mummies to other countries. The Paris show at the La Villette exhibition grounds runs through Sept. 6.