The Daily Circuit: NEOM elevates acting chief + Riyadh’s IPO pipeline
👋 Hello from the Middle East!
In the Daily Circuit today, we’re reporting on NEOM’s acting Chief Executive securing the permanent post, Riyadh’s coffee and cookies IPO pipeline, the tête-à-tête between Saudi and Indian leaders in Jeddah. Plus a Circuit interview with Dr. Fatma Almulla, newly appointed head of Abu Dhabi’s HELM biotech investment project. But first, the Arabian Peninsula awaits Trump.
Now it’s official. U.S. President Donald Trump will travel to the Gulf starting May 13 for a four-day trip that will take him to Saudi Arabia, Qatar and the UAE.
Besides a heavy geopolitical agenda dealing with the strife-torn Middle East, the regional tour will focus on trade, particularly the 10% tariffs Trump announced for each of the GCC member countries. That’s an increase from previous levels, but nowhere close to the 145% levies imposed on China, which has roiled world markets with the prospect of a trade war.
The U.S. leader is especially game to lock down commitments from Saudi Crown Prince Mohammed bin Salman and UAE President Sheikh Mohamed bin Zayed to invest vast sums in the U.S. – $600 billion over 10 years from Saudi Arabia and $1.4 trillion from the Emiratis. Trump said he hopes to push the Saudi investment to $1 trillion.
White House spokeswoman Karoline Leavitt announced the trip at a White House briefing on Tuesday, saying the President intends to “strengthen ties” with the three Gulf states. “He will have many bilateral meetings and talks, and we look forward to the trip,” she said.
Trump said he discussed trade with Israeli Prime Minister Benjamin Netanyahu in a phone call on Tuesday, which also covered Iran and other topics, and posted it on his Truth Social platform. He made no mention of a possible side-trip to Israel after the Gulf tour. “We are on the same side on every issue,” Trump said.
The visit to Saudi Arabia was planned as the President’s first foreign trip since his inauguration, as he did at the beginning of his first term in 2017. That was overridden by the death of Pope Francis, with Trump scheduled to attend the funeral in Rome this coming Saturday.
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Circuit Q&A
Abu Dhabi bets on extending longevity with new HELM biotech investment hub
The UAE, which created a ministry to promote tolerance and coexistence nearly 10 years ago, is now making longer life expectancy into a national project, tapping a young female biochemist to lead its investment campaign, The Circuit’s Omnia Al Desoukie reports.
Fatma Almulla, an expert in Mideast healthcare finance, was appointed this month to head the Abu Dhabi Investment Office’s new initiative called HELM, which stands for Health, Endurance, Longevity and Medicine. The Mubadala sovereign wealth fund is a strategic partner.
In an interview with The Circuit, Almulla, 31, said she will seek to develop a cluster of alliances with some of the biggest pharmaceutical companies and healthcare firms – part of an effort to make the UAE a world leader in medical innovation. HELM aims to raise more than $11 billion in investment over the next 20 years.
📰 Developing Stories
IPO PIPELINE
Saudi Arabia’s United Carton Industries received three times the offers it needs this week to raise about $160 million in an IPO, the first on Riyadh’s Tadawul Stock Exchange since new U.S. tariffs rocked the world market, Bloomberg reports. In the kingdom’s IPO pipeline are several food and beverage companies that could be affected by any economic downturn that may stem from tumbling oil prices. Coffee chain Half Million and cookie-maker Deemah are among the firms that are speaking to banks about an initial share sale, the news agency reports. Others include the Barn’s coffee chain and Hashi Basha, which operates a chain of restaurants known for its camel meat.
DATA DELUGE
Dubai’s telecom company, du, is collaborating with Microsoft to build a $545 million “hyperscale” data center. Microsoft will be the primary tenant of the center, which will be built in stages. Hyperscale centers are facilities used to meet the huge data and storage demands of AI and cloud computing services. Currently, du operates five data centers across the UAE. The project was unveiled on Tuesday by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, UAE Deputy Prime Minister and Defense Minister and Chairman of the Dubai Future Foundation. “Data is the wealth of the future and the foundation of technological progress,” he said.
💲 Sovereign Circuit
Public Investment Fund: Aiman al-Mudaifer, acting CEO of Saudi Arabia’s NEOM megaproject, will be offered the permanent post, succeeding Nadhmi al-Nasr, who resigned in November, Reuters reports.
ACWA Power, the Saudi utility backed by the PIF, secured a $119 million Islamic-compliant loan from Alinma Bank to fund its new Riyadh headquarters.
Qatar Airways: The government-owned carrier will join forces with IAG, the parent company of British Airways, and Malaysia Aviation Group to create a new cargo business that would help the three companies streamline costs and expand their flight route networks, Bloomberg reports.
Mubadala: Meera Al Suwaidi, Head of Sovereign Partnerships at Mubadala, has been selected to join the Forum of Young Global Leaders, a three-year-old project within the World Economic Forum.
↪↩ Closing Circuit
🧈 Gold Digging: Egypt’s Mineral Resources Authority and South Africa’s AngloGold Ashanti have signed an agreement to mine gold in the Eastern Desert.
☎️ Dial-a-Loan: Saudi Telecom Co., the kingdom’s biggest mobile operator, is expanding into corporate lending after launching a new digital banking unit backed by Western Union, Bloomberg reports.
💵 Bond Traders: Oman is offering new five-year government bonds worth $259 million at 4.6% annual interest, open to all investors, with trading allowed via the Muscat Stock Exchange.
🤖 Claims Assistant: Healthee, an Israeli startup that automates the complicated process of filing U.S. health insurance claims, raised $50 million in a Series B funding round led by Key1 Capital.
🗣 Circuit Chatter
🍞 Let It Rain: Morocco expects the 2025 grain harvest of wheat, durum and barley to exceed last year’s by 41% because of improved rainfall, Agriculture Minister Ahmed El Bouari said on Tuesday.
🤳 Insta City: The Visit Dubai tourist board is launching an “influencer academy” with travel content agency Beautiful Destinations to train digital creators and boost tourism.
🍫 Chocolate Diplomacy: Iran exported 40% more pistachios to the UAE in the six months to March 2025 than during the entire previous year amid the frenzy over Dubai chocolate, the Financial Times reports.
🔌 Plug and Play: The UAE’s largest dedicated EV charging hub will open in Ajman later this year, featuring a “super-premium” experience including green landscaping and fountains for drivers to enjoy while they wait, The National reports.
⛲ Big Bucks: Emaar has done the maths and worked out that it has invested over $1 billion enhancing Dubai’s global identity through iconic attractions, including creating and operating Dubai Fountain.
🌍 Power Circuit
Saudi Crown Prince Mohammed bin Salman held talks in Jeddah on Tuesday with Indian Prime Minister Narendra Modi, and the two leaders jointly chaired a meeting of the Saudi-Indian Strategic Partnership Council.
UAE President Sheikh Mohamed bin Zayed launched “Barakatna,” an initiative aimed at enhancing the quality of life for senior citizens.
➿ On the Circuit
Mohamed Abushahab, the UAE’s Permanent Representative to the United Nations, met Gary White, Co-Founder and CEO of Water.org to discuss the UAE’s priorities as co-host of the 2026 UN Water Conference, as well as the nonprofit’s crucial work in addressing the global water crisis through innovative financial solutions.
Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and the President and CEO of QatarEnergy, met Hendrik Wüst, the Minister-President of the State of North Rhine-Westphalia in Germany, on Wednesday in Doha to discuss energy collaboration, the company said in an e-mailed press statement.
Klaus Schwab, who stepped down last year as leader of the World Economic Forum, is under investigation by the organization he created amid allegations of financial and ethical misconduct by him and his wife, The Wall Street Journal reports.
Hussain Sajwani, the Emirati billionaire and DAMAC Properties Founder and Chairman, shared a photo on Instagram with U.S. President Donald Trump in the Oval Office.
🎶 Culture Circuit
🎥 Film School: Saudi Arabia’s Red Sea Film Foundation is launching a mentorship program with Spike Lee, the Academy Award-winning filmmaker known for “Malcolm X” and “BlacKkKlansman”. The program will give 15 emerging directors from the Middle East and Asia a “one-of-a-kind” opportunity to learn from Lee, with applications closing tomorrow and the program taking place from April 30 – May 3. Last year, Lee served as the president of the jury for the fourth edition of the Red Sea International Film Festival in Jeddah.
📷 Photo of the Day
📅 Circuit Calendar
April 23-24, Dubai. Dubai AI Festival. Bringing together tech leaders to explore and expand the commercial and economic possibilities of AI technology.” Madinat Jumeirah.
April 25 – May 11, Dubai. Dubai Esports and Gaming Festival. Dubai’s gaming and esports extravaganza brings together global players, creators, fans, and industry leaders. Dubai World Trade Center.
April 27-29, Abu Dhabi. Culture Summit. The annual event features panels, case studies, creative conversations, artist talks and workshops. Manarat Al Saadiyat.
April 28-May 1, Dubai. Arabian Travel Market. This year’s theme, “Global Travel: Developing Tomorrow’s Tourism Through Enhanced Connectivity,” highlights the role of connectivity in the transformation of the tourism industry. Dubai World Trade Center.
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 5-6, Abu Dhabi. Governance of Emerging Technologies Summit. Shaping Responsible Governance of AI & Emerging Technologies in a Future Digital Economy. St. Regis Saadiyat Island Resort.
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 6-8, Dubai. Airport Show. Showcasing the latest technological advancements in the airport industry. Dubai World Trade Center.
May 6-8, Dubai, GISEC. The 14th edition of the Middle East and North Africa’s largest cybersecurity event, under the theme “Securing an AI-Powered Future.” Dubai World Trade Center.
May 12-13, Dubai. Dubai FinTech Summit. Exploring a future where finance is accessible, inclusive, and empowering. Madinat Jumeirah.
May 13-14, Dubai. Low Carbon Fuels MENA. The conference promises a space for industry leaders, potential partners, and innovators to discuss potential opportunities and challenges. Sheraton Dubai Creek Hotel & Towers.
May 13-15, Dubai. CABSAT. The Middle East & Africa’s leading event for content, broadcast, media & entertainment industry professionals looking to leverage the latest technology and innovation in creating the next-gen content. Dubai World Trade Center.
May 16-17, Tirana, Albania. FII Priority Europe 2025. Saudi Arabia’s Public Investment Fund sponsors a regional business summit focused on Europe and is affiliated with the annual Future Investment Initiative conference in Riyadh. National Theater of Opera and Ballet.
May 20-22, Doha, Qatar. Qatar Economic Forum. Annual conference bringing together Qatari government and business leaders with corporate executives, investors and policymakers from around the world. Media City Qatar.
May 26-27, Abu Dhabi. Building the Future Summit. This Forbes event serves as an exclusive platform for industry leaders, investors, architects, and innovators to explore the latest trends shaping the future of real estate. Louvre Abu Dhabi.
May 29-30, Tripoli, Libya. Building the Future Summit. A Forbes event that is designed to help delegates from Libya understand their investment opportunities, foster strategic partnerships, and showcase key reforms that will drive economic progress. Venue TBA.