ADNOC signs $3 billion LNG deal with Hindustan Petroleum

India signed a $3 billion deal to buy liquefied natural gas from the United Arab Emirates, making it the UAE’s largest LNG customer, as the two countries moved to deepen trade and defense ties.

The agreement was struck during a visit by UAE President Sheikh Mohamed bin Zayed, with both sides pledging to double bilateral trade to $200 billion within six years and pursue a strategic defense partnership.

According to the agreement, Abu Dhabi state firm ADNOC Gas will supply half a million tons of LNG a year to Hindustan Petroleum over 10 years, taking ADNOC’s total contracts with India to more than $20 billion.

Indian officials asserted that defense cooperation with the UAE would not draw New Delhi into regional conflicts, despite shifting alliances in the Gulf.

UAE President visits India for trade, energy and diplomacy

UAE President Sheikh Mohamed bin Zayed began a visit on Monday to India, where he was due to meet Prime Minister Narendra Modi.

This marks the UAE President’s third visit, and comes after trade between the UAE and India surged to $100 billion in 2024‑25 following implementation of a Comprehensive Economic Partnership Agreement.

The visit also comes as state-owned Etihad Water & Electricity said it is planning a feasibility study for a proposed undersea power link.

The “One Sun, One World, One grid” initiative would allow solar power to be traded between the countries. The UAE is home to more than 3.5 million Indians, its largest expatriate community.

UAE to ban most single-use plastics in pollution crackdown

The UAE is preparing to impose a ban on most single-use plastics widely used in the food delivery industry, under a major push to reduce pollution.

From Jan. 1 it will be illegal to import, manufacture or trade a range of single-use plastic and styrofoam items, including cutlery, straws, beverage cups and lids, plates and food containers, The National reports.

The Ministry of Climate Change and Environment sent a reminder on Tuesday urging all businesses to comply with the laws, which were previously announced.

Rules around single-use plastic bags, which were banned in Abu Dhabi in 2022 and UAE-wide in 2024, will also be tightened.

Studies have found that nine out of 10 turtles and five out of 10 camels found dead in the UAE had plastic in their stomachs.

UAE, Singapore and New Zealand launch coalition to promote rules-based trade

The UAE, Singapore and New Zealand are leading the launch of a new trade coalition among World Trade Organization members as a counterweight to the Trump administration’s so-called “napkin deals” that have unsettled global trade.

Expected to draw in about 10 countries, including Morocco, Rwanda, Malaysia, and Norway, the Future of Investment and Trade Partnership initiative aims to promote rules-based trade, strengthen confidence in digital commerce, and ensure equal treatment for paper and electronic trade documents.

“The idea, at the start, is to keep it as a loose coalition to bolster trade openness and international trade rules, but it may evolve into something bigger over time. It is a work in progress,” one of the officials involved in discussions told The Financial Times.

The scheme will be formally announced next month, with a virtual launch in November and an in-person gathering planned for July 2026.

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.

Click here to read the full interview.

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The Daily Circuit: G42 chief at GITEX + PIF’s China trade zone

Today in the Daily Circuit, we’re looking at Citi’s scenario for a surge in oil prices, the Saudi Public Investment Fund’s planned Special Economic Zone to boost trade with Chinese companies, Mubadala’s buyout of four businesses from Global One Healthcare, and the $178 million raised by ADIA-backed Indian cosmetics firm Purplle. But first, G42’s Peng Xiao says AI cooperation with the U.S. is yielding big results.

Robots ambled through the vast exhibition halls of the Dubai World Trade Centre today, capturing the attention of thousands of participants during Day 2 of GITEX Global 2024, The Circuit’s Omnia Al Desoukie reports from the conference floor.

Racing through the international crowd were late arrivals for panel discussions featuring some of the top luminaries in AI research, many delayed by bumper-to-bumper traffic on Dubai’s downtown streets that annually accompanies the Middle East’s biggest tech conference.

Those who squeezed into today’s showcase session heard Peng Xiao, CEO of the UAE’s G42 artificial intelligence company, back from a trip to the U.S. after recently completing deals with Nvidia, Microsoft and Open AI.

“What I can tell you right now is that the relationship bilaterally, between the U.S. and the UAE cannot be stronger,” Xiao said. “Everything from defense to technology collaboration – we reached a new height.”

Calling attention to a new Climate Technology Center that he announced earlier with Nvidia CEO Jensen Huang, the G42 chief said the two companies are using advanced hardware and software capabilities “to unlock the mystery of weather forecasting and the prevention and handling of extreme weather,” adding, “We are right now working with the best and brightest.”

Among those visiting the conference during its opening day on Monday was Sheikh Mohammed bin Rashid, Ruler of Dubai and the UAE’s Vice President and Prime Minister, who pointed to a 40% increase in international participation at the event as an indication of Dubai’s global importance in AI. Among the pavilions at which he stopped were those of G41, Microsoft, IBM, Oracle, Etisalat, Huawei and H3C.

“We have a clear vision to advance the UAE’s leadership in the global digital and technology landscape, making it the world’s most future-ready nation,” Sheikh Mohammed said.

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DOHA DEALMAKING

Qatar’s Cityscape conference is hatching real estate deals this week in Doha. Qetaifan Projects unveiled two flagship projects on Monday: the SLS Doha and The Groove Residence. It also announced that BBD International will operate the Qetaifan Island North school, while hosting a fireside chat titled “Education in Real Estate Development: Shaping Master Communities.” Qatari Diar, meanwhile, announced a strategic partnership with ST Engineering to develop and operate a smart city platform in Lusail City, utilizing AI and data analytics.

💲 Sovereign Circuit

Public Investment Fund: PIF-backed EWPartners plans to develop a special economic zone near Riyadh’s new King Salman International Airport to boost Chinese trade with the kingdom, Bloomberg reports.

Mubadala: The Abu Dhabi sovereign wealth fund is expanding its pharmaceutical interests through the buyout of four businesses from Global One Healthcare:  Bioventure, Bioventure Healthcare, Gulf Inject and Wellpharma.

Abu Dhabi Investment Authority: Purplle, an Indian online beauty products retailer, raised $178 million in a Series F financing round led by ADIA.

↪↩ Closing Circuit

🌍 Trade Boost: Saudi Arabia’s Export-Import Bank signed a $25 million credit agreement with South Africa’s Standard Bank Group to help increase trade between the two countries.

🏦 Debt Finance: Jordan Ahli Bank will issue $120 million of five-year dollar-denominated bonds at an 8.5% fixed rate, with public subscription open from Oct. 23 to Nov. 5, before the securities are listed on the Amman Stock Exchange.

🚰 Drought Relief: Algeria plans to spend $5.4 billion to build five desalination plants and provide some relief to the drought-stricken nation, Bloomberg reports.

🚚 Logistical Expansion: Agility, a Kuwaiti logistics company, is expanding its Riyadh warehousing facilities through a subsidiary at a cost of $67 million.

⏰ Temp Management: Ubeya, an Israeli startup that developed a platform for hiring temporary employees, raised $10 million in a round led by U.S.-based EGP.

↪↩ Circuit Chatter

🛫 Aviation Innovation: Riyadh Air, Saudi Arabia’s soon-to-be-launched national airline, is teaming up with the FII Institute, which runs the annual “Davos in the Desert” conference, to promote innovation and meet coming challenges in aviation.

✨ Luxury Living: Ohana Development plans to launch a luxury residence in Abu Dhabi, in partnership with a leading global brand that will be revealed in the first quarter of 2025.

🚄 Hydrogen Train: Saudi Railway Co. conducted a successful test run of its new hydrogen-powered train, CEO Bashar Al-Malik said on Monday at the Global Logistics Forum in Riyadh.

👤 Upskilled Employees: Microsoft launched the AI National Skills Initiative at GITEX Global 2024, partnering with UAE government entities to help 100,000 employees build their skills at institutions in Abu Dhabi, Dubai and Sharjah.

🌍 Power Circuit

Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and Chairman of ADIA, led the sovereign wealth fund’s board meeting on Monday in a session joined by Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, and Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council. 

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, toured the capital’s Saadiyat Cultural District and reviewed the progress of the final stages of construction for the Zayed National Museum, the Natural History Museum Abu Dhabi, and teamLab Phenomena Abu Dhabi, all set to be completed by the end of 2025.

➿ On the Circuit

Prince Abdulaziz bin Salman, the Saudi Energy Minister, and Philippines Energy Secretary Raphael Lotillasigned a draft agreement in Riyadh on Monday to establish a broad framework for collaboration between the country across a variety of energy sectors.

Sheikh Ahmed bin Saeed, President of the Dubai Civil Aviation Authority, Chairman of Dubai Airports and Chairman and Chief Executive of Emirates Airline,  launched the first phase of the “Dubai Sky Map,” a platform aimed at streamlining civil aviation supervision by consolidating maps and tracking air transport vehicles.

🎶 Culture Circuit

🎾 Net Play: Rafael Nadal and Novak Djokovic lead the ranks of top tennis stars who will compete this week in Saudi Arabia’s Six Kings Slam. The new exhibition event, which runs Oct. 16-19, will feature Nadal playing in one of the final tournaments before his planned retirement after the Davis Cup finals in Malaga, Spain, at the end of November.

📷 Photo of the Day

🗓️ Ahead on The Circuit

Oct. 14-18, Dubai, UAE: GITEX Global. One of tech’s biggest events, the UAE conference brings companies from around the world to showcase their latest innovations. Dubai World Trade Center.

Oct. 15-17, Dubai: Aviation Future Week. Conference brings together UAE ministers, senior government officials and leaders from the aviation, aerospace, air freight and other related industries. Museum of the Future.

Oct. 16- 19, Riyadh, Saudi Arabia: Six Kings Slam. Six of the top players on the ATP players will be playing during the Riyadh Season. The Venue.

Oct.22-24, Dubai: Dubai Helishow. Conference features innovations in hybrid and electric helicopters, AI integration, UAV combat operations, and civil aviation. Skydive Dubai.

Oct. 29-31, Riyadh: Future Investment Initiative Conference, 8th Edition. More than 6,000 global participants registered, including world leaders, policymakers CEOs and investors. King Abdul Aziz International Conference Center.

Oct. 31, Abu Dhabi, UAE: Transition Investment Workshop. NYU Abu Dhabi’s Transition Investment Lab holds a day of discussions on aligning investment decisions with social values. NYU Abu Dhabi, East Forum.

Nov. 4-7, Abu Dhabi: ADIPEC. The event is the biggest gathering for energy leaders, policy makers, and key industry players. It is often attended by heads of multilateral organizations. ADNEC. 

Nov. 5-7, Dubai: EMEA Stakeholder Conference, This invitation-only event brings together over 700 of the most influential leaders from across the hotel and real estate industry in Europe, the Middle East and Africa to discuss the latest trends shaping the hotel industry. Lapita Dubai Parks and Resorts Autograph Collection

Nov. 12-13, Abu Dhabi: CyberQ: Security in the Quantum Era. Conference brings together international experts, policymakers and industry players to discuss challenges of the quantum age of cybersecurity. ADNEC.

UAE’s non-oil trade hits record $381 billion in first half of 2024

The UAE’s pursuit of closer trade ties with fast-growing economies in the Middle East, Asia and Africa saw its non-oil foreign trade hit a record $381 billion in the first half of 2024, up 25% compared to the same period last year. Non-oil exports made up 18.4% of total trade, compared to 16.4% for H1, 2023.

The double-digit expansion in foreign trade defied a global trend in slowing trade growth, spurred on by the signing of so-called comprehensive economic partnership agreements with several countries, Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, said in a statement on Sunday. 

The new trade figures show “the UAE economy’s resilience, which is the result of our steadfast commitment to building strong, productive public-private partnerships as well as fostering collaborative growth with emerging global economies,” Al Zeyoudi said.

The Emirates, which is planning to sign similar trade deals with 26 countries, has so-far inked agreements with India, Turkey, Israel, Indonesia, Cambodia and Georgia, and is negotiating with Serbia, Vietnam, the Philippines, New Zealand and Ecuador.

The deals are considered critical to achieving the UAE’s ambitious target of close to $1.1 trillion in non-oil foreign trade by 2031.

UAE signs deals with Russia and tightens trade relationship

The UAE signed a series of deals and preliminary agreements with Russia this week at the Innoprom industrial exhibition in Yekaterinburg, Russia’s fourth largest city.

Led by Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and Group CEO of state energy company ADNOC, the Emirati delegation met Russian officials and discussed a variety of issues that included concluding a free-trade agreement and improving supply chains in agricultural technology, The National reports.

“We anticipate the removal of excessive barriers to mutual trade in the near future,” Russian Industry and Trade Minister Anton Alikhanov said,” Russian President Vladimir Putin noted during a visit to Abu Dhabi in December that the UAE is his country’s leading investor and trade partner in the Middle East.

The Daily Circuit: Expats fuel Gulf growth + MGM nixes Dubai casino

👋 Hello from the Middle East!

Today we’re looking at efforts by Turkey and Egypt to revitalize trade, MGM dispelling Dubai casino rumors, the PIF’s new joint venture with Italy’s Pirelli and Tiger Woods on prospects for the PGA-LIV merger. But first, an ode to Gulf expats.

Retaining wealthy expatriates for the long-term is critical to the growth of Gulf economies as cities vie to attract workers who are projected to live longer and retire earlier, according to a new report from Mercer, released with the World Governments Summit in Dubai this week.

“GCC countries like the UAE – because of their significant proportion of high-net-worth international expatriates – could benefit from more expatriates staying for retirement,” said Mercer’s Robert Ansari, a co-author of the report. Opportunities are growing for expats in technology and financial services across the region as the GCC relaxes visa rules and expands incentives to lure start-ups, tech companies and multinational financial firms. The UAE’s visa reforms, including its move last month to lower spending requirements to secure a 10-year residency visa, the so-called “Golden Visa,” is one example.

Home sales, a barometer of long-term commitment, are a mixed bag in the Gulf as high prices and rising interest rates pinch buyers. Residential real estate transactions in Saudi Arabia declined 16% last year compared to 2022, according to a new report by property consultancy Knight Frank. Dubai, by contrast, is shrugging off the affordability challenge — the market is hot and international buyers are flocking. The emirate counted a record 1.6 million real estate transactions last year, up 17% compared to 2022, according to the Dubai Land Department.

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Public Investment Fund: The European Commission has granted approval to Italy’s Pirelli Tyre SpA and the PIF for a joint venture to manufacture and sell passenger car tires in Saudi Arabia.

Qatar Investment Authority: The QIA’s CEO Mansoor Bin Ebrahim Al-Mahmoud met with Kazakhstan’s President Kassym-Jomart Tokayev in Doha and discussed establishing a Qatari-Kazakh investment fund. Singapore’s Capitaland is raising a follow-on fund for co-living investments to the Ascott Serviced Residence Global Fund set up by Ascott Ltd. as a 50-50 joint venture with the QIA.

International Holding Co.: Alpha Dhabi, the diversified conglomerate controlled by Sheikh Tahnoon bin Zayed’s IHC, reported a 25% increase in net income, which reached $3.6 billion in 2023.

Business councils promote pact linking UAE, Israel, India and U.S.

A joint campaign by India, Israel, the United Arab Emirates and the U.S. to stimulate trade is picking up momentum.

Under the banner of the so-called I2U2 Initiative, business leaders from the four countries signed a memorandum of understanding last week pledging their cooperation in the project’s six target areas: water, energy, transportation, health, food security and space.

The heads of the UAE-India Business Council, the UAE-Israel Business Council and the U.S.-UAE Business Council approved the document calling for private sector involvement in the partnership, following up on the I2U2 Business Forum that was held in the UAE capital of Abu Dhabi in February.

Dorian Barak, co-chairman of the UAE-Israel group, told The Circuit that the four-way initiative is “emerging as an important pillar” of regional economic integration. “Israelis have long found India a very complex place to do business,” Barak said in an interview. “Some have succeeded magnificently, while many others are now finding that Dubai offers a simpler and more familiar way of engaging with Indian consumers and suppliers.”

Faizal Kottikollan, chairman of the Indian council, said in a statement that he was “committed to rally our members’ support behind this mini-lateral.”

The I2U2 group – a play on the four countries’ initials – was established in 2021 as an outgrowth of the Abraham Accords that normalized Israel’s relations with the UAE, Bahrain and Morocco. It was given a top-level boost during President Joe Biden’s trip to the Middle East last July, when he visited Jerusalem and met with Yair Lapid, who was Israel’s prime minister at the time. Joining them in a video conference from their home countries to launch the I2U2 initiative were Indian Prime Minister Narendra Modi and the UAE’s leader, Sheikh Mohammed bin Zayed Al Nahyan, now president.

Among the activities planned by the business councils, according to their joint statement, are promoting the I2U2 initiative with a series of events held in the four member countries aimed at stimulating commercial ventures. The councils intend to commission a series of papers by think tanks, scholars and thought leaders exploring business opportunities in the six target areas. Those would be supplemented by recorded video interviews made available on websites and other platforms.

In a Washington event to mark the agreement’s signing, the U.S. under secretary of state for economic, growth, energy and the environment, Jose Fernandez, praised the I2U2 as a good example of helping allies increase regional trade. Also present at the April 19 meeting in Washington’s St. Regis Hotel were Yousef Al Otaiba, UAE ambassador to the U.S.; Sripriya Ranganathan, India’s deputy chief of mission to the U.S., and Eliav Benjamin, Israel’s deputy chief of mission to the U.S.

The first project announced after the video conference in July was a $2 billion investment by the UAE in developing a series of food parks across India that would use Israeli and U.S. technologies to reduce food waste, conserve fresh water and use renewable energy sources. A second project is a hybrid renewable energy initiative in India’s Gujarat state to generate 300 megawatts of wind and solar capacity along with a battery system to store the energy.  Last week, Abu Dhabi’s sovereign wealth fund Mubadala and Canada’s Columbia Investment Management announced that they have become anchor investors in Cube Highways Trust, an infrastructure investment trust in India.

Danny Sebright, president of the U.S.-UAE Business Council, said at the meeting that I2U2 ”is a unique partnership of key stakeholders, which will undoubtedly bring value to the business community and to our collective membership in all four countries.”