Oil soars and stocks slide amid Middle East escalation fears

Stocks fell and oil surged as much as 13% in its biggest intraday rise in three years early on Friday, as investors feared a major escalation of tensions in the Middle East after Israel attacked Iran’s nuclear program and Iranian military leaders.

Brent crude surged to $78 a barrel before easing to around $75, rapidly erasing much of this year’s losses caused by trade tensions and increased OPEC+ output. Gold also hit its highest level in weeks, rising 1.2% to $3,423.30 an ounce as investors fled to safety.

Analysts fear that Iran could target shipping in the Strait of Hormuz, which about one-fifth of the world’s oil passes through, potentially disrupting supplies of millions of barrels of oil a day in an extreme scenario. Such a scenario could see prices reach $130 a barrel, JPMorgan Chase & Co. recently warned.

“We are seeing classical risk-off moves,” Matthew Haupt, portfolio manager at Wilson Asset Management, told Bloomberg. “What we are watching now for is the speed and scale of the response from Tehran. That will shape the duration of the current moves. Quite often these moves fade after the initial shocks.”

Meanwhile, Gulf airlines delayed and cancelled flights to Iran, Iraq and Israel on Friday, with some rerouted mid-flight. Israel’s Ben Gurion Airport was closed until further notice, while Iran closed its airspace and Iraq suspended civilian flights. Flights to Lebanon and Jordan were also disrupted.

The Daily Circuit: Oil surges after attacks in Iran + Boeing 787 probe

👋 Hello from the Middle East!

In the Daily Circuit today, we report on troubled planemaker Boeing back in the spotlight after the Air India disaster, a slowdown in contracts issued for large-scale projects in Saudi Arabia, G42 launching a London office, EDGE Group’s joint venture with Italian aerospace company Leonardo, and the ways in which robots are becoming integrated into daily life in the Gulf. But first, the market reacts to events in the Middle East…

Stocks fell and oil surged as much as 13% in its biggest intraday rise in three years early on Friday, as investors feared a major escalation of tensions in the Middle East after Israel attacked Iran’s nuclear program and Iranian military leaders.

Brent crude surged to $78 a barrel before easing to around $75, rapidly erasing much of this year’s losses caused by trade tensions and increased OPEC+ output. Gold also hit its highest level in weeks, rising 1.2% to $3,423.30 an ounce as investors fled to safety.

Analysts fear that Iran could target shipping in the Strait of Hormuz, which about one-fifth of the world’s oil passes through, potentially disrupting supplies of millions of barrels of oil a day in an extreme scenario. Such a scenario could see prices reach $130 a barrel, JPMorgan Chase & Co. recently warned.

“We are seeing classical risk-off moves,” Matthew Haupt, portfolio manager at Wilson Asset Management, told Bloomberg. “What we are watching now for is the speed and scale of the response from Tehran. That will shape the duration of the current moves. Quite often these moves fade after the initial shocks.”

Meanwhile, Gulf airlines delayed and cancelled flights to Iran, Iraq and Israel on Friday, with some rerouted mid-flight. Israel’s Ben Gurion Airport was closed until further notice, while Iran closed its airspace and Iraq suspended civilian flights. Flights to Lebanon and Jordan were also disrupted.

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

📰 Developing Stories

CRASH PROBE

U.S. planemaker Boeing is back in the spotlight as investigators probe the cause of yesterday’s Air India plane crash that killed more than 290 people in the world’s worst aviation disaster in a decade. The Indian government is reportedly considering grounding the airline’s entire Boeing 787 Dreamliner fleet as a precaution while the cause of the disaster is determined. While multiple avenues of investigation are open, early inquiries are considering whether the aircraft suffered a reduction or loss of engine thrust, The Wall Street Journal reports. The crash complicates Boeing’s turnaround efforts under new Chief Executive Kelly Ortberg, just days after the company reported a healthy May order book and ahead of the crucial Paris Air Show next week. There are more than 1,100 Dreamliners in service around the world and just last month Boeing celebrated carrying its billionth customer on the model, which has so far had a good safety record. Boeing shares fell by almost 5% on Thursday.

Ultra-luxury real estate developer Omniyat wants to transform Marasi Bay Island in the Burj Khalifa District into Dubai’s first urban beach club. The reclaimed island, located in a central location in Dubai, will offer curated waterfront experiences and exclusive amenities tailored for ultra-high-net-worth individuals. Connected to Downtown and other key districts, the project is designed to blend upscale living with leisure, wellness, and a touch of resort-style indulgence, according to a promotion published in The National. It will include a yacht club, jetty lounges, and a private floating park.

💲 Sovereign Circuit

Public Investment Fund: The value of large-scale infrastructure contracts issued by the Saudi government and the PIF dropped by 77% in the first five months of 2025 compared to the same period last year, amid falling oil revenues and project realignments, signaling a sharp slowdown in the construction sector.

Public Investment Fund: The PIF earned an estimated $1.2 billion trading Nintendo shares, but may regret reducing its stake just before the record-breaking launch of the Switch 2 console last week, Arabian Gulf Business Insight reports.

G42: The UAE-based AI and technology group launched G42 Europe & U.K., headquartered in London, to deliver tailored AI solutions and support AI infrastructure development by the private sector and governments across the region.

ADQ: AD Ports Group, majority owned by ADQ, signed three agreements with the Arab Shipbuilding & Repair Yard Company to expand marine services and develop strategic maritime projects in Bahrain, including a joint venture to manage drydock facilities and enhance shipbuilding capabilities across the GCC.

↪↩ Closing Circuit

🌀 Power Storage: The African Development Bank has approved $184 million for Egypt’s Obelisk solar and battery storage project, which is expected to be fully operational by the third quarter of 2026. 

🚀 Pumping Up: EDGE Group and Italian aerospace company Leonardo will establish a joint venture in Abu Dhabi to create an advanced defence technology hub.

LNG Import: Egypt signed LNG supply contracts with major global energy firms, including Saudi Aramco, Trafigura, Vitol, Shell, and others, to address peak summer power demand and declining domestic production.

🗣 Circuit Chatter

🛵 Food Delivery: Keeta, the international arm of China’s largest food delivery app, is reportedly preparing to launch in Kuwait by early 2026 as part of its Gulf expansion strategy, possibly through acquiring a local logistics company.

💰 Capital Office: Hudson Bay Capital Management, a $20 billion multi-strategy investment firm, is expanding its UAE presence by opening an Abu Dhabi office later this year, adding to its existing Dubai team, Bloomberg reports.

💰 New Income: Kuwait expects to collect nearly $13.5 million in fines from about 4,100 companies that missed a June 10 deadline to disclose their true ownership, part of a government crackdown on money laundering.

🛢️ Looking Elsewhere: Iraq plans to invest in oil refineries in high-demand Asian markets like India, China, and others to boost crude sales and income.

🏭 Shaky Business: Amid growing earthquake fears, Turkey plans to relocate Istanbul’s industrial zones to safer areas with modern, quake-resistant infrastructure.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed received Muhammad Shehbaz Sharif, Prime Minister of Pakistan, at Qasr Al Shati palace in Abu Dhabi during his working visit to the UAE. Sheikh Mohamed also had a phone call with Mark Carney, Prime Minister of Canada.

Bahrain’s King Hamad bin Isa Al Khalifa received Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, at Al Safriya Palace in Manama during an official visit by an Emirati delegation.

Saudi Crown Prince Mohammed bin Salman has decided not to attend next week’s G7 summit in Canada, Reuters reports.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has issued a resolution appointing Hamad Sayah Al Mazrouei as Undersecretary of the Department of Economic Development.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, met with Howard Lutnick, U.S. Secretary of Commerce, during his ongoing visit to Washington.

Sheikh Mohammed bin Abdulrahman Al Thani, Qatar’s Prime Minister and Minister of Foreign Affairs, met with Jean-Noel Barrot, French Minister for Europe and Foreign Affairs, on the sidelines of the third Qatar-France Strategic Dialogue held in Paris on Thursday.

➿ On the Circuit

Jasem Al-Budaiwi, Secretary-General of the Gulf Cooperation Council, met with British Foreign Secretary David Lammy in London on Thursday.

Aladdin Hangari, Head of Global private banking at HSBC Middle East said that the lack of succession planning by UAE entrepreneurs hinders their legacy.

Francis Alfred, Managing Director of Sobha Realty, said that the luxury developer’s ability to stand out in the UAE’s highly competitive property market is due to its “backward-integrated” model.

🎶 Culture Circuit

🤖Robotic World: In the Gulf, robots are slowly stepping off the screen and into daily life, from greeting visitors at Dubai’s Museum of the Future to patrolling beaches and offering tech support in Saudi hospitals. But this isn’t just about efficiency; it’s about how technology is beginning to shape the cultural fabric of public life, Arabian Gulf Business reports. As Saudi Arabia and its neighbors invest heavily in tourism, leisure, and healthcare, humanoid robots are being woven into the region’s broader vision of modernity, one that blends tradition with innovation. The machines may still be learning, but their presence hints at a future where they’re not just tools, but part of the everyday rhythm of life in the Middle East.

📷 Photo of the Day

A girl walks past stalls during the Indian Mango Festival at Souq Waqif in Doha on Thursday. Gulf countries are among the biggest importers of Indian mangoes, which are in peak season from June to July. (Karim Jaafar / AFP via Getty Images)
A girl walks past stalls during the Indian Mango Festival at Souq Waqif in Doha on Thursday. Gulf countries are among the biggest importers of Indian mangoes, which are in peak season from June to July. (Karim Jaafar / AFP via Getty Images)

📅 Circuit Calendar

June 16-18, Riyadh. Sports Show Riyadh. The event connects exhibitors, architects, developers and key decision-makers from the sports infrastructure development, leisure facilities and public spaces industry. Riyadh International Convention and Exhibition Center.

June 16-18, Dubai. Credit Risk Management For Financial Investments. Credit risk professionals explore strategies for enhancing their frameworks. Venue TBA.

June 16-19, Boston. BIO International Convention 2025. The largest  world conference in biotechnology, drawing 20,000 industry leaders from across the globe, including the Middle East. Boston Convention & Exhibition Center

June 17-18, Abu Dhabi. Abu Dhabi Infrastructure Summit. A platform for policymakers, investors, developers, contractors, and industry experts to explore emerging trends and unlock investment opportunities. Abu Dhabi Energy Center. 

June 17-18, Dubai. Middle East Event Show. Featuring exhibitors, speakers, and event professionals, MEES offers expert-led workshops, tech showcases, and networking. Dubai World Trade Center.

June 17-18, Abu Dhabi. RetrofitTech and Sustainable Buildings. The event will bring industry leaders together to explore technology’s role in cutting carbon emissions. Dusit Thani Abu Dhabi.

June 17-19, Cairo. Big 5 Construct Egypt. Showcasing the latest products, technologies, and innovations shaping the future of construction. Egyptian International Exhibition Center. 

June 18, Dubai. Critical Infrastructure Summit. Senior stakeholders explore opportunities and challenges in public transportation, climate resilience, green spaces, and robust soft infrastructure. Habtoor Grand JBR. 

June 23-26, Amman. JIMEX Exhibition 2025. The event is a showcase of industrial engineering in the Near East. Jordan International Exhibition Center.

June 24, Dubai. Zawya GCC Capital Markets Forum. The event will bring together a diverse panel of C-suite-level participants from banks and top financial institutions. Fairmont Dubai. 

June 24-25, Dubai. Middle East Rail. The two-day programme will host more than 250 speakers from the region and beyond. Dubai World Trade Center.

June 24-25, Dubai. Mobility Live. A free-to-attend multi-brand exhibition hosting multiple country pavilions and  showcasing cutting-edge solutions. Dubai World Trade Center.

The Daily Circuit: DHL’s $575m Mideast plans + Qatar and Apollo’s pizza play

👋 Hello from the Middle East!

In the Daily Circuit today, we report on India’s plans to export power to the Gulf via high-voltage subsea cables, a Qatar-backed buyout plan for pizza chain Papa John’s, OpenAI in funding talks with the PIF and MGX, and Abu Dhabi gracing coffee tables around the world with its own Assouline book. But first, DHL’s big bet on African healthcare… 

German parcel company DHL will invest $575 million in the Middle East over the next five years, with a heavy focus on Saudi Arabia and the UAE, as it plans to use Gulf hubs as a gateway for a push into Africa.

Investments across all four of DHL’s divisions – DHL Express, DHL Global Forwarding, DHL Supply Chain, and DHL eCommerce – will “significantly strengthen the region’s logistics backbone,” DHL said in a statement.

The delivery giant sees health-care services in Africa and the Middle East as a major growth opportunity and is targeting time-critical shipments of vaccines, stem-cells and cryogenics, DHL’s Head of Life Sciences MEA Annette Naude told Bloomberg. The move will capitalize on Chinese investment in the region.

“We see America has come in and cut costs, but we do see other countries coming to the forefront and filling those gaps,” Naude said. “I went to China and met with a number of investors who are going to make investments on the African continent. Chinese investment in the region is really big.”

Demand for pharmaceuticals in Africa is rising, with revenues expected to reach $33.8 billion by 2030. Drugs and medical devices require specialized supply chains with reliable ultra-cold refrigeration and end-to-end tracking, which can be a major challenge in many parts of the continent.

Advanced insulin from China is among the sought-after medications by African governments, as emerging lifestyle diseases rise in priority next to established healthcare challenges such as malaria.

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

📰 Developing Stories

POWER SUPPLY

India is set to export 2GW of electricity each to Saudi Arabia and the UAE through high-voltage subsea cables, as part of a broader push to position itself as a regional energy exporter. The projects, estimated to cost $5.5 billion for the 1,700km Saudi link and $5.1 billion for the 1,400km UAE connection, were announced by India’s Power Minister Manohar Lal Khattar. State-run Power Grid Corporation of India is leading the initiative and is formalising joint ventures with both Gulf states, following earlier talks with Oman. The undersea connections, which are expected to take six years to complete, are part of New Delhi’s strategic effort to deepen economic and energy ties with the Gulf.

Emirati talent will take centre stage in a new $15 million production slate between Abu Dhabi’s Creative Media Authority and NG9 Group to showcase local creativity on a global platform. The deal includes two feature films and a 10-episode TV series, set to begin filming in September with local crews and creatives under the Abu Dhabi Film Commission’s enhanced rebate programme. The CMA will provide location support, casting, and talent development, while NG9 – a consortium of Nirvana Holding, Gewan Holding, and 9Yards Group – will extend preferential rates on hospitality and transport. The initiative reinforces Abu Dhabi’s strategy to position itself as a global creative hub.

💲 Sovereign Circuit

Public Investment Fund: ChatGPT maker OpenAI has held talks with Saudi Arabia’s PIF, India’s Reliance Industries, and UAE-based MGX about its $40 billion funding round, The Information reports.

Public Investment Fund: Saudi utility ACWA Power, backed by the PIF, plans to invest another $5 billion in Uzbekistan’s energy sector. ACWA said the deal was part of a broader strategy to increase its overall commitments in the Central Asian nation to $15 billion.

Qatar Investment Authority: Qatar-backed Rolls-Royce SMR won a $2.9 billion U.K. contract to build three modular nuclear reactors, boosting parent company Rolls-Royce’s shares to a record high. The QIA owns 10% equity in Rolls-Royce SMR after investing $115 million in the joint venture in 2021.

↪↩ Closing Circuit

🍕 Pizza Slice: Apollo Global Management and Irth Capital, backed by Qatar royal Sheikh Mohamed al Thani, have jointly bid about $2 billion for Papa John’s, Semafor reports.

🪙 Flash Token: Dubai Land Department announced that its second tokenized project on the PRYPCO Mint platform was fully funded in 1 minute and 58 seconds, drawing 149 investors from 35 nationalities and pushing the waiting list to over 10,000.

💰 Oil Growth: Kuwait’s Independent Petroleum Group is borrowing $1 billion through local banks to fund new projects as part of broader efforts to expand the country’s oil sector.

💵 Big Bucks: Saudi Arabia awarded around $9.6 billion in public contracts during the first five months of 2025, with April seeing the highest value and May the lowest, according to the Saudi Contractors Authority.

🖥️ Secure AI: Israeli AI-powered data security startup Cyera raised $540 million in a late-stage funding round, doubling its valuation to $6 billion as it aims to scale its platform to meet rising enterprise demand.

🗣 Circuit Chatter

🟢 Green Light: Shares in Emaar Properties rose on Wednesday after both S&P Global Ratings and Moody’s upgraded the company’s credit ratings.

₿ Crypto Syria: Binance, the world’s largest cryptocurrency exchange, will allow Syrians full access to its platform, including trading over 300 tokens with the Syrian pound, Reuters reports

🚪 Exit Pass: Starting in July, expatriate private sector workers in Kuwait will be required to obtain their employer’s official approval before traveling abroad.

🏗️ 3D Schools: Qatar’s UCC Holding, a construction and energy company,  has started building two public schools using 3D printing, in what is said to be the world’s largest project of its kind.

🤑 Stable Remittance: Fresh off a $1 billion IPO, stablecoin issuer Circle is in early talks with UAE remittance firms to integrate its $60 billion USDC token into one of the world’s busiest payment corridors, Arabian Gulf Business Insight reports

🌍 Power Circuit

UAE President ​​Sheikh Mohamed bin Zayed was invited by Mark Carney, Prime Minister of Canada, to participate in the G7 Summit to be held in Alberta from June 15 to 17.

Sheikh Mohamed, along with Sheikh Mohammed bin Rashid, Ruler of Dubai and UAE Vice President and Prime Minister, and Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, offered their condolences to Saudi Arabia’s King Salman over the passing of Prince Faisal bin Turki bin Saud Al Kabir Al Saud. Condolences also came from the ruling families of Sharjah, Ajman, Fujairah, Umm Al Quwain, and Ras Al Khaimah. Qatar’s Emir, Sheikh Tamim Al Thani, and Deputy Emir, Sheikh Abdullah Al Thani, also conveyed their condolences. 

Sheikh Hamdan bin Zayed, Ruler’s Representative in Al Dhafra Region, received Timur Zabirov, Russia’s Ambassador to the UAE, at Al Nakheel Palace in Abu Dhabi on Wednesday.

Sheikh Sultan bin Ahmed Al Qasimi, Deputy Ruler of Sharjah, President of the University of Sharjah, and Chairman of the University’s Board of Trustees, chaired the fifty-ninth meeting of the Board on Wednesday at his office at the university’s headquarters.

Sheikh Mohammed bin Abdullah Al Nahyan paid a visit to Al Ain FC at training headquarters for the FIFA Club World Cup 2025 in Alexandria, Virginia, on Wednesday in the presence of Sheikh Sultan bin Hamdan Al Nahyan, Chairman of the Board of Directors of Al Ain Club and Chairman of Al Ain FC’s mission at the Club World Cup.

➿ On the Circuit

Mohammad Al Gergawi, UAE Minister of Cabinet Affairs, told a gathering of senior officials and employees of Emirates Airline that the company, which was founded 40 years ago, was the greatest airline in the world and reflected the vision of Sheikh Mohammed bin Rashid, Ruler of Dubai and UAE Vice President and Prime Minister, rooted in Dubai’s enduring passion for competition and innovation.

Abdulla Al Hamed, Chairman of the National Media Office and Chairman of the Board of Directors of the UAE Media Council, held several meetings in London with media sector leaders in preparation for the NMO’s Bridge Summit in Abu Dhabi in December. The meetings were also attended by Dr. Jamal Mohammed Al Kaabi, Director-General of the National Media Office.

Evgeny Ratskevich, CEO of Metropolitan Capital Real Estate, told Arabian Gulf Business Insight that Abu Dhabi’s branded residences are cheaper than in Dubai and Ras Al Khaimah.

Carlos Pascual, Senior Vice President for Geopolitics and International Affairs at S&P Global Commodity Insights, told Zawya that rising solar and battery competitiveness, especially in the Middle East, is reshaping energy markets and driving a regional focus on critical minerals and grid storage.

Thierry Delvaux, CEO of Emirates REIT, one of the UAE’s largest listed Islamic-compliant real estate investment funds, said that strong demand from local and foreign investors, coupled with limited supply, is driving up Dubai office rents and boosting returns.

🎶 Culture Circuit

📚 Bookshelf Bling: Abu Dhabi has been given the Assouline treatment with the launch yesterday of a colorful, high-end travel book about the emirate written by cultural expert Myrna Ayad. The book, titled “Abu Dhabi Bright,” includes beautiful images and highlights attractions including Sheikh Zayed Grand Mosque, Louvre Abu Dhabi and Al Ain’s desert oasis.

📷 Photo of the Day

Virgin Australia cabin crew wave goodbye to the inaugural VA1 service from Sydney to Doha beside the runway at Sydney International Airport on Thursday. Virgin Australia is returning to international long-haul flights through an alliance with Qatar Airways five years after the pandemic forced it into administration and two years since Qatar Airways was initially blocked from expanding in Australia. (James D. Morgan/Getty Images for Virgin Australia)
Virgin Australia cabin crew wave goodbye to the inaugural VA1 service from Sydney to Doha beside the runway at Sydney International Airport on Thursday. Virgin Australia is returning to international long-haul flights through an alliance with Qatar Airways five years after the pandemic forced it into administration and two years since Qatar Airways was initially blocked from expanding in Australia. (James D. Morgan/Getty Images for Virgin Australia)

📅 Circuit Calendar

June 11-13, Dubai. China Homelife UAE Expo. The event features top global suppliers showcasing products ranging from kitchen supplies to building materials. Dubai World Trade Center. 

June 16-18, Riyadh. Sports Show Riyadh. The event connects exhibitors, architects, developers and key decision-makers from the sports infrastructure development, leisure facilities and public spaces industry. Riyadh International Convention and Exhibition Center.

June 16-18, Dubai. Credit Risk Management For Financial Investments. Credit risk professionals explore strategies for enhancing their frameworks. Venue TBA.

June 16-19, Boston. BIO International Convention 2025. The largest  world conference in biotechnology, drawing 20,000 industry leaders from across the globe, including the Middle East. Boston Convention & Exhibition Center

June 17-18, Abu Dhabi. Abu Dhabi Infrastructure Summit. A platform for policymakers, investors, developers, contractors, and industry experts to explore emerging trends and unlock investment opportunities. Abu Dhabi Energy Center. 

June 17-18, Dubai. Middle East Event Show. Featuring exhibitors, speakers, and event professionals, MEES offers expert-led workshops, tech showcases, and networking. Dubai World Trade Center.

June 17-18, Abu Dhabi. RetrofitTech and Sustainable Buildings. The event will bring industry leaders together to explore technology’s role in cutting carbon emissions. Dusit Thani Abu Dhabi.

June 17-19, Cairo. Big 5 Construct Egypt. Showcasing the latest products, technologies, and innovations shaping the future of construction. Egyptian International Exhibition Center. 

June 18, Dubai. Critical Infrastructure Summit. Senior stakeholders explore opportunities and challenges in public transportation, climate resilience, green spaces, and robust soft infrastructure. Habtoor Grand JBR. 

June 23-26, Amman. JIMEX Exhibition 2025. The event is a showcase of industrial engineering in the Near East. Jordan International Exhibition Center.

June 24, Dubai. Zawya GCC Capital Markets Forum. The event will bring together a diverse panel of C-suite-level participants from banks and top financial institutions. Fairmont Dubai. 

June 24-25, Dubai. Middle East Rail. The two-day programme will host more than 250 speakers from the region and beyond. Dubai World Trade Center.

June 24-25, Dubai. Mobility Live. A free-to-attend multi-brand exhibition hosting multiple country pavilions and  showcasing cutting-edge solutions. Dubai World Trade Center.

DHL to invest $575 million in the Middle East

German parcel company DHL will invest $575 million in the Middle East over the next five years, with a heavy focus on Saudi Arabia and the UAE, as it plans to use Gulf hubs as a gateway for a push into Africa.

Investments across all four of DHL’s divisions – DHL Express, DHL Global Forwarding, DHL Supply Chain, and DHL eCommerce – will “significantly strengthen the region’s logistics backbone,” DHL said in a statement.

The delivery giant sees health-care services in Africa and the Middle East as a major growth opportunity and is targeting time-critical shipments of vaccines, stem-cells and cryogenics, DHL’s Head of Life Sciences MEA Annette Naude told Bloomberg. The move will capitalize on Chinese investment in the region.

“We see America has come in and cut costs, but we do see other countries coming to the forefront and filling those gaps,” Naude said. “I went to China and met with a number of investors who are going to make investments on the African continent. Chinese investment in the region is really big.”

Demand for pharmaceuticals in Africa is rising, with revenues expected to reach $33.8 billion by 2030. Drugs and medical devices require specialized supply chains with reliable ultra-cold refrigeration and end-to-end tracking, which can be a major challenge in many parts of the continent.

Advanced insulin from China is among the sought-after medications by African governments, as emerging lifestyle diseases rise in priority next to established healthcare challenges such as malaria.

UAE Lottery launches new digital games, eyeing sector expansion

The UAE Lottery has introduced two new digital games offering prizes of up to $340,000, as it seeks to expand its product offering within the country’s nascent regulated gaming sector.

The launch of Marble Run and Lucky Lagoon, the new titles, overseen by the General Commercial Gaming Regulatory Authority, reflect a broader state-backed effort to formalize lottery and gaming activities, The National reports.

The expansion marks the first significant product rollout since the Lottery was licensed in 2023, and coincides with a multi-year partnership between UAE Lottery operator Game LLC and U.S.-based EQL Games.

The move signals growing investor interest and regulatory confidence in the UAE’s evolving commercial gaming landscape.

The Daily Circuit: EU plans to drop UAE from money-laundering list

👋 Hello from the Middle East!

In the Daily Circuit today, we report on Boeing receiving its highest number of monthly orders in more than a year, boosted by orders from the Gulf, two new digital games launched by the UAE Lottery, a $436 million luxury residential project for Abu Dhabi’s Reem Island and ADNOC awarding $5 billion in contracts for its Rich Gas Development. But first, the EU’s new money-laundering list is out…

The UAE is one step closer to being removed from the European Union’s list of “high-risk” jurisdictions for money laundering, a move the Gulf country has been lobbying for after making progress in its crackdown on financial crime in recent years.

While the European Commission, the executive body of the EU, announced that it had taken the UAE off the list, the update still needs to be ratified by EU member states and the European Parliament, which blocked the first attempt last year. 

The Parliament also pushed back against the same proposal pitched behind closed doors by Financial Services Commissioner Maria Luís Albuquerque in January, Politico reports. It now has one month to issue its no-objection to the updated list, extendable by one month.

The Commission said it had taken into account the work of the Financial Action Task Force, the global body that combats money laundering and terror financing, which took the UAE off its “grey list” in February last year.

It comes two weeks after the UAE and the EU launched talks around a trade agreement which would give the emirates consolidated access to the world’s largest trading bloc and potentially unlock a wider agreement between Europe and the Gulf Cooperation Council.

Editor’s note: The Circuit won’t be publishing during the Eid al-Adha holiday and will return on Monday, June 9. Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].

📰 Developing Stories

SOFT LANDING


Troubled U.S. planemaker Boeing received the highest number of monthly orders in more than a year last month, bolstered by deals made during President Donald Trump’s trip to the Middle East, Bloomberg reports. The total 303 aircraft ordered in May included a deal with Qatar Airways to purchase 120 787 Dreamliners and 30 777X jets, as well as the sale of up to 30 737 jets to AviLease, the global aircraft lessor owned by Saudi Arabia’s Public Investment Fund. Boeing delivered 45 aircraft, including 32 narrow body 737 jets, during the month. The healthy order book comes as Boeing heads to the Paris Air Show next week, a crucial event for sales and an opportunity for the airline to demonstrate that it is recovering from the deep crisis it has been in since early last year.

The UAE Lottery has introduced two new digital games offering prizes of up to $340,000, as it seeks to expand its product offering within the country’s nascent regulated gaming sector. The launch of Marble Run and Lucky Lagoon, the new titles, overseen by the General Commercial Gaming Regulatory Authority, reflect a broader state-backed effort to formalise lottery and gaming activities, The National reports. The expansion marks the first significant product rollout since the Lottery was licensed in 2023, and coincides with a multi-year partnership between UAE Lottery operator Game LLC and U.S.-based EQL Games. The move signals growing investor interest and regulatory confidence in the UAE’s evolving commercial gaming landscape.

💲 Sovereign Circuit

ADNOC: ADNOC Gas, a unit of Abu Dhabi’s national oil company, has awarded $5 billion in contracts for the first phase of its Rich Gas Development project to enhance liquid gas exports and bolster the UAE’s gas self-sufficiency.

Saudi Aramco: Nigeria and Saudi Arabia’s national oil company are struggling to finalize a $5 billion oil-backed loan, which was previously discussed in November, as falling crude prices raise concerns among potential bank lenders, Reuters reports

International Holding Company:  Easy Lease, a subsidiary of IHC, partnered with U.S.-based BigBear.ai and Vigilix Technology Investment to accelerate AI-driven solutions for digital transformation in mobility, logistic​​s and key sectors across the UAE and the region.

International Holding Company: Royal Development Holding, a subsidiary of IHC’s Emirates Stallions Group, has partnered with SAAS Properties to launch a AED1.6 billion  ($436 million) branded residence project on Reem Island in Abu Dhabi.

G42: Nvidia will partner with UAE-based Khazna Data Centers to build AI facilities in the Middle East and Africa.

Public Investment Fund: American professional golfer Bryson DeChambeau ​​​​expressed confidence in his future with the PIF’s LIV Golf tour, saying he’s “super excited” to renegotiate his contract, reported to be worth $100 million, later this year.

↪↩ Closing Circuit

⚕️ Pipe Dreams: Jindal SAW, a manufacturer of steel pipes in India, will establish a $105 million facility in Abu Dhabi to cater to the MENA market. 

🤝 Helping Hand: The European Bank for Reconstruction and Development will lend $86 million to Turkey’s development bank TSKB to support businesses that support women, youth and those affected by the 2023 earthquakes.

🚢 Moving Forward: Dubai-listed Gulf Navigation signed a sale and purchase agreement to finalize its $871 million deal to acquire the assets of Brooge Energy, a Cayman Islands-based midstream oil storage and services company.

🏭 Chemical Bond: Borouge and ADNOC Logistics & Services signed a $531 million partnership to boost UAE petrochemical exports, cut costs, and enhance supply chain operations at the Borouge terminal in Al Ruwais.

🏦 Tapping Debt: Muscat Finance plans to launch a $130 million bond programme in multiple tranches, to be listed on the Muscat Stock Exchange.

🗣 Circuit Chatter

📈 Expanding Shop: Spain’s second-largest lender, BBVA SA, is planning to expand its corporate and investment banking operations in Abu Dhabi by upgrading its representative office into a full banking branch, Bloomberg reports

🪙 Crypto Rules: Abu Dhabi’s ADGM free zone has moved to streamline the approvals process for digital assets as it seeks to attract more institutional players.

🐪 Camel Rides: Egypt wants to attract 30 million tourists by 2031 as part of a new strategy to boost foreign investment in tourism and antiquities, Prime Minister Mostafa Madbouly told a cabinet meeting on Tuesday.

🪨 Carbon Token: The Qatar Financial Centre is developing a tokenised carbon markets ecosystem to facilitate cross-border carbon credit trading.

💵 Discount Offers: Gulf investment banks are slashing or waiving IPO fees to win deals amid a surge in listings, as global activity slows and competition intensifies.

⛰️ Business Influx: Fueled by European tourists and an aggressive marketing drive, Oman’s hotel sector broke its April record for stays and saw revenue climb sharply to $283 million.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed received Qatar’s Prime Minister and Minister of Foreign Affairs, Sheikh Mohammed bin Abdulrahman Al Thani, on Tuesday.

Sheikh Abdullah bin Zayed, UAE Deputy Prime Minister and Minister of Foreign Affairs, met U.S. Secretary of State Marco Rubio at the State Department on Tuesday.

Sheikh Mohammed bin Rashid, Ruler of Dubai and UAE Vice President and Prime Minister, honoured the winners of the fourth edition of the Mohammed Bin Rashid Al Maktoum Global Water Award during a ceremony that took place at Emirates Towers in Dubai on Tuesday and was attended by Sheikh Ahmed bin Mohammed, Second Deputy Ruler of Dubai.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, received Larry Fink, Chairman and CEO of BlackRock, in Abu Dhabi on Tuesday. Sheikh Khaled also chaired a meeting of the Executive Committee of the ADNOC Board of Directors to review the financial performance of the group in the first quarter of 2025.

Sheikh Theyab bin Mohamed, Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs, chaired the Emirates Foundation’s first board meeting of 2025.

➿ On the Circuit

Claude Kurzo has been appointed as JP Morgan’s new Head of Middle East for its asset management division.

Mohamad El Hout, Chairman of Lebanon’s Middle East Airlines, told The National that the airline is studying setting up a low-cost carrier to serve destinations in the Middle East and Europe, as the country plans to construct a second terminal in Beirut airport.

Abdulla Al Hamed, Chairman of the National Media Office and Chairman of the Board of Directors of the UAE Media Council, visited the London Design Biennale 2025, during which he toured the pavilion of the Department of Culture and Tourism – Abu Dhabi.

Ben Black, U.S. President Donald Trump’s nominee for Chief Executive Officer of the U.S. International Development Finance Corporation, had his confirmation hearing before the Senate Foreign Relations Committee on Tuesday.

🎶 Culture Circuit

🐬 Artistic Leap: A species of dolphin known for making acrobatic leaps above the water in its Arabian Gulf habitat is the inspiration for a new sculptural work going on show at Christie’s Dubai today. “Spinning Dolphin Stool” is a seat made from recycled aluminum cans collected from beaches and mangroves by artist Zahra Ebrahimi Behfar, who goes by Saghi.

📷 Photo of the Day

Sheikh Abdullah bin Zayed, UAE Foreign Minister and Deputy Prime Minister, shakes hands with U.S. Secretary of State Marco Rubio at the State Department in Washington on Tuesday. (Alex Wroblewski/AFP via Getty Images)

📅 Circuit Calendar

June 11-13, Dubai. China Homelife UAE Expo. The event features top global suppliers showcasing products ranging from kitchen supplies to building materials. Dubai World Trade Center. 

June 12, Dubai. Dubai Family Office Investment Summit. The event hosted by Epicon Capital Club is aimed at family offices, serial entrepreneurs, private investors, fund managers and government entities. Venue to be provided upon registration.

June 16-18, Riyadh. Sports Show Riyadh. The event connects exhibitors, architects, developers and key decision-makers from the sports infrastructure development, leisure facilities and public spaces industry. Riyadh International Convention and Exhibition Center.

June 16-18, Dubai. Credit Risk Management For Financial Investments. Credit risk professionals explore strategies for enhancing their frameworks. Venue TBA.

June 16-19, Boston. BIO International Convention 2025. The largest  world conference in biotechnology, drawing 20,000 industry leaders from across the globe, including the Middle East. Boston Convention & Exhibition Center

June 17-18, Abu Dhabi. Abu Dhabi Infrastructure Summit. A platform for policymakers, investors, developers, contractors, and industry experts to explore emerging trends and unlock investment opportunities. Abu Dhabi Energy Center. 

June 17-18, Dubai. Middle East Event Show. Featuring exhibitors, speakers, and event professionals, MEES offers expert-led workshops, tech showcases, and networking. Dubai World Trade Center.

June 17-18, Abu Dhabi. RetrofitTech and Sustainable Buildings. The event will bring industry leaders together to explore technology’s role in cutting carbon emissions. Dusit Thani Abu Dhabi.

June 17-19, Cairo. Big 5 Construct Egypt. Showcasing the latest products, technologies, and innovations shaping the future of construction. Egyptian International Exhibition Center. 

June 18, Dubai. Critical Infrastructure Summit. Senior stakeholders explore opportunities and challenges in public transportation, climate resilience, green spaces, and robust soft infrastructure. Habtoor Grand JBR. 

June 23-26, Amman. JIMEX Exhibition 2025. The event is a showcase of industrial engineering in the Near East. Jordan International Exhibition Center.

June 24, Dubai. Zawya GCC Capital Markets Forum. The event will bring together a diverse panel of C-suite-level participants from banks and top financial institutions. Fairmont Dubai. 

June 24-25, Dubai. Middle East Rail. The two-day programme will host more than 250 speakers from the region and beyond. Dubai World Trade Center.

June 24-25, Dubai. Mobility Live. A free-to-attend multi-brand exhibition hosting multiple country pavilions and  showcasing cutting-edge solutions. Dubai World Trade Center.

The Daily Circuit: Making solar panels in Mideast + Dubai Metro expansion

👋 Hello from the Middle East!

In the Daily Circuit today, we report on UAE-based Al Habtoor Group’s search for investment opportunities in Syria, the $5 billion extension of Dubai’s Metro, the Oman Investment Authority’s new stake in an Angolan diamond mine and a Mideast headquarters in Riyadh for India’s Wipro. But first, manufacturing solar panels in the Gulf.

The world’s top makers of solar panels are looking to open factories in the sun-baked Middle East, focusing on cost-cutting through improved technology and logistics.

The UAE, Saudi Arabia, Qatar, Oman and Egypt are among the countries being explored by manufacturers of solar photovoltaic (PV) modules, Zawya reports, citing a report by Edinburgh, Scotland-based consulting firm Wood Mackenzie.

China’s dominance in the solar panel industry is being challenged by India, South Korea and Vietnam, which are trying to close the gap amid sinking prices for the equipment, according to the report.

Moving production to the Middle East and Africa are among the steps being taken to improve efficiency and cut costs as the industry navigates changing trade policies and local market regulations, Yana Hryshko, head of global solar supply chain research at Wood Mackenzie, said in the report.

“Technology leadership, supply chain control, and geographic agility will define the winners in the years ahead,” Hryshko said.

Editor’s note: The Circuit won’t be publishing during the Eid al-Adha holiday and will return on Monday, June 9. Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].

📰 Developing Stories

ROAD TO DAMASCUS

A delegation of senior executives from Dubai conglomerate Al Habtoor Group will head to Syria in coming days to explore investment opportunities, led by Chairman Khalaf Al Habtoor. “As an Arab group with deep regional roots, we consider it both a moral and economic responsibility to stand as a partner in rebuilding stable and thriving societies,” Al Habtoor said in a statement. In the six months since the fall of the regime of former president Bashar Al Assad, the U.S. and EU have lifted sanctions and the war-torn country has attracted huge investment commitments from Gulf countries to aid in its economic recovery. Among the pledges are a $7 billion energy infrastructure deal led by Qatar and an $800 million development agreement with Dubai ports group DP World. Al Habtoor Group has diverse interests across industries including automotive, hospitality, education and real estate. It is the distributor for Mitsubishi in the UAE and operates the world’s largest Bentley Motors showroom on Dubai’s Sheikh Zayed Road.

The foundation stone has been laid for the first station on Dubai’s new $5 billion Metro Blue Line project, which will start at Dubai Creek Harbour and run for 30 kilometers north-east of the city, adding 14 new stations. Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, made the announcement on X yesterday, hailing the first station, to be named after developer Emaar Properties, as an “architectural icon.” At 74 meters, it will claim the title of the tallest metro station in the world. The Blue Line will connect five main urban areas – Bur Dubai/Deira, Downtown/Business Bay, Dubai Silicon Oasis, Dubai Marina/JBR and Expo City Dubai.

💲 Sovereign Circuit

Oman Investment Authority: Taadeen, a subsidiary of the Omani sovereign wealth fund, has replaced Russia’s sanctions-hit Alrosa as a shareholder in Angola’s Catoca diamond mine, Reuters reports.

ADQ: AD Ports Group, which is majority owned by the Abu Dhabi sovereign wealth fund, is partnering in a feasibility study with Masdar, Advario and CMA CGM Group for the development of an e-methanol bunkering facility at Khalifa Port and Khalifa Economic Zones Abu Dhabi. E-methanol is considered a potential “green” fuel alternative for sectors including shipping and aviation.

Etihad Airways: CEO Antonoaldo Neves said the ADQ-owned Emirati carrier has no plans to invest in Indian airlines, distancing the company from its previous strategy, India’s Economic Times reports

↪↩ Closing Circuit

🏙️ Luxury Buyout: Driven Properties, a member of the Forbes Global Properties network, completed the sale of the last two penthouses at the Bulgari Lighthouse on Jumeirah Bay Island in Dubai for a combined $77 million.

💵 Expanding Business: Agility Global, a Kuwait-based logistics company, secured a $500 million loan from an undisclosed regional bank to support its operations and expansion plans, Arabian Gulf Business Insight reports.

🦘 Down Under: Emirates NBD has issued a mandate for a potential 10-year Australian dollar benchmark bond with an indicative yield of 6.05% under its $4 billion Kangaroo Debt Issuance Programme.

🪞 True Identity: Unibeam, an Israeli startup developing cryptographic authentication technology, raised $6 million in a seed funding round led by NFX.

🗣 Circuit Chatter

🇮🇳 Saudi HQ: Indian technology company Wipro moved its Middle East headquarters to Riyadh from Al Khobar and signed a draft agreement with Prince Mohammad bin Fahd University to establish a “Center of Excellence” training center in the Saudi capital.

🏢 Urban Life: BEEAH, a UAE-based waste management and sustainability company, announced its expansion into real estate development with a project focused on sustainable urban living.

💰 Investment Magnets: he growing influence of Dubai and Abu Dhabi on the $4.5 trillion hedge fund industry is highlighted in a new report by IG Prime..

🛢️ Dipping Supply: Saudi Arabia’s crude oil supply to China will decrease slightly in July, trade sources told Reuters on Tuesday. 

💼 New Arrival: Harrison Street, a U.S asset manager with $56 billion under management, has opened an office in Abu Dhabi’s ADGM free zone after receiving its financial services license.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed received Sultan Mufaddal Saifuddin of the Dawoodi Bohra community on Monday. The meeting was attended by Sheikh Hamdan bin Zayed, Ruler’s Representative in Al Dhafra Region; Sheikh Hazza bin Zayed, Ruler’s Representative in Al Ain Region; and Lt. Gen. Sheikh Saif bin Zayed, UAE Deputy Prime Minister and Minister of the Interior.

Saudi Crown Prince Mohammed bin Salman was invited by Canada to attend the Group of Seven summit, Bloomberg reports

➿ On the Circuit

Majed Julfar is returning to Deutsche Bank to oversee the firm’s UAE business after working for the past six years at Etihad Credit Insurance. He replaces Kees Hoving, who retired.

Francisco Blanch, Head of Commodities Research at Bank of America, told Bloomberg that OPEC+’s oil-output hikes are part of a Saudi strategy that will see the kingdom embark on a “long but shallow” price war designed to recapture market share lost to U.S. shale.

Barry Sternlicht, Chief Executive Officer of Starwood Capital, spoke to the Wall Street Journal about how the group is managing the $850 million queue of redemption requests at one of its biggest real estate funds by imposing limits on withdrawals while gradually unloading properties. “We’re not going to have fire sales,” he said.

🎶 Culture Circuit

✒️ Talking Tots: All preschool children in Abu Dhabi will learn Arabic for four hours a week starting from the new academic year at the end of August. While Arabic was already mandated from Grade 1, under the new policy, pupils from pre-kindergarten age (3-4 years old) will be given 240 minutes a week of age-appropriate Arabic instruction. Lessons will be given to all children, including native Arabic speakers, and will be based on play, storytelling and songs. “It’s about giving every child in Abu Dhabi the gift of language, identity and connection, starting from day one,” Mariam Al Hallami, Education Department Executive Director for Early Education, said. “We want Arabic to feel natural, interactive and alive in every classroom and every home.”

📷 Photo of the Day

Abu Dhabi Festival held a gala concert with Emirati and international artists at Kensington Palace on Friday as part of the 'Abu Dhabi Festival Abroad' programme. The concert, held in collaboration with the Peace and Prosperity Trust, featured a new composition by Emirati composer Ihab Darwish, as well as mezzo-soprano Fatima Al Hashimi performing masterpieces by Saint-Saëns, Mozart and Jule Styne; and baritone Ahmed Al Hosani presenting celebrated works by De Curtis and Bizet. (WAM)
Abu Dhabi Festival held a gala concert with Emirati and international artists at Kensington Palace on Friday as part of the ‘Abu Dhabi Festival Abroad’ programme. The concert, held in collaboration with the Peace and Prosperity Trust, featured a new composition by Emirati composer Ihab Darwish, as well as mezzo-soprano Fatima Al Hashimi performing masterpieces by Saint-Saëns, Mozart and Jule Styne; and baritone Ahmed Al Hosani presenting celebrated works by De Curtis and Bizet. (WAM)

📅 Circuit Calendar

June 11-13, Dubai. China Homelife UAE Expo. The event features top global suppliers showcasing products ranging from kitchen supplies to building materials. Dubai World Trade Center. 

June 12, Dubai. Dubai Family Office Investment Summit. The event hosted by Epicon Capital Club is aimed at family offices, serial entrepreneurs, private investors, fund managers and government entities. Venue to be provided upon registration.

June 16-18, Riyadh. Sports Show Riyadh. The event connects exhibitors, architects, developers and key decision-makers from the sports infrastructure development, leisure facilities and public spaces industry. Riyadh International Convention and Exhibition Center.

June 16-18, Dubai. Credit Risk Management For Financial Investments. Credit risk professionals explore strategies for enhancing their frameworks. Venue TBA.

June 16-19, Boston. BIO International Convention 2025. The largest  world conference in biotechnology, drawing 20,000 industry leaders from across the globe, including the Middle East. Boston Convention & Exhibition Center

June 17-18, Abu Dhabi. Abu Dhabi Infrastructure Summit. A platform for policymakers, investors, developers, contractors, and industry experts to explore emerging trends and unlock investment opportunities. Abu Dhabi Energy Center. 

June 17-18, Dubai. Middle East Event Show. Featuring exhibitors, speakers, and event professionals, MEES offers expert-led workshops, tech showcases, and networking. Dubai World Trade Center.

June 17-18, Abu Dhabi. RetrofitTech and Sustainable Buildings. The event will bring industry leaders together to explore technology’s role in cutting carbon emissions. Dusit Thani Abu Dhabi.

June 17-19, Cairo. Big 5 Construct Egypt. Showcasing the latest products, technologies, and innovations shaping the future of construction. Egyptian International Exhibition Center. 

June 18, Dubai. Critical Infrastructure Summit. Senior stakeholders explore opportunities and challenges in public transportation, climate resilience, green spaces, and robust soft infrastructure. Habtoor Grand JBR. 

June 23-26, Amman. JIMEX Exhibition 2025. The event is a showcase of industrial engineering in the Near East. Jordan International Exhibition Center.

June 24, Dubai. Zawya GCC Capital Markets Forum. The event will bring together a diverse panel of C-suite-level participants from banks and top financial institutions. Fairmont Dubai. 

June 24-25, Dubai. Middle East Rail. The two-day programme will host more than 250 speakers from the region and beyond. Dubai World Trade Center.

June 24-25, Dubai. Mobility Live. A free-to-attend multi-brand exhibition hosting multiple country pavilions and  showcasing cutting-edge solutions. Dubai World Trade Center.

Meituan eyes Dubai Marina as it expands drone delivery services

Beijing-based company Meituan is expanding its drone delivery service in Dubai, targeting the city’s iconic waterfront.

The Chinese retail and food delivery firm will add up to three new drone routes in the second half of 2025, building on the momentum of its initial launch in December.

With plans to operate visibly along Dubai Marina, Meituan is betting on the emirate’s tech-forward ecosystem to showcase its autonomous delivery capabilities, Bloomberg reports.

“It will be very highly visible. It will be on the waterfront of the Dubai Marina,” Vice President Yinian Mao told Bloomberg in an interview.

The Daily Circuit: DP World’s expansion + Mubadala invests in U.S. chipmakers

👋 Hello from the Middle East!

In the Daily Circuit today, we report on plans by Mubadala-owned GlobalFoundries to invest $16 billion in U.S. chipmakers, IPO preparations by Saudi Arabia’s Specialized Medical Co., ACWA Power’s blueprint for spending $1.9 billion it recently raised, and Abu Dhabi-owned International Holding Co.’s new $367 million Congolese tin investment. But first, DP World stretches its resources across the region.

DP World, one of the top five global operators of shipping terminals, is expanding its business in Saudi Arabia, while teaming up with JP Morgan to provide companies across Africa with greater access to working capital.

The Dubai government-owned conglomerate said on Monday that it is moving forward with an $800 million expansion of the South Container Terminal at Jeddah Islamic Port on Saudi Arabia’s west coast.

The three-year project, carried out in cooperation with the Saudi Ports Authority, aims to strengthen the kingdom’s position as a shipping hub connecting trade routes across Asia, Africa and Europe, DP World told the Emirates News Agency.

“With this modernized terminal, we are enhancing efficiency, improving supply chain resilience and creating new trade opportunities for the Kingdom and beyond for decades to come,” DP World Chairman and CEO Sultan Ahmed bin Sulayem said.

JP Morgan, meanwhile, is teaming up with DP World Trade Finance to provide financing for companies in Africa and other emerging markets where supply chain disruptions and limited credit continue to hinder trade.

Among the first products of the collaboration was a deal to buy cocoa from Ivory Coast that DP World said in a statement had “unlocked over $70 million in annual procurement opportunities” for an unidentified client described as a leading global food company.

“By leveraging risk-sharing mechanisms and combining them with logistics in one ecosystem, we reduce the overall credit risk profile and enhance liquidity in emerging markets,” said Raj Jit Singh Wallia, a board member of the DP World finance unit.

Editor’s note: The Circuit won’t be publishing during the Eid al-Adha holiday and will return on Monday, June 9. Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].

📰 Developing Stories

HELPING HAND

Dubai’s government has stepped in to stabilize governance at the parent company of Majid Al Futtaim, the conglomerate behind the Mall of the Emirates and brands including Carrefour and Lego in the region. A special judicial committee has restructured MAF Capital’s board and converted it into a public joint stock company, The Financial Times reports. This is not the first time the government has assisted the group. Sheikh Mohammed bin Rashid, Ruler of Dubai, oversaw inheritance matters after the founder’s death in 2022. The latest overhaul aims to safeguard one of the Gulf’s most prominent privately owned companies and could pave the way for a future stock exchange listing, the FT reports. Family-run businesses across the Gulf frequently encounter similar challenges after a founder’s death.

Beijing-based company Meituan is expanding its drone delivery service in Dubai, targeting the city’s iconic waterfront. The Chinese retail and food delivery firm will add up to three new drone routes in the second half of 2025, building on the momentum of its initial launch in December. With plans to operate visibly along Dubai Marina, Meituan is betting on the emirate’s tech-forward ecosystem to showcase its autonomous delivery capabilities, Bloomberg reports. “It will be very highly visible. It will be on the waterfront of the Dubai Marina,” Vice President Yinian Mao told Bloomberg in an interview.

💲 Sovereign Circuit

Mubadala: GlobalFoundries, a Silicon Valley chipmaker owned by the Abu Dhabi sovereign wealth fund, plans a $16 billion investment to expand semiconductor manufacturing in New York and Vermont.

G42: The Abu Dhabi-owned tech company’s plan to build one of the world’s largest AI data center hubs in the UAE – announced during U.S. President Donald Trump’s visit last month – is still subject to security concerns that have prevented closing the deal, Reuters reports.

Public Investment Fund: ACWA Power plans to invest most of the money from its $1.9 billion rights issue in energy and water projects across the Middle East and North Africa, with another smaller portion earmarked for similar projects in Central Asia.

Qatar Investment Authority: The sovereign wealth fund has acquired a 49% stake in Msheireb Properties, the country’s largest sustainability-focused real estate company, with the Qatar Foundation retaining its 51% majority share. 

International Holding Co.: The Abu Dhabi-owned company’s International Resource Holding unit acquired a majority stake in Congolese tin producer Alphamin Resources for $367 million.

Multiply Group: The Abu Dhabi-owned business, a unit of International Holding Co., launched Multiply Media Group by uniting BackLite Media, Viola Media, and Media 247 into a single corporate entity to support its global expansion.

↪↩ Closing Circuit

💵 Healthcare IPO: Specialized Medical Co., a Saudi healthcare firm that owns two hospitals in Riyadh, announced plans for an IPO that would raise $500 million.

🛢️ Cutting Costs: Iraq’s gas projects with BP, TotalEnergies and others are expected to save the country nearly $17 billion annually by cutting gas flaring and boosting local investment, according to the Oil Ministry.

💰 Global Return: Syria will rejoin the Swift global payment system within weeks, following the lifting of U.S. sanctions, a move expected to boost trade and support the country’s reconstruction, The Financial Times reports.

💵 Cash In: Dubai-based EIGHTClouds, a boutique investment firm, has raised $20 million to fund regional expansion and strategic acquisitions across the UAE, Saudi Arabia, and other key markets.

🚨 Emergency Tech: Carbyne, an Israeli startup that uses AI to expand the amount of information emergency crews can obtain in real time when responding to a call, is raising $100 million in a new funding round led by AT&T.

🗣 Circuit Chatter

✈️ Airline Expansion: Wizz Air opened a new route between Abu Dhabi and Beirut with three flights a week, aiming to serve a reviving tourism industry in Lebanon. 

🏛️ Stricter Rules: Morocco has imposed temporary anti-dumping duties of up to 92% on PVC imports from Egypt after an investigation found they were harming local producers. 

🩺 Grand Entrance: Transamerica Life Bermuda, the global high-net-worth life insurer, has received a license to operate in Dubai International Financial Centre.

𖥂 Flying Muscat: Omani startup AeroVecto has partnered with Romanian firm LYNEports to develop infrastructure and services for flying cars.

🔋 Green Finance: Emirates NBD and Siemens launched a finance and resourcing agreement to accelerate green infrastructure projects in the UAE.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed held a phone call on Sunday with João Manuel Lourenço, President of Angola. Sheikh Mohamed also received a phone call on Sunday from Ahmad Al-Sharaa, President of Syria.

King Abdullah II of Jordan met Iraq’s President Abdul Latif Rashid on Sunday in Nice on the sidelines of the third United Nations Ocean Conference that kicks off today. 

Qatar’s Emir Sheikh Tamim bin Hamad and French President Emmanuel Macron held a phone call on Saturday.

➿ On the Circuit

Badr Abdelatty, Egyptian Foreign Minister and his Turkish counterpart, Hakan Fidan, held a phone call on Sunday to discuss regional developments.

Turki Al-Sheikh, Chairman of Saudi Arabia’s General Entertainment Authority, confirmed that Dana White, CEO of the Ultimate Fighting Championship, will be promoting the Canelo Alvarez v Terence Crawford clash in September, after speculation that White might be pushed aside from “the fight of the Riyadh Season.” 

Charles Ng, Associate Director-General of Investment Promotion at Invest Hong Kong, told WAM that economic ties between Hong Kong and the UAE are experiencing steady and promising growth.

🎶 Culture Circuit

🚌 Giza Facelift: A $30 billion overhaul of the Giza Plateau, the area west of Cairo which hosts Egypt’s most famous pyramids, will be officially launched on July 3 to coincide with the long-awaited inauguration of the Grand Egyptian Museum. The revamp includes a network of buses to take visitors on a hop-on-hop-off tour of the site in comfort, as well as VIP tours and fine dining restaurants.

📷 Photo of the Day

A man holds his child as people stand in the rain during a "rain chase" in the emirate of Sharjah on Saturday. The UAE experiences so little rainfall that “chasing” rain has become a niche hobby for some residents, who have taken to following Muhammed Sajjad, known as "The Weatherman,” as he finds the best places to enjoy the rare occasion of wet weather. (Fadel Senna/AFP via Getty Images)
A man holds a boy during a “rain chase” in the emirate of Sharjah on Saturday. Because the small Gulf state gets so little rainfall, many residents pay close attention to forecasts and race to anywhere in the UAE where wet weather is expected. (Fadel Senna/AFP via Getty Images)

📅 Circuit Calendar

June 11-13, Dubai. China Homelife UAE Expo. The event features top global suppliers showcasing products ranging from kitchen supplies to building materials. Dubai World Trade Center. 

June 12, Dubai. Dubai Family Office Investment Summit. The event hosted by Epicon Capital Club, is aimed at family offices, serial entrepreneurs, private investors, fund managers and government entities. Venue to be provided upon registration.

June 16-18, Riyadh. Sports Show Riyadh. The event connects exhibitors, architects, developers and key decision-makers from the sports infrastructure development, leisure facilities and public spaces industry. Riyadh International Convention and Exhibition Center.

June 16-18, Dubai. Credit Risk Management For Financial Investments. Credit risk professionals explore strategies for enhancing their frameworks. Venue TBA.

June 16-19, Boston. BIO International Convention 2025. The largest  world conference in biotechnology, drawing 20,000 industry leaders from across the globe, including the Middle East. Boston Convention & Exhibition Center

June 17-18, Abu Dhabi. Abu Dhabi Infrastructure Summit. A platform for policymakers, investors, developers, contractors, and industry experts to explore emerging trends and unlock investment opportunities. Abu Dhabi Energy Center. 

June 17-18, Dubai. Middle East Event Show. Featuring exhibitors, speakers, and event professionals, MEES offers expert-led workshops, tech showcases, and networking. Dubai World Trade Center.

June 17-18, Abu Dhabi. RetrofitTech and Sustainable Buildings. The event will bring industry leaders together to explore technology’s role in cutting carbon emissions. Dusit Thani Abu Dhabi.

June 17-19, Cairo. Big 5 Construct Egypt. Showcasing the latest products, technologies, and innovations shaping the future of construction. Egyptian International Exhbition Center. 

June 18, Dubai. Critical Infrastructure Summit. Senior stakeholders explore opportunities and challenges in public transportation, climate resilience, green spaces, and robust soft infrastructure. Habtoor Grand JBR. 

June 23-26, Amman. JIMEX Exhibition 2025. The event is a showcase of industrial engineering in the Near East. Jordan International Exhibition Center.

June 24, Dubai. Zawya GCC Capital Markets Forum. The event will bring together a diverse panel of C-suite-level participants from banks and top financial institutions. Fairmont Dubai. 

June 24-25, Dubai. Middle East Rail. The two-day programme will host more than 250 speakers from the region and beyond. Dubai World Trade Center.

June 24-25, Dubai. Mobility Live. A free-to-attend multi-brand exhibition hosting multiple country pavilions and  showcasing cutting-edge solutions. Dubai World Trade Center.

The Daily Circuit: EDGE sells ships to Kuwait + Altérra’s Italian deal

👋 Hello from the Middle East!

In the Daily Circuit today, we report on Abu Dhabi-owned Altérra’s $50 million renewables investment in Italy, XRG’s plan to acquire oil and gas firms in North America, a possible Volkswagen car factory in Egypt and Huda Kattan’s return to full control of her beauty business. But first, EDGE Group’s naval ship deal with Kuwait.

EDGE Group, the UAE’s state-owned defense conglomerate, signed a $2.5 billion deal to provide Kuwait’s Navy with eight missile-equipped patrol boats in what the company said is its biggest deal ever in the Middle East.

The contract includes design and construction of the 62-meter (200-foot) FALAJ-3 vessels, as well as sea trials, delivery, logistics and in-service support, EDGE CEO Hamad Al Marar said in a statement on Tuesday.

“This agreement with Kuwait is hugely significant both in scale and strategic importance,” Al Marar said. “It deepens long-term defense ties between our nations, brings a proven class of advanced vessels into regional service, and reinforces EDGE’s position as a trusted international partner,” Al Marar said.

EDGE, which is based in Abu Dhabi and reported revenue of $5 billion last year, was created in 2019 through the UAE’s consolidation of 25 state-owned defense contractors. The company employs 14,000 people and operates through five core clusters: Platforms & Systems, Missiles & Weapons, Space & Cyber Technologies, Trading & Mission Support, and Homeland Security.

In an interview published today in The Circuit, Dr. Chaouki Kasmi, EDGE’s President of Technology and Innovation, discusses the company’s drive to develop new electromagnetic tools designed to repel drone attacks.

Kuwait’s Ministry of Defense issued a statement on X that said buying the eight patrol boats “will contribute to raising the level of combat readiness, enhancing maritime security, and protecting the vital and strategic maritime interests of the State of Kuwait.”

Editor’s note: The Circuit won’t be publishing during the Eid al-Adha holiday and will return on Monday, June 9. Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].

EDGE pushes bounds of electronic warfare, jamming drones, securing military comms

Abu Dhabi’s EDGE Group is one of the world’s fastest-growing defense contractors, driven by the UAE’s vision of becoming a global leader in the development of military technology. 

Since its launch in 2019, when the government consolidated 25 separate defense companies to form the conglomerate, EDGE has introduced more than 200 advanced products, focusing on rapidly integrating emerging technologies like AI and electromagnetic warfare, writes The Circuit’s Omnia Al Desoukie. 

Dr. Chaouki Kasmi, EDGE’s President of Technology and Innovation, is driving much of the tech development. A 39-year-old dual French-Emirati national, Kasmi is helping to push EDGE’s research agenda beyond traditional boundaries, positioning the company not just as a defense manufacturer but as a high-speed innovation engine. “If you want to make something real fast, this is the place to do it,” Kasmi tells The Circuit.

Click here to read the full interview.

📰 Developing Stories

TAKING BEAUTY BACK

Dubai-based beauty entrepreneur and influencer Huda Kattan is buying back full control of Huda Beauty, making her eponymous brand fully independent again in a move to “stay true to our roots.” Private equity firm TSG Consumer Partners acquired a minority stake in the brand in 2017, and a year later it was valued at more than $1 billion by Forbes. Now Kattan, who launched the brand in 2013 with a $6,000 loan from her sister, has bought back all the shares for an undisclosed sum. Huda Beauty has become one of the most recognized cosmetic brands in the Middle East and North America, based on a digital-first strategy and viral product drops.

Gulf investors are doubling down on Turkey’s digital future, with UAE-based Khazna planning a major AI hub and 100MW data center in Ankara. The facility marks the latest in a wave of high-profile investments transforming Turkey into a regional tech powerhouse, Arabian Gulf Business Insight reports. E-commerce giant Trendyol, meanwhile, has joined forces with Castle Investments, led by Gulf Data Hub founder Tarek Al Ashram, to develop a $500 million data center in Turkey’s capital. Dubai Islamic Bank and Emirates NBD are fueling the expansion further, committing over $260 million to bolster Turkcell’s infrastructure.

💲 Sovereign Circuit

Kuwait Investment Authority: The sovereign wealth fund will join the AI Infrastructure Partnership, which already includes Microsoft, BlackRock and Abu Dhabi-based MGX, and plans to make big investments in artificial intelligence.

Altérra: The $30 billion climate fund owned by Abu Dhabi invested $50 million in Italian renewable energy firm Absolute Energy, CEO Majid Al Suwaidi told Reuters.

XRG: ADNOC’s $80 billion international investment arm said it aims to have a gas and LNG business with a capacity of between 20 million and 25 million metric tons a year by 2035.

Public Investment Fund: Maram AlJehani has been appointed Chief Administrative Officer and Secretary-General of the Saudi sovereign wealth fund’s Board of Directors, the first woman to hold the senior board post.
ADQ: AD Ports Group inaugurated the first phase of Georgia’s Tbilisi Intermodal Hub, a key link in its Central Asian transport strategy and the Middle Corridor trade route between Asia and Europe.

↪↩ Closing Circuit

⛏️ Mining Towns: Oman and Kazakhstan have agreed to establish two joint companies in logistics and mining to strengthen investment and economic ties.

💰 Funding Ambition: Oman raised $130 million through an oversubscribed treasury bill sale as part of broader efforts to strengthen its finances, with the government planning further borrowing to support its 2025 budget.

⚕️ Digging Deeper: UAE-based International Resources Holding will acquire a 56% stake in Congo’s tin producer Alphamin Resources for $367 million.

🇸🇦 Saudi Bound: Emirates NBD Capital KSA received approval to launch the ENBDC Saudi Equity Freestyle Fund, expanding its investment presence in the kingdom’s high-growth equity market.

🔒 Ransom Repeller: Zero Networks, an Israeli cybersecurity startup that has been effective against ransomware attacks, raised $55 million in a funding round led by Highland Europe.

🗣 Circuit Chatter

🚁 Lifting Off: California-based electric aircraft maker Joby Aviation is working on a deal potentially worth $1 billion to sell some 200 of its air taxis to Jeddah-based family investment firm Abdul Latif Jameel, Bloomberg reports.

🤝 Further Business: DP World is exploring acquisition opportunities in Turkey and Eastern Europe to drive growth in a fragmented container market, as regional revenues and container volumes surged in early 2025.

🕹️ Location Shopping: Volkswagen is exploring car production in Egypt to expand into African markets amid slowing demand in Europe, Volkswagen Group Africa’s Managing Director Martina Biene told Bloomberg.

🏦 Gulf Expansion: French AI and big data start-up QuantCube Technology is rapidly expanding in the Gulf, launching operations in Saudi Arabia and Qatar after forming a joint venture in the UAE with Abu Dhabi’s Strategic Development Fund, Intelligence Online reports

⌚ Exquisite Taste: Italian jewellery exports to the UAE saw strong growth in February reaching $268 million, driven by sustained regional demand for quality and craftsmanship, according to the Italian Trade Agency.

🤖 Funding Technology: AI start-up Cohere is seeking more than $500 million in funding at a valuation of up to $6.5 billion as it competes with OpenAI and Anthropic in building enterprise-grade AI tools and open-source models, The Financial Times reports.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed and German Chancellor Friedrich Merz held a phone call on Tuesday to discuss strengthening cooperation in the economic and development fields.

Sheikh Tahnoon bin Zayed, UAE National Security Advisor, chaired a meeting of the Investment Affairs Council in the presence of Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, during which they reviewed the first-quarter financial performance of key strategic investment entities. 

French President Emmanuel Macron praised Qatar’s Emir Sheikh Tamim bin Hamad for Qatar’s “unwavering support” of Paris Saint-Germain, the French soccer team owned by Qatar Sports Investments that won the Champions League title on Saturday.

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, and Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah, Prime Minister of Kuwait, signed a number of agreements and memoranda of understanding on Tuesday aimed at strengthening bilateral cooperation across multiple sectors.

➿ On the Circuit

Saad Hariri, the former Prime Minister of Lebanon, is launching Genesis SPV, a technology investment firm that plans to focus on artificial intelligence, Bloomberg reports.

Dr. Anwar Gargash, Diplomatic Adviser to the UAE President, met with Maxime Prévot, Belgium’s Deputy Prime Minister and Minister of Foreign Affairs, European Affairs and Development Cooperation.

Yousef Al Otaiba, UAE Ambassador to the U.S., highlights in an opinion piece for Fox News how the AI partnership initiative builds upon decades of trust and cooperation between the U.S. and UAE, encompassing defense, nuclear energy, and technology.

John Zito, Co-President of Apollo Asset Management, talks to Positive Sum’s Patrick O’Shaughnessy about the $800 billion money manager’s approach to complex corporate restructurings, innovation in the credit market and positioning for the AI infrastructure boom.

🎶 Culture Circuit

💂 London Calling: The Saudi Film Commission made its debut at the first London edition of SXSW this week, presenting a curation of short films as part of the “Saudi Film Nights” initiative, Arab News reports. The kingdom is also hosting a pavilion, The Sadu House, spotlighting the contributions of its cultural sector across film, music, food and fashion, and a panel discussion titled “Empowering the Film Industry in Saudi Arabia: From Vision to Reality.” SXSW, originally South by Southwest, started out as a conglomeration of indie music and film festivals held in Austin, Texas.

📷 Photo of the Day

A man carries a sheep at a livestock market ahead of the festival of Eid al-Adha in Doha, Qatar. Muslims traditionally celebrate the occasion by sacrificing sheep and goats. (Noushad Thekkayil/NurPhoto via Getty Images)

📅 Circuit Calendar

June 8-12, Dubai. Dubai Tech Week. A city-wide celebration of technology and innovation, including fintech, digital transformation, smart cities and cybersecurity. Venue TBA. 

June 11-13, Dubai. China Homelife UAE Expo. The event features top global suppliers showcasing products ranging from kitchen supplies to building materials. Dubai World Trade Center. 

June 12, Dubai. Dubai Family Office Investment Summit. The event hosted by Epicon Capital Club, is aimed at family offices, serial entrepreneurs, private investors, fund managers and government entities. Venue to be provided upon registration.

June 16-18, Riyadh. Sports Show Riyadh. The event connects exhibitors, architects, developers and key decision-makers from the sports infrastructure development, leisure facilities and public spaces industry. Riyadh International Convention and Exhibition Center.

June 16-18, Dubai. Credit Risk Management For Financial Investments. Credit risk professionals explore strategies for enhancing their frameworks. Venue TBA.

June 17-18, Abu Dhabi. Abu Dhabi Infrastructure Summit. A platform for policymakers, investors, developers, contractors, and industry experts to explore emerging trends and unlock investment opportunities. Abu Dhabi Energy Center. 

June 17-18, Dubai. Middle East Event Show. Featuring exhibitors, speakers, and event professionals, MEES offers expert-led workshops, tech showcases, and networking. Dubai World Trade Center.

June 17-18, Abu Dhabi. RetrofitTech and Sustainable Buildings. The event will bring industry leaders together to explore technology’s role in cutting carbon emissions. Dusit Thani Abu Dhabi.

June 17-19, Cairo. Big 5 Construct Egypt. Showcasing the latest products, technologies, and innovations shaping the future of construction. Egyptian International Exhbition Center. 

June 18, Dubai. Critical Infrastructure Summit. Senior stakeholders explore opportunities and challenges in public transportation, climate resilience, green spaces, and robust soft infrastructure. Habtoor Grand JBR. 

June 23-26, Amman. JIMEX Exhibition 2025. The event is a showcase of industrial engineering in the Near East. Jordan International Exhibition Center.

June 24, Dubai. Zawya GCC Capital Markets Forum. The event will bring together a diverse panel of C-suite-level participants from banks and top financial institutions. Fairmont Dubai. 

June 24-25, Dubai. Middle East Rail. The two-day programme will host more than 250 speakers from the region and beyond. Dubai World Trade Center.

June 24-25, Dubai. Mobility Live. A free-to-attend multi-brand exhibition hosting multiple country pavilions and  showcasing cutting-edge solutions. Dubai World Trade Center.