The Daily Circuit: Saudi United Carton heads for IPO + ADIA in Sweden
👋 Hello from the Middle East!
In the Daily Circuit today, we’re looking at IPO plans for Saudi Arabia’s United Carton Industries, World Bank support for Oman’s environmental agenda, the growing number of women in Dubai’s real estate industry and preparations in Jeddah for this weekend’s F1 Grand Prix. But first, U.S. higher education in Qatar.
Qatar is strengthening its embrace of American universities as Georgetown University commits to running its foreign service school in Doha’s Education City for another 10 years.
Francisco Marmolejo, President of Education at the Qatar Foundation, told Bloomberg that its contract with the Washington-based school could be expanded down the line with other programs.
Five other universities in the U.S. have operated in Qatar over the past two decades, while American schools such as New York University maintain programs in the UAE, bringing in money for the institutions and educating thousands of foreign students.
“This partnership is not only contributing here to the development of Qatar, but also in the home campus to a better understanding of what this region is for the rest of the world,” Marmolejo told the news agency.
In Qatar, the foundation pays for the cost of operating the school while Georgetown receives a management fee, Marmolejo said.
The relationship between Gulf states and American universities has generally remained untouched by the Trump administration’s battle with Harvard, Columbia and other institutions of higher learning, which face threats of losing billions of dollars in federal funding over accusations of antisemitism amid pro-Palestinian campus protests.
Still, Texas A&M said last year it would end its relationship with Qatar, which has been accused of trying to buy influence by lavishing money on U.S. schools and think tanks such as the Brookings Institution.
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📰 Developing Stories
START YOUR ENGINES
With Saudi Arabia’s Formula 1 Grand Prix ready to roar through Jeddah’s Corniche Circuit this weekend, sentiment is growing that the kingdom should consider owning its own F1 team. Prince Khalid bin Sultan Al-Abdullah Al-Faisal, President of the Saudi Automobile and Motorcycle Federation, raised the possibility that one of the Public Investment Fund’s companies may buy a team, Reuters reports. “We have a lot of interest – I wouldn’t be surprised if we see an announcement for a Saudi team,” Prince Khalid said during a video call with reporters this week. The PIF’s CYVN Holdings bought a stake in British sports car maker Mclaren in 2021 before selling it off a year later.
FEMALE POWER
Women have become a growing force in Dubai’s real estate boom. Female investors accounted for $32 billion of Dubai real estate transactions last year and women represent 34% of the city’s real estate investors, Arabian Business reports. Initiatives like Dubai Land Department’s Real Estate Empowerment Program and Brokers Program have already drawn more than 1,000 women into the sector and boosted female representation in brokerage. The DLD also has plans to promote a flexible investment environment through tailored financing, training, and awareness programmes to support women-led ventures.
💲 Sovereign Circuit
Abu Dhabi Investment Authority: ADIA has agreed to acquire a minority stake in Swedish industrial AI software firm IFS via a subsidiary as part of a transaction that values IFS at more than $16.5 billion.
M42: Abu Dhabi’s M42, co-owned by G42 and Mubadala, has taken a stake in U.K.-based longevity science startup Juvenescence for an undisclosed sum, which values the company at over $550 million.
ADQ: Shipping company Aramex, which was acquired last month by the Abu Dhabi sovereign fund, signed a Master Services Agreement with Shipsy, an AI-powered global logistics platform.
G42: UAE-based AI startup AIREV, backed by G42’s Core 42 technology unit, secured investment from Ireland’s Venturewave Capital to build up its AI-based “On-Demand” operating system and expand into new markets.
Mubadala: India’s Tata Power is considering floating its green energy arm, backed by Mubadala and BlackRock, on the stock exchange.
↪↩ Closing Circuit
📦 Cardboard Capital: Saudi Arabia’s United Carton Industries, the biggest maker of corrugated cardboard in the Middle East, said on Tuesday it plans to sell a 30% stake through an IPO.
🏗️ Riyadh Plans: Dubai’s Majid Al Futtaim plans to launch a $4.7 billion commercial and residential project in Riyadh, with design work underway and construction set to begin in early 2026, Al Arabiya reports.
🏡 Property Intelligence: Dubizzle, the UAE’s top platform for real estate classifieds, said it acquired Property Monitor, which provides market intelligence and analytics on the industry.
🏭 Chemical Footprint: China’s Befar Group has broken ground on a $500 million chemical factory in Egypt’s Sokhna Industrial Zone.
🖥️ Cloud Nine: CloudShare, an Israeli software company that provides virtual training for tech firms, was acquired by Bow River Capital, a Denver-based private equity firm, for as much as $80 million, Calcalist reports.
🗣 Circuit Chatter
💲Sustainable Finance: The World Bank’s International Finance Corp. signed three agreements to strengthen Oman’s sustainable finance market, including a $120 million investment in the National Finance Company to support clean transport, renewable energy, and SME projects.
💸 Investment Okay: BlueCrest, the private investment firm of billionaire British hedge fund manager Michael Platt, received full regulatory approval to operate in Dubai, Bloomberg reports.
💰 Arab Business: Egypt has granted special golden licenses to all new Saudi projects to simplify investment procedures and raise Saudi investments to a target of $50 billion.
🤔 So Wrong: U.S. President Donald Trump’s February appearance at Saudi Arabia’s FII Priority conference in Miami is the setting for a Financial Times story titled “How Wall Street Got Trump Wrong.”
📈 Startup Funds: Startups across the MENA region raised $1.5 billion in the first quarter of the year, with the UAE accounting for 82% of March’s total, according to Wamda and Digital Digest.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed held a meeting in Abu Dhabi with Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE and Ruler of Dubai, in which they conducted a broad review of national goals. Among those present were Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court; Sheikh Maktoum bin Mohammed, UAE Minister of Finance and First Deputy Ruler of Dubai; and Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister.
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, approved the launch of the emirate’s new Health, Endurance, Longevity, and Medicine cluster as the annual Abu Dhabi Global Health Week conference got underway. The program was spearheaded by the Abu Dhabi Investment Office and the emirate’s Department of Health to strengthen health services and position Abu Dhabi as a hub for medical innovation, pharmaceuticals, and biotech.
Lt. General Sheikh Saif bin Zayed, UAE Minister of the Interior, met with Igor Krasnov, Prosecutor-General of Russia, in Abu Dhabi on Tuesday.
➿ On the Circuit
Abdullah bin Touq Al Marri, UAE Minister of Economy, delivered an opening address at the World Cargo Symposium, held in Dubai on Tuesday in the presence of Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airlines.
Aija Mayrock, the bestselling writer and poet, touts medical innovation in an Instagram post promoting Abu Dhabi Global Health Week.
Hussain Altajir was named CEO of Lazard’s new financial advisory office in Abu Dhabi. He was previously Head of Dubai Coverage, Global Banking, at HSBC.
Ahmed El Shamy, CEO of Majid Al Futtaim- Properties, told Asharq Business that the company plans to develop a new commercial and administrative project in 6th of October City, West of Cairo, investing $293 million.
Dr. Habil Khorakiwala, Founder and Chairman of India’s Wockhardt pharmaceutical company, said the group wants to develop strategic partnerships with healthcare providers and governments in the Gulf to expand its international presence in manufacturing and research.
Aditya Saraswat, Senior Vice President and Head of Research at Rystad Energy said that the widening global disparity in financing costs is a key barrier to developing solar photovoltaic projects in North Africa.
🎶 Culture Circuit
🧑🎨 Art Dubai: A digital installation inspired by pioneering Emirati artist Mohammed Kazem’s experience of being lost at sea is among the highlights of this year’s Art Dubai festival, which starts on Friday and runs for three days. Through the work “Directions (Merging),” commissioned by Swiss wealth management company Julius Baer, Kazem shares his fascination with GPS coordinates and the interconnectedness of the modern world by projecting the latitudes and longitudes of shorelines across the globe onto the walls of a purpose-built room.
📷 Photo of the Day
📅 Circuit Calendar
April 15-17, Abu Dhabi. Abu Dhabi Global Health Week. A worldwide forum dedicated to shaping the future of health. ADNEC.
April 16-17, Dubai. FastBull Finance Summit Dubai. Focused on global finance, emphasizing areas such as forex and blockchain financial technology. Coca-Cola Arena.
April 17-19, Dubai. World Art Dubai. The annual retail art fair features more than 10,000 works for sale. Dubai World Trade Centre.
April 18-20, Dubai. Art Dubai. The three-day city festival spotlights more than 100 contemporary, modern and digital galleries from the UAE and over 40 other countries. Madinat Jumeirah.
April 18-20, Jeddah. STC Saudi Arabian GP. The Formula 1 Saudi Arabian Grand Prix by STC returns, promising an electrifying high-speed spectacle on the Red Sea. Jeddah Corniche Circuit.
April 18-20, Abu Dhabi. Middle East Film and Comic Con 2025. The region’s largest pop culture festival returns for its 13th year. ADNEC.
April 21-23, Abu Dhabi. Electric Vehicle Innovation Summit 2025. The Middle East’s largest annual event dedicated to shaping the future of electric mobility. ADNEC.
April 23-34, Dubai. Dubai AI Festival. Bringing together the brightest minds to explore and expand the commercial and economic possibilities of AI technology.” Madinat Jumeirah.
April 27-29, Abu Dhabi. Culture Summit. The annual event features panels, case studies, creative conversations, artist talks and workshops. Manarat Al Sadiyat.
April 29-30, Abu Dhabi. Digital Transformation Summit UAE 2025. In its 37th edition, the summit is expected to be attended by over 300 C-suite executives, directors, and technology leaders. Sheraton Abu Dhabi Hotel and Resorts.
April 30- May 1, Dubai. Token2049 Dubai. A global conference dedicated to the crypto and blockchain ecosystem. Madinat Jumeirah.
May 5-6, Abu Dhabi. Governance of Emerging Technologies Summit. Shaping Responsible Governance of AI & Emerging Technologies in a Future Digital Economy. St. Regis Saadiyat Island Resort.
May 6-7, Dubai. MENA Capital Market Summit. The event will bring together 1,500 businesses, decision-makers and global financial leaders to discuss the capital market. Madinat Jumeirah.
May 6-8, Dubai. Airport Show. Showcasing the latest technological advancements in the airport industry. Dubai World Trade Center.
May 16-17, Tirana, Albania. FII Priority Europe 2025. Saudi Arabia’s Public Investment Fund sponsors a regional business summit focused on Europe and is affiliated with the annual Future Investment Initiative conference in Riyadh. National Theater of Opera and Ballet.
May 20-22, Doha, Qatar. Qatar Economic Forum. Annual conference gathers brings together Qatari government and business leaders with corporate executives, investors and policymakers from around the world. Media City Qatar.