UAE expands U.S. investments amid disruptions from Iran war
The UAE is pressing ahead with major overseas investments despite the war, as Abu Dhabi’s International Holding Co. expands in the U.S. energy industry with a new multibillion-dollar deal.
IHC’s 2PointZero unit agreed to pay about $2.25 billion for a stake in U.S. natural gas producer Expand Energy in a transaction that gives the Abu Dhabi-backed platform access to upstream gas production and associated infrastructure as it builds a global energy portfolio, Bloomberg reports.
UAE Ambassador to Washington Yousef Al Otaiba told business leaders last week that Emirati investors would stand by roughly $1.4 trillion in planned and existing investments in the U.S., stressing that the economic partnership would remain “strong and enduring.”
In a separate transaction, IHC said it received regulatory approval for a deal worth about $1 billion to acquire a stake in Indian mortgage lender Sammaan Capital as part of a strategy to build controlling positions in finance and other high-growth industries.
IHC is chaired by Sheikh Tahnoon bin Zayed, the UAE National Security Adviser who also oversees a network of state-linked investment vehicles. 2PointZero was established as a platform to spend tens of billions of dollars globally, with the U.S. gas deal among its largest transactions to date.
Dubai’s property market put to test in missile barrage from Iran
The UAE’s years-long property rally faces its first major test after Iranian missile strikes unsettled investors, sending shares in developers such as Aldar Properties and Emaar Properties down almost 5%.
The sell-off comes as analysts had already warned that a pipeline of new housing supply expected by 2028 could outpace population growth, Reuters reports.
Meanwhile, bond prices of major developers also dropped sharply, effectively shutting the debt market.
With expatriates and overseas buyers underpinning much of the market’s demand, investors say the outlook will depend largely on whether foreign appetite for property in the UAE holds up.
G42 unveils monitoring system to safeguard U.S.-made AI chips
Abu Dhabi artificial intelligence group G42 says it will implement a new framework to tightly control advanced U.S. chips used in its data centers, seeking to reassure Washington that sensitive technology will be safeguarded and used in line with export rules.
The company plans to embed monitoring, geolocation verification and cryptographic tracking directly into its infrastructure, creating what it described as a “common operating picture” that offers continuous visibility into how the semiconductors are used.
Jacob Helberg, U.S. Undersecretary of State for Economic Growth, Energy and Environment, said the approach could be “unprecedented,” giving American policymakers confidence that the UAE-based clusters cannot be accessed improperly or diverted to restricted users.
The effort comes amid longstanding U.S. concerns that Gulf states could become backdoors for China to obtain advanced American technology, an issue that has complicated previous export approvals.
If successful, G42 said its model could be expanded across partners in the U.S.-led Pax Silica initiative, positioning the UAE firm as a test case for how high-performance AI infrastructure can be built up globally while remaining compliant with U.S. security requirements.
Saudi group negotiates U.S. venture for Greenland minerals
Amid U.S. President Donald Trump’s declarations of interest in taking over Greenland, a Saudi investment group is in talks with New York-based Critical Metals Corp. to build a refinery for processing the massive Arctic island’s mineral resources.
Critical Metals announced on Thursday that it signed a non-binding term sheet to form a 50-50 joint venture with Saudi Arabia’s Tariq Abdel Hadi Abdullah Al-Qahtani & Brothers. The facility would be linked to the U.S. company’s planned Tanbreez mining project in Greenland.
Under the plan, about a quarter of the minerals from the Tanbreez mine would be processed in Saudi Arabia, which is looking to extract more value from its own deposits of so-called rare earths. Critical Metals said the refined materials could be used in high-tech applications and distributed through U.S. defense supply chains.
If finalized, the deal would give Critical Metals guaranteed customers and likely ease its path to full financing for the project, which is estimated to cost $290 million to start production by next year.
“We see a strong opportunity to work closely with partners in the United States to responsibly develop and deploy these materials in support of next-generation technologies,” Abdulmalik Tariq Al-Qahtani, the Saudi firm’s CEO, said in a statement.
ADNOC clinches $17B Covestro deal after regulatory battle
Coming out on top after more than a year of scrutiny by European regulators, ADNOC has secured a 95% stake in Germany’s Covestro, completing the largest acquisition in the UAE energy firm’s history and deepening its push into chemicals.
The deal values the specialty materials maker at roughly $17 billion, and gives ADNOC control through its investment arm XRG and affiliated holding companies, Covestro said in a report to the Frankfurt Stock Exchange on Tuesday.
Covestro produces polymers and advanced materials used in the automotive, construction and electronics industries. The acquisition strengthens Adnoc’s strategy to diversify beyond oil and gas, and build a global chemicals portfolio.
The transaction cleared 14 months of regulatory probes in Europe, including review under the European Union’s foreign subsidies rules. Germany’s Economic Ministry gave the deal its final approval on Nov. 5.
Covestro said earlier that upon closing of the deal, the company would proceed with a $1.4 billion capital increase for strategic investment and further execution of its sustainability program.
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.
Ellison’s Sail GP coasts to season finale in waters of Abu Dhabi
The high-adrenaline sailing league founded by former America’s Cup winner and Oracle founder Larry Ellison and champion sailor Sir Russell Coutts returns to the UAE this weekend for the final race of the season.
The Mubadala Abu Dhabi Sail Grand Prix will see 12 national teams race their foiling catamarans at speeds topping 100 kph (62 mph) off the city’s Corniche in a winner-takes-all showdown for the trophy and a $2 million cash prize.
The Grand Final comes as the nascent league broke a 31-year-old viewership record set by the 1992 America’s Cup last weekend, with almost 3.5 million U.S. fans tuning in to watch “The Race to Abu Dhabi” on CBS, making it the most-watched sailing race in U.S. history.
“This is huge for SailGP and proof that nation-vs-nation, high-octane sailing has mainstream appeal,” Coutts, SailGP’s CEO, said.
The record is a boon for Abu Dhabi and SailGP sponsor Mubadala, as the Gulf and its sovereign wealth funds continue to splash billions into U.S. sports in a competitive pursuit of soft power, prestige and investment returns from far-reaching media rights deals.
Launched in 2019 and rapidly expanding to 12 teams and events, SailGP has attracted a host of high-profile competitors and investors, including Hollywood actors Ryan Reynolds and Hugh Jackman and F1 champion Sebastian Vettel.
The Daily Circuit: Saudi Arabia’s deepening deficit + Alpha Dhabi’s Aldar selloff
👋 Hello from the Middle East!
In the Daily Circuit today, we’re reporting on Saudi Arabia’s split with the IOC over staging the Olympic Esports Games, the new expansion plans for Abu Dhabi’s Zayed International Airport, Alpha Dhabi’s efforts to raise $400 million by selling part of its stake in Aldar, and Lunate’s new $1 billion investment platform. But first, third-quarter numbers show the depth of Saudi Arabia’s budget woes.
After a week of navel-gazing at the FII business conference in Riyadh about the impact of falling oil prices, Saudi leaders received third-quarter data that illustrates why they need to keep making hard decisions on budget cuts.
In the three months ending Sept. 30, the Saudi Finance Ministry said its deficit widened to 88.5 billion riyals ($23.6 billion), bringing the total shortfall for the year to nearly $50 billion. Oil revenue fell to about $40 billion from just under $51 billion a year earlier, while non-oil income held steady at $31.7 billion, according to the report issued Thursday.
Now it becomes clearer why one cabinet minister after another this week took to the stage at the King Abdulaziz International Conference Center to solicit foreign investment, conceding that the government will have to shrink or defer parts of its most ambitious megaprojects like NEOM. Some 9,000 FII attendees went home digesting prospects for a new era of austerity.
Ratifying that conclusion, the kingdom’s number crunchers now project a 2025 deficit of 5.3% of GDP as oil prices have slid in the past three years to below $70 a barrel from a high of $125.
The Saudi Capital Market Authority, meanwhile, has delayed a decision on whether and how to open Riyadh’s Tadawul stock market to non-resident foreign investors until next year, Bloomberg reports. The Capital Market Authority is analyzing public and stakeholder feedback on the move.
“We will be revisiting foreign ownership limits next year,” Mohammed El-Kuwaiz, CMA Chairman, said. “Whether or not we will eliminate foreign ownership limits or more gradually increase them on multiple stages, this will really become the output of our analysis.”
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📰 Developing Stories
OLYMPICS TORCHED
Saudi Arabia and the International Olympic Committee have “mutually” ended a deal to jointly hold the Olympic Esports Games. The IOC and the kingdom will pursue their own esports ambitions separately, Bloomberg reports. The 12-year agreement, signed last year, was supposed to see Saudi Arabia host the inaugural Esports Olympics, a part of its ambition to be a global hub for gaming. The kingdom held its second Esports World Cup over the summer, attracting more than 2,000 professional players from over 100 countries, and its Public Investment Fund has since signed a blockbuster $55 billion deal to take gaming company Electronic Arts private.
AIRPORT EXPANSION
Abu Dhabi is already planning a major expansion of Zayed International Airport, just two years after it doubled its capacity to 45 million passengers a year with the opening of Terminal A. Construction work will start in two years, with plans to increase capacity to 65 million, The National reports. “We opened in November 2023 and at the first board meeting, I broke the news to the board that we had to think about expansion,” Abu Dhabi Airports Managing Director and CEO Elena Sorlini told the Skift Global Forum East event in the capital. The expansion is partly needed to meet the demands of Etihad Airways, which is planning to double in size and carry 38 million passengers by 2030. The airport is also rolling out the use of biometrics to transit passengers to speed up transfers within the airport, which make up 60% of its current traffic.
💲 Sovereign Circuit
International Holding Co.: IHC Real Estate Holding and Alpha Dhabi, both subsidiaries of IHC, sold their stakes in investment and real estate company Modon for more than $7 billion to Abu Dhabi government entity L’imad Holding Co.
International Holding Co.: Alpha Dhabi is also planning to sell about 2% of its 26.5% stake in Abu Dhabi developer Aldar Properties for around $400 million, Bloomberg reports.
Lunate: Alternative investment firm HPS Investment Partners and Abu Dhabi’s Lunate are launching a new investment platform. Lunate will anchor the project with a projected commitment of at least $1 billion.
Mubadala: Pakistan is negotiating with Abu Dhabi Investment Co., a subsidiary of Mubadala, to run Islamabad airport in exchange for 60% of the revenue, Bloomberg reports.
Public Institution for Social Security: Kuwait’s pension fund is restarting private equity allocations and is in discussions with multiple leading buyout firms, Bloomberg reports.
↪↩ Closing Circuit
🏭 Mega Project: Egypt’s Ain Sokhna Industrial Zone, within the Suez Canal Economic Zone, will host three major new projects valued at $3.5 billion under an agreement between Kemet Industries Group and Emirati-Chinese company Al Qalaa Red Flag.
💰 Sharjah Sukuk: Sharjah Islamic Bank plans to issue a $500 million islamic bond, to be listed on Euronext Dublin and Nasdaq Dubai, with Emirates NBD Capital and Standard Chartered Bank appointed as joint global coordinators.
🚦 Green Light: U.K. oil services company John Wood Group has published its half-year financial results, a condition of its $292 million takeover by UAE engineering firm Sidara.
👷 Pipe Dream: A Saudi consortium has secured funding to develop a 587km water pipeline in the kingdom, with the project valued at $2.3 billion.
🗣 Circuit Chatter
🛢️ Fuel Fraud: Lebanon’s judiciary has charged six companies and four individuals and issued arrest warrants over an alleged Russian oil scam, The National reports.
🎮 Banking Games: Emirati lender Commercial Bank International has launched a venture arm to build and invest in products for gamers, starting with a credit card in partnership with Mastercard.
🛡️ Standing Together: The U.K. has signed an enhanced defense agreement with Qatar to deepen military cooperation.
₿ Virtual World:The Abu Dhabi Real Estate Center signed an agreement with five partners to advance blockchain integration in Abu Dhabi’s real estate sector.
🦘 Aussie Connection: Abu Dhabi Investment Office and the Australia Arab Chamber of Commerce and Industry have signed a strategic partnership to boost trade and investment and support Australian companies entering Abu Dhabi’s high-growth sectors.
🌎Power Circuit
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, met with South Korean PresidentLee Jae Myung on the sidelines of the Asia-Pacific Economic Co-operation forum in Gyeongju, South Korea, on Friday. The Crown Prince also met withLawrence Wong, Prime Minister of Singapore, and Christopher Luxon, Prime Minister of New Zealand.
Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister and Ruler of Dubai, launched the Mohammed bin Rashid Endowment District.
Sheikh Sabah Al Khalid Al Sabah, Crown Prince of Kuwait, met withYuriko Koike, Gov. of Japan, at Bayan Palace in Kuwait on Thursday.
Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai and UAE Deputy Prime Minister and Minister of Finance, met withGeorges Elhedery, Group CEO of HSBC, at the Dubai International Financial Centre on Thursday.
Sheikh Jarrah Jaber Al Ahmad Al Sabah, Deputy Foreign Minister of Kuwait, met withMuhammad Anis Matta, his Indonesian counterpart, in Kuwait City on Thursday.
➿On The Circuit
Jamie Dimon, CEO of JPMorgan Chase, told The Nationalthat his “cockroach” comment about the health of the private credit market was “blown out of proportion.”
Ed Bastian, CEO of U.S. carrier Delta Airlines, told Arabian Gulf Business Insight that the airline hopes to capitalize on economic development in Saudi Arabia and the potential growth of passenger traffic between the two countries with its new direct flights from Atlanta to Riyadh.
Eric Schmidt, the former CEO of Google, told The Nationalat Saudi Arabia’s FII conference in Riyadh that the rise of AI will create more jobs than it destroys.
James Reynolds, the global co-head of Goldman Sachs Asset Management, said in an interview with Asharq Business that the bank is in “productive” talks with the Public Investment Fund and other players in the region.
Rashid Saeed Al Shamsi, Non-Resident Ambassador of the UAE to Niger, met with Ali Mahamane Lamine Zeine, Prime Minister of Niger, at his headquarters in the capital, Niamey.
🎶 Culture Circuit
🏛️ Rebuilding History: Palmyra’s archaeological museum, which was badly damaged by bombings during the Syrian civil war, will be restored with international funding, The National reports. One of Syria’s most popular sites before the war, Palmyra made headlines in 2025 when ISIS destroyed the Temple of Bel and the Arch of Victory and killed its head of antiquities. Swiss-based foundation Aliph will fund the restoration of the museum, starting with the guesthouse, which will house archaeologists working on the project. Aliph is mostly funded by nations, including the UAE, Saudi Arabia, Kuwait and Morocco, and private donors.
📷 Photo of the Day
Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, inaugurated the Abu Dhabi Royal Equestrian Arts on Jubail Island in Abu Dhabi — the first global academy of its kind outside Europe dedicated to the classical art of horsemanship. The facility includes a collection of rare equestrian artifacts, an equestrian library and a saddle-making atelier. (Emirates News Agency)
📅 Circuit Calendar
Oct 29-31, Abu Dhabi. International Forum of Sovereign Wealth Funds. An annual forum hosted by Abu Dhabi Investment Authority and Mubadala, bringing together global CEOs and senior executives from sovereign wealth funds. ADGM
Nov. 1-2, Dubai. Women’s Empowerment Convention. The 3rd Women’s Leadership Forum unites global trailblazers, headlined by fashion icon Anna Wintour and storytelling pioneer Candace Bushnell. Atlantis The Royal Conference Center.
Nov. 3-6, Abu Dhabi. ADIPEC. Bringing together professionals, companies, and government leaders to discuss and showcase the latest developments in oil, gas, and cleaner energy technologies. ADNEC Center.
Nov. 4-6, Dubai. Gulfood Manufacturing. Billed as the most influential F&B manufacturing event in the world. Dubai World Trade Center.
Nov. 4-9, Dubai. Dubai Design Week. The Middle East’s largest creative festival, showcasing more than 200 events across architecture, product, furniture, interior and graphic design. D3.
Nov. 10-12, Abu Dhabi. DRIFTx. An international exhibition showcasing smart and autonomous mobility solutions. Yas Marina Circuit.
Nov. 10-15, Abu Dhabi. RoboCup Asia-Pacific. A regional competition and event for AI and robotics where teams compete on challenges including humanoid robot soccer matches. ADNEC Center.
Nov. 11-14, Dubai. ICOM 2025. Bringing together museum professionals and cultural experts from around the world to explore the evolving role of museums. Dubai World Trade Center.
Nov. 17-19. Doha. Qatar Entrepreneurship Conference (ROWAD). Qatar’s national entrepreneurship platform and a flagship Global Entrepreneurship Week event, connecting startups, SMEs, and ecosystem leaders. Doha Exhibition & Convention Center.
Nov. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.
Nov. 25-26. Riyadh. Global Sustainability Expo. Dedicated to advancing sustainability practices across industries. The Arena Riyadh.
Nov. 26-27, Abu Dhabi. CyberQ 2025. The UAE’s flagship summit for cybersecurity and quantum technologies. ADNEC Center.
Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.
Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.
Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.
The Daily Circuit: FII winds down in Riyadh + Mubadala in Madrid
👋 Hello from the Middle East!
In the Daily Circuit today, we report on the third and final day of Saudi Arabia’s FII business summit, which concluded with a fundraising appeal from Syrian President Ahmed Al-Sharaa and a fleeting glance of Crown Prince Mohammed bin Salman. We’re also looking at Saudi EV maker Lucid’s partnership with Nvidia, Mubadala’s acquisition of a majority stake in Madrid’s Universidad Alfonso X el Sabio Group, and Saudi developer Arabian Dyar’s evolving plans for an IPO. But first, “Davos in the Desert” concludes in Riyadh.
Saudi Arabia’s flagship Future Investment Initiative business conference wrapped up today after the kingdom’s financial leadership appealed for foreign investment to help bridge the budget gap left by sinking oil prices and declared its faith in AI technology.
Crown Prince Mohammed bin Salman, who conceived the conference nine years ago as a Middle East answer to the annual World Economic Forum in Davos, Switzerland, made a brief appearance on Wednesday, sitting beside Donald Trump Jr., during a keynote speech by Syrian President Ahmed Al-Sharaa. The Prince made no public remarks.
Summing up the three-day event, Yasir Al-Rumayyan, Governor of the kingdom’s Public Investment Fund, told the conference’s 9,000 registrants that Saudi Arabia’s sovereign wealth fund continues to grow despite the kingdom’s financial shortfall.
“Back in 2015, PIF’s assets under management were worth around $150 billion,” he said in an onstage discussion on Wednesday. “We aim to reach $1 trillion by the end of this year – we are very close.”
Outlining the fund’s strategy through 2030, Al Rumayyan said the PIF will focus on its NEOM megaproject, along with, travel and tourism, urban development, advanced manufacturing, industrial and logistics, clean energy and renewable infrastructure.
In a standing-room-only appearance on the conference floor, Al Sharaa said that Syria has attracted some $28 billion in investments from the Gulf since the start of the year. Dressed in a well-cut business suit and purple satin tie, the former rebel leader espoused the value of investment over aid to an audience filled with bankers and executives, some of whom he held meetings with ahead of the session.
“Investments are growing well in Syria, and we will rebuild every stone that has been destroyed,” Al Sharaa said. “We chose reconstruction through investment, not aid.”
Editor’s Note: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].
CIRCUIT INTERVIEW
Saudi builder Arabian Dyar faces Mecca as it eyes IPO
Arabian Dyar Vice President Anis Alhabshi
Arabian Dyar has its sights firmly planted on Mecca as the Saudi real estate developer plots a growth strategy intended to culminate in an IPO.
The Jeddah-based builder, led by the three brothers from the Alatawi family, already conducts half of its business in the holy city, busily erecting thousands of apartments in proximity to the Grand Mosque that is the ultimate destination for the 1.6 million Muslims who perform the Muslim Hajj pilgrimage each year.
Those pilgrims are the company’s target customers amid expectations of a deeper construction boom in Mecca, Arabian Dyar Vice President Anis Alhabshi told The Circuit’s Omnia Al Desoukie and Jonathan Ferziger in Riyadh. Saudi Arabia’s Vision 2030 national economic plan calls for increasing that number to 30 million over the next five years.
“What’s special about this is for people to have that spiritual meaning,” Alhabshi said. “They want to be there and detox and be close to God and pray at the holy mosque right there,” he said, suggesting many would buy apartments as a second home or timeshare.
Electric vehicle maker Lucid is partnering with chip giant Nvidia to launch cars with near-full autonomy. The California-based company, which is backed by Saudi Arabia’s Public Investment Fund, will use Nvidia’s Drive AV system in its mid-sized vehicles, Lucid revealed at the FII conference in Riyadh on Wednesday. The system has level 4 autonomous driving capability, which is the second-highest level. Level 5, the highest level, does not even require vehicles to have a steering wheel. “We’re taking the next step by combining cutting-edge artificial intelligence with Lucid’s engineering excellence to deliver the smartest and safest autonomous vehicles on the road,” Marc Winterhoff, interim CEO of Lucid, said. It comes after Lucid agreed in July to supply 20,000 vehicles fitted with a level 4 platform developed by U.S. robotics company Nuro to ride-hailing company Uber for its global robotaxi program.
OPEN DOORS
Abu Dhabi’s Rotana hotel chain is among the global hospitality groups planning to launch in Syria as the country opens up and requires more rooms to house an expected boom in business and leisure travelers. “If Syria opens up again, as it is now, Emiratis will be going there to do business and we need to be there,” Rotana CEO Philip Barnes told The National. Among those lining up for meetings with Syrian President Ahmed Al Sharaa at the FII conference in Riyadh this week were executives from Accor and Hilton Worldwide Holdings. Accor is already in talks with developers and plans to have 10 to 15 hotels in Syria within five years, the newspaper reports.
💲 Sovereign Circuit
Mubadala:The Abu Dhabi sovereign fund, alongside private equity firm Cinven and UAX founder Jesús Núñez, will acquire a majority stake in Madrid’s Universidad Alfonso X el Sabio Group from CVC Funds.
Abu Dhabi Investment Authority: ADIA, Nordic private equity house EQT and Auba Investment have sold 8.4% of their stake, worth $3.27 billion, in Swiss skincare specialist Galderma, Zawya reports. Galderma, which makes Cetaphil, went public last year in one of Europe’s largest IPOs.
G42: The Abu Dhabi AI powerhouse has expanded its collaboration with U.S. networking and security company Cisco. Under a new agreement Cisco will power, connect, and secure a large-scale AI cluster deployed by G42, featuring AMD’s advanced MI350X GPUs.
Public Investment Fund: PIF-backed utility Acwa Power has announced clean energy deals worth $10 billion. The biggest is a $6 billion deal signed between Acwa, Aramco and PIF unit Badeel to develop 70% of Saudi Arabia’s 2030 renewable energy targets.
Public Investment Fund:Saudi Arabia’s sovereign wealth fund and U.S. asset manager BlackRock have partnered to launch mutual funds.
ADQ: AD Ports Group, controlled by the Abu Dhabi sovereign fund, signed an initial agreement with the Indian government of Maharashtra paving the way to invest up to $2 billion in the state’s ports and shipbuilding sectors.
ADQ: Abu Dhabi National Energy Company, known asTAQA, sold its entire stake in an Indian coal power plant for $105 million as part of a pivot towards green power.
↪↩ Closing Circuit
🛒 Shopping Trip: Dubai retail conglomerate Al-Futtaim is planning to invest an additional $2.7 billion in Saudi Arabia over the next three years.
💰 Cash Zap: Emirates NBD has inked a $423 million credit facility with Egypt’s El Sewedy Electric for regional expansion across Egypt, Saudi Arabia and the UAE.
📷 Tourism Boost: Oman signed 36 contracts worth $260 million for the construction of tourism projects as part of its Vision 2040 project.
🚢 Ship Shape:Dubai-based global terminal operator DP World has committed to invest an additional $5 billion in India’s maritime infrastructure.
🔍 Breaking Ground: Dubai Investments is investing $163 million to build a second production line for its subsidiary Emirates Float Glass.
🗣 Circuit Chatter
🧊 Chilling Offer: Saudi-Swiss cold-chain tech company Consolidated Grünenfelder Saady is planning an IPO on the Saudi stock exchange next month.
📈 GDP Boost: Saudi Arabia’s economy expanded at 5% year-on-year in the third quarter, the fastest pace since early 2023, helped by rising oil production and big state investments in non-oil sectors.
🏘️ Crypto Homes: Dubai property company Idealist Real Estate entered a strategic partnership with Citi Developers to integrate crypto payments into real estate transactions.
🏦 Fed Cuts:Gulf central banks cut interest rates in tandem with the U.S. Federal Reserve’s second reduction of 25 basis points this year.
🌎Power Circuit
Saudi Arabia’s Crown Prince Mohammed bin Salmanheld meetings with heads of state on the sidelines of the FII conference in Riyadh on Wednesday, including Ahmed Al Sharaa, President of Syria; Vjosa Osmani, President of Kosova; Manuel Marrero Cruz, Prime Minister of Cuba; Gustavo Petro, President of Colombia; Teodoro Obiang Nguema Mbasogo, President of Equatorial Guinea; and Han Zheng, Vice President of China. The meetings were also attended by various ministers and dignitaries, including Saudi Foreign Minister Prince Faisal bin Farhan.
Adel Al-Jubeir, Saudi Arabia’s Minister of State for Foreign Affairs, Cabinet Member, and Climate Envoy met with former Canadian Prime Minister Stephen Harper on the sidelines of the FII conference on Wednesday.
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, met withMichel Demaré, Chair of biopharmaceutical company AstraZeneca, along with other members of AstraZeneca’s board, in Abu Dhabi on Wednesday.
António Costa, President of the European Council, visited the Sheikh Zayed Grand Mosque in Abu Dhabi on Wednesday, accompanied by Lucie Berger, Ambassador of the European Union to the UAE, and several senior EU officials.
Faisal Alibrahim, Saudi Arabia’s Minister of Economy and Planning, met with Vietnam’s Deputy Prime Minister Ngugen Chi Dung in Riyadh for talks to enhance cooperation.
Yuriko Koike, Tokyo Gov., arrived in Kuwait on Wednesday for an official visit and was greeted at the airport by Sheikh Abdullah Salem Al-Ali Al-Sabah, Gov. of the Kuwait City.
➿On The Circuit
Syrian President Ahmed Al Sharaamet with FIFA PresidentGianni Infantino on the sidelines of the FII conference in Riyadh on Wednesday.
Mohamed Alabbar, founder of Dubai-listed Emaar Properties, said during a panel discussion at the FII conference in Riyadh that his company is looking to enter China’s real estate market.
Belkasem Haftar, son of Libyan military strongman Khalifa Haftar, is using the FII conference in Riyadh to drum up interest in Libya as an attractive destination for investment, Bloomberg reports.
Bill Winters, Group CEO of Standard Chartered, told The National on the sidelines of the FII conference that the Middle East wealth management business is one of the fastest growing in the world for U.K.-based lenders.
Will Ahmed, Founder & CEO of wearable tech company Whoop, spent several days touring the Gulf, visiting Qatar, Saudi Arabia and the UAE. He announced the launch of an R&D center called Whoop Labs Doha in partnership with Invest Qatar and a partnership with digital health platform Lean Business Services in Saudi Arabia.
🎶 Culture Circuit
🎤 Learning Moment: Maharat, the Arab world’s answer to the popular American subscription service MasterClass, is now offering bite-sized versions of its courses, The National reports. The platform, which launched in February, features lessons in business, fashion and music from the likes of Toufic Kreidieh, Executive Chairman of Brands for Less Group, celebrity make-up artist Bassam Fattouh and Lebanese singer Ragheb Alama. The new feature, called Playlists, condenses the courses into 2-3 minute videos and is touted as the company’s antidote to doom-scrolling.
📷 Photo of the Day
Saudi Arabia’s Crown Prince Mohammed bin Salman and Donald Trump Jr. watch from the audience as Syrian President Ahmed Al Sharaa speaks at the FII conference in Riyadh. (Syrian Presidency/X)
📅 Circuit Calendar
Oct 29-31, Abu Dhabi. International Forum of Sovereign Wealth Funds. An annual forum hosted by Abu Dhabi Investment Authority and Mubadala, bringing together global CEOs and senior executives from sovereign wealth funds. ADGM
Nov. 1-2, Dubai. Women’s Empowerment Convention. The 3rd Women’s Leadership Forum unites global trailblazers, headlined by fashion icon Anna Wintour and storytelling pioneer Candace Bushnell. Atlantis The Royal Conference Center.
Nov. 3-6, Abu Dhabi. ADIPEC. Bringing together professionals, companies, and government leaders to discuss and showcase the latest developments in oil, gas, and cleaner energy technologies. ADNEC Center.
Nov. 4-9, Dubai. Dubai Design Week. The Middle East’s largest creative festival, showcasing more than 200 events across architecture, product, furniture, interior and graphic design. D3.
Nov. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.
Dec 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.
The Daily Circuit: Where’s the oil at FII? + Financing Syria
👋 Hello from the Middle East!
In the Daily Circuit today, we’re reporting on Day 2 of Saudi Arabia’s Future Investment Initiative summit, where Blackstone announced a $3 billion investment in the PIF’s Humain AI company and Saudi officials declared their commitment to financing reconstruction of Syria. Elsewhere, we’re looking at shrinking salaries in the UAE and a revised buyout offer from Abu Dhabi’s Masdar that was accepted by India’s ReNew Energy Global. On the way into the conference, though, we were sidetracked by a model of the soon-to-arrive Saudi dream train.
Nearly a decade after Saudi Arabia burst out of its conservative cocoon and tapped its oil wealth to start a trillion-dollar parade of real estate megaprojects, the kingdom is executing a tricky public pivot in front of some of Wall Street’s biggest money managers.
Onstage at the ninth annual Future Investment Initiative conference in Riyadh, Cabinet Ministers, corporate executives and the head of the Gulf state’s $925 billion Public Investment Fund have sought to shift attention from colossal building ventures like NEOM’s 100-mile-long desert city to becoming a global technology leader.
Turning heads was the $3 billion investment in the PIF’s Humain artificial intelligence company announced Tuesday by private equity giant Blackstone and the Canada Pension Plan Investment Board to build data centers in the kingdom.
At the same time, Energy Minister Prince Abdulaziz bin Salman made a 30-minute speech about Saudi Arabia’s fuel production, focusing on renewables, battery capacity and gas, without once mentioning oil. “We understand what tomorrow demands,” he said. “We are resourced to deliver it and we invite the world to invest with us.”
Investment Minister Khaled al-Falih, meanwhile, told the conference explicitly that the kingdom’s sovereign wealth fund would step back, hoping the private sector will fill in some of the blanks, in an age where sinking oil prices have sapped the government’s ability to pay for its ambitious building plans.
“It is time for us to scale back on this government or PIF spend and let the private sector come in and start investing,” Al-Falih said.
Among the 9,000 attendees at the conference was Donald Trump Jr., who took the stage to tout his family’s own investments in the region, including a Trump skyscraper under construction on Dubai’s central Sheikh Zayed Road.
The presidential son, on his first visit to Saudi Arabia, described his new enthusiasm for the region, saying that until recently, “No one sane would have thought of investing in the Middle East, compared to Europe.”
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CIRCUIT INTERVIEW
Saudi Arabia’s dream train to chug across the desert at $4,000 a night
Arsenale CEO Paolo Barletta outside model “Dream of the Desert” luxury train set up outside the FII investor conference in Riyadh
Paolo Barletta, a dapper Italian railroad impresario, is channeling the spirit of the storied Orient Express and Fellini’s La Dolce Vita to bring luxury train travel to Saudi Arabia.
Starting late next year, his “Dream of the Desert” line will take passengers on an 800-mile journey across the kingdom’s dune-filled landscapes for between $4,000 and $28,000 a night, the CEO of Rome-based Arsenale Group told The Circuit’s Jonathan Ferziger and Omnia Al Desoukie in Riyadh.
That shouldn’t be a problem for Barletta’s target clientele of wealthy Saudis and free-spending international visitors looking for thrills as the once-secluded Gulf state keeps rolling out new tourist attractions. “People here are spending crazy amounts of money to go to the Red Sea, to go to AlUla, to go to the Aseer region. So why not on a train?” he said.
Saudi Arabia is preparing to launch a series of funds in Syria to oversee the billions of riyals it is committing to rebuilding the economy of the wartorn country, Saudi Investment Minister Khalid Al Falih told the Saudi-Syrian investment roundtable in Riyadh. Saudi Banks are also setting up operations in Damascus, with two already operating and moving funds between the two countries, as they deepen financial and banking cooperation. Syrian President Ahmad Al Sharaa is set to address investors in a keynote speech to the FII conference this afternoon, where he will set out his vision for attracting high-value investments and advancing reconstruction efforts. During his visit Al Sharaa is also expected to meet with Crown Prince Mohammed bin Salman, who was instrumental in lobbying U.S. President Donald Trump to lift sanctions on Syria.
WAGE WOES
Employees in the UAE are facing a contraction in salaries, as booming population growth means that the number of jobseekers is far outstripping the available roles in many industries, The National reports. Once considered “hardship” positions with high salaries for expats, professional jobs in Dubai and Abu Dhabi are now highly sought after as the cities mature, offering an attractive lifestyle along with tax benefits. Trefor Murphy, Founder and CEO of recruitment company Cooper Fitch, told the newspaper that new arrivals were “doing anything” just to get a job and it was making it harder for existing talent to get a justifiable wage increase. “We’ve had dentists come to the UAE to work as real estate agents,” he said. Cooper Fitch data showed hiring activity in the Emirates increased 3% in the three months to the end of September.
💲 Sovereign Circuit
Public Investment Fund: The PIF has signed a memorandum of understanding worth $6.8 billion with U.K. Export Finance, the British export credit agency, to build financial cooperation and expand trade and investment opportunities.
Public Investment Fund: The Red Sea Gateway Terminal, partly owned by the PIF, signed an $433 million agreement with French-based CMA CGM Group to develop and operate a fourth container terminal at Jeddah Islamic Port, Arab News reports.
Public Investment Fund: PIF-owned Saudi Arabian developer Red Sea Global raised a $1.7 billion credit facility through Riyad Bank to finance the development of its luxury tourism destination Amaala.
ADNOC: XRG, the low-carbon investment arm of Abu Dhabi’s state-owned oil company, is looking at investing in a liquefied natural gas project developed by Argentina’s state-owned YPF, Bloomberg reports.
Masdar: India’s Nasdaq-listed ReNew Energy Global has accepted a revised buyout offer from a consortium led by Abu Dhabi renewable energy company Masdar, Abu Dhabi Investment Authority subsidiary Platinum Hawk, the Canada Pension Plan Investment Board and Sumant Sinha, Founder, Chairman and CEO of ReNew. The revised cash offer values the deal at more than $3 billion.
Mubadala: Bahrain’s Investcorp, the alternative asset manager backed by Mubadala, aims to raise as much as $7 billion in new funding and make exits and distribution to investors of a similar amount in the current financial year, CFO and Vice Chairman Rishi Kapoor told The Nationalon the sidelines of the FII conference.
↪↩ Closing Circuit
☁️ Cloud Deal: Qatar-based data center and IT provider Meeza signed a $205 million agreement with a global hyperscaler and cloud service provider to provide 6 megawatts of data center services.
⚕️ New Contracts: Modon, Saudi Arabia’s authority for Industrial Cities and Technology Zones, signed five new industrial contracts in the critical medical and pharmaceutical industries worth $62.6 million.
🏭 Green Investment: The Green Climate Fund will help build a $6 billion water desalination project in Jordan, marking the fund’s largest investment in a single project, Reuters reports.
💸 Fintech Cash: Viola Credit, an Israel-based asset manager specializing in alternative credit, has raised a $2 billion fund to lend to financial technology startups, Bloomberg reports.
🗣 Circuit Chatter
📈 Taking Stock: Dubai-listed education provider Amanat Holdings has launched the IPO of its subsidiary Almasar Alshamil Education on the Saudi Tadawul Exchange.
🇵🇰 Trade Pact: Saudi Arabia and Pakistan agreed to launch an Economic Cooperation Framework to strengthen trade and investment relations.
💸 Less Impact: Dubai is not likely to raise substantial debt over the next two years as more fiscal surpluses are expected between 2025 and 2028, S&P said in a new report.
✈️ Airport Award: Iraq selected a consortium of Luxembourg-based Corporación América Airports and local company Amwaj International to develop and operate Baghdad International Airport.
💰 Dubai Bound:Dublin-based Avia Solutions Group, the world’s largest aircraft, crew, maintenance and insurance provider, will establish its new regional headquarters at Dubai South.
🌎Power Circuit
Saudi Arabia’s Crown Prince Mohammed bin Salmanmet in Riyadh on Tuesday with FIFA President Gianni Infantino to review areas of sports cooperation. Also present were Minister of Sport Prince Abdulaziz bin Turki bin Faisal, Minister of Commerce Majid Al-Kassabi, PIF Gov. Yasser Al-Rumayyan, Advisor at the Royal Court Abdulaziz Tarabzouni and President of the Saudi Arabian Football Federation Yasser Al-Misehal.
UAE President Sheikh Mohamed bin Zayedmet withAntónio Costa, President of the European Council, at Qasr Al Shati palace in Abu Dhabi on Tuesday. The pair discussed ongoing negotiations on a trade deal between the UAE and the EU.
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, met withChuck Robbins, Chair and CEO of Cisco, in Abu Dhabi on Tuesday.
Crown Prince Hussein of Jordan and his delegation arrived in Riyadh on Tuesday to participate in the FII conference.
Ahmed Al Sharaa, President of Syria, arrived in Riyadh on Tuesday to participate in the FII conference.
Sheikha Latifa bint Mohammed, Chairperson of Dubai Culture and Arts Authority, delivered a keynote address at the Emirati Media Forum at the Museum of the Future in Dubai on Tuesday.
Sheikha Bodour bint Sultan Al Qasimi, President of the American University of Sharjah and Chairperson of the Sharjah Book Authority, has been named UNESCO Goodwill Ambassador for Education and Book Culture.
Sheikh Mansoor bin Mohammed, President of the UAE National Olympic Committee, met withGao Zhidan, President of the Chinese Olympic Committee, on Tuesday in Dubai.
➿On The Circuit
Abdullah Alswaha, Saudi Arabia’s Minister of Communications and Information Technology, met with global technology leaders on the sidelines of the FII conference, including Vimal Kapur, Chairman and CEO of Honeywell; Steven Mnuchin, Chairman and CEO of Liberty Strategic Capital and former U.S. Treasury Secretary; Amjad Masad, Founder and CEO of Replit; and Emirati businessman Hussain Sajwani, Founder and Chairman of Damac Properties and EDGNEX Data Centers.
Jasem Albudaiwi, GCC Secretary-General, is attending the FII conference in Riyadh, commenting that the event is a source of pride for all Gulf citizens.
Amer Ghalib, U.S. President Trump’s pick to serve as ambassador to Kuwait, is unlikely to make the cut after three key Republican senators said they would oppose the nomination, The New York Times reports.
Georges Elhedery, Group CEO of HSBC, told The Nationalon the sidelines of the FII conference that the bank was halfway through a revamp of its global business and was betting on expanding its wealth management offering in the Middle East and Asia to boost growth.
Yie-Hsin Hung, President and CEO of State Street Investment Management, played down fears of an AI bubble in comments to Asharq Bloombergon the sidelines of the FII conference.
Karim Abi Naderwas appointed Executive Director and Banker at JPMorgan Private Bank in the Middle East.
🎶 Culture Circuit
🎨 Art Auction: Palestinian-American artist Samia Halaby’s “Morning Honey” and Fahrelnissa Zeid’s “Carnations” were among works auctioned at Sotheby’s Modern and Contemporary Middle Eastern Art sale in London on Tuesday. The bi-annual event featured a curated selection of artworks from the Arab world, North Africa, Iran and Turkey. Halaby’s 1992 painting had one of the highest estimated sales prices, at $93,000-$133,000. The result is pending.
📷 Photo of the Day
Saudi Arabia’s Minister of Energy Prince Abdulaziz Bin Salman Al Saud speaks during the Future Investment Initiative (FII) conference in Riyadh on October 28, 2025. (Photo by Fayez Nureldine / AFP)
📅 Circuit Calendar
Oct. 27-30, Riyadh. Future Investment Initiative, 9th Edition. Investors, corporate executives, cabinet ministers and political leaders from around the world attend Saudi Arabia’s flagship business conference. King Abdulaziz International Conference Center.
Oct 29-31, Abu Dhabi. International Forum of Sovereign Wealth Funds. An annual forum hosted by Abu Dhabi Investment Authority and Mubadala, bringing together global CEOs and senior executives from sovereign wealth funds. ADGM
Nov. 1-2, Dubai. Women’s Empowerment Convention. The 3rd Women’s Leadership Forum unites global trailblazers, headlined by fashion icon Anna Wintour and storytelling pioneer Candace Bushnell. Atlantis The Royal Conference Center.
Nov. 3-6, Abu Dhabi. ADIPEC. Bringing together professionals, companies, and government leaders to discuss and showcase the latest developments in oil, gas, and cleaner energy technologies. ADNEC Center.
Nov. 4-9, Dubai. Dubai Design Week. The Middle East’s largest creative festival, showcasing more than 200 events across architecture, product, furniture, interior and graphic design. D3.
Nov. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.
Dec 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.
