Egypt to open 11 key airports to private sector investment
Egypt is preparing to open up the operations of 11 major airports to private investment, aiming to modernize the country’s aviation infrastructure and reach its goal of attracting 30 million tourists annually.
Backed by the World Bank’s International Finance Corp., the plan focuses on boosting efficiency and service standards while keeping state ownership intact.
Egyptian President Abdel Fattah Al-Sisi reviewed the strategy over the weekend, endorsing a timeline that begins with offering Hurghada airport on the Red Sea to the private sector by the end of 2025.
The initiative is set to be finalized next summer.
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 Bloombergthat 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 Zayedheld 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 Altajirwas 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
UAE President Sheikh Mohamed bin Zayed met with Sheikh Mohammed bin Rashid, UAE Vice President and Prime Minister and Ruler of Dubai, at Qasr al Bahr in Abu Dhabi on Tuesday. (WAM)
📅 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 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.
The Daily Circuit: Energy week in UAE + Tiger Woods on PGA-LIV talks
👋 Hello from the Middle East!
Today in The Daily Circuit, we’re looking at the MENA financial leaders headed to the IMF/World Bank meetings in Washington, a cautious return to normal among Mideast airlines, French bank Société Générale’s divestment of its Moroccan subsidiary and Tiger Woods’ first public comments on his golf summit last month with Saudi PIF head Yasir Al-Rumayyan. But first, the UAE looks to keep the conversation going on energy transition months after COP28.
We are back to business as usual here in the Gulf following the Eid Al Fitr break and energy is the focus in the UAE — even more than usual. Executives and investors are gathering this week for the World Future Energy Summit in Abu Dhabi. Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and President of COP28, called the summit a “crucial platform” for governments and the private sector. Dr. Al Jaber, who is also Chairman of Masdar and CEO of ADNOC, said he hopes the conference will drive investments into the world energy transition.
The UAE is set to put its green bona fides forward as it aims to triple its renewable energy capacity to 30% by 2030 and establish a hub for hydrogen production and distribution in the coming decades. The ADQ-backed energy company TAQA is an anchor partner of the Abu Dhabi summit and will be joined by speakers including Abdulnasser Bin Kalban, CEO of Emirates Global Aluminum; Ali Tahir Jaffery, Director of Standard Chartered Bank; and Amy Lehoczky, Director of ESG at Abu Dhabi’s AI firm G42. Also appearing will be executives from German giant Siemens and Saudi Arabia’s Acwa Power.
Abu Dhabi’s alternative energy company Masdar, which last month bought a 50% stake in Terra-Gen, one of the largest private renewable energy producers in the U.S., is also set to host a parallel conference focused on hydrogen. Former UK Prime Minister Boris Johnson will visit Abu Dhabi on Tuesday to address the conference amid increasing cooperation between the UAE and the UK on developing alternative energies. Masdar is looking to develop or acquire an energy portfolio of at least 100 GW capacity by 2030.
Airlines across the Middle East are resuming operationsafter canceling or rerouting some flights because of the Iranian missile assault against Israel over the weekend. Emirates, Etihad, Flydubai, El Al and Qatar Airways were among the carriers that took action as several nations closed their airspaces because of the attack, which caused only limited damage. Oil prices, which rose to a six-month high last week on concerns about the widely anticipated attack, retreated in early trading today. Analysts said indications that the conflict won’t escalate regionally and affect oil supplies kept prices from rising. Brent futures for June delivery, the global benchmark, fell 50 cents, or 0.5%, to $89.95 a barrel.
SPRING MEETINGS
Finance ministers and central bankers from around the world are descending on Washington today as the International Monetary Fund and World Bank spring meetings get underway. IMF Managing Director Kristalina Georgieva has warned ahead of the gathering that this decade risks being remembered as the “Tepid Twenties” unless leaders can address policies that spur growth – a tall order amid geopolitical tensions, stalling inflation and ballooning debt. Saudi Finance Minister Mohammed Aljadaan is leading the Kingdom’s delegation that also includes Central Bank Governor Ayman Alsayari. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, is heading the UAE delegation. U.S. Federal Reserve Chair Jerome Powell is set to make remarks on Tuesday and the IMF will release its updated economic outlook for the MENA region on Thursday.
💲 Sovereign Circuit
Public Investment Fund: A month after his Bahamas golfing summit with PIF head Yasir Al-Rumayyan, Tiger Woods spoke publicly for the first time about the encounter in which they discussed the pending deal to unite the PGA Tour with Saudi-backed LIV Golf. “I don’t know if we’re closer, but certainly we’re headed in the right direction,” said Woods, a PGA player-director. “I think both sides came away from the meeting feeling positive.” Meanwhile, the sale of a $7.5 billion stake in London’s Heathrow Airport to the Saudi sovereign wealth fund and other investors is at risk of collapse after Australia’s Macquarie Group ruled out its participation, The Telegraph reports.
Mubadala: Atvos, a Brazilian producer of biofuels that is 31.5% owned by Mubadala, signed an agreement last week to build a $69 million biomethane factory in the country based on sugar cane waste. Mubadala’s Sanad Group signed a $145 million five-year contract extension to provide maintenance, repair and overhaul services in Abu Dhabi for South Korea’s Asiana Airlines. Mubadala’s Dolphin Energy gas company and NYU Abu Dhabi awarded the inaugural Dolphin Energy Fellowship to Maryam Al-Memari to conduct climate change research at the university.
Temesek: Singapore’s sovereign wealth fund opened a regional office in Paris last week that will oversee investments in the Middle East and Africa.
↪↩ Closing Circuit
🇲🇦 Banking Sale: Société Générale, the French banking group, signed contracts with Morocco’s Saham Group, to sell control of its Moroccan subsidiary, Société Générale Marocaine de Banques, and insurance firm La Marocaine Vie for 745 million euros ($794 million).
💰 Asia Buildup: Apollo Global Management has raised $35 billion from Asia since the start of 2022 to bolster its expansion, Bloomberg reports.Apollo’s deal to refinance OQ Chemicals’ $1 billion debt may be dropped after its Omani shareholder decided against participating, according to the news agency.
🛢️ Drilling Rig: Saudi drilling firm ADES won a $93 million contract from France’s TotalEnergies to operate an offshore jack-up rig in Qatar.
🔒 Cyber Deal: Noname Security, an Israeli-founded cybersecurity startup, is in advanced talks with Akamai Technologies to be acquired for $500 million, TechCrunch reports.
🗣 Circuit Chatter
🚉 City of Dreams: Saudi Arabia has scaled back the pace for building the futuristic megaproject NEOM, now projecting one planned city, called The Line, will be home to 300,000 people in 2030, down from 1.5 million, Bloomberg reports. Ultimately the 170-kilometer desert metropolis is planned to house 9 million people.
🇶🇦 Royal Family: The $150 billion fortune held by Qatar’s ruling Al Thani family is explored in a Bloomberg Markets feature story.
🩺 Medical Tourism: A heavy boost in national health spending has helped the UAE become one of the fastest-growing destinations for medical tourism, particularly for procedures in gynecology, dermatology and dentistry.
🤖 Data Centers: A growing rivalry between Saudi Arabia and the UAE to build up infrastructure to support AI applications is the subject of a Bloomberg feature.
📺 Happy TV: Dubai-based Al Habtoor Group plans to launch a new television channel dedicated to “spreading positivity” and countering the media’s focus on bad news.
⛏️ Digging Deep: Jordan unveiled plans to triple the size of its mining industry with the goal of contributing $2.9 billion to GDP by 2033.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed held a round of telephone conversations with Arab leaders on Sunday, talking with Qatar’sEmir Sheikh Tamim bin Hamad Al Thani, Jordan’s King Abdullah II and Bahrain’s King Hamad bin Isa Al Khalifa. Saudi Foreign Minister Prince Faisal bin Farhanstarts a two-day visit to Pakistan today to follow up on last week’s economic cooperation discussions between Pakistani Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman in Saudi Arabia.
Iraqi Prime Minister Mohammed Shia Al Sudani will meet withU.S. President Joe Biden at the White House today, the first day of a week-long visit to Washington.
➿ On the Circuit
OpenAI CEO Sam Altmanmade a quiet trip last week to the UAE, where he met with investors and government officials about building a global coalition to boost the supply of chips, energy and data center capacity needed for developing artificial intelligence technology, Bloomberg reports.
Ibrahim Ajami, Mubadala Capital’s Head of Venture Investments, told The Information’s Private Capital Summit in New York last week that the sovereign wealth fund is “moving into offense” and away from passive investments such as its participation in SoftBank’s Vision Fund.
Sandra Dewey, a former executive at Turner Broadcasting, has been tapped to become chief operating officer of Media Res, a production company backed by RedBird IMI known for “The Morning Show.”
Kevin O’Leary, the Canadian investor and panelist on ABC’s Shark Tank, told his 1.3 million Instagram followers that he likes to wear watches on both wrists worth as much as $3 million, but the only city in which he feels safe walking around that way is Abu Dhabi.
Mohammad Al Bulooki is stepping down as COO of Etihad Airways after six years in the job. John Wright will serve as interim COO as the airline conducts a global search for a replacement.
Former Formula One champion Nico Rosbergis launching a 30 million euro ($32 million) venture capital fund called Rosberg Ventures which will target tech-focused VC firms on behalf of family offices across Europe. It is seeking to raise 75 million euro ($80 million) by year-end.
🎶 Culture Circuit
🎨 Art Start: Three emerging artists based in the UAE will have their work showcased at the Venice Biennale, the world’s most prestigious arts event, which takes place from April 20 to November 24. Almaha Jaralla, Latifa Saeed and Samo Shalaby are taking part through Abu Dhabi Art’s Beyond Emerging Artists initiative.
🤼 Ring Side: WWE is returning to Saudi Arabia, bringing SmackDown and King and Queen of the Ring to the Jeddah Superdome on May 24 and 25. The wrestling extravaganza is the latest in a string of high-profile WWE events hosted by the kingdom, which has long been enthralled by the televised franchise.
📷 Photo of The Day
American rapper Swizz Beatz surveys some camels. The Grammy Award winner’s Saudi Bronx camel racing team is set to race in the AlUla Camel Cup, which runs from April 24-27.
📅 Circuit Calendar
Apr. 16-17, Abu Dhabi, UAE. Green Hydrogen Summit 2024. Bringing together experts, policymakers, and industry leaders to explore opportunities and the industry’s future. Abu Dhabi National Exhibition Center.
Apr. 16-17, Dubai, UAE: Global AI Show. A two-day expo for AI startups and executives under the patronage of UAE Minister of Artificial Intelligence and Remote Work Applications Omar Al Olama. Grand Hyatt.
Apr. 16-18, Abu Dhabi, UAE: World Future Energy Summit 2024. A platform to showcase the solutions to some of the most critical challenges identified at COP28. Abu Dhabi National Exhibition Center.
Apr. 16-18, Dubai, UAE. Middle East Energy. Energy leaders gather to debate and shape the future. Dubai World Trade Center.
Apr. 23-25, Dubai, UAE: GISEC Global. A forum for furthering the key discussions that are helping to define cyber resilience and connecting the global cybersecurity community. Dubai World Trade Center.
Apr. 25-26, Abu Dhabi, UAE: DriftX. An event for smart, autonomous and sustainable urban mobility across air, land, and sea organized in partnership with the Abu Dhabi Investment Office, Abu Dhabi’s Smart and Autonomous Vehicles Industry (SAVI) cluster and Bayanat. Yas Marina.
Apr. 28-29, Riyadh, Saudi Arabia: World Economic Forum Special Meeting. A gathering of investors, politicians and experts on topics of collaboration, growth and energy for economic development. TBC.
Apr. 29-May 1, Riyadh, Saudi Arabia: Future Hospitality Summit. An international gathering hosted in cities around the world bringing together the most influential hospitality investors and developers. Mandarin Oriental Al Faisaliah.
Apr. 29 – May 5, Abu Dhabi, UAE: Abu Dhabi International Book Fair. A key event for the publishing industry in the Middle East and North Africa. Abu Dhabi National Exhibition Center.
Apr. 30-May 1, Abu Dhabi, UAE: Mobility Live. A conference and exhibition sponsored by the Abu Dhabi transport regulators, gathering disruptive technology developers in transportation and the public sector. Abu Dhabi National Exhibition Center.
Apr. 30-May 1, Abu Dhabi, UAE: Middle East Rail. The leading conference in the region for rail innovation, technology and strategy. Abu Dhabi National Exhibition Center.
May 5-8, Los Angeles: Milken Institute Global Conference. Politicians, financiers, media and philanthropists convene to discuss challenges across themes like innovation and technology, health and medical research, diversity and inclusion. The Beverly Hilton.
May 13-15, Abu Dhabi, UAE: Abu Dhabi Global Healthcare Week. A conference focusing on investments, and innovation to solve the most important global health challenges. Abu Dhabi National Exhibition Center and Abu Dhabi City.
May. 14-16, Doha, Qatar: Qatar Economic Forum, Powered by Bloomberg. A news-driven event dedicated to global business and investment. This year’s theme is “A World Remade: Navigating the Year of Uncertainty.” Request your invite here. Fairmont & Raffles, Doha.
May 29-31, Marrakech, Morocco: GITEX Africa. The second edition of the biggest tech and startup gathering in Africa. Place Bab Jdid.
