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UAE President Sheikh Mohamed bin Zayed and Sheikh Mohammed bin Rashid, UAE Vice President and Prime Minister and Ruler of Dubai, held a meeting at Qasr Al Bahr palace in Abu Dhabi on Tuesday. (WAM)

The Daily Circuit: Sabic mulls gas IPO + Mubadala’s interest in Revolut

chemical reaction

Saudi Arabia’s Sabic considers IPO for its industrial gas unit

Riders from UAE Team Emirates-XRG, including German rider Nils Politt, are seen wearing the world’s first cycling helmet developed using generative AI, made by UAE AI powerhouse G42 and manufacturer MET, during the ongoing Tour de France. (Dario Belingheri/Getty Images)

The Daily Circuit: Saudi fund eyes NY tower + ADIA invests in Egis

Investor Liaison

Mubadala Capital Hires Ophir Shmuel as head of Business Development

NEW chiefs

Barclays names El Dabag, Mezher as Co-CEOs for the Middle East

Prince Salman bin Hamad Al Khalifa, Bahrain’s Crown Prince and Prime Minister, greets Oscar Piastri of Australia and team McLaren in the pit lane during Britain’s F1 Grand Prix at Silverstone Circuit on Sunday. (Jayce Illman/Getty Images)

The Daily Circuit: Barclays names Co-CEOs for Mideast + ACWA’s new strategy

Sheikh Tahnoon bin Zayed, UAE National Security Advisor, paid a visit to Saudi Crown Prince Mohammed bin Salman at Al-Salam Palace in Jeddah on Thursday. In a show of sportsmanship, Sheikh Tahnoon wore the scarf of the kingdom’s Al Hilal soccer team, which knocked Manchester City, the team owned by Sheikh Mansour bin Zayed, Sheikh Tahnoon’s brother and the UAE Vice President, out of the FIFA Club World Cup 2025 on Monday. (Saudi Press Agency)

The Daily Circuit: Gamers head for Riyadh + Halal tourism boom

AI HOSPITAL

Cleveland Clinic Abu Dhabi picks G42’s Peng as new Chairman

tech foothold

Thales advances Mideast strategy with Saudi defense projects

Archer Aviation's Midnight aircraft is tested in the skies above Abu Dhabi, with Sheikh Zayed Grand Mosque in the background. (Archer Aviation)

The Daily Circuit: G42’s Peng to chair Cleveland Clinic Abu Dhabi

bike, run, swim

Saudi Arabia’s SURJ eyes investment in pro triathlon tour

ready to eat

Saudi delivery startup Ninja reaches $1.5 billion valuation

The Daily Circuit: Saudi PIF seeks triathlon stake + Aroya launches Med cruise

DEal slowdown

Aramco, ADNOC cutting back on M&A amid decline in oil prices

laying tracks

UAE’s Etihad Rail aims to upgrade dilapidated network in Africa

Fans of Saudi soccer club Al Hilal celebrate during the FIFA Club World Cup 2025 round 16 match against Manchester City at Camping World Stadium in Orlando, Florida, on Monday. Hilal stunned commentators when they knocked out the defending champions during extra time in the seven-goal thriller. (Waleed Zein/Anadolu via Getty Images)

The Daily Circuit: Etihad Rail eyes Africa + Oil drop curbs M&A

stoking growth

Foreign direct investment in Saudi Arabia bounces back

AVIATION REFORM

Egypt to open 11 key airports to private sector investment

Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed met Russian President Vladimir Putin on the sidelines of the Supreme Eurasian Economic Council meeting on Friday in Minsk, Belarus. (WAM)

The Daily Circuit: Saudi FDI bounces back + PAL Cooling sold

Flying Boxes

Abu Dhabi launches test flight for drone parcel delivery service

Quick Hits

GROWING ASSETS

Mubadala assets climb to $327 billion amid AI, credit push

In its 2024 earnings statement, Mubadala cites co-founding the MGX fund for AI investments as a highlight of the fund's activities over the past year

Mubadala

Mubadala headquarters in Abu Dhabi

By
Omnia Al Desoukie
May 8, 2025
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Mubadala Investment Co., Abu Dhabi’s second-largest sovereign wealth fund, grew more than 9% last year, with assets under management reaching $327 billion.

In a 2024 earnings statement released today, Mubadala cited its co-founding of the MGX tech fund specializing in AI investments as a highlight of the year’s activities.

Also notable were its establishment of satellite company Space 42 through a merger, co-investments in real estate with Aldar Properties, and private credit lending in partnership with Apollo, Goldman Sachs, Carlyle and other U.S. money managers.

“Our portfolio has been constructed to navigate market cycles and scale future-focused sectors – from AI and clean energy to life sciences, semiconductors, and advanced manufacturing,” Group CEO Khaldoon Al Mubarak said.


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MAGIC HAPPENS

Disney to open its first Middle East theme park in Abu Dhabi

The iconic wonderland sitting on the UAE capital's Yas Island will be built by Miral Group, with creative design and operations led by Disney

Abu Dhabi Media Office

Disney CEO Bob Iger with Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed at the announcement of Disneyland Abu Dhabi. Also present were Josh D’Amaro, Chairman of Disney Experiences; Mohamed Abdalla Al Zaabi, Group CEO of Miral; and Mohamed Khalifa Al Mubarak, Chairman of the Department of Culture and Tourism.

By
Louise Burke
May 8, 2025
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Abu Dhabi’s Yas Island has been selected as the home for Disney’s seventh theme park – the first in the Middle East – in a major coup for the UAE capital.

The park will be built by Miral Group, with creative design and operational oversight led by Disney.

Announcing the agreement at the W Abu Dhabi Hotel on Wednesday alongside Mohamed Khalifa Al Mubarak, Chairman of the Department of Culture and Tourism Abu Dhabi, Disney CEO Bob Iger said the park would be “authentically Disney and distinctly Emirati, an oasis of extraordinary Disney entertainment that is at the crossroads of the world.”

Arab leaders have been courting Disney for years, with Iger reportedly saying in 2018 that Saudi Crown Prince Mohammed bin Salman had made an “impassioned plea” for a theme park in the kingdom, which Disney dismissed at the time as a cultural mismatch.

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The Daily Circuit

The Daily Circuit: From Beverly Hills to Riyadh + G42-Cisco deal

Visitors tour the new Grand Egyptian Museum in Giza on the outskirts of Cairo. The museum has started welcoming guests after years of delays, with an official opening scheduled for July. (Khaled Desouki / AFP via Getty Images)

Khaled Desouki / AFP via Getty Images

By
Jonathan H. Ferziger
Omnia Al Desoukie
May 7, 2025
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👋 Hello from the Middle East!

In the Daily Circuit today, we’re reporting on record profit for Bahrain’s Mumtalakat sovereign wealth fund, a $1 billion projection for Saudi budget carrier Flynas’ IPO, G42’s deal with Cisco to collaborate on AI development, and the new Grand Egyptian Museum welcoming visitors. But first, the U.S. President’s Gulf visit next week is attracting corporate leaders to tag along.

From Beverly Hills to Riyadh, several of the headliners at this week’s Milken Global Investment conference are heading to the Middle East so they can be on hand for U.S. President Donald Trump’s May 13 touchdown in Saudi Arabia.

While Saudi Investment Minister Khalid Al-Falih heads home
as the California confab winds up today, top American corporate executives, including Citigroup’s Jane Fraser, Franklin Templeton’s Jenny Johnson and Google’s Ruth Porat, will also fly to the Gulf next week.

The three business leaders are scheduled to speak at a Saudi-U.S. Investment Forum in Riyadh that is being put together to coincide with Trump’s Gulf tour, which will also take him to Qatar and the UAE.

Other U.S. executives slated to appear at Riyadh’s vast King Abdulaziz International Conference Center are BlackRock’s Larry Fink, Palantir’s Alex Karp, Blackstone’s Steve Schwarzman, IBM’s Arvind Krishna and Qualcomm’s Cristiano Amon.

The conference site abutting Riyadh’s storied Ritz-Carlton Hotel also hosts the annual Future Investment Initiative gathering. Both events are sponsored by Saudi Arabia’s Public Investment Fund, along with Aramco, Maaden, and other state-owned companies.

Trump, who will meet Crown Prince Mohammed bin Salman when he arrives in the kingdom, said he anticipates completing major arms deals and will seek to obtain a Saudi commitment to invest as much as $1 trillion in the U.S. The Crown Prince offered $600 billion.

Greeting participants at next week’s conference will be top Saudi Cabinet members, including Al-Falih, Prince Abdulaziz bin Salman, the Minister of Energy; Mohammed Al-Jadaan, Minister of Finance; Bandar Ibrahim Alkhorayef, Minister of Industry and Mineral Resources; and Aramco CEO Amin Nasser.

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

CIRCUIT INTERVIEW

Abu Dhabi’s Story hotels chief plots strategy from the Seychelles to Mecca

From private island escapes in the Seychelles to luxury hotel towers under construction in Mecca, Story Hospitality is trying to build on its boutique niche in the UAE and expand to new markets, The Circuit’s Omnia Al Desoukie reports.

Backed by Abu Dhabi Capital Group, one of the UAE’s largest family investment offices with $20 billion in assets under management, the company is looking to Saudi Arabia, Oman and other Gulf neighbors to build its brand regionally as it eyes more far-flung resort destinations in Africa.

CEO Victor Abou-Ghanem, who was born in Lebanon and learned the industry working at hotel icons such as the Dorchester Collection and Kempinski Hotels, said he isn’t chasing cookie-cutter growth as the company plots a strategy beyond its Emirates base.

Click here to read the full interview.

📰 Developing Stories

BIG BUCKS

Bahrain’s sovereign wealth fund, Mumtalakat, reported a record profit of $963 million in 2024, reversing a significant loss from the previous year. The turnaround was driven by McLaren Group’s restructuring and a partnership with Abu Dhabi-backed CYVN Holding, the sovereign said. “The past year marked a major period of change for Mumtalakat, as we repositioned for long-term growth,” said Shaikh Salman bin Khalifa Al Khalifa, Chairman of the sovereign fund, Arabian Gulf Business Insights reported. The fund, which manages $18 billion in assets, has recently shifted focus to local investments and signed regional deals in green energy and healthcare. Despite the turnaround, S&P revised its outlook on Mumtalakat to negative, mirroring concerns over Bahrain’s fiscal outlook.

DOWN UNDER

UAE developer Arada has acquired the New South Wales state arm of Australian construction firm Roberts Co, investing $20 million to support its expansion in Australia and securing 700 jobs across its supply chain. The Sydney-based builder will become the “main delivery pipeline” for 5,000 homes Arada plans to build in the next 24 months, chief executive Ahmed Alkhoshaibi told The Australian Financial Review. The Gulf cash injection comes at a critical time for Roberts Co, which was forced to put its Victorian state arm into administration in March, leaving projects worth billions in limbo. Arada, a Sharjah-based firm founded by the son of Saudi Arabia’s Prince Alwaleed bin Talal and Sharjah’s Deputy Ruler Sheikh Sultan bin Ahmed Al Qasimi, has been growing at lightning speed. It first announced it would make its international debut in Australia last August. Alkhoshaibi told The National in February that the company was open to the possibility of an IPO after it sold out a $1.5 billion Sharjah project in three hours.

💲 Sovereign Circuit

G42: The UAE’s G42 has reached an agreement with Cisco to collaborate on accelerating artificial intelligence innovation and infrastructure development across the public and private sectors. The announcement was made in the presence of Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council.

ADQ: The Abu Dhabi sovereign wealth fund said it has priced a $2 billion bond, its third international debt offering, with strong demand pushing the order book past $7 billion. 

ADQ: AD Ports Group, which is controlled by ADQ, and Burjeel Holdings will create a joint venture that would leverage AD Ports’ logistics capabilities to fast-track the delivery of high-quality medical supplies and services across Africa.

Oman Investment Authority: Asyad Drydock, part of Asyad Group, which is wholly owned by the OIA has invited consultants to conduct a feasibility and engineering study for expanding its fully utilised drydock at Duqm Port in order to boost capacity, assess green hydrogen-linked manufacturing opportunities, and evaluate economic, environmental, and operational impacts.

Qatar Investment Authority: The QIA, China’s oil company Sinopec, and Hillhouse Investment are considering major investments in Contemporary Amperex Technology Co. Ltd.’s Hong Kong listing, one of the city’s biggest share sales in recent years, Bloomberg reports. CATL is also in talks with other funds, including Kuwait Investment Authority, some of which could join as cornerstone investors.

Space42: Space42, through its subsidiary Thuraya, has partnered with Denmark’s Gatehouse Satcom to advance direct-to-device satellite connectivity.

M42: M42, a Mubadala company, has announced Dimitris Moulavasilis as the company’s new Group Chief Executive Officer, effective immediately. Meanwhile, ​​Jasem Al Nowais transitions from his role to continue as a member of M42’s Board.

Abu Dhabi Investment Authority: British International Investment has entered India’s solar manufacturing sector with its first investment, a $100 million commitment to ReNew, a company backed by ADIA.

↪↩ Closing Circuit


⚗️ Chemical Formula: ADNOC, the UAE national oil company, is close to clinching EU antitrust approval for its $16.6 billion takeover of German chemicals company Covestro, Reuters report.

🛍️ Turkish Delights: Uber will enter Turkey’s food delivery market by acquiring an 85% stake in Alibaba-backed Trendyol Group’s Go online meal and grocery delivery service for $700 million. 

💺 Jet Order: Qatar Airways is preparing a deal to buy around 100 widebody jets from Boeing with an option to buy another 100 planes, Bloomberg reports, indicating the agreement will coincide with U.S. President Donald Trump’s visit next week.

🧑🏽‍🎓 Educated Kids: Red Sea Global has partnered with SEK Education Group to open two IB schools at AMAALA and Turtle Bay, offering world-class education for up to 726 students.

🏥 Hospital Brand: Al Hilal Healthcare Group, Bahrain’s largest private provider, has acquired and rebranded Middle East Hospital in Manama’s Segaya as Al Hilal Premier Hospital, its 10th branch and second hospital in the kingdom.

🎞️ Film Collab: Saudi Arabia’s Film AlUla has partnered with The MBS Group, which will exclusively manage and operate AlUla Studios through its new regional arm, MBS MENA Limited, in a first-of-its-kind collaboration in the region.

$ Wealth Investment: Brown Advisory, a global investment management firm with $161.7 billion in assets under management, has expanded to the Middle East with the opening of a new office in Abu Dhabi Global Market.

🗣 Circuit Chatter

📈 IPO Ready: Saudi Arabia’s Flynas, backed by billionaire Prince Alwaleed bin Talal, is considering seeking about $1 billion from its IPO, Bloomberg reports.

₿ Crypto Base: Ripple Labs plans to expand in the UAE after becoming the first blockchain payments provider licensed by Dubai’s financial regulator, citing the region’s $40 billion remittance market, trading hub status, and strong customer base.

⛏️ Mineral Memo: Saudi Arabia is ready to discuss a potential deal with the U.S. to cooperate in mining and mineral resources, the kingdom’s cabinet said in a statement on Tuesday.

💰 Financial Capitals: The Dubai Financial Market and Taiwan Stock Exchange have signed an agreement to boost cross-border investment, explore dual listings of products including ETFs, and enhance cooperation through joint outreach and knowledge sharing.

✈️ Budget Cuts: ​​Wizz Air has canceled its planned June 2025 Milan-Abu Dhabi route using the Airbus A321XLR, reportedly due to competition with Etihad Airways.

🛫 Flight Fright: Delta, Air France, and Lufthansa are among the airlines that suspended flights to and from Tel Aviv after a missile fired by Yemen’s Houthi rebels landed near Israel’s Ben-Gurion International Airport on Sunday.

🌍 Power Circuit

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, met today with Disney CEO Bob Iger for the announcement that a Disney Theme Park Resort will be built on Yas Island.

Sheikh Mohammed bin Rashid, UAE Vice President and Prime Minister and Ruler of Dubai, has chaired the UAE Cabinet meeting held at Qasr Al Watan palace in Abu Dhabi, during which the cabinet approved the UAE Strategy for Islamic Finance and Halal Industry. 

Sheikh Mansoor bin Mohammed, Chairman of the Dubai Ports and Borders Security Council, inaugurated GISEC Global 2025, the world’s third-largest cybersecurity event, on Thursday.

➿ On the Circuit

Dr. Mohammed Abdullah Al Ali, CEO of Trends Research and Advisory, told WAM that the UAE-based think tank and consulting firm plans to open 25 global offices by the end of this year. 

Hosam Arab, CEO of UAE-founded buy-now-pay-later company Tabby, said that its IPO timeline is within the next 12-18 months, depending on market conditions..

Shehab Gargash, Managing Director & Group CEO of Gargash Group, said during a panel discussion at the Capital Market Summit that the old days of boom and bust are no longer the norm, adding that the region must capitalize on the turmoil on the world stage.

Josh Pack, Co-CEO of Fortress Investment Group, is moving from Dallas to London to lead the New York-based alternative asset manager’s European expansion plans. Abu Dhabi’s Mubadala sovereign wealth fund owns 70% of Fortress and agreed last month to invest $1 billion in private credit and other strategies with the firm.

Ahmad Al Mutawa, Regional CEO of Abu Dhabi Ports Group, met with Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, in Cairo on Tuesday. Badawi congratulated AD Ports Group’s delegation on the signing of an agreement to develop the KEZAD East Port Said Industrial and Logistics Zone, which was announced on Monday.

Nadeem Hussain, CEO of Dubai-based MBS Global Investments, told The National that its planned $8.8 billion tax-free financial center in the Maldives would not compete with the UAE’s financial hubs.

Ted Kemp has been appointed Chief Content Officer at the Khaleej Times, bringing two decades of experience in media to the UAE-based English-language newspaper. 

Brett McGurk, former White House Coordinator for the Middle East and North Africa, was photographed in yesterday’s meeting between Cisco executives and Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed.

🎶 Culture Circuit

🥐 French Connection: AlUla’s Villa Hegra, a Saudi-French cultural institution, will choose a local artist to travel to Paris for a residency with Mobilier National. The 400-year-old organisation, which was formed to manage the furnishings of France’s royal residences, now administers historic workshops preserving methods for making tapestries, carpets, lace and furniture. The initiative aims to promote these artisanal French traditions in the kingdom.

📷 Photo of the Day

Visitors tour the new Grand Egyptian Museum in Giza on the outskirts of Cairo. The museum has started welcoming guests after years of delays, with an official opening scheduled for July. (Khaled Desouki / AFP via Getty Images)
Visitors tour the new Grand Egyptian Museum in Giza on the outskirts of Cairo. The museum has started welcoming guests after years of delays, with an official opening scheduled for July. (Khaled Desouki / AFP via Getty Images)

📅 Circuit Calendar

April 25 – May 11, Dubai. Dubai Esports and Gaming Festival. Dubai’s gaming and esports extravaganza brings together global players, creators, fans, and industry leaders. Dubai World Trade Center. 

May 4-7, Beverly Hills, Calif.: Milken Global Investment Conference. This is the final day of the annual gathering of corporate executives, investors and thought leaders, which will be held at the Beverly Hilton.

May 5-8, Tel Aviv. Future Summit. An invite-only gathering bringing together top global founders, investors, cultural leaders, and policymakers for intimate, off-the-record conversations. Jaffa Hotel.

May 6-8, Dubai. Airport Show. Showcasing the latest technological advancements in the airport industry. Dubai World Trade Center.

May 6-8, Dubai, GISEC. The 14th edition of the Middle East and North Africa’s largest cybersecurity event, under the theme “Securing an AI-Powered Future.” Dubai World Trade Center. 

May 12-13, Dubai. Dubai FinTech Summit. Exploring a future where finance is accessible, inclusive, and empowering. Madinat Jumeirah.

May 13, Riyadh. Saudi-U.S. Investment Forum. An invitation-only event to be held during U.S. President Donald Trump’s visit to Saudi Arabia. The forum will bring together government, business, finance and innovation to discuss the next chapter of business between the two countries. Venue TBA.

May 13-14, Dubai. Low Carbon Fuels MENA. The conference promises a space for industry leaders, potential partners, and innovators to discuss potential opportunities and challenges. Sheraton Dubai Creek Hotel & Towers.  

May 13-15, Dubai. CABSAT. The Middle East & Africa’s leading event for content, broadcast, media & entertainment industry professionals looking to leverage the latest technology and innovation in creating the next-gen content. Dubai World Trade Center.

May 13-15, Dubai. World Police Summit. Uniting law enforcement professionals, policymakers, industry leaders, and innovators to redefine the standards of modern policing. Dubai World Trade Center.

May 14-15, Dubai. HODL. Formerly known as the World Blockchain Summit, the event transforms to HODL to incorporate business opportunities, investor connections and regulatory dialogues. Madinat Jumeirah. 

May 16, Milan. Investopia Europe 3rd Edition. Highlighting discussions around transforming the global economy. Featured speakers include Abdulla bin Touq Al Marri, UAE Minister of Economy and Chairman of Investopia, and UAE Minister of State for Entrepreneurship Alia Abdulla Al Mazrouei. Palazzo Mezzanotte.

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 bringing together Qatari government and business leaders with corporate executives, investors and policymakers from around the world. Media City Qatar.

May 26-27, Abu Dhabi. Building the Future Summit. This Forbes event serves as an exclusive platform for industry leaders, investors, architects, and innovators to explore the latest trends shaping the future of real estate. Louvre Abu Dhabi.

May 29-30, Tripoli, Libya. Building the Future Summit. A Forbes event that is designed to help delegates from Libya understand their investment opportunities, foster strategic partnerships, and showcase key reforms that will drive economic progress. Venue TBA.

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DOWN UNDER

UAE’s Arada buys Australian builder Roberts in $20M deal

Arada, a Sharjah-based firm co-founded by the son of Saudi Arabia’s Prince Alwaleed bin Talal, has been growing at lightning speed

Photo by Lewis Storey/Getty Images

The Sydney Opera House and Sydney Harbour Bridge.

By
Louise Burke
May 7, 2025
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UAE developer Arada has acquired the New South Wales state arm of Australian construction firm Roberts Co, investing $20 million to support its expansion in Australia and securing 700 jobs across its supply chain.

The Sydney-based builder will become the “main delivery pipeline” for 5,000 homes Arada plans to build in the next 24 months, chief executive Ahmed Alkhoshaibi told The Australian Financial Review.

The Gulf cash injection comes at a critical time for Roberts Co, which was forced to put its Victorian state arm into administration in March, leaving projects worth billions in limbo.

Arada, a Sharjah-based firm founded by the son of Saudi Arabia’s Prince Alwaleed bin Talal and Sharjah’s Deputy Ruler Sheikh Sultan bin Ahmed Al Qasimi, has been growing at lightning speed.

It first announced it would make its international debut in Australia last August. Alkhoshaibi told The National in February that the company was open to the possibility of an IPO after it sold out a $1.5 billion Sharjah project in three hours.

Read More
EARNINGS JUMP

Bahrain’s Mumtalakat posts record profit with strategic shift

Revenue in 2024 hit $5.8 billion while profits from Aluminium Bahrain surged and earnings from the National Bank of Bahrain also edged up

Jakub Porzycki/NurPhoto via Getty Images

The Bahrain World Trade Center in Manama

By
Omnia Al Desoukie
May 7, 2025
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Bahrain’s sovereign wealth fund, Mumtalakat, reported a record profit of $963 million in 2024, reversing a significant loss from the previous year.

The turnaround was driven by McLaren Group’s restructuring and a partnership with Abu Dhabi-backed CYVN Holding, the sovereign said.

“The past year marked a major period of change for Mumtalakat, as we repositioned for long-term growth,” said Shaikh Salman bin Khalifa Al Khalifa, Chairman of the sovereign fund, Arabian Gulf Business Insights reported.

Simultaneously, revenue rose to about $5.8 billion, while profits from Aluminium Bahrain surged and earnings from the National Bank of Bahrain also edged up, though telecom profits dipped slightly.

The fund, which manages $18 billion in assets, has recently shifted focus to local investments and signed regional deals in green energy and healthcare.

Despite the turnaround, S&P revised its outlook on Mumtalakat to negative, mirroring concerns over Bahrain’s fiscal outlook.

Read More
CIRCUIT Q&A

Abu Dhabi’s Story hotels chief plots strategy from Seychelles to Mecca

In an interview with The Circuit, Story Hospitality CEO Victor Abou-Ghanem says the company resists cookie-cutter methods and tailors properties to reflect local narratives

Story Hospitality

Story Hospitality CEO Victor Abou-Ghanem

By
Omnia Al Desoukie
May 7, 2025
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From private island escapes in the Seychelles to luxury hotel towers under construction in Mecca, Story Hospitality is trying to build on its boutique niche in the UAE and expand to new markets.

Backed by Abu Dhabi Capital Group, one of the UAE’s largest family investment offices with $20 billion in assets under management, the company is looking to Saudi Arabia, Oman and other Gulf neighbors to build its brand regionally as it eyes more far-flung resort destinations in Africa.

CEO Victor Abou-Ghanem, who was born in Lebanon and learned the industry working at hotel icons such as the Dorchester Collection and Kempinski Hotels, said he isn’t chasing cookie-cutter growth as the company plots a strategy beyond its emirates base.

“We don’t copy-paste concepts,” the dapper 44-year-old executive said in an interview while attending last week’s Arabian Travel Market conference. “Every Story hotel is unique, with its own concept and narrative.”

Formerly known as H’Mark Hosts with its signature H Hotel in Dubai at the foot of Sheikh Zayed Road, the company rebranded in 2021 to roll out the 5-star line of Story hotels, while introducing a 4-star franchise under the name Cue Hotels. Story Hospitality expects to double its hotel count this year to 12, according to its website, with new locations in the Seychelles and near the Grand Mosque in the holy city of Mecca.

The interview has been edited for length and clarity.

Is now a good time for Story Hospitality to open new hotels?

Absolutely! And this is happening globally, not just in one region. First, post-pandemic, people really wanted to travel again, and we saw a sharp increase in leisure travel. Any destination able to welcome leisure customers saw a boom.

Second, inflation has increased since the pandemic. Investing in real estate, especially hotels, is considered inflation-proof because you can pass some of those costs onto customers. Hotel rates are rising; they rarely go down, so as prices increase globally, we’re also able to increase our rates and maintain returns. Today, hotel investment remains attractive because it offers stable or even increasing returns despite inflation.

How does your connection with Abu Dhabi Capital Group help the hotel chain grow?

As their hospitality arm, we handle all hospitality-related and commercial building operations, whether through acquisition or development from scratch. We’ve done mixed-use projects with malls, offices, residences, and hotels. Sometimes we operate hotels only, or offices only — depending on the location and project. What’s unique is that each division, including Story Hospitality, defines its own growth and expansion plan. It’s not dictated by the holding group.
ADCG requires a certain return and growth – we decide how to achieve that. It’s like starting with a blank page – we own the strategy and execution.

Given your strong momentum, how is Story Hospitality positioning itself for expansion within the GCC?

We’re a GCC-rooted company with headquarters in Abu Dhabi, focused on having a strong presence in the region. UAE and Saudi Arabia are must-haves for us. We’re also active in Kuwait, Oman, Qatar, and soon Bahrain. The UAE is our base, and Saudi Arabia is where the real boom is happening, especially between now and 2030. Our first hotel in Mecca should open before the end of this year. We’re also exploring opportunities in Riyadh and the Red Sea. Importantly, we don’t just take any hotel and rebrand it. We find the right product that fits Story and only then do we put our name on it.

When evaluating new opportunities, what key criteria determine whether a hotel project aligns with the Story brand?

There are many criteria. First, we ensure we work with the right partners and owners.
Management agreements are long-term, 20 years or more, so aligning values and goals is essential. Second, we only choose destinations where we can operate successfully and outperform competitors. We assess KPIs such as location, demand, hotel supply, and whether it’s a leisure, religious, or business destination. We also consider the nature of the project — is it luxury, five-star, or lifestyle? From there, we define size, brand, and offering in collaboration with the owner.

Unlike others, we don’t copy-paste concepts. Every Story hotel is unique, with its own concept and narrative. We tailor each project to fit the owner’s vision, not the other way around.

Are you pursuing strategic partnerships with Gulf sovereign wealth funds or public investment entities?

We’re working on a few projects, though they’re still confidential. We’re actively engaged with at least one party, and if all goes well, you might hear an announcement within a month. The sovereigns are definitely of interest.

Story operates across both 5-star and 4-star segments. How do you ensure consistent quality and brand integrity?

It’s a tough question — what is luxury, really? Some people associate it with big rooms and marble finishes, and that’s part of it. For example, in Dubai, our hotel offers the largest standard rooms — 40-plus square meters, when the legal minimum is 25. That’s a choice we made.
We always ensure our hotels meet or exceed the country’s legal and classification requirements. But we don’t stop at the minimum, we do more.

Luxury today also means strong product quality and rich amenities: multiple restaurants, spas, pools, and wellness facilities like yoga or Pilates. Most importantly, luxury is about service, which is high-end, consistent, and people-driven. Our guest reviews on platforms like Booking.com and TripAdvisor speak to that. With the right location, product, and service, you can command high prices and retain customers. Without all three, you won’t.

As the GCC’s hotel market becomes more competitive, how do you attract, develop, and retain top-tier hospitality professionals?

It starts with the basics: treat people well. Just like with customers, we keep employees by taking care of them. That means being fair, giving them opportunities to grow, and offering training. At Story, we support career progression and international mobility. If someone wants to grow and travel, they can. Other companies may not provide that, you stay in your role or leave. For us, it’s not just about competitive salaries. It’s about learning.

We require at least two training sessions per year, especially for employees who use software. We offer both soft skills and technical skills training. We also promote from within and foster diversity, no discrimination based on nationality, religion, or gender. In Dubai, we’ve partnered with the government to train and employ autistic individuals. If someone is capable and willing, we’ll support them.

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BUSINESS CLASS

Trump’s Saudi trip will also draw CEOs from BlackRock, Palantir

U.S. executives and Saudi cabinet ministers will address the Saudi-U.S. Investment Forum in Riyadh when Trump arrives to meet with MBS

OMNIA AL DESOUKIE

Saudi-U.S. Investment Conference will take place at the King Abdulaziz International Conference Center in Riyadh, home to the kingdom's annual Future Investment Initiative summit

By
Jonathan H. Ferziger
May 7, 2025
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Some of America’s top corporate executives, including BlackRock’s Larry Fink, Citigroup’s Jane Fraser and Palantir’s Alex Karp, will be following U.S. President Donald Trump to Saudi Arabia next week.

The three business leaders are scheduled to speak at the Saudi-U.S. Investment Forum in Riyadh that is being put together to coincide with Trump’s arrival in the kingdom on May 13, when he kicks off a tour of the Gulf that will also take him to Qatar and the UAE.

Other U.S. executives slated to appear are Blackstone’s Steve Schwarzman, Franklin Templeton’s Jenny Johnson, Alphabet’s Ruth Porat, IBM’s Arvind Krishna and Qualcomm’s Cristiano Amon.

Trump, who will meet Crown Prince Mohammed bin Salman when he arrives in Riyadh, said he anticipates completing major arms deals in the kingdom and will seek to obtain a Saudi commitment to invest as much as $1 trillion in the U.S. The Crown Prince offered $600 billion.

The business event will take place at the vast King Abdulaziz International Conference Center in the capital city’s diplomatic quarter, where the annual Future Investment Initiative gathering is held, alongside the luxurious Ritz-Carlton Hotel. The event is being sponsored by Saudi Arabia’s Public Investment Fund, along with Aramco, Maaden and other state-owned companies.

Greeting participants in the conference will be top Saudi Cabinet members, including Prince Abdulaziz bin Salman, the Minister of Energy; Khalid Al-Falih, the Minister of Investment; Mohammed Al-Jadaan, Minister of Finance; Bandar Alkhorayef, Minister of Industry and Mineral Resources; and Amin Nasser, CEO of Aramco.

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AI IN ARABIC

Mideast companies reconsider the high cost of AI leadership

Across the Middle East and beyond, companies are reassessing whether it's worth the massive cost of developing cutting-edge AI models from scratch

Emirates News Agency

G42 CEO Peng Xiao, left, with OpenAI's Sam Altman, at the signing of a partnership agreement in 2023

By
Omnia Al Desoukie
May 6, 2025
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The global race to develop powerful AI models is increasingly dominated by the U.S. and China, leaving ambitious countries like the UAE struggling to keep up.

The UAE’s flagship model, Falcon, which once promised to dominate, has fallen behind in rankings and user adoption, with the system now lagging far behind global leaders by performance, Bloomberg reports.

G42, a major backer of another GenAI system called Jais, has shifted focus to customizing models from companies like OpenAI instead of developing its own.

This reflects a broader trend across the Middle East and Europe, where several high-profile AI ventures, including Germany’s Aleph Alpha and Britain’s Stability AI, have scaled back or collapsed.

Across the Middle East and beyond, companies are reassessing whether it’s worth the massive cost of developing cutting-edge AI models from scratch.

G42’s Jais still has the potential to become a competitive “frontier model,” according to Kiril Evtimov, who leads the company’s cloud unit, Core42.

But even he admits the economics may not add up, “Is that the right business strategy for us to capture the market? Probably the answer is no.”

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