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👋 Hello from the Middle East!
In the Daily Circuit today, we’re looking at the plunge in Gulf stock prices triggered by U.S. trade tariffs, a regulatory nod for Riyadh Air’s take-off later this year, Acwa Power’s wind deal in Uzbekistan and Qatar’s Hit Show winning the $12 million Emirates Dubai World Cup horse race. But first, conference halls in Abu Dhabi and Dubai are back to business.
Investors are pouring back into the UAE after the monthlong Ramadan break as temperatures warm up and the AIM Congress kicks off the Middle East’s spring dealmaking season.
Presidents, cabinet ministers, central bank governors and CEOs took to the ADNEC Centre podium today to address some 20,000 registered participants at the global investment conference.
In opening remarks, Dr. Thani Al Zeyoudi, the UAE Minister for Foreign Trade, said the Emirati government will intensify its focus on artificial intelligence, improved infrastructure and clean energy.
“This is our investment model – to find long-term opportunities in high-potential markets and help transform them into a sustainable engine of growth,” Al Zeyoudi said.
Also appearing onstage at the opening session were Denis Sassou Nguesso, President of the Republic of the Congo, Armenian President Vahagn Garniki Khachaturyan and Ahmed Aboul Gheit, Secretary General of the Arab League.
In Dubai, meanwhile, more than 40,000 industry professionals from 90 countries are meeting at the Middle East Energy Conference in the Dubai World Trade Centre.
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📰 Developing Stories
TRUMP TARIFFS
While new U.S. trade tariffs came out at the low end for Gulf countries, benchmark stock indexes across the region plunged by the widest margins since 2020. Amid depressed oil prices and fears of a global trade war, Saudi Arabia’s Tadawul All-Share Index dropped 6.1% on Sunday, with similar slides in Qatar and Kuwait. The losses continued today, with the Dubai Financial Market General Index down more than 6% and the Abu Dhabi Securities General Index slumping 4.5%. Shares of Saudi Aramco, the world’s biggest oil company, have fallen more than 7% since President Donald Trump’s announcement last week, losing some $90 million in market capitalization. The tariffs range from 10% on Gulf exports to the U.S. to 20% from countries in the European Union and 34% from China.
TAKING OFF
Riyadh Air crossed a threshold as it prepares to begin operating in 2025 as Saudi Arabia’s primary international carrier. The airline, which is owned by the Public Investment Fund, announced on Sunday that it received approval to fly from the General Authority of Civil Aviation. “Establishing an airline of this scale is a monumental task, but the process is progressing smoothly,” Saudi Minister of Transport and Logistics Saleh Al-Jasser said at a ceremony presenting the approval certificate. “We are now in the final stages, with the next step being the launch of the first flight before the end of this year.” Riyadh Air, which will take over many passenger routes from Saudia, plans connections to more than 100 international cities by 2030.
💲 Sovereign Circuit
Public Investment Fund: Acwa Power, an energy generating company owned by the Saudi sovereign wealth fund, started commercial operations in Uzbekistan at two major wind power plants it owns with China Southern Power Grid International, which has a 35% stake in the venture.
ADQ: AD Ports Group, which is majority-owned by the Abu Dhabi sovereign wealth fund, awarded a contract to UAE-based Mar Construction Civil & Obras Publicas to design and build the topside and marine infrastructure of Angola’s Noatum Ports Luanda Terminal.
Investment Corporation of Dubai: ICD, the emirate’s principal investment arm may turn to the capital markets with a raft of listings over the next year or so, Arabian Gulf Business Insight reports.
↪↩ Closing Circuit
🛢️Price Cut: Saudi Arabia lowered the prices it will charge Asian buyers for crude oil in May to their lowest in four months, after a surprise decision by OPEC+ last week to boost supply.
🚚 Delivery Deal: DHL Group signed an agreement with the Chinese-owned e-commerce marketplace Temu to deepen cooperation in markets within Eastern Europe and the Middle East.
⚡ Power Partners: India and the UAE agreed to develop an energy hub with a multi-product pipeline in Sri Lanka amid growing competition between the world’s two most populous nations for influence in Asia.
🗣 Circuit Chatter
📈 Virtual Assets: Dubai plans to tokenize real estate investments following an agreement between the Land Department and Virtual Assets Regulatory Authority.
✈️ Circular Airline: Dubai’s flagship carrier, Emirates, has joined the Aviation Circularity Consortium along with SL Metals, a Singapore-based aluminium alloy distributor, to improve its environmental record through decarbonization, recycling and use of sustainable materials.
🟡 No Rush: Gulf aluminum producers are not rushing to respond to new US tariffs and will explore alternative markets, as only 10% of their output is exported to the U.S., Arabic daily Aleqtisadia reports
💰Trade Goals: Turkey aims to boost trade with the U.S. to $100 billion despite facing 10% tariffs from the Trump administration, English daily Hurriet Daily News cited trade minister Ömer Bolat.
🌍 Power Circuit
Sheikh Mohammed bin Rashid, Ruler of Dubai and Vice President of the UAE, attended the Emirates Dubai World Cup horse race and congratulated Qatar for the victory by Hit Show.
French President Emmanuel Macron met with Egyptian President Abdel-Fattah El-Sisi on Sunday in Cairo to discuss trade and geopolitical issues in the region.
Sheikh Abdullah Bin Zayed, the UAE Foreign Minister, held a meeting in Abu Dhabi with Israeli Foreign Minister Gideon Sa’ar on Sunday.
➿ On the Circuit
Mohammed Maktari, CEO of Chinese electric vehicle producer NIO’s MENA division, said in an interview with Arabian Business that the company is introducing a broad battery-swapping operation to the region.
James Greenwood was appointed CEO at M2, an ADGM-regulated platform for secure, regulated, and innovative digital asset trading and investment, and Bill Qian has been the company’s Managing Director.
Abdulla bin Touq Al Marri, the UAE’s Minister of Economy and Chairman of the Emirates Tourism Council said hotel revenues within the country reached approximately $12.3 billion in 2024.
🎶 Culture Circuit
🏇 Fast Track: Qatar’s Hit Show, ridden by jockey Florent Geroux, won the $12 million Emirates Dubai World Cup horse race at Meydan Racecourse on Saturday. U.S. thoroughbred Mixto came in second place, trailed by Japan’s Forever Young, winner of the Saudi Cup in February.
📷 Photo of the Day
French President Emmanuel Macron and Egyptian President Abdel Wahab El-Sisi walk through Cairo’s Khan El-Khalili district on Sunday night at the beginning of a three-day visit.
📅 Circuit Calendar
April 7-9, Abu Dhabi. AIMCongress 2025. An annual investment platform in the UAE capital that brings together corporate executives, political leaders and entrepreneurs. ADNEC.
April 7-9, Dubai. Middle East Energy. Annual conference of international energy suppliers to discuss products and solutions. Dubai World Trade Centre.
April 10-11, Dubai. BoF Crossroads 2025. Business of Fashion conference addresses shifting customer preferences, industry slowdown and emerging growth in Global South markets. One Za’abeel Hotel.
April 11-13, Sakhir, Bahrain. F1 Gulf Air Bahrain Grand Prix. Formula 1 racing returns to the Gulf island state. Bahrain International Circuit.
April 13-15, Riyadh. Saudi Food Manufacturing. Back for a second year, the focus turns to logistics solutions, including advancements in AI-driven supply chains, robotics, and sustainable automation technologies. Riyadh Front Exhibition & Conference Centre.
April 14-16, Dubai. IPS Congress. The Middle East’s largest international property sales event. Dubai World Trade Centre.
April 15-17, Dubai. Abu Dhabi Global Health Week. A critical worldwide forum dedicated to shaping the future of health. ADNEC.
April 16-17, Dubai. FastBull Finance Summit Dubai. Focused on the depth and breadth of global finance, emphasizing areas such as forex and blockchain financial technology. Coca-Cola Arena.
April 17-19, Dubai. World Art Dubai. Annual retail art fair featuring more than 10,000 works for sale. Dubai World Trade Centre.
April 18-20, Dubai. Art Dubai. Three-day city festival spotlights more than 100 contemporary, modern and digital galleries from the UAE and over 40 other countries. Madinat Jumeirah.
April 18-20, Jeddah. STC Saudi Arabian GP. The Formula 1 Saudi Arabian Grand Prix by STC returns, promising an electrifying high-speed spectacle on the Red Sea. Jeddah Corniche Circuit.
April 18-20, Abu Dhabi. Middle East Film and Comic Con 2025. The region’s largest pop culture festival returns for its 13th year. ADNEC.
April 21-23, Abu Dhabi. Electric Vehicle Innovation Summit 2025. The Middle East’s largest annual event dedicated to shaping the future of electric mobility. ADNEC.
April 21-25, Dubai. Dubai AI Festival. Bringing together the brightest minds to explore and expand the commercial and economic possibilities of AI technology.” Madinat Jumeirah.
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 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 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.
