👋 Hello from the Middle East!

In the Daily Circuit today, we’re looking at Egypt’s $7.6 billion green hydrogen deal with France, Omani banks mulling $29 billion merger, Turkish designs for Kuwait’s rail link to Saudi Arabia, and a Katy Perry concert during Abu Dhabi Grand Prix weekend in December. But first, the Trump administration’s energy chief heads to the Gulf.

With petroleum prices plunging and a global trade war on the horizon, the White House is sending U.S. Energy Secretary Chris Wright to spend quality time with top oil producers in the Middle East.

Wright, the founder of Denver, Colorado fracking company Liberty Energy before joining President Donald Trump’s Cabinet this year, will visit the UAE, Saudi Arabia and Qatar during his two-week sojourn starting on Wednesday, Reuters reports.

Scheduled to meet the Gulf’s top government and corporate leaders, Wright will set the stage for Trump’s visit to the region, which is expected to take place in mid-May.

The extended visit comes as oil prices have hit a four-year lowfollowing the OPEC+ decision to lift restrictions on production that have kept prices high for the past two years.

Wright will seek to ensure an abundant global supply of oil beyond countries where the United States has sanctions on oil exports including Iran, Venezuela and Russia, Reuters reports.

Discussions will also focus on investments by the three countries in the U.S. after the UAE last month committed to spend $1.4 trillion in the No. 1 superpower over the next 10 years. Trump asked Saudi Arabia’s Crown Prince Mohammed bin Salman in January to boost his planned U.S. investment package to $1 trillion from an initial $600 billion.

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Borouge Group International, the $60 billion Emirati-Austrian chemical giant created last month, is cooking up plans to lead the industry as it awaits EU regulatory approval. “As we embark on a new era of transformative growth, [BGI] will be a global petrochemical powerhouse – combining scale, resilience and innovation,” Dr. Sultan Al Jaber, Chairman of Borouge, which is slated to merge with Vienna-based Borealis – a unit of OMV – told shareholders on Monday. Al Jaber, who is also Group CEO of ADNOC and the UAE Minister of Industry and Advanced Technology, said BGI plans to distribute a $2.2 billion annual dividend for at least four years after the deal’s closing, which is expected in 2026. “Simply put, ADNOC and OMV are building a bigger, stronger, growth-orientated company that is focussed on delivering superior total shareholder returns to our investors,” Al Jaber said.

MINERAL PROCESSORS

Saudi Arabia’s Ma’aden is in talks with companies from the U.S., China, Canada and Australia to form a rare earth processing partnership. The PIF-owned mining firm plans to select at least one of the companies to help build the facility, Reuters reports. The push into local mineral processing highlights the kingdom’s effort to secure supply chains for developing AI technology and building electric vehicles. Lithium, copper, and zinc are among the rare earth minerals that are most sought after for manufacturing high-tech components.

🎤 Star Power: Singer Katy Perry will headline the music extravaganza in December that accompanies the Abu Dhabi Grand Prix each year, organizers announced. With some 170,000 F1 fans expected in the UAE capital for the event, tickets for top performers at the Yasalam After-Race Concerts in Etihad Park are snapped up months before. Demand was ferocious for Eminem last year, with scalpers collecting $1,000 a seat before showtime.

📷 Photo of the Day

Sotheby’s displays the 10.2-carat “Mediterranean Blue” diamond at a preview in Abu Dhabi before it goes on auction next month in Geneva, where it is expected to sell for $20 million.

Borouge Group International, the $60 billion Emirati-Austrian chemical giant created last month, is cooking up plans to lead the industry as it awaits EU regulatory approval.

“As we embark on a new era of transformative growth, [BGI] will be a global petrochemical powerhouse – combining scale, resilience and innovation,” Dr. Sultan Al Jaber, Chairman of Borouge, which is slated to merge with Vienna-based OMV’s Borealis unit, told shareholders on Monday.

Al Jaber, who is also Group CEO of ADNOC and the UAE Minister of Industry and Advanced Technology, said BGI plans to distribute a $2.2 billion annual dividend for at least four years after the deal’s closing, which is expected in 2026.

“Simply put, ADNOC and OMV are building a bigger, stronger, growth-orientated company that is focussed on delivering superior total shareholder returns to our investors,” Al Jaber said.

With petroleum prices plunging and a global trade war on the horizon, the White House is sending U.S. Energy Secretary Chris Wright to spend quality time with top oil producers in the Middle East.

Wright, the founder of Denver, Colorado fracking company Liberty Energy before joining President Donald Trump’s Cabinet this year, will visit the UAE, Saudi Arabia and Qatar during his two-week sojourn starting on Wednesday, Reuters reports.

Scheduled to meet the Gulf’s top government and corporate leaders, Wright will set the stage for Trump’s visit to the region, which is expected to take place in mid-May.

The extended visit comes as oil prices have hit a four-year low following the OPEC+ decision to lift restrictions on production that have kept prices high for the past two years.

Wright will seek to ensure an abundant global supply of oil beyond countries where the United States has sanctions on oil exports including Iran, Venezuela and Russia, Reuters reports.

Discussions will also focus on investments by the three countries in the U.S. after the UAE last month committed to spend $1.4 trillion in the No. 1 superpower over the next 10 years.

Trump asked Saudi Arabia’s Crown Prince Mohammed bin Salman in January to boost his planned U.S. investment package to $1 trillion from an initial $600 billion.

👋 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.

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

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.

🏇 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.

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.

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 on Monday 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.

U.S. President Donald Trump took a break from the political firestorm over trade tariffs to step into the fray between Saudi-backed LIV Golf and the PGA Tour.

Trump flew to Florida on Thursday for a dinner with players and league officials at the three-day LIV Golf Miami tournament, which starts today at his Doral golf resort.

Speaking to reporters aboard Air Force One, the president said he’s making efforts to resolve the stalemate that followed a framework agreement to combine their business operations two years ago.

“Ultimately, hopefully, the two tours are going to merge,” Trump said, “That’ll be good. I’m involved in that too.”

The U.S. leader has taken a role from the beginning with LIV Golf, which is owned by Saudi Arabia’s Public Investment Fund and burst onto the pro scene in 2021 by offering contracts to PGA stars for as much as $200 million.

While Trump has previously appeared at LIV events hosted at Doral, this week would mark his first appearance as president. In his effort to bring the two golf organizations together, Trump held a Feb. 20 meeting in the Oval Office that included PGA Commissioner Jay Monahan; PIF Governor Yasir Al-Rumayyan, and golfers Tiger Woods and Adam Scott.

Britain’s The Guardian reported on Thursday that merger negotiations had reached an impasse after the PGA failed to deliver “serious concessions” in exchange for a proposed $1.5 billion investment from the PIF that would make Al-Rumayyan co-chairman of the joint entity.

Saudi Arabia retains the title this year as the Arab world’s top home for billionaires, with 15 individuals appearing on the Forbes list for 2025.

Leading the Saudi rankings is Prince Alwaleed bin Talal, with a net worth of $16.5 billion.

Others include healthcare magnate Sulaiman Al-Habib, with a fortune of $10.9 billion, and Emad Al-Muhaidib, with $3.8 billion.

The UAE followed with five billionaires holding a combined $24.3 billion, led by real estate tycoon Hussain Sajwani at $10.2 billion. Egypt also has five billionaires, led by Nassef Sawiris, with a net worth of $9.6 billion.