The UAE is making an attempt to prevent the squabbling between heirs that often damages family businesses, which make up 90% of the country’s private companies.

Economy Ministry officials recently met with the heads of prominent business families to encourage them to improve succession planning by establishing formal structures around their wealth, Bloomberg reports.

While there are no official estimates, U.S.-based Dash Venture Labs projects that the UAE’s richest families will control a combined $1 trillion by the end of next year.

The increased involvement of family business in private equity and venture capital deals – riskier than the supermarkets and car dealerships favored by previous generations – has made it critical to introduce more formalized internal governance and processes, the news agency said

👋 Hello from the Middle East!

In the Daily Circuit today, we’re looking at Masdar’s buyout of Terna Energy in Greece, Mubadala’s deal with Kimmeridge to pave its way for new U.S. acquisitions, Apple’s new hiring drive in the Gulf and Tesla’s debut in Saudi Arabia. But first, the Trump administration’s energy secretary lays the groundwork for a presidential tour of the region.

U.S. Secretary of Energy Chris Wright kicked off his tour of the Gulf this week with a palace visit in Abu Dhabi and a tour of the UAE’s state oil company.

Wright, setting up parts of President Donald Trump’s trip to the region that is expected next month, was received by UAE President Sheikh Mohamed bin Zayed on Thursday for talks that focused on joint investments in artificial intelligence and other technologies, The National reports.

The U.S. energy chief, founder of an oil fracking company, also paid a visit to the Abu Dhabi headquarters of ADNOC, where he said partnerships with the UAE, Saudi Arabia and Qatar were key to meeting growing global demand for oil and gas. He also plans to visit Riyadh and Doha during the trip.

“You’re going to see a lot of energy cooperation between the United States and the UAE,” Wright told reporters. “You’re going to see a huge cooperation on AI.”

Also meeting Wright at Qasr Al Shati Palace in the UAE capital were Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi; Dr. Sultan Al Jaber, the ADNOC Chairman and Minister of Industry and Advanced Technology; Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior; Suhail Al Mazrouei, Minister of Energy and Infrastructure; and Yousef Al Otaiba, Minister of State and the UAE’s Ambassador to Washington.

Editor’s Note: The next edition of the Daily Circuit will arrive in your mailboxes on Tuesday, April 15. Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].

📰 Developing Stories

FAMILY FEUD

The UAE is making an attempt to prevent the squabbling between heirs that often damages family businesses, which make up 90% of the country’s private companies. Economy Ministry officials recently met with the heads of prominent business families to encourage them to improve succession planning by establishing formal structures around their wealth, Bloomberg reports. While there are no official estimates, U.S.-based Dash Venture Labs projects that the UAE’s richest families will control a combined $1 trillion by the end of next year. The increased involvement of family business in private equity and venture capital deals – riskier than the supermarkets and car dealerships favored by previous generations – has made it critical to introduce more formalized internal governance and processes, the news agency said.

MISSING MUSK

Tesla kicked off operations in Saudi Arabia this week with a display of its Model Y sedan and Cybertruck but without its multibillionaire founder. The opening of a sales office in Riyadh appeared to signal that Elon Musk and the Public Investment Fund have put aside a 10-year feud, The National reports. Though Musk was a no-show at the Tesla debut on Thursday, he’s planning to visit the kingdom next month and has appeared with PIF Governor Yasir Al Rumayyan and U.S. President Donald Trump while working as White House adviser on government efficiency. The PIF is the majority owner of Lucid Motors, a smaller California-based EV maker that competes with Tesla.

💲 Sovereign Circuit

Masdar: The Abu Dhabi-owned renewable energy company said on Thursday it had fully acquired Greece’s $3.5 billion Terna Energy after buying a 70% stake last year.

Mubadala Energy: The Abu Dhabi sovereign wealth fund’s energy arm signed a deal on Thursday with New York-based investment firm Kimmeridge that will give it ownership stakes in gas and LNG facilities in the U.S., in line with the company’s growth plans.

Qatar Investment Authority: The Qatari sovereign wealth fund denied a newspaper report it was seeking to buy a prestigious building in Milan worth $1.4 billion from Gucci parent Kering SA.

↪↩ Closing Circuit

🏦 Branching Out: UAE-based Al Ansari Financial Services completed its $200 million acquisition of BFC Group Holdings, making Al Ansari the largest non-banking financial institution in the Gulf by branch network and expanding its presence in Bahrain, Kuwait, and India.

🌍 Africa Aid: The 22-member-nation Arab Monetary Fund signed a $307 million debt relief agreement with Somalia to support the African country’s economic reform program.

💰Islamic Funds: The International Islamic Trade Finance Corp. signed a $45 million financing agreement with the African nation of Comoros to support its energy sector.

🏭New Look: OQ Chemicals, a wholly state-owned Omani producer of Oxo chemicals, has been acquired by UK-based investment firms Strategic Value Partners and Blantyre Capital and will be rebranded as OXEA.

🗣 Circuit Chatter

🧳 Baggage Limits: Flydubai signed an agreement with Boeing to retrofit 21 of its 737 MAX airliners with bigger onboard storage compartments, providing room for six bags per unit instead of four.

🇹🇷Turkey Trade: The Gulf Cooperation Council and Turkey have begun free trade talks, building on Ankara’s existing agreements with the UAE and Qatar according to UAE state news agency WAM.

📈 Equity Focus: Cogence, the BlackRock-backed South African fund manager, plans to make stock investments in Saudi Arabia, India and other emerging markets over the next three to five years, Bloomberg reports.
👥Local Talent: Apple launched a hiring drive across Saudi Arabia and the UAE, offering a wide range of roles in retail, operations, marketing, and leadership amid its regional expansion, Gulf News reports.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed held a phone conversation with Ursula von der Leyen, President of the European Commission, on Thursday to launch negotiations towards a Comprehensive Economic Partnership Agreement between the UAE and European Union.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Minister of Defense, inaugurated DP World’s Free Trade Warehousing Zone in India’s capital of Mumbai.

Sheikh Hamdan bin Zayed, the Ruler’s Representative in the Al Dhafra Region, received a delegation from the Emirates Nuclear Energy Company, headed by CEO Mohamed Ibrahim Al Hammadi, at Al Nakheel Palace in Abu Dhabi.

➿ On the Circuit

Prince Abdullah bin Mosaad, the former Saudi owner of Britain’s Sheffield United football club, is returning to the sports market with a $266 million fund he aims to invest in new soccer teams, Arabian Gulf Business Insight reportsreports.

Futoon Al Mazrouei, Group Head for Consumer Banking at First Abu Dhabi Bank, the UAE’s largest lender, has assumed responsibility for wealth management and business banking as part of a shakeup of the bank’s Executive Committee.

Isa Al Khalifa, Director of MENA real estate at Arcapita, a Bahrain-based asset manager, told Zawya that the firm will increase investments in Saudi Arabia’s logistics and warehouse sector.

Naomi Campbell, the British supermodel in the midst of opening a talent agency in Dubai, talks to the Financial Times about why the charity she founded, Fashion for Relief, was shut down by U.K. authorities.

🎶 Culture Circuit

🏍️ Speed Racer: Reigning MotoGP champion Jorge Martin, recovering from a pre-season crash, is returning from injuries to compete in the Qatar Grand Prix motorcycle racing event, which runs from today through Sunday. The 27-year-old Spaniard missed races in Thailand, Argentina and the United States after sustaining a broken hand and foot in February during a crash on the opening day of pre-season testing in Malaysia, The Peninsula reports.

📷 Photo of the Day

U.S. Energy Secretary Chris Wright meets with UAE President Sheikh Mohamed bin Zayed at Qasr Al Shati Palace in Abu Dhabi on Thursday.

📅 Circuit Calendar

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, Qatar. Startup Grind Qatar. Qatar Investment Authority presents new startups selected as part of its Fund of Funds program. Workinton Alfardan Centre.

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.

laying groundwork

Trump energy secretary sees ‘huge cooperation’ with the UAE

Wright meets with MBZ in Abu Dhabi to open Gulf tour that will also include Saudi Arabia and Qatar in preparation for upcoming Trump visit

WAM

UAE President Sheikh Mohamed bin Zayed greets U.S. Secretary Chris Wright in Abu Dhabi

By

Jonathan H. Ferziger

April 11, 2025

U.S. Secretary of Energy Chris Wright kicked off his tour of the Gulf this week with a palace visit in Abu Dhabi and a tour of the UAE’s state oil company.

Wright, laying the groundwork for President Donald Trump’s trip to the region, expected next month, was received by UAE President Mohamed bin Zayed on Thursday for talks that focused on joint investments in artificial intelligence and other technologies, The National reports.

The U.S. energy czar, founder of an oil fracking company, also paid a visit to the Abu Dhabi headquarters of Adnoc, where he said partnerships with the UAE, Saudi Arabia and Qatar were key to meeting growing global demand for oil and gas. He also plans to visit Riyadh and Doha during the trip.

“You’re going to see a lot of energy cooperation between the United States and the UAE,” Wright told reporters. “You’re going to see a huge cooperation on AI.”

Also meeting Wright at Qatr Al Shati Palace in the UAE capital were Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi; Dr. Sultan Al Jaber, the ADNOC Chairman and Minister of Industry and Advanced Technology; Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior; Suhail Al Mazrouei, Minister of Energy and Infrastructure; and Yousef Al Otaiba, Minister of State and the UAE’s Ambassador to Washington.

👋 Hello from the Middle East!

In the Daily Circuit today, we’re looking at Saudi Arabia’s ballooning deficit, Dubai’s growing population of millionaires, Egypt’s go-ahead to sell off stakes in military-owned companies and competition in Africa to host Formula 1 racing. But first, stocks rally across the Gulf following the Trump tariff turnaround.

Gulf stocks reversed direction today in tandem with global equity markets after U.S. President Donald Trump declared a pause on his imposition of trade tariffs around the world.

Saudi Arabia’s benchmark Tadawul index rose 4% in morning trading, its biggest intraday increase in four years, Reuters reports. On Sunday, the index suffered its worst fall in almost five years following last week’s announcement of the U.S. tariffs.

Elsewhere in the region, Dubai’s main share index rebounded 2.6%, led by Emaar Properties’ 4.7% climb, while Abu Dhabi’s benchmark index rose 1.3% and Qatar stocks gained 2.1%.

Oil prices, on the other hand, continued to fall amid concerns that the U.S.-China trade war will keep spiraling upward.

Trump raised the tariff rate for China – Saudi Arabia’s biggest oil customer – to 125% on Wednesday, up from his previously announced 104% tariff. China, meanwhile, announced an additional tariff of 84% on U.S. imports.

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

📰 Developing Stories

CITY SLICKERS

Dubai is growing wealthier than ever as the number of millionaires in the Gulf emirate jumped more than 12% last year to 81,000. That placed the city in 18th place on the annual ranking of the world’s richest cities published by Henley & Partners, up from 21st place last year. Dubai’s population of centimillionaires – those with $100 million or more – rose to 237 from 212, while the city added five more billionaires from the 15 living there in 2024. Leading this year’s list was New York, with 349,500 millionaires; the San Francisco Bay area, with 305,700; and Tokyo, with 298,300.

BUDGET BUSTERS

Saudi Arabia is going to face some hard choices as oil prices slide well below its forecasts. With the benchmark Brent crude price falling to a four-year low, the kingdom’s budget deficit will probably soar to $67 billion, according to projections by Goldman Sachs provided to Bloomberg. That’s more than double what the government expected in late 2024 and will likely force Crown Prince Mohammed bin Salman to cut back his multitrillion-dollar plans to transform the economy, the news agency said. The Saudi Ministry of Finance told Bloomberg that it is assessing developments and that it is ready to take whatever decisions are needed to keep its fiscal position strong.

💲 Sovereign Circuit

Public Investment Fund: Lucid Group, a U.S. manufacturer of electric vehicles that is majority-owned by the Saudi sovereign wealth fund, raised $1.1 billion in a convertible note offering aimed at strengthening the company’s financial position.

Sovereign Fund of Egypt: The Egyptian government gave its go-ahead for the sale of stakes in five companies owned by the military, heeding IMF directives to divest state-held businesses.

Dubai Electricity and Water Authority: Plans to expand Dubai’s Mohammed bin Rashid Al Maktoum Solar Park with a seventh construction phase have drawn expressions of interest from 47 international companies, DEWA Chief Executive Saeed Al Tayer said on Wednesday.

↪↩ Closing Circuit

💰 On Board: Solidarity Bahrain received final approval from the Central Bank of Bahrain to acquire Bahrain National Insurance Company and Bahrain National Life Company for $199 million in cash.

💵 New Package: The World Bank announced a $1.1 billion financing package to support Jordan’s efforts to modernize its economy through four projects aimed at creating jobs, funding startups, providing social assistance and promoting sustainable energy.

🤝 Train Route: Egypt and France signed a $232 million agreement to build a 64-kilometer railway for both boost freight and passengers that would improve access to key seaports.

🚙 New Markets: Smart Mobility International signed a deal with Chinese EV manufacturer IM Motors to launch premium EVs in the UAE and Saudi Arabia.

🗣 Circuit Chatter

🛢️ Desert Discovery: The world’s biggest oil company has discovered 14 oil and natural gas fields and reservoirs in the kingdom’s Eastern Region and the Empty Quarter, though with comparatively small volumes.

🇵🇰 Offshore Production: A consortium led by Pakistan’s Oil and Gas Development Co. expects to start production of both oil and gas by 2027 in a block off the coast of Abu Dhabi.

⛈️ Flood Control: The Dubai Municipality requested proposals for the first two contracts in a $22 billion project aimed at modernizing the city’s sewage system following 2024’s devastating floods.

💵 Wealth Service: Dubai-based Mashreq bank is teaming up with Goldman Sachs Asset Management to launch discretionary investment services this month, targeting the Gulf’s rising demand for professionally managed portfolios among high-net-worth individuals.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed held a meeting with Indonesian President Prabowo Subianto on Wednesday at the Qasr Al Shati Palace in Abu Dhabi.

Saudi Crown Prince Mohammed bin Salman held phone conversations on Wednesday with French President Emmanuel Macron and with British Prime Minister Keir Starmer.

Qatar Emir Sheikh Tamim bin Hamad Al Thani’s connection to a lawsuit against Nicolas Puech, an heir to the luxury goods fortune of France’s Hermès family, is the subject of a New York Times article published on Wednesday.

➿ On the Circuit

Todd McClay, New Zealand’s Minister for Trade, said bilateral trade with the UAE reached approximately $772 million.

Ahmed Al Azkawi, CEO of state-owned oil and gas producer Oman’s OQEP, said in a interview with Arabian Gulf Business Insight that the company’s mission is to drive government strategies for expanding oil and gas revenue like Aramco does in Saudi Arabia.

Dr. Hamad Saif Al Shamsi, UAE Attorney General, met with Marie-Suzanne Le Quéau, Prosecutor-General of the Paris Court of Appeal, to discuss strengthening legal cooperation.

Rouda Essa Alserkal, a 15-year-old Emirati who has become the UAE’s first woman chess grandmaster, received an invitation to participate in the Norway Chess Open.

Alparslan Bayraktar, Turkey’s Energy and Natural Resources Minister said that his country is expanding into international oil and gas exploration with a focus on Pakistan, Daily Sabah reports.

🎶 Culture Circuit

🏎️ Road to Africa: As Formula 1 car racing grows more popular and lucrative in the Gulf and around the world, investors are vying to bring the competition to Africa. Among the contenders for the next available F1 license – which requires a $50 million fee and a raft of legal and financial assurances that the country can handle the massive anticipated crowds – are South Africa, Rwanda and Morocco, Bloomberg reports.

📷 Photo of the Day

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Minister of Defense, at the Bombay Stock Exchange in Mumbai with CEO Sundararaman Ramamurthy. (Dubai Media Office)