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Quick Hits

summer travel

UAE President travels Eastern Europe, meets Hungary’s Orbán

shale sale

BlackRock nears $10 billion deal in Saudi Aramco’s gas push

UAE President Mohamed bin Zayed met with Serbian President Aleksandar Vučić in Belgrade on Thursday. (@MohamedBinZayed/X)

The Daily Circuit: MBZ in Budapest + BlackRock’s $10B Saudi deal

PLANNNG AHEAD

Saudis bet big on gaming with $38 billion in long-term investment

U.S. President Donald Trump greets Crown Prince of Bahrain Salman bin Hamad Al Khalifa as he arrives outside the West Wing of the White House in Washington on Wednesday. (Anna Moneymaker/Getty Images)

The Daily Circuit: Bahrain brings deals to D.C. + Musk seeks Saudi data capacity

'real deals'

Bahrain’s Premier pledges $17B in investments at Trump meeting

breaking bread

Bahrain, Qatar royals invited to dine with Trump at White House

Crown Prince Salman bin Hamad Al Khalifa, Prime Minister of Bahrain, attended a reception hosted by the U.S. Chamber of Commerce at its headquarters on Tuesday, bringing together Bahraini and American companies. Sheikh Isa bin Salman Al Khalifa, the Minister of the Prime Minister’s Court also attended. The delegation was greeted by Ross Perot Jr., Chair of the Board and Chair of the Executive Committee of the Chamber. (Court of the Crown Prince)

The Daily Circuit:  Bahrain, Qatar royals to dine at White House + Vicenne’s Moroccan IPO

tech tool

Mubadala’s Khaldoon Al Mubarak touts fund’s ‘AI copilot’ at conference in Pittsburgh

GEE WIZZ

Etihad expands network after Wizz Air exits Abu Dhabi routes

Emir of Kuwait Mishal Al-Ahmad Al-Jaber Al-Sabah (right) and Indonesian President Prabowo Subianto were among the foreign dignitaries who joined French President Emmanuel Macron and his wife Brigitte to watch the annual Bastille Day military parade on the Champs-Elysees Avenue in Paris on July 14. (Mustafa Yalcin/Anadolu via Getty Images)

The Daily Circuit: Neom under scrutiny + Mubadala group buys Germany’s Techem

future shock

Neom’s mega-city The Line comes under scrutiny for soaring costs

flying away

Wizz Air leaves Abu Dhabi, blaming costs, regional tension

U.S. President Donald Trump presents Paris Saint-Germain's French midfielder Desire Doue with the Young Player Award after the FIFA Club World Cup 2025 final soccer match between England’s Chelsea and France’s PSG, which is majority owned by a subsidiary of the Qatar Investment Authority, at MetLife Stadium, New Jersey. Qatar Airways flight attendants carried the trophies and medals on stage for the ceremony. (AFP via Getty Images)

The Daily Circuit: Wizz departs Abu Dhabi + BYD Saudi blitz

pittsburgh power

Trump, Mubadala’s Khaldoon Al Mubarak to attend U.S. summit

Autonomous buses developed by Mubadala-owned Solutions+ started tests in a geofenced zone at Abu Dhabi’s Masdar City. (WAM)

The Daily Circuit: LIV Golf recruits HSBC + ADNOC Gas Europe deal

european swing

LIV Golf recruits HSBC as its international banking partner

Turki Al-Sheikh, Chairman of Saudi Arabia’s General Entertainment Authority, wears a Qatar Paris Saint-Germain soccer club jersey as he meets with Qatari businessman Nasser bin Ghanim Al-Khelaifi, the President of PSG, and Michael Rubin, the CEO of digital sports platform Fanatics, on the sidelines of the FIFA Club World Cup at MetLife stadium in New Jersey yesterday. PSG defeated Real Madrid 4-0 and will play Chelsea in the final on Sunday. (Turki Al-Sheikh/ Instagram)

The Daily Circuit: OPEC sees demand sliding + Masdar’s U.K. wind play

SLIPPERY SLIDE

OPEC predicts decline in demand, driven by China’s slowdown

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

Quick Hits

TRUMP TOWN

UAE’s Sheikh Tahnoon begins U.S. visit aimed at securing tech ties

A central part of Sheikh Tahnoon’s agenda is likely to be obtaining greater access to Nvidia’s advanced semiconductor chips

Sheikh Tahnoon bin Zayed/X

Sheikh Tahnoon bin Zayed accompanied UAE President Sheikh Mohamed bin Zayed to meet former President Joe Biden when he was still in the White House last April

By
Omnia Al Desoukie
March 17, 2025
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Sheikh Tahnoon bin Zayed, the UAE’s National Security Adviser and one of the country’s most prominent business leaders, starts a visit to the U.S. on Monday with both political and economic dimensions.

Amid concern about tightening restrictions on access to advanced U.S. technology, Sheikh Tahnoon is setting up meetings with a series of top Trump administration officials at the White House, according to a statement from the Abu Dhabi Media Office.

“The meetings will focus on advancing economic and technology ties between the two countries,” the statement said.

“Discussions will also cover ongoing regional challenges and strengthening the decades-long U.S.-UAE strategic partnership.”

The meetings are likely to include Commerce Secretary Howard Lutnick, Treasury Secretary Scott Bessent and National Security Advisor Mike Waltz, Bloomberg reported. Whether he will meet with President Donald Trump is unclear.

Sheikh Tahnoon, the brother of UAE President Sheikh Mohamed bin Zayed, serves as Chairman of Abu Dhabi’s biggest investors, including the Abu Dhabi Investment Authority, ADQ and International Holding Co. He also heads the boards of G42, the government-backed artificial intelligence company, and tech investment fund MGX.

A central part of Sheikh Tahnoon’s agenda in Washington will be to press for greater access to Nvidia’s advanced semiconductor chips that are central to development of AI technology, the news agency reported.

MGX is one of the major backers – along with SoftBank, OpenAI, and Oracle – of a $100 billion AI infrastructure venture that Trump unveiled during his first week in office.

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ALL ABOARD

Saudi Arabia taps Monaco expertise for Red Sea yachting

Saudi Arabia will seek to attract 250,000 visitors through yacht tourism by 2030, generating $2.9 billion and creating 28,000 jobs

Mandoga Media/Getty Images

Yachts docked in Monaco

By
Omnia Al Desoukie
March 14, 2025
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Saudi Arabia is planning to bring the sparkle of Mediterranean marinas to its Red Sea coast, seeking counsel from the Principality of Monaco as it attempts to grow its yachting sector.

The Saudi Red Sea Authority has already issued 29 tourism licenses for yacht chartering and marina operations for its 1,800km coastline, which includes more than 1,000 islands and 150 pristine beaches.

Now it has signed agreements with the Yacht Club de Monaco and the Prince Albert II of Monaco Foundation to help develop the sector.

Monaco, a minuscule tax haven on the French Riviera, is famous for attracting gigantic super yachts – and their billionaire owners – to its iconic Port Hercule, the glittering backdrop to one of the world’s most famous F1 circuits.

Saudi’s ambition is to attract 250,000 visitors from yacht tourism by 2030, generating $2.9 billion and creating 28,000 jobs. 

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BLOCKCHAIN BUILDING

Abu Dhabi’s MGX puts $2 billion into Binance crypto exchange

The tech fund, created last year by G42 and the Mubadala sovereign wealth fund, has also invested in OpenAI and Elon Musk’s xAI

EVELYN HOCKSTEIN/Getty Images

MGX Chairman Sheikh Tahnoon bin Zayed met last month with U.S. Secretary of State Marco Rubio

By
Jonathan H. Ferziger
March 13, 2025
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Having set leadership in the emerging realm of digital assets as a national goal, the UAE is extending its embrace of Binance, the world’s biggest crypto exchange.

MGX, the tech investment fund created by Abu Dhabi’s Mubadala sovereign wealth fund and G42 artificial intelligence firm, announced on Wednesday that it has invested $2 billion in the company, which has about 1,000 employees working in Dubai.

When Binance founder Changpeng Zhao, known as CZ, pleaded guilty to U.S. money laundering charges last year and spent several months in prison, he was replaced as CEO by Richard Teng, previously head of Abu Dhabi’s Financial Services Authority,

“MGX’s investment in Binance reflects our commitment to advancing blockchain’s transformative potential for digital finance,” Ahmed Yahia, Managing Director and CEO of MGX, said in a statement.

MGX, which was established a year ago, has also invested in OpenAI and Elon Musk’s xAI. The firm is chaired by Sheikh Tahnoon bin Zayed, the UAE’s national security adviser, who is also Chairman of Abu Dhabi sovereign wealth funds ADQ and ADIA.

The Dubai Financial Services Authority, meanwhile, announced that San Francisco-based crypto payments developer Ripple Labs received regulatory approval to operate in the emirate.

“As the Middle East, Africa and South Asia’s leading global financial center, DIFC is proud to support forward-thinking companies like Ripple as they shape the future of finance and accelerate the adoption of blockchain technology in the payments industry,” DIFC Authority CEO Arif Amiri said.

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DIGITAL ASSETS

MGX invests $2 billion in Binance to build dominance in crypto

San Francisco-based crypto payments developer Ripple Labs receives approval to operate by the Dubai International Financial Center

Jason Redmond/Getty Images

Former Binance CEO Changpeng "CZ" Zhao departs federal court in Seattle, Wash., after pleading guilty to money laundering charges last April

By
Jonathan H. Ferziger
March 13, 2025
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Having set leadership in the emerging realm of digital assets as a national goal, the UAE is extending its embrace of Binance, the world’s biggest crypto exchange.

MGX, the tech investment fund created by Abu Dhabi’s Mubadala sovereign wealth fund and G42 artificial intelligence firm, announced on Wednesday that it has invested $2 billion in the company, which was founded in China and has about 1,000 employees working in Dubai.

When Binance founder Changpeng Zhao, known as CZ, pleaded guilty to U.S. money laundering charges last year and spent several months in prison, he was replaced as CEO by Richard Teng, previously head of Abu Dhabi’s Financial Services Authority,

“MGX’s investment in Binance reflects our commitment to advancing blockchain’s transformative potential for digital finance,” Ahmed Yahia, Managing Director and CEO of MGX, said in a statement.

MGX, which was established a year ago, has also invested in OpenAI and Elon Musk’s xAI. The firm is chaired by Sheikh Tahnoon bin Zayed, the UAE’s national security adviser, who is also Chairman of Abu Dhabi sovereign wealth funds ADQ and ADIA.

The Dubai Financial Services Authority, meanwhile, announced that San Francisco-based crypto payments developer Ripple Labs received regulatory approval to operate in the emirate.

“As the Middle East, Africa and South Asia’s leading global financial center, DIFC is proud to support forward-thinking companies like Ripple as they shape the future of finance and accelerate the adoption of blockchain technology in the payments industry,” DIFC Authority CEO Arif Amiri said.

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MAKING PROGRESS

IMF green-lights $2.5 billion finance package for Egypt bailout

In a follow-up to its 2022 rescue package, the IMF found 'notable delays' on economic reforms while praising the sell-off of state assets

The headquarters of the Central Bank of Egypt, at the New Administrative Capital (NAC) east of Cairo. (Photo: Getty Images)

The headquarters of the Central Bank of Egypt (Getty Images)

By
Jonathan H. Ferziger
March 12, 2025
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Egypt will get immediate access to some $1.2 billion that the International Monetary Fund approved after a review of the economic bailout program it undertook three years ago.

The IMF gave a green light on Monday to $2.5 billion in financing for Egypt, of which the other $1.3 billion is dedicated to spending on climate change and will be allocated in installments.

In a progress report on the 2022 rescue package, the IMF found “notable delays” on economic steps it mandated to “level the playing field.”

Still, it noted progress by the government and praised its “decisive action” over the past year on selling off state assets and maintaining a flexible currency exchange rate.

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GOODBYE GREEN

Energy industry lauds Trump’s policy changes at Texas summit

'We can all feel the winds of history in the sails of our businesses again,' Saudi Aramco CEO Amin Nasser says, hailing new investments in fossil fuels

Getty Images

U.S. Secretary of Energy Chris Wright speaks at S&P Global CERAWeek conference in Houston, Texas

By
Jonathan H. Ferziger
March 11, 2025
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Drilling and fossil fuels are in. Green hydrogen is out. That appears to be the prevailing view among oil company executives who are gathered in Houston for the S&P Global CERAWeek conference.

The mood at the annual energy summit on Monday was described as celebratory by the Washington Post as industry leaders listened to U.S. Energy Secretary Chris Wright outlining a new manifesto.

“The Trump administration will end the Biden administration’s irrational, quasi-religious policies on climate change that have imposed endless sacrifices on our citizens,” Wright said.

At breakfast presentations and corporate-sponsored receptions, oil executives promoted plans for building more fossil-fuel infrastructure, arguing that advocates for cleaner energy need to recognize that petroleum is essential to meet growing U.S. demand for power.

“We can all feel the winds of history in the sails of our businesses again,” Saudi Aramco CEO Amin Nasser said in an address calling on the industry to invest more in fossil fuels and not expect green hydrogen and other new sustainable energy sources to fill global needs.

“There is more chance of Elvis speaking next than the current plan working,” Nasser said.

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GREAT EXPECTATIONS

Neom’s woes accumulate with report detailing cost overruns

A recent tip-off was the celebrity-packed launch party on Neom’s Sindalah resort island, where Crown Prince Mohammed bin Salman was a surprise no-show

Getty Images

Neom plans to host the Asian Winter Games in 2029 at its under-construction Trojena ski resort (Getty Images)

By
Jonathan H. Ferziger
March 10, 2025
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Questions continue to pile up about whether Saudi Arabia’s massive Neom development can come close to fulfilling its cosmic ambitions.

A recent tip-off to problems plaguing the sprawling project was a celebrity-packed launch party in October on Neom’s Sindalah resort island, where Crown Prince Mohammed bin Salman was a surprise no-show, The Wall Street Journal reports.

Three years late with more than $2 billion in cost overruns, what was supposed to be Neom’s glittering early showpiece was more an active construction site – with Sindalah’s hotels unfinished and high winds disrupting ferries and golf tee-offs, the Journal recounts. Weeks later, Neom CEO Nadhmi al-Nasr was out of a job.

“After spending more than $50 billion, the Crown Prince’s sci-fi-inspired dreams – an arid-mountain ski resort, a floating business district, and The Line, the 106-mile-long pair of Empire State Building-height skyscrapers that is Neom’s centerpiece – have collided with reality,” the newspaper writes.

Evidence of the project’s epic troubles comes from a 100-page internal audit that was presented to members of Neom’s board last spring and reviewed by the Journal.

The report estimates the capital expenditure required to build Neom to its “end-state” by 2080 at $8.8 trillion – more than 25 times the annual Saudi budget – and $370 billion for its first phase by 2035. It said the audit found “evidence of deliberate manipulation” of finances by “certain members of management.”

At Neom’s Trojena project, which will be the Gulf’s first outdoor ski resort and official site for the 2029 Asian Winter Games if it’s built by then, the report show cost overruns of more than $10 billion.

A Neom spokeswoman said the Journal was “incorrectly interpreting” and misrepresenting figures in the report, adding that the project “remains on track, demonstrating tangible progress.”

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SIGNED, SEALED, DELIVERED

Talabat acquires Instashop for $32 million ahead of IPO

Instashop will continue to operate as an independent brand while leveraging Talabat’s expansive network for delivery of food and grocery items

A Talabat driver rides his motorcycle in heavy evening traffic in Sharjah (Getty Images)

By
Omnia Al Desoukie
March 6, 2025
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Talabat has completed the acquisition of Instashop for $32 million, consolidating the two major UAE-based food and grocery delivery brands under one company.

Both companies are controlled by German parent Delivery Hero, which initiated the merger as part of a corporate restructuring ahead of Talabat’s $2 billion IPO in December.

Instashop will continue to operate as an independent brand while leveraging Talabat’s expansive network, according to a statement issued Thursday.

“We aim to create a more seamless and efficient delivery experience for our customers across the UAE and Egypt whilst also driving further product and technology synergies across our business,” Talabat Chief Executive Tomaso Rodriguez said.

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