GOLDEN BRIDGE

The Abu Dhabi Investment Office will expand its San Francisco office to attract more U.S. investment and support the global expansion of Abu Dhabi’s newly announced $25.6 billion health cluster. ADIO said that its Bay Area office will connect U.S. health tech startups to Abu Dhabi’s fast-track regulatory infrastructure and leading research ecosystem, enabling market validation and global scale. The Health, Endurance, Longevity and Medicine (HELM) cluster is projected to create 30,000 jobs and attract $11.5 billion in investment by 2045,positioning Abu Dhabi as a global launchpad for health innovation. ADIO said that companies like Insilico Medicine and Innovaccer are already leveraging this bridge to expand from the U.S. into the Middle East.

ON MARK

Irish fast-fashion giant Primark will open its first stores in the Middle East, starting with Kuwait and Dubai, in partnership with Kuwait-based retail franchise operator Alshaya Group. The brand will open an outlet at The Avenues Mall in Kuwait in October, followed by three in Dubai next year at Dubai Mall, Mall of the Emirates, and City Centre Mirdif. Primark has 460 stores across 17 countries, mostly in Europe and the U.S. In addition to selling low-cost clothing, footwear and accessories, it produces licensed collections from Disney, Warner Bros., Universal and the NFL. The timing is notable with the announcement of Disneyland Abu Dhabi this week, which is sure to set retailers scrambling to capitalize on merchandising opportunities. Alshaya Group opened the UAE’s first standalone Disney Store in Yas Mall in March.

Public Investment Fund: ACWA Power, an energy generating unit of Saudi Arabia’s PIF, reported a 44% jump in first quarter net income compared to the same period in 2024, with a 60% increase in revenue to a record $525 million.

XRG: The $80 billion spinoff from the UAE’s national oil company ADNOC is being courted by Goldman Sachs, Morgan Stanley and money managers as it looks to invest broadly in U.S. companies over the next decade, Bloomberg reports.

International Holding Co.: The Abu Dhabi-owned conglomerate co-hosted a dinner in Los Angeles during this week’s Milken Institute Global Conference that included BNY Global’s Akash Shah, Chief Growth Officer and Global Head of Growth Ventures; 2PointZero Group CEO Mariam Almheiri; Ajay Bhatia, CEO of Sirius International Holding, Guillaume de la Tour, CEO of the ADI Foundation and Paul Ryan, former Speaker of the U.S. House of Representatives, now a partner at Boston-based Solamere Capital.

Abu Dhabi Investment Authority: U.S.-based data integration, analytics and AI firm Qliq announced on Thursday that it had closed a significant minority investment led by a subsidiary of ADIA. Software investment firm Thoma Bravo remains the majority owner and has made a new equity investment alongside ADIA, the company said.

💰 Growing Bigger: ADNOC Drilling plans to invest around $700 million in 2025 through its Enersol joint venture with Alpha Dhabi Holding to drive local and international expansion, CEO Abdulrahman Abdulla Al Seiari said.

💵 Africa Fintech: Money Fellows, an Egyptian digital platform focused on enabling Africans to access modern financial services, raised $13 million in a funding round co-led by Al Mada Ventures and DPI Venture Capital via the Nclude Fund.

🔋 EV Bonding: Saudi Arabia’s Jameel Motors has signed a deal with Geely Auto to distribute the Chinese brand’s electric and hybrid vehicles in Poland. 

🚆 Train Speed: The Egyptian Railways Authority plans to borrow nearly $494 million from a consortium of local banks to fund a package of projects to upgrade infrastructure, complete projects, and renew maintenance contracts, Ashraq Business reports.

🤖 AI Team: Salesforce has begun building a team in Saudi Arabia as part of a plan to invest $500 million over the next five years to accelerate the adoption of artificial intelligence in the kingdom, Bloomberg reports.

🏨 On Time: Wynn Resorts says its $5 billion UAE resort is on schedule, despite delaying other projects due to rising construction costs from new Trump tariffs.

✈️ Joint Development: Dubai has issued tenders for key infrastructure contracts for Al Maktoum International Airport, as construction ramps up on what is set to be the world’s largest airport, a top official said.

🤝 Business Pacts: Abu Dhabi Chamber of Commerce and Industry and the Japan External Trade Organization has signed an initial agreement to deepen business relations and create new opportunities for collaboration.

⛽ Crypto Tanks: Emarat has partnered with Crypto.com to enable cryptocurrency payments at 10 of its UAE service stations, with plans to expand across its 155-location network.

UAE President Sheikh Mohamed bin Zayed held a phone call with Ilham Aliyev, President of Azerbaijan, on Thursday to discuss ties between the two countries.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, will begin an official visit to Kazakhstan on Sunday, at the invitation of President Kassym-Jomart Tokaye.

Sheikha Fatima bint Mubarak, the “Mother of the Nation,” Chairwoman of the General Women’s Union and wife of the late Sheikh Zayed, arrived in Istanbul on Friday for an official three-day visit. She was greeted by Emine Erdogan, the wife of Turkish President Recep Tayyip Erdogan.

Iman Abdel Khalek, Citigroup’s Dubai-based head of debt capital markets for Central and Eastern Europe, the Middle East, and Africa, has left the bank. Zain Zaidi, Head of U.K., Europe, and MEA loans products and execution, who was also based in Dubai, also departed.

Rami Saad has been appointed as Client Advisor in Dubai for Rothschild & Co’s Wealth Management business, responding to growing client demand amid the firm’s continued growth, the company said. 

Fernando Fanton has been hired as Chief Product Officer for Property Finder, as the Middle East real estate portal prepares for a potential IPO.

🤑Branded Living: From sports clubs and fashion houses to luxury car makers, Dubai’s red hot property market has inspired a new trend for branded residences catering to its growing number of millionaires. Those with deep enough pockets and extravagant enough taste can opt to live in residences showcasing brands including Bugatti, Bulgari, Baccarat, Cavalli, Chelsea Football Club, Karl Lagerfeld and, now, Trump.

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 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 19-22, Abu Dhabi. Make it in the Emirates. The  UAE’s premier manufacturing event, uniting innovators, investors, and policymakers to shape the future of industry. ADNEC.

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.

June 12, Dubai. Dubai Family Office Investment Summit. An invitation-only event hosted by Epicon Capital Club, for Family Offices, Serial Entrepreneurs, Private Investors, Fund Managers and Government Entities. Unknown.

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.

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.

⚗️ 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.

📈 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.

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.

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.

🥐 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.

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.