👋 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.

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📰 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.

CITY SLICKERS

Dubai climbs wealth rankings with surge in millionaires

The city climbs to 18th in the annual list of the world’s richest cities, up from 21st. New York was No. 1, followed by San Francisco and Tokyo

Getty Images

View of Dubai Marina

By

Omnia Al Desoukie

April 10, 2025

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.

TARIFF TURNAROUND

Gulf stocks recover after Trump hits pause on new trade tariffs

Oil prices continued to fall amid concerns that the U.S trade war with China – Saudi Arabia's biggest oil customer – will keep spiraling upward

FAYEZ NURELDINE/AFP via Getty Images

Saudi Arabia's Tadawul Stock Exchange in Riyadh

By

Jonathan H. Ferziger

April 10, 2025

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

Saudi Arabia’s benchmark Tadawul index rose 4% on Thursday, 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% percent tariff. China, meanwhile, announced an additional tariff of 84% on U.S. imports.

TROUBLED TIMES

Emirates’ Clark warns Trump tariffs threaten aviation industry

Sir Tim Clark, who has run the Middle East's biggest airline for two decades, says the Dubai-based carrier can weather disruption from U.S. action

GETTY IMAGES

Sir Tim Clark, President of Emirates airline

By

Omnia Al Desoukie

April 9, 2025

Emirates President Sir Tim Clark, who has run the Middle East’s biggest airline for two decades, says the UAE carrier can handle the costs of new U.S. tariffs.

Still, Clark told CNBC in an interview that the Trump administration’s “trade reset” could disrupt global commerce, with China’s tariffs on U.S. aerospace firms potentially raising costs for Emirates’ wide-body fleet.

“Business models like Emirates, given the international scope of what it does, the strength of what it does, will be able to ride this particular wave,” he said.

Clark said the aviation industry, however, remains in “uncharted territory” as U.S. tariffs are expected to drive up airline costs. “Right now, we are in troubled times,” he said.

The Daily Circuit

The Daily Circuit: Thiel co-invests with PIF + ADIA gas deal

Nordin Catic/Getty Images for The Cambridge Union

Peter Thiel speaks at The Cambridge Union in May

By

Jonathan H. Ferziger

Omnia Al Desoukie

April 9, 2025

👋 Hello from the Middle East!

In the Daily Circuit today, we’re looking at ADIA’s $1 billion gas deal, Arabian Drilling’s new offshore platform, Emirates President Sir Tim Clark’s dark view of how U.S. tariffs will affect the aviation industry, and the UAE’s free-trade pact in Africa. But first, the PIF co-invests in a new company with Peter Thiel.

Tech investor Peter Thiel is teaming up with Saudi Arabia’s Public Investment Fund and a Qatari lender to back a new business-to-business commerce platform, starting with a combined sum of $110 million.

Thiel, a co-founder of data software giant Palantir Technologies and PayPal, will invest in SILQ Group through his Valar Ventures unit, according to a statement issued today.

The $925 billion Saudi sovereign wealth fund will participate through its Sanabil Investments subsidiary, joining Valar in a group that also includes Qatar Development Bank.

SILQ was formed through a merger between the Riyadh-based online marketplace Sary and ShopUp, Bangladesh’s largest business-to-business commerce platform.

With the funds from Thiel, Sanabil and Qatar, the merged company plans to target markets across the Middle East and Asia, and raise more money in 2027 through an IPO.

“Saudi Arabia and the Gulf represent one of the most exciting economic stories in the world today,” James Fitzgerald, Founding Partner at Valar Ventures, said in the statement. “This merger reflects a bold vision to place these markets at the center of a new commercial ecosystem connecting with South Asia.”

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

MANAGING CRISIS

Global cooperation and advanced technology are the themes underlining this week’s World Crisis and Emergency Management Summit in Abu Dhabi. As patron of the two-day conference, Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and UAE National Security Adviser described the UAE’s efforts to address a range of international crises. “Our strategic deployment of artificial intelligence and cutting-edge innovations places us at the forefront of leveraging technology to enhance emergency preparedness and response systems,” he said in a statement. Sheikh Tahnoon has led the country’s AI partnerships with Microsoft and other U.S. companies as Chairman of top state-owned businesses including G42, MGX, International Holding Co. and the Abu Dhabi Investment Authority.

TROUBLED TIMES

Emirates President Sir Tim Clark, who has run the Middle East’s biggest airline for two decades, says the UAE carrier can handle the costs of new U.S. tariffs. Still, Clark told CNBC in an interview that the Trump administration’s “trade reset” could disrupt global commerce, with China’s tariffs on U.S. aerospace firms potentially raising costs for Emirates’ wide-body fleet. “Business models like Emirates, given the international scope of what it does, the strength of what it does, will be able to ride this particular wave,” he said. Clark said the aviation industry, however, remains in “uncharted territory” as U.S. tariffs are expected to drive up airline costs. “Right now, we are in troubled times,” he said.

💲 Sovereign Circuit

Abu Dhabi Investment Authority: ADIA-owned Infinity Investments sold a 24.99% stake in Luxemborg-based Vier Gas Holding to Italy’s Snam in an equity deal worth about $1 billion.

Public Investment Fund: Folk Maritime Services, a PIF-owned Saudi shipping firm, purchased its second vessel, a Chinese-made cargo ship that can carry more than 2,000 20-foot containers.

Saudi Aramco: The state-owned oil company signed an agreement with China’s Sinopec and Yanbu Aramco Sinopec Refining Co. to expand its petrochemical processing plant at Aramco’s Yasref facility on Saudi Arabia’s West Coast.

↪↩ Closing Circuit

🏭 Offshore Expansion: Saudi-listed Arabian Drilling acquired a $69 million self-elevating offshore service platform to expand its 62-rig fleet and support growing offshore drilling operations starting mid-year.
⚕️Pipeline Deal: France-based Vallourec secured a $250 million contract to supply carbon steel pipes to Algeria’s Sonatrach.

💸 Islamic Investment: Pakistan start-up Haball, a provider of Islamic financing to small businesses and multinational firms, secured $52 million in funding to support its expansion into the Gulf.

🔒 Cyber Rules: Anecdotes, an Israeli startup that helps cybersecurity businesses meet regulatory requirements, raised $30 million in an extension of its Series B funding round that earlier raised $25 million, led by German investment firm DTCP.

🗣 Circuit Chatter

🤝 Free Trade: The UAE signed a Comprehensive Economic Partnership Agreement with the Republic of the Congo in Abu Dhabi on Tuesday in a ceremony attended by UAE President Sheikh Mohamed bin Zayed and Congo’s President Denis Sassou Nguesso.

⚓ Port Upgrade: Dubai ports operator DP World has begun construction on the Duke Point Terminal expansion in western Canada to double the port’s berth and capacity.

📈 Newly Listed: RAK Properties appointed Arqaam Securities, a financial institution regulated by the UAE Securities and Commodities Authority, as its liquidity provider on the ADX.

🔋 Battery Bid: Morocco will invite bids for a giant power storage facility with a capacity of nearly 1,600 megawatts to expand renewable energy sources in its national power network, Sabah Akadir reports.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed held a meeting on TuesdayUmaro Sissoco Embaló, President of Guinea-Bissau, who is visiting Abu Dhabi. Sheikh Mohamed also met with Armenian President Vahagn Khachaturyan on Tuesday to discuss ways to strengthen bilateral cooperation. The Emirates President also met Denis Sassou Nguesso, President of the Republic of Congo, on Tuesday in Abu Dhabi.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defense, led a delegation to India where he met Indian Prime Minister Narendra Modi. Sheikh Hamdan also met with Indian Defense Minister Rajnath Singh to discuss security cooperation.

Sheikh Mansour bin Zayed, Vice President of the UAE and Chairman of the Presidential Court, chaired the year’s first board meeting of the Abu Dhabi Fund for Development on Tuesday, reviewing financing for projects in aid-recipient countries. Also present were Reem Al Hashimy, Minister of State for International Cooperation, and Ministers of State Sheikh Shakhboot bin Nahyan and Ahmed Ali Al Sayegh.

Sheikh Abdullah bin Zayed, the UAE’s Minister of Foreign Affairs, held a meeting in Abu Dhabi on Tuesday with Egyptian Foreign Minister Badr Abdel Ati.

Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, arrived in the U.S. on Tuesday for a visit focused on preparations for President Donald Trump’s upcoming trip to the kingdom, Reuters reports.

➿ On the Circuit

Claudio Descalzi, CEO of Eni, said the company plans on investing $26.24 billion in Algeria, Libya and Egypt over the next four years to help boost energy production, Reuters reports.

Saleh Habdan Alhabdan was appointed CEO of Saudi Arabian developer Jabal Omar Development Co. following the resignation of Abdulrahman Abdulqader Bajunaid.

Mostafa Gad, Global Head of Investment Banking at EFG Hermes, told Zawya the firm has a pipeline of seven IPOs in MENA and is expecting a few accelerated book-building deals for the rest of 2025.

🎶 Culture Circuit

✨ All That Glitters: With lasers, smoke and mirrors, Japan’s TeamLab has created a massive new digital art gallery in Abu Dhabi. Visitors to the 17,000-square-meter space will find themselves immersed in multi-colored projections when TeamLab Phenomena Abu Dhabi opens April 18, The National reports. The new facility in the UAE capital’s Saadiyat Island cultural district joins TeamLab branches in Japan, Saudi Arabia, China, the U.S. and the Netherlands.

📷 Photo of the Day

The UAE Pavilion at Expo 2025 Osaka-Kansai, which opens April 13 and will continue through October, was formally presented today at a press conference in Abu Dhabi.

📅 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.