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Quick Hits

The Daily Circuit: PIF sells top football team + Gulf faces economic fallout

TEED OFF

Saudi PIF weighs pulling funding from LIV Golf amid heavy losses

mideast track

UAE and Jordan sign $2.3 billion deal to develop Aqaba rail link

The Daily Circuit: LIV Golf’s cloudy future + UAE-Jordan rail deal

security concerns

Mideast conflict stokes Gulf investment in defense, energy

The Daily Circuit: Gulf invests in defense + Lucid gets $750M

CLOUDY FORECAST

IMF cuts MENA growth outlook as war disrupts trade, energy

slow recovery

UAE tourism urged to ā€˜reinvent itself’ as war hits visitor numbers

pied-Ć -terre

Gulf expats shop for second homes, safe haven in Europe

The Daily Circuit: KBM meets Xi in Beijing + OPEC production slide

TROUBLED Brands

Slow Dubai mall sales threaten luxury shopping recovery

Alternate route

Saudi Arabia repairs East-West oil pipeline after war damage

The Daily Circuit: Saudi pipeline patched up + Etihad’s China expansion

SKIN IN THE GAME

China’s Iran support restrained by investments in Middle East

war toll

Saudi Aramco-TotalEnergies refinery damaged in Iran attack

The Daily Circuit: Aramco-TotalEnergies refinery hit earlier this week

bulking up

Mubadala’s assets under management grow 17% to $385B

perilous passage

ADNOC’s Al Jaber says Strait must open with ‘no strings attached’

The Daily Circuit: ADNOC’s Al Jaber says Strait must open + Mubadala asset growth

The Daily Circuit: Markets surge on fragile truce + Shippers eye Hormuz

Quick Hits

ATOMIC ACTION

Saudi Arabia seeks nuclear technology in talks with Wright

Saudi leaders have also explored obtaining the sensitive technology from Russia or China, but they’ve expressed a preference for working with the U.S.

Saudi Press Agency

U.S. Energy Secretary Chris Wright talks with Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef in Riyadh

By
Jonathan H. Ferziger
April 15, 2025
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Saudi Arabia and the U.S. are back in talks over helping the kingdom to develop a commercial nuclear power industry.

The on-again, off-again idea that Saudi Arabia has vigorously pursued is being revived during the ongoing Gulf visit by U.S. Energy Secretary Chris Wright, who met with Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef in Riyadh on Sunday.

Wright told reporters that the Trump administration may be willing to give Saudi Arabia access to U.S. nuclear technology and allow it to enrich uranium, The New York Times reports.

ā€œWe’ve not reached the details on an agreement, but it certainly looks like there is a pathway to do that,ā€ Wright said. ā€œThe issue is control of sensitive technology. Are there solutions to that that involve enrichment here in Saudi Arabia? Yes.ā€

Saudi Arabia has been seeking access for years to U.S. nuclear technology that would help it generate electricity and diversify its economy beyond dependence on oil revenues. The U.S. has attached conditions to ensure that its technology is not used to produce nuclear weapons, terms Saudi Arabia has resisted, citing Iran’s pursuit of atomic arms.

In their quest for nuclear capability, Saudi leaders have also explored obtaining the technology from Russia or China, but they’ve expressed a preference for working with the U.S.

Alkhorayef said his meeting with Wright focused on identifying investment opportunities with the U.S. while building cooperation in mining, especially for minerals needed for production of electric vehicles and their components, Arab News reports.

Read More
The Daily Circuit

The Daily Circuit: Saudi-U.S. nuclear tech talks + Kuwait refineries

By
Jonathan H. Ferziger
Omnia Al Desoukie
April 15, 2025
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šŸ‘‹ Hello from the Middle East!

In the Daily Circuit today, we’re looking at the QIA’s new $4 billion joint fund with Indonesia, Saudi help for paying Syria’s World Bank debt, Kuwait’s oil refinery reorganization and Morocco’s invitation for bids to help build and run Africa’s biggest shipyard. But first, U.S. Energy Secretary Chris Wright reaches Riyadh.

Saudi Arabia and the U.S. are back in talks over helping the kingdom to develop a commercial nuclear power industry.

The on-again, off-again idea that Saudi Arabia has vigorously pursued is being revived during the ongoing Gulf visit by U.S. Energy Secretary Chris Wright, who met with Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef in Riyadh on Sunday.

Wright told reporters that the Trump administration may be willing to give Saudi Arabia access to U.S. nuclear technology and allow it to enrich uranium, The New York Times reports.

ā€œWe’ve not reached the details on an agreement, but it certainly looks like there is a pathway to do that,ā€ Wright said. ā€œThe issue is control of sensitive technology. Are there solutions to that that involve enrichment here in Saudi Arabia? Yes.ā€

Saudi Arabia has been seeking access for years to U.S. nuclear technology that would help it generate electricity and diversify its economy beyond dependence on oil revenues. The U.S. has attached conditions to ensure that its technology is not used to produce nuclear weapons, terms Saudi Arabia has resisted, citing Iran’s pursuit of atomic arms.

In their quest for nuclear capability, Saudi leaders have also explored obtaining the technology from Russia or China, but they’ve expressed a preference for working with the U.S.

Alkhorayef said his meeting with Wright focused on identifying investment opportunities with the U.S. while building cooperation in mining, especially for minerals needed for production of electric vehicles and their components, Arab News reports.

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]. 

šŸ“° Developing Stories

KUWAIT ADAPTS

Kuwait is reorganizing its energy industry amid concerns over plunging oil prices and U.S. trade tariffs. State-owned Kuwait National Petroleum Co. is planning to acquire Kuwait Integrated Petroleum Industries Co. (KIPIC), the Kuna news agency reports, citing KNPC Chief Executive Officer Wadha Al-Khateeb. KNPC is in charge of Kuwait’s refining industry while KIPIC runs the Al Zour refinery. Al-Khateeb said Kuwait’s oil and gas industries need to adapt to changing market conditions while offering assurance that obligations to clients will be met.

SYRIA BAILOUT

Saudi Arabia is taking the lead in helping Syria’s new government pay off its debts. As a first step, the kingdom will put up $15 million to cover Syria’s arrears to the World Bank and unlock international aid money to begin the country’s reconstruction, Reuters reports. The plans would be the first known instance of Saudi Arabia providing financing for Syria since Islamist-led rebels toppled former leader Bashar al-Assad last year. It may also be a sign that Gulf Arab support for Syria is beginning to materialize after previous plans, including an initiative by Qatar to fund salaries, were held up by uncertainty over U.S. sanctions, according to Reuters.

šŸ’² Sovereign Circuit

Qatar Investment Authority: Indonesia’s Danantara sovereign wealth fund said it will form a $4 billion joint fund with the QIA to invest in the Indonesian economy, focusing on commodities, renewables, health facilities and technology.

Dubai Holding
: Azadea Group, which operates the Zara and Virgin Megastore chains in the Middle East and is part-owned by the Dubai royal family’s investment company, has decided to pause plans for an IPO, Bloomberg reports.

Public Investment Fund: Newcastle City Council has defended seeking Saudi investment as it faces criticism from local campaigners over the kingdom’s human rights record.

 

↪↩ Closing Circuit

šŸ¤ Gulf Aid: Qatar and Egypt agreed to ā€œwork towardā€ developing a $7.5 billion package of Qatari investments in the Egyptian economy. The two countries announced the plan during a visit on Sunday by Egyptian President Abdel Fattah al-Sisi to Doha, where he met with Qatar’s Emir Sheikh Tamim.

šŸ’° Across Borders: Menzies Aviation, a subsidiary of Agility Global, which trades on the Abu Dhabi Securities Exchange, has agreed to acquire U.S.-based G2 for $305 million. This will boost Menzies’ global reach and its revenue by 20% to $3.1 billion.

šŸ’² Media Business: Saudi Research and Media Group signed a $67 million, three-year deal with Taoq Public Relations to provide operational services for media platforms.

šŸ“ˆ AI Stockbot
: BridgeWise, a New York-based AI startup whose chatbot provides stock advice to 25 million users around the world, said it is opening a Middle East regional headquarters in Dubai after Emirates NBD, the city’s biggest lender, invested in the company.

šŸ¤– AI Veteran: Safe SuperIntelligence, the artificial intelligence startup led by OpenAI co-founder Ilya Sutskever with offices in Tel Aviv and Palo Alto, Calif., raised $2 billion in a funding round led by Greenoaks, the Financial Times reports.

šŸ—£ Circuit Chatter

šŸ’» Legal AI: The UAE Cabinet approved the creation of the Regulatory Intelligence Office, which will use AI to unify federal and local laws, enabling real-time legislative updates and tracking of impacts through large-scale data. 

🚜 Bioplastic Expertise: Dubai-based Emirates Biotech appointed South Korea’s Samsung E&A to handle engineering, procurement, and construction for its Polylactic Acid plant in Abu Dhabi’s KEZAD free zone.

āš“ Ship Shape: Morocco’s state-owned National Ports Agency invited global firms to bid on developing and operating what it says will be Africa’s largest shipyard in Casablanca, Bloomberg reports.

šŸ”“ No Business: Abu Dhabi Global Market regulators fined crypto platform Hayvn Group, its related entities and former CEO Christopher Flinos a total of $12 million for regulatory breaches, banning the executive indefinitely from doing business in the financial zone.

šŸŒ Power Circuit

UAE President Sheikh Mohamed bin Zayed held a meeting in Abu Dhabi on Monday with Hristijan Mickoski, Prime Minister of North Macedonia, to discuss trade and broader economic cooperation in the Balkans.

Sheikh Mohammed bin Rashid, the Ruler of Dubai and UAE Vice President and Prime Minister, chaired the UAE Cabinet meeting at Qasr Al Watan in Abu Dhabi on Monday.

Lt. Gen. Sheikh Saif bin Zayed, UAE Deputy Prime Minister and Minister of Interior, met with Ulan Karypbekov, Director of the State Agency for Vehicle and Driver Registration at the Cabinet of Ministers of the Kyrgyz Republic.

Sheikh Sultan bin Ahmed, Deputy Ruler of Sharjah, held a meeting with Eric Anziani, Chief Operating Officer of Crypto.com, on Monday.

āžæ On the Circuit

David Petreaus, the former CIA director, was named Chairman of KKR & Co.’s Middle East unit and is setting up a new deals team in the Gulf.

Carmen Haddad, a 25-year veteran banker in Citigroup’s Middle East division, was named Vice Chairman of the company’s private bank with authority over its wealth management operations.

Ari Emanuel, CEO of the Endeavor talent and management agency, is leading a group that won the auction for a portfolio of assets that includes the Miami Open and the Madrid Open tennis tournaments, Bloomberg reports. The consortium, which includes Apollo Global Management and Redbird Capital Partners, said it’s ready to pay more than $1 billion for the assets that Endeavor is selling off.

Nabeel Koshak, the CEO of Saudi Venture Capital, said during a panel discussion at the Human Capabilities Initiative in Riyadh that the firm has invested in more than 56 funds, emphasizing the growth of startups and entrepreneurship in the kingdom.

šŸŽ¶ Culture Circuit

šŸ›ļø Mall Space: An abandoned shopping mall built in the 1980s now hosts some of Riyadh’s leading galleries after it was transformed into a bustling arts hub, The National reports. Al Mousa Centre, which features nostalgic design elements of Gulf malls of the era, including latticed ceilings and blue-tinted windows, houses 20 galleries and is a key venue for Art Week Riyadh, which runs until Sunday.

šŸ“· Photo of the Day

U.S. Secretary of Energy Chris Wright met with Saudi Arabia’s Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef at the Ministry’s headquarters in Riyadh on Sunday. (SPA)

šŸ“… 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.ā€ 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.

Read More
FAMILY FEUD

UAE urges families to tackle succession risks amid wealth shift

UAE’s richest families are on track to controling a combined $1 trillion by the end of next year, U.S. venture firm says

Getty Images

View of skyline in Dubai

By
Omnia Al Desoukie
April 11, 2025
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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

Read More
The Daily Circuit

The Daily Circuit: Trump energy secretary meets MBZ + Masdar’s Greek buyout

WAM

By
Jonathan H. Ferziger
Omnia Al Desoukie
April 11, 2025
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šŸ‘‹ 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,ā€ Wright told reporters. ā€œYou’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]. 

šŸ“° 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. 

šŸ’² 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

 šŸ¦ 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.

šŸŒ 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.

šŸ’°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.

šŸ­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.

šŸ—£ 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.

šŸ‡¹šŸ‡·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.

šŸ“ˆ 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. 
šŸ‘„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.

šŸŒ 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.

āžæ 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.

šŸŽ¶ Culture Circuit

šŸļø 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.

šŸ“· Photo of the Day

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

šŸ“… 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.ā€ 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.

Read More
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
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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,ā€ Wright told reporters. ā€œYou’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.

Read More
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

thecircuit-circuit-dubaimarina

Getty Images

View of Dubai Marina

By
Omnia Al Desoukie
April 10, 2025
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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.

Read More
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
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Gulf stocks reversed direction in tandemĀ 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,Ā ReutersĀ 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 reboundedĀ 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 fallĀ 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.

Read More
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
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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 ā€œtrade resetā€ could disrupt global commerce, with China’s tariffs on U.S. aerospace firms potentially raising costs for Emirates’ wide-body fleet.

ā€œBusiness 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,ā€ he said.

Clark said the aviation industry, however, remains in ā€œuncharted territoryā€ as U.S. tariffs are expected to drive up airline costs. ā€œRight now, we are in troubled times,ā€ he said.

Read More

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