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Quick Hits

washington chat

Vance hosts UAE officials to discuss $1.4 trillion investment

future fallout

Investors see possible oil spike, shipping turmoil after U.S. bombing in Iran

first in gulf

Oman to impose personal income tax on its high earners by 2028

The Daily Circuit: Investors react to Iran strikesĀ +Ā J.D. Vance hosts UAE officials

FOOD CENTRAL

Rival Chinese firms launch big push into Saudi delivery market

cash flow

Foreign direct investment surges in UAE as new trade pacts pile up

The Daily Circuit: UAE foreign trade surges + New $5B Saudi-Canadian agrifund

CHILD'S PLAY

UAE school operator Taaleem acquires Kids First nursery group

growth driver

Google injects $6 billion into UAE’s economy with AI push

The Daily Circuit: Google boosts UAE growth + Taaleem’s nursery buyout

ENERGY OVERHAUL

ADNOC’s Al Jaber pledges sixfold increase in new U.S. investments

The Daily Circuit: Al Jaber at U.S. energy confab + Flynas starts trading

TRUMP BUMP

Dar Global expects sellout by summer for Dubai’s Trump Tower

PALACE 4 SALE

Dubai’s opulent Palazzo Versace up for sale, with $163 million starting price

The Daily Circuit: Saudi’s Paris Air Show flex + $500m UAE hedge fund

The Daily Circuit: XRG’s bid for Australia’s Santos + oil turmoil

SHOW GOES ON

Saudis sign deals for over 100 planes as Paris Air Show opens

MARKET REACTS

Oil soars and stocks slide amid Middle East escalation fears

A girl walks past stalls during the Indian Mango Festival at Souq Waqif in Doha on Thursday. Gulf countries are among the biggest importers of Indian mangoes, which are in peak season from June to July. (Karim Jaafar / AFP via Getty Images)

The Daily Circuit: Oil surges after attacks in Iran + Boeing 787 probe

CRASH PROBE

Boeing 787 Dreamliner under scrutiny after Air India tragedy

Quick Hits

PRESIDENTIAL TOUR

MBS tells Trump in Riyadh he’ll try to invest $1 trillion in U.S.

A good chunk will come from an arms package worth nearly $142 billion, which Trump administration officials called "the largest defense cooperation agreement" the U.S. has ever signed.

FAYEZ NURELDINE/AFP via Getty Images

U.S. President Donald Trump greets Saudi Crown Prince Mohammed bin Salman during the Saudi-U.S. Investment Forum in Riyadh

By
Jonathan H. Ferziger
May 13, 2025
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Saudi Crown Prince Mohammed bin Salman told President Donald Trump and a solid portion of the world’s business elite on Tuesday that he hopes to fulfill his pledge to invest $600 billion in the U.S. and might even hit the $1 trillion mark sought by the White House.

In turn, Trump praised MBS as a visionary leader and hailed the U.S.-Saudi alliance as a profitable enterprise for both sides as the two spoke at a business conference in Riyadh and the president kicked off a four-day swing through the Gulf that will also take him to Qatar and the UAE.

“Today we hope for investment opportunities worth $600 billion, including deals worth $300 billion that were signed during this forum,” the Saudi leader said in a speech at the capital city’s King Abdulaziz International Conference Center. “We will work in the coming months on the second phase to complete deals and raise it to $1 trillion,” he said.

A good chunk of that commitment will come from an agreement to sell Saudi Arabia an arms package worth nearly $142 billion, which the White House called “the largest defense cooperation agreement” that the U.S. has ever signed.

Trump beamed as he followed MBS onstage to address an audience that included Tesla founder Elon Musk, Nvidia CEO Jensen Huang, BlackRock CEO Larry Fink, Aramco CEO Amin Nasser, Saudi Public Investment Fund Governor Yasir Al-Rumayyan and hundreds of other corporate leaders, investors and government officials from the two countries.

The President thanked MBS for setting the $1 trillion goal and talked for close to an hour about his affection for the kingdom, ticking off several of the deals signed by the two countries during the day.

“So, number one, I like visiting with you, and we’ve known each other very well, and I really believe we like each other a lot and, number two, for the United States, we’ve brought tremendous investment in and tremendous jobs, and we continue to service your great country very well,” Trump said.

The U.S. leader also said he maintains a “fervent hope” that Saudi Arabia will join the Abraham Accords to normalize relations with Israel, as the UAE, Bahrain and Morocco did in 2020, though he added, ā€œyou’ll do it in your own time.ā€

Earlier in the day, the Saudi Crown Prince took the unusual step of greeting Trump in person when the president landed on a flight from Washington at King Khalid International Airport outside Riyadh.

Unlike former President Joe Biden’s tense visit and cautious fist bump in 2022, MBS stood on the tarmac and patiently watched Trump descend from Air Force One onto a royal purple carpet. The two shook hands and Trump gave the prince a warm shoulder tap before they strode together to the waiting motorcade.

The greeting underlined the intentions on both sides to make Trump’s first regional trip in his second term a public success and broadcast the closeness of the U.S.-Saudi alliance.

Inside the Al-Yamamah Palace where a lavish reception and lunch were held, both leaders were accompanied by top Cabinet ministers and a roster of business leaders, with Trump’s entourage including Musk and OpenAI’s Sam Altman.

Conversations at the Saudi-U.S. Investment Forum – held at the same site beside the marble-lined Ritz-Carlton Hotel as the annual Future Investment Initiative conference – were focused on concrete dealmaking and illustrated the seriousness in both countries to make the most of the rare event, said Tally Zingher, Managing Director of the U.S.-headquartered boutique advisory firm Blue Laurel.

ā€œBeing here allows me to listen and observe firsthand how the Saudis are articulating their priorities and how those priorities have already manifested into concrete opportunities for U.S. companies,ā€ Zingher told The Circuit.

Among the headliners addressing the conference were Khalid Bin Abdulaziz Al-Falih, Minister of Investment; Mohammed Al-Jadaan, Minister of Finance; Prince Abdulaziz bin Salman, Minister of Energy; Bandar Alkhorayef, Minister of Industry and Minerals and Faisal Alibrahim, Minister of Economy & Planning.

The U.S. delegation was headed by Scott Bessent, Secretary of the Treasury; Howard Lutnick, U.S. Secretary of Commerce; and David Sacks, the White House Special Advisor on AI and Crypto.

From the Saudi business world, the conference featured Muhammad Al Jasser, Chairman, Islamic Development Bank; Nabeel Koshak, CEO of Saudi Venture Capital; Marc Winterhoff, Interim CEO of Lucid; John Pagano, Group CEO of Red Sea Global; Mohammad Abunayyan, Chairman of ACWA Power; Tony Douglas, CEO of Riyadh Air and Jerry Inzerillo, Group CEO of Diriyah Co.

U.S. financiers at the forum included Citigroup’s Jane Fraser, Franklin Templeton’s Jenny Johnson, Blackstone’s Stephen Schwarzman and Bridgewater’s Ray Dalio, LionTree’s Aryeh Bourkoff and BDT & MSD Partners’ Dina Powell McCormick.

From the U.S. tech industry, Palantir’s Alex Karp joined the forum as well as Alphabet/Google’s Ruth Porat, Amazon’s Andy Jassy, IBM’s Arvind Krishna and Qualcomm’s Cristiano Amon.

With planemakers and defense contractors set to reap billions in Saudi deals, the conference featured Boeing’s Kelly Ortberg, Lockheed Martin’s Michael Williamson, Honeywell’s Ken West and Halliburton’s Jeff Miller.

Among other speakers at the summit, Miami Mayor Francis Suarez is a perennial fixture at the FII conference and hosted a spinoff conference in his city last February, where Trump spoke. Also appearing was Gianni Infantino, President of world soccer’s governing FIFA organization, after Saudi Arabia was picked to host the 2034 World Cup.

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Digital Society

Dubai to accept crypto as payment for government services

The move supports the emirate’s ambition to become a digital, cashless society and strengthen its position as a global hub for financial innovation

GIUSEPPE CACACE/AFP via Getty Images

Logos of Bitcoin and assorted other cryptocurrencies on display during the TOKEN 2049 conference in Dubai

By
Omnia Al Desoukie
May 13, 2025
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Dubai will soon allow residents to pay for government services using cryptocurrencies, as part of its push to make the emirate a global leader in digital commerce.

The initiative follows a new agreement between Dubai Finance and global platform Crypto.com, aiming to create a secure and efficient payment channel across government platforms using stablecoins.

It aligns with the emirate’s ambition to become a fully digital, cashless society and strengthen its position as a hub for financial innovation.

The move also supports the emirate’s D33 agenda, which targets sustainable economic diversification and digital transformation.

Read More
MIDEAST JOURNEY

Trump takes off for Saudi Arabia to start Gulf deal-making tour

When the U.S. leader arrives in Qatar, he will decide whether to accept a gift from the royal family of a Boeing 747-8 jumbo jet to replace Air Force One

Win McNamee/Getty Images

U.S. President Donald Trump boards Air Force One at Joint Base Andrews, Maryland, before takeoff to Riyadh

By
Jonathan H. Ferziger
May 12, 2025
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U.S. President Donald Trump departed on MondayĀ for a Middle East tour that will take him to the glittering palaces of Saudi Arabia, Qatar and the UAE, with the stated mission of generating trillions of dollars in business for American companies.

After he arrives in Riyadh on Tuesday, the President will meet with Crown Prince Mohammed bin Salman, who pledged in January to invest $600 billion in the U.S. over the next four years.

Trump countered that Saudi Arabia should be good for at least $1 trillion, a figure that could be unrealistic given the kingdom’s falling oil revenue and budget shortfalls.

On the sidelines of the palace meeting, Saudi Arabia’s Public Investment Fund is convening a Saudi-U.S. Investment Forum that promises to bring more than 1,000 corporate executives, bankers and investors to the capital for a daylong conference modeled on the annual Future Investment Initiative conference.

The U.S. leader is also due to meet the rulers of all six Gulf states together on Wednesday for a summit hosted by Saudi King Salman bin Abdulaziz.

When Trump arrives in Qatar the following day, he will make a decision on whether to accept a gift offered by the royal family of a Boeing 747-8 jumbo jet that would be converted into an upgraded version of the president’s Air Force One plane.

The trip concludes in Abu Dhabi, where Trump will meet with UAE President Sheikh Mohamed bin Zayed, along with his Cabinet ministers and prominent business figures, and work out details of the government’s pledge to invest $1.4 trillion in the U.S. over the coming decade.

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petroleum profit

Aramco income drops, dividends cut amid oil market uncertainty

Distribution of a smaller dividend by the world's biggest oil company will put pressure on Saudi Arabia’s budget in the middle of a spending binge

FAYEZ NURELDINE/AFP via Getty Images

Aramco gas station on the outskirts of the Saudi capital

By
Omnia Al Desoukie
May 12, 2025
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Saudi energy giant Aramco reported a drop in first-quarter net income to $26 billion, falling short of market expectations and cutting into a key source of funds for Saudi Arabia’s budget amid an uncertain outlook for oil prices.

The drop led to a $10 billion reduction in its total dividend to $21.4 billion, down from $31 billion in the previous quarter.

The lower dividend will put further pressure on Saudi Arabia’s budget as the kingdom ramps up spending to diversify its economy beyond oil, The Financial Times reports.

Despite the earnings dip, Aramco’s performance was better than many of its peers, including BP, which halved its first-quarter profit, and Shell, which saw its first quarter profit fall by 28%.

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The Daily Circuit

The Daily Circuit: Gulf gets set for Trump + Flynas IPO sellout

Traffic flows past Saudi and U.S. flags on a main road in Riyadh on Monday, hours before U.S. President Donald Trump is due to arrive in the kingdom. (Fayez Nureldine /AFP via Getty Images)

Traffic flows past Saudi and U.S. flags on a main road in Riyadh on Monday, hours before U.S. President Donald Trump is due to arrive in the kingdom. (Fayez Nureldine /AFP via Getty Images)

Traffic flows past Saudi and U.S. flags on a main road in Riyadh on Monday, hours before U.S. President Donald Trump is due to arrive in the kingdom. (Fayez Nureldine /AFP via Getty Images)

By
Jonathan H. Ferziger
Omnia Al Desoukie
May 12, 2025
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šŸ‘‹ Hello from the Middle East!

In the Daily Circuit today, we’re reporting on a sellout for Saudi Arabia’s Flynas IPO, the Kuwait Investment Authority’s $500 million commitment to a Chinese EV battery manufacturer, Aramco’s drop in first-quarter profit and a possible public offering of Omani gas assets. But first, Gulf rulers get set for a busy week of Trump administration dealmaking.

U.S. President Donald Trump departs today for a Middle East tour that will take him to the glittering palaces of Saudi Arabia, Qatar and the UAE, with the stated mission of generating trillions of dollars in business for American companies.

After he arrives in Riyadh on Tuesday, the President will meet with Crown Prince Mohammed bin Salman, who pledged in January to invest $600 billion in the U.S. over the next four years.

Trump countered that Saudi Arabia should be good for at least $1 trillion, a figure that could be unrealistic given the kingdom’s falling oil revenue and budget shortfalls.

On the sidelines of the palace meeting, Saudi Arabia’s Public Investment Fund is convening a Saudi-U.S. Investment Forum that promises to bring more than 1,000 corporate executives, bankers and investors to the capital for a daylong conference modeled on the annual Future Investment Initiative conference.

The U.S. leader is also due to meet the rulers of all six Gulf states together on Wednesday for a summit hosted by Saudi King Salman bin Abdulaziz.

When Trump arrives in Qatar the following day, he will make a decision on whether to accept a gift offered by the royal family of a Boeing 747-8 jumbo jet that would be converted into an upgraded version of the president’s Air Force One plane.

The trip concludes in Abu Dhabi, where Trump will meet with UAE President Sheikh Mohamed bin Zayed, along with his Cabinet ministers and prominent business figures, and work out details of the government’s pledge to invest $1.4 trillion in the U.S. over the coming decade.

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

šŸ“° Developing Stories

FLYING HIGH

The $1.1 billion IPO of Saudi Arabia’s low-cost carrier Flynas, backed by billionaire Prince Alwaleed bin Talal, sold out within minutes of books opening on Monday, Bloomberg reports. The sale of the first Gulf airline to go public in almost two decades will be closely watched by executives and bankers for Abu Dhabi’s Etihad Airways, which is planning its own $1 billion listing this year. The price for the Flynas IPO was set at a range of 76 to 80 riyals per share ($20.26 to $22.33), implying a market capitalization of up to $3.6 billion. Flynas and its shareholders are selling a 30% stake, with Goldman Sachs, Morgan Stanley and BSF Capital acting as joint global coordinators.

OIL DROP

Saudi energy giant Aramco reported a drop in first-quarter net income to $26 billion, falling short of market expectations and cutting into a key source of funds for Saudi Arabia’s budget amid an uncertain outlook for oil prices. The drop led to a $10 billion reduction in its total dividend to $21.4 billion, down from $31 billion in the previous quarter. The lower dividend will put further pressure on Saudi Arabia’s budget as the kingdom ramps up spending to diversify its economy beyond oil, The Financial Times reports. Despite the earnings dip, Aramco’s performance was better than many of its peers, including BP, which halved its first-quarter profit, and Shell, which saw its first quarter profit fall by 28%.

šŸ’² Sovereign Circuit

G42: CEO Peng XiaoĀ met with Toto Wolff, Team Principal & CEO of the Mercedes-AMG Petronas Formula One Team, a G42 partner, at the company’s headquarters in Abu Dhabi.

Kuwait Investment Fund: KIA has committed $500 million as a cornerstone investor in Chinese EV battery manufacturer CATL’s $4 billion IPO, making it one of the most prominent backers of the year’s biggest listing.

ADNOC: Fertiglobe, the MENA region’s largest nitrogen fertiliser producer, majority owned by ADNOC, will acquire Wengfu’s fertilizer distribution assets in Australia, with the final value of the deal to be determined at closing.

Druk Holdings and Investments: Bhutan’s tiny sovereign wealth fund is banking on green energy and crypto, CEO Ujjwal Deep Dahal told Fortune. The landlocked Himalayan country, better known for its ā€œGross National Happinessā€ measure, plans to leverage cheap and widespread hydropower to feed data centers and Bitcoin mining, as well as a new zone connecting Bhutan with businesses in South and Southeast Asia.

↪↩ Closing Circuit

🩺 Doctor’s Orders: SMC’s $500 million IPO of a 30% stake in the Saudi hospital operator sold out within hours, Bloomberg reports.

šŸŒ Arabic AI: AqlanX, a UAE-based AI startup that automates business processes in Arabic, said it received a $10 million investment from Australia’s Lakeba Group through its venture unit DoxAI.

šŸ’² Parallel Funds: Saudi Asas Makeen Real Estate Development and Investment Company will raise $21.3 million by offering 10% of its post-IPO capital via its Nomu market listing.

🚢 New Kid: Oman is investing $200 million to expand Shinas Port by 40% to boost re-export activity and compete regionally, with construction set to begin in the third quarter of this year. 

🌐 Fresh Capture: Wyld VC, a Saudi Arabia-based venture capital firm that’s backed by the family office of U.S. billionaire Lawrence Golub is launching a $50 million fund to invest in artificial intelligence startups across the Middle East and the San Francisco Bay Area, Bloomberg reports.

šŸ’µ Credit Launch: Amwal Capital Partners has launched a $150 million Shariah-compliant private credit fund, which has already exceeded its initial close target, attracting leading institutional investors from the region.

šŸ—£ Circuit Chatter

⛽ Gas Stake: Oman is looking to sell a stake in natural gas assets valued at about $8 billion in an effort to strengthen government finances and fund investments, Bloomberg reports.

šŸ™ļø New Cities: AI startup Scale AI, backed by Amazon, plans to open offices in Saudi Arabia and the UAE as part of its Middle East expansion, citing the region’s rapid AI adoption and growing tech investment, Bloomberg reports.

šŸ’² Buy In: Barclays Bank recommends buying shares in five ADNOC companies, saying they are strong investments that are likely to outperform others in the energy sector.

šŸ¤ Making Friends: Abu Dhabi Investment Office and Japan’s ITOCHU Corporation, have signed a strategic agreement to expand ITOCHU’s portfolio companies into Abu Dhabi’s priority sectors and explore joint investment opportunities.

šŸ¤– AI Hallucinations: AI21 Labs, an Israeli startup seeking to reduce ā€œhallucinationsā€ that distort artificial intelligence models, is seeking to raise $300 million in a Series D funding round that includes backing from Google and Nvidia, Business Insider reports.

šŸ’¼ Bot Job: Chief AI Officers are rapidly gaining prominence in Dubai, especially in the private sector, with companies like Al Futtaim collaborating with government initiatives in Dubai to train potential CAIOs, Arabian Gulf Business Insights reports.

šŸŒ Power Circuit

UAE President Sheikh Mohamed bin Zayed received a phone call on Sunday from Syria’s President Ahmed Al-Sharaa.

Sheikh Mohammed bin Rashid, the UAE’s Vice President and Ruler of Dubai, was seen at Dubai Basketball’s first playoff.  

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Executive Council, arrived in Kazakhstan’s capital of Astana on Sunday for meetings with President Kassym-Jomart Tokayev and senior government officials. 

Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and UAE National Security Advisor, wrote on X on Sunday that he met with David Sacks, the White House Senior Advisor for AI and Crypto, who was visiting the UAE.

Sheikh Abdullah bin Zayed, UAE’s Deputy Prime Minister and Minister of Foreign Affairs, held phone calls with Dr Subrahmanyam Jaishankar, Minister of External Affairs of India, and Mohammad Ishaq Dar, Deputy Prime Minister and Foreign Minister of Pakistan, on Sunday. Sheikh Abdullah also held a phone call on Monday with Jeyhun Bayramov, the Foreign Minister of Azerbaijan to discuss bilateral relations. 

Sheikh Meshal, Emir of Kuwait, received Sheikh Mansoor bin Mohammed bin Rashid, President of the UAE National Olympic Committee, on Sunday, who is in Kuwait to attend the 37th meeting of the Presidents of the Olympic Committees of the Gulf Cooperation Council countries.

Sheikh Hamdan bin Zayed, Ruler’s Representative in Al Dhafra Region and Chairman of the Environment Agency – Abu Dhabi, has directed the expansion of the scope of the agency’s coral rehabilitation project to plant more than four million coral colonies by 2030.

āžæ On the Circuit

Brad Smith, President of Microsoft, urged the U.S. to adopt AI-powered public service models inspired by Abu Dhabi. At a Senate hearing, Smith cited the Tamm app as a prime example of how AI can streamline governance.

Nasser Hassan Al Shaikh has been appointed Chairman of Abu Dhabi-listed investor Eshraq following the resignation of Fahad Al Qassim.

Imran Changezi, Executive Director of Hospitality Development at Diriyah, said during a panel discussion at the Future Hospitality Summit in Riyadh that Saudi Arabia’s hotel sector is undergoing a rapid and large-scale transformation, with Saudization in the sector reaching 45%.

Neda Almubarak, Managing Director of ​​SRMG Think, led a panel discussion at the Arab European Cities Dialogue that included Jerry Inzerillo, Group Chief Executive Officer of Diriyah Gate Company Limited; Jayne McGivern, CEO at Sports Boulevard Foundation; and George Tanasijevich, CEO of King Salman Park Foundation.

šŸŽ¶ Culture Circuit

ā˜• Warm Welcome: The ritual of Gahwa, the traditional method for making coffee using a long-spouted pot known as a ā€œdallah,ā€ is in the spotlight as the UAE prepares to welcome a high-profile guest this week. U.S. President Donald Trump is likely to be offered a small cup of the cardamom-scented brew on arrival in the emirates, as a symbol of hospitality.

šŸ“· Photo of the Day

Traffic flows past Saudi and U.S. flags on a main road in Riyadh on Monday, hours before U.S. President Donald Trump is due to arrive in the kingdom. (Fayez Nureldine /AFP via Getty Images)
Traffic flows past Saudi and U.S. flags on a main road in Riyadh on Monday, hours before U.S. President Donald Trump is due to arrive in the kingdom. (Fayez Nureldine /AFP via Getty Images)

šŸ“… Circuit Calendar

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, Abu Dhabi. AI Gov Summit. This is the 2nd summit of its kind that addresses the integration of artificial intelligence into government operations. The Ritz-Carlton, Canal View.

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.

Read More
RISK MANAGER

BlackRock joins Abu Dhabi’s IHC in $1 billion reinsurance venture

The venture is one of a cavalcade of deals being cooked up amid U.S. President Donald Trump's visit to Saudi Arabia, Qatar and the UAE

ADGM

Abu Dhabi Global Market is the capital city's international financial center

By
Jonathan H. Ferziger
May 9, 2025
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Wall Street titan BlackRock is teaming up with Abu Dhabi’s International Holding Co. to create a $1 billion reinsurance firm with its foundations in AI.

The venture announced Thursday is one of a cavalcade of deals that are being cooked up amid Trump’s tour of the Gulf next week, which will take him to Saudi Arabia on Tuesday, followed by Qatar and the UAE.

BlackRock, the world’s largest alternative investment firm, and Abu Dhabi asset manager Lunate will join as minority partners, according to a statement issued by IHC.

The new company will be chaired by Dr. Sultan Al Jaber, the UAE Minister of Industry and Advanced Technology and Chairman of ADNOC. Mark Wilson, the former chief executive of Aviva and AIA Group, will serve as CEO.

Lunate, which was founded two years ago and manages $110 billion, will provide expertise in private and public markets to the reinsurance company, which will operate from the capital city’s free zone financial center, ADGM.

Also in the run-up to the Trump visit, the U.S. is developing a fast-track process for screening foreign investments, which could smooth the process for sovereign wealth funds such as the Saudi Public Investment Fund, the UAE’s Mubadala, and the Qatar Investment Authority to sign contracts next week, Bloomberg reports.

Read More
ON MARK

Primark enters Mideast with fast-fashion stores in Kuwait, Dubai

In addition to low-cost clothing, footwear and accessories, Primark sells licensed collections from Disney, Warner Bros., Universal and the NFL

Mike Kemp/In Pictures via Getty Images

Primark store on Oxford Street in London

By
Louise Burke
May 9, 2025
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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.

Read More
The Daily Circuit

The Daily Circuit: BlackRock-IHC reinsurance venture + ACWA profit jumps

A woman visits the newly opened teamLab Phenomena, an immersive art experience museum newly opened in Abu Dhabi’s Saadiyat Cultural District. (Giuseppe Cacace /AFP via Getty Images)

A woman visits the newly opened teamLab Phenomena, an immersive art experience museum newly opened in Abu Dhabi’s Saadiyat Cultural District. (Giuseppe Cacace /AFP via Getty Images)

A woman visits the newly opened teamLab Phenomena, an immersive art experience museum newly opened in Abu Dhabi’s Saadiyat Cultural District. (Giuseppe Cacace /AFP via Getty Images)

By
Jonathan H. Ferziger
Omnia Al Desoukie
May 9, 2025
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šŸ‘‹ Hello from the Middle East!

In the Daily Circuit today, we’re reporting on PIF-owned ACWA Power’s 44% jump in first-quarter profit, a San Francisco outpost for Abu Dhabi’s new health venture, Primark’s plans to bring its fast-fashion stores to Dubai and Kuwait, and the Salesforce team taking shape in Saudi Arabia. But first, BlackRock and IHC kick off the deal flow expected with U.S. President Donald Trump’s visit to the Gulf next week.Ā 

Wall Street titan BlackRock is teaming up with Abu Dhabi’s International Holding Co. to create a $1 billion reinsurance firm with its foundations in AI.

The venture announced Thursday is one of a cavalcade of deals that are being cooked up amid Trump’s tour of the Gulf next week, which will take him to Saudi Arabia on Tuesday, followed by Qatar and the UAE.

The as-yet unnamed reinsurance company will be steered by IHC, the sprawling Abu Dhabi-owned conglomerate led by UAE National Security Adviser Sheikh Tahnoon bin Zayed, and expects to carry some $10 billion in liabilities. BlackRock, the world’s largest alternative investment firm, and Abu Dhabi asset manager Lunate will join as minority partners, according to a statement issued by IHC.


The new company will be chaired by Dr. Sultan Al Jaber, the UAE Minister of Industry and Advanced Technology and Chairman of ADNOC. Mark Wilson, the former chief executive of Aviva and AIA Group, will serve as CEO.

Lunate, which was founded two years ago and manages $110 billion, will provide expertise in private and public markets to the reinsurance company, which will operate from the capital city’s free zone financial center, ADGM.

Also in the run-up to the Trump visit, the U.S. is developing a fast-track process for screening foreign investments, which could smooth the process for sovereign wealth funds such as the Saudi Public Investment Fund, the UAE’s Mubadala, and the Qatar Investment Authority to sign contracts next week, Bloomberg reports.

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

šŸ“° Developing Stories

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.

šŸ’² Sovereign Circuit


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.

↪↩ Closing Circuit

šŸ’° 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.

šŸ’µ 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.

šŸ”‹ 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. 

šŸš† 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.

šŸ—£ Circuit Chatter

šŸ¤– 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.

šŸØ 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.

āœˆļø 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.

šŸ¤ 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.

šŸŒ Power Circuit

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 ā€œMother of the Nation,ā€ 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.

āžæ On the Circuit

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.

šŸŽ¶ Culture Circuit

šŸ¤‘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.

šŸ“· Photo of the Day

A woman visits the newly opened teamLab Phenomena, an immersive art experience museum newly opened in Abu Dhabi’s Saadiyat Cultural District. (Giuseppe Cacace /AFP via Getty Images)
A woman visits the newly opened teamLab Phenomena, an immersive art experience museum in Abu Dhabi’s Saadiyat Cultural District. (Giuseppe Cacace /AFP via Getty Images)

šŸ“… Circuit Calendar

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.

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