👋 Hello from the Middle East!

In the Daily Circuit today, we’re looking at Morocco’s new $4.5 billion IMF credit line, Saudi Arabia’s ranking as the Gulf’s top home for billionaires, a possible new Gulf-financed basketball league or two in Europe, and the BMW racing car painted by Andy Warhol that is heading for Dubai. But first, Donald Trump tries again to settle the LIV Golf-PGA standoff.

U.S. President Donald Trump took a break from the political firestorm over trade tariffs to step into the fray between Saudi-backed LIV Golf and the PGA Tour.

Trump flew to Florida on Thursday for a dinner with players and league officials at the three-day LIV Golf Miami tournament, which starts today at his Doral golf resort.

Speaking to reporters aboard Air Force One, the president said he’s making efforts to resolve the stalemate that followed a framework agreement to combine their business operations two years ago.

“Ultimately, hopefully, the two tours are going to merge,” Trump said, “That’ll be good. I’m involved in that too.”

The U.S. leader has taken a role from the beginning with LIV Golf, which is owned by Saudi Arabia’s Public Investment Fund and burst onto the pro scene in 2021 by offering contracts to PGA stars for as much as $200 million.

While Trump has previously appeared at LIV events hosted at Doral, this week would mark his first appearance as president. In his effort to bring the two golf organizations together, Trump held a Feb. 20 meeting in the Oval Office that included PGA Commissioner Jay Monahan; PIF Governor Yasir Al-Rumayyan, and golfers Tiger Woods and Adam Scott.

Britain’s The Guardian reported on Thursday that merger negotiations had reached an impasse after the PGA failed to deliver “serious concessions” in exchange for a proposed $1.5 billion investment from the PIF that would make Al-Rumayyan co-chairman of the joint entity.

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

BILLIONAIRE BASTION

Saudi Arabia retains the title this year as the Arab world’s top home for billionaires, with 15 individuals appearing on the Forbes list for 2025. Leading the Saudi rankings is Prince Alwaleed bin Talal, with a net worth of $16.5 billion. Others include healthcare magnate Sulaiman Al-Habib, with a fortune of $10.9 billion, and Emad Al-Muhaidib, with $3.8 billion. The UAE followed with five billionaires holding a combined $24.3 billion, led by real estate tycoon Hussain Sajwani at $10.2 billion. Egypt also has five billionaires, led by Nassef Sawiris, with a net worth of $9.6 billion.

HOPES FOR HOOPS

Two international basketball leagues in the making plan to tap Gulf sovereign wealth funds as a source for startup cash. One of the ventures is led by Sheikh Mansour bin Zayed, Vice President of the UAE and owner of the U.K.’s Manchester City soccer club, together with the Qatar Investment Authority, Arabian Gulf Business Insight reports. The two have reportedly been approached by the NBA and the International Basketball Federation to support teams in a proposed new league in Europe. On the other side are Saudi Arabia’s Public Investment Fund and Swiss bank UBS, which are considering plans for a new league in Asia and Europe, according to AGBI.

💲 Sovereign Circuit

Public Investment Authority: Electric car maker Lucid, which is backed by the PIF, reported a 58% jump in first-quarter deliveries and offered incentives to boost sales.

Qatar Investment Authority: The Qatari sovereign wealth fund and Saudi Arabia’s Kingdom Holding are among the Gulf investors that stand to benefit from $33 billion deal in which Elon Musk’s xAI artificial intelligence company bought his X social media platform, AGBI reports.

Multiply Group: The Abu Dhabi company, which is backed by government-owned International Holding Co., signed a preliminary agreement with Al Arabia Outdoor Advertising to invest together in international advertising projects and expand outside the MENA region.

Maseera, an Abu Dhabi investment firm that is backed by IHC, announced its acquisition of Egypt’s ADVA consumer finance platform. Maseera parent 2PointZero said in February it would invest $1 billion to help Maseera support underserved markets around the world.

↪↩ Closing Circuit

⏰ Crisis Prevention: The International Monetary Fund approved a $4.5 billion two-year credit line for Morocco that it said is designed to help the North African country manage any coming economic crises.

💲Takeover Funding: Manama-based Solidarity Group has secured $153 million in financing from the Bank of Bahrain and Kuwait to support its acquisition of Bahrain National Insurance and Bahrain National Life Assurance.

💰EU Help: The European Parliament has approved $4.3 billion in macro-financial aid to support Egypt’s economy.

💸Fair Price: Saudi-based ADES Holding has entered the Brazilian market with an $85.1 million charter deal using its Admarine 511 rig to support Petrobras, marking a strategic expansion in Latin America through alternative contracting models.

🤖 AI Coach: Unframe, an Israeli startup that uses artificial intelligence to help improve business processes, raised $50 million in a Series A funding round led by Bessemer Venture Partners.

🗣 Circuit Chatter

📣 Propaganda Detector: Abu Dhabi’s Mohamed bin Zayed University of Artificial Intelligence has developed a new tool called Frappe to detect propaganda in media reports.

🚕 Air Taxi: Archer Aviation, which is building an electric air-taxi network in Abu Dhabi, said it will work with Ethiopian Airlines to launch Africa’s first electric air-taxi network.

🧵 Textile Rebrand: Turkish textile companies are looking to move to Egypt and elsewhere to stay afloat in the face of rising costs, AGBI reports.

🌍 Power Circuit

Saudi Crown Prince Mohammed bin Salman and Iranian President Masoud Pezeshkian held a phone call on Friday about recent Middle East developments.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Minister of Defense, launched the “MyDubai Communities” social media platform to promote groups that organize cultural, sports, professional and other communal activities.

➿ On the Circuit

Karim Souaid, the new Governor of Lebanon’s Central Bank, said today during his installation ceremony in Beirut that fighting money laundering and terrorist financing are among his top priorities.

Turki B. Albacker was appointed CEO of Saudi Arabia’s Aster Sanad Hospital in a bid to expands the company within Saudi Arabia.

🎶 Culture Circuit

🚗 Art Car: A BMW M1 racing car painted red, blue, green and yellow by Andy Warhol more than 45 years ago is likely to be one of the popular highlights when Art Dubai opens on April 16. The vehicle is one of 20 in the German company’s BMW Art Car collection, which also includes models painted by Alexander Calder, Roy Lichtenstein, David Hockney and Jenny Holzer.

📷 Photo of the Day

The World League of Fighters held a press conference at the Burj Al Arab hotel on Thursday to kick off the Bare Knuckle Fighting Championship in Dubai.

📅 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.

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 16-17, 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

RECIPROCAL TAP

Gulf states find Trump tariff impact comparatively light

Saudi Arabia, the UAE and other GCC states will pay 10% tariffs on goods shipped to the U.S. – similar to what American exporters pay in the region

BRENDAN SMIALOWSKI/AFP via Getty Images

U.S. President Donald Trump holds a country-by-country chart of reciprocal trade tariffs

By

Jonathan H. Ferziger

April 3, 2025

The threat of a global trade war set off by U.S. President Donald Trump’s sweeping imposition of import tariffs is leaving Gulf countries on the sidelines.

At the lowest end of the levies that Trump announced on Wednesday are Saudi Arabia, the UAE and other GCC states, which will pay 10% tariffs on goods shipped to the U.S. – similar to what is imposed on American goods in the region.

“That means they do it to us and we do it to them,” Trump said at a White House ceremony announcing the tariffs. “Very simple.”

Other countries in the MENA region that were hit with reciprocal tariffs were Egypt and Morocco at 10%, Israel at 17%, Jordan at 20% and Tunisia at 28%.

Global financial markets were hit by a broad selloff after Trump’s announcement, with U.S. equity futures slumping as much as 4%, Bloomberg reports.

Oil prices fell by as much as 3% on worries that trade tensions could curtail economic growth and limit fuel demand.

👋 Hello from the Middle East!

In the Daily Circuit today, we’re looking at Aramco’s Japanese drone deal, power cuts in Kuwait, tourists to Saudi Arabia spending a record $41 billion, and the UAE’s free-trade pacts in Africa and Central America. But first, the impact of Trump’s trade tariffs was relatively light in the Gulf.

The threat of a global trade war set off by U.S. President Donald Trump’s sweeping imposition of import tariffs is leaving Gulf countries on the sidelines.

At the lowest end of the levies that Trump announced on Wednesday are Saudi Arabia, the UAE and other GCC states, which will pay 10% tariffs on goods shipped to the U.S. – similar to what is imposed on American goods in the region.

“That means they do it to us and we do it to them,” Trump said at a White House ceremony announcing the tariffs. “Very simple.”

Other countries in the MENA region that were hit with reciprocal tariffs were Egypt and Morocco at 10%, Israel at 17%, Jordan at 20% and Tunisia at 28%.

Global financial markets were hit by a broad selloff after Trump’s announcement, with U.S. equity futures slumping as much as 4%, Bloomberg reports.

Oil prices fell by as much as 3% on worries that trade tensions could curtail economic growth and limit fuel demand.

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

TOURISM TURNOVER

As Saudi Arabia prepares to host more than 2 million Muslims making the Hajj pilgrimage to Mecca in June, the government says non-religious tourism now accounts for the majority of international visitors. Six years after introducing an e-visa and jazzing up its marketing efforts to attract foreign tourists, the kingdom’s efforts and billions of dollars in investment are paying off, Arab News reports. Inbound tourism spending surged to a record $41 billion in 2024 – 14% more than the previous year. The number of international visitors to Saudi Arabia jumped 9.5% last year, reaching a record 30 million.

UNLOCKING TRADE

The UAE expects to make deeper inroads into Africa and Central America as new free-trade pacts with Mauritius and Costa Rica take effect. The Comprehensive Economic Partnership Agreements signed last year became effective on Wednesday, cutting tariffs and simplifying regulations between the UAE and the two countries. The deals are aimed at “unlocking a range of opportunities for our private sector and driving forward our shared goals, from enhancing food security to accelerating clean energy adoption,” Dr. Thani Al Zeyoudi, the UAE Minister of State for Foreign Trade, said in a statement. The two agreements mark the seventh and eighth in the UAE’s free-trade program to come into force, following deals with India, Israel, Turkey, Indonesia, Cambodia and Georgia. Another 19 CEPAs have been signed and are waiting to take effect.

💲 Sovereign Circuit

Saudi Aramco: Terra Drone, a Japanese autonomous aircraft startup, signed a draft agreement with Saudi Arabia’s state-owned oil company to test its drone fleet’s ability to inspect some of Aramco’s oil and gas facilities, Reuters reports.

Qatar Investment Authority: The Qatari sovereign wealth fund is developing new metrics to measure the return on its investments in artificial intelligence, CFO Niall Byrne is quoted as saying in a World Economic Forum report.

Danantara: The new Indonesian government fund, which is starting out with assets of $900 billion, is cited by the Financial Times as the latest in a series of recently opened sovereign wealth funds with “no discernible macroeconomic purpose” that have been “created largely for the sake of having them.”

↪↩ Closing Circuit

🏦 Insurance Capital: Manama-based Solidarity Group reached a $153 million agreement with Bank of Bahrain and Kuwait to help finance its acquisition of Bahrain National Insurance.

🌐 Serbian Calling: Emirates Telecommunications Group, known as e&, completed its $891 million takeover of Belgrade-based Serbia Broadband, which was agreed upon in February.

💺 Moving Forward: Qatar Airways and Virgin Australia received final approval for their alliance, allowing Virgin’s 28 weekly Australia–Doha flights to proceed.

🤖 Burger Bot: Hi Auto, an Israeli startup that uses artificial intelligence tools to automate drive-thru restaurant orders, raised $15 million in a Series A funding round led by Delek Motors.

🗣 Circuit Chatter

🔌 Power Cuts: Kuwait has been making temporary power cuts in some agricultural and industrial areas as it tries to increase generating capacity to prepare for rising electricity demand before the summer scorching heat sets in, Bloomberg reports.

✨ Safe Haven: Gold prices in Egypt have climbed almost 16% this year as buyers see the metal as a safe asset amid the region’s economic and geopolitical turmoil, AhramOnline reports.

🛫 Return to Russia: Israel’s El Al Airlines said today it plans to resume flights to Moscow on May 1 after a five-month halt, becoming one of the only Western carriers allowed to fly to the Russian capital.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed received a phone call on Wednesday from Iranian President Masoud Pezeshkian to mark the holiday of Eid Al-Fitr.

Sheikh Hamdan bin Mohammed, UAE Minister of Defense and Crown Prince of Dubai, visited the Reserve Forces Command in Abu Dhabi on Wednesday to review their military readiness.

➿ On the Circuit

Hussain Sajwani, Chairman of Dubai-based Damac Properties, doubled his fortune to more than $10 billion in 2024, according to the annual Forbes list of the world’s wealthiest people.

Saudi Finance Minister Mohammed Al-Jadaan said a set of new real estate policy directives are aimed at pushing the proportion of Saudi families who own homes to reach the government’s goal of 70 percent by 2030 – up from the current level of about 64%, speaking in an interview with Alekhbariyah.

Yasmin Masithela, CEO of Johannesburg-based Absa Group, told Bloomberg that the firm’s Absa CIB bank, South Africa’s third-largest lender, is awaiting regulatory approval to open a representative office in Dubai next year.

🎶 Culture Circuit

🎨 Corporate Culture: More UAE companies are building art collections, paralleling the government’s growing investment in cultural institutions, Arabian Gulf Business Insight reports. Among the large collectors is Mubadala Investment Co., which acquired South Korean-American artist Timothy Hyunsoo-Lee’s watercolor triptych titled, “Into the Minds of the Invisible” – part of the Abu Dhabi sovereign wealth fund’s growing investment in both regional and global artworks.

📷 Photo of the Day

Sheikh Hamdan bin Mohammed, the UAE Defense Minister and Crown Prince of Dubai, reviewed troops on Wednesday during a visit to the Reserve Forces Command base in Abu Dhabi.