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Quick Hits

BURNING CASH

LIV Golf files for bankruptcy with millions in debt to star players

The Daily Circuit: LIV Golf declares bankruptcy + IHC buys space firm

fighting back

Saudi Arabia vows to retaliate after Houthis attack Aramco sites

The Daily Circuit: Saudis vow retaliation for attacks + ADNOC in Nigeria, Thailand

Hili Forum

UAE won’t be ‘held hostage’ by Iran conflict, Gargash says

berlin-bound

UAE President heading to Germany this week for state visit

UAE President heading to Germany this week for state visit

GLOBAL GATHERING

UAE to stress AI, energy and investment at U.N. water forum

on the road

China’s ROX starts producing electric vehicles in Abu Dhabi

The Daily Circuit: China’s ROX builds cars in UAE + Humain’s Arabic AI model

FLIGHT FIGHT

Germany under pressure to let Emirates operate more flights

asian connection

China’s Xi Jinping sees Egypt as partner in tech, freight, factories

The Daily Circuit:  China eyes manufacturing in Egypt + G42 seeks new funds

The Daily Circuit: Adam Neumann Flows into UAE + Humain’s Brain trust

AI ALLIANCE

Jared Kushner’s Brain Co. teams up with Saudi AI firm Humain

dubai digs

Adam Neumann’s Flow real estate venture makes UAE debut

The Daily Circuit: Humain to deploy self-driving trucks + Arada invests in Syria

DAMASCUS DEAL

UAE’s Arada signs $7 billion deal with Syrian Sovereign Fund

on the road

Humain to launch self-driving trucks across Saudi Arabia

following up

UAE probes Banque Misr after U.S. moves to cut dollar access

Quick Hits

Smart Power

Oman launches smart cities to boost net-zero, diversify economy

Both cities will rely on renewable energy, including solar power, and will be used to promote Oman’s carbon-free environment plans

Petr Svarc via Getty Images

Mountain town of Misfat Al Abriyeen, Oman

By
Omnia Al Desoukie
May 21, 2025
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Oman has launched two smart city projects as part of its efforts to cut carbon emissions and diversify its economy.

The first city, for 10,000 residents, will be built in the mountain region of Jebel Akhdar, while the second, Thuraya City in Muscat, will house 8,000 people, Arabian Gulf Business Insights reports.

Both cities will rely on renewable energy, including solar power, and will be used to promote Oman’s carbon-free environment plans, the Ministry of Housing and Urban Planning said.

The announcement comes a week after the Sultanate launched the Oman Centre for Net Zero. Like other Gulf countries, Oman has been ramping up investment in green infrastructure to diversify its economy beyond oil and gas.

The push for smart cities also reflects the country’s commitment to attracting foreign investment and creating livable, future-ready urban environments.

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CIRCUIT Q&A

CruiseXplore builds Mideast business with mini-holidays to Gulf, Red Sea resorts

CEO Lakshmi Durai books cruises these days with Aroya, owned by Saudi Arabia’s Public Investment Fund, which runs an 18-deck luxury ship that serves no alcohol

Picture courtesy of CruiseXplore

Lakshmi Durai, CEO of CruiseXplore, at the Arabian Travel Market exhibition in Dubai

By
Omnia Al Desoukie
May 21, 2025
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While cruise ships teem with Middle East travelers heading to the Greek Islands, Hong Kong and the Caribbean, Lakshmi Durai is trying to introduce more people to shorter luxury trips sailing between the Gulf states and along the Red Sea.

As founder and CEO of CruiseXplore, an internet booking platform that fills cabins for some two dozen cruise lines, including Carnival, Norwegian and Disney, Durai has lately teamed up on the mini-holidays with Aroya Cruises, which is backed by Saudi Arabia’s Public Investment Fund.

“This is a very high-potential market,” Durai, a 30-year veteran of the industry, told The Circuit during this month’s annual Arabian Travel Market exhibition in Dubai. “It’s an easy way for people to experience cruising for the first time.”

Jeddah-based Aroya opened for business just two years ago and runs a variety of cruises to nearby ports of call including Egypt’s Sharm el-Sheikh, the Jordanian resort city of Aqaba and Jabal Al Sabaya Island in the Red Sea. Its sole 18-deck ship has more than 1,600 cabins, along with swimming pools, spas, restaurants and a no-alcohol policy.

Cruise revenue in the Middle East and Africa is projected to grow some 60% over the next five years to $230 million, according to Horizon Grand View Research. That’s a minuscule 1.6% of the global market, which an optimistic Durai sees as providing even more room to grow.

The interview has been edited for length and clarity.

What sets CruiseXplore apart from other international players?
We are a cruise consolidator working with over 30 cruise brands. Each brand might have 10 to 20 ships, sailing from more than 300 destinations worldwide. Our team includes experienced cruise professionals, so we really know the market.

Cruising isn’t one-size-fits-all. There are family cruises, couples cruises, destination-focused cruises, and luxury cruises – each with unique features. Our job is to match the right cruise to the right guest, based on their style of vacationing. We don’t just sell cruises; we sell the experience.

How do you decide which cruise lines to partner with?

Every cruise line is beautiful in its own way. We don’t categorize any cruise line as better or worse. It’s about understanding the product – what it offers, who it targets, and what kind of people it attracts. If a cruise line operates professionally, we are open to working with it. We’re here to sell anything that sails on water!

What cruise destinations are most popular with your customers?

Globally, cruises operate in the Mediterranean, Northern Europe, the Caribbean, Alaska, Australia and even unique places like the Arctic, Antarctica, and the Amazon. But for this region, European cruises are very popular due to proximity and ease of travel.

First-timers often choose Mediterranean routes – Spain, Rome, France, Greek Islands, and Turkey – because of the history and scenic coastlines. Others who prefer cooler climates opt for Northern Europe, especially Norway and its fjords. Those cruises are getting very popular.

What about Saudi Arabia? Is the Red Sea becoming a cruise destination?

Saudi Arabia launched its own cruise line, Aroya Cruises, last year. It’s a beautiful ship that operates in the Red Sea. Aroya is the only GCC-based cruise brand, but we work with over 30 international cruise lines. MSC, Costa, and others also operate in the region, sailing into GCC ports.

What are the industry trends that look promising for the Gulf region?

Local cruising is becoming quite popular – it’s an easy way for people to experience cruising for the first time. Still, a large portion of the Middle Eastern population hasn’t been on a cruise, so this is a very high-potential market.

Having local cruises means people can try it without flying abroad. It helps raise awareness and builds confidence for them to book international cruises later. And for visitors, cruising makes it easy to visit multiple countries – Oman, Bahrain, Qatar – without needing to arrange separate flights or accommodations.

What investments does the Middle East cruise industry need?

More ports and attractive destinations. The GCC countries have already made great improvements in infrastructure, but the more ports of call we have, the more appealing the region becomes for cruise tourism.

Can you tell me how the industry has changed since you started in the 1990s?

I actually started in 1994, so it’s been 30 years. I was very young then! I came to Dubai that year and joined the cruise industry right away. I gradually moved up the ranks and started managing cruise brand representations as a director. After 20 years, I decided it was time to do something on my own, and that’s when we launched CruiseXplore in 2014. We just completed 10 years.

Back then, cruising was a very new concept in the region. We had to explain to people what a cruise was, and there were a lot of misconceptions. There weren’t even ships docking in the Middle East. That changed around 2008-2009 when major cruise lines like Royal Caribbean and Costa started operating here. People began to see ships in local waters, and awareness increased. Today, thanks to the internet, cruising is becoming very popular.

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connecting the dots

Gulf leaders count takeaways from Trump trip at Qatar summit

Qatar Investment Authority CEO Mohammed Al Sowaidi said the fund expects to at least double spending in the U.S. compared to the past five years

Noushad Thekkayil/NurPhoto via Getty Images

Qatari Prime Minister Mohammed bin Abdulrahman Al-Thani speaks at the Qatar Economic Forum

By
Jonathan H. Ferziger
May 20, 2025
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After committing more than $2.7 trillion in U.S. investments over the next decade while President Donald Trump toured the region last week, Gulf financial leaders are starting to connect the dots on what that will mean for their economies.

Analysis of the Trump trip was center stage today at the Qatar Economic Forum, where cabinet ministers and investors dissected last week’s events in Doha, Riyadh and Abu Dhabi – from U.S. tariffs and gas prices to Qatari airplanes.

Qatar Investment Authority CEO Mohammed Al Sowaidi, said the sovereign wealth fund expects to at least double its spending in the U.S. compared to the past five or six years.

“We believe in the growth and robustness of the U.S. system,” Al Sowaidi said during the first day of the three-day conference.

The QIA chief said last week that Qatar would invest an additional $500 billion in the U.S. over the next 10 years, focusing on artificial intelligence, data centers and health care, according to Bloomberg, the chief media partner for the conference which was underwritten by the Qatari government.

Earlier, Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al-Thani defended the government’s decision to give the U.S. a Boeing 747 jumbo jet to replace the 40-year-old Air Force One aircraft that has been the subject of Trump’s complaints.

“I don’t know why people consider it as bribery or Qatar trying to buy influence with this administration,” he told the forum, calling it a routine transaction between nations. “We need to overcome this stereotype.”

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DESERT FRUIT

Egypt’s Morpho invests in growing berries under Saudi sun

Farmers use drip irrigation and hydroponics to overcome the harsh climate as Saudi Arabia seeks to localize 85% of its food industry by 2030

Wang Haizhou/Xinhua via Getty Images

A girl picks fruit at Hanging Strawberry Gardens in northwest Riyadh

By
Omnia Al Desoukie
May 20, 2025
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Egypt’s Morpho Investments is betting on Saudi Arabia as a promising environment for cultivating blackberries, raspberries and other fruits, despite its desert soils and blazing sun.

The new private equity firm founded by Ayman Soliman, former CEO of Egypt’s sovereign wealth fund, has raised $55 million to fund initiatives in agriculture and healthcare that include the berry-farming project, Bloomberg reports.

Some of the capital has gone to specialist company Agriventures to help secure an exclusive license to grow, sell and market berries in Saudi Arabia and Oman.

Saudi farmers use drip irrigation and hydroponics to overcome the climate’s challenging conditions. Saudi Arabia has set a goal to localize 85% of its food industry by 2030, while Oman recently unveiled a multibillion-dollar plan to develop three agricultural cities.

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healthcare hub

Mubadala Bio aims to build UAE’s influence in pharma industry

The sovereign wealth fund's new unit will focus on drugmaking, biopharma development and logistics, with operations across Asia, Africa and Europe

Mubadala

Mubadala Bio's booth at the "Make it in the Emirates" conference in Abu Dhabi

By
Jonathan H. Ferziger
May 19, 2025
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Mubadala is consolidating its pharmaceutical interests into a new investment unit aimed at making the Abu Dhabi sovereign wealth fund a stronger player in the international health care market.

Mubadala Bio will focus on drugmaking, biopharma development and distribution logistics, operating at 10 locations in Asia, Africa and Europe, with its base in the UAE, the company said in a statement issued today.

Dr. Bakheet Al Katheeri, CEO of Mubadala’s UAE Investments Platform, said the new unit will “elevate Abu Dhabi’s role in delivering impactful health solutions on a global scale.”

Serving more than 100 countries, Mubadala Bio said its cumulative manufacturing capacity will exceed 2.5 billion pills and capsules, enabling its portfolio companies to make more than 10,000 products.

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making it

UAE promotes manufacturing with $11B financing program

Minister of Industry Dr. Sultan Al Jaber says AI is not just a technology, but an economic sector expected to generate $1.5 trillion globally by 2040

Omnia Al Desoukie

Archer eVTOL aircraft on display at "Make it in the Emirates" conference in Abu Dhabi

By
Omnia Al Desoukie
May 19, 2025
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The UAE and its largest banks are pouring nearly $11 billion into a financing plan aimed at spawning new manufacturing companies and building the country’s industrial base.

Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, said at the opening session of the “Make it in the Emirates” conference in Abu Dhabi on Monday that the government will provide backing for a cross-section of target industries, from food and construction to renewable energy and artificial intelligence.

“Investing in manufacturing is an investment in an advanced economy,” Al Jaber said in a speech at the Abu Dhabi National Exhibition Centre. “Every investment in the industrial sector has a multiplier effect, stimulating growth and related sectors.”

Among the lenders lined up to finance the program are Emirates Development Bank, First Abu Dhabi Bank, Mashreq, Emirates NBD, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, and Wio Bank.

In his address, Al Jaber noted last week’s visit by U.S. President Donald Trump to Abu Dhabi, where he was shown a model of a new campus being built in the emirate that is planned to be the largest hub for development of AI technology outside the U.S.

“We do not see artificial intelligence as just a tool or a new technology, but as a complete economic sector expected to generate over US$1.5 trillion globally by 2040,” Al Jaber said.

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new tracks

Etihad to launch passenger train service in 2026 traversing UAE

The first four stations will be in Abu Dhabi, Dubai, Sharjah and Fujairah, but details of their locations have yet to be officially confirmed by Etihad

Jakub Porzycki/NurPhoto via Getty Images

Etihad Rail bridge seen above a highway in the UAE

By
Louise Burke
May 16, 2025
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Etihad Rail’s UAE-wide passenger train service will launch next year, the company has confirmed.

The news will be welcomed by residents across the country, who have been eagerly awaiting the passenger line since plans were unveiled in 2021.

It was revealed in January that the first four passenger stations would be in Abu Dhabi, Dubai, Sharjah and Fujairah, but details of their locations have not yet been officially confirmed.

The Dubai station is believed to be near Jumeirah Golf Estates, The National reported.

The first passenger train is separate from the high-speed passenger train announced in January, which will operate a service between Abu Dhabi and Dubai with its own set of stations.

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BRAIN CHIPS

Musk’s Neuralink to conduct trials at UAE’s Cleveland Clinic

Abu Dhabi is positioning itself as a launchpad for health innovation, seeking further U.S. support for its newly announced $25.6 billion health cluster.

Dominika Zarzycka/SOPA Images/LightRocket via Getty Images)

Photo illustration of Neuralink logo on smartphone with computer screen displaying Musk portrait

By
Louise Burke
May 15, 2025
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Elon Musk’s Neuralink will team up with the Cleveland Clinic Abu Dhabi to conduct the first clinical trials of its brain-chip technology outside America.

Neuralink’s futuristic chip is a brain-computer interface technology which is designed to improve the lives of paralysed patients by helping them control a computer by thought.

So far, it has only been tested on three people in the U.S. The trial program, to be called UAE-PRIME, was announced by the Department of Health Abu Dhabi on Wednesday, ahead of the arrival in the UAE of U.S. President Donald Trump and his billionaire-heavy delegation, which includes Musk.

Health Department chairman Mansoor Ibrahim Al Mansoori said the trial marked a significant step in developing life sciences in the region.

“In collaboration with Cleveland Clinic Abu Dhabi, we are proud to enable the safe and responsible advancement of brain-computer interface technology, offering renewed hope to individuals living with severe neurological conditions,” Al Mansoori said.

Abu Dhabi is actively positioning itself as a launchpad for global health innovation and has been seeking further U.S. support for its newly announced $25.6 billion health cluster. 

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