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Quick Hits

The Daily Circuit: SoftBank seeks $100B from Gulf + Airtel Money’s debut

runway risks

Attacks on Saudi airports elevate safety concerns in kingdom

The Daily Circuit: Houthis hit Saudi airports + Presight’s CIS expansion

model partners

U.S. Chamber study charts the UAE’s ambitions for AI leadership

oil run

Gulf state is profiting from risky Hormuz shipping: Singapore FM

that's a wrap

Paramount Skydance closes Warner deal with Gulf backing

AI vision

Mistral scouts UAE as possible base for data center buildout

The Daily Circuit: 🖥️ Mistral mulls UAE data centers + Paramount closes merger

MINING EXPRESS

UAE, Jordan break ground on $2.3 billion railway to carry minerals

capital connection

UAE funds may seek to raise $30 billion ahead of OpenAI’s IPO

The Daily Circuit: UAE eyes $10B OpenAI stake + McLaren in Riyadh

UNDER PRESSURE

Aramco CEO warns global oil stockpiles are getting ‘scarily thin’

game over

Saudi Arabia scraps NEOM Stadium, set to drop Joy Awards

The Daily Circuit: NEOM Stadium shelved + NEOPAY buys Noon Payments stake

The Daily Circuit: Abu Dhabi-built AI satellite launches + Rolls-Royce’s Saudi engines

sandy sounds

Saudi Arabia’s Soundstorm desert music festival scrubbed for 2026

Business Class

UAE’s first commercial AI satellite launches aboard SpaceX mission

risky business

Flydubai suspends Israel flights after attack forces Saudi landing

The Daily Circuit: Temasek expands in Gulf + flydubai temporarily halts Tel Aviv flights

NEW ARRIVAL

Singapore’s Temasek expands Middle East presence

Quick Hits

GAME ON

UAE Lottery launches new digital games, eyeing sector expansion

The move signals growing investor interest and regulatory confidence in the UAE’s evolving commercial gaming landscape

The UAE Lottery has introduced two new digital games.

JOEL SAGET/AFP via Getty Images

The UAE Lottery has introduced two new digital games.

By
Omnia Al Desoukie
June 11, 2025
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The UAE Lottery has introduced two new digital games offering prizes of up to $340,000, as it seeks to expand its product offering within the country’s nascent regulated gaming sector.

The launch of Marble Run and Lucky Lagoon, the new titles, overseen by the General Commercial Gaming Regulatory Authority, reflect a broader state-backed effort to formalize lottery and gaming activities, The National reports.

The expansion marks the first significant product rollout since the Lottery was licensed in 2023, and coincides with a multi-year partnership between UAE Lottery operator Game LLC and U.S.-based EQL Games.

The move signals growing investor interest and regulatory confidence in the UAE’s evolving commercial gaming landscape.

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COOL OPERATOR

DP World stretches across region, teaming up with JP Morgan

$800 million expansion of Jeddah Islamic Port's South Container Terminal aims to strengthen Saudi Arabia's position as a global shipping hub

FAYEZ NURELDINE/AFP via Getty Images

Cranes and shipping containers on a loading dock at Jeddah Islamic Seaport

By
Jonathan H. Ferziger
June 9, 2025
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DP World, one of the top five global operators of shipping terminals, is expanding its business in Saudi Arabia, while teaming up with JP Morgan to provide companies across Africa with greater access to working capital.

The Dubai government-owned conglomerate said on Monday that it is moving forward with an $800 million expansion of the South Container Terminal at Jeddah Islamic Port on Saudi Arabia’s west coast.

The three-year project, carried out in cooperation with the Saudi Ports Authority, aims to strengthen the kingdom’s position as a shipping hub connecting trade routes across Asia, Africa and Europe, DP World told the Emirates News Agency.

“With this modernized terminal, we are enhancing efficiency, improving supply chain resilience and creating new trade opportunities for the Kingdom and beyond for decades to come,” DP World Chairman and CEO Sultan Ahmed bin Sulayem said.

JP Morgan, meanwhile, is teaming up with DP World Trade Finance to provide financing for companies in Africa and other emerging markets where supply chain disruptions and limited credit continue to hinder trade.

Among the first products of the collaboration was a deal to buy cocoa from Ivory Coast that DP World said in a statement had “unlocked over $70 million in annual procurement opportunities” for an unidentified client described as a leading global food company.

“By leveraging risk-sharing mechanisms and combining them with logistics in one ecosystem, we reduce the overall credit risk profile and enhance liquidity in emerging markets,” said Raj Jit Singh Wallia, a board member of the DP World finance unit.

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FLYING PARCELS

Meituan eyes Dubai Marina as it expands drone delivery services

The Chinese delivery firm will add up to three new drone routes in the second half of 2025, building on the momentum of its launch in December

Sebastian Kahnert/ via Getty Images

Yachts in the water on the banks of the Dubai Marina Walk.

By
Omnia Al Desoukie
June 9, 2025
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Beijing-based company Meituan is expanding its drone delivery service in Dubai, targeting the city’s iconic waterfront.

The Chinese retail and food delivery firm will add up to three new drone routes in the second half of 2025, building on the momentum of its initial launch in December.

With plans to operate visibly along Dubai Marina, Meituan is betting on the emirate’s tech-forward ecosystem to showcase its autonomous delivery capabilities, Bloomberg reports.

“It will be very highly visible. It will be on the waterfront of the Dubai Marina,” Vice President Yinian Mao told Bloomberg in an interview.

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HELPING HAND

Majid Al Futtaim may be headed for IPO amid stabilization efforts

Large family-run businesses across the Gulf frequently encounter financial challenges after a founder's death that require extensive restructuring

Tyson Paul via Getty Images

Mall of the Emirates

By
Omnia Al Desoukie
June 9, 2025
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Dubai’s government has stepped in to stabilize governance at the parent company of Majid Al Futtaim, the conglomerate behind the Mall of the Emirates and brands including Carrefour and Lego in the region.

A special judicial committee has restructured MAF Capital’s board and converted it into a public joint stock company, The Financial Times reports.

This is not the first time the government has assisted the group. Sheikh Mohammed bin Rashid, Ruler of Dubai, oversaw inheritance matters after the founder’s death in 2022.

The latest overhaul aims to safeguard one of the Gulf’s most prominent privately owned companies and could pave the way for a future stock exchange listing, the FT reports.

Family-run businesses across the Gulf frequently encounter similar challenges after a founder’s death.

Under its late founder, MAF built a reputation for forward-thinking management, pioneering projects like the region’s first indoor ski slope in Mall of the Emirates and raising capital in global bond markets to fund its expansion.

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TAKING BEAUTY BACK

Huda Kattan reclaims full ownership of her UAE brand

Now Kattan, who launched the business in 2013 with a $6,000 loan from her sister, has bought back all the company's shares for an undisclosed sum

Francois Durand/Getty Images

Huda Kattan speaks onstage at the "Huda Beauty Easy Bake Setting Spray" event

By
Omnia Al Desoukie
June 4, 2025
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Dubai-based beauty entrepreneur and influencer Huda Kattan is buying back full control of Huda Beauty, making her eponymous brand fully independent again in a move to “stay true to our roots.”

Private equity firm TSG Consumer Partners acquired a minority stake in the brand in 2017, and a year later, it was valued at more than $1 billion by Forbes.

Now Kattan, who launched the brand in 2013 with a $6,000 loan from her sister, has bought back all the shares for an undisclosed sum.

Huda Beauty has become one of the most recognized cosmetic brands in the Middle East and North America, based on a digital-first strategy and viral product drops.

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DIGITAL SURGE

Gulf investors power Turkey’s rising as regional technology hub

Dubai Islamic Bank and Emirates NBD are fueling the expansion further, committing over $260 million to bolster Turkcell’s infrastructure

ALTAN GOCHER/Hans Lucas/AFP via Getty Images

A photograph taken from Ankara Castle shows the Turkish capital's urban skyline

By
Omnia Al Desoukie
June 4, 2025
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Gulf investors are doubling down on Turkey’s digital future, with UAE-based Khazna planning a major AI hub and 100MW data center in Ankara.

The facility marks the latest in a wave of high-profile investments transforming Turkey into a regional tech powerhouse, Arabian Gulf Business Insight reports.

E-commerce giant Trendyol, meanwhile, has joined forces with Castle Investments, led by Gulf Data Hub founder Tarek Al Ashram, to develop a $500 million data center in Turkey’s capital.

Dubai Islamic Bank and Emirates NBD are fueling the expansion further, committing over $260 million to bolster Turkcell’s infrastructure. 

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African Tech

Dubai signs pact to build $1 billion technology hub in Ghana

The initiative near Tema Port on the outskirts of the capital city of Accra aims to accelerate Ghana's transformation into a regional technology center

WAM

The draft agreement was signed by Sultan Ahmed bin Sulayem, Chairman of Dubai's Ports, Customs and Free Zone Corp., and Samuel Nartey George, Ghana’s Minister for Communication, Digital Technology and Innovation

By
Omnia Al Desoukie
June 3, 2025
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Dubai has agreed to establish a digital incubator and international economic zone in Ghana as the UAE continues to deepen its strategic presence in Africa.

The initiative aims to accelerate the West African country’s transformation into a regional technology powerhouse, according to WAM.

The Dubai state-owned Ports, Customs and Free Zone Corporation signed an initial agreement, reported to be worth $1 billion, to develop a 25 square kilometer zone near Tema Port on the outskirts of the capital Accra, where it will lead operations to attract global technology companies.

Ghanaian media outlet Graphic Online reported that the tech hub would target more than 11,000 foreign companies, including tech giants Microsoft, Oracle, Meta, IBM and Alphabet.

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DEBT SPREE

Aramco raises $5B on London bond market amid oil price slide

The record borrowing should enable the state-owned oil company to generate funds that drive the kingdom's economic diversification campaign

AYEZ NURELDINE/AFP via Getty Images

Aramco tower in Riyadh's King Abdullah Financial District

By
Jonathan H. Ferziger
June 3, 2025
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Saudi Aramco is going to the debt market again amid a slide in oil prices that has chopped the cost of the industry’s benchmark Brent crude almost in half over the past three years.

Aramco, the world’s largest oil company, said on Monday that it raised $5 billion in a London bond sale that was the U.K.’s largest this year and followed the sale of Islamic bonds a year ago that raised $6 billion.

The record borrowing should enable the state-owned oil colossus to continue generating the level of funding that the kingdom has been counting on to finance its drive to diversify the economy. 

The price of Brent crude has fallen 20% this year and 45% since June 2022. It was trading at $62 a barrel this morning.

Saudi Crown Prince Mohammed bin Salman has put the country on an expensive course of investing in massive infrastructure projects such as the $1 trillion-dollar Neom development, while  deepening its interests in a variety of industries including minerals, electric vehicles and sports.

At the same time, Saudi Arabia has tightened its dominance over OPEC+, pushing through a significant increase in production across the bloc of oil producers despite opposition from other powerful members such as Russia, Oman and Algeria, Bloomberg reports.

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