The Daily Circuit
👋 Hello from Davos!
Today, The Circuit catches up with Khalfan Belhoul, CEO of the Dubai Future Foundation, for his take on the AI obsession at this year’s World Economic Forum meeting in Davos. And we’re watching: Saudi Arabia’s Tadawul plans to buy a stake in the Dubai Mercantile Exchange and Israeli real estate firm Azrieli Group mulls an IPO. But first, here are some final thoughts from the Congress Center.
It’s the last day of the World Economic Forum’s annual meeting, thank you for following our coverage this week. Mubadala’s Group CEO and Managing Director Khaldoon Al Mubarak zeroed in on the investment opportunity in data centers, saying the rise of artificial intelligence presents a new opportunity for investors at a session on Thursday. Mubadala Deputy Group CEO Waleed Al Muhairi echoed those remarks, highlighting the sovereign wealth fund’s investments both at home and abroad in deep tech, applications and healthcare in the AI space, on a panel hosted by CNBC and the Abu Dhabi Department of Economic Development.
Meanwhile, entry into the expanded bloc of BRICS countries will enable the UAE to strengthen links with trading partners in the Southern Hemisphere and reap new investment, UAE Minister of Economy Abdullah bin Touq said on Thursday.
“I think that’s something where the UAE can play a role… in the engagement on the global level when it comes to BRICS,” the minister said during a panel discussion. “This engagement brings a lot of investment as well.” The trading bloc, originally comprised of Brazil, Russia, India, China and South Africa, voted last August to invite the UAE, Saudi Arabia, Iran, Egypt and Ethiopia to join. Saudi Arabia is reportedly still thinking over the invitation.
LOOKING AHEAD
Q&A with Khalfan Belhoul, the investor and future fanatic shaping Dubai
Khalfan Belhoul leads the Dubai government agency tasked with shaping the future. Even he acknowledges he gets the question “what the heck does that mean?” quite a lot.
The CEO of the Dubai Future Foundation leads a team of foresight practitioners, researchers and analysts to identify strategic sectors for investment in the medium and long term. The foundation’s remit includes future forecasting, regulation recommendations, technology training and events, a $300 million venture fund and fund of funds and, of course, the Museum of the Future – one of the biggest tourist attractions in Dubai.
The Circuit caught up with Belhoul at the UAE pavilion, along the Promenade in Davos, to talk about the AI hype, what he has gotten out of the World Economic Forum Annual Meeting – and when we can expect flying taxis in Dubai.
💲 Sovereign Circuit
Abu Dhabi Investment Authority: ADIA and Hong Kong’s New World Development Co. are looking to refinance a $1.2 billion syndicated loan related to the acquisition of three luxury hotels, Bloomberg reports. The three Hong Kong-based hotels associated with the loan include the Renaissance Harbour View Hotel, the Hyatt Regency Hong Kong, Tsim Sha Tsui and the Grand Hyatt Hong Kong.
Public Investment Fund: NEOM, the $500 billion PIF-backed destination in the country’s northwest, has tapped Italian construction giant Webuild for its mountain project Trojena. The $4.7 billion contract tasks Webuild with creating three dams to form a freshwater lake for the upcoming ski resort and signifies Webuild becoming a leading developer on the ambitious giga-project.
🗣 Circuit Chatter
🚢 Freight Corridor: Dubai and Pakistan signed preliminary agreements to collaborate in shipping and logistics, with the possible establishment of a dedicated freight corridor between them.
💻Data IPO: Israeli real estate firm Azrieli Group is considering options for its Green Mountain data center unit, including a potential IPO, Bloomberg reports.
🤖 Saudi Expansion: Microsoft and IBM were among several top tech companies that held talks with Saudi officials in Davos about expanding their operations in the kingdom, focusing on artificial intelligence and the digital economy.
🇪🇬 Building Silos: The Egyptian Holding Company for Silos and Storage announced that it secured a $110 million loan from the World Bank to complete the country’s national silos project.
↪↩ Closing Circuit
📈Market Makers: Saudi Arabia’s Tadawul Group, which operates the Riyadh stock exchange, plans to buy a 32.6% stake in Dubai Mercantile Exchange for $28.5 million.
🍼 Baby Kingdom: India’s Firstcry childcare products company plans to invest $18.7 million from its upcoming IPO on expanding operations in Saudi Arabia.
🇪🇬 Building Silos: The Egyptian Holding Company for Silos and Storage announced that it secured a $110 million loan from the World Bank to complete the country’s national silos project.
🌍 Power Circuit
UAE Vice President and Ruler of Dubai Sheikh Mohammed bin Rashid emphasized the importance of tourism to Dubai’s economy during a visit to One&Only One Za’abeel, a new skyscraper resort in the emirate. He was joined by Sheikh Hamdan bin Mohammed; Crown Prince of Dubai; and Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai.
📅 Circuit Calendar
Jan. 22-24, Riyadh, Saudi Arabia: Real Estate Future Forum. A gathering of government officials, developers and investors exploring development opportunities in the kingdom. Four Seasons Hotel.
Jan. 22-25, Abu Dhabi, UAE: UMEX. The only conference in the Middle East dedicated to drones, robotics and autonomous systems. Abu Dhabi National Exhibitions Center.
Jan. 23, Dubai, UAE: Oracle CloudWorld Tour. A conference featuring Oracle database and cloud products. Dubai World Trade Centre.
Jan. 24, Kuwait City, Kuwait. GCC Innovation Forum. Startup investors, policymakers meet for an annual conference. Arraya Ballroom.
Jan. 25, Dubai, UAE: Casino Countdown. First Middle East conference to focus solely on the gaming industry, sponsored by Arabian Business. Atlantis The Royal Hotel.
Jan. 25-27, Manama, Bahrain: Health/Wellness Expo 2024. Annual gathering of medical professionals and alternative treatment specialists. Exhibition World Bahrain.
Jan. 29-Feb. 1, Dubai, UAE: Arab Health. The biggest trade show in the region for medical devices and healthcare. Dubai World Trade Centre.
Feb. 22-23, Miami Beach, FL: FII Priority Miami. A summit on disruptive technology and investment trends hosted by the Future Investment Initiative Institute. Faena Hotel Miami Beach.
Feb. 26-29, Doha, Qatar: Web Summit Qatar. A Middle East edition of the technology crowd mega-event, gathering investors, entrepreneurs and business leaders. Doha Exhibition and Convention Centre.
Feb. 28-29, Abu Dhabi, UAE: Investopia. A gathering of investors hosted by SALT and Investopia, an investment platform launched by the UAE Ministry of Economy and backed by Mubadala and the Department of Economic Development. St. Regis Saadiyat.
