The Daily Circuit
š Hello from the Middle East!
Today weāre looking at the UAEās new $200 million fund for exporting technology to poorer countries, Saudi Arabiaās collaboration with Canadaās Northstar on tracking space debris, Mubadala CEO Khaldoon Al Mubarakās views on upcoming investment opportunities and a report on the MENA regionās e-commerce boom. But first, is consensus building for how to govern AI?
OpenAIās Sam Altman had two suggestions for the UAEās Minister of State for Artificial Intelligence Omar Al Olama at the World Governments Summit earlier today. Altman said that the UAE could be the worldās regulatory sandbox to experiment with AI technologies and the country is well placed to lead the formation of a global AI watchdog.
āItās very hard to get all the regulatory ideas right in a vacuum,ā Altman said while appearing via video, adding that allowing experimentation and running scenarios would make for better laws governing the fast-evolving technology. The ChatGPT creator repeated a recommendation that both he and Al Olama have made in the past: that there should be an oversight body like the International Atomic Energy Agency (IAEA) to address open existential questions. āWhat happens with the most powerful of these systems?ā Altman said. āWhat sort of auditing, safety measures do we want in place before we deploy a super-intelligence?ā
The conversation onstage in Dubai comes as Altman looks to raise trillions of dollars to amass the semiconductors needed to power advanced AI, and is reportedly courting the UAE as an investor. The UAE has made AI leadership, with Abu Dhabi-backed G42 at the forefront, the foundation of its economic transformation aims. As a result, the country has become a crossroads for some of the biggest players in AI. Later this week Nvidia, in partnership with Microsoft, will host an event for generative AI content creators in Abu Dhabi. Founder Jensen Huang appeared at WGS on Monday.
Developing Stories
INNOVATION EXPORTS
The UAE launched a fund to export advanced technologies to poorer nations on the sidelines of the World Governments Summit in Dubai on Monday. With initial capital of $200 million, financed by the Abu Dhabi government, the fund will be overseen by the Advanced Technology Research Council, the applied research and development arm of the Abu Dhabi government. ATRC Secretary General Faisal Al Bannai said the aim is to open up technologies developed by the UAE to governments and organizations in poorer nations. “We will have the country become a private client for us to test what they need solved,” he said. The solution would either be donated to the country or sold to it at an affordable price, according to ATRC. Also today, Abu Dhabi formed the non-profit Falcon Foundation, with an initial funding of $300 million to back sustainable open-source AI projects.
SPACE DEBRIS
At a conference in Riyadh on cleaning up orbiting debris, the Saudi Space Agency signed a collaboration agreement for industrial development with Canadaās Northstar Earth and Space Inc. Saudi Arabia is looking to tap into the Montreal-based companyās expertise in monitoring and tracking space objects, the space agencyās CEO Dr. Mohammed Al-Tamimi said in a statement after meeting Northstar CEO Stewart Bain on Sunday. The kingdom plans to establish a center of excellence specializing in āspace situational awarenessā with Northstarās help, the agency said. It will also focus on managing space traffic, with an emphasis on space sustainability, space environment, sensor technologies and advanced data analytics.
š² Sovereign Circuit
Mubadala: Group CEO and Managing Director Khaldoon Al Mubarak told the World Governments Summit on Monday that Mubadala sees growing investment opportunities in India, China and the global transition from carbon-based fuels, The Circuit reports.
Public Investment Fund: Saudi-based Al Ayuni Investment and Contracting Co. said it won the bidding for $532 million in contracts by PIF-owned Diriyah Co. to carry out infrastructure works in the development of tourism and shopping in the ancient Saudi city of Diriyah north of Riyadh.
Khaled Ateeq Aldhaheri has been named CEO of UAE health insurer Daman, a subsidiary of ADQ-backed PureHealth. Aldhaheri, who had held the acting CEO role, had previously held several leadership roles, including Chief Commercial Officer and Chief Financial Officer of Abu Dhabi Health Services, or SEHA
š£ Circuit Chatter
š¢ļø Oil Cuts: Iraq pledged its commitment to supply cuts accepted by most OPEC members and agreed not to produce more than 4 million barrels of oil a day.
š Common Market: Member states of the Gulf Cooperation Council are moving forward with steps to create an economically integrated region, Secretary-General Jassim Al-Budaiwi told the World Government Summit on Monday.
š Vertical Farming: Abu Dhabiās hub for sustainable technology, Masdar City, launched an indoor vertical farm with Alesca Technologies that will grow several varieties of leafy greens, lettuce and herbs.
šļø Hotel Stakes: Egyptian real estate developer Talaat Mostafa Group has completed the acquisition of majority stakes in seven state-owned hotels, including the Sofitel Winter Palace Luxor, the Steigenberger Cecil Hotel Alexandria and the Marriott Mena House Cairo.
āŖā© Closing Circuit
š Shopping Online: E-commerce in the MENA region is growing at a rate of 11% a year and should reach revenue of $57 billion in 2026, according to a report by Flextock.
š Iraq Track: Companies in both Qatar and the UAE are bidding for a $2.5 billion contract to build a metro system in Baghdad.
š°Local Support: Jordanās Innovative Start-ups and SMEs Fund is investing $5 million in MSA Capitalās venture fund, MSA Novo, to support local start-ups.
šµ Payroll Platform: HiBob, an Israeli startup that helps manage HR functions, has acquired Pento, a London-based payroll platform, for an estimated $40 million in cash and shares.
š» Fraud Alert: Australiaās Macquarie Group acquired $32 million worth of shares in BioCatch, an Israeli startup that develops software for preventing bank fraud and money laundering.
š±š§ First Funds: Lebanon-based venture capital firm Globivest announced the closing of its first fund for an undisclosed amount.
š Power Circuit
UAE President Sheikh Mohamed bin Zayed met with Turkish President Recep Tayyip Erdogan on the sidelines of the World Governments Summit in Dubai today and with Egyptās Prime Minister Mostafa Madbouly in Abu Dhabi on Sunday. Ruler of Dubai Sheikh Mohammed bin Rashid had a meeting with Madbouly at the summit today.
Indian Prime Minister Narendra Modi began his two-day visit to the UAE, where he will be inaugurating the first Hindu temple āBAPS Mandirā in Abu Dhabi on Wednesday.
Emir of Qatar Sheikh Tamim bin Hamad Al Thani kayaked around Bin Ghannam Island, better known as Purple Island, as the country celebrates its first National Sports Day today.
āæ On the Circuit
Saudi Aramco CEO Amin Nasser told the International Petroleum Technology Conference in Dhahran, Saudi Arabia, on Monday that demand for oil will continue to be ārobustā in 2024.
Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and COP28 President, attended the launch of the COP Presidencies Troika with Azerbaijan and Brazil, who will host COP29 and COP30, respectively, at Dubai Expo City on Tuesday.
š¶ Culture Circuit
š Arts Degrees: Saudi Arabiaās King Saud University and the Culture Ministry are establishing the kingdomās first arts college, which will start by offering degrees in design, performing arts, and visual arts.
šļø Desert Icons: The art exhibition Desert X AlUla is underway in the mountainous desert region of Saudi Arabia that is under development to attract tourists. A collaboration between Desert X and The Royal Commission for AlUla, and an iteration of the art biennial that originated in California’s Coachella Valley, the event presents a site-specific exhibition where artworks respond to the environment and land, The National reports. The third biennial is organised under the theme In the Presence of Absence, featuring newly commissioned works by 17 artists from around the world. The event opened on Friday and runs until March 23. It is a highlight of AlUla Arts Festival.
š Circuit Calendar
Feb. 11-17, Doha, Qatar: Qatar TotalEnergies Open 2024. Professional womenās tennis tournament now in its 22nd edition. International Tennis and Squash Complex.
Feb. 12-14, Dubai, UAE: World Governments Summit. Artificial intelligence takes center stage this year at the global gathering. Madinat Jumeirah.
Feb. 12-13, Riyadh, Saudi Arabia: Global Smart City Forum. AI and smart city experts convene to discuss the future of these cities and their impact on communities. The Arena.
Feb. 16-18, Munich, Germany: Munich Security Conference. Defense industry, foreign policy and national security leaders gather for annual summit. Hotel Bayerischer Hof.
Feb. 19-20, Riyadh, Saudi Arabia: Saudi Capital Markets Forum. A gathering of government ministers, banks and local publicly traded companies to discuss integrating emerging markets with established financial systems. King Abdullah Financial District.
Feb. 21-22, Dubai, UAE: Step Conference. The Dubai edition of the leading tech festival for emerging markets. Internet City.
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.
Feb. 29-March 2, Sakhir, Bahrain: Formula 1 Gulf Air Bahrain Grand Prix. Bahrain International Circuit.
March 1, Abu Dhabi, UAE: Abu Dhabi Family Office Summit. One of the largest meetings in the region for family office leaders and investors. Saadiyat Rotana.
March 4-7, Riyadh, Saudi Arabia: LEAP. A global technology conference for developers, startups, investors, C-suite and media. King Abdul Aziz International Conference Center.
March 5-6, Doha, Qatar: International LNG Forum. Gathering of industry leaders and key stakeholders to discuss the future of gas in a key export market. InterContinental Doha Beach.
March 7-9, Jeddah, Saudi Arabia: Formula 1 STC Saudi Arabian Grand Prix. The Jeddah Corniche Circuit.