👋 Hello from the Middle East!

This week we’re watching the debut at LEAP 2024 in Riyadh of new investment funds worth nearly $1 billion, Egypt’s aggressive devaluation of the pound, Doha Bank’s $500 million bond sale and a cluster of Trump-branded villas in Oman. But first, Forbes is bringing women together in the UAE capital.

Samia Bouzza, the first female to take a company public on the Abu Dhabi Stock Exchange. Sallie Krawcheck, who left her CEO position at Citi Wealth Management to found Ellevest, an investment platform geared toward women. Mona Kattan, Co-founder and CEO of UAE-based makeup empire Huda Beauty. They and hundreds of other women are gathered at the Rotana on Saadiyat Island in Abu Dhabi this week for the third edition of the Forbes 30/50 event, bringing together women from the magazine’s infamous 30 Under 30 and 50 Over 50 lists.

“This is like the Davos for women event,” Maha Abouelenein told The Circuit’s Kelsey Warner. The CEO of Digital & Savvy, a strategic communication consulting firm based in the U.S. and Dubai, and a member of the Board of Directors of The Associated Press, Abouelenein has worked on the Middle East and North Africa launch teams for Google, Netflix and Uber. 

Abouelenein believes this region is the right place to start when businesses think about launching beyond their home markets. “This is an ‘and’ market: People shop online and they go to malls; they connect on social media and they meet in real life,” she said. “I tell everyone: Come and see for yourself.”

She is attending Forbes 30/50 with a new mission in mind: chicken. The messaging guru is working with Fuku CEO Claudia Lezcano to bring American celebrity chef David Chang’s nine-year-old, fast-casual chicken chain to new markets in the Gulf. She will be onstage later today talking about this very topic alongside Leczano and Forbes Chief Content Officer Randall Lane. 

Ten billion. That was the figure that caught everybody’s attention at Day 1 of LEAP 2024, the buzzing tech exhibition now underway in Riyadh. Saudi Arabia announced on Monday it has attracted over $10 billion in investment from Amazon Web Services and other tech companies to build data centers, the critical infrastructure to support its ambitions in artificial intelligence. AWS, Amazon’s cloud division, said it plans to open the data centers in 2026 and will pour more than $5.3 billion into the kingdom.

The Seattle, Washington-based colossus is one of many international firms that have set up regional headquarters in Saudi Arabia in response to a January 2024 deadline set by the kingdom for foreign firms to establish HQs in the country or lose out on big government contracts.

Nearly $1 billion in new funds to back Saudi startups and founders from the wider region have also been announced this week at LEAP. At least seven new funds have launched so far, the largest is an Investcorp-managed $500 million fund targeting Saudi growth-stage ventures with a $35 million commitment from Saudi Venture Capital (SVC). 

Bahraini investment fund Oasis Capital plans to launch a $100 million fund targeting early-stage international ventures. The Saudi Esports Federation — the kingdom’s gaming accelerator program — will launch two new funds with the Social Development Bank and the National Technology Development Program. Plug and Play, a U.S. startup accelerator that also connects Silicon Valley companies to international markets, will introduce a new $50 million fund targeting software and tech ventures from Saudi Arabia and elsewhere in MENA.

Meanwhile, Saudi Aramco unveiled a large-language model called AramcoMetabrain, which is built on 90 years’ worth of company data. Aramco President and CEO Amin H. Nasser said the aim is to make the world’s largest oil company more productive. Aramco also announced a new partnership with Grok, a U.S.-based AI chip company that it says can offer a faster implementation of AI. ADNOC, which has been developing AI tools for several years, said on Tuesday it has generated $500 million of additional value in 2023 by using AI.

Egypt is taking aggressive action to tame inflation and recover from its ongoing economic crisis. The government devalued the Egyptian currency today, setting off a 26% plunge in the pound’s value to a record low of 42 to the dollar. That followed an unscheduled decision by the Central Bank of Egypt to raise the benchmark interest rate by 600 basis points to 27.25% and an announcement that the market will be allowed to determine the currency exchange rate. 

The steps are part of Egypt’s effort to satisfy conditions set by the International Monetary Fund for a multi-billion-dollar loan package. The New York Times, meanwhile, reports on ordinary Egyptians whose financial security has been wrecked by the currency crisis.

Welcome to The Weekly Circuit. Read on for the stories, deals and players at the top of the news across the MENA business landscape. Please send comments and story tips to [email protected].

DRY PLANET

UAE kicks off water initiative with $119 million XPRIZE

UAE President Sheikh Mohamed Bin Zayed and Foreign Minister Sheikh Abdullah Bin Zayed introduced the country’s new international water initiative and launched the $119 million XPRIZE competition to spur development of desalination technology, The Circuit’s Jonathan Ferziger reports.

Unacceptable scenarios: In an event that took place on Feb. 29 at the site of Abu Dhabi’s historic Naqa Bin Ateej reservoir, Sheikh Abdullah outlined the Mohamed bin Zayed Water Initiative, which he chairs, saying it will seek to stimulate international investment in innovative ways to address the drying up of water resources. “The solutions that currently exist to address the water scarcity crisis are not sufficient to prevent a range of unacceptable scenarios from occurring,” he said.

On the board: Among the initiative’s board members are Khaldoon Al Mubarak, Chairman of the UAE Executive Affairs Authority and Group CEO of Mubadala Investment Co., and hedge fund billionaire Ray Dalio, founder of Bridgewater Associates.

Click here for the full story.

BOUNDING AHEAD

Saudi Arabia pledges $1 billion for AI startup accelerator at LEAP 2024

Artificial intelligence dominated the agenda at the Riyadh conference that is touted as the biggest tech exhibition in the world, The Circuit’s Kelsey Warner reports.

Big bucks for startups: The kingdom was quick to break news at the LEAP 2024 conference, announcing a $1 billion commitment to its new accelerator for artificial intelligence startups, known as GAIA. 

Robot helpers: The kingdom’s flag carrier, Saudia, introduced its virtual travel assistant. Also working the event is Mohammad the humanoid robot, a “male” counterpart to Sara, who stole the show at last year’s conference with her Arab dancing and speaking in different Mideastern dialects.

Click here for the full story.

Abu Dhabi Investment Authority: Dutch pension investment firm APG agreed to invest with ADIA in Indonesia’s $2.75 billion Trans Java Toll Road. The sovereign wealth fund has divested its $261 million stake in Precinct Properties New Zealand. ADIA acquired an undisclosed number of SpiceJet shares from the open market, the Indian airline reported, disclosing that ownership of its shares by foreign institutional investors surged to 6.2% last month from 0.3% in December.

Public investment Fund: Saudi Arabia is hiring London’s Foster + Partners to design a 2-kilometer (6,650-foot) tower backed by the PIF, Architects Journal reports. The building would be the tallest in the world, twice the height of Dubai’s Burj Khalifa. The PIF-backed NEOM mega-project will produce its first green hydrogen this year, according to Wesam Alghamdi, CEO of Neom Green Hydrogen Company. Saudi Arabia’s Principality of the Eastern Region reached agreement with a PIF subsidiary on plans to develop The Rig, an amusement park and hotel resort inspired by offshore oil platforms. PIF-owned New Murabba Development Co. is working with the kingdom’s Tourism Development Fund to turn Riyadh into what it projects to become “the world’s largest downtown.” Murabba expects the mega-project to add $48 billion to the kingdom’s non-oil GDP and create 334,000 direct and indirect jobs by 2030. Houston, Texas-based Bristow Group will work with Saudi Arabia’s The Helicopter and Jet Company, which is owned by PIF, to develop vertical-takeoff aircraft for emergency medical services, tourism and other uses. PIF-owned Alat aims to create a world-class manufacturing electronics hub in the heart of Saudi Arabia, Brian Rogove, the company’s Co-Chief of Corporate Development, told Gulf Business.

Mubadala: Mubadala Capital, a unit of the Abu Dhabi sovereign wealth fund, is eyeing popular food franchises that are struggling to turn a profit in Brazil as it seeks to boost its presence in Latin America’s largest economy, Bloomberg reports. It recently took control of Zamp, the Popeye’s and Burger King operator in Brazil as it aims to transform the business into a larger franchise operator, reportedly targeting Outback Steakhouse, among others. ADNOC acquired a 24.9% stake in Vienna, Austria-based OMV Aktiengesellschaft, which was previously held by Mubadala Petroleum and Petrochemicals.

Qatar Investment Authority: Uzbekistan’s ambassador met with senior officers from the QIA, including Sheikh Faisal Al Soni, chair of telecom company Ooredoo to discuss boosting Qatar’s investments in the Central Asian country. Doha Bank, which is majority-owned by the QIA, opened a $500 million sale of five-year bonds on Tuesday.

ADQ: ADQ-backed PureHealth has completed the integration of Sheikh Shakhbout Medical City, adding the UAE’s largest healthcare complex to its growing portfolio.

Mumtalakat: Bahrain’s sovereign wealth fund signed a memorandum of understanding with Saudi Arabia’s Public Investment Fund to facilitate Saudi investment in Bahrain.

🏭 LNG Shortlist: Saudi Aramco and Shell have been shortlisted for the sale by Singapore’s Temasek sovereign wealth fund of most of the assets of liquified natural gas trading firm Pavilion Energy, Reuters reports.

📱 Cashless World: Khazna, an Egyptian digital payment developer, announced its entry into the Saudi Arabian market through a partnership with Riyadh-based Khwarizmi Ventures.

☕ Starbucks Fallout: Kuwait-based AlShaya Group, which owns franchise rights for Starbucks across the MENA region, has begun cutting over 2,000 jobs amid consumer boycotts linked to the Gaza war, Reuters reports.

💻 Saudi HQ: Adobe software announced plans to open a new regional headquarters in Riyadh next year, bringing it into compliance with Saudi rules that require companies to establish head offices in the kingdom to qualify for government contracts.

🌍 Climate Finance: The UAE will convene a meeting of world climate officials and bankers in June to discuss increasing country commitments to fight global warming, in preparation for November’s COP29 conference in Azerbaijan, Bloomberg reports.

🌐 Perilous Repairs: Attacks on Red Sea shipping traffic are complicating repairs to underwater cables that carry web traffic between Europe and East Asia, the Wall Street Journal reports.

🏎️ Car Crash: Mohammed Ben Sulayem, President of the governing body for motorsports, FIA, is under investigation for allegedly interfering with a Formula 1 race result at the 2023 Saudi Arabian Grand Prix.

💰 Venture Scouting: Sequoia Capital is planning to open an office in Israel to scout for tech investments and hire Dean Meyer as its chief, currently at Vine Ventures, The Marker reports.

♀️ Women’s Health: Organon, a U.S. company promoting women’s health, and Cairo-based venture capital firm Flat6Labs, have launched the second edition of an accelerator program to support startups focusing on family planning, fertility and women’s wellness.

🛞 Uber Rival: Bolt, an Estonian taxi service that competes with Uber, sees great commercial potential in its plans to expand in Saudi Arabia, Co-Founder and Chairman Martin Villig told Arab News.

🚗 Parking Lot: Dubai’s IPO for Parkin, the city’s public-parking business, is expected to raise $429 million when its shares start trading March 21.

☪️ KSA Pass: Gulf Islamic Investments, a UAE-based $4.5 billion alternative investment firm, acquired a Saudi business entity that will enable it to operate in the kingdom, offering Shariah-compliant services that include corporate finance, asset management and private equity.

📃 Credit Test: Israel sold $8 billion of international bonds, its first bond issue since the Gaza war and a test of buyer demand after Moody’s cut the government’s credit rating last month.

💰 Triple Treat: Team8, a Tel Aviv-based venture capital firm, said it raised $500 million for three new funds that will invest in AI, cybersecurity, data infrastructure, fintech and digital health.

🏗️ Build Mode: BRKZ, a construction-tech startup based in Riyadh, closed an $8 million Series A funding round co-led by Beco Capital and 9900 Capital. Aramco’s Wa’ed Ventures, Knollwood Investment Advisory, RZM Investment and MISY Ventures also participated in the round. 

🤖 Tracking Nvidia: OurCrowd, a Jerusalem-based venture capital firm, said its new $50 million artificial intelligence fund will work with Nvidia to fast-track startups into the AI chipmaker’s Inception accelerator program.

💰 Venture Activity: The UAE led MENA for venture capital activity in February, securing $66 million in 22 deals, according to new data from Wamda. 

⛰️ Mountain Resort: Oman unveiled plans for its new $2.4 billion Omani Mountain Destination development, comprising hotels, a wellness resort and residential homes.

🤖 Tech Zone: Saudi Arabia’s MODON industrial authority signed a deal with General Electric to operate a $346 million technology zone in the port city of Dammam.

💰 Store of Value: Saudi Arabian e-commerce start-up Salla raised $130 million ahead of its IPO. The round was led by Investcorp, with participation from Sanabil Investment, a wholly owned company of the PIF and STV, a technology venture capital fund and existing shareholder.

🏗️ Hot Investment: Dubai’s Palm Jebel Ali was the top-performing area for fourth-quarter property sales as long-term investors show interest in the island under construction as a haven for the wealthy.

Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, launched a AED 1 billion ($227 million) global education fund for people from underprivileged backgrounds on Monday. Called the Mothers’ Endowment campaign, the fund will also allow people in the UAE to celebrate their mothers by making donations in their name during Ramadan.

Crown Prince of Dubai Sheikh Hamdan bin Mohammed met with a group of UAE business leaders on Tuesday and hailed their philanthropic contributions in partnership with the Mohammed bin Rashid Al Maktoum Global Initiatives. Sheikh Hamdan launched “Dubai Farms” on Monday, an incentive program aimed at supporting Emirati farmers.

Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, Emir of Kuwait, arrived on a state visit to the UAE on Tuesday. He met with Sheikh Mohamed bin Zayed, UAE President, at a reception at Qasr Al Watan in Abu Dhabi that included Sheikh Mansour bin Zayed, Vice President of the UAE, Sheikh Mohammed bin Hamad bin Tahnoun Al Nahyan, Advisor for Special Affairs at the Presidential Office and Dr. Matar Al Neyadi, UAE Ambassador to Kuwait.

Major General Sheikh Ahmed bin Tahnoun, the UAE army’s Deputy Chief of Staff, rode on Sunday on an Etihad Rail prototype passenger train from Abu Dhabi to Dubai.

Sheikh Salman bin Hamad Al Khalifa, Bahrain’s Crown Prince and Prime Minister, and Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed attended the final day of the Formula 1 Gulf Air Grand Prix 2024 in Bahrain on Saturday.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, chaired a meeting of the ADNOC Board’s Executive Committee, reviewing the national oil company’s progress on energy transition and artificial intelligence.

The pre-wedding celebration on Sunday night for Radhika Merchant and Anant Ambani, son of the wealthiest man in Asia, Mukesh Ambani, was the social event of the season in India’s western city of Jamnagar. Among the guests who enjoyed a concert with Rihanna were Qatari Prime Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, Sheikh Nahyan Bin Mubarak Al Nahyan, the UAE’s Minister of Tolerance, Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and Group CEO of ADNOC, and Emaar Properties founder Mohammed Alabbar. Coming to celebrate from outside the region were Microsoft’s Bill Gates, Meta’s Mark Zuckerberg, Disney’s Bob Iger, Jared Kushner of Affinity Partners and his wife Ivanka Trump, and Joshua Kushner of Thrive Capital.

Former U.S. President Donald Trump’s Trump Organization and Saudi property developer Dar Global launched construction of a $200 million luxury housing development in Oman.

Kuwaiti Minister of Finance Anwar Al-Mudhaf led the Kuwait-UK Investment Conference on Tuesday, marking the 70th anniversary of the Kuwait Investments Office’s opening in London.

Emirates President Tim Clark voiced support for Boeing Corp.’s leadership as it tries to regain the confidence of customers following the mid-air blowout of a door panel on an Alaskan Airlines flight in January.

Former U.S. Secretary of State John Kerry says the energy transition agreement he helped broker at last year’s COP28 conference in Dubai was a “major breakthrough” in the battle to curb global warming, speaking to the Associated Press before he stepped down as White House climate envoy on Tuesday.

LeBron James, NBA star, and rapper Drake were among the investors in the recent round raised by the PGA Tour led by Fenway Sports Group, DealBook reports, adding some star power to the $3 billion deal.

Idris Elba, the British actor and founder of The Akuna Group impact investment firm, signed an agreement with the Abu Dhabi Investment Office to promote the emirate’s work in sustainable food production and fighting water scarcity through desalination.

Barathan Pasupathi, was named the new CEO of Kuwait’s low-cost carrier Jazeera Airways, succeeding Rohit Raachandran.

Naim Yazbeck, General Manager of Microsoft UAE, said the software maker will “double down” on its investments in the region as it expands its data centers in Abu Dhabi and Dubai.

Gautam Sashittal, CEO of the company building Saudi Arabia’s King Abdullah Financial District, said developers will be “activating” the project in 2024 with half of the area under construction.

Will Ahmed, Founder and CEO of fitness company WHOOP, met Saudi Pro League soccer star Christiano Ronaldo on a visit to Riyadh this week. 

Dr. Nawal Al-Hosany, the UAE’s Permanent Representative to the International Renewable Energy Agency (IRENA), received the Energy Institute’s President’s Award in London on Thursday, becoming the first person from the Middle East to receive the organization’s most prestigious honor for work to accelerate the net zero transition. 

Bolivian-American billionaire Marcelo Claure tells Bloomberg he is focused on his Mubadala-backed Bicycle VC firm and other investment vehicles, preferring to leave behind the stormy period when he served as chairman of WeWork.

Sara Abdulhadi has been appointed CEO for Gulf International Bank’s branch in Bahrain and Khaled Abbas was named CEO of the bank’s branch in Saudi Arabia.

📽️ Grains of Inspiration: Denis Villeneuve has described spending almost a month shooting in the Abu Dhabi desert for “Dune: Part 2”. The director praises the location and the assistance given by the Abu Dhabi Film Commission and Epic Films, a local production services company, in an exclusive promotional video published by Variety. The vast dunes of Liwa, south-west of the capital, make up much of the landscape of the fictional planet Arrakis in the film.

⚽ Al Mubarak’s Goal: Manchester City’s rise as a dominant force in UK soccer under Emirati ownership led by Chairman Khaldoon Al Mubarak, who runs the Mubadala sovereign wealth fund, is explored in The Athletic.

🏌️ Rough Start: Golfer Anthony Kim made his hotly anticipated return as a wildcard in the Saudi-backed LIV Golf league in Jeddah on Friday after 12 years of mysterious absence. “There’s a lot of things that I’m getting used to, and these changes are obviously unfamiliar to me, seeing as I haven’t played much golf over the last 12 and a half years,” Kim said after finishing last.

🛏️ Restored Inns: Saudi Arabia’s Jeddah Historic District is opening three small hotels – the Beit Jokhdar, Beit Al-Rayes, and Beit Kedwan – after a meticulous restoration project aimed at promoting the Red Sea port city’s heritage while offering guests the amenities of boutique hospitality.