Today in the Daily Circuit, we’re looking at UAE President Sheikh Mohamed bin Zayed’s White House visit today, Egypt’s divestment of Alex Bank, Oman’s selection of builders for its five wind turbine projects and MGM’s bid to bring gaming to Abu Dhabi. But first, more semiconductor makers are looking into opening factories in the UAE.

The UAE’s determination to become a world center for AI development is attracting new interest from Asia’s big chipmakers.

Taiwan’s TSMC and South Korea’s Samsung Electronics have discussed building large facilities to manufacture semiconductors in the UAE that could help propel the Gulf state to its goal of recognition as an artificial intelligence power, the Wall Street Journal reports.

Under initial terms being discussed, the projects would be funded by the UAE, with a central role for the Mubadala sovereign wealth fund and state-owned investment company MGX, which is focused on AI technology.

Amid the avalanche of interest in artificial intelligence, UAE-owned G42 has signed a variety of agreements with Microsoft, OpenAI and Nvidia over recent months.

WHITE HOUSE WELCOME

UAE President Sheikh Mohamed bin Zayed meets U.S. President Joe Biden and Vice President Kamala Harris today at the White House. In the Emirati leader’s first visit to Washington since assuming the presidency in 2022, the White House said the agenda will focus “on areas of deepening cooperation between the two countries such as advanced technology, artificial intelligence, investments, and space exploration.” The meeting will also include coordination in ”areas of robust partnership on security, defense, and counter-terrorism coordination, collaboration to address the climate crisis and energy transition, and efforts to promote peace and prosperity,” according to a statement issued by White House spokeswoman Karine Jean-Pierre. In an analysis of what’s likely to come out of the visit, Simon Henderson and Elizabeth Dent, Senior Fellows at the Washington Institute for Near East Policy, said the UAE President is “eager to transform the partnership from one rooted in defense and security cooperation to one based primarily on economic and technological integration.”

BANK DIVESTMENT

Egypt is in advanced negotiations to sell its remaining 20% stake in Alex Bank to Intesa Italy’s Intesa Sanpaolo SpA, marking the country’s first major asset sale since its currency devaluation in March, Bloomberg reports. Intesa, which already owns 80% of the bank, will gain complete ownership through the agreement, a move that aligns with the Egyptian government’s plan to offer 32 assets across various sectors, including banking, energy, and real estate, Egypt, the beneficiary of a $57 billion buyout led by the International Monetary Fund, is seeking as much as $2.5 billion in revenue from state asset sales by June 2025.

💲 Sovereign Circuit

Public Investment Fund: BlackRock’s $5 billion investment deal with the PIF that was announced in April and the involvement of Deputy Governor Yazeed Al Humied is an indication of the sovereign wealth funds growing focus on Saudi Arabia’s domestic needs, Bloomberg reports.

Masdar: Oman-based Nama Power & Water Procurement Co. selected developers including Acwa Power, Sumitomo, Itochu, TotalEnergies, EDF, and UAE-owned Masdar, to handle construction and management of five large-scale wind energy projects.

International Holding Co: Rorix Holdings, a UAE trading company backed by Abu Dhabi-owned International Holding Co. signed a preliminary agreement with India’s Adani Ports and Special Economic Zone to integrate technologies for management, storage, and trading of commodities.

↪↩ Closing Circuit

🎲 Game Changer: U.S. casino operator MGM Resorts has applied for a gaming license in Abu Dhabi, MGM CEO Bill Hornbuckle said said while speaking at the Skift Global Forum on tourism last week in New York.

💰 Exploratory IPO: Oman’s OQ Exploration & Production plans to raise as much as $2 billion through its upcoming IPO on the Muscat Stock Exchange.

⛏️ Mining Eyes: Bureau Veritas, a global testing company, opened a new laboratory facility in Jeddah as part what the company described as an expansion of its activities in Saudi Arabia, which hasan estimated $2.5 trillion of untapped mineral wealth.

🖨️ 3D Innovation: Qatar’s UCC construction company, signed an agreement with Denmark’s COBOD, the world’s leading manufacturer of concrete 3D printers, to supply the world’s largest third-generation 3D printers that will be used to build schools.

🚀 Space Vibes: EDGE, the UAE based advanced technology and defense group, launched a space company, FADA, which it said will develop space technology and “enhance its global competitiveness.”

Circuit Chatter

🎲 Game Changer: U.S. casino operator MGM Resorts has applied for a gaming license in Abu Dhabi, MGM CEO Bill Hornbuckle said said while speaking at the Skift Global Forum on tourism last week in New York.

💰 Exploratory IPO: Oman’s OQ Exploration & Production plans to raise as much as $2 billion through its upcoming IPO on the Muscat Stock Exchange.

⛏️ Mining Eyes: Bureau Veritas, a global testing company, opened a new laboratory facility in Jeddah as part what the company described as an expansion of its activities in Saudi Arabia, which hasan estimated $2.5 trillion of untapped mineral wealth.

🖨️ 3D Innovation: Qatar’s UCC construction company, signed an agreement with Denmark’s COBOD, the world’s leading manufacturer of concrete 3D printers, to supply the world’s largest third-generation 3D printers that will be used to build schools.

🚀 Space Vibes: EDGE, the UAE based advanced technology and defense group, launched a space company, FADA, which it said will develop space technology and “enhance its global competitiveness.”

🌍 Power Circuit

Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, met with Iranian Foreign Minister Abbas Araghchi on Sunday during the annual U.N. General Assembly meetings in New York to discuss enhancing diplomatic relations and coordination. 

Sheikh Mohammed bin Abdulrahman, Prime Minister and Minister of Foreign Affairs of Qatar, said in a speech at “The Summit of the Future” in New York on Sunday that his country wants to build a diversified and sustainable knowledge-based economy focused on digital technology, science and innovation.

➿ On the Circuit

Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and Chairman of Qatar Energy, met today with Jozef Sikela, the Minister of Industry and Trade of the Czech Republic, to discuss further collaboration on energy matters.

🎶 Culture Circuit

⚡House of Hype: Fusing artificial intelligence and virtual reality with basic storytelling is drawing hundreds of thousands of visitors to digital theme parks owned by Hyperspace in the UAE and Saudi Arabia. CEO Alexander Heller tells The National that the company has raised $75 million and plans to open a park called the “House of Hype” at the Dubai Mall this year.

Photo of the Day

Musicians getting ready to perform at Dubai Metro stations as part of a program that runs from Sept. 21 to 27. (Emirates News Agency)

🗓️ Ahead on The Circuit

Sept. 22-27, Abu Dhabi, UAE: Asia Pacific Group on Money Laundering Annual Meeting. Brings together a range of organizations to discuss efforts to combat money laundering. Emirates Palace.

Sept. 24-25, Dubai, UAE: ACT Middle East Treasurers Summit. Corporate treasurers and financial professionals from across the region gather for policy discussions on issues ranging from cash management to sustainability. Grand Hyatt Dubai.

Sept. 24-26, Dubai, UAE: Arablab 2024. A lab show where exhibitors discuss the latest developments in the laboratory industry. Dubai World Trade Center. 

Sept. 24-26, Dubai, UAE: Ru’ya (Emirati Career Fair). A career fair organized under the auspices of the Dubai government to provide Emirati job seekers a platform to look for jobs in the private sector. Dubai World Trade Center. 

Sep. 30-Oct. 2, Dubai, UAE: Future Hospitality Summit. The global conference for leaders in the hospitality industry expands this year at a new location with dedicated space for ESG planning, country pavilions and a larger exhibition area. Madinat Jumeirah. 

Oct. 5-6, Abu Dhabi, UAE: Abu Al Abyad Dhow Sailing Race. The race is expected to set off from Abu Al Abyad to the Abu Dhabi Breakwater, attracting dhow owners and elite sailors. Abu Al Abyad Island.

Oct. 14-18, Dubai, UAE: GITEX Global. One of tech’s biggest events, the UAE conference brings companies from around the world to showcase their latest innovations. Dubai World Trade Center.

Oct. 15-17, Dubai, UAE: Aviation Future Week. Conference brings together UAE ministers, senior government officials and leaders from the aviation, aerospace, air freight and other related industries. Museum of the Future.

Oct.22-24, Dubai, UAE: Dubai Helishow. Conference features innovations in hybrid and electric helicopters, AI integration, UAV combat operations, and civil aviation. Skydive Dubai.

Nov. 12-13, Abu Dhabi, UAE: CyberQ: Security in the Quantum Era. Conference brings together international experts, policymakers and industry players to discuss challenges of the quantum age of cybersecurity. ADNEC.