Today in the Daily Circuit, we’re looking at the UAE’s new $3 billion Space42 firm, Mumtalakat’s Amana Healthcare facility in Bahrain, Masdar’s $1.2 billion acquisition of a Spanish renewables company and Saudi Aramco’s plans for another bond sale. But first, deliverables from Washington for the UAE.

UAE President Sheikh Mohamed bin Zayed emerged from the White House with a new security pact that recognizes the Gulf state as a major U.S. defense partner with a formal designation previously extended only to India.

The meeting with President Joe Biden on Monday also gave the UAE assurances of deeper cooperation on space exploration, clean energy and artificial intelligence, a field that has in the past raised U.S. concerns about Emirati technological cooperation with China.

Sitting with the Emirati leader in the Oval office, Biden called the UAE “a nation of trailblazers, always looking — always looking to the future, always making big bets. And that’s something our countries have in common and our people have in common.”

The defense pact allows for an “unprecedented” level of military cooperation through joint training, exercises and other activities, according to a joint statement issued by the two leaders.

ORBITAL REBRAND

UAE-based Bayanat AI will be renamed Space42 when its merger with Al Yah Satellite Communications Co. takes effect Oct. 1 and turns the combined business into one of the world’s most valuable publicly-traded space firms, The National reports. Bayanat, a geospatial data products and services provider majority owned by AI and cloud group G42, was set up to commercialize the UAE’s Military Survey Department, a sector of the Armed Forces. Yahsat is a subsidiary of Mubadala and offers satellite services in more than 150 countries. The merger of the two companies will create an AI-powered space technology company, with a market capitalization of about $3 billion.

CLIMATE CLEANING

Canada’s Brookfield Asset Management has raised $2.4 billion for a climate-finance fund to invest in clean energy projects in emerging markets, reaching about half of the fund’s $5 billion total capital target, The National reports. The Catalytic Transition Fund was launched at the Cop28 climate conference with up to $1 billion of capital provided by Alterra, the UAE’s $30 billion climate fund. Brookfield has also added four new investment partners to its fund, including Quebec’s public pension fund CDPQ, GIC, Prudential, and Temasek, the company said in a statement on Monday. “CTF demonstrates Alterra’s catalytic capital as a powerful multiplier of climate finance to the Global South,” said Majid Al Suwaidi, chief executive of Alterra.

💲 Sovereign Circuit

Mumtalakat: Bahrain’s sovereign wealth fund and Amana Healthcare, a unit of UAE-based M42, held a groundbreaking ceremony for Amana’s new healthcare facility in Al Jasra, Bahrain, that will specialize in long-term care and post-acute rehabilitation services.

TAQA: Cyprus officials say Abu Dhabi-controlled TAQA, the UAE power utility, has shown interest in joining a major electric cable project connecting Europe to the Middle East, Reuters reports.

Masdar: The UAE renewable energy company will acquire Saeta Yield, a Madrid-based renewables firm, from Toronto-based Brookfield Corp. for $1.2 billion as Masdar seeks to build up its European portfolio.

↪↩ Closing Circuit

🇸🇦 Bond Sale: Saudi Aramco is seeking to raise as much as $3 billion in a second round of international bonds just two months after it raised $6 billion in a previous debt offering, Reuters reports.

💵 Turkish Debt: Turkey has hired banks to sell a new long-term U.S. dollar bond and buy back debt coming due soon, as Ankara seeks to bolster its public finances, the Financial Times reports.

🌴Agtech Capital: UAE-based Pure Harvest Smart Farms will seek to raise $100 million by the end of the year to support its expansion into Singapore, Morocco, and Kuwait, CEO Sky Kurtz told Semafor.

🧂Salt Plant: Qatar will build a $275 million industrial salt plant in a collaboration between Turkey’s Atlas Yatirim Planlama and QatarEnergy’s TAWTEEN localization program.

🏡 Property Data: Cherre, an Israeli startup that develops software for managing real estate data, raised $30 million in a Series C funding round led by HighSage Ventures.

Circuit Chatter

💼 New Branch: New York-based private equity firm General Atlantic plans to open an Abu Dhabi office by the end of the year and move a dealmaker from London as the new team’s first member, Reuters reports.

🤖 AI Power: Anthropic, the Mubadala-backed AI firm that has become the largest competitor to OpenAI, is talking to investors about raising capital in a deal that could value the San Francisco-based company at as much as $50 billion, The Information reports.

🚀Rise and Shine: Qatar Development Bank launched three new “advisory bundles” designed to support entrepreneurs and startups, offering field consultations, operational assessments, and performance evaluations.

🌍 Power Circuit

Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister of Bahrain, met withUAE President Sheikh Mohamed bin Zayed while the two leaders were in Washington. Also present at the meeting were Sheikh Abdullah bin Zayed, UAE Deputy Prime Minister and Minister of Foreign Affairs and Yousef Al Otaiba, UAE Ambassador to the U.S.

Sheikh Mohammed bin Rashid, Ruler of Dubai and Vice President and Prime Minister of the UAE, approved a $2.7 billion expansion plan for the Dubai Exhibition Centre at Expo City Dubai.

➿ On the Circuit

Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President and CEO of ADNOC, met withItalian Prime Minister Georgia Meloni on the sidelines of the U.N. General Assembly meetings in New York on Monday.

Yazeed Al Humied, Deputy Governor of the Saudi Public Investment Fund, is among the most influential Gulf business figures that investors should know, Bloomberg reports. Also spotlighted is Humied’s fellow Deputy Governor Turqi Al Nowaiser, who oversees the sovereign wealth fund’s international investments.

Ahmed Al-Khateeb, Saudi Arabia’s Minister of Tourism, told counterparts from G20 nations meeting in Brazil on Monday that the kingdom is making environmental sustainability a central element of building up its tourism facilities.

Abdulla bin Adel Fakhro, Bahrain’s Minister of Industry and Commerce, held a meeting in Dubai with Mohamed Hadi Al Hussaini, UAE Minister of State for Financial Affairs, to discuss cooperation in financial areas between the two Gulf states.

🎶 Culture Circuit

🎨 Women’s Art: Menart, a Paris art fair that spotlights Middle East and North African works, devoted its show this year exclusively to Arab women. “As in many other sectors, women artists suffer from under-representation and consequently under-valuation of their work,” Menart founder Laure d’Hauteville told The National. “It’s vital to give them the space and spotlight they need to redress the imbalance in the market.

Photo of the Day

🗓️ Ahead on The Circuit

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: 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. 

Sept. 25-26, Abu Dhabi, UAE. Global Aerospace Summit. Brings together government policymakers, aerospace executives and investors to discuss industry’s future. St. Regis Saadiyat Island Resort.

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.