The Weekly Circuit
👋 Hello from the Middle East!
In the Weekly Circuit today, we’re looking at Khazna CEO Hassan Alnaqbi’s plans for sustainably built data centers, dealmaking projections for Saudi Arabia’s FII conference in two weeks, ADQ’s acquisition of Turkey’s OdeaBank and the Casablanca Stock Exchange’s new Chairman. But first, the airline industry lands at Dubai’s Museum of the Future.
As GITEX kept packing in the tech crowds at the Dubai World Trade Centre, airline execs and investors rubbed shoulders on Sheikh Zayed Road nearby during the first annual Aviation Future Week.
Running for three days at the Museum of the Future, which is built like an elliptical silver donut, the aviation conference had industry leaders projecting their visions for everything from sustainable jet fuels and AI-assisted airport management to flight menus designed by celebrity chefs.
Key speakers at the three-day event include Sheikh Ahmed bin Saeed, Chairman and Chief Executive of Emirates airline; Khalfan Belhoul, CEO of the Dubai Future Foundation, Ghaith Al Ghaith, CEO of Flydubai; Tony Whitby, Director of Network and Strategy at Air Arabia; and Wouter van Wersch, Executive Vice President of Airbus International.
GITEX organizers, meanwhile, are tallying up the score with two more days to go at the Middle East’s biggest tech conference. UAE telecom provider e& signed a $1 billion deal with Amazon Web Services for storage, computing and networking over the next six years. Dubai telecom provider du introduced its AI farm system built with robotics and new advances in agriculture automation.
CIRCUIT INTERVIEW
G42’s Khazna harnesses renewable energy to power Middle East data centers
Hassan Alnaqbi, the CEO of Abu Dhabi-based Khazna, is trying to solve the riddle of satisfying the enormous energy appetite of artificial intelligence development without sacrificing the company’s commitments to phasing out fossil fuels, The Circuit’s Omnia Al Desoukie reports.
Alnaqbi, who heads the UAE’s largest operator of computer data centers – a subsidiary of the sovereign wealth-backed AI firm G42 – announced at the GITEX Global conference on Tuesday that Khazna will soon open its most sophisticated facility yet.
A central selling point in Khazna’s expansion plans will be its ability to align the data center’s power needs with climate goals, Alnaqbi told The Circuit. “This has become a criterion for partnering with any player in the market,” he said.
PRIVATE CREDIT
Abu Dhabi’s Lunate weighs buying stake in HPS Investment
Lunate, the upstart $105 billion asset manager fueled by Abu Dhabi sovereign wealth, is mulling an investment in the fast-growing private credit market, The Circuit reports.
The firm, launched in January by Sheikh Tahnoon bin Zayed’s International Holding Co. may buy a minority stake in New York-based HPS Investment Partners, which itself is considering an IPO or sale, according to Bloomberg.
Lunate is evaluating an investment of $1 billion or more in HPS, the news agency reports, adding that the company is also entertaining interest from BlackRock and private equity firm CVC Capital Partners.
💲 Sovereign Circuit
ADQ: The Abu Dhabi sovereign wealth fund and Lebanon’s Bank Audi signed a definitive agreement for ADQ to acquire 96% of OdeaBank, Bank Audi’s subsidiary in Turkey.
Qatar Investment Authority: The Qatari sovereign wealth fund is selling $399 million in shares that it holds in Sainsbury’s as the U.K. supermarket group’s largest shareholder.
Public Investment Fund: Saudi Arabia’s PIF increased its green investment plan to over $19.4 billion, covering 91 projects in renewable energy and clean transportation. Its latest report highlights 18 operational projects, with $457 million committed, including $372 million for green buildings.
Mubadala: ACX, a Mubadala-backed carbon credits exchange aimed at promoting reduced use of fossil fuels, will shut its exchange operations in Abu Dhabi after only a year of operatio in ADGM, Bloomberg reports.
International Holding Co.: NMDC, an IHC subsidiary that performs dredging, reclamation and ground improvement services, signed a $1.4 billion contract with UAE-based Modon Co. for a marine construction project.
↪↩ Closing Circuit
🤝 Startup Fund: Saudi Venture Capital said it would put $15 million in the Saqr venture capital fund, which is managed by Vision Ventures, to invest in early-stage startups.
🏭 Ammonia Shift: ADNOC, the UAE’s main oil company, is looking to transfer some ammonia assets to its new U.K.-based Fertiglobe unit – which it acquired this week for $3.6 billion – and plans to expand production of the low-carbon product, Bloomberg reports.
📈 IPO Ahead: Tamkeen Human Resources Co., a Saudi personnel placement firm, received enough bids from institutional investors on Sunday to cover its IPO, which seeks to raise $106 million by selling one-third of the company.
🏦 Debt Finance: Jordan Ahli Bank will issue $120 million of five-year dollar-denominated bonds at an 8.5% fixed rate, with public subscription open from Oct. 23 to Nov. 5, before the securities are listed on the Amman Stock Exchange.
🗣 Circuit Chatter
🚄 Hydrogen Train: Saudi Railway Co. conducted a successful test run of its new hydrogen-powered train, CEO Bashar Al-Malik said on Monday at the Global Logistics Forum in Riyadh.
🐠 Coral Revival: Oman’s Suwaiq artificial coral farm in Oman, one of the largest in the Middle East, has in five years become a thriving habitat for corals, large fish, shellfish and fish larvae, the Muscat Daily reports..
🌍 Power Circuit
Saudi Crown Prince Mohammed bin Salman and Egyptian President Abdel Fattah al-Sisi agreed to deepen trade and investment cooperation during talks in Cairo on Tuesday.
Emir of Qatar Sheikh Tamim bin Hamad Al Thani landed in Brussels to lead his country’s delegation participating in the first summit between the GCC and the European Union.
Sheikh Mohamed bin Rashid, Vice President and Prime Minister of the UAE, and Ruler of Dubai, said in an X post on Sunday as GITEX week opened that “Technology is growing rapidly and Dubai is growing with it at the same pace.”
Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and Chairman of ADIA, led the sovereign wealth fund’s board meeting on Monday in a session joined by Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, and Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council.
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➿ On the Circuit
Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, CEO of ADNOC and COP28 President, held a meeting at GITEX Global in Dubai with Estonia’s Minister of Economy Erkki Kilu to explore industry and tech collaboration.
Noor Sweid, Founding and Managing Partner at Dubai-based Global Ventures, noted the growing number of IPOs and M&A activity in Saudi Arabia and across the GCC region, telling Bloomberg Television, “the landscape is maturing rapidly.”
Mohamed Alabbar, founder of UAE-based Emaar Properties, posted photos on social media with family members at a beach in Madagascar, fueling speculation that a large restate deal will soon be announced, Arabian Business reports.
Benjelloun Touimi, has been appointed as the Chairman of the Casablanca Stock Exchange for a two-year term.
Michelle Riley-Brown, President and CEO of Children’s National Hospital in Washington D.C., visited the UAE in a move to strengthen the group’s efforts to advance pediatric healthcare.
🎶 Culture Circuit
🎶 Abu Dhabi Orb: Sphere, the newest mammoth Las Vegas entertainment landmark, is coming to Abu Dhabi. With a capacity of 20,000 and wraparound screens inside and out, the Sphere has hosted U2, the Eagles and other star performers since opening a year ago. The location and opening date for the Sphere have not yet been set, The National reports.
👠 Fashion Icons: Saudi fashion labels Adnan Akbar, Dar Alhanouf, Tima Abid, and Honayda will headline the second edition of Riyadh Fashion Week, which starts on Thursday. The event will showcase over 30 Saudi designers through runway shows, brand presentations, and a designer showroom, including Waad AlOqaili, Khawla Alaiban, Atelier Hekayat, and Yaha Albashiri. “By creating a platform for cultural exchange, we are celebrating the diversity and innovation of Saudi designers while elevating their impact on the global fashion stage,” Riyadh Fashion Week CEO Burak Cakmak told Arab News.
📷 Photo of the Week
🗓️ Ahead on The Circuit
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. The event will feature a series of insightful talks, panel discussions, and keynotes, focusing on critical innovations in hybrid and electric helicopters, AI integration, UAV combat operations, and civil aviation. Skydive Dubai.
Oct. 29-31, Riyadh, Saudi Arabia. Future Investment Initiative Conference. More than 6,000 global participants registered, including world leaders, policymakers, CEOs and investors. King AbdulAziz International Conference Center.
Oct. 31, Abu Dhabi, UAE: Transition Investment Workshop. NYU Abu Dhabi’s Transition Investment Lab holds a day of discussions on aligning investment decisions with social values. NYU Abu Dhabi, East Forum.
Nov 4-7, Abu Dhabi, UAE: ADIPEC. The event is the biggest gathering for energy leaders, policy makers, and key industry players. It is often attended by heads of multilateral organizations, ADNEC.
Nov. 12-13, Abu Dhabi, UAE: CyberQ: Security in the Quantum Era. Brings together international experts, key policymakers and industry players to discuss challenges in the quantum age of cybersecurity. ADNEC.