The Weekly Circuit
👋 Hello from the Middle East!
In the Weekly Circuit today, we’re looking at the UAE leaders who traveled to Azerbaijan for COP29, the Qatar Investment Authority new chief executive, Mubadala’s credit partnership with Apollo Asset Management and ADQ’s acquisition of stakes in three Egyptian oil companies. But first, NEOM’s longtime CEO is out the door.
Saudi Arabia’s banner NEOM project is getting a management shake-up. The Public Investment Fund-owned company running the kingdom’s $500 billion development along the Red Sea coast announced the departure on Tuesday of CEO Nadhmi al-Nasr.
The move follows months of reports on rising costs and delays for the megaproject, which aims to build a 110-mile linear city called The Line for 9 million people and has been a centerpiece of Crown Prince Mohammed bin Salman’s Vision 2030 blueprint for modernizing the Saudi economy.
Aiman al-Mudaifer, the head of PIF’s Local Real Estate Division since 2018, was named as NEOM’s acting CEO. “As NEOM enters a new phase of delivery, this new leadership will ensure operational continuity, agility and efficiency to match the overall vision and objectives of the project,” the company said in a statement.
A year after the UAE hosted the United Nations’ annual environmental summit in Dubai,the torch passed this week to Azerbaijan as officials and activists from 197 nations converged on the capital city of Baku for the two-week event known as COP29.
UAE President Sheikh Mohamed bin Zayed, who attended a special COP29 session for world leaders on Tuesday, said his country will maintain a leadership role in the global transition to sustainable fuel resources.
Noting that COP28 introduced the first “Global Stocktake” assessing progress in achieving the environmental goals of the 2015 Paris Agreement, Sheikh Mohamed said joint steps to pursue environmental goals should not be seen as a burden.
“Continued constructive international collaboration on climate action can pave the way for a new era of sustainable economic and social growth that benefits all nations,” the UAE leader said in a statement.
Among the speakers at COP29’s opening event on Mondaywas Dr. Sultan Al Jaber, who was President of COP28. He is also CEO of Abu Dhabi-based national energy company ADNOC and the UAE’s Minister of Industry and Advanced Technology.
“I urge you all to prove once again that we can unite, act and deliver,” Al Jaber said. “Let positivity prevail and let it power the process.”
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].
CIRCUIT INTERVIEW
UAE’s Falcon Mamba breaks new ground in artificial intelligence
At a time when Microsoft is investing $1.5 billion with the UAE’s G42 artificial intelligence firm and Nvidia is consulting on new computer chip development, the Gulf state is turning into a regional research hub for commercial applications of AI technology, The Circuit’s Omnia Al Desoukie reports.
Leading much of the UAE’s international collaboration is Dr. Hakim Hacid, Chief Researcher at the Technology Innovation Institute’s Artificial Intelligence and Digital Science Research Center. It was in his lab, part of Abu Dhabi’s Advanced Technology Research Center, that scientists developed Falcon Mamba, a new platform for AI architecture that can process massive amounts of data and was launched in August.
In an interview with The Circuit, Dr. Hacid describes Falcon Mamba’s ability to handle enormous files without overloading memory capacity. He also explains how the government-owned research center decides where to devote its resources.
💲 Sovereign Circuit
ADQ: Tadweer Group, an ADQ-owned waste management and recycling company, signed an agreement with Egypt’s Waste Management Regulatory Authority to shares investment opportunities and collaborate on regional sustainability efforts.
Qatar Investment Authority: Mansour al-Mahmoud, the Qatari sovereign wealth fund’s CEO, was appointed the country’s Minister of Health, Reuters reports, adding it is unclear whether he will remain head of the QIA.
Abu Dhabi Investment Authority: ADIA is using a more scientific approach to investing, leaning more on its own 125-member team of data scientists to speed up decision-making as it seeks to bolster returns, Bloomberg reports.
↪↩ Closing Circuit
🔥AI Gas: Intelligrid, a joint AI venture between Abu Dhabi-based Presight and India’s Esyasoft Holding, signed a $480 million deal with Azerbaijan’s SOCAR to develop an AI-backed system aimed at optimizing gas consumption and reducing emissions.
💰Staying Lean: Lean Technologies, a Saudi fintech platform, raised $67.5 million in a Series B funding round led by General Catalyst, Forbes reports.
🇸🇬Singapore Expansion: Sabic, a Saudi-based diversified chemicals company, announced the launch of its new $170 million facility in Singapore, its first advanced specialty chemical plant in the region.
🚆Keeping On Track: Morocco is about to begin construction on a new $8.5 billion train factory, Transport and Logistics Minister Abdessamad Kayouh said in a speech in Rabat on Sunday.
📞Telecom Partners: Telecom Egypt and Vodafone Egypt have signed major infrastructure service agreements worth $975 million to improve Vodafone Egypt’s network and prepare it for 5G rollout.
🗣 Circuit Chatter
☀️Solar Supply: Morocco plans to launch its largest solar and wind project in January with a 1,400-kilometer network in the Western Sahara that will supply electricity to Casablanca, Sabah Agadir reports.
🇴🇲Bidding Time: Seven firms, including London’s Mace International and U.S.-based Hill International, are bidding for the product management contract to build Muscat’s new Integrated Sports City.
📡 Brand Identity: Abu Dhabi-based International Media Investments, which owns Sky News Arabia, The National and CNN Business Arabic, unveiled a new logo emphasizing its role in connecting people that says: “IMI: A World Closer.”
🗼Product Dev: Dubai-listed Deyaar Development plans to launch a $408 million project with over 1,000 units in Dubai Production City by year-end, aiming for 20% revenue growth in 2025 amid the UAE’s real estate boom. CEO Saeed Al Qatami told The National.
🌍 Power Circuit
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, launched strategic Dubai Police projects worth approximately $545 million to enhance security, specialized police training, and employee wellbeing through housing initiatives.
Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, met with King Abdullah II of Jordan at the Arab and Islamic Summit in Riyadh. He also met with Sheikh Khalid bin Abdulla Al Khalifa, Deputy Prime Minister of Bahrain.
Sheikh Maktoum bin Mohamed, First Deputy Ruler of Dubai, and Deputy Prime Minister and Minister of Finance of the UAE met with Oliver Jenkyn, Visa’s Group President of Global Markets, to explore opportunities for collaboration.
➿ On the Circuit
Steven Witkoff, a New York property developer and investor, was named by U.S. President-elect Donald Trump as his choice to become Special Envoy to the Middle East. Mike Huckabee, the former Governor of Arkansas, will be nominated to be the next U.S. Ambassador to Israel.
Alan Howard, the billionaire British hedge fund owner, and Germany’s Allianz are among the investors in a $300 million funding round for Argentina’s Ualá fintech startup, the Financial Times reports.
David Rubenstein, Co-Founder and Co-Chairman of the Carlyle Group, said in a television interview with Bloomberg that Donald Trump has a mandate few other U.S. presidents have had “to do what he wants.”
Abdallah Abu Sheikh said he is stepping down as CEO of Astra Tech, one of the UAE’s most prominent fintech startups, and will take the next few months to reflect.
Princess Beatrice and Princess Eugenie, the daughters of Prince Andrew and Sarah Ferguson, have been generating interest in the Gulf with their recent travels to Qatar and the UAE, Tatler reports.
🎶 Culture Circuit
🌟 Jeddah Glitter: Johnny Depp’s “Modi, Three Days on the Wing of Madness” and Robbie Williams’ “Better Man” will be headlining next month’s Red Sea Film Festival in Jeddah, Saudi Arabia. The 10-day festival, which opens Dec. 5 with Egyptian director Karim Shenawy’s “The Tale of Daye’s Family,” will feature 120 films, principally from the Middle East.
📷 Photo of the Week
🗓️ Ahead on The Circuit
Nov. 19-20, Dubai, UAEi: Dubai Future Forum. Bringing in different people to discuss the future of the world and youth’s role in changing the narrative. Museum of the Future.
Nov. 20-22, Abu Dhabi, UAE: Xpanse. A forum dedicated to exponential technologies bringing 3000 thought leaders and industry pioneers. ADNEC.
Nov. 21-24, Abu Dhabi: Abu Dhabi International Boat Show. A platform for marine enthusiasts that offers live performances and the opportunity to navigate the waters of Abu Dhabi. ADNEC.
Nov. 23-24, Dubai: Forbes Medical Tourism and Wellness Summit. Discussions will center around efforts by participant countries to attract patients from abroad for medical care. Jumeirah Beach Hotel.
Nov. 26-28, Abu Dhabi: Global Media Congress. The event brings together a range of media groups to discuss the latest trends in publishing and media.
Nov. 26-29, Dubai: Big5 Global. The event gathers participants who are interested in technology and construction. Dubai World Trade Centre.
Dec. 4-6, Abu Dhabi: Abu Dhabi Business Week. Participants will hear from business pioneers who built billion-dollar enterprises, developed global brands and led significant campaigns. ADNEC.
Dec. 5-6, Abu Dhabi: Milken Institute Middle East and Africa Summit. Corporate executives, investors, government officials, and philanthropists gather to address the globe’s most pressing issues. St. Regis Saadiyat Island.
Dec. 5-8, Abu Dhabi: Abu Dhabi Grand Prix 2024. World’s fastest race drivers compete in the Abu Dhabi leg of the Formula One season. Yas Marina Circuit.
Dec. 9-10, Abu Dhabi: The Bitcoin Conference. The conference connects industry leaders in an exposition hall featuring a fusion of technology and art. ADNEC.
Dec. 9-12, Abu Dhabi: Abu Dhabi Finance Week. Market experts and entrepreneurs from around the world discuss the latest market trends. Al Maryah Island, ADGM Square.
