The Weekly Circuit
👋 Hello from the Middle East!
In the Weekly Circuit today, we’re looking at Apollo’s latest $500 million investment in Aldar Properties, BlackRock’s search for a base in Kuwait, Dubai’s upcoming IPO for ALEC Engineering, and an interview with Marsh insurance’s Mideast president on managing risk in the global energy transition. But first, AI is bursting out everywhere in the UAE.
Amid the global hullabaloo over artificial intelligence and last month’s market crash when Nvidia’s predominance in the emerging AI chip industry was challenged by China’s DeepSeek, the UAE is lit up this week with the Ai Everything Global conference.
The tech fest moves to Dubai on Wednesday after lifting off the day before in Abu Dhabi, where the St. Regis Saadiyat Island Resort was packed with government ministers, executives, investors and scientists, who had to navigate between robotics demonstrations and corporate booths in the hallways.
“We have a North Star, in that we want to deploy AI in things that improve the quality of life,” Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, told the opening session. “If we want this technology to proliferate, if we want AI to be part of each and every one of our lives, we have to make sure it is also economic in terms of ability to access it.”
The UAE has sought to take a global role in development of AI, with Abu Dhabi-owned G42 and MGX pouring billions of dollars into partnerships with Microsoft, Nvidia, Google and OpenAI.
Billionaire Hussain Sajwani, founder of Dubai-based Damac Group, pledged to U.S. President Donald Trump before his inauguration last month that he would invest $20 billion in AI data centers in the U.S.
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circuit interview
Marsh looks to minimize risks in global energy shift
Moving the Middle East economy from its core oil dependence to broad use of renewable fuels involves colossal risks.
Energy companies in the Gulf states, as well as in Egypt and across North Africa, are spending billions of dollars to build solar fields, wind turbines, green hydrogen plants and other forms of costly infrastructure to make the transition. That’s the landscape where Marsh, the world’s largest insurance broker, sees tremendous opportunities, The Circuit’s Omnia Al Desoukie reports.
In an interview with Al Desoukie, Marsh’s President for India, the Middle East and Africa Gaurav Bhatnagar talks about the evolving risk management strategies that energy firms are adopting to safeguard their assets.
Click here to read the full interview.
GULF HQ
BlackRock scouts office space in Kuwait amid inflow of wealth
While hedge funds, law offices and wealth managers are pouring into Saudi Arabia and the UAE, other parts of the Gulf are also attracting interest from international businesses.
BlackRock, for one, the world’s largest asset manager, is scouting office space in Kuwait City as it tries to deepen ties in the region, Bloomberg reports.
BlackRock has close links to Kuwait, whose sovereign wealth fund, the $1 trillion Kuwait Investment Authority, is one of its top shareholders. BlackRock CEO Larry Fink was in Kuwait on Monday and met with Emir Sheikh Mishaal Al-Ahmed Al-Sabah.
💲 Sovereign Circuit
Public Investment Fund: Riyadh Air, the new Saudi carrier owned by the PIF, is in negotiations with Boeing Co. and Airbus SE to buy as many as 50 additional widebody aircraft, Bloomberg reports.
Mubadala: The Abu Dhabi sovereign wealth fund was identified by CNBC as an investor with General Catalyst in providing $300 million for Deel, a San Francisco-based international payroll startup that is preparing for an IPO.
Qatar Investment Authority: Rasam Ventures, Qatar’s first independent venture capital fund manager, received funding from QIA to back high-performing startups and innovative technology sectors.
ADQ: AD Ports Group, majority owned by ADQ, signed a 50-year land lease with Al Ain Mills, a member of Al Hazaa Investment Group, to establish a grains storage and processing facility at Khalifa Port’s South Quay to provide the mills with access to deep water berths.
↪↩ Closing Circuit
🏨 Property Backing: Apollo Global Management said on Friday it will invest $500 million in Abu Dhabi-based Aldar Properties, calling the deal “one of the region’s largest-ever corporate hybrid private placements.” Apollo has invested about $1.9 billion in Aldar since 2022.
🌌 To the Galaxy: Thales Alenia Space has been asked by the Mohammed Bin Rashid Space Centre to develop an airlock module for Gateway lunar space station, the first space station to orbit the moon.
💲Keeping Track: Myne, a UAE-based startup that helps private individuals and small businesses manage their finances, secured $2 million in pre-seed funding led by Scene Holding and Raz Holding.
♻️ Clean Methanol: Abu Dhabi’s Ta’ziz awarded a $1.7 billion contract to Samsung E&A to build the UAE’s first methanol plant in Al Ruwais Industrial City, with a capacity of 1.8 million tons a year.
🗣 Circuit Chatter
📞 Keep Talking: Saudi Arabia’s STC Group has become the largest publicly traded telecom operator in the MENA region, surpassing UAE’s e&, Saudi Arabia’s Mobily, Qatar’s Ooredoo, and the UAE’s Emirates Integrated Telecommunications, with a market capitalization of $57.7 billion, Forbes reports.
🛢️ Stop Drilling: Donald Trump’s allies in Saudi Arabia and the U.S. shale fracking industry are resisting the new U.S. President’s prodding to drill for more oil amid concerns that it will drive down prices, The Wall Street Journal reports
💰 Money-Back: Lebanon’s government and central bank are planning for commercial banks to repay billions in locked deposits, acting central bank governor Wasim Al-Mansouri told the Saudi Arabian business daily Al Eqtisadiah.
🎥 Media Operation: CNN is expanding its Middle East presence with a new Qatar Media City operation to complement its Abu Dhabi HQ, its Dubai branch and regional bureaus.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed and Saudi Crown Prince Mohammed bin Salman held a phone conversation on Tuesday.
King Hamad bin Isa Al Khalifa of Bahrain received UAE’s Abdulla Al Hamed, Chairman of the National Media Office, at Safriya Palace on Tuesday during his visit to Bahrain.
Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai and UAE Deputy Prime Minister and Minister of Finance, held a meeting with Germany’s Finance Minister Dr. Jörg Kukies in Dubai to discuss strengthening financial cooperation, trade, investment.
Sheikh Mohammed bin Abdulla Al Thani, Qatar’s Minister of Transport, signed an agreement with his Libyan counterpart to update a 2004 bilateral agreement and enable Qatar’s national carrier to expand its network.
➿ On the Circuit
Bandar Alkhorayef, Saudi Minister of Industry and Mineral Resources, led a delegation to meet officials in India and discuss opportunities in petrochemicals, pharmaceuticals, and automotive.
Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, attended a high-level UAE-Argentina economic seminar in Abu Dhabi.
Suhail bin Mohammed Al Mazrouei, UAE Minister of Energy and Infrastructure, led a high-level delegation to Indonesia last week, meeting senior officials to strengthen cooperation between the two countries.
Sébastien Doussinwas appointed Senior Vice President of Global Travel Services & Destination Management at the UAE’s Dnata Travel Group. The group also appointed Amal Ahmed as Divisional Vice President of Global Operations and Andrés Uribe as Senior Manager of Business Support.
🎶 Culture Circuit
📺 On the Box: Anticipation is building for four new Arabic-language original series and films set to be released by Netflix this year, following the success of shows including The Exchange and Alrawabi School for Girls. “This past year, we launched incredible stories that have resonated with audiences in the Arab world and globally,” Nuha Eltayeb, regional Director of Content for Netflix, told The National. “Get ready for what’s next.”
📷 Photo of the Day
🗓️ Ahead on The Circuit
Feb. 1-8, Abu Dhabi: Mubadala Abu Dhabi Open. Top women tennis stars compete in WTA 500 tournament. International Tennis Centre, Zayed Sports City.
Feb. 3-6, Dubai. Medlab Middle East 2025. The show attracts exhibitors whether global giants or emerging startups to discuss digital health solutions. Dubai World Trade Centre.
Feb. 4-5, Doha. Seatrade Maritime Qatar Conference and Exhibition. Conference brings industry experts, decision-makers, shipping companies and leaders in technology, energy, finance and investment. Sheraton Grand Doha Resort.
Feb. 9-12, Riyadh. Leap 2025. Riyadh’s tech event that brings in tech innovators and leading experts from around the world to discover new ideas, build new partnerships, and connect with inspiring mentors and investors. Riyadh Front Expo Centre.
Feb. 11-13, Dubai. World Government Summit 2025. Annual event brings in world leaders and business leaders from the region and outside to discuss the most pressing matters. Madinat Jumeirah.
Feb. 14-16, Munich Security Forum. Known as one of the world’s leading forums for debating international security policy. Hotel Bayerischer Hof.
Feb. 17-21, Abu Dhabi: IDEX 2025. Military contractors from around the world show their wares at one of the most prominent international defense exhibitions. ADNEC Center.
Feb. 17-21, Dubai. Gulf Food. In its 30th edition, the exhibition brings in many more companies to show their work on food and the industry’s use of technology. Dubai World Trade Center.
Feb. 18-19, Abu Dhabi. The Future of Asset Management Middle East. A two-day conference that gathers leading executives from top asset management companies in the Middle East region. The Ritz-Carlton, Grand Canal.
Feb. 22-23, Miami, Fla. FII Priority. Saudi Arabia’s Future Investment Initiative connects U.S. and Middle Eastern investors. Faena Hotel & Forum, Miami Beach.
Feb. 25, Dubai. Family Office Summit 2025. Global fund leaders managing $1 trillion in assets will meet under the theme, “Taking Money Out of Cash.” Ritz Carlton Jumeirah Beach.
Feb.25-March 1, Dubai. WCA World 2025. The conference brings together some of the world’s biggest independent freight forwarders. Dubai World Trade Centre.
March 17-19, Dubai. Dubai International Horse Fair. A gathering of the equestrian industry and horse lovers from around the world. Dubai World Trade Centre.
