The Daily Circuit: Abu Dhabi’s driverless racing league + ADQ launches tech fund with Oman

👋 Hello from the Middle East!

Today in The Daily Circuit, we’re looking at the various ways Neom is attracting foreign investors, a proposed share price for the Spinney’s IPO, a new tech-focused fund rolled out by ADQ and the Oman Investment Authority and why the EU has opened its arms to Gulf tourists. But first, over to the track.

There will be no Max Verstappen or Fernando Alonso in the driver’s seat at races taking place at the Yas Marina Circuit in Abu Dhabi this weekend. Indeed, there will be no driver at all. The UAE capital will test the region’s supercar fandom with the launch of a brand-new racing league featuring driverless cars, offering spectators free tickets and hoping for a crowd of 10,000. 

The first race for the ASPIRE Abu Dhabi Autonomous Racing League is scheduled for this Saturday, April 27, with eight teams set to compete, including Code19 Racing, one of the first independent autonomous racing teams from the U.S., and Fly Eagle representing Beijing Institute of Technology and the UAE’s Khalifa University. All are vying for a prize pool of $2.25 million. 

The teams will use identical race cars from Dallara, adapting software algorithms to teach their cars how to drive and push them to the limit on the circuit. Each car is completely autonomous and the only human intervention allowed at race time is a “kill switch” to bring the vehicle to a stop. Former F1 driver Daniil Kvyat has also accepted the challenge to race head-to-head with one of the autonomous cars, with the engineering teams hoping to get as close as possible to the human lap time. 

Faisal Al Bannai, Secretary General of the Advanced Technology Research Council, the government-backed parent entity of the league, and Advisor to the UAE President on research and technology said the new league is aimed at positioning Abu Dhabi as a leading hub for innovation. ASPIRE also has plans for autonomous drone racing and races with off-road buggies and boats.

Tariq Bin Hendi, Senior Partner at Global Ventures, told Economy Middle East that the UAE’s young population is feeding a rapidly growing entrepreneurial ecosystem, built upon a transparent regulatory framework, which is a “compelling” combination for VC firms. 

Alex Marianelli, Director of Supply Chain for the UN World Food Programme, credited the UAE’s financial and logistical support in helping the WFP expand its humanitarian operations in the region at the launch of a new brand identity for International Humanitarian City in Dubai, now known as Dubai Humanitarian, on Monday.

Dr. Salman Khan, Associate Professor of Computer Vision at Mohamed bin Zayed University of Artificial Intelligence in Abu Dhabi, found that green parks in the UAE capital have a cooling effect, highlighting their crucial role in reducing urban heat in a study he conducted with U.S. technology giant IBM.

Hamid AlZaabi, Director-General of the UAE’s Executive Office of Anti-Money Laundering and Counter Terrorism Financing, has drawn attention to the critical role of training to fight financial crime, after Abu Dhabi hosted a workshop for watchdogs from around the region last week.

🎣 King of Fishing: More than 1,500 anglers and 360 boats took part in the Abu Dhabi Grand Kingfish Championship, one of the most important marine sporting events on the UAE calendar, which finished on Sunday. The three day event, which aims to preserve the heritage of king fishing among Emiratis, saw more than AED1 million ($272,294) in prizes distributed, with the first place prize of AED 200,000 going to Hamad Al Kamali, who caught a 32.69kg whopper.

Apr. 23-25, Dubai, UAE: GISEC Global. A forum for furthering the key discussions that are helping to define cyber resilience and connecting the global cybersecurity community. Dubai World Trade Center.

Apr. 25-26, Abu Dhabi, UAE: DriftX. An event for smart, autonomous and sustainable urban mobility across air, land, and sea organized in partnership with the Abu Dhabi Investment Office, Abu Dhabi’s Smart and Autonomous Vehicles Industry (SAVI) cluster and Bayanat. Yas Marina. 

Apr. 28-29, Riyadh, Saudi Arabia: World Economic Forum Special Meeting. A gathering of investors, politicians and experts on topics of collaboration, growth and energy for economic development. TBC.

Apr. 29-May 1, Riyadh, Saudi Arabia: Future Hospitality Summit. An international gathering hosted in cities around the world bringing together the most influential hospitality investors and developers. Mandarin Oriental Al Faisaliah.

Apr. 29 – May 5, Abu Dhabi, UAE: Abu Dhabi International Book Fair. A key event for the publishing industry in the Middle East and North Africa. Abu Dhabi National Exhibition Center.  

Apr. 30-May 1, Abu Dhabi, UAE: Mobility Live. A conference and exhibition sponsored by the Abu Dhabi transport regulators, gathering disruptive technology developers in transportation and the public sector. Abu Dhabi National Exhibition Center.

Apr. 30-May 1, Abu Dhabi, UAE: Middle East Rail. The leading conference in the region for rail innovation, technology and strategy. Abu Dhabi National Exhibition Center. 

May 5-8, Los Angeles: Milken Institute Global Conference. Politicians, financiers, media and philanthropists convene to discuss challenges across themes like innovation and technology, health and medical research, diversity and inclusion. The Beverly Hilton. 

May 6-7, Dubai, UAE: Dubai FinTech Summit. The second annual gathering of financial leaders meet to spotlight innovation and discuss disruptions in the industry, organized by the Dubai International Financial Centre (DIFC). Madinat Jumeirah. 

May 7-9, Abu Dhabi, UAE: AIM Congress. The Annual Investment Meeting will convene inter-governmental leaders, executives, entrepreneurs and policymakers on the theme “Adapting to a Shifting Investment Landscape: Harnessing New Potential for Global Economic Development.” Abu Dhabi National Exhibition Center.

May 13-15, Abu Dhabi, UAE: Abu Dhabi Global Healthcare Week. A conference focusing on investments, and innovation to solve the most important global health challenges. Abu Dhabi National Exhibition Center and Abu Dhabi City.

May 14-15, Abu Dhabi, UAE: J.P. Morgan Asset Management: Life Sciences Innovation Summit. A gathering aimed at drawing startups and investors from the life sciences sector to Abu Dhabi. Cleveland Clinic Abu Dhabi. 

May. 14-16, Doha, Qatar: Qatar Economic Forum, Powered by Bloomberg. A news-driven event dedicated to global business and investment. This year’s theme is “A World Remade: Navigating the Year of Uncertainty.” Request your invite here. Fairmont & Raffles, Doha.

May 29-31, Marrakech, Morocco: GITEX Africa. The second edition of the biggest tech and startup gathering in Africa. Place Bab Jdid. 

Algorithms to go head-to-head in Abu Dhabi Autonomous Racing

There will be no Max Verstappen or Fernando Alonso in the driver’s seat at races taking place at the Yas Marina Circuit in Abu Dhabi this weekend. Indeed, there will be no driver at all.

The UAE capital will test the region’s supercar fandom with the launch of a brand-new racing league featuring driverless cars, offering spectators free tickets and hoping for a crowd of 10,000. 

The first race for the ASPIRE Abu Dhabi Autonomous Racing League is scheduled for this Saturday, April 27, with eight teams set to compete, including Code19 Racing, one of the first independent autonomous racing teams from the U.S., and Fly Eagle representing Beijing Institute of Technology and the UAE’s Khalifa University. All are vying for a prize pool of $2.25 million. 

The teams will use identical race cars from Dallara, adapting software algorithms to teach their cars how to drive and push them to the limit on the circuit.

Each car is completely autonomous and the only human intervention allowed at race time is a “kill switch” to bring the vehicle to a stop.

Former F1 driver Daniil Kvyat has also accepted the challenge to race head-to-head with one of the autonomous cars, with the engineering teams hoping to get as close as possible to the human lap time. 

Faisal Al Bannai, Secretary General of the Advanced Technology Research Council, the government-backed parent entity of the league, and Advisor to the UAE President on research and technology said the new league is aimed at positioning Abu Dhabi as a leading hub for innovation.

ASPIRE also has plans for autonomous drone racing and races with off-road buggies and boats.

Abu Dhabi sets date for driverless race on Formula 1 track as autonomous ambitions take shape

DUBAI, United Arab Emirates – Abu Dhabi has set a date for driverless racing on its Formula One track, aimed at bringing a new spectator sport to the capital while advancing autonomous and robotics systems. 

The first race for the Abu Dhabi Autonomous Racing League is scheduled for April 28, 2024, with 10 competitors from universities and research teams around the world vying for a prize pool up to $2.25 million. 

Also known as self-driving racing, the sport involves competition among vehicles that are controlled by a computer.

“By bringing together scientists, developers, and coding gurus from around the world within an extreme sports arena, we are actively stress-testing capabilities on the racetracks, for safety on our roads,” Faisal Al Bannai, secretary general of the Advanced Technology Research Council, which is overseeing the league, according to a statement released today. 

The news comes within a day of the Abu Dhabi government announcing a new research and policy development platform to spur the UAE’s autonomous vehicle industry. 

The business cluster, headquartered in Masdar City,  will provide global players with access to testing facilities. 

The Abu Dhabi Investment Office, the local business development arm of the capital’s government, expects the new campus to create up to 50,000 jobs and contribute at least $24.5 billion to the UAE economy.

China’s WeRide, which is already operating trials for driverless cars on Abu Dhabi roads, will establish its Middle East headquarters at the Masdar City location. Marakeb Technologies, a UAE-based maker of maritime unmanned systems will develop marine technologies, and Joby Aviation, California-based company developing electric vertical take-off and landing (eVTOL) aircraft  will “participate” in the project.

Abu Dhabi’s dedicated AI research university Mohamed bin Zayed University of Artificial Intelligence (MBZUAI), its applied research campus Technology Innovation Institute, research university Khalifa University and its startup ecosystem Hub71 are also involved. 

“The announcements of involvement from leading companies developing autonomous systems technologies lend weight to the plans announced for Abu Dhabi’s new Smart and Autonomous Vehicle Industries cluster, which envisions hardware and software R&D labs, small workshops, 3D-printing and simulation facilities,” Carrington Malin, a technology consultant based in Dubai, wrote on Linkedin. 

At the Formula One track on Abu Dhabi’s Yas Island next spring, teams will develop autonomous systems for identical, new Dallara Super Formula SF23 cars, which have been built specifically for the racing league. Visitors to the Gitex technology conference in Dubai this week can catch a glimpse of the racing car at the Technology Innovation Institute stand.

The car is the fastest open-wheel racing car in the world outside of Formula One, reaching maximum speeds of 185 miles per hour. The 10 teams will adapt their software algorithms on the vehicle in order to compete. Spectators are expected to use virtual reality and augmented reality technologies, allowing them to get in the driver’s seat and see firsthand head-to-head autonomous car racing, with live updates and real-time displays shown on screen.

While this type of motorsport is relatively new, autonomous racing is gaining traction around the world.

The annual Indy Autonomous Challenge, hosted at the Indianapolis Motor Speedway in the U.S. beginning in 2021, was the first such race between autonomous vehicles. Organizers of the IAC event say they were inspired by those who competed in the Defence Advanced Research Projects Agency (Darpa) Grand Challenge, which put forward a $1 million prize in 2004. That competition of mostly university-affiliated teams gave rise to the modern automated vehicle industry.

Aspire, the organizers of Abu Dhabi’s new league, said racing leagues for autonomous off-road vehicles and drones are also underway.