DATA DOMINANCE

Khazna, the Dubai data center company backed by G42 and Microsoft, is preparing to make a major foray into Saudi Arabia. CEO Hassan Alnaqbi tells Bloomberg that the company projects taking at least a 25% of the kingdom’s market share as demand booms for power-hungry AI servers. He said Khazna has 71% of the UAE’s current data center capacity and is looking beyond its home country with new funding from Abu Dhabi’s MGX fund and U.S. private equity firm Silver Lake. Alnaqbi told The Circuit in an October 2024 interview that Khazna is investing in solar power and other sustainable energy sources to help fuel its data centers.

SPRUCED UP

Emirates will roll out refreshed Boeing 777 and Airbus A380 aircraft to eight more cities in the coming months, after they underwent “nose-to-tail” cabin makeovers to make room for more Premium Economy seats. The A380s will be added to the Bangkok, Hong Kong, Nice and Perth routes, while the upgraded Boeing 777s will service Madrid, Kuala Lumpur, Phuket, Frankfurt and Dublin. Emirates engineers have been working around the clock to introduce the spruced-up, wide-body aircrafts at a rate of one every three weeks, according to WAM. It is part of a $5 billion retrofit program, which will see 219 aircraft undergoing complete cabin refurbishments, as Emirates hones in on becoming the world’s leading airline for premium economy travelers.

Mubadala: The Abu Dhabi sovereign wealth fund’s CEO, Khaldoon Al Mubarak, met in Washington, D.C., last week with U.S.Treasury Secretary Scott Bessent, who said in a post on X, “I was glad to hear his thoughts on strategic investments and priority investment sectors.” The Mubadala chief also met Secretary of Commerce Howard Lutnick, National Security Adviser Michael Waltz, Special Envoy to the Middle East Steve Witkoff and Special Adviser on Artificial Intelligence and Digital Currencies David Sacks.

Public Investment Fund: Sanabil, the venture capital arm of Saudi Arabia’s sovereign wealth fund, backed a $135 million fundraising round for technology investment firm iMENA Holding as the Saudi tech investment company prepares for an IPO.

MGX: Ali Osman, MGX’s chief investment officer for AI, said investments in the technology are at a “crossroads” as trillions more are needed for infrastructure, but he remains optimistic about AI’s transformative economic potential despite global uncertainties.

Oman Investment Authority: Oman’s natural gas network operator, OQ Gas Networks, which OIA owns, plans to build a 300-400 km hydrogen pipeline by 2030, with funding approval expected by 2027, Oman Daily Observer reports.

Qatar Investment Authority: Qatar has invested £100 billion ($125 billion) in U.K. assets that have generated £1.3 trillion in revenues through ports, hotels, properties and retail, The Times of London reports. 

🇸🇾 Syria Bailout: Saudi Arabia and Qatar agreed to pay some $15 million to clear Syria’s outstanding debt to the World Bank, a move aimed at persuading international institutions to resume funding for the war-torn country.

🚧 Major Building: Saudi Awwal Bank has signed a $533 million loan agreement with Saudi Binladen Group to finance the development of King Fahd Sports City in Riyadh, supporting major infrastructure projects aligned with Saudi Arabia’s Vision 2030.

🛢️ Energy Hub: Sri Lanka will begin work next month on an energy hub in Trincomalee, developed with India and the UAE, to boost recovery from its financial crisis through new pipelines, bunkering facilities, and a potential refinery.

📉 IPO Scrubbed: Shlomo Holdings, an Israeli investment company, called off IPO plans for its car rental and credit subsidiary, in which Jared Kushner’s Affinity Partners holds a 15% stake.

🚢 Free Pass: U.S. President Donald Trump said the U.S. will immediately seek free transit for its commercial and military ships through the Suez Canal in Egypt and the Panama Canal.

🚘 Gold Plate: A number plate marked “CC22” sold for an eye-watering AED8.3 million ($2.2 million) at a public auction held by Dubai’s Roads and Transport Authority on Saturday Evening.

💣 Big Blast: An explosion on Saturday at Iran’s Shahid Rajaee port, a critical hub for the country’s trade and oil exports, has severely disrupted economic activity and heightened risks to the global oil market.

🏨 Hotel Fraud: Irish hotelier Patrick McKillen has filed a civil racketeering lawsuit in California accusing senior Qatari royals of orchestrating a global scheme to defraud him of hundreds of millions of dollars for redeveloping luxury properties, including the Maybourne Beverly Hills hotel.

Morocco’s King Mohammed VI gave his approval to a $10 billion plan that would expand the country’s rail network and include construction of a high-speed line to Marrakech, ahead of 2030 when the country co-hosts soccer’s World Cup.

UAE President Sheikh Mohamed bin Zayed held a phone call on Saturday with Indian Prime Minister Narendra Modi, during which he expressed his condolences for the victims of the terrorist attack in Pahalgam, Jammu and Kashmir.

Sheikh Mohammed bin Abdulrahman Al-Thani, Qatar’s Prime Minister and Minister of Foreign Affairs, met on Sunday with Hakan Fidan, Turkey’s Minister of Foreign Affairs, who is on a working visit to Qatar. 

Sheikh Abdulla Bin Mohammed Al Hamed, head of the UAE National Media Office, and Mubadala’s Chief Communications Officer Brian Lott were among the attendees at Saturday evening’s White House Correspondents’ Dinner in Washington, D.C.

Naguib Sawiris, the Egyptian telecom billionaire, told Arabian Gulf Business Insights in an interview that he predicts a private sector-led economic revival in Egypt, crediting recent government reforms and private sector leadership.

Dr. Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, said during his visit to Muscat for the Advantage Oman Forum 2025 that the rise in non-oil trade between the UAE and Oman reflects strong ties that support development goals and long-term economic partnerships.

Faisal Alibrahim, Saudi Arabia’s Minister of Economy and Planning, said during his opening remarks at the Saudi Statistics Forum that the kingdom plans to enhance its data platforms, strengthen digital transformation and use artificial intelligence to improve statistical operations and data accuracy.

Carlos Ghosn, the fugitive former Nissan Motor chairman who flew from Japan in a cargo crate five years ago to escape arrest on embezzlement charges, is teaching business strategy at a Lebanese university, The Wall Street Journal reports. 

Anas Bukhash, an Emirati Entrepreneur, talks to Business of Fashion Founder and CEO Imran Amed at BoF CROSSROADS in Dubai about how the city’s openness and youthfulness have shaped a thriving, innovation-driven culture.

🧠 Artistic Intelligence: The disruption and promise of artificial intelligence was the focus of the opening day of Culture Summit Abu Dhabi 2025, which kicked off at Manarat Al Saadiyat yesterday under the theme “Culture for Humanity and Beyond.” AI is pushing artists, curators, and programmers to rethink how they integrate technology into their work, with figures like David Korins, the set designer for Broadway blockbuster “Hamilton,” encouraging the creative sector to embrace AI as a new layer of storytelling, rather than fearing it, The Circuit’s Omnia Al Desoukie reports from the summit. AI ethicist and former Google X executive Mo Gawdat said in a keynote speech that the technology has already achieved decision-making autonomy, a pivotal moment for humanity, and urged a human-centered approach to guiding its future, much like raising “a child with special powers”.

April 25 – May 11, Dubai. Dubai Esports and Gaming Festival. Dubai’s gaming and esports extravaganza brings together global players, creators, fans, and industry leaders. Dubai World Trade Center. 

April 27-29, Abu Dhabi. Culture Summit. The annual event features panels, case studies, creative conversations, artist talks and workshops. Manarat Al Saadiyat. 

April 28-May 1, Dubai. Arabian Travel Market. This year’s theme, “Global Travel: Developing Tomorrow’s Tourism Through Enhanced Connectivity,” highlights the role of connectivity in the transformation of the tourism industry. Dubai World Trade Center. 

April 29-30, Abu Dhabi. Digital Transformation Summit UAE 2025. In its 37th edition, the summit is expected to be attended by over 300 C-suite executives, directors, and technology leaders. Sheraton Abu Dhabi Hotel and Resorts.

April 30- May 1, Dubai. Token2049 Dubai. A global conference dedicated to the crypto and blockchain ecosystem. Madinat Jumeirah.

May 5-6, Abu Dhabi. Governance of Emerging Technologies Summit. Shaping Responsible Governance of AI & Emerging Technologies in a Future Digital Economy. St. Regis Saadiyat Island Resort.

May 6-7, Dubai. MENA Capital Market Summit. The event will bring together 1,500 businesses, decision-makers and global financial leaders to discuss the capital market. Madinat Jumeirah.

May 6-8, Dubai. Airport Show. Showcasing the latest technological advancements in the airport industry. Dubai World Trade Center.

May 6-8, Dubai, GISEC. The 14th edition of the Middle East and North Africa’s largest cybersecurity event, under the theme “Securing an AI-Powered Future.” Dubai World Trade Center. 

May 12-13, Dubai. Dubai FinTech Summit. Exploring a future where finance is accessible, inclusive, and empowering. Madinat Jumeirah.

May 13, Riyadh. Saudi-U.S. Investment Forum. An invitation-only event to be held during U.S. President Donald Trump’s visit to Saudi Arabia. The forum will bring together government, business, finance and innovation to discuss the next chapter of business between the two countries. Venue TBA.

May 13-14, Dubai. Low Carbon Fuels MENA. The conference promises a space for industry leaders, potential partners, and innovators to discuss potential opportunities and challenges. Sheraton Dubai Creek Hotel & Towers.  

May 13-15, Dubai. CABSAT. The Middle East & Africa’s leading event for content, broadcast, media & entertainment industry professionals looking to leverage the latest technology and innovation in creating the next-gen content. Dubai World Trade Center.

May 16-17, Tirana, Albania. FII Priority Europe 2025. Saudi Arabia’s Public Investment Fund sponsors a regional business summit focused on Europe and is affiliated with the annual Future Investment Initiative conference in Riyadh. National Theater of Opera and Ballet.

May 20-22, Doha, Qatar. Qatar Economic Forum. Annual conference bringing together Qatari government and business leaders with corporate executives, investors and policymakers from around the world. Media City Qatar.

May 26-27, Abu Dhabi. Building the Future Summit. This Forbes event serves as an exclusive platform for industry leaders, investors, architects, and innovators to explore the latest trends shaping the future of real estate. Louvre Abu Dhabi.

May 29-30, Tripoli, Libya. Building the Future Summit. A Forbes event that is designed to help delegates from Libya understand their investment opportunities, foster strategic partnerships, and showcase key reforms that will drive economic progress. Venue TBA.

MECCA IPO

Saudi firm Umm Al Qura for Development & Construction, which is building a massive project in the Muslim holy city of Mecca, said its upcoming IPO is on track. The company issued a statement on Thursday, reporting $126 billion in orders from institutional investors for its heavily oversubscribed offering, with expectations of raising $523 million when it goes public. The IPO comes after the kingdom said it would allow foreigners to invest in Mecca real estate for the first time via listed companies, as it aims to accommodate 30 million foreign pilgrims annually by 2030. Umm Al Qura’s $27 billion development includes plans for more than 50,000 hotel rooms and residential units.

MINERAL SUPPLIERS

As the U.S. prepares to sign an agreement on buying critical minerals from Ukraine, sources of lithium, nickel and other materials in the Middle East are becoming more important to Washington. Saudi Arabia and the UAE, in particular, are vying to supply greater amounts of critical minerals to feed America’s demand as it attempts to reduce its reliance on China, The National reports. The two Gulf states have been exploring and investing in mining projects in Africa and Latin America, regions abundant in critical minerals. They are also prioritizing development of domestic processing capabilities to reduce reliance on foreign suppliers and add value to their economies, the newspaper said.

Public Investment Fund: Saudi Arabia’s sovereign wealth fund has temporarily halted new contracts involving advisory and consulting services with PwC, which established a regional headquarters in Riyadh two years ago, Bloomberg reports.

Qatar Investment Authority: The sovereign wealth fund hosted a private gathering offsite from Web Summit Qatar in which top executives from about 30 businesses, including other sovereign funds, mixed with each other and rubbed shoulders with actor Will Smith, Semafor reports.

Mubadala: Space42, the UAE-based satellite firm, reported net profit of $166 million in 2024, a 4.6% decline from the previous year, against a 19% drop in revenue.

ADQ: AD Ports Group, majority owned by ADQ, has signed an agreement with the Pakistan Board of Investment to explore developing an industrial zone near Karachi Port and Port Qasim.

⚡ Energy Talk: The Arab Energy Fund has issued a $650 million five-year senior unsecured bond, upsizing from the $500 million planned after strong investor demand.

💲 Funds In: Egyptian private equity firm Ezdehar plans to invest up to $100 million in 2025, targeting resilient businesses that can withstand economic uncertainties, founder and managing director Emad Barsoum told Zawya. 

🏎️ Auto Trip: UK automotive tech firm Pinewood AI plans to acquire Dubai-based start-up Seez, a tech company that provides digital services for car dealerships, for $46.2 million in cash and shares.

⛽ Gas Exploration: Gordon Technologies, a U.S. shale gas services provider backed by ADNOC, plans to establish a joint venture to expand in the Middle East and explore Saudi Arabia’s drilling operations, The National reports.

👨🏻‍💻 Crypto Hack: The FBI said North Korea was responsible for a $1.5 billion hack against Bybit, a Dubai-based cryptocurrency platform.

📞 Secure Line: Telecom Italia (TIM Group) will open a regional HQ in Abu Dhabi to share its expertise in AI, secure communications, cloud, and “Internet of Things” applications to enhance industrial productivity.

🛢️ Oil Run: Baghdad is expected to resume oil exports from Kurdistan via the Iraq-Turkey pipeline, the Iraqi oil ministry said. 

UAE President Sheikh Mohamed bin Zayed held a meeting with Greek Prime Minister Kyriakos Mitsotakis at Qasr Al Shati in Abu Dhabi on Thursday.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, held official talks with Pakistan’s Prime Minister Muhammad Shehbaz Sharif in Islamabad on Thursday

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, met with the team behind the “ne’ma” food waste initiative at Qasr al Watan in Abu Dhabi on Friday. 

George Papanastasiou, Cyprus Energy Minister, said that Abu Dhabi’s energy and water company TAQA is interested in investing in delivering a $2.1 billion project that will link transmission networks of Europe to Cyprus and later stretch to Israel.

Omar Hafeez, Head of North Africa, Levant and Central Asia for Citibank, is leaving to take a senior post at First Abu Dhabi Bank, Bloomberg reports.

Ali Jaber, CEO of Ajman-based private developer GJ Properties, said that the UAE’s real estate market continues to present incredible opportunities, with his company planning to invest $1.1 billion in projects across the country until 2026.

Ahmed Alkhoshaibi, CEO of UAE developer Arada, told The National that the company is open to the possibility of an IPO after it sold out a $1.5 billion Sharjah project in three hours.

🎶 Culture Circuit

🌙 Ramadan Nights: Abu Dhabi’s open-air event series Saadiyat Nights will host evening entertainment and dining during Ramadan, opening from 9pm to 3am for Suhoor, the last meal before fasting begins at dawn. The venue, close to the popular Mamsha Al Saadiyat beach boulevard, will provide spaces to play traditional board games, alongside live entertainment and demonstrations of traditional crafts.

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 5-8, Abu Dhabi. 2025 Forbes 30/50 Summit. The world’s most powerful women come together for International Women’s Day.

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.

April 7-9, Abu Dhabi. AIMCongress 2025. An investment platform bringing together thought leaders, decision-makers and entrepreneurs. ADNEC.

April 7-9, Dubai. Middle East Energy. Bringing together international energy suppliers to discuss products and solutions. Dubai World Trade Centre.

April 13-15, Riyadh. Saudi Food Manufacturing. Back for a second year, the focus turns to logistics solutions, including advancements in AI-driven supply chains, robotics, and sustainable automation technologies. Riyadh Front Exhibition & Conference Centre.

April 14-16, Dubai. IPS Congress. The Middle East’s largest international property sales event. Dubai World Trade Centre.

April 17-19, Dubai. World Art Dubai. A four-day art fair featuring more than 10,000 artworks. Dubai World Trade Centre.

April 18-20, Abu Dhabi. Middle East Film and Comic Con 2025. The region’s largest pop culture festival returns for its 13th year. ADNEC.

April 21-23, Abu Dhabi. Electric Vehicle Innovation Summit 2025. The Middle East’s largest annual event dedicated to shaping the future of electric mobility. ADNEC.

April 29-30, Abu Dhabi. Digital Transformation Summit UAE 2025. In its 37th edition, the summit is expected to be attended by over 300 C-suite executives, directors, and technology leaders. Sheraton Abu Dhabi Hotel and Resorts.

April 30. May 1, Dubai. Token2049 Dubai. A global conference dedicated to the crypto and blockchain ecosystem. Madinat Jumeirah.