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.