UAE doubles down on offering ultra-luxurious homes, hotels
The UAE is earning its reputation for offering ultra-luxurious hospitality to provide accommodations for those who seek a higher standard of living.
Aldar, the country’s largest residential developer, shattered records by selling an eight-bedroom mansion in Abu Dhabi for $109 million, the UAE capital’s most expensive home ever.
Located in the exclusive beachfront community of Faya Al Saadiyat, the 6,561 square-meter estate boasts a private car gallery, golf simulator, home cinema, wellness suites, and direct beach access,The National reports.
In the northern emirate of Ras Al Khaimah, a new Hard Rock Hotel is hitting the high notes with plans to open in 2028 near Al Marjan Island, where the Gulf’s first casino resort is under development. The hotel, backed by RAK Hospitality and Malta’s db Group, will feature 300 rooms, 395 branded homes, and a vibrant events venue.
Outside of the country, Dubai’s Jumeirah Group operates a $50,000-a-night private island resort off Tanzania that is part of a surge in global investor interest in Africa’s luxury hospitality market, Bloomberg reports.
Etihad Airways, meanwhile, Abu Dhabi’s flag carrier, which is owned by sovereign wealth fund ADQ, announced on Thursday that it has received the first Airbus A321LR, featuring rare first-class seats on a narrow-body jet. It’s part of a 30-aircraft expansion that will form the backbone of the airline’s growth through 2028.
Joining Disney, Waldorf homes sell out on Abu Dhabi’s Yas Island
First came Disney. Now the Waldorf is finding a home on Abu Dhabi’s fun-filled Yas Island with 133 luxury apartments being built by top UAE developer Aldar bearing the luxury hotel chain’s brand.
It was a matter of hours after Aldar launched sales of the project on Sunday that every one of the units at the Waldorf Astoria Residences Yas was snatched up – from garden apartments to penthouses – generating more than $230 million in sales, The National reports.
The success of Abu Dhabi’s first branded residence sale comes barely two weeks after Disney and the UAE’s Miral Group announced construction of the U.S. entertainment giant’s first theme park in the Middle East. Disney’s $10 billion outpost on Yas Island is expected to open sometime between 2030 and 2033.
Yas is already home to Abu Dhabi’s Formula One track, Etihad Stadium, Ferrari World, the Warner Brothers theme park, Sea World Abu Dhabi and Yas Waterworld, spread among a dozen or so five-star hotels.
Aldar said expatriates and international investors accounted for 76% of the Waldorf buyers, with the rest bought by UAE citizens. Customers from the U.K. and China led the charge.
“The sell-out of Waldorf Astoria Residences Yas marks a significant milestone for Aldar and highlights the attractiveness of Yas Island both as an investment destination and prime residential address,” Aldar CEO Jonathan Emery said.
The Daily Circuit: OPEC+ ponders Trump tariffs + Apollo’s latest Aldar investment
👋 Hello from the Middle East!
In today’s Daily Circuit, we’re looking at Apollo’s $500 million investment in Aldar, a planned IPO for the Saudi Public Investment Fund’s construction unit building in Mecca, M42’s organ donation agreement with Bahrain’s Royal Medical Services and designers from around the world showing their wares at Dubai Fashion Week. But first, caution in the oil market surrounding the barrage of Trump tariffs.
Energy ministers from OPEC+ meet today as oil and gascustomers around the world gird for the expected fallout from the U.S. trade war taking shape with Canada, Mexico and China.
Oil prices rose today after U.S. President Donald Trump imposed tariffs on the three countries, sparked by fears that the feuds would disrupt supplies. Brent crude futures rose 78 cents, or 1.03%, to $76.45 a barrel at 1:33 p.m. UAE time after touching a high of $77.34. U.S. West Texas Intermediate crude futures were up $1.36, or 1.88%, to $73.89.
The OPEC+ members, led by Saudi Arabia and Russia, will meet online for a monthly review at which they’re expected to leave production and supply plans unchanged through March and gradually lift the current quotas that were designed to keep prices from falling, Reutersreports.
While Trump has urged the petroleum producers bloc to cut prices, several OPEC+ delegates have said they won’t adjust the plan for now since crude markets remain fragile amid faltering demand in China and plentiful supply across the Americas, Bloomberg reports.
Goldman Sachs issued a report on Sunday that suggests the Trump tariffs are likely to have a limited near-term impact on global oil and gas prices.
“Potential tariff-driven decline in U.S. natural gas imports from Canada is too small to significantly raise U.S. natural gas prices,” the investment bank said.
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📰 Developing Stories
RED SEA CRESCENT
The UAE is moving ahead with plans to transform a piece of Jordan’s Red Sea beachfront. MAG Group, a subsidiary of ADQ’s AD Ports Group, said it will begin development of the Marsa Zayed resort in the southern port city of Aqaba, which abuts the Saudi border. In the first phase, MAG will begin construction on what will be called the Zayed Riviera with four residential towers, a yacht club, and restoration of the Aqaba Minaret. The Jordanian project could potentially link to similar planned resorts in Saudi Arabia, Egypt and Israel that form a border-traversing horseshoe around the Red Sea.
COURTING WEALTH
Dubai is adding luxury mansions and penthouses, some priced higher than $120 million, targeting wealthy buyers with extravagant features like cinemas, spas and private elevators. Despite prices moderating across Dubai’s property market after a surge since 2021, high-end developments continue along prime beachfront locations, Bloomberg reports. “On a per square foot basis, prices in the emirate are a third of New York’s and a fifth of London’s,” Mahdi Amjad, founder of Omniyat, a developer of ultra-luxury apartments, told the news agency. While wealthy buyers are pushing back on price hikes after years of increases, demand remains ahead of supply.
💲 Sovereign Circuit
Public Investment Fund: Umm Al Qura for Development & Construction Co., a PIF company that has been behind one of the most significant projects in Mecca, plans to proceed with an IPO on the Tadawul stock exchange, Bloomberg reports.
M42: The Abu Dhabi-owned company, operated through G42 Healthcare and Mubadala Health, signed an agreement with Bahrain’s Royal Medical Services to provide heart and lung transplants as part of Abu Dhabi’s “Hayat” organ donation program.
Mubadala: Mina Hamoodi, Mubadala’s Head of Healthcare, held an onstage discussion with Christopher Boerner, Board Chair and CEO of Bristol Myers Squibb, about how AI and digital advancements are accelerating innovation and improving patients’ wellbeing, appearing at the JPMorgan Healthcare Conference in San Francisco last month.
↪↩ Closing Circuit
🏢 Property Backer: 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.
📈 IPO Fever: Saudi Arabia’s Derayah Financial will seek to raise $400 million in an IPO for a 20% stake in the online brokerage sold out minutes after subscriptions opened on Sunday.
♻️ Clean Methanol: Abu Dhabi’s Ta’ziz has 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 tonnes per annum. The plant will be powered by clean energy and will be completed by 2028.
💰 Closed Chapter: The Saudi Electricity Co. will settle $1.5 billion past obligations to the kingdom after an executive panel approved a final settlement related to discrepancies in fuel and electric power charges.
🖨️ 3D Investor: Fortissimo, an Israeli private equity fund, signed an agreement to invest $120 million in 3D printing company Stratasys, increasing its stake to 15.5%.
🗣 Circuit Chatter
🤝 Summit Site: Saudi Arabia and the UAE are being considered as sites for a possible summit meeting between U.S. President Donald Trump and Russian President Vladimir Putin, Reuters reports. 💸 New Deal: ADNOC confirmed ongoing negotiations with Austria’s OMV to merge their companies Borouge and Borealis and create a global polyolefins group.
🎥 Media Operation: CNN is expanding its Middle East presence with a new Qatar Media City operation to complement its Abu Dhabi HQ, Dubai base and regional bureaus.
🏗️ High-Rise: Dubai-based Refine Development Management unveiled a $12 billion project pipeline and a new sales gallery ahead of major 2025 launches.
📞 Big Calls: 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.
🌍 Power Circuit
Saudi Crown Prince Mohammed Bin Salmanheld talks withSyria’s interim President Ahmed Al-Sharaa on Sunday, focusing on broad economic cooperation between the two countries, as well as on security and political issues connected to the post-Assad era. It was the new Syrian leader’s first official foreign trip.
Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi, UAE National Security Advisor and Chairman of the Artificial Intelligence and Advanced Technology Council, issued a directive on Friday to reconstitute the Board of Trustees of the Mohamed bin Zayed University of Artificial Intelligence with Khaldoon Al Mubarak, CEO of Mubadala and a member of the Abu Dhabi Executive Council as Chairman.
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.
Sheikh Nahyan bin Mubarak, UAE Minister of Tolerance and Coexistence, received the Indian yogi Sadhguru at his majlis gathering in Abu Dhabi on Sunday.
➿ On the Circuit
Hend Al Otaiba, the former UAE Ambassador to France, met with Anna Wintour in Dubai, lauding the Vogue editor-in-chief in an Instagram post for her global influence “not only in shaping the media landscape but in setting a precedent for women in leadership.”
Jared Kushner, founder of Miami-based Affinity Partners and son-in-law of President Trump, courted Albanian Prime Minister Edi Rama on a yacht four years ago, building a relationship that ultimately led to his announcement in December of a $1.4 billion island resort on the Albanian coast, the Financial Times reports in a new profile of Kushner.
Scott Sheffield, the former CEO of Pioneer Natural Resources, is the subject of a profile in Texas Monthly as he tries to defend himself against accusations by the U.S. Federal Trade Commission that he worked with OPEC to fix prices.
Scott Minerd, the former Chief Investment Officer of Guggenheim Partners who died of a heart attack Dec. 21, 2022, days after a 17-hour flight home from seeing the World Cup in Qatar, is the subject of a story in Vanity Fair about the fight over his $400 million estate.
Jackie Lee Robinson, a former NBA player, has left a trail of jilted backers after promising to build a $5 billion sports arena and resort in Las Vegas with billions of dollars raised from well-capitalized investors, including Qatar, and failing to begin construction, the Los Angeles Times reports.
🎶 Circuit Culture
📺 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
Indonesian brand Tonton’s runway show at Dubai Fashion Week, which kicked off on Saturday at Dubai Design District. (Dubai Fashion Week)
📅 Circuit Calendar
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. 4-6, Abu Dhabi & Dubai. Ai Everything Summit. The event brings in artificial intelligence experts and the world’s brightest researchers and builders of new tech. St. Regis Saadiyat Resort and Dubai Exhibition Center.
Feb.5, Dubai. Energy Industry Conference. Over 500 CEOs, CFOs, risk managers, investors, insurers, government representatives, and more—at the Energy Industry Conference to discuss energy transition. Intercontinental Festival City.
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.
The Daily Circuit: Abu Dhabi meets “Star Wars” + Altman seeks trillions for chips
👋 Hello from the Middle East!
Today we’re looking at Sam Altman’s unprecedented chipfunding odyssey, Aldar’s co-investment with The Carlyle Group on European real estate, Palantir’s partnership deal with Bahraini oil company Bapco Technologies and what’s on the culture calendar in AlUla, as the annual Saudi arts festival gets underway. But first, Abu Dhabi is rolling out the red carpet for Hollywood.
Nerds and culture vultures have more than one reason to make a stop in Abu Dhabi this month as Comic Con gets underway today and the capital is set to host the Middle East premiere of “Dune: Part Two” on Feb. 18. The 12th annual pop culture fest is the largest in the region, with actor Oscar Isaac of “Dune,” Marvel Universe and “Star Wars” fame headlining this year’s event. It’s all in good fun — but movies and gaming are also big emerging businesses in the Gulf.
“We are proud to have supported an incredibly successful filming franchise once again,” Mohamed Dobay, acting director-general of the UAE’s Creative Media Authority, said today. “Dune” and “Dune: Part Two” are among at least 150 productions that have used Abu Dhabi as a location in recent years.
In addition to Warner Bros. and Legendary Pictures, the capital has lured the likes of Disney, Netflix, Paramount and Universal, marketing its diversity of locations — the city, Arabian Sea and the Liwa Desert — its pool of production talent and the incentive of a 30% rebate for production costs. Films that have been shot in Abu Dhabi include movies from the “Mission Impossible,” “Star Wars” and “Fast & Furious” franchises, as well as Bollywood productions.
Major theatrical productions are a part of a wider effort by the UAE and Saudi Arabia into developing entertainment and gaming. The countries have poured billions of dollars into studio investments, developing talent and building up local capabilities to support the creative industries. Saudi Arabia invested $8 billion into gaming in 2022 and the first half of 2023, the Financial Times reported at the time, mainly through purchasing shares in leading global companies. But its war chest remains intact: the kingdom has earmarked $38 billion to become an international gaming center.
OpenAI CEO Sam Altman isseeking to raise as much as $7 trillionto reshape the global semiconductor industry, the Wall Street Journal reports. Topping the list of Altman’s prospective sources for funds is the UAE, a regional hub for artificial intelligence development. Altman reportedly met recently with Sheikh Tahnoun bin Zayed, the UAE’s National Security Advisor and Chairman of G42, the country’s leading company dedicated to AI.
ON THE MOVE
Aldar Properties is continuing its foray outside the Middle East with a $111 million co-investment with private equity firm The Carlyle Group in logistics and storage assets across Europe. Aldar will join the Carlyle Europe Realty platform, the investment firm’s pan-European real estate portfolio, as part of the deal. Abu Dhabi’s largest listed developer, which is 25% owned by Mubadala and 26% owned by International Holding Co., also unveiled this week a $1.4 billion investment plan to develop a range of income-generating assets in Abu Dhabi.
Sovereign Circuit
Public Investment Fund: China’s MSA Capital, backed by the PIF’s Jada Fund of Funds, will seek to raise $1 billion to back Middle East technology startups, Bloomberg reports.
ADQ: Tadweer, the ADQ-owned Abu Dhabi Waste Management Co., announced a new branding campaign and strategy to “revolutionize the waste management industry, unlock value from waste, and set new standards in the circular economy.”
Circuit Chatter
🚢 Port of Concern: Supply chain disruptions on the Red Sea slowed business activity in Dubai’s non-oil private sector economy in January, according to new data from the S&P Purchasing Managers’ Index.🔒 Who are You?: Cisco is building a cloud data center in Dubai for its Duo multifactor authentication feature that is aimed at strengthening cybersecurity in the region and improving connectivity.
🛫 Turkish Partner: EDGE, the Abu Dhabi-based defense conglomerate, signed a preliminary agreement to integrate its advanced payloads and sensors with Turkish Aerospace products.
🕺 Rent-a-Suit: UAE startup Cloudset is launching a “dynamic ownership” program that lets customers rent its clothes and pay only for a set period before returning them to the store.
🇧🇭 Upstream Capacity: Palantir signed a partnership deal with Bapco Technologies that will enable the Bahraini oil company to use Palantir’s AI software to improve its upstream performance.
Closing Circuit
☕ Coffee Klatch: New York’s Apollo Global Management is in talks to buy a minority stake in the MENA franchise of Starbucks, which is operated by Kuwait’s AlShaya Group, Reuters reports.🛢️ Aramco Share Sale: Saudi Arabia plans to hire Citigroup, Goldman Sachs and HSBC to manage a secondary share sale in Saudi Aramco that aims to raise $20 billion, Bloomberg reports.
📈 Omani IPOs: Oman’s state energy company OQ is considering selling shares in its exploration and liquified petroleum gas units, acting CEO Ahraf Al Marmari told Bloomberg.
🌴 Beach Resort: Abu Dhabi is in talks with Egypt on a $22 billion deal to develop a series of beach resorts in Ras Al Hekma, a stretch of the Mediterranean coast north of Cairo.
🏢 Property Tech: Rize, a Saudi property tech startup, raised $2.9 million in seed funding from investors including SEEDRA Ventures,Joa Capital and RZM Investments.
Power Circuit
UAE President Sheikh Mohamed bin Zayedreceived a letter on bilateral cooperation from King Felipe VI of Spain on Thursday. The message was received by Sheikh Mansour bin Zayed, UAE Vice President and Deputy Prime Minister, during his meeting with José Manuel Albares, Minister of Foreign Affairs of the EU, at Qasr Al Watan in Abu Dhabi.
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, visited the General Women’s Union in Abu Dhabi on Thursday, an organization started in 1975 to support female participation in national development and chaired by ‘Mother of the Nation’ Sheikha Fatima bint Mubarak.
On the Circuit
Ziad Soukkarie, general manager at UM KSA, was named managing director of the OMD media agency’s Saudi Arabia office.
Yohan Kadoche, former CEO of Israel’s Psagot Investment House, acquired control of Sigma Clarity Investment House in Tel Aviv from Andorra-based AndBank.
Fouzi Lekjaa, Morocco’s Minister Delegate for the Budget and President of the Royal Moroccan Football Federation, met with U.S. Ambassador Puneet Talwar for talks that focused on earthquake disaster relief and Morocco’s hosting of the 2030 World Cup.
Culture Circuit
🪨 Outdoor Gallery: The AlUla Arts Festival opens today and continues through March 2, turning Saudi Arabia’s ancient city into an open-air museum. The three-week program aimed at boosting tourism includes contemporary and installation art featuring works by Saudi and international artists.
🏀 NBA Partner: Emirates announced a partnership deal with the NBA in which the airline will sponsor a basketball tournament to be renamed the Emirates NBA Cup.
Ahead on the Circuit
Feb. 3-11, Abu Dhabi, UAE: Mubadala Abu Dhabi Open. WTA brings top women tennis players to the nine-day tournament. International Tennis Center, Zayed Sports City.
Feb. 9-11, Abu Dhabi, UAE: Middle East Comic Con. Nerds unite for the biggest pop culture gathering in the region. Abu Dhabi National Exhibitions Center.
Feb. 12-14, Dubai, UAE: World Governments Summit. Artificial intelligence takes center stage this year at the global gathering. Madinat Jumeirah.
Feb. 12-13, Riyadh, Saudi Arabia: Global Smart City Forum. AI and smart city experts convene to discuss the future of these cities and their impact on communities. The Arena.
Feb. 16-18, Munich, Germany: Munich Security Conference. Defense industry, foreign policy and national security leaders gather for annual summit. Hotel Bayerischer Hof.
Feb. 19-20, Riyadh, Saudi Arabia: Saudi Capital Markets Forum. A gathering of government ministers, banks and local publicly traded companies to discuss integrating emerging markets with established financial systems. King Abdullah Financial District.
Feb. 21-22, Dubai, UAE: Step Conference. The Dubai edition of the leading tech festival for emerging markets. Internet City.
Feb. 22-23, Miami Beach, FL: FII Priority Miami. A summit on disruptive technology and investment trends hosted by the Future Investment Initiative Institute. Faena Hotel Miami Beach.
Feb. 26-29, Doha, Qatar: Web Summit Qatar. A Middle East edition of the technology crowd mega-event, gathering investors, entrepreneurs and business leaders. Doha Exhibition and Convention Centre.
Feb. 28-29, Abu Dhabi, UAE: Investopia. A gathering of investors hosted by SALT and Investopia, an investment platform launched by the UAE Ministry of Economy and backed by Mubadala and the Department of Economic Development. St. Regis Saadiyat.
March 1, Abu Dhabi, UAE: Abu Dhabi Family Office Summit. One of the largest meetings in the region for family office leaders and investors. Saadiyat Rotana.
March 4-7, Riyadh, Saudi Arabia: LEAP. A global technology conference for developers, startups, investors, C-suite and media. King Abdul Aziz International Conference Center.
March 5-6, Doha, Qatar: International LNG Forum. Gathering of industry leaders and key stakeholders to discuss the future of gas in a key export market. InterContinental Doha Beach.
