AI STEPPE

Presight, an AI and big data analytics company owned by G42, has opened its first regional office in Kazakhstan’s capital city of Astana on the sidelines of a state visit by Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed. The new hub, located in the Astana International Financial Centre, will serve as Presight’s base for Central Asia and has already hired more than 40 local staff. Presight also plans to build an AI Command and Control Centre at Kazakhstan’s national AI hub, Alem.AI. The opening ceremony, attended by Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Presight, follows significant investment in Kazakhstan from Presight, which already has an agreement in place to help develop a $190 million smart city project and a next-gen AI supercomputer. Kazakhstan has been pursuing ambitious digital transformation goals in an attempt to diversify its oil-dependent economy, a move encouraged by Gulf states, which are frustrated with the former Soviet republic’s stubborn refusal to comply with OPEC+ production quotas.

Crypto SOCIETY

Dubai will soon allow residents to pay for government services using cryptocurrencies, as part of its push to advance the Dubai Cashless Strategy. The initiative follows a new agreement between Dubai Finance and global crypto platform Crypto.com, aiming to create a secure and efficient payment channel across government platforms using stablecoins. It aligns with the emirate’s ambition to become a fully digital, cashless society and strengthen its position as a global hub for financial innovation. The move also supports the D33 agenda, which targets sustainable economic diversification and digital transformation.

Mubadala: Bain Capital is in talks with Mubadala Investment Co., Kohlberg & Co. and Partners Group to buy a majority stake in PCI Pharma that would value the Philadelphia-based drug services provider at about $10 billion, Bloomberg reports.

MGX: The $100 billion Stargate AI infrastructure project announced this year by SoftBank and OpenAI, with Abu Dhabi’s MGX as an investment partner, is slowing down in part because of the conflict over U.S. tariff increases, Bloomberg reports.

Public Investment Fund: Saudi Arabia has launched Humain, a new PIF-backed company focused on developing AI technologies, including next-generation data centers, cloud infrastructure, and a powerful Arabic large language model.

Masdar: Following Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed’s state visit to Kazakhstan, Abu Dhabi’s green energy company announced that it would be developing new renewable energy and battery storage system projects in partnership with the country’s sovereign wealth fund, Samruk-Kazyna.

Masdar: Multinational technology group Wilo and Abu Dhabi green energy company Masdar have signed a strategic cooperation agreement to advance energy efficiency technology and renewables.

Dubai Holding: The investment conglomerate owned by Dubai Ruler Sheikh Mohammed bin Rashid aims to raise up to $487 million from its residential REIT IPO, the emirate’s first of 2025.

Qatar Investment Authority: Qatar General Electricity and Water Corporation, Kahramaa, has signed a deal with the Luluah Sky Energy Holding consortium to build the $4 billion Ras Abu Fontas power and water plant, which will produce 2,400 MW of electricity and 110 million gallons of water daily.

🌴 Hot Property: Abu Dhabi’s Aldar Properties has sold its Mamsha Gardens residential development in the Saadiyat Cultural District to Hong Kong-based GAW Capital Partners for AED586 million ($159 million).

☀️ Solar Park: A Chinese state company has won the contract to build phases 3 and 4 of Kuwait’s Shagaya solar park, a 4,800MW project set to boost the country’s renewable energy share to 27% by 2028.

🌐 Quantum Funding: Classiq, an Israeli start-up building software infrastructure for quantum computing, raised $110 million in a Series C funding round, led by Entrée Capital.

🤝 Thumbs Up: The U.S. approved $1.4 billion in arms sales to the UAE ahead of President Donald Trump’s visit, including six Chinook helicopters, Bloomberg reports. 

🇸🇦 Investment Guidance: Evercore, the New York investment bank and advisory firm, is expanding in Saudi Arabia and hiring Mohammed Aldekmary to run its operations in the kingdom, Bloomberg reports.

🏢 Branded Living: Aldar Properties is partnering with Hilton to develop Waldorf Astoria Residences on Abu Dhabi’s Yas Island, offering premium furnished apartments and penthouses within proximity of the future Disney theme park.

💸 Diverse Portfolio: UAE investments in Uzbekistan surged to $1.3 billion in 2024, driven by over $700 million in renewable energy deals and a new $200 million investment fund.

🔴 Don’t Crypto: Egypt’s Financial Regulatory Authority has warned against investing in cryptocurrencies – which is criminalized in Egypt – citing risks of fraud, terror financing, and lack of regulatory oversight.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi. concluded an official visit to Kazakhstan at the invitation of President Kassym-Jomart Tokayev. During the trip he visited the Ethnic Village in Astana, accompanied by Tokayev.

Sheikh Abdullah bin Zayed, UAE Deputy Prime Minister and Minister of Foreign Affairs, received Abbas Araghchi, Iran’s Minister of Foreign Affairs, in Abu Dhabi on Monday. 

Sheikh Tahnoon bin Zayed, the UAE National Security Adviser and Deputy Ruler of Abu Dhabi, said he met with Dr. Lisa Su, Chair and CEO of Advanced Micro Devices, and said the two discussed opportunities for collaboration.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, UAE Deputy Prime Minister and Minister of Defence, wrote on X that he went to visit Google’s Dubai offices to understand their latest artificial intelligence initiatives. On Monday, Sheikh Hamdan also issued directives to grant golden visas to nurses employed by Dubai Health who have served for more than 15 years.

Kapil Jobanputra, a former banker at Standard Chartered, is launching Elaeo Partners, a boutique advisory firm in Abu Dhabi, aiming to tap into institutional capital flowing between Asia, Europe and the Gulf, Bloomberg reports.

Steve Allen, dnata’s Group Chief Executive Officer, told The National in an interview that the company is planning for “hundreds of millions” of dollars in capital expenditure and a forecast of low double-digit growth across its business this financial year.

BR Shetty, Former Indian Billionaire, has failed in his attempt to overturn a $33 million judgment by the Dubai International Financial Centre Courts, in a case tied to the collapse of NMC Health, the company he founded.

🎥 Film Star: Saudi Arabian film producer Faisal Baltyuor has been appointed CEO of the Red Sea Film Foundation, replacing acting CEO Mohammed Asseri from June 1. Baltyuor was the first head of Ithra Cinema and founded CineWaves Films, one of the biggest distributors of Saudi films. Last year he opened the kingdom’s first arthouse cinema, Cinehouse, in Riyadh.

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 13-15, Dubai. World Police Summit. Uniting law enforcement professionals, policymakers, industry leaders, and innovators to redefine the standards of modern policing. Dubai World Trade Center.

May 14-15, Dubai. HODL. Formerly known as the World Blockchain Summit, the event transforms to HODL to incorporate business opportunities, investor connections and regulatory dialogues. Madinat Jumeirah. 

May 16, Milan. Investopia Europe 3rd Edition. Highlighting discussions around transforming the global economy. Featured speakers include Abdulla bin Touq Al Marri, UAE Minister of Economy and Chairman of Investopia, and UAE Minister of State for Entrepreneurship Alia Abdulla Al Mazrouei. Palazzo Mezzanotte.

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 19-22, Abu Dhabi. Make it in the Emirates. The  UAE’s premier manufacturing event, uniting innovators, investors, and policymakers to shape the future of industry. ADNEC.

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.

June 12, Dubai. Dubai Family Office Investment Summit. An invitation-only event hosted by Epicon Capital Club, for Family Offices, Serial Entrepreneurs, Private Investors, Fund Managers and Government Entities. Unknown.

BIG BUCKS

Bahrain’s sovereign wealth fund, Mumtalakat, reported a record profit of $963 million in 2024, reversing a significant loss from the previous year. The turnaround was driven by McLaren Group’s restructuring and a partnership with Abu Dhabi-backed CYVN Holding, the sovereign said. “The past year marked a major period of change for Mumtalakat, as we repositioned for long-term growth,” said Shaikh Salman bin Khalifa Al Khalifa, Chairman of the sovereign fund, Arabian Gulf Business Insights reported. The fund, which manages $18 billion in assets, has recently shifted focus to local investments and signed regional deals in green energy and healthcare. Despite the turnaround, S&P revised its outlook on Mumtalakat to negative, mirroring concerns over Bahrain’s fiscal outlook.

DOWN UNDER

UAE developer Arada has acquired the New South Wales state arm of Australian construction firm Roberts Co, investing $20 million to support its expansion in Australia and securing 700 jobs across its supply chain. The Sydney-based builder will become the “main delivery pipeline” for 5,000 homes Arada plans to build in the next 24 months, chief executive Ahmed Alkhoshaibi told The Australian Financial Review. The Gulf cash injection comes at a critical time for Roberts Co, which was forced to put its Victorian state arm into administration in March, leaving projects worth billions in limbo. Arada, a Sharjah-based firm founded by the son of Saudi Arabia’s Prince Alwaleed bin Talal and Sharjah’s Deputy Ruler Sheikh Sultan bin Ahmed Al Qasimi, has been growing at lightning speed. It first announced it would make its international debut in Australia last August. Alkhoshaibi told The National in February that the company was open to the possibility of an IPO after it sold out a $1.5 billion Sharjah project in three hours.

G42: The UAE’s G42 has reached an agreement with Cisco to collaborate on accelerating artificial intelligence innovation and infrastructure development across the public and private sectors. The announcement was made in the presence of Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council.

ADQ: The Abu Dhabi sovereign wealth fund said it has priced a $2 billion bond, its third international debt offering, with strong demand pushing the order book past $7 billion. 

ADQ: AD Ports Group, which is controlled by ADQ, and Burjeel Holdings will create a joint venture that would leverage AD Ports’ logistics capabilities to fast-track the delivery of high-quality medical supplies and services across Africa.

Oman Investment Authority: Asyad Drydock, part of Asyad Group, which is wholly owned by the OIA has invited consultants to conduct a feasibility and engineering study for expanding its fully utilised drydock at Duqm Port in order to boost capacity, assess green hydrogen-linked manufacturing opportunities, and evaluate economic, environmental, and operational impacts.

Qatar Investment Authority: The QIA, China’s oil company Sinopec, and Hillhouse Investment are considering major investments in Contemporary Amperex Technology Co. Ltd.’s Hong Kong listing, one of the city’s biggest share sales in recent years, Bloomberg reports. CATL is also in talks with other funds, including Kuwait Investment Authority, some of which could join as cornerstone investors.

Space42: Space42, through its subsidiary Thuraya, has partnered with Denmark’s Gatehouse Satcom to advance direct-to-device satellite connectivity.

M42: M42, a Mubadala company, has announced Dimitris Moulavasilis as the company’s new Group Chief Executive Officer, effective immediately. Meanwhile, Jasem Al Nowais transitions from his role to continue as a member of M42’s Board.

Abu Dhabi Investment Authority: British International Investment has entered India’s solar manufacturing sector with its first investment, a $100 million commitment to ReNew, a company backed by ADIA.

⚗️ Chemical Formula: ADNOC, the UAE national oil company, is close to clinching EU antitrust approval for its $16.6 billion takeover of German chemicals company Covestro, Reuters report.

🛍️ Turkish Delights: Uber will enter Turkey’s food delivery market by acquiring an 85% stake in Alibaba-backed Trendyol Group’s Go online meal and grocery delivery service for $700 million. 

💺 Jet Order: Qatar Airways is preparing a deal to buy around 100 widebody jets from Boeing with an option to buy another 100 planes, Bloomberg reports, indicating the agreement will coincide with U.S. President Donald Trump’s visit next week.

🧑🏽‍🎓 Educated Kids: Red Sea Global has partnered with SEK Education Group to open two IB schools at AMAALA and Turtle Bay, offering world-class education for up to 726 students.

🏥 Hospital Brand: Al Hilal Healthcare Group, Bahrain’s largest private provider, has acquired and rebranded Middle East Hospital in Manama’s Segaya as Al Hilal Premier Hospital, its 10th branch and second hospital in the kingdom.

🎞️ Film Collab: Saudi Arabia’s Film AlUla has partnered with The MBS Group, which will exclusively manage and operate AlUla Studios through its new regional arm, MBS MENA Limited, in a first-of-its-kind collaboration in the region.

$ Wealth Investment: Brown Advisory, a global investment management firm with $161.7 billion in assets under management, has expanded to the Middle East with the opening of a new office in Abu Dhabi Global Market.

📈 IPO Ready: Saudi Arabia’s Flynas, backed by billionaire Prince Alwaleed bin Talal, is considering seeking about $1 billion from its IPO, Bloomberg reports.

₿ Crypto Base: Ripple Labs plans to expand in the UAE after becoming the first blockchain payments provider licensed by Dubai’s financial regulator, citing the region’s $40 billion remittance market, trading hub status, and strong customer base.

⛏️ Mineral Memo: Saudi Arabia is ready to discuss a potential deal with the U.S. to cooperate in mining and mineral resources, the kingdom’s cabinet said in a statement on Tuesday.

💰 Financial Capitals: The Dubai Financial Market and Taiwan Stock Exchange have signed an agreement to boost cross-border investment, explore dual listings of products including ETFs, and enhance cooperation through joint outreach and knowledge sharing.

✈️ Budget Cuts: Wizz Air has canceled its planned June 2025 Milan-Abu Dhabi route using the Airbus A321XLR, reportedly due to competition with Etihad Airways.

🛫 Flight Fright: Delta, Air France, and Lufthansa are among the airlines that suspended flights to and from Tel Aviv after a missile fired by Yemen’s Houthi rebels landed near Israel’s Ben-Gurion International Airport on Sunday.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, met today with Disney CEO Bob Iger for the announcement that a Disney Theme Park Resort will be built on Yas Island.

Sheikh Mohammed bin Rashid, UAE Vice President and Prime Minister and Ruler of Dubai, has chaired the UAE Cabinet meeting held at Qasr Al Watan palace in Abu Dhabi, during which the cabinet approved the UAE Strategy for Islamic Finance and Halal Industry. 

Sheikh Mansoor bin Mohammed, Chairman of the Dubai Ports and Borders Security Council, inaugurated GISEC Global 2025, the world’s third-largest cybersecurity event, on Thursday.

Dr. Mohammed Abdullah Al Ali, CEO of Trends Research and Advisory, told WAM that the UAE-based think tank and consulting firm plans to open 25 global offices by the end of this year. 

Hosam Arab, CEO of UAE-founded buy-now-pay-later company Tabby, said that its IPO timeline is within the next 12-18 months, depending on market conditions..

Shehab Gargash, Managing Director & Group CEO of Gargash Group, said during a panel discussion at the Capital Market Summit that the old days of boom and bust are no longer the norm, adding that the region must capitalize on the turmoil on the world stage.

Josh Pack, Co-CEO of Fortress Investment Group, is moving from Dallas to London to lead the New York-based alternative asset manager’s European expansion plans. Abu Dhabi’s Mubadala sovereign wealth fund owns 70% of Fortress and agreed last month to invest $1 billion in private credit and other strategies with the firm.

Ahmad Al Mutawa, Regional CEO of Abu Dhabi Ports Group, met with Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, in Cairo on Tuesday. Badawi congratulated AD Ports Group’s delegation on the signing of an agreement to develop the KEZAD East Port Said Industrial and Logistics Zone, which was announced on Monday.

Nadeem Hussain, CEO of Dubai-based MBS Global Investments, told The National that its planned $8.8 billion tax-free financial center in the Maldives would not compete with the UAE’s financial hubs.

Ted Kemp has been appointed Chief Content Officer at the Khaleej Times, bringing two decades of experience in media to the UAE-based English-language newspaper. 

Brett McGurk, former White House Coordinator for the Middle East and North Africa, was photographed in yesterday’s meeting between Cisco executives and Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed.

🥐 French Connection: AlUla’s Villa Hegra, a Saudi-French cultural institution, will choose a local artist to travel to Paris for a residency with Mobilier National. The 400-year-old organisation, which was formed to manage the furnishings of France’s royal residences, now administers historic workshops preserving methods for making tapestries, carpets, lace and furniture. The initiative aims to promote these artisanal French traditions in the kingdom.

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. 

May 4-7, Beverly Hills, Calif.: Milken Global Investment Conference. This is the final day of the annual gathering of corporate executives, investors and thought leaders, which will be held at the Beverly Hilton.

May 5-8, Tel Aviv. Future Summit. An invite-only gathering bringing together top global founders, investors, cultural leaders, and policymakers for intimate, off-the-record conversations. Jaffa Hotel.

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 13-15, Dubai. World Police Summit. Uniting law enforcement professionals, policymakers, industry leaders, and innovators to redefine the standards of modern policing. Dubai World Trade Center.

May 14-15, Dubai. HODL. Formerly known as the World Blockchain Summit, the event transforms to HODL to incorporate business opportunities, investor connections and regulatory dialogues. Madinat Jumeirah. 

May 16, Milan. Investopia Europe 3rd Edition. Highlighting discussions around transforming the global economy. Featured speakers include Abdulla bin Touq Al Marri, UAE Minister of Economy and Chairman of Investopia, and UAE Minister of State for Entrepreneurship Alia Abdulla Al Mazrouei. Palazzo Mezzanotte.

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.

MAJOR SALE

ADNOC, the UAE energy giant, is raising $1.5 billion through its debut sale of Islamic bonds to beef up its capital reserves. Acting via primary debt entity ADNOC Murban, named after its flagship crude grade, ADNOC priced the 10-year bonds at 60 basis points over U.S. Treasuries and attracted more than $3.85 billion in demand, Reuters reports. When ADNOC raised $4 billion through conventional bonds last September, Chief Investment Officer Klaus Froehlich said that the energy giant would likely tap the market for between $3 billion and $5 billion a year, excluding alternative markets like Islamic bonds. Standard Chartered is the sole global coordinator for the latest sale, with several banks acting as bookrunners, the news agency reported.

FACE BOOKING

Abu Dhabi is testing a facial recognition system to verify guests and speed up the check-in process at hotels across the emirate. The system, unveiled during Dubai’s Arabian Travel Market, is now in its pilot phase at a handful of hotels. It will then be rolled out to all five-star hotels in Abu Dhabi city and the Al Ain and Al Dhafra regions, before targeting four-star establishments at a later date. The scheme, led by Abu Dhabi’s Department of Culture and Tourism (DCT) and the Federal Authority for Identity, Citizenship, Customs & Port Security (ICP), is a part of the UAE’s wider push to use technology to boost government efficiency and improve customer service. Travelers to the emirates are already familiar with biometric systems, which are widely used in the UAE’s airports. Upgrades to Abu Dhabi’s Zayed International Airport are expected to eliminate the need for travel documents altogether.

Abu Dhabi Investment Authority: The sovereign wealth fund is an investor in U.S. insurance broker Acrisure, which is in talks with a group led by Bain Capital’s BDT & MSD unit to invest as much as $2 billion in the firm, Bloomberg reports.

Abu Dhabi Investment Authority: ADIA is investing in Ather Energy’s $360 million IPO, supporting the electric scooter maker’s expansion and strengthening its growing presence in India.

Public Investment Fund: Saudi Arabia’s global aircraft lessor AviLease, owned by the PIF, received investment grade ratings from Fitch, strengthening its prospects for expansion.

ADQ: Antonoaldo Neves, CEO of Etihad Airways, which is owned by ADQ, said the decision on an IPO is with the shareholders. He said that so far, the airline is not seeing any effects from the turmoil caused by U.S. President Donald Trump’s tariff policies; however, it was too early to fully gauge the impact, Reuters reports. 

🛢️ New Venture: China’s Sinopec and Saudi Aramco’s Singaporean arm have signed a $3.9 billion deal to create an energy joint venture in China’s Fujian province.

🇶🇦 Bond Proposals: Bahrain may seek to raise $1.5 billion or more in a bond sale and requested proposals from banks for a potential offering, Bloomberg reports.

🚢 Port Authority: Saudi Arabia’s General Ports Authority, known as Mawani, signed a $79 million deal with Alissa International Motors to develop a 382,000 sq. m logistics zone at King Abdulaziz Port in the eastern province of Dammam.

💸 New Style: Los Angeles-based asset manager Capital Group and private equity giant KKR have teamed up to launch new funds blending traditional stocks and bonds with private assets like buyouts, infrastructure, and real estate, the Financial Times reports. 

🤖 Code Repair: Lightrun, an Israeli startup that lets AI developers spot and repair software code in real time, raised $70 million in a Series B funding round led by Accel and Insight Partners.

🇰🇼 LNG Exports: Australia’s Woodside Energy Group is in talks to sell an interest in its proposed U.S. LNG export project to state-owned Kuwait Foreign Petroleum Exploration Co., Bloomberg reports.

💲 Turkish Loan: Turkey wants to secure $41 billion in low-cost, long-term financing from global institutions over the next three years, Treasury and Finance Minister Mehmet Şimşek announced after meetings at the IMF and World Bank.

💍 On the Rocks: The relationship between Microsoft and Open AI CEOs Satya Nadella and Sam Altman has soured at a critical moment in the AI race, The Wall Street Journal reports.

🏨 Lost Plot: UAE billionaire Khalaf Al-Habtoor is considering hiring China Railway Construction Corp. to dismantle and relocate his 185-room Metropolitan Palace Hotel in Beirut by sea to another country after ending investments in Lebanon.

💵 Bridge to Beijing: China International Capital Corp., one of the country’s largest brokerages, is opening a new Dubai branch to target sovereign wealth funds and conglomerates in the Gulf region, Bloomberg reports. 

UAE President Sheikh Mohamed bin Zayed met with Sam Mostyn, Governor-General of Australia, at Qasr Al Shati in Abu Dhabi on Monday.

Emir of Qatar Sheikh Tamim bin Hamad inaugurated the Ras Laffan and Mesaieed solar photovoltaic power plants at the Ras Laffan Industrial City on Monday.

Sheikh Mohammed bin Rashid, Ruler of Dubai and UAE Vice President and Prime Minister, issued a decree to form a new Board for Dubai Ports and Borders Security Council, chaired by Sheikh Mansoor bin Mohammed. Lt. Gen. Mohammed Ahmed Al Marri will serve as Vice Chairman of the Board.

Prince Faisal bin Farhan, Saudi Arabia’s Minister of Foreign Affairs, arrived in Muscat on Monday for an official visit to Oman. He was received at Muscat International Airport by Omani Foreign Minister Badr bin Hamad Al Busaidi.

Frank Gehry, the 96-year-old architect who designed the soon–to–be–opened Guggenheim Abu Dhabi museum, attended the UAE capital’s Culture Summit on Monday, where he met with Solomon R. Guggenheim Museum and Foundation CEO Mariet Westermann.

Sherif Fathi, Egypt’s Tourism Minister, said Egypt’s tourism sector is expected to grow by 6% this year, boosted by the expected official opening of the Grand Egyptian Museum, speaking at a press conference during the Arabian Travel Market exhibition in Dubai.

Tony Douglas, Riyadh Air CEO, said that the airline is willing to buy Boeing planes that were once destined for Chinese airlines if orders are canceled due to the U.S.-China trade war, Reuters reports.

Khalid Al-Falih, Saudi Arabia’s Minister of Investment, said that 34 international companies have decided to open their regional headquarters in the Eastern Region, which is promoting more than 700 investment opportunities worth $88 billion.

Ali Mandour will serve as Middle East Managing Director for I Squared Capital, as the U.S. private equity fund expands in the region, with a new office set to open in Riyadh later this year.

🪦 Age Old Wisdom: A new discovery of an Iron Age burial site at one of the world’s oldest inhabited settlements in the Al Ain region of Abu Dhabi promises to transform knowledge of ancient culture. The 3,000-year-old necropolis may contain more than 100 burial plots, with some believed to be intact, despite historic looting hundreds of years ago. “For years, the Iron Age burial traditions remained a mystery, but now we have tangible evidence that brings us closer to the people who lived here 3,000 years ago,” Jaber Saleh Al Merri, director of the historic environment department, said in a press release.

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 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.

IPO PIPELINE

Saudi Arabia’s United Carton Industries received three times the offers it needs this week to raise about $160 million in an IPO, the first on Riyadh’s Tadawul Stock Exchange since new U.S. tariffs rocked the world market, Bloomberg reports. In the kingdom’s IPO pipeline are several food and beverage companies that could be affected by any economic downturn that may stem from tumbling oil prices. Coffee chain Half Million and cookie-maker Deemah are among the firms that are speaking to banks about an initial share sale, the news agency reports. Others include the Barn’s coffee chain and Hashi Basha, which operates a chain of restaurants known for its camel meat. 

DATA DELUGE

Dubai’s telecom company, du, is collaborating with Microsoft to build a $545 million “hyperscale” data center. Microsoft will be the primary tenant of the center, which will be built in stages. Hyperscale centers are facilities used to meet the huge data and storage demands of AI and cloud computing services. Currently, du operates five data centers across the UAE. The project was unveiled on Tuesday by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, UAE Deputy Prime Minister and Defense Minister and Chairman of the Dubai Future Foundation. “Data is the wealth of the future and the foundation of technological progress,” he said. 

Public Investment Fund: Aiman al-Mudaifer, acting CEO of Saudi Arabia’s NEOM megaproject, will be offered the permanent post, succeeding Nadhmi al-Nasr, who resigned in November, Reuters reports.

ACWA Power, the Saudi utility backed by the PIF, secured a $119 million Islamic-compliant loan from Alinma Bank to fund its new Riyadh headquarters.

Qatar Airways: The government-owned carrier will join forces with IAG, the parent company of British Airways, and Malaysia Aviation Group to create a new cargo business that would help the three companies streamline costs and expand their flight route networks, Bloomberg reports.

Mubadala: Meera Al Suwaidi, Head of Sovereign Partnerships at Mubadala, has been selected to join the Forum of Young Global Leaders, a three-year-old project within the World Economic Forum.

🧈 Gold Digging: Egypt’s Mineral Resources Authority and South Africa’s AngloGold Ashanti have signed an agreement to mine gold in the Eastern Desert.

☎️ Dial-a-Loan: Saudi Telecom Co., the kingdom’s biggest mobile operator, is expanding into corporate lending after launching a new digital banking unit backed by Western Union, Bloomberg reports.

💵 Bond Traders: Oman is offering new five-year government bonds worth $259 million at 4.6% annual interest, open to all investors, with trading allowed via the Muscat Stock Exchange.

🤖 Claims Assistant: Healthee, an Israeli startup that automates the complicated process of filing U.S. health insurance claims, raised $50 million in a Series B funding round led by Key1 Capital.

🍞 Let It Rain: Morocco expects the 2025 grain harvest of wheat, durum and barley to exceed last year’s by 41% because of improved rainfall, Agriculture Minister Ahmed El Bouari said on Tuesday.

🤳 Insta City: The Visit Dubai tourist board is launching an “influencer academy” with travel content agency Beautiful Destinations to train digital creators and boost tourism.

🍫 Chocolate Diplomacy: Iran exported 40% more pistachios to the UAE in the six months to March 2025 than during the entire previous year amid the frenzy over Dubai chocolate, the Financial Times reports. 

🔌 Plug and Play: The UAE’s largest dedicated EV charging hub will open in Ajman later this year, featuring a “super-premium” experience including green landscaping and fountains for drivers to enjoy while they wait, The National reports.

⛲ Big Bucks: Emaar has done the maths and worked out that it has invested over $1 billion enhancing Dubai’s global identity through iconic attractions, including creating and operating Dubai Fountain.

Saudi Crown Prince Mohammed bin Salman held talks in Jeddah on Tuesday with Indian Prime Minister Narendra Modi, and the two leaders jointly chaired a meeting of the Saudi-Indian Strategic Partnership Council.

UAE President Sheikh Mohamed bin Zayed launched “Barakatna,” an initiative aimed at enhancing the quality of life for senior citizens.

Mohamed Abushahab, the UAE’s Permanent Representative to the United Nations, met Gary White, Co-Founder and CEO of Water.org to discuss the UAE’s priorities as co-host of the 2026 UN Water Conference, as well as the nonprofit’s crucial work in addressing the global water crisis through innovative financial solutions.

Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and the President and CEO of QatarEnergy, met Hendrik Wüst, the Minister-President of the State of North Rhine-Westphalia in Germany, on Wednesday in Doha to discuss energy collaboration, the company said in an e-mailed press statement. 

Klaus Schwab, who stepped down last year as leader of the World Economic Forum, is under investigation by the organization he created amid allegations of financial and ethical misconduct by him and his wife, The Wall Street Journal reports. 

Hussain Sajwani, the Emirati billionaire and DAMAC Properties Founder and Chairman, shared a photo on Instagram with U.S. President Donald Trump in the Oval Office.

🎥 Film School: Saudi Arabia’s Red Sea Film Foundation is launching a mentorship program with Spike Lee, the Academy Award-winning filmmaker known for “Malcolm X” and “BlacKkKlansman”. The program will give 15 emerging directors from the Middle East and Asia a “one-of-a-kind” opportunity to learn from Lee, with applications closing tomorrow and the program taking place from April 30 – May 3. Last year, Lee served as the president of the jury for the fourth edition of the Red Sea International Film Festival in Jeddah.

April 23-24, Dubai. Dubai AI Festival. Bringing together tech leaders to explore and expand the commercial and economic possibilities of AI technology.” Madinat Jumeirah.

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 13-14, 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.