Gulf states vie for investors on Swiss resort’s frigid streets
As the World Economic Forum opened Monday on the icy streets of Davos, Saudi Arabia and the UAE were beckoning delegates to come in from the cold – touting a range of gatherings inside their well-heated pavilions on the Swiss ski resort’s main drag.
Saudi House, an all-in-one base at 105 Promenade Street that the kingdom is using to attract foreign investment, will feature programs and exhibits prepared by 13 separate agencies.
They range from the Investment and Tourism ministries to the Royal Commission for AlUla – the ancient desert city, now a center for museums and resorts – to the Diriyah Company – which is carrying out a $63 billion overhaul of Riyadh’s historic core.
Walk-in visitors are generally treated to assorted varieties of Saudi dates and cardamom-infused coffee. Saudi House will also be hosting more elaborate luncheons and dinner meetings during the week.
“The kingdom’s approach to unlocking its potential involves really rewriting the economic playbook,” Saudi Economy and Planning Minister Faisal Alibrahim told Arab News in an interview published today.
“This is not just about investments or the government spending money,” he said. “This is about creating an environment that’s vibrant, that attracts capital, attracts minds to the opportunities that are being created in the kingdom led today by the government.”
Down the road at 68 Promenade Street, the UAE will also have a crowded schedule. On Tuesday, G42 Chief Operating Officer Mansoor Al Mansoori will host Brad Smith, Vice Chair and President of Microsoft, for a public chat on “how global cooperation can address challenges like ethical governance, inclusivity, and shared innovation.”
Saudi Arabia has patterned its own annual business forum after the Swiss gathering, establishing the Future Investment Initiative conference in 2017 that was immediately dubbed “Davos in the Desert.”
At its eighth edition last October, some 7,000 movers and shakers poured into Riyadh for the get-together that takes place at the opulent Ritz Carlton hotel and in the vast halls of the adjacent King Abdul Aziz International Conference Center.
Getting a jump on the confab, the developers of Saudi Arabia’s trillion-dollar-plus Neom project invited a select group of financiers, celebrities and influencers to a kickoff event at Sindalah Island, five kilometers off the kingdom’s west coast.
The Red Sea resort island, where an ecosystem is rising of super-luxury hotels, swank night clubs and an 86-berth yacht marina, hosted a beach party headlined by Grammy Award winner Alicia Keys. She sang to an audience that included actor Will Smith, tennis champ Rafael Nidal and former NFL quarterback Tom Brady.
Back in the capital, FII featured a bevy of investment bankers, hedge fund founders and corporate titans who are veterans of Davos and have become regulars at the Saudi conference, showcasing its aspirations for global influence.
Among the speakers on the main stage were bankers Larry Fink, Chairman and CEO of BlackRock; Ben Horowitz, co-founder of Andreesen Horowitz Jane Fraser, CEO of Citi; Ken Griffin, Founder and CEO of Citadel. Others included Dame Julia Hoggett, CEO of the London Stock Exchange; Ruth Porat, President and Chief Investment Officer of Alphabet and Google; and Ben Horowitz, co-founder of Andreesen Horowitz. | The three-day event was introduced by Yasir Al-Rumayyan, who is Governor of the Saudi Public Investment Fund and Chairman of Aramco. Richard Attias, who hosts and produces the Saudi conference as CEO of the FII Institute, was earlier in his career producer of the WEF conference in Davos.
In today’s Daily Circuit, we’re looking at Bahrain-based Investcorp’s IPO horizon, QIA-backed Instabase’s $100 million funding round, Dubai’s new property rules aimed at attracting foreign investment and Sir Anthony Hopkins’ star-studded concert in Riyadh. But first, home away from home for Gulf delegates in Davos.
As the World Economic Forum opens today on the icy streets of Davos, Saudi Arabia and the UAE are beckoning delegates to come in from the cold – touting a range of gatherings inside their well-heated pavilions on the Swiss ski resort’s main drag.
Saudi House, an all-in-one base at 105 Promenade Street that the kingdom is using to attract foreign investment, will feature programs and exhibits prepared by 13 separate agencies.
They range from the Investment and Tourism ministries to the Royal Commission for AlUla – the ancient desert city, now a center for museums and resorts – to the Diriyah Company – which is carrying out a $63 billion overhaul of Riyadh’s historic core.
Walk-in visitors are generally treated to assorted varieties of Saudi dates and cardamom-infused coffee. Saudi House will also be hosting more elaborate luncheons and dinner meetings during the week.
“The kingdom’s approach to unlocking its potential involves really rewriting the economic playbook,” Saudi Economy and Planning Minister Faisal Alibrahim told Arab News in an interview published today.
“This is not just about investments or the government spending money,” he said. “This is about creating an environment that’s vibrant, that attracts capital, attracts minds to the opportunities that are being created in the kingdom led today by the government.”
Down the road at 68 Promenade Street, the UAE will also have a crowded schedule. On Tuesday, G42 Chief Operating Officer Mansoor Al Mansoori will host Brad Smith, Vice Chair and President of Microsoft, for a public chat on “how global cooperation can address challenges like ethical governance, inclusivity, and shared innovation.”
Welcome to the Daily Circuit. Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].
📰 Developing Stories
LOOKING AHEAD
Investcorp, the Middle East’s largest alternative asset manager, is looking at the horizon and dreaming big. Executive Chairman Mohammed Alardhi is at Davos this week, where he told Bloomberg the firm is considering an IPO somewhere down the line. “In the next few years I would not be surprised if we look for a liquidity event sometime, whether by a strategic partnership or even going to the public markets,” Alardhi said. The Bahrain-based firm, which manages about $55 billion, is optimistic about 2025 and prospects for business in the U.S. under the Trump administration, Alardhi said.
PROPERTY BOOST
Dubai is taking new steps to make its prime property more attractive to foreign investors. The emirate issued regulations on Sunday enabling private property owners of all nationalities in the Sheikh Zayed Road and Al Jaddaf areas to convert their ownership to so-called “freehold” status, The National reports. Under freehold classification, an investor has a direct title of ownership of the property and the land on which it is built. “This news is huge because it could be the beginning of what I suppose will be the opening up of all areas to be bought by non-locals,” Mario Volpi, head of brokerage at Novvi Properties, told the newspaper.
💲 Sovereign Circuit
Mubadala: The Abu Dhabi sovereign wealth fund will proceed with a restructuring of the Turkish Getir grocery delivery service despite threats of a legal battle from its founders.
Qatar Investment Authority: Instabase, a San Francisco startup that creates software for extracting data from documents, raised $100 million in a Series D funding round led by the QIA.
Public Investment Fund: A subsidiary of the sovereign wealth fund’s Saudi-Egyptian Investment Co. agreed to invest in Cairo for Investment and Real Estate Development, Egypt’s largest private-sector education service provider.
↪↩ Closing Circuit
📈 Price Surge: An 81% increase in Riyadh residential real estate prices since 2020 has put home ownership out of reach for the vast majority of the Saudi capital’s residents, the Financial Times reports.
⛽ Gas Sale: ADNOC signed a 15-year Sales and Purchase Agreement with Germany’s EnBW for 0.6 million tons per annum of LNG from its Ruwais project, with deliveries expected to begin in 2028.
💲 Lean In: Egypt received a $231 million loan from the state-backed Japan International Cooperation Agency to support its private sector development to transition to a green economy.
🖥️ Digital Assets: Dubai Islamic Bank increased its stake in Turkey’s T.O.M. Group from 20% to 25%, strengthening its presence in Turkey’s growing financial market, which includes T.O.M. Katilim Bankasi, Turkey’s first licensed digital retail bank.
💸 SME Funds: Egypt’s Micro, Small, and Medium Enterprises Development Agency signed a micro-project financing deal worth $1.95 million with Erada Microfinance company to fund 1,700 micro-projects, each receiving $9,000.
🗣 Circuit Chatter
🚢 Holding Back: International cargo carriers are not ready to return to the Red Sea in the wake of a Gaza ceasefire because of uncertainty over whether Yemen’s Houthis will continue to attack their ships, Reuters reports.
🥬 Vegan Cuisine: Emirates airline is testing some 300 different vegan dishes, such as savory cannelloni and spicy shakshuka, to address increasing demand from passengers.
₿ Crypto Power: Dubai Multi Commodities Centre and REIT Development will build a 17-story Crypto Tower in Dubai’s Jumeirah Lakes Towers to support blockchain, DeFi, and Web3 companies.
💰 Flying In: The UAE has emerged as the second most popular destination for high-net-worth individuals seeking to leave the U.K. ahead of upcoming tax regime changes, investment experts Henley & Partners said.
🇰🇼 New Tracks: Kuwait’s Public Authority for Roads and Transportation issued a tender for a consulting agreement to establish the Kuwait Railway Co., a decision to be followed by a study of the private sector partnership for its operation and maintenance.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayedmet with Masrour Barzani, Prime Minister of the Kurdistan Region of Iraq at Qasr Al Shati in Abu Dhabi on Sunday. Sheikh Mohamed also received a phone call from the leader of the New Syrian Administration, Ahmed Al-Sharaa in which he reiterated the UAE’s steadfast position in support of Syria’s independence.
Crown Prince Mohammed bin Salman of Saudi Arabia is emerging as one of the biggest winners in the fallout of the 15-month conflict in Gaza, which has tilted the balance of power in the Middle East against its longtime rival Iran, Bloomberg reports.
Sheikh Abdullah bin Zayed, UAE Deputy Prime Minister and Minister of Foreign Affairs, spoke on the phone with outgoing U.S. Secretary of State Antony Blinken.
Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister and Ruler of Dubai, met with members of the Board of Directors of the Young Arab Leaders initiative at the Museum of the Future.
Sheikh Hamdan bin Mohammed, UAE Deputy Prime Minister and Crown Prince of Dubai, launched a new certification mechanism called the Dubai AI Seal to promote trust in reliable artificial intelligence companies.
Sheikh Maktoum bin Mohammed, UAE Deputy Prime Minister, Minister of Finance and Deputy Ruler of Dubai, met with Tara Davies, Partner and Co-Head of Europe, the Middle East, and Africa at private equity firm KKR.
Sheikh Ahmed bin Mohammed, Second Deputy Ruler of Dubai and Chairman of the Dubai Media Council, launched the Media Leadership Programme, a strategic initiative aimed at shaping a new generation of media leaders.
➿ On the Circuit
Hussain Sajwani, Chairman and founder of DAMAC properties, is in Washington D.C. and posted a picture with Amazon founder Jeff Bezos during the pre-inauguration celebrations of U.S. President-elect Donald Trump at the Trump National Golf Club on Sunday.
Tarek Sultan, Vice Chairman of Kuwaiti logistics giant Agility, told The National that he is optimistic about the incoming administration of Donald Trump, and is expecting the U.S. to play a key role in the company’s investment strategy.
Saqr Ghobash, Speaker of the UAE Federal National Council, and Sheikh Khalid bin Hilal Al Maawali, Chairman of the Shura Council in the Sultanate of Oman, held a discussion session at the Shura Council headquarters in the Omani capital, Muscat.
🎶 Circuit Culture
🎻 Lighter Note: Sir Anthony Hopkins hosted a gala concert in Saudi Arabia on the weekend, alongside a bevy of stars, including Matthew McConaughey, Morgan Freeman and Christina Aguilera. It was the first public appearance for the legendary actor and composer since losing his home in the Los Angeles fires. Hopkins also attended the Kingdom’s Joy Awards, which honor artistic achievements in the Arab world.
📷 Photo of the Day
Stella Hopkins, Sir Anthony Hopkins and Turki Alshaikh, Chairman of Saudi Arabia’s General Entertainment Authority, onstage with Britain’s Royal Philharmonic Orchestra at the “Life Is A Dream” concert in Riyadh on Jan. 17 (Getty Images)
📅 Circuit Calendar
Jan. 20-24, Davos, Switzerland. World Economic Forum. The annual WEF meeting brings world leaders and business executives together to discuss the world’s greatest policy challenges. Davos-Klosters.
Jan. 27-30, Dubai. Arab Health. Premier healthcare event where attendees network with global leaders, discuss ground-breaking innovations and seek to shape the future of healthcare. Dubai World Trade Center.
Jan. 27-28, Riyadh. Private markets in Saudi Arabia and GCC. Exploring fundraising strategies, value creation and opportunities across private equity, credit and venture capital within Saudi Arabia and the broader Middle East. The Fairmont Hotel.
Jan. 27-30, Miami, Fla. iConnection Miami Alts. Networking event for fund managers and finance industry professions. Miami Beach Convention Center.
Jan. 30, Abu Dhabi. MEVCA Investors Summit. The one-day conference is sponsored by the Middle East Venture Capital Association. ADGM.
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. 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
Saudi Arabia to highlight Vision 2030 progress as Davos crowd descends on Riyadh
The Davos crowd will descend on the Ritz Carlton in Riyadh this weekend as the World Economic Forum hosts a special meeting that begins on Sunday on themes of global collaboration and energy policy amid crisis in the Middle East.
Saudi Arabia will gather top officials from the U.S., EU and the Arab world on the sidelines on Monday, including U.S. Secretary of State Antony Blinken, to discuss Gaza, Bloomberg reports.
Within the conference halls, the kingdom will look to drive the conversation among the crowd of key partners toward the progress it is making on its Vision 2030 economic diversification strategy.
Under the wide-ranging plan, Crown Prince Mohammed bin Salman looks to transform the country by building up industries such as tourism, mining, technology and gaming.
Co-chairs of the Forum’s meeting include Ibrahim A. Al-Assaf, the Saudi Arabian Minister of State; Bill Ford, Chairman and CEO of General Atlantic; Chung Ki-Sun, Vice-Chairman and Chief Executive Officer of Hyundai; Anna Marks, Global Chair of Deloitte; and Shunichi Miyanaga, Chairman of Mitsubishi Heavy Industries, among other executives from shipping, energy and finance.
Out of the 1,064 economic development initiatives that have been rolled out under the ambitious strategy, 87% are complete or on track, the state-owned Saudi Press Agency reported on Thursday as it marked the eighth anniversary of the plan’s roll-out.
As of last year, Saudi Arabia recorded improvements in visitor numbers, home ownership rates, the development of heritage sites, life expectancy and health services coverage, among other indicators.
UAE investors eyeing potential for psychedelic-assisted therapy
Energia Foundation and Tabula Rasa Ventures, two research and investment firms that introduced psychedelics to the Davos crowd in 2022, have been promoting psychedelic-assisted therapy to policymakers, sovereign wealth funds and clinicians in the UAE, according to a statement.
“There’s still a lot of important research that needs to be done, but I’m hopeful that these medicines can expand the arsenal of tools we have,” Nahida Nayaz Ahmed, Chief Medical Officer at SEHA Mental Health and Well-Being Services, a unit of the ADQ-backed PureHealth, said.
Gulf ministers talk trade at Davos + Interview with Ma’aden’s Wilt
Hello from Davos!
Today, we’re featuring a Circuit interview on the Davos sidelines with Bob Wilt, CEO of the Saudi mining company Ma’aden as well as comments from investor Ray Dalio at the MISK foundation and from Noor Sweid, co-founder and partner at Dubai-based Global Ventures. But first to the main stage.
It’s Day 4 at the World Economic Forum’s annual meeting where Middle East investment is high on the agenda. In the afternoon, Khaldoon Al Mubarak, Managing Director and CEO of Mubadala, the Abu Dhabi-based sovereign wealth fund, is due to talk about trade and investment with Brian Moynihan, the CEO of Bank of America.
The UAE’s Minister of Economy Thani Al Zeyoudi talked on a Wednesday panel about the Gulf state’s efforts to help micro, small and medium-sized enterprises (MSME) engage with the global green economy under the government’s new “Ecomark” program.
“Accounting for almost 90% of global businesses, MSMEs must have full access to the global trading system if our vision of a more sustainable and equitable global economy is to be realized,” Al Zeyoudi said. “These enterprises are also important agents of change, with the flexibility and singularity of focus required to drive sustainability across value chains.”
Saudi Minister of Economy and Planning Faisal Alibrahimtold a WEF panel on Wednesday that the kingdom is looking at better ways to exploit its natural resources. “We’ve looked at the vast, valuable yet idle assets and have started thinking about how we can mobilize them for the betterment and in contribution to our national objectives,” he said.
After a frigid three days in Davos with a dusting of snow, temperatures rose above freezing today and the icy streets turned to slush. Some WEF delegates were, nevertheless, seen tromping to the nearby ski lodge dressed in dayglo overalls and toting snowboards, trying to catch a morning on the slopes before heading home.
The Circuit’s Jonathan Ferziger and Kelsey Warner are on the ground in Davos to bring you the color and perspectives of all the world leaders and dealmakers as the meeting gets underway.
Saudi-backed Ma’aden’s CEO on the gold mine beneath the kingdom
Railroad tracks by a quarry site at the Jubail Industrial City, north of Dammam in Saudi Arabia’s eastern province overlooking the Gulf. (Photo by GIUSEPPE CACACE/AFP via Getty Images)
Saudi Arabia is sitting on a gold mine. Also phosphate, bauxite, copper, zinc and nickel. Analysts have called the estimated value of its mineral resources – last put at $2.5 trillion – one of the most significant potential contributors to its economic transformation ambitions.
The Circuit’s Kelsey Warner caught up with Bob Wilt, who moved from California to Saudi Arabia two years ago to take up the helm of one of the world’s fastest growing mining operations, on the sidelines of the World Economic Forum Annual Meeting in Davos. He calls minerals and mining “the third pillar of the Saudi economy.”
Dubai Future Foundation CEO Khalfan Belhoul told The Circuit the government-backed entity’s Future Fund has $300 million to invest, with check sizes around $2-5 million, as well as a fund of funds to spur venture capital investing in the private sector. “When the private sector sees that a government fund is anchoring them, it raises comfort for them to invest in this new high-risk, high-return asset class. The region is emerging when it comes to VC,” he said.
Ray Dalio, the billionaire founder of Bridgewater Associates, told a session in Davos of the Youth Majis at the Mohammed bin Salman Foundation, known as MISK, that the climate finance industry must recognize the need for investors to see a profit. “The biggest issue of the climate is that only one-sixth of the money that needs to be going to climate financing is going to climate financing” he said. “You have to understand who has the money. You have to be practical…Profit is a great motivator. If you inject those practicalities into it, I think you’re going to make a lot of progress.”
Noor Sweid, co-founder and partner at venture capital fund Global Ventures, asked former Ferrari CEO Jean Todt what he believed the future holds for Formula-E, the all-electric racing series he created, and he emphasized the need to get more people to switch to EVs. “There’s a lot to be done. We need to educate people more. Very few cars are electric.”
💲 Sovereign Circuit
Public Investment Fund: The Global Sovereign Wealth Fund’s online newsletter points out the “significant risk” to its major projects on the Red Sea, noting their focus on tourism and vulnerability to Houthi drones and cruise missiles. Abu Dhabi’s ADQ fund was also cited as facing risk in its Red Sea investments.
Mubadala: Strata Manufacturing, a maker of aircraft components wholly owned by Mubadala, saw a 40% increase last year compared to 2022 in international shipments to Boeing, Airbus and other international
🗣 Circuit Chatter
Lipstick Stock: Saudi online cosmetics retailer Nice One is planning an IPO and has invited a range of international banks to manage the share sale.
Shutting Down: The Kuwaiti Alshaya Group, which manages brands such as American Eagle, H&M, Mothercare and Victoria’s Secret in Egypt, has decided to close some stores in response to the country’s precarious economic condition.
Self-Drivers: Mobileye, the Jerusalem-based company that makes equipment for self-driving cars, said it won a contract with an unnamed “major Western automaker.”
↪↩ Closing Circuit
Sukuk Spread: Qatar International Islamic Bank has set a spread of 120 basis points over U.S. Treasuries for its $500 million senior sustainable Islamic Sukuk bonds maturing in January 2029.
Cyber Lock: Vicarius, an Israeli startup that helps customers defend against cyber attacks, raised $30 million in a Series B funding round led by Bright Pixel Capital.
Big Data: Cardumen Capital, an Israeli-European venture capital firm, raised $120 million for an early-stage tech fund that will invest in AI, cybersecurity and big data.
🌍 Power Circuit
Kuwait’s new Prime Minister, Sheikh Mohammed Sabah Al-Salem Al-Sabah, has cleaned house and named a new roster of top cabinet members. Emad Al-Ateeqi was appointed Oil Minister, Anwar Al-Mudhaf is the new Finance Minister and Abdullah Al-Yahya will take up the post of Foreign Minister.
🎶Culture Circuit
Adventure Park: The Saudi Public Investment Fund unveiled its new water sports and adventure tourism resort called “The Rig” inspired by the design of offshore oil platforms.
Extreme Sports: The Mubadala Arena hosts the second Abu Dhabi Extreme Championship on Friday featuring a jiu-jitsu No Gi match i between UFC’s Aljamain Sterling and Chase Hooper.
📅 Circuit Calendar
Jan. 19, Davos, Switzerland: World Economic Forum. Final day of the World Economic Forum conference at the Davos Congress Centre.
Jan. 22-24, Riyadh, Saudi Arabia: Real Estate Future Forum. A gathering of government officials, developers and investors exploring development opportunities in the kingdom. Four Seasons Hotel.
Jan. 22-25, Abu Dhabi, UAE: UMEX. The only conference in the Middle East dedicated to drones, robotics and autonomous systems. Abu Dhabi National Exhibitions Center.
Jan. 23, Dubai, UAE: Oracle CloudWorld Tour. A conference featuring Oracle database and cloud products. Dubai World Trade Centre.
Jan. 24, Kuwait City, Kuwait. Kuwait Innovation Forum. Startup investors, policymakers meet for an annual conference. Arraya Ballroom.
Jan. 25, Dubai, UAE: Casino Countdown. First Middle East conference to focus solely on the gaming industry, sponsored by Arabian Business. Atlantis The Royal Hotel.
Jan. 25-27, Manama, Bahrain: Health/Wellness Expo 2024. Annual gathering of medical professionals and alternative treatment specialists. Exhibition World Bahrain.
Jan. 29-Feb. 1, Dubai, UAE: Arab Health. The biggest trade show in the region for medical devices and healthcare. Dubai World Trade Centre.
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.
Davos focuses on Red Sea + Interview with Courtney Powell
Hello from Davos!
Today, we’re featuring a Circuit interview on the sidelines of Davos with 500 Global’s Courtney Powell and looking at the Saudi Public Investment Fund’s new focus on space and semiconductors. But first to the WEF’s headliners.
Taking the stage on Day 3 of the World Economic Forum’s annual meeting, Saudi Foreign Minister Faisal Bin Farhan said the Middle East, Africa and the entire world are feeling the Houthi assault on ships in the Red Sea and resulting blow to global commerce.
“Freedom of navigation in the Red Sea impacts all of us,” he told the Davos crowd. “We think the priority needs to be deescalation — deescalation in the Red Sea and in the entire region. Part of that is making sure we engage with all stakeholders.”
U.S. Secretary of State Anthony Blinken bemoaned the Trump administration’s 2018 withdrawal from the Iranian nuclear pact and what he said was the resulting damage to world security being felt today.
“I think it was a big mistake to tear up the Iran nuclear agreement,” he said on the conference’s main stage. “We had Iran’s nuclear program in a box. Since the agreement was torn up, it’s escaped from that box. And we’re now in a place where we didn’t want to be.”
President of the World Bank Ajay Banga popped his head into the UAE pavilion last night to wave hello. He had spotted his old MasterCard colleague Shamina Singh as she spoke on a panel moderated by CNN’s Becky Anderson about impact investing. And out-going U.S. Climate Envoy John Kerry was spotted strolling down the center of the Promenade, looking deep in thought (mulling the Republican primary results in Iowa, perhaps?).
Anthony Scaramucci, the founder of Skybridge Capital and record holder for shortest term as White House spokesman, is all over town, confiding to The Circuit his secret to success in 17 years of coming to Davos is never being afraid to crash a party. Scaramucci also noted the strong Saudi presence at this year’s WEF conference and said it reflects the kingdom’s growing efforts to attract Western investment.
The Circuit’s Jonathan Ferziger and Kelsey Warner are on the ground in Davos to bring you the color and perspectives of all the world leaders and dealmakers as the meeting gets underway.
500 Global’s Courtney Powell predicts accelerated M&A activity in 2024
Courtney Powell, COO of San Francisco-based venture capital firm 500 Global, came to the World Economic Forum in Davos this year with a message for investors: Watch out for the Middle East and Africa, The Circuit’s Kelsey Warner reports.
2024 predictions: Before heading out to meet up with her old pal and OpenAI boss Sam Altman, she shared in an interview how 500 Global navigated a tumultuous 2023, her predictions on exits and deal appetite for 2024 and her best advice to investors looking to make moves in the Gulf.
$2.7 billion AUM: Powell, who moved to Riyadh three years ago, is a veteran investor in emerging markets and one of 500’s MENA-focused funds has raised $43 million so far. The parent fund has $2.7 billion in assets under management. This interview on the sidelines of the Davos conference has been condensed and edited for length and clarity. Read the full interview.
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👂 Heard at Davos
Ma’aden CEO Bob Wilt told The Circuit that the PIF-backed mining company would plow up to $60 billion into building up infrastructure to mine copper, gold, nickel and zinc in the kingdom over the next 15 years.
Chair of Siemens Energy Joe Kaeser said he is less concerned by the recent rise in inflation than he is by the gloomy public mood in an interview with CNBC.
Venture capitalist Noor Sweid, founder and partner of Global Ventures, told The Circuit her debut as a shark on Shark Tank Dubai was “so fun.” New episodes are still airing on Dubai TV.
💲 Sovereign Circuit
Mubadala: The Abu Dhabi fund’s Head of Life Sciences Camilla Macapili Languille said her division is shifting its investment focus toward Asia’s healthcare sector as the population ages and needs more medical services.
Qatar Investment Authority: The QIA and London-based Ashmore Group have started a $200 million fund to encourage foreign investors to buy into Qatar’s stock market.
Public Investment Fund: Saudi Communications and Information Technology Minister Abdullah Al-Swaha said the PIF will make large investments this year in the semiconductor and space industries.
🗣 Circuit Chatter
Lab-Grown: Aleph Farms, an Israeli startup that cultivates steaks from cattle cells without slaughtering cows, received Health Ministry approval to sell the meat.
Licensed to Lend: Abu Dhabi Commercial Bank’s application to open a branch in Saudi Arabia was approved by the Saudi cabinet.
Flush Sultanate: Oman’s public debt could fall to 34% of GDP by year-end on sustained fiscal and external surpluses, according to Standard Chartered.
↪↩ Closing Circuit
Venture Boost: Saudi Aramco is allocating $4 billion more to its venture capital firm, pushing Aramco Ventures’ investment capital to $7.5 billion.
Shopping India: The UAE’s Lulu supermarket chain plans to spend $483 million to build India’s biggest shopping mall in the city of Ahmedabad, Managing Director M.A. Yussuf Ali said.
Islamic Bonds: Saudi Arabia’s Middle East Healthcare Co. said it will issue riyal-denominated Islamic Sukuk bonds under its $400 million debt program, with the timing of the sale determined by market conditions.
🌍 Power Circuit
UAE Minister of Economy Abdulla bin Touq Al Marri will speak on BRICS expansion on the main stage tomorrow while today is heavy on the West. U.N. Secretary General Antonio Guterres, U.S. Secretary of State Anthony Blinken, Spanish Prime Minister Pedro Sanchez and French President Emmanuel Macron are among the speakers addressing delegates at the Congress Center.
🎶Culture Circuit
MMA in Riyadh: The Professional Fighters League, the mixed martial arts (MMA) group in which Saudi Arabia’s new sports fund invested $100 million, will stage its first pay-per-view event in Riyadh, pitting the PFL Champions vs. the Bellator Champions at the Kingdom Arena on Feb. 24.
Highlights for Jan. 18, Day 4 of the Davos conference. (all times CET)
12:30-1:30 p.m. – AI Investors Lunch with Global Chief Investment Strategist of Blackrock Wei Li. AI House.
1:15-2:00 p.m. – MENA’s Economic Dilemma: Reforming Amid Uncertainty with Morocco Minister of Economy Nadia Fettah Alaoui. Congress Center, livestream.
2:00-2:30 p.m. – No Recovery without Trade Investment with Mubadala managing director and CEO Khaldoon Al Mubarak and Brian Moynihan, CEO Bank of America. Congress Center, livestream.
Jan. 17-18, Dubai, UAE: Intersec. Day 2 of UAE security conference bringing together government and vendors focused on domestic, cyber, commercial, fire and rescue. Dubai World Trade Center and Commercial Security, Safety & Health, and Fire & Rescue. Dubai World Trade Centre.
Jan. 22-24, Riyadh, Saudi Arabia: Real Estate Future Forum. A gathering of government officials, developers and investors exploring development opportunities in the kingdom. Four Seasons Hotel.
Jan. 22-25, Abu Dhabi, UAE: UMEX. The only conference in the Middle East dedicated to drones, robotics and autonomous systems. Abu Dhabi National Exhibitions Center.
Jan. 23, Dubai, UAE: Oracle CloudWorld Tour. A conference featuring Oracle database and cloud products. Dubai World Trade Centre.
Jan. 24, Kuwait City, Kuwait. GCC Innovation Forum. Startup investors, policymakers meet for an annual conference. Arraya Ballroom.
Jan. 25, Dubai, UAE: Casino Countdown. First Middle East conference to focus solely on the gaming industry, sponsored by Arabian Business. Atlantis The Royal Hotel.
Jan. 25-27, Manama, Bahrain: Health/Wellness Expo 2024. Annual gathering of medical professionals and alternative treatment specialists. Exhibition World Bahrain.
Jan. 29-Feb. 1, Dubai, UAE: Arab Health. The biggest trade show in the region for medical devices and healthcare. Dubai World Trade Centre.
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.
Scaramucci sees growing Saudi effort at Davos to court investors
DAVOS, Switzerland – Anthony Scaramucci, the founder of SkyBridge Capital and record-holder for shortest tenure as White House spokesman, is all over town – from surveying Saudi Arabia’s pop-up NEOM exhibition to throwing his own wine-tasting soiree.
Speaking to The Circuit after one of multiple speaking engagements, “The Mooch” said his secret to success in 17 years of coming to Davos is “Never be afraid to crash a party.”
Scaramucci held his own 12th annual SkyBridge Wine Party on Tuesday night with a raucous crowd squeezing into the Hotel Europe Tonic Piano Bar.
The 60-year-old financier also said he was impressed with the Saudi kingdom’s efforts to establish its presence at Davos, with Investment Minister Khalid Al-Falih addressing a breakfast crowd this morning and several cabinet members appearing on the conference’s main stage in the Davos Congress Center.
The three Davos Promenade stores that NEOM rented for the week to show off its futuristic $500 milliion mega-city project, as well as pop-ups down the street taken by Saudi Digital and the ancient desert city of AlUla, carried an unmistakable message, he said.
A veteran participant in Saudi Arabia’s Future Investment Initiative, known as “Davos in the Desert,” Scaramucci said the kingdom is sending a message.
The Saudis are saying, “Our country’s open for business. We want to integrate with the democracies. We have a beautiful country and you should feel safe in our country,” Scaramucci said, adding “I think this is part of a normalization process in general, and eventually with the State of Israel.”
Middle East dominates the Davos conversation
👋 Hello from Davos!
The Middle East is front and center today as the World Economic Forum kicked off its line-up of global leaders answering questions about their toughest economic and geopolitical challenges. Up first was Qatari Prime Minister Sheikh Mohammed bin Abdul Rahman Al-Thani, who talked about the roots of the current Red Sea shipping crisis in the Gaza war and longstanding conflicts with Yemen’s Houthi rebels.
The regional problems have changed “how we view international trade, how we view international shipping, how interconnected we are from east to west,” the prime minister said. “Whenever something is happening in the Middle East, it’s affecting everyone.”
Also on the main stage today at Davos are Chinese Prime Minister Li Qiang, Ukraine President Volodymyr Zelensky, Jordanian Prime Minister Bisher Hani Al Khasawneh and Microsoft CEO Satya Nadella. Israeli President Isaac Herzog is scheduled to appear on Wednesday.
Outside the Davos Congress Center, black cars carrying VIPs were backed up on the snow-lined Promenade where groceries and retail stores have been replaced for this week by pop-up pavilions rented by dozens of businesses, media outlets and national agencies, including BlackRock, DP World, the Financial Times and Saudi Digital.
While diplomats may be dressed in hiking boots because of the icy sidewalks, many in town are carrying skis and snowboards as they head for the slopes, where a daily lift ticket goes for $98. By the numbers, Davos is hosting 60 heads of state and government officials, joined by 800 chief executives, with a total of 2,800 official participants. A couple of thousand more non-registered guests are on the prowl for deals and connections, some seen exchanging LinkedIn profiles and sipping oat milk flat whites in AI House (they’ve gone dairy-free), an old Swiss chalet retrofitted for the occasion.
The Circuit’s Jonathan Ferziger and Kelsey Warner are on the ground in Davos to bring you the color and perspectives of all the world leaders and dealmakers as the meeting gets underway.
Omar Al Olama, UAE Minister of State for Artificial Intelligence, speaking on a panel at the WEF meeting, called AI an opportunity for smaller nations to “scale up brain power and compete on the global front,” adding that he is working on reducing his country’s dependence on outside players for technology.
Peng Xiao, Group CEO of UAE artificial intelligence firm G42, speaking to an audience at AI House, said the company was all in on the U.S. after previously trying to work with both the U.S. and China to develop its technology.
“At G42 we made our bet. We believe that the most advanced AI players in the world are centralized around Silicon Valley and we’ve pivoted towards a large group of partners and are working with them very closely. To maintain the previous position, say, from a couple of years ago, where we’re trying to have this neutrality to work with all sides, it’s becoming, frankly speaking, politically more difficult, and also honestly scientifically more challenging.”
He added that China is “a black box.”
“It’s right for governments and policymakers to be guarded in their policy vis a vis other national players. But we cannot afford for nations to have black boxes around them. For example, the U.S. has no clue what China is doing. That’s very risky.”
U.S. Sen. Mark Rounds, (R-S.D.) who serves as the ranking member of the cybersecurity oversight body of the Armed Services Committee, talked about the speed of the AI chip race and why the U.S. has curtailed foreign sales of the critical piece of hardware.
“We measure our spread from us versus our near-peer adversaries in a period of months. How many months ahead do we believe we are in the development of AI capabilities? And by simply restricting the availability of chips, high-speed chips… we seek to maintain our competitive edge.”
Anthony Scaramucci, founder of Skybridge Capital, talking to The Circuit about Saudi Arabia’s strong presence this year at Davos.
“I think the Saudis are sending a message – ‘Our country’s open for business. We want to integrate with the democracies. We have a beautiful country and you should feel safe in our country.’ I think this is part of a normalization process in general, and eventually with the State of Israel.”
David Rubenstein, co-founder and co-chairman of The Carlyle Group, speaking to an audience at Casper Lab’s pavilion, The Hub.
“The government is not likely to do much more to regulate Bitcoin and cryptocurrencies in the foreseeable future…. There’s clearly a desire by people to own something that government can’t know about. And that you can move easily around the world and that can’t be readily taxed. And whether that’s fair or not, or appropriate or not, there clearly is an interest in it…. The government may not like it but I don’t think it’s going away.”
Bill Ford, CEO of growth equity firm General Atlantic, on a World Economic Forum panel about private capital, said the market correction is slowing.
“There was a lot of excess from 2019 to 2021, and a lack of discipline on due diligence… we saw the same around 2000,” he said. “We have hit peak growth equity and we are back to a more rational level.”
💲 Sovereign Circuit
Public Investment Fund: The kingdom’s sovereign wealth fund is eyeing big investments in both the semiconductor and space industries this year, Bloomberg reports. The PIF is also preparing to host its second Private Sector Forum, a two-day conference starting Feb. 6. in Riyadh.
Abu Dhabi Investment Authority: ADIA will reportedly open an office in Gujarat International Finance Tec-City – also known as GIFT City – in India, becoming the first sovereign wealth fund to do so.
🗣 Circuit Chatter
Royal Stadium: Saudi Arabia is planning to build a futuristic stadium outside Riyadh that will be named after Crown Prince Mohammed bin Salman and feature some of the most advanced technology for presenting sports, concerts and cultural events.
Haj Taxis: Saudia Airlines, the kingdom’s flagship carrier, plans to operate a fleet of 100 air taxis that would shuttle between Jeddah’s international airport and the holy city of Mecca, carrying Muslim visitors performing the Haj pilgrimage.
Airport Expansion: Egypt plans to build a new passenger terminal at Cairo International Airport to handle 30 million passengers a year, double the current capacity.
↪↩ Closing Circuit
Ski and Swim: Italian construction company WeBuild won a contract worth an estimated $5 billion from Saudi Arabia’s NEOM mega-project to build dams that would create an artificial lake at the center of its Trojena mountain ski resort, MEED reports.
Emirati Growth: The UAE economy is expected to expand by more than 5% in 2024, S&P Global Ratings reports, citing growth in financial services, hotels and other bfd4566unon-oil sectors.
Chic Interiors: Dubai-based interior design firm Depa won contracts worth $204 million from Red Sea Global for work on Saudi hotels, resorts and a yacht club.
Tycoon City: An influx of millionaires to Dubai led to a doubling in sales last year of the number of homes worth $25 million or more in the city, adding up to $2.3 billion.
🌍 Power Circuit
Delegations from the Middle East, U.S., Asia and Europe have arrived in Davos. From Saudi Arabia, Faisal bin Farhan Al Saud, Minister of Foreign Affairs, is joined by Mohammed Al-Jadaan, Minister of Finance,and Bandar Alkhorayef, Minister of Industry and Mineral Resources. The UAE delegation is led by Mohammad Al Gergawi, Minister of Cabinet Affairs, while Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, is leading Bahrain. U.S. Secretary of State Antony Blinken arrived this morning. China’s delegation is represented by Prime Minister Li Qiang, joined by Chinese Commerce Minister Wang Wentao, the governor of the People’s Bank of China. Ukrainian President Volodymyr Zelensky is also attending in person for the first time since Russia’s invasion in 2022, joined by EU chief Ursula von der Leyen and NATO head Jens Stoltenberg.
➿ On the Circuit
Steve Mnuchin, the former U.S. Treasury Secretary who runs private equity firm Liberty Strategic Capital, told Calcalist while visiting Israel this week that he’s “looking at some very large significant investment opportunities” in the country.
🎶Culture Circuit
Tennis Champion: Rafael Nadal believes there is a big opportunity to help tennis grow in Saudi Arabia after the 22-time Grand Slam champion was named an ambassador for the Saudi Tennis Federation. He will spend time each year in the kingdom to help train children and promote the sport, with plans also in the pipeline for a training academy, the Saudi federation said.
Highlights for Jan. 17, Day 3 of the Davos conference. (all times CET)
9:00-9:45 a.m. – Supply Chains of the Future with Bandar Alkhorayef, Minister of Industry and Mineral Resources, Saudi Arabia
10:15-11:00 a.m. – TradeTech’s Trillion-Dollar Promise with Thani Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade.
4:40-5:10 p.m. – Global Ventures Founder and Partner Noor Sweid in conversation with former Ferrari CEO Jean Todt. Davos 2024 Misk Youth Majlis, Davos Platz.
Jan. 16-18, Dubai, UAE: Intersec. Security conference bringing together government and vendors focused on domestic, cyber, commercial, fire and rescue. Dubai World Trade Center and Commercial Security, Safety & Health, and Fire & Rescue. Dubai World Trade Centre.
Jan. 22-24, Riyadh, Saudi Arabia: Real Estate Future Forum. A gathering of government officials, developers and investors exploring development opportunities in the kingdom. Four Seasons Hotel.
Jan. 22-25, Abu Dhabi, UAE: UMEX. The only conference in the Middle East dedicated to drones, robotics and autonomous systems. Abu Dhabi National Exhibitions Center.
Jan. 24, Kuwait City, Kuwait: Kuwait Innovation Forum. Startup investors, policymakers meet for annual conference. Arraya Ballroom.
Jan. 25, Dubai, UAE: Casino Countdown. First Middle East conference to focus solely on the gaming industry, sponsored by Arabian Business. Atlantis The Royal Hotel.
Jan. 25-27, Manama, Bahrain: Health/Wellness Expo 2024. Annual gathering of medical professionals and alternative treatment specialists. Exhibition World Bahrain.
Jan. 29-Feb. 1, Dubai, UAE: Arab Health. The biggest trade show in the region for medical devices and healthcare. Dubai World Trade Center.
Feb. 22-23, Miami Beach, Fla.: FII Priority Miami. A summit on disruptive technology and investment trends hosted by Saudi Arabia’s Future Investment Initiatives 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 Center.
On the ground in Davos + Qatar suspends Red Sea shipments
Hello from Davos!
Today we’re looking at the Public Investment Fund pouring money into virtual reality company Magic Leap, Greg Coffey’s Kirkoswald Asset Management move to Abu Dhabi, Qatar suspending LNG shipments in the Red Sea and Palantir’s new partnership in Israel. But first, a stroll down the Promenade at Davos.
It is Day One at the World Economic Forum’s annual meeting, bringing world leaders, industry titans and philanthropists to the highest town in the Alps. Attendees have pulled on their snow boots, picked up their badges and are gamely working the Promenade, the winding snow-plowed street at the heart of this Swiss ski village.
One of the striking elements this year is the proliferation of pop-up pavilions on the icy street that seek to transport visitors to the sandy sun-baked Gulf – some using virtual reality.
The NEOM pavilion zeroes in on the investment opportunities at the world’s biggest construction site on Saudi Arabia’s Red Sea coast. Visitors can catch a few minutes with Chief Investment Officer Manar Al Moneef while sipping on cappuccinos made with Saudi-sourced coffee beans and look at renderings of the $500 billion mega-project.
Down the Promenade a few hundred feet, The Royal Commission for AlUla, which is leading Saudi Arabia’s redevelopment of the massive heritage site in the northwest of the country, is looking to lure tourists. It welcomes guests with dates and coffee sent straight from AlUla for the WEF meeting, and offers VR goggles for an immersive experience of the ancient site.
The UAE, meanwhile, has sent a delegation of over 100 leaders, including executives from Mubadala and ADNOC. Government officials make up only a fifth of the UAE team, as the country looks to emphasize the strength of its private sector. They can be found at the UAE pavilion, featuring Emirati chai hot chocolate at its entrance, across the street from a heavily guarded Meta corporate pop-up. The Emirates has dedicated most of its space to a stage, planning a packed agenda that carries the theme, “Impossible is Possible.”
The Circuit’s Jonathan Ferziger and Kelsey Warner are on the ground in Davos to bring you the color and perspectives of the world leaders and dealmakers as the meeting gets underway.
If you know someone — in Davos or elsewhere — who should be receiving The Daily Circuit Davos Edition, let us know by replying to this newsletter.
Wars in Gaza and Ukraine, tensions on the Red Sea, climate change and the proliferation of artificial intelligence are driving the conversations in Davos this week. A Kremlin spokesman has already dismissed a peace plan proposed by Ukraine at the WEF as pointless. Meanwhile, in his final days as U.S. Climate Envoy, John Kerry will open a session on Tuesday with the First Movers Coalition, a collection of close to 100 nations committed to reducing greenhouse gases in “hard-to-abate’ sectors such as aviation, chemicals, concrete, shipping, steel and road transport, which collectively account for more than a third of the world’s emissions.
QATARI SHIPS
QatarEnergy, one of the world’s biggest exporters of liquified natural gas, has stopped at least four of its tankers from sailing through the Red Sea following U.S.-led strikes against Yemen’s Houthi rebels who have been attacking ships in the vital waterway. President Joe Biden said he will continue to act against the Houthis, whose attacks have disrupted world trade and forced shippers to take longer and costlier routes to move goods.
💲 Sovereign Circuit
Public Investment Fund: The Saudi-backed PIF has invested $590 million in Magic Leap, a maker of virtual reality headsets competing with Apple’s Vision Pro.
ADQ: The Abu Dhabi sovereign wealth fund’s ADNEC subsidiary bought a 40.5% stake in Talaat Mostafa Group’s Egyptian hotel unit ICON, whose holdings include the Cairo Marriott Hotel, the Steigenberger Cecil Alexandria and Sofitel Winter Palace Luxor.
🗣 Circuit Chatter
Growing Risk: Reinsurers are inserting new get-out clauses in policies they write for clients with business in the Middle East to protect themselves if a full-scale regional war breaks out, the Financial Times reports.
Money Moves: Greg Coffey’s Kirkoswald Asset Management has set up an office in Abu Dhabi, joining a growing number of top financiers who have flocked to the emirate over the past year.
Recycled Trash: Saudi Arabia’s Ministry of Environment, Water and Agriculture introduced a plan to recycle as much as 95% of the country’s waste.
Tourism Boom: Several of Spain’s biggest hotel chains, including Barcelo, Riu and Iberostar, are opening new properties in Morocco amid the ongoing growth in tourism.
101 Floors: Dubai’s Danube Properties announced plans to build a 101-floor tower in the city’s Business Bay section that will house 1,346 apartments starting at $327,000.
Tech Supplier: Palantir, the U.S. data analysis giant, announced a strategic partnership with Israel’s Ministry of Defence and said it will supply Israel with technology “to help in its war effort.”
↪↩ Closing Circuit
Medical Alliance: PureHealth, the UAE’s largest healthcare company, completed the acquisition of Circle Health Group, Britain’s largest private healthcare provider, in a deal valued at $1.2 billion before debt. Hospital Expansion: Dubai’s Gulf Islamic Investments has invested $160 million in Saudi Arabia’s Abeer Medical Co. and will help the hospital chain expand to new cities. Diversifying Assets: Bank Muscat, Oman’s biggest lender, is setting up a fund to invest up to $390 million in other banks across the Gulf, seeking to diversify earnings.
Asset Sales: Egypt’s plan to sell off state companies in a series of IPOs has attracted some $3.5 billion in investment since it was announced a year ago.
Indian Upgrade: Israel’s Ceragon Networks signed a deal with an unidentified global integrator to work on a network modernization project in India worth $150 million.
🌍 Power Circuit
Sheikh Mohammed bin Rashid, the Ruler of Dubai, approved a plan to build thousands of homes in the new Latifa City development.
➿ On the Circuit
Investor Rajiv Jain’s Miami-based asset-management fund GQG has accumulated $2.8 billion in holdings in Middle East companies and plans more investments in the region, the Financial Times reports.
🎶Culture Circuit
Riyadh Fashion: Lebanese designer Elie Saab Jr. is putting together an “immersive fashion experience” specially tailored for Saudi Arabia’s Riyadh Season festival. Saab signed a preliminary agreement with the kingdom’s General Entertainment Authority in London to create the event. Saab opened a flagship store in the Saudi capital last year at the Via Riyadh Mall.
Kiwi Win: Team New Zealand took home the top prize at the inaugural Mubadala Abu Dhabi Sail Grand Prix. Taking place at Mina Zayed, the competition featured 10 national teams competing in high-speed F50 catamarans.
📅 Circuit Calendar
Jan. 15-19, Davos, Switzerland: World Economic Forum. The annual meeting aims to drive public-private cooperation and this year will focus on exploring opportunities enabled by new technologies.
Jan. 16-18, Dubai, UAE: Intersec. Security conference bringing together government and vendors focused on domestic, cyber, commercial, fire and rescue. Dubai World Trade Center and Commercial Security, Safety & Health, and Fire & Rescue. Dubai World Trade Centre.
Jan. 22-24, Riyadh, Saudi Arabia: Real Estate Future Forum. A gathering of government officials, developers and investors exploring development opportunities in the kingdom. Four Seasons Hotel.
Jan. 22-25, Abu Dhabi, UAE: UMEX. The only conference in the Middle East dedicated to drones, robotics and autonomous systems. Abu Dhabi National Exhibitions Center.
Jan. 24, Kuwait City, Kuwait: Kuwait Innovation Forum. Startup investors, policymakers meet for annual conference. Arraya Ballroom.
Jan. 25, Dubai, UAE: Casino Countdown. First Middle East conference to focus solely on the gaming industry, sponsored by Arabian Business. Atlantis The Royal Hotel.
Jan. 25-27, Manama, Bahrain: Health/Wellness Expo 2024. Annual gathering of medical professionals and alternative treatment specialists. Exhibition World Bahrain.
Jan. 29-Feb. 1, Dubai, UAE: Arab Health. The biggest trade show in the region for medical devices and healthcare. Dubai World Trade Center.
Feb. 22-23, Miami Beach, Fla.: FII Priority Miami. A summit on disruptive technology and investment trends hosted by Saudi Arabia’s Future Investment Initiatives 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 Center.
Saudi financial conference opens in U.S. with star-studded cast
Saudi Arabia’s Future Investment Initiative is running a miniature version of its annual Davos-in-the-Desert business conference in Miami.
The two days of panel discussions and high-level networking brings together a cast of prominent U.S. investors including Silicon Valley’s Marc Andreessen, Wall Street’s Nelson Peltz and Josh Harris, and WeWork and Flow founder Adam Neumann. Top Saudi figures at the FII’s Global Priority Summit include the governor of the kingdom’s $650 billion Public Investment Fund, Yasir Al-Rumayyan, and the Saudi ambassador to Washington, Princess Reema Bint Bandar.
The Miami confab also attracted senior Trump administration figures, including Jared Kushner, the former White House senior policy advisor, and ex-Treasury Secretary Steven Mnuchin. Both run investment funds backed by Al-Rumayyan’s sovereign wealth fund and were the subjects of a New York Times story published on the conference’s first day that revealed additional Gulf investors to their funds.
Kushner is scheduled to speak today about the prospects for extending the Arab-Israeli normalization agreements known as the Abraham Accords that he spearheaded at the White House in 2020.
In his appearance on Thursday, Mnuchin spoke mostly about the U.S. economy and the collapse of Silicon Valley Bank, which was rescued and sold off by the Federal Deposit Insurance Corp.
“I think this was a complete failure of management and it was also a failure of the regulators,” Mnuchin remarked. “This should have been seen way in advance, and it should never have occurred.”
Al-Rumayyan, who opened the conference and is chairman of Saudi Aramco, the kingdom’s national oil company, opened the proceedings with Miami Mayor Francis X. Suarez in an onstage chat. In October, Suarez spoke at the main FII conference in the Saudi capital of Riyadh and announced the agreement to host FII in Miami.
Speaking as head of the sovereign wealth fund, Al-Rumayyan said he expects the PIF to grow to $1 trillion in assets by 2025 and at least $2 trillion by 2030. As head of Aramco, whose 2022 net income of $161 billion was the highest in the world of any publicly traded company, Al-Rumayyan said the shift to sustainable energy sources has to be handled gradually.
Because of climate change concerns, he said, “some of the governments around the world bullied the oil and gas companies.” Al-Rumayyan said the world needs to recognize that “it takes time to have a transition from fossil fuels to renewables,” adding that “oil, gas and fossil fuels are not such a bad thing.”
Also speaking at the conference was Greg Norman, CEO and commissioner of the upstart LIV Golf tournament, which is backed by the Saudi investment fund and has been sued by the PGA tour for poaching its stars.
Norman dismissed questions about the new golf tournament’s viability and said he was confident LIV would survive its battle with the PGA.
“A monopolist doesn’t like to be taken off its pedestal,” he said. “We’re not going to go anywhere.”
Hello from Davos!