Goldman Sachs Archives

Mubadala assets climb to $327 billion amid AI, credit push

Mubadala Investment Co., Abu Dhabi’s second-largest sovereign wealth fund, grew more than 9% last year, with assets under management reaching $327 billion.

In a 2024 earnings statement released today, Mubadala cited its co-founding of the MGX tech fund specializing in AI investments as a highlight of the year’s activities.

Also notable were its establishment of satellite company Space 42 through a merger, co-investments in real estate with Aldar Properties, and private credit lending in partnership with Apollo, Goldman Sachs, Carlyle and other U.S. money managers.

“Our portfolio has been constructed to navigate market cycles and scale future-focused sectors – from AI and clean energy to life sciences, semiconductors, and advanced manufacturing,” Group CEO Khaldoon Al Mubarak said.

Eric Trump returns to UAE to pitch crypto at Dubai conference

Eric Trump, who drew enthusiastic hoots and hollers in Abu Dhabi last December when he told the Bitcoin MENA conference that his dad would unleash the power of cryptocurrencies, returns to the UAE this week to kick off Dubai’s TOKEN2049 summit.

U.S. President Donald Trump’s 41-year-old second son promises to deliver another rousing address at the gathering, which starts on Wednesday, as crypto fever builds with the imminent issue of the UAE’s own dirham-denominated stablecoin.

ADQ, the Abu Dhabi sovereign wealth fund, together with First Abu Dhabi Bank and International Holding Co., announced on Monday that the digital currency will be fully regulated by the Central Bank of the UAE to build investor confidence and lessen the uncertainty inherent to bitcoins and other blockchain-based money. No date was given for the UAE coin’s debut.

“The launch of the stablecoin marks a pivotal step in our commitment to strengthening the UAE’s digital infrastructure ecosystem,” said Mohamed Hassan Alsuwaidi, Managing Director and Group CEO of ADQ.

“As we move forward towards an increasingly digital and connected economy, the stablecoin will provide a solution that is secure, efficient and scalable, while creating new opportunities for growth and value creation,” he said.

Alongside Trump, the two-day TOKEN2049 event will draw top names in the crypto industry, including Binance founder Changpeng Zhao; OKX founder and CEO Star Xu; Robert Mitchnick, BlackRock’s Head of Digital Assets; and Mathew McDermott, Head of Digital Assets for Goldman Sachs.

Goldman Sachs deepens ties with Saudi Arabia as PIF backs funds

As Goldman Sachs boosts its involvement with Saudi Arabia, the kingdom is offering more support for the Wall Street investment bank.

The Saudi Public Investment Fund is set to become an anchor investor in a series of new Goldman Sachs-managed funds that focus both on the kingdom and the other five Gulf states, Bloomberg reports.

The PIF and the U.S. firm signed a draft agreement relating to the new funds – subject to regulatory approval – which will be centered on private credit and public equity strategies in the GCC region, the news agency said.

Saudi Arabia has courted Goldman Sachs and other Wall Street firms as it seeks to invest its wealth and wean the economy off its dependence on oil.

Baidu’s Li tells Dubai summit AI costs pushing China to innovate

Inside Dubai’s luxurious Madinat Jumeirah resort at the World Governments Summit, some 6,000 participants were scrambling between hotel ballrooms on Tuesday to see a parade of government and corporate leaders talk about the future of the earth.

Another 1.5 million tuned in on the web feed. Topping the agenda in one session after another was how to address the promise and threats presented by artificial intelligence.

Robin Li, CEO of China’s Baidu talked about how the high costs of AI development have forced the world’s second-largest economy to find new computing solutions, including DeepSeek, which has come up with vastly cheaper AI models than those developed by OpenAI, Microsoft and Google.

“You just don’t know when and where innovations come from,” Li said in an onstage conversation with Omar Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications.

Kristalina Georgieva, the Bulgarian economist who serves as Managing Director of the International Monetary Fund, said the world is at an important juncture that will determine whether AI turns into a great story or a nightmare. “There are many, many unknowns,” she sighed.

Adding a touch of glamor on Monday night was a star-studded event at the Museum of the Future, where many of the WGS delegates attended TIME magazine’s Impact Awards Gala, which featured appearances by Grimes, the artist, singer and ex-life partner of Elon Musk, as well as video artist Refik Anadol and musician Arqam Al Abri.

Topping the bill on Wednesday will be Oracle’s Larry Ellison, former U.K. Prime Minister Tony Blair and former Prime Minister Boris Johnson, who will deliver a keynote address in the morning. Google’s Sundar Pichai and Goldman Sachs’ Jared Cohen will speak in separate sessions on the future of tech.

The Weekly Circuit: Saudi Arabia courts foreign investment at FII

👋 Hello from the Middle East!

In the Weekly Circuit today, we’re covering the Future Investment Initiative in Riyadh, the kingdom’s banner event for showcasing its economic transition. We’re also looking at the new Goldman Sachs office in the Saudi capital, expansion plans for Saudi Arabia’s ROSHN homebuilding company and the London Stock Exchange’s new index for Shariah-compliant securities.

Saudi Arabia is shifting gears, emphasizing its own needs for foreign capital over investing the kingdom’s wealth abroad.

That’s the message being delivered this week to some 7,100 participants from across the finance world at this year’s eighth edition of the Future Investment Initiative.

Addressing a packed hall at the King Abdul Aziz International Conference Center in Riyadh’s diplomatic quarter, Saudi leaders put it simply:

“People used to come to us and ask for money,” said Yasir Al Rumayyan, Governor of the kingdom’s near trillion-dollar Public Investment Fund and Chairman of Saudi Aramco, the world’s largest oil company. “We are now seeing a shift from people wanting to take our money to people wanting to co-invest.”

Since its inception in 2017, the FII conference has been a key tool for outlining Saudi Crown Prince Muhammed bin Salman’s Vision 2030 blueprint for overhauling the economy to reduce its dependence on fossil fuels. That strategy has unleashed a torrent of construction projects across the country, including the $1.5 trillion Neom development on the kingdom’s west coast, which has soaked up Saudi funds and prompted the new emphasis on foreign investment.

Like the World Economic Forum in Davos, Switzerland, after which the Saudi conference is modeled, FII features some of the biggest names on Wall Street who are asked to prognosticate on prospects for the global economy.

Headliners include Ray Dalio, Founder of Bridgewater Associates; Harvey Schwartz, CEO of Carlyle; Jenny Johnson, President and CEO of Franklin Templeton; David Solomon, Chairman and CEO of Goldman Sachs; Marc Rowan, Co-Founder and CEO of Apollo Global Management and Jane Fraser, CEO of Citi.

FII is also a showcase for Saudi companies, which have lined the conference center and adjoining Ritz Carlton Hotel with booths to entice investors and hawk their wares. Aramco, which sponsors golf tournaments around the world, set up a putting green at FII to attract conference visitors, while Saudia Group parked one of its Lilium electric vertical take-off and landing (eVTOL) jets outside the conference site.

While outlining the kingdom’s commitment to developing sustainable fuels, Saudi Energy Minister Prince Abdulaziz bin Salman said oil will remain a key driver of the economy. “We will monetize every molecule of energy this land has, period,” he said.

Welcome to The Weekly Circuit. Read on for the stories, deals and players at the top of the news across the MENA business landscape. Please send comments and story tips to [email protected].

CIRCUIT INTERVIEW

ROSHN seeks to transform Saudi market with upscale housing

ROSHN’s Waleed Bawaked, Senior Director of Strategy and Planning, and Roger Fatovic, Executive Director of Program Management, at Future Investment Initiative conference in Riyadh

Central to Saudi Arabia’s economic transformation is state-owned real estate developer ROSHN, which has started to seed greater metropolitan Riyadh and other urban areas with upscale residential communities aimed at both Saudi and expat professionals.

ROSHN’s Waleed Bawaked, Senior Director of Strategy and Planning, and Roger Fatovic, Executive Director of Program Management, outline the company’s blueprint for growth in an interview with The Circuit’s Omnia Al Desoukie.|

ROSHN was established in 2020 by the Public Investment Fund and has raised $4.3 billion in the past two years.

Click here to read the full story.

💲 Sovereign Circuit

Masdar: Mubadala-owned Masdar and EMSTEEL, the UAE’s largest publicly traded steel and building materials company, completed a pilot project to produce green steel through a hydrogen-powered extraction process.

Public Investment Fund: ACWA Power, the Saudi utility backed by the PIF, has reached a 50-megawatt threshold at its Redstone Concentrating Solar Power plant in South Africa and is set to reach full capacity soon.

Abu Dhabi Investment Authority: CYVN Holdings, an investment firm operated by ADIA, signed a preliminary deal with Bahrain’s Mumtalakat Holding Co. to take a stake in British luxury carmaker McLaren and assume full control of its automotive business, Bloomberg reports.

International Holding Co.: Emirates Stallion Group, a subsidiary of Abu Dhabi-owned IHC, that operates in construction and real estate, reported a 69% increase in operational profit and a 125% jump in revenue.

↪↩ Closing Circuit

🇪🇬 Bank-to-Bank: A consortium of 13 Egyptian banks, led by the Commercial International Bank and Banque Misr, will provide Telecom Egypt with a seven-year loan worth $369 million.

📈 Islamic Index: The London Stock Exchange’s FTSE Russell and the Abu Dhabi Securities Exchange launched the FTSE ADX 15 Islamic Index (FADXI15), to address growing demand for Shariah-compliant investment products.

🛏️ Baghdad Inn: Dubai-based Dex Squared Hospitality won a multimillion-dollar contract to develop the World Heart Hotel brand in Iraq and operate Baghdad’s first 5-star luxury hotel.
🏭 Rabat Deal: France’s Engie and Morocco’s OCP Group signed a preliminary agreement to invest up to $18 billion in desalination, renewable energy, and green hydrogen projects, inking the deal during French President Emmanuel Macron’s visit to Rabat.

🔒 Data Guardian: Armis Security, an Israeli cyber startup, raised $200 million in a Series D funding round co-led by General Catalyst and Alkeon Capital.

🗣 Circuit Chatter

💼 New Neighbor: Goldman Sachs opened a new office in Riyadh’s financial district, deepening its presence in the largest Middle East economy.

🏘️ Urban Engine: Kuwait is taking bids to build a new city for 35,000 residents that will comprise more than 22,000 houses, hotels and other facilities at a cost of some $3.3 billion, Al-Qabas reports, predicting that Chinese firms are likely to win many of the contracts.

💲Installment Plan: The Egyptian Company for Natural Gas Distribution known as Town Gas, has signed agreements with Banque Misr and its affiliate, Souhoola, allowing customers to pay for gas delivery in installments, including via the popular Souhoola app.

🛫 No Objection: Australia’s Qantas airline is open to Qatar Airways’ proposal to buy a 25% stake in Virgin Australia, CEO John Mullen told shareholders at the company’s annual meeting, Reuters reports.

🛢️Asian Refining: Saudi Aramco wants to invest in Vietnam’s oil refining and petroleum distribution industries, Reuters reports, following a meeting in Riyadh between Vietnamese Prime Minister Pham Minh Chin and Aramco CEO Amin Nasser at FII.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed met in Abu Dhabi on Tuesday with Sergei Shoigu, Secretary of the Security Council of Russia, to discuss cooperative ventures between the two countries. He also held a meeting on Monday with visiting Vietnamese Prime Minister Pham Minh Chinh at the Qasr Al Watan Palace in Abu Dhabi. The Vietnamese leader also met in Dubai with Sheikh Mohammed bin Rashid, the UAE Vice President and Prime Minister, and Ruler of Dubai.

Jordan’s Crown Prince Hussein bin Abdullah was received for a meeting on Tuesday with Saudi Crown Prince Mohammed bin Salman on the sidelines of the FII conference.

Sheikh Hamdan bin Zayed Al Nahyan, Representative of the UAE’s Ruler and Chairman of the Environment Agency, chaired a board meeting of the agency focused on the role of artificial intelligence in achieving sustainable development goals.

Emir of Qatar Sheikh Tamim bin Hamad receivedSheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and UAE National Security Adviser, on Sunday at the Emiri Diwan Palace in Doha.

➿ On the Circuit

Hatem Al Mosa was named Director-General of the Petroleum Department in the emirate of Sharjah, appointed in a decree by Sheikh Dr. Sultan bin Mohammed Al Qasimi, Ruler of Sharjah.

Sir Nicholas Patten was appointed as a Judge of the Court of Appeal in the Abu Dhabi Global Market’s independent judicial system, succeeding Sir Peter Blanchard who announced his retirement.

Faisal Alibrahim, the Saudi Minister of Economy and Planning, met with Baker Hughes CEO Lorenzo Simonelli on the sidelines of the FII conference to discuss sustainable transformation in Saudi Arabia’s energy sector.

Elon Musk made a surprise appearance at the FII conference in a video interview about the risks and opportunities of artificial intelligence, he had patched up a feud with the Saudi PIF.

Sir Tim Clark, President of Emirates Group, marked the airline’s 39th birthday, by hailing its contribution to Dubai’s economy and predicting that the upcoming move of its headquarters to Al Maktoum International Airport will generate more growth over the next decade.

🎶 Culture Circuit

Gulf Jazz: Kuwaiti jazz group Boom.Diwan has been introducing the country’s traditional music sounds to audiences at the Womex 2024 festival in Manchester, U.K., which wound up last weekend. The band’s co-founder, Hamad Ben Hussain, tells The National about how he has integrated the barrel drum into his jazz compositions, hearkening back to musical traditions popular with Kuwait’s pearl divers, who included his great grandfather.

📷 Photo of the Week

**An AI-generated avatar questioned speakers** in the FII conference’s main hall. (Photo: Omnia Al Desoukie)

🗓️ Ahead on The Circuit

Oct. 29-31, Riyadh, Saudi Arabia. Future Investment Initiative Conference. More than 6,000 global participants registered, including world leaders, policymakers, CEOs and investors. King AbdulAziz International Conference Center.

Oct. 31, Abu Dhabi, UAE: Transition Investment Workshop. NYU Abu Dhabi’s Transition Investment Lab holds a day of discussions on aligning investment decisions with social values. NYU Abu Dhabi, East Forum.

Nov 4-7, Abu Dhabi, UAE: ADIPEC. The event is the biggest gathering for energy leaders, policy makers, and key industry players. It is often attended by heads of multilateral organizations, ADNEC.

Nov. 12-13, Abu Dhabi, UAE: CyberQ: Security in the Quantum Era. Brings together international experts, key policymakers and industry players to discuss challenges in the quantum age of cybersecurity. ADNEC.

Dec. 5-6, Abu Dhabi: Milken Institute Middle East and Africa Summit. Corporate executives, investors, government officials, and philanthropists gather to address the globe’s most pressing issues. St. Regis Saadiyat Island.

Dec. 5-8, Abu Dhabi: Abu Dhabi Grand Prix 2024. World’s fastest race drivers compete in Abu Dhabi leg of the Formula One season. Yas Marina Circuit.

Dec . 9-10, Abu Dhabi: The Bitcoin Conference. The conference connects with industry leaders, and experiences a dynamic expo hall featuring a fusion of technology and art. ADNEC.Dec. 9-12, Abu Dhabi: Abu Dhabi Finance Week. Market experts and entrepreneurs from all over the world discuss the latest market trends. Al Maryah Island, ADGM Square.

The Daily Circuit: Saudi Arabia invites foreign investment as FII opens

👋 Hello from Saudi Arabia

In the Daily Circuit today, we’re covering opening day at the Future Investment Initiative in Riyadh, the kingdom’s banner event for showcasing its economic transition. Elsewhere, we’re looking at the new Goldman Sachs office in the Saudi capital, French President Emmanuel Macron’s state visit to Morocco, Masdar’s clean steel project in the UAE and The United Bank’s upcoming share sale in Egypt.

Saudi Arabia is shifting gears, emphasizing its own needs for foreign capital over investing the kingdom’s wealth abroad.

That’s the message being delivered today to some 7,100 participants from across the finance world at this year’s eighth edition of the Future Investment Initiative.

Addressing a packed hall at the King Abdul Aziz International Conference Center in Riyadh’s diplomatic quarter, Saudi leaders put it simply:

Since its inception in 2017, the FII conference has been a key tool for outlining Saudi Crown Prince Muhammed bin Salman’s Vision 2030 blueprint for overhauling the economy to reduce its dependence on fossil fuels. That strategy has unleashed a torrent of construction projects across the country, including the $1.5 trillion Neom development on the kingdom’s west coast, which have soaked up Saudi funds and prompted the new emphasis on foreign investment.

Headliners on Day 1 included Ray Dalio, Founder of Bridgewater Associates; Harvey Schwartz, CEO of Carlyle; Jenny Johnson, President and CEO of Franklin Templeton; David Solomon, Chairman and CEO of Goldman Sachs; Marc Rowan, Co-Founder and CEO of Apollo Global Management and Jane Fraser, CEO of Citi.

While outlining the kingdom’s commitment to developing sustainable fuels, Saudi Energy Minister Prince Abdulaziz bin Salman said oil will remain a key driver of the economy. “We will monetize every molecule of energy this land has, period,” he said.

Throughout this week, The Circuit’s Jonathan Ferziger and Omnia Al Desoukie are on the conference floor, bringing you the deals, insights and chatter emanating from FII. We would like to know your thoughts and receive your feedback. You can reach us by replying to this newsletter or emailing us at [email protected].

📰 Developing Stories

BONJOUR RABAT

French President Emmanuel Macron is working on relationship management in Morocco. King Mohammed VI welcomed the French leader on Monday for a state visit focused on strengthening trade and investment ties between the two countries, particularly in renewable energy and transportation. Macron and the king oversaw a signing ceremony for investments worth some $10.8 billion that included expanding Morocco’s high-speed rail line southward to Marrakech. Among the objectives of Macron’s visit is “to rebuild the exceptional partnership that links our two countries,” the French president’s office said in a statement.

💲 Sovereign Circuit

International Holding Co.: Emirates Stallion Group, a subsidiary of Abu Dhabi-owned IHC, that operates in construction and real estate, reported a 69% increase in operational profit and a 125% jump in revenue.

Public Investment Fund: ACWA Power, the Saudi utility that is partially owned by the PIF, has reached a 50-megawatt threshold at its Redstone Concentrating Solar Power plant in South Africa and is set to reach full capacity soon.

↪↩ Closing Circuit

💸 Share Sale: The United Bank in Cairo plans a secondary offering of 30% of its shares on the Egyptian Exchange in the fourth quarter of this year, with CI Capital as bookrunner and legal advisory by Baker McKenzie.

⛽ Alliance Building: Wood, a consulting and engineering company, won an engineering services contract for Aramco’s Southern and Northern Areas gas increments project in Saudi Arabia which will help the company export more natural gas.

🔒 Data Guardian: Armis Security, an Israeli cyber startup, raised $200 million in a Series D funding round co-led by General Catalyst and Alkeon Capital.

🗣 Circuit Chatter

🏦 About Face: Barclays is considering re-entering Saudi Arabia a decade after pulling out of the kingdom as it looks to capitalize on the country’s growing need to access capital markets, Bloomberg reports.

🚰 Water Deal: Saudi Engines Manufacturing Co. signed an agreement with Finland’s Kongsberg Maritime to localize the water jet propulsion industry in Saudi Arabia, promoting manufacturing, after-sales services, and distribution of Kongsberg products in the kingdom.

👩🏻‍🤝‍👩🏼 New Neighbor: Goldman Sachs opened a new office in Riyadh’s financial district, deepening its presence in the largest Middle East economy, Bloomberg reports.

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayedheld a meeting on Monday with visiting Vietnamese Prime Minister Pham Minh Chinh at the Qasr Al Watan palace in Abu Dhabi. The Vietnamese leader also met in Dubai with Sheikh Mohammed bin Rashid, the UAE Vice President and Prime Minister, and Ruler of Dubai.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, began an official visit to Singapore on Monday to discuss partnerships in artificial intelligence, education and renewable energy.

➿ On the Circuit

Hatem Al Mosa was named Director-General of the Petroleum Department in the emirate of Sharjah, appointed in a decree by Sheikh Dr. Sultan bin Mohammed Al Qasimi, Ruler of Sharjah.

Sir Nicholas Patten was appointed as a Judge of the Court of Appeal in the Abu Dhabi Global Market’s independent judicial system, succeeding Sir Peter Blanchard who announced his retirement.

Faisal Alibrahim, the Saudi Minister of Economy and Planning, met with Baker Hughes CEO Lorenzo Simonelli on the sidelines of the FII conference to discuss sustainable transformation in Saudi Arabia’s energy sector.

🎶 Culture Circuit

🎵 Gulf Jazz: Kuwaiti jazz group Boom.Diwan has been introducing the country’s traditional music sounds to audiences at the Womex 2024 festival in Manchester, U.K., which wound up last weekend. The band’s co-founder, Hamad Ben Hussain, tells The National about how he has integrated the barrel drum into his jazz compositions, hearkening back to musical traditions popular with Kuwait’s pearl-divers, who included his great-grandfather.

Photo of the day

**Saudi Aramco set up a putting green** inside the King Abdul Aziz International Conference Center to promote its Aramco Team Series golf tournaments to FII participants. (Photo: Omnia Al Desoukie)

📅 Circuit Calendar

Oct. 29-31, Riyadh. Future Investment Initiative Conference. More than 6,000 global participants registered, including world leaders, policymakers, CEOs and investors. King AbdulAziz International Conference Center.

Oct. 31, Abu Dhabi, UAE: Transition Investment Workshop. NYU Abu Dhabi’s Transition Investment Lab holds a day of discussions on aligning investment decisions with social values. NYU Abu Dhabi, East Forum.

Nov. 4-7, Abu Dhabi: ADIPEC. The event is the biggest gathering for energy leaders, policy makers and key industry players. It is often attended by heads of multilateral organizations. ADNEC.

Nov. 5-7, Dubai: EMEA Stakeholder Conference, This invitation-only event brings together over 700 of the most influential leaders from across the hotel and real estate industry in Europe, the Middle East and Africa to discuss the latest trends shaping the hotel industry. Lapita Dubai Parks and Resorts Autograph Collection.

Nov. 12-13, Abu Dhabi: CyberQ: Security in the Quantum Era.The event will bring together international experts, key policymakers and industry players to discuss the fundamental challenges of the quantum age of cybersecurity. ADNEC.

Dec. 5-6, Abu Dhabi: Milken Institute Middle East and Africa Summit. Corporate executives, investors, government officials, and philanthropists gather to address the globe’s most pressing issues. St. Regis Saadiyat Island.

Dec. 5-8, Abu Dhabi: Abu Dhabi Grand Prix 2024. World’s fastest race drivers compete in Abu Dhabi leg of the Formula One season. Yas Marina Circuit.

Dec. 9-10, Abu Dhabi: The Bitcoin Conference. The conference connects with industry leaders, and experiences a dynamic expo hall featuring a fusion of technology and art. ADNEC.

Dec. 9-12, Abu Dhabi: Abu Dhabi Finance Week. Bringing top economic talent to discuss the ongoing challenges and prospects in the economy. Al Maryah Island, ADGM Square.