The Daily Circuit: Milken opens MEA Summit + PIF buys Airbus unit
In The Daily Circuit today, we’re at the Milken Institute’s Middle East and Africa Summit, where a line-up of investment bankers, hedge fund managers and government ministers are pondering the fate of the earth. We’re also looking at Qatari Emir Sheikh Tamim’s visit to 10 Downing Street, an acquisition from Airbus by the Public Investment Fund and Mubadala’s purchase of a 42% stake in LA-based Silver Rock Financial. But first, to the conference.
Michael Milken took the Summit stage right from the beginning, moderating the opening session at 9 a.m. on “Navigating a Changing Global Economy” in the grand ballroom at Abu Dhabi’s St. Regis Saadiyat Island Resort.
The Wall Street legend will wrap up the conference too during its final session on Friday when Milken interviews Khaldoon Al Mubarak, CEO and Managing Director of the Mubadala sovereign wealth fund and a member of Abu Dhabi’s Executive Council. Al Mubarak is also Chairman of soccer clubs Manchester City, Melbourne City and Dubai City.
Just before the opening bell, it was announced that Dr. Jill Biden, First Lady of the United States, woulld drop by Saadiyat Island for a 20-minute conversation focusing on women’s health care, one of her main initiatives in the White House.
Investment bankers, hedge fund managers and bond traders always form the core of Milken summits. Among those taking part in the Abu Dhabi edition are Guggenheim Partners’ Alan Schwartz, Golub Capital’s Lawrence Golub, Goldman Sachs’ Stephanie Rader, Eldridge Industries’ Todd Boelhy, TCW’s Katie Koch and Brightstar Capital’s Andrew Weinberg.
The Circuit is an official media partner for the Milken Summit and published a special edition covering the conference this morning. Click here to sign up for Day 2.
During the opening session, Milken focused on the region’s galloping pace of growth. “The wealth of the Middle East and Africa has reached 67% of the wealth of the Americas,” he said. “And so a dramatic change that’s occurred in the last two decades and the importance of the Middle East as a provider of capital to the world can be seen in these results.”
Responding to Milken, Mohamed Mansour, the Egyptian founder and Chairman of London-based Man Capital, said education and jobs are the central need in the region. “We are facing the biggest change since the 19th century,” he said. “We had the industrial revolution and now we have AI. What assets do we have? The youth. So we have to foster that change and give people a chance.”
Prince Turki Al Faisal, Chairman of Saudi Arabia’s King Faisal Center for Research and Islamic Studies, added: “More and more education is what we need in our part of the world. There is just too much destruction… and our world community must come together to stop the fighting.”
Sheikh Shakhboot Nahyan Al Nahyan, UAE Minister of State for African Affairs, said that the UAE is built on partnership with less developed parts of the world and is working to bring other countries into its orbit. “When we go in Africa, we do not have a checkout date,” he said, adding, “We would love to go to space with Africa.”
Also at the Summit was a touch of Hollywood in the person of actor Edward Norton, who spoke about “The Art of Storytelling,” accompanied by Elie Saab Jr., CEO of Lebanese couture house Elie Saab.
📰 Developing Stories
QATAR INVESTS
Qatar plans to invest $1.3 billion in the U.K.’s climate technology, fintech, and green finance industries, in a move that is expected to create thousands of jobs and establish technology hubs in both nations, according to the U.K. government. During his state visit to the U.K., Emir of Qatar Sheikh Tamim toured the Royal Military Academy Sandhurst, where he reviewed Qatari cadets at the institution he once attended. Britain is seeking closer ties with Qatar, with Prime Minister Keir Starmer hosting the Emir on Wednesday at 10 Downing St. Starmer is aiming to secure economic and security benefits, including investments in climate tech hubs, Rolls-Royce energy efficiency programs, and green startups, which are expected to create thousands of jobs, Reuters reports.
CHINA SHIFT
Chinese exports and investments are surging into Saudi Arabia, driven by the kingdom’s demand for green technologies as it shifts ties from traditional Western partners. Chinese exports to Saudi Arabia reached $40.2 billion in the first 10 months of the year, while greenfield investments since 2021 totaled $21.6 billion, The Financial Times reports. This marks a major transition, with China surpassing the U.S. and France as key investors, the newspaper said. Stronger Saudi-China ties may challenge U.S.-Saudi relations, as Riyadh seeks to reduce its dependence on Washington and leverages China as an alternative partner.
💲 Sovereign Circuit
Public Investment Fund: Neo Space Group, a Saudi PIF company, will acquire Airbus Defence and Space’s UP42 business, a next-generation earth observation digital platform.
Mubadala: The Abu Dhabi sovereign wealth fund’s Mubadala Capital unit is acquiring a 42% stake in Los Angeles-based credit manager Silver Rock Financial, a firm backed by Michael Milken’s family office.
↪↩ Closing Circuit
🏭 Arabian Gas: Saudi Arabia’s Aramco is establishing a major carbon capture and storage hub in Jubail, partnering with Linde, the world’s largest industrial gases company, and top oilfield services firm SLB under a deal giving Aramco 60% ownership.
🏠 Tower Purchase: Abu Dhabi’s biggest developer Aldar Properties has acquired a 40-floor commercial tower in Dubai’s DIFC for $626 million from Dubai’s developer H&H Development, with completion expected in 2028.
⚡ Omani IPO: Oman’s state energy company OQ SAOC raised $489 million by selling a 49% stake in Oman Base Industries at $0.29 per share, valuing the company at $1 billion amid strong demand for Middle East IPOs, Bloomberg reports.
💵 Going Digital: National Bank of Kuwait has acquired a 51% stake in Kuwaiti digital payment platform, UPayments.
🗣 Circuit Chatter
📊 Data Sharing: UAE’s Ministry of Economy signed an agreement with ADNOC to facilitate the integration of data and statistics and enhance digital connectivity between the two parties.
✈️ Co-Flying: Saudia, Saudi Arabia’s flagship carrier, has partnered with Air France-KLM to boost its maintenance and overhaul capabilities in a ceremony that was attended by French President Emmanuel Macron and Saudi officials.
💰 Logistics Stake: Egypt plans to list up to 25% of its stakes in Port Said and Damietta Container and Cargo Handling Companies in IPOs on the Egyptian stock exchange in the first quarter of 2025, aiming to attract strategic investors through private placements, Al Mal reports.
⏳ Time Check: Singapore’s Dymon Asia Capital opened its first office in the Middle East in Dubai in November after it secured a license to capitalize on the time zone and capture more investment talent in the region, Reuters reports.
🌍 Power Circuit
Saudi Crown Prince Mohammed bin Salman launched the National Red Sea Sustainability Strategy to protect marine ecosystems, support local communities, and drive Saudi Vision 2030’s blue economy and sustainability goals.
Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister, Chairman of the Presidential Court and Chairman of the Board of Directors of the Emirates Arabian Horse Society, has given directives for the organization of the first ever endurance ride for purebred Arabian horses.
Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah, Chairman of the Department of Oil and Chairman of Sharjah National Oil Corporation, has appointed Khamis Abdullah Khamis Hassan Al Mazrouei as Deputy CEO of Sharjah National Oil Corporation.
➿ On the Circuit
Adel Al-Jubeir, Saudi Climate Envoy and Minister of State for Foreign Affairs, told Arab News that countries can either waste their time on “political grandstanding” or overcome climate challenges together.
Wesam Al-Ghamdi, CEO of NEOM Green Hydrogen Co., part of Saudi Arabia’s futuristic city NEOM, told Arab News that they are laying the groundwork for a transformative clean energy sector, aiming for global leadership.
Eid Al Qahtani has been appointed as Airbus President for the new Regional Headquarters in Riyadh. In his new role, Al Qahtani will focus on strengthening partnerships with governments and stakeholders.
🎶 Culture Circuit
🎤 Abu Dhabi Grand Prix weekend is not just about car racing, which promises to bring more than 170,000 fans to watch the final event of the Formula One season from Friday to Sunday at the Yas Marina Circuit. Also bringing out the crowds are the after-race concerts in nearby Etihad Park. Top draws over the three days include Eminem, Maroon 5, Muse and Peggy Gou.
📷 Photo of the Day
Michael Milken opens the Milken Middle East and Africa Summit in Abu Dhabi, with Saudi Prince Turki Al Faisal, Chairman of the King Faisal Center for Research and Islamic Studies; Makhtar Diop, Managing Director of International Finance Corp.; Mohamed Mansour, Founder and Chairman of Man Capital and Alan Schwartz, Executive Chairman of Guggenheim Partners.
📅 Circuit Calendar
Dec. 4-6, Abu Dhabi: Abu Dhabi Business Week. Participants will hear from business pioneers who built billion-dollar enterprises, developed global brands and led significant campaigns. 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 Resort.
Dec. 5-8, Abu Dhabi: Abu Dhabi Grand Prix 2024. World’s fastest race drivers compete in the Abu Dhabi leg of the Formula One season. Yas Marina Circuit.
Dec. 5-14, Jeddah, Saudi Arabia: Red Sea Film Festival. Directors from Saudi Arabia and abroad will premiere feature films at the 10-day event. Al-Balad.
Dec. 6-8, Manama, Bahrain: IISS Manama Dialogue 2024. A forum that brings in ministers, policymakers and decision-makers to talk about the Middle East’s pressing foreign policy, defense and security challenges. The Ritz Carlton Hotel.
Dec. 7-8, Doha, Qatar: Doha Forum. Annual policy conference this year focuses on technological innovation. Doha Sheraton.
Dec. 9-10, Abu Dhabi: The Bitcoin Conference. The conference connects industry leaders in an exposition hall featuring a fusion of technology and art. ADNEC.
Dec. 9-12, Abu Dhabi: Abu Dhabi Finance Week. Market experts and entrepreneurs from around the world discuss the latest market trends. Al Maryah Island, ADGM Square.
Dec. 10-11, Abu Dhabi. Abu Dhabi Space Debate. The platform brings visionary leaders from the industry, government and academia to address the space sector’s most pressing challenges and opportunities. Erth Hotel.
Dec. 10-11, Ras Al Khaimah, UAE. Ras Al Khaimah Investment & Business Summit. This event is bringing investors and government officials to discuss business opportunities in RAK. RAK Exhibition Center.
Dec. 13-15, Abu Dhabi: World Policy Conference. This exclusive conference brings together top-level decision-makers, academics and opinion leaders who are invited based on their expertise and international exposure. Park Hyatt Saadiyat Island.
Dec.16-20, Abu Dhabi. AIMS Conference. In its 14th edition, the conference highlights mathematical and scientific advancement with a focus on women scientists. ADNEC.
Jan. 7-9, Dubai. Arab Plast International Road Show. This event is a trade show for people working in plastic, petrochemicals and recycling materials. Dubai International Exhibition and Convention Center.
Jan. 9-13, Abu Dhabi. International Renewable Energy Youth Forum. Held on the sidelines of IRENA’s Energy Forum. Masdar City.
Jan. 11-13, Abu Dhabi. International Renewable Energy Forum. The Assembly is the Agency’s ultimate decision-making authority where Heads of State/Government, Ministers and global stakeholders meet to discuss and advance the energy transition. Masdar City.
Jan. 11-13, Dubai. The 1bn Followers Summit. This event covers the world’s top creators and entertainers. Jumeirah Emirates Towers.
Feb 22-23, Miami, Fla.. FII Priority. The conference sponsored by Saudi Arabia’s Future Investment Initiative is designed to show different disruptive technologies and connect ideas. Faena Hotel & Forum, Miami Beach.