Vista looking for AI investments across Middle East, Smith says
Vista Equity Partners, the $110 billion Texas firm founded by tech investor Robert F. Smith, is settling in at its new office in the heart of Abu Dhabi’s financial district.
Establishing a base in the UAE capital’s Abu Dhabi Global Market, Smith said in a LinkedIn post on Monday, reflects Vista’s desire to participate in the rapid growth of AI infrastructure in the Middle East.
“We look forward to engaging with Abu Dhabi’s broader innovation landscape, connecting our portfolio companies with the market, ecosystem partners and growth opportunities emerging across the region,” said Smith, who is the firm’s Chairman and CEO.
Smith said he met ADGM Chairman Ahmed Jasim Al Zaabi while attending the Milken Institute Global Summit in Los Angeles earlier this month. He included a photo of himself and Al Zaabi together in the LinkedIn post.
Thiel’s Selby says Mideast may reach one-quarter of AI spending
The Middle East could account for roughly a quarter of global AI infrastructure spending over the next five years, Thiel Capital Managing Director Jack Selby says.
If geopolitical instability forces delays or cancellations of investments in data centers and other large-scale AI projects, the ripple effects could damage the industry’s highly leveraged tech and infrastructure firms, Selby said in a CNBC interview.
“I think markets have underappreciated how important the Middle East region is for CAPEX spending as it relates to AI and AI infrastructure,” Selby said.
“If the Middle East starts taking some of these projects offline,” he said, “the impact on the market could be much, much, much larger than what is currently priced in.”
Mideast conflict stokes Gulf investment in defense, energy
Gulf states are ramping up investments and financial support tied to defense and energy, channeling billions of dollars into security-linked companies as the conflict with Iran reshapes priorities across capital markets and government policy.
Abu Dhabi-based BlueFive Capital is planning a $3 billion fund focused on aerospace and defense, targeting companies tied to military and advanced technologies as the UAE positions itself as a hub for security-related investment, Bloomberg reports.
At the same time, Saudi Arabia is reinforcing its geopolitical alliances by providing Pakistan with $3 billion in fresh financing and extending a separate $5 billion deposit, helping Islamabad stabilize its reserves and meet external obligations, including a loan repayment to the UAE.
The support is an indicator of Pakistan’s reliance on Gulf backing amid financial strain, with the repayment accounting for a significant share of its foreign reserves and highlighting the strategic role of Gulf capital in regional stability.
Beyond defense and finance, Indonesia’s sovereign wealth fund Danantara is increasing its focus on the Middle East, planning major investments in energy security, critical minerals and infrastructure, as global investors pivot toward assets tied to supply resilience and long-term strategic needs.
China’s Iran support restrained by investments in Middle East
China’s support for Iran has been tempered by its growing investments across the Middle East, where it has deployed about $270 billion since the pandemic.
The region has been a key beneficiary of President Xi Jinping’s Belt & Road initiative, with Chinese investment and construction growing at its fastest pace of anywhere in the world, Bloomberg reports.
Between 2014 and 2023, China provided roughly $2.34 in financing to Middle East countries for every $1 provided by the United States, the news agency added.
Dubai airport, Jebel Ali power plant and Ras Laffan industrial complex are among the projects that received loans from Chinese state-owned creditors worth about $4.66 billion, according to AidData estimates.
China, traditionally one of Iran’s biggest allies, has played a key role in convincing the country’s leaders to agree to the two-week ceasefire.
Mubadala’s assets under management grow 17% to $385B
Abu Dhabi’s Mubadala sovereign wealth fund said assets under management rose 17% to $385 billion in 2025.
The fund said in a statement issued today that the U.S. accounted for 44% of its investments last year and 25% was spent in the UAE.
Mubadala, which has major UAE holdings including tech firm G42, Aldar Properties and renewable energy company Masdar, said it will pursue new opportunities this year in artificial intelligence, robotics and data centers.
Khaldoon Al Mubarak, Mubadala’s Managing Director and Group CEO, said the fund “remains resilient and well positioned to weather the current challenges facing the regional and global economy.”
Gulf governments are reviewing overseas investments and financial commitments as the economic strain of the Iran conflict spreads across the region.
The reassessment could affect investment pledges to foreign companies, sports sponsorships, business contracts and potential asset sales, the Financial Times reports, citing an unnamed Gulf official and industry analysts.
One avenue being examined is whether they can invoke force majeure clauses to suspend contractual obligations. Current and future investments are also being reevaluated to ease anticipated financial strain if the war continues, the newspaper reports.
The conflict is already playing havoc with the Gulf economy: shipping through the Strait of Hormuz has been virtually shut down after Iranian attacks on oil tankers, Qatar suspended production at its main LNG plant following a drone strike, and Iranian attacks on regional infrastructure are disrupting air travel and tourism.
The region’s sovereign wealth funds could also scale back overseas investments or redirect capital toward national “resilience projects” if a prolonged disruption to shipping through the Strait of Hormuz interrupts energy flows, Global SWF reports.
Under that scenario, Abu Dhabi’s Mubadala would channel capital into industries supporting economic stability and supply chains, and L’imad Holding could steer funds toward logistics and security infrastructure.
Saudi Arabia’s Public Investment Fund would also likely slow the pace of domestic mega projects while selectively investing abroad in global technology and infrastructure, Global SWF said.
Mecca draws influx of foreign capital as Saudi Arabia eases property rules
MECCA, Saudi Arabia – The train from Jeddah glides into town with a reminder on the travel app that this stop is “for Muslims only.”
The station could be anywhere in the Gulf – dotted with souvenir shops, mobile phone counters and a Costa coffee kiosk. Once you step outside, though, a sense of history and holiness reigns.
For more than 1,400 years, Mecca has been defined by worship. Now, increasingly, it’s also shaped by real estate, with construction cranes dominating the skyline.
“Why would people like me, and others who can afford it, want to buy there? To relax, to be close to God,” Anis Alhabshi, Vice President of real estate developer Arabian Dyar, said in an interview with The Circuit. “It has spiritual value.”
Muslims are drawn to Mecca because it is the birthplace of the Prophet Muhammad and home to the Kaaba, the cube-shaped sanctuary at the center of the Grand Mosque. Every day, millions around the world face it during prayers. The Hajj pilgrimage – one of the five core obligations of Islam – must be performed at least once in a lifetime by Muslims who are physically and financially able.
Many also visit the city and nearby Medina year-round on Umrah, a shorter pilgrimage involving rituals such as circling the Kaaba and walking between two small hills to recall the story of Hagar and her son.
The sanctity of the city means only Muslims are permitted to enter – making Mecca a global spiritual capital with an audience limited by religious law. That exclusivity has always set Mecca apart from Saudi Arabia’s other tourism sites.
Just a four-hour drive away, the kingdom is building resorts at the Red Sea, opening up archaeological marvels like AlUla, and promoting futuristic attractions such as NEOM – all designed to bring in Western travelers and non-Muslim spenders.
In Mecca, the balance is shifting. Saudi Arabia is overhauling the holy city at breakneck speed to accommodate a new kind of pilgrim: those who want to stay longer, return often, and even buy a second home in sight of the Grand Mosque.
Developers such as Jeddah-based Arabian Dyar are racing to meet that demand. State-backed giants, including Jabal Omar Development Co., which has already built one of the world’s largest hotel and residential complexes in Mecca, are expanding.
A pivotal shift came in 2025, when Riyadh passed a real estate law allowing foreigners to buy or lease property in the kingdom for the first time in decades. The rules introduce “designated zones” for non-Saudis to own homes, including parts of Mecca. Details remain limited, and ownership is expected to be restricted to Muslims, but developers say the policy has already triggered calls from investors across the Middle East and Asia.
Dyar’s first project two years ago was marketed only to Saudis because foreigners were excluded by law. Under the eased rules, the company is trying to sell Muslims from abroad on the prospect of buying second homes in close proximity to the Grand mosque.
Religious tourism is one of Saudi Arabia’s most valuable non-oil assets – worth roughly $12 billion a year, about 20% of the non-oil economy. Planners of the kingdom’s Vision 2030 development blueprint want that number to soar, projecting $350 billion in annual pilgrimage-linked revenue early next decade.
“The devil is in the details,” Alhabshi said. “But the country is… opening up to the world.”
On the ground, the transformation is visible block by block. Entire neighborhoods are wrapped in scaffolding, and glass towers rise beside century-old streets once lined with pilgrim hostels.
Longtime residents are adjusting. “Having 1,000 hotels is not like having 100,” said Talal Alghuraybi, a retired soldier in his 60s. “Mecca has changed a lot. We don’t always recognize it anymore.”
The Daily Circuit: ADFW draws global investors + Binance gets Abu Dhabi OK
In The Daily Circuit today, we’re reporting on Abu Dhabi’s $16 billion expansion of its ADGM free zone, PIF-backed Lucid expanding its electric car network in Saudi Arabia, ADIA joining a group of investors that bought out British American Tobacco’s $776 million stake in India’s ITC Hotels and DP World’s agreement to modernize Afghanistan’s ports. But first, investors pour into Abu Dhabi for ADFW and Bitcoin MENA.
Abu Dhabi this week is hosting both the sprawling Abu Dhabi Finance Week event and the Bitcoin MENA conference, drawing crypto, finance and institutional investors to the UAE’s capital from around the world.
Headlining the Bitcoin event is Changpeng Zhao, the founder of Binance better known as CZ, who was pardoned by U.S. President Donald Trump in October after pleading guilty to violating money laundering laws. Also appearing are Ahmed Bin Sulayem, Executive Chairman & CEO of the Dubai Multi-Commodity Centre; Abdulla Al Dhaheri, CEO of The Blockchain Center; Faisal Al Hammadi, Managing Partner at Further Ventures; and Ali Alnuaimi, Founder at Shafra.
Amid the gatherings, Binance received formal approval from Abu Dhabi Global Market’s regulatory authority to provide global platform services from Abu Dhabi via three licensed entities – an exchange, a clearing house, and a broker-dealer.Under the arrangement, Binance’s regulated operations are set to begin January 5, 2026.
Missing this year is Eric Trump, who spoke to a packed hall last year before Donald Trump took office and promised that his father would be the most pro-crypto President ever.Excitement over crypto appeared not to be dampened much by the 30% slide in Bitcoin’s value.
“This year has certainly been an interesting one where we started well, went sideways, came a little bit lower and leveraged positions,” Sam North, a market analyst at eToro, told The Circuit’s Omnia Al Desoukie at the conference. “But overall, I think it has been a good year.”
Editor’s Note: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].
📰 Developing Stories
CAPITAL EXPANSION
Abu Dhabi is planning a $16 billion expansion of its ADGM free zone, as the hedge funds, banks and fintech companies that have been flocking to one of the region’s fastest growing financial hubs demand more space to expand. The emirate’s Mubadala sovereign fund and its biggest developer, Aldar Properties, are partnering on the mixed-use development, which will double the Grade A office space available on Al Maryah Island and add another 3,000 luxury residences, Bloomberg reports. The number of operational entities within ADGM rose to 3,227 in the third quarter, up 43% year-on-year. Billionaire Alan Howard told Abu Dhabi Finance Week that his hedge fund, Brevan Howard Asset Management, which is Abu Dhabi’s largest, has run out of office space and is looking for more. Balyasny Asset Management, a $29 billion multi-strategy hedge fund, is the latest newcomer, with plans to open an office early next year.
SPIRITS SHIFT
Saudi Arabia has quietly eased its strict alcohol rules this week, allowing non-Muslim foreign residents who earn at least 50,000 riyals ($13,300) per month to purchase liquor from the country’s only licensed store in Riyadh if they show proof of income, Bloomberg reports. Previously, only foreign diplomats had access to alcohol sales – and more recently, residents with so-called premium visas. The store operates under a system where buyers’ income is checked via a Saudi platform before purchases are allowed.Loosening the restrictions is part of broader efforts to make the kingdom more attractive to expats, investors and international businesses.
💲 Sovereign Circuit
Public Investment Fund: PIF-backed U.S. electric vehicle maker Lucid has expanded its network in Saudi Arabia.
ADQ: AD Ports Group’s Karachi Gateway Terminal Multipurpose Limited and Louis Dreyfus Company have signed a long-term agreement to develop and operate a modern clean-bulk agricultural handling and storage facility at Karachi Port.
Abu Dhabi Investment Authority: ADIA is among investors who bought out British American Tobacco’s $776 million stake in India’s ITC Hotels.
Oman Investment Authority: OQ Gas Networks, part of OIA, has invited bids to build Oman’s first 800km carbon-waste pipeline, linking major industrial free zones in Sohar, Duqm, and Salalah.
↪↩ Closing Circuit
🤝 Afghan Alliance: DP World signed an agreement with the Afghan Ministry of Finance to modernize the country’s ports.
🌐 Fintech Milestone: Turkey’s Paribu has acquired a majority stake in Bahrain- and Dubai-based CoinMENA in a deal valuing the firm at up to $240 million.
💰 Funding Found: U.K.-based Wood Group secured access to $450 million in new funding from Dubai-based suitor Sidara after meeting key conditions, marking a major milestone in the year-long takeover bid.
🗣 Circuit Chatter
💼 New Bureau: U.K.-based hedge fund Man Group has applied for a license to open an Abu Dhabi office next year.
🏗️ Big Bucks: Egypt’s Palm Hills Developments aims to generate more than $7 billion in sales from its first UAE project and expects to begin construction next spring, chairman Yassin Mansour told Reuters.
📈 Debt Market: GCC debt issuance soared to a decade high of $226 billion by November 2025, far outpacing last year’s record and contrasting sharply with the region’s weakest IPO activity since 2020, S&P Global Market Intelligence reported.
🌍 Power Circuit
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, and Sheikh Tahnoon bin Zayed, UAE National Security Advisor, met with Microsoft CEO Satya Nadella in Abu Dhabi on Sunday. Sheikh Khaled also met with Daniel Noboa, President of Ecuador, on the sidelines of the Abu Dhabi Formula One Grand Prix on Sunday.
Sheikh Theyab bin Mohamed, Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs, met withBill Gates, Chairman of the Gates Foundation, on the sidelines of Abu Dhabi Formula One Grand Prix on Sunday.
Sheikha Latifa bint Mohammed, Chairperson of Dubai Culture and Arts Authority, met with a delegation of Africa’s leading business and philanthropic figures to discuss opportunities for collaboration.
➿ On the Circuit
Noura Al Kaabi, UAE Minister of State, was among the figures who paid tribute to famed architect Frank Gehry, after he died on Friday aged 96. Gehry designed the Guggenheim Abu Dhabi, which is due to open next year.
Jihad Azour, International Monetary Fund Regional Director, told The Nationalthat the U.S.’s November decision to allow advanced chip exports to the UAE’s G42 and Saudi Arabia’s Humain marked a major boost to both countries’ AI ambitions, signalling their emergence as serious players in the sector.
Saad Sherida Al Kaabi, Qatar’s Energy Minister, said at the Doha Forum on Saturday that he’s “really worried” that a lack of investment and a surge in energy use from AI will create a shortage of LNG and natural gas supplies beyond 2035, Bloomberg reports.
Yasir Al Rumayyan, Governor of the Public Investment Fund, took part in a mini-hackathon where he personally built a “fantastic” stock trading assistant with Replit, Amjad Masad, CEO of Replit tweeted on Sunday.
Hamad Ali Al Khater wasnamed Qatar Airways Group CEO, succeeding Badr Mohammed Al-Meer after just two years in the post.
Maryam AlBalooshi, Senior Manager of the Environmental Affairs Office at the UAE’s General Civil Aviation Authority, has been elected as Chair of the Committee on Aviation Environmental Protection of the International Civil Aviation Organization.
🎶 Culture Circuit
🌷 Art Roulette: A 66 million-year-old triceratops skull fossil, Jeff Koons’ large-scale “Tulips” sculpture and a 17th century tapestry are among the eclectic pieces to be displayed at Wynn’s Al Marjan Island casino resort when it opens in 2027,The National reports. Wynn has shared a preview of the extensive collection of art and artifacts it has curated for an “immersive living gallery” experience at the Ras Al Khaimah resort, which will be the first gaming facility to open in the Gulf region.
📷 Photo of the Day
British racecar driver Lando Norris, the new F1 World Drivers Champion, celebrates with McLaren teammates after placing third in the Etihad Airways Abu Dhabi Grand Prix 2025 at Yas Marina Circuit on Sunday. (Nicolas Economou/NurPhoto via Getty Images)
📅 Circuit Calendar
Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.
Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.
Dec. 8-9, Kuwait City. Kuwait Risk Management Summit. Equipping leaders in enterprise risk, audit, and compliance with the latest insights and actionable strategies to tackle the evolving risk landscape. Kuwait Four Seasons Hotel.
Dec. 8-9, Abu Dhabi. Global AI Show. A leading forum examining investment opportunities in artificial intelligence. Space42 Arena.
Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.
Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the world’s top minds to redefine and shape the future of global markets. The Grand Steps, Al Maryah Island.
Dec. 18-23, Abu Dhabi. Games of the Future. A forum to discuss trends and investment opportunities in digital gaming. ADNEC.
Dec. 29-30, Dubai. World Sports Summit. Athletes, investors and decision makers discuss how sports can change the face of humanity. Madinat Jumeirah Arena.
The Daily Circuit: Milken quizzes Mubadala chief + Abu Dhabi F1 Grand Prix
In The Daily Circuit today, we’re at the Milken Institute’s Middle East and Africa Summit, where Mubadala’s Khaldoon Al Mubarak and Michael Milken concluded proceedings with an on-stage chat. We’re also reporting on Netflix buying Warner Bros. for $72 billion, sidestepping a Gulf-backed bid from Paramount; Emirates NBD mulling the purchase of a $7 billion Indian bank stake, and the three-way showdown brewing at Abu Dhabi’s Formula One Grand Prix. But first, to the conference.
Michael Milken wrapped up his annual Middle East and Africa Summit today the same way he started it a day earlier, hailing the integration of artificial intelligence into all aspects of business and finance.
As he did in 2024, Milken used Abu Dhabi’s Mubadala sovereign wealth fund as a use case, asking CEO Khaldoon Al Mubarak for a report card on its campaign to incorporate AI into all decision making.
Al Mubarak talked about turning the fund’s G42 technology firm into a cauldron for AI development, about establishing MGX as a key vehicle for investing in AI companies and the establishment of the UAE’s Mohamed bin Zayed University of Artificial Intelligence. Then he cited U.S. President Donald Trump’s visit in May when the two countries agreed to build a 19-kilometer campus in Abu Dhabi for the development of AI technology and the U.S. administration’s decision to allow export of the most advanced AI chips to the UAE.
“This is like going from a speed of 5 kilometers an hour to about 250 kilometers an hour,” Al Mubarak said.
Al Mubarak also credited Milken for inspiring him to establish Mubadala Capital as the first sovereign investor to manage third-party money. “This is a process you helped seed. You give advice, you drop hints – but the responsibility is on us to act,” Al Mubarak said. “Mike not only gave advice – he backed it with his own money as one of our first investors. Over time, we’ve been very successful.
Editor’s Note: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].
📰 Developing Stories
STARTING YOUNG
Saudi Arabia is working to engage its sports fans from the bottom up. As Crown Prince Mohammed bin Salman pours billions of dollars into international golf, tennis and football, Danny Townsend, CEO of Saudi Arabia’s SURJ Sports Investments, says it’s vital to get the young generation hooked when they’re young. “Frankly, I care far more about engaging a 10-year-old in a sport we invest in than engaging someone my age,” Townsend said in a panel discussion about sports at the Milken Summit. “If we get the product right and deliver it the right way for that young fan, the long-term value follows.” Ben Harburg, the American investor who bought Saudi Arabia’s Al-Kholood pro soccer club in July, said he’s constantly amazed by the dedication of local fans. “I’ve had fans come up to me at matches with printed A4 pages – line-by-line recommendations on how we should compete in the league, which players to pursue, what style of play to adopt, even preferred formations.”
NETFLIX AND DEAL
Netflix agreed to buy Warner Bros. Discovery in a $72 billion deal that pairs the world’s dominant paid streaming service with one of Hollywood’s oldest studios. Under the deal announced today, Warner Bros. shareholders will receive $27.75 a share in cash and stock in Netflix, Bloomberg reports. Netflix beat out a competing bid by David Ellison’s Paramount Skydance, which had backing from the Gulf’s three biggest sovereign wealth funds: Saudi Arabia’s Public Investment Fund, the Qatar Investment Authority and the Abu Dhabi Investment Authority. The sale will reshape the media and entertainment landscape globally, including in the Gulf, where Warner Bros. Discovery has interests ranging from content streaming and theme park branding deals to a CNN bureau. Earlier this year it paid $57 million for a 30% share in Dubai-based streamer OSN, which hosts HBO content in the region.
💲 Sovereign Circuit
Investment Corp. of Dubai: Emirates NBD, majority owned by the Dubai Government’s investment arm, is among the potential bidders for India’s $7 billion majority stake in IDBI Bank, in what could become the largest state-backed bank divestment in decades.
Public Investment Fund: The Saudi Bahraini Investment Co., owned by the PIF, signed an agreement with Mumtalakat, Bahrain’s sovereign wealth fund, to enhance cooperation and investment in strategic sectors.
Oman Investment Authority: OQ Alternative Energy, the OIA backed renewable energy company, is reportedly preparing to approve final investment decisions on 2 gigawatts of projects before year-end, the Oman Daily Observer reports.
↪↩ Closing Circuit
⚽ Star Power: Saudi Arabia-based billionaire footballer Cristiano Ronaldo has taken a stake in Perplexity AI and signed up for a global sponsorship agreement with the California-based startup.
💵 Building Blocks: Abu Dhabi-listed Investcorp Capital has acquired a $400 million diversified portfolio of industrial assets including properties across coastal markets in the eastern and western U.S.
🚢 Strategic Powerhouse: Morocco’s $4.2 billion Nador West Med port, located in the country’s northeast, is likely to become operational by the end of 2026, CEO Mohamed Jamal Benjelloun told Asharq Business.
🚙 Fancy Drops: Saudi Arabia is now the world’s laregst importer of classic cars, with investments exceeding $26.7 million, amid increased interest in classing car rallies.
🗣 Circuit Chatter
💼 ETF Bonanza: U.S. financial services firm State Street is expanding further in Saudi Arabia, with plans to add a dozen staff and launch a range of new Saudi exchange-traded funds, Bloomberg reports.
🎲 Winning Hand: Las Vegas casino operator Wynn Resorts has told investors that it expects almost 90% of revenue from its UAE project to come from gambling, Arabian Gulf Business Insights reports.
🌱 Solid Growth: The UAE’s economy will grow by 4.8% in 2025, according to the World Bank’s Fall 2025 Gulf Economic Update, as the country continues to achieve strong and broad-based growth.
🛢️ Oil Pricing: Saudi Arabia cut the price of its Arab Light crude to a five-year low, amid signs of a growing surplus, Bloomberg reports.
📈 Kuwait Market: Infracorp, a Bahrain- and Gulf-focused infrastructure and real estate investor, is considering a Kuwait Stock Exchange listing.
🌍 Power Circuit
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, met withMichael Milken and former U.S. Secretary of the Treasury Steven Mnuchin on the sidelines of the Milken Summit.
Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, held a phone call with Antonio Tajani, Italy’s Deputy Prime Minister and Minister of Foreign Affairs on Thursday.
Prince Faisal bin Farhan, Saudi Arabia’s Minister of Foreign Affairs, and his Qatari counterpart, Sheikh Mohammed bin Abdulrahman, co-chaired the executive committee meeting of the Saudi-Qatari Coordination Council on Thursday in Riyadh.
Sheikh Ammar bin Humaid, Crown Prince of the northern UAE emirate of Ajman and Chairman of Ajman Executive Council, met with Fares Akkad, Regional Director for the Middle East and Africa at Meta, Mariam Obaid Al Mheiri, Public Policy Manager at Meta, and Ahmad Shehada, Head of Government, Politics and Nonprofits for the Middle East and North Africa at Meta.
➿ On the Circuit
Omar Al Olama, UAE Minister of State for AI, Digital Economy and Remote Work Applications, told attendees at the Milken Summit that his country plans to produce 60 trillions AI tokens, which is equivalent to about 60% of global production and is a key part of the Emirates’ ambitions to be the world’s factory of intelligence.
AbdulKader Husrieh, Syria’s Central Bank Governor, appearing via video link, told the Reuters NEXT conference in New York on Thursday that the country’s economy is growing much faster than the World Bank’s 1% estimate for 2025 as refugees flow back after the end of a 14-year civil war.
Richard Teng, Binance Co-CEO, told The National that the rising convergence of AI, blockchain and rising stablecoin adoption is propelling a major five-to-ten-year transformation in financial services.
🎶 Culture Circuit
🏎️ Broom Broom: Excitement is building for this weekend’s Etihad Airways Formula One Grand Prix, the first time in 15 years that more than two drivers are in contention for the world championship title at the last race of the season. McLaren driver Lando Norris, Red Bull’s Max Verstappen and second McLaren driver Oscar Piastri, are all in the running. Adding to the already high stakes, McLaren’s resurgence comes just three months after Abu Dhabi’s CYVN Holdings and Bahrain’s sovereign fund, Mumtalakat, became full owners of the team in a $5 billion deal.
📷 Photo of the Day
Michael Milken in conversation with Khaldoon Al Mubarak, Group CEO and Managing Director of the Mubadala sovereign wealth fund and Chairman of Abu Dhabi’s Executive Affairs Authority at the Milken Summit in Abu Dhabi. (Omnia Al Desoukie / The Circuit)
Dec. 6-7, Doha. Doha Forum. Bringing together leaders in policy to discuss critical challenges facing our world. Sheraton Grand Doha Resort and Convention Hotel.
Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit.
Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.
Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.
Dec. 8-9, Kuwait City. Kuwait Risk Management Summit. Equipping leaders in enterprise risk, audit, and compliance with the latest insights and actionable strategies to tackle the evolving risk landscape. Kuwait Four Seasons Hotel.
Dec. 8-9, Abu Dhabi. Global AI Show. A leading forum examining investment opportunities in artificial intelligence. Space42 Arena.
Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.
Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the world’s top minds to redefine and shape the future of global markets. The Grand Steps, Al Maryah Island.
Dec. 18-23, Abu Dhabi. Games of the Future. A forum to discuss trends and investment opportunities in digital gaming. ADNEC.
Dec. 29-30, Dubai. World Sports Summit. Athletes, investors and decision makers discuss how sports can change the face of humanity. Madinat Jumeirah Arena.
The Daily Circuit: Milken summit ponders AI + Aldar-Mubadala $1B fund
In The Daily Circuit today, we’re at the Milken Institute’s Middle East and Africa Summit, where a line-up of investors and government ministers are pondering the fate of the earth. (Sign up here for our exclusive Milken conference briefing).We’re also looking at a plan for Abu Dhabi’s biggest developer to launch a $1 billion investment platform, Jeff Bezos dropping by the UAE, Saudi Arabia’s PIF revealing its share of Electronic Arts following its record $55 billion buyout. But first, to the conference.
It didn’t take long today for discussions at the Milken Institute Middle East and Africa Summit to focus on artificial intelligence – the promise, the costs and the threats of the technology that is permeating all levels of business and daily life.
Michael Milken, the billionaire financier who sponsors the annual two-day conference in Abu Dhabi, raised the issue in his opening remarks, pointing out that the largest amount of capital expenditures in the world are going into data centers for AI. “The world has changed and we can see it,” he said.
The UAE has, in fact, created a cabinet position to ensure that everyone in government embraces AI technology. Still, Omar Al Olama, the Minister of State for AI, Digital Economy and Remote Work Applications, warned about the dangers of artificial intelligence, especially the proliferation of fake information and images.
“The fact that I can give you a piece of paper and you think that is of value, that is trust,” Al Olama said. “Money is built on trust. If trust is being eroded, it will mean a tsunami of change that is going to be negative.”
Meanwhile, Mubadala Deputy CEO Waleed Al Mokarrab Al Muhairi gave a measured forecast for the Abu Dhabi sovereign wealth fund’s performance in credit markets. “We’ve had four fantastic years in private credit, and we know that’s likely to perform cyclically,” he said. “I don’t think it’s going to implode in any shape, way or form.”
Other headliners at the conference today included Emaar’s Mohamed Alabbar, Liberty Strategic Capital’s Steven Mnuchin, Saudi Culture House founder Princess Noura bint Faisal Al Saud, Greycroft’s Dana Settle and Maaden’s Bob Wilt.
While Elon Musk didn’t turn up at the Milken Summit, his brother Kimbal appeared under the “Visionaries of Tomorrow” program. Kimbal Musk is Co-Founder of Nova Sky Stories, which flies clusters of light-emitting drones to “turn the night sky into a canvas for storytelling.” He is also a major shareholder in Tesla and Co-Founder of both the restaurant group The Kitchen and the non-profit Big Green, which builds school gardens.
Editor’s Note: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].
📰 Developing Stories
GLOBAL PUSH
Mubadala Capital, the asset management arm of Abu Dhabi’s Mubadala sovereign fund, and developer Aldar are pairing up to launch a platform that aims to connect global investors with real estate projects in the UAE and wider Gulf. The new venture, to be called Aldar Capital and based out of Abu Dhabi’s ADGM free zone, is planning to raise $1 billion for its first fund next year. “We have received significant inbound interest from a number of our existing investors who want exposure to the region,” Mubadala Capital CEO Hani Barhoush told Bloomberg. The fund will invest across office buildings, residential real estate and logistics, transforming one of the UAE’s biggest developers into a manager of global capital. The biggest shareholder in Abu Dhabi-listed Aldar is Alpha Dhabi, which is controlled by International Holding Co., the vast conglomerate overseen by UAE National Security Advisor Sheikh Tahnoon bin Zayed.
BILLIONAIRE DELIVERY
Jeff Bezos, the founder of Amazon and one of the five richest people in the world, paid a visit to UAE President Sheikh Mohamed bin Zayed on Wednesday, praising the Emirates’ approach to embracing future technology during a meeting at Qasr Al Shati palace in Abu Dhabi. The meeting, which covered innovation, advanced technology and AI, was also attended by Sheikh Tahnoon, and Khaldoon Al Mubarak, Group CEO and Managing Director of the Mubadala sovereign wealth fund and Chairman of Abu Dhabi’s Executive Affairs Authority. Sheikh Tahnoon previously met Bezos along with Elon Musk to discuss AI collaboration on the sidelines of Sheikh Mohamed’s official visit to the U.S. last year.
💲 Sovereign Circuit
ADNOC: Germany has begun preliminary talks with potential investors including the UAE’s Abu Dhabi National Oil Co. about selling the trading unit of nationalized energy company SEFE, formerly Gazprom’s European arm, as it weighs options for the business’s future structure, Bloomberg reports.
International Holding Co.: The Financial Times traces how Abu Dhabi’s International Holding Co. expanded from a small firm into a sprawling conglomerate spanning multiple sectors that now accounts for a mammoth share of the emirate’s stock-market value.
International Holding Co.: Abu Dhabi-based fintech Zelo, formerly known as eFunder, has received $715 million from parent company IHC to expand its financing services for small and medium-sized enterprises.
Mubadala: The Abu Dhabi Investment Council, part of Mubadala sovereign wealth fund, is suing U.S. private equity firm Energy & Minerals Group to try to block its sale of Ascent Resources, one of America’s largest private gas drillers, to one of the firm’s sister funds. ADIC alleges that Energy & Minerals Group coerced investors to support the deal by concealing alternatives and undervaluing the company.
Public Investment Fund: Saudi Arabia’s PIF will own 93.4% of Electronic Arts after its $55 billion buyout backed by Jared Kushner’s investment firm Affinity Partners and Silver Lake, filings have revealed. Silver Lake will own 5.5% and Affinity 1.1%. The PIF will need to find about $29 billion in cash to fund its share of the leveraged deal, The Wall Street Journal reports.
Public Investment Fund: National Grid, a subsidiary of PIF-owned Saudi Electricity Co., will design and construct a $346 million power network for luxury tourism destination Soudah Peaks in the southwest of Saudi Arabia.
↪↩ Closing Circuit
🔥 Fired Up: Bahrain-based asset manager Investcorp has acquired U.S.-based safety company Guardian Fire Services from private equity firm Northern Lakes Capital.
🛢️ Drill Down: Omani company Abraj Energy Services has won a $280 million oil drilling contract from state-run Petroleum Development Oman.
🌳 Tree Change: Sharjah-based deleloper Arada has awarded $735 million worth of contracts to deliver its forested megaproject Masaar 2, including 1,997 homes.
🗣 Circuit Chatter
🌱 Startup Surge: Abu Dhabi-based investor Plus VC plans to fund more than three dozen startups in 2026, focusing on Saudi Arabia as a growing venture hub while increasing annual capital deployment to about $10 million from $4.5 million this year, Bloomberg reports.
⚓ Finally Free: Yemen’s Houthis have released nine Filipino mariners held since a July attack on the ship Eternity C in the Red Sea, during which at least four people were killed, Arab News reports.
🦂 Attack Drones: The U.S. is launching a new task force, named Scorpion Strike, for its military’s first one-way attack drone squadron based in the Middle East.
🏢 Desk Rents: Saudi Arabia is driving a surge in prime office rents across the Gulf, with Grade-A rents in Riyadh climbing 15.1% year-on-year in the third quarter, according to a new report by U.K.-based consultancy Knight Frank.
🐪 Desert Retreat: KKR’s decision to set up its third Middle East office in Abu Dhabi came as the buyout giant deployed about $2 billion in the Gulf over the past year, including buying a stake in one of the largest data center firms in the region, Bloomberg reports.
🌍 Power Circuit
King Hamad of Bahrain, chaired the 46th GCC Summit on Wednesday and gave a closing speech stressing the importance of advancing paths related to food and water security and the digital economy, and of continuing to support political efforts aimed at achieving regional stability. Italian Prime Minister Giorgia Meloni, the guest of honor, also delivered a speech in which she said that Italy could serve as a gateway for Gulf states into the European market. GCC Secretary-General Jasem Albudaiwi noted that trade exchange with Italy surpassed $35 billion in 2024.
Saudi Crown Prince Mohammed bin Salman and Bahrain’s Crown Prince Salman bin Hamad Al Khalifa, co-chaired the fourth meeting of the Saudi-Bahraini Coordination Council in Manama on Wednesday. The Saudi Crown Prince also met with Italian Prime Minister Giorgia Meloni on the sidelines of the GCC Summit.
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, met today with Zac Brown, CEO of McLaren Racing, in advance of this weekend’s F1 Abu Dhabi Grand Prix.
➿ On the Circuit
Mohammed Al-Jadaan, the Saudi Finance Minister, said the kingdom is open to canceling some projects under its Vision 2030 program if needed, in some of the strongest public remarks yet on scaling back costly developments.
Shivani Pandya, Red Sea International Film Festival Managing Director, told Arab News that the organization had to choose from more than 2,000 film submissions from 71 countries for this year’s festival, which opens in Jeddah today with the Middle East premiere of Rowan Athale’s boxing biopic “Giant.”
Michael Saylor, CEO of Strategy, the world’s biggest corporate Bitcoin holder, urged investors to avoid getting caught up by news of volatility in the crypto sector, speaking at Binance Blockchain Week in Dubai on Wednesday.
Zach Witkoff, co-founder and CEO of Trump family-backed World Liberty Financial, told Binance Blockchain Week that the U.S. is still playing catch-up with the UAE on crypto regulation.
Will Ahmed, the Egyptian-American founder of wearable fitness tracker Whoop, told The National that he credits his father’s decision to move to the U.S. with fuelling his entrepreneurial journey.
Fawaz bin Mohammed Al-Jasser has been named CEO of Saudi Arabian dairy giant Almarai.
🎶 Culture Circuit
👻 Good Spirits: Beloved Japanese animation house Studio Ghibli will take over Abu Dhabi’s Manarat Al Saadiyat next year for an exhibition exploring almost four decades of storytelling. Tickets go on sale on Dec. 8 for The World of Studio Ghibli, which will open on May 30. The show has toured South Korea, Taiwan, Hong Kong, Bangkok and Singapore since it was first presented in Japan more than 10 years ago. Visitors will be able to meet characters including Chihiro from “Spirited Away” and San from “Princess Mononoke,” The National reports.
📷 Photo of the Day
Michael Milken on stage today at the Milken Institute Middle East and Africa Summit 2025 in Abu Dhabi. (Milken Institute)
📅 Circuit Calendar
Dec. 3-5, Jeddah. AgroFood Jeddah. Bringing together developing businesses in the agricultural and food products field in Saudi Arabia. Jeddah Center for Exhibitions and Events.
Dec. 6-7, Doha. Doha Forum. Bringing together leaders in policy to discuss critical challenges facing our world. Sheraton Grand Doha Resort and Convention Hotel.
Dec. 7, Abu Dhabi. F1 Abu Dhabi Grand Prix 2025. The F1 season finale and one of the most hotly anticipated races in motorsport. Yas Marina Circuit.
Dec. 8-9, Riyadh. Hydrogen Arabia Summit & Exhibition. The inaugural event is aimed at positioning the Kingdom as a hub for hydrogen and clean energy collaboration. Crowne Plaza Riyadh RDC.
Dec. 8-9, Abu Dhabi. Bitcoin MENA 2025. An event dedicated to advancing Bitcoin and blockchain understanding and adoption. ADNEC Center.
Dec. 8-9, Kuwait City. Kuwait Risk Management Summit. Equipping leaders in enterprise risk, audit, and compliance with the latest insights and actionable strategies to tackle the evolving risk landscape. Kuwait Four Seasons Hotel.
Dec. 8-9, Abu Dhabi. Global AI Show. A leading forum examining investment opportunities in artificial intelligence. Space42 Arena.
Dec. 8-10, Abu Dhabi. BRIDGE Summit. Bringing together media executives, innovators, academia and NGOs, policymakers, and thought leaders to redefine the media landscape. ADNEC Center.
Dec. 8-11, Abu Dhabi. Abu Dhabi Finance Week. The largest financial event in the region, brings together the world’s top minds to redefine and shape the future of global markets. The Grand Steps, Al Maryah Island.
Dec. 18-23, Abu Dhabi. Games of the Future. A forum to discuss trends and investment opportunities in digital gaming. ADNEC.
Dec. 29-30, Dubai. World Sports Summit. Athletes, investors and decision makers discuss how sports can change the face of humanity. Madinat Jumeirah Arena.
