The Daily Circuit: UAE amps up AI + PIF’s $2B bond issue
š Hello from the Middle East!
In the Daily Circuit today, we report on at the PIFās Islamic bond issue that could net $2 billion, Mubadala CEO Khaldoon Al Mubarakās appearance at the Goldman Sachs retreat in Abu Dhabi, Khaznaās new UAE data centers and a memorial mass for Pope Francis in Dubai. But first, corporate tech experts from around the world are in the UAE for AI Week.
The UAE is amping up its use of artificial intelligence in all aspects of government.
Speaking at Dubaiās AI Retreat 2025 on Sunday, Omar Al Olama, the UAEās Minister of State for AI, Digital Economy and Remote Work Applications, said all departments will be evaluated on the effectiveness of how they use the emerging technology, The National reports.
āWe donāt want to leverage artificial intelligence just for the sake of AI,ā Al Olama said. āWe want to ensure that the application actually improves the quality of life of citizens in the UAE and in Dubai specifically.
The minister spoke during the AI eventās opening session at Dubaiās Museum of the Future. The retreat brings together more than 1,000 AI experts, policymakers, and executives from companies including Microsoft, Meta, Google and IBM
Among those participating in the weekās activities are Sheikh Mohammed bin Rashid, Ruler of Dubai and UAE Prime Minister and Mohammad bin Abdullah Al Gergawi, UAE Minister of Cabinet Affairs and Managing Director of the Dubai Future Foundation.
Delegations from more than 100 countries have come to the city for the deep dive into AI technology.
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š° Developing Stories
NUCLEAR FELLOWS
China is deepening its nuclear ties with the GCC by signing new cooperation deals with Saudi Arabia just days after the kingdom reached a similar energy agreement with the United States. Riyadh and Beijing inked the deal at a China-GCC nuclear technology forum in Chengdu, according to Chinaās state-run Global Times. The deal covers nuclear safety, security, non-proliferation, and emergency response. GCC officials say they aim to leverage Chinaās expertise to strengthen energy security and accelerate sustainable development, Arabian Gulf Business Insight reports, which enhances Chinaās influence in the Gulf, following earlier agreements with the UAE and joint resource exploration with the kingdom.
ALL THAT GLITTERS
The price of gold surged to $3,500 an ounce on Tuesday, as investors continued to pile into the safe-haven commodity amid concerns about U.S. President Donald Trumpās economic agenda. Trumpās latest threats against Federal Reserve Chairman Jerome Powell and calls for immediate interest rate cuts saw the precious metal hit a record level in intraday trading, before retreating slightly. Gold has risen about 28% since Trumpās inauguration in January. But there is no silver lining for the jewelers in Dubaiās famed Gold Souk, where the main trade is 22-karat gold jewelry for weddings and family investment. “There are no potential customers nowadays because of the gold prices,ā Fahad Khan, a sales representative at retailer Damas Jewellery, told Reuters. Buyers are turning instead to lab-grown diamonds to add a bit of bling to their wedding ensembles.
š² Sovereign Circuit
Public Investment Fund: The Saudi sovereign wealth fund will seek to raise between $1.5 billion and $2 billion with the issue of an Islamic bond in the coming weeks, leading to an expected new round of debt offerings by Gulf financial institutions, Bloomberg reports.
Public Investment Fund: Halal Products Development Company, a wholly owned subsidiary of PIF, and Brazilās BRF have begun building a $160 million processed-food factory in Jeddah through their joint venture BRF Arabia, aiming to boost local food security.
Mubadala: The Emirati sovereign wealth fundās CEO Khaldoon Al Mubarak will headline Semaforās World Economic Summit that starts on Tuesday in Washington. Al Mubarak was among the prominent Gulf attendees at last weekās Goldman Sachs private conference in Abu Dhabi that drew hedge fund chiefs including Goldmanās David Solomon, Citadelās Ken Griffin and Elliottās Paul Singer, Bloomberg reports.
G42: Khazna, now jointly owned by G42 and e&, has begun building two new data centres in Abu Dhabi to address the UAEās digital and AI capacity needs amid a nationwide shortage.
Qatar Investment Authority: The QIA has invested $25 million in Temasek-backed Rebel Foods, valuing it at $1.4 billion, to support the expansion of its physical restaurants and cafes.
āŖā© Closing Circuit
šŖ Trump Coins: DWF Labs, an Abu Dhabi-based crypto investment and trading firm, said on Wednesday it had bought $25 million worth of digital tokens issued by World Liberty Financial, the crypto venture controlled by the family of U.S. President Donald Trump, Reuters reports.
š„¤ Feeling Fizzy: PepsiCo opened a new regional headquarters in Riyadh and said it will build an $8 million R&D hub in the kingdom to create new products tailored to Middle East tastes.
ā½ LNG Saviour: China National Offshore Oil Corporation has struck a deal to buy LNG from ADNOC as trade tensions with the U.S. push Chinese firms to seek alternative suppliers amid rising import costs.
āļø Digging Win: U.K.-based engineering firm Wood has secured two three-year contracts worth $11 million from TotalEnergies in Iraq to support upgrades under the Gas Growth Integrated Project.
āļø Solar Savings: Some of Saudi Arabiaās largest businesses are embracing solar power to save on energy costs following the governmentās elimination of electricity subsidies, the Financial Times reports. Meanwhile, Saudi Arabia and the UAE are investing billions of dollars in AI-driven smart grids to boost solar and wind power, according to Fitch Solutions.
š£ Circuit Chatter
š Personal Driver: Blacklane, a Berlin-based chauffeur service with Middle East operations centered in the UAE, announced plans to expand in Saudi Arabia and establish an academy there to train its drivers.
āŖļø Islamic Bonds: Saudi Arabia will play a central role this year in building up the global Islamic finance industry as the kingdomās non-oil economy expands and it issues more sukuk bonds, S&P Global Ratings says in a new report.
š„ Posh Tots: Harrow, the 450-year-old British boys school which counts Winston Churchill among its alumni, is set to open two new facilities in the UAE next year, with plans to charge parents AED80,000 to 100,000 ($21,780 to $27,230) in fees.
š° Future Credit: Egyptās Aman Holding plans to raise nearly $99 million in 2025 by selling securitization bonds.
š” Mortgage Chatbot: Dubai-based homebuying platform Huspy launched the GCCās first AI-powered mortgage chatbot during Dubai AI Week 2025.
š Power Circuit
Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court,Ā attended the first meetingĀ of the UAE-China Investment Cooperation Committee on Sunday. Also participating wereĀ Mohamed Al Suwaidi,Ā UAE Minister of Investment;Ā Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology;Ā Thani Al Zeyoudi, Minister of State for Foreign Trade;Ā Khaldoon Al Mubarak, Chairman of the Executive Affairs Authority and CEO of Mubadala; andĀ Mohammad Alhawi, Undersecretary at the Ministry of Investment.
Indian Prime Minister Narendra Modi discusses his trip to Saudi Arabia in an interview with Arab News prior to his meeting scheduled for Tuesday with Crown Prince Mohammed bin Salman.
Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, met on Monday with Pakistani Prime Minister Muhammad Sharif in Islamabad.
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, received a delegation from the Family Business Council ā Gulf, led by Chairwoman Sheikha Hind Suhail Bahwan.
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, UAE Deputy Prime Minister and Minister of Defense, and Chairman of the Dubai Future Foundation, met with hundreds of government employees in the first cohort of the “1 Million AI Talents in the UAEā initiative during Dubai AI Week 2025.
āæ On the Circuit
Badr Abdelatty, Egyptās Foreign Minister, met Saudi counterpart Prince Faisal bin Farhan during a working visit in Riyadh on Monday.
Mauricio Sulaiman, President of the World Boxing Council, said in an interview with Bloomberg in Riyadh that Saudi Arabiaās massive investments are restoring boxing to the glamor and profile it had under legendary promoter Don King.
Khalid bin Kalban, CEO of Dubai Investments, told Arabian Gulf Business Insights that the company, which manages $6 billion in assets, is preparing for an IPO of one of its subsidiaries before the end of the year.
Khaled AlShehhi, Executive Director of Digital Communications at the UAE Government Media Office, has been selected for the PR Lions Awards jury panel by the Cannes Lions International Festival.
Sharif Al Olama, Undersecretary for Energy and Petroleum Affairs at the Ministry of Energy and Infrastructure and Chairman of UAEV, a joint venture between MoEI and Etihad Water and Electricity, led the 3rd EV Majlis on Monday, attended by leading global EV manufacturers.
š¶ Culture Circuit
š Well Dressed: Saudi Arabian women are increasingly using abayas as vibrant forms of self-expression, as a new generation of designers repurpose the traditional garment using vivid colors and patterns. The loosening of social restrictions in recent years has seen an influx of brands producing quirkier and more daring designs, Arab News reports. āEvery piece tells a story; no two look the same,ā Reem Al-Bayyat, founder of fashion brand Mad Since 1982, told the newspaper. āIt is a story, but also a risk and an adventure.ā
š· Photo of the Day
š Circuit Calendar
April 21-23, Abu Dhabi. Electric Vehicle Innovation Summit 2025. The Middle Eastās largest annual event dedicated to shaping the future of electric mobility. ADNEC.
April 23-24, Dubai. Dubai AI Festival. Bringing together the brightest minds to explore and expand the commercial and economic possibilities of AI technology.ā Madinat Jumeirah.
April 25 – May 11, Dubai. Dubai Esports and Gaming Festival. Dubaiās gaming and esports extravaganza brings together global players, creators, fans, and industry leaders. Dubai World Trade Center.
April 27-29, Abu Dhabi. Culture Summit. The annual event features panels, case studies, creative conversations, artist talks and workshops. Manarat Al Saadiyat.
April 29-30, Abu Dhabi. Digital Transformation Summit UAE 2025. In its 37th edition, the summit is expected to be attended by over 300 C-suite executives, directors, and technology leaders. Sheraton Abu Dhabi Hotel and Resorts.
April 30- May 1, Dubai. Token2049 Dubai. A global conference dedicated to the crypto and blockchain ecosystem. Madinat Jumeirah.
May 5-6, Abu Dhabi. Governance of Emerging Technologies Summit. Shaping Responsible Governance of AI & Emerging Technologies in a Future Digital Economy. St. Regis Saadiyat Island Resort.
May 6-7, Dubai. MENA Capital Market Summit. The event will bring together 1,500 businesses, decision-makers and global financial leaders to discuss the capital market. Madinat Jumeirah.
May 6-8, Dubai. Airport Show. Showcasing the latest technological advancements in the airport industry. Dubai World Trade Center.
May 6-8, Dubai, GISEC. The 14th edition of the Middle East and North Africaās largest cybersecurity event, under the theme āSecuring an AI-Powered Future.ā Dubai World Trade Center.
May 12-13, Dubai. Dubai FinTech Summit. Exploring a future where finance is accessible, inclusive, and empowering. Madinat Jumeirah.
May 13-14, Dubai. Low Carbon Fuels MENA. The conference promises a space for industry leaders, potential partners, and innovators to discuss potential opportunities and challenges. Sheraton Dubai Creek Hotel & Towers.
May 13-15, Dubai. CABSAT. The Middle East & Africaās leading event for content, broadcast, media & entertainment industry professionals looking to leverage the latest technology and innovation in creating the next-gen content. Dubai World Trade Center.
May 16-17, Tirana, Albania. FII Priority Europe 2025. Saudi Arabiaās Public Investment Fund sponsors a regional business summit focused on Europe and is affiliated with the annual Future Investment Initiative conference in Riyadh. National Theater of Opera and Ballet.
May 20-22, Doha, Qatar. Qatar Economic Forum. Annual conference bringing together Qatari government and business leaders with corporate executives, investors and policymakers from around the world. Media City Qatar.
May 26-27, Abu Dhabi. Building the Future Summit. Forbes event serves as a platform for industry leaders, investors, architects, and innovators to explore the latest trends shaping the future of real estate. Louvre Abu Dhabi.
May 29-30, Tripoli, Libya. Building the Future Summit. Forbes event designed to help delegates from Libya understand investment opportunities, foster strategic partnerships and showcase key reforms that will drive economic progress. Venue TBA.