Wrapping up the Milken Middle East and Africa Summit
☀️ Hello from Abu Dhabi,
Over the course of two days of policy discussions, dinner parties, and dealmaking, the Milken Institute Middle East and Africa Summit addressed issues ranging from the multibillion-dollar challenges of harnessing artificial intelligence in the Gulf to fostering innovation in developing countries across the African continent.
Laying out the agenda when the conference opened at the St. Regis Sadiyaat Island Resort on Thursday, Dec. 4, founder Michael Milken said his key interests were in exploring the opportunities presented by AI in the Middle East and Africa, as well as the importance of improving health care and education to make the region attractive to foreign investment.
“For 100 years, the most millionaires and entrepreneurs moved to the United States,” Milken said. “Today, the UAE is the No. 1 location for millionaires and entrepreneurs moving.” He added: “So many people have opinions who have never been here and so part of the reason for these sessions is to let people see the world with their own eyes.”
Among the investors, corporate executives and policymakers who took part in the Milken Summit were Mubadala CEO Khaldoon Al Mubarak and Deputy CEO Waleed Al Mokarrab Al Muhairi, Emaar’s Mohamed Alabbar, former U.S. Secretary of the Treasury Steven Mnuchin, GCC Secretary-General Jasem Al Budaiwi, 2pointZero’s Mariam AlMheiri, UAE Minister of State for AI, Digital Economy and Remote Work Applications Omar Al Olama, Saudi Culture House founder Princess Noura bint Faisal, Greycroft’s Dana Settle and Maaden’s Bob Wilt.
Around the Summit
AI PRIORITY
Artificial intelligence dominated opening discussions at the conference. Milken noted the biggest capital expenditures globally are now flowing into AI data centers, warning that “the world has changed and we can see it.” UAE AI Minister Omar Al Olama emphasized the dangers of fake information eroding trust. “If trust is being eroded, it will mean a tsunami of change that is going to be negative,” he said.
MARKETS OUTLOOK
Mubadala Deputy CEO Waleed Al Mokarrab Al Muhairi offered a cautious view on private credit during a markets panel. “We’ve had four fantastic years in private credit, and we know that’s likely to perform cyclically,” he said. He predicted continued resilience despite a slowdown.
SKY STORIES
Kimbal Musk stepped in for his more famous brother at the summit’s “Visionaries of Tomorrow” program. Musk, a co-founder of Nova Sky Stories, spoke about using fleets of light-emitting drones to “turn the night sky into a canvas for storytelling.” He also noted his roles at Tesla, The Kitchen restaurant group and the education nonprofit Big Green. His message centered on innovation that inspires younger generations.
FAN FUTURE
Sports executives said Saudi Arabia’s investment strategy must target the next generation of fans to pay off. SURJ Sports Investments CEO Danny Townsend said he cares more about engaging “a 10-year-old in a sport we invest in than engaging someone my age.” He argued that long-term value comes from delivering “the right product” to young audiences. U.S. investor Ben Harburg noted Saudi supporters’ passion, recalling young fans presenting him printed pages with tactical advice for his Al-Kholood soccer club.
ROYAL WELCOME
Sheikh Khaled bin Mohamed, Abu Dhabi’s Crown Prince and Chairman of the Abu Dhabi Executive Council, met with Michael Milken on the sidelines of the conference. Also attending were Mubadala CEO Khaldoon Al Mubarak, Chairman of Abu Dhabi’s Executive Affairs Authority, and former U.S. Secretary of the Treasury Steven Mnuchin, founder of Liberty Strategic Capital.
ABU DHABI DEALMAKER
Why do Milken Summit participants pay more than $15,000 to register for the gathering in the UAE’s capital city? It’s largely for the shoulder-rubbing opportunities in the plush lobbies of the St. Regis. Martin Edelman, for instance, the American real estate lawyer and board member of G42, who is known as the Abu Dhabi royal family’s “Man in Manhattan,” chatted with other attendees while nibbling appetizers outside the main plenary hall. Investment banker Lawrence Golub was also buttonholed numerous times as he strode to meetings elsewhere in the hotel.
BUILDING PROSPERITY
U.S. Ambassador to Turkey Tom Barrack said regional stability in the Middle East will depend on economic development rather than political mandates, calling prosperity “the only thing that works.” He argued the U.S. should “let the region be the region” and end Western attempts to impose solutions that have repeatedly failed. Highlighting energy corridors and reconstruction in Syria and Lebanon, Barrack said American investment can “help everything” once sanctions and other barriers are lifted. “You kill one terrorist, you create ten – that can’t be the answer,” he said, urging regional governments to pursue business-driven integration instead of military confrontation.
PROMOTING GROWTH
U.S. Ambassador to NATO Matthew Whitaker said America can no longer “provide the defense for the entire globe” and urged European and Asian allies to boost military spending to match surging threats from Russia and China. He warned that peace requires strength, saying “if we are weak… that will be exploited by our adversaries.” Whitaker argued that innovation and lower-cost weapons systems must replace “exquisite, fancy, million-dollar missiles” as warfare evolves with drones and autonomous technology. He said reducing regulation and protectionist trade barriers would drive global growth and help fund defense modernization.
FAST TRACK
Susie Wolff, managing director of Formula One’s all-female F1 Academy program, said investors are pouring into the sport as it transforms into a global cultural brand with soaring demand and sold-out races. She noted that “so many brands [want] to turn up,” pointing to how empty grandstands just six years ago have become packed venues that are driving new commercial momentum. Wolff said the sport must ensure its rapidly growing, younger fan base – now 42% female – “feel connected to the sport.”
VOX POP
Fanta Conde, Partner at CrossBoundary Advisory based in Conakry, Guinea, told The Circuit’s Omnia Al Desoukie her perspective on the summit: “The Middle East and Africa have a very close and rapidly growing relationship. As a partner focusing on Africa, it’s important for me to be here and engage in these key dialogues with partners in the Middle East, and to understand how we can strengthen collaboration, attract more investment from the Middle East into Africa, and vice versa.”
WARP SPEED
Michael Milken closed the summit by returning to the theme of AI’s sweeping impact on business and finance. He spotlighted Mubadala as an example and asked CEO Khaldoon Al Mubarak to grade its integration of advanced technology. Al Mubarak cited G42, MGX and a U.S.–UAE partnership to build an AI campus in Abu Dhabi, calling the shift “like going from a speed of 5 kilometers an hour to about 250 kilometers an hour.”
