The Daily Circuit: Bahrain, Qatar royals to dine at White House + Vicenne’s Moroccan IPO
👋 Hello from the Middle East!
In today’s Daily Circuit, we’re reporting on Mubadala CEO Khaldoon Al Mubarak’s AI talk in Pittsburgh, Pa., a joint Mideast robotaxi operation between Uber and China’s Baidu, Moroccan healthcare firm Vicenne’s oversubscribed IPO and conference impresario Richard Attias’s return to Saudi Arabia’s FII Institute. But first, Gulf leaders break bread with Donald Trump.
The Prime Ministers of Bahrain and Qatar visit the White House today as the two countries roll out billions of dollars in investments with the U.S. government and American firms.
Bahrain’s premier, Crown Prince Salman bin Hamad Al Khalifa, is scheduled for an Oval Office chat with President Donald Trump in the late morning today, followed by lunch. Qatar’s Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani meets Trump for dinner at 7 p.m.
After arriving in Washington on Tuesday, Prince Salmanheld meetings with Trump administration officials and announced a series of business agreements at a ceremony organized by the U.S. Chamber of Commerce.
Among the deals was a $2 billion agreement between Bahrain’s sovereign wealth fund, Mumtalakat, and a consortium of American companies in aluminum-related industries. Cisco signed a deal to provide digital solutions for Bahrain’s government telecommunications network.
Citing a free-trade agreement between the two countries, Prince Salman said Bahrain serves “as a gateway for American companies to access lucrative regional markets.”
The Prince said New Jersey-based SubComwon a contract to build an 800-kilometer (500-mile) multi-fiber submarine cable linking Bahrain to Saudi Arabia, Kuwait, and Iraq. He also announced that direct commercial flights would soon begin between Bahrain and New York City.
Qatar, which is acting as a mediator in Gaza talks with Israel, Hamas and the U.S., caused a stir during Trump’s Mideast visit in May, when the Gulf state offered the President a $400 million plane to replace the aging Air Force One.
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TECH TOOL
Mubadala’s Khaldoon Al Mubarak touts use of ‘AI copilots’ in Pittsburgh
Khaldoon Al Mubarak, CEO of Mubadala Investment Co., told a conference of U.S. investors that the UAE sovereign wealth fund is integrating artificial intelligence at every level of its decision-making process, The Circuit’s Jonathan Ferziger reports.
Speaking Tuesday at the Pennsylvania Energy and Innovation Summit at Pittsburgh’s Carnegie Mellon University, Al Mubarak said Mubadala makes about 40% of its investments in the U.S. and wants to play a pioneering role in the global use of AI.
President Donald Trump headlined the summit with an address in which he hailed more than $92 billion in new investments made in Pennsylvania by such firms as Blackstone, CoreWeave and Meta Platforms. Mubadala is an investor in G42, an Abu Dhabi tech firm that raised $1.5 billion from Microsoft last year to work together on AI and build data centers.
Uber and China’s Baidu are taking a ride together in the Middle East. The two heavyweight firms said on Tuesday they’re launching a joint robotaxi service that will operate more than 1,000 of Baidu’s Apollo Go autonomous vehicles in Abu Dhabi, Dubai and elsewhere in the Mideast and Asia. Baidu already runs driverless taxis in Beijing, Shanghai and other Chinese cities and it signed an agreement with Dubai’s Road and Transport Authority in March to deploy the vehicles in the emirate. Under the Apollo Go agreement, taxis can be ordered by app through Uber, which has plans to offer similar services in Europe and Australia.
SMALL BUT MIGHTY
As property prices in the UAE’s major cities continue their bull run, developers are turning a sharp eye towards the little-known emirate of Umm Al Quwain. The UAE’s second-smallest and least-populous emirate, with around 60,000 residents, sits cozily between Sharjah and Ras Al Khaimah, just an hour’s drive into Dubai and 15 minutes from RAK’s Al Marjan Island, where the UAE’s first gaming resort is under construction. The once-quiet coastal enclave is now host to three mega developments, including two waterfront residential projects by Dubai-based Sobha Realty valued at a total of $28 billion.
💲 Sovereign Circuit
International Holding Company: Abu Dhabi’s IHC has acquired financing platform eFunder, now rebranded as Zelo, to boost access to capital for small and medium-sized businesses and address the $250 billion MENA credit gap.
Aramco: Saudi AI start-up Lucidya has raised $30 million in a Series B funding round led by Impact46 and Aramco’s Wa’ed Ventures.
ADNOC: ADNOC plans to transfer a 24.9% stake in Austrian oil and gas company OMV to its XRG investment arm, as part of its strategy to consolidate international assets.
ADQ: Abu Dhabi green energy company Masdar will divest its stake in the Sharjah Waste-to-Energy plant to Tadweer Group, the waste management and recycling services company owned by sovereign fund ADQ.
↪↩ Closing Circuit
💰 IPO Frenzy: Moroccan healthcare firm Vicenne’s IPO was oversubscribed 64 times, attracting $3.5 billion in orders for its $55 million offering and marking the North African market’s first listing of 2025.
📊 Listing Slowdown: Proceeds from GCC IPOs fell 6% to $3.4 billion in the first half of 2025 compared to the same period last year, with Saudi Arabia leading regional issuance by raising $2.9 billion.
💳 Debt Clearance: Egypt repaid $1 billion to foreign oil companies in early July, reducing its outstanding debt to $2.5 billion, with full repayment expected by September.
💸 Fraud Fighter: Israeli web intelligence startup Heka raised $14 million in Series A funding, led by Windare Ventures, to expand across the U.S and Europe as it develops AI tools to counter a rapidly escalating global fraud epidemic.
🗣 Circuit Chatter
📈 IPO Divergence: UAE share sales are gaining momentum into late 2025, while Saudi companies pursuing listings face investor caution over high valuations, reflecting diverging equity market sentiments across the Gulf, Bloomberg reports.
🛢️ Production Debate: OPEC partly rejected reports of a Saudi oil output surge, noting Riyadh stayed within its quota last month due to a recalculation of production metrics that adjusted how barrels were officially counted.
☀️ Energy Push: Oman has signed a deal with Turkey to launch joint net zero and decarbonization projects starting in 2027, supporting its push for energy diversification and carbon neutrality.
🤝 Quantum Pact: Israel and the U.S. have proposed forming a $200 million joint fund to develop quantum computing, with possible UAE and Saudi participation, The Jerusalem Post reports.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed flew to Turkey on Wednesday for an official state visit in which he will hold talks with Turkey’s President Recep Tayyip Erdoğan.
The UAE President held a phone call on Tuesday with Iran’s President Masoud Pezeshkian to discuss a range of issues between the two countries.
President Donald Trump’s appearance at Sunday’s FIFA Club World Cup final in New Jersey demonstrated soccer’s growing popularity in America, The New York Times reports. Among those who attended the match at MetLife Stadium were Jared Kushner, U.S. Attorney Pam Bondi, New York Jets owner Woody Johnson, star NFL quarterback Tom Brady and the NFL’s New England Patriots owner Robert Kraft.
➿ On the Circuit
Richard Attias will return as interim CEO of Saudi Arabia’s Future Investment Initiative Institute, which organizes the kingdom’s annual FII conference, after Penny Richards resigned six months into the job, Semafor reports.
Antonoaldo Neves, CEO or Etihad Airways, told The National that the Abu Dhabi-based airline is aiming to expand 15% every year until the end of the decade, as it raised its growth target to 38 million passengers by 2030, up from the previous goal of 33 million.
Alexander Godwin has returned to Hasma Capital, the investment firm of Saudi Arabia’s billionaire Juffali family, in a London-based director role, Bloomberg reports. Godwin left the firm last year for a job at another family office, Misland Capital.
Khalid bin Abdulaziz Al-Falih, Saudi Arabia’s Minister of Investment, attended the Financial and Professional Services Dinner hosted by the Lord Mayor of London, Alastair King, at Mansion House, London, on Tuesday.
🎶 Culture Circuit
💬 Speaking King-lish: Linguistic code-switching, a common phenomenon in globalized cities, is becoming the “new norm” for young people in Saudi Arabia, where increasing business connections and education opportunities overseas have seen a rise in English being used alongside the official Arabic language, Arab News Reports. The trend reflects rapidly shifting social dynamics in the kingdom, which only made English lessons mandatory for first graders at state schools in 2021.
📷 Photo of the Day
Crown Prince Salman bin Hamad Al Khalifa, Prime Minister of Bahrain, attended a reception hosted by the U.S. Chamber of Commerce at its headquarters on Tuesday, bringing together Bahraini and American companies. Sheikh Isa bin Salman Al Khalifa, the Minister of the Prime Minister’s Court also attended. The delegation was greeted by Ross Perot Jr., Chair of the Board and Chair of the Executive Committee of the Chamber. (Court of the Crown Prince)
📅 Circuit Calendar
July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.
Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.
August 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace.
Sept. 1-3, Cairo. Pharmaconex. Brings together industry leaders to showcase innovations in pharmaceutical manufacturing. Egypt International Exhibition Center.
Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.
Sept. 8-10, Dubai. WHX Tech 2025. Participants will explore the latest trends in health care and gain practical insights on the changing sector. Dubai World Trade Center.
Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.
Mubadala’s Khaldoon Al Mubarak touts fund’s ‘AI copilot’ at conference in Pittsburgh
Khaldoon Al Mubarak, Chief Executive Officer of Abu Dhabi’s Mubadala Investment Co., said the sovereign wealth fund is integrating artificial intelligence at every level of its decision-making process, describing AI as a transformative tool that is rapidly strengthening the fund’s capabilities.
Speaking Tuesday at the Pennsylvania Energy and Innovation Summit at Carnegie Mellon University, organized by Republican Sen. Dave McCormick, Al Mubarak said Mubadala makes about 40% of its investments in the U.S. and wants to play a pioneering role in the global use of AI.
“What we’re doing a lot of right now is not just investing, but also enabling the technology,” he said while participating in a panel discussion. “When it comes to the enablement of AI, we’re probably, surprisingly, one of the leaders in the world.”
President Donald Trump headlined the summit with an address in which he hailed more than $92 billion in new investments made in Pennsylvania by such firms as Blackstone, CoreWeave and Meta Platforms focused on artificial intelligence and energy infrastructure.
Mubadala is an investor in G42, an Abu Dhabi-based tech firm that raised $1.5 billion from Microsoft last year to work together on AI and build data centers. The fund is also a shareholder in MGX, an investment firm participating alongside OpenAI, Softbank and Oracle in the $100 billion venture announced by Trump in January to fund artificial intelligence infrastructure in the U.S.
At the one-day conference, Blackstone President Jon Gray outlined some $25 billion the firm plans to invest in data centers. He was joined in Pittsburgh by BlackRock’s Larry Fink, Bridgewater’s Nir Bar Dea and a roster of other top corporate executives and cabinet members.
Al Mubarak said Mubadala’s Investment Committee now includes an “AI copilot” that interacts with both committee members and external teams pitching investment proposals. The fund, which manages approximately $300 billion in assets, has increasingly positioned itself as a technology-focused investor, backing AI firms alongside deploying the tools internally.
“In Mubadala, our AI copilot sits with us in the Investment Committee,” he said. “All the board members, all the Investment Committee members obviously interact directly with the agent and obviously the teams (that are) coming in (and) pitching us.”
The panel in which Al Mubarak participated was moderated by Dina Powell McCormick, the senator’s wife who was Deputy National Security Advisor to Trump in his first term and is now Vice Chairman and President of Global Client Services at BDT & MSD Partners, a merchant bank based in Chicago and New York.
He described the AI copilot as a powerful analytical tool used to challenge investment propositions and support human judgment.
“What I found now after almost one year of implementation is a huge learning curve, and really that capability is strengthening in a way that is phenomenal,” Al Mubarak said.
Among corporate leaders at the event were ExxonMobil CEO Darren Woods, Chevron’s Mike Wirth, Alphabet/Google’s Ruth Porat, Palentir’s Alex Karp and Anthropic’s Dario Amodei.
From Trump’s cabinet, Treasury Secretary Scott Bessent, Interior Secretary Doug Burgum, Commerce Secretary Howard Lutnick and Energy Secretary Chris Wright attended the forum.
The Daily Circuit: Neom under scrutiny + Mubadala group buys Germany’s Techem
👋 Hello from the Middle East!
In today’s Daily Circuit, we’re reporting on Mubadala’s role in the $7.9 billion buyout of Germany’s Techem energy company, the warning from PIF-owned Lucid Motors over rising production costs, a doubling of Mideast funding for startups in the first half of 2025 and Etihad Airways picking up the slack from Wizz scrapping its Abu Dhabi operations. But first, Neom’s mega-spending goes under the microscope.
Saudi Arabia’s Public Investment Fund is taking a critical look at Neom and its banner construction projectThe Line to decide whether building the futuristic city from scratch is still feasible.
The sovereign wealth fund has asked consulting firms to conduct a strategic review and suggest possible changes amid declining oil prices and concerns that the kingdom can’t afford the 170-kilometer project as originally laid out in 2017, Bloomberg reports.
Neom, the PIF’s umbrella company for The Line and an array of other megaprojects in western Saudi Arabia, issued a statement on Monday outlining its aims in assessing The Line.
“As is typical with large-scale, multi-year projects, strategic reviews are common practice and occur several times over the course of a major development project or infrastructure program,” Neom said. “The Line remains a strategic priority and Neom is focused on maintaining operational continuity, improving efficiencies and accelerating progress to match the overall vision and objectives of the project.”
The review reflects changes in the Saudi economy since the stunning $500 billion Neom development was introduced at a gathering of international investors eight years ago by Crown Prince Mohammed bin Salman.
Prices for oil, the bedrock of the kingdom’s finances, reached as high as $139 a barrel in 2022 and have since fallen to about $71. Saudi Arabia needs a price of $96 a barrel to balance its budget, and $113 if domestic spending by the PIF on the Crown Prince’s projects is included, according to Bloomberg Economics.
Editor’s Note: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].
📰 Developing Stories
STARTUP WADI
Startups in the Gulf and other Arab countries in the Middle East nearly doubled their fundraising in the first half of the year. About $1.35 billion in venture capital funding was invested in the region’s early-stage companies during the period, led by Saudi Arabia and the UAE, data platform Magnitt reports. In Israel, one of the world’s busiest startup hubs, first-half funding reached $9.3 billion, the country’s strongest six-month performance in three years. The increase in venture funding in the Middle East contrasts with global emerging venture markets, where funding dropped to about $4 billion – the weakest first half since 2017.
GEE WIZZ
Etihad Airways is preparing to launch flights to several destinations affected by Wizz Air’s exit from its Abu Dhabi operations. Etihad, which is based in Abu Dhabi, announced on Tuesday that it would introduce flights to Almaty, Kazakhstan; Baku, Azerbaijan; Bucharest, Romania; Medina, Saudi Arabia; Tbilisi, Georgia; Tashkent, Uzbekistan; and Yerevan, Armenia. Wizz Air currently flies from Abu Dhabi to all of those destinations, except Tbilisi. The Hungarian budget airline said yesterday that it would suspend its Abu Dhabi joint venture with the ADQ sovereign wealth fund, which owns Etihad, blaming persistent engine issues, geopolitical tensions in the Middle East and regulatory challenges. Etihad said its services to all of the new routes would begin in March, except Medina, which will be operational from November.
💲 Sovereign Circuit
Mubadala: A consortium that includes the Abu Dhabi sovereign wealth fund will acquire German energy company Techem for $7.9 billion. Others in the group include Swiss private equity company Partners Group and Singapore’s GIC.
Public Investment Fund: Marc Winterhoff, CEO of the Saudi PIF-owned California electric vehicle maker Lucid Motors, warned in a Bloomberg interview that Trump-era auto tariffs will sharply increase production costs, threatening price hikes for American-made EVs despite the company’s efforts to localize supply chains in the kingdom.
G42: Presight, an Emirati tech company owned by G42, is helping launch Kazakhstan’s first supercomputer, featuring prominently at a ceremony attended by Kazakhstan’s President Kassym-Jomart Tokayev.
↪↩ Closing Circuit
🏢 Luxury Estate: Vincitore Realty, a boutique developer in the UAE, awarded a $544 million contract to Luxridge Building Construction for delivering its latest wave of luxury real estate projects in Dubai.
💰 Big Brother: Egypt approved $101 million within its budget to support small and medium sized enterprises in a partnership between the Ministry of Finance and the Micro, Small, and Medium Enterprises Development Agency.
🌐 Browser Boom: Israeli cybersecurity startup Island has quadrupled its valuation to $4.8 billion since late 2023 after raising tens of millions from J.P. Morgan, as demand for secure enterprise browsers surges globally.
🗣 Circuit Chatter
🏢 Luxury Leaders: Singapore was ranked the world’s most expensive city for luxury spending for a third year, while London overtakes Hong Kong for second place and Dubai ranks as the costliest destination in the Middle East for high-end goods, according to Julius Baer’s annual report.
🏡 Housing Reforms: The UAE’s Majid Al-Futtaim firm has been granted a license to set up a housing construction company in Kuwait following residential reforms by the country.
☀️ Renewable Surge: The share of renewables in Oman’s electricity production more than doubled to 12% between late 2024 and mid-2025, driven by new solar and wind projects.
🧳 Driverless Luggage: Dubai airport services provider dnata has deployed a fleet of autonomous vehicles to tow baggage containers at Dubai World Central-Al Maktoum International, WAM reports.
🐄 Livestock Crisis: Turkey’s livestock industry is facing crippling losses from the nationwide outbreak of foot-and-mouth disease.
🌍 Power Circuit
Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, visited the Liwa Date Festival in Al Dhafra region on Monday. Sheikh Sultan bin Hamdan, UAE Ambassador to Bahrain and Vice Chairman of Al Ain Sports & Cultural Club, also visited the festival.
Sheikh Nahyan bin Mubarak, UAE Minister of Tolerance and Coexistence, attended a Bastille Day reception at Emirates Palace in Abu Dhabi on Monday evening hosted by French Ambassador Nicolas Niemtchinow.
➿ On the Circuit
Leila Benali, Morocco’s Minister of Energy Transition, told Saudi news website Asharq that her country needs to invest over $40 billion to achieve its national energy goals.
Waleed Saeed Al Awadhi, CEO of the Abu Dhabi Securities and Commodities Authority, was elected Chair of the International Organization of Securities Commissions’ Africa and Middle East Regional Committee.
🎶 Culture Circuit
🎤 Star Stopover: Rapper Travis Scott will return to Abu Dhabi on Nov. 15 with his record-breaking Circus Maximus World Tour. The performance is part of a six-country run which includes India, Japan, South Korea, China and South Africa. The tour, which kicked off in 2023, is the highest-grossing solo rap tour of all time, making more than $209 million. Tickets go on sale from Thursday.
📷 Photo of the Day
Emir of Kuwait Mishal Al-Ahmad Al-Jaber Al-Sabah (right) and Indonesian President Prabowo Subianto were among the foreign dignitaries who joined French President Emmanuel Macron and his wife Brigitte to watch the annual Bastille Day military parade on the Champs-Elysees Avenue in Paris on July 14. (Mustafa Yalcin/Anadolu via Getty Images)
📅 Circuit Calendar
July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.
July 15, Pittsburgh, Pa. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump and Mubadala CEO Khaldoon Al Mubarak are among those expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.
Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.
August 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace.
Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.
Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.
The Daily Circuit: Wizz departs Abu Dhabi + BYD Saudi blitz
👋 Hello from the Middle East!
In today’s Daily Circuit, we’re reporting on Mubadala CEO Khaldoon Al Mubarak’s plans to attend a U.S. energy conference headlined by President Donald Trump, BYD’s electric vehicle blitz in Saudi Arabia, DP World’s $800 million contract to build and rehabilitate Syrian ports and more than $8 billion in new contracts for ACWA Power and Aramco. But first, Wizz Air pulls out of its ailing venture in Abu Dhabi.
Wizz Air will suspend its Abu Dhabi operations in September after running the budget carrier as a joint venture with ADQ for the past five years.
The Hungarian airline blamed persistent engine issues that grounded its planes, along with geopolitical tensions in the Middle East and regulatory challenges, Bloomberg reports.
Wizz Air Abu Dhabi teamed up with sovereign wealth fund ADQ in 2019 to focus on low-cost flights from its hub in the UAE capital to cities in the Middle East, Africa and India. Five weeks ago, it suffered its worst-ever stock decline amid the airline’s rising costs.
“The more we operate in Abu Dhabi, the more engines we have to ground” because of the hot and harsh environment, Wizz CEO Jozsef Varadi said in an interview with Bloomberg.
With its departure from the UAE, Wizz will focus on its core market in central and eastern Europe, where Varadi said the airline has under-invested because of its concentration on Abu Dhabi and the engine issues. Airline staff in Abu Dhabi will be offered jobs in Europe.
Editor’s Note: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].
Trump, Mubadala’s Khaldoon Al Mubarak to appear at U.S. energy conference
Mubadala Managing Director and Group CEO Khaldoon Al Mubarak at Investopia conference.
U.S. President Donald Trump will address an energy conference in Pittsburgh, Pa., on Tuesday that is expected to draw some of the world’s most influential investors and oil company executives, writes The Circuit’s Jonathan H. Ferziger.
Among those scheduled to attend the Pennsylvania Energy and Innovation Summit, hosted by Republican Senator Dave McCormick, are Khaldoon Al Mubarak, CEO of Abu Dhabi’s Mubadala sovereign wealth fund, Blackstone President and COO Jon Gray, BlackRock’s Larry Fink and Bridgewater’s Nir Bar Dea, Axios reports.
Others expected to attend are ExxonMobil CEO Darren Woods, Chevron’s Mike Wirth, Alphabet/Google’s Ruth Porat, Palentir’s Alex Karp and Anthropic’s Dario Amodei, Treasury Secretary Scott Bessent and Energy Secretary Chris Wright.
Chinese electric carmaker BYD is aggressively going after the Saudi market. The company plans to launch seven new showrooms over the next year, adding to the three it already operates. BYD already has three showrooms in the kingdom and expects to sell more than 5,000 vehicles this year. The company’s rapid rise is complicated for Saudi Arabia where the Public Investment Fund has heavily backed Lucid Motors and launched another EV brand called Ceer, Bloomberg reports. Tesla opened its first Riyadh showroom in April, which BYD officials said was beneficial for them because it raised EV awareness.
PATCHING PORTS
Syria’s General Authority for Land and Sea Ports on Sunday signed an $800 million agreement with the UAE’s DP World to bolster Syrian ports infrastructure and logistical services. The event was attended by Syrian President Ahmed al-Sharaa who has been working on closing similar deals with the Gulf since the U.S. lifted sanctions on Syria. Under the agreement DP World will focus on developing a multi-purpose terminal at Tartous on Syria’s Mediterranean coast and cooperating to set up industrial and free trade zones, Reuters reports. The redevelopment will boost Syria’s trade capacity as reconstruction efforts gain pace.
💲 Sovereign Circuit
Public Investment Fund: The Saudi sovereign wealth fund’s Shared Services Center is merging with Business Incubators and Accelerators Co. to create Tasama, an integrated business services platform.
ACWA Power: A consortium led by the PIF-owed utility company signed agreements worth $8.3 billion on Sunday for seven new renewable energy projects with a capacity of 15 gigawatts. ACWA Power will develop the projects in partnership with PIF-owned Badeel and Saudi Aramco subsidiary Aramco Pow
ADNOC: Subsidiary ADNOC Gas signed a $400 million deal to supply over 700,000 metric tonnes of LNG to German energy company Sefe for three years.
G42: Abu Dhabi-owned tech company will partner with Vietnamese companies to develop a $2 billion hyperscale data centre in Ho Chi Minh City, Reuters reports.
Khazna, a G42-owned company, and Italy’s Eni have agreed to jointly develop a 500 megawatt AI data campus in northern Italy, powered by a gas plant fitted with carbon capture, as part of a broader Italy-UAE tech partnership.
↪↩ Closing Circuit
🏗️ Mega Contract: PIF-backed Diriyah Company has awarded a $600 million contract for Saudi Arabia’s Diriyah Square megaproject to Italian company Webuild.
💰Finding Resources: Dubai-based Gulf Navigation raised $136 million through convertible bonds to help fund its $871 million acquisition of Brooge Energy, with the rest covered by issuing new shares and additional bonds to Brooge.
🏋️ Making Gains: Saudi Arabia’s Sport Clubs Company, which operates fitness clubs across 18 cities, said the retail element of its planned IPO was more than 500% oversubscribed.
🗣 Circuit Chatter
📈 New Traders: Residents of GCC countries, including expatriates, will be allowed to invest directly in Saudi Arabia’s main stock market for the first time, the Capital Market Authority announced.
🪺 Family Business: The Abu Dhabi Investment Office and the Emirates Family Office Association have signed a strategic agreement to position the UAE capital as the preferred destination for global family offices by reducing friction for incoming investors, WAM reports.
⛳ High Hopes: Lebanon’s tourism sector is placing its hopes on international and Gulf visitors to help rescue the country from its ongoing financial crisis, Arab News reports.
✈️ Flying East: Delta Airlines will launch direct routes from Atlanta to both Israel and Saudi Arabia by year end.
⛏️ Hands Off: International mining companies are adapting to newly assertive African states which have been emboldened to demand more control of their resources, amid the global race for critical minerals, the Financial Times reports.
🚗 Car Dealers: French Renault Group will begin producing its new seven-seater Boreal SUV in Turkey next year, joining the Duster model which is already made in Bursa.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed, Sheikh Mohammed bin Rashid, Ruler of Dubai and UAE Vice President and Prime Minister, and Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, extended their congratulations to French President Emmanuel Macron and Prime Minister François Bayrou on the occasion of France’s National Day.
The UAE President and Turkey’s President Recep Tayyip Erdoğan held a phone call on Sunday.
Sheikh Mohammed bin Rashid, Ruler of Dubai and UAE Vice President and Prime Minister, issued a law to regulate contracting activities in Dubai.
Qatar’s Emir Sheikh Tamim Al Thaniattended the the FIFA Club World Cup 2025 final soccer match on Sunday between England’s Chelsea and France’s PSG, which is majority owned by a subsidiary of the Qatar Investment Authority, at MetLife Stadium, New Jersey.
Sheikh Shakhboot bin Nahyan, UAE Minister of State, took part in the Investment Forum organized by Burkina Faso in Abu Dhabi on Saturday, which was attended by Karamoko Jean Marie Traoré, Burkina Faso’s Minister of Foreign Affairs, Regional Cooperation and Burkinabe Abroad.
Sheikha Mariam bint Mohamed, Deputy Chair of the UAE Presidential Court for National Projects, has been appointed Chair of the Mohamed bin Zayed Foundation for Humanity and Sheikh Hamdan bin Mohamed, Deputy Chairman of the Presidential Court for Special Affairs, has been appointed Vice Chairman of the foundation.
➿ On the Circuit
Fadi Khoury, Head of Middle East at Nuveen, a U.S.-based investment manager which has opened its first Middle East office at Abu Dhabi Global Market, told Zawya that the firm expects its assets under management in the region to double over the next three years to $10 billion.
🎶 Culture Circuit
🎤 Memory Matters: Liverpool’s Arab Arts Festival is back for its 23rd year, spotlighting the theme “Nostalgia.” The festival, which is the longest-running event of its kind in the U.K., includes a rich mix of film, comedy, music and poetry celebrating Arab heritage and contemporary voices. The 10-day program, which kicked off on Friday, culminates in the much-loved family day at Sefton Park.
📷 Photo of the Day
U.S. President Donald Trump presents Paris Saint-Germain’s French midfielder Desire Doué with the Young Player Award after the FIFA Club World Cup 2025 final soccer match between England’s Chelsea and France’s PSG, which is majority owned by a subsidiary of the Qatar Investment Authority, at MetLife Stadium, New Jersey. Qatar Airways flight attendants carried the trophies and medals on stage for the ceremony. (AFP via Getty Images)
📅 Circuit Calendar
July 7-Aug. 24, Riyadh. Esports World Cup. A seven-week gaming extravaganza with a $70 million prize pot. Boulevard City.
July 15, Pittsburgh, Pa. Pennsylvania Energy and Innovation Summit. U.S. President Donald Trump is expected to attend the energy and tech summit hosted by Republican Sen. Dave McCormick. Carnegie Mellon University.
Aug. 23-24, Riyadh. New Global Sports Conference. Showcasing how esports can create new global opportunities. Four Seasons Hotel Riyadh.
August 29, Dubai. Sustainability Innovation Forum 2025. A forum for construction companies, entrepreneurs, hotel executives, and design leaders. Al Habtoor Palace.
Sept. 2-4, Riyadh. Global Water Expo. Bringing together the full value chain of water, wastewater and environmental services. Riyadh Front Exhibition & Conference Center.
Sept. 12-14, Abu Dhabi. International Real Estate & Investment Show. A three-day event spotlighting the latest investment opportunities across the Middle East, Europe and the Asia Pacific regions. ADNEC.
Trump heads home after sewing up $200 billion in UAE deals
President Donald Trump wrapped up his four-day tour of the Gulf with a pomp-filled visit to the UAE, locking in some $200 billion in contracts that starts to fulfill the UAE’s pledge to spend $1.4 trillion in the U.S. over the next decade. He took off for Washington in the early afternoon.
With attention focused on the U.S. leader’s commitment to ease restrictions on selling advanced AI semiconductor chips to the UAE and Saudi Arabia, the two countries signed an agreement to build an AI development campus in Abu Dhabi that would be the world’s largest outside the U.S.
Though specifics on the AI tech purchases were not disclosed, Trump and Sheikh Mohamed met together with Jensen Huang, the CEO of Nvidia, which is the largest maker of the most advanced chips.
“We’re making great progress for the $1.4 trillion that the UAE has announced that it intends to spend in the United States over the next couple of years,” Trump told the UAE-U.S. Business Forum in an address early today. “This will generate billions and billions of dollars in business and accelerate the UAE plans to become a really major player in artificial intelligence.”
Trump also met with Dr. Sultan Al Jaber, the UAE Minister of Industry and Advanced Technology and CEO of ADNOC, at the business summit.
Among the deals were a $14.5 billion commitment from Etihad Airways for the purchase of 28 Boeing aircraft and a $60 billion oil and gas deal with ADNOC involving ExxonMobil, Occidental Petroleum, and EOG Resources. UAE officials said today the country will increase the value of its energy investments in the U.S. to $440 billion over the next 10 years.
Before returning to Washington, Trump visited the Abrahamic Family House on Abu Dhabi’s Saadiyat Island, the monumental prayer compound built by the UAE that contains a mosque, a church and a synagogue.
Gliding into President Sheikh Mohamed Bin Zayed’s Qasr Al Watan palace grounds on Thursday night for a state dinner, Trump’s motorcade was flanked by mounted camels to the right and Arabian stallions to the left, The Circuit’s Omnia Al Desoukie reports from Abu Dhabi.
The Emirati and American leaders then strode together through the palace’s grand marble halls, where Emirati children waved flags while the national anthems of both countries were played. President Trump was presented by Sheikh Mohammed with the Order of Zayed, the country’s highest civilian award, which was also given to former U.S. President George W. Bush in 2008.
Among the guests at the state dinner were Sheikh Mansour bin Zayed; UAE Vice President; Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi; Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Sheikh Tahnoon bin Zayed, UAE National Security Adviser; Sheikh Abdallah bin Zayed, the UAE Foreign Minister; and Yousef Al Otaiba, the UAE Ambassador to the U.S.
Khaldoon Al Mubarak, Managing Director and Group CEO of the Mubadala sovereign wealth fund, and Peng Xiao, CEO of AI tech company G42 were also present.
Senior U.S. officials at the state dinner included U.S. Commerce Secretary Howard Lutnick, Treasury Secretary Scott Bessent, Defense Secretary Pete Hegseth and Martina Strong, U.S. Ambassador to the UAE.
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.
The Daily Circuit: UAE amps up AI + PIF’s $2B bond issue
👋 Hello from the Middle East!
In the Daily Circuit today, we report on at the PIF’s Islamic bond issue that could net $2 billion, Mubadala CEO Khaldoon Al Mubarak’s appearance at the Goldman Sachs retreat in Abu Dhabi, Khazna’s 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 Dubai’s AI Retreat 2025 on Sunday, Omar Al Olama, the UAE’s 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.
“We don’t want to leverage artificial intelligence just for the sake of AI,” Al Olama said. “We 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 event’s opening session at Dubai’s 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 week’s 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.
Welcome to the Daily Circuit. Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].
📰 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 China’s state-run Global Times. The deal covers nuclear safety, security, non-proliferation, and emergency response. GCC officials say they aim to leverage China’s expertise to strengthen energy security and accelerate sustainable development, Arabian Gulf Business Insight reports, which enhances China’s 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 Trump’s economic agenda. Trump’s 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 Trump’s inauguration in January. But there is no silver lining for the jewelers in Dubai’s 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,” 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.
💲 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 Brazil’s 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 fund’s CEO Khaldoon Al Mubarak will headline Semafor’s World Economic Summit that starts on Tuesday in Washington. Al Mubarak was among the prominent Gulf attendees at last week’s Goldman Sachs private conference in Abu Dhabi that drew hedge fund chiefs including Goldman’s David Solomon, Citadel’s Ken Griffin and Elliott’s 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 UAE’s 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.
↪↩ Closing Circuit
🪙 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.
🥤 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.
⛽ 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.
⚕️ 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.
☀️ Solar Savings: Some of Saudi Arabia’s largest businesses are embracing solar power to save on energy costs following the government’s 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.
🗣 Circuit Chatter
🛞 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.
☪️ Islamic Bonds: Saudi Arabia will play a central role this year in building up the global Islamic finance industry as the kingdom’s non-oil economy expands and it issues more sukuk bonds, S&P Global Ratings says in a new report.
🥄 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.
💰 Future Credit: Egypt’s Aman Holding plans to raise nearly $99 million in 2025 by selling securitization bonds.
🏡 Mortgage Chatbot: Dubai-based homebuying platform Huspy launched the GCC’s first AI-powered mortgage chatbot during Dubai AI Week 2025.
🌍 Power Circuit
Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, attended the first meeting of the UAE-China Investment Cooperation Committee on Sunday. Also participating were Mohamed Al Suwaidi, UAE Minister of Investment; Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology; Thani Al Zeyoudi, Minister of State for Foreign Trade; Khaldoon Al Mubarak, Chairman of the Executive Affairs Authority and CEO of Mubadala; and 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 – 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 UAE” initiative during Dubai AI Week 2025.
➿ On the Circuit
Badr Abdelatty, Egypt’s 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 Arabia’s 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.
🎶 Culture Circuit
👗 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. “Every piece tells a story; no two look the same,” Reem Al-Bayyat, founder of fashion brand Mad Since 1982, told the newspaper. “It is a story, but also a risk and an adventure.”
📷 Photo of the Day
Catholic worshippers attended a mass for the late Pope Francis today at Dubai’s Saint Francis of Assisi Church. Francis was the first Pope to come to the Arabian Peninsula when he visited the UAE in 2019. (Fadel Senna/AFP via Getty Images)
📅 Circuit Calendar
April 21-23, Abu Dhabi. Electric Vehicle Innovation Summit 2025. The Middle East’s 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.” Madinat Jumeirah.
April 25 – May 11, Dubai. Dubai Esports and Gaming Festival. Dubai’s 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 Africa’s largest cybersecurity event, under the theme “Securing an AI-Powered Future.” 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 & Africa’s 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 Arabia’s 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.
Musk’s xAI, Nvidia join with MGX in artificial intelligence fund
The UAE’s biggest tech firms are capitalizing on White House support to tighten partnerships with America’s leaders in the booming industry of artificial intelligence.
A consortium created last year by Abu Dhabi investment fund MGX, Microsoft and BlackRock to finance power-hungry AI data centers welcomed chipmaker Nvidia and Elon Musk’s xAI to the group on Wednesday.
Expansion of the top-level venture came amid the Washington visit by Sheikh Tahnoon bin Zayed, the UAE National Security Advisor and Chairman of MGX and a constellation of other tech companies, who dined at the White House this week with President Donald Trump.
Sheikh Tahnoon, who held a meeting with Musk through a video feed on Wednesday, has been accompanied through the trip by Khaldoon Al Mubarak, the MGX Vice Chairman and CEO of the Mubadala sovereign wealth fund. Also on the visit is Dr. Sultan Al Jaber, CEO of the ADNOC national oil company and the UAE Minister of Industry and Advanced Technology. Peng Xiao, CEO of the Abu Dhabi-based AI company G42, joined the call with Musk.
Among the other meetings in his U.S. rounds, Sheikh Tahnoon said he “explored opportunities for collaboration and investment” with Oracle’s Larry Ellison.
ADQ, meanwhile, another Abu Dhabi sovereign wealth fund chaired by Sheikh Tahnoon, agreed to invest a combined $5 billion in a partnership with U.S-based Energy Capital Partners to build power stations for data centers and AI projects – with the investment eventually reaching $25 billion.
The announcement came as Nvidia CEO Jensen Huang told the company’s GTC conference in San Jose, Calif., that the industry is preparing for a massive leap in building data centers and chip manufacturing plants with accompanying energy demand.
“Over the next several years, we’re going to be building giant AI factories,” he said. Not normal AI factories … ones you see from space,” Huang said.
Mubadala is ‘zooming in’ on AI, CEO Khaldoon Al Mubarak tells Milken
After two days of onstage chats with some of the legion of friends he’s cultivated and mentored in the investment world, Michael Milken turned to Khaldoon Al Mubarak, Managing Director and Group CEO of Abu Dhabi’s Mubadala sovereign wealth fund and someone he’s coached for 20 years, for Friday’s conference finale.
Sitting opposite each other on white swivel chairs before the packed ballroom, the 78-year-old Wall Street guru quizzed 49-year-old Al Mubarak on how the $330 billion fund makes investment decisions.
“Right now, when it comes to the future of the world, the sectors that are going to be growing and prospering – AI, technology, financial services, life sciences, health services – these are the sectors that we’re going to be zooming in on,” Al Mubarak said. “We are… making sure we have the right framework in place to allow our businesses to grow and scale up, but allow also the world to come here and grow and scale up here.”
The day’s events opened with a brief greeting from U.S. Ambassador to the UAE Martina Strong, who invoked the $1.5 billion investment that Microsoft made this year in Abu Dhabi’s G42 artificial intelligence firm. “The United States and the UAE are working together for a very solid platform of shared objectives, mutual trust and long-standing friendships that we have built up over the past five decades.”
Among the prominent figures drawn to Abu Dhabi was John Kerry, the former U.S. Senator and White House Climate Envoy, who was chatting in the lobby with California-based investor Thomas Steyer, founder of Farillon Capital, which manages $20 billion in assets.
Speaking on the stage at a panel about revamping cities for the future, U.S. Ambassador to India Eric Garcetti, the former Mayor of Los Angeles, said urban policymakers need to figure out how to protect their people and provide them with better lives. “It’s the same in New Delhi as it is in Los Angeles,” he said. “Good mayors borrow, great mayors steal from other mayors. You would be surprised about what risks people will take.”
Dr. Jill Biden, First Lady of the United States, told a packed ballroom on Thursday that she’s proud of the progress made by the Biden administration in advancing medical care and education about women’s health after years of neglect. “I remember going to my husband and saying, ‘Joe, this can’t go on.’”
Among the showcase activities during the Milken Summit was interviewing and whittling down the list of competing startups for the annual $1 million Milken-Motsepe Fintech Prize, which aims to expand access to capital and financial services for small businesses in emerging and frontier markets. Nominees made pitches this week in hopes of competing in the final round taking place at the Milken Institute’s flagship Beverly Hills conference in May, where the prize will be presented.
In an interview with The Circuit, Margaret O’Connor, the chairperson of Mauritius-based Launch Africa and a judge for the Milken-Motsepe award, said the program is a major incentive for the continent’s young companies.
“I actually have goosebumps because we’re at a moment in time where we’re building systems to create systematic connectivity,” O’Connor said. ”The GCC needs African talent – AI talent and entrepreneurial talent and business talent. GCC also needs access to African markets [while] African entrepreneurs need access to GCC markets and capital.”
G42 board plots AI strategy with Microsoft’s Smith at the table
G42, the Abu Dhabi technology firm backed by the emirate’s sovereign wealth and Microsoft, is cooking up plans for its new investments in artificial intelligence next year.
At a board meeting on Thursday led by G42 Chairman Sheikh Tahnoon bin Zayed, who is also the UAE’s Deputy Ruler and National Security Advisor as well as Chairman of ADIA and International Holding Co., the company worked out its growth strategy for 2025.
Among those around the board table were Mubadala CEO Khaldoon Al Mubarak, G42 CEO Xiao Peng, G42 Group Counsel Marty Edelman, Microsoft President and Vice Chairman Brad Smith, and Bridgewater Associates Founder Ray Dalio, Etisalat Chairman Jassem Al Zaabi and Silver Lake Technology CEO Egon Durban.
“We emphasized the Group’s crucial role in shaping the future of global technology and making innovation a cornerstone for a more prosperous future globally,” Sheikh Tahnoon said in an Instagram post.
As G42 grows, Saudi Arabia is planning a new AI initiative with as much as $100 billion in backing as it seeks to compete with the UAE, Bloomberg reports. A tech hub being built by the Saudi Public Investment Fund and Google may serve as the starting point for the project, the news agency said.
