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.” 

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.

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.

🤝 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.

💼 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.

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 with Bill 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. 

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 National that 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 was named 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.

🌷 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.

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.

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. 

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.

⚽ 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.

💼 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.

🤝 Good Job: The IMF welcomed Saudi Arabia’s recalibration of Vision 2030 spending as the kingdom moves to narrow its fiscal deficit.

🌱 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.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, met with Michael 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.

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.

🏎️ 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. 

Dec. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island. The Circuit is an official media partner for Milken Summit and is publishing special editions covering the conference. Make sure you are receiving updates from the Circuit Team!

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.

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 summit yesterday. Mubadala’s Khaldoon Al Mubarak, Chairman of Abu Dhabi’s Executive Affairs Authority, and Saif Saeed Ghobash, Secretary-General of the Abu Dhabi Executive Council and Chairman of the Office of the Crown Prince, also attended.

ABU DHABI’S 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,” was open to chat 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.

F1 SHOWDOWN

As the Milken Summit winds down, delegates might notice some telltale signs that the biggest event in Abu Dhabi’s social calendar is almost upon us. Fresh from last weekend’s race in Doha, thousands of team members have been flocking into the capital this week for the Etihad Airways Formula One Grand Prix. If you listen carefully, you might even hear the screech of wheels warming up echoing across the water from Yas Island, where the world championship will be decided on Sunday. The final event in the international Formula One season will this year see a fierce three-way battle between McLaren driver Lando Norris, Red Bull’s Max Verstappen and  second McLaren driver Oscar Piastri, the first time more than two drivers are in contention for the title at the final race in 15 years. Adding to the excitement, 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.

9 a.m. – A Conversation with U.S. Ambassador to the Republic of Turkey Tom Barrack. Moderator: Paul Wallace, Managing Editor, Middle East Economic, Political News, Bloomberg.

Opening remarks: British Robinson, Chair, Africa, Milken Institute International

9 a.m. – Private and Alternative Markets: Growth, Liquidity, and Innovation

James Clarke, Senior Managing Director and Global Head, Institutional Capital, Blue Owl; Matthew Gibson, Head, Client Solutions Group, Goldman Sachs Asset Management; Martin Horne, Co-Head, Global Investments and Head, EMEA, Barings; Ekta Tolani, Chief Investment Officer, KBW Ventures; Andrew Weinberg, Founder, CEO, and Co-Chair, Brightstar Capital Partners. Moderator: Alex Dooler, Money and Power Reporter, Bloomberg. 

10 a.m. – Digital Assets at the Crossroads: From Promise to Permanence

Adeeb Ahamed, Founder and Managing Director, Lulu Financial Holdings; Yoni Assia, Co-Founder and CEO, eToro; Yuval Rooz, Co-Founder and CEO, Digital Asset; Joanne Strain, Partner, UAE, Quinn Emanuel Urquhart & Sullivan. Moderator: Michael Piwowar, Executive Vice President, Milken Institute Finance.

10 a.m. – Precision for Better Health Outcomes

Part 1: A Conversation with Department of Health Abu Dhabi Chairman Mansoor Ibrahim Al Mansoori

Part 2: Advancing Precision Oncology: Prevention, Early Detection, and Treatment

Georges Pascal Haber, CEO, Cleveland Clinic Abu Dhabi; Majed Mohammed, Head, Community Engagement and Advocacy, Friends of Cancer Patients, United Arab Emirates; Simranjit Singh, CEO, Guardant Health AMEA; Nicole Sirotin, CEO, Institute for Healthier Living Abu Dhabi. Moderator: Alan Tisch, CEO and Founder, Atria Health and Research Institute.

11 a.m. – Real Estate in a Repriced World

Ian Livingstone, Executive Chairman, London & Regional Properties; Yasseen Mansour, Chairman, Palm Hills Developments; Sue Nickason, Vice President, Dart Family Office. Moderator: Caitlin MacLean, Managing Director, Milken Institute. 

12 p.m. – Vision, Velocity, Victory: The Sports Investment Playbook

Ben Harburg, Managing Partner, Novo Capital; Jamie Salter, Founder, Chairman, and CEO, Authentic Brands Group; Danny Townsend, CEO, SURJ Sports Investments; Susie Wolff, Entrepreneur; Managing Director, F1 Academy. Moderator: Dhani Jones, Chairman, QEY Capital; Former NFL Athlete.

12 p.m. – Innovation in Artificial Intelligence and Manufacturing – Milken-Motsepe Prize Pitches

1 p.m. – A Conversation with Altérra CEO Majid Al Suwaidi. Moderator: Joseph McMonigle, President and CEO, Global Center for Energy Analysis.

1 p.m. – Back to the Future: How Investing in Europe’s Competitiveness Can Spur a New European Renaissance

Lucie Berger, Ambassador of the EU to the UAE; Pablo Casado, Founder, Hyperion Defense; Jean-Baptiste Fantun, Co-Founder and CEO, NukkAI; Vincent Levita, Founder and CEO, InfraVia Capital Partners; Andrea Rossi, Group CEO, M&G. Moderator: Petra Freddi, Managing Director, Europe and Middle East, Milken Institute. 

2 p.m. – Closing Plenary – 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.

2.30 p.m. – MEA Summit Closing Reception

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.

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.

🔥 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.

🌱 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. 

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.

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.

👻 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. 

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. 4-5, Abu Dhabi. Milken Institute Middle East and Africa Summit. Investors, corporate executives and policymakers gather to discuss prospects for investment in the region. St. Regis Saadiyat Island. The Circuit is an official media partner for Milken Summit and is publishing special editions covering the conference. Make sure you are receiving updates from the Circuit Team!

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.

EARLY START

Before today’s formal opening to the Summit, early-arriving delegates mixed over drinks at the St. Regis’ beachside Buddha Bar last night. Later, there were a number of invitation-only receptions, including one hosted by the Milken Institute and U.S. Ambassador to the UAE Lucie Berger. The Institute’s Africa Leadership Council held a dinner reception hosted by Todd McDonald, President of Liberty Bank and Trust, and James Mwangi, Group CEO of Equity Group Holdings. British Robinson, Africa Chair of the Milken Institute International, and Samaila Zubairu, President and CEO of the African Finance Corp., delivered remarks.

CULTURE RETREAT

Abu Dhabi’s Saadiyat Island, where the Milken Summit takes place, continues to rise to the occasion, with three major museums having opened up since last year. The Zayed National Museum, marked by its silvery 300-foot-tall tilted wings, officially opened its doors just yesterday, one day after the UAE’s 54th National Day. The museum tells the story of the country’s history through a vast collection of artifacts, ranging from Paleolithic stone tools and a reconstructed 4,000-year-old boat to family heirlooms and a replica of a Chrysler owned by the UAE’s Founding Father Sheikh Zayed. The debut comes less than two weeks after the Natural History Museum Abu Dhabi opened to the public, becoming the largest institution of its kind in the region. Among the specimens on display is the 11.7-meter tall Tyrannosaurus rex skeleton known as “Stan” and the bones of “Lucy,” one of the earliest human ancestors. Immersive digital gallery teamLab Phenomena Abu Dhabi opened in April. Next on the list is the Frank Gehry-designed Guggenheim Abu Dhabi, which is slated to open in 2026.

9 a.m. – Opening Plenary – Global Overview: Innovation, Partnerships, and Growth

Opening remarks: Laura Deal Lacey, Executive Vice President, Milken Institute International.

Jasem Al Budaiwi, Secretary-General, Gulf Cooperation Council; Mariam bint Mohammed AlMheiri, Managing Director, 2pointZero; Yasseen Mansour, Chairman, Palm Hills Developments; Michael Milken, Chairman, Milken Institute. Moderator: Hadley Gamble, Chief International Anchor, IMI.

10 a.m. – The Great AI Adoption Race

Part 1: A Conversation with UAE’s Minister of State for AI, Digital Economy and Remote Work Applications, Omar Al Olama. Moderator: Dan Murphy, Anchor and Correspondent, CNBC.

Part 2: Capturing AI’s Momentum: Pathways to Growth and Productivity

Alex Israel, CEO, Metropolis; Antonoaldo Neves, CEO, Etihad Airways; Saad Toma, General Manager, Middle East and Africa, IBM. Moderator: Eleni Giokos, Anchor and Correspondent, CNN.

10 a.m. – From Capital to Catalyst: How African Sovereign Wealth Funds Are Accelerating Investment Opportunities

Badr Drissi, Chief Investment Officer, Ithmar Capital; James Mwangi, Group CEO, Equity Group Holdings; Aminu Umar-Sadiq, Managing Director and CEO, Nigeria Sovereign Investment Authority; Alain Ebobissé, CEO, Africa50; Samaila Zubairu, President and CEO, African Finance Corporation (AFC) Moderator: British Robinson, Chair, Africa, Milken Institute International.

11 a.m. – Navigating the Crosscurrents: Global Macro and Investment Outlook

Waleed Al Mokarrab Al Muhairi, Deputy Group CEO, Mubadala; Tony Minella, CEO Eldridge Capital Management; Anne Walsh, Managing Partner and Chief Investment Officer, Guggenheim Partners Investment Management. Moderator: Dan Murphy, Anchor and Correspondent, CNBC.

11 a.m. – From Demographics to Digital: Seizing Africa’s AI Investment Opportunity

Guy Diedrich, Senior Vice President and Global Innovation Officer, CISCO; Hisham Halbouny, Managing Partner, P1 Ventures; John Kamara, Chair, AI Center of Excellence Africa; Irene Kiwa, Co-Founder and Chief Growth Officer, Arabian Labs; Saadi Monla, Payment Partnership Subject Matter Expert, Flutterwave. Moderator: James Irungu Mwangi, Founder and CEO, Africa Climate Ventures.

11:45 a.m. – FinTech Mega Trends: The Disruption Revolution is Here

Deemah AlYahya, Secretary-General, Digital Cooperation Organization; Robert Heyvaert, Founder and Managing Partner, Motive Partners; Rishi Khosla, Co-Founder and CEO, OakNorth Bank; Travis McGhee, Global Head, Predictions, Crypto-dot-com. Moderator: Nicole Valentine, Fintech Director, Milken Institute.

11:45 a.m. – Macro Pulse 2026: Inflation, Rates, and a Multipolar Investment Cycle

Kurt Bjorklund, Executive Chairman, Permira; Molly Duffy, Global Head, Financial Sponsors Coverage, Standard Chartered; Lawrence Golub, CEO Golub Capital; Steven T. Mnuchin, Founder and Managing Partner, Liberty Strategic Capital. Moderator: Dana Khraiche, UAE Bureau Chief, Bloomberg.

12:30 p.m. – 1:30 p.m. – Networking Break

1:30 p.m. – Lunch Plenary – The Power of Youth Culture in Shaping Brands

Sandro Baggiani, Chief Merchandising Officer, Golden Goose; Vinay Menda, Co-Founder, Blank Street Coffee; Brieane Olson, CEO Pacsun; Hayfa Sdiri, Chief Impact Officer, RIVET; Jessica Sibley, CEO, Time. Moderator: Michelle Stevenson, Executive Director, Marketing and Communications, Milken Institute.

2:45 a.m. – 3:15 p.m. – Networking Break

3:15 p.m. – 4:15 p.m. – Strategic Resources, Global Stakes: Critical Mineral Investments in a Changing World

Mateo Goldman, Senior Vice President, Investments, US International Development Finance Corporation; Marie-Chantal Kaninda, President Glencore DRC, Chairperson, Kamoto Copper Company; Oskar Lewnowski, Founder and Group CEO, Orion Resource Partners; Ayo Sopitan, CEO, Metalex Commodities; Bob Wilt, CEO, Maaden. Moderator: Eleni Giokos, Anchor and Correspondent, CNN.

3:15 p.m. – 4:15 p.m. – Visionaries, Stories, and the Future of Entertainment

Part 1: Visionaries of Tomorrow: A Conversation with Nova Sky Stories Founder and CEO Kimbal Musk. Moderator: Curtis Chin, Chair, Senior Fellows, and Senior Advisor, Milken Institute.

Part 2: The Story Economy: Hits, Talents, and the Forces that Shape Culture

Camila Cabello, Singer and Songwriter; Jane Millichip, CEO, BAFTA. Moderator: Louise Tabbing, Senior Advisor, Milken Institute.

4:15 p.m. – The Future of Global Asset Platforms: Scaling, Strategy, and Stewardship

Jonathan Goldstein, CEO, Cain; Dana Settle, Co-Founder and Managing Partner, Greycroft; David Steinbach, Global Chief Investment Officer, Hines; Guy Weldon, Group Managing Partner and Head of Investment, Bridgepoint Group. Moderator: Nour Amache, Senior Presenter, Business News, Asharq.

4:15 p.m. – Luxury in the Middle East and Beyond: Cultivating Collaboration and Creativity

Princess Noura bint Faisal Al Saud, Founder, Culture House, CEO Jay3lle; Michael Chalhoub, CEO Chalhoub Group; Thomas Khoury, Managing Director, Condé Nast Middle East; Gstaad Guy, Founder, Poubel. Moderator: Stephanie Phair, Senior Advisor, L Catterton and Chair, Invisible Dynamics.

5:30 p.m. – A Conversation with King Faisal Center for Research and Islamic Studies Chairman Prince Turki Al Faisal Al Saud. Moderator: Hadley Gamble, Chief International Anchor, IMI

5:30 p.m. – Specialty Credit and Asset-Based Finance

Stephen Ketchum, Managing Partner, CEO and Chief Investment Officer, Sound Point Capital; Nicole Musicco, Managing Partner, Square Nine Capital; Jack Neumark, Co-CEO and Managing Partner, Fortress Investment Group; Michael B. Nierenberg, CEO Rithm Capital; Moderator: John Bowman, CEO, CAIA.

6:00 p.m. – A Conversation with U.S. Ambassador to NATO Matthew Whitaker. Moderator: Michael Milken, Chairman, Milken Institute.

6:45 p.m. MEA Summit Networking Reception.

NETWORKING NIBBLES

While the speeches and panel discussions go on in the St. Regis ballrooms, the real Milken Summit action takes place in the lobbies, where dealmakers are fueled by cappuccinos and ample nibbling stations replete with miniature Quiche Lorraines, spears of tandoori chicken, celery sticks and cheese hors d’oevres. Dinner by the pool offered baked seabass flanked by carrot and spinach purees with roasted potatoes.

MUSEUM ISLAND

Abu Dhabi’s Saadiyat Island, where the Milken Summit takes place, continues to develop  as one monumental museum rises after another. In the cultural district that was inaugurated in 2017 with the copper-domed Louvre Abu Dhabi, the emirate is building the Zayed National Museum, marked by silvery 300-foot-tall tilted wings and due to open next year. Nearby are the superbly jumbled Guggenheim Abu Dhabi and the fern-terraced blocks of the Natural History Museum. And across the street stands the gleaming white Abrahamic Family House complex that opened last year and contains a mosque, a church and a synagogue built in identical dimensions by architect Sir David Adjaye.

FORMULA ONE FEVER

Once the Milken Summit wraps up today, many delegates will stick around for the Abu Dhabi Grand Prix, the final event in the international Formula One season and a highlight of the emirate’s social calendar, with tickets going for $2,000 and up. Driving into town at night along the Corniche road that abuts the Gulf shoreline, one is dazzled by a riot of red green and white lights matching the UAE flag, with virtual fireworks heralding this weekend’s F1 auto race.

9 a.m. – Opening Remarks by U.S. Ambassador to the UAE Martina Strong

9:05 a.m. – Building Markets of Tomorrow

Michael Milken interviews Jim Coulter, Founding Partner, Executive Chairman and Director, TPG.

9:30 a.m. – Investing in the Energy Transition

Majid Al Suwaidi, CEO, Altérra; EU Ambassador to the UAE Lucie Berger; Oskar Lewnowski, Founder and Group CEO, Orion Resource Partners. Moderator: John Defterios,Visiting Professor of Business, NYU Abu Dhabi.

10:15 a.m. – Harnessing the Rising Tide of Digital Finance

Olugbenga Agboola, CEO and Founder, Flutterwave; Melvin Deng, CEO, QCP; Gal Krubiner, CEO and Co-Founder, Pagaya; Caroline D. Pham, Commissioner, U.S. Commodity Futures Trading Commission; Moderator: Nicole Valentine, Director, FinTech, Milken Institute.

11 a.m. – Shaping the Future of Health Care

Leah Cotterill, CEO, Cigna Healthcare Middle East and Africa (outside Saudi Arabia); Helmy Eltoukhy, Co-Founder and Co-CEO, Guardant Health; Helmut Schuehsler; Chairman and CEO, TVM Capital Healthcare Partners; Geetha Tharmaratnam; Chief Impact Investment Officer, WHO Foundation. Moderator: James Bethell, Member of the U.K. House of Lords.

11:45 – Global Cities in a New Light

Eric Garcetti, U.S. Ambassador to India, Former Mayor of Los Angeles; Mohammed Ali Al Shorafa, Chairman, Abu Dhabi Department of Municipalities and Transport; Goodwin Gaw, Chairman and Managing Principal, Gaw Capital Partners; Nikhil Goel, Chief Commercial Officer, Archer; Yasseen Mansour, Chairman and Group CEO, Palm Hills Developments. Moderator: CNBC Middle East correspondent Natasha Turak.

12:30 p.m. – Michael Milken in conversation with Khaldoon Al Mubarak, Managing Director and Group CEO, Mubadala Investment Co.

1 p.m. – Closing Reception