The Daily Circuit: Abu Dhabi’s AI hub rises + 2PointZero growth plans

👋 Hello from the Middle East!

In the Daily Circuit today, we’re reporting on a projected surge in global Islamic finance assets to $9.7 trillion, U.S. colleges looking for money in Saudi Arabia to fund their burgeoning football programs, 2PointZero’s plans to use its $33 billion merger for expansion in Asia, Africa and Europe, and the works by celebrated Arab artists being sold at Christie’s next month in London. But first, the breathtaking pace of construction at the UAE’s massive AI campus.

Construction of the multibillion-dollar Stargate UAE AI project is progressing at a pace that might be considered impossible outside of the Gulf region and is surprising even for the Emirates’ warp-speed developers.

Abu Dhabi’s G42 tech company shared a time-lapse video of the construction site for the initial 1GW infrastructure cluster, which will be a cornerstone of the 5GW UAE-U.S. AI Campus. The clip shows huge concrete foundations, more than half a dozen cranes and some of the 3,500 workers who have been deployed to the site. The full build-out of the 1GW cluster, overseen by G42 subsidiary Khazna Data Centers, is expected to take three years.

Stargate UAE is being built by G42 in partnership with Nvidia, OpenAI, Cisco, Oracle and SoftBank, following a deal made during U.S. President Donald Trump’s visit to the Emirates in May.

Just three months ago the entire site was covered in a 40-foot-high sand dune, Khazna Data Centers Vice President for Special Projects Gareth Dennison said during a panel discussion at Gitex Global 2025. “It’s a huge achievement,” he said, “If it could happen, it could only happen in the UAE.”

Also speaking at Gitex, Khazna CEO Hassan Al Naqbi said the company was working on the first phase of a five-phase cluster. “Just to give you a sense of size – this project spans about 10 square miles of land dedicated entirely to building not just a data centre, but an entire AI ecosystem,” he said.

Editor’s Note: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].

📰 Developing Stories

ISLAMIC SURGE

Global Islamic finance assets are projected to soar by more than 60% over the next four years to $9.7 trillion, driven by gains in banking, bonds and insurance markets. According to a study by the London Stock Exchange and the Islamic Corp. for the Development of the Private Sector, the sector has been growing by an average 10% annual rate, Arab News reports. The report says Iran, Saudi Arabia and Malaysia together hold roughly $4.3 trillion in Islamic finance assets, or about 72% of the total. It says the U.K. has emerged as a key hub for Islamic finance, particularly in the sale of sustainable sukuk bonds.

With Saudi Arabia pouring billions into sports such as golf, soccer and tennis, some of the biggest U.S. colleges are looking to the kingdom as a possible funding source for their costly football programs. The general manager of the University of North Carolina’s football team, Michael Lombardi, recently traveled to Saudi Arabia on what the school called an “exploratory fundraising trip,” The Athletic reports. UNC officials said Lombardi went on a Saudi-funded trip to meet with high-level figures interested in supporting the program, though no agreements emerged. The visit reflects broader efforts by universities to seek alternative revenue streams as college sports grow more expensive, the newspaper said.

💲 Sovereign Circuit

Qatar Investment Authority: Beta Technologies, a Vermont-based electric aviation startup backed by the QIA, will price the shares for its upcoming IPO between $27 and $33, seeking to raise as much as $825 million, TechCrunch reports.

International Holding Co.: Mariam Almheiri, CEO of 2PointZero, the $33 billion IHC-owned group being created through the merger of three Abu Dhabi companies, told The National that an expanded balance sheet and capital strength would give the new “investment powerhouse” financial muscle to fund aggressive growth targets.

Abu Dhabi Investment Authority: Lenskart Solutions is planning an IPO in Mumbai next month that would value the Indian eyewear maker at about $9 billion, significantly boosting the value of ADIA’s stake in the company, Bloomberg reports.

↪↩ Closing Circuit

🚢 Concrete Takeover: P&O Maritime Logistics, a subsidiary of Dubai-based port operator DP World, has completed the acquisition of a controlling stake in NovaAlgoma Cement Carriers.

💆🏻‍♀ Alternative Investment: India’s Dhanwantari Vidyasala Group is investing at least $27 million to open 10 centers practicing traditional Ayurvedic therapy across the UAE over the next three years, starting in Dubai, Al Khaleej reports.

💰 Helping Hand: Saudi Arabia’s Small and Medium Enterprises Financing Guarantee Program, known as Kafalah, boosted small business funding by 8% year-on-year in the third quarter to $3.7 billion. 

💵 Sales Simulation: Second Nature, an Israeli startup that trains sales teams through AI-generated, simulated conversations, raised $22 million in a Series B funding round led by Zoom.

🗣 Circuit Chatter

🌊 Cable to Damascus: Syria is set to award a contract to build its $500 million SilkLink national fiber optic network next month, creating a key data corridor between Asia and Europe.

📈 New Market: Uzbekistan’s fintech and e-commerce startup Uzum, valued at $1.5 billion, is looking at Abu Dhabi, together with London and New York, as a possible market to trade its shares, Co-founder Nikolay Seleznev told Reuters.

🛡️ Defense Pact: Saudi Arabia is discussing a defense agreement with the Trump administration similar to the U.S.-Qatar pact concluded last month that pledged to regard any attack on the Gulf state as a threat to American “peace and security,” The Financial Times reports.

🎭 Cultural Shift: Saudi Arabia’s recent cultural initiatives, from the Riyadh Comedy Festival to a $55 billion gaming deal with Electronic Arts, reflect an inward-focused effort to reshape domestic life in the kingdom rather than simply trying to burnish its global image, Kareem Shaheen writes in New Lines magazine.

🌎Power Circuit

UAE President Sheikh Mohamed bin Zayed received a letter from Saudi Crown Prince Mohammed bin Salman, inviting the UAE to participate in Expo 2030 Riyadh.

Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, held a phone call on Thursday with his Pakistani counterpart Ishaq Dar.

Sheikh Bandar bin Mohammed bin Saoud, Governor of Qatar Central Bank and Chairman of the Qatar Investment Authority, met with Citigroup Chairman John Dugan and Euroclear Chairman Francesco Vanni d’Archirafi on the sidelines of the IMF and World Bank meetings in Washington, D.C.

➿On The Circuit

Saad al-Kaabi, Qatar’s Energy Minister, said in an interview with Reuters that a proposed European Union law targeting long-term gas contracts could discourage investment and strain business ties, warning policymakers not to undermine energy security through overregulation.

Mahmoud Khalifa, Executive Investment Director of Egypt’s CI Capital PE for Fund Management and Investment, told Zawya Arabic that the group plans to launch a fund worth $21 million to invest in troubled industrial companies, in partnership with local banks and financial institutions.

Viktoria Beromelidze was appointed Head of Debt Capital Markets at Saudi Arabian investment bank BSF Capital.

Toon Gyssels, COO of Talabat, was named CEO of the online food delivery business on Thursday.

Razan Al Mubarak, Managing Director of the Environment Agency Abu Dhabi,was voted in for a second term as President of the International Union for Conservation of Nature on Thursday.

🎶 Culture Circuit

🎨 Under the Hammer: Christie’s has published highlights from its upcoming Modern and Contemporary Middle Eastern Art sale in London, taking place on Nov. 6. Among the pieces from the region’s most celebrated artists are “Automne,” a masterpiece by Jerusalem-born Lebanese artist Paul Guiragossian, “Gardenia” by New York-based Palestinian abstract artist Samia Halaby and “Mekarzel Hill” by Mahmoud Said, regarded as the father of Egyptian modernism.

📷 Photo of the Day

Mfiondu Kabengele of the Dubai Basketball Club in action during the EuroLeague Round 5 match against FC Barcelona at Coca-Cola Arena in Dubai on Thursday. Dubai defeated the two-time Euroleague champions 83-78. (Jorge Ferrari/Euroleague Basketball via Getty Images)

📅 Circuit Calendar

Oct. 15-18, Sharjah. Evolve Future Mobility Show. Shaping the future of the electric vehicle industry in the region. Sharjah Expo Center.

Oct. 16-21, Riyadh. Riyadh Fashion Week. A six-day event featuring more than 30 runway shows. Various locations.

Oct. 21-23, Dubai. Healthcare Future Summit. The summit explores the evolving landscape of vaccine innovation and global disease control. Dubai World Trade Center. 

Oct. 22, Abu Dhabi. Reuters NEXT Gulf Summit. Hosting critical conversations with world leaders, innovators and market movers to define the Middle East’s next chapter. St Regis Saadiyat.

Oct. 22, Dubai. S&P Global Ratings 15th Annual Islamic Finance Conference. An in-depth look at the global Islamic finance landscape. DIFC Atrium. 

Oct. 22-24, Sharjah. World Investment Conference & Sharjah Investment Forum. A global investment summit exploring foreign direct investment, policies and collaboration for resilient and sustainable growth. Al Jawaher Reception and Convention Centre.

Oct. 27, Dubai. The UAE Africa Tourism Investment Summit. Hosted by the UAE Ministry of Economy and Tourism as part of Future Hospitality Summit World 2025 to foster investment and strengthen tourism partnerships between the UAE and African nations. Madinat Jumeirah.

Oct. 27-28, Jeddah. Sustainable Coastal Development Forum. Exploring strategic solutions for developing eco-friendly coastal communities. Hilton Jeddah.

Oct. 27-29, Dubai. Future Hospitality Summit. Connecting global investment opportunities and projects to hospitality decision-makers. Madinat Jumeirah. 

Oct. 27-30, Riyadh. Future Investment Initiative, 9th Edition. Investors, corporate executives, cabinet ministers and political leaders from around the world attend Saudi Arabia’s flagship business conference. King Abdulaziz International Conference Center.

Nov. 1-2, Dubai. Women’s Empowerment Convention. The 3rd Women’s Leadership Forum unites global trailblazers, headlined by fashion icon Anna Wintour and storytelling pioneer Candace Bushnell. Atlantis The Royal Conference Center.

Nov. 3-6, Abu Dhabi. ADIPEC. Bringing together professionals, companies, and government leaders to discuss and showcase the latest developments in oil, gas, and cleaner energy technologies. ADNEC Center.

Nov. 4-9, Dubai. Dubai Design Week. The Middle East’s largest creative festival, showcasing more than 200 events across architecture, product, furniture, interior and graphic design. D3.

Nov. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.

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.

The Daily Circuit: Making Room in Mecca + JPMorgan HQ in Riyadh

👋 Hello from the Middle East!

In the Daily Circuit today, we’re reporting on Saudi plans to create a national scrap metal company, JPMorgan’ Chase’s new license to open a regional HQ in Riyadh, Emirati banks offering corporate loans in Turkey and the imposing Zayed National Museum setting a date to open its doors in Abu Dhabi. But first, making room for millions more pilgrims in Mecca.

Saudi Crown Prince Mohammed bin Salman launched a massive development alongside the Grand Mosque in Mecca that aims to almost double the holy city’s capacity to host Muslim pilgrims coming from around the world.

The new plan, introduced by the Saudi leader on Wednesday as the King Salman Gate project, is part of a broader push to modernize Mecca’s municipal services and accommodate 30 million visitors annually by 2030, up from about 18 million last year.

The development will span nearly a quarter the size of Manhattan, covering 12 million square meters of space (130 million square feet). Managed by RUA AlHaram AlMakki Co., a subsidiary of Saudi Arabia’s Public Investment Fund, the project will include residential towers, hotels and retail space in addition to worship areas. 

The real estate surrounding Islam’s holiest sites in Mecca and Medina has become a magnet for hotel chains, developers and apartment owners, drawn by the guaranteed demand that comes from the religious obligation of Hajj. High-end lodging and property rentals in the surrounding districts have produced strong returns, encouraging more private and institutional participation.

Saudi authorities are also updating regulations to open parts of Mecca and Medina to additional foreign capital. While special restrictions will remain for property ownership in the holy cities, broader reforms in Riyadh and Jeddah are designed to attract outside investors and integrate the religious tourism sector into the kingdom’s diversification plans.

Editor’s Note: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].

Core42 walks tightrope between AI growth and global regulation

GITEX Global participants visit the Core42 booth.

As Core42 rolls out its Nvidia-powered AI cloud platform, senior executives say the Abu Dhabi-based tech company is trying to grow internationally without tripping over tightening regulatory frameworks.

Chief Financial Officer Neha Gupta says the firm “made an intentional decision” to enter the U.S. and European markets despite the added compliance challenges. “The industry is evolving practically on a daily basis,” she told The Circuit’s Omnia Al Desoukie.

Sitting alongside Gupta on the sidelines of this week’s Gitex Global 2025 conference in Dubai, Core42 General Counsel Roopal Jobanputra described the partnership between the two women as a balancing act. “Neha drives growth, and I make sure we grow responsibly,” she said. “The key is finding equilibrium between expansion and compliance.”

To read the full interview click here.

📰 Developing Stories

TURKEY CHASE

UAE banks are stepping in to offer corporate loans in Turkey, where foreign investors are shying away from political turbulence and a credit squeeze that has seen interest rates held at a staggering 40%. Emirati lenders are opening local offices and hiring Turkish bankers as they double down on the lucrative market. Over the past five months Emirates NBD and Dubai Islamic Bank have granted about $440 million in financing, including loans to telecom Turkcell and supermarket chain A101, while DIB made an Islamic financing deal with Turkish Airlines, Bloomberg reports. That builds on a UAE push to lend to Turkish banks following a trade deal signed in 2023. Emirates NBD and Abu Dhabi Commercial Bank have become the second and third-largest bookrunners for syndicated loans to Turkish banks, according to Bloomberg.

France’s fine food bible, the Michelin Guide, launched in Saudi Arabia on Wednesday, unveiling the first of three batches of restaurants that made the cut. The first stage named restaurants that made the Bib Gourmand category, awarded to eateries offering high-quality food at lower prices, as well as those that made the guide without any award. Saudi breakfast joint Tameesa, contemporary Saudi eatery Mirzam and Japanese restaurant Kayzo were among the Bib Gourmand selections for Riyadh, Arab News reports. Restaurants that earned coveted Michelin stars will be announced on Nov. 15 and Dec. 15.

💲 Sovereign Circuit

MGX: Anthropic CEO Dario Amodei held talks in Abu Dhabi with MGX just weeks after the AI startup closed one of the largest venture financing rounds in tech history. Meanwhile, MGX and BlackRock’s Global Infrastructure Partners confirmed that they are leading a $40 billion acquisition of Aligned Data Centers. 

ADQ: The Abu Dhabi sovereign wealth fund signed a three-year sponsorship deal with Azerbaijan’s Neftçi PFK soccer team.

G42: Presight, a G42 subsidiary, said it is expanding its digital solutions into new markets across four continents.

Mubadala: Abu Dhabi sovereign wealth fund Mubadala has begun marketing five-year dirham bonds, Reuters reports.

↪↩ Closing Circuit

🛍️ Retail Money: UAE retail conglomerate, Majid Al Futtaim Properties, priced its $500 million 10-year senior unsecured Islamic bonds.

💰 Financial Relations: Saudi Specialized Medical Company secured a $293 million Islamic-compliant credit facility agreement with Saudi Awwal Bank to finance the construction of SMC 4 Hospital in Riyadh.

👷🏻‍♂️Saudi Bound: KEC International won a $118 million contract to provide the design and supply materials for a substation in Saudi Arabia.

💵 Trade Ties: DBS Group, the largest bank in Southeast Asia, partnered with Riyadh-based Banque Saudi Fransi to boost trade finance and payment flows between Asia and Saudi Arabia.

🗣 Circuit Chatter

⛏️ Metal Drive: Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said the kingdom plans to establish a national scrap metal company to support roughly $16 billion in steel-sector investments.

🏦 Riyadh Footprint: JPMorgan Chase obtained a license to open a regional headquarters in Saudi Arabia, the latest bank to fall in line with rules making establishment of a Mideast base  in the kingdom into a prerequisite for government contracts, Bloomberg reports.

🚀 To Space: Oman’s Civil Aviation Authority has introduced a framework allowing commercial spaceflights from the sultanate.

💼 Swiss Bankers: UBS bank opened an advisory office in Abu Dhabi’s ADGM, its second office in the UAE.

✈️ Stronger Ground: The UAE passport surpassed both the U.S. and Canada to become the eighth most powerful in the world, with visa-free access to 184 destinations, according to the latest Henley Passport Index.

🌎Power Circuit

UAE President Sheikh Mohamed bin Zayed directed an expansion of nature reserves in Abu Dhabi to reach 20% of the emirate’s total land area. 

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, UAE Deputy Prime Minister and Minister of Defense, and Chairman of The Executive Council of Dubai, met with more than 40 founders and CEOs of Indian unicorn companies on Wednesday.

Sheikh Maktoum bin Mohamed, UAE Minister of Finance and Deputy Prime Minister, met with Børge Brende, President and CEO of the World Economic Forum, on the sidelines of the Annual Meetings of the Global Future Councils and Cybersecurity 2025, organised by the UAE Government in partnership with the Forum.

Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy, met with Alexander Novak, Russia’s Deputy Prime Minister, on Wednesday to discuss OPEC+ actions on oil.

Sheikha Latifa bint Mohammed bin Rashid, Chairperson of Dubai Culture and Arts Authority, visited GITEX Global 2025 on Wednesday.

Sheikh Mohammed bin Rashid bin Mohammed bin Rashid, a Dubai royal, visited GITEX Global 2025 on Wednesday.

➿On The Circuit

Musab Abdulla, Director of the ICT sector at Bahrain’s Economic Development Board, said the country wanted to develop more sustainable energy, however, it was juggling demand for space between solar plants and data centers. 

Ken Gilmartin, Group CEO of U.K.-based John Wood Group, will step down after an upcoming shareholder vote on its $292 million takeover by UAE-based engineering company Sidara.

Sabah Salem Al Shamsi was appointed Assistant Secretary General of The Executive Council of Dubai for Government Communication and General Secretariat Affairs. 

Prof. Robert F. Engle and Prof. Sir Konstantin Novoselov, two Nobel Laureates, have become part of the advisory board of ADIA Lab, the independent Abu Dhabi-based institute dedicated to basic and applied research in data and computational sciences.

Emad Saad, Chairperson of Avrio Gold, said the company is preparing to open a new factory for producing gold jewellery and bullion in Egypt.

🎶 Culture Circuit

🏛️ Opening Day: Zayed National Museum will open to the public on Dec. 3, the day after UAE National Day, the Department of Culture and Tourism Abu Dhabi announced. The museum, designed by U.K. firm Foster+Partners, already dominates the skyline of the growing Saadiyat Cultural District, with five gigantic steel structures shaped like the feathers of a falcon. The museum will tell the story of the UAE through its collection of more than 3,000 artifacts, including the Abu Dhabi Pearl, one of the world’s oldest natural pearls.

📷 Photo of the Day

Prince William of Wales and Princess Catherine welcomed Crown Prince Hussein of Jordan and Princess Rajwa at Windsor Castle, near London, on Wednesday. (Royal Hashemite Court)

📅 Circuit Calendar

Oct. 13-17, Dubai. GITEX Global. The giant tech and startup show is back for its 45th edition, bringing together government and industry leaders., innovators and government. Dubai World Trade Center.

Oct. 15-18, Sharjah. Evolve Future Mobility Show. Shaping the future of the electric vehicle industry in the region. Sharjah Expo Center.

Oct. 16-21, Riyadh. Riyadh Fashion Week. A six-day event featuring more than 30 runway shows. Various locations.

Oct. 21-23, Dubai. Healthcare Future Summit. The summit explores the evolving landscape of vaccine innovation and global disease control. Dubai World Trade Center. 

Oct. 22, Abu Dhabi. Reuters NEXT Gulf Summit. Hosting critical conversations with world leaders, innovators and market movers to define the Middle East’s next chapter. St Regis Saadiyat.

Oct. 22, Dubai. S&P Global Ratings 15th Annual Islamic Finance Conference. An in-depth look at the global Islamic finance landscape. DIFC Atrium. 

Oct. 22-24, Sharjah. World Investment Conference & Sharjah Investment Forum. A global investment summit exploring foreign direct investment, policies and collaboration for resilient and sustainable growth. Al Jawaher Reception and Convention Centre.

Oct. 27, Dubai. The UAE Africa Tourism Investment Summit. Hosted by the UAE Ministry of Economy and Tourism as part of Future Hospitality Summit World 2025 to foster investment and strengthen tourism partnerships between the UAE and African nations. Madinat Jumeirah.

Oct. 27-28, Jeddah. Sustainable Coastal Development Forum. Exploring strategic solutions for developing eco-friendly coastal communities. Hilton Jeddah.

Oct. 27-29, Dubai. Future Hospitality Summit. Connecting global investment opportunities and projects to hospitality decision-makers. Madinat Jumeirah. 

Oct. 27-30, Riyadh. Future Investment Initiative, 9th Edition. Investors, corporate executives, cabinet ministers and political leaders from around the world attend Saudi Arabia’s flagship business conference. King Abdulaziz International Conference Center.

Nov. 1-2, Dubai. Women’s Empowerment Convention. The 3rd Women’s Leadership Forum unites global trailblazers, headlined by fashion icon Anna Wintour and storytelling pioneer Candace Bushnell. Atlantis The Royal Conference Center.

Nov. 3-6, Abu Dhabi. ADIPEC. Bringing together professionals, companies, and government leaders to discuss and showcase the latest developments in oil, gas, and cleaner energy technologies. ADNEC Center.

Nov. 4-9, Dubai. Dubai Design Week. The Middle East’s largest creative festival, showcasing more than 200 events across architecture, product, furniture, interior and graphic design. D3.

Nov. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.

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.

The Daily Circuit: Jay-Z talks tech with TBZ + Multiply buys 2PointZero

👋 Hello from the Middle East!

In the Daily Circuit today, we’re reporting on Abu Dhabi-based Multiply Group’s acquisition of 2PointZero and Ghita Holding, Egypt’s $5.7 billion oil-drilling plan, Masdar’s planned $1 billion renewable energy investment in Turkey and Solidarity Bahrain’s acquisition of Bahrain National Insurance. But first TBZ sits down with Jay-Z to talk about tech’s impact on the entertainment industry.

While IBM, Deloitte and Cisco touted AI deals today on Day 3 of Gitex Global 2025 in Dubai, rap entrepreneur Sean “Jay-Z” Carter sat down in Abu Dhabi with Sheikh Tahnoon bin Zayed – gatekeeper of the UAE’s trillion-dollar investment funds – to talk about the music business’s tech horizons, The Circuit’s Omnia Al Desoukie reports.

Sheikh Tahnoon, the UAE National Security Advisor, Deputy Ruler of Abu Dhabi and Chairman of the Abu Dhabi Investment Authority, said in an Instagram post that he talked with Carter, Chairman of Roc Nation, about “technological transformations driven by artificial intelligence” for the entertainment industry as well as “strengthening the emirate’s position as a leading global destination for culture, creativity, tourism, and entertainment.”

Also sitting down with Sheikh Tahnoon were Jay Brown, Vice Chairman of  Beverly Hill private equity fund MarcyPen Capital Partners; Elbert O’Neal Robinson Jr., CEO of the fund; and UAE Ambassador to the U.S. Yousef Al Otaiba.

Back in Dubai, executives from the 6,800 international companies present at GITEX jostled amid the crowds to negotiate deals, including a partnership to help companies in the Middle East adopt AI faster by combining IBM’s technology with Deloitte’s regional consulting expertise. Cisco, meanwhile, unveiled its “Make AI Work for You” program tailored for the region to simplify AI infrastructure and strengthen security.

Headlining GITEX on Tuesday was Sam Altman, founder and CEO of OpenAI, who appeared virtually in Dubai in a discussion with Peng Xiao, CEO of Abu Dhabi’s tech powerhouse G42, sitting onstage.

“Cooperation is key – no company or country can reach the full potential of AI alone,” Altman said. “We are witnessing the greatest transformation in human history. That’s why we must constantly raise our goals.”

Editor’s Note: Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].

📰 Developing Stories

TALENT GRAB

The September rollout of an AI-enhanced laptop by Saudi Arabia’s Humain artificial intelligence company and Qualcomm underscored the kingdom’s push to localize its tech ambitions – with $10 billion in backing from the Public Investment Fund. However, Humain is struggling to recruit the necessary expertise to deliver on Crown Prince Mohamed bin Salman’s greater tech vision, leading it to lure foreign specialists already working for other Saudi AI initiatives, Intelligence Online reports. Senior talent has migrated from the Saudi Data and AI Authority and the Saudi Company for Artificial Intelligence, raising fears of cannibalization rather than capacity building. The most prominent example is Australian executive Anthony Butler, who moved directly from SDAIA to become Humain’s chief AI architect, while several senior engineers have also shifted to Humain.

London-based money transfer company Wise has secured approvals to operate in the UAE, five years after its first attempt to expand into the Emirates was blocked by regulatory hurdles. The firm offers cheaper global money transfers and foreign exchange than traditional banks by allowing clients to send money online at the mid-market exchange rate for a fixed fee. It has 15 million customers around the world and moves about $50 billion every quarter. Wise’s arrival comes as another London fintech, Revolut, is preparing to launch in the UAE after receiving regulatory approvals from the Central Bank. The arrival of the so-called neobanks follows the launch of homegrown Wio Bank, backed by ADQ, e& and FAB, three years ago, which popularized app-based banking in the UAE.

💲 Sovereign Circuit

International Holding Co: Multiply Group, a subsidiary of Abu Dhabi’s IHC conglomerate, said it acquired 2PointZero and Ghitha Holding via a share swap, creating a $33 billion investment platform.

G42: UAE’s G42 will launch its sovereign artificial intelligence cloud in France within the coming months, a key step in its plan to expand globally and boost international supercomputing capabilities. 

G42: UAE telecom operator e& will soon offer satellite-based 5G connectivity through a deal with Abu Dhabi’s Space42, a joint venture between G42, Mubadala and IHC, expanding internet access and resilience after recent Red Sea cable disruptions.

Masdar: Turkey is finalizing a $1 billion investment from UAE-based Masdar for joint renewable energy projects, including a 1,100 MW pumped-storage solar plant.

ADQ: The Abu Dhabi Investment Office, ADQ-owned AD Ports Group and automotive manufacturer Stellantis signed an agreement to build an integrated automotive ecosystem in Abu Dhabi.

Public Investment Fund: State-owned Saudi Agricultural & Livestock Investment Co., a PIF subsidiary, plans to acquire full ownership of Olam Agri, the agribusiness unit of Singapore’s Olam Group, to advance the kingdom’s food security strategy, Bloomberg reports.

The Kuwait Fund for Arab Economic Development signed two loans with Belize and Saint Lucia, totaling about $26 million, to co-finance major highway projects.

↪↩ Closing Circuit

📊 Contractor Climbs: Dubai-based contractor Alec Holdings’ shares rose up to 7.14% on debut after its $381 million IPO, Bloomberg reports.

🤝 Merger Move: Solidarity Bahrain, one of the country’s biggest insurers, agreed to acquire Bahrain National Insurance from its parent company Solidarity Group for about $146 million.

💰 Increase Output: Egypt launched a five-year, $5.7 billion plan to drill 480 oil and gas wells, banking on expectations the project will attract foreign investment.

🗣 Circuit Chatter

🏗️ Rebuilding Gaza: The ceasefire pact in Gaza, signed last week, may set off a scramble among international companies for lucrative construction contracts, amid estimates that rebuilding the war-ravaged territory will cost $58 billion, The New York Times reports.

💵 Startup Surge: Startups in the Middle East raised a record $1.2 billion in the third quarter, almost quadrupling the amount for the same period last year, according to data platform Magnitt.

📈 Saudi Growth: The International Monetary Fund raised its growth forecast for Saudi Arabia in 2025 to 4% in its October outlook, revising its July estimate of 3.6%. It raised its forecast for 2026 to 4% from 3.9%.

⚖️ Penalty Time: The Dubai International Finance Centre court ordered NMC Healthcare founder and former CEO BR Shetty to pay $46 million to State Bank of India after finding he lied under oath.

🌎Power Circuit

Prince Faisal bin Farhan, Saudi Arabia’s Foreign Minister, met with Portuguese Foreign Minister Paulo Rangel in Riyadh on Tuesday.

Sheikh Hamdan bin Zayed, the Abu Dhabi Ruler’s Representative in the Al Dhafra Region and Chairman of the Environment Agency – Abu Dhabi, issued a decree on continuing preserving the emirate’s biodiversity.

➿On The Circuit

FIFA President Gianni Infantino said the organization will support efforts to rebuild soccer infrastructure in Gaza, speaking at the summit meeting of world leaders in Sharm El-Sheikh, Egypt, on Monday.

Mohammed Al Jadaan, Saudi Arabia’s Finance Minister, warned that rising global debt levels may lead to economic instability, speaking at the Atlantic Council in Washington on Tuesday.

Gwendal Poullennec, International Director of the Michelin Guide, said he hoped to see more independent and smaller restaurants “blossom” in Saudi Arabia, speaking to Arab News ahead of today’s launch of the French fine food bible in the kingdom.

Joshua Kushner, founder and Managing Partner of Thrive Capital, an early investor in OpenAI, Instagram and Slack, is the subject of a profile in Colossus.

🎶 Culture Circuit

👠 Fashion Forward: Riyadh Fashion Week returns on Thursday for its third edition, a city-wide extravaganza with more than 30 runway shows and presentations across six days. British designer Stella McCartney, known for sustainable luxury, will present her first show in the kingdom on the final day. Another iconic British brand, Vivienne Westwood, will make its debut on the opening day, with a show of embroidered gowns blending British fashion heritage with Saudi craftsmanship, Arab News reports. It is the first time international brands have been featured at the event.

📷 Photo of the Day

Sam Altman, CEO of OpenAI, appeared virtually at GITEX Global 2025 on Tuesday to engage in conversation with Peng Xiao, CEO of G42, who was onstage at the Dubai tech exhibition.  (G42)

📅 Circuit Calendar

Oct. 13-17, Dubai. GITEX Global. The giant tech and startup show is back for its 45th edition, bringing together government and industry leaders., innovators and government. Dubai World Trade Center.

Oct. 14-16, Dubai. Global Future Council. The event on the Future of Growth convenes senior economists and thought leaders from across academia, business, government and civil society to provide intellectual guidance on new approaches to growth. 

Oct. 15-18, Sharjah. Evolve Future Mobility Show. Shaping the future of the electric vehicle industry in the region. Sharjah Expo Center.

Oct. 16-21, Riyadh. Riyadh Fashion Week. A six-day event featuring more than 30 runway shows. Various locations.

Oct. 21-23, Dubai. Healthcare Future Summit. The summit explores the evolving landscape of vaccine innovation and global disease control. Dubai World Trade Center. 

Oct. 22, Abu Dhabi. Reuters NEXT Gulf Summit. Hosting critical conversations with world leaders, innovators and market movers to define the Middle East’s next chapter. St Regis Saadiyat.

Oct. 22, Dubai. S&P Global Ratings 15th Annual Islamic Finance Conference. An in-depth look at the global Islamic finance landscape. DIFC Atrium. 

Oct. 22-24, Sharjah. World Investment Conference & Sharjah Investment Forum. A global investment summit exploring foreign direct investment, policies and collaboration for resilient and sustainable growth. Al Jawaher Reception and Convention Centre.

Oct. 27, Dubai. The UAE Africa Tourism Investment Summit. Hosted by the UAE Ministry of Economy and Tourism as part of Future Hospitality Summit World 2025 to foster investment and strengthen tourism partnerships between the UAE and African nations. Madinat Jumeirah.

Oct. 27-28, Jeddah. Sustainable Coastal Development Forum. Exploring strategic solutions for developing eco-friendly coastal communities. Hilton Jeddah.

Oct. 27-29, Dubai. Future Hospitality Summit. Connecting global investment opportunities and projects to hospitality decision-makers. Madinat Jumeirah. 

Oct. 27-30, Riyadh. Future Investment Initiative, 9th Edition. Investors, corporate executives, cabinet ministers and political leaders from around the world attend Saudi Arabia’s flagship business conference. King Abdulaziz International Conference Center.

Nov. 1-2, Dubai. Women’s Empowerment Convention. The 3rd Women’s Leadership Forum unites global trailblazers, headlined by fashion icon Anna Wintour and storytelling pioneer Candace Bushnell. Atlantis The Royal Conference Center.

Nov. 3-6, Abu Dhabi. ADIPEC. Bringing together professionals, companies, and government leaders to discuss and showcase the latest developments in oil, gas, and cleaner energy technologies. ADNEC Center.

Nov. 4-9, Dubai. Dubai Design Week. The Middle East’s largest creative festival, showcasing more than 200 events across architecture, product, furniture, interior and graphic design. D3.

Nov. 17-21, Dubai. Dubai Airshow 2025. The biennial exhibition attracts aerospace companies from around the world to the UAE. DWC, Al Maktoum International Airport.

Abu Dhabi’s Multiply eyes $1B divestment from PAL Cooling

Abu Dhabi’s Multiply Group may be getting ready to divest from its PAL Cooling unit, which keeps the UAE capital’s skyscrapers at tolerable temperatures under the Gulf’s sizzling sun.

The firm, a unit of Sheikh Tahnoon bin Zayed’s International Holding Co., could raise as much as $1 billion if it’s put up for sale, Bloomberg reports.

PAL’S cooling technology involves pumping chilled water into buildings from centralized plants.

Multiply is working with Standard Chartered on the sale, which is at an early stage and has drawn interest from both regional and international investors, the news agency said.

Multiply went public more than three years ago and has investments in companies ranging from Getty Images to Rihanna’s lingerie company.