The Daily Circuit: $1.4 B mall makeover in Dubai + Mubadala schools
👋 Hello from the Middle East!
In the Daily Circuit today, we’re looking at Mubadala’s $600 million stake in Nord Anglia schools, ADIA’s investment in India’s IDFC First Bank, PIF-backed Lucid’s plans for its electric SUV and an interview with Microsoft’s Chris Papaphotis as he rolls out the firm’s ‘edge’ AI personal computers in the UAE. But first, shopping malls reign in Dubai.
Dubai’s Mall of the Emirates, home to the Middle East’s first indoor ski slope alongside its Prada, Dior and Armani boutiques, is heading for a makeover to celebrate its 20th anniversary.
Majid Al Futtaim Holding, owner of the 545-store consumer palace, will plow some $1.4 billion into the mall’s facelift, adding another 100 shops as well as a 600-seat theater, The National reports.
Built alongside Sheikh Zayed Road, the city’s central traffic artery, the glitzy shopping center competes with Emaar’s Dubai Mall, which sits at the bottom of the 163-floor Burj Khalifa, the world’s biggest tower.
With a pack of penguins drawing children to Ski Dubai and its compact artificial snow-covered slope, Mall of the Emirates counted 40 million visitors in 2025, with nearly 100 restaurants and cafes, an Apple Store, and the country’s biggest movie theater.
In March, Majid Al Futtaim reported that its 2024 profit rose 18%, with occupancy at its 29 malls across the region at 97%. The Dubai-based company said this week it plans to launch a $4.7 billion mixed commercial and residential project in Riyadh, with design work underway and construction set to begin in early 2026.
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CIRCUIT Q&A
Microsoft bet on ‘edge’ computing brings AI closer to Mideast users
Microsoft, which invested $1.5 billion last year in Abu Dhabi’s G42 artificial intelligence firm, is rolling out new AI products tailored to customers across the Middle East and Africa, The Circuit’s Omnia Al Desoukie reports.
Overseeing the campaign is Microsoft’s Chris Papaphotis, who was in the UAE this week to launch the company’s Copilot+ series of Surface PCs, which integrate so-called “edge” AI technology that runs on users’ computers rather than on distant cloud-based servers.
“AI gets born in the cloud, but it will be used in the edge,” Papaphotis said in an interview with The Circuit.
To read the full interview, click here.
📰 Developing Stories
GREEN CORRIDOR
Oman’s decision to invest in green hydrogen is turning the Gulf sultanate into a base for shipping the environmentally sustainable fuel to Europe. A group of 11 companies from Oman, the Netherlands, and Germany signed an agreement on Wednesday to develop the world’s first liquid hydrogen import corridor, Reuters reports. Oman has said it will invest some $10 billion to reach its goal of producing at least 1 million tons of renewable hydrogen a year by 2030. The European agreement was signed this week during a visit to the Netherlands by Oman’s Sultan Haitham bin Tareq.
STUDY HALL
The growing inflow of investors, lawyers, and other expat professionals to the Gulf has brought a tidal wave of kids in their wake, creating demand for new private schools. In turn, both Mubadala and Dubai Holding are investing in U.K.-based Nord Anglia Education, which runs four schools in the UAE and 80 worldwide. Mubadala, the Abu Dhabi-based sovereign wealth fund, said today it will invest $600 million for a minority stake in Nord Anglia, joining Dubai Holding in an international consortium that bought the company last month for $14.5 billion. Other investors include Swedish private equity giant EQT, New York-based Neuberger Berman, the Canada Pension Plan Investment Board, and Spain’s Corporación Financiera Alba.
💲 Sovereign Circuit
Public Investment Fund: Lucid, the PIF-backed California maker of electric vehicles, said it expects to launch its midsize electric SUV in 2026 with a price tag of about $50,000.
TAQA: Abu Dhabi National Energy Company acquired U.K.-based energy and utility investment platform Transmission Investment, a company with $4 billion of assets under management.
Abu Dhabi Investment Authority: India’s IDFC First Bank said it will raise as much as $877 million from ADIA and private equity firm Warburg Pincus for a 15% stake in the Mumbai-based lender.
ADQ: The Abu Dhabi sovereign wealth fund formed a joint venture called Gridora with International Holding Co. and Modon Holding, which will aim to accelerate the delivery of large-scale, high-impact infrastructure projects across the UAE and globally.
Mubadala: Atvos, a Brazilian ethanol and sugar producer backed by the Abu Dhabi sovereign wealth fund, is among companies considering bids to acquire three sugar mills from Brazil’s Raizen SA, Bloomberg reports.
↪↩ Closing Circuit
💻 New Construction: Saudi-based construction tech startup TruBuild raised $1 million in seed funding, led by Saudi Aramco’s Wa’ed Ventures and Dar Ventures, to expand its AI-driven platform that reduces project delays and cost overruns.
🌐 Human Investment: Riyadh-headquartered investment management company Alareeb Holding acquired an 80% stake in Vision Talent, a human resources company.
🔒 AI Shield: Pillar Security, an Israeli cybersecurity startup focused on protecting AI software, raised $9 million in a seed funding round led by Shield Capital.
🏛️ School’s In: Oman REIT acquired a Sharjah school building from UAE headquartered Amity Group for $32.67 million in a sale-leaseback deal funded through existing credit to boost returns and diversify its portfolio.
🗣 Circuit Chatter
☕ Counting Beans: Saudi Arabia’s Barn’s coffee chain is seeking advisory banks as it prepares for a potential IPO on Saudi Arabia’s Tadawul stock exchange to help fund its expansion across the Middle East, Bloomberg reports.
🚢 Ship Shape: State-owned seaport operator Mwani Qatar reported a 5% increase in cruise passengers for the 2024–25 season, with Doha Port welcoming nearly 400,000 visitors from 87 cruise calls.
🛢️ Oil Dump: Turkey’s largest oil refiner Tupras, has resumed purchasing Russian Urals crude after halting imports earlier this year due to heightened U.S. sanctions, Reuters reports.
💵 Arab Bond: Egypt wants to attract $6.5 billion in new Kuwaiti investments by the end of 2026, as President Abdel Fattah El-Sisi visits Kuwait to boost economic ties following a similar $7.5 billion deal with Qatar, Asharq Business reports.
🫘 Plush Bites: Nurtac Afridi, CEO of Dubai-based Bateel International, told Bloomberg that the luxury food group plans to triple revenue in four years by boosting its store count to over 500, increasing cultivation of organic date palms and building a new factory.
🌍 Power Circuit
Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani meets today in Moscow with Russian President Vladimir Putin for talks that are expected to touch on trade and energy, in addition to political matters in Ukraine, Syria and Gaza.
Princess Reema Bandar Al Saud, Saudi Arabia’s Ambassador to the U.S., joined FIFA President Gianni Infantino and other leaders in Washington, D.C., to welcome soccer’s FIFA Club World Cup 2025 Trophy Tour.
Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, received Sheikh Khalid bin Abdullah Al Khalifa, Ambassador of the Kingdom of Bahrain to the UAE, at Qasr Al Watan in Abu Dhabi on Wednesday.
Sheikh Shakhboot bin Nahyan, a UAE Minister of State, receivedMahamat Idriss Déby Itno, the President of Chad, in Abu Dhabi on Wednesday.
➿ On the Circuit
U.S. Secretary of Energy Chris Wright visited Saudi Arabia’s King Abdullah University of Science and Technology on Wednesday, where he was received by Prince Abdulaziz bin Salman, Saudi Minister of Energy and KAUST Board Chairman, and University President Edward Byrne.
Wesam Lootah has been named Director General of GovDigital, a division within Abu Dhabi’s Department of Government Enablement that spearheads the emirate’s digital transformation. Prior to this role, he served as the CEO of Smart Dubai Government, the technology arm of Digital Dubai.
Khamis Abdullah Al Mazrouei has been appointed Executive Director of the Sharjah National Oil Corporation by a decree issued by Sheikh Dr. Sultan bin Mohammed Al Qasimi, UAE Supreme Council Member and Ruler of Sharjah.Dr. Anwar Gargash, Diplomatic Adviser to the UAE President, met with a European parliamentary delegation led by David McAllister, Chair of the European Parliament Committee on Foreign Affairs, WAM reports.
🎶 Culture Circuit
⌛ Grand Opening: There is no institution on earth whose opening has been as wildly anticipated or mind-bogglingly delayed as the Grand Egyptian Museum, The New York Times writes in its first travel review of the attraction –the publication of which must be a sign it’s really, finally open after more than a decade of dilly-dallying? Well, sort of. When The Times showed up in mid-February, 11 of the 12 main galleries were open, but the Tutankhamen galleries remained sealed off, due to be opened with an official ceremony on July 3. But before you start Googling flights to Cairo, “You might take that date with a grain or two of salt,” the writer quips.
📷 Photo of the Day
📅 Circuit Calendar
April 15-17, Abu Dhabi. Abu Dhabi Global Health Week. A worldwide forum dedicated to shaping the future of health. ADNEC.
April 16-17, Dubai. FastBull Finance Summit Dubai. Focused on global finance, emphasizing areas such as forex and blockchain financial technology. Coca-Cola Arena.
April 17-19, Dubai. World Art Dubai. The annual retail art fair features more than 10,000 works for sale. Dubai World Trade Centre.
April 18-20, Dubai. Art Dubai. The three-day city festival spotlights more than 100 contemporary, modern and digital galleries from the UAE and over 40 other countries. Madinat Jumeirah.
April 18-20, Jeddah. STC Saudi Arabian GP. The Formula 1 Saudi Arabian Grand Prix by STC returns, promising an electrifying high-speed spectacle on the Red Sea. Jeddah Corniche Circuit.
April 18-20, Abu Dhabi. Middle East Film and Comic Con 2025. The region’s largest pop culture festival returns for its 13th year. ADNEC.
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 23-34, Dubai. Dubai AI Festival. Bringing together the brightest minds to explore and expand the commercial and economic possibilities of AI technology.” Madinat Jumeirah.
April 27-29, Abu Dhabi. Culture Summit. The annual event features panels, case studies, creative conversations, artist talks and workshops. Manarat Al Sadiyat.
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 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 gathers brings together Qatari government and business leaders with corporate executives, investors and policymakers from around the world. Media City Qatar.