MBZ, Putin agree on economic pact, noting investment disparity
UAE President Sheikh Mohamed bin Zayed wrapped up a two-day visit to Moscow on Friday with the signing of an economic cooperation deal after Russian President Vladimir Putin remarked on the imbalance of investment between the two countries.
The agreement signed at the Kremlin aims to boost UAE-Russian trade in a range of fields, including fintech, healthcare, transportation, logistics, and professional services, according to the Emirates News Agency.
In remarks at the opening of his meeting with Putin, the UAE leader drew attention to the UAE’s $11.5 billion in bilateral trade with Russia, as well as the $30 billion with the Eurasian Economic Union, a regional group that includes Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia.
“We would like these results to double within the next five years,” Sheikh Mohamed said.
Putin pointed to growing cooperation between Russian and UAE sovereign wealth funds and said, “We keep a close eye on this sector, which has been delivering tangible results.”
Still, the Russian leader suggested some changes are due. “Let me note that so far, Russia has been investing significantly more in the United Arab Emirates than vice versa,” he said. “In fact, our investment is almost double the amount invested by the UAE here.”
Putin also spoke about plans for a summit meeting with U.S. President Donald Trump and said the UAE is being considered as the location. Trump has suggested Saudi Arabia for the site of the talks.
Saudi Arabia’s Crown Prince Mohammed Bin Salman, meanwhile, appears to be planning a trip to Washington in November for a White House meeting with President Donald Trump, Bloomberg reports.
When the Trump visited Saudi Arabia in May, the Prince pledged to invest at least $600 billion in the U.S., amid coaxing by the American leader to boost the figure to $1 trillion.
MBZ meets Putin amid tensions between Moscow and Washington
UAE President Sheikh Mohamed bin Zayed arrived in Moscow on Thursday and went directly to the Kremlin to meet with Russian President Vladimir Putin.
The Emirati leader was greeted by an honor guard at Vnukovo Airport after his plane was escorted by military aircraft once it entered Russian airspace.
Inside the Kremlin, the UAE President, often referred to as MBZ, walked down a long hall past Russian cabinet ministers, military commanders and government officials. He clasped hands with Putin before the two leaders began a series of diplomatic meetings.
The MBZ trip to Russia follows U.S. President Donald Trump’s visit to the Gulf in May and comes amid rising tensions between Moscow and Washington. The UAE pledged to invest $1.4 trillion in the U.S. economy over the next decade, focusing on defense contracts and artificial intelligence.
According to the Emirates News Agency, the Russian and Emirati leaders planned to discuss “various aspects of the strategic partnership between the two countries and ways to enhance cooperation, particularly in the economic, trade, investment, energy, and other areas that serve joint development, in addition to regional and international issues of common interest.”
Accompanying the UAE President was a delegation that included Sheikh Hamdan bin Mohamed bin Zayed, Deputy Chairman of the Presidential Court for Special Affairs; Sheikh Mohammed bin Hamad bin Tahnoon, Advisor to the UAE President; and Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and CEO of the ADNOC national oil company.
Also traveling to Moscow were Dr. Thani Al Zeyoudi, Minister of Foreign Trade; Mohamed Hassan Al Suwaidi, Minister of Investment; and Ali Al Shamsi, Secretary-General of the Supreme Council for National Security.
UAE, U.S. presidents follow up on $1.4 trillion investment pledge
UAE President Sheikh Mohamed bin Zayed and U.S. President Donald Trump held a phone conversation to sum up a series of investment deals and high-level meetings between the two allies over the past week.
The Abu Dhabi-Washington call on Tuesday followed the announcement that the UAE will invest $1.4 trillion in the U.S. over the next decade, focusing AI infrastructure, semiconductors, energy and manufacturing.
The two presidents discussed Trump’s meeting with Sheikh Tahnoon bin Zayed, the UAE National Security Adviser and Sheikh Mohamed’s brother, who leads many of the country’s largest companies and sovereign wealth funds.
Sheikh Tahnoon talked to an array of cabinet secretaries and also held meetings with heads of the biggest tech companies, including Meta’s Mark Zuckerberg, Amazon’s Jeff Bezos, Palantir’s Alex Karp and xAI’s Elon Musk.
The Daily Circuit: Investopia Abu Dhabi’s China focus + Saudi green bonds
👋 Hello from the Middle East!
In the Daily Circuit today, we’re looking at the $40 billion in deals signed during UAE President Sheikh Mohamed bin Zayed’s trip to Rome this week, Saudi Arabia’s sale of green debt, the PIF’s joint elevator venture in Germany and new VC candidates for the QIA’s $1 billion Fund of Funds. But first, the UAE focuses on China’s entrepreneurs.
Emirati leaders will shine a spotlight this week on growing business ties with China during the annual Investopia summit that gets underway on Wednesday in Abu Dhabi.
UAE Minister of the Economy Abdulla bin Touq Al Marri will open the conference at the St. Regis Saadiyat Island Resort with an address that focuses on “Harnessing Megaforces” to build on the Gulf state’s reputation as a magnet for international investment.
Among the speakers scheduled to appear at the two-day event are Mohamed Hassan Alsuwaidi, UAE Minister of Investment; Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; Khaldoon Al Mubarak, CEO of Mubadala Investment Co. and Chairman of the Executive Affairs Authority; Alia bint Abdullah Al Mazrouei, Minister of State for Entrepreneurship; Dr. Anwar Gargash, Diplomatic Advisor to the UAE President; and Mariam bint Mohammed AlMheiri, Head of the International Affairs Office at the Presidential Court and CEO of 2PointZero.
On Thursday afternoon, Al Marri will introduce the China-Arab Entrepreneurs Summit, which will feature a discussion on financing tech innovation between Ray Dalio, the billionaire founder of Bridgewater Associates, and Wei Ran, Chairman and CEO of China’s CCT Fund.
Welcome to the Daily Circuit. Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].
📰 Developing Stories
WHEN IN ROME
UAE President Sheikh Mohamed bin Zayed’s state visit to meet Italian Prime Minister Giorgia Meloni in Rome produced a range of deals aimed at strengthening both business and security ties between the two countries. Emirati officials signed deals on Monday to invest $40 billion in Italy across projects ranging from artificial intelligence to undersea cables and renewable energy. “This collaboration underscores the importance of Italy and the UAE as strategic partners for innovation, sustainable economic development and technological exchange,” the countries said in a joint statement. Sheikh Mohamed’s trip was the first by a UAE President to Italy. Meloni visited Abu Dhabi in January.
GREEN DEBT
Saudi Arabia, the world’s biggest oil exporter, is selling green bonds to help finance its gradual transition from fossil fuels. The government launched an offering today of seven-year green notes denominated in euros, Bloomberg reports. The bond sale comes as Saudi Arabia pursues its target of reaching net zero emissions by 2060. The kingdom has outlined a sustainability agenda that includes planting 10 billion trees and declaring 30% of Saudi Arabia’s land and sea as protected areas.
💲 Sovereign Circuit
Public Investment Fund: The PIF’s manufacturing hub Alat and Germany’s TK Elevator signed a $167 million joint venture agreement to produce elevators and escalators in Saudi Arabia.
International Holding Co.: Sheikh Tahnoon bin Zayed, Chairman of the Abu Dhabi-owned investment company, said a 54% jump in 2024 revenue showed that, “by strategically divesting from mature assets and replenishing our portfolio with innovative investments, we continue to reinforce our position as a global investment powerhouse.”
ADQ: The Abu Dhabi sovereign wealth fund signed a draft agreement with Italian energy company Eni to cooperate in strengthening supply chains for critical minerals such as lithium, cobalt, and nickel.
Qatar Investment Authority: The sovereign wealth fund is evaluating eight more VC firms for inclusion in its $1 billion Fund of Funds, which seeks to bring tech startups to Qatar.
Danantara: Indonesia launched its second sovereign wealth fund on Monday, pledging to help drive greater industrial development in Southeast Asia’s largest economy with assets under management exceeding $900 billion.
↪↩ Closing Circuit
💸 Moving Money: Mansa, a Dubai-based startup that facilitates cross-border payments, raised $10 million from institutional investors and in a pre-seed funding round co-led by Tether and Polymorphic Capital.
🖥️ Tech Fund: UK-based Pinewood.AI is acquiring Dubai-based autotech start-up Seez for $42 million.
☁️ No AI: Saudi IT company Al Moammar Information Systems Co. sold its entire OpenAI investment for $8.4 million, netting a $3.4 million gain.
🗣 Circuit Chatter
☢️ European Reactor: Abu Dhabi’s Emirates Nuclear Energy Co. is getting ready to invest in Newcleo, a French-Italian operator of lead-cooled fast nuclear reactors, in a deal that could be worth as much as $523 million, Bloomberg reports.
⛽ LNG Woes: Qatar’s effort to sell liquefied natural gas through a massive increase in production is being complicated by demands from Chinese and Indian buyers for lower prices and more favorable terms, Bloomberg reports.
🏗️ Saudi Built: The Saudi Authority for Industrial Cities and Technology Zones plans an aviation cluster at Modon Oasis in Jeddah to localize advanced aviation technologies and strengthen supply chains.
💎 Gulf Diamond: Lusail, Qatari Diar’s $250bn flagship project, aims to attract local and foreign investors with freehold properties, residency options, and flexible financing.
🤑 New Interest: Dubai-based engineering and construction consultancy Sidara has begun renegotiations to take over British engineer John Wood Group, which has faced financial challenges.
🌍 Power Circuit
Prince Khalid bin Salman, Saudi Arabia’s Defense Minister, met with U.S. Defense Secretary Pete Hegseth at the Pentagon on Monday to discuss ways to strengthen the bilateral relationship between Washington and Riyadh.
Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member of the UAE and Ruler of Ras Al Khaimah, metFederico J. González, Executive Vice Chairman of Radisson Hotel Group, and Raki Phillips, CEO of Ras Al Khaimah Tourism Development Authority, on Monday at his palace in Saqr bin Mohammed City.
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Deputy Prime Minister and Minister of Defence, met on Tuesday with Sheikh Hazza bin Zayed, Ruler’s Representative in Al Ain Region, in the presence of Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai and UAE Deputy Prime Minister and Minister of Finance.
➿ On the Circuit
Masayoshi Son, CEO of Japan’s SoftBank, said during a panel discussion at the FII Priority Summit in Miami last week that the bank has not “fully delivered” the expected returns to Saudi Arabia’s sovereign wealth fund.
Anton Bawab joins Dubai-based bespoke hotel development advisory firm InnSight Advisory as Partner and Managing Director, responsible for leading the company’s growth and operations in the Middle East, Africa and South Asia.
🎶 Culture Circuit
🧪 High Tech Art: Final preparations are under way for the opening of TeamLab Phenomena Abu Dhabi on April 18, adding another feather to the cap of the expansive Saadiyat Cultural District. Led by a high-tech Tokyo art collective renowned for its blending of art, science and technology, the new museum will fill 17,000 square meters with ever-changing immersive installations.
📷 Photo of the Day
U.S. Secretary of Defense Pete Hegseth welcomed Saudi Minister of Defense Prince Khalid bin Salman with an official ceremony at the Pentagon in Washington on Monday. (Getty Images)
📅 Circuit Calendar
Feb. 23-26, Doha. Web Summit Qatar 2025. Bringing together tech entrepreneurs, innovators, investors, and industry leaders from around the world. Doha Exhibition and Convention Center.
Feb. 25-March 1, Dubai. WCA World 2025. The conference brings together some of the world’s biggest independent freight forwarders. Dubai World Trade Centre.
Feb. 26-27, Abu Dhabi. Investopia 2025. The fourth edition of the summit, to be held under the theme “Leveraging the Power of Massive Investments.” St. Regis, Abu Dhabi.
March 17-19, Dubai. Dubai International Horse Fair. A gathering of the equestrian industry and horse lovers from around the world. Dubai World Trade Centre.
April 7-9, Abu Dhabi. AIMCongress 2025. A premier investment platform bringing together thought leaders, decision-makers and entrepreneurs. ADNEC.
April 7-9, Dubai. Middle East Energy. Bringing together international energy suppliers to discuss products and solutions. Dubai World Trade Centre.
April 13-15, Riyadh. Saudi Food Manufacturing. Back for a second year, the focus turns to logistics solutions, including advancements in AI-driven supply chains, robotics, and sustainable automation technologies. Riyadh Front Exhibition & Conference Centre.
April 14-16, Dubai. IPS Congress. The Middle East’s largest international property sales event. Dubai World Trade Centre.
April 17-19, Dubai. World Art Dubai. A four-day art fair featuring more than 10,000 artworks. Dubai World Trade Centre.
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 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.
The Daily Circuit: Musk headlines Dubai summit + MBZ funds AI in Paris
👋 Hello from the Middle East! In the Daily Circuit today, we’re looking at UAE President Sheikh Mohamed bin Zayed’s $52 billion AI deal with French President Emanuel Macron in Paris, Saudi Crown Prince Mohammed bin Salman’s new auto hub in Riyadh, MGX and General Catalyst preparing to invest in Anthropic, and a $20 million art auction in the Saudi capital to be conducted this weekend by Sotheby’s. But first, world leaders and corporate chiefs are heading to Dubai.
Elon Musk, Sundar Pichai, Larry Ellison and Tony Blair will headline next week’s World Governments Summit in Dubai, one of the Middle East’s key annual gatherings for both politicos and investors.
Artificial intelligence, of course, is a major focus this year with Omar Al Olama, the UAE’s Minister of State for AI, Digital Economy and Remote Work Applications – and summit Vice Chairman – due for an onstage chat on Tuesday with Google CEO Pichai.
Musk, the world’s richest person, is expected to make an appearance in a session called “Boring Cities, AI and DOGE.” Blair, the world-trotting entrepreneur and former U.K. Prime Minister, and Oracle founder Ellison will interview each other in front of the 6,000 registered participants.
The political line-up over the three-day conference will featurethe presidents of Indonesia, Poland, Sri Lanka, and Colombia, along with the prime ministers of Kuwait, Armenia, Pakistan, Kenya, Libya, Georgia, and Bangladesh.
In Miami, meanwhile, final preparations are underway for the Saudi Future Investment Initiative’s Priority Summit, a spinoff of the annual Davos-patterned event in Riyadh.
Among those participating in the Feb. 19-21 meetingwill beSaudi Ambassador to the U.S. Princess Reema bint Bandar, Minister of Investment Khalid Al-Falih, PIF Governor and FII Institute Chairman Yasir Al-Rumayyan, SoftBank Group Corp Chairman and CEO Masayoshi Son and Serena Ventures Managing partner Serena Williams.
Also BlackRock Co-founder and President Robert S. Kapito, Oracle Safra Catz, Neuberger Berman Chairman and CEO George Walker, Point72 CEO and New York Mets owner Steven Cohen, Uber Technologies CEO Dara Khosrowshahi, and Bridgewater Associates CEO Nir Bar Dea.
Welcome to the Daily Circuit. Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].
HAMMER TIME
Sotheby’s stages first international art auction in Saudi Arabia
Colombian artist and sculptor Fernando Botero’s Society Woman painting is displayed at Sotheby’s Origins exhibition in Diriyah on Feb. 5, 2025. (Getty Images)
As the sun sets over the golden mudbrick walls of At-Turaif that housed Saudi Arabia’s royal family 300 years ago, a glittering crowd will gather nearby this weekend to covet a historic collection of treasures, Rebecca Anne Proctor writes for The Circuit.
Sotheby’s will use the UNESCO World Heritage Site in Riyadh’s historic Diriyah district as the backdrop for the kingdom’s first-ever international art auction. The event on Saturday will offer 100 lots of art, jewelry and sports memorabilia with an estimated value of more than $20 million.
The landmark sale, titled Origins, is being staged amid falling global art sales, with dealers and auction houses increasingly looking to wealthy Gulf countries to help keep them afloat.
President Sheikh Mohamed bin Zayed arrived in Paris on Thursday where he was hosted by French President Emmanuel Macron at the Elysee Palace and committed to invest as much as $52 billion in an AI data center, which would become Europe’s largest. The two leaders also attended the signing ceremony of the UAE-France Framework for Cooperation in Artificial Intelligence. The pact was signed by Khaldoon Al Mubarak, Chairman of the UAE Executive Affairs Authority and CEO of Mubadala; Jean-Noël Barrot, French Minister for Europe and Foreign Affairs, and Éric Lombard, French Minister for the Economy, Finance, and Industrial and Digital Sovereignty. Sheikh Mohamed will also attend a two-day AI conference that starts Monday and will be co-hosted by Macron and Indian President Narendra Modi.
CAR TALK
Saudi Crown Prince Mohammed bin Salman named a portion of Riyadh’s King Abdullah Economic City as the “King Salman Automotive Cluster,” which will house the headquarters and manufacturing facilities for both local and international carmakers. Among the companies that will be operating in the cluster are Ceer – the first Saudi electric vehicle brand – and Lucid Motors, which is owned by the Public Investment Fund and opened its first international factory in the kingdom in 2023. The site will also host multiple PIF joint ventures with global manufacturers, including a highly automated factory with South Korea’ Hyundai Motor and a partnership with Italy’s Pirelli to establish a tire factory. The government said it expects the KSAC to accelerate local manufacturing capacity, promote research and development, and optimize supply chains, making them more efficient for both regional and international markets.
💲 Sovereign Circuit
MGX: The Abu Dhabi-owned investment firm backed by Mubadala and G42, and General Catalyst are among the investors in talks to participate in a new funding round for San Francisco-based AI startup Anthropics, which is oversubscribed and may be larger than the $2 billion target, Bloomberg reports. General Catalyst is the subject of an article in The Information that says the Cambridge, Mass. investment firm is “stretching the definition of venture capital.”
ADQ: AD Ports Group, which is controlled by the Abu Dhabi sovereign wealth fund, formed a joint venture with CMA CGM Group to develop, manage and operate the New East Mole multipurpose terminal at the Port of Pointe Noire in Congo under a 30-year extendable concession that was awarded in June 2023.
Public Investment Authority: PIF-owned ACWA Power signed two agreements with Aramco to advance renewable energy projects and test vanadium flow batteries, including a photovoltaic energy forecasting initiative using big data and machine learning.
G42: The Abu Dhabi-owned tech company published its “Frontier AI Safety Framework,” which sets protocols for risk assessment, governance and external oversight to ensure safe and responsible development of advanced AI models.
Mubadala: Oman and the UAE signed a long-term commercial agreement with EMSTEEL and Hafeet Rail, a joint venture between Oman and Etihad rail in partnership with Mubadala, to transport bulk materials between both countries, boosting private sector competitiveness in regional markets.
↪↩ Closing Circuit
🏛️ Tower Finance: UAE-based Sweid & Sweid secured a $125 millionloan from Arab Bank to finance Sweid One, its Grade-A office tower in Jumeirah Lakes Towers, Dubai, with Dutco Construction as the main contractor.
🌐 Global Brands: Naif Alrajhi Investment has launched Saudi Arabia’s first global media representation company through Phi Advertising, in partnership with Skyscale Media, to provide Saudi brands access to global media expertise and exclusive partnerships.
🗣 Circuit Chatter
🇪🇬 Economic Bailout: The IMF plans to unveil a new loan agreement with Egypt following last year’s $8 billion deal that was aimed at helping the country rebound from its economic crisis.
🛍️ Moroccan Option: Swedish fashion chain H&M is looking to strengthen its manufacturing presence in Morocco as part of a strategic shift to counter potential U.S. trade barriers, Reuters reports, citing CFO Adam Karlsson.
⚖️ Market Transparency: Saudi Arabia’s Capital Market Authority is conducting a public consultation on proposed investment fund regulations to improve transparency, protect investors and align with global best practices.
💸 Hungarian Interest: A 25-company Hungarian alliance plans to invest in Saudi Arabia’s tech and digital sectors, leveraging Vision 2030 opportunities, according to an announcement made at the Saudi-Hungarian Business Forum in Riyadh on Thursday.
✊🏼 United Front: Tunisia plans to boost foreign direct investment by creating a Supreme Investment Authority that would merge six agencies which includes the Tunisian Investment Authority, and various domestic and international offices.
🌍 Power Circuit
Sheikh Khaled bin Mohamed bin Zayed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, held a meeting with Ahmed Al Safadi, Speaker of the House of Representatives of Jordan, during his visit to the UAE.
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Deputy Prime Minister and Minister of Defence, launched the Al Emarat P111 corvette, a naval vessel, to strengthen UAE defences in the waters.
➿ On the Circuit
Oualid Lahsini, Brevan Howard Asset Management’s CEO in the Middle East, is leaving after two years in the role, Bloomberg reports. Both the firm and Lahsini declined to comment.
Bandar Alkhorayef, Saudi’s Minister of Industry and Mineral Resources, has met with executives from Tata Group to look at partnerships within multiple sectors, including military, aviation, and electronics.
Ihsan Buhulaiga, a former member of the Saudi shura council and author of several books on the Saudi economy, told AGBI that the GCC should develop aligned policies and regulations around the potential use of cryptocurrencies as a payment tool.
📷 Photo of the Day
UAE President Sheikh Mohamed bin Zayed and French President Emmanuel Macron witness the signing of a UAE-French agreement on AI cooperation in Paris by Khaldoon Al Mubarak, Chairman of the UAE Executive Affairs Authority and CEO of Mubadala and Jean-Noël Barrot, France’s Minister for Europe and Foreign Affairs. (WAM)
📅 Circuit Calendar
Feb. 1-8, Abu Dhabi: Mubadala Abu Dhabi Open. Top women tennis stars compete in WTA 500 tournament. International Tennis Centre, Zayed Sports City.
Feb. 9-12, Riyadh. Leap 2025. Riyadh’s tech event that brings in tech innovators and leading experts from around the world to discover new ideas, build new partnerships, and connect with inspiring mentors and investors. Riyadh Front Expo Centre.
Feb. 11-13, Dubai. World Government Summit 2025. Annual event brings in world leaders and business leaders from the region and outside to discuss the most pressing matters. Madinat Jumeirah.
Feb. 14-16,Munich Security Forum. Known as one of the world’s leading forums for debating international security policy. Hotel Bayerischer Hof.
Feb. 17-21, Abu Dhabi: IDEX 2025. Military contractors from around the world show their wares at one of the most prominent international defense exhibitions. ADNEC Center.
Feb. 17-21, Dubai. Gulf Food. In its 30th edition, the exhibition brings in many more companies to show their work on food and the industry’s use of technology. Dubai World Trade Center.
Feb. 18-19, Abu Dhabi. The Future of Asset Management Middle East. A two-day conference that gathers leading executives from top asset management companies in the Middle East region. The Ritz-Carlton, Grand Canal.
Feb. 22-23, Miami, Fla. FII Priority. Saudi Arabia’s Future Investment Initiative connects U.S. and Middle Eastern investors. Faena Hotel & Forum, Miami Beach.
Feb. 25, Dubai. Family Office Summit 2025. Global fund leaders managing $1 trillion in assets will meet under the theme, “Taking Money Out of Cash.” Ritz Carlton Jumeirah Beach.
Feb.25-March 1, Dubai. WCA World 2025. The conference brings together some of the world’s biggest independent freight forwarders. Dubai World Trade Centre.
March 17-19, Dubai. Dubai International Horse Fair. A gathering of the equestrian industry and horse lovers from around the world. Dubai World Trade Centre.
The Weekly Circuit: Red Sea Global to raise cash + Nuveen’s UAE branch
👋 Hello from the Middle East! This week, we’re looking at takeaways from UAE President Sheikh Mohamed bin Zayed’s visit to Washington, $1.2 trillion pension fund Nuveen’s new Gulf office, ADQ’s joint climate venture in Switzerland and the NBA stars arriving for this week’s two exhibition games in Abu Dhabi. But first, Saudi Arabia looks to raise cash for its new beach resorts.
Red Sea Global, Saudi Arabia’s government-owned firm for the massive redevelopment of the kingdom’s western shoreline, is looking to raise money amid this year’s shortfall in foreign investment.
The PIF-backed company plans to borrow at least $3.7 billion over the next year to help build its Amaala luxury tourism project, a 29-hotel development focused on wellness, Bloomberg reports.
Red Sea Global expects to have six new hotels operating before the end of 2024 and around 20 more in 2025, including eight at Amaala, Gregory Djerejian, the company’s head of investments and legal affairs, told the news agency.
The coastal development is key to Saudi Arabia’s plans to transform itself into a top tourism destination. To help achieve its targets, the kingdom has pledged to spend billions of dollars, though several of the projects are facing cutbacks.
The Saudi Finance Ministry released figures on Monday that show the kingdom’s 2024 deficit growing by almost 50% to $32 billion from projections made last December.
UAE leader comes home from U.S. carrying economic dividends
U.S. President Joe Biden walks with UAE President Sheikh Mohamed bin Zayed at the White House. (Getty Images)
UAE President Sheikh Mohamed bin Zayed is back in Abu Dhabi after a weeklong trip to the U.S. that included an Oval Office meeting with President Joe Biden and a visit to former President Donald Trump’s Mar-a-Lago resort in Palm Beach, Florida, The Circuit’s Jonathan Ferziger reports.
After the White House talks, the U.S. and UAE leaders issued a 3,900-word joint statement outlining the relationship of the two countries as “dynamic strategic partners.”
Focused in large part on the U.S.-Emirati economic alliance, the document took note of the $1.5 billion artificial intelligence investment deal between Microsoft and the UAE’s Group 42, as emblematic of the growing technology cooperation between the two countries.
Nuveen CEO William Huffman said his firm, which holds the assets of the U.S. teachers’ pension fund TIAA, offers the Middle East market “forward-looking opportunities including infrastructure, renewable energy and real estate technology,” speaking to The National.
Prior to Nuveen, which manages $1.2 trillion in assets, Prudential Financial’s PGIM, with $1.3 trillion under management, also opened an office in the UAE capital in September.
ADNOC, the state-owned UAE oil and gas company reached a deal to buy chemical producer Covestro AG for about $13 billion, in what’s set to be the biggest Middle Eastern acquisition of a European firm, Bloomberg reports.
Qatar Airways plans to acquire a 25% stake in Australia’s Virgin Australia Airlines from Bain Capital. Terms of the deal were not disclosed.
Masdar: The Abu Dhabi-owned renewable energy company closed its acquisition of a 50% stake in U.S.-based Terra-Gen Power Holdings from Energy Capital Partners.
Public Investment Fund: PIF-backed water company ACWA, teamed up with Aramco subsidiary Sapco and Electricity Holding Co. on the financial closing of three solar projects with a $3.2 billion investment. CEO Jerry Inzerillo of Riyadh’s PIF-run Diriyah project, meanwhile, told Reuters the company has agreed on deals worth nearly $1 billion with Italian and French developers while it conducts talks to attract more foreign capital.
ADQ: The Abu Dhabi sovereign wealth fund is joining forces with Switzerland’s EQTY Lab to develop AI-driven climate solutions, The National reports. ADQ’s Alpha Dhabi Holding, meanwhile, divested 49% of its subsidiary, Alpha Dhabi Construction Holding, to ADQ, while retaining a 51% stake.
↪↩ Closing Circuit
🛵 Delivery IPO: Talabat, the Middle East subsidiary of Germany’s Delivery Hero, is likely to be valued at between $12.9 billion and $15.1 billion ahead of its planned Dubai IPO later this year.
⛽ Asia Engineering: Chinese contractor Jereh Oil & Gas Engineering secured a $316 million contract to provide engineering, procurement, construction, and commissioning services for Bahrain Petroleum Co., focusing on gas facilities in southern Bahrain.
🛞 Changing Gears: Shift, a Saudi car rental startup, raised $83 million in a funding round led by Merak Capital.
₿ Blockchain Finance: Ripple, a blockchain-enabled payments provider has received an in-principle license from the Dubai Financial Services Authority, to operate as a payment services provider in the emirate and is in talks to expand to other Gulf states.
🩺 Medical Venture: Nym, an Israeli AI medical startup, raised $47 million in a funding round led by PSG, with participation from Samsung Next and Google Ventures.
🗣 Circuit Chatter
🛍️ Retail Therapy: Qatar is rapidly becoming a top retail destination in the MENA region, leveraging its $330 billion infrastructure investments from the 2022 FIFA World Cup, with new stores, malls and tourist attractions such as the $5.5 billion Simaisma Project, according to London-based consulting firm Knight Frank.
🔌 Energy Talks: Saudi Arabia’s ACWA Power is in talks with Turkey to invest $5 billion in the country’s green energy sector, Bloomberg reports.
🚀 Space Merger: Space42 began trading on the Abu Dhabi Securities Exchange, or ADX, on Tuesday after merging with Bayanat, a geospatial technology developer, and Al Yah Satellite Communications Co.
🧑🏾🌾 Climate Care: The UAE will invest $30 million in Ghana’s biodiversity ecosystem, reforestation, agroecology and other climate goals.
🏄 Surf Park: Bahrain Real Estate Investment Co. is teaming up with GFH Financial Group to launch the Bahrain Surf Park-Club Hawaii Experience, using wave-making technology.
🌍 Power Circuit
Sheikh Tahnoon bin Zayed, UAE National Security Adviser and Chairman of G42, posted a photo on Instagram of his meeting with Mark Zuckerberg, congratulating the Meta CEO on the release of large-language model Llama 3.2, the launch of the Quest 3S headset and the introduction of Orion AR eyeglasses.
Emir of Qatar Sheikh Tamim bin Hamadmet in Doha with Sheikh Khaled bin Mohamed bin Zayed, Crown Prince of Abu Dhabi, who was on an official visit to the nearby Gulf state.
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Minister of Defense of the UAE and the Deputy Prime Minister, gave his approval to Dubai’s Real Estate Strategy 2033 plan, which aims to boost the value of the emirate’s property transactions to $272 billion over the next nine years.
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➿ On the Circuit
Naguib Sawiris, Egypt’s second-wealthiest man and Chairperson ofOra Developers Egypt, called on the Central Bank of Egypt to reduce the country’s 30% interest rates, which he said prevented Ora from making any profit in the first construction phase of its Zed Sheikh Zayed development in western Cairo.
Hassan bin Moejeb, President of the Federation of Saudi Chambers, has been appointed the first Vice President for the Union of Arab Chambers.
Adam Neumann, who was ousted as CEO of WeWork and co-founded real estate company Flow, has bought a 30% stake in Israel’s Canada Global property firm for about $27 million.
Wael Mahdihas been appointed as Chief Growth Officer for the Middle East and North Africa at Gen Plus Group, a London-based network of PR agencies.
🎶 Culture Circuit
🏀 Playing Hoops: NBA stars from the championship-winning Boston Celtics and the Denver Nuggets have have arrived in the UAE capital for this year’s pre-season exhibition series known as the NBA Games Abu Dhabi. The two-game competition on Thursday and Saturday will be accompanied by a four-day interactive basketball fan event hosted by retired NBA center Shaquille O’Neal that will include a live performance by Grammy Award-winning rapper 2 Chainz.
🎞 Oscar Rivals: Arab filmmakers from six countries have submitted entries for the Best International Feature Film competition at the 2025 Academy Awards on March 2. They include Egypt’s “Flight 404, directed by Hani Khalifa; Morocco’s “Everybody Loves Touda,” directed by Nabil Ayouch; Algeria’s “Algiers,” directed by Chakib Taleb-Bendiab; a collection of 22 Palestinian short films by Gazan filmmakers, entitled “From Ground Zero,” presented by Rashid Masharawi; Jordan’s “My Sweet Land,” directed by Azza Hourani; and Iraq’s “Bagdhad Messi, directed by Sahim Omar Kalifa.
📷 Photo of the Week
Falconers from around the Gulf gathered in Saudi Arabia’s Al-Hammad area this week for the start of hunting season. (Saudi Press Agency)
🗓️ Ahead on The Circuit
Oct. 5-6, Abu Dhabi, UAE: The Abu Al Abyad Dhow Sailing Race. The race is expected to set off from Abu Al Abyad to Abu Dhabi Breakwater, attracting dhow owners and elite sailors. Abu Al Abyad Island.
Oct.8-10, Abu Dhabi, UAE: Global Rail. The event will gather over 150 senior representatives from the global transport value chain, including ministers, industry leaders, and key stakeholders. ADNEC.
Oct. 15-17, Dubai, UAE: Aviation Future Week. Conference brings together UAE ministers, senior government officials and leaders from the aviation, aerospace, air freight and other related industries. Museum of the Future.
Oct. 14-18, Dubai, UAE: GITEX Global. One of tech’s biggest events, the UAE conference brings companies from around the world to showcase their latest innovations. Dubai World Trade Center.
Oct.22-24, Dubai, UAE: Dubai Helishow. The event will feature a series of insightful talks, panel discussions, and keynotes, focusing on critical innovations in hybrid and electric helicopters, AI integration, UAV combat operations, and civil aviation. Skydive Dubai.
Oct. 31, Abu Dhabi, UAE: Transition Investment Workshop. NYU Abu Dhabi’s Transition Investment Lab holds a day of discussions on aligning investment decisions with social values. NYU Abu Dhabi, East Forum.
Nov 4-7, Abu Dhabi, UAE: ADIPEC. The event is the biggest gathering for energy leaders, policy makers, and key industry players. It is often attended by heads of multilateral organizations, ADNEC.
Nov. 12-13, Abu Dhabi, UAE: CyberQ: Security in the Quantum Era. Brings together international experts, key policymakers and industry players to discuss challenges in the quantum age of cybersecurity. ADNEC.
UAE leader heads home from U.S. carrying economic dividends
UAE President Sheikh Mohamed bin Zayed wrapped up his U.S. tour with a stop at former U.S. President Donald Trump’s Mar-a-Lago resort in Palm Beach, Florida. He also met with former President George W. Bush in Texas and held a phone conversation with former President Bill Clinton before flying home to Abu Dhabi.
The centerpiece of the U.S. visit was a visit to the White House at the beginning of the week after which the Emirati leader and President Joe Biden issued a 3,900-word joint statement outlining the relationship of the two countries as “dynamic strategic partners.”
Focused in large part on the U.S.-Emirati economic alliance, the statement took note of the $1.5 billion artificial intelligence investment deal between Microsoft and the UAE’s Group 42, as emblematic of the growing technology cooperation between the two countries.
The two leaders “underscored that this transformative partnership has the potential to usher in a new era of international connectivity to facilitate global trade, expand reliable access to electricity, facilitate clean energy distribution, and strengthen telecommunication,” the joint statement said.
Biden and Sheikh Mohammed “emphasized the importance of joint initiatives to promote a circular economy, reduce waste, facilitate recycling, and advance sustainable practices, underscoring their commitment to innovation for resource efficiency and environmentally responsible growth,” the statement said.
The statement also called attention to promising regional initiatives including the India-Middle East-Europe Economic Corridor that will seek to connect India to Europe with ship-to-rail connections through the UAE, Saudi Arabia, Jordan, Israel and Greece.
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Photo of the Day
UAE President Sheikh Mohamed bin Zayed meets with former U.S. President Donald Trump on Thursday at the Mar-a-Lago resort in Palm Beach, Fla. (Emirates News Agency)
🗓️ Ahead on The Circuit
Sept. 30-Oct. 2, Dubai, UAE: Future Hospitality Summit. The global conference for leaders in the hospitality industry expands this year at a new location with dedicated space for ESG planning, country pavilions and a larger exhibition area. Madinat Jumeirah.
Oct. 5-6, Abu Dhabi, UAE: Abu Al Abyad Dhow Sailing Race. The race is expected to set off from Abu Al Abyad to the Abu Dhabi Breakwater, attracting dhow owners and elite sailors. Abu Al Abyad Island.
Oct. 14-18, Dubai, UAE: GITEX Global. One of tech’s biggest events, the UAE conference brings companies from around the world to showcase their latest innovations. Dubai World Trade Center.
Oct. 15-17, Dubai, UAE: Aviation Future Week. Conference brings together UAE ministers, senior government officials and leaders from the aviation, aerospace, air freight and other related industries. Museum of the Future.
Oct.22-24, Dubai, UAE: Dubai Helishow. Conference features innovations in hybrid and electric helicopters, AI integration, UAV combat operations, and civil aviation. Skydive Dubai.
Nov. 12-13, Abu Dhabi, UAE: CyberQ: Security in the Quantum Era. Conference brings together international experts, policymakers and industry players to discuss challenges of the quantum age of cybersecurity. ADNEC.
UAE President heading for Washington to meet with Biden
When UAE President Sheikh Mohamed bin Zayed visits the White House next week, advisers say his focus will be on economic and technology ties, though dipping into the geopolitical conflicts wracking the Middle East is inevitable.
The Emirati leader’s meeting with President Joe Biden will be his first in Washington since assuming the UAE Presidency in May 2022. The two also met at the 2023 G20 summit in New Delhi and in Jeddah the previous year.
Dr. Anwar Gargash, diplomatic adviser to Sheikh Mohammed, said during a briefing in Dubai that the trip, which starts Monday, will be concentrated on economic relations and how to “realign our relationship with America for the next 10 years,” The National reports.
“The main purpose of the visit, from an Emirati perspective, is investing in our future, and that’s through an economic lens and through a real realignment with what’s happening in AI and in technology,” Gargash said.
UAE leaders kick off MBZ water scarcity initiative with $119 million XPRIZE competition
UAE President Sheikh Mohamed Bin Zayed and Foreign Minister Sheikh Abdullah Bin Zayed introduced the country’s new international water initiative and launched the $119 million XPRIZE competition to spur development of desalination technology.
In an event that took place on Thursday night at the site of Abu Dhabi’s historic Naqa Bin Ateej reservoir, Sheikh Abdullah outlined the Mohamed bin Zayed Water Initiative, which he chairs, saying it will seek to stimulate international investment in innovative ways to address the drying up of water resources.
“The solutions that currently exist to address the water scarcity crisis are not sufficient to prevent a range of unacceptable scenarios from occurring,” he said. The UAE initiative “is committed to collaborating with stakeholders from around the world to uncover these new ideas, to prove their viability, and to bring them to fruition as efficiently as possible.”
Among the initiative’s board members are Khaldoon Al Mubarak, Chairman of the UAE Executive Affairs Authority and Group CEO of Mubadala Investment Co., and hedge fund billionaire Ray Dalio, founder of Bridgewater Associates. Also, UAE Minister of Energy and Infrastructure Mohamed Al Mazrouei, Minister of Investment Mohamed Hassan Al Suwaidi and Minister of Climate Change and the Environment Amna bint Abdullah Al Dahak Al Shamsi, according to a press release.
The Culver City, Calif.-based XPRIZE Foundation sponsors competitions around the world to encourage “radical breakthroughs for the benefit of humanity” in technological development. The $119 million prize pool for the five-year desalination project is the foundation’s biggest to date.
“XPRIZE Water Scarcity is a global call to scientists, engineers and entrepreneurs to convert water scarcity into water abundance by using converging exponential technologies to address this critical global need,” said Dr. Peter H. Diamandis, XPRIZE’S Founder and Executive Chairman of the foundation. He said the competion is focused on “creating new desalination solutions to unlock Earth’s ocean water to clean water for all, in an equitable and sustainable fashion.”
