UAE to invest $40 billion in Italy following MBZ’s state visit

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.

The Daily Circuit: Wynn scores gaming license + MBZ circles region

In the Daily Circuit today, we’re looking at UAE President Sheikh Mohamed bin Zayed’s travels to Egypt, Serbia and Jordan this past weekend; the Saudi PIF’s mulling of an investment in Nintendo; Oman’s new stake in a Saudi-Chinese private equity fund and Aramco’s latest bond issue. But first, Wynn scores the UAE’s first gaming license for its Ras Al Khaimah resort.

Wynn Resorts will spell out its plans in Las Vegas tomorrow for the UAE’s first gaming location, offering a progress report on the $3.9 billion venture that is under construction and set to open in 2027.

The briefing for investors follows the granting to Wynn last week of a commercial gaming operator’s license by the General Commercial Gaming Regulatory Authority for its Al Marjan Island hotel and casino resort off the coast of Ras Al Khaimah.

The UAE has long been seen as a potential regional gaming center because of its oil wealth, its growing number of high-net-worth residents and its recognition of one of the Middle East’s top tourist destinations.

MGM Resorts International said last month that it had applied for a gaming license for a property it’s building in Abu Dhabi.

MBZ’S TRAVELS

Fresh from his weeklong U.S. trip, UAE President Mohamed bin Zayed took to the road again to visit Egypt, Serbia and Jordan. In Cairo on Thursday, he met with Egyptian President Abdel-Fattah El-Sissi and then the two leaders went to witness the launch ceremony of the $110 billion Ras El-Hekma development project . In Belgrade on Saturday, he met with Serbian President Aleksandar Vucic and witnessed the signing of a Comprehensive Economic Partnership Agreement. The following day he landed in Amman where he was greeted by King Abdallah and also witnessed the signing of a free-trade pact. Among those traveling with the UAE leader were Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, who signed the agreements; Sheikh Hazza bin Zayed, Deputy Ruler of Abu Dhabi; Sheikh Hamdan bin Mohamed, Deputy Chairman of the Presidential Court for Special Affairs; Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, President of COP28 and CEO of ADNOC; and Mohamed Alabbar, Chairman of Eagle Hills Abu Dhabi and founder of Emaar Properties.

VAT-FREE

The UAE has amended regulations to exempt investment fund management services and digital asset firms from its 5% Value-Added Tax. Finance Ministry Undersecretary Younis Al Khoori said the step is meant to enhance the UAE’s investment climate and support economic growth. Also freed from VAT payments are donations between charitable and government entities for amounts up to $1.36 million within a 12-month period, the statement said.“We believe these amendments will… simplify procedures for taxpayers in line with international best practices, ultimately contributing to an improved quality of life for all,” Al Khooril said.

💲 Sovereign Circuit

ADQ: The Abu Dhabi sovereign wealth fund appointed Modon Holding as master developer for the Ras El Hekma seaside project in Egypt, in which it pledged to invest $35 billion.

Oman Investment Authority: Oman’s sovereign wealth fund has committed $150 million to a $1 billion fund managed by Saudi-Chinese private equity firm ewpartners for investment in Oman and other GCC countries.

Qatar Investment Authority: Qatar Investment Authority announced plans to merge Qatar National Broadband Network and Gulf Bridge International to create a digital and AI infrastructure company.

Public Investment Fund: Saudi Arabia’s PIF is considering increasing its stakes in Nintendo and other Japanese gaming companies, Kyodo News reports.

↪↩ Closing Circuit

⛓️ Digital Tokens: ATME, a blockchain-based exchange licensed by the Central Bank of Bahrain for converting assets into tradable digital tokens, launched its business at the FinTech Forward conference in Manama last week.

🏗️ Clock Tower: UAE developer London Gate is teaming up with Swiss luxury watchmaker Franck Muller to construct a 34-story residential tower in Dubai branded as the Franck Muller Vanguard Tower.

🔋Energy Saver: Emirates airline joined with Etihad Clean Energy Development to build a large-scale solar energy project at the Emirates Engineering Centre in Dubai.

Circuit Chatter

Emir of Qatar Sheikh Tamim bin Hammad held a meeting with Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court on Thursday on the sidelines of the Asia Cooperation Dialogue summit in Doha.

Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister, and Ruler of Dubai, launched the “Plant the Emirates” national program, during a Cabinet meeting, to advance agricultural development and enhance sustainable national food security.

Sheikh Khaled bin Mohamed bin Zayed, Crown Prince of Abu Dhabi, arrived in Norway for meetings with Crown Prince Haakon Magnus and Prime Minister Jonas Gahr Støre to discuss new collaborative activities.

🌍 Power Circuit

Emir of Qatar Sheikh Tamim bin Hammad held a meeting with Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court on Thursday on the sidelines of the Asia Cooperation Dialogue summit in Doha.

Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister, and Ruler of Dubai, launched the “Plant the Emirates” national program, during a Cabinet meeting, to advance agricultural development and enhance sustainable national food security.

Sheikh Khaled bin Mohamed bin Zayed, Crown Prince of Abu Dhabi, arrived in Norway for meetings with Crown Prince Haakon Magnus and Prime Minister Jonas Gahr Støre to discuss new collaborative activities.

➿ On the Circuit

Prince Alwaleed bin Talal, Founder and Chairman of Saudi Arabia’s Kingdom Holding Co. has launched a comeback attempt topped by his reviving construction of the Jeddah Tower, which is planned to be the tallest in the world, the Financial Times reports.

Marc Rowan, Co-Founder and CEO of Apollo Global and an active Gulf investor, is revamping his asset management firm to compete with banks with what the Financial Times describes as a plan “to remake Wall Street.”

Jared Kushner, founder of Affinity Partners, and his wife Ivanka Trump are negotiating with Serbian authorities and moving ahead with plans for a $1 billion development filled with luxury villas on the island of Sazan, The Wall Street Journal reports.

Christian Cabanne was hired by Citigroup as head of Middle East and North Africa equity sales. He was previously head of Equity Capital Markets at Bank of America for the Central Europe, Middle East and Africa region.

Abdulla Lahej, former CEO of Emaar Properties, will build a 48-story residential tower neighboring Dubai’s Ras Al Khor Wildlife Sanctuary through Ayana Holding, a new real estate firm he co-founded.

🎶 Culture Circuit

🏀 NBA FEVER: On the heels of the NBA Abu Dhabi Games over the past weekend – where the Boston Celtics romped over the Denver Nuggets In two pre-season match-ups – the pro basketball league scotched talk of expanding operations into Saudi Arabia. “We don’t have any current plans to play games in Saudi Arabia,” NBA Deputy Commissioner and COO Mark Tatum told Arabian Business on the sidelines of the annual event in the UAE capital.

Photo of the Day

Jordan’s King Abdullah greets UAE President Mohamed bin Zayed upon his arrival at Marka Airport in Amman on Sunday. (Emirates News Agency)

🗓️ Ahead on The Circuit

Oct. 7-8, Dubai, UAE: AgraME. Conference that brings together experts and industry leaders in the field of agriculture to discuss the latest trends in the Middle East region. Dubai World Trade Center.

Oct. 8-10, Abu Dhabi, UAE: Global Rail. Conference brings together more than 150 leaders from the global transportation industry, including ministers, industry leaders and investors. ADNEC.

Oct. 12, Riyadh, Saudi Arabia: Riyadh Season. The Saudi capital’s annual festival kicks off with a nighttime concert featuring R&B queen Ciara and hip-hop artist Busta Rhymes. Riyadh Season grounds.

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.

Oct. 29-31, Riyadh, Saudi Arabia. Future Investment Initiative Conference, 8th Edition. More than 6,000 global participants registered, including world leaders, policymakers CEOs and investors. King Abdul Aziz International Conference Center.

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.