Microsoft, G42 to expand capacity of joint data centers in UAE

Microsoft President Brad Smith was in Dubai with G42 CEO Peng Xiao on Thursday to roll out plans for expanding the capacity of their joint data centers in the UAE by an additional 200 megawatts.

Completion for upscaling G42’s Khazna Data Centers is targeted for the end of 2026 and the project follows Microsoft’s $1.5 billion investment in G42 earlier this year.

“We can leverage the resources of the UAE to help other nations,” Peng said.

Smith said the UAE’s geographic location bridges Asia and Europe and could enable the Microsoft-G42 partnership to serve 4 billion people.

UAE expects $10B a year in trade with Angola under new pact

The UAE is going deep into Angola.

On a state visit to the southern African nation, which holds substantial supplies of diamonds, copper and oil, UAE President Sheikh Mohamed bin Zayed sat beside Angolan President João Lourenço to witness the signing on Monday of a free-trade deal between the two countries.

Dr. Thani Al Zeyoudi, the UAE’s Minister of Foreign Trade, said the Comprehensive Partnership Trade Agreement and other accords signed during the trip would generate bilateral returns reaching $10 billion a year by 2033.

Among the areas for cooperation covered in the deal are artificial intelligence, banking, agriculture, tourism and energy.

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 President travels Eastern Europe, meets Hungary’s Orbán

UAE President Sheikh Mohamed bin Zayed traveled through Eastern Europe and Turkey this week, visiting Hungary where he strolled through Parliament with Prime Minister Viktor Orbán.

The stop in Budapest on Thursday followed visits to Serbia and Albania, where Sheikh Mohamed led a delegation of cabinet ministers and senior UAE executives who explored business opportunities in the region.

Also traveling with the UAE President were Sheikh Hamdan bin Mohamed, Deputy Chairman of the Presidential Court for Special Affairs; Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, and CEO of ADNOC; Dr. Thani Al Zeyoudi, Minister of Foreign Trade; and Khaldoon Al Mubarak, Chairman of the Executive Affairs Authority and CEO of Mubadala.

Prominent in the entourage in Serbia was Mohamed Alabbar, chief of Dubai-based Emaar and Eagle Hills Properties, who has been active for years in the capital of Belgrade and other Eastern European cities.

Most recently, Alabbar has teamed up with Jared Kushner, founder of Miami-based Affinity Partners and son-in-law of U.S. President Donald Trump, to build a Trump Tower hotel in Belgrade on the site of the former Yugoslav Ministry of Defense.

In Hungary, government officials from the two countries signed 14 draft agreements in fields ranging from energy, agriculture, food production, defense and telecommunications. Budapest-based 4iG Space and Defense Technologies also signed three preliminary deals with Abu Dhabi’s defense conglomerate EDGE Group.

The Hungarian company also agreed to explore joint investment opportunities with Abu Dhabi sovereign wealth fund Mubadala and work with UAE telecom e& on submarine cables and data centers, Hungary Today reports.

Trump, Mubadala’s Khaldoon Al Mubarak to attend U.S. summit

U.S. President Donald Trump will address an energy conference in Pittsburgh, Pa., on Tuesday that is expected to draw some of the world’s most influential investors and oil company executives.

Among those scheduled to attend the Pennsylvania Energy and Innovation Summit, hosted by Republican Senator Dave McCormick, are Khaldoon Al Mubarak, CEO of Abu Dhabi’s Mubadala sovereign wealth fund, Blackstone President and COO Jon Gray, BlackRock’s Larry Fink and Bridgewater’s Nir Bar Dea, Axios reports.

Also expected at the forum are Dina Powell McCormick, the senator’s wife who was Deputy National Security Advisor to Trump in his first term and is now Vice Chairman and President of Global Client Services at BDT & MSD Partners, a merchant bank based in Chicago and New York.

Trump and McCormick will use the summit, which is taking place at Carnegie Mellon University, to announce $70 billion in AI and energy investments for the state of Pennsylvania, including thousands of new jobs, according to Axios. Gray will announce a $25 billion investment by Blackstone in data-center and energy infrastructure development in Northeast Pennsylvania, along with a joint venture for increased power generation, the news site said.

Others scheduled to attend are ExxonMobil CEO Darren Woods, Chevron’s Mike Wirth, Alphabet/Google’s Ruth Porat, Palentir’s Alex Karp and Anthropic’s Dario Amodei.

From Trump’s cabinet, Treasury Secretary Scott Bessent, Interior Secretary Doug Burgum, Commerce Secretary Howard Lutnick and Energy Secretary Chris Wright will attend the forum.

Emirates’ Clark warns Trump tariffs threaten aviation industry

Emirates President Sir Tim Clark, who has run the Middle East’s biggest airline for two decades, says the UAE carrier can handle the costs of new U.S. tariffs.

Still, Clark told CNBC in an interview that the Trump administration’s “trade reset” could disrupt global commerce, with China’s tariffs on U.S. aerospace firms potentially raising costs for Emirates’ wide-body fleet.

“Business models like Emirates, given the international scope of what it does, the strength of what it does, will be able to ride this particular wave,” he said.

Clark said the aviation industry, however, remains in “uncharted territory” as U.S. tariffs are expected to drive up airline costs. “Right now, we are in troubled times,” he said.

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.

UAE and Ukraine sign free-trade deal amid efforts to end war

The UAE signed a free-trade agreement with Ukraine amidst a joint U.S.-Saudi effort to bring Russia’s three-year war in the country to a close.

Ukraine President Volodymyr Zelensky and UAE President Sheikh Mohamed bin Zayed witnessed the signing of the Comprehensive Economic Partnership Agreement on Monday at the Qasr Al Shati palace in Abu Dhabi.

Under the terms of the pact, 99% of Ukrainian imports from the UAE and 97% of Ukrainian exports to the UAE will be exempt from customs duties.

The CEPA is aimed at accelerating Ukraine’s economic recovery from the war while creating new opportunities for trade with the UAE in fields including aviation, information technology, infrastructure and heavy industry.

UAE President meets with Putin weeks after White House visit

Having visited U.S. President Joe Biden earlier in the month at the White House, UAE President Sheikh Mohamed bin Zayed is continuing his international travels with a stop in Moscow.

Russian President Vladimir Putin hosted the Emirati leader for dinner on Sunday, with an official meeting set for today that will focus both on commercial relations, as well as the conflicts with Ukraine and in the Middle East, according to a Kremlin statement.

Trade between the two countries has tripled to $7 billion over the last three years, even as Russia has been subject to sanctions applied by the U.S., the U.K. and the European Union.

Putin personally thanked the UAE President for mediating a prisoner exchange between Russia and Ukraine, the statement said.

Following the Moscow visit, Sheikh Mohammed will travel on Tuesday to the Russian city of Kazan for a summit of the BRICS group of nations, which it joined 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.