Gulf leaders count takeaways from Trump trip at Qatar summit

After committing more than $2.7 trillion in U.S. investments over the next decade while President Donald Trump toured the region last week, Gulf financial leaders are starting to connect the dots on what that will mean for their economies.

Analysis of the Trump trip was center stage today at the Qatar Economic Forum, where cabinet ministers and investors dissected last week’s events in Doha, Riyadh and Abu Dhabi – from U.S. tariffs and gas prices to Qatari airplanes.

Qatar Investment Authority CEO Mohammed Al Sowaidi, said the sovereign wealth fund expects to at least double its spending in the U.S. compared to the past five or six years.

“We believe in the growth and robustness of the U.S. system,” Al Sowaidi said during the first day of the three-day conference.

The QIA chief said last week that Qatar would invest an additional $500 billion in the U.S. over the next 10 years, focusing on artificial intelligence, data centers and health care, according to Bloomberg, the chief media partner for the conference which was underwritten by the Qatari government.

Earlier, Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al-Thani defended the government’s decision to give the U.S. a Boeing 747 jumbo jet to replace the 40-year-old Air Force One aircraft that has been the subject of Trump’s complaints.

“I don’t know why people consider it as bribery or Qatar trying to buy influence with this administration,” he told the forum, calling it a routine transaction between nations. “We need to overcome this stereotype.”

BlackRock joins Abu Dhabi’s IHC in $1 billion reinsurance venture

Wall Street titan BlackRock is teaming up with Abu Dhabi’s International Holding Co. to create a $1 billion reinsurance firm with its foundations in AI.

The venture announced Thursday is one of a cavalcade of deals that are being cooked up amid Trump’s tour of the Gulf next week, which will take him to Saudi Arabia on Tuesday, followed by Qatar and the UAE.

BlackRock, the world’s largest alternative investment firm, and Abu Dhabi asset manager Lunate will join as minority partners, according to a statement issued by IHC.

The new company will be chaired by Dr. Sultan Al Jaber, the UAE Minister of Industry and Advanced Technology and Chairman of ADNOC. Mark Wilson, the former chief executive of Aviva and AIA Group, will serve as CEO.

Lunate, which was founded two years ago and manages $110 billion, will provide expertise in private and public markets to the reinsurance company, which will operate from the capital city’s free zone financial center, ADGM.

Also in the run-up to the Trump visit, the U.S. is developing a fast-track process for screening foreign investments, which could smooth the process for sovereign wealth funds such as the Saudi Public Investment Fund, the UAE’s Mubadala, and the Qatar Investment Authority to sign contracts next week, Bloomberg reports.

Dubai Investments preparing IPOs for four of its subsidiaries

After leading the Gulf region as a source for IPOs last year, the UAE is kicking off 2025 with a new slate of stock offerings.

Dubai Investments, which is backed by the sovereign wealth fund Investment Corporation of Dubai, plans to take four of its subsidiaries public this year, CEO Khalid bin Kalba tells The National.

The company’s business units span a range of sectors, including real estate, building materials and construction, education and financial services, though Bin Kalba declined to be specific. “We talked to the local authorities with [regards to] our intention to IPO,” he said.

“The discussion is going on now [around] what multiples we are going to get and what value we are going to get for our divestments.”

Abu Dhabi invests $3.5 billion to become AI-native government

Abu Dhabi introduced its new Government Digital Strategy on Tuesday, allocating $3.5 billion to digitize and fully automate the emirate’s administrative processes.

The $3.5 billion project aims to make Abu Dhabi the world’s first fully AI-native government by 2027, Ahmed Al Kuttab, Chairman of the Department of Government Enablement, said in a statement.

“By incorporating AI, cloud technologies, and data-driven insights into our government’s DNA, we will transform public service delivery, optimize government operations, and drive sustainable economic growth,” Al Kuttab said.

The project is projected to add $6.5 billion to the emirate’s GDP, while creating 5,000 jobs. It is structured to align with the UAE’s broader 2031 vision, in which the country expects AI to contribute $96 billion to the economy by 2030, or 13.6% of GDP.

Dubai revamps real estate rules to woo foreign investors

Dubai is taking new steps to make its prime property more attractive to foreign investors.

The emirate issued regulations on Sunday enabling private property owners of all nationalities in the Sheikh Zayed Road and Al Jaddaf areas to convert their ownership to so-called “freehold” status, The National reports.

Under freehold classification, an investor has a direct title of ownership of the property and the land on which it is built.

“This news is huge because it could be the beginning of what I suppose will be the opening up of all areas to be bought by non-locals,” Mario Volpi, head of brokerage at Novvi Properties, told the newspaper.

The Daily Circuit: Gulf beckons Davos delegates + Investcorp’s IPO horizon

👋 Hello from the Middle East!

In today’s Daily Circuit, we’re looking at Bahrain-based Investcorp’s IPO horizon, QIA-backed Instabase’s $100 million funding round, Dubai’s new property rules aimed at attracting foreign investment and Sir Anthony Hopkins’ star-studded concert in Riyadh. But first, home away from home for Gulf delegates in Davos.

As the World Economic Forum opens today on the icy streets of Davos, Saudi Arabia and the UAE are beckoning delegates to come in from the cold – touting a range of gatherings inside their well-heated pavilions on the Swiss ski resort’s main drag.

Saudi House, an all-in-one base at 105 Promenade Street that the kingdom is using to attract foreign investment, will feature programs and exhibits prepared by 13 separate agencies.

They range from the Investment and Tourism ministries to the Royal Commission for AlUla – the ancient desert city, now a center for museums and resorts – to the Diriyah Company – which is carrying out a $63 billion overhaul of Riyadh’s historic core.

Walk-in visitors are generally treated to assorted varieties of Saudi dates and cardamom-infused coffee. Saudi House will also be hosting more elaborate luncheons and dinner meetings during the week.

“The kingdom’s approach to unlocking its potential involves really rewriting the economic playbook,” Saudi Economy and Planning Minister Faisal Alibrahim told Arab News in an interview published today.

“This is not just about investments or the government spending money,” he said. “This is about creating an environment that’s vibrant, that attracts capital, attracts minds to the opportunities that are being created in the kingdom led today by the government.”

Down the road at 68 Promenade Street, the UAE will also have a crowded schedule. On Tuesday, G42 Chief Operating Officer Mansoor Al Mansoori will host Brad Smith, Vice Chair and President of Microsoft, for a public chat on “how global cooperation can address challenges like ethical governance, inclusivity, and shared innovation.”

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

Dubai is taking new steps to make its prime property more attractive to foreign investors. The emirate issued regulations on Sunday enabling private property owners of all nationalities in the Sheikh Zayed Road and Al Jaddaf areas to convert their ownership to so-called “freehold” status, The National reports. Under freehold classification, an investor has a direct title of ownership of the property and the land on which it is built. “This news is huge because it could be the beginning of what I suppose will be the opening up of all areas to be bought by non-locals,” Mario Volpi, head of brokerage at Novvi Properties, told the newspaper.

💲 Sovereign Circuit

Mubadala: The Abu Dhabi sovereign wealth fund will proceed with a restructuring of the Turkish Getir grocery delivery service despite threats of a legal battle from its founders.

Qatar Investment Authority: Instabase, a San Francisco startup that creates software for extracting data from documents, raised $100 million in a Series D funding round led by the QIA.

Public Investment Fund: A subsidiary of the sovereign wealth fund’s Saudi-Egyptian Investment Co. agreed to invest in Cairo for Investment and Real Estate Development, Egypt’s largest private-sector education service provider.

↪↩ Closing Circuit

📈 Price Surge: An 81% increase in Riyadh residential real estate prices since 2020 has put home ownership out of reach for the vast majority of the Saudi capital’s residents, the Financial Times reports.

⛽ Gas Sale: ADNOC signed a 15-year Sales and Purchase Agreement with Germany’s EnBW for 0.6 million tons per annum of LNG from its Ruwais project, with deliveries expected to begin in 2028.

💲 Lean In: Egypt received a $231 million loan from the state-backed Japan International Cooperation Agency to support its private sector development to transition to a green economy.

🖥️ Digital Assets: Dubai Islamic Bank increased its stake in Turkey’s T.O.M. Group from 20% to 25%, strengthening its presence in Turkey’s growing financial market, which includes T.O.M. Katilim Bankasi, Turkey’s first licensed digital retail bank.

💸 SME Funds: Egypt’s Micro, Small, and Medium Enterprises Development Agency signed a micro-project financing deal worth $1.95 million with Erada Microfinance company to fund 1,700 micro-projects, each receiving $9,000.

🗣 Circuit Chatter

🚢 Holding Back: International cargo carriers are not ready to return to the Red Sea in the wake of a Gaza ceasefire because of uncertainty over whether Yemen’s Houthis will continue to attack their ships, Reuters reports.

🥬 Vegan Cuisine: Emirates airline is testing some 300 different vegan dishes, such as savory cannelloni and spicy shakshuka, to address increasing demand from passengers. 

₿ Crypto Power: Dubai Multi Commodities Centre and REIT Development will build a 17-story Crypto Tower in Dubai’s Jumeirah Lakes Towers to support blockchain, DeFi, and Web3 companies.

💰 Flying In: The UAE has emerged as the second most popular destination for high-net-worth individuals seeking to leave the U.K. ahead of upcoming tax regime changes, investment experts Henley & Partners said. 

🇰🇼 New Tracks: Kuwait’s Public Authority for Roads and Transportation issued a tender for a consulting agreement to establish the Kuwait Railway Co., a decision to be followed by a study of the private sector partnership for its operation and maintenance. 

🌍 Power Circuit

UAE President Sheikh Mohamed bin Zayed met with Masrour Barzani, Prime Minister of the Kurdistan Region of Iraq at Qasr Al Shati in Abu Dhabi on Sunday. Sheikh Mohamed also received a phone call from the leader of the New Syrian Administration, Ahmed Al-Sharaa in which he reiterated the UAE’s steadfast position in support of Syria’s independence.

Crown Prince Mohammed bin Salman of Saudi Arabia is emerging as one of the biggest winners in the fallout of the 15-month conflict in Gaza, which has tilted the balance of power in the Middle East against its longtime rival Iran, Bloomberg reports.

Sheikh Abdullah bin Zayed, UAE Deputy Prime Minister and Minister of Foreign Affairs, spoke on the phone with outgoing U.S. Secretary of State Antony Blinken.

Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister and Ruler of Dubai, met with members of the Board of Directors of the Young Arab Leaders initiative at the Museum of the Future.

Sheikh Hamdan bin Mohammed, UAE Deputy Prime Minister and Crown Prince of Dubai, launched a new certification mechanism called the Dubai AI Seal to promote trust in reliable artificial intelligence companies.

Sheikh Maktoum bin Mohammed, UAE Deputy Prime Minister, Minister of Finance and Deputy Ruler of Dubai, met with Tara Davies, Partner and Co-Head of Europe, the Middle East, and Africa at private equity firm KKR. 

Sheikh Ahmed bin Mohammed, Second Deputy Ruler of Dubai and Chairman of the Dubai Media Council, launched the Media Leadership Programme, a strategic initiative aimed at shaping a new generation of media leaders.

➿ On the Circuit

Hussain Sajwani, Chairman and founder of DAMAC properties, is in Washington D.C. and posted a picture with Amazon founder Jeff Bezos during the pre-inauguration celebrations of U.S. President-elect Donald Trump at the Trump National Golf Club on Sunday.

Tarek Sultan, Vice Chairman of Kuwaiti logistics giant Agility, told The National that he is optimistic about the incoming administration of Donald Trump, and is expecting the U.S. to play a key role in the company’s investment strategy.

Saqr Ghobash, Speaker of the UAE Federal National Council, and Sheikh Khalid bin Hilal Al Maawali, Chairman of the Shura Council in the Sultanate of Oman, held a discussion session at the Shura Council headquarters in the Omani capital, Muscat.

🎶 Circuit Culture

🎻 Lighter Note: Sir Anthony Hopkins hosted a gala concert in Saudi Arabia on the weekend, alongside a bevy of stars, including Matthew McConaughey, Morgan Freeman and Christina Aguilera. It was the first public appearance for the legendary actor and composer since losing his home in the Los Angeles fires. Hopkins also attended the Kingdom’s Joy Awards, which honor artistic achievements in the Arab world.

📷 Photo of the Day

Stella Hopkins, Sir Anthony Hopkins and Turki Alshaikh, Chairman of Saudi Arabia’s General Entertainment Authority, onstage with Britain’s Royal Philharmonic Orchestra at the “Life Is A Dream” concert in Riyadh on Jan. 17 (Getty Images)

📅 Circuit Calendar

Jan. 20-24, Davos, Switzerland. World Economic Forum. The annual WEF meeting brings world leaders and business executives together to discuss the world’s greatest policy challenges. Davos-Klosters.  

Jan. 27-30, Dubai. Arab Health. Premier healthcare event where attendees network with global leaders, discuss ground-breaking innovations and seek to shape the future of healthcare. Dubai World Trade Center. 

Jan. 27-28, Riyadh. Private markets in Saudi Arabia and GCC.  Exploring fundraising strategies, value creation and opportunities across private equity, credit and venture capital within Saudi Arabia and the broader Middle East. The Fairmont Hotel.

Jan. 27-30, Miami, Fla. iConnection Miami Alts. Networking event for fund managers and finance industry professions. Miami Beach Convention Center.

Jan. 30, Abu Dhabi. MEVCA Investors Summit. The one-day conference is sponsored by the Middle East Venture Capital Association. ADGM.

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. 3-6, Dubai. Medlab Middle East 2025. The show attracts exhibitors whether global  giants or emerging startups to discuss digital health solutions. Dubai World Trade Centre.

Feb. 4-5, Doha. Seatrade Maritime Qatar Conference and Exhibition. Conference brings industry experts, decision-makers, shipping companies and leaders in technology, energy, finance and investment. Sheraton Grand Doha Resort.

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

The Daily Circuit: Masdar’s 24-hour clean energy + Riyad Bank IPO

👋 Hello from the Middle East!

In today’s Daily Circuit, we’re looking at the Saudi Public Investment Fund’s bid for an interest in Len Blavatnik’s sports streaming service DAZN, ADIA’s $500 million investment in Alpha Generation, plans for Dubai’s futuristic $100 million GEMS school campus and Riyad Bank’s IPO preparations. But first, round-the-clock clean energy in Abu Dhabi.

Masdar, the Abu Dhabi-owned renewable energy company orchestrating this week’s crowded lineup of climate conferences in the UAE capital, introduced an innovation today in battery power.

Combining solar energy collection with stored-up battery capacity, Masdar will be able to provide renewable energy around the clock, Dr. Sultan Al Jaber, the company’s Chairman and the UAE Minister of Industry and Advanced Technology, announced on stage at the Abu Dhabi Sustainability Week conference. The project is being carried out in partnership with the Emirates Water and Electricity Company.

“For decades, the biggest barrier facing renewable energy has been intermittency. It has been the moon-shot challenge of our time,” said Al Jaber, who is also CEO of ADNOC and served as President of the U.N.’s COP28 climate conference when it was held in Dubai in 2023.

“How can we power a world that never sleeps with energy sources that do? How can we transform renewable resources into reliable power?” Al Jaber said “This will, for the first time ever, transform renewable energy into baseload energy. It is a first step that could become a giant leap.”

Along with attending the opening ADSW session today, UAE President Sheikh Mohamed bin Zayed presented the annual Zayed Sustainability Prize awards. He also held meetings with Ilham Aliyev, President of Azerbaijan, and Kassym-Jomart Tokayev, President of Kazakhstan.

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

GEMS Education will open a futuristic $100 million campus in Dubai where the annual fees could reach as high as $56,000. The 47,600-square-meter School of Research and Innovation, opening in August, will offer a 600-seat auditorium, Olympic-sized pool, football field-turned-helipad, robotics labs, go-kart engineering workshops, and a 400-meter track for testing go-kart designs. The school will be the most expensive in a city where education costs are already among the highest globally, with private operators like GEMS dominating due to demand for premium education from wealthy expatriates, Bloomberg reports. Founded by an Indian family more than 60 years ago, GEMS is now one of the world’s largest education providers, with Brookfield Asset Management leading a $2 billion investment in the business last year.

Arab countries invested $39.5 billion in Egypt during the last quarter of the past fiscal year, with the UAE contributing $37.5 billion, mainly in construction. The UAE’s sovereign fund, ADQ, has an ambitious plan to invest $35 billion in building a new city and $24 billion to develop Ras El-Hekma into a Mediterranean hotspot, AGBI reports. Saudi Arabia’s investments increased to $585.5 million, while Qatar’s reached $447 million. Egypt is gearing up to boost investment opportunities with new developments along the Red Sea coast.

💲 Sovereign Circuit

Public Investment Fund: SURJ Sports Investment, the Saudi sovereign wealth fund’s sports investing arm, is in advanced talks to invest at least $1 billion in billionaire Len Blavatnik’s streaming service DAZN Group, Bloomberg reports.

Abu Dhabi Investment Authority: The UAE sovereign wealth fund is investing $500 million in Alpha Generation, a U.S. power infrastructure company owned by Boston-based ArcLight Capital, Reuters reports.

ADQ: Ducab Group, owned by ADQ and the Investment Corporation of Dubai, expanded into Senegal by supplying 220kV high-voltage cables, supporting the country’s goal of universal electricity access by 2026 and boosting Dakar’s urban development.

Mubadala: Mohamed Albadr, Head of Asia for Private Equity, reaffirmed Mubadala’s commitment to doubling investments in Asia by 2030, at the UBS Greater China Conference in Shanghai, citing the region’s economic growth as key to advancing sustainable growth and geographic diversification.

↪↩ Closing Circuit

📈 Share Offering: Saudi Arabia’s Riyad Bank is working with JPMorgan Chase on a potential IPO for Riyad Capital, its investment banking arm, at a valuation of around $2.5 billion, Bloomberg reports.

🛫 Paris-Tehran: Iran announced the launch of direct flights to Europe starting Jan. 31, with Iran Airtour operating the Paris-Tehran route, and Qeshm Air serving two other European destinations, three months after EU sanctions suspended flights by Iran Air.

💵 Funds In: Aramco, the energy giant, signed 145 agreements and MoUs worth $9 billion at the In-Kingdom Total Value Add Forum & Exhibition 2025 advancing Saudi Arabia’s localization goals, the company said in a statement.

🔒 Fraud Detector: U.S. blockchain company Chainanalysis said it will buy Alterya, an Israeli startup that detects fraud in online payments, for $160 million.

🗣 Circuit Chatter

🌍 Free Trade: Malaysia will start negotiations on a free trade agreement covering all members of the GCC after today’s signing of a Comprehensive Economic Partnership Agreement with the UAE, The National reports.

💸 Attract Players: Led by major players like Al Rajhi Bank, Saudi’s banking sector is boosting debt and Islamic bonds issuances to strengthen capital and support the Vision 2030 goals of expanding financing options and attracting global investors.

🏙️ High Rise: Dubai Multi Commodities Centre and Dubai Police have launched the advanced Drone Box system to enhance security and monitor high-rise buildings in Uptown Dubai and Jumeirah Lakes Towers.

🏗️ Build Friends: ​​Drake & Scull International, which is majority owned by UAE’s Tabarak Investment, has signed a strategic agreement with Egypt’s real estate company El Amar Group to collaborate to deliver high-quality real estate and infrastructure projects across Egypt and Saudi Arabia.

🌍 Power Circuit

Saudi Crown Prince Mohammed bin Salman met with Greek Prime Minister Kyriakos Mitsotakis at AlUla’s winter camp on Monday, with the leaders chairing a meeting of the Saudi-Greek Strategic Partnership Council. Prince Mohammed also received a call from Brazil’s President Luiz Inácio Lula da Silva.

Emir of Qatar Sheikh Tamim held a phone call with U.S. President Joe Biden to discuss regional matters. Sheikh Tamim also met at Lusail Palace with U.S. President-elect Donald Trump’s Middle East envoy Steve Witkoff and Coordinator for Middle East and North Africa at the U.S. National Security Council Brett McGurk.

Oman’s Sultan Haitham launched a $460 million fund to support over 100,000 citizens by clearing housing and business loans for those earning $1,000 or less.

Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister and Ruler of Dubai, met with Petteri Orpo, Prime Minister of Finland at Za’abeel Palace on Monday.

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, received Shavkat Mirziyoyev, the President of Uzbekistan. Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, and Sheikh Shakhboot bin Nahyan Al Nahyan, Minister of State, were present at the reception. 

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, and Anwar Ibrahim, Prime Minister of Malaysia, in the presence of Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and UAE National Security Advisor, witnessed the signing of an agreement between the UAE and Malaysia to support joint investment in Artificial Intelligence, as part of the Malaysia Madani Artificial Intelligence initiative.

➿ On the Circuit

Prince Abdulaziz bin Salman, Saudi Energy Minister, announced plans to monetize all minerals, including uranium, as the kingdom expands its nuclear program.

Alaska Governor Mike Dunleavy is leading a delegation this week in the UAE, where he is courting investment in Alaska’s mineral resources and attending the World Future Energy Summit. He was honored by the U.S.-U.A.E. Business Council at a reception in Dubai on Monday.

Khalid Al-Falih, Saudi Arabia’s Minister of Investment, said 571 international companies, primarily industrial, have established regional headquarters in Saudi Arabia, with most located in Riyadh’s King Abdullah Financial Center.

Simon Squibb, a British entrepreneur, won a $1 million award at Dubai’s 1 Billion Followers Summit, the world’s largest gathering dedicated to the content creator economy.

🎶 Circuit Culture

🏎️ Track Appeal: A new wave of sponsorships from consumer brands, from luxury powerhouse LVMH to Nestlé’s Kit Kat, is helping Formula One attract a younger audience, the Financial Times reports. A record attendance of 6.5 million for 2024 events is also being attributed to fans of the Netflix series “Drive to Survive”.

📷 Photo of the Day

Saudi Crown Prince Mohammed bin Salman hosts Greek Prime Minister Kyriakos Mitsotakis in the ancient desert city of AlUla on Monday (SPA)

📅 Circuit Calendar

Jan. 13-18, Abu Dhabi. Abu Dhabi Sustainability Week. The conference brings together policymakers, corporate executives and environmental leaders to discuss the challenges of climate change. ADNEC.

Jan. 16-19, Dubai. Hero Dubai Desert Classic. Golf Tournament brings in world class athletes. Emirates Golf Club.  

Jan. 20-24, Davos, Switzerland. World Economic Forum. The annual WEF meeting brings world leaders and business executives together to discuss the world’s greaste challenges. Davos-Klosters.  

Jan. 27-30, Dubai. Arab Health. Premier healthcare event where attendees network with global leaders, discuss ground-breaking innovations and seek to shape the future of healthcare. Dubai World Trade Center. 

Jan. 27-28, Riyadh. Private markets in Saudi Arabia and GCC.  Exploring fundraising strategies, value creation and opportunities across private equity, credit and venture capital within Saudi Arabia and the broader Middle East. The Fairmont Hotel.

Jan. 27-30, Miami, Fla. iConnection Miami Alts. Networking event for fund managers and finance industry professions. Miami Beach Convention Center.

Feb. 3-6, Dubai. Medlab Middle East 2025. The show attracts exhibitors whether global  giants or emerging startups to discuss digital health solutions. Dubai World Trade Centre.

Feb. 4-5, Doha. Seatrade Maritime Qatar Conference and Exhibition. Conference brings industry experts, decision-makers, shipping companies and leaders in technology, energy, finance and investment. Sheraton Grand Doha Resort.

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, 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.

Abu Dhabi Sustainability Week draws presidents, energy CEOs

Environmentalists and energy companies are pouring into Abu Dhabi as a week of events focused on battling climate change kicks off.

Abu Dhabi Sustainability Week will draw 13 heads of state and at least 140 government ministers and senior officials from around the world when it starts on Monday with the annual assembly of IRENA, the U.N.’s International Renewable Energy Agency, which is based in the emirate.

With the week’s centerpiece ADSW Summit slated for Wednesday, other notable gatherings include the Global Climate Finance Annual Meeting, the World Future Energy Summit, the Green Energy Summit, the WiSER Forum for Women in Sustainability, Environment and Renewable Energy, and the ceremony to award the annual Zayed Sustainability Prize Awards.

Choreographing all the activities is Dr. Sultan Al Jaber, the UAE Minister of Industry and Advanced Technology, Group CEO of ADNOC and Chairman of the Abu Dhabi-based Masdar sustainable energy company. Al Jaber was President of COP28, the annual U.N. climate conference held in Dubai two years ago.

Among the national leaders joining the coming week’s events are Italian Prime Minister Giorgia Meloni, Malaysian Prime Minister Anwar Ibrahim, Finland’s Prime Minister Petteri Orpo, Azerbaijani President, Kenyan President William Ruto, Rwandan President Paul Kagame. ADSW is conducted under the patronage of UAE President Sheikh Mohamed bin Zayed.

”By bringing together leaders in policy, business and technology, ADSW Summit 2025 will unite the global community to deliver interconnected solutions for energy, economies, and the environment,” Masdar CEO Mohamed Jameel Al Ramahi, Sustainability Week’s official host, said in a statement.

Topping the list of ADSW speakers will be Mohamed Al Hammadi, Managing Director and CEO of the Emirates Nuclear Energy Company; Catherine MacGregor, CEO of Paris-based Engie; Greg Jackson, CEO of the U.K.’s Octopus Energy; Lord Adair Turner, Chair of the international Energy Transitions Commission; Dr. Mahmoud Mohieldin, Special Envoy for Financing the U.N.’s 2030 Sustainable Development Agenda, United Nations; Musabbeh Al Kaabi, CEO of ADNOC’s Upstream division; and Himanshu Gupta, CEO and co-founder of San Francisco-based ClimateAi.

DXV flying taxi hub gets Dubai nod to set up near DXB airport

First came DXB, the world’s busiest airport for international travelers.

Now, there’s DXV, the first commercial hub for flying taxis in the UAE.

Dubai authorities on Thursday approved the establishment of Dubai International Vertiport – based adjacent to Dubai International Airport – setting operations to begin in 2026.

The UAE’s General Civil Aviation Authority, meanwhile, said the total number of drones registered in the country is 23,960 – with 93 companies and 270 individuals having applied so far for permission to fly.

The Daily Circuit: Gulf tech at CES in Vegas + Sajwani to borrow billions

👋 Hello from the Middle East!

In today’s Daily Circuit, we’re looking at where Hussain Sajwani can dig up the $20 billion he pledged in Mar-a-Lago, the Saudi PIF’s $200 million ETF investment, the QIA’s affordable housing venture in Indonesia and Brad Pitt’s new movie filmed at the Abu Dhabi Grand Prix. But first, it’s all happening in Las Vegas, Baby!

Every October, the tech world floods into the UAE for GITEX. This week, the UAE joins the rest of the world in Las Vegas for CES, the mother of all global tech conferences.

Leading the Emirati corporate leaders and policymakers on the U.S. pilgrimage to the annual Consumer Electronics Show is Dr. Thani Al Zeyoudi, the UAE’s globe-trotting Minister of State for Foreign Trade.

In Las Vegas, Al Zayoudi participated in a CES panel on geopolitical challenges to global trade, where he described the UAE’s efforts to bridge markets and facilitate trade flows, according to an Emirates News Agency dispatches. He also highlighted the country’s three-year-old campaign to sign more than two dozen free trade agreements around the world.

“The UAE’s dynamic tech ecosystem… offers fresh opportunities for US companies looking to scale their operations and access high-growth markets,” Zeyoudi said at CES. “As we expand our partnerships in advanced technology, we aim to foster innovation, create jobs, and accelerate the adoption of next-generation technologies.”

During the three-day visit, Al Zeyoudi met with executives from tech companies specializing in AI, health, and automotive technologies, including Accenture, Qualcomm, the Consumer Technology Association, Skylo and MGM Resorts International, the news agency said.

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📰 Developing Stories

After pledging $20 billion to build data centers in the U.S. while sharing the Mar-a-Lago podium with President-elect Donald Trump, Damac Group CEO Hussain Sajwani needs to deliver. In a television interview with Bloomberg today, the billionaire property developer said that level of investment will require close involvement with banks and other financial institutions. “This is an asset-based business. With infrastructure, normally you borrow 60% to 70% from the banks or financial institutions, or bonds – leverage,” he said. “Damac Properties will be able to put the equity, which will be in the range of the other 30%, which will be around $5 to $6 billion.”

The UAE will invest $40 million in Brazil to tackle plastic pollution and help indigenous communities in the Amazon. The announcement by Erth Zayed Philanthropies Chairman Sheikh Theyab bin Mohamed comes as the UAE prepares to host the International Renewable Energy Forum starting tomorrow, leading into Abu Dhabi Sustainability Week, drawing environmental leaders from around the world. Brazil will host this year’s UN COP30 climate talks in November. When the UAE hosted the annual conference in 2023 in Dubai, it launched the “COP Presidencies Troika,” teaming up with Brazil and COP29 host Azerbaijan to promote the Paris Agreement target limiting global warming to 1.5C.

💲 Sovereign Circuit

Public Investment Fund: The Saudi sovereign wealth fund invested $200 million in State Street Global Advisors’ new ETF that tracks the JPMorgan Saudi Arabia Aggregate Index, becoming the first European-listed exchange-traded fund to track the kingdom’s debt. Taiwan-based Orbit Startups and PIF-owned Sanabil Investments are teaming up to create a business accelerator to nurture early-stage tech firms across the MENA region.

Abu Dhabi Investment Authority: India’s conglomerate GMR Group received an investment of $734 million from the Abu Dhabi sovereign wealth fund to reduce debt.

Qatar Investment Group: QIA-backed Qilaa International Group signed an agreement with Indonesia to build 1 million affordable homes in which Qilaa will finance and manage the project, with land provided by the Indonesian government.

↪↩ Closing Circuit

🚢 Shipping Acquisition: ADNOC Logistics and Services announced completion of its acquisition of an 80% stake in international shipping pool operator Navig8 TopCo Holdings for about $1 billion, with a contractual commitment to buy the remaining 20% in mid-2027.

⚙️Asian Entry: NMDC Energy secured a $1.1 billion exploration and procurement contract from Taiwan Power Company for pipeline installation, shore approach works, and dredging for the 111-kilometer Tung-Hsiao Power Plant Renewal Project.

💵 Bond Sale: Aldar Properties, Abu Dhabi’s largest real estate developer, said it will sell $1 billion of hybrid bonds in a fundraising step to expand its business.

🇹🇼 Raising Funds: Emirates NBD, Dubai’s largest bank by assets, is raising money in Taiwan, listing $700 million in unsecured five-year notes on the Taipei Exchange.

🚜 Pest Detector: Fermata, an Israeli startup that helps farmers with early detection of bugs and crop disease, raised $10 million in a Series A funding round led by Raw Ventures.

🗣 Circuit Chatter

🙏 Islamic Finance: ADIB Capital has launched an Islamic-compliant fund targeting high-demand, ESG-compliant logistics assets in Germany and Western Europe.

🧑‍🌾 African Farmers: The Dubai International Chamber is helping Farm to Plate, a subsidiary of Paramount Software Solutions, expand into the African country of Eswatini – formerly Swaziland – to modernize the agri-food supply chain and introduce local farmers with advanced technologies.

💸 Cash Inflow: Dubai-based Shuaa Capital sold its Saudi hospitality portfolio for $137 million to real estate investor Sumou Holding, reducing liabilities and adding cash flow.

🐄 Livestock City: The Hafr Al-Batin Investment Forum 2025 in Saudi Arabia’s Eastern Province concluded with $4.5 billion in agreements which includes unveiling the Middle East’s largest livestock city.

🏭 Carbon Down: Emirates Water and Electricity Co. issued a request for proposals for the 1,500MW Zarraf Solar PV project in Al Dhafra, which will power 160,000 homes, cut carbon emissions by 2.4 million metric tonnes annually, and contribute 5% to EWEC’s 2030 emissions reduction target.

🌍 Power Circuit

Sheikh Abdullah bin Zayed Al Nahyan, the UAE Minister of Foreign Affairs and Deputy Prime Minister, received the acting Foreign Minister of Afghanistan, Mawlawi Amir Khan Muttaqi, in Abu Dhabi on Wednesday.

Sheikh Mohammed bin Abdulrahman bin Jassim, Qatar’s Prime Minister and Minister of Foreign Affairs, held a cabinet meeting on Wednesday in which a draft decision was approved to promote e-commerce.

Sheikh Hazza bin Zayed, the Ruler’s Representative in the Al Ain Region of the UAE, visited the inaugural Al Ain Dates Festival, organized by the Abu Dhabi Heritage Authority. 

➿ On the Circuit

Sultan Bin Sulayem, Chairman of DP World, said in an interview with the Khaleej Times that Dubai’s ability to overcome the challenges of its desert location and become a smart city took resilient decision-making and proactive adaptation to the world.

Sam Altman, CEO of OpenAI, was asked in an interview with Bloomberg if he was surprised by the billions of dollars Elon Musk raised in the Middle East for his xAI venture. “No. No,” he replied. “They have a lot of capital. It’s the industry people want. Elon is Elon.”

Samuel Landi, a fugitive Italian businessman convicted of fraud who lived on a rusting barge off the coast of Dubai until he was killed last year when the ship was broken apart by a wave, is the subject of a New York Times profile that explores how he evaded legal authorities by taking advantage of murky laws surrounding life offshore.

🎶 Circuit Culture

🏎️ Pitt Stop: “F1,” the new Formula 1 racing movie starring Brad Pitt, is the latest high-profile production to shoot in Abu Dhabi, Variety reports. Cameras rolled during the Abu Dhabi Grand Prix in December. The Apple Original film, which also stars Damson Idris, Kerry Condon, Javier Bardem, Tobias Menzies, Sarah Niles, Kim Bodnia and Samson Kayo, recently wrapped 29 days of filming on the Yas Marina Circuit.

📷 Photo of the Day

Brad Pitt, playing driver Sonny Hayes in the upcoming “F1” movie, between scenes at Abu Dhabi’s Yas Marina Circuit in December (Getty Images)

📅 Circuit Calendar


Jan. 7-10, Las Vegas, Nev. Consumer Electronics Show. One of the world’s biggest stages for the consumer electronics consumer and the entire tech industry. Las Vegas Convention Center.

Jan. 9-13, Abu Dhabi. International Renewable Energy Youth Forum. Held on the sidelines of IRENA’s Energy Forum. Masdar City.

Jan. 11-13, Abu Dhabi. International Renewable Energy Forum. The U.N. IRENA agency’s Assembly meets to make policy decisions and discuss advancing energy transition efforts. Masdar City.

Jan. 11-13, Dubai. The 1 Billion Followers Summit. An event that covers the world’s top creators and entertainers. Jumeirah Emirates Towers.

Jan. 13-18, Abu Dhabi. Abu Dhabi Sustainability Week. The conference brings together changemakers to discuss the key challenges in today’s world. ADNEC.

Jan. 16-19, Dubai. Hero Dubai Desert Classic. Golf Tournament bringing in world class athletes. Emirates Golf Club.  

Jan. 20-24, Davos, Switzerland. World Economic Forum. The annual WEF meeting brings world leaders, business leaders and thought leaders together under one roof to discuss the world’s challenges. Davos-Klosters.  

Jan. 27-30, Dubai. Arab Health. Premier healthcare event where attendees network with global leaders, discuss ground-breaking innovations and seek to shape the future of healthcare. Dubai World Trade Center. 

Jan. 27-28, Riyadh. Private markets in Saudi Arabia and GCC.  Exploring fundraising strategies, value creation and opportunities across private equity, credit and venture capital within Saudi Arabia and the broader Middle East. The Fairmont Hotel.

Feb. 3-6, Dubai. Medlab Middle East 2025. The show attracts exhibitors whether global giants or emerging startups to discuss digital health solutions. Dubai World Trade Centre.

Feb. 4-5, Doha. Seatrade Maritime Qatar Conference and Exhibition. Conference brings industry experts, decision-makers, shipping companies and leaders in technology, energy, finance and investment. Sheraton Grand Doha Resort.

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. 14-16Munich Security Forum. Known as one of the world’s leading forums for debating international security policy. Hotel Bayerischer Hof.

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.