The Daily Circuit: Clinton tips Saudi real estate + QIA invests in quantum
👋 Hello from the Middle East!
In today’s Daily Circuit, we’re looking at Alpha Dhabi’s acquisition of the UAE’s national hotel company, the QIA’s investment in quantum computing, Ulta Beauty’s entry into the Middle East cosmetics market and the inauguration of a $17.4 billion Emirati-French fighter jet deal in Paris. But first, Bill Clinton recommends investment in Saudi real estate.
Developers of New Murabba, Neom, Diriyah and other multi-billion-dollar construction projects across Saudi Arabia occupied center stage this week at the Real Estate Future Forum in Riyadh.
Until former U.S. President Bill Clinton mounted the podium Wednesday night at the Four Seasons.
Praising Crown Prince Mohammed bin Salman’s Vision 2030 plan that set off a torrent of building activity across the kingdom, Clinton told a packed ballroom, “It’s worth investing in.”
The 78-year-old statesman, who met with MBS earlier in the day, added: “I think that we Americans should come here and study this 2030 plan and ask ourselves what is our equivalent,” Arab News reports.
Clinton capped the final day of the conference in Saudi Arabia’s capital, where the cube-shapped New Murabba development promises to be the “most complex structure known to man or woman,” the project’s CEO Michael Dyke told a conference panel.
“We will have something like two to three Empire State Buildings on each corner, which anchor the four corners of Mukaab,” Dyke said. At the center will be a residential tower the size of the Eiffel Tower “that will be the only skyscraper in the world that lives inside another building.”
“Below the ground is enormous as well,” he said, adding, “It’s a complete cavernous labyrinth of various different asset classes” with retail space “the size of Dubai Mall that will be capable of extending to be bigger.”
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📰 Developing Stories
MERCI BEAUCOUP
The UAE’s Ministry of Defense inaugurated its first Rafale fighter jet at a ceremony in Paris, marking a milestone in its $17.4 billion deal with France’s Dassault Aviation. Considered one of the world’s most advanced combat aircraft, the acquisition of 80 Rafale jets is part of a broader modernization of the UAE’s defense capabilities. “Our strategy focuses on acquiring the most advanced weaponry and systems that align with the evolving nature of modern warfare and technological advancements,” Mohamed Al Mazrouei, Minister of State for Defense Affairs, said. Al Mazrouei was joined by French Defense Minister Sebastien Lecornu and other representatives from France and the UAE.
RAIN DANCE
The UAE is offering grants of up to $1.5 million for three winning projects in the sixth cycle of the UAE Research Program for Rain Enhancement Science. The country, which is largely desert, has been funding scientific research for cloud-seeding projects as part of broader attempts to improve water security and grow its agricultural sector. The grant will fund each winning project over three years, with a maximum annual amount of $550,000. Proposals are sought in five core areas: optimized seeding materials, novel cloud formation systems, autonomous UAS, limited-area climate interventions, and advanced models/software.
💲 Sovereign Circuit
International Holding Co.: Alpha Dhabi Holding, which is controlled by Sheikh Tahnoon bin Zayed’s IHC, acquired a 74% interest in the UAE’s National Corporation for Tourism and Hotels.
Qatar Investment Authority: The sovereign wealth fund, together with Bpifrance, raised $104 million for quantum computing company Alice & Bob, which is based in Boston and Paris.
Mumtalakat: A proposal to sell off parts of Bahrain-owned Gulf Air, with 51% retained by the kingdom’s Mumtalakat sovereign wealth fund, met strong opposition in Parliament on Wednesday, the Gulf Daily News reports.
↪↩ Closing Circuit
💲 Money Scout: Arcapita Group Holdings, a Bahrain-based alternative investment firm, is planning a $1 billion Middle East real estate investment trust, Bloomberg reports.
🏪 Shop Drop: Leading Saudi retailer BinDawood Holding secured an $80 million Sharia-compliant loan from Emirates NBD Saudi Arabia to partially fund its $118 million acquisition of Zahrat Al Rawdah Pharmacies.
☀️ African Energy: Ignite Power, an Abu Dhabi-based provider of distributed renewable energy, signed an agreement to acquire 100% of Engie Energy Access, creating a company to be named Ignite Energy Access that will operate in 14 African nations. Terms of the deal, pending regulatory approval, were not disclosed.
🚙 Car Check-Up: UVeye, an Israeli startup that uses AI to improve vehicle inspection systems, raised $191 million in a funding round led by Toyota’s Woven Fund, which made a $41 million equity investment.
🗣 Circuit Chatter
💄 Looking Good: Ulta Beauty, which runs a U.S. chain of cosmetic boutiques, is teaming up with franchise operator Alshaya Group to open its first stores in the Middle East.
💸 Heir Transplant: A historic shift in generational wealth is unfolding in the Middle East, with $1 trillion expected to be transferred by families to their heirs by 2030, according to a research paper by the DIFC Innovation Hub, Julius Baer, and Euroclear.
🌎 Culture Hub: Dubai Media Inc. launched Dar Al Bayan Publishing House, a new venture aimed at fostering innovation in publishing, at the 17th Emirates Airline Festival of Literature 2025.
✈️ Fly U.K.: A Saudi government delegation met in London with U.K. investors and government officials, seeking counsel and investment as the kingdom upgrades its airports and expands international routes
📚 Family Affairs: Dubai Centre for Family Businesses, operating under Dubai Chambers, has issued two toolkits to help family businesses resolve disputes and navigate complex relationships.
🌍 Power Circuit
Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani landed in Damascus on Thursday, the first visit to Syria by an Arab head of state under the country’s interim government.
Sheikh Shakhboot bin Nahyan, UAE Minister of State, led the Emirati delegation participating in the African Heads of State Energy Summit in Dar es Salaam, the capital of Tanzania.
Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai, UAE Deputy Prime Minister and Minister of Finance, chaired a meeting to review the government’s financial operational framework.
➿ On the Circuit
Faisal Al-Amadi, Director of Bilateral Reconciliation and External Offices at Qatar Development Bank, said in a statement that the ongoing Qatar-Saudi trade mission in Riyadh will open business opportunities between both countries.
Dr. Luca Delle Monache, Director of Research at the Center for Western Weather and Water Extremes, spoke to WAM about the UAE’s efforts to advance cloud seeding technology.
🎶 Circuit Culture
🖼️ Crowning Glory: Louvre Abu Dhabi is exploring the history and royalty of Sub-Saharan Africa in a new exhibition which opened on Wednesday. Kings and Queens of Africa: Forms and Figures of Power, in collaboration with Paris’ Musee du quad Branly – Jacques Chirac, brings together 350 artifacts and contemporary works delving into the traditions and mythologies of the region.
📷 Photo of the Day
📅 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. 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