Trump moves on to Qatar after bounty of deals in Saudi Arabia
U.S. President Donald Trump took his Middle East dealmaking tour to Qatar today after a summit meeting in Riyadh with leaders of the six Gulf states that focused in part on promoting more investment in American military hardware and artificial intelligence.
The visit to Qatar’s capital of Doha continued to generate criticism from Democrats in Congress over Trump’s intention to accept a gift from the Qatari government of a refurbished $400 million plane that would temporarily replace Air Force One.
Arriving in the early afternoon after a short flight from Saudi Arabia, Trump landed at Hamad International Airport in Doha and was met by Qatar’s Emir Sheikh Tamim, who was waiting on a yellow carpet to symbolize the desert peninsula’s sandy terrain.
Tomorrow, the President will meet Qatari business leaders for breakfast and greet U.S. soldiers at the Al Udeid U.S. Air Base, before taking off for the UAE.
In his two-day visit to Riyadh, Trump lavished attention on Crown Prince Mohammed bin Salman, who said he would try to meet the President’s challenge for investing $1 trillion in the U.S. over the next four years.
At a Saudi-U.S. business conference in Riyadh, Trump and MBS held court with a constellation of billionaires, including Tesla’s Elon Musk, OpenAI’s Sam Altman, Nvidia’s Jensen Huang, BlackRock’s Larry Fink, Blackstone’s Stephen Schwarzman and Bridgewater’s Ray Dalio.
From the Saudi business world, the conference featured Muhammad Al Jasser, Chairman of Islamic Development Bank; Nabeel Koshak, CEO of Saudi Venture Capital; Marc Winterhoff, Interim CEO of Lucid; John Pagano, Group CEO of Red Sea Global; Mohammad Abunayyan, Chairman of ACWA Power; Tony Douglas, CEO of Riyadh Air; and Jerry Inzerillo, Group CEO of Diriyah Co.
The Saudi Crown Prince wrapped up the day by bringing Trump for a tour of Diriyah, the ancestral home of the Al Saud royal family, which was led by Inzerillo. The site is undergoing a massive renovation as one of the multibillion megaprojects undertaken by the kingdom, along with the 100-mile long Neom city on the kingdom’s west coast and the Al Mukkab skyscraper cube in Riyadh.
Among the biggest issues discussed in Saudi Arabia on Tuesday was the extent to which the Trump administration would lift sanctions on AI semiconductor chips that are being eagerly sought by the Gulf states.
Nvidia, the world’s biggest semiconductor maker, agreed to supply its most advanced AI chips to Saudi Arabia’s Humain, a company created to push that country’s AI infrastructure efforts, Bloomberg reports. Humain will get “several hundred thousand” of Nvidia’s most advanced processors over the next five years, starting with 18,000 of its cutting-edge GB300 Grace Blackwell products and its InfiniBand networking technology.
Huang saw his personal net worth surge to approximately $120 billion over the day, up from $80 billion a year ago, driven by soaring demand for the company’s AI chips that has fueled a sharp rise in its stock, Reuters reports.
AMD, Nvidia’s nearest rival in AI accelerators, will provide chips and software for data centers “stretching from the Kingdom of Saudi Arabia to the United States” in a $10 billion project, Humain and AMD said.
Also, Saudi VC firm STV launched a $100 million AI fund backed by Google to invest in MENA startups, as part of a broader set of tech-focused U.S.-Saudi agreements announced during President Trump’s visit to Riyadh, Bloomberg reports. And Saudi Arabia agreed to authorize the use of Musk’s Starlink service for aviation and maritime shipping, the SpaceX founder announced.
MBS tells Trump in Riyadh he’ll try to invest $1 trillion in U.S.
Saudi Crown Prince Mohammed bin Salman told President Donald Trump and a solid portion of the world’s business elite on Tuesday that he hopes to fulfill his pledge to invest $600 billion in the U.S. and might even hit the $1 trillion mark sought by the White House.
In turn, Trump praised MBS as a visionary leader and hailed the U.S.-Saudi alliance as a profitable enterprise for both sides as the two spoke at a business conference in Riyadh and the president kicked off a four-day swing through the Gulf that will also take him to Qatar and the UAE.
“Today we hope for investment opportunities worth $600 billion, including deals worth $300 billion that were signed during this forum,” the Saudi leader said in a speech at the capital city’s King Abdulaziz International Conference Center. “We will work in the coming months on the second phase to complete deals and raise it to $1 trillion,” he said.
A good chunk of that commitment will come from an agreement to sell Saudi Arabia an arms package worth nearly $142 billion, which the White House called “the largest defense cooperation agreement” that the U.S. has ever signed.
Trump beamed as he followed MBS onstage to address an audience that included Tesla founder Elon Musk, Nvidia CEO Jensen Huang, BlackRock CEO Larry Fink, Aramco CEO Amin Nasser, Saudi Public Investment Fund Governor Yasir Al-Rumayyan and hundreds of other corporate leaders, investors and government officials from the two countries.
The President thanked MBS for setting the $1 trillion goal and talked for close to an hour about his affection for the kingdom, ticking off several of the deals signed by the two countries during the day.
“So, number one, I like visiting with you, and we’ve known each other very well, and I really believe we like each other a lot and, number two, for the United States, we’ve brought tremendous investment in and tremendous jobs, and we continue to service your great country very well,” Trump said.
The U.S. leader also said he maintains a “fervent hope” that Saudi Arabia will join the Abraham Accords to normalize relations with Israel, as the UAE, Bahrain and Morocco did in 2020, though he added, “you’ll do it in your own time.”
Earlier in the day, the Saudi Crown Prince took the unusual step of greeting Trump in person when the president landed on a flight from Washington at King Khalid International Airport outside Riyadh.
Unlike former President Joe Biden’s tense visit and cautious fist bump in 2022, MBS stood on the tarmac and patiently watched Trump descend from Air Force One onto a royal purple carpet. The two shook hands and Trump gave the prince a warm shoulder tap before they strode together to the waiting motorcade.
The greeting underlined the intentions on both sides to make Trump’s first regional trip in his second term a public success and broadcast the closeness of the U.S.-Saudi alliance.
Inside the Al-Yamamah Palace where a lavish reception and lunch were held, both leaders were accompanied by top Cabinet ministers and a roster of business leaders, with Trump’s entourage including Musk and OpenAI’s Sam Altman.
Conversations at the Saudi-U.S. Investment Forum – held at the same site beside the marble-lined Ritz-Carlton Hotel as the annual Future Investment Initiative conference – were focused on concrete dealmaking and illustrated the seriousness in both countries to make the most of the rare event, said Tally Zingher, Managing Director of the U.S.-headquartered boutique advisory firm Blue Laurel.
“Being here allows me to listen and observe firsthand how the Saudis are articulating their priorities and how those priorities have already manifested into concrete opportunities for U.S. companies,” Zingher told The Circuit.
Among the headliners addressing the conference were Khalid Bin Abdulaziz Al-Falih, Minister of Investment; Mohammed Al-Jadaan, Minister of Finance; Prince Abdulaziz bin Salman, Minister of Energy; Bandar Alkhorayef, Minister of Industry and Minerals and Faisal Alibrahim, Minister of Economy & Planning.
The U.S. delegation was headed by Scott Bessent, Secretary of the Treasury; Howard Lutnick, U.S. Secretary of Commerce; and David Sacks, the White House Special Advisor on AI and Crypto.
From the Saudi business world, the conference featured Muhammad Al Jasser, Chairman, Islamic Development Bank; Nabeel Koshak, CEO of Saudi Venture Capital; Marc Winterhoff, Interim CEO of Lucid; John Pagano, Group CEO of Red Sea Global; Mohammad Abunayyan, Chairman of ACWA Power; Tony Douglas, CEO of Riyadh Air and Jerry Inzerillo, Group CEO of Diriyah Co.
U.S. financiers at the forum included Citigroup’s Jane Fraser, Franklin Templeton’s Jenny Johnson, Blackstone’s Stephen Schwarzman and Bridgewater’s Ray Dalio, LionTree’s Aryeh Bourkoff and BDT & MSD Partners’ Dina Powell McCormick.
From the U.S. tech industry, Palantir’s Alex Karp joined the forum as well as Alphabet/Google’s Ruth Porat, Amazon’s Andy Jassy, IBM’s Arvind Krishna and Qualcomm’s Cristiano Amon.
With planemakers and defense contractors set to reap billions in Saudi deals, the conference featured Boeing’s Kelly Ortberg, Lockheed Martin’s Michael Williamson, Honeywell’s Ken West and Halliburton’s Jeff Miller.
Among other speakers at the summit, Miami Mayor Francis Suarez is a perennial fixture at the FII conference and hosted a spinoff conference in his city last February, where Trump spoke. Also appearing was Gianni Infantino, President of world soccer’s governing FIFA organization, after Saudi Arabia was picked to host the 2034 World Cup.
The Daily Circuit: ADQ doubles its assets + Red Sea Global’s plans
👋 Hello from the Middle East!
In the Daily Circuit today, we’re reporting on Red Sea Global’s expansion plans, the Saudi Public Investment fund’s $1.25 billion Islamic bond issue, Investcorp’s sale of U.S.-based Resa Power, and advice for the UAE on regulating casinos from New Jersey’s governor. But first, Abu Dhabi’s ADQ is coming on strong.
Despite being dwarfed by big brothers ADIA and Mubadala, Abu Dhabi’s ADQ sovereign wealth fund is sharply turning heads after doubling assets in four years and emerging as one of the world’s fastest-growing national funds.
CEO Mohamed Alsuwaidi, who is also UAE Minister of Investment, granted a rare interview to Bloomberg, preaching the virtues of patience just four years after saying the fund couldn’t “move fast enough” as it started building momentum.
ADQ has matured and sharpened its vision in that time, growing stakes in blue chip firms like Amsterdam-based agriculture merchant Louis Dreyfus Co. and spearheading Abu Dhabi’s $35 billion Egyptian investments. At home, it controls Abu Dhabi Ports and Etihad Airways, which is preparing for a major IPO. Recently, it forged a $25 billion partnership investing in data center power generation in the U.S.
“We’ve systematically gone company by company, brought in the right management teams, put in the right systems for performance, put in the right strategies of focus,” Alsuwaidi said.
The $251 billion fund is increasingly sought-out by Wall Street bankers looking to get a piece of the pie and may now be on the hunt for opportunities amid market uncertainty caused by the U.S. trade turmoil.
“We won’t go out guns blazing,” Alsuwaidi told the news agency. “We track, we trace, we take time. We are an investor that takes our time to understand the business, but we can respond quickly to a deal.”
Welcome to the Daily Circuit. Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].
CIRCUIT INTERVIEW
New Jersey governor tours Gulf, offering advice on how to keep casinos in check
When it comes to regulating casinos, the Gulf could learn some valuable lessons from New Jersey, The Circuit’s Jonathan Ferziger reports. That was the message Gov. Phil Murphy carried this week on a Mideast trade mission in which he signed a non-binding agreement to advise the UAE on how to both nurture and regulate its future new gaming industry.
Las Vegas-based Wynn Resorts plans to open the country’s first casino two years from now on an artificial island off the coast of the emirate of Ras Al Khaimah. The contract to build the $5 billion Wynn Al Marjan followed the UAE’s circulation of rules to govern the industry last year, though casinos are still banned in most Islamic countries.
“Setting up the right governance structures is critical to ensuring the integrity of both the development of a casino project and its ultimate operations,” Murphy told The Circuit. “We hope that the UAE regulators will take a similar approach as New Jersey did.”
Saudi Arabia is spreading the word that it is no longer willing to prop up the oil market with supply cuts and that it can withstand lower prices for a prolonged period. Officials are briefing allies and industry experts on what appears to be a shift in the Kingdom’s policy towards producing higher volumes to increase its market share after five years of OPEC+-led supply cuts to balance prices, Reuters reports. Meanwhile, the International Monetary Fund has cut its 2025 growth forecast for Middle East oil exporters, including Saudi Arabia, to 2.3% amid global trade tensions and falling energy prices. The organization added that while non-oil growth is expected to be bolstered by infrastructure projects and other diversification efforts in the Gulf, government spending will be dampened by low oil prices, Bloomberg reports. The IMF expects increased natural gas production in Saudi Arabia, Qatar, the UAE, and Oman to drive medium-term growth, with Qatar set to nearly double its LNG output by 2030.
COOKING A DEAL
The Saudi PIF-backed ghost kitchen startup run by former Uber CEO Travis Kalanick is considering an IPO of its Middle East unit. CloudKitchens has hired Goldman Sachs to work on the deal, which would involve a listing in the UAE, Saudi Arabia, or both, Bloomberg reports, citing people familiar with the matter. The PIF, which invested $3.5 billion in Uber under Kalanick, pumped $400 million into his new kitchen venture in 2019, helping fund its rapid global expansion. Ghost kitchens are the unseen commercial cooking operations that largely fuel the food delivery business, using cheaper real estate in industrial areas to keep costs down for restaurant businesses. CloudKitchen’s Middle East operations include KitchenPark, which operates facilities in Saudi Arabia, the UAE and Kuwait. Meanwhile, Uber subsidiary Careem has branched out in an unlikely direction, offering to deliver certified 24-carat gold coins to Dubai residents in less than an hour.
💲 Sovereign Circuit
Lunate: Alterra, the UAE’s $30 billion climate fund managed by Lunate, partnered with investors including Canada-based investment company Brookfield Asset Management to co-invest $100 million in Indian renewable energy company Evren.
Public Investment Fund: Red Sea Global, a company owned by the PIF, plans to expand beyond its west coast projects with new developments in other Saudi cities and overseas, head of hospitality Sébastien Carre told Arabian Gulf Business Insights.
Public Investment Fund: The PIF raised $1.25 billion by selling seven-year Islamic bonds, after strong investor demand helped it lower borrowing costs, Reuters reports.
Abu Dhabi Investment Authority: ADIA is considering selling its 50% stake in plastic container firm IFCO in a deal that could exceed $2.3 billion, while co-owner Triton plans to retain its share, Bloomberg reports.
Mubadala: Bugaboo, which the Abu Dhabi sovereign fund’s Mubadala Capital unit bought a majority stake in from Bain Capital last year, told customers in an email that it would raise prices across the majority of its luxury baby buggies and accessories from May 20, blaming U.S. tariffs.
↪↩ Closing Circuit
🏢 Building Up: Property developer ASPECT, has launched in Egypt with a $295 million residential compound in New Cairo, and a $99 million residential tower in partnership with UAE-based Aldar.
💰 Stamp On: Saudi Arabia Capital Market approved Al Rajhi Bank’s plan to raise up to $2.6 billion by selling debt, giving it six months to complete the first sale.
📦 Logistical Hub: Saudi Ports Authority, known as Mawani, has signed two deals worth $134 million to develop logistics parks for vehicles and spare parts at Dammam’s King Abdulaziz Port with Alissa Universal Motors and Sultan Logistics.
⚡ Exit Strategy: Bahrain’s Investcorp, the Middle East’s largest alternative asset manager, has sold U.S.-based Resa Power to Kohlberg in the first exit from its $1.2 billion North America Private Equity Fund 1, after growing Resa’s revenue more than fourfold since acquiring it in 2021.
💲 New Style: Apollo Global Management, Carlyle Group, and Ares Management bought $375 million of the first known bonds from Sumitomo Mitsui that help the bank reduce risk from loans it gave to private credit funds, Bloomberg reports.
🗣 Circuit Chatter
🔋 Hydrogen Bid: Oman’s green hydrogen developer Hydrom has launched its third auction round, offering 300 sq km of development land near Duqm, with bidding expected to start mid-2025 and winners announced in early 2026.
⛏ Saudi Resources: Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef urged Kuwaiti investors to tap into the Kingdom’s $2.5 trillion mining sector during his visit to Kuwait.
🚗 Market Share: Chinese carmakers are projected to capture 34% of the Middle East and Africa market by 2030, up from 10% in 2024, according to global consulting firm AlixPartners.
💲 Money In: Egypt may face a slowdown in foreign investments due to new U.S. tariffs, but upcoming GCC investments, led by Qatar and Kuwait, are expected to help fill a $10-12 billion funding gap through to 2026, according to the National Bank of Kuwait. The IMF has advised Egypt to proceed cautiously with interest rate cuts amid global uncertainty.
🏨 ATM Bucks: Hotelier Rotana Group is IPO-ready and could go public immediately if shareholders agree, but is currently focused on further growth, according to co-founder Selim El Zyr.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayedmet with Lebanese President Joseph Aoun on Wednesday at Qasr Al Shati palace in Abu Dhabi. Sheikh Mohamed also met withDaniel Noboa, President of Ecuador, to discuss trade partnerships.
Lt. Gen. Sheikh Saif bin Zayed, UAE Deputy Prime Minister and Minister of Interior, sat down with Russia’s President Vladimir Putin during his visit to Russia. Sheikh Saif also met withIgor Krasnov, Russia’s Prosecutor General.
Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai and UAE Deputy Prime Minister and Minister of Finance, met on Wednesday with Mark Read, CEO of WPP, one of the world’s largest marketing and communications services groups.
➿ On the Circuit
Ali bin Ahmed Al Kuwari, Qatar’s Minister of Finance, met with the Chairman and CEO of General Atlantic, William Ford, who visited Qatar this week.
Paul Griffiths, Dubai Airports CEO, told Reuters that, despite global tourism volatility caused by U.S. tariffs, passenger traffic remains strong, helped by China’s travel rebound, with Dubai expecting 96 million travelers in 2025.
Richard Teng, CEO of Binance, said in an interview with The National that the U.S. is most likely to issue pro-crypto regulations in August.
Ebru Pakcan, Citigroup Mena CEO, said during a virtual conversation hosted by the Atlantic Council that both the UAE and Egypt “may” benefit the most in the Mena region from the U.S.-led reordering of the global trade framework.
Mariam Al Mheiri, Head of the International Affairs Office at the UAE Presidential Court, discussed with Hugh Evans, CEO of Global Citizen, at the Global Citizen conference in New York, the shifting global narratives shaping our future, including the UAE’s role in a rapidly evolving world.
Fabien Toscano, CEO of AlUla Development Company, said that AlUla expects a record year for visits in 2026, following an international marketing campaign targeting overseas travellers who typically stay longer and generate more yield, Arabian Gulf Business Insights reports.
🎶 Culture Circuit
⚽ Blue Living: Diehard fans of Chelsea Football Club will soon be able to literally live in a dream. The blue jersey-wearing English Premier League club has partnered with Dubai-based DAMAC Properties to launch Chelsea Residences by DAMAC, the first-ever soccer club-themed residential project, consisting of 1,400 seafront units in Dubai Maritime City. The partnership marks Chelsea’s push into the Middle East and reflects a broader trend of collaborations between elite football clubs and luxury developers.
📷 Photo of the Day
Attendees at Dubai’s Token2049 crypto conference pause for a picture with a mascot for meme coin Pepe the frog on Wednesday. (Giuseppe Cacace /AFP via Getty Images)
📅 Circuit Calendar
April 25 – May 11, Dubai. Dubai Esports and Gaming Festival. Dubai’s gaming and esports extravaganza brings together global players, creators, fans, and industry leaders. Dubai World Trade Center.
May 4 – 7, Los Angeles. Milken Institute Global Conference. Bringing together the world’s brightest minds to address urgent challenges and unlock the most promising opportunities of our time. Beverly Hilton.
May 5-6, Abu Dhabi. Governance of Emerging Technologies Summit. Shaping Responsible Governance of AI & Emerging Technologies in a Future Digital Economy. St. Regis Saadiyat Island Resort.
May 6-7, Dubai. MENA Capital Market Summit. The event will bring together 1,500 businesses, decision-makers and global financial leaders to discuss the capital market. Madinat Jumeirah.
May 6-8, Dubai. Airport Show. Showcasing the latest technological advancements in the airport industry. Dubai World Trade Center.
May 6-8, Dubai, GISEC. The 14th edition of the Middle East and North Africa’s largest cybersecurity event, under the theme “Securing an AI-Powered Future.” Dubai World Trade Center.
May 12-13, Dubai. Dubai FinTech Summit. Exploring a future where finance is accessible, inclusive, and empowering. Madinat Jumeirah.
May 13, Riyadh. Saudi-U.S. Investment Forum. An invitation-only event to be held during U.S. President Donald Trump’s visit to Saudi Arabia. The forum will bring together government, business, finance and innovation to discuss the next chapter of business between the two countries. Venue TBA.
May 13-14, Dubai. Low Carbon Fuels MENA. The conference promises a space for industry leaders, potential partners, and innovators to discuss potential opportunities and challenges. Sheraton Dubai Creek Hotel & Towers.
May 13-15, Dubai. CABSAT. The Middle East & Africa’s leading event for content, broadcast, media & entertainment industry professionals looking to leverage the latest technology and innovation in creating the next-gen content. Dubai World Trade Center.
May 13-15, Dubai. World Police Summit. Uniting law enforcement professionals, policymakers, industry leaders, and innovators to redefine the standards of modern policing. Dubai World Trade Center.
May 16, Milan. Investopia Europe 3rd Edition. Highlighting discussions around transforming the global economy. Featured speakers include Abdulla bin Touq Al Marri, UAE Minister of Economy and Chairman of Investopia, and UAE Minister of State for Entrepreneurship Alia Abdulla Al Mazrouei. Palazzo Mezzanotte.
May 16-17, Tirana, Albania. FII Priority Europe 2025. Saudi Arabia’s Public Investment Fund sponsors a regional business summit focused on Europe and is affiliated with the annual Future Investment Initiative conference in Riyadh. National Theater of Opera and Ballet.
May 20-22, Doha, Qatar. Qatar Economic Forum. Annual conference bringing together Qatari government and business leaders with corporate executives, investors and policymakers from around the world. Media City Qatar.
May 26-27, Abu Dhabi. Building the Future Summit. This Forbes event serves as an exclusive platform for industry leaders, investors, architects, and innovators to explore the latest trends shaping the future of real estate. Louvre Abu Dhabi.
May 29-30, Tripoli, Libya. Building the Future Summit. A Forbes event that is designed to help delegates from Libya understand their investment opportunities, foster strategic partnerships, and showcase key reforms that will drive economic progress. Venue TBA.
Red Sea Global brings luxury eco-tourism to Saudi Arabia’s beaches
Red Sea Global is the linchpin in Saudi Arabia’s effort to turn the beaches on its western coast into a playground of luxury tourism and a beacon of sustainability.
Wholly owned by the kingdom’s Public Investment Fund, the company has opened resorts in 2024 under the St. Regis, Ritz-Carlton, Six Senses and Shebara brands. Over the next year, it plans to launch 17 new hotels in the new AMAALA development and elsewhere along the coral-laden shores of the Red Sea.
Under the PIF sovereign wealth fund’s umbrella, Red Sea Global works separately from Saudi Arabia’s $1 trillion-plus Neom mega-project, which staged a star-studded debut for its Sindalah Island resort last week. The lavish party brought out actor Will Smith, Grammy Award singer Alicia Keys, tennis champ Rafael Nadal and former NFL quarterback Tom Brady.
In an interview with The Circuit on Thursday at the Future Investment Initiative conference in Riyadh, Gregory Djerejian, Red Sea Global’s Chief Legal Officer and Head of Investments, said Saudi Arabia wants to dazzle travelers with a mix of high-end leisure activities tempered by a commitment to environmental sustainability.
What are Red Sea Global’s plans for transforming tourism in Saudi Arabia? The vision for Red Sea is to offer barefoot luxury in a regenerative tourism style, where visitors experience nature in a pristine way, introducing them to the beauty of the Red Sea. This appeals to tourists who may not have associated Saudi Arabia with luxury or environmentally friendly tourism before. AMAALA is slightly different; it has a varied topography with dramatic cliffs and three natural bays, so it will offer a different vibe with a wellness focus. We’ll have a wellness hub there featuring brands like Clinique La Prairie, Jayasom, and others. So, while the Red Sea focuses on luxury tourism, Amaala will be more wellness-centered. That’s the big picture of how the next two to three years will play out.
What is the potential market for all of this?
I have been here for two and a half years, and it’s staggering to see the 1,700 kilometers (1,050 miles) of untouched coastline on the Saudi side. The vision of our chairman, His Royal Highness Crown Prince [Mohammed bin Salman], is to develop this coastline in a very environmentally-sensitive and selective way. This tourism offering is compelling as it repositions and introduces Saudi Arabia as a new tourism destination, beyond Hajj tourism and business travel.
Who do you expect to be your clientele?
We expect a lot of curiosity seekers from Saudi Arabia and the GCC, followed by European holidaymakers. The exceptional product we’ve created is also just a four-to-five-hour flight from cities like London with minimal time difference. Additionally, the China and India markets are huge, and our world-class offering will likely attract curiosity seekers from North and South America.
How will you contribute to improving the Saudi economy?
The vision of His Royal Highness is to diversify the economy beyond hydrocarbons. As tourism contributes around 10% to global GDP in many countries, it has huge potential in Saudi Arabia to build on existing Hajj and business tourism. This new tourism offering will also have multiplier effects by creating many direct, indirect, and imputed jobs… especially for younger Saudis who may not have had the chance to attend college. The leisure tourism and hospitality industry can provide opportunities for those without a college education.
What are the opportunities for investors interested in partnering with you?
We offer many investment opportunities. We’ve done two joint ventures: one with Kingdom Holding, part of Prince Alwaleed’s group, for our Four Seasons hotel on Shore Island, opening at the end of next year, and another with the Mutlaq Group for the Jumeirah Hotel. Beyond hotel partnerships, there are other opportunities in infrastructure and ecosystem investments. For example, we’ll soon be offering staff accommodation and construction village investments. Logistics, warehousing, and residential offerings also present options.
Yesterday, we held a signing ceremony for the financial close of our multi-utility concessions for AMAALA… providing a 100% off-grid, 100% renewable energy solution. With 750,000 solar panels in use, we’ll have one of the world’s largest battery storage facilities. Investing with us also means investing in green energy.
What are the environmental implications of all this construction?
While I’m not a scientist, we conducted an extensive marine study that served as a baseline, allowing us to understand the ecosystem we’re working in. Our CEO likes to say we’re moving beyond sustainability – not just leaving the place as we found it but aiming to improve it over time.