Trump heads home after sewing up $200 billion in UAE deals
President Donald Trump wrapped up his four-day tour of the Gulf with a pomp-filled visit to the UAE, locking in some $200 billion in contracts that starts to fulfill the UAE’s pledge to spend $1.4 trillion in the U.S. over the next decade. He took off for Washington in the early afternoon.
With attention focused on the U.S. leader’s commitment to ease restrictions on selling advanced AI semiconductor chips to the UAE and Saudi Arabia, the two countries signed an agreement to build an AI development campus in Abu Dhabi that would be the world’s largest outside the U.S.
Though specifics on the AI tech purchases were not disclosed, Trump and Sheikh Mohamed met together with Jensen Huang, the CEO of Nvidia, which is the largest maker of the most advanced chips.
“We’re making great progress for the $1.4 trillion that the UAE has announced that it intends to spend in the United States over the next couple of years,” Trump told the UAE-U.S. Business Forum in an address early today. “This will generate billions and billions of dollars in business and accelerate the UAE plans to become a really major player in artificial intelligence.”
Trump also met with Dr. Sultan Al Jaber, the UAE Minister of Industry and Advanced Technology and CEO of ADNOC, at the business summit.
Among the deals were a $14.5 billion commitment from Etihad Airways for the purchase of 28 Boeing aircraft and a $60 billion oil and gas deal with ADNOC involving ExxonMobil, Occidental Petroleum, and EOG Resources. UAE officials said today the country will increase the value of its energy investments in the U.S. to $440 billion over the next 10 years.
Before returning to Washington, Trump visited the Abrahamic Family House on Abu Dhabi’s Saadiyat Island, the monumental prayer compound built by the UAE that contains a mosque, a church and a synagogue.
Gliding into President Sheikh Mohamed Bin Zayed’s Qasr Al Watan palace grounds on Thursday night for a state dinner, Trump’s motorcade was flanked by mounted camels to the right and Arabian stallions to the left, The Circuit’s Omnia Al Desoukie reports from Abu Dhabi.
The Emirati and American leaders then strode together through the palace’s grand marble halls, where Emirati children waved flags while the national anthems of both countries were played. President Trump was presented by Sheikh Mohammed with the Order of Zayed, the country’s highest civilian award, which was also given to former U.S. President George W. Bush in 2008.
Among the guests at the state dinner were Sheikh Mansour bin Zayed; UAE Vice President; Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi; Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Sheikh Tahnoon bin Zayed, UAE National Security Adviser; Sheikh Abdallah bin Zayed, the UAE Foreign Minister; and Yousef Al Otaiba, the UAE Ambassador to the U.S.
Khaldoon Al Mubarak, Managing Director and Group CEO of the Mubadala sovereign wealth fund, and Peng Xiao, CEO of AI tech company G42 were also present.
Senior U.S. officials at the state dinner included U.S. Commerce Secretary Howard Lutnick, Treasury Secretary Scott Bessent, Defense Secretary Pete Hegseth and Martina Strong, U.S. Ambassador to the UAE.
UAE welcomes Trump amid anticipation of AI chip deals with U.S.
In the final leg of his tour through the Gulf’s royal palaces, U.S. President Donald Trump landed in Abu Dhabi on Thursday as G42 and other UAE tech firms awaited a green light for billions of dollars in advanced chip deals.
UAE President Sheikh Mohamed bin Zayed greeted the U.S. leader at Abu Dhabi’s exclusive Presidential Terminal after a brief flight on Air Force One from neighboring Qatar. Also on hand to welcome Trump were the President’s brothers, Vice President and National Security Adviser Sheikh Tahnoon bin Zayed, who is Chairman of G42, and Foreign Minister Abdullah bin Zayed.
Earlier in the day, Qatar hosted a business conference with Trump in the capital city of Doha and the president talked talked to U.S. soldiers at the Al Udeid U.S. Air Base, which has been an anchor for America’s security alliance in the Gulf.
The U.S. leader woke up in Doha after Emir Sheikh Tamim hosted a lavish state dinner at Lusail Palace on Wednesday night. On Trump’s arrival in Qatar, his motorcade passed sword dancers, parading camels and a royal honor guard mounted on Arabian stallions.
Today’s visit to the UAE is the last stop in his regional tour, which started on Tuesday when he landed in Riyadh and wraps up with Friday’s return to Washington.
Trump and close adviser Elon Musk spent two days in Saudi Arabia, hosted by Crown Prince Mohammed bin Salman and holding chats with corporate leaders from such powerhouses as Aramco, the Public Investment Fund, Nvidia, OpenAI, BlackRock and Citigroup.
In Abu Dhabi, where main roads are decked out with neon signs welcoming Trump, the president was expected to announce a preliminary agreement to let the UAE import 500,000 of Nvidia’s most advanced AI chips per year, starting in 2025, boosting the Emirates’ construction of data centers required for the highest level of AI development, Reuters reports.
Twenty percent of the chips will be allocated to UAE tech firm G42, and the remainder will be allocated to U.S. companies like Microsoft and Oracle that are building data centers in the UAE. The deal could potentially extend through 2027 or even 2030, according to the news agency.
The White House said Trump secured deals totaling more than $243 billion with Qatar after leaders from the Gulf peninsula state pledged some $1.2 trillion in American investment. The UAE has committed to investing $1.4 trillion in the U.S. over the next 10 years, while Saudi Arabia said it hopes to reach $1 trillion during Trump’s four-year term.
Among the largest deals was Qatar’s $96 billion plan to acquire as many as 210 Boeing 787 Dreamliner and 777X aircraft. The U.S. and Qatari governments also signed off on a $1 billion agreement for Raytheon to provide counter-drone capabilities to Qatar. General Atomics also secured a nearly $2 billion agreement for Qatar to acquire MQ-9B drones.
Qatar’s Prime Minister Sheikh Mohammed bin Abdulrahman, meanwhile, defended his country’s offer to Trump of a luxury jet to replace the 40-year-old Air Force One, telling CNN it was not an influence-buying effort.
“It is government to government. The transaction has nothing to do with personnel, whether it’s on the U.S. side or on the Qatari side,” he said, adding that Qatar is ready to withdraw the plan if it’s found to be illegal.
Trump takes off for Saudi Arabia to start Gulf deal-making tour
U.S. President Donald Trump departed on Monday for a Middle East tour that will take him to the glittering palaces of Saudi Arabia, Qatar and the UAE, with the stated mission of generating trillions of dollars in business for American companies.
After he arrives in Riyadh on Tuesday, the President will meet with Crown Prince Mohammed bin Salman, who pledged in January to invest $600 billion in the U.S. over the next four years.
Trump countered that Saudi Arabia should be good for at least $1 trillion, a figure that could be unrealistic given the kingdom’s falling oil revenue and budget shortfalls.
On the sidelines of the palace meeting, Saudi Arabia’s Public Investment Fund is convening a Saudi-U.S. Investment Forum that promises to bring more than 1,000 corporate executives, bankers and investors to the capital for a daylong conference modeled on the annual Future Investment Initiative conference.
When Trump arrives in Qatar the following day, he will make a decision on whether to accept a gift offered by the royal family of a Boeing 747-8 jumbo jet that would be converted into an upgraded version of the president’s Air Force One plane.
The trip concludes in Abu Dhabi, where Trump will meet with UAE President Sheikh Mohamed bin Zayed, along with his Cabinet ministers and prominent business figures, and work out details of the government’s pledge to invest $1.4 trillion in the U.S. over the coming decade.
Abu Dhabi bets on extending longevity with new biotech hub
The UAE, which created a ministry to promote tolerance and coexistence nearly 10 years ago, is now making longer life expectancy into a national project, tapping a young female biochemist to lead its investment campaign.
Fatma Almulla, an expert in Mideast healthcare finance, was appointed this month to head the Abu Dhabi Investment Office’s new initiative called HELM, which stands for Health, Endurance, Longevity and Medicine. The Mubadala sovereign wealth fund is a strategic partner.
In the new post, Almulla, 31, will seek to develop a cluster of alliances with some of the biggest pharmaceutical companies and healthcare firms – part of an effort to make the UAE a world leader in medical innovation. HELM aims to raise more than $11 billion in investment over the next 20 years.
“The UAE has the right to win in this global marathon,” Almulla said in an interview with The Circuit last week in Abu Dhabi. “In five years, I expect to see five big pharma companies with production facilities established here.”
Before assuming the HELM post, Almulla spent a decade abroad, earning two master’s degrees at the University of Glasgow and a doctorate in biochemical engineering at University College London. For the past two years, she’s worked at GKSD Investment Holding, a Milan, Italy-based consulting firm focused on healthcare and engineering, where she rose to become Vice President and Advisor to the Chairman on business development in the Middle East.
Almulla, who was named in 2023 to the Forbes Middle East “30 Under 30” list that spotlights the region’s upcoming leaders, said HELM will cultivate biotech startups in the UAE and Middle East through funding, mentorship and networking opportunities.
Fostering research in such fields as genomic medicines and advanced therapies through AI-powered diagnostics, Almulla said, should help people in the UAE lead longer and healthier lives.
The interview has been edited for length and clarity.
How would you describe the mission of the new HELM initiative?
The cluster brings together an integrated and powerful ecosystem designed to drive innovation, attract global investments, and position Abu Dhabi as a global leader in life sciences. In this group, we are welcoming global pharma companies across biotech, pharma, MedTech, and digital health.
Not only big pharma companies. We also work with startups such as biotech and health tech ventures. We help them by linking them to our accelerators, such as Hub71, which gives them access to funding, mentorship, and networking opportunities in the Middle East. At its core, the cluster will enable advancements in genomic medicines, advanced therapies, and AI-powered diagnostics. Our niche is clear in terms of longevity and wellness.
Why is this program important for Abu Dhabi, in particular, and for the UAE and the Middle East overall?
The healthcare sector is very important. The size of this market is expected to grow to 93 trillion dirhams ($25.3 trillion) by 2045. Currently, the life sciences market alone is at 7.7 trillion dirhams and will grow to 40 trillion dirhams by 2045.
The UAE has the right to win in this global marathon. It has many advantages. For example, a third of the world’s population is within a four-hour flight from the UAE. More than 90% of global pharma companies have a presence in the UAE. We also have the second-largest national human genome project. Clinical trial approval in the UAE usually takes no more than 28 days, thanks to our streamlined regulators like the Department of Health.
We are helping these companies access the Middle East, Asia, and Africa regions, who are looking to expand in the region. As I mentioned with the market size and growth, there will be twice the demand for healthcare solutions. That means there will be a need for better and quicker therapies, advanced therapies, and genomic solutions.
How much investment can HELM potentially generate? We expect the cluster will unlock 42 billion dirhams ($11.4 billion) in investments. It will contribute 94 billion dirhams in incremental GDP growth and create around 30,000 new jobs – all by 2045.
Which major institutions are supporting HELM?
Mubadala is one of our strategic partners. They already have a global life sciences investment platform. ADQ also has major investments in life sciences. Being part of the cluster allows us to leverage those assets. We collaborate with them to assess new investments. One of their recent investments was in a manufacturing platform, and now they are exploring bringing parts of that to Abu Dhabi.
We’re working with UAE University, Khalifa University, NYU Abu Dhabi, and Mohamed Bin Zayed University of Artificial Intelligence. Partnerships with international universities are also in the pipeline. For regulations, we work with the Department of Health and the ADGM. For R&D, we work with Masdar as an innovation center. For infrastructure, we have KIZAD (Khalifa Industrial Zone Abu Dhabi), Masdar, and the Abu Dhabi Airport Free Zone. For talent development, we partner with universities globally.
We still need to develop specialized programs in areas like biopharma, biotechnology, and genomics. We’re also creating opportunities for postdoctoral and postgraduate studies. Talent development is an integral part of the cluster. We’ll know more when we announce deals with pharma companies.
In a nutshell, what are your short-term and long-term goals?
Our vision is for 2045. But in five years, I expect to see five big pharma companies with production facilities established here. Building a full substance and formulation facility takes about four to five years. Capital deployment happens immediately.
If we close deals in the next two years, I believe by the five-year mark, we’ll see many of the big pharma companies here. We’re already working with some of them – that will attract others.
UAE, U.S. presidents follow up on $1.4 trillion investment pledge
UAE President Sheikh Mohamed bin Zayed and U.S. President Donald Trump held a phone conversation to sum up a series of investment deals and high-level meetings between the two allies over the past week.
The Abu Dhabi-Washington call on Tuesday followed the announcement that the UAE will invest $1.4 trillion in the U.S. over the next decade, focusing AI infrastructure, semiconductors, energy and manufacturing.
The two presidents discussed Trump’s meeting with Sheikh Tahnoon bin Zayed, the UAE National Security Adviser and Sheikh Mohamed’s brother, who leads many of the country’s largest companies and sovereign wealth funds.
Sheikh Tahnoon talked to an array of cabinet secretaries and also held meetings with heads of the biggest tech companies, including Meta’s Mark Zuckerberg, Amazon’s Jeff Bezos, Palantir’s Alex Karp and xAI’s Elon Musk.
UAE to invest $40 billion in Italy following MBZ’s state visit
UAE President Sheikh Mohamed bin Zayed’s state visit to meet Italian Prime Minister Giorgia Meloni in Rome produced a range of deals aimed at strengthening both business and security ties between the two countries.
Emirati officials signed deals on Monday to invest $40 billion in Italy across projects ranging from artificial intelligence to undersea cables and renewable energy.
“This collaboration underscores the importance of Italy and the UAE as strategic partners for innovation, sustainable economic development and technological exchange,” the countries said in a joint statement.
Sheikh Mohamed’s trip was the first by a UAE President to Italy. Meloni visited Abu Dhabi in January.
The Daily Circuit: Investopia Abu Dhabi’s China focus + Saudi green bonds
👋 Hello from the Middle East!
In the Daily Circuit today, we’re looking at the $40 billion in deals signed during UAE President Sheikh Mohamed bin Zayed’s trip to Rome this week, Saudi Arabia’s sale of green debt, the PIF’s joint elevator venture in Germany and new VC candidates for the QIA’s $1 billion Fund of Funds. But first, the UAE focuses on China’s entrepreneurs.
Emirati leaders will shine a spotlight this week on growing business ties with China during the annual Investopia summit that gets underway on Wednesday in Abu Dhabi.
UAE Minister of the Economy Abdulla bin Touq Al Marri will open the conference at the St. Regis Saadiyat Island Resort with an address that focuses on “Harnessing Megaforces” to build on the Gulf state’s reputation as a magnet for international investment.
Among the speakers scheduled to appear at the two-day event are Mohamed Hassan Alsuwaidi, UAE Minister of Investment; Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; Khaldoon Al Mubarak, CEO of Mubadala Investment Co. and Chairman of the Executive Affairs Authority; Alia bint Abdullah Al Mazrouei, Minister of State for Entrepreneurship; Dr. Anwar Gargash, Diplomatic Advisor to the UAE President; and Mariam bint Mohammed AlMheiri, Head of the International Affairs Office at the Presidential Court and CEO of 2PointZero.
On Thursday afternoon, Al Marri will introduce the China-Arab Entrepreneurs Summit, which will feature a discussion on financing tech innovation between Ray Dalio, the billionaire founder of Bridgewater Associates, and Wei Ran, Chairman and CEO of China’s CCT Fund.
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
WHEN IN ROME
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.
GREEN DEBT
Saudi Arabia, the world’s biggest oil exporter, is selling green bonds to help finance its gradual transition from fossil fuels. The government launched an offering today of seven-year green notes denominated in euros, Bloomberg reports. The bond sale comes as Saudi Arabia pursues its target of reaching net zero emissions by 2060. The kingdom has outlined a sustainability agenda that includes planting 10 billion trees and declaring 30% of Saudi Arabia’s land and sea as protected areas.
💲 Sovereign Circuit
Public Investment Fund: The PIF’s manufacturing hub Alat and Germany’s TK Elevator signed a $167 million joint venture agreement to produce elevators and escalators in Saudi Arabia.
International Holding Co.: Sheikh Tahnoon bin Zayed, Chairman of the Abu Dhabi-owned investment company, said a 54% jump in 2024 revenue showed that, “by strategically divesting from mature assets and replenishing our portfolio with innovative investments, we continue to reinforce our position as a global investment powerhouse.”
ADQ: The Abu Dhabi sovereign wealth fund signed a draft agreement with Italian energy company Eni to cooperate in strengthening supply chains for critical minerals such as lithium, cobalt, and nickel.
Qatar Investment Authority: The sovereign wealth fund is evaluating eight more VC firms for inclusion in its $1 billion Fund of Funds, which seeks to bring tech startups to Qatar.
Danantara: Indonesia launched its second sovereign wealth fund on Monday, pledging to help drive greater industrial development in Southeast Asia’s largest economy with assets under management exceeding $900 billion.
↪↩ Closing Circuit
💸 Moving Money: Mansa, a Dubai-based startup that facilitates cross-border payments, raised $10 million from institutional investors and in a pre-seed funding round co-led by Tether and Polymorphic Capital.
🖥️ Tech Fund: UK-based Pinewood.AI is acquiring Dubai-based autotech start-up Seez for $42 million.
☁️ No AI: Saudi IT company Al Moammar Information Systems Co. sold its entire OpenAI investment for $8.4 million, netting a $3.4 million gain.
🗣 Circuit Chatter
☢️ European Reactor: Abu Dhabi’s Emirates Nuclear Energy Co. is getting ready to invest in Newcleo, a French-Italian operator of lead-cooled fast nuclear reactors, in a deal that could be worth as much as $523 million, Bloomberg reports.
⛽ LNG Woes: Qatar’s effort to sell liquefied natural gas through a massive increase in production is being complicated by demands from Chinese and Indian buyers for lower prices and more favorable terms, Bloomberg reports.
🏗️ Saudi Built: The Saudi Authority for Industrial Cities and Technology Zones plans an aviation cluster at Modon Oasis in Jeddah to localize advanced aviation technologies and strengthen supply chains.
💎 Gulf Diamond: Lusail, Qatari Diar’s $250bn flagship project, aims to attract local and foreign investors with freehold properties, residency options, and flexible financing.
🤑 New Interest: Dubai-based engineering and construction consultancy Sidara has begun renegotiations to take over British engineer John Wood Group, which has faced financial challenges.
🌍 Power Circuit
Prince Khalid bin Salman, Saudi Arabia’s Defense Minister, met with U.S. Defense Secretary Pete Hegseth at the Pentagon on Monday to discuss ways to strengthen the bilateral relationship between Washington and Riyadh.
Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member of the UAE and Ruler of Ras Al Khaimah, metFederico J. González, Executive Vice Chairman of Radisson Hotel Group, and Raki Phillips, CEO of Ras Al Khaimah Tourism Development Authority, on Monday at his palace in Saqr bin Mohammed City.
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Deputy Prime Minister and Minister of Defence, met on Tuesday with Sheikh Hazza bin Zayed, Ruler’s Representative in Al Ain Region, in the presence of Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai and UAE Deputy Prime Minister and Minister of Finance.
➿ On the Circuit
Masayoshi Son, CEO of Japan’s SoftBank, said during a panel discussion at the FII Priority Summit in Miami last week that the bank has not “fully delivered” the expected returns to Saudi Arabia’s sovereign wealth fund.
Anton Bawab joins Dubai-based bespoke hotel development advisory firm InnSight Advisory as Partner and Managing Director, responsible for leading the company’s growth and operations in the Middle East, Africa and South Asia.
🎶 Culture Circuit
🧪 High Tech Art: Final preparations are under way for the opening of TeamLab Phenomena Abu Dhabi on April 18, adding another feather to the cap of the expansive Saadiyat Cultural District. Led by a high-tech Tokyo art collective renowned for its blending of art, science and technology, the new museum will fill 17,000 square meters with ever-changing immersive installations.
📷 Photo of the Day
U.S. Secretary of Defense Pete Hegseth welcomed Saudi Minister of Defense Prince Khalid bin Salman with an official ceremony at the Pentagon in Washington on Monday. (Getty Images)
📅 Circuit Calendar
Feb. 23-26, Doha. Web Summit Qatar 2025. Bringing together tech entrepreneurs, innovators, investors, and industry leaders from around the world. Doha Exhibition and Convention Center.
Feb. 25-March 1, Dubai. WCA World 2025. The conference brings together some of the world’s biggest independent freight forwarders. Dubai World Trade Centre.
Feb. 26-27, Abu Dhabi. Investopia 2025. The fourth edition of the summit, to be held under the theme “Leveraging the Power of Massive Investments.” St. Regis, Abu Dhabi.
March 17-19, Dubai. Dubai International Horse Fair. A gathering of the equestrian industry and horse lovers from around the world. Dubai World Trade Centre.
April 7-9, Abu Dhabi. AIMCongress 2025. A premier investment platform bringing together thought leaders, decision-makers and entrepreneurs. ADNEC.
April 7-9, Dubai. Middle East Energy. Bringing together international energy suppliers to discuss products and solutions. Dubai World Trade Centre.
April 13-15, Riyadh. Saudi Food Manufacturing. Back for a second year, the focus turns to logistics solutions, including advancements in AI-driven supply chains, robotics, and sustainable automation technologies. Riyadh Front Exhibition & Conference Centre.
April 14-16, Dubai. IPS Congress. The Middle East’s largest international property sales event. Dubai World Trade Centre.
April 17-19, Dubai. World Art Dubai. A four-day art fair featuring more than 10,000 artworks. Dubai World Trade Centre.
April 21-23, Abu Dhabi. Electric Vehicle Innovation Summit 2025. The Middle East’s largest annual event dedicated to shaping the future of electric mobility. ADNEC.
April 29-30, Abu Dhabi. Digital Transformation Summit UAE 2025. In its 37th edition, the summit is expected to be attended by over 300 C-suite executives, directors, and technology leaders. Sheraton Abu Dhabi Hotel and Resorts.
April 30-May 1, Dubai. Token2049 Dubai. A global conference dedicated to the crypto and blockchain ecosystem. Madinat Jumeirah.
The Daily Circuit: Musk headlines Dubai summit + MBZ funds AI in Paris
👋 Hello from the Middle East! In the Daily Circuit today, we’re looking at UAE President Sheikh Mohamed bin Zayed’s $52 billion AI deal with French President Emanuel Macron in Paris, Saudi Crown Prince Mohammed bin Salman’s new auto hub in Riyadh, MGX and General Catalyst preparing to invest in Anthropic, and a $20 million art auction in the Saudi capital to be conducted this weekend by Sotheby’s. But first, world leaders and corporate chiefs are heading to Dubai.
Elon Musk, Sundar Pichai, Larry Ellison and Tony Blair will headline next week’s World Governments Summit in Dubai, one of the Middle East’s key annual gatherings for both politicos and investors.
Artificial intelligence, of course, is a major focus this year with Omar Al Olama, the UAE’s Minister of State for AI, Digital Economy and Remote Work Applications – and summit Vice Chairman – due for an onstage chat on Tuesday with Google CEO Pichai.
Musk, the world’s richest person, is expected to make an appearance in a session called “Boring Cities, AI and DOGE.” Blair, the world-trotting entrepreneur and former U.K. Prime Minister, and Oracle founder Ellison will interview each other in front of the 6,000 registered participants.
The political line-up over the three-day conference will featurethe presidents of Indonesia, Poland, Sri Lanka, and Colombia, along with the prime ministers of Kuwait, Armenia, Pakistan, Kenya, Libya, Georgia, and Bangladesh.
In Miami, meanwhile, final preparations are underway for the Saudi Future Investment Initiative’s Priority Summit, a spinoff of the annual Davos-patterned event in Riyadh.
Among those participating in the Feb. 19-21 meetingwill beSaudi Ambassador to the U.S. Princess Reema bint Bandar, Minister of Investment Khalid Al-Falih, PIF Governor and FII Institute Chairman Yasir Al-Rumayyan, SoftBank Group Corp Chairman and CEO Masayoshi Son and Serena Ventures Managing partner Serena Williams.
Also BlackRock Co-founder and President Robert S. Kapito, Oracle Safra Catz, Neuberger Berman Chairman and CEO George Walker, Point72 CEO and New York Mets owner Steven Cohen, Uber Technologies CEO Dara Khosrowshahi, and Bridgewater Associates CEO Nir Bar Dea.
Welcome to the Daily Circuit. Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].
HAMMER TIME
Sotheby’s stages first international art auction in Saudi Arabia
Colombian artist and sculptor Fernando Botero’s Society Woman painting is displayed at Sotheby’s Origins exhibition in Diriyah on Feb. 5, 2025. (Getty Images)
As the sun sets over the golden mudbrick walls of At-Turaif that housed Saudi Arabia’s royal family 300 years ago, a glittering crowd will gather nearby this weekend to covet a historic collection of treasures, Rebecca Anne Proctor writes for The Circuit.
Sotheby’s will use the UNESCO World Heritage Site in Riyadh’s historic Diriyah district as the backdrop for the kingdom’s first-ever international art auction. The event on Saturday will offer 100 lots of art, jewelry and sports memorabilia with an estimated value of more than $20 million.
The landmark sale, titled Origins, is being staged amid falling global art sales, with dealers and auction houses increasingly looking to wealthy Gulf countries to help keep them afloat.
President Sheikh Mohamed bin Zayed arrived in Paris on Thursday where he was hosted by French President Emmanuel Macron at the Elysee Palace and committed to invest as much as $52 billion in an AI data center, which would become Europe’s largest. The two leaders also attended the signing ceremony of the UAE-France Framework for Cooperation in Artificial Intelligence. The pact was signed by Khaldoon Al Mubarak, Chairman of the UAE Executive Affairs Authority and CEO of Mubadala; Jean-Noël Barrot, French Minister for Europe and Foreign Affairs, and Éric Lombard, French Minister for the Economy, Finance, and Industrial and Digital Sovereignty. Sheikh Mohamed will also attend a two-day AI conference that starts Monday and will be co-hosted by Macron and Indian President Narendra Modi.
CAR TALK
Saudi Crown Prince Mohammed bin Salman named a portion of Riyadh’s King Abdullah Economic City as the “King Salman Automotive Cluster,” which will house the headquarters and manufacturing facilities for both local and international carmakers. Among the companies that will be operating in the cluster are Ceer – the first Saudi electric vehicle brand – and Lucid Motors, which is owned by the Public Investment Fund and opened its first international factory in the kingdom in 2023. The site will also host multiple PIF joint ventures with global manufacturers, including a highly automated factory with South Korea’ Hyundai Motor and a partnership with Italy’s Pirelli to establish a tire factory. The government said it expects the KSAC to accelerate local manufacturing capacity, promote research and development, and optimize supply chains, making them more efficient for both regional and international markets.
💲 Sovereign Circuit
MGX: The Abu Dhabi-owned investment firm backed by Mubadala and G42, and General Catalyst are among the investors in talks to participate in a new funding round for San Francisco-based AI startup Anthropics, which is oversubscribed and may be larger than the $2 billion target, Bloomberg reports. General Catalyst is the subject of an article in The Information that says the Cambridge, Mass. investment firm is “stretching the definition of venture capital.”
ADQ: AD Ports Group, which is controlled by the Abu Dhabi sovereign wealth fund, formed a joint venture with CMA CGM Group to develop, manage and operate the New East Mole multipurpose terminal at the Port of Pointe Noire in Congo under a 30-year extendable concession that was awarded in June 2023.
Public Investment Authority: PIF-owned ACWA Power signed two agreements with Aramco to advance renewable energy projects and test vanadium flow batteries, including a photovoltaic energy forecasting initiative using big data and machine learning.
G42: The Abu Dhabi-owned tech company published its “Frontier AI Safety Framework,” which sets protocols for risk assessment, governance and external oversight to ensure safe and responsible development of advanced AI models.
Mubadala: Oman and the UAE signed a long-term commercial agreement with EMSTEEL and Hafeet Rail, a joint venture between Oman and Etihad rail in partnership with Mubadala, to transport bulk materials between both countries, boosting private sector competitiveness in regional markets.
↪↩ Closing Circuit
🏛️ Tower Finance: UAE-based Sweid & Sweid secured a $125 millionloan from Arab Bank to finance Sweid One, its Grade-A office tower in Jumeirah Lakes Towers, Dubai, with Dutco Construction as the main contractor.
🌐 Global Brands: Naif Alrajhi Investment has launched Saudi Arabia’s first global media representation company through Phi Advertising, in partnership with Skyscale Media, to provide Saudi brands access to global media expertise and exclusive partnerships.
🗣 Circuit Chatter
🇪🇬 Economic Bailout: The IMF plans to unveil a new loan agreement with Egypt following last year’s $8 billion deal that was aimed at helping the country rebound from its economic crisis.
🛍️ Moroccan Option: Swedish fashion chain H&M is looking to strengthen its manufacturing presence in Morocco as part of a strategic shift to counter potential U.S. trade barriers, Reuters reports, citing CFO Adam Karlsson.
⚖️ Market Transparency: Saudi Arabia’s Capital Market Authority is conducting a public consultation on proposed investment fund regulations to improve transparency, protect investors and align with global best practices.
💸 Hungarian Interest: A 25-company Hungarian alliance plans to invest in Saudi Arabia’s tech and digital sectors, leveraging Vision 2030 opportunities, according to an announcement made at the Saudi-Hungarian Business Forum in Riyadh on Thursday.
✊🏼 United Front: Tunisia plans to boost foreign direct investment by creating a Supreme Investment Authority that would merge six agencies which includes the Tunisian Investment Authority, and various domestic and international offices.
🌍 Power Circuit
Sheikh Khaled bin Mohamed bin Zayed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, held a meeting with Ahmed Al Safadi, Speaker of the House of Representatives of Jordan, during his visit to the UAE.
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and UAE Deputy Prime Minister and Minister of Defence, launched the Al Emarat P111 corvette, a naval vessel, to strengthen UAE defences in the waters.
➿ On the Circuit
Oualid Lahsini, Brevan Howard Asset Management’s CEO in the Middle East, is leaving after two years in the role, Bloomberg reports. Both the firm and Lahsini declined to comment.
Bandar Alkhorayef, Saudi’s Minister of Industry and Mineral Resources, has met with executives from Tata Group to look at partnerships within multiple sectors, including military, aviation, and electronics.
Ihsan Buhulaiga, a former member of the Saudi shura council and author of several books on the Saudi economy, told AGBI that the GCC should develop aligned policies and regulations around the potential use of cryptocurrencies as a payment tool.
📷 Photo of the Day
UAE President Sheikh Mohamed bin Zayed and French President Emmanuel Macron witness the signing of a UAE-French agreement on AI cooperation in Paris by Khaldoon Al Mubarak, Chairman of the UAE Executive Affairs Authority and CEO of Mubadala and Jean-Noël Barrot, France’s Minister for Europe and Foreign Affairs. (WAM)
📅 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. 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.
Feb.25-March 1, Dubai. WCA World 2025. The conference brings together some of the world’s biggest independent freight forwarders. Dubai World Trade Centre.
March 17-19, Dubai. Dubai International Horse Fair. A gathering of the equestrian industry and horse lovers from around the world. Dubai World Trade Centre.
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.
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.
