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].

📷 Photo of the Day

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

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

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

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

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

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

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.

Click here to read the full story.

📷 Photo of the Day

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.

The Daily Circuit: Wynn scores gaming license + MBZ circles region

In the Daily Circuit today, we’re looking at UAE President Sheikh Mohamed bin Zayed’s travels to Egypt, Serbia and Jordan this past weekend; the Saudi PIF’s mulling of an investment in Nintendo; Oman’s new stake in a Saudi-Chinese private equity fund and Aramco’s latest bond issue. But first, Wynn scores the UAE’s first gaming license for its Ras Al Khaimah resort.

Wynn Resorts will spell out its plans in Las Vegas tomorrow for the UAE’s first gaming location, offering a progress report on the $3.9 billion venture that is under construction and set to open in 2027.

The briefing for investors follows the granting to Wynn last week of a commercial gaming operator’s license by the General Commercial Gaming Regulatory Authority for its Al Marjan Island hotel and casino resort off the coast of Ras Al Khaimah.

The UAE has long been seen as a potential regional gaming center because of its oil wealth, its growing number of high-net-worth residents and its recognition of one of the Middle East’s top tourist destinations.

MGM Resorts International said last month that it had applied for a gaming license for a property it’s building in Abu Dhabi.

MBZ’S TRAVELS

Fresh from his weeklong U.S. trip, UAE President Mohamed bin Zayed took to the road again to visit Egypt, Serbia and Jordan. In Cairo on Thursday, he met with Egyptian President Abdel-Fattah El-Sissi and then the two leaders went to witness the launch ceremony of the $110 billion Ras El-Hekma development project . In Belgrade on Saturday, he met with Serbian President Aleksandar Vucic and witnessed the signing of a Comprehensive Economic Partnership Agreement. The following day he landed in Amman where he was greeted by King Abdallah and also witnessed the signing of a free-trade pact. Among those traveling with the UAE leader were Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, who signed the agreements; Sheikh Hazza bin Zayed, Deputy Ruler of Abu Dhabi; Sheikh Hamdan bin Mohamed, Deputy Chairman of the Presidential Court for Special Affairs; Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, President of COP28 and CEO of ADNOC; and Mohamed Alabbar, Chairman of Eagle Hills Abu Dhabi and founder of Emaar Properties.

VAT-FREE

The UAE has amended regulations to exempt investment fund management services and digital asset firms from its 5% Value-Added Tax. Finance Ministry Undersecretary Younis Al Khoori said the step is meant to enhance the UAE’s investment climate and support economic growth. Also freed from VAT payments are donations between charitable and government entities for amounts up to $1.36 million within a 12-month period, the statement said.“We believe these amendments will… simplify procedures for taxpayers in line with international best practices, ultimately contributing to an improved quality of life for all,” Al Khooril said.

💲 Sovereign Circuit

ADQ: The Abu Dhabi sovereign wealth fund appointed Modon Holding as master developer for the Ras El Hekma seaside project in Egypt, in which it pledged to invest $35 billion.

Oman Investment Authority: Oman’s sovereign wealth fund has committed $150 million to a $1 billion fund managed by Saudi-Chinese private equity firm ewpartners for investment in Oman and other GCC countries.

Qatar Investment Authority: Qatar Investment Authority announced plans to merge Qatar National Broadband Network and Gulf Bridge International to create a digital and AI infrastructure company.

Public Investment Fund: Saudi Arabia’s PIF is considering increasing its stakes in Nintendo and other Japanese gaming companies, Kyodo News reports.

↪↩ Closing Circuit

⛓️ Digital Tokens: ATME, a blockchain-based exchange licensed by the Central Bank of Bahrain for converting assets into tradable digital tokens, launched its business at the FinTech Forward conference in Manama last week.

🏗️ Clock Tower: UAE developer London Gate is teaming up with Swiss luxury watchmaker Franck Muller to construct a 34-story residential tower in Dubai branded as the Franck Muller Vanguard Tower.

🔋Energy Saver: Emirates airline joined with Etihad Clean Energy Development to build a large-scale solar energy project at the Emirates Engineering Centre in Dubai.

Circuit Chatter

Emir of Qatar Sheikh Tamim bin Hammad held a meeting with Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court on Thursday on the sidelines of the Asia Cooperation Dialogue summit in Doha.

Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister, and Ruler of Dubai, launched the “Plant the Emirates” national program, during a Cabinet meeting, to advance agricultural development and enhance sustainable national food security.

Sheikh Khaled bin Mohamed bin Zayed, Crown Prince of Abu Dhabi, arrived in Norway for meetings with Crown Prince Haakon Magnus and Prime Minister Jonas Gahr Støre to discuss new collaborative activities.

🌍 Power Circuit

Emir of Qatar Sheikh Tamim bin Hammad held a meeting with Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court on Thursday on the sidelines of the Asia Cooperation Dialogue summit in Doha.

Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister, and Ruler of Dubai, launched the “Plant the Emirates” national program, during a Cabinet meeting, to advance agricultural development and enhance sustainable national food security.

Sheikh Khaled bin Mohamed bin Zayed, Crown Prince of Abu Dhabi, arrived in Norway for meetings with Crown Prince Haakon Magnus and Prime Minister Jonas Gahr Støre to discuss new collaborative activities.

➿ On the Circuit

Prince Alwaleed bin Talal, Founder and Chairman of Saudi Arabia’s Kingdom Holding Co. has launched a comeback attempt topped by his reviving construction of the Jeddah Tower, which is planned to be the tallest in the world, the Financial Times reports.

Marc Rowan, Co-Founder and CEO of Apollo Global and an active Gulf investor, is revamping his asset management firm to compete with banks with what the Financial Times describes as a plan “to remake Wall Street.”

Jared Kushner, founder of Affinity Partners, and his wife Ivanka Trump are negotiating with Serbian authorities and moving ahead with plans for a $1 billion development filled with luxury villas on the island of Sazan, The Wall Street Journal reports.

Christian Cabanne was hired by Citigroup as head of Middle East and North Africa equity sales. He was previously head of Equity Capital Markets at Bank of America for the Central Europe, Middle East and Africa region.

Abdulla Lahej, former CEO of Emaar Properties, will build a 48-story residential tower neighboring Dubai’s Ras Al Khor Wildlife Sanctuary through Ayana Holding, a new real estate firm he co-founded.

🎶 Culture Circuit

🏀 NBA FEVER: On the heels of the NBA Abu Dhabi Games over the past weekend – where the Boston Celtics romped over the Denver Nuggets In two pre-season match-ups – the pro basketball league scotched talk of expanding operations into Saudi Arabia. “We don’t have any current plans to play games in Saudi Arabia,” NBA Deputy Commissioner and COO Mark Tatum told Arabian Business on the sidelines of the annual event in the UAE capital.

Photo of the Day

Jordan’s King Abdullah greets UAE President Mohamed bin Zayed upon his arrival at Marka Airport in Amman on Sunday. (Emirates News Agency)

🗓️ Ahead on The Circuit

Oct. 7-8, Dubai, UAE: AgraME. Conference that brings together experts and industry leaders in the field of agriculture to discuss the latest trends in the Middle East region. Dubai World Trade Center.

Oct. 8-10, Abu Dhabi, UAE: Global Rail. Conference brings together more than 150 leaders from the global transportation industry, including ministers, industry leaders and investors. ADNEC.

Oct. 12, Riyadh, Saudi Arabia: Riyadh Season. The Saudi capital’s annual festival kicks off with a nighttime concert featuring R&B queen Ciara and hip-hop artist Busta Rhymes. Riyadh Season grounds.

Oct. 14-18, Dubai, UAE: GITEX Global. One of tech’s biggest events, the UAE conference brings companies from around the world to showcase their latest innovations. Dubai World Trade Center.

Oct. 15-17, Dubai, UAE: Aviation Future Week. Conference brings together UAE ministers, senior government officials and leaders from the aviation, aerospace, air freight and other related industries. Museum of the Future.

Oct.22-24, Dubai, UAE: Dubai Helishow. Conference features innovations in hybrid and electric helicopters, AI integration, UAV combat operations, and civil aviation. Skydive Dubai.

Oct. 29-31, Riyadh, Saudi Arabia. Future Investment Initiative Conference, 8th Edition. More than 6,000 global participants registered, including world leaders, policymakers CEOs and investors. King Abdul Aziz International Conference Center.

Nov. 12-13, Abu Dhabi, UAE: CyberQ: Security in the Quantum Era. Conference brings together international experts, policymakers and industry players to discuss challenges of the quantum age of cybersecurity. ADNEC.

UAE leader heads home from U.S. carrying economic dividends

UAE President Sheikh Mohamed bin Zayed wrapped up his U.S. tour with a stop at former U.S. President Donald Trump’s Mar-a-Lago resort in Palm Beach, Florida. He also met with former President George W. Bush in Texas and held a phone conversation with former President Bill Clinton before flying home to Abu Dhabi.

The centerpiece of the U.S. visit was a visit to the White House at the beginning of the week after which the Emirati leader and President Joe Biden issued a 3,900-word joint statement outlining the relationship of the two countries as “dynamic strategic partners.”

Focused in large part on the U.S.-Emirati economic alliance, the statement took note of the $1.5 billion artificial intelligence investment deal between Microsoft and the UAE’s Group 42, as emblematic of the growing technology cooperation between the two countries.

The two leaders “underscored that this transformative partnership has the potential to usher in a new era of international connectivity to facilitate global trade, expand reliable access to electricity, facilitate clean energy distribution, and strengthen telecommunication,” the joint statement said.

Biden and Sheikh Mohammed “emphasized the importance of joint initiatives to promote a circular economy, reduce waste, facilitate recycling, and advance sustainable practices, underscoring their commitment to innovation for resource efficiency and environmentally responsible growth,” the statement said.

The statement also called attention to promising regional initiatives including the India-Middle East-Europe Economic Corridor that will seek to connect India to Europe with ship-to-rail connections through the UAE, Saudi Arabia, Jordan, Israel and Greece.

UAE leader meets with Biden, tech chiefs in Washington visit

UAE President Sheikh Mohamed bin Zayed emerged from the White House this week with a new security pact that recognizes the Gulf state as a “major U.S. defense partner.” The Emirati leader also met with top tech and finance leaders while he was in Washington to talk about the UAE’s AI ambitions.

During a meeting in the Oval office on Monday, U.S. President Joe Biden called the UAE “a nation of trailblazers… always looking to the future, always making big bets. And that’s something our countries have in common and our people have in common.”

On the following day, Sheikh Mohamed held serial meetings with MicrosoftCEO Satya Nadella, BlackRock CEO Larry Fink, and Nvidia CEO Jensen Huang.

Also present were senior members of the Royal Court and corporate executives, including Sheikh Tahnoon bin Zayed, the UAE National Security Adviser and Chairman of AI development firm G42; Khaldoon Al Mubarak, Managing Director and Group CEO of Mubadala; Mohamed Alsuwaidi, Minister of Investment and CEO of ADQ; Edge Group Chairman Faisal Al Bannai and G42 CEO Peng Xiao.

Microsoft, meanwhile, announced on Tuesday that it is expanding its Global Engineering Development Center’s activities to the UAE, opening a new facility in Abu Dhabi that will be the company’s first engineering center in the Arab world.

Dubai’s Crown Prince joins UAE cabinet as Defense Minister

UAE residents woke up Sunday morning to a big cabinet reshuffle in the federal government.

Following approval from President Sheikh Mohamed bin Zayed, Vice President and Prime Minister Sheikh Mohammed bin Rashid announced the new cabinet, appointing his son Sheikh Hamdan bin Mohammed as Deputy Prime Minister and Minister of Defense, marking his first roles in the national government.

Foreign Minister Sheikh Abdullah bin Zayed was also named a Deputy Prime Minister.

In recent years, Sheikh Hamdan, often referred to as “Fazza” – he can be found @Faz3 on Instagram, where he has over 16 million followers – has taken on a more public role in the running of the emirate of Dubai, where his father is ruler.

A newly created post of Minister of State for Entrepreneurship has gone to Alia Abdullah Al Mazrouei, herself an entrepreneur and CEO of the Khalifa Fund for Enterprise Development, according to her Linkedin profile.