The Daily Circuit: Saudi jobs slowdown + Masdar’s Spanish solar deal

👋 Hello from the Middle East!

In the Daily Circuit today, we’re looking at Masdar’s solar purchase in Spain, the minority interest acquired in Khazna data centers by MGX and Silver Lake, Abu Dhabi-based Agthia’s acquisition of Riviere, and customers lining up for a $49 million penthouse in the Burj Khalifa. But first, job growth is slowing in Saudi Arabia.

Across-the-board budget cuts at companies owned by Saudi Arabia’s Public Investment Fund are likely to chill employment growth in the kingdom amid declines in oil revenue and foreign investment.

After hitting close to 10% in 2022, growth in recruitment for jobs may slow to 3% by the beginning of next year, a report by the consulting firm JLL Middle East predicts.

The $925 billion sovereign wealth fund has ordered spending cuts across all of its portfolio companies, leading to layoffs, hiring freezes and project delays. Nearly 2 million expatriates have joined the workforce in Saudi Arabia over the past two years, according to government data.

The PIF’s downsizing order reflects the kingdom’s widening budget deficit, which has developed through a decline in both the volume and value of oil exports.

The budget deficit and employment slowdown could also pose challenges for Saudi Arabia as it builds ambitious projects such as Neom and prepares to host major global events including Expo 2030 and the FIFA World Cup, JLL notes.

Eid Mubarak! The Circuit will publish its next issue on Wednesday, April 2, after the holiday. Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].

SKY PALACE

A duplex penthouse in Dubai’s Burj Khalifa skyscraper that carries a $49 million asking price is attracting interest from American buyers, including basketball players, boxers and Nascar drivers. The apartment on the 107th and 108th floors of the world’s tallest building is unfinished, with its concrete floors and wraparound glass windows waiting to be fit out by its new owner, real estate agent Asad Khan tells Business Insider. Measuring 21,000 square feet, the apartment is being marketed as a “Sky Palace,” with amenities that include a private elevator, an indoor pool and 12 parking spaces. The 163-story Burj Khalifa, which was completed in 2010 by Emaar Properties, stands 2,722 feet and contains a mixture of office, residential, hotel, restaurant and retail space.

📷 Photo of the Day

Dubai passes climate torch to Azerbaijan as COP29 opens

A year after the UAE hosted the annual United Nations environmental summit, the torch passed today to Azerbaijan as officials and activists from 197 nations converged on the capital city of Baku for the two-week event known as COP29.

Opening the conference was COP29 President Mukhtar Babayev, Azerbaijan’s Minister of Ecology and Natural Resources, who said the earth is on a “road to ruin” and beseeched delegates to embrace U.N. goals for transition from fossil fuels. “COP29 is the unmissable moment to chart a new path forward for everyone,” he said.

The focus of this year’s climate summit is finance as estimates for the cost of building out clean energy systems, making cities more resilient to extreme weather, and transitioning factories and transportation systems away from fossil fuels run into trillions of dollars, The New York Times reports.

Much of the attention, however, is on what to expect from U.S. President-elect Donald Trump, who has dismissed global warming as a hoax. Also stirring controversy is Azerbaijan’s economic dependence on oil production, which is drawing protests similar to those against the UAE last year at COP28.

Countries will present their updated national climate action plans, which detail how they plan to reduce emissions. At the end of the conference, which closes on Nov. 22, negotiators will try to ratify a final agreement that will include new commitments to address climate change.

More than 100 heads of state and government were planning to attend, including the leaders of Barbados, Finland, Greece, Kenya, Spain, Saudi Arabia, Turkey and Pakistan. Skipping the event is U.S. President Joe Biden, as well as the leaders of China, India, Brazil, Britain, Germany and France.

Among the speakers at today’s opening event was Dr. Sultan Al Jaber, who was President of COP28. He is also CEO of Abu Dhabi-based national energy company ADNOC and the UAE’s Minister of Industry and Advanced Technology.

“I urge you all to prove once again that we can unite, act and deliver,” Al Jaber said. “Let positivity prevail and let it power the process.”

The Daily Circuit: ADIPEC draws energy leaders + PIF acquires MBC

👋 Hello from the Middle East

In the Daily Circuit today, we’re looking at the PIF’s acquisition of control over MBC, Lulu Retail’s upcoming IPO, Mubadala’s $200 million deal with Spain’s Tubacex and Oman’s plan to sell 49% of OQ Base Industries. But first, global energy executives are settling in for the week in Abu Dhabi.

Abu Dhabi’s annual ADIPEC conference opened today, bringing cabinet ministers, oil executives and investors to the UAE capital from around the world to ponder where the energy market is headed.

Kicking off the four-day event was Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Group CEO of ADNOC, Chairman of Masdar and COP28 President, who pointed to the growing power appetite of AI data centers.

“No single source of energy is going to be enough to meet this demand,” Al Jaber said in an address to the opening session at Abu Dhabi’s ADNEC hall. “We need to integrate renewable energy, nuclear energy and gas in the most cost and carbon-efficient way.”

On the eve of ADIPEC, Al Jaber hosted a gathering for industry leaders called ENACT Majlis that included Microsoft President Brad Smith, Mark Carney, the Chairman of Brookfield Asset Management who serves as U.N. Special Envoy for Climate Action and Finance; Shell CEO Wael Sawan, BP CEO Murray Auchincloss and Princess Beatrice, founder of the U.K. advisory organization BY-EQ.

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

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, held a meeting on Sunday with Microsoft President Brad Smith to discuss cooperation on AI technology.

The Daily Circuit: Talabat set to deliver IPO + ADQ mulls plasma deal

👋 Hello from the Middle East!

Today in the Daily Circuit, we’re looking at ADQ’s talks with potential partners to buy out Spain’s Grifols, robust second-quarter profits across the GCC, Black+Decker’s new Egyptian factory and Italian designers at the upcoming Dubai Fashion Week. But first, order lunch and wait for Talabat’s IPO.

The fluorescent orange uniforms of Talabat delivery drivers have become so ubiquitous in the UAE that The Circuit’s Abu Dhabi correspondent counted at least a dozen whizzing past on the road beneath her window as this sentence was written. 

Now the business, which has transformed the food industry across the Middle East since its launch in Kuwait 20 years ago, will be listed on the Dubai bourse in what will be one of the most hotly-anticipated initial public offerings of the year.

Berlin-based parent company Delivery Hero is preparing to capitalize on the high investor interest in IPOs in the Gulf this year to raise capital by offering shares in its UAE subsidiary on the Dubai Financial Market in the fourth quarter of this year.

Delivery Hero, which is publicly listed in Frankfurt, will retain a majority interest in the local listing after the IPO, the company said in a filing on Thursday. While the company has not yet given details of target pricing or how much it plans to raise, RBC values Talabat at $5.5 billion.

Talabat is the latest in a growing list of regional companies seeking to tap equity markets through public listings this year, with $890 million raised through IPOs in the UAE in Q2 alone. NMDC Energy announced on Wednesday that it plans to raise $875 million in an initial share sale on the Abu Dhabi Securities Exchange.

FASHION FORWARD 

Dubai Fashion Week kicks off on Sunday, offering a showcase for Emirati designers with runway shows, parties and public chats. This year’s edition, which will take place in the Dubai Design District, highlights Italian fashion houses in line with the city’s aspirations to join the ranks of Paris, Milan and New York on the couture circuit. Among designers from the Middle East and Asia, the event will feature Dima Ayad, Heba Jasmi and Rizman Ruzaini. Fausto Puglisi, the head of Italian fashion house Roberto Cavalli and a designer for Madonna, Beyonce and Taylor Swift, will be the guest of honor at the closing reception on Sept. 7.

ROBUST GROWTH

Banks and telecoms led the GCC region in chalking up profits during the second quarter. Across the region, company earnings showed a 5.7% increase in net income compared to the same period of 2023, according to data compiled by Kuwait-based Kamco Investment Co. Among individual markets, the greatest profit growth was recorded in Bahrain, followed by Dubai, Kamco said. Other GCC industries that grew during the quarter were real estate, materials and capital goods, according to the report.

💲 Sovereign Circuit

ADQ: The Abu Dhabi sovereign wealth fund and Singapore’s state-owned GIC have reportedly been in discussions with Canada’s Brookfield Asset Management to acquire Spanish blood-plasma company Grifols SA, Bloomberg reports.

Mubadala: The Abu Dhabi sovereign wealth fund’s Mubadala Health Dubai unit has opened its Headache Clinic, which aims to provide relief from migraines and other ailments.

Public investment Fund: PGA Commissioner Jay Monahan said a merger deal with Saudi Arabia’s PIF-backed LIV Golf tournament remains a priority, but there is no deadline. “I don’t think we want to restrict ourselves in that way,” Monahan told reporters on Wednesday at the season-ending Tour Championship in Atlanta. “We want to achieve the best and right outcome at the right time.”

↪↩ Closing Circuit

🛏️ Hotel Finance: U.S. lender Avana is forming a $250 million joint venture with Los Angeles-based Oaktree Capital Management that will enable Avana’s Ezdahar unit in Saudi Arabia to provide private debt financing to build hotels in the kingdom.

💸 On Us: Saudi oil company Petro Rabigh had $1 billion in debt waived by its two largest shareholders, Aramco and Japan’s Sumitomo Chemical Co., as part of its refinery upgrade plans.

🌀 Green Industry: Egypt will invest close to $247 million to establish its first green industrial complex outside the Mediterranean coastal city of New Alamein, which will be operated by Cairo-based Integrated Environmental Technologies and Oil Services.

🏡 Property Dealing: Saudi Arabia saw a 38% increase in real estate transactions during the first half of the year, compared to the same period in 2023, reaching deals with a total value of close to $40 billion, according to London-based property consulting firm Knight Frank.

🗣 Circuit Chatter

🔧 Power Tools: Black+Decker is making plans to build an electrical equipment factory in Egypt, its first manufacturing facility in the Middle East and Africa region.

🛢️ Hedging Oil: Egypt signed contracts to hedge against price fluctuations for a large number of petroleum products, Bloomberg reports, citing remarks by Prime Minister Mostafa Madbouly.

🏝️ Fun in the Sun: Luxury resorts in the Maldives are experiencing an unprecedented boom in Gulf tourism, with some properties seeing a 60% surge in bookings from the region compared to last year, Arabian Business reports.

🌍 Power Circuit

Prince Faisal bin Bandar, Chairman of the Saudi Esports Federation, suggested that the kingdom could soon make a bid to host the Olympics, Bloomberg reports. “We as a country are setting up for doing more and more, and I think the Olympics is a logical step,” he said while attending the closing ceremony for the Esports World Cup in Riyadh this week, adding, “But, when we are ready.”

Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah and President of the University of Sharjah, launched specialized orthodontic clinics for master’s students at the university’s College of Dentistry.

Adel Aljubeir, Saudi Minister of State for Foreign Affairs, Cabinet Member and Climate Envoy, met with President of Palau Surangel Whipps Jr. on the sidelines of the 53rd Pacific Islands Forum Leaders Meeting, which is being held in Tonga.

➿ On the Circuit

Sadiq al-Kabir, head of the Libyan Central Bank, told the Financial Times in a phone call that he and senior staff members fled the country to “protect our lives” from possible attacks by armed militias.

Ahmed Belhoul Al Falasi, the UAE’s Minister of Sport, met with members of the national team to the Paralympic Games in Paris on Thursday, calling the athletes “a source of national pride” and predicting the competition “will mark a new chapter of excellence in the UAE’s sports journey.” 

Mohsen Paknead, Iran’s new Oil Minister, appointed Hamid Boord to be CEO of the National Iranian Oil Company and the Deputy Oil Minister.

Saudi Lt. Gen. Fahd bin Hamad Al-Salman was appointed by royal decree to be the kingdom’s Commander of Joint Forces. He becomes the No. 2 military leader after Chief of General Staff Lt.-Gen. Fayyad bin Hamed al-Ruwayli.

🎶 Culture Circuit

🎉 ‘Tis the Season: The fifth edition of the Riyadh Season kicks off on October 12th, promising an electrifying array of events across 14 entertainment zones, including fashion, sports, and tourism. This year’s key attractions includes the Riyadh Season Tennis Cup, WWE Crown Jewel and a thrilling boxing showdown featuring 14 fighters, including marquee matches like Ben Whittaker vs. Liam Cameron and Mohammed Al Akel vs. Jesus Gonzalez. Of the 4,200 contracts awarded for the event, 95% are local companies, highlighting the event’s strong Saudi identity, Saudi Arabia’s General Entertainment said. 

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🗓️ Ahead on The Circuit

Aug. 31-Sept. 8, Abu Dhabi, UAE: Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX). The premier event for hunting, falconry and equestrian enthusiasts in the Middle East. ADNEC.

Sept. 1-7, Dubai, UAE: Dubai Fashion Week. Promoting Dubai’s creativity and fashion businesses to a worldwide audience. Dubai Design District.

Sept. 3-5, Al Alamein, Egypt: Egypt International Airshow. The gateway to aerospace in Africa and the Middle East. Al Alamein International Airport.

Sept. 10-11, Dubai, UAE: Global Vertical Farming Show 2024. Annual event brings together investors, growers, and executives in the vertical farming industry from around the world. Le Méridien Dubai Hotel & Conference Centre. 

Sept. 10-12, Riyadh, Saudi Arabia: Global Artificial Intelligence Summit. A leading platform for advancing the global discussion on AI. King Abdulaziz International Conference Center in Riyadh.

Sept. 11-12, Dubai, UAE: Dubai AI & Web3 Festival. Bringing together the brightest minds to explore and expand the commercial possibilities of AI and Web3 technologies. Madinat Jumeirah.

Sept. 12, Dubai, UAE: U.S.-U.A.E. Space Relationship. U.S.-U.A.E. Business Council hosts a luncheon featuring astronaut Sultan Al Neyadi, Minister of Youth; Salem Al Marri, Director General of Mohammed Bin Rashid Space Centre; and U.S. Ambassador Martina Strong. Ritz Carlton Hotel, DIFC.

Sept. 15-19, Abu Dhabi: Loop Beyond Borders. Luxury travel fair brings together hotel owners, tour operators, travel agents and government officials. Saadiyat Rotana Resort & Villas and Anantara Qasr Al Sarab.

Sept. 16-18, Abu Dhabi, UAE: World Utilities Congress. Ministers, policymakers and industry leaders discuss strategies for driving growth and innovation across the power & water utilities value chain. ADNEC.

Sept. 24-25, Dubai, UAE: ACT Middle East Treasurers Summit. Corporate treasurers and financial professionals from across the region gather for policy discussions on issues ranging from cash management to sustainability. Grand Hyatt Dubai.

Sep. 30-Oct. 2, Dubai, UAE: Future Hospitality Summit. The global conference for leaders in the hospitality industry expands this year at a new location with dedicated space for ESG planning, country pavilions and a larger exhibition area. Madinat Jumeirah. 

The Daily Circuit: Money managers move to Abu Dhabi + ADNOC eyes USA

👋 Hello from the Middle East!

Today in The Daily Circuit, we’re looking at ADNOC’s venture into Texas, the $19 billion in deals signed at Saudi Arabia’s Future Aviation Forum, Mubadala’s $150 million investment in Spain’s Tubacex and a gathering in Cannes of Saudi female filmmakers. But first, international funds are following the money to the UAE’s capital.

The money managers are converging on Abu Dhabi – and they’re doing much more than grabbing a quick meeting in the lobby of the Four Seasons or cranking out a boot camp class at Barry’s before hopping on that flight out of AUH. They’re starting to stick around. 

The UAE capital’s financial district, Abu Dhabi Global Market, reported a more than doubling in assets under management in the first quarter amid an influx of asset managers who see the emirate as a key financial hub. “This year holds the promise of even greater growth for ADGM and its ecosystem,” Chairman Ahmed Jasim Al Zaabi said in a statement. Abu Dhabi also reported a 30% increase in operational entities to 1,950 during the first quarter, taking the headcount to 25,000. Fifty-two more firms are in the pipeline. Several new firms, including Vizier Asset Management Co., I Squared Capital Ltd. and Blantyre Capital, have been granted in-principle approval by ADGM.

Next week, the family office crowd will gather for a summit in Abu Dhabi to discuss investment themes, how the next generation are thinking about wealth transfer and the factors contributing to the gusher of new arrivals to the Gulf. Among those expected to attend the Abu Dhabi Family Office Summit are Richard Goblet of Globaleye Capital, a new Swiss family office which has established a presence in the UAE. The principal, Patrick Liotard-Vogt, is an heir to the Nestlé family.

EYES ON THE USA

ADNOC, the UAE’s state-owned energy company, is looking toward the U.S. to expand its international footprint and help propel future growth. The Abu Dhabi-based company, ranked as the world’s 12th-largest oil producer, signed an agreement with NextDecade to buy an 11.7% stake in its liquified natural gas project located in Texas. ADNOC did not disclose the value of the deal, which is its first strategic investment in the U.S. The Emirati company is also working on setting up an energy trading desk in the U.S., Reuters reported last week. The NextDecade deal comes two months after Masdar, Abu Dhabi’s ADNOC-backed alternative energy company, bought a 50% stake in California-based Terra-Gen, one of the largest private renewable energy producers in the U.S. The American market is a key part of Masdar’s strategy to develop or acquire an energy portfolio of at least 100 GW capacity by 2030.

FLYING HIGH 

Saudi Arabia’s Future Aviation Forum entered its second day after tallying 47 separate deals worth $19 billion. Leading the dealmakers was Saudia Group, which owns flag carrier Saudia Airline and low-cost flyadeal, announcing an order with Airbus on Monday for 105 narrow-body aircraft. The deal for an undisclosed price was described as the largest purchase ever from a Saudi airline. Saudia’s Airbus order was a setback for Boeing, which has yet to close a deal being negotiated with the kingdom’s new airline, Riyadh Air. Other transactions included national air service agreements, aircraft orders, cargo and logistics, advanced air mobility, human capability, information technology, and maintenance, repair and overhaul agreements. Abdulaziz Al-Duailej, President of the Saudi General Authority on Commercial Aviation, called the forum’s first day a “tremendous success, in terms of commercial deals, policy initiatives and agreements to elevate global connectivity.”

💲 Sovereign Circuit

Mubadala: The Abu Dhabi sovereign wealth fund signed an agreement to pay $150 million for a 49% stake in the unit of Spain’s Tubacex that makes equipment for oil and gas exploration and said it plans also to invest in Tubacex’s UAE facility. Meanwhile, Mubadala has cracked into the top 10 of global sovereign wealth funds after reporting its 2023 performance, according to data compiled by Global SWF, with a 15.4% annual rate of return and $302 billion in assets under management. 

Public Investment Fund: The Saudi sovereign wealth fund has signed a sponsorship agreement for an undisclosed sum with the Women’s Tennis Association (WTA), the principal organizing body of professional women’s tennis. Through the deal, the PIF becomes the first-ever naming partner of the WTA Rankings.  

↪↩ Closing Circuit

📈 Staff Recruiter: Saudi staffing company SMASCO set the final price for its upcoming IPO at 7.50 riyals per share as it seeks to raise as much as $240 million on Riyadh’s Tadawul exchange.

🏦 Bank Acquisition: Qatar’s Lesha Bank said it acquired Kazakhstan’s Bereke Bank for $146 million, subject to regulatory approval in both countries.

🩺 Healthcare Revenue: KKR announced its acquisition of a “significant minority stake” in India’s Infinx Services, which uses artificial intelligence to help healthcare companies manage revenue.

🔒 Identity Manager: CyberArk, one of Israel’s largest cybersecurity companies, signed an agreement to buy Venafi, which specializes in machine identity management, for more than $1.5 billion from Chicago-based private equity firm Thoma Bravo.

💰 New Perks: Saudi corporate rewards platform Merit raised $12 million in a pre-Series B fundraising round, led by Alistithmar Capital i-Cap and with participation from existing Series A investors Tech Invest Com and Hambro Perks Oryx Fund.

🗣 Circuit Chatter

🚁 Taxi Flyer: Archer Aviation, which plans to start operating air taxis in Abu Dhabi next year, signed an agreement with Etihad Aviation Training to recruit and train prospective pilots.

🛫 Bahrain Bound: Pakistan’s Fly Jinna budget airline said it will offer a new flight route between Bahrain and Islamabad starting June 13.

🪴 Medical Marijuana: Morocco has an opportunity to capture a 10-15% share of the European medical cannabis market, Mohamed El Bouhmadi, president of the Moroccan Federation for the Pharmaceutical Industry and Innovation, told Le360.

🛏️ Tourism Prod: Morocco’s National Tourism Office signed a partnership agreement with TripAdvisor as part of the country’s efforts to double the number of overnight stays in Morocco within five years.

⚡ Charging Network: The UAE Ministry of Energy and Infrastructure agreed to form a joint venture with Etihad Water & Electricity for a network of charging stations for electric vehicles.

🌍 Power Circuit

Sheikh Khaled bin Mohamed bin Zayed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, witnessed the signing of an agreement on Monday between UAE defense conglomerate EDGE Group and Italy’s Fincantieri, one of the largest shipbuilding companies in the world. The deal launches MAESTRAL, an Abu Dhabi-based shipbuilding joint venture between both companies.

Condolences to Iranian leadership on the passing of President Ebrahim Raisi and his delegation poured in from regional leaders. Among them were UAE President Sheikh Mohamed bin Zayed, Saudi Arabia’s King Salman and Crown Prince Mohammed bin Salman, Jordan’s King Abdullah and Ahmed bin Salman Al Musallam, Bahrain’s Speaker of the Council of Representatives.

➿ On the Circuit

Mohammad Al Gergawi, UAE Minister of Cabinet Affairs, received an honorary doctorate from Georgetown’s McDonough School of Business over the weekend. Al Gergawi talked about the power of choices in his commencement speech, sharing a personal story about how one of his own decisions brought him into the path of the then-Crown Prince of Dubai, Sheikh Mohammed bin Rashid.

Jamie Dimon told investors on Monday that his replacement as CEO of JPMorgan Chase was “on the way” as he will look to step down within the next five years. 

Najwa Aaraj will succeed Ray O. Johnson as CEO of the Technology Innovation Institute (TII), the applied research arm of the government-backed Advanced Technology Research Council (ATRC) in Abu Dhabi. Aaraj was previously Chief Researcher in the cryptography and autonomous robotics labs of TII. Johnson, a former Lockheed Martin executive, was the institute’s first CEO. He remains an Operating Partner at California venture capital fund Bessemer Venture Partners, according to LinkedIn.

Marc Lipschultz, Co-CEO of Blue Owl Capital, marked three years since listing on the New York Stock Exchange. “During our time as a public company, we’ve more than tripled our assets under management from $52.5 billion to about $174 billion today,” he said in a post on Monday to social media. In February, the New York alternative investment manager formed a joint venture with Abu Dhabi fund Lunate. 

Nader Naeimi has been hired as a senior portfolio manager at New York hedge fund Millennium Management’s growing Dubai office, Bloomberg reports. He joins from Singaporean sovereign wealth fund GIC. 

🎶 Culture Circuit

🎞️ On Camera: Saudi female filmmakers Maram Taibah and Raneem and Dana Almohandes and Film AlUla marketing director Mahsa Motamedi joined a panel at the Variety Global Conversations Summit at Cannes to discuss the impact of the AlUla Creates initiative on Saudi Arabia’s burgeoning film industry. The program, which provides funding, mentorship and networking opportunities for Saudi filmmakers and fashion designers, has already hosted 123 international productions in AlUla.

📷 Photo of The Day

🗓️ Circuit Calendar

May 18-26, Abu Dhabi, UAE. Abu Dhabi Comedy Week. Standup comics Dave Chapelle, Aziz Ansari, Bassem Yousef and Chris Tucker headline the first annual festival. Etihad Arena.

May 20-22, Riyadh, Saudi Arabia: Future Aviation Forum. Airline executives, investors and government ministers gather for the third annual conference on the aviation industry. King Abdulaziz International Conference Center.

May 25-26, Dubai, UAE. Summer Blessings. Dubai festival celebrates the palm tree as the UAE’s national icon with live performances, date-themed events and artisan marketplace. Shindagha Museum.

May 27-28, Abu Dhabi, UAE: Make It In The Emirates Forum. Organized by the Ministry of Industry and Advanced Technology in collaboration with the Abu Dhabi Department of Economic Development and ADNOC, the forum offers a networking and knowledge exchange platform for the industrial community, both locally and internationally. Abu Dhabi Energy Center.

May 29-31, Marrakech, Morocco: GITEX Africa. The second edition of the biggest tech and startup gathering in Africa. Place Bab Jdid. 

June 5, Hong Kong: Bloomberg Wealth Event. A gathering to bring actionable intelligence to portfolio managers and other dealmakers and analysts from asset managers and owners, family offices and hedge funds. Conrad Hong Kong. 

June 23-26, National Harbor, Maryland: SelectUSA Investment Summit. The highest profile event in the U.S. to facilitate business investment by connecting thousands of investors, companies, economic development organizations and industry experts to make deals. Gaylord National Resort and Convention Center.

The Daily Circuit: Amazon lights up LEAP24 + EDGE’s Spanish radar

👋 Hello from the Middle East!

Today in The Daily Circuit, we’re looking at EDGE’s radar venture with Spain, Saudi Arabia’s accelerating non-oil business activity, Mubadala’s reported effort to bring U.S. restaurant chains to Brazil and Oman’s new mountain wellness resort. But first, the newsmakers at LEAP24.

Ten billion. That was the figure that caught everybody’s attention at Day 1 of LEAP24, the buzzing tech exhibition now underway in Riyadh. Saudi Arabia announced on Monday it has attracted over $10 billion in investment from Amazon Web Services and other tech companies to build data centers, the critical infrastructure to support its ambitions in artificial intelligence. AWS, Amazon’s cloud division, said it plans to open the data centers in 2026 and will pour more than $5.3 billion into the kingdom.

The Seattle, Washington-based colossus is one of many international firms that have set up regional headquarters in Saudi Arabia in response to a January 2024 deadline set by the kingdom for foreign firms to establish HQs in the country or lose out on big government contracts. Meanwhile, Saudi Aramco unveiled a large language model called AramcoMetabrain, which is built on 90 years’ worth of company data. Aramco President and CEO Amin H. Nasser said the aim is to make the world’s largest oil company more productive. Aramco also announced a new partnership with Grok, a U.S.-based AI chip company that it says can offer a faster implementation of AI. ADNOC, which has been developing AI tools for several years, said today it has generated $500 million of additional value in 2023 by using AI.

Alat, the new sustainable technology manufacturing company launched last month and backed by Saudi Arabia’s Public Investment Fund, said it plans to team up with Riyadh research university King Abdulaziz City for Science and Technology to boost the development of the semiconductor industry in the kingdom. Amit Midha, CEO of Alat, laid out his vision for the company in a keynote at LEAP on Monday: “Imagine purchasing a phone that has been assembled by intelligent robots – in an automated factory, in a smart city, in Saudi Arabia, powered by clean energy.” 

⚽ Al Mubarak’s Goal: Manchester City’s rise as a dominant force in UK soccer under Emirati ownership led by Chairman Khaldoon Al Mubarak, who runs the Mubadala sovereign wealth fund, is explored in The Athletic.

📷 Photo of the day

March 3-5, Abu Dhabi, UAE: Culture Summit. An annual forum of leaders from the fields of arts, design, heritage, media, museums, public policy and technology, to identify ways in which culture can transform societies and communities worldwide. Manarat Al Saadiyat.

March 4-5, New York: MindTheTech NY Conference. U.S. investors meet Israeli startups at conference sponsored by Calcalist and Bank Leumi. Quorum by Convene.

March 4-6, Doha, Qatar: DIMDEX – The Doha International Maritime Defence Exhibition and Conference. Conference hosted by the Qatari Armed Forces features displays and discussions on latest developments in maritime defense technology and strategy. Qatar National Convention Centre.

March 4-7, Riyadh, Saudi Arabia: LEAP. A global technology conference for developers, startups, investors, C-suite and media. King Abdul Aziz International Conference Center.

March 5-7, Abu Dhabi, UAE: Forbes 30/50 Summit. A conference for women combining the 30 Under 30 and 50 Over 50 crowds curated by Forbes each year. Rotana Saadiyat. 

March 5-6, Doha, Qatar: International LNG Forum. Gathering of industry leaders and key stakeholders to discuss the future of gas export market. InterContinental Doha Beach.

March 5-6, Jerusalem, Israel. Life Science & Health-Tech Week in Israel. Healthtech company executives, investors, and government leaders join the annual conference. International Conference Center.

March 7, Jeddah, Saudi Arabia: Bloomberg Power Players Jeddah. Investor conference focusing on the impact of money on professional sports. Jeddah Yacht Club.March 7-9, Jeddah, Saudi Arabia: Formula 1 STC Saudi Arabian Grand Prix. The Jeddah Corniche Circuit.

March 14-15, Cannes, France: Saudi Talks. Saudi Arabia brings more than 20 government and industry figures to discuss the kingdom’s real estate sector at MIPIM, the world’s largest real estate event. Palais des Festivals.