Mubadala, Milken convene D.C. forum on sports, economic development and promoting AI

Playing off the annual pro tennis tournament it co-sponsors in Washington, D.C., Abu Dhabi’s Mubadala sovereign wealth fund convened a business forum this week to explore how governments can stimulate economic growth through investment in sports and bolstering use of artificial intelligence.

The event, which took place on the sidelines of the Mubadala Citi DC Open, was organized with the Los Angeles-based Milken Institute think tank and drew participants from politics, business and sports, including U.S. Secretary of Commerce Howard Lutnick and Uber CEO Dara Khosrowshahi.

Michael Milken, the billionaire finance guru and Chairman of the Milken Institute, joined discussions at the conference with Homaid Al Shimmari, Deputy Group CEO of Mubadala, and Washington, D.C., Mayor Muriel Bowser. Also participating was Mark Ein, Owner of the Mubadala Citi DC Tennis Open, Partner in the NFL’s Washington Commanders and CEO and Founder of security firm Kastle Systems.

A key theme in the discussions, which were off-the-record, was the role of sports in Abu Dhabi’s emergence as a global city and in the urban development of Washington, D.C. Participants also discussed the UAE’s trillion-dollar economic partnership with the U.S., the need for public-private cooperation in AI, and strategies to ensure that technological advances benefit all sectors of society.

Al Shimmari said Mubadala is seeking to play a greater role in the city beyond tennis and funding by introducing educational, art and youth development programs. “Our time here also enabled important conversations – like those with the Milken Institute – on investment, economic growth, and the role of sport in unlocking opportunity,” Al Shimmari told The Circuit.

Among the business participants at the forum were Talal Al Kaissi, Group Chief Global Affairs Officer at Abu Dhabi’s G42 technology company; David Scott, Chief Strategy and Safety Officer at Abu Dhabi investment firm MGX; and Mitchell Rales, Co-Founder and Chairman of Washington, D.C.-based Danaher Corp., and a limited partner in the Commanders.

Several players at the tennis tournament joined the discussions, including Frances Tiafoe and Reilly Opelka from the U.S., Australia’s Nick Kyrgios and Eugenie Bouchard from Canada.

Saudi Arabia to host women’s WTA Finals for three years

Saudi Arabia will host the women’s WTA Finals tennis tournament for the next three years under a contract announced on Thursday.

The deal between the WTA and the Saudi Tennis Federation will boost prize money for the championship in November to a record $15.25 million, a 70% increase from the purse for last year’s event that was played in Cancun, Mexico.

WTA Chairman Steve Simon told the Associated Press that public objections to the Saudi bid from Hall of Fame players Chris Evert and Martina Navratilova received serious consideration before the decision was made to hold the annual event in Riyadh.

ATP, the men’s professional tennis tour, agreed on a five-year sponsorship deal in February with Saudi Arabia’s Public Investment Fund.