Gulf funds build future influence in backing Elon Musk’s ventures

Elon Musk’s plan to combine SpaceX and artificial-intelligence firm xAI into a $1.25 trillion venture is drawing renewed attention to the Gulf sovereign wealth funds that have invested in his companies.

Abu Dhabi’s Mubadala fund is one of SpaceX’s largest outside backers, meaning the proposed merger would deepen its exposure to Musk by effectively adding xAI’s assets to an investment long tied to rockets, satellites and launch services.

Providing Musk with large pools of long-term capital may boost the influence of Middle East investors in the future as the world’s richest man continues to expand his business empire.

Abu Dhabi is also connected to xAI through MGX, the AI-focused vehicle backed by Mubadala and G42, which has participated directly in xAI funding rounds alongside global giants such as Fidelity, Nvidia and Cisco.

Qatar’s sovereign wealth fund, the Qatar Investment Authority, is another prominent xAI investor, as is the Oman Investment Authority.

Saudi Arabia’s Public Investment Fund is involved with xAI through its minority stake in Kingdom Holding Co., the conglomerate majority-owned by Prince Alwaleed bin Talal.

Musk last visited the UAE in December, when he met with President Sheikh Mohamed bin Zayed and Dubai Crown Prince Sheikh Hamdan bin Mohammed.He made a high-profile appearance in Saudi Arabia last May when he attended the Saudi-U.S. Investment Forum in Riyadh and chatted on the conference floor with U.S. President Donald Trump and Saudi Crown Prince Mohammed bin Salman.

UAE, Italy, Albania agree on $1.1 billion renewable energy cable

The UAE, Italy and Albania are working together on a $1.1 billion venture that includes building an undersea cable to carry renewable energy produced in Albania to Italy.

The deal signed Wednesday in Abu Dhabi will focus on large-scale renewable energy projects in Albania, including solar, wind, and hybrid systems involving battery storage, The National reports.

It follows a preliminary joint venture agreement last year between Abu Dhabi green energy company Masdar and Albania’s KESH to develop renewable energy projects in Albania.

Italian Prime Minister Giorgia Meloni said the deal “tangibly shows new forms of cooperation can be built even among seemingly distant partners – at least geographically speaking.”