NUCLEAR FELLOWS

China expands Saudi nuclear ties to strengthen its energy security

The deal, signed at a China-GCC nuclear forum in Chengdu, covers nuclear safety, security, non-proliferation, and emergency response

Costfoto/NurPhoto via Getty Images

Construction at China's Tianwan nuclear power plant

By

Omnia Al Desoukie

April 22, 2025

China is deepening its nuclear ties with the GCC by signing new cooperation deals with Saudi Arabia just days after the kingdom reached a similar energy agreement with the United States.

Riyadh and Beijing inked the deal at a China-GCC nuclear technology forum in Chengdu, according to China’s state-run Global Times.

The deal covers nuclear safety, security, non-proliferation, and emergency response.

GCC officials say they aim to leverage China’s expertise to strengthen energy security and accelerate sustainable development, Arabian Gulf Business Insight reports.

The move increases China’s influence in the Gulf following earlier agreements with the UAE and joint resource exploration with the kingdom.

👋 Hello from the Middle East!

In the Daily Circuit today, we report on at the PIF’s Islamic bond issue that could net $2 billion, Mubadala CEO Khaldoon Al Mubarak’s appearance at the Goldman Sachs retreat in Abu Dhabi, Khazna’s new UAE data centers and a memorial mass for Pope Francis in Dubai. But first, corporate tech experts from around the world are in the UAE for AI Week.

The UAE is amping up its use of artificial intelligence in all aspects of government.

Speaking at Dubai’s AI Retreat 2025 on Sunday, Omar Al Olama, the UAE’s Minister of State for AI, Digital Economy and Remote Work Applications, said all departments will be evaluated on the effectiveness of how they use the emerging technology, The National reports.

“We don’t want to leverage artificial intelligence just for the sake of AI,” Al Olama said. “We want to ensure that the application actually improves the quality of life of citizens in the UAE and in Dubai specifically.

The minister spoke during the AI event’s opening session at Dubai’s Museum of the Future. The retreat brings together more than 1,000 AI experts, policymakers, and executives from companies including Microsoft, Meta, Google and IBM

Among those participating in the week’s activities are Sheikh Mohammed bin Rashid, Ruler of Dubai and UAE Prime Minister and Mohammad bin Abdullah Al Gergawi, UAE Minister of Cabinet Affairs and Managing Director of the Dubai Future Foundation.

Delegations from more than 100 countries have come to the city for the deep dive into AI technology.

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

NUCLEAR FELLOWS

China is deepening its nuclear ties with the GCC by signing new cooperation deals with Saudi Arabia just days after the kingdom reached a similar energy agreement with the United States. Riyadh and Beijing inked the deal at a China-GCC nuclear technology forum in Chengdu, according to China’s state-run Global Times. The deal covers nuclear safety, security, non-proliferation, and emergency response. GCC officials say they aim to leverage China’s expertise to strengthen energy security and accelerate sustainable development, Arabian Gulf Business Insight reports, which enhances China’s influence in the Gulf, following earlier agreements with the UAE and joint resource exploration with the kingdom.

ALL THAT GLITTERS

The price of gold surged to $3,500 an ounce on Tuesday, as investors continued to pile into the safe-haven commodity amid concerns about U.S. President Donald Trump’s economic agenda. Trump’s latest threats against Federal Reserve Chairman Jerome Powell and calls for immediate interest rate cuts saw the precious metal hit a record level in intraday trading, before retreating slightly. Gold has risen about 28% since Trump’s inauguration in January. But there is no silver lining for the jewelers in Dubai’s famed Gold Souk, where the main trade is 22-karat gold jewelry for weddings and family investment. “There are no potential customers nowadays because of the gold prices,” Fahad Khan, a sales representative at retailer Damas Jewellery, told Reuters. Buyers are turning instead to lab-grown diamonds to add a bit of bling to their wedding ensembles.

💲 Sovereign Circuit

Public Investment Fund: The Saudi sovereign wealth fund will seek to raise between $1.5 billion and $2 billion with the issue of an Islamic bond in the coming weeks, leading to an expected new round of debt offerings by Gulf financial institutions, Bloomberg reports.

Public Investment Fund: Halal Products Development Company, a wholly owned subsidiary of PIF, and Brazil’s BRF have begun building a $160 million processed-food factory in Jeddah through their joint venture BRF Arabia, aiming to boost local food security.

Mubadala: The Emirati sovereign wealth fund’s CEO Khaldoon Al Mubarak will headline Semafor’s World Economic Summit that starts on Tuesday in Washington. Al Mubarak was among the prominent Gulf attendees at last week’s Goldman Sachs private conference in Abu Dhabi that drew hedge fund chiefs including Goldman’s David Solomon, Citadel’s Ken Griffin and Elliott’s Paul Singer, Bloomberg reports.

G42: Khazna, now jointly owned by G42 and e&, has begun building two new data centres in Abu Dhabi to address the UAE’s digital and AI capacity needs amid a nationwide shortage.

Qatar Investment Authority: The QIA has invested $25 million in Temasek-backed Rebel Foods, valuing it at $1.4 billion, to support the expansion of its physical restaurants and cafes.

↪↩ Closing Circuit

🪙 Trump Coins: DWF Labs, an Abu Dhabi-based crypto investment and trading firm, said on Wednesday it had bought $25 million worth of digital tokens issued by World Liberty Financial, the crypto venture controlled by the family of U.S. President Donald Trump, Reuters reports.

🥤 Feeling Fizzy: PepsiCo opened a new regional headquarters in Riyadh and said it will build an $8 million R&D hub in the kingdom to create new products tailored to Middle East tastes.

⛽ LNG Saviour: China National Offshore Oil Corporation has struck a deal to buy LNG from ADNOC as trade tensions with the U.S. push Chinese firms to seek alternative suppliers amid rising import costs.

⚕️ Digging Win: U.K.-based engineering firm Wood has secured two three-year contracts worth $11 million from TotalEnergies in Iraq to support upgrades under the Gas Growth Integrated Project.

☀️ Solar Savings: Some of Saudi Arabia’s largest businesses are embracing solar power to save on energy costs following the government’s elimination of electricity subsidies, the Financial Times reports. Meanwhile, Saudi Arabia and the UAE are investing billions of dollars in AI-driven smart grids to boost solar and wind power, according to Fitch Solutions.

🗣 Circuit Chatter

🛞 Personal Driver: Blacklane, a Berlin-based chauffeur service with Middle East operations centered in the UAE, announced plans to expand in Saudi Arabia and establish an academy there to train its drivers.

☪️ Islamic Bonds: Saudi Arabia will play a central role this year in building up the global Islamic finance industry as the kingdom’s non-oil economy expands and it issues more sukuk bonds, S&P Global Ratings says in a new report.

🥄 Posh Tots: Harrow, the 450-year-old British boys school which counts Winston Churchill among its alumni, is set to open two new facilities in the UAE next year, with plans to charge parents AED80,000 to 100,000 ($21,780 to $27,230) in fees.

💰 Future Credit: Egypt’s Aman Holding plans to raise nearly $99 million in 2025 by selling securitization bonds.

🏡 Mortgage Chatbot: Dubai-based homebuying platform Huspy launched the GCC’s first AI-powered mortgage chatbot during Dubai AI Week 2025.

🌍 Power Circuit

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, attended the first meeting of the UAE-China Investment Cooperation Committee on Sunday. Also participating were Mohamed Al Suwaidi, UAE Minister of Investment; Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology; Thani Al Zeyoudi, Minister of State for Foreign Trade; Khaldoon Al Mubarak, Chairman of the Executive Affairs Authority and CEO of Mubadala; and Mohammad Alhawi, Undersecretary at the Ministry of Investment.

Indian Prime Minister Narendra Modi discusses his trip to Saudi Arabia in an interview with Arab News prior to his meeting scheduled for Tuesday with Crown Prince Mohammed bin Salman.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and Deputy Prime Minister, met on Monday with Pakistani Prime Minister Muhammad Sharif in Islamabad.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, received a delegation from the Family Business Council – Gulf, led by Chairwoman Sheikha Hind Suhail Bahwan.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, UAE Deputy Prime Minister and Minister of Defense, and Chairman of the Dubai Future Foundation, met with hundreds of government employees in the first cohort of the “1 Million AI Talents in the UAE” initiative during Dubai AI Week 2025.

➿ On the Circuit

Badr Abdelatty, Egypt’s Foreign Minister, met Saudi counterpart Prince Faisal bin Farhan during a working visit in Riyadh on Monday.

Mauricio Sulaiman, President of the World Boxing Council, said in an interview with Bloomberg in Riyadh that Saudi Arabia’s massive investments are restoring boxing to the glamor and profile it had under legendary promoter Don King.

Khalid bin Kalban, CEO of Dubai Investments, told Arabian Gulf Business Insights that the company, which manages $6 billion in assets, is preparing for an IPO of one of its subsidiaries before the end of the year.

Khaled AlShehhi, Executive Director of Digital Communications at the UAE Government Media Office, has been selected for the PR Lions Awards jury panel by the Cannes Lions International Festival.

Sharif Al Olama, Undersecretary for Energy and Petroleum Affairs at the Ministry of Energy and Infrastructure and Chairman of UAEV, a joint venture between MoEI and Etihad Water and Electricity, led the 3rd EV Majlis on Monday, attended by leading global EV manufacturers.

🎶 Culture Circuit

👗 Well Dressed: Saudi Arabian women are increasingly using abayas as vibrant forms of self-expression, as a new generation of designers repurpose the traditional garment using vivid colors and patterns. The loosening of social restrictions in recent years has seen an influx of brands producing quirkier and more daring designs, Arab News reports. “Every piece tells a story; no two look the same,” Reem Al-Bayyat, founder of fashion brand Mad Since 1982, told the newspaper. “It is a story, but also a risk and an adventure.”

📷 Photo of the Day

**Catholic worshippers attended a mass for the late Pope Francis today** at Dubai’s Saint Francis of Assisi Church. Francis was the first Pope to come to the Arabian Peninsula when he visited the UAE in 2019. (Fadel Senna/AFP via Getty Images)

📅 Circuit Calendar

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 23-24, Dubai. Dubai AI Festival. Bringing together the brightest minds to explore and expand the commercial and economic possibilities of AI technology.” Madinat Jumeirah.

April 25 – May 11, Dubai. Dubai Esports and Gaming Festival. Dubai’s gaming and esports extravaganza brings together global players, creators, fans, and industry leaders. Dubai World Trade Center.

April 27-29, Abu Dhabi. Culture Summit. The annual event features panels, case studies, creative conversations, artist talks and workshops. Manarat Al Saadiyat.

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.

May 5-6, Abu Dhabi. Governance of Emerging Technologies Summit. Shaping Responsible Governance of AI & Emerging Technologies in a Future Digital Economy. St. Regis Saadiyat Island Resort.

May 6-7, Dubai. MENA Capital Market Summit. The event will bring together 1,500 businesses, decision-makers and global financial leaders to discuss the capital market. Madinat Jumeirah.

May 6-8, Dubai. Airport Show. Showcasing the latest technological advancements in the airport industry. Dubai World Trade Center.

May 6-8, Dubai, GISEC. The 14th edition of the Middle East and North Africa’s largest cybersecurity event, under the theme “Securing an AI-Powered Future.” Dubai World Trade Center.

May 12-13, Dubai. Dubai FinTech Summit. Exploring a future where finance is accessible, inclusive, and empowering. Madinat Jumeirah.

May 13-14, Dubai. Low Carbon Fuels MENA. The conference promises a space for industry leaders, potential partners, and innovators to discuss potential opportunities and challenges. Sheraton Dubai Creek Hotel & Towers.

May 13-15, Dubai. CABSAT. The Middle East & Africa’s leading event for content, broadcast, media & entertainment industry professionals looking to leverage the latest technology and innovation in creating the next-gen content. Dubai World Trade Center.

May 16-17, Tirana, Albania. FII Priority Europe 2025. Saudi Arabia’s Public Investment Fund sponsors a regional business summit focused on Europe and is affiliated with the annual Future Investment Initiative conference in Riyadh. National Theater of Opera and Ballet.

May 20-22, Doha, Qatar. Qatar Economic Forum. Annual conference bringing together Qatari government and business leaders with corporate executives, investors and policymakers from around the world. Media City Qatar.

May 26-27, Abu Dhabi. Building the Future Summit. Forbes event serves as a platform for industry leaders, investors, architects, and innovators to explore the latest trends shaping the future of real estate. Louvre Abu Dhabi.

May 29-30, Tripoli, Libya. Building the Future Summit. Forbes event designed to help delegates from Libya understand investment opportunities, foster strategic partnerships and showcase key reforms that will drive economic progress. Venue TBA.

policy pursuits

UAE names Crescent’s Jafar as business & philanthropy envoy

The new post is intended to boost the UAE’s diplomatic influence by integrating business and philanthropy with international activities

WEF

Crescent Enterprises CEO Badr Jafar speaks at World Economic Forum in Davos, Switzerland

By

Jonathan H. Ferziger

April 21, 2025

The UAE is tapping an oil company executive to integrate private sector business and philanthropic activities more deeply into its foreign policy.

Sheikh Abdullah bin Zayed, the UAE’s Minister of Foreign Affairs and Deputy Prime Minister, announced the appointment of Badr Jafar on Monday to a newly created post as Special Envoy for Business and Philanthropy.

Jafar, 45, a Cambridge-educated native of the Sharjah emirate, is CEO of Crescent Enterprises – which has broad interests in energy, ports, logistics and finance – and President of its Crescent Petroleum unit.

“By fostering significant partnerships and unlocking new avenues for investment and innovation, this role [for Jafar] reinforces the UAE’s position as a dynamic hub for economic diplomacy, sustainable finance, and social progress,” the government said in a statement.

Creating the new post is part of an effort to strengthen the UAE’s diplomatic influence by embedding business and philanthropy into its international engagement, the government said.

“By bridging the efforts of government, business and philanthropy, we can accelerate sustainable development and create lasting prosperity for all,” Jafar said.

The Daily Circuit

The Daily Circuit: UAE’s new business & philanthropy envoy + $1.4B Saudi opera contract

Australian driver Oscar Piastri of the McLaren F1 Team and Monegasque Charles Leclerc of Scuderia Ferrari celebrate on the podium after the Saudi Arabia GP at the Jeddah Corniche Circuit on Sunday. Piastri secured his second consecutive win on what is considered the fastest street circuit on the F1 calendar. (Andrea Diodato/NurPhoto via Getty Images)

By

Jonathan H. Ferziger

Omnia Al Desoukie

April 21, 2025

👋 Hello from the Middle East!

In the Daily Circuit today, we’re looking at the award of a $1.4 billion contract to build a new Saudi opera house, ADNOC’s 15-year LNG deal in China, Riyadh Air’s classy cabin design and Australian driver Oscar Piastri’s victory in the Saudi Arabian Grand Prix. But first, the UAE creates a new post to strengthen its international business reach.

The UAE is tapping an oil company executive to integrate private sector business and philanthropic activities more deeply into its foreign policy.

Sheikh Abdullah bin Zayed, the UAE’s Minister of Foreign Affairs and Deputy Prime Minister, announced the appointment of Badr Jafar today to a newly created post as Special Envoy for Business and Philanthropy.

Jafar, 45, a Cambridge-educated native of the Sharjah emirate, is CEO of Crescent Enterprises – which has broad interests in energy, ports, logistics and finance – and President of its Crescent Petroleum unit.

“By fostering significant partnerships and unlocking new avenues for investment and innovation, this role [for Jafar] reinforces the UAE’s position as a dynamic hub for economic diplomacy, sustainable finance, and social progress,” the government said in a statement.

Creating the new post is part of an effort to strengthen the UAE’s diplomatic influence by embedding business and philanthropy into its international engagement, the government said.

“By bridging the efforts of government, business and philanthropy, we can accelerate sustainable development and create lasting prosperity for all,” Jafar said.

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

CHIPPING AWAY

The UAE is making “very good and tangible progress” towards securing access to cutting-edge chips currently under U.S. export restrictions, according to Peng Xiao, chief executive of Abu Dhabi’s G42 artificial intelligence firm. “We’d like to continue to double down in the U.S. even more,” Xiao told Bloomberg. “We have our conditions of course. We want it to be a mutually beneficial relationship.” Last month, the UAE pledged to invest $1.4 trillion in the U.S. over a decade after a meeting between U.S. President Donald Trump and Sheikh Tahnoon bin Zayed, the UAE National Security Adviser, who leads many of the country’s largest companies, including chairing tech firms G42 and MGX. The commitments include funding from MGX towards the $100 billion AI infrastructure venture unveiled by Trump in his first week in office.

AUTO ALLIANCE

Saudi Aramco is teaming up on a new technology venture with Chinese electric vehicle maker BYD. Aramco’s tech subsidiary signed a joint development deal with BYD to collaborate on making electric cars that are more energy-efficient and reduce carbon emissions. Saudi Arabia has made EVs a priority in its national industrial planning, with a goal of increasing adoption from 1% to 30% in five years. The Public Investment Fund is the majority shareholder in California-based Lucid Motors. The deal with BYD comes less than two weeks after Elon Musk’s Tesla launched in the kingdom. The Public Investment Fund is also the majority shareholder in California-based Lucid Motors.

💲 Sovereign Circuit

Public Investment Fund: Diriyah Co., the PIF-owned company developing Riyadh’s historic Diriyah quarter, awarded a $1.4 billion contract to a joint venture by El Seif Engineering Contracting Co., China State Construction Engineering Corp., and Midmac Co. to build the Royal Diriyah Opera House.

Roshn: Saudi Arabia’s PIF-backed real estate company has yet to respond to a $120 million settlement offer from former CEO David Grover, who is suing for wrongful dismissal, the Financial Times reports.

Mubadala: The Abu Dhabi sovereign wealth fund, together with Chevron and Shell, have relinquished their concessions to drill for oil and gas at an Egyptian site in the northern Red Sea, Reuters reports.

↪↩ Closing Circuit

⛽ LNG Deal: China’s privately controlled ENN Natural Gas and state-run Zhenhua Oil have each signed deals to buy LNG from ADNOC, including a 15-year agreement for 1 million tonnes annually, ADNOC’s largest LNG contract with a Chinese buyer, Reuters reports.

🌍 Africa Pivot: U.K.-based Development Partners International acquired Egypt’s Nclude, the largest fintech fund focused on Africa, from Global Ventures.

🚰 Water Boost: The Saudi National Water Company launched 14 water and sanitation projects in the Hail Region valued at over $320 million.

💵 Oman Help: The International Finance Corp., a part of the World Bank Group, has agreed to provide $310 million in loans to support Oman’s economic diversification, focusing on renewable energy and job creation through three local companies.

🏭 Oil City: Sepco Electric Power Construction Corp., a subsidiary of state-run PowerChina, will build an industrial city in the Karbala governorate to develop Iraq’s petrochemical sector, Iraq’s News Agency reports.

🗣 Circuit Chatter

💺 Classy Cabin: Riyadh Air, the PIF-owned Saudi carrier due to launch later this year, unveiled its cabin designs, which show it plans to compete with Emirates and Qatar Air to offer the most luxurious business class service in the industry.

💼 Mideast Base: Bain & Co., the Boston-based consulting firm, has opened a new regional headquarters in Riyadh to strengthen its business in the kingdom and pursue new clients throughout the Middle East.

📈 New Exchange: Morocco’s Casablanca Stock Exchange, Africa’s second-largest, signed a deal with Mauritania’s central bank to help establish a stock market in its capital city of Nouakchott.

🌙 Faith-Based: Dubai developers Sobha Realty and Omniyat are exploring debut dollar Islamic financing issuances to tap Islamic debt markets and fund land acquisitions and upcoming projects amid strong property demand, Bloomberg reports.

💵 Tariff Drama: Bahrain and Jordan face the greatest risk from U.S. tariffs on nearly $22 billion in non-oil exports from the Arab world, the UN Economic and Social Commission for Western Asia said.

🌍 Power Circuit

Oman’s Sultan Haitham flies to Moscow today for a meeting with Russian President Vladimir Putin to discuss the U.S.-Russia nuclear talks mediated by Oman.

Indian Prime Minister Narendra Modi plans to visit Saudi Arabia on Tuesday for the first time in six years and meet with Crown Prince Mohammed bin Salman.

Sheikh Nahyan bin Mubarak, the UAE’s Minister of Tolerance and Coexistence, attended the Easter celebrations on Saturday evening at Egypt’s St. Anthony’s Coptic Orthodox Cathedral in Abu Dhabi.

Jasem Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), met with Shan Zhongde, Director of the China Atomic Energy Authority, on the sidelines of the first GCC-China Forum on Peaceful Uses of Nuclear Technology in Chengdu on Sunday.

➿ On the Circuit

Klaus Schwab stepped down as Chairman of the World Economic Forum 55 years after founding the organization. Vice Chairman Peter Brabeck-Letmathe has been appointed Interim Chairman while the WEF searches for a permanent replacement.

Khaldoon Al Mubarak, Group CEO of Mubadala, tells The Wall Street Journal in a new profile of UFC Chief Executive Ari Emanuel about inviting Emanuel to his home for dinner. “Some people will come to your house and say, `I don’t eat cheese or I’m lactose intolerant.’ Ari will send a two-page list of things he will or won’t eat,” Al Mubarak said.

Mohamed Khalifa Al Mubarak, Chairman of Abu Dhabi’s Department of Culture and Tourism, told Bloomberg in an interview that slumping oil prices should not slow the pace of the city’s development.

Antony Marke was appointed CEO of Dulsco Group, a Dubai-based workforce recruitment and training firm.

🎶 Culture Circuit

👠 XOXO: Gossip Girl star Kelly Rutherford and Tamu McPherson, street style icon and founder of fashion media company All the Pretty Birds, were among the high-profile guests to drop in on the Abu Dhabi pop-up of The Frankie Shop at Zayed Port, where they caught up with founder Gaëlle Drevet. The pop-up, open until May 1, is the first venture into the Middle East for the cult brand, which has stores in New York and Paris.

📷 Photo of the Day

📅 Circuit Calendar

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 23-34, Dubai. Dubai AI Festival. Bringing together the brightest minds to explore and expand the commercial and economic possibilities of AI technology.” Madinat Jumeirah.

April 27-29, Abu Dhabi. Culture Summit. The annual event features panels, case studies, creative conversations, artist talks and workshops. Manarat Al Sadiyat.

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.

May 5-6, Abu Dhabi. Governance of Emerging Technologies Summit. Shaping Responsible Governance of AI & Emerging Technologies in a Future Digital Economy. St. Regis Saadiyat Island Resort.

May 6-7, Dubai. MENA Capital Market Summit. The event will bring together 1,500 businesses, decision-makers and global financial leaders to discuss the capital market. Madinat Jumeirah.

May 6-8, Dubai. Airport Show. Showcasing the latest technological advancements in the airport industry. Dubai World Trade Center.

May 16-17, Tirana, Albania. FII Priority Europe 2025. Saudi Arabia’s Public Investment Fund sponsors a regional business summit focused on Europe and is affiliated with the annual Future Investment Initiative conference in Riyadh. National Theater of Opera and Ballet.

May 20-22, Doha, Qatar. Qatar Economic Forum. Annual conference gathers brings together Qatari government and business leaders with corporate executives, investors and policymakers from around the world. Media City Qatar.

consumer palace

Dubai’s Mall of the Emirates gets makeover for 20th anniversary

Ski Dubai features a 1,300-foot indoor slope covered by artificial snow, with a resident pack of penguins that keeps kids flocking to the shopping center

KARIM SAHIB/AFP via Getty Images

The ski slope starts close to the ceiling at Mall of the Emirates in Dubai

By

Jonathan H. Ferziger

April 18, 2025

Dubai’s Mall of the Emirates, home to the Middle East’s first indoor ski slope alongside its Prada, Dior and Armani boutiques, is heading for a makeover to celebrate its 20th anniversary.

Majid Al Futtaim Holding, owner of the 545-store consumer palace, will plow some $1.4 billion into the mall’s facelift, adding another 100 shops as well as a 600-seat theater, The National reports.

Opened in November 2005 alongside the city’s central traffic artery Sheikh Zayed Road, the glitzy shopping center competes with Emaar’s Dubai Mall, which sits not far away at the bottom of the 163-floor Burj Khalifa, the world’s tallest skyscraper.

With a pack of penguins drawing children to Ski Dubai and its 1,300-foot artificial snow-covered slope, Mall of the Emirates counted 40 million visitors in 2025.

Nearly 100 restaurants and cafes, an Apple Store and the country’s biggest movie theater draw city dwellers and foreign tourists to its super air-conditioned galleries to escape the UAE’s stifling heat.

In March, Majid Al Futtaim reported 2024 profit rose 18%, with occupancy at its 29 malls across the region at 97%.

“This continuing transformation, coupled with the region’s strong economic momentum, has positioned Mall of the Emirates as one of the world’s highest-performing malls for leading brands,” Khalifa bin Braik, CEO of Majid Al Futtaim Asset Management, told the newspaper.

The Dubai-based company said this week it plans to launch a $4.7 billion mixed commercial and residential project in Riyadh, with design work underway and construction set to begin in early 2026.

The Daily Circuit

The Daily Circuit: $1.4 B mall makeover in Dubai + Mubadala schools

Emirati artist Mohammed Kazem with his work “Directions (Merging),” a new digital artwork commissioned by Julius Baer, which is on display at Madinat Jumeirah Conference and Events Centre for Art Dubai 2025. (Cedric Ribeiro/Getty Images)

DUBAI, UNITED ARAB EMIRATES - APRIL 15: Directions (Merging), a new digital artwork by Mohammed Kazem, commissioned by Julius Baer and debuting at Art Dubai is seen on Day 1 of Art Dubai 2025 at Madinat Jumeirah Conference and Events Centre on April 15, 2025 in Dubai, United Arab Emirates. (Photo by Cedric Ribeiro/Getty Images for Art Dubai)

By

Jonathan H. Ferziger

Omnia Al Desoukie

April 17, 2025

👋 Hello from the Middle East!

In the Daily Circuit today, we’re looking at Mubadala’s $600 million stake in Nord Anglia schools, ADIA’s investment in India’s IDFC First Bank, PIF-backed Lucid’s plans for its electric SUV and an interview with Microsoft’s Chris Papaphotis as he rolls out the firm’s ‘edge’ AI personal computers in the UAE. But first, shopping malls reign in Dubai.

Dubai’s Mall of the Emirates, home to the Middle East’s first indoor ski slope alongside its Prada, Dior and Armani boutiques, is heading for a makeover to celebrate its 20th anniversary.

Majid Al Futtaim Holding, owner of the 545-store consumer palace, will plow some $1.4 billion into the mall’s facelift, adding another 100 shops as well as a 600-seat theater, The National reports.

Built alongside Sheikh Zayed Road, the city’s central traffic artery, the glitzy shopping center competes with Emaar’s Dubai Mall, which sits at the bottom of the 163-floor Burj Khalifa, the world’s biggest tower.
With a pack of penguins drawing children to Ski Dubai and its compact artificial snow-covered slope, Mall of the Emirates counted 40 million visitors in 2025, with nearly 100 restaurants and cafes, an Apple Store, and the country’s biggest movie theater.

In March, Majid Al Futtaim reported that its 2024 profit rose 18%, with occupancy at its 29 malls across the region at 97%. The Dubai-based company said this week it plans to launch a $4.7 billion mixed commercial and residential project in Riyadh, with design work underway and construction set to begin in early 2026.

Welcome to the Daily Circuit. Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].

CIRCUIT Q&A

Microsoft bet on ‘edge’ computing brings AI closer to Mideast users

*Microsoft’s Chris Papaphotis at the Copilot+ launch event this week in Dubai*

Microsoft, which invested $1.5 billion last year in Abu Dhabi’s G42 artificial intelligence firm, is rolling out new AI products tailored to customers across the Middle East and Africa, The Circuit’s Omnia Al Desoukie reports.

Overseeing the campaign is Microsoft’s Chris Papaphotis, who was in the UAE this week to launch the company’s Copilot+ series of Surface PCs, which integrate so-called “edge” AI technology that runs on users’ computers rather than on distant cloud-based servers.

“AI gets born in the cloud, but it will be used in the edge,” Papaphotis said in an interview with The Circuit.

To read the full interview, click here.

📰 Developing Stories

GREEN CORRIDOR

Oman’s decision to invest in green hydrogen is turning the Gulf sultanate into a base for shipping the environmentally sustainable fuel to Europe. A group of 11 companies from Oman, the Netherlands, and Germany signed an agreement on Wednesday to develop the world’s first liquid hydrogen import corridor, Reuters reports. Oman has said it will invest some $10 billion to reach its goal of producing at least 1 million tons of renewable hydrogen a year by 2030. The European agreement was signed this week during a visit to the Netherlands by Oman’s Sultan Haitham bin Tareq.

STUDY HALL

The growing inflow of investors, lawyers, and other expat professionals to the Gulf has brought a tidal wave of kids in their wake, creating demand for new private schools. In turn, both Mubadala and Dubai Holding are investing in U.K.-based Nord Anglia Education, which runs four schools in the UAE and 80 worldwide. Mubadala, the Abu Dhabi-based sovereign wealth fund, said today it will invest $600 million for a minority stake in Nord Anglia, joining Dubai Holding in an international consortium that bought the company last month for $14.5 billion. Other investors include Swedish private equity giant EQT, New York-based Neuberger Berman, the Canada Pension Plan Investment Board, and Spain’s Corporación Financiera Alba.

💲 Sovereign Circuit

Public Investment Fund: Lucid, the PIF-backed California maker of electric vehicles, said it expects to launch its midsize electric SUV in 2026 with a price tag of about $50,000.

TAQA: Abu Dhabi National Energy Company acquired U.K.-based energy and utility investment platform Transmission Investment, a company with $4 billion of assets under management.

Abu Dhabi Investment Authority: India’s IDFC First Bank said it will raise as much as $877 million from ADIA and private equity firm Warburg Pincus for a 15% stake in the Mumbai-based lender.

ADQ: The Abu Dhabi sovereign wealth fund formed a joint venture called Gridora with International Holding Co. and Modon Holding, which will aim to accelerate the delivery of large-scale, high-impact infrastructure projects across the UAE and globally.

Mubadala: Atvos, a Brazilian ethanol and sugar producer backed by the Abu Dhabi sovereign wealth fund, is among companies considering bids to acquire three sugar mills from Brazil’s Raizen SA, Bloomberg reports.

↪↩ Closing Circuit

💻 New Construction: Saudi-based construction tech startup TruBuild raised $1 million in seed funding, led by Saudi Aramco’s Wa’ed Ventures and Dar Ventures, to expand its AI-driven platform that reduces project delays and cost overruns.

🌐 Human Investment: Riyadh-headquartered investment management company Alareeb Holding acquired an 80% stake in Vision Talent, a human resources company.

🔒 AI Shield: Pillar Security, an Israeli cybersecurity startup focused on protecting AI software, raised $9 million in a seed funding round led by Shield Capital.

🏛️ School’s In: Oman REIT acquired a Sharjah school building from UAE headquartered Amity Group for $32.67 million in a sale-leaseback deal funded through existing credit to boost returns and diversify its portfolio.

🗣 Circuit Chatter

☕ Counting Beans: Saudi Arabia’s Barn’s coffee chain is seeking advisory banks as it prepares for a potential IPO on Saudi Arabia’s Tadawul stock exchange to help fund its expansion across the Middle East, Bloomberg reports.

🚢 Ship Shape: State-owned seaport operator Mwani Qatar reported a 5% increase in cruise passengers for the 2024–25 season, with Doha Port welcoming nearly 400,000 visitors from 87 cruise calls.

🛢️ Oil Dump: Turkey’s largest oil refiner Tupras, has resumed purchasing Russian Urals crude after halting imports earlier this year due to heightened U.S. sanctions, Reuters reports.

💵 Arab Bond: Egypt wants to attract $6.5 billion in new Kuwaiti investments by the end of 2026, as President Abdel Fattah El-Sisi visits Kuwait to boost economic ties following a similar $7.5 billion deal with Qatar, Asharq Business reports.

🫘 Plush Bites: Nurtac Afridi, CEO of Dubai-based Bateel International, told Bloomberg that the luxury food group plans to triple revenue in four years by boosting its store count to over 500, increasing cultivation of organic date palms and building a new factory.

🌍 Power Circuit

Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani meets today in Moscow with Russian President Vladimir Putin for talks that are expected to touch on trade and energy, in addition to political matters in Ukraine, Syria and Gaza.

Princess Reema Bandar Al Saud, Saudi Arabia’s Ambassador to the U.S., joined FIFA President Gianni Infantino and other leaders in Washington, D.C., to welcome soccer’s FIFA Club World Cup 2025 Trophy Tour.

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, received Sheikh Khalid bin Abdullah Al Khalifa, Ambassador of the Kingdom of Bahrain to the UAE, at Qasr Al Watan in Abu Dhabi on Wednesday.

Sheikh Shakhboot bin Nahyan, a UAE Minister of State, receivedMahamat Idriss Déby Itno, the President of Chad, in Abu Dhabi on Wednesday.

➿ On the Circuit

U.S. Secretary of Energy Chris Wright visited Saudi Arabia’s King Abdullah University of Science and Technology on Wednesday, where he was received by Prince Abdulaziz bin Salman, Saudi Minister of Energy and KAUST Board Chairman, and University President Edward Byrne.

Wesam Lootah has been named Director General of GovDigital, a division within Abu Dhabi’s Department of Government Enablement that spearheads the emirate’s digital transformation. Prior to this role, he served as the CEO of Smart Dubai Government, the technology arm of Digital Dubai.

Khamis Abdullah Al Mazrouei has been appointed Executive Director of the Sharjah National Oil Corporation by a decree issued by Sheikh Dr. Sultan bin Mohammed Al Qasimi, UAE Supreme Council Member and Ruler of Sharjah.Dr. Anwar Gargash, Diplomatic Adviser to the UAE President, met with a European parliamentary delegation led by David McAllister, Chair of the European Parliament Committee on Foreign Affairs, WAM reports.

🎶 Culture Circuit

⌛ Grand Opening: There is no institution on earth whose opening has been as wildly anticipated or mind-bogglingly delayed as the Grand Egyptian Museum, The New York Times writes in its first travel review of the attraction –the publication of which must be a sign it’s really, finally open after more than a decade of dilly-dallying? Well, sort of. When The Times showed up in mid-February, 11 of the 12 main galleries were open, but the Tutankhamen galleries remained sealed off, due to be opened with an official ceremony on July 3. But before you start Googling flights to Cairo, “You might take that date with a grain or two of salt,” the writer quips.

📷 Photo of the Day

📅 Circuit Calendar

April 15-17, Abu Dhabi. Abu Dhabi Global Health Week. A worldwide forum dedicated to shaping the future of health. ADNEC.

April 16-17, Dubai. FastBull Finance Summit Dubai. Focused on global finance, emphasizing areas such as forex and blockchain financial technology. Coca-Cola Arena.

April 17-19, Dubai. World Art Dubai. The annual retail art fair features more than 10,000 works for sale. Dubai World Trade Centre.

April 18-20, Dubai. Art Dubai. The three-day city festival spotlights more than 100 contemporary, modern and digital galleries from the UAE and over 40 other countries. Madinat Jumeirah.

April 18-20, Jeddah. STC Saudi Arabian GP. The Formula 1 Saudi Arabian Grand Prix by STC returns, promising an electrifying high-speed spectacle on the Red Sea. Jeddah Corniche Circuit.

April 18-20, Abu Dhabi. Middle East Film and Comic Con 2025. The region’s largest pop culture festival returns for its 13th year. ADNEC.