Saudi Arabia’s Miami Beach investment conference wrapped up on Friday with discussions ranging from the billion-dollar real estate projects cropping up in Riyadh to Elon Musk’s quest for Mars.

Topping the agenda at the FII Priority Summit was a talk by Public Investment Fund Governor Yasir Al-Rumayyan, the Aramco Chairman who was scheduled to discuss the $925 billion Saudi sovereign wealth fund’s current aims in an onstage chat with former Google CEO Eric Schmidt.

Others appearing at the conference on Friday included Softbank Chairman and CEO Masayoshi Son; Barry Sternlicht, Chairman and CEO of Starwood Capital; Steve Cohen, Chairman & CEO of both Point72 and the New York Mets; Dara Khosrowshahi, CEO of Uber; Gwynne Shotwell, President & COO of Musk’s SpaceX; and Jerry Inzerillo, Group CEO of Riyadh’s Diriyah development project.

After capturing world attention with U.S. President Donald Trump’s opening speech on Wednesday, the summit got down to business the following morning at a discussion with Saudi Minister of Investment Khalid al-Falih, who said the government this year is especially focused on Washington.

“Expect that great relationship between America and Saudi Arabia to get stronger,” Al-Falih said, announcing that the kingdom will open a branch of its “Invest Saudi” trade office in the Florida city.

Appearing with Miami Mayor Felix Suarez and the Saudi Ambassador to the U.S., Princess Reema bint Bandar, Al-Falih said the new branch would also be a gateway for investment in South America. He was accompanied to the conference by Abdulrahman Bakir, the ministry’s Managing Director for the Americas. 

“By selecting Miami as our second office for Invest Saudi after Washington… we’re opening new pathways for inbound investment into the Kingdom of Saudi Arabia, but also for facilitating outbound investment,” said Al-Falih, speaking in a session moderated Dina Powell McCormick, Vice Chair and President of BDT & MSD Partners.

Also onstage on Thursday were White House Middle East Envoy Steve Witkoff and Jared Kushner, the President’s son-in-law and founder of Miami-based Affinity Partners, who discussed bringing together real-estate executives to consult on a plan for rebuilding the Gaza Strip.

Trump, meanwhile, waded into the stalled effort to unite golf’s PGA Tour with the upstart LIV Golf league that is owned by the PIF and led by Al-Rumayyan. The White House disclosed that the President met on Thursday with golf champ Tiger Woods, PGA Commissioner Jay Monahan and the PIF leader.

Gulf markets continue to churn out IPOs as companies in the UAE and Saudi Arabia lead the drive to raise money by going public.

Alpha Data, an Abu Dhabi-based tech services company, announced plans today for its initial share sale next month with expectations of raising as much as $162 million when the shares start trading on March 11, Reuters reports.

Riyadh-based SMC Hospitals, meanwhile, has hired a group of investment banks, including EFG Hermes and SNB Capital, in preparation for its ADX debut before the summer, according to the news agency.

Fakeeh Care Group, another Saudi healthcare business, raised $760 million in June, making it the kingdom’s largest IPO of 2024.

Emirates, the largest airline in the Middle East, is pushing to expand its routes to Europe, Asia and Africa, while coping with delays in new aircraft deliveries from Boeing and Airbus.

In an interview with The Circuit, Adnan Kazim, Emirates’ Chief Commercial Officer and Deputy President, said the UAE flag carrier is also focused on increasing its use of reduced-carbon Sustainable Airline Fuel (SAF), though supplies remain low.

“While SAF remains a priority for us, it is currently too expensive, costing two to three times more than conventional jet fuel,” Kazim said during the interview last week on the sidelines of the World Governments Summit in Dubai. “However, we are committed to being part of the solution and will adopt SAF wherever it becomes commercially viable.”

Kazim, a 33-year veteran of the Dubai-based airline, has served in posts across the Middle East and Africa, including in Iran. Working beside Sheikh Ahmed bin Saeed Al Maktoum, the airline’s Chairman and CEO, and Emirates President Tim Clark, Kazem has led fleet planning, market expansion, governmental relations and a range of other tasks at the carrier.

The interview was edited for length and clarity.

The Circuit: What are some of the challenges you face as Emirates plans for future growth and new destinations?

Adnan Kazim: There is a lot of volatility in the global market, including currency devaluations and fluctuating fuel prices, but we are managing these challenges effectively. When entering new markets, our decisions are based on demand, stability, and the value these destinations bring to our network and to Dubai.

A key part of our strategy is connecting people to Dubai. Major events hosted in the city, such as those involving 150 participating countries, align with our role in bringing travelers from across our network. Dubai’s tourism sector is thriving, with 18.7 million tourists recently reported, reflecting the success of the city’s strategy and our contribution to it.

Sustainable fuel is becoming a more significant focus in aviation. How is this affecting Emirates commercially?

Sustainable aviation fuel (SAF) is a core part of our strategy. We have committed $200 million to research and development in sustainability. However, SAF is not yet a commercially viable option due to its limited availability. Currently, only a few airports, such as Singapore, Amsterdam, Norway, and London Heathrow, supply SAF and in very small quantities. The challenge lies in the lack of refineries producing SAF at scale, making it difficult to integrate it into our operations.

While SAF remains a priority for us, it is currently too expensive, costing two to three times more than conventional jet fuel. However, we are committed to being part of the solution and will adopt SAF wherever it becomes commercially viable.

What can the industry do to address the cost of SAF and implement more sustainable practices?

A: Right now, the high cost of SAF is largely due to its scarcity and the limited number of refineries producing it. In the future, as production scales up and availability increases, we expect prices to stabilize. However, this requires collaboration between governments, academic institutions, and oil companies to build the necessary infrastructure and supply chains. It’s not just an airline issue—it requires a collective effort to create a sustainable future for aviation.

How is Emirates managing its expansion plans?

Our expansion strategy includes not only new routes but also increased frequencies on existing routes. We are particularly focused on growing our presence in Asia, Europe, and Africa as part of our financial year plans starting from April 1.

In 2024, we expanded into several new destinations, including Bogotá (via Miami), Adelaide (our fifth destination in Australia), Edinburgh in the UK, and Nampink (via Singapore). We also resumed flights to Lagos, Nigeria, and increased frequencies to 15 additional destinations. This growth trajectory will continue, with more destinations and frequencies to be announced in due course.

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.

Alain Ducasse leads an all-star line-up of international chefs showing off their signature dishes this week at Dubai’s Gulfood fair, the savory event’s 30th annual edition.

Joining Ducasse – whose restaurants have amassed 21 Michelin stars – are some 50 top chefs including Romain Meder of France, Slovenia’s Ana Roš, Spain’s Ángel León and Swedish-born New Yorker Fredrik Berselius. 

Amid the pop-up kitchens scattered through the vast Dubai World Trade Centre are 5,500 exhibitors from 129 countries showing off more than 1 million products, according to the organizers who promise “invaluable market foresight into the futuristic era of global food commerce.”

The popular exhibition draws tens of thousands of foodies from the UAE and around the world, who can sign up for tours focused on a range of themes including gourmet, alternative proteins and plant-based foods, digitalization & traceability and Made in the Emirates.

Many of the food manufacturers and kitchen appliance companies will exhibit in national pavilions from the U.S., France, Brazil, the U.K., India, Singapore, Japan and Australia. First-time exhibitors are in Dubai from Kosovo, Madagascar, Mauritius and Zambia. Also featured will be a wide array of halal-certified companies, as well as several producing kosher food.

Among the largest companies exhibiting at Gulfood are the Brazilian Beef Exporters Association, Japan Meat & Livestock, the UAE’s Al Ain Farms, Kuwaiti-owned Americana, Dilmah Ceylon Tea, Savenica Fromage & Dairy, Seara Food Europe Holding, TATA International Ltd. and the U.S. Meat Export Federation.

Saudi Arabia’s $500 billion NEOM mega-project is getting off the ground.

Speaking at the Public Investment Fund’s Private Sector Forum in Riyadh, NEOM Chief Development Officer Denis Hickey said on Friday that the first phase of its 170 kilometer-long city, The Line, will be built at the Hidden Marina site on the kingdom’s Red Sea coast.

The first segment of the project will stretch 2.5 kilometers in length and rise 500 meters high.

It is expected to accommodate over 200,000 residents in 80,000 residential units, with 9,000 hotel rooms, as well as commercial and retail spaces, fire stations, schools, police and security services.

Saudi Arabia’s Northern Borders region is emerging as a key driver of economic growth and investment with its $1.2 trillion in mineral resources.

Its phosphate, coal, dolomite, limestone and silica sand deposits have made Saudi Arabia a leading mineral exporter.

The kingdom boasts five phosphate ore sites and has granted 29 active mining licenses, according to government statistics.

Mining and mineral exports have become a central part of Saudi Arabia’s shift from dependence on oil, which aligns with the government’s goal of diversifying the economy and deriving revenue from non-petroleum sources.

As this week’s World Governments Summit was wrapping up in Dubai, Khalfan Belhoul’s head was buzzing with all things AI.

Having hosted TIME Magazine’s TIME100 AI Impact Awards Gala at the Museum of the Future on Monday night, Belhoul, CEO of the Dubai Future Foundation, followed it up on Tuesday by signing a partnership pact with IBM Chairman and CEO Arvind Krishna to bolster the use of artificial intelligence tools in the wealthy Gulf financial center.

IBM will also co-publish so-called white papers with the Dubai Future Foundation in April to coincide with the inaugural Dubai AI Week. Belhoul promised more “very interesting announcements” in the coming days that will be “an example for the world.”

As head of a foundation that runs a $300 million venture capital fund and built the city’s iconic Museum of the Future – a massive seven-story elliptical loop with a silvery translucent skin covered in Arabic calligraphy – Belhoul has a challenging mission.

Appointed eight years ago by Sheikh Mohammed bin Rashid, the Ruler of Dubai and Vice President of the UAE, Belhoul was tasked to “imagine, inspire and design Dubai’s future.” To that end, the Boston University graduate with a master’s degree in e-commerce, assembled a team of scientists, researchers and startup investors to plot Dubai’s long-term roadmap.

“If we think that we will get it right every single time, then we will still not be a leading city of the future,” Belhoul told The Circuit. “Our platform has been built for us to pivot and to make mistakes.”

The interview was edited for length and clarity.

Why does Dubai need a special foundation to chart its future?

When the Dubai Future Foundation was set up – I’ll be very frank with you – we had no clue how to set it up. The idea was that we needed to institutionalize future foresight. Fast forward now, around eight to nine years since the formation, we have a foresight team, we have a think tank, and we have an execution team. I think this shows you the balance between staying up to speed when it comes to what’s happening in the future and of course, you know most of the trends – and the hope and the fear at the same time. Whether it’s climate, AI, mobility, you name it. But then, how can you take all that and create a platform that is for the betterment of humanity? This is what we do.

Critics say you’re a dreamer and that many of the DFF’s ideas are unlikely to ever be put into practice. Are they right?

if you look at our projects, you would see that many of them have seen light and become an example for the world. And what I would really say to those people is that if we think this way, we will never be a leading city of the future. If we think that we will get it right every single time, then we will still not be a leading city of the future. Our platform has been built for us to pivot and to make mistakes.

If you look at investors in venture capital and their portfolio of investments in technology, 80 percent of their portfolio goes bust. But it’s that one story that creates history for them that recovers the whole portfolio. So you can see us working in the same way, where we create a safe environment to test and fail – as long as no one gets hurt or injured or nothing serious happens. Then, we double down on the winning bets and set an example for the world.

Look ahead. How will the DFF look 20 years from now?

Very futuristic. Constantly evolving. Our entity should grow in importance – not because I’m part of it, but because having an entity that becomes a think tank for Dubai and for the UAE to share a view on where the future is evolving is always a need because the future will continue to evolve.

And the interesting – I wouldn’t say scary – part is that this evolution is happening at a much faster pace. If you look at the industrial revolutions and the change from one to the other, you realize that the gap between one revolution to the next is shrinking. You see that our phones are advancing dramatically year after year. Let alone the evolution of AI, quantum computing, and robotics. So you can only imagine where we’re heading.

Dubai, Abu Dhabi, Riyadh and other parts of the region are both friendly neighbors and well-financed rivals. How do you address the competition?

One word: Synergy. Second word: Complementing each other. I think Dubai and the UAE – our population is not big enough for a company to scale. Neither is any other Arab country in the world. It’s the whole region that should benefit from this growth. Nowadays, when you set up a business on your phone, with one click of a button, the world becomes your market. So, how do you really connect that world together? Connect the Arab world to ensure that those businesses can scale in a seamless way. And that’s the vision – collaboration, inclusivity, unity – working with one another and creating a bigger impact.