Dubai’s telecom company, du, is collaborating with Microsoft to build a $545 million “hyperscale” data center.

Microsoft will be the primary tenant of the center, which will be built in stages.

Hyperscale centers are facilities used to meet the huge data and storage demands of AI and cloud computing services.

Currently, du operates five data centers across the UAE.

The project was unveiled on Tuesday by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, UAE Deputy Prime Minister and Defense Minister and Chairman of the Dubai Future Foundation.

“Data is the wealth of the future and the foundation of technological progress,” he said.

The UAE, which created a ministry to promote tolerance and coexistence nearly 10 years ago, is now making longer life expectancy into a national project, tapping a young female biochemist to lead its investment campaign.

Fatma Almulla, an expert in Mideast healthcare finance, was appointed this month to head the Abu Dhabi Investment Office’s new initiative called HELM, which stands for Health, Endurance, Longevity and Medicine. The Mubadala sovereign wealth fund is a strategic partner.

In the new post, Almulla, 31, will seek to develop a cluster of alliances with some of the biggest pharmaceutical companies and healthcare firms – part of an effort to make the UAE a world leader in medical innovation. HELM aims to raise more than $11 billion in investment over the next 20 years.

“The UAE has the right to win in this global marathon,” Almulla said in an interview with The Circuit last week in Abu Dhabi. “In five years, I expect to see five big pharma companies with production facilities established here.”

Before assuming the HELM post, Almulla spent a decade abroad, earning two master’s degrees at the University of Glasgow and a doctorate in biochemical engineering at University College London. For the past two years, she’s worked at GKSD Investment Holding, a Milan, Italy-based consulting firm focused on healthcare and engineering, where she rose to become Vice President and Advisor to the Chairman on business development in the Middle East.

Almulla, who was named in 2023 to the Forbes Middle East “30 Under 30” list that spotlights the region’s upcoming leaders, said HELM will cultivate biotech startups in the UAE and Middle East through funding, mentorship and networking opportunities.

Fostering research in such fields as genomic medicines and advanced therapies through AI-powered diagnostics, Almulla said, should help people in the UAE lead longer and healthier lives.

The interview has been edited for length and clarity.

How would you describe the mission of the new HELM initiative?

The cluster brings together an integrated and powerful ecosystem designed to drive innovation, attract global investments, and position Abu Dhabi as a global leader in life sciences. In this group, we are welcoming global pharma companies across biotech, pharma, MedTech, and digital health.

Not only big pharma companies. We also work with startups such as biotech and health tech ventures. We help them by linking them to our accelerators, such as Hub71, which gives them access to funding, mentorship, and networking opportunities in the Middle East. At its core, the cluster will enable advancements in genomic medicines, advanced therapies, and AI-powered diagnostics. Our niche is clear in terms of longevity and wellness.

Why is this program important for Abu Dhabi, in particular, and for the UAE and the Middle East overall?

The healthcare sector is very important. The size of this market is expected to grow to 93 trillion dirhams ($25.3 trillion) by 2045. Currently, the life sciences market alone is at 7.7 trillion dirhams and will grow to 40 trillion dirhams by 2045.

The UAE has the right to win in this global marathon. It has many advantages. For example, a third of the world’s population is within a four-hour flight from the UAE. More than 90% of global pharma companies have a presence in the UAE. We also have the second-largest national human genome project. Clinical trial approval in the UAE usually takes no more than 28 days, thanks to our streamlined regulators like the Department of Health.

We are helping these companies access the Middle East, Asia, and Africa regions, who are looking to expand in the region. As I mentioned with the market size and growth, there will be twice the demand for healthcare solutions. That means there will be a need for better and quicker therapies, advanced therapies, and genomic solutions.

How much investment can HELM potentially generate?

We expect the cluster will unlock 42 billion dirhams ($11.4 billion) in investments. It will contribute 94 billion dirhams in incremental GDP growth and create around 30,000 new jobs – all by 2045.

Which major institutions are supporting HELM?

Mubadala is one of our strategic partners. They already have a global life sciences investment platform. ADQ also has major investments in life sciences. Being part of the cluster allows us to leverage those assets. We collaborate with them to assess new investments. One of their recent investments was in a manufacturing platform, and now they are exploring bringing parts of that to Abu Dhabi.

We’re working with UAE University, Khalifa University, NYU Abu Dhabi, and Mohamed Bin Zayed University of Artificial Intelligence. Partnerships with international universities are also in the pipeline. For regulations, we work with the Department of Health and the ADGM. For R&D, we work with Masdar as an innovation center. For infrastructure, we have KIZAD (Khalifa Industrial Zone Abu Dhabi), Masdar, and the Abu Dhabi Airport Free Zone. For talent development, we partner with universities globally.

We still need to develop specialized programs in areas like biopharma, biotechnology, and genomics. We’re also creating opportunities for postdoctoral and postgraduate studies. Talent development is an integral part of the cluster.  We’ll know more when we announce deals with pharma companies.

In a nutshell, what are your short-term and long-term goals?

Our vision is for 2045. But in five years, I expect to see five big pharma companies with production facilities established here. Building a full substance and formulation facility takes about four to five years. Capital deployment happens immediately.

If we close deals in the next two years, I believe by the five-year mark, we’ll see many of the big pharma companies here. We’re already working with some of them – that will attract others.

The UAE is amping up the 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 a deep dive into AI technology.

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]. 

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.

📷 Photo of the Day

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.

👋 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]. 

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.

📷 Photo of the Day

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.