While the US and Europe were thrashing out the details of a détente at Davos, the Gulf was focused on its current priority: AI. Sovereigns and private companies left the mountain town with deals in hand after spending the week touting their visions — and conviction levels — in the technology.
Dubai-based Damac Properties, whose chairman is a Trump ally, secured land and power capacity in the US worth $12 billion, part of a planned $20 billion investment in the country. Meanwhile, PIF-backed Humain announced a $1.2 billion financing agreement with Saudi Arabia’s National Infrastructure Fund to fund up to 250 megawatts of domestic data center capacity. And G42 — Abu Dhabi’s AI conglomerate — said it expects advanced chips and the first phase of its Stargate data center campus to both be delivered within months.
Qatar Investment Authority’s CEO was more circumspect, telling Bloomberg the fund would take a more selective approach to AI this year. “The thing we worry about in AI innovation is short-term heat,” he said. The chief of Abu Dhabi’s Mubadala had less hesitation, saying the sovereign fund has “a lot of conviction” in the sector.
