Gulf

1. Qatar doubles down on US…
2. … and bets $1B on quantum
3. MGX’s French AI push
4. Trump’s visit no bidding war
5. Israel pressured on Gaza
6. Saudi lures luxury tourists
7. Cairo rejects Dubai towers
8. NEOM’s leadership is set

Art Basel picks Doha for its first Middle East edition.

Qatar to invest $500B in the US

Qatar’s sovereign wealth fund plans to invest $500 billion in the US over the next decade, an amount nearly equal to its current assets, CEO Mohammed Saif Al-Sowaidi said at the Qatar Economic Forum. The pace of spending will see the fund more than double the outlays it has made in the US over the past six years, he said, reflecting a belief in the growth “and robustness of the US system.”

Al-Sowaidi, who took the helm at Qatar Investment Authority last year, previously led its US office and helped expand its technology portfolio. QIA plans to allocate more capital to the digitalization space, particularly where artificial intelligence can improve industrial efficiency and productivity.

In private credit — a growing asset class among Gulf sovereign investors — the fund is more cautious. “It’s becoming a very crowded market,” Al-Sowaidi said, noting that the complexity of some deals, which may resemble equity more than debt, is prompting QIA to instead place large bets with established managers in the space.

Qatar’s $1 billion quantum leap

Qatar plans to spend $1 billion over the next decade to build a domestic quantum computing ecosystem, in one of the largest government bets globally on the emerging technology. The effort is being led by a new joint venture between US-based Quantinuum and privately-held Qatari investment firm Al Rabban Capital.

Quantinuum will provide hardware and technical know-how, while the Qatari government will build out the infrastructure, fund research and development, and run education programs for young Qataris. CEO Rajeeb Hazra told Semafor that quantum computing — unlike artificial intelligence — doesn’t require massive amounts of power but still needs large datasets and AI tools to function effectively, making Qatar a logical place to expand.

— Mohammed Sergie

MGX, Nvidia align for Paris AI campus

Abu Dhabi’s technology investment fund MGX and US chipmaker Nvidia are partnering with French firms to build Europe’s largest artificial intelligence data center, near Paris. The deal for the 1.4 gigawatt-capacity campus, with France-backed investment firm Bpifrance and the country’s generative AI champion Mistral AI, was made at the Choose France summit in Versailles and builds on an earlier UAE commitment to invest up to €50 billion ($56.4 billion) in French data centers.

Expected to be operational in 2028 and with a $9.6 billion price tag, this campus joins a string of planned AI facilities involving the UAE. MGX is part of a consortium of investors backing the $100 billion Stargate initiative, a massive US data center infrastructure project, and Abu Dhabi will be home to a 5 GW AI campus as part of a deal agreed with Washington.

Analysis: US-Gulf strategic reset

Framing US President Donald Trump’s tour of the region last week as a “bidding war” between Gulf nations overlooks the deeper shifts unfolding in the region, writes Faisal J. Abbas, Editor-in-Chief of Arab News, in a Semafor column.

The trillions in deals were “not gifts or bribes,” Abbas wrote. “The US stands to gain significantly. By engaging directly with Gulf nations, it can secure lucrative deals for its companies, create jobs, and reinforce its strategic presence in a region rapidly becoming a nexus of global commerce and innovation.”

Avi Hasson is the CEO of Tel Aviv-based Startup Nation Central and was the founding chairman of the Israel Innovation Authority.

UAE sends aid to Gaza

Israel is facing growing global condemnation over its planned expansion of the war in Gaza, where civilians are trapped and facing severe food and medicine shortages. The UK, France, and Canada have threatened sanctions, and London has frozen trade talks. The UAE struck a deal with Israel to deliver urgent aid to Gaza, including food for 15,000 people, supplies for infants, and support for local bakeries. Gulf leaders pressed US President Donald Trump during his visit on the need to end the war. Trump said on his last day of his tour: “We’re looking at Gaza. And we’re going to get that taken care of. A lot of people are starving.”

Saudi bets big on luxury tourism

Saudi Arabia is banking on luxury resorts and lavish palaces to redefine a tourism sector long centered on religious and business travel. Almost 80% of the hotels under construction or planned in the kingdom are upscale properties, according to a new report by real estate consultancy Knight Frank, an approach that a Saudi official said is core to a branding push to make the country more attractive to tourists.

The strategy, tied to Vision 2030, is showing some success: non-oil sectors made up more than half of Saudi GDP in 2024, and the kingdom surpassed its goal of 150 million annual visits, driven by domestic travel. But with average household income at just over 18,000 riyals ($4,800), sustaining the luxury push will be challenging.

— Manal Albarakati

Dubai’s Alabbar has Cairo critics

A Dubai billionaire’s plans to redevelop downtown Cairo in his city’s image has sparked a backlash from residents concerned about the loss of a historic district’s character and the encroaching influence of the Gulf, Ahmed Dahaby reports.

Mohamed Alabbar, the man behind Emaar Properties and the Burj Khalifa, plans to transform up to 50 acres of central Cairo. Some Cairenes are skeptical, worried that the proposals will only exacerbate inequality, cater to elites, and increase Gulf influence over Egypt’s decision-making.

But Egypt, which has long been supported by Gulf countries and IMF programs, will stagnate without foreign investment, and Cairo’s downtown is in need of modernization. “Many buildings are illegally occupied or used as warehouses. That’s not sustainable,” said an Egyptian founder of Dubai-based design studio Coconut, whose digital renderings of downtown Cairo have gone viral.

NEOM firms up management team

Saudi Arabia’s Public Investment Fund has firmed up the management team at NEOM, confirming that acting Chief Executive Aiman Al-Mudaifer has been given the job on a permanent basis. He has held the role since November, when he took over from Nadhmi Al-Nasr, who left after project delays and Western media reports of a toxic management culture.

The futuristic megaproject is the sovereign wealth fund’s flagship development. Al-Mudaifer’s move has prompted a mini-reshuffle within PIF: His previous job as head of its real estate and infrastructure investment portfolio has been given to Chief of Staff Saad Alkroud. In turn, the PIF’s head of data Maram Al-Johani has been named acting chief of staff.

Property

• Abu Dhabi alternative investment manager Lunate is joining a $1 billion Middle East residential real estate joint venture with asset manager Brookfield, as the two firms see no slowdown in demand for high-end property in Saudi Arabia and the UAE. — Reuters
• The fate of a multibillion-dollar tourism and real estate development deal between the UAE and Montenegro goes to a vote in the Montenegran parliament this month after plans to develop untouched Adriatic coastline spurred local backlash — and soul-searching over the role of the EU.

Manufacturing

• More than $10 billion worth of financing agreements were signed with some of the UAE’s largest lenders, including First Abu Dhabi Bank, Emirates NBD, and Abu Dhabi Commercial Bank, to provide more support to small- and medium-sized enterprises on the sidelines of Make It In the Emirates, an annual event that aims to boost domestic manufacturing.

Sovereign wealth

• Saudi Arabia’s Public Investment Fund opened a new office in Paris, adding to its global network in New York, London, Hong Kong, and Beijing. PIF has invested $8.6 billion in France, and plans to double its assets in Europe to $170 billion by 2030.

Tech

• Graphiant, a US software-as-a-service startup that helps companies create secure, high-speed connections between offices, data centers, and cloud providers, raised $19 million from Aramco’s Wa’ed Ventures and stc’s Tali Ventures. It’s also setting up its regional HQ in Riyadh.

Art Basel is coming to Doha next year. The global art fair giant — known for its high-profile editions in Basel, Paris, Miami Beach, and Hong Kong — tends to turn its host cities into weeklong cultural spectacles. The Miami edition, for example, is known to draw both art enthusiasts, as well as those looking for a good party. The fair will take place in the M7 hub in Msheireb, and is the culmination of a two-decade-long push involving art acquisitions and museum building to position Doha as a global cultural capital.

Microsoft CEO Satya Nadella helped create an artificial intelligence explosion. But instead of automating away his company’s workforce, he says the change has created a need for leadership with qualities that are fundamentally human.

“You can’t just come in and say, ‘I’m smart. I have a bunch of ideas, but I don’t know exactly what to do.’ No, you have to know what to do when it is ambiguous, when it is uncertain. So that bringing clarity is super, super important,” he told Semafor’s Reed Albergotti in an interview in the leadup to the company’s annual Build developer conference.

In item 7, we incorrectly stated that Alabbar is leading the UAE’s $35 billion Ras El-Hekma project on Egypt’s Mediterranean coast. The project is being developed by Abu Dhabi-based Modon Holding.