Emirati billionaire Hussain Sajwani said on Friday he expects more investments from the oil-rich Gulf into the US as President-elect Donald J. Trump’s second term in office heralds a “pro-business” climate.

The real estate tycoon and longtime business partner of Trump this week announced at the president-elect’s Florida Mar-a-Lago resort that he planned to invest $20bn in data centres in eight US states over the coming years.

Sajwani, whose Dubai-based DAMAC Properties real estate firm owns the only Trump-branded golf course in the Middle East, made the announcement alongside Trump, who gave a commitment to expedite regulatory processes for such big-ticket investments.

“I think his overall policies are pro-business,” Sajwani told Reuters at his home on Dubai’s Palm Jumeirah island.

Those policies would encourage others to invest in the US in the coming years, he said, adding that there were significant opportunities for artificial intelligence and other technology.

Sajwani, who made much of his wealth building residential neighbourhoods and apartment towers in Dubai, is an investor in Elon Musk’s SpaceX and artificial intelligence company xAI.

The Emirati magnate celebrated New Year’s with Trump and Musk, and other guests at Mar-a-Lago resort and said he had been invited to attend the inauguration in Washington on January 20.

Forbes estimates Sajwani’s net worth at $5.1bn.

Trump and his family have business ties to the GCC beyond the longstanding partnership with Sajwani. Trump-branded real estate projects are being built under partnership deals in Saudi Arabia and Oman, while Gulf state-owned funds are investors in an investment firm owned by Trump’s son-in-law Jared Kushner.

Gulf sovereign wealth funds are also big US investors.

AI race

The UAE is racing to become an AI leader amid rising competition in the region. Qatar and Saudi Arabia are also investing heavily in the technology and pitching themselves as potential global AI hubs.

Sajwani’s investment in data centres is being made by DAMAC subsidiary EDGNEX, which is operating and building data centres in the Middle East, Asia and Europe.

EDGNEX plans to build and own data centres with an overall capacity of 2,000 megawatts over the next four years in Texas, Arizona, Illinois and five other Sunbelt and Midwest states.

Sajwani cited access to land, energy and “more business-friendly approvals” as why the centres would be built there and said that most of the investment would be funded through debt.

DAMAC, which plans to fund 60-70 per cent of the investments through debt, is working with global banks and will offer the data centres under construction as collateral.

The remaining 30 per cent will come from DAMAC Properties’ balance sheet, banking on the funds the company has been receiving as it delivers real estate projects launched years ago.

“So the company’s balance sheet is strong enough to fund the coming four years. And, of course, all these things have been studied carefully, and a very detailed business plan has been done,” he said.

The deal is likely to come under scrutiny by the Committee of Foreign Investment in the US (CFIUS), a panel that reviews foreign investments for national security concerns.

Some GCC officials privately complain about the lengthy time it takes for the interagency panel to review such deals.

Sajwani said the deal would go through “the normal process” but that he anticipates the incoming administration would “ease up” regulatory processes and “make it a bit faster”.

“We know from the overall policy of the government, (it is) going to be more encouraging to foreign investment.”

Read: DAMAC Group’s Hussain Sajwani to invest $20bn in US data centres

The world’s first flying taxi is scheduled to take off from the Dubai International Vertiport (DXV) in 2026, after the General Civil Aviation Authority (GCAA), the UAE civil aviation authority, granted technical design approval for the first commercial vertiport to Skyports.

DXV, the facility’s interim name, was chosen for its proximity to Dubai International Airport (DXB). It is the first of four vertical ports that Skyports is developing in partnership with Dubai’s Roads and Transport Authority and Joby Aviation.

The vertiport is the first facility to receive design approval under the newly established UAE Vertiport Regulations. The GCAA’s approval allows Skyports to continue developing the DXV facility.

“The approval of the DXV Vertiport design advances the UAE’s leadership in adopting innovative aviation solutions. Aligned with the ambitious visions of the country’s leadership and supporting the Air Taxi Project set to launch in 2026, this project exemplifies our commitment to creating safe, secure and future-ready infrastructure,” said Saif Mohammed Al Suwaidi, director general of the GCAA.

The UAE aviation authority said approving the design of DXV involved “a thorough assessment of critical factors,” including physical dimensions, layout, airspace considerations, the obstacle environment, and rescue and firefighting services.

The 3,100-square-meter facility will accommodate takeoffs, landings, aircraft charging, and parking. The vertiport is designed to handle around 42,000 landings and 170,000 passengers annually.

DXV will also leverage cutting-edge technology to enable efficient takeoffs and landings, ushering in a new era of flying taxis.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE and Chairman of The Executive Council of Dubai, approved the construction of the city’s first aerial taxi vertiport earlier in November.

Joby will handle aircraft manufacturing, operations, and passenger movement, while RTA will ensure governance and integration with other transport modes.

Joby applied for a certificate that will allow it to operate commercial air transport in the UAE last September. It signed an agreement with the RTA in February 2024 to launch an all-electric air taxi service in Dubai.

The eVTOL aircraft maker’s S4 Aerial taxi is designed to carry a pilot and four passengers at speeds of up to 322km (200 miles) per hour. During rush hour, the aircraft can travel from Abu Dhabi to Dubai in 30 minutes, compared to around two hours by car.

Read: Dubai begins construction of its first air taxi station near DXB

Oil prices rose on Friday and were on track for a third straight week of gains as traders focused on potential supply disruptions from sanctions while icy conditions in parts of the US and Europe are expected to drive up fuel demand.

Brent crude futures gained $1.06 or 1.4 per cent, to $77.98 a barrel by 0904 GMT, while West Texas Intermediate (WTI) crude futures advanced $1.04 or 1.4 per cent to $74.96.

Over the three weeks ending January 10, Brent has climbed by close to 7 per cent, while WTI has jumped nearly 8 per cent.

“There are several drivers today. In the short term, the weather is very cold across the US, driving up demand for fuels. In the long term, the market is focused on the prospect of additional sanctions, especially against Iran,” said Ole Hansen, head of commodity strategy at Saxo Bank.

The US Weather Bureau expects central and eastern parts of the country to experience below-average temperatures. Many regions in Europe have also been hit by extreme cold and they are likely to continue to experience a colder-than-usual start to the year, which JPMorgan analysts expect to boost demand.

“We anticipate a significant year-over-year increase in global oil demand of 1.6 million barrels a day in the first quarter of 2025, primarily boosted by … demand for heating oil, kerosene and LPG,” they said in a note on Friday.

Ahead of US President-elect Donald Trump’s inauguration on January 20, concerns are mounting over potential supply disruptions from tightening sanctions against Iran and Russia while oil stockpiles remain low.

This could materialise even earlier, with US President Joe Biden expected to announce new sanctions targeting Russia’s economy to bolster Ukraine’s war effort against Moscow before Trump takes office. A key target of sanctions so far has been Russia’s oil industry.

Meanwhile, the premium on the front-month Brent contract over the six-month contract reached its widest since August this week, potentially indicating supply tightness at a time of rising demand.

Inflation worries are also delivering a boost to crude oil prices, said Saxo Bank’s Hansen. Investors are growing concerned about Trump’s planned tariffs, which could drive inflation higher. A popular trade to hedge against rising consumer prices is through buying oil futures.

Oil prices have rallied despite the US dollar strengthening for six straight weeks, making crude oil more expensive outside the US.

Read: UAE petrol, diesel prices remain unchanged for January 2025

Tesla launched a new version of the Model Y, its best-selling car, in China on Friday, hoping that a redesigned exterior and upgraded features inside will help it regain market share taken by rivals such as Xiaomi.

The new Model Y is priced from 263,500 yuan ($35,900), 5.4 per cent more expensive than the previous version in China, Tesla‘s second-largest market, the US automaker said on its Weibo social media account.

Deliveries in China are set to begin in March, subject to regulatory approval and Tesla was also taking orders for the SUV in many other Asia Pacific markets. Details about Tesla‘s plans for the revamped version in North America and Europe were not immediately available.

The latest Model Y sports a new light bar that stretches across the front end, similar to Tesla‘s Cybertruck, while the tailight is also a full-width light bar. Other upgraded features include seats that can be heated or ventilated for comfort in all weather conditions as well as a touchscreen for second-row passengers.

The long–range variant now has a driving range of 719 kilometres per charge, up from 688 km.

Tesla first launched the Model Y in 2020 and it became the world’s best-selling car in 2023. The ageing model lost some sales momentum last year, hurt by competition from local rivals in China, while in other markets demand for electric vehicles has weakened.

Tesla was the largest maker of battery electric cars in China in 2020 but Chinese EV rivals have increasingly made inroads, winning over customers with snazzy smart car features.

The US automaker’s market share in China’s battery electric vehicle market slipped to 10.4 per cent last year, down from 11.7 per cent in 2023.

BYD is currently China’s biggest seller of EVs while consumer electronics maker Xiaomi stormed the electric car market last year, delivering more than 130,000 of its first model, the SU7.

Even with a revamped Model Y, analysts said it was doubtful that Tesla will regain the momentum it used to have in China.

Xiaomi will launch its first SUV, the YU7, in June or July, and Xpeng plans to launch the G7.

Both models share “similar features with the Model Y, such as a youthful design and technological functions, making them direct competitors,” said Shaochen Wang, a China-based auto analyst at Counterpoint.

Wang also noted that Tesla had yet to finalise the full rollout of its advanced driver assistance software, which is called “Full Self-Driving”, in China. That could put it on the back foot against several Chinese EV auto brands which have also developed advanced smart driving features.

Tesla plans to launch a six-seat variant of the Model Y in China late this year, sources have previously said.

Global payments provider Mastercard has introduced its Crypto Credential solution to the UAE and Kazakhstan, marking its debut in the Eastern Europe, Middle East, and Africa (EEMEA) region.

Mastercard Crypto Credential allows users to send and receive cryptocurrencies using simple aliases instead of complex blockchain addresses. The system ensures that transactions proceed only when the recipient’s wallet supports the transferred asset, reducing the risk of failed or lost transactions.

“As the cryptocurrency landscape continues to mature, we’ve been laser focused on developing innovative services and capabilities that help make crypto more accessible and secure, streamline the transaction process and enhance trust in the ecosystem,” said Gaurang Shah, executive vice president and head of core payments for EEMEA at Mastercard.

“In bringing Mastercard Crypto Credential to the EEMEA region, we’re delivering on our vision to increase and instill trust in blockchain technology while also transforming the way that people interact with digital assets.”

The initiative, launched in collaboration with ATAIX Eurasia, Intebix, CoinMENA, and Fuze, is designed to enhance trust in blockchain transactions by verifying users and ensuring compliance with regulatory frameworks, including the Travel Rule.

The Travel Rule is a global anti-money laundering (AML) regulation requiring financial institutions, including crypto exchanges, to share identifying information about the sender and recipient of transactions above a certain threshold.

Established by the Financial Action Task Force (FATF), the rule applies to virtual asset service providers (VASPs) such as cryptocurrency exchanges and wallet providers. The objective is to prevent money laundering, fraud, and terrorism financing by ensuring transparency in cross-border and domestic digital asset transactions.

How it works and future expansion

Mastercard Crypto Credential operates through a verification and alias-based transaction process.

Users are verified under Mastercard Crypto Credential standards through participating exchanges. Once verified, they receive a unique alias to send and receive crypto across supported platforms. Finally, before a transaction is processed, the system checks if the recipient’s alias and wallet support the asset and blockchain. If not, the transaction is blocked, preventing potential fund losses.

While the pilot phase focuses on peer-to-peer transactions, Mastercard plans to expand Crypto Credential’s applications to NFTs, ticketing, and other payment solutions, subject to regulatory requirements.

With this expansion, the UAE and Kazakhstan join markets in North America, Europe, Latin America, and Asia Pacific, where the solution is already in use. A limited group of crypto wallet users will gain early access, with a broader rollout expected in the coming months.

Industry reaction

Industry leaders have welcomed the move, with Talal Tabba, CEO of CoinMENA, praising Mastercard’s efforts to build trust in digital assets.

“Innovations like Mastercard Crypto Credential program are key to building trust and making digital assets more accessible and user-friendly, especially for joiners from traditional finance,” Tabba said.