Solely aggregation of news articles, with no opinions expressed by this service since 2009 launch on this platform.
Copyright to all articles remains with the original publisher and HEADLINES ARE CLICKABLE to access the whole article at source.
(Subscription by email is recommended,with real-time updates on LinkedIn and Twitter.)
Emirates Global Aluminium plans to start building a $4 billion plant in Oklahoma next year as Donald Trump pushes for massive investments from oil-rich Gulf states to avoid his tariffs.
The smelter will have the capacity to produce as much as 600,000 tons a year of primary aluminum, with construction slated to start by the end of 2026 and to be ready by 2030, the company said in a statement on Friday. EGA is also partnering with US defense company RTX Corp. and the UAE’s Tawazun Council on a gallium project.
The US president announced $200 billion in deals with the United Arab Emirates during the final stop of his Middle East tour, adding to investment commitments from Saudi Arabia and Qatar.
Dubai-based EGA completed its first US acquisition last year when it bought 80% of Spectro Alloys Corp. in Minnesota and said it would make further investments to counter the impact of US tariffs.
Trump suggested an UAE aluminum plant would be built in the US because the company would “have to pay a big tariff” if the facility were to be built in the Emirates. The smelter and the gallium project are part of the investments he announced.
The smelter’s construction is contingent on securing a competitive power deal, local investment incentives and tax credit arrangements, EGA said.
EGA said it has signed an exclusive land option agreement for a site near Tulsa and is in advanced negotiations with Public Service Company of Oklahoma and the Oklahoma government.
RTX and Tawazun Council signed a memorandum of understanding to establish EGA as a supplier of gallium, a critical mineral used in chips, the aluminum producer said in a separate statement. The gallium would be extracted and refined at EGA’s alumina refinery in Abu Dhabi. The value of the potential investment wasn’t disclosed.
In the tight-knit world of the Abu Dhabi royals, an 83-year-old property lawyer wields unique influence. The fruits of his work supporting the emirate’s ambitions on artificial intelligence and foreign deals were on full display as the Emiratis played host to one of his long-time associates: US President Donald Trump.
Marty Edelman is a rarity in the Middle Eastern city: An outsider among an upper echelon dominated by senior members of the wealthy and powerful Al Nahyan family. Equally at ease in an international board room and an Emirati majlis, the New Yorker has earned the moniker “Abu Dhabi’s Man in Manhattan.”
As a senior adviser for the United Arab Emirates, Edelman’s been at the center of the country’s evolution from petrostate to a hub for business, technology and culture. He helped steer Abu Dhabi’s landmark 2008 deal to buy Manchester City Football Club as well as the emirate’s more recent quest for advanced Nvidia Corp. chips.
Hints to the lawyer’s influence abound in a detailed origin story of New York University’s Abu Dhabi campus, set up in 2010. Khaldoon Al Mubarak, chief executive officer of the $330 billion wealth fund Mubadala Investment Co., describes “long, hard negotiations,” with the school in the run up to unveiling the local outpost.
“Marty Edelman was a bridge to both parties,” Al Mubarak said.
Political Ties During the tail end of Joe Biden’s presidency, Edelman put his diplomatic skills to use, supporting sensitive talks between US officials and G42, the Abu Dhabi-based AI firm overseen by National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan. Over the years, the lawyer has cultivated a number of high-level relationships in Democratic power circles, from the Kennedys to the Clintons and George Soros.
Trump’s return brought another familiar face to the White House. Edelman had befriended him and Steve Witkoff, now a trusted adviser to the president, through their work during New York City’s real estate boom in the 1980s and 90s. That’s made him a key go-between as the Gulf state seeks to balance its pursuit of advanced US technology alongside its “friends with everyone” diplomatic strategy.
Edelman’s sway is evident by his position as an adviser or board member for many of Abu Dhabi’s marquee institutions, from Mubadala to G42, Manchester City and Royal Group, the prominent private investment firm chaired by Sheikh Tahnoon. That list also includes MGX, which is helping bankroll Trump’s $100 billion AI push, and GlobalFoundries Inc., a major semiconductor manufacturer owned by Mubadala.
“Marty’s secret sauce is that he’s trusted by both sides of the aisle and across different cultures,” Witkoff, Trump’s special envoy who has known Edelman for three decades, said in an interview. “Nobody sees him as an ideologue. He’s solution based. He’s always trying to take into account everyone’s viewpoint.”
This story is based on interviews with more than two dozen people familiar with Edelman’s career and work advising the UAE. Most spoke on the condition of anonymity because much of the information they shared is private.
Edelman didn’t respond to requests for comment.
Abu Dhabi’s ‘Man in Manhattan’ The lawyer first arrived in the region in the early 2000s, accompanying US Army General Tommy Franks, who brought Edelman into the orbit of Abu Dhabi’s royals.
He hit it off particularly well with Sheikh Mohammed bin Zayed Al Nahyan, now the UAE’s president, and his brother Sheikh Tahnoon, who oversees a $1.5 trillion empire. Soon afterwards, the Emiratis tapped him as an adviser, both to the government and the Al Nahyan family — a relationship that’s deepened over two decades.
Edelman, who starts most days at 4:30 a.m. with a round of phone calls and a workout, is a rare example of a Western adviser having the ear of senior Emiratis.
“Marty’s secret sauce is that he’s trusted by both sides of the aisle and across different cultures.”
These days, firms from around the world are flocking to Abu Dhabi, which controls close to $1.7 trillion in sovereign wealth and 6% of global oil reserves. But even top executives find themselves navigating a labyrinth of gatekeepers before they can access the emirate’s moneymen. Edelman cultivated his ties before the stampede.
The New Yorker was even granted a local UAE passport — an honor extended to only a few foreigners and a sign of deep personal trust at the highest levels of government. When he wed designer Norma Kamali some years ago, the couple held a reception afterwards in Abu Dhabi. The lawyer has long worked for Paul Hastings, which recently opened an office in the UAE capital, seeking to capitalize on the city’s push into sectors like AI.
Kennedy Connection Edelman’s path to the Trump world and Abu Dhabi royals was unorthodox.
The son of a Russian immigrant father and an orphaned mother, he grew up in a liberal household in Westchester County that prided itself on social justice, where Civil Rights activism and communist politics were discussed over dinner.
While studying at Princeton in the early 1960s, Edelman played lacrosse and emerged in the East Coast rock and roll scene, playing as a drummer alongside legends like Chuck Berry and Fats Domino. A summer internship as a speech writer for former US Attorney General Robert F. Kennedy gave him an unexpected introduction to one of America’s political dynasties.
After graduating, Edelman followed the path of many men in his family by attending law school — Columbia in his case. Afterwards, with the Vietnam War at full throttle, he was drafted and served multiple tours over three years.
Upon returning to New York, Edelman dove right into the legal world. On his first day, he was sent to meet with a prominent client in Harlem, where Jackie Robinson — the first Black man to play Major League Baseball — was among those in the room. The two struck up a conversation about a subsidized housing project in the works, and Robinson soon tapped Edelman as his lawyer.
“Nobody sees him as an ideologue. He’s solution based. He’s always trying to take into account everyone’s viewpoint.”
Edelman parlayed that opportunity into a broader role on the New York real estate stage, becoming a go-to adviser on high-profile deals and a fixture in Manhattan’s world of money and power.
“He’s known President Trump for a long time over the years,” Witkoff said, describing the lawyer’s work in the city during the years when Trump himself was doing big-ticket deals. “Marty was at the top of the chain in the New York real estate legal area at that same time.”
‘Tall-building lawyer’ It was a serendipitous invite in 2002 that led Edelman to Abu Dhabi.
Through his philanthropic work on veterans issues, he came to know General Franks, who led US military operations across the Middle East in the early 2000s.
Shortly after 9/11, Edelman organized a celebrity visit to the US troops, bringing along a star-studded cast of Hollywood actors as well as musicians, including Robert De Niro, Kid Rock and Wayne Newton. Around the same time, Franks asked if he’d like to tag along for his regular tour to meet with leaders across the Persian Gulf.
Edelman, who’s Jewish, was skeptical about how he might be perceived but ultimately obliged. Within the span of a week, he went from minimal contacts in the region to gaining direct access to some of the Middle East’s most influential decision makers.
The Emiratis were particularly fond of him, seeing the value the so-called “deal doctor” and “tall-building lawyer” could bring them on a host of issues from diplomacy to deals, soft power and politics. He became a trusted adviser to the Al Nahyan family: The American face in the boardroom, helping smooth concerns and solve problems around cross-border investments.
That included the Man City deal — when Edelman was at the center of the action, working closely with Sheikh Mansour bin Zayed Al Nahyan, Al Mubarak and Ambassador Yousef Al Otaiba. Before long, Edelman emerged as an informal counterpart to Otaiba in Washington — and a key player in the deepening US-UAE ties.
Manchester City chairman Al Mubarak, CEO Ferran Soriano and Edelman watch a Premier League match in Manchester.Photographer: Michael Regan/Getty Images
Recounting his introduction to some of the Emirati leadership in a recent podcast, Edelman called it one of the most pivotal moments in his career, paving the way for his current advisory role that has him spending roughly half his time working for the government and royal family of Abu Dhabi all over the world.
“That dramatically changed my life,” he said. “I’ve gotten to do everything I ever thought I wanted to do and then 4,000 things that I never thought about before.”
United Arab Emirates tech firm G42 agreed on Friday to partner with Italian artificial intelligence startup iGenius to develop a major AI supercomputer in Italy, the companies said in a joint statement.
The deal is part of a broader framework announced at a bilateral summit in February, where the United Arab Emirates pledged to invest $40 billion in Italy, Italian Prime Minister Giorgia Meloni said at that time.
The AI data center project, called Colosseum, will be developed with $1 billion over five years using Nvidia (NVDA.O), opens new tab technology in southern Italy.
G42 will be the main financier of the initial phase, to create what the companies called the "largest AI computer deployment" in Europe.
The agreement will create an AI hub in Italy, Industry Minister Adolfo Urso said at the Investopia conference in Milan, noting "strong chances" that it would be located in the southeastern Apulia region.
Abu Dhabi sovereign wealth fund Mubadala, the UAE's ruling family and U.S. private equity firm Silver Lake, hold stakes in G42.
U.S. President Donald Trump was wrapping up his Gulf tour on Friday having secured what the White House says is over $2 trillion for the U.S. economy in combined deals.
How that number was calculated is unclear. Based on a Reuters tally of all the specific deals announced, the total value is over $700 billion. But deal inflation is not unusual on any major visit, let alone one by a U.S. president who has long prided himself as an expert dealmaker.
The trip included big orders of Boeing planes, deals to buy U.S. defence equipment, data and technology agreements and other contracts.
But financial experts and diplomats say the headline figures have been padded out in both sides' desire to showcase the extent of their cooperation.
Of the corporate agreements worth up to $549 billion during the Trump's Gulf tour, many were non-binding memorandums of understanding, according to a Reuters analysis.
The defence sales agreed with Saudi Arabia and Qatar took the overall tally close to $730 billion, by Reuters' calculations.
Reuters could not independently verify whether additional agreements were signed without public disclosure.
"The amounts are inflated, possible spending is counted as actual - and most of the solid deals ... would have happened irrespective of who was in the White House," said Justin Alexander, Director of Khalij Economics. During his first term, Trump said Saudi Arabia had agreed to $450 billion in deals with the U.S., but actual trade and investment flows amounted to less than $300 billion between 2017 to 2020, according to data compiled by the Arab Gulf States Institute.
Trump’s $450 billion Saudi deal claim fell short of actual flows in first term"DEALMAKER IN CHIEF" In response to a question about the figures, White House spokeswoman Anna Kelly told Reuters: “President Trump is the Dealmaker in Chief, and these trillions of dollars in economic agreements are great news for American companies and workers. The President is quickly delivering on his promises to Make America Strong and Wealthy Again."
A Qatari official reached by Reuters did not provide comprehensive details about Doha's commitment to Washington, and Saudi and UAE officials did not immediately respond to requests for details.
Memorandums of understanding are less formal than contracts and do not always turn into cash transactions.
Saudi Aramco (2222.SE), opens new tab, for example, announced it had signed 34 deals with U.S. companies worth up to $90 billion on AI infrastructure and other areas. But most of the tie-ups were non-binding MoUs without a value attached.
Aramco's agreement to buy 1.2 million tonnes of LNG per year for a 20-year term from NextDecade had already been announced months earlier, but was still included in Wednesday's tally.
The White House said agreements signed with Qatar's Emir Sheikh Tamim bin Hamad Al-Thani would "generate an economic exchange worth at least $1.2 trillion", and included a $96 billion sale to Qatar Airways. But it did not offer a comprehensive breakdown.
A Qatari official said Qatar's sovereign wealth fund had made an "economic pledge" to invest $500 billion in the U.S. economy over the next 10 years, but that this did not yet include anything concrete.
"If the past is precedent, promised deals that have no real return on investment will eventually be shelved after having served their political purpose," said Firas Maksad, managing director at consulting firm Eurasia Group.
On the defence side, Washington signed a $142 billion arms package with Saudi Arabia covering purchases from more than a dozen U.S. companies, and what Trump said was a $42 billion defence deal with Qatar.
During his first term, Trump celebrated an announcement of approximately $110 billion of arms sales during his visit to Saudi Arabia.
But such deals extend over many years and are hard to track closely. As of 2018, only $14.5 billion of sales had been initiated and Congress began to question the deals in light of the murder of Saudi journalist Jamal Khashoggi.
BEYOND THE NUMBERS Despite the vagueness of the commitments and timelines, the news has boosted some market stocks.
Deutsche Bank attributed a 4.16% rise in Nvidia (NVDA.O), opens new tab on Wednesday to the MoU announced by Saudi state oil giant Aramco.
And there were concrete new deals for U.S. companies.
Qatar Airways' order for 160 Boeing jetliners with GE Aerospace engines is worth $96 billion. And Abu Dhabi's Etihad Airways will spend $14.5 billion to buy 28 Boeing aircraft with GE engines.
Boeing (BA.N), opens new tab shares closed up 0.64% on Wednesday after the Doha reveal.
But some of the real gains of Trump's tour lie beyond the raw numbers.
Most importantly, the three Gulf countries have secured U.S. support for files they see as key.
Saudi Arabia is moving closer to its long-held aspiration to develop a civil nuclear energy industry, which Trump has delinked from normalising relations with Israel, a major win for the kingdom.
The UAE has signed a framework that puts it on a pathway to acquiring the advanced semiconductors it wants in order to fulfil its long-held ambition of AI leadership.
And Qatar received Trump's assurance that the U.S. would protect it if it ever came under attack.
"I think there is a wider symbolic dividend here," said Hasan Alhasan, senior fellow for Middle East policy at the International Institute for Strategic Studies.
"While many of the U.S.'s traditional partners and allies have had a particularly tense few months of relations with the U.S., trying to navigate Trump's economic policies and his controversial approach to the Russia-Ukraine war, here are the Gulf States concluding unprecedented business deals and arms sales and taking their bilateral relationship to the next level."
Dubai's main share index (.DFMGI), opens new tab rose to a record high on Friday, settling up 1.05%, as a slew of business deals between the United Arab Emirates and the United States boosted investor confidence.
President Donald Trump on his last stop of a Gulf tour on Friday said that the United Arab Emirates and the United States had agreed on a path for the Gulf country to buy advanced AI semiconductors from U.S. companies, a major win for Abu Dhabi's efforts to become a global AI hub.
Deals featuring advancements in AI alongside investments in aviation, energy, and other industrial sectors, have improved the outlook for various sectors and fuelled expectations for broader economic growth and development in the UAE, Osama Al Saifi, Managing Director for MENA at Traze said in a note.
Abu Dhabi's benchmark index (.FTFADGI), opens new tab also closed up 0.3%, the index clocked gains for fifth straight week and clocked a weekly gain of 0.29%.
Meanwhile, oil prices also improved, with Brent crude futures rising 0.5% on Friday.
