The Daily Circuit
š Hello from the Middle East!
Today in The Daily Circuit, weāre looking at the various ways Neom is attracting foreign investors, a proposed share price for the Spinneyās IPO, a new tech-focused fund rolled out by ADQ and the Oman Investment Authority and why the EU has opened its arms to Gulf tourists. But first, over to the track.
There will be no Max Verstappen or Fernando Alonso in the driverās seat at races taking place at the Yas Marina Circuit in Abu Dhabi this weekend. Indeed, there will be no driver at all. The UAE capital will test the regionās supercar fandom with the launch of a brand-new racing league featuring driverless cars, offering spectators free tickets and hoping for a crowd of 10,000.
The first race for the ASPIRE Abu Dhabi Autonomous Racing League is scheduled for this Saturday, April 27, with eight teams set to compete, including Code19 Racing, one of the first independent autonomous racing teams from the U.S., and Fly Eagle representing Beijing Institute of Technology and the UAEās Khalifa University. All are vying for a prize pool of $2.25 million.
The teams will use identical race cars from Dallara, adapting software algorithms to teach their cars how to drive and push them to the limit on the circuit. Each car is completely autonomous and the only human intervention allowed at race time is a ākill switchā to bring the vehicle to a stop. Former F1 driver Daniil Kvyat has also accepted the challenge to race head-to-head with one of the autonomous cars, with the engineering teams hoping to get as close as possible to the human lap time.
Faisal Al Bannai, Secretary General of the Advanced Technology Research Council, the government-backed parent entity of the league, and Advisor to the UAE President on research and technology said the new league is aimed at positioning Abu Dhabi as a leading hub for innovation. ASPIRE also has plans for autonomous drone racing and races with off-road buggies and boats.
š° Developing Stories
HOME AND AWAY
Neom CEO Nadhmi Al-Nasr will host a phalanx of financiers this week on-site at the futuristic mega-project, as Saudi Arabia looks to drum up fresh funding, Bloomberg reports.Ā The private gathering to show the physical work being done on Neom comes as roadshows ā dubbed āDiscover Neomā ā have sought to court potential investors and collaborators, most recently in Beijing and Shanghai last week. The events include a series of presentations from Neomās leadership showing construction progress and details of The Line, a 105-mile-long futuristic city, along with industrial district Oxagon; Trojena, Neom’s mountain resort; and Sindalah, a luxury island in the Red Sea that opens to the public later this year.Ā
TOP SHELF
Gulf grocery chain Spinneys may provide some market action amid a broader slowdown for MENA exchanges as the company has set its offer price range for its planned IPO. The offer range has been set between 1.42 dirhams ($0.38) and AED 1.53 per share, implying a market capitalization upon listing on the Dubai Financial Market of between $1.4 billion and $1.5 billion. At the top of the price range, the company will raise $375 million. The final offer price will be determined through a book-building process and is expected to be announced on May 1, the company said in a statement on Tuesday. The IPO subscription period starts today. Shareholder Al Seer Group is selling 900 million shares, equal to a 25% stake. The company operates 75 premium grocery retail supermarkets under the Spinneys, Waitrose and Al Fair brands in the UAE and Oman and is expanding to Saudi Arabia.
š² Sovereign Circuit
ADQ and Oman Investment Authority: The two Gulf sovereign wealth funds have joined hands to create Jasoor Fund, a $180 million technology-focused fund aimed at investments in Omanās digital economy and the wider MENA region with a focus on high-growth technology companies.
Public Investment Fund: The PIF is acquiring a majority stake in the tower infrastructure unit of Saudi Telecom Company and merging telco assets to create an entity with a projected annual revenue of $1.3 billion and form āthe largest regional company in the telecommunication infrastructure sector,ā the fund said in a statement on Monday.
Abu Dhabi Investment Authority: ADIA has hired Brookfield Asset Managementās Julian Thomas as a senior member of its private equity business, Bloomberg reports. Thomas has been heading strategic initiatives in Brookfieldās renewables unit and will join the sovereign wealth fund as head of Americas for its private equities department in the second half of the year, reporting to Jerome Mourgue DāAlgue, ADIAās global head of private equities.
Abu Dhabi Investment Office: Peninsula, an Abu Dhabi-based real estate investment company focused on industrial, logistics and commercial assets, has been granted in-principle approval to operate from Abu Dhabi Global Market, following set-up support from ADIO. Subject to final regulatory approval, Peninsula would become the first internally managed REIT to establish in the ADGM or the wider GCC market.
āŖā© Closing Circuit
šļø Hot Property: Shareholders in Dubai developer Emaar Properties approved the boardās proposal for a generous dividend of 50 fils per share, amounting to Dh4.4 billion ($1.2 billion).
š„ļø Computing Power: Abu Dhabi AI firm G42 has picked U.S. technology hardware firm Qualcomm to power its cloud computing offering, Condor AI.
š¦ Baby Shark: Qadreya Al Awadhi, an Emirati entrepreneur and founder of baby food brand Bumblebee Food, secured an investment deal on Shark Tank Dubai.
š§āš» Capital Boost: The Israel Innovation Authority has launched a $160 million program to encourage institutional investment in VCs supporting Israeli tech companies.
š£ Circuit Chatter
š£ Resource Road: Iraq, Turkey, Qatar and the UAE have signed a preliminary deal to cooperate on Iraqās $17 billion Development Road project, which will link a major commodities port on its southern coast by rail and road to the border with Turkey.
š§āš§ Shelling Out: Shell and TotalEnergies are among the global energy companies in talks to buy a stake in Adnocās Ruwais LNG plant in Abu Dhabi, Bloomberg reports.
š Visa Diplomacy: The EU has announced five-year Schengen visas for Saudi, Omani and Bahraini citizens, in a move that represents a significant strengthening of relations between the EU and Gulf countries.
š Power Circuit
UAE President Sheikh Mohamed bin Zayed hosted a dinner banquet at Qasr Al Watan in Abu Dhabi in honor of Omanās Sultan Haitham bin Tariq, as part of his state visit to the UAE on Monday. Among the guests were Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, Sheikh Hamdan bin Zayed, Ruler’s Representative in Al Dhafra Region, and Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of the Interior. Also on Monday, Sheikh Mohamed and Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, attended the Al Nahyan weddings at Qasr Al Mushrif in Abu Dhabi, part of numerous group weddings held across the emirates under the patronage of the Presidential Court. Sheikh Mohamed congratulated the newlyweds and their families and joined the grooms and their families for photos.
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and Chairman of Dubai Executive Council, issued a resolution to form a board of directors for the Dubai Foundation for Women and Children, chaired by Ahmed Darwish Al Muhairi.
āæ On the Circuit
Tariq Bin Hendi, Senior Partner at Global Ventures, told Economy Middle East that the UAEās young population is feeding a rapidly growing entrepreneurial ecosystem, built upon a transparent regulatory framework, which is a ācompellingā combination for VC firms.
Alex Marianelli, Director of Supply Chain for the UN World Food Programme, credited the UAEās financial and logistical support in helping the WFP expand its humanitarian operations in the region at the launch of a new brand identity for International Humanitarian City in Dubai, now known as Dubai Humanitarian, on Monday.
Dr. Salman Khan, Associate Professor of Computer Vision at Mohamed bin Zayed University of Artificial Intelligence in Abu Dhabi, found that green parks in the UAE capital have a cooling effect, highlighting their crucial role in reducing urban heat in a study he conducted with U.S. technology giant IBM.
Hamid AlZaabi, Director-General of the UAEās Executive Office of Anti-Money Laundering and Counter Terrorism Financing, has drawn attention to the critical role of training to fight financial crime, after Abu Dhabi hosted a workshop for watchdogs from around the region last week.
š¶ Culture Circuit
š£ King of Fishing: More than 1,500 anglers and 360 boats took part in the Abu Dhabi Grand Kingfish Championship, one of the most important marine sporting events on the UAE calendar, which finished on Sunday. The three day event, which aims to preserve the heritage of king fishing among Emiratis, saw more than AED1 million ($272,294) in prizes distributed, with the first place prize of AED 200,000 going to Hamad Al Kamali, who caught a 32.69kg whopper.
š Ahead on The Circuit
Apr. 23-25, Dubai, UAE: GISEC Global. A forum for furthering the key discussions that are helping to define cyber resilience and connecting the global cybersecurity community. Dubai World Trade Center.
Apr. 25-26, Abu Dhabi, UAE: DriftX. An event for smart, autonomous and sustainable urban mobility across air, land, and sea organized in partnership with the Abu Dhabi Investment Office, Abu Dhabiās Smart and Autonomous Vehicles Industry (SAVI) cluster and Bayanat. Yas Marina.
Apr. 28-29, Riyadh, Saudi Arabia: World Economic Forum Special Meeting. A gathering of investors, politicians and experts on topics of collaboration, growth and energy for economic development. TBC.
Apr. 29-May 1, Riyadh, Saudi Arabia: Future Hospitality Summit. An international gathering hosted in cities around the world bringing together the most influential hospitality investors and developers. Mandarin Oriental Al Faisaliah.
Apr. 29 – May 5, Abu Dhabi, UAE: Abu Dhabi International Book Fair. A key event for the publishing industry in the Middle East and North Africa. Abu Dhabi National Exhibition Center.
Apr. 30-May 1, Abu Dhabi, UAE: Mobility Live. A conference and exhibition sponsored by the Abu Dhabi transport regulators, gathering disruptive technology developers in transportation and the public sector. Abu Dhabi National Exhibition Center.
Apr. 30-May 1, Abu Dhabi, UAE: Middle East Rail. The leading conference in the region for rail innovation, technology and strategy. Abu Dhabi National Exhibition Center.
May 5-8, Los Angeles: Milken Institute Global Conference. Politicians, financiers, media and philanthropists convene to discuss challenges across themes like innovation and technology, health and medical research, diversity and inclusion. The Beverly Hilton.
May 6-7, Dubai, UAE: Dubai FinTech Summit. The second annual gathering of financial leaders meet to spotlight innovation and discuss disruptions in the industry, organized by the Dubai International Financial Centre (DIFC). Madinat Jumeirah.
May 7-9, Abu Dhabi, UAE: AIM Congress. The Annual Investment Meeting will convene inter-governmental leaders, executives, entrepreneurs and policymakers on the theme āAdapting to a Shifting Investment Landscape: Harnessing New Potential for Global Economic Development.ā Abu Dhabi National Exhibition Center.
May 13-15, Abu Dhabi, UAE: Abu Dhabi Global Healthcare Week. A conference focusing on investments, and innovation to solve the most important global health challenges. Abu Dhabi National Exhibition Center and Abu Dhabi City.
May 14-15, Abu Dhabi, UAE: J.P. Morgan Asset Management: Life Sciences Innovation Summit. A gathering aimed at drawing startups and investors from the life sciences sector to Abu Dhabi. Cleveland Clinic Abu Dhabi.
May. 14-16, Doha, Qatar: Qatar Economic Forum, Powered by Bloomberg. A news-driven event dedicated to global business and investment. This year’s theme is āA World Remade: Navigating the Year of Uncertainty.ā Request your invite here. Fairmont & Raffles, Doha.
May 29-31, Marrakech, Morocco: GITEX Africa. The second edition of the biggest tech and startup gathering in Africa. Place Bab Jdid.