The Daily Circuit
š Hello from the Middle East!
Today in The Daily Circuit, weāre looking at trade talks between the UAE and Ecuador, Dubaiās top ranking as a Gulf fintech hub, Mubadalaās expanded presence in Asia and Qatarās $3.5 billion dairy farming project in Algeria. But first, how to get an appointment with the UAEās top dealmaker.
When it comes to tapping the UAEās vast wealth, few people matter as much as Sheikh Tahnoon bin Zayed, who is known as the ā$1.5 trillion man.ā The trick is access.
After conducting some four dozen interviews, Bloombergās Ben Bartenstein today identifies the gatekeepers critical to getting facetime with the Emirati royal, who is the brother of UAE President Sheikh Mohamed bin Zayed and runs Abu Dhabiās largest companies and sovereign wealth funds. He is also the UAEās National Security Adviser.
Among Sheikh Tahnoonās key go-betweens is Sofia Abdellatif Lasky, described in the Bloomberg story as de facto CEO of Abu Dhabi-owned Royal Holdings. Other close advisers identified as having the ability to set up meetings are former Lebanese Prime Minister Saad Hariri; former U.K. diplomat Bill Murray; and Ajay Bhatia, the CEO of Abu Dhabiās Sirius International Holding.
ADQ, one of the funds controlled by Sheikh Tahnoon, is pouring a fortune, meanwhile, into Kenya to build up its industrial holdings in East Africaās largest economy.
On Wednesday, ADQ signed a framework agreement with the Kenyan government to invest as much as $500 million in strategic sectors for both countries including food production, mining, technology and logistics. Economic growth is the aim, according to Mohamed Hassan Alsuwaidi, Managing Director and CEO of ADQ: “We are confident that our investment will bring forth notable opportunities that will unlock tangible valueā¦ harnessing its vast potential for development,ā he said in a statement.
In 2023, non-oil trade between the UAE and Kenya surged by 26% year-on-year to $3.1 billion. That figure is set to rise further as the two countries locked into a Comprehensive Economic Partnership Agreement (CEPA) earlier this year. Last month, Kenya signed a preliminary agreement with the UAE to develop the countryās first data center powered by geothermal energy. The 1-gigawatt facility will be built by Kenyaās EcoCloud and the UAEās G42.
š° Developing Stories
FREE TRADE
UAE and Ecuador agreed to start negotiations on a CEPA deal amid booming trade between the two countries. At a signing ceremony in Quito, Ecuador, on Wednesday, Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Sonsoles Garcia, Ecuadorās Minister of Production, Foreign Trade, Investments and Fisheries, said the two countries expect to expand business links in technology, agriculture, tourism and a range of other industries. Al Zeyoudi, leading a delegation traveling to several countries in Latin America, also met with officials from Costa Rica and Colombia last week to start CEPA talks. Non-oil trade between the UAE and Ecuador jumped 76% last year to $675 million.
FINTECH FOCUS
Dubai is gaining ground as the Gulfās largest fintech hub as the city plans to host its second gathering for start-ups, investors and regulators next month. Nearly 60% of all the tech-based financial firms in the GCC have set up shop in the city, according to Mohammad Alblooshi, CEO of DIFC Innovation Hub. The Dubai FinTech Summit, to be held on May 6-7, will aim to position the city as a leader in fast-growing areas like open banking, crypto and blockchain technologies with more than 20 governors of financial institutions and global executives expected to attend. On the guest list: Essa Kazim, Governor of the DIFC; Adena Friedman, Chairwoman and CEO of Nasdaq; Nic Dreckman, CEO of Bank Julius Baer; Yie-Hsin Hung, President & CEO of State Street Global Advisors; and Jim Demare, president of Global Markets at Bank of America.
š² Sovereign Circuit
Mubadala: The Abu Dhabi sovereign wealth fund is eyeing investment opportunities in AI and renewables in Asia ā specifically in China, Japan, Korea, Vietnam and India ā Deputy Group CEO Homaid Al Shimmari said at the AVPN Global Conference 2024 in Abu Dhabi on Wednesday. Sanad, an aerospace engineering company owned by Mubadala, announced a new training program for students at Khalifa University in Abu Dhabi.
Public Investment Fund: Saudi Arabiaās PIF-backed Regional Voluntary Carbon Market Co. has selected commodity exchange Xpansiv to provide tech infrastructure for its carbon credit market, which is set to launch later this year.
Qatar Investment Authority: Londonās Heathrow Airport, whose owners include the QIA, China Investment Corp. and Spainās Ferrovial, said it has started looking for a new chief financial officer after appointing Javier Echave as its chief operating officer.
āŖā© Closing Circuit
š©ŗ Hospital IPO: Saudi Arabiaās Fakeeh Care Group, which owns hospitals in Jeddah and Riyadh, said it will sell 21.5% of the business in an IPO on the Tadawul Stock Exchange.
š¤ AI Manager: U.S. chipmaker Nvidia agreed to acquire Israelās Run:ai, a platform for managing artificial intelligence operations, in what Calcalist estimated as a $700 million deal. Nvidia is also close to announcing the purchase of Deci, another Israeli startup, that uses deep machine learning to build AI applications in a variety of platforms, according to The Information.
š” Luxury Living: Abu Dhabiās ARA Real Estate unveiled plans for its $6 billion Arabian Hills Estate development in the UAE capital, which will feature luxury residential neighborhoods, five-star resort hotels and equestrian facilities.
š Dairy Farm: Qatari food company Baladna has signed a $3.5 billion agreement with the Algerian Ministry of Agriculture and Rural Development to develop what was described as the āworldās largest integrated dairy farming and production project.ā
š° Tech Fund: Shorooq Partners, an Abu Dhabi-based venture capital firm focused on early-stage tech startups, closed its second VC fund with participation from Saudi Arabiaās Saudi Venture Capital and Jada Fund of Funds.
šµ Saudi Investments: Artal Capital, a Saudi investment management company, announced the closing of its $27 million Artal Growth Opportunities Fund.
š£ Circuit Chatter
š¦ Taking Flight: The UAEās first vertiport, a take-off and landing spot for flying taxis, has been approved by the federal civil aviation regulator on Thursday, as a conference on autonomous technology, DriftX, gets underway in Abu Dhabi today.
š Crypto Auditing: The Abu Dhabi Global Market signed a preliminary agreement with Hacken, a blockchain security auditing company based in Estonia, to assist in regulatory compliance for cryptocurrency trading.
š©ļø Jet HQ: Victor, a London-based jet charter company acquired last year by Abu Dhabi Investment Group, is moving its headquarters to the UAEās capital city.
šøš¦ AI Dominance: Saudi Arabiaās efforts to pour its oil wealth into becoming a superpower in artificial intelligence development is explored by The New York Times.
š Power Circuit
King Salman bin Abdulaziz, Saudi Arabiaās 88-year-old monarch, underwent tests in what was described as āa routine check-upā on Wednesday at King Faisal Specialist Hospital in Jeddah.
Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, has approved an AED 2 billion package ($535 million) for UAE citizens affected by the record-breaking storm last week at a Cabinet Meeting on Wednesday.
Sheikh Bandar bin Mohamed, Governor of the Qatar Central Bank, met in Doha on Wednesday with Joseph Tsai, Co-Founder and Chairman of Chinaās Alibaba Group.
Sheikh Mansoor bin Mohammed, Chairman of the Dubai Sports Council, hailed the development of regional athletic competition, speaking Tuesday night during a tribute at the Dubai Opera to the new GCC Youth Games, which are running from April 16 to May 2.
āæ On the Circuit
OPEC Secretary General Haitham Al Ghais told oil executives meeting at a conference in Namibia that the organization is āexcitedā about the prospects for a partnership with the African country, speaking Wednesday in a pre-recorded message.
Egyptian Minister of Trade and Industry Ahmed Samir met on Wednesday with visiting executives from Austriaās Petrochemical Holding Co. and the Czech Republicās Draslovka to discuss plans to build a $160 million sodium cyanide plant in Egypt.
John Hadden, CEO of the Kuwait-headquartered retail franchise operator AlShaya Group, said the company plans to open 400 new stores this year as it presses on with expansion plans for major brands including Starbucks, Victoriaās Secret, Bath & Body Works and H&M in the GCC, in an interview with Zawya.
š¶ Culture Circuit
š Right Foot: Sportswear brand Adidas has partnered with Goodbye Old Jumeirah, an online community archiving traditional, abandoned, and demolished houses in Dubaiās Jumeirah area, for a nostalgic photography campaign. Meanwhile, rival Nike is also trying to capture local attention in Dubai, bringing its Well Festival to the Nara Desert Resort.
šŖø Coral Kingdom: Scientists at Saudi Arabiaās King Abdullah University of Science and Technology (KAUST) have started work on a coral nursery project based at NEOM which is expected to produce more than 40,000 corals a year, potentially transforming reef restoration efforts globally. Marine heat waves caused by global warming have resulted in some of the worst mass coral bleaching on record in the past year.
š· Photo of The Day
š Ahead on The Circuit
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 1-2, Dubai, UAE: Capital Market Summit. A gathering of investors and entrepreneurs hosted by the Dubai Financial Market aimed at sparking interest in IPOs. Madinat Jumeirah.
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.