Today in the Daily Circuit, we’re looking at NMDC Energy’s IPO, TAQA’s water recycling acquisition, the start of full operation at the Barakah nuclear plant and Primark’s plans for the Middle East. But first, Apollo’s Leon Black sets up shop in the UAE’s capital city.

First it was Ray Dalio. Now Leon Black, the billionaire co-founder of Apollo Global Management, has opened a branch of his family office in Abu Dhabi.

Black’s new Middle East base, called Scimitar, is investing with a locally based team led by Asad Hussaini, an experienced Gulf real estate investor, Bloomberg reports.

“I’ve been coming here for more than 30 years and the growth and prosperity that has occurred under Abu Dhabi’s visionary leadership is truly remarkable,” Black said in a statement emailed to the news agency. “My family office wants to be a part of that transformation.”

Scimitar will be located in Abu Dhabi Global Market, the emirate’s financial free zone, which has become a hub for hedge funds, private equity firms and family offices.

Dalio, founder of Bridgewater Associates, moved to the ADGM last year while crypto-exchange founder Changpeng “CZ” Zhao, India’s Adani family and Russian steel magnate Vladimir Lisin also have offices registered there.

TOP OFFERING

NMDC Energy’s IPO next week is shaping up to be the UAE’s biggest this year. The offering, expected to raise about $877 million, was oversubscribed by 31 times after its presentation to institutional investors. The Abu Dhabi-based company, a subsidiary of National Marine Dredging Co. will use the funds to expand regionally and globally, CEO Yasser Zaghloul said in a statement. “We are building a legacy that goes beyond profits,” he said. “It’s about sustainable growth, technological innovation and pushing the boundaries of what’s possible in the energy sector.”

MISSION ACCOMPLISHED

Capping 12 years since starting construction, the UAE has begun operating its Barakah nuclear power plant at full capacity and says the facility will generate 25% of the nation’s energy needs. UAE President Sheikh Mohamed bin Zayed hailed the milestone on Thursday in a post on X, calling it a “significant step on the journey toward net-zero” – the goal for totally offsetting greenhouse gas emissions in the atmosphere with sustainable means of energy production. With the last of Barakah’s four units now completed, the UAE has started to discuss construction of a second nuclear plant, Reuters reported in July. Saudi Arabia, the world’s No. 1 oil exporter, is also making plans to build a nuclear energy facility.

💲 Sovereign Circuit

Abu Dhabi Investment Authority: India’s ADIA-backed National Investment & Infrastructure Fund is seeking to raise $4 billion to support  projects across the country, Bloomberg reports. 

ADQ: Abu Dhabi National Energy Co., the ADQ-backed state company known as TAQA, agreed to pay $460 million to acquire Sustainable Water Solutions, which is responsible for wastewater treatment and water recycling in the UAE capital.

Mubadala: London law firm Linklaters said it advised Mubadala’s banks on the Abu Dhabi sovereign wealth fund’s July acquisition of a majority stake in Dutch maker of baby strollers Bugaboo.

↪↩ Closing Circuit

 💸 Insurance Expansion: Dubai-based Sukoon announced it has acquired Chubb’s insurance portfolio in UAE. No price was disclosed.

⛽  Fuel Logistics: Agility Global, a Kuwait-controlled holding company based in Abu Dhabi, is exploring the sale of its fuel logistics subsidiary Tristar.

🛒  Retail Sale : Commercial Growth Development Co. plans to sell a 5.6% stake in Saudi Arabia’s BinDawood supermarkets., in a deal managed by Goldman Sachs Saudi Arabia and SNB Capital, Bloomberg reports.

🌐Data Acquisition: Salesforce, the world’s top maker of customer management software, bought out Israeli data protection startup Own Co. for $1.9 million in cash. 
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🚨 Compliance Cop: Sedric, an Israeli fintech startup that uses artificial intelligence monitor compliance, raised $18.5 million in a Series A funding round led by Foundation Capital.

🗣 Circuit Chatter

💸 Insurance Expansion: Dubai-based Sukoon announced it has acquired Chubb’s insurance portfolio in UAE. No price was disclosed.

⛽  Fuel Logistics: Agility Global, a Kuwait-controlled holding company based in Abu Dhabi, is exploring the sale of its fuel logistics subsidiary Tristar.

🛒  Retail Sale : Commercial Growth Development Co. plans to sell a 5.6% stake in Saudi Arabia’s BinDawood supermarkets., in a deal managed by Goldman Sachs Saudi Arabia and SNB Capital, Bloomberg reports.

🌐Data Acquisition: Salesforce, the world’s top maker of customer management software, bought out Israeli data protection startup Own Co. for $1.9 million in cash. 
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🚨 Compliance Cop: Sedric, an Israeli fintech startup that uses artificial intelligence monitor compliance, raised $18.5 million in a Series A funding round led by Foundation Capital.

🌍 Power Circuit

Russian President Vladimir Putin said on Thursday he was grateful to Saudi Arabia’s Crown Prince Mohammed bin Salman for playing an “active role” in organizing the swap that freed 24 prisoners including Wall Street Journal reporter Evan Gershkovich. Putin spoke Thursday at the Eastern Economic Forum in Vladivostok, Russia. 

Sheikh Tahnoun bin Zayed, the UAE National Security Advisor and Chairman of sovereign wealth funds ADIA and ADQ, and Faisal Al Bannai, Chairperson of the EDGE Group, were included on Time’s 2024 list of the world’s 100 most influential people in AI.

Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE and Ruler of Dubai, met with the Chief Artificial Intelligence Officers of the UAE government, emphasizing the country’s role as a global hub for innovation and AI.

Sheikh Mansour bin Zayed, UAE Vice President and Deputy Prime Minister, chaired a Ministerial Development Council meeting at Qasr Al Watanpalace in Abu Dhabi. The council reviewed various government projects and policies, focusing on new initiatives in the media, education, and civil aviation sectors, WAM Reports.

➿ On the Circuit

Khalid al-Falih, Saudi Arabia’s Minister of Investment, said at a conference in Milan on Thursday that the kingdom sees Italy as a “partner of choice” in delivering green energy products such as hydrogen to Europe.

Ahmed Al Zaabi, Chairman of the Abu Dhabi Chamber of Commerce, was appointed Chairman of the Federation of UAE Chambers of Commerce and Industry. Abdullah Al Owais, Chairman of the Sharjah Chamber, was named Deputy Chairman of the Federation.

Mohammed El Kuwaiz, Chairman of Saudi Arabia’s Capital Market Authority, CMA’s Chairman says 24 Fintech, which took place between the 3-5 of September,  solidifies Saudi Arabia’s position as a key player in the fintech sector.

Stephan Essig, is joining AlixPartners, the global consulting firm from Roland Berger. He brings expertise in restructuring, performance improvement and foreign direct investment.

🎶 Culture Circuit

🎞 Bollywood in UAE: The International Indian Film Academy Awards is returning to the Etihad arena in Abu Dhabi for the third consecutive year at the end of September.. Bollywood stars Siddhant Chaturvedi and Abhishek Banerjee will host a fashion night alongside South Indian actors Diya Menon and Sathish.

🖼️ Desert Tableau: Prince Albert II of Monaco visited an exhibition about Saudi Arabia’s AlUla desert city that was set up in the European principality, titled, “AlUla: A Tapestry of Creativity.”

📷 Photo of the Day

🗓️ Ahead on The Circuit

Sept. 9-11, Riyadh, Saudi Arabia. 10th Regional Forum of the International Union for Conservation of Nature. Representatives of governments, NGOs, and indigenous peoples’ organizations gather to discuss key biodiversity and conservation issues. Contact IUCN for location.

Sept. 10-11, Dubai, UAE: Global Vertical Farming Show 2024. Annual event brings together investors, growers, and executives in the vertical farming industry from around the world. Le Méridien Dubai Hotel & Conference Centre. 

Sept. 10-12, Riyadh, Saudi Arabia: Global Artificial Intelligence Summit. A leading platform for advancing the global discussion on AI. King Abdulaziz International Conference Center in Riyadh.

Sept. 11-12, Dubai, UAE: Dubai AI & Web3 Festival. Bringing together the brightest minds to explore and expand the commercial possibilities of AI and Web3 technologies. Madinat Jumeirah.

Sept. 12, Dubai, UAE: U.S.-U.A.E. Space Relationship. U.S.-U.A.E. Business Council hosts a luncheon featuring astronaut Sultan Al Neyadi, Minister of Youth; Salem Al Marri, Director General of Mohammed Bin Rashid Space Centre; and U.S. Ambassador Martina Strong. Ritz Carlton Hotel, DIFC.

Sept. 15-19, Abu Dhabi: Loop Beyond Borders. Luxury travel fair brings together hotel owners, tour operators, travel agents and government officials. Saadiyat Rotana Resort & Villas and Anantara Qasr Al Sarab.

Sept. 16-18, Abu Dhabi, UAE: World Utilities Congress. Ministers, policymakers and industry leaders discuss strategies for driving growth and innovation across the power & water utilities value chain. ADNEC.

Sept. 24-25, Dubai, UAE: ACT Middle East Treasurers Summit. Corporate treasurers and financial professionals from across the region gather for policy discussions on issues ranging from cash management to sustainability. Grand Hyatt Dubai.

Sep. 30-Oct. 2, Dubai, UAE: Future Hospitality Summit. The global conference for leaders in the hospitality industry expands this year at a new location with dedicated space for ESG planning, country pavilions and a larger exhibition area. Madinat Jumeirah.