The Daily Circuit: Nasdaq Dubai’s blue bonds + ADIA’s Malaysian airport bid
👋 Hello from the Middle East!
In today’s Daily Circuit, we’re looking at ADIA’s part in a $4.2 billion bid to acquire Malaysia’s airports, Saudi Arabia’s non-oil GDP growth, ADQ’s $1.2 billion African metals venture and top women tennis players arriving for the WTA 500’s Mubadala Abu Dhabi Open. But first, support for cleaner seas from the UAE’s bond market.
In the world of debt finance, blue bonds are an emerging class of securities used to support maritime projects that carry potential environmental benefits.
Nasdaq Dubai announced on Thursday it will host the MENA region’s first blue bond sale as DP World seeks to raise $100 million for its seaports and logistics businesses.
The bond issue is aimed at supporting a range of DP World projects this year, including development of alternative fuels to reduce maritime carbon emissions, upgrading port infrastructure to minimize environmental damage and restoring damaged ecosystems, the company said in a statement.
“As a responsible leader in global trade, we are committed to preserving the ocean’s ability to provide for future generations,” DP World Chairman and CEO Sultan Ahmed bin Sulayem said.
Based at the Dubai International Financial Centre, Nasdaq Dubai already issues green bonds, sustainability bonds and sustainability-linked bonds. The total value of its debt listings is $137 billion, of which $29 billion are linked to ESG – environmental, social, and governance – goals.
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📰 Developing Stories
CORE VALUES
While petroleum forms the bedrock of Saudi Arabia’s economy, it’s the development of non-oil revenue streams that is increasingly propelling the kingdom’s growth. Preliminary figures released on Thursday show GDP in the fourth quarter of 2024 increased by 4.4% from the previous year, the fastest pace of growth since 2022, Bloomberg reports. The non-oil economy, the core of Crown Prince Mohammed bin Salman’s Vision 2030 diversification strategy, expanded 4.6% in the fourth quarter. That compared to year-on-year growth of 4.3% in the prior quarter. Oil revenue has been declining since 2022 amid cuts in crude production aimed at propping up prices.
TUNNEL VISION
Ooredoo Group, Qatar’s largest telecommunications company, will postpone for at least a decade its ambitious tunnel project that would connect Spain and Morocco through the Strait of Gibraltar. In the meantime, it signed a deal with Paris-based Alcatel Submarine Networks to build an underwater cable for the GCC countries. The “Fibre in Gulf” project will offer Qatar, Oman, the UAE, Bahrain, Saudi Arabia, Kuwait, and Iraq a high-performance and secure route through the new telecom corridor that also links up with Europe. Ooredoo says the upgrade will strengthen connectivity for business customers, governments, AI providers, data centers, and telecom operators.
💲 Sovereign Circuit
Abu Dhabi Investment Authority: A $4.2 billion bid to acquire Malaysia Airports, led by Malaysia’s sovereign wealth fund, Khazanah Nasional, and backed by ADIA, secured approval from more than 95% of shareholders. Under the agreement, ADIA will hold 30% of the shares in a consortium with Malaysia’s Global Infrastructure Partners.
ADQ: The Abu Dhabi sovereign wealth fund formed a joint venture with Orion Resource Partners to invest $1.2 billion in metals and mining over the next four years, focusing on emerging markets in Africa, Asia and Latin America, Reuters reports.
Mubadala: The WTA 500’s Mubadala Abu Dhabi Open opens on Saturday, bringing the world’s top female tennis stars to compete in the eight-day tournament at Zayed Sports City. ADQ’s Etihad Airways was named the official airline sponsor.
↪↩ Closing Circuit
💰 Mall Loan: Abu Dhabi-listed Agility Global, a subsidiary of Kuwait’s Agility, has extended a $400 million loan to Reem Mall developer Al Farwaniya Property Developments, which is finalizing a new facility with third-party lenders.
💵 Warehouse Finance: Lendo, a debt crowdfunding platform in Saudi Arabia, secured $690 million in financing through a so-called warehouse facility led by J.P. Morgan.
🖥️ Safe Browsing: Seraphic Security, an Israeli startup that secures web browsers, raised $29 million in a Series A funding round led by GreatPoint Ventures.
🏨 Hotel Bingo: Dubai-based Select Group acquired Radisson Blu Hotel at Dubai Media City for $54.5 million in a record-breaking sale that Knight Frank MENA brokered.
🗣 Circuit Chatter
✈️ Budget Travel: Flyadeal, a low-cost Saudi carrier, became a member of the International Air Transport Association as part of its expansion strategy.
🌍 Eying Africa: AD Ports Group has begun managing and developing a major multipurpose terminal and logistics business in Angola’s Luanda in partnership with Angolan joint venture partners Unicargas and Multiparques.
❤️ Living Longer: Abu Dhabi’s Department of Health has licensed Pura Longevity Clinic, a PureHealth facility specializing in longevity science, providing extensive diagnostic services where patients can undergo lifestyle assessments.
🌍 Power Circuit
Emir of Medinah Prince Salman bin Sultan inaugurated the waterfront and a number of development and entertainment projects in Saudi Arabia’s Yanbu Industrial City.
Sheikh Maktoum bin Mohammed, Deputy Ruler of Dubai and the UAE Deputy Prime Minister and Minister of Finance, held a meeting with Laurent Freixe, CEO of Nestlé S.A., to discuss government-corporate partnerships.
Sheikh Abdallah bin Zayed, UAE Deputy Prime Minister and Minister of Foreign Affairs, participated in a fireside conversation with Dr. Subrahmanyam Jaishankar, External Affairs Minister of India, at the Raisna Middle East Conference, which took place earlier this week in Abu Dhabi.
➿ On the Circuit
Thamer M. Al-Muhid was named as the new CEO of Saudi Arabian Military Industries, replacing Walid Abu Kaled, after previously serving as CEO of Saudi Chemical Industries.
Neha Gupta has been announced as the new Chief Financial Officer for Core42 to oversee financial strategy, planning, and execution to support Core42’s growth and international expansion.
Abdulla bin Mohammed bin Butti, Chairman of the National Media Office and Chairman of the UAE Media Council, had a meeting with Neil Stephen, General Manager of Rockstar Games on his visit to explore opportunities for enhancing cooperation in the gaming industry.
Dr. Mahmoud Abdulaziz Bushehri, Kuwait’s Minister of Electricity, Water and Renewable Energy, met the U.S. Ambassador Karen Hideko Sasahara to explore ways for further cooperation in energy and water desalination, KUNA reports.
Donn Davis, co-founder and chairman of the Professional Fighters League, tells The National that he will discover the region’s next MMA stars as the league expands its presence in Dubai.
🎶 Circuit Culture
🧑🌾 Growth Mindset: The UAE Pavilion at this year’s Venice Architectural Biennale will be inspired by food security, with Emirati architect Azza Aboualam designing a reimagined greenhouse built for desert conditions. The work will draw on the UAE’s historical and modern adaptations to climate conditions, including advanced technologies used for agriculture.
📷 Photo of the Day
📅 Circuit Calendar
Feb. 1-8, Abu Dhabi: Mubadala Abu Dhabi Open. Top women tennis stars compete in WTA 500 tournament. International Tennis Centre, Zayed Sports City.
Feb. 3-6, Dubai. Medlab Middle East 2025. The show attracts exhibitors whether global giants or emerging startups to discuss digital health solutions. Dubai World Trade Centre.
Feb. 4-5, Doha. Seatrade Maritime Qatar Conference and Exhibition. Conference brings industry experts, decision-makers, shipping companies and leaders in technology, energy, finance and investment. Sheraton Grand Doha Resort.
Feb. 4-6, Abu Dhabi & Dubai. Ai Everything Summit. The event brings in artificial intelligence experts and the world’s brightest researchers and builders of new tech. St. Regis Saadiyat Resort and Dubai Exhibition Center.
Feb.5, Dubai. Energy Industry Conference. Over 500 CEOs, CFOs, risk managers, investors, insurers, government representatives, and more—at the Energy Industry Conference to discuss energy transition. Intercontinental Festival City.
Feb. 9-12, Riyadh. Leap 2025. Riyadh’s tech event that brings in tech innovators and leading experts from around the world to discover new ideas, build new partnerships, and connect with inspiring mentors and investors. Riyadh Front Expo Centre.
Feb. 11-13, Dubai. World Government Summit 2025. Annual event brings in world leaders and business leaders from the region and outside to discuss the most pressing matters. Madinat Jumeirah.
Feb. 14-16, Munich Security Forum. Known as one of the world’s leading forums for debating international security policy. Hotel Bayerischer Hof.
Feb. 17-21, Abu Dhabi: IDEX 2025. Military contractors from around the world show their wares at one of the most prominent international defense exhibitions. ADNEC Center.
Feb. 17-21, Dubai. Gulf Food. In its 30th edition, the exhibition brings in many more companies to show their work on food and the industry’s use of technology. Dubai World Trade Center.
Feb. 18-19, Abu Dhabi. The Future of Asset Management Middle East. A two-day conference that gathers leading executives from top asset management companies in the Middle East region. The Ritz-Carlton, Grand Canal.
Feb. 22-23, Miami, Fla. FII Priority. Saudi Arabia’s Future Investment Initiative connects U.S. and Middle Eastern investors. Faena Hotel & Forum, Miami Beach.
Feb. 25, Dubai. Family Office Summit 2025. Global fund leaders managing $1 trillion in assets will meet under the theme, “Taking Money Out of Cash.” Ritz Carlton Jumeirah Beach