Flynas IPO oversubscribed by nearly 100 times before trading
The $1.1 billion IPO for Saudi Arabia’s Flynas low-cost airline has reached the runway and is ready for take-off after the offering to institutional investors was nearly 100 times oversubscribed.
The carrier, whose largest shareholders are Prince Alwaleed bin Talal’s Kingdom Holdings and the government’s Public Investment Fund, is the latest in a slew of IPOs for Saudi companies that have also encountered high demand, including Umm Al-Qura construction, which raised more than $500 million in March.
Flynas shares, which will start trading on Riyadh’s Tadawul Stock Exchange May 28, were set on Wednesday at 80 riyals apiece, the top of the range given by the IPO’s investment bankers.
Proceeds from the offering are slated for expanding Flynas’ fleet by 225 planes and launching several new flight hubs. The budget airline flies to 59 destinations and is popular with Muslim pilgrims to Mecca and expat workers from India, the Philippines and elsewhere.
Flynas is not alone among Gulf airlines interested in going public. Abu Dhabi-based Etihad Airways, owned by the ADQ sovereign wealth fund, is actively preparing for an IPO while Emirates and Qatar Airways have been mulling share sales for years.
Still waiting to stretch its wings is Riyadh Air, Saudi Arabia’s new national carrier wholly owned by the PIF, which plans to start flying its stylish royal blue jetliners this year in the fourth quarter.
Abu Dhabi researchers aim to find cure for Type 1 diabetes by 2027
Abu Dhabi researchers are hopeful for a breakthrough in treatment for Type 1 diabetes within two years using a method of regenerating the pancreas with engineered cells.
The Abu Dhabi Stem Cells Center, a subsidiary of ADQ-controlled Pure Health, is collaborating with Kyoto University and research company Rege Nephro on the research, which is being showcased at Expo 2025 in Osaka, Japan, The National reports.
Type 1 diabetes is an autoimmune disease where the pancreas stops producing insulin, which regulates blood glucose levels.
There is currently no cure, and treatment usually relies on lifelong monitoring and daily insulin injections. It is hoped that regenerating the pancreas could provide long-term relief.
In separate research, ADSCC revealed in January it had successfully used umbilical cord-derived cells to treat a 20-year-old Emirati patient with Type 1 diabetes.
Eric Trump returns to UAE to pitch crypto at Dubai conference
Eric Trump, who drew enthusiastic hoots and hollers in Abu Dhabi last December when he told the Bitcoin MENA conference that his dad would unleash the power of cryptocurrencies, returns to the UAE this week to kick off Dubai’s TOKEN2049 summit.
U.S. President Donald Trump’s 41-year-old second son promises to deliver another rousing address at the gathering, which starts on Wednesday, as crypto fever builds with the imminent issue of the UAE’s own dirham-denominated stablecoin.
ADQ, the Abu Dhabi sovereign wealth fund, together with First Abu Dhabi Bank and International Holding Co., announced on Monday that the digital currency will be fully regulated by the Central Bank of the UAE to build investor confidence and lessen the uncertainty inherent to bitcoins and other blockchain-based money. No date was given for the UAE coin’s debut.
“The launch of the stablecoin marks a pivotal step in our commitment to strengthening the UAE’s digital infrastructure ecosystem,” said Mohamed Hassan Alsuwaidi, Managing Director and Group CEO of ADQ.
“As we move forward towards an increasingly digital and connected economy, the stablecoin will provide a solution that is secure, efficient and scalable, while creating new opportunities for growth and value creation,” he said.
Alongside Trump, the two-day TOKEN2049 event will draw top names in the crypto industry, including Binance founder Changpeng Zhao; OKX founder and CEO Star Xu; Robert Mitchnick, BlackRock’s Head of Digital Assets; and Mathew McDermott, Head of Digital Assets for Goldman Sachs.
Abu Dhabi bets on extending longevity with new biotech hub
The UAE, which created a ministry to promote tolerance and coexistence nearly 10 years ago, is now making longer life expectancy into a national project, tapping a young female biochemist to lead its investment campaign.
Fatma Almulla, an expert in Mideast healthcare finance, was appointed this month to head the Abu Dhabi Investment Office’s new initiative called HELM, which stands for Health, Endurance, Longevity and Medicine. The Mubadala sovereign wealth fund is a strategic partner.
In the new post, Almulla, 31, will seek to develop a cluster of alliances with some of the biggest pharmaceutical companies and healthcare firms – part of an effort to make the UAE a world leader in medical innovation. HELM aims to raise more than $11 billion in investment over the next 20 years.
“The UAE has the right to win in this global marathon,” Almulla said in an interview with The Circuit last week in Abu Dhabi. “In five years, I expect to see five big pharma companies with production facilities established here.”
Before assuming the HELM post, Almulla spent a decade abroad, earning two master’s degrees at the University of Glasgow and a doctorate in biochemical engineering at University College London. For the past two years, she’s worked at GKSD Investment Holding, a Milan, Italy-based consulting firm focused on healthcare and engineering, where she rose to become Vice President and Advisor to the Chairman on business development in the Middle East.
Almulla, who was named in 2023 to the Forbes Middle East “30 Under 30” list that spotlights the region’s upcoming leaders, said HELM will cultivate biotech startups in the UAE and Middle East through funding, mentorship and networking opportunities.
Fostering research in such fields as genomic medicines and advanced therapies through AI-powered diagnostics, Almulla said, should help people in the UAE lead longer and healthier lives.
The interview has been edited for length and clarity.
How would you describe the mission of the new HELM initiative?
The cluster brings together an integrated and powerful ecosystem designed to drive innovation, attract global investments, and position Abu Dhabi as a global leader in life sciences. In this group, we are welcoming global pharma companies across biotech, pharma, MedTech, and digital health.
Not only big pharma companies. We also work with startups such as biotech and health tech ventures. We help them by linking them to our accelerators, such as Hub71, which gives them access to funding, mentorship, and networking opportunities in the Middle East. At its core, the cluster will enable advancements in genomic medicines, advanced therapies, and AI-powered diagnostics. Our niche is clear in terms of longevity and wellness.
Why is this program important for Abu Dhabi, in particular, and for the UAE and the Middle East overall?
The healthcare sector is very important. The size of this market is expected to grow to 93 trillion dirhams ($25.3 trillion) by 2045. Currently, the life sciences market alone is at 7.7 trillion dirhams and will grow to 40 trillion dirhams by 2045.
The UAE has the right to win in this global marathon. It has many advantages. For example, a third of the world’s population is within a four-hour flight from the UAE. More than 90% of global pharma companies have a presence in the UAE. We also have the second-largest national human genome project. Clinical trial approval in the UAE usually takes no more than 28 days, thanks to our streamlined regulators like the Department of Health.
We are helping these companies access the Middle East, Asia, and Africa regions, who are looking to expand in the region. As I mentioned with the market size and growth, there will be twice the demand for healthcare solutions. That means there will be a need for better and quicker therapies, advanced therapies, and genomic solutions.
How much investment can HELM potentially generate?
We expect the cluster will unlock 42 billion dirhams ($11.4 billion) in investments. It will contribute 94 billion dirhams in incremental GDP growth and create around 30,000 new jobs – all by 2045.
Which major institutions are supporting HELM?
Mubadala is one of our strategic partners. They already have a global life sciences investment platform. ADQ also has major investments in life sciences. Being part of the cluster allows us to leverage those assets. We collaborate with them to assess new investments. One of their recent investments was in a manufacturing platform, and now they are exploring bringing parts of that to Abu Dhabi.
We’re working with UAE University, Khalifa University, NYU Abu Dhabi, and Mohamed Bin Zayed University of Artificial Intelligence. Partnerships with international universities are also in the pipeline. For regulations, we work with the Department of Health and the ADGM. For R&D, we work with Masdar as an innovation center. For infrastructure, we have KIZAD (Khalifa Industrial Zone Abu Dhabi), Masdar, and the Abu Dhabi Airport Free Zone. For talent development, we partner with universities globally.
We still need to develop specialized programs in areas like biopharma, biotechnology, and genomics. We’re also creating opportunities for postdoctoral and postgraduate studies. Talent development is an integral part of the cluster. We’ll know more when we announce deals with pharma companies.
In a nutshell, what are your short-term and long-term goals?
Our vision is for 2045. But in five years, I expect to see five big pharma companies with production facilities established here. Building a full substance and formulation facility takes about four to five years. Capital deployment happens immediately.
If we close deals in the next two years, I believe by the five-year mark, we’ll see many of the big pharma companies here. We’re already working with some of them – that will attract others.
Trump energy secretary sees ‘huge cooperation’ with the UAE
U.S. Secretary of Energy Chris Wright kicked off his tour of the Gulf this week with a palace visit in Abu Dhabi and a tour of the UAE’s state oil company.
Wright, laying the groundwork for President Donald Trump’s trip to the region, expected next month, was received by UAE President Mohamed bin Zayed on Thursday for talks that focused on joint investments in artificial intelligence and other technologies, The National reports.
The U.S. energy czar, founder of an oil fracking company, also paid a visit to the Abu Dhabi headquarters of Adnoc, where he said partnerships with the UAE, Saudi Arabia and Qatar were key to meeting growing global demand for oil and gas. He also plans to visit Riyadh and Doha during the trip.
“You’re going to see a lot of energy cooperation between the United States and the UAE,” Wright told reporters. “You’re going to see a huge cooperation on AI.”
Also meeting Wright at Qatr Al Shati Palace in the UAE capital were Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi; Dr. Sultan Al Jaber, the ADNOC Chairman and Minister of Industry and Advanced Technology; Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior; Suhail Al Mazrouei, Minister of Energy and Infrastructure; and Yousef Al Otaiba, Minister of State and the UAE’s Ambassador to Washington.
Musk’s xAI, Nvidia join with MGX in artificial intelligence fund
The UAE’s biggest tech firms are capitalizing on White House support to tighten partnerships with America’s leaders in the booming industry of artificial intelligence.
A consortium created last year by Abu Dhabi investment fund MGX, Microsoft and BlackRock to finance power-hungry AI data centers welcomed chipmaker Nvidia and Elon Musk’s xAI to the group on Wednesday.
Expansion of the top-level venture came amid the Washington visit by Sheikh Tahnoon bin Zayed, the UAE National Security Advisor and Chairman of MGX and a constellation of other tech companies, who dined at the White House this week with President Donald Trump.
Sheikh Tahnoon, who held a meeting with Musk through a video feed on Wednesday, has been accompanied through the trip by Khaldoon Al Mubarak, the MGX Vice Chairman and CEO of the Mubadala sovereign wealth fund. Also on the visit is Dr. Sultan Al Jaber, CEO of the ADNOC national oil company and the UAE Minister of Industry and Advanced Technology. Peng Xiao, CEO of the Abu Dhabi-based AI company G42, joined the call with Musk.
Among the other meetings in his U.S. rounds, Sheikh Tahnoon said he “explored opportunities for collaboration and investment” with Oracle’s Larry Ellison.
ADQ, meanwhile, another Abu Dhabi sovereign wealth fund chaired by Sheikh Tahnoon, agreed to invest a combined $5 billion in a partnership with U.S-based Energy Capital Partners to build power stations for data centers and AI projects – with the investment eventually reaching $25 billion.
The announcement came as Nvidia CEO Jensen Huang told the company’s GTC conference in San Jose, Calif., that the industry is preparing for a massive leap in building data centers and chip manufacturing plants with accompanying energy demand.
“Over the next several years, we’re going to be building giant AI factories,” he said. Not normal AI factories … ones you see from space,” Huang said.
Abu Dhabi’s ADIA joins sovereign wealth’s $1 trillion club
As 2024 careens to its close – with financial markets jumping even as geopolitical conflicts multiply – Gulf sovereign wealth funds continue to pile up assets.
Leading the way has been ADIA, the Abu Dhabi Investment Authority, which entered the elite $1 trillion club this year with assets reaching $1.06 trillion – trailing only Norway and China – the Sovereign Wealth Fund Institute reports.
Among regional neighbors close to joining the club, the Kuwait Investment Authority holds $980 billion in assets and Saudi Arabia’s Public Investment Fund has about $950 billion. The Qatar Investment Authority stands at $530 billion, according to the SWF ranking.
In Abu Dhabi, a regional center for investing sovereign wealth, Mubadala trails ADIA with $330 billion, followed by ADQ with $250 billion.
