The Daily Circuit: Egypt rises up at Investopia + Alpha Data IPO
👋 Hello from the Middle East!
In the Daily Circuit today, we’re looking at Alpha Data’s $163 million IPO and 2PointZero’s plans to go public later this year, SABIC’s divestment plans following its fourth-quarter loss and Morocco’s $2.9 billion railroad deal. But first, Egypt breaks out at Investopia.
While the UAE government rolls out top cabinet ministers every year to headline its Investopia conference in Abu Dhabi, this year the wonky get-together shone a spotlight on Egypt during its opening day.
Egyptian billionaire Naguib Sawiris generated some heat when he suggested on Wednesday that the fiercely independent exchanges in Dubai and Abu Dhabi combine into one stock market, noting that 1,500 Egyptian companies moved their headquarters last year to the UAE.
“My one advice is for the exchanges here to unite, which will be such a powerful change that it will drive more and bigger companies to list here,” Sawiris said in an onstage interview.
The Chairman and CEO of Cairo-based Ora Developers later criticized Egyptian President Abdel Fattah El-Sisi’s building projects as “overambitious,” arguing that the plan will cost “mega money that requires us to perhaps stop and take a look at the expenditures first before committing.”
Also on the main stage at the St. Regis Saadiyat Island Resort, Egyptian Investment Minister Hassan El Khatib said his government will seek to move many of its state-owned enterprises “in batches” to the management portfolio of its sovereign wealth fund in order to “maximize the return on state assets.”
Egypt has been divesting state companies under conditions imposed by the International Monetary Fund in return for expanding its $8 billion economic rescue program.
An executive at Abu Dhabi’s Mubadala sovereign wealth fund, meanwhile, told the conference’s 7,400 participants from 59 countries that it’s looking for business partners.
“We cannot do it alone,” Marc Antaki, Mubadala’s Deputy Chief Strategy and Risk Officer said. “Partnership is what matters most – partnering with like-minded investors, with like-minded GP’s… with innovators, to be able to build great businesses.”
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📰 Developing Stories
GOING PUBLIC
Abu Dhabi tech company Alpha Data kicked off a fresh season of Emirati IPOs on Wednesday, raising $163 million from the sale of 40% of its shares. Demand for Alpha Data’s shares is “a testament to the market’s confidence in our business model, strategic vision and our standing as a home-grown UAE family business,” said chief executive Fayez Ibbini, who founded the company 44 years ago. The shares will start trading on the Abu Data Securities Exchange on March 11. The UAE’s exchanges had a banner year for IPOs in 2024, led by food delivery service Talabat’s’s $2 billion fund raising and supermarket chain Lulu Group’s $1.7 billion.
TOURIST ATTRACTION
Saudi tourism startup Asfar is launching hotel and entertainment projects in Tier 2 cities to support the kingdom’s goal of becoming a top global destination. Backed by Saudi Arabia’s Public Investment Fund, Asfar aims to extend tourist stays beyond major cities, CEO Fahad Bin Mushayt told Bloomberg. The company’s first developments in Al Bahah and Yanbu are set to open by year-end, adding 2,000 hotel keys. Bin Mushayt said that each of Asfar’s projects cost anywhere from $40 million to $107 million, with at least 30% of funding coming from the private sector.
💲 Sovereign Circuit
International Holding Co.: 2PointZero, the IHC-backed investment platform, plans to go public with an IPO in Abu Dhabi later this year, CEO Mariam bint Mohammed Almheiri said on Wednesday at the Investopia conference in Abu Dhabi.
Public Investment Fund: The Saudi sovereign wealth fund is in early talks to invest in the aerostructures unit of Italy’s Leonardo SpA, with the possibility of building a civil aviation manufacturing plant in the kingdom, Bloomberg reports.
SABIC: The Saudi chemicals group, which is 70% owned by Aramco, said it will cut costs by selling off non-core businesses and restructuring others after reporting a worse than expected fourth-quarter net loss of $504 million.
↪↩ Closing Circuit
⚽ World Cup Express: Morocco’s state-owned rail operator ONCF will spend $2.9 billion to buy 168 trains from France, Spain and South Korea as it prepares for a flood of visitors for the 2030 World Cup.
📦 Door-to-Door: DHL’s e-commerce unit signed an agreement to acquire a minority stake in Saudi Arabian parcel delivery company AJEX Logistics Services.
💶 French Capital: Flow48, a Dubai-based fintech startup specializing in small and medium-sized businesses, raised $69 million in a Series A funding round led by French VC firm Breega.
📊 Marketing Data: Journify, a Dubai-based marketing data startup that is focused on the MENA region and promises to uphold ethical standards, raised $4 million in a funding round led by Silicon Badia.
🗣 Circuit Chatter
🔴 Deal Blocked: Zahid Group’s $1.25 billion bid to acquire South Africa’s Barloworld via a consortium stalled on Wednesday after shareholders rejected the buyout plan.
🚢 Sea Trip: DP World Sokhna has welcomed the MV Aroya, its first cruise vessel of 2025, carrying 1,600 passengers across the GCC, with stops in Jeddah, Sharm El Sheikh, and Aqaba.
🏗️ Big Place: Egypt allocated $118 million in compensation for residents who had to relocate from Ras El-Hekma, the site of a UAE-backed development project..
🌍 Power Circuit
Sheikh Tahnoon bin Zayed is the subject of a new profile in The Wall Street Journal exploring his efforts to bring the UAE to the forefront of the global AI competition.
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, chaired the Advanced Technology Research Council board meeting.
Sheikh Hamad bin Mohammed Al Sharqi, Supreme Council Member and Ruler of Fujairah, held a meeting with Karim Badawi, Egypt’s Minister of Petroleum and Mineral Resources.
➿ On the Circuit
Burak Dağlıoğlu, President of the Investment Office of the Presidency of Türkiye, told WAM that UAE investments in Türkiye have exceeded $6 billion; meanwhile, Turkish investments in the UAE surpassed $3 billion.
Mohamed Benchaaboun was appointed Chairman of the Executive Board of Maroc Telecom, replacing Abdeslam Ahizoune, whose term has expired after 27 years.
Zaeem Khan was appointed as General Manager and Head of Europe, Middle East and Africa Business at MUFG Securities office in Qatar.
🎶 Culture Circuit
🌔 Shadow Play: Louvre Abu Dhabi has launched the fifth edition of its annual Art Here exhibition in partnership with Swiss watchmaker Richard Mille. The theme for this year is “Shadows,” with contemporary artists from Japan, the GCC and the wider Mena region invited to explore shared artistic and cultural traditions through the interplay of light and shadow.
📷 Photo of the Day
📅 Circuit Calendar
Feb. 25-March 1, Dubai. WCA World 2025. The conference brings together some of the world’s biggest independent freight forwarders. Dubai World Trade Centre.
March 5-8, Abu Dhabi. 2025 Forbes 30/50 Summit. The world’s most powerful women come together for International Women’s Day.
March 17-19, Dubai. Dubai International Horse Fair. A gathering of the equestrian industry and horse lovers from around the world. Dubai World Trade Centre.
April 7-9, Abu Dhabi. AIMCongress 2025. An investment platform bringing together thought leaders, decision-makers and entrepreneurs. ADNEC.
April 7-9, Dubai. Middle East Energy. Bringing together international energy suppliers to discuss products and solutions. Dubai World Trade Centre.
April 13-15, Riyadh. Saudi Food Manufacturing. Back for a second year, the focus turns to logistics solutions, including advancements in AI-driven supply chains, robotics, and sustainable automation technologies. Riyadh Front Exhibition & Conference Centre.
April 14-16, Dubai. IPS Congress. The Middle East’s largest international property sales event. Dubai World Trade Centre.
April 17-19, Dubai. World Art Dubai. A four-day art fair featuring more than 10,000 artworks. Dubai World Trade Centre.
April 18-20, Abu Dhabi. Middle East Film and Comic Con 2025. The region’s largest pop culture festival returns for its 13th year. ADNEC.
April 21-23, Abu Dhabi. Electric Vehicle Innovation Summit 2025. The Middle East’s largest annual event dedicated to shaping the future of electric mobility. ADNEC.
April 29-30, Abu Dhabi. Digital Transformation Summit UAE 2025. In its 37th edition, the summit is expected to be attended by over 300 C-suite executives, directors, and technology leaders. Sheraton Abu Dhabi Hotel and Resorts.
April 30. May 1, Dubai. Token2049 Dubai. A global conference dedicated to the crypto and blockchain ecosystem. Madinat Jumeirah.