BLACKROCK PARTNER

Saudi Arabia is looking for new deals to collaborate on with BlackRock, the world’s largest money manager, which has assets worth some $11.5 trillion. BlackRock Vice Chairman Philipp Hildebrand met in Riyadh on Sunday with Saudi Arabia’s Economy Minister Faisal Al-Ibrahim to discuss potential investments in the fields of renewable energy, technology, and tourism, according to a post on X. New York-based BlackRock is deepening its interests in the Gulf and broader MENA region. The firm signed a preliminary agreement in August with Saudi Real Estate Refinance Co., a PIF subsidiary, that aims to bolster the kingdom’s real estate finance sector and increase its activity in capital markets.

COPPER RECAP

Oman is resuming copper exports after nearly 30 years as part of efforts to diversify its economy. Minerals Development Oman announced the first shipment of copper concentrates this week from its Lasail mine and plans to start mining operations in Al Baydha by 2026, The National reports. “The project is a natural hedge for Oman,“ Michael Widmer, head of metals research at Bank of America, told the newspaper . “The country’s export revenue [is] heavily geared towards oil and gas, making the investment in metals and mining interesting.” Copper mining in Oman ceased in 1994. The country has been taking steps to resume production since 2017.

Public Investment Fund: The kingdom’s sovereign wealth fund said in a statement today that it closed a $7 billion Islamic loan with a group of 20 international and regional banks. The announcement came hours after the country’s finance ministry opened a bond sale and days after it raised $2.5 billion from three banks, Bloomberg reports. PIF-owned ACWA Power secured $692 million in funding for an 1,100 MW wind power plant in Suez, Egypt. The funding comes from  the European Bank for Reconstruction and Development, African Development Bank, British International Investment, DEG – Deutsche Investitions, OPEC Fund for International Development and Arab Petroleum Investments Corporation. PIF-backed Neom, the world’s largest construction project, is proving to be a dangerous site for some of its 100,000 workers, The Wall Street Journal reports.

Mubadala: The Abu Dhabi sovereign wealth fund acquired an 80% stake in UAE-based Global Medical Supply Chain and Al Ittihad Drug Store from GlobalOne Healthcare Holding, which retains 20% in the companies.

G42: In a post titled “The Golden Opportunity for American AI,”  Microsoft President Brad Smith cites the tech company’s partnerships in the UAE with Sheikh Tahnoon bin Zayed’s G42, the Abu Dhabi investment fund MGX and Blackrock to build AI infrastructure in the Middle East and Africa.

🔋 Energy Acquisition: Enersol, a joint venture between ADNOC Drilling and Alpha Dhabi Holding, paid $58 million for a 51% stake in NTS AMEGA, which works in repair, rental and manufacturing for the energy industry.

⚡ High Voltage: Siemens Energy was the sole bidder for the Bahrain Electricity and Water Authority’s new 400kV Sitra substation project, submitting a bid of $157 billion.

🥬 Food Tech: Middle East foodtech start-up Calo raised $25 million in Series B funding led by investors from Nuwa Capital, ahead of plans for an IPO in Saudi Arabia and broader regional expansion.

𐀪𐀪 Regional Partners: Egypt’s Aman Holding signed a preliminary agreement with Jarir Marketing to establish a consumer finance company in Saudi Arabia with initial capital of $26.7 million.

💲Dollar Debt: Abu Dhabi-based real estate developer Aldar Properties has hired banks to organize meetings with global investors starting today to discuss its first-ever long-term dollar-denominated debt offering.

🚀 Rocket Science: UAE-based Space42 launched its Thuraya 4telecommunications satellite aboard SpaceX’s Falcon 9.

🌐 Planning Ahead: The UAE Is trying to “future proof” its economy by investing big in AI, building on its oil wealth, young population, skilled pool of immigrant labor and business-friendly orientation, Politico’s Matthew Kaminski reported in a column last week.

📈 High Hopes: Eric Trump’s enthusiastic greeting by crypto traders at Bitcoin Mena 2024 in Abu Dhabi last month was cited by the Financial Times as an illustration of the industry’s confidence that Donald Trump will usher in a golden age for digital currencies when he takes office.

🛫 Airborne Again: Qatar Airways said it will resume flights to Damascus on Tuesday after suspending the route 13 years ago amid Syria’s civil war.

✈️  New Destinations: Emirates’ first Airbus A350 entered commercial service with its inaugural flight from Dubai to Edinburgh, marking the start of 65 A350s joining its fleet, with three cabin classes and upcoming routes to eight global destinations.

UAE President Sheikh Mohamed bin Zayed traveled to the city of Rahim Yar Khan in Pakistan for a meeting on Sunday with Pakistan’s Prime Minister Muhammad Shehbaz Sharif to discuss trade and political ties.

Sheikh Mohammed bin Rashid, UAE Vice President and Prime Minister, and the Ruler of Dubai, approved housing projects worth $1.5 billion that are connected to a fund headed by his wife, Sheikha Hind bint Maktoum, which aims to strengthen family well-being and community values.

Asaad al-Shibani, Syria’s new foreign minister, met in Doha on Sunday with Qatar’s Prime Minister Mohammed bin Abdulrahman as part of a series of regional meetings that includes visits to Saudi Arabia, the UAE and Jordan.

Sheikha Jawaher bint Mohammed, Chairperson of the Rubu’ Qarn leadership development program and wife of Sheikh Dr. Sultan bin Mohammed Al Qasimi, Ruler of Sharjah, appointed Sheikha Jawaher bint Abdullah as Director-General of the organization

Hussain Sajwani, the billionaire Chairman of Dubai-based DAMAC Group, was photographed with Elon Musk and U.S. President-elect Donald Trump during last week’s New Year’s Eve celebration at Trump’s Mar-a-Lago resort in Palm Beach, Fla.

Mohamed Alabbar, founder of Dubai-based Emaar Properties and digital commerce firm Noon, attributes his global real estate success to relentless intensity and “paranoid love,” speaking in an interview with Arabian Business.

Maj. Gen. Ahmed Saif Al Muhair was named Commander-in-Chief of the Abu Dhabi Police, and Maj. Gen. Sheikh Mohammed bin Tahnoon was appointed its Director General. Dr. Abdulla Al Jarwan, a member of the Abu Dhabi Executive Council, was appointed Chairman of the Abu Dhabi Department of Energy.

Hassan El-Khatib, Egypt’s Minister of Investment, awarded golden licenses, which are aimed at attracting local and foreign investments, to nine companies ranging from a peanut producer and a warehouse builder to a wind farm.

Essa Al-Duhailan, Saudi Arabia’s Ambassador to Bangladesh, said during the launch of a report at the embassy that Saudi energy giant Aramco plans to build an oil refinery in the country.

Jan. 7-9, Dubai. Arab Plast International Road Show. A trade show for the plastics, petrochemicals and recycling industries. Dubai International Exhibition and Convention Center.

Jan. 7-9, Dubai. Dubai International Pharmaceuticals and Technologies Conference and Exhibition. The event brings people from the pharma chain to network, share knowledge and deal make. Dubai International Exhibition and Convention Center.

Jan. 7-10, Las Vegas, Nev. Consumer Electronics Show. One of the world’s biggest stages for the consumer electronics consumer and the entire tech industry. Las Vegas Convention Center.

Jan. 9-13, Abu Dhabi. International Renewable Energy Youth Forum.Held on the sidelines of IRENA’s Energy Forum. Masdar City.

Jan. 11-13, Abu Dhabi. International Renewable Energy Forum. The U.N.’s IRENA agency’s Assembly meets to make policy decisions and discuss advancing energy transition efforts. Masdar City.

Jan. 11-13, Dubai. The 1 Billion Followers Summit. An event that covers the world’s top creators and entertainers. Jumeirah Emirates Towers.

Jan. 13-18, Abu Dhabi. Abu Dhabi Sustainability Week. The conference brings together changemakers to discuss the key challenges in today’s world. ADNEC.

Jan. 16-19, Dubai. Hero Dubai Desert Classic. Golf Tournament bringing in world class athletes. Emirates Golf Club.  

Jan. 20-24, Davos, Switzerland. World Economic Forum. The annual WEF meeting brings world leaders, business leaders and thought leaders together under one roof to discuss the world’s challenges. Davos-Klosters.  

Jan. 27-30, Dubai. Arab Health. Premier healthcare event where attendees network with global leaders, discuss ground-breaking innovations and seek to shape the future of healthcare. Dubai World Trade Center. 

Jan. 27-28, Riyadh. Private markets in Saudi Arabia and GCC.  Exploring fundraising strategies, value creation and opportunities across private equity, credit and venture capital within Saudi Arabia and the broader Middle East. The Fairmont Hotel.

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. 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. 22-23, Miami, Fla.. FII Priority. Saudi Arabia’s Future Investment Initiative connects U.S. and Middle Eastern investors. Faena Hotel & Forum, Miami Beach.