Saudi Arabia cuts hotel fees to stimulate its tourism industry

Saudi Arabia is tearing down barriers to entry when it comes to tourism.

Having poured billions into developing its Red Sea spas, historical desert sites and sporting events, the kingdom has decided to scrap municipal licensing fees for hotels, hotel apartments, and residential resorts. 

The move reflects the country’s efforts to transform the economy away from its longtime dependence on oil and develop industries such as tourism, finance and manufacturing.

Saudi Arabia has been determined to strike a balance between making foreigners feel welcome while guarding the Islamic country’s conservative ideals. 

UAE’s non-oil trade hits record $381 billion in first half of 2024

The UAE’s pursuit of closer trade ties with fast-growing economies in the Middle East, Asia and Africa saw its non-oil foreign trade hit a record $381 billion in the first half of 2024, up 25% compared to the same period last year. Non-oil exports made up 18.4% of total trade, compared to 16.4% for H1, 2023.

The double-digit expansion in foreign trade defied a global trend in slowing trade growth, spurred on by the signing of so-called comprehensive economic partnership agreements with several countries, Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, said in a statement on Sunday. 

The new trade figures show “the UAE economy’s resilience, which is the result of our steadfast commitment to building strong, productive public-private partnerships as well as fostering collaborative growth with emerging global economies,” Al Zeyoudi said.

The Emirates, which is planning to sign similar trade deals with 26 countries, has so-far inked agreements with India, Turkey, Israel, Indonesia, Cambodia and Georgia, and is negotiating with Serbia, Vietnam, the Philippines, New Zealand and Ecuador.

The deals are considered critical to achieving the UAE’s ambitious target of close to $1.1 trillion in non-oil foreign trade by 2031.

Saudi executives seek partners in South Korea with trip to Seoul

Saudi Arabia’s campaign to expand its economy beyond dependence on oil is widening its global focus and turning up new corporate trading partners in South Korea, Asia’s fourth largest economy.

After a business conference in Seoul this week, the kingdom reported signing 10 agreements ranging from construction and energy to healthcare and food exports.

Saudi Minister of Commerce Majid Al-Qasabi led a delegation of 80 business executives and government officials at the Saudi-Korean Business Forum, where South Korean companies pitched cooperation in car manufacturing, data centers and urban infrastructure, Arab News reports.

Al-Qasabi also met with South Korean Prime Minister Han Duck-soo after arriving in Seoul on Monday.

Commercial activity between the two countries, which reached $35 billion between 2019 and 2023, is likely to jump substantially with the signing of a free trade agreement last December between South Korea and the GCC, Cheong In-kyo, the head of trade negotiations at the Ministry of Trade, Industry and Energy, told the conference.

Abu Dhabi-based AI developer Bayanat, meanwhile, signed an agreement this month to form a joint venture with South Korea’s Autonomous a2z that will use driverless taxis to transport passengers arriving at Zayed International Airport to the Emirati capital’s hotels and attractions.

China debuts Saudi-focused ETFs amid investment boom

As China seeks to strengthen economic ties with the Gulf, investors from the world’s second biggest economy are getting an opportunity to place their bets on Saudi stocks while paying with their own currency.

Two exchange-traded funds focused on Saudi Arabia, the largest Arab economy, debuted today in the corporate centers of Shanghai and Shenzhen that will enable investors to put Chinese yuan directly into Saudi businesses and access information in Chinese, Bloomberg reports.

China emerged last year as Saudi Arabia’s most active foreign investor, pouring $16.8 billion into the kingdom and accounting for 58% of new business investments – primarily focused on automotive, metals and semiconductor investments. That was more than 11 times the $1.5 billion that China invested in Saudi Arabia in 2023, according to Dubai-based Emirates NBD.

At the Shenzhen stock exchange today, the China Southern Asset Management CSOP Saudi Arabia ETF QDII started trading after raising 634 million yuan ($87 million), Bloomberg reported.  A second fund, the Huatai-PineBridge CSOP Saudi Arabia ETF QDII, began trading in Shanghai after raising 590 million yuan.

China Southern’s ETF targets investors “who have knowledge in equity markets, have demand for global asset allocation and have confidence in the energy sector,” said Mao Wei, the asset manager’s chief equity investment officer, according to Bloomberg. “People will pay more attention to Saudi Arabia looking at the energy and financial sector” compared with U.S. or Japan investment options, Wei said.

Saudi Arabia sees investment surge from China, according to Emirates NBD

China is emerging as Saudi Arabia’s most active foreign investor amid a flood of new projects aimed at turbocharging non-oil economic growth in the kingdom. The world’s second-largest economy accounted for 58% of new business investments — primarily focused on automotive, metals and semiconductor investments — in Saudi Arabia in 2023, with $16.8 billion invested. That figure is up more than tenfold from $1.5 billion the previous year, according to new data from Dubai-based Emirates NBD.

Saudi Arabia, the Arab world’s largest economy, is still trailing its target of attracting $100 billion in foreign direct investment (FDI) by 2030 as de facto ruler Crown Prince Mohammed bin Salman looks to boost non-oil GDP and diversify the economy. But 2023 showed signs of progress: foreign investment into new business in Saudi Arabia more than doubled to $28.8 billion last year, according to Emirates NBD, surpassing the 2018 peak of $17.6 billion but shy of the 2008 record of $34.3 billion.

The influx in foreign capital comes as Gulf economies are increasingly turning East to China and India, one of the fastest growing economies, for opportunity. Saudi Arabia and the UAE have been invited to join the BRICS economic alliance, which analysts have predicted will increase China’s power and influence in the MENA region. Still, the U.S. was runner-up: pouring $2.7 billion into Saudi Arabia, mostly in software and IT, and a 238% increase over the previous year. The UAE came in third, its investments primarily focused on renewable energy.

This week the kingdom’s Minister of Culture, Prince Badr bin Abdullah, visited Beijing, where he signed a flurry of agreements with his Chinese counterpart to boost collaboration. Museums, cultural heritage, theater, architecture and libraries are all on the table for greater exchange. “With the support of the leadership of the two friendly countries, Saudi-Chinese cultural cooperation begins a new chapter,” Prince Badr said on X.

Dubai on hiring spree as economy bucks inflation and Red Sea disruptions

It’s a good time to be job-hunting in Dubai. The economy grew quickly in February, bucking inflationary pressures and disruptions in the Red Sea, spurring the biggest hiring spree in the emirate in eight years, according to new data. 

The S&P Global Dubai Purchasing Managers’ Index, a closely monitored indicator of the non-oil economy, posted an uptick from January.

The economy started strong in 2024 and cost pressures remained modest last month. The reading matched May 2019 – making it the joint-highest reading in just over nine years, according to S&P Global.

Dubai’s non-oil economy is “one of the fastest growing worldwide,” David Owen, Senior Economist at S&P Global Market Intelligence, said.

“Output and new order volumes are proving especially robust, with companies reporting new clients, higher demand and a still improving economy post-pandemic,” he added. 

The bumper jobs data in February comes after around four months of more subdued hiring as businesses factored in the newly introduced corporate tax requirements rolled out in the UAE at the start of the year.

Construction, project management and real estate added the most jobs, while travel and tourism is poised for another strong first quarter, according to S&P Global.

Non-oil business activity picks up in Saudi Arabia and UAE

Non-oil business activity in Saudi Arabia and the UAE picked up quickly in February, according to new data.

The kingdom’s economy rose at its fastest rate in five months, reaching its highest level since September 2023 following a slump to a two-year low in January, according to Riyad Bank. Expectations towards future activity were buoyed, while supply chains remained supported despite ongoing conflict in the Red Sea.

Meanwhile in the UAE, the latest index from S&P Global noted the fastest upturn since June 2019, as 38% of monitored firms noted a month-on-month increase in activity from new business, stronger client activity and more marketing and development work.

Anecdotally, Dubai Mall — a landmark of the Gulf’s economic diversification efforts — welcomed 105 million visitors in 2023, a 19% uptick from the previous year, making it “the most visited place on Earth in 2023,” according to its developer Emaar. 

The Daily Circuit: Tadawul draws investors to Riyadh + Gulf tourism boom

👋 Hello from the Middle East!

Today we’re looking at the latest numbers that show Gulf tourism is booming, how efforts to diversify from oil made a record impact last year on the UAE economy, Redbird IMI’s $1.45 billion acquisition of All3Media and a possible IPO in the works for Saudi Global Ports Co. But first, the Tadawul exchange summons investors to Riyadh.

Saudi Arabia is touting the strength of its stock exchange as the Saudi Capital Markets Forum gets underway today in Riyadh. The two-day forum is being hosted by the Saudi Tadawul Group, the parent company of the kingdom’s main stock exchange that goes by the same name, which had a market cap of $2.9 trillion at the end of January.

The kingdom has sought to attract foreign investment through its capital markets by implementing reforms, aligning regulatory frameworks with international standards and gaining inclusion in major global indices while at the same time pursuing investor outreach  and investing in technology and infrastructure, according to Saudi Tadawul Group CEO Khalid Al-Hussan.

The hard work appears to be paying off. IPOs in Saudi Arabia and the UAE have been booming since late 2021. The total number of shares traded on the Saudi exchange topped 8 billion in January, an almost fourfold increase from the prior January, according to data published by the exchange.

“Momentum is great, and all the indications so far for 2024 are excellent,” SNB Capital’s Head of Investment Banking Zaid Ghoul said in an interview with Bloomberg, highlighting a surge in share trading in recent months. The level of activity is encouraging more firms to prepare for IPOs, Ghoul said.

The Saudi Tadawul is also looking beyond capital markets. Last month, it announced plans to buy a 33% stake in the Dubai Mercantile Exchange, bolstering its position in global commodities markets. Once the deal closes, Saudi Tadawul will become the largest shareholder next to the CME Group and the exchange will be rebranded as the Gulf Mercantile Exchange.

Thinking shorter term: Most major stock markets in the Gulf fell in early trading today after data showed U.S. producer prices increased more than expected in January, adding to concerns over inflation and dampening hopes for early rate cuts by the Federal Reserve, Reuters reports. Most GCC countries, including Saudi Arabia and the UAE, peg their currencies to the U.S. dollar and follow the Fed’s policy moves closely.

📰 Developing Stories

TRADING PARTNER

The UAE’s non-oil foreign trade reached a record $953 billion in 2023 as the Gulf state signed free trade agreements with India, Turkey and Indonesia while making broad efforts to diversify its economy. Trade with its 10 most important foreign partners grew 26% last year, according to figures released by the government on Sunday. “The expansion of foreign trade is a pillar of the UAE’s economic strategy, a driving force of growth and diversification and a catalyst for sectors that focus on innovation, knowledge and advanced technology,” Minister of State for Foreign Trade Thani Al Zeyoudi said in a statement.

GULF GLOBETROTTERS

Tourism is booming in the Gulf. Dubai International Airport surpassed its pre-pandemic annual passenger traffic last year and beat its own forecast on the back of a strong performance in the second half of the year. The airport handled about 87 million passengers in 2023, up 32% compared to the prior year, as it edged past the 86.4 million recorded in 2019, operator Dubai Airports said on Monday. The figures are also above its last full-year forecast of 86.8 million. Saudi Arabia meanwhile, recorded a 56% increase in incoming tourists between 2019 and 2023, leading the UN’s World Tourism Barometer in a report on how countries have recovered from the pandemic-induced plunge in tourism.

💲 Sovereign Circuit

Public Investment Fund: Saudi Global Ports Co., which is owned by the PIF, and Singapore’s PSA International Pte, are considering an initial public offering in Riyadh, Bloomberg reports. NPR examines how Saudi Arabia has used the PIF to build NEOM and overhaul its economy by investing in a wide range of industries unconnected to oil.

Mubadala: The owners of Israel’s Tamar natural gas field, which include Mubadala, Chevron and several Israeli partners, approved plans to expand production at the offshore site in the Mediterranean. Mubadala-backed Yahsat has launched its Project Sky initiative to target previously unserved communities via multi-orbit satellite constellations.

🗣 Circuit Chatter

🏛️ Rothschild in Riyadh: Rothschild & Co. said it will expand its operations in Saudi Arabia by hiring or relocating bankers for a new office in Riyadh’s King Abdullah Financial District.

🛫 Sharjah-Bound: Fly Jinna, a low-cost airline owned by Pakistani and Emirati companies, said it will start operating two flights a day between Islamabad and the UAE’s Sharjah Airport.

🧳 Valued Visa: Dubai’s liberal granting of so-called Golden Visas has kept valued expatriate professionals from leaving and helped sidestep the commercial real estate crisis that has hurt other big cities, Bloomberg reports.

🏖️ Party People: Known for producing events like “the loudest weekend in Riyadh,” and the Saudi Arabian Grand Prix concerts, MDLBEAST is set to manage a luxury beach club on NEOM’s Sindalah Island.

👕 In Style: Beyoung, an Indian D2C fashion brand, said it has received a strategic investment from the Royal Office of Sheikh Tahnoon Bin Saeed in the UAE.

↪↩ Closing Circuit

🎞️ Media Acquisition: RedBird IMI, a joint venture between RedBird Capital Partners and Abu Dhabi’s International Media Investments, has agreed to acquire film production company All3Media for $1.45 billion from Warner Bros Discovery and London-based Liberty Global.

☪️ Islamic Finance: Qatar’s Islamic fintech market is predicted to double in volume to $4 billion a year by 2027, according to the Global Islamic Fintech Report.

🛩️ Moroccan Aeronautics: Figeac Aero, a French company specializing in manufacturing aeronautic equipment, opened a new $14 million production facility in Casablanca, Morocco.

🔬 Stem Cells: Kadimastem, an Israeli startup that uses stem cells to develop medical treatments, plans to trade its shares on the Nasdaq by merging with a Canadian company and delisting in Tel Aviv.

🏗️ Waterfront Towers: The Omani capital of Muscat’s low-slung skyline is set for change as construction begins this year on the $1.3 billion Al Khuwair Downtown and Waterfront Development Project, featuring a cluster of 30- and 40-story buildings.

🌍 Power Circuit

The Emir of Kuwait, Sheikh Mishaal Al-Ahmed Al-Sabah, hosted Yasir Othman Al-Rumayyan, Governor of Saudi Arabia’s Public Investment Fund, at Seif Palace in Kuwait City on Sunday for a meeting to discuss economic collaboration between the two Gulf states.

➿ On the Circuit

Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Member of the Dubai Council, today inaugurated the ‘Introducing Zayed National Museum: The Foundations of Unity’ exhibition, being held at the Etihad Museum in Dubai from Feb. 18 until Dec. 5.

Wall Street investor Ken Moelis has turned his investment bank Moelis & Co. into one of the biggest dealmakers in the Middle East by cultivating relationships in the UAE and Saudi Arabia, Bloomberg reports.

Dana White, owner of Ultimate Fighting Championship, tells Tucker Carlson about why Abu Dhabi’s support for his mixed martial arts league was critical during the COVID-19 pandemic.

Moza Al Futtaim was named Chief AI officer of Al Futtaim Group, the Dubai-based mall developer and retail conglomerate owned by her grandfather.

Qatar Energy Minister Saad Al Kaabi promised more LNG deals between his country and European and Asian firms.

🎶 Culture Circuit

🎙️ A Star Is Born: Universal Music Group plans to open a branch of Capitol Studios in the UAE – the first outside of Hollywood –  in collaboration with UAE music firm DGMC. The location of the new studios is not confirmed but plans call for a Dolby Atmos mixing room, state-of-the-art recording equipment and rehearsal rooms for artists and writers. A new record label under the deal will be a joint venture between the two companies and will work to turn artists from the region into global stars, according to a statement.

📷 Photo of the Day

📅 Circuit Calendar

Feb. 19-20, Riyadh, Saudi Arabia: Saudi Capital Markets Forum. A gathering of government ministers, banks and local publicly traded companies to discuss integrating emerging markets with established financial systems. King Abdullah Financial District.

Feb. 21-22, Dubai, UAE: Step Conference. The Dubai edition of the leading tech festival for emerging markets. Internet City.

Feb. 22-23, Miami Beach, FL: FII Priority Miami. A summit on disruptive technology and investment trends hosted by the Future Investment Initiative Institute. Faena Hotel Miami Beach.

Feb. 26-29, Doha, Qatar: Web Summit Qatar. A Middle East edition of the technology crowd mega-event, gathering investors, entrepreneurs and business leaders. Doha Exhibition and Convention Centre. 

Feb. 28-29, Abu Dhabi, UAE: Investopia. A gathering of investors hosted by SALT and Investopia, an investment platform launched by the UAE Ministry of Economy and backed by Mubadala and the Department of Economic Development. St. Regis Saadiyat. 

Feb. 29-March 2, Sakhir, Bahrain: Formula 1 Gulf Air Bahrain Grand Prix. Bahrain International Circuit.

March 1, Abu Dhabi, UAE: Abu Dhabi Family Office Summit. One of the largest meetings in the region for family office leaders and investors. Saadiyat Rotana.  

March 4-7, Riyadh, Saudi Arabia: LEAP. A global technology conference for developers, startups, investors, C-suite and media. King Abdul Aziz International Conference Center.

March 5-6, Doha, Qatar: International LNG Forum. Gathering of industry leaders and key stakeholders to discuss the future of gas in a key export market. InterContinental Doha Beach. 

March 7-9, Jeddah, Saudi Arabia: Formula 1 STC Saudi Arabian Grand Prix. The Jeddah Corniche Circuit.

The Weekly Circuit: Saudis strive to reverse slowdown + Africa freight detour

👋 Hello from the Middle East!

Saudi Arabia’s ambitious blueprint for diversifying its economy and reducing its dependence on oil – showcased by dazzling megaprojects like NEOM’s carbon-neutral city of the future – has a long way to go before making a dent, a report by the International Monetary Fund shows. Measured against its peers in the G-20 of developed nations, the kingdom’s 1.1% economic contraction last year put it in last place alongside inflation-mired Argentina.

What a change from 2022 when Saudi growth jumped 8.7% and led the G-20 on the IMF’s annual World Economic Outlook. Powering the economy was Saudi Aramco’s record output of crude oil, which accounts for some 40% of GDP. A broad cut in oil production levels agreed upon in 2023 by the OPEC+ bloc showed how sensitive the Saudi economy is to fluctuations in the petroleum market.

From turning its Red Sea coast into a magnet for high-spending European tourists to nurturing new industries such as electric vehicles, hydroponic agriculture and green energy, Saudi Arabia is cautiously anticipating a long-term decline in demand for its historically lucrative oil resources.

Last year’s slowdown, however, has made the kingdom’s planners more cautious, leading to a decision this week to postpone lifting a production cap at 12 million barrels a day and preventing a predicted drop in oil prices. Preliminary data released today indicated that the production cuts are working and the economy may be back on a path to growth.

Also in the kingdom, there are plans to open the first liquor shop since prohibition was introduced in 1952, as the rolling back of social restrictions continues. The licensed store will open in the next few weeks in Riyadh and sell only to non-Muslim diplomatic staff. Successful bids for Riyadh to host Expo 2030 and the men’s World Cup in 2034 are expected to spur further reforms.

Meanwhile, the number of tankers making the long and expensive detour around Africa’s Cape of Good Hope to avoid threats of attack in the Red Sea rose to 100 last week from 69 the previous week, Bloomberg reports, citing an Oil Brokerage report. Circumnavigating the African continent adds about 4,000 miles (6,500 kilometers) and between 10 and 20 days to sailing time, requiring as much as $1 million in extra fuel. An estimated 12% of global trade is shipped through the Red Sea every year, carrying cargo worth more than $1 trillion.

And in Dubai, affordability is a growing concern as property values continue to climb, expected to increase as much as 12% this year, according to real estate consultancy Cushman & Wakefield Core. Home prices surged 20% on average in 2023, despite nearly 40,000 new units helping to ease pent-up demand.

Welcome to The Weekly Circuit. Read on for the stories, deals and players at the top of the news across the MENA business landscape. Please send comments and story tips to [email protected].

BILL OF HEALTH

Catching up with Ashish Koshy, the M42 executive leading the UAE’s push for personalized medicine

Share

M42 Health is overseeing the Emirati Genome Program, which has mapped the genetic code of more than 500,000 people in the UAE, representing one of the largest initiatives of its kind in the world, The Circuit’s Kelsey Warner reports. 

Global ambitions: Mapping Abu Dhabi Department of Health Chairman Mansoor Ibrahim Al Mansoori has called the project “a contribution to Arabs and to the world,” a key to improving health outcomes, tailoring personalized medicine and preventing disease. To date, only 1% of the world’s genomes that have been mapped are of Arab descent. 

Strategy driver: The national program is shaping practically everything at healthtech behemoth M42 Health, created less than two years ago when Abu Dhabi’s Mubadala Health and G42 Healthcare merged, bringing labs, technology, hospitals and clinics under one brand. The Circuit caught up with Group Chief Operating Officer Ashish Koshy on the sidelines of the World Economic Forum meeting in Davos, Switzerland, earlier this month. 

Click here to read the full interview.

The Weekly Circuit: AllianceBernstein in Dubai + Saudi contraction

👋 Good Monday morning in the Middle East!

Saudi Arabia’s economy, the world’s fastest growing in 2022, is likely to contract this year as the Gulf kingdom cuts back on oil production and invests in cultivating new industries such as solar power, tourism and professional sports. In a dramatic turnaround from last year’s growth of close to 9%, the $1 trillion Saudi economy is projected to shrink by 1%, which would make it the worst performer in the G20 after Argentina, according to Bloomberg.

To expand its sports interests, the kingdom plans to launch a multibillion-dollar investment company connected to its sovereign wealth fund, the Financial Times reported. The agreement last month to merge the Saudi-backed LIV Golf league with the PGA Tour is spurring proposals for other investments in international soccer, tennis, cycling, pro wrestling and other sports.

On Saudi Arabia’s western shoreline, Red Sea Global is installing 750,000 solar panels to power 16 new resort hotels it’s building with adjoining shopping malls. The company is also building the world’s largest battery storage facility with a capacity of 1,200 megawatts per hour. Some 50 resorts are under development by Red Sea, with up to 8,000 hotel rooms and more than 1,000 residential buildings spread across 22 islands and six inland areas.  

Even as the Saudi economy slows, its growing financial ties with China are taking up some of the slack. After Chinese leader Xi Jinping visited the country and met with Crown Prince Mohammed bin Salman, the two countries signed a series of agreements that could be worth around $50 billion, the Wall Street Journal reported. At the Arab-China Business Conference in Riyadh last month, Hong Kong Stock Exchange CEO Nicolas Aguzin predicted that the Middle East’s biggest sovereign wealth funds could allocate up to $2 trillion of investments to China by 2030.

Welcome to The Weekly Circuit, where we cover the Middle East through a business and cultural lens. Read on for the stories, deals and players at the top of the news. Please send comments and story tips to [email protected].

Spread the word! Invite your friends to sign up.👇

BOUND FOR DUBAI

AllianceBernstein joins UAE’s new wave of investment firms

AllianceBernstein, one of the largest U.S. money-management firms, plans to open a regional office in the United Arab Emirates to tap into the rising tide of investments flowing through the Gulf, The Circuit’s Jonathan Ferziger reports. 

Details: The Nashville, Tenn.-based business, which has $676 billion in assets under management, said last week that it received a regulatory license to operate in the Dubai International Financial Centre, a special economic zone within the UAE’s biggest city. More than 300 asset- and wealth-management firms have offices in the DIFC.

On the ground: The new branch will be led by Jean-Paul Hobeika, managing director for Middle East institutions, who was named senior executive officer, AllianceBernstein said. He will work with Eduard van Nes, head of intermediary sales for the Middle East and Africa, who recently moved to Dubai. The firm also has an Israeli office in Tel Aviv.

Target clients: Setting up in the UAE will spur AllianceBernstein’s regional growth and “improve our ability to serve clients through proximity as well as capturing important market opportunities,” said Willem van Gijzen, head of Central Europe, Middle East and Africa institutions at the firm. The new office will target institutional clients, distribution partners and family offices with its asset management services, the firm said.

Relocated Russians: The UAE’s sovereign wealth funds manage more than $1.5 trillion in assets. A proliferation of mergers and acquisitions across the Gulf, as well as the money brought by Russians relocating because of international sanctions have bolstered financial and property markets.

Forecast raised: Capital inflow to the UAE rose by 10% last year to $23 billion. Investment banks and asset management firms have also been opening new offices in Saudi Arabia, which has made establishing local branches a prerequisite for government business. The World Bank raised its growth forecast for the UAE to 3.4% from 1.1%, based on higher oil output, recent economic reforms and new investments.

Click here for the full story.

Share

CONNECTING WOMEN

Moroccan business conference draws MENA’S female business leaders

In a bid to strengthen normalization efforts across the Middle East and North Africa, Morocco, Bahrain, the United Arab Emirates and Israel are promoting business ties among women. The most recent joint activity was a three-day conference in May that took place in Marrakesh, Morocco, and drew nearly 100 female business leaders, The Circuit reports.

Shared challenges: Besides networking, the gathering explored women’s access to education, financial security and opportunities for leadership. In a series of panel discussions and workshops, the conference focused on investments, corporate funding and infrastructure development. Participants also discussed shared challenges for women in the Middle East and Africa and the impact of geography, culture and religion.

Alone at the table: The conference was organized by Start-Up Nation Central, a nonprofit group that promotes Israeli tech companies, and Morocco’s Consensus Public Relations firm.  Among the participants were women from Bahrain, Benin, Egypt, Israel, Jordan, Kenya, Morocco, Nigeria, South Africa, Sudan, United Arab Emirates and the U.S., organizers said. “What we were hearing often is that these women, particularly in the countries that we targeted, are often alone around decision-making tables,” Aviva Steinberger, SNC’s director of innovation diplomacy, told The Circuit. “The goals of this event were to connect these women at a professional level and at a personal level.”

Women’s solidarity: The conference, which was titled “Women Connect to Innovate,” was supported by a range of companies and organizations including Google, Women in Tech, Morocco’s Foundation for Research, Development and Innovation in Science and Engineering and the Mohammed VI Polytechnic University. Morocco’s minister of solidarity and social integration, Aawatif Hayar, hosted a dinner for the conference. While the workshops were going on, three artists from Morocco, Israel and Senegal created a graffiti wall dedicated to women’s solidarity and international cooperation.

Click here to read the full story.

Share

Circuit Chatter

Trade Leader: Foreign direct investment into the UAE rose to a record $23 billion in 2022, leading all six countries in the Gulf Cooperation Council.

Poaching Managers: HSBC is in talks to poach Aladdin Hangari and his team from Credit Suisse after the Swiss bank’s acquisition by UBS, the Financial Times reported. Abu Dhabi Commercial Bank, meanwhile, hired Citigroup’s Sami Tabbarah as head of investment banking, Bloomberg reported.

Lebanese Rebound: Business conditions in Lebanon’s private sector improved to a 10-year high in June despite the country’s soaring inflation and political deadlock.

Aramco India: Saudi Aramco is scouting for new investment opportunities in India amid a surge in demand for crude oil in the South Asian country, Bloomberg reported.

Iranian Drilling: Kuwait invited Iran to fresh talks about their sea borders after Tehran said it was ready to start drilling in a disputed gas field in the Gulf. 

Islamic Cybercurrency: IslamicCoin, the world’s first halal digital asset, is launching a new platform called HaqqPad designed to offer Shariah-compliant decentralized apps.

MBC IPO: MBC Group, the Middle East’s biggest broadcaster, is planning meetings with investors to prepare for an IPO in Saudi Arabia, Bloomberg reported.

Vegan Protein: India’s Kothari Fermentation and subcontractor Biochem signed an agreement with Israeli startup Nextferm to produce its yeast-based vegan protein.

Active Ingredients: Israel’s Teva Pharmaceutical Industries, the largest maker of generic drugs, is weighing options for its active ingredients business, including a possible sale, Bloomberg reported.

Property Shopping: Dubai’s Al Habtoor Group is looking to buy commercial property in Slovakia, the Czech Republic and Romania, The National reported.

New Vision: Qatar is using its wealth to chart a new course, following last year’s construction boom in advance of hosting the soccer World Cup, the Financial Times reported.

Hot Homes: Wealthy buyers keep buying property in Dubai, with 176 homes worth at least $10 million sold during the first half of 2023, Bloomberg reported.

Closing Circuit

Iraqi Boost: The UAE and Saudi Arabia agreed to invest $3 billion each to bolster trade with Iraq and help restore its economy.

Fit to Invest: Affinity Partners, the private equity firm founded by former U.S. President Donald Trump’s son-in-law Jared Kushner, said it will invest in German fitness-tech company EGYM.

Healthcare Sell-Off: Aster DM Healthcare, which operates in India and the UAE, is in talks with Fajr Capital and other parties to sell a majority stake in its Gulf business.

Flying Qatar: Qatar Airways posted record profit in the fiscal year 2022/-23 of $1.2 billion, reflecting increased traffic while it hosted the World Cup soccer tournament.

Messy Burger: Rebel Foods, the Indian company that owns The Messy Burger and other “cloud kitchen” brands, outlined plans to open in Saudi Arabia.

Digital Chill: Abu Dhabi’s Mubadala Investment and funds managed by KKR acquired Canada-based CoolIT Systems, which maintains optimal temperatures for computers.

EV Fires: General Motors acquired Algolion, an Israeli startup that can detect potential hazards in battery cells and prevent fires in electric vehicles.

Chemical Merger: Abu Dhabi’s ADNOC is in talks with Austria’s OMV about merging the Borouge and Borealis companies in which they both hold stakes to create a $30 billion giant in the chemicals and plastics industries.

Test-Drive: WeRide, a Chinese maker of self-driving cars, secured a license from the UAE to test its vehicles on the country’s roads.

On the Circuit

Mohammed Al Suwaidi, CEO of Abu Dhabi’s ADQ holding company and chairman of Abu Dhabi National Energy Co., was appointed as the UAE’s minister of investment.

Chuka Umunna, JPMorgan’s head of green investments in the Europe, Middle East and Africa region, told Reuters that critics should stop “carping from the sidelines” about the UAE hosting the COP28 climate talks and let it show leadership in decarbonising the energy sector.

Monsignor Pierbattista Pizzaballa, the Latin patriarch of Jerusalem and the Vatican’s top representative in the Middle East, was elevated to cardinal by Pope Francis.

Ahead on the Circuit

July 10, Dubai, UAE: Inaugural Lab-Grown Diamond Symposium. International dealers, experts discuss latest innovations and the industry’s future. Atlantis, The Palm.

July 20, Dubai, UAE: Blockchain Banking Fest. Entrepreneurs discuss impact of blockchain on banking and payments. DIFC Innovation Hub.

July 28-Aug. 6, Jerash, Jordan: Jerash Festival. Annual gathering at ancient city’s Roman ruins features concerts, plays, fashion shows and art exhibitions. Jerash archeological site.

Sept. 14-15, Abu Dhabi, UAE: Super Angels Summit 2023. Angel investors meet with startup founders at annual conference. Abu Dhabi National Exhibition Centre.

Culture Circuit

F1 Debut: Formula One announced its 2024 schedule, starting in Bahrain and Saudi Arabia, where the March 2 and March 9 races will take place on Saturdays to accommodate Ramadan observances. The season ends Dec. 8 in Abu Dhabi.

Pedal for Peace: Top world cyclists from the Tour de France, Giro d’Italia and Vuelta a España will be invited to compete in the new “Middle East Peace Race,” which is being organized to take place in October, Cyclingnews reported. The three-day competition through courses in Israel, Bahrain and the UAE was conceived in part by Israeli billionaire Sylvan Adams, owner of the Israel-Premier Tech cycling team.

Gamers and Borders: A team of Israeli gamers arrived in Saudi Arabia to take part in a video game version of the FIFA World Cup soccer tournament that runs July 16-19. Although Israel and Saudi Arabia don’t have official ties, the three team members, their trainer and a deputy manager were allowed to enter on their Israeli passports in a diplomatic process brokered by FIFA officials.