Dubai seeks to become a global hub for international sports

Dubai is seekng to become a global hub for sports, with the goal of boosting the economic contribution of sporting events by 80% to reach $18.3 billion by 2033.

“The ultimate vision, we want Dubai to be the world’s best sporting city,” Khalfan Belhoul, Vice Chairman of the Dubai Sports Council, said.

With major events such as the 2030 Asian Games in Qatar and soccer’s 2034 FIFA World Cup in Saudi Arabia on the horizon, the Middle East is entering what consulting firm Oliver Wyman describes as a “defining decade” for sports.

A report published by the New York-based agency on the region’s sports economy projects $75 billion in growth potential, Arab News reports.

The report says governments have committed over $100 billion in sports infrastructure through 2034.

Lunate buys $2 billion minority stake in London’s Brevan Howard

Abu Dhabi is pouring $2 billion into hedge fund powerhouse Brevan Howard to anchor a new investment hub in the Gulf.

The deal was set in motion by Abu Dhabi-owned asset manager Lunate’s agreement to acquire a minority stake in Brevan Howard and commit the funds to launch a new investor platform.

Lunate, which has more than $100 billion under management and is backed by Abu Dhabi’s ADQ and Chimera Capital – investment arms tied to Sheikh Tahnoun bin Zayed – said the partnership is designed to strengthen the city’s role as a global hub for alternative investments.

The venture will be based in the Abu Dhabi Global Market, the emirate’s international financial center, and will oversee funds tailored to global investors. 

London-based Brevan Howard, which manages more than $35 billion worldwide and is best known for its macro trading and digital asset strategies, will contribute its investment expertise and client base to the new platform.

Brevan Howard’s founder, Alan Howard, said in a statement that the partnership “reflects our deep and ongoing commitment to the region.”