The Daily Circuit: Gulf beckons Davos delegates + Investcorp’s IPO horizon
👋 Hello from the Middle East!
In today’s Daily Circuit, we’re looking at Bahrain-based Investcorp’s IPO horizon, QIA-backed Instabase’s $100 million funding round, Dubai’s new property rules aimed at attracting foreign investment and Sir Anthony Hopkins’ star-studded concert in Riyadh. But first, home away from home for Gulf delegates in Davos.
As the World Economic Forum opens today on the icy streets of Davos, Saudi Arabia and the UAE are beckoning delegates to come in from the cold – touting a range of gatherings inside their well-heated pavilions on the Swiss ski resort’s main drag.
Saudi House, an all-in-one base at 105 Promenade Street that the kingdom is using to attract foreign investment, will feature programs and exhibits prepared by 13 separate agencies.
They range from the Investment and Tourism ministries to the Royal Commission for AlUla – the ancient desert city, now a center for museums and resorts – to the Diriyah Company – which is carrying out a $63 billion overhaul of Riyadh’s historic core.
Walk-in visitors are generally treated to assorted varieties of Saudi dates and cardamom-infused coffee. Saudi House will also be hosting more elaborate luncheons and dinner meetings during the week.
“The kingdom’s approach to unlocking its potential involves really rewriting the economic playbook,” Saudi Economy and Planning Minister Faisal Alibrahim told Arab News in an interview published today.
“This is not just about investments or the government spending money,” he said. “This is about creating an environment that’s vibrant, that attracts capital, attracts minds to the opportunities that are being created in the kingdom led today by the government.”
Down the road at 68 Promenade Street, the UAE will also have a crowded schedule. On Tuesday, G42 Chief Operating Officer Mansoor Al Mansoori will host Brad Smith, Vice Chair and President of Microsoft, for a public chat on “how global cooperation can address challenges like ethical governance, inclusivity, and shared innovation.”
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📰 Developing Stories
LOOKING AHEAD
Investcorp, the Middle East’s largest alternative asset manager, is looking at the horizon and dreaming big. Executive Chairman Mohammed Alardhi is at Davos this week, where he told Bloomberg the firm is considering an IPO somewhere down the line. “In the next few years I would not be surprised if we look for a liquidity event sometime, whether by a strategic partnership or even going to the public markets,” Alardhi said. The Bahrain-based firm, which manages about $55 billion, is optimistic about 2025 and prospects for business in the U.S. under the Trump administration, Alardhi said.
PROPERTY BOOST
Dubai is taking new steps to make its prime property more attractive to foreign investors. The emirate issued regulations on Sunday enabling private property owners of all nationalities in the Sheikh Zayed Road and Al Jaddaf areas to convert their ownership to so-called “freehold” status, The National reports. Under freehold classification, an investor has a direct title of ownership of the property and the land on which it is built. “This news is huge because it could be the beginning of what I suppose will be the opening up of all areas to be bought by non-locals,” Mario Volpi, head of brokerage at Novvi Properties, told the newspaper.
💲 Sovereign Circuit
Mubadala: The Abu Dhabi sovereign wealth fund will proceed with a restructuring of the Turkish Getir grocery delivery service despite threats of a legal battle from its founders.
Qatar Investment Authority: Instabase, a San Francisco startup that creates software for extracting data from documents, raised $100 million in a Series D funding round led by the QIA.
Public Investment Fund: A subsidiary of the sovereign wealth fund’s Saudi-Egyptian Investment Co. agreed to invest in Cairo for Investment and Real Estate Development, Egypt’s largest private-sector education service provider.
↪↩ Closing Circuit
📈 Price Surge: An 81% increase in Riyadh residential real estate prices since 2020 has put home ownership out of reach for the vast majority of the Saudi capital’s residents, the Financial Times reports.
⛽ Gas Sale: ADNOC signed a 15-year Sales and Purchase Agreement with Germany’s EnBW for 0.6 million tons per annum of LNG from its Ruwais project, with deliveries expected to begin in 2028.
💲 Lean In: Egypt received a $231 million loan from the state-backed Japan International Cooperation Agency to support its private sector development to transition to a green economy.
🖥️ Digital Assets: Dubai Islamic Bank increased its stake in Turkey’s T.O.M. Group from 20% to 25%, strengthening its presence in Turkey’s growing financial market, which includes T.O.M. Katilim Bankasi, Turkey’s first licensed digital retail bank.
💸 SME Funds: Egypt’s Micro, Small, and Medium Enterprises Development Agency signed a micro-project financing deal worth $1.95 million with Erada Microfinance company to fund 1,700 micro-projects, each receiving $9,000.
🗣 Circuit Chatter
🚢 Holding Back: International cargo carriers are not ready to return to the Red Sea in the wake of a Gaza ceasefire because of uncertainty over whether Yemen’s Houthis will continue to attack their ships, Reuters reports.
🥬 Vegan Cuisine: Emirates airline is testing some 300 different vegan dishes, such as savory cannelloni and spicy shakshuka, to address increasing demand from passengers.
₿ Crypto Power: Dubai Multi Commodities Centre and REIT Development will build a 17-story Crypto Tower in Dubai’s Jumeirah Lakes Towers to support blockchain, DeFi, and Web3 companies.
💰 Flying In: The UAE has emerged as the second most popular destination for high-net-worth individuals seeking to leave the U.K. ahead of upcoming tax regime changes, investment experts Henley & Partners said.
🇰🇼 New Tracks: Kuwait’s Public Authority for Roads and Transportation issued a tender for a consulting agreement to establish the Kuwait Railway Co., a decision to be followed by a study of the private sector partnership for its operation and maintenance.
🌍 Power Circuit
UAE President Sheikh Mohamed bin Zayed met with Masrour Barzani, Prime Minister of the Kurdistan Region of Iraq at Qasr Al Shati in Abu Dhabi on Sunday. Sheikh Mohamed also received a phone call from the leader of the New Syrian Administration, Ahmed Al-Sharaa in which he reiterated the UAE’s steadfast position in support of Syria’s independence.
Crown Prince Mohammed bin Salman of Saudi Arabia is emerging as one of the biggest winners in the fallout of the 15-month conflict in Gaza, which has tilted the balance of power in the Middle East against its longtime rival Iran, Bloomberg reports.
Sheikh Abdullah bin Zayed, UAE Deputy Prime Minister and Minister of Foreign Affairs, spoke on the phone with outgoing U.S. Secretary of State Antony Blinken.
Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister and Ruler of Dubai, met with members of the Board of Directors of the Young Arab Leaders initiative at the Museum of the Future.
Sheikh Hamdan bin Mohammed, UAE Deputy Prime Minister and Crown Prince of Dubai, launched a new certification mechanism called the Dubai AI Seal to promote trust in reliable artificial intelligence companies.
Sheikh Maktoum bin Mohammed, UAE Deputy Prime Minister, Minister of Finance and Deputy Ruler of Dubai, met with Tara Davies, Partner and Co-Head of Europe, the Middle East, and Africa at private equity firm KKR.
Sheikh Ahmed bin Mohammed, Second Deputy Ruler of Dubai and Chairman of the Dubai Media Council, launched the Media Leadership Programme, a strategic initiative aimed at shaping a new generation of media leaders.
➿ On the Circuit
Hussain Sajwani, Chairman and founder of DAMAC properties, is in Washington D.C. and posted a picture with Amazon founder Jeff Bezos during the pre-inauguration celebrations of U.S. President-elect Donald Trump at the Trump National Golf Club on Sunday.
Tarek Sultan, Vice Chairman of Kuwaiti logistics giant Agility, told The National that he is optimistic about the incoming administration of Donald Trump, and is expecting the U.S. to play a key role in the company’s investment strategy.
Saqr Ghobash, Speaker of the UAE Federal National Council, and Sheikh Khalid bin Hilal Al Maawali, Chairman of the Shura Council in the Sultanate of Oman, held a discussion session at the Shura Council headquarters in the Omani capital, Muscat.
🎶 Circuit Culture
🎻 Lighter Note: Sir Anthony Hopkins hosted a gala concert in Saudi Arabia on the weekend, alongside a bevy of stars, including Matthew McConaughey, Morgan Freeman and Christina Aguilera. It was the first public appearance for the legendary actor and composer since losing his home in the Los Angeles fires. Hopkins also attended the Kingdom’s Joy Awards, which honor artistic achievements in the Arab world.
📷 Photo of the Day
📅 Circuit Calendar
Jan. 20-24, Davos, Switzerland. World Economic Forum. The annual WEF meeting brings world leaders and business executives together to discuss the world’s greatest policy 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.
Jan. 27-30, Miami, Fla. iConnection Miami Alts. Networking event for fund managers and finance industry professions. Miami Beach Convention Center.
Jan. 30, Abu Dhabi. MEVCA Investors Summit. The one-day conference is sponsored by the Middle East Venture Capital Association. ADGM.
Feb. 1-8, Abu Dhabi: Mubadala Abu Dhabi Open. Top women tennis stars compete in WTA 500 tournament. International Tennis Centre, Zayed Sports City.
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. 4-5, Doha. Seatrade Maritime Qatar Conference and Exhibition. Conference brings industry experts, decision-makers, shipping companies and leaders in technology, energy, finance and investment. Sheraton Grand Doha Resort.
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. 17-21, Abu Dhabi: IDEX 2025. Military contractors from around the world show their wares at one of the most prominent international defense exhibitions. ADNEC Center.
Feb. 17-21, Dubai. Gulf Food. In its 30th edition, the exhibition brings in many more companies to show their work on food and the industry’s use of technology. Dubai World Trade Center.
Feb. 18-19, Abu Dhabi. The Future of Asset Management Middle East. A two-day conference that gathers leading executives from top asset management companies in the Middle East region. The Ritz-Carlton, Grand Canal.
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.
Feb. 25, Dubai. Family Office Summit 2025. Global fund leaders managing $1 trillion in assets will meet under the theme, “Taking Money Out of Cash.” Ritz Carlton Jumeirah Beach