IPO FIZZLE

Companies in the Middle East have raised $13 billion from IPOs in 2024, making it the region’s second-best year since the pandemic. Strong early returns from those share sales, however, are no longer guaranteed, Bloomberg reports. The three largest Gulf IPOs of the year — Talabat, OQ Exploration, and Lulu Retail — had muted debuts despite strong demand. Still, the desire of Gulf governments to diversify their economies and deepen capital markets virtually guarantee a continued rush of listings in 2025.

SYRIAN BUZZ

The overthrow of Syrian President Bashar al-Assad has shone a light on his government’s estimated $10 billion business in the illegal drug captagon. Since the former leader escaped to exile in Russia, rebels have been circulating videos from industrial-scale manufacturing of the amphetamine-like drug that has been banned in the U.S., Europe and the Middle East, The Wall Street Journal reports. Among the locations were Syria’s Mazzeh air force base and a former potato-chips factory outside Damascus. Used by a vast range of consumers from taxi drivers working late hours to militia fighters seeking courage, Syrian-produced captagon has helped drive demand for drugs across the region, the newspaper said.

Public Investment Fund: Less than a week after the Saudi sovereign wealth fund bought a 15% stake in London’s Heathrow Airport, the airport announced on Wednesday it would invest nearly $3 billion to upgrade all the terminals, including the baggage delivery system, to support punctual departures and arrivals. Meanwhile, PIF subsidiary New Murabba launched its inaugural Graduates Program to help future Saudi leaders develop skills required in construction, AI, and project management.

Oman Investment Authority: The Omani sovereign wealth fund has acquired a stake in Elon Musk’s XAI artificial intelligence company, the state news agency said on Wednesday. OIA also holds shares in Musk’s SpaceX.

ADQ: ADQ is teaming up with Aqua Development, a South Korean aquaculture start-up, to explore land-based shrimp farming in the UAE by developing a pilot facility within the KEZAD aquaculture economic zone, co-funded through ADQ’s Growth Lab.

🚢 Port Repair: DP World announced the start of maritime works on Senegal’s $1.2 billion Port of Ndayane to develop the site as a key West African logistics hub.

📺 Second-Hand: Revibe, a UAE-founded startup that runs a marketplace for refurbished electronics, raised $7 million in a Series A funding round co-led by ISAI and Resonance.

🧑‍🎓 Student Town: Emirates NBD and Abu Dhabi Islamic Bank have closed a $178 million financing deal for a 353-bedroom student dormitory near Paddington Station in London.

🌱 Agri-Fund: Egypt’s Beltone Leasing and Factoring signed a $6.9 million sale and leaseback deal with organic food producer SEKEM Group, to support its agricultural expansion in the Egyptian market.|

🕹️ Gaming Finance: Vgames, a gaming-focused Israeli investment fund, announced on Wednesday that it has raised $142 million for its third and largest fund.

🇪🇬 Bullish on Egypt: Halliburton, the world’s second-largest oil services company, with offices in Houston, Tex., and Dubai, will boost investmentsin Egypt in light of new incentives offered by the government, the company’s President for the Eastern Hemisphere Shannon Slocum said.

🇵🇱 Polish Influx: Thirty Polish companies plan to open offices in Saudi Arabia in early 2025 with support and financial guarantees from the Polish government that seeks to strengthen ties with the kingdom.

🏝️ Fertile Land: UAE-based agribusiness venture Al Dahra is negotiating a potential $800 million deal to lease 200,000 acres of farmland in Kenya, with an agreement expected by early 2025, Bloombergreports. 

🚄 Blue Line: Dubai’s Roads and Transport Authority awarded a $5.6 billion contract to a consortium of Turkey’s MAPA and Limak companies, and China’s state-owned CRRC to build Dubai’s new Metro Blue Line, which will stretch 30 kilometers and have 14 stations.

🚲Bike Swap: Dubai-based ENOC Group and Drive Terra teamed up to deploy a large-scale battery swapping network, seeking to advance ebike adoption in the UAE and support its goals to reduce carbon emissions.

Bahrain’s King Hamad bin Isa Al Khalifa headed a ceremony to kick off the state oil company’s Bapco Modernization Project. Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister also attended the event.  

Sheikh Mohammed bin Rashid, the UAE’s Vice President and Prime Minister, and Ruler of Dubai, issued a new law to expand the powers and responsibilities of the Dubai Media Council, aiming “to promote the emirate’s profile as a global hub for creativity, innovation, and talent.”

U.S. Secretary of State Antony Blinken released a statement to mark Qatar’s National Day on Wednesday, praising the government’s role in mediating regional conflicts and strengthening ties between the two countries.

Abdulrahman Al-Abdulla was hired by Morgan Stanley as head of its business in Qatar, as the bank tries to tap into a predicted rise in deal volumes in the wealthy Gulf state, Reuters reports.

Saudi Investment Minister Khalid Al-Falih opened a Saudi-Turkish roundtable on the construction sector aimed at exploring investment opportunities, localizing supply chain and building bilateral cooperation.

Dec. 15-26, Riyadh: Riyadh Theatre Festival. Featuring 20 performances aimed at reflecting the kingdom’s diversity in theatrical arts, with an awards ceremony on Dec. 26. Princess Nourah bint Abdulrahman University.

Dec. 16-20, Abu Dhabi. AIMS Conference. In its 14th edition, the conference highlights mathematical and scientific advancement with a focus on women scientists. ADNEC. 

Jan. 7-9, Dubai. Arab Plast International Road Show. This event is a trade show for people working in plastic, petrochemicals and recycling materials. 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 Assembly is the Agency’s ultimate decision-making authority where Heads of State/Government, Ministers and global stakeholders meet to discuss and advance the energy transition. Masdar City.

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

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. Annual WEF meeting bringing world leaders, business leaders and thought leaders under one roof to discuss the world’s challenges. Davos-Klosters.  

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

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 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. This annual event brings together world leaders and business leaders from the region and beyond to discuss the most pressing matters. Madinat Jumeirah.

Feb. 14-16, Munich Security Forum. The event is known as the world’s leading forum for debating international security policy. Hotel Bayerischer Hof.

Feb. 22-23, Miami, Fla.. FII Priority. A spinoff of Saudi Arabia’s Future Investment Initiative that aims to highlight disruptive technologies and connect U.S. and Middle Eastern investors. Faena Hotel & Forum, Miami Beach.