CHINA BONDS

In a new indication of stronger commercial ties between the two countries, China plans to issue $2 billion of bonds in Saudi Arabia next week. The debt sale will be China’s first dollar-denominated issuance since 2021, Bloomberg reports. Mutual investments between the two countries have increased since Chinese President Xi Jinping’s 2022 visit to Riyadh. China’s biggest steel-maker doubled investment in Saudi, while the latter’s wealth fund acquired stakes in some Chinese firms including Lenovo, the news agency notes.

SUPER-SIZED IPO

The UAE’s biggest IPO this year is getting bigger. Lulu Retail Holdings said it will sell 30% of its shares on the Abu Dhabi stock exchange, up from its initial plan to sell a 25% stake. That should bring in $1.7 billion for the chain of super-sized supermarkets as it expands throughout the region. Lulu cited “a significant level of demand” from international, regional and local investors for increasing the size of the IPO.

Public Investment Fund: Red Sea Global, a PIF-owned developer of luxury resorts on Saudi Arabia’s western coast that adheres to principles of environmental sustainability, opened a new “consolidation” facility in Jeddah aimed at improving the company’s efficiency in waste management, travel and supply chain issues.

Abu Dhabi Investment Authority: Cube Highways Trust, an ADIA-backed company that operates toll roads in India, said revenue for the first half of 2024 to 16,981 rupees ($201 million).

Mubadala: Bahrain-based Investcorp., an alternative investment firm backed by the Abu Dhabi sovereign wealth fund, said it will team up with China Investment Corp. to establish the $1 billion Investcorp Golden Horizon platform that will invest in Saudi Arabia, other GCC states, and China.

🛢️ Drilling Down: Enersol, a joint venture between ADNOC Drilling and Alpha Dhabi, has agreed to acquire a 95% stake in the U.S.-based Deep Well Services for approximately $223 million. 

🌆 Record Sale: Driven Properties, a Dubai-based real estate developer, has acquired Emaar Square Building 3 for $137 million, marking the largest real estate deal in the city’s downtown area this year.

🚗 Taxi-Sharing: Dubai’s Roads and Transport Authority has launched a taxi-sharing service between Dubai and Abu Dhabi for a six-month trial in a bid to give passengers a lower-cost alternative on the heavily traveled route.

✈️ Jets Twin: Dubai Aerospace Enterprise signed lease agreements with Eastar Jet for three Boeing 737-8 aircraft, scheduled for delivery in 2025 and early 2026, to support Eastar Jet’s expanding regional network and demand for affordable travel.

🤖 AI Energy: ADNOC will increase the use of “autonomous agentic artificial intelligence” technology in managing its energy holdings, benefiting from its partnerships with Microsoft, G42 and AIQ, ADNOC CEO Dr. Sultan Al Jaber said on Monday at an event in Abu Dhabi on the sidelines of the ADIPEC conference.

📈 Trade Partners: Saudi Arabia and Turkey strengthened commercial ties by signing  agreements at the Saudi-Turkish Business Forum in Istanbul, establishing collaborative ventures in agriculture, tourism, manufacturing and technology.

🏦 Bank Growth: Moody’s ratings agency says in a report that the kingdom’s Vision 2030 economic blueprint, along with upcoming events such as Expo 2030 and the 2034 FIFA World Cup, will drive growth and lending opportunities for the country’s banking sector.

UAE President Sheikh Mohamed bin Zayed held a meeting with Slovenian President Nataša Pirc Musar of the Republic of Slovenia at the Qasr Al Shati Palace in Abu Dhabi on Monday with the discussions focused on trade, investment and energy.

Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE and Ruler of Dubai, attended the signing of an agreement between the Ministry of Energy and Infrastructure and Siemens to initiate the first phase of a project that aims to reduce energy and water consumption in federal government buildings.

Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi, National Security Advisor and Chairman of G42 and International Holding Co., held a meeting with Morgan Stanley CEO Ted Pick in which they discussed developments within the financial markets and the global economy, according to a statement.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, arrived in Addis Ababa, Ethiopia, to attend the World Without Hunger Conference and was welcomed by Ethiopian Prime Minister Abiy Ahmed.

Hazem Ben-Gacem, former co-CEO of Investcorp, is establishing a $1 billion permanent capital fund, BlueFive Capital, to invest in financial services across the Global South, with fundraising discussions underway in the U.S., Asia, Europe, and the Middle East, Bloomberg reports.

BlackRock CEO Larry Fink has been pushing the world’s largest asset manager beyond stocks and bonds into the lucrative world of private equity and private credit, The Wall Street Journal reports.

Adiel Gopas was hired by Third Point Ventures, the VC firm founded by investor Daniel Loeb, to work in the company’s Israel office and look for promising startups. He previously worked for OpenWeb and Poalim Equity.

Nov. 4-7, Abu Dhabi: ADIPEC. The event is the biggest gathering for energy leaders, policy makers and key industry players. ADNEC. 

Nov. 5-7, Dubai: EMEA Stakeholder Conference, This invitation-only event brings together over 700 of the most influential leaders from across the hotel and real estate industry in Europe, the Middle East and Africa to discuss the latest trends shaping the hotel industry. Lapita Dubai Parks and Resorts Autograph Collection.

Nov. 5-7, Dubai: Gulfood Manufacturing. The event brings food manufacturers, food processing and logistics companies to exhibit and discuss the latest in their industry. DWTC.

Nov. 12-13, Abu Dhabi: CyberQ: Security in the Quantum Era.The event will bring together international experts, key policymakers and industry players to discuss the fundamental challenges of the quantum age of cybersecurity. ADNEC.

Dec. 5-6, Abu Dhabi: Milken Institute Middle East and Africa Summit. Corporate executives, investors, government officials, and philanthropists gather to address the globe’s most pressing issues. St. Regis Saadiyat Island.

Dec. 5-8, Abu Dhabi: Abu Dhabi Grand Prix 2024. World’s fastest race drivers compete in Abu Dhabi leg of the Formula One season. Yas Marina Circuit.

Dec. 9-10, Abu Dhabi: The Bitcoin Conference. The conference connects with industry leaders, and experiences a dynamic expo hall featuring a fusion of technology and art. ADNEC.

Dec. 9-12, Abu Dhabi: Abu Dhabi Finance Week. Bringing top economic talent to discuss the ongoing challenges and prospects in the economy. Al Maryah Island, ADGM Square.