Emaar’s Mohamed Alabbar says his memoir is about to be released
Mohamed Alabbar, the Emirati developer behind Dubai’s Burj Khalifa, the world’s tallest building, is releasing a memoir.
The 68-year-old founder of Emaar Properties said on Instagram that he wrote “For the Love of the Craft” to share his reflections as a family man and proud citizen of the UAE.
The book’s cover is pictured in the Instagram post but no publishing date is given.
Alabbar, a longtime advisor to the UAE leadership, established Emaar in 1997. The company built the Dubai Mall – then the world’s biggest mall by total area – in 2009 and opened the adjacent 162-story Burj Khalifa the following year.
Alabbar is also Chairman of international property developer Eagle Hills and e-commerce platform Noon.
The Daily Circuit: UAE doubles down on nuclear + Property tycoon Alabbar grows empire
👋 Hello from the Middle East!
Today in The Daily Circuit, we’re looking at the expanding empire of Mohamed Alabbar, shrewd fee changes at Abu Dhabi Global Market, a flurry of green energy joint ventures from the PIF and the who’s who courtside at Etihad Arena for Team USA. But first, the UAE is looking to double down on nuclear energy.
Amid efforts by all the Gulf states to wean their economies off dependence on oil and develop alternative fuels, the UAE is pushing to get more of its power from nuclear energy.
Four months after the UAE’s Barakah nuclear plant became 100% operational, the government is exploring the possibility of building a second nuclear facility, Reuters reports.
“The government is looking at this option, Hamad Alkaabi, the UAE’s Ambassador to Austria and Permanent Representative to the UN’s nuclear agency, told the news agency. “No final decision has been made in terms of the tender process but I can tell you that the government is actively exploring this option.”
Any contract for a new nuclear power plant would be worth tens of billions of dollars and could attract tender bids from China, Russia and the U.S., among others, Reuters said. The government has yet to budget for a second power plant or decide on the size or the location, but Alkaabi said it was possible a tender could be issued this year.
EAGLE’S LANDING
UAE property tycoon Mohamed Alabbar plans to invest up to $3 billion in Indonesia’s tourism sector. Alabbar’s Eagle Hills Properties, an Abu Dhabi-based private real estate investment and development company, inked the one-year deal with Indonesia’s Ministry of State-Owned Enterprises in the presence of Indonesian President Joko Widodo and UAE President Sheikh Mohamed bin Zayed in Abu Dhabi on Wednesday. Alabbar, who also heads Dubai’s largest developer, Emaar, visited Nusantara, where the Indonesian capital is being relocated, in May where he expressed interest in investing. The deal to help develop and upgrade airport infrastructure and state-owned hotels comes as President Widodo has been wooing foreign investors before his final term ends this year.
PRICE CONSCIOUS
The UAE capital’s financial center is slashing fees to attract retailers and non-financial firms while raising licensing costs on the financiers flocking to the Abu Dhabi Global Market (ADGM). The move comes as ADGM embarks on a massive expansion plan to include neighboring Reem Island into its jurisdiction. New registrations for non-financial firms have been halved to $5,000 while in the financial category, fees have increased to $20,000 from $15,000, ADGM said in a statement on Wednesday. The revised fee structure will come into effect on January 1, 2025. In May, ADGM reported assets under management tripled in the first quarter of 2024 compared to the previous year with 1,950 firms, including 291 financial services entities, now licensed there. Among the firms that have set up a base are Goldman Sachs, Blackstone, Apollo, Fifth Wall and the Asian Infrastructure Investment Bank.
Public Investment Fund: The PIF secured joint venture agreements with three major Chinese clean energy companies this week: Jinko Solar and TCL Zhonghuan, two of the world’s largest producers of solar modules and solar silicon wafers, and wind turbine maker Envision Energy. The deals come as Saudi Arabia looks to localize manufacturing of green energy solutions in the kingdom amid the energy transition, according to Yazeed Al-Humied, Deputy Governor and Head of Investments for the Middle East and North Africa region at PIF.
International Holding Co.: U.S. vertical farming startup Plenty is forming a joint venture with Mawarid, a subsidiary of IHC-backed Alpha Dhabi Holding, in a $680 million deal to develop a network of indoor farms in the Middle East, Reuters reports.
Mubadala: Khaldoun Al Mubarak, Managing Director and CEO of Mubadala, as well as Member of the Executive Council of Abu Dhabi and Chairman of the Executive Affairs Authority of Abu Dhabi, sat courtside at Etihad Arena for the Team USA-Serbia exhibition basketball matchup, alongside Mohamed Khalifa Al Mubarak, Chairman of Abu Dhabi’s Department of Culture and Tourism and Chairman of Aldar Properties; and Indian actor Ranveer Singh.
🔋 Plugging In: Saudi Arabia’s national carrier Saudia will buy 50 electric aircraft from German manufacturer Lilium as the kingdom expands tourism destinations, Bloomberg reports.
💸 Digital Cash: Egypt’s dopay, a fintech startup that aims to help cash-based economies carry out digital payments, raised $13.5 million in an expansion of its Series A funding round, led by Argentem Creek Partners.
🩺 Disease Diagnosis: Israel’s CytoReason, which uses AI to develop disease models, raised $80 million in a private funding round that drew participation from Nvidia, Pfizer and OurCrowd.
☁️ Cloud Management: Ctera, an Israeli hybrid cloud data management startup, raised $80 million in primary and secondary funding led by PSG Equity.
🛢️ Barrel Question: The OPEC+ session next month is expected to be routine with no changes to plans for a supply hike starting in the fourth quarter, Bloomberg reports.
🛫 Airport Operator: Iraq is inviting private companies to operate Baghdad International airport, launching a two-stage public tender for a partner to rehabilitate, expand and finance the facility.
🌌 Space Balloons: EOS-X Space, the Madrid, Spain-based space tourism company, said it plans to start launching flights from Abu Dhabi of its balloon-carried space capsules in 2025.
🔌 Power Cuts: Egypt will stop scheduled rolling blackouts until the end of the summer after the government secured supplies of liquified natural gas to keep its power plants running.
💺 China Expansion: Emirates Airlines is “hopeful” that talks this week between the UAE and China will pave the way for the Gulf carrier to expand its presence in the world’s second-largest economy, Bloomberg reports, citing an interview with Orhan Abbas, Emirates’ Senior Vice President for Commercial Operations in the Far East.
UAE President Sheikh Mohamed bin Zayed on Thursday declared July 18 as national “Union Pledge Day” to mark the historic meeting held in 1971 when the declaration of the Union and the UAE Constitution were signed by the late UAE Founding Father Sheikh Zayed, officially naming the United Arab Emirates.
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, bid farewell to Indonesian President Joko Widodo at the Presidential Airport in Abu Dhabi on Thursday, after a two-day state visit. He was also farewelled by UAE Minister of Energy and Infrastructure Suhail Al Mazrouei and UAE Ambassador to Indonesia Abdulla Salem Al Dhaheri.
Mohamed bin Hadi Al Hussaini, UAE Minister of State for Financial Affairs, met with Vera Esperança dos Santos, Minister of Finance of Angola, at the Ministry of Finance office in Dubai to discuss strengthening financial ties between the two countries.
NBA All-Stars Lebron James and Joel Embiid praised the hospitality of Abu Dhabi as Team USA concludes a visit for exhibition games in preparation for the Paris Olympics. “They’ve opened their arms to us,” James told The National in an interview.
🦴 Colossal Fossil: A near-complete skeleton of a Stegosaurus has sold at a Sotheby’s auction for $44.6 million to billionaire hedge-funder Kenneth Griffin, beating the record $32 million paid by Abu Dhabi for “Stan” the T-Rex four years ago. Griffin, the founder and CEO of Citadel, vowed to keep the dinosaur in America and said he plans to lend it to a museum. Nicknamed “Apex,” the 150 million-year-old fossil unearthed in Colorado two years ago was only expected to sell for up to $6 million.
July 2-Aug. 25, Riyadh, Saudi Arabia: Esports World Cup. An international competition for professional gamers with a $60 million prize pot. Boulevard City.
July 15-26, Granada, Spain: ADIA Lab International Summer School. A course of lectures and case studies to explore the critical role of trust and safety in AI, examining the ethical, technical and societal implications of AI applications. University of Granada.
July 16-19, Aspen, Colo.: Aspen Security Forum. Pentagon leaders, defense contractors and security officials from around the world meet for a four-day conference. Aspen Institute.
July 27-Aug. 4, Washington D.C. Mubadala Citi DC Open. Tennis tournament featuring nine of the world’s top 20 players. Rock Creek Park.
Aug. 12-15, Riyadh, Saudi Arabia: Saudi Food Expo. One of the kingdom’s largest trade shows for the food & beverage industry. Riyadh Front Exhibitions.
Sep. 30-Oct. 2, Dubai, UAE: Future Hospitality Summit. The global conference for leaders in the hospitality industry expands this year at a new location with dedicated space for ESG planning, country pavilions and a larger exhibition area. Madinat Jumeirah.
Alabbar’s Eagle Hills to invest billions in Indonesia
UAE property tycoon Mohamed Alabbar plans to invest up to $3 billion in Indonesia’s tourism sector.
Alabbar’s Eagle Hills Properties, an Abu Dhabi-based private real estate investment and development company, inked the one-year deal with Indonesia’s Ministry of State-Owned Enterprises in the presence of Indonesian President Joko Widodo and UAE President Sheikh Mohamed bin Zayed in Abu Dhabi on Wednesday.
Alabbar, who also heads Dubai’s largest developer, Emaar, visited Nusantara, where the Indonesian capital is being relocated, in May where he expressed interest in investing.
The deal to help develop and upgrade airport infrastructure and state-owned hotels comes as President Widodo has been wooing foreign investors before his final term ends this year.
