OMANI IPO

The upcoming IPO by Oman’s OQBI is generating broad interest in the Gulf. Investors that have each pledged to buy 7.5% of the company’s shares are Falcon Investments, a subsidiary of Qatar Investment Authority (QIA); the Gulf Investment Corporation, the Omani Social Protection Fund and Saudi Omani Investment Co., a unit of the Public Investment Fund. OQBI, which produces methanol, ammonia, and liquified petroleum gas products, is taking orders for the IPO next week from institutional investors abroad and from investors in Oman.

FOOD ZONE

Saudi Arabia is building an industrial zone for food manufacturers that Guinness World Records has recognized as the world’s largest food park. The Jeddah Food Cluster spans 11 million square meters and is projected to create some 43,000 jobs. Grouping the manufacturers in the same area is aimed at overcoming supply chain troubles that have plagued the industry. The park includes a central laboratory to improve food quality and safety, as well as over 134,000 square meters of shared cold and dry storage facilities.

Mubadala: The Abu Dhabi sovereign wealth fund’s Mubadala Capital unit is buying Canadian asset manager CI Financial for $8.7 billion, which is in line with the Emirati firm’s strategy to boost its investments in North America, the Financial Times reports.

Qatar Investment Authority: Britain’s financial regulator fined Barclays 40 million pounds ($50.9 million) for failing to disclose payments made to Qatari investment funds as part of the bank’s 2008 bailout. The QIA owns a 2.9% stake in Barclays, but the sovereign wealth fund said it was not accused or investigated about the crime.

🚆 Rail Support: Alstom, the French rail transport company, signed an $80 million agreement with Saudi Railway Co. to provide technical support, spare parts, and maintenance digitalization for Saudi Arabia’s east-west freight corridor.

🟢 Hydro Power: Polish renewable energy company Hynfra plans to build a $10.6 billion green hydrogen plant in Egypt funded by foreign investors, Hynfra partner Hussein Al-Gazzawi told Al-Ahram.

💸 Loan Maintenance: Marafiq, Saudi Arabia’s Power and Water Utility Co. for Jubail and Yanbu  has rescheduled $1.3 billion in Islamic loans with Saudi Awwal Bank, Saudi National Bank, and Banque Saudi Fransi.

🏦  Backed by Banks: Capitolis, an Israeli fintech startup, raised $20 million in a funding round led by Citi with participation from State Street, Morgan Stanley and UBS.

📈 Data Control: Giza Systems, an Egyptian subsidiary of Saudi Telecom Co. will build the Command Operations Control Data Centre for Egypt’s New Alamein City.

📊 Popular IPO: United Bank’s private offering on the Egyptian Exchange has been oversubscribed by three times its allocated shares, Al Mal News reports.

☀️ Solar-Qualified: Saudi Power Procurement Co. has prequalified 16 developers for the sixth round of solar projects under the National Renewable Energy Program.

UAE President Sheikh Mohammed bin Zayed met with Philippines President Ferdinand Marcos Jr. in Abu Dhabi on Tuesday during an official visit in which they discussed trade and sustainable energy cooperation.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, began a visit to Bahrain today at the invitation of Bahrain’s Crown Prince Salman bin Hamad, who is the country’s Prime Minister.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defense of the UAE, and Chairman of The Executive Council of Dubai, reviewed the Dubai Land Department’s operations and progress on the Dubai Real Estate Sector Strategy 2033.

Sheikh Sultan bin Ahmed, Deputy Ruler of Sharjah, attended the launch of the eleventh edition of the Sharjah International Travel and Tourism Forum at the Sharjah Expo Centre.

Nov. 25-27, Riyadh: World Investment Conference. Gathering sponsored by the World Association of Investment Promotion Agencies, Fairmont Hotel.

Nov. 25-27, Dubai: India Global Forum ME&A 2024. Conference on business opportunities in India features over 200 speakers and 1,000 participants. Taj Business Bay.

Nov. 26-27, Dubai: Global Women’s Forum. Over 60 sessions and more than 100 inspiring leaders and influencers worldwide, the Forum discusses exemplary global practices supporting women’s empowerment Madinat Jumeirah.

Nov. 26-28, Abu Dhabi: Global Media Congress. The event brings together a range of media groups to discuss the latest trends in publishing and media.

Nov. 26-29, Dubai: Big5 Global. The event gathers participants who are interested in technology and construction. Dubai World Trade Centre.

Dec. 4-6, Abu Dhabi: Abu Dhabi Business Week. Participants will hear from business pioneers who built billion-dollar enterprises, developed global brands and led significant campaigns. 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 the Abu Dhabi leg of the Formula One season. Yas Marina Circuit.

Dec. 5-14, Jeddah, Saudi Arabia: Red Sea Film Festival. Directors from Saudi Arabia and abroad will premiere feature films at the 10-day event. Al-Balad.

Dec . 9-10, Abu Dhabi: The Bitcoin Conference. The conference connects industry leaders in an exposition hall featuring a fusion of technology and art. ADNEC.

Dec. 9-12, Abu Dhabi: Abu Dhabi Finance Week. Market experts and entrepreneurs from around the world discuss the latest market trends. Al Maryah Island, ADGM Square.

Dec. 13-15, Abu Dhabi: World Policy Conference. The conference brings together top-level decision-makers, academics and opinion leaders. Park Hyatt Saadiyat Island.

MOVING UP

Saudi women are making strides and substantially boosting the kingdom’s economy. As the Global Women’s Forum opens tomorrow in Dubai, women are also becoming more prominent as dealmakers in the Saudi banking industry, Bloomberg reports. Progress for women has boosted Saudi Arabia’s GDP by about 12% over the past decade, according to Capital Economics. S&P Global. predicts bringing more women to the labor force could help add $39 billion to the economy in the next 10 years.

TELECOM STAKE

Aramco is looking for a foothold in U.S. telecoms. The Saudi oil company’s Aramco Digital unit is in talks to invest $1 billion for a minority stake in U.S. telecom software maker Mavenir, Reuters reports. The deal is valued at $3 billion and could close by year-end, according to the news agency. Mavenir is working with investment bank Evercore on its talks with Aramco Digital, the news agency said.

Abu Dhabi National Oil Company: ADNOC said it could extract significant value from an additional share sale in its natural gas unit. The statement issued today comes after Bloomberg reported last week that the company plans to sell an additional 3% to 5% in ADNOC Gas, which could raise as much as $3.5 billion.

Mubadala: Khaldoon Mubarak, the Abu Dhabi sovereign wealth fund’s CEO and Managing Director, offered a first look at the new Mubadala Team Brazil F50 sailboat in Abu Dhabi before its debut last weekend at the Emirates Dubai Sail Grand Prix.

🇳🇦 Offshore Blocks: QatarEnergy signed an agreement with France’s Total Energy to increase its ownership stakes in two offshore gas blocks in off the coast of Namibia.

🛋️ Living Room: Arika, a Cairo-based direct-to-consumer home furnishing business, raised $3 million in a Series A extension round with new investment from vestments from Beltone Venture Capital and Citadel International Holdings.

🥣 Making Hummus: PepsiCo bought a 50% stake in Sabra Dipping Co., a New York-based hummus maker, from Israel’s Strauss Group for $244 million

💲Payment Platform: Comera Financial Holding, part of Abu Dhabi’s Royal Group, has launched Comera Pay, a secure, user-friendly app offering digital payment solutions for individuals and businesses in the UAE.

☀️ Solar Work: Chinese solar company LONGi plans to supply $500 million worth of solar cells for 2.5 GW energy projects in Egypt by 2025, collaborating with firms including Scatec, Masdar, and AMEA Power.

🔋 Belt & Road: Masdar, the UAE renewable energy company and China’s Silk Road Fund have agreed to co-invest in renewable energy projects in Belt and Road Initiative countries, focusing on developing nations.

🏡 Home Surge: Aldar Properties, Abu Dhabi’s largest property developer, is seeing a surge in demand for homes that’s being driven in large part by foreign buyers, Bloomberg reports.

𖨆𖨆 Transparent Transactions: The UAE launched a “Know Your Customer” digital platform to enhance banking, financial transparency, and crime prevention, marking a milestone in modernizing its financial infrastructure.

💰 Private Capital: Saudi Arabia has formed a national committee for energy and petrochemicals to boost private sector involvement and attract investments, projected to reach $600 billion by 2030.

UAE President Sheikh Mohamed bin Zayed welcomed Indonesian President Prabowo Subianto to the UAE during a visit on Saturday.

Sheikh Mansoor bin Mohammed met with Porsche CEO Oliver Blume during his auto executive’s visit to the Icons of Porsche Festival in the Dubai Design District.

Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah met with Chinese business leaders during a four-day visit to Guangdong province., touring companies included Midea, WeRide, and Xpeng Aeroht.

Nov. 25-27, Riyadh: World Investment Conference. Gathering sponsored by the World Association of Investment Promotion Agencies, Fairmont Hotel.

Nov. 25-27, Dubai: India Global Forum ME&A 2024. Conference on business opportunities in India features over 200 speakers and 1,000 participants. Taj Business Bay.

Nov. 26-27, Dubai: Global Women’s Forum. Over 60 sessions and more than 100 inspiring leaders and influencers worldwide, the Forum discusses exemplary global practices supporting women’s empowerment Madinat Jumeirah.

Nov. 26-28, Abu Dhabi: Global Media Congress. The event brings together a range of media groups to discuss the latest trends in publishing and media.

Nov. 26-29, Dubai: Big5 Global. The event gathers participants who are interested in technology and construction. Dubai World Trade Centre.

Dec. 4-6, Abu Dhabi: Abu Dhabi Business Week. Participants will hear from business pioneers who built billion-dollar enterprises, developed global brands and led significant campaigns. 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 the Abu Dhabi leg of the Formula One season. Yas Marina Circuit.

Dec. 5-14, Jeddah, Saudi Arabia: Red Sea Film Festival. Directors from Saudi Arabia and abroad will premiere feature films at the 10-day event. Al-Balad.

Dec . 9-10, Abu Dhabi: The Bitcoin Conference. The conference connects industry leaders in an exposition hall featuring a fusion of technology and art. ADNEC.

Dec. 9-12, Abu Dhabi: Abu Dhabi Finance Week. Market experts and entrepreneurs from around the world discuss the latest market trends. Al Maryah Island, ADGM Square.

Dec. 13-15, Abu Dhabi: World Policy Conference. The conference brings together top-level decision-makers, academics and opinion leaders. Park Hyatt Saadiyat Island.

SELLING BONDS

Saudi Aramco sill sell more of its debt next year as it seeks to generate capital for investment. In an interview with Bloomberg, CFO Ziad Al-Murshed said the bond sales will be “regular but not too frequent.” Aramco, the world’s largest oil company, has been hit by a slump in crude prices this year, while its production is near the lowest level in three years. The company tapped debt investors this year when it sold $6 billion of dollar-denominated bonds in June, followed by about $3 billion of Islamic dollar notes in September. 

LONG-TERM LNG

Egypt is negotiating long-term LNG supply deals with U.S. and other foreign companies to reduce reliance on costly spot purchases. As the country’s domestic gas production declines, the Ministry of Petroleum is seeking three to four years of supply to hedge against sudden price increases, Reuters reports. Egypt has become a net gas importer due to falling domestic output. It hit a seven-year low in supplies in Sept, driven by declining production in its offshore Zohr field and rising power demand.

Public Investment Fund: Italy’s construction group Webuild told Reuters on Tuesday its activities connected to the PIF’s NEOM development are continuing in line with the plan, following the departure of its CEO last week. “Webuild has no evidence of changes in the activity plan initially set for the projects it is implementing, nor has it recorded any delay in payments,” the company said.

Mubadala: The Abu Dhabi sovereign wealth fund and France’s Safran aerospace and defense company said they are collaborating to accelerate aerospace innovation in the UAE, focusing on maintenance, manufacturing, human capital development, advanced materials, and space.

🇪🇬 Selling shares: Egypt has started selling a stake of as much as $110 million in United Bank, the country’s first initial public offering in three years as it presses ahead with a privatization program being encouraged by the IMF, Bloomberg reports.

 🏭 Phosphate Funds: Saudi Arabian Mining Co., known as Ma’aden, will increase share capital to $10.1 billion to boost its phosphate business.

⚡ Power Progress: The Saudi Electricity Company. ACWA Power, and South Korea’s KEPCO signed a power purchase agreement with Saudi Power Procurement Company for the Rumah 1 and Nairyah 1 power generation projects.

🔒 Cyber Startup: Cyera, an Israeli cybersecurity startup, raised $300 million in a Series D funding round that valued the company at $3 billion. The financing  was led by Accel and Sapphire Ventures.

🛏️ Breaking Ground: Saudi Arabia’s Diriyah Co. said on Wednesday it has broken ground for seven luxury hotels at the historic Diriyah site in Riyadh, including the Raffles Diriyah, Armani Diriyah, Orient Express Diriyah, Baccarat Diriyah, Corinthia Diriyah, Fauchon L’Hotel Diriyah, and Rosewood Diriyah, making the announcement at its Bashayer event.

💼 Investment Office: New York private equity firm Andalusian plans to open an office in the UAE by early 2025, The National reports.

🏦 Private Banker: HSBC launched its Global Private Banking services in Kuwait, extending its wealth management and investment business within the Gulf.

🪐 Space Flights: Space Perspective is advancing talks with Gulf countries to host its Middle East stratospheric balloon launch site, with a decision expected in early 2025, The National reports.

UAE President Sheikh Mohamed bin Zayed met with Jordan’s King Abdullah in Abu Dhabi on Wednesday and discussed strengtening their comprehensive economic partnership agreement.

Sheikh Abdullah bin Zayed, UAE’s Deputy Prime Minister and Minister of Foreign Affairs, held a call with U.S. Secretary of State Antony Blinken in which they discussed efforts to control the conflicts in Gaza, Lebanon and Sudan. 

Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani was received during his visit to Colombia on Wednesday by Columbian President Gustavo Petro, where they discussed boosting trade and investment between their two countries. 

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defense of the UAE and Chairman of The Executive Council of Dubai, along with Sheikh Mansoor bin Mohammed, Chairman of the Dubai Sports Council, witnessed the signing of a cooperation agreement between the Dubai Sports Council, Dubai Department of Economy and Tourism,, and the Professional Fighters League to launch a new global championship in mixed martial arts.

Lt. Gen. Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of the Interior, headed the UAE delegation participating in the 41st GCC Interior Ministers’ Meeting, which took place in Qatar’s capital of Doha.

Bill Gates, founder of Microsoft and Chair of the Bill and Melinda Gates Foundation, met in Abu Dhabi on Wednesday with Sheikh Theyab bin Mohamed, Deputy Chairman of the UAE Presidential Court for Development and Fallen Heroes’ Affairs and Chairman of the International Philanthropic and Humanitarian Council. Also attending the meeting were Mariam Almheiri, Head of the International Affairs Office at the Presidential Court and Member of the International Philanthropic and Humanitarian Council; and Faisal Al Bannai, Chairman of EDGE Group and Secretary General of the Advanced Technology Research Council.

Evan Siegel, the billionaire founder of Snapchat, opened the company’s new office in Riyadh’s Jax cultural district, where he also met with Saudi Investment Minister Khaled Al-Falah. Interviewing Siegel onstage was SRMG Chief Executive Jomana Alrashid.

Hussain Sajwani, Chairman of DAMAC Properties, the luxury Dubai based developer, said during an interview with Bloomberg that the company’s relationship with U.S. President Donald Trump company goes back over a decade and he is open to more joint projects in the future.

Marc Rowan, the CEO of Apollo Global Management who is a leading contender to be appointed U.S. Treasury Secretary, is the subject of a Bloomberg article that says the job would thrust the firm he co-founded into “an entirely new era of leadership” and potentially represent trillions of dollars in business.

Egyptian Prime Minister.Mostafa Madbouly and Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and CEO of ADNOC, witnessed the signing of an agreement between Egypt’s Industrial Modernisation Center, Global South Utilities and China’s WEIHENG to establish a battery energy storage factory in Egypt.

Nov. 20-22, Abu Dhabi: Xpanse. A forum dedicated to exponential technologies bringing together 3,000 thought leaders and industry pioneers. ADNEC.

Nov. 20-24, Abu Dhabi: Abu Dhabi Art. Annual art fair brings together Emirati and international galleries, offering artworks for sale, alongside exhibitions, artist commissions and installations. Manarat Al Saadiyat.

Nov. 21-24, Abu Dhabi: Abu Dhabi International Boat Show. A platform for marine enthusiasts that offers live performances and the opportunity to navigate the waters of Abu Dhabi. ADNEC.

Nov. 23-24, Dubai: Forbes Medical Tourism and Wellness Summit. Discussions will center around efforts by participant countries to attract patients from abroad for medical care. Jumeirah Beach Hotel. 

Nov. 26-28, Abu Dhabi: Global Media Congress. The event brings together a range of media groups to discuss the latest trends in publishing and media.

Nov. 26-29, Dubai: Big5 Global. The event gathers participants who are interested in technology and construction. Dubai World Trade Centre.

Dec. 4-6, Abu Dhabi: Abu Dhabi Business Week. Participants will hear from business pioneers who built billion-dollar enterprises, developed global brands and led significant campaigns. 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 the Abu Dhabi leg of the Formula One season. Yas Marina Circuit.

Dec. 5-14, Jeddah, Saudi Arabia: Red Sea Film Festival. Directors from Saudi Arabia and abroad will premiere feature films at the 10-day event. Al-Balad.

Dec . 9-10, Abu Dhabi: The Bitcoin Conference. The conference connects industry leaders in an exposition hall featuring a fusion of technology and art. ADNEC.

Dec. 9-12, Abu Dhabi: Abu Dhabi Finance Week. Market experts and entrepreneurs from around the world discuss the latest market trends. Al Maryah Island, ADGM Square.

RISING SHARES

Sheikh Tahnoon bin Zayed’s business empire is taking UAE markets to new heights. Buoyed by International Holding Co. and First Abu Dhabi Bank – both of which Sheikh Tahnoon leads as chairman – stocks traded on Abu Dhabi’s ADX and Dubai’s DFM are now worth more than $1 trillion, Bloomberg reports. Companies tied to IHC and other companies he leads make up more than a third of the total value on the UAE exchanges. Sheikh Tahnoon, who is the UAE’s National Security Adviser and brother of President Sheikh Mohamed bin Zayed, is also Chairman of Abu Dhabi sovereign wealth funds ADIA and ADQ.

Mubadala: Managing Director and Group CEO Khaldoon Al Mubarak spoke on Sunday at the Family Business Summit in Hong Kong, outlining the sovereign wealth fund’s commitment to driving economic growth in Abu Dhabi, which he said is becoming a global hub for innovation. U.S. expansion plans for MGX, the Abu Dhabi-based AI investment firm formed by Mubadala and G42, are the subject of a feature story in The Information.

Oman Investment Authority: Oman’s state energy company, OQ, is seeking to raise as much as $490 million in an IPO of its methanol and liquefied petroleum gas unit, OQ SAOC, Bloomberg reports.

💰Buy In: Investcorp, a Bahrain-based private equity group, along with Canada’s PSP Investments, is acquiring PKF O’Connor Davies, the 25th largest U.S. accounting firm, amid a surge in deals involving accounting firms, talent agencies and professional services firms, The Financial Timesreports.

💨 Wind Cycle: Masdar, the UAE’s renewable energy company has signed a power purchase agreement with the Financial Settlement Centre for its 1GW wind farm in Kazakhstan’s Jambyl region.

📍Regional Operations: BlackRock, the world’s largest asset manager, has secured a commercial license in Abu Dhabi and plans to seek approval to operate in the ADGM, following its recent announcement to establish a regional headquarters in Saudi Arabia.

📈 Ratings Base: Fitch Group, the securities rating agency based in New York and London, received Saudi government approval to open a regional headquarters in Riyadh.

🔒 Risky Business: Bitsight, a Boston-based cyber risk management company backed by Moody’s ratings agency, signed an agreement to buy Israeli startup Cybersixgill for $115 million.

🌀Green Equity: Actis, the sustainable energy investment arm of private equity firm General Atlantic, is evaluating several deals in the Middle East, amid the region’s push for green energy and global hydrogen, Actis Chairman Torbjorn Caesar told The National in an interview.

🚢Shipping Hub: The Saudi Ports Authority has launched its new EJBS service, linking the Jubail Commercial Port with the UAE and Kuwait as it seeks to strengthen the kingdom’s position as a regional logistics hub.

🌱 Expansion Chatter: Pure Harvest, a UAE-founded controlled-environment agriculture firm is eyeing expansion into the U.S. Sun Belt, Mexico, Morocco, and Singapore as it prepares for an IPO by 2028, CEO Sky Kurtz told Zawya.

💸 Financial Friendly: Saudi insurance companies anticipate financial benefits from a new rule requiring at least 30% of reinsurance premiums to be allocated to locally licensed firms, boosting the Kingdom’s reinsurance sector.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, held talksin Brazil on Sunday with President Luiz Inácio Lula da Silva after arriving as head of the UAE delegation to the G20 talks in Rio de Janeiro that takes place this week.

Sheikh Saud bin Rashid, Ruler of Umm Al Qaiwain and a member of the UAE Supreme Council, held a meeting at the Emiri Court on Monday with Ali Salem Al Thayedi, Consul-General of Kuwait to the UAE, to mark the end of the diplomat’s tenure. 

Saudi Minister of Investment Khalid Al-Falih and Tunisian Minister of Economy and Planning Samir Abdel Hafeez signed a preliminary agreement in Tunisia on Sunday aimed at strengthening cooperation and promoting direct investments between the two nations.

Marc Rowan, CEO of Apollo Global Management, is among the topcandidates U.S. President-elect Donald Trump is considering for Treasury Secretary, The New York Times reports.

Mariam bint Mohammed Almheiri, Head of the International Affairs Office in the UAE Presidential Court, announced that the UAE is developing the world’s first ChatGPT tool for the agricultural community. 

Mashaal AlJomaih was appointed CEO of Investcorp Saudi Arabia. He previously held the role of Managing Director within Investcorp Private Wealth and Deputy CEO of Investcorp Saudi Arabia.

Nov. 18-19, Riyadh: Riyadh Economic Forum. The Saudi government-sponsored conference brings together cabinet ministers, officials, business leaders, and economists to come up with recommendations to strengthen the national economy.

Nov. 18-19, Riyadh: Misk Global Forum. Two-day philanthropic event focused on providing opportunities for youth across the Middle East. Malfa Hall, Mohammed Bin Salman Nonprofit City.

Nov. 19-20, Dubai, UAE: Dubai Future Forum. Bringing in different people to discuss the future of the world and youth’s role in changing the narrative. Museum of the Future.

Nov. 20-24, Abu Dhabi: Abu Dhabi Art. Annual art fair brings together Emirati and international galleries, offering artworks for sale, alongside exhibitions, artist commissions and installations. Manarat Al Saadiyat.

Nov. 23-24, Dubai: Forbes Medical Tourism and Wellness Summit. Discussions center on efforts to boost medical tourism in countries around the world. Jumeirah Beach Hotel. 

Nov. 26-28, Abu Dhabi: Global Media Congress. The event brings together a range of media groups to discuss the latest trends in publishing and media.

Nov. 26-29, Dubai: Big5 Global. The event gathers participants who are interested in technology and construction. Dubai World Trade Centre.

Dec. 4-6, Abu Dhabi: Abu Dhabi Business Week. Participants will hear from business pioneers who built billion-dollar enterprises, developed global brands and led significant campaigns. 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. 5-14, Jeddah, Saudi Arabia: Red Sea Film Festival. Directors from Saudi Arabia and abroad will premiere feature films at the 10-day event. Al-Balad.

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. Market experts and entrepreneurs from all over the world discuss the latest market trends. Al Maryah Island, ADGM Square.

SPORTS FOCUS

In the wake of NEOM’s construction delays and corporate reorganization, the Saudi megaproject is making sure it’s ready to host a series of high-profile sporting events. Work on The Line, NEOM’s $500 billion linear desert city, is now focused on finishing a mile-long stretch including a stadium that is expected to host the final match of the 2034 soccer World Cup, Reuters reports. Another priority is the completion of Trojena, a planned mountain ski resort which will host the Asian Winter Games in 2029. NEOM announced the departure of its longtime Chief Executive, Nadhmi al-Nasr, and his replacement by Aiman al-Mudaifer as acting CEO

SPRUCING UP

Plusher business-class seats, high-speed internet and a dazzlingarray of new entertainment choices. Etihad Airways plans to spend as much as $1 billion to overhaul widebody aircraft as the Abu Dhabi-based carrier looks to refresh its fleet amid delays from planemakers, Bloombergreports. The retrofit program, Etihad’s largest to date, will start with about 50 twin-aisle jets, the Boeing Co. 787 and 777 models, and later expand to all widebody aircraft. “We’re going to retrofit even the planes that don’t need a retrofit, but we believe it’s important for the airline,” to have consistency across the fleet, Etihad CEO Antonoaldo Neves told the news agency.

Public Investment Fund: The Saudi sovereign wealth fund is selling a 2% stake in Saudi Telecom Co. in a bid to raise about $1 billion for the government’s economic overhaul plan.

Kuwait Investment Authority: Kuwaiti officials are consideringleadership changes at the sovereign wealth fund, potentially replacing Managing Director Ghanem Al-Ghenaiman, Bloomberg reports.

Abu Dhabi Investment Authority: ADIA, which manages close to $1 trillion in assets,  is increasing its allocation of investments in the private equity sector, according to the fund’s 2023 annual review published today.

ADQ: The Abu Dhabi sovereign wealth fund is developing its petrochemicals portfolio, “adding value to upstream output – but also overlapping with the interests of Abu Dhabi’s other state-owned investor, Mubadala, which has its own assets in the sector,” SWF Global reports.

📈 Share Buyback: International Holding Co., Abu Dhabi’s largest publicly traded firm, said it has launched a share buyback program worth almost $1.4 billion.

☀️ Solar Power: Emirates Development Bank has introduced a $27 million financing program with Dubai-based Yellow Door Energy to support the development of more than 60 solar plants across the UAE.

💳 Digital Wallet: Perno, a Dubai-based startup that developed a spending management platform, raised $7 million in a pre-Series A funding round led by Shorooq and Augmentum Fintech.

🏃🏾‍♀️ Fitness Fund: Saudi fitness chain Armah Sports has secured a $48 million Islamic-compliant credit facility from Bank AlJazira to fund capital expenditures for expansion, with a seven-year term and a two-year grace period.

🩺 Healthcare Spending: Bluespine, an Israeli startup that helps manage healthcare spending for self-insured employers, raised $7.2 million in a seed funding round led by Team8.

🌟 Growing Bigger: Dubai World Trade Centre has launched the first phase of its $2.7 billion expansion plan for the Dubai Exhibition Centre at Expo City Dubai.

🌎 Green Partners: Abu Dhabi renewable energy company Masdar and Albania’s state power utility Kesh signed a preliminary agreement to form a joint venture for developing large-scale renewable energy projects in Albania.

🇨🇳 Banking Adventures: Goldman Sachs’ decades-long efforts to “weave itself into the fabric” of China’s investment banking world and play a key role in other international markets is explored in a feature story by the Financial Times.

Saudi Crown Prince Muhammed bin Salman held a phone conversation with Russian President Vladimir Putin in which, among other issues, they discussed the importance of coordination among OPEC+ states, according to a Kremlin statement.

Qatar’s Emir Sheikh Tamim bin Hamad Al Thani made a visit to Turkey today for high-level meetings with the government of Turkish President Recip Erdogan.

➿ On the Circuit

💃  Riyadh Glamor: Jennifer Lopez, Celine Dion and Halle Berry hit the stage in Riyadh on Wednesday night as Lebanese designer Elie Saab put on a fashion spectacle, Arab News reports. The show, part of the Riyadh Season festival, began with a high-octane performance by Lopez, wearing a revealing dress made up of white crystals. Also featured was “an ode to the female figure,” where dresses in different shades of pink and green were lit up on stage to music by singer-songwriter Camila Cabello.

Nov. 15-17, Abu Dhabi, UAE: Sir Bani Yas Forum, The three-day annual retreat, sponsored by the UAE Ministry of Foreign Affairs and the Atlantic Council, brings together top decision-makers and experts to debate regional peace, security and economic transformation. Qasr Al Sarab Resort.

Nov. 19-20, Dubai: Dubai Future Forum. Bringing in different people to discuss the future of the world and youth’s role in changing the narrative. Museum of the Future.

Nov. 20-24, Abu Dhabi: Abu Dhabi Art. Annual art fair brings together Emirati and international galleries, offering artworks for sale, alongside exhibitions, artist commissions and installations. Manarat Al Saadiyat.

Nov. 21-24, Abu Dhabi: Abu Dhabi International Boat Show. A platform for marine enthusiasts that offers live performances and the opportunity to navigate the waters of Abu Dhabi. ADNEC.

Nov. 23-24, Dubai: Forbes Medical Tourism and Wellness Summit. Discussions will center around efforts by participant countries to attract patients from abroad for medical care. Jumeirah Beach Hotel. 

Nov. 26-28, Abu Dhabi: Global Media Congress. The event brings together a range of media groups to discuss the latest trends in publishing and media.

Nov. 26-29, Dubai: Big5 Global. The event gathers participants who are interested in technology and construction. Dubai World Trade Centre.

Dec. 4-6, Abu Dhabi: Abu Dhabi Business Week. Participants will hear from business pioneers who built billion-dollar enterprises, developed global brands and led significant campaigns. 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 the Abu Dhabi leg of the Formula One season. Yas Marina Circuit.

Dec. 5-14, Jeddah, Saudi Arabia: Red Sea Film Festival. Directors from Saudi Arabia and abroad will premiere feature films at the 10-day event. Al-Balad.

Dec. 9-10, Abu Dhabi: The Bitcoin Conference. The conference connects industry leaders in an exposition hall featuring a fusion of technology and art. ADNEC.

Dec. 9-12, Abu Dhabi: Abu Dhabi Finance Week. Market experts and entrepreneurs from around the world discuss the latest market trends. Al Maryah Island, ADGM Square.

EXPLORING OFFSHORE

QatarEnergy said it will buy a 23% stake from Chevron in an offshore exploration block in Egyptian waters. The acquisition will leave the U.S energy giant with a 40% share in the concession agreement for the North El-Dabaa block in the Mediterranean Sea, Reuters reported on Monday. QatarEnergy has in recent years acquired stakes in oil and gas basins including in Guyana, Lebanon, Namibia and South Africa. The remaining shares in the exploration block are owned by Australia’s Woodside Energy, which has a 27% stake, and Egypt’s state-owned Tharwa Petroleum Company, which has 10%.

RETAIL RELEVANCE

Online-commerce may be growing, but shoppers in the Gulf and India still love their malls. The UAE’s Landmark Group plans to invest $1 billion over the next three years to open 400 new shops in the Gulf, India and Southeast Asia, The National reports. The move will expand the company’s retail footprint by 20% while it also invests in e-commerce, supply chain and technology. “Physical stores remain a vital part of the retail experience and we continue to upgrade store design while we invest in e-commerce and in the latest technology and innovation,” Landmark Chairwoman Renuka Jagtiani said.

Public Investment Fund: NEOM, the massive PIF-owned development project in western Saudi Arabia, appointed three firms to handle city planning, design and engineering for the first phase of its 110-mile-long linear city called The Line. The firms chosen are Austria’s Delugan Meissl Associated Architects, San Francisco-based Gensler and Mott MacDonald in the U.K.

ADQ: Tadweer Group, an ADQ-owned waste management and recycling company, signed an agreement with Egypt’s Waste Management Regulatory Authority to shares investment opportunities and collaborate on regional sustainability efforts.

Qatar Investment Authority: Mansour al-Mahmoud, the Qatari sovereign wealth fund’s CEO, was appointed the country’s Minister of Health, Reuters reports, adding it is unclear whether he will remain head of the QIA.

⛽ Gas Growth: ADNOC Gas raised its capital expenditure plan to about $15 billion over the next five years from about $13 billion earlier as it sees demand growing across Asia and other markets, CFO Peter van Driel said in an interview with Bloomberg.

🇴🇲 Islamic Fund: Oman’s religious authorities and Bank Nizwa are launching a $26 million investment fund that aims to channel Islamic financial resources into projects aligned with charitable and social welfare goals.

🔥AI Gas: Intelligrid, a joint AI venture between Abu Dhabi-based Presight and India’s Esyasoft Holding, signed a $480 million deal with Azerbaijan’s SOCAR to develop an AI-backed system aimed at optimizing gas consumption and reducing emissions.

🛢️ Texas Investor: QatarEnergy and Texas-based Schlumberger, the world’s largest provider of oilfield services, signed a preliminary agreement under which the U.S. company will invest some $1.4 billion over five years in Qatar.

💰Staying Lean: Lean Technologies, a Saudi fintech platform, raised $67.5 million in a Series B funding round led by General Catalyst, Forbes reports.

🏡 Historic Homes: Saudi Arabia’s Diriyah Co. is teaming up with Singapore’s Raffles Hotels & Resorts to build a luxury housing complex in the historic Diriyah section of Riyadh.

📡 Brand Identity: Abu Dhabi-based International Media Investments, which owns Sky News Arabia, The National and CNN Business Arabic, unveiled a new logo emphasizing its role in connecting people that says: “IMI: A World Closer.”

☀️Solar Supply: Morocco plans to launch its largest solar and wind project in January with a 1,400-kilometer network in the Western Sahara that will supply electricity to Casablanca, Sabah Agadir reports.

🇴🇲 Bidding Time: Seven firms, including London’s Mace International and U.S.-based Hill International, are bidding for the product management contract to build Muscat’s new Integrated Sports City.

🚢 Russia Partners: Saudi Arabia and India were the main destinations for Russian seaborne fuel oil in October, Reuters reports.

Sheikh Mansour bin Zayed, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, met with King Abdullah II of Jordan at the Arab and Islamic Summit in Riyadh. He also met with Sheikh Khalid bin Abdulla Al Khalifa, Deputy Prime Minister of Bahrain.

Sheikh Maktoum bin Mohamed, First Deputy Ruler of Dubai, and Deputy Prime Minister and Minister of Finance of the UAE met with Oliver Jenkyn, Visa’s Group President of Global Markets, to explore opportunities for collaboration.

Alan Howard, the billionaire British hedge fund owner, and Germany’s Allianz are among the investors in a $300 million funding round for Argentina’s Ualá fintech startup, the Financial Times reports.

David Rubenstein, Co-Founder and Co-Chairman of the Carlyle Group, said in a television interview with Bloomberg that Donald Trump has a mandate few other U.S. presidents have had “to do what he wants.”

Abdallah Abu Sheikh said he is stepping down as CEO of Astra Tech, one of the UAE’s most prominent fintech startups, and will take the next few months to reflect.

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

Nov. 19-20, Dubai: Dubai Future Forum. Bringing in different people to discuss the future of the world and youth’s role in changing the narrative. Museum of the Future.

Nov. 20-24, Abu Dhabi: Abu Dhabi Art. Annual art fair brings together Emirati and international galleries, offering artworks for sale, alongside exhibitions, artist commissions and installations. Manarat Al Saadiyat.

Nov 21-24, Abu Dhabi: Abu Dhabi International Boat Show. A platform for marine enthusiasts that offers live performances and the opportunity to navigate the waters of Abu Dhabi. ADNEC.

Nov. 23-24, Dubai: Forbes Medical Tourism and Wellness Summit. Discussions will center around efforts by participant countries to attract patients from abroad for medical care. Jumeirah Beach Hotel. 

Nov. 26-28, Abu Dhabi: Global Media Congress. The event brings together a range of media groups to discuss the latest trends in publishing and media.

Nov. 26-29, Dubai: Big5 Global. The event gathers participants who are interested in technology and construction. Dubai World Trade Centre.

Dec 4-6, Abu Dhabi: Abu Dhabi Business Week. Participants will hear from business pioneers who built billion-dollar enterprises, developed global brands and led significant campaigns. 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 the Abu Dhabi leg of the Formula One season. Yas Marina Circuit.

Dec. 5-14, Jeddah, Saudi Arabia: Red Sea Film Festival. Directors from Saudi Arabia and abroad will premiere feature films at the 10-day event. Al-Balad.

Dec . 9-10, Abu Dhabi: The Bitcoin Conference. The conference connects industry leaders in an exposition hall featuring a fusion of technology and art. ADNEC.

Dec. 9-12, Abu Dhabi: Abu Dhabi Finance Week. Market experts and entrepreneurs from around the world discuss the latest market trends. Al Maryah Island, ADGM Square.