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.

SAUDI TRACKS

Saudi Arabia is investing $4 billion in its rail network as the kingdom seeks to become an international logistics hub. Saleh Al-Jasser, the Minister of Transport and Logistics, and Chairman of Saudi Arabia Railways, said at the first Saudi Rail Conference and Exhibition in Riyadh on Thursday that the money will enable creation of 3,000 jobs. It will fund the railway’s North Network, which connects Riyadh to the Jordanian border, and the East Network, linking the Saudi capital to the Arabian Gulf coast.

ETIHAD STADIUM

New York City will call its first stadium dedicated to soccer, Etihad Park, after Abu Dhabi-based Etihad Airways secured naming rights for the next 20 years. Home to the New York City Football Club, the 25,000-seat stadium is scheduled to open in Willets Point, Queens, before the 2027 season and will also be used to host concerts and festivals. Etihad Airways became a founding partner of the New York soccer team in 2014. Brad Sims, CEO of the team, said he wants New York to become “one of the soccer capitals of the world.”

Public Investment Fund: PIF Governor Yasir Al-Rumayyan’s appearance last week at UFC 309 in New York City with U.S. President-elect Donald Trump and billionaire Elon Musk is among the reasons Gulf sovereign wealth funds are optimistic about prospects for new deals under the new Trump administration, Bloomberg reports.

Mubadala: The Abu Dhabi sovereign wealth fund participated in a $523 million financing round for Belgian business software maker Odoo.

The Kuwait Fund for Arab Economic Development: The fund signed a $33 million loan agreement with Tunisia’s government to finance its $174 million phosphate railway project.

🇨🇳 China Bonds: Nasdaq Dubai announced the listing on Thursday of two bonds from China’s Ministry of Finance, totaling $2 billion, which it said underlines Dubai’s role as a gateway for capital flows between Asia and the Middle East.

💳 Payment Platform: EdfaPay, a Saudi fintech startup, raised $5 million in a pre-Series A funding round led by OmanTel Innovation Labs, Aljabr MENA and Waad Investment.

🏦 Loan Debt: Banque Misr secured a $1 billion syndicated term loan facility for two years which was coordinated by Emirates NBD Capital and Mashreq Bank.

🔌 Carbon Capture: Saudi Electricity Co. is teaming up with King Abdullah University of Science and Technology to launch a research project at the Rabigh Power Plant, using freezing techniques to capture carbon and treat pollutants.

🔒Cyber Deal: Wiz, an Israeli cloud security company with a market value of $12 billion, bought Israeli startup Dazz for approximately $450 million, Globes reports.

☢️ Nuclear Leader: The UAE, which has become one of the largest nuclear power producers, aims to lead global nuclear energy development with its reactors supplying nearly a quarter of the nation’s electricity, the Emirates Nuclear Energy Corp. said.

🌍 Culture District: Saudi Arabia’s Diriyah Co. unveiled plans on Thursday for its Qurain Cultural District in northern Riyadh, which will include museums, schools, theaters and a cinema alongside residential and office buildings.

🔱 Luxury Brands: RAK Properties, in partnership with ARM Holding and HIVE, has launched a 233-unit co-living and co-working development in Ras Al Khaimah.

🌕 Space Tourists: Florida-based Space Perspective is in talks with several Gulf countries to choose a Middle East launch site for its balloon flights that will take tourists outside the earth’s atmosphere, The National reports.

Sheikh Abdullah bin Zayed, Deputy Prime Minister and Minister of Foreign Affairs, met in Abu Dhabi with Turkmenistan Foreign Minister Rashid Meredov for talks on trade, investment, and energy.

Sheikh Hamdan bin Zayed, the Abu Dhabi Ruler’s Representative in the Al Dhafra Region, toured the docks at the Abu Dhabi International Boat Show on Thursday.

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.

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.

KEEPING IT HOT
Talabat, the Middle East unit of Europe’s Delivery Hero, is cruising into a Dubai IPO that is on track to be one of the region’s biggest. Investors swept up all the shares in its $1.5 billion offering within minutes after subscriptions opened today, Bloomberg reports. Books for Talabat’s IPO were covered throughout the price range of 1.50 dirhams ($0.41) to 1.60 dirhams, according to the terms of the deal seen by the news agency. With Delivery Hero offering a 15% stake in Talabat, the Middle East subsidiary may be valued as high as $10.2 billion, rivaling its parent company’s $11 billion market capitalization.

ASIAN APPETITE
Asia’s growing fintech firms have their sights set on the Gulf. Rising consumer spending, massive pools of capital and closer financial ties with the rest of the world are key elements for the attractiveness of investing in Saudi Arabia, Qatar and the UAE right now, Fortune reports. Michele Ferrario, founder of StashAway, a Singapore-based robo-advisory firm, said the Gulf presents the same opportunities that markets like Singapore did about eight years ago, citing “low competition and a regulator that’s future friendly.” Fintech funding for the Middle East, Pakistan and North Africa could grow to as much as $4.5 billion by 2025, according to a McKinsey report.

ADQ: Modon Holding, a unit of the Abu Dhabi sovereign wealth fund, announced a partnership with Egypt’s Hassan Allam Holding for large-scale construction projects within Egypt’s $35 billion Ras El Hekma project. ADQ, meanwhile, opens its Xpanse conference on “exponential technologies” on Wednesday, which is expected to bring 3,000 participants to the ADNEC center in the UAE capital.

Mubadala: The Abu Dhabi sovereign wealth fund, alongside Emirates Global Aluminum, Khalifa University and Strata Manufacturing, signed an agreement to strengthen academia-industry collaboration to reduce energy waste in high-heat applications.

🛢️ Refinery Complex: Saudi Aramco and China’s Sinopec oil company have started building a $9.8 billion refinery and petrochemical complex in southeast Fujian province, marking another big joint investment between Saudi Arabia and China.

🛏️ Pyramids Hotel: Abu Dhabi Tourism Investment Co. is teaming upwith Paris-based Accor to manage Egypt’s new $100 million Sofitel Legend Pyramids Hotel in Giza, which is scheduled to break ground next month and open in 2027, Zawya reports.

🏭 Power Plant: Abu Dhabi National Energy Co., known as TAQA, JERA Co., and Al Bawani Capital signed two power purchase agreements for 25 years with Saudi Power Procurement Co. to build, own and operate two combined cycle gas turbine power plants in the kingdom with a total capacity exceeding 3.6 GW.

☁️ Cloud Backup: Salesforce completed a $1.9 billion cash deal to acquire Israeli cloud backup company Own from investors who include Vertex, BlackRock, and Tiger Global.

 📈 Metal Traders: UAE-based foreign exchange platform Hubpay announced its expansion into precious metals trading, with a focus on facilitating secure and regulatory-compliant transactions between the UAE and Sub-Saharan Africa.

✈️ Radar Upgrade: The Bahraini government has signed a strategic partnership with Rome-based Leonardo to upgrade surveillance and radar systems at Bahrain International Airport.

🌿 Sustainability Loan: Emirates NBD, the UAE’s second-largest lender, has chosen banks, including Emirates NBD Capital, FAB, HSBC, Industrial and Commercial Bank of China and Société Générale, to arrange a five-year sustainability-linked loan. under its $20 billion Euro Medium-Term Note program.

💼 Ultra Wealthy: Rothschild & Co. said it has launched a wealth management office in Dubai to boost its offering to local clients as well as to ultra-high-net-worth individuals in the region, Reuters reports. 

🤝 Gulf Expedition: Qatar Development Bank organized a Qatari trade mission to the UAE, bringing together over 25 Qatari companies from various sectors to discuss ways of expanding cooperation.

Emir of Qatar Sheikh Tamim bin Hamad Al-Thani attended the G20 Summit in Rio de Janeiro on Monday and met with Brazilian President Luiz Inacio Lula da Silva, the event’s host.

Sheikh Khaled bin Mohamed bin Zayed, Crown Prince of Abu Dhabi, held talks with French President Emmanuel Macron during the G20 summit in Brazil. He also met with Egyptian President Abdel Fattah El-Sisi and South African President Cyril Ramaphosa.

Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah and a UAE Supreme Council Member, arrived in China for a four-day visit during which the emirate is scheduled to sign an agreement with Guangdong province.

➿ On the Circuit

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

Nov. 20-22, Abu Dhabi: Xpanse 2024. 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.

DRIVING DEALS

Sovereign wealth funds in the Gulf, which manage close to $4 trillion in assets, are facing formidable challenges in the coming years. Those include Donald Trump’s impending presidency, the West’s evolving relationship with China and growing competition between the Gulf states themselves as they diversify economically, Bloomberg reports. Sovereign funds from Abu Dhabi, Saudi Arabia and Qatar made up 40% of the value of all deals done by global state-backed investors during the first nine months of 2024, according to data from Global SWF. The biggest fund is ADIA, which manages almost $1 trillion and is led by Abu Dhabi power broker Sheikh Tahnoon bin Zayed.

GOING GREEN 

Saudi Arabia’s NEOM Green Hydrogen Co. is planning to start production two years from now at what will be the world’s largest green hydrogen plant. CEO Wesam Al-Ghamdi tells Arab News that construction at the NEOM site on the kingdom’s western coast is 60% complete and on track to begin operations in December 2006. The plant will drive a 2.2-gigawatt electrolyzer to produce the green hydrogen, which generates no carbon emissions, and will be powered entirely by solar and wind energy. “Our goal isn’t just to produce hydrogen, but to build a foundation of expertise here in Saudi Arabia,” Al-Ghamdi said. 

Kuwait Investment Authority: Sheikh Saoud Al-Sabah was appointed Managing Director of the KIA in an unannounced move, replacing Ghanem Al-Ghenaiman, Bloomberg reports.

Mubadala: Masdar, the renewable energy company owned by Abu Dhabi’s Mubadala, ADNOC and TAQA, signed an agreement with Azerbaijan’s SOCAR Green and Saudi Arabia’s ACWA Power to develop 3.5 GW of offshore wind projects in the Caspian Sea.

ADQ: PureHealth Holding, a health-care group controlled by the Abu Dhabi sovereign wealth fund, is considering a potential acquisition of hospital operator NMC Healthcare, Bloomberg reports.

Qatar Investment Authority: London’s Harrods department store, which is owned by the QIA, has been refurbishing its roof-terrace restaurant, The Georgian, 25 chandeliers, velvety booths and embroidered curtains, Bloomberg reports.

🚗 Autonomous Fleet: Pony.ai, a California-based startup backed by Saudi Arabia’s Neom Co. and Toyota that operates self-driving vehicle fleets in the U.S. and China, is seeking to raise up to $195 million in a Wall Street IPO, Bloomberg reports.

🛢️ Oil Surplus: World oil producers will generate a surplus of more than 1 million barrels a day next year, likely keeping prices – now at a three-year-low – from major increases, the International Energy Agency said in a report.

⛽️ Gas Deal: ADNOC Gas has finalized a 10-year agreement with GAIL India to supply up to 0.52 million metric tonnes per annum of LNG starting in 2026, solidifying a previous preliminary agreement.

🤖 Code Writer: Tessl, an Israeli startup backed by Google that uses AI to write software code, raised $100 million in a Series A funding round led by Index Ventures.

🚜 Tractor Talks: South Africa’s Barloworld Ltd. is in talks with a group of investors that includes a unit of Saudi Arabia’s Zahid Group about the acquisition of the distributor of Caterpillar equipment in Africa, Bloomberg reports.

🇹🇷🇶🇦 Ankara Agreements: Turkey and Qatar signed a series of agreements on Thursday ranging from trade facilitation to military and technical cooperation during Qatar’s Emir Sheikh Tamim bin Hamad al Thani’s visit to President Tayyip Erdogan in Ankara, Reuters reports.

🌀 New Energy: Egypt signed two agreements to produce 5,200 MW of renewable energy, in a bid to support the country’s goal of exceeding 42% renewable energy by 2030.

UAE’s President Sheikh Mohamed bin Zayed and King Abdullah II of Jordan held a phone call to discuss strengthening their countries’ ties and advancing cooperation for mutual development and prosperity.

Sheikh Abdullah bin Zayed, Deputy Prime Minister and Minister of Foreign Affairs, received on Wednesday in Abu Dhabi Dr. Subrahmanyam Jaishankar, India’s Minister of External Affairs.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Chairman of the Dubai Executive Council and UAE Minister of Defense, held a meeting with Linda Yaccarino, CEO of Elon Musk’s X Corp.on Wednesday in Dubai, where they reviewed the social media company’s future plans in the Middle East and discussed possible partnerships. Also attending the meeting was Omar Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications.

➿ On the Circuit

⛳ Fairway Finale: Two-time winner Rory McIlroy and other top golfers are competing this weekend in the DP World Tour Championship, which wraps up the season in the European Tour’s Race to Dubai. Northern Ireland’s McIlroy took an early lead on Thursday at the Jumeirah Golf Estates, with the final round crowning the winner of the tournament’s $10 million purse on Sunday.

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.

Nov. 19-20, Dubai: Dubai Future Forum. Bringing in a range of experts 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.