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.

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.

FAST FOOD

Talabat, the Middle East business of Berlin-based Delivery Hero, will hold an IPO on the Dubai Stock Exchange in mid-December, selling 15% of its shares to raise as much as $1 billion, Reuters reports. Talabat is the latest in a growing list of Middle East companies seeking to tap equity markets through public listings this year. The fluorescent orange uniforms of Talabat food delivery drivers have become ubiquitous in the UAE. The business has transformed the restaurant industry across the region since its launch in Kuwait 20 years ago.

PORT OF CALL

DP World is anchoring its hold on the logistics market in Australia. The Dubai-based owner of seaports around the world has entered a binding agreement, through its DP World Australia subsidiary, to acquire Port Melbourne-based Silk Logistics in a cash deal for about $115 million. Silk, which provides port and contract logistics services, operates 21 logistics hubs and 25 warehousing sites across Australia. DP World handles close to 10% of world trade carried on container ships.

Abu Dhabi Investment Authority: Abu Dhabi’s sovereign wealth fund is investing about $1 billion in U.S.-based data analytics firm Qlik, buying the stake from private equity firm Thomas Bravo, the Financial Times reports.

Mubadala: M42, which was established through the combination of the healthcare assets of Mubadala and G42, is eying potential acquisitions and expansions of its operations into Europe, Latin America and Asia, CEO Hasan Jasem Al Nowais said in an interview with Bloomberg.

Public Investment Fund: Wall Street bankers including BlackRock’s Larry Fink, and Blackstone’s Steve Schwarzman, Morgan Stanley’s Ted Pick and Goldman Sachs’ David Solomon have been making trips to events in Saudi Arabia, such as the PIF’s annual Future Investment Initiative conference, that include side visits to meet with sovereign wealth funds in Abu Dhabi, Bloomberg reports.

🛩️ Luxury Flying: Dubai’s DAMAC Properties has launched a luxury airline called DAMAC Air that will fly to destinations such as the Seychelles, Maldives, Bali, Bora Bora, Fiji, and Hawaii.

⛽ Buy-In: ADNOC Gas said it will acquire parent company ADNOC’s 60% stake in the Ruwais LNG plant in Abu Dhabi at an estimated cost of $5 billion.

⛴️ Water Taxi: Qatar’s Ministry of Transport said it has completed the first phase of its water taxi project that comprises the Lusail Ferry Terminal and two stops: the Pearl Ferry station and Corniche Ferry station.

🔥 Boiler Upgrade: A joint venture between Kuwait’s Heisco and Japan’s IHI Corp. has won a $571 million contract to upgrade steam boilers and thermal units at Kuwait’s Doha West distillation station.

🔒 Funding Gust: Upwind, an Israeli cybersecurity startup, is close to raising $100 million in a Series B financing round backed by Craft Ventures, Greylock, CyberStarts, Leaders Fund, Sheva Fund, and Penny Jar, TechCrunch reports. 

🎦 Big Screen: IMAX, which produces giant-screen movies, may releasean Arabic-language Saudi film later this year, IMAX CEO Richard Gelfond told Arabian Business.

🛫 Turbulence Ahead: Royal Jordanian airline may seek government support if the Gaza war extends significantly into 2025 as a decline in tourism cuts revenue and flight diversions increase costs, CEO Samer Majali said in an interview with The National.

🔋 Clean Ammonia: India’s Avaada Group, backed by Brookfield Asset Management, is in talks with the UAE government to set up a green hydrogen and ammonia plant with a potential capacity of up to one million tones, The National reports. 

💵 Tax Advice: The Middle East tax advisory market is expected to grow13% to $758 million this year, four times faster than in North America and Europe where growth is projected at 3%, according to Source Global Research.

⛏ Digging In: Mazoon Mining, a subsidiary of Minerals Development Oman, has begun construction in Yanqi on Oman’s largest copper project with estimated reserves of 23 million tons of copper ore.

UAE’s President, Sheikh Mohamed bin Zayed, arrived in Kuwait on Sunday and was received by Emir of Kuwait Sheikh Mishal Al-Sabah and Crown Prince Sheikh Sabah Al-Sabah.

Saudi Crown Prince Mohammed Bin Salman made a phone call to Donald Trump shortly after U.S. election results were reported to express his pleasure at the former president’s return to power, Bloomberg reports.

Emir of Qatar Sheikh Tamim bin Hamad al-Thani will participatein the Arab-Islamic summit that starts today in Riyadh, according to his office. Attending on behalf of the UAE is Sheikh Mansour bin Zayed, the Vice President and Deputy Prime Minister.

Sheikh Tahnoon bin Zayed, the UAE’s national security advisor, deputy ruler of Abu Dhabi, and Chairman of G42, ADIA and ADQ, held a conversation with Citibank CEO Jane Fraser to discuss financial markets and artificial intelligence.

Sheikh Hamdan bin Mohammed bin Rashid, Crown Prince of Dubai and Chairman of the Executive Council, appointed deputies to the Council’s Secretary-General. Hamda bin Kalban was appointed Assistant Secretary-General for the Governance Sector, Samira Al Rais for the Sustainable Development Sector, and Dr. Hazza Al Nuaimi for the Excellence and Government Services Sector.

General Fayad al-Ruwailli, the chief of staff of Saudi Arabia’s armed forces, visited Tehran on Sunday to meet with his Iranian counterpart, Maj. Gen. Mohammad Bagheri, Reuters reports.

Yussuf Ali, the billionaire managing director of Lulu Retail Holdings, is the subject of a Bloomberg profile as the chain of hypermarket stores prepares to start trading on the Abu Dhabi Securities Exchange (ADX) following a $1.7 billion IPO.

🏌️ On the Fairway: U.K. golfer Paul Waring won the Abu Dhabi HSBC Championship on Sunday, besting countryman Tyrrell Hatton and third-place Thorbjorn Olesen of Denmark at Abu Dhabi’s Yas Links. Waring’s victory will give him more than $1.5 million from the tournament’s total prize fund of $9 million. The $10 million DP World Tour Championship starts on Thursday at the Jumeirah Golf Estates in Dubai.

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 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 lates india trends.

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 . 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.

CUTTING CARBON

As envoys from close to 200 nations head to Azerbaijan for next week’s COP29 climate summit, the UAE has raised its decarbonization goals. The Gulf state, which hosted last year’s U.N. conference in Dubai, declared its commitment on Thursday to cutting emissions by 47% compared with 2019 levels by 2035, Reuters reports. The UAE previously promised in 2023 to curb its emissions by 40% against 2019 levels by 2030. Among the alternatives to fossil fuels being promoted by the UAE are civil nuclear energy, significant increases in solar capacity, and waste-to-energy technologies

SINGAPORE SLING

Bahrain has received over $100 million in investment commitments from Singapore-based companies over the past year, the Bahrain Economic Development Board reported this week from the sidelines of the Singapore Fintech Festival. Drawing funds at the Asian summit were Bahraini firms focused on financial services, information technology and tourism. Among the Asian players active in Bahrain are Whampoa Group’s Singapore Gulf Bank and the recently licensed Crypto [dot] com, which provide digital payment services.

Public Investment Fund: Saudi Arabia’s PIF is expanding into developed Asian markets, signing five preliminary agreements with Japanese banks totaling up to $51 billion during last month’s Future Investment Initiative conference and agreeing to support a fund for Hong Kong’s business community, GlobalSWF said in a note. 

Abu Dhabi Investment Authority: Massimo Falcioni, ADIA’s Chief Competitiveness Officer, said during a panel discussion at ADIPEC that a “major criteria” in the sovereign wealth fund’s funding decisions on energy projects, is “the contribution to the local GDP, as we want to create sustainable economic development in Abu Dhabi.”

🚢 Building Supertankers: ADNOC Logistics & Services signed contracts worth $4.4 billion to build 23 supertankers for ethane, ammonia and liquefied natural gas.

🏭 Manufacturing Deals: Saudi’s King Salman Energy Park (SPARK) has secured investment agreements totaling some $800 million to establish manufacturing facilities in the kingdom, including from BioChem, MAN Industries, Primetech International, Thermocables, and Dalipal Holdings.

🇸🇬Singapore Expansion : Sabic, a Saudi-based diversified chemicals company, announced the launch of its new $170 million facility in Singapore, its first advanced specialty chemical plant in the region.

🛫 Taking Off: Dubai-based Emirates airline sees strong demand continuing through 2025 despite conflicts across the region, Chairman and CEO Sheikh Ahmed bin Saeed said. The  carrier reported an after-tax profit of $2.4 billion in the first half of the 2024 fiscal year.

🇪🇬Egypt Wins: Agthia Group, a leading food and beverage company listed on the Abu Dhabi Securities Exchange, reported that its revenue from Egyptian operations grew by 10.6% during the first nine months of 2024 compared to the same period last year.

🗼Product Dev: Dubai-listed Deyaar Development plans to launch a $408 million project with over 1,000 units in Dubai Production City by year-end, aiming for 20% revenue growth in 2025 amid the UAE’s real estate boom. CEO Saeed Al Qatami told The National.

Saudi Crown Prince Mohammed bin Salman held a meeting at his office with Dr. Feras Khaliel and his medical team from Riyadh’s King Faisal Specialist Hospital & Research Centre (KFSHRC) to hail their performance of the world’s  first fully robotic heart transplant.

Eric Trump, son of U.S. President-Elect Donald Trump will be the keynote speaker at The Bitcoin Conference Dec. 9 in Abu Dhabi.

Mohammed Alabbar, Founder of Emaar Properties, the developer of Dubai’s Burj Khalifa skyscraper, turns 68 today.

Changpeng Zhao, the billionaire founder of the Binance cryptocurrency exchange, told Bloomberg after being released from a four-month prison sentence, “I don’t think I want to go back” to being Binance’s CEO.

Ahmed El-Hoshy, CEO of Fertiglobe said during a discussion at ADIPEC 2024, that green ammonia offtake agreements are unlikely to gain traction soon due to low carbon pricing and intense project competition.

Saleh Al-Kharabsheh, Jordan’s Minister of Energy and Mineral Resources and Karim Badawi, Egypt’s Minister of Petroleum and Mineral Resources met to discuss infrastructure and supply partnerships during the ADIPEC 2024 conference in Abu Dhabi.

⛳ Teeing Off: As the golf season’s DP World Tour draws to a close, this week’s Abu Dhabi HSBC Championship on Yas Island offers a $9 million prize fund with the finale scheduled for this coming Sunday and Ireland’s PGA Rory Mcllroy favored to win. The Abu Dhabi tournament sets up next week’s DP World Tour Championship at the Jumeirah Golfing Estates in Dubai.

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 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 lates india trends.

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 . 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.

AFRICA PLAYER

Amid efforts by China and Russia to challenge the U.S. as sources for foreign development funds, the UAE is emerging as a key player in Africa. The Gulf state has invested billions of dollars on the continent, where it is at times muscling out China and annoying the U.S., The Wall Street Journal reports. It has invested heavily on buying farmland, ports and other projects that could help reduce its own dependence on oil in the decades to come, the newspaper said. Among the countries that have received UAE funds are Uganda, Angola, Zambia and Ethiopia.

CRYPTO ASSETS

When it comes to spending on cryptocurrency in the Gulf, institutional investors in the UAE and Saudi Arabia reign supreme. The UAE received over $30 billion in crypto assets last year and was ranked among the top 40 countries globally, Arabian Business reports, citing a study by Bitpanda Technology Solutions. Saudi Arabia was the fastest-growing crypto economy in the MENA region last year, growing 154% from 2023. The data also showed the growing dominance of stablecoins, which now represent 65% of crypto transactions across the region, surpassing Bitcoin.

Mubadala: Investcorp, the Bahrain-based asset manager backed by Mubadala, raised $5.4 billion last fiscal year and expects similar levels this year, Vice-Chairman Rishi Kapoor told The National.

ADQ: The Abu Dhabi sovereign wealth fund was named as the “Headline Partner” for Abu Dhabi Finance Week both this year and in 2025. Among the “Strategic Partners” supporting the conference, which runs Dec. 9-12, are Mubadala, UBS, HSBC, ADCB, FAB, PGIM, and ADX.

🛒 IPO Demand: Hypermarket chain operator Lulu Retail Holdings’ $1.7 billion Abu Dhabi IPO drew orders worth $37 billion, including from Vanguard Group and Singapore sovereign wealth fund GIC, Bloomberg reports.

💰 Disruption Fund: Saudi Venture Capital announced a $20 million investment in BECO Capital’s Booster Fund IV, an early-stage Gulf-focused fund targeting disruptive companies from Seed to Series A in Saudi Arabia and the Gulf region.

⛰️ Seismic Search: ADNOC awarded a contract worth up to $490 million to BGP Inc., a subsidiary of China National Petroleum Co., to expand the scope of its three-dimensional seismic survey to search for oil and gas in the emirate of Abu Dhabi.

📟 Gulf Entry: India’s Polymatech Electronics plans a $100 million investment to establish a semiconductor manufacturing facility in Bahrain, CEO N. Eswara Rao said at the Gateway Gulf 2024 forum.

🦻 Bye Siri: Kardome, an Israeli startup that uses AI to improve the ability of devices to respond to voice interactions, raised $10 million in a Series A funding round led by Korea Investment Partners.

🚢 Marine Partners: EDGE, a global leader in advanced technology and defense, has signed a strategic contract with Kuwait’s Ministry of Interior to upgrade its marine and coastguard fleet, including vessel reconstruction and personnel training for sustainable expertise.

🕌 Islamic Investment: Al Salam Bank, Bahrain’s largest Islamic bank, announced the launch of ASB Capital, which will be based in the Dubai International Financial Centre.

🏢 Tourist Place: Saudi Arabia’s Tourism Development Fund is teaming up with Dusit International to develop hotel projects in the kingdom.

UAE President Sheikh Mohamed bin Zayed, took part on Wednesday in the UAE Government Annual Meetings, which are held annually in Abu Dhabi and bring over 500 officials from federal and local entities. Among those accompanying the President were Sheikh Hamdan bin Mohammed bin Rashid, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence; Lt. Gen. Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of the Interior; Sheikh Hamdan bin Mohamed bin Zayed, Deputy Chairman of the Presidential Court for Special Affairs; and Sheikh Mohamed bin Hamad, Advisor for Special Affairs at the Presidential Court.

Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister, Chairman of the Presidential Court chaired the Financial Stability Council’s second 2024 meeting in Abu Dhabi.

Egyptian Prime Minister Mostafa Madboul attended the signing of a project agreement worth $15 million between Siraj Lightening and Honeywell’s VESRA Middle East and Africa unit, to manufacture lighting products in Egypt.

Yasser Zagfhlou, CEO of Abu Dhabi’s National Marine Dredging Co., told The National that NMDC is planning an acquisition in the Gulf region by the end of the year as part of its expansion plans.

🎨 Banging the Hammer: Sotheby’s is putting together an art auction in Saudi Arabia for early next year that will be its first major sales event in the kingdom. The auction, titled “Origins,” will take place Feb. 8, in Riyadh’s historic Diriyah area, and include modern and contemporary art, Islamic objects and luxury items, The National reports. Up for sale will be jewelry, watches, cars, sports memorabilia and handbags.“Sotheby’s has been active in the kingdom for a number of years now and we’ve witnessed the blossoming of the cultural scene with great interest,” Sotheby’s CEO Charles Stewart said in an interview.

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 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 lates india trends.

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 . 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.