Hedge funds continue to pour into the bustling Dubai International Financial Centre, more than doubling in number from two years ago.

Close to 80% of the 102 funds now operating in the economic free zone manage at least $1 billion in assets, with global players like Oak Hill Advisors, Baron Capital, BlueCrest  and Silver Point among recent arrivals, Bloomberg reports, 

Beyond hedge funds, the DIFC contains nearly 500 wealth and asset management firms, the news agency said, up from about 350 at the start of last year.

The surge reflects the growing appeal of Dubai’s tax-free regime, its time zone aligned with Europe and access to deep pools of capital and talent.  Many of the new offices, though, consist of secondary branches rather than headquarters as the city competes with established global hubs such as New York and London, the news agency notes.

Growth is also attributed to more than 1,250 family-related business entities based in the free zone and the UAE’s rising appeal among relocating millionaires.

AD Ports, the maritime company owned by Abu Dhabi’s ADQ sovereign wealth fund, is seeking to increase its stake in Alexandria Container & Cargo Handling Co., and become the majority holder of Egypt’s largest publicly traded container terminal operator.

Cementing control over the Alexandria-based firm, which handles more than 1 million containers a year and plays a central role in trade flows linking Europe, Africa and Asia, deepens ADQ’s involvement in Egypt, where it has become a leading acquirer of state assets. AD Ports earlier bought a stake in the company from a unit of Saudi Arabia’s Public Investment Fund.

ADQ is the lead investor in the $35 billion Ras El Hekma coastal development project, the largest foreign direct investment in Egyptian history, that grants it rights to develop a huge swath of Mediterranean coastline to create a new city, tourism hub and free zone.

Beyond Ras El Hekma, ADQ’s portfolio in Egypt includes stakes in Abu Qir Fertilizers and Chemical Industries, one of the country’s largest nitrogen fertilizer producers, and Amoun Pharmaceutical Company, along with holdings in logistics, transportation and food supply chains.

AD Ports said it would buy the stake in Alexandria Container through a mandatory tender offer that requires a buyer taking control of a company to give all other shareholders a chance to sell as well.

Lucid Motors, the electric vehicle manufacturer based in California and backed by Saudi Arabia’s Public Investment Fund, is teaming up with King Abdulaziz University for Science and Technology to establish a research facility promoting innovation in the EV industry.

The collaboration will focus on improving batteries, software and systems that help cars drive themselves or assist drivers.

Lucid will use KAUST’s research facilities and powerful computers to help design and test future vehicle components at the facility.

Lucid and Kaust said in a press release that the alliance strengthens the carmaker’s global R&D footprint and aligns with Saudi Arabia’s vision to become a global center for mobility innovation.

The UAE and the European Union have launched talks on formalizing a strategic economic partnership, aiming to deepen cooperation in such areas as green energy and artificial intelligence.

The negotiations build on earlier efforts this year to advance a free-trade pact, with multiple rounds of discussions already underway.

“This year marks an important inflection point,” UAE Minister of State Lana Nusseibeh said today at a Ministry of Foreign Affairs event in Abu Dhabi, The National reports. She described the parallel agreements as representing “a joint commitment to elevate our relationship to a new and more ambitious level.”

The EU is the UAE’s second-largest trading partner and a key investment destination, while the UAE is a major export and investment partner for Europe in the Middle East and North Africa.

Since 2022, the UAE has struck at least 20 trade agreements, known as Comprehensive Economic Partnership Agreements, including with Israel, India, Indonesia, Turkey, New Zealand, Vietnam and Cambodia.

A firm owned by Abu Dhabi’s ruling family has received rare planning permission to develop one of the biggest office projects ever built in London’s West End.

Berkeley Estate Asset Management, which is owned by the Private Department of the President of the UAE, is planning to turn the former flagship BHS store and London College of Fashion buildings into 800,000 square feet (74,322 square meters) of office space and more than 100,000 square feet of stores, Bloomberg reports.

The Al Nahyan family owns a far-reaching property portfolio in the U.K., including some of London’s most valuable real estate – much of it acquired under the late former ruler Sheikh Khalifa bin Zayed.

The West End, which includes the famed Oxford Street retail strip where the project is located, is dominated by low-rise historical buildings which are protected under strict planning laws.

Saudi Arabia’s flagship gigaproject Diriyah Gate is rolling out outdoor air-conditioning and a suite of other cooling measures to keep its public spaces near 28 C (82 F) during Riyadh’s searing summer months.

The scheme pairs high-tech systems with reflective materials, extensive tree planting and traditional architectural techniques, while aligning with the kingdom’s wider shift toward renewable energy, Arabian Gulf Business Insights reports.

As Saudi Arabia’s mega-projects drive up power demand, solar generation and district cooling are set to underpin efforts to deliver more sustainable infrastructure.

With a target of 50 million annual visitors by 2030, Diriyah sees large-scale climate control as critical to ensuring year-round footfall.

Abu Dhabi’s Mubadala sovereign wealth fund plans to double its exposure to Asia, raising the share of Asian assets in its portfolio to about 25% over the next decade. 

Currently, Asia accounts for roughly 13% of Mubadala’s $330 billion in assets under management, or about $43 billion, the Zawya news agency reports. “In the next five to 10 years, we would love to see that double,” Mohamed Albadr, Mubadala’s Head of Asia, said during a discussion at Abu Dhabi Finance Week.

China, Japan, South Korea and India will be Mubadala’s core target markets in Asia, Albader said, citing their mature private-equity markets and exit-opportunity potential. The fund already maintains a Beijing office, a Hong Kong joint-venture office and a growing list of activities, including recent large deals in real estate and healthcare. 

Albadr said Mubadala would deploy capital in real estate, infrastructure and private equity, which will play a key role in late-stage and buyout investments.

Khazna Data Centers, meanwhile, a growing AI infrastructure business backed by Mubadala, appointed Mohammed Bin Hassan as Country Head for Saudi Arabia following the company’s acquisition of land in the port city of Dammam to develop new data capacity.

Little-known Abu Dhabi state investment vehicle L’Imad Holding Co. has joined the fray in the Warner Bros. bidding war, backing a new $108 billion hostile offer from David Ellison’s Paramount, along with Saudi Arabia’s Public Investment Fund, the Qatar Investment Authority and Jared Kushner’s Affinity Partners.

Under the renewed bid, the three Gulf funds will provide $24 billion, the Financial Times reports. RedBird Capital Partners and Larry Ellison will backstop the $40.7 billion of equity in the $30-a-share bid, while Bank of America Corp., Citigroup Inc. and Apollo Global Management Inc. are providing the debt commitment via a bridge loan, Bloomberg reports.

Paramount Skydance is attempting to torpedo Netflix’s $72 billion deal, made last week following a three-way contest which also included Comcast.

L’Imad, which is replacing the Abu Dhabi Investment Authority in the latest iteration of the Paramount bid, first made headlines in October when it bought a $7 billion stake in real estate investor Modon from IHC Real Estate Holding and Alpha Dhabi Holding, both subsidiaries of Sheikh Tahnoon bin Zayed’s International Holding Co.