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UAE President Sheikh Mohamed bin Zayed and Sheikh Mohammed bin Rashid, UAE Vice President and Prime Minister and Ruler of Dubai, held a meeting at Qasr Al Bahr palace in Abu Dhabi on Tuesday. (WAM)

The Daily Circuit: Sabic mulls gas IPO + Mubadala’s interest in Revolut

chemical reaction

Saudi Arabia’s Sabic considers IPO for its industrial gas unit

Riders from UAE Team Emirates-XRG, including German rider Nils Politt, are seen wearing the world’s first cycling helmet developed using generative AI, made by UAE AI powerhouse G42 and manufacturer MET, during the ongoing Tour de France. (Dario Belingheri/Getty Images)

The Daily Circuit: Saudi fund eyes NY tower + ADIA invests in Egis

Investor Liaison

Mubadala Capital Hires Ophir Shmuel as head of Business Development

NEW chiefs

Barclays names El Dabag, Mezher as Co-CEOs for the Middle East

Prince Salman bin Hamad Al Khalifa, Bahrain’s Crown Prince and Prime Minister, greets Oscar Piastri of Australia and team McLaren in the pit lane during Britain’s F1 Grand Prix at Silverstone Circuit on Sunday. (Jayce Illman/Getty Images)

The Daily Circuit: Barclays names Co-CEOs for Mideast + ACWA’s new strategy

Sheikh Tahnoon bin Zayed, UAE National Security Advisor, paid a visit to Saudi Crown Prince Mohammed bin Salman at Al-Salam Palace in Jeddah on Thursday. In a show of sportsmanship, Sheikh Tahnoon wore the scarf of the kingdom’s Al Hilal soccer team, which knocked Manchester City, the team owned by Sheikh Mansour bin Zayed, Sheikh Tahnoon’s brother and the UAE Vice President, out of the FIFA Club World Cup 2025 on Monday. (Saudi Press Agency)

The Daily Circuit: Gamers head for Riyadh + Halal tourism boom

AI HOSPITAL

Cleveland Clinic Abu Dhabi picks G42’s Peng as new Chairman

tech foothold

Thales advances Mideast strategy with Saudi defense projects

Archer Aviation's Midnight aircraft is tested in the skies above Abu Dhabi, with Sheikh Zayed Grand Mosque in the background. (Archer Aviation)

The Daily Circuit: G42’s Peng to chair Cleveland Clinic Abu Dhabi

bike, run, swim

Saudi Arabia’s SURJ eyes investment in pro triathlon tour

ready to eat

Saudi delivery startup Ninja reaches $1.5 billion valuation

The Daily Circuit: Saudi PIF seeks triathlon stake + Aroya launches Med cruise

DEal slowdown

Aramco, ADNOC cutting back on M&A amid decline in oil prices

laying tracks

UAE’s Etihad Rail aims to upgrade dilapidated network in Africa

Fans of Saudi soccer club Al Hilal celebrate during the FIFA Club World Cup 2025 round 16 match against Manchester City at Camping World Stadium in Orlando, Florida, on Monday. Hilal stunned commentators when they knocked out the defending champions during extra time in the seven-goal thriller. (Waleed Zein/Anadolu via Getty Images)

The Daily Circuit: Etihad Rail eyes Africa + Oil drop curbs M&A

stoking growth

Foreign direct investment in Saudi Arabia bounces back

AVIATION REFORM

Egypt to open 11 key airports to private sector investment

Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed met Russian President Vladimir Putin on the sidelines of the Supreme Eurasian Economic Council meeting on Friday in Minsk, Belarus. (WAM)

The Daily Circuit: Saudi FDI bounces back + PAL Cooling sold

Flying Boxes

Abu Dhabi launches test flight for drone parcel delivery service

Quick Hits

CLIMATE CONCERNS

Saudi Arabia pitches net-zero hotels at FII Brazil summit

Saudi sovereign wealth fund highlights state mining company Ma’aden’s sustainability efforts, including preservation of seaside mangrove thickets

Regis resort on the western coast of Saudi Arabia, part of the Red Sea tourism mega-project (Getty Images)

By
Jonathan H. Ferziger
June 14, 2024
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As Saudi Arabia invests billions of dollars to adorn its western Red Sea coast with uber-luxe resorts, the kingdom is encouraging foreign tourists to relax on the beach secure in the knowledge that their state-of-the-art hotels are aiming for net-zero emissions.

Saudi Tourism Minister Ahmed Al-Khateeb told the 1,500 delegates attending the Future Investment Initiative Priority Summit in Brazil on Thursday that his nation is committed to sustainable tourism in its sprawling $1.5 trillion Neom mega-project, building developments that adhere to environmental best practices.

Speaking at the Copacabana Palace hotel overlooking Rio de Janeiro’s far-more-developed Atlantic coastline, Al-Khateeb laid down a welcome mat for international investors looking to sink money into the Saudi sand.

“The kingdom’s doors are open for business,” the Saudi minister said at the summit, a spin-off from the annual “Davos in the Desert” conference in Riyadh that is backed by the Public Investment Fund. “We are keen to provide a favorable environment for international investors, and the investment facilities aim to make doing business in the kingdom in the most efficient and the least expensive way.”

While home to Saudi Aramco, the world’s largest oil company, the Gulf nation is stressing its commitment to the environment at the Brazil conference. The PIF, Saudi Arabia’s sovereign wealth fund, issued a report on Thursday that highlighted the state mining company Ma’aden’s sustainability efforts, including projects for biodiversity management, vegetation improvement and the preservation of seaside mangrove tree thickets in coastal areas.

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Got Schooled

Alef Education shares slump in first day of trading on ADX

Shares in the edtech platform closed 13% lower than the offer price of 1.35 dirhams despite strong demand for the stock when the IPO was rolled out

The Abu Dhabi Securities Exchange's ADX logo is seen on a smartphone. (Photo: Getty Images)

June 13, 2024
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Abu Dhabi edtech platform Alef Education struggled on its first day of trading on the ADX, in a rare down day for an IPO on a Gulf exchange.

The shares closed 13% lower than the offer price of 1.35 dirhams on Wednesday despite strong demand for the stock when the IPO was rolled out. Investors poured in over $20 billion worth of orders, pricing Alef at the top of the range and raising 1.89 billion dirhams ($515 million) for the company.

But Abu Dhabi’s first initial share sale of 2024 marks the worst debut since 2021. The 14 companies that had gone public since the start of 2021 saw their shares rise by about 31% on average in the first session, according to Bloomberg data.

“Opening up below IPO price reflects negatively on the valuation it was sold at and the risk appetite of investors and liquidity of the market at that point,” Mohammed Ali Yasin, founder and chief executive officer of Oracle Financial Consultancy and Investments, told the news agency.

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Hungry Investors

Mubadala-backed Getir votes on new board to resolve deadlock

Getir CEO Nazim Salur has agreed to convene an annual general assembly and vote on a new board for the grocery delivery start-up

A Getir driver makes a delivery in Madrid, Spain. (Photo: Getty Images)

June 13, 2024
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Turkish grocery delivery startup Getir, which counts Mubadala as its largest shareholder, plans to address a management dispute that has been blocking a funding lifeline from existing investors.

Abu Dhabi sovereign wealth fund Mubadala demanded in April that additional cash be conditional upon changes to the board and senior management.

Getir CEO Nazim Salur agreed this week to convene an annual general assembly and vote on a new board, as the two sides work to move past the feud, Bloomberg reports.

Salur founded the company in 2015, operating at its peak over 1,100 so-called “dark stores” which worked as fulfillment centers in high-density neighborhoods.

Getir raised $768 million in a Series E round at a valuation of $11.8 billion in March 2022 amid a flood of investment into the delivery space during the Covid-19 pandemic.

The cash infusion spurred the company to continue its aggressive expansion into Europe and the U.S. which it has since unwound, now focusing on its home market of Turkey.

It was most recently valued at $2.5 billion as of September. Other investors include Sequoia and Tiger Global, as well as the Abu Dhabi Growth Fund and Alpha Wave Global. 

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At The Copa

Saudi Arabia ‘ready to invest billions’ in Brazil and LatAm

The kingdom is holding its first FII Priority Summit in South America, overlooking Rio de Janeiro's legendary Copacabana Beach

Beachgoers enjoy the sea at Copacabana Beach in Rio de Janeiro, Brazil. (Photo: Getty Images)

By
Jonathan H. Ferziger
June 13, 2024
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From food security to professional football, Saudi Arabia is ready to deploy billions of dollars to invest in Brazil and its Latin American neighbors as the kingdom’s sovereign wealth fund expands its scope of global investments.

That’s the message being delivered in Rio de Janeiro by Public Investment Fund Governor Yasir Al-Rumayyan who opened a three-day conference on Wednesday aimed at cementing the Gulf country’s financial links with resource-rich nations on the South American continent.

“We started investing in Brazil in 2016… in food securities [and] we are interested in investing in technology, renewable energy, and mining, and hopefully in football too,” Al-Rumayyan said as he kicked off the PIF’s Future Investment Initiative Priority Summit at the Copacabana Palace Hotel overlooking the city’s legendary beach.

Touting the sovereign fund’s $2 trillion in assets, Al-Rumayyan, who is also Chairman of Saudi Aramco, the world’s biggest oil company; English soccer club Newcastle United and the two-year-old LIV Golf tournament, said the kingdom is particularly interested in companies that are developing infrastructure for artificial intelligence in the Southern Hemisphere.

“We should look for solutions [as to] how to power the AI revolution through renewable energy,” he said, “Brazil is well-positioned to be one of the major players. What you need is the right regulations and government backing, along with an investment mix.”

Brazilian Energy Minister Alexandre Silveira said the kingdom intends to invest some $15 billion in Brazil.

Brazilian President Luiz Inacio Lula da Silva followed Al-Rumayyan onstage, telling the conference’s 1,500 participants that his visit to Riyadh last November provided “tremendous impetus” for collaboration with Saudi Arabia.

“We are not just the Brazil of soccer or Brazil of the violence,” Lula said. “We are also the Brazil of the men and women who want to grow and develop.”

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IN DRIVE

PIF-owned CEER inks $2 billion deal with Hyundai in step toward EV production

South Korean parts supplier to supply the drive systems for cars to be assembled in the kingdom

A Lucid Sapphire electric model car at the Geneva International Motor Show. (Photo: Getty Images)

June 12, 2024
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Saudi Arabia’s Public Investment Fund is continuing its dogged drive to create an electric vehicle market in the kingdom.

The sovereign wealth fund’s EV-maker CEER announced on Tuesday a $2.2 billion deal with Hyundai Transys for the South Korean parts supplier to make the drive systems for its cars, set to be unveiled by next year.

Drive systems are responsible for converting the energy from an EV’s battery into mechanical power to move the wheels. 

The decade-long supply deal is set to start in 2027, when CEER aims to drive the first of its SUVs, sedans and coupes off the assembly line.

CEER, the two-year-old joint venture between the PIF and Taiwan’s Foxconn, is not Crown Prince Mohammed Bin Salman’s only play into electrification as he looks to grow the share of EVs in the kingdom to 30% by 2030 – up from 1% right now. 

In addition to setting up CEER in 2022, the kingdom has invested at least $6.4 billion in California luxury EV maker Lucid Motors, which it majority owns, and has built an EV metals plant.

In October, the PIF and Hyundai announced a $500 million joint venture to build a factory for internal combustion engines and EVs, creating a planned factory hub alongside CEER and Lucid in Jeddah’s King Abdullah Economic City.

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NILE 2.0

Egypt turns to space agency to help tackle water scarcity

National authorities are hoping to put advanced technology to work to help avert a crisis

Tourists and locals gather at the Wadi Al-Rayyan to enjoy the water during the spring during the spring festival of “Sham Ennessim,” in Faiyum. Egypt faces severe water scarcity in coming years. (Photo: Getty Images)

By
Louise Burke
June 12, 2024
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The effects of climate change, population pressures and a regional struggle which has seen vast water resources diverted from the Nile to a dam in Ethiopia have all left Egypt rapidly approaching a state of severe water scarcity.

National authorities are now hoping to put advanced technology to work to help avert a crisis, by bringing in its space agency to revolutionize the study and sustainable management of water resources.

A cooperation agreement between the National Authority for Remote Sensing and Space Sciences and the National Water Research Center was announced on Tuesday to spearhead these efforts.

Under the deal, the agencies will join forces to develop innovative solutions for water management, including smart systems aided by aerial and ground sensors, advanced imaging and Internet of Things technologies.

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Chips for Sale

Nvidia, Google, Microsoft take stage at AI Retreat in Dubai

UAE AI Minister Omar Al Olama said the country wants to become a hub for advanced chip manufacturing

The Museum of The Future in Dubai. Photo: Getty Images

June 11, 2024
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The convening of an “AI Retreat” at Dubai’s Museum of the Future today has presented a sterling opportunity for some of the biggest names in chips and data storage to show off their wares before some of the UAE’s top decision-makers in government.

Executives from Nvidia, Google Cloud, Microsoft, AWS, Oracle and IBM are all taking the stage today to tout their products as the UAE’s biggest city accelerates plans to implement AI across government services and attract more business from deep tech firms.

On the sidelines of the gathering, Omar Al Olama, UAE Minister of Artificial Intelligence, said the UAE is looking to position itself as a top destination for advanced chip manufacturing, in an interview with Bloomberg.

He added that he believes U.S. security concerns over technology leaking from the Middle East and into China are understandable. “Sometimes you are a victim of the neighborhood you are in,” he said.

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Power Push

PIF-backed Acwa Power eyes share sale

The Saudi energy firm is planning to raise $1.9 billion from existing shareholders

Saudi Arabia's Tadawul stock exchange. (Getty Images)

Saudi Arabia's Tadawul stock exchange. (Getty Images)

June 11, 2024
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Saudi Arabia’s energy firm Acwa Power is planning to raise 7.1 billion riyals ($1.9 billion) by issuing stock to existing shareholders days after Saudi Aramco landed $11.2 billion in its own share sale.

Acwa Power, which is 44% owned by the Saudi Public Investment Fund, is one of the leading firms in Saudi Arabia’s decarbonization and diversification strategies.

The company is planning to double annual investments to $2.5 billion in an international push into renewables and hydrogen, as well as projects in the kingdom, Bloomberg reports.

Acwa’s shares have increased about 570% since listing on the Saudi Tadawul Exchange in October 2021. 

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