Mubadala’s KELIX Bio acquires Julphar subsidiary DiabTec

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WHAT WE’RE TRACKING TODAY

THIS MORNING: MyGroup Holding plans to invest AED bns in UAE market in 2025 + Middle East crude premiums hit two-year high

Good morning, ladies and gentlemen. We have a brisk issue for you this morning, leading with the closing of KELIX bio’s acquisition of DiabTec.

^^ We have the details on this story and others in this morning’s news well, below.

☁️WEATHER- We’re in for a cloudy (and possibly rainy) end to the week: The National Center of Meteorology forecasts (pdf) partly cloudy conditions, with a chance of light rainfall in northern areas until Monday. Temperatures today will hit 24°C in Dubai, with an overnight low of 17°C, and 21°C in Abu Dhabi, before cooling to an overnight low of 19°C.

WATCH THIS SPACE-

#1- Adnoc Gas deploys new carbon capture tech with Baker Hughes and Levidian: Adnoc Gas, in collaboration with Texas-based Baker Hughes and British climate tech firm Levidian, installed Levidian’s patented Loop technology at the Habshan Gas Processing Plant — the first operational gas processing site globally to deploy this innovation, Adnoc said in a statement.

What is LOOP technology? This technology captures carbon from methane and converts it into graphene and hydrogen. The pilot LOOP unit has a dual-purpose design, capable of generating over 1 tonne per annum (tpa) of graphene and 1 tpa of hydrogen. Future industrial-scale installations are expected to deliver 15 tpa.

What’s next? Data gathered from the pilot will be used to support AI modeling and digital twin technologies, optimizing energy use and graphene yield in future LOOP deployments. Adnoc’s Technology team will assess the graphene produced to explore its potential applications.

#2- Enec eyes global expansion: The Emirates Nuclear Energy Corporation (Enec) plans to expand internationally after completing the Barakah Nuclear Energy Plant last year, CEO Mohamed Al Hammadi tells Asharq Business. The company is in talks to develop projects worldwide and is focused on the US, the Global South, Europe, and the Philippines.

#3- MyGroup Holding plans to invest AED bns in the UAE market in 2025, according to a statement. This investment aims to expand its operations in Dubai across sectors including retail, services, logistics, energy, construction, and telecommunications. The specific amount of the investment is not disclosed.

#4- The UAE has agreed to roll over two USD 1 bn deposits owed by Pakistan for an additional year, Reuters reports, citing a statement from Pakistan's central bank. The deposits were set to mature this month.

#5- Saudi-backed PFL eyes expansion into the UAE: The Professional Fighters League (PFL), a mixed martial arts organization with significant Saudi backing, is looking to broaden its footprint in the region, with talks underway to host events in Dubai and Qatar, PFL founder and Chairman Donn Davis tells Bloomberg.

#6- Masdar will move its global headquarters to The Link, a 30k sqm sustainable development in Masdar City, this year, Wam reports. Announced during Abu Dhabi Sustainability Week, The Link will feature five commercial and residential buildings, including the region’s first net-zero energy shared living and working spaces, alongside offices, co-working areas, and a visitor center.

DATA POINTS-

#1- The UAE is home to 53% of family offices in the region, with Dubai identified as the primary financial hub for these offices, where over 30% of their investable assets are located, according to HSBC's latest Family Office Landscape in MENA report (pdf). The report indicates that family businesses contribute some 60% of regional GDP.

The average liquidity held by family offices in the MENA region is reported at 18%, twice that of counterparts in North America and Europe. Real estate constitutes 34% of family wealth in the region, while investments in public and private equities are notably lower. Family offices are also beginning to explore investments in cryptocurrencies and commodities.

#2- Ras Al Khaimah Tourism Development Authority (RAKTDA) reported a record 1.28 mn overnight arrivals in 2024, marking a 12% increase in tourism revenues, Wam reports.The number of meetings, incentives, conferences, and exhibitions visitors rose by 15%. RAKTDA aims to attract over 3.5 mn annual visitors by 2030.

Key factors contributing to this growth included, the opening of new hotels and resorts, enhanced connectivity to Ras Al Khaimah International Airport, and over 2.2k international activities across 70 cities.

Dubai International Airport was named the busiest international airport in 2024, with a total of 60.2 mn airline seats, reflecting a 7% increase from the previous year, according to OAG Busiest Airports in the World report. This figure also marks a 12% increase compared to 2019.

HAPPENING TODAY-

The Abu Dhabi Sustainability Week (ADSW) kicked off on Sunday and runs through to tomorrow at the Abu Dhabi National Exhibition Center. The event features 11 events gathering policymakers, industry leaders, and youth to discuss global sustainability solutions and foster collaborations.

THE BIG STORY ABROAD-

It’s a relatively mixed bag in the international press this morning, but news that Israel delayed its vote on its initial ceasefire agreement with Hamas is broadly leading the conversation. Israeli Prime Minister Benjamin Netanyahu reportedly blamed the delay on Hamas, saying the group failed to honor parts of the provisional agreement. The country’s cabinet is also holding off on a vote until the final details of the provisional agreement are ironed out, Netanyahu said. The vote is reportedly still on track to happen over the weekend, allowing the ceasefire to take effect on Sunday.

Deep divides in Israeli cabinet: The three-phase ceasefire agreement — which was announced on Wednesday — has been met with resistance from several members of the Israeli cabinet, although it is broadly expected that it will be approved. Hardliner National Security Minister Itamar Ben Gvir threatened to quit and withdraw his party from the coalition government over the ceasefire agreement. The story is on the front pages of the Financial Times, the Wall Street Journal, Reuters, the New York Times, and Bloomberg.

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MARKET WATCH-

Middle East crude spot premiums hit a two-year high this week, driven by strong demand from China and India, which are seeking to replace sanction-hit Russian and Iranian oil supplies, Reuters reports. The spike comes as the Biden administration imposed new sanctions on Russian producers and tankers, further tightening global supply and vessel availability. This has led to a rush among top importers China and India to secure alternative sources and tankers.

CIRCLE YOUR CALENDAR-

The Global Government Cloud Forum will take place on 21 January in the Museum of the Future in Dubai. The forum will see participation from government representatives, private sector organizations, think tanks, and international organizations, including the World Bank’s Cloud Computing Working Group. It includes keynotes, panel discussions, and workshops to facilitate collaboration and knowledge exchange pertaining to cloud-enabled public administration.

The International Conference on Pharma and Medicine will take place between 21-23 January at the Sharjah Research, Technology, and Innovation Park. The event offers a platform for potential collaboration in the pharma manufacturing and healthcare sectors.

The Sharjah Real Estate Exhibition (Acres) will take place between 22-25 January at the Expo Center in Sharjah. The event features networking and business prospects in the property sector, face-to-face discussions with developers and industry experts, and exploration of the latest trends in real estate.

Nvidia RTX AI GameCraft will take place on 23 January at Emirates Towers Boulevard in Dubai. Hosted by the Dubai Future Foundation in collaboration with Nvidia GeForce Middle East, the event will gather game developers, students, and industry professionals to create innovative games using Nvidia’s RTX AI technology. Some 15 developers will make it to the finals to compete for the top three spots.

BreakBulk Middle East will take place between 10-11 February at the Dubai World Trade Center. The event will gather over 7.5k professionals from the manufacturing, EPCs, project ownership, and transport sectors, providing ample networking prospects and driving potential customer leads.

The World Local Production Forum will take place between 7-9 April at the Abu Dhabi National Exhibition Center. The World Health Organization event will bring together global leaders to discuss sustainable local production and strategies to enhance access to quality health products.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

Mubadala’s KELIX bio acquires DiabTec

KELIX bio closes DiabTec acquisition: KELIX bio, the biotech arm of Abu Dhabi sovereign wealth fund Mubadala, finalized the acquisition of DiabTec LLC, a subsidiary of Emirati pharma firm Julphar, which focuses on human insulin API manufacturing, according to a statement. The value of the acquisition was not disclosed in the statement.

The acquisition includes DiabTec’s facility, which features 20k-liter drug substance reactors and a dedicated fill-finish unit for drug products, built to EU and US Food and Drug Administration standards. It is the only facility of its kind in the GCC.

We knew this was coming: Julphar finalized the sale of DiabTec in December, announcing at the time that the transaction — representing 12.6% of its total assets — would positively impact its net income by late 2024 or 1Q 2025. The company also confirmed plans to secure insulin API through a supply agreement with DiabTec as part of the deal.

ICYMI: Mubadala has been actively expanding its healthcare and pharma portfolio, acquiring an 80% stake in healthcare logistics firm Global Medical Supply Chain and Al Ittihad Drug Store from Yas Holdings in December. Earlier, in October, KELIX bio acquired four biopharma and IV solutions assets, including Bioventure and Gulf Inject, from Yas Holdings’ GlobalOne Healthcare Holding.

IN OTHER M&A NEWS-

Investcorp to acquire alternative payments enabler Epipoli: Asset manager Investcorp signed a definitive agreement to acquire Milan-based alternative payments enabler Epipoli from Bregal Milestone and founder and CEO Gaetano Giannetto, according to a company statement. The move aims to expand the payments and services platform and ramp up its international presence. The value of the transaction was undisclosed and is subject to customary regulatory and closing conditions. Giannetto will retain a minority stake and continue to lead the company.

ADVISORS- Clearwater and ADVANT Nctm advised Investcorp, while UBS acted as exclusive financial advisor to Epipoli and Bregal Milestone. PedersoliGattai and Alma LED served as counsels for Epipoli and Bregal Milestone.

ADSW spurs more sustainability plans

Abu Dhabi Sustainability Week brought a wave of fresh pledges to cut emissions and ramp up sustainability efforts, including new renewable projects. We have a rundown of the key announcements:

ENERGY-

Masdar enters the Philippines with 1 GW clean energy projects: Masdar signed agreements with the Philippines' Department of Energy and Board of Investments to develop up to 1 GW of solar, wind, and battery energy storage systems by 2030, according to a statement. Valued at USD 15 bn, the agreement also includes plans to scale the project to 10GW by 2035, Reuters quotes the Philippine Department of Energy as saying.

The partnership supports the Philippines' Energy Transition Program, which aims to achieve 35% renewable energy in power generation by 2030 and 50% by 2040. This marks Masdar's entry into the Philippines and follows an earlier MoU on energy transition signed during President Ferdinand Marcos Jr.'s UAE visit in November 2024.

EMISSIONS-

UAE-based waste management company Tadweer plans to cut emissions across its operations by 40% by 2035, The National reports, citing remarks the company made during Abu Dhabi Sustainability Week.

REMEMBER- Last March, the Emirates Water and Electricity Company (Ewec) and Tadweer signed a concession agreement with a Japan-based consortium to develop an Abu Dhabi-based greenfield waste-to-energy independent power project. The project aims to process 900k tonnes of waste annually, slashing carbon emissions by an expected 1.1 mn tonnes per year, and is slated to be completed by 2027. The project aligns with Abu Dhabi's goal to divert 80% of its waste from landfills by 2030, converting it into energy. The plant is expected to power 80k homes with clean energy, The National reports.

AND- Bruno-Frederic Baudouin, CEO of Kanadevia Inova, one of the companies in the consortium, highlighted additional sustainability efforts, including metal recovery, chemical recovery, and waste bio-digestion, along with the potential for generating carbon credits.

SOLAR-

Adnec Center Abu Dhabi is getting a solar photovoltaic (PV) system covering 21.6k sqm of its roof, under a new 15-year power purchase agreement (PPA) between Modon Holding’s Adnec Group and Dubai-based decarbonization firm Positive Zero for the system’s installation, according to a press release. The system is expected to supply 30% of the center's annual electricity needs and reduce 6k metric tonnes of CO2 emissions annually. The project will be managed by Positive Zero's generation arm, SirajPower, and is slated to be operational by the end of the year.

REMEMBER- Adnec Group is aiming to reduce its carbon footprint by 50% by 2030 and achieve net zero by 2045.

RECYCLING-

Recycling company Sparklo inked several new agreements with companies and government entities — including ADNOC, Dubai Municipality, and Carrefour — to promote AI-driven sustainability, Al Bayan reports. The company also established partnerships in Saudi Arabia, Oman, Qatar, India, Thailand, Vietnam, Kazakhstan, and Georgia, and is targeting key Asian markets to expand its advanced recycling technologies to new communities.

AND- The Industry and Advanced Technology Ministry launched a project to recycle used tires into raw materials for new industries, Assistant Under-Secretary for Standards and Regulations Farah Al Zarooni said, according to Wam. The ministry is also preparing to introduce a technical framework to convert conventional vehicles into electric ones, aiming to boost local manufacturing and attract investment.

Shuaa Capital secures USD 300 mn facility to develop marine operations

Investment platform Shuaa Capital secured a USD 300 mn seven-year facility from the National Bank of Fujairah and the Arab Energy Fund, according to a DFM disclosure (pdf). The secured overnight funding rate-based facility is expected to be completed in the upcoming days subject to closing procedures.

Where will the money go? The debt instrument will be used to develop the offshore service vessel operations of Shuaa’s second-tier subsidiaries, owned by the Shuaa Managed Fund, Stanford Marine Group, Allianz Marine, and Logistics Services Holding. This loan will also be used to optimize the debt structure of Shuaa’s marine portfolio, acquire more marine vessels, and improve liquidity at the fund level.

REMEMBER- Shuaa has more debt instruments in the pipeline, as it will vote on the issuance of AED 425.5 mn in convertible bonds and their conversion into shares during a general assembly meeting on 3 February, following approval from its board of directors last year. This issuance serves as a part of the firm’s plan to issue a total of AED 642.5 mn in mandatory convertible bonds for capital optimization.

It’s all part of a correctional plan: The company went through restructuring in 2024 after reaching an agreement with bondholders to extend the payment terms for USD 150 mn worth of bonds, appointing a new management team, and settling around AED 500 mn in margin facilities. It also finalized an agreement with its senior creditor to restructure AED 208 mn in outstanding facilities.

Mubadala and Getir founders to face off at at upcoming meeting

Mubadala to seek full control of Getir at EGM: The founders of Turkey’s rapid grocery delivery startup Getir BV and its largest investor, Mubadala Investment, are scheduled to meet at an extraordinary general meeting (EGM) in Amsterdam on Sunday, Bloomberg reports. The meeting will vote on Mubadala’s proposal to take full ownership of Getir, a move the Abu Dhabi fund says is necessary to stabilize the company after the founders failed to finalize a June restructuring agreement.

Mubadala’s stance: “This new transaction will secure Getir’s financial stability and allow for the execution of its long-term business plan, protecting and sustaining employment for over 18k Turkish employees,” Mubadala said in the statement.

Getir founder Nazim Salur initiated legal action to challenge the move, which he described on X as an “illegal coup” aimed at reducing the founders’ stake to zero, the newswire reports. Salur urged Mubadala to uphold the June agreement to split Getir into two entities, while the company’s other co-founders, Serkan Borancili and Tuncay Tutek, have not commented publicly.

REFRESHER- Last September, Mubadala applied for full ownership of Getir’s grocery and food delivery businesses with Turkish antitrust authorities. Mubadala acquired a controlling stake in Getir in June, leading a USD 250 mn funding round tied to the company’s restructuring. The strategy aimed to divide the company into two entities: one focusing on food delivery in Turkey, primarily owned and managed by Mubadala with Batuhan Gultakan leading it. Meanwhile, Getir founder Nazim Salur stepped down as CEO to lead the other division, which included ride-hailing services and additional assets.

In context- Getir is in hot water: Once valued at USD 11.8 bn in 2022, Getir’s valuation fell to USD 2.5 bn in 2023 amid cash burn and exits from key markets, including the UK, Germany, the Netherlands, and the US. Internal disputes over strategy further strained the company’s performance.

The General Authority of Islamic Affairs, Endowments, and Zakat has a new director-general

President Sheikh Mohamed bin Zayed Al Nahyan appointed Ahmed Al Neyadi as the director-general of the General Authority of Islamic Affairs, Endowments, and Zakat, with the rank of undersecretary, Wam reports. Al Neyadi previously served as executive director of the support services sector at the authority.

The President also appointed Waleed Saeed Abdul Salam Al Awadhi as CEO of the Securities and Commodities Authority, with the rank of undersecretary, Wam reports. Al Awadhi boasts over 22 years of expertise in financial services, regulatory frameworks, and banking operations. He has served as COO at Dubai Financial Services Authority, deputy head of retail banking at Emirates Islamic Bank, and held senior roles at Sama Dubai and Etisalat.

Jared Kushner and Mohamed Alabbar’s Belgrade project is under the spotlight

Jared Kushner's partnership with Emirati b’naire Mohamed Alabbar is drawing attention in the foreign press, with Bloomberg out with a piece spotlighting Alabbar and Kushner’s Affinity Partners’ plans to co-develop a USD 1.4 bn Trump-branded luxury hotel and apartment complex in Belgrade, Serbia. The project, which is set to launch sales this year, will feature 175 hotel rooms and 1.5k for-sale residences. Kushner stated that he hopes this is the “first of many projects” with Alabbar.

Dubai-based Teammates.ai launches new AI agents to handle entire job functions

STARTUPS-

Teammates.ai bags funding, introduces AI agents: Dubai-based Teammates.ai secured an undisclosed funding round and introduced AI agents that handle entire job functions, according to a press release. Formerly Uktob.ai, it rebranded to focus on enterprise-grade solutions, including AI agents for tasks like inbox management and inside sales, supporting over 50 languages, including all Arabic dialects — a first in the Mena region.

About Teammates.ai: Founded in 2023, the platform has 400k users, partnerships with major UAE government entities, and recognition as one of the UAE’s Future 100 companies.

REAL ESTATE-

Sharjah’s new AED 3.5 bn residential landmark: Kuwait Real Estate Company (AQARAT) — in partnership with Boursa Kuwait-listed IFA Hotels and Resorts — launched the AED 3.5 bn Al Tay Hills project in Sharjah, according to Sharjah 24. The three-phase project spans 6 mn sq ft, featuring 1.1k villas and townhouses with 3 to 6 bedrooms, 11 km of walking and cycling paths, and a 2.5 km green river. The first phase will be delivered in 1Q 2028.

CUSTOMS-

Abu Dhabi Customs is introducing the Integrated Customs Operations System, a tech solution that uses artificial intelligence and predictive analytics to streamline customs and trade processes, Wam reports. Director General of the General Administration of Abu Dhabi Customs Rashed Lahej Al Mansoori met with CEO of Singapore-based CrimsonLogic to discuss implementing the system.

Details: The system offers 24/7 services, integrates with platforms like TAMM, ATLP, and blockchain initiatives, and includes features such as performance monitoring and advanced revenue management. The platform aims to boost efficiency, reduce costs, and support a sustainable, user-friendly business environment.

BANKING-

China’s CICC to set up shop in DIFC: Chinese investment bank China International Capital Corporation (CICC) secured a license to operate in the Dubai International Financial Centre (DIFC), Al Khaleej reports. The license allows CICC to arrange and advise on credit, financial products, and investment agreements, expanding financial services supporting cross-border activities, including trade and sustainable finance.

LOGISTICS-

Noatum and KMTF expand Caspian Sea operations: AD Ports Group’s Noatum Maritime inked an agreement with Kazakhstan National Shipping Company (KMTF), a KazMunayGas subsidiary, to expand operations in the Caspian Sea, Wam reports.

The plan:

New container ships: Two 500+ TEU vessels, custom-built for the Caspian, with advanced cargo handling tech to boost efficiency and capacity.
Upgraded transit systems: High-capacity ferries and terminal infrastructure to slash shipping times for Kazakh exporters and Middle Corridor players.
Tanker fleet boost: More ships for crude oil transport to strengthen Kazakhstan’s energy exports.

Background: AD Ports and KMG set up a joint venture back in 2022, dubbed the Caspian Integrated Maritime Solutions (CIMS). The JV facilitates the transportation of oil on the Caspian and Black seas, supporting CIMS’ fleet, and expanding client services to third parties.

LICENSING-

ADU grants Eoptima SAS exclusive global licensing rights to green oil recovery technology: Abu Dhabi University (ADU) and French energy solutions company Eoptima SAS signed an agreement granting Eoptima exclusive global licensing rights to ADU’s green oil recovery technology according to an Abu Dhabi Media Office statement.

What is green oil recovery technology: The patented technology, developed by Omar Chaalal from ADU’s College of Engineering, focuses on secondary and tertiary green water flooding of fractured oil reservoirs under high salinity and temperature conditions. This process aims to optimize oil recovery while minimizing environmental impact.

US core inflation undershoots forecasts, raises early rate cut speculations

US core CPI rises less than forecasts predicted: The US’ annual core consumer price index (CPI) — which excludes the food and energy baskets — rose by 0.2%, the slowest pace in six months, according to the US Bureau of Labor Statistics report (pdf). Forecasts had predicted a fifth consecutive 0.3% rise.

The Fed needs more proof to speed up cuts: This development will not merit a rate cut in the next Federal Reserve meeting later this month, but if next month turns up with another “soft CPI print” and a "weakening in payrolls” then a March rate cut is plausible, chief global strategist at Principal Asset Management Seema Shah tells Bloomberg.

Still, all options are on the table: The current pricing patterns and future predictions indicate a 50-50 chance of two rate cuts throughout 2025 by 25 bps, with markets expecting the next cut to take place in May or June, CNBC reports.

Growth levels of jobs and wages support a longer hold on cuts, as the US economy added 256k jobs in December, according to data from the Bureau of Labor Statistics. The unemployment rate declined to 4.1%, one-tenth of a point below expectations, CNBC reports.

Trump’s policies might pressure inflation: Some economists predict that Donald Trump’s tariffs will put extra pressure on inflation after his inauguration next week. Trump vowed to impose a 60% tariff on Chinese goods, followed by an additional 10%, as well as a 10% tariff on imports from other countries, denying any intentions to water down the rates.

Market reax: All three major indices closed down yesterday, despite rallying at the start of the trading day.

MARKETS THIS MORNING-

Asian markets are broadly in the red in early morning trading, with the exception of the Shanghai Index. It’s a different story for US futures, which are indicating the S&P 500, Dow Jones, and Nasdaq will all open in the green after falling yesterday.

ADX	9,506	-0.1% (YTD: +0.9%)
DFM	5,236	-0.3% (YTD: +1.5%)
Nasdaq Dubai UAE20	4283	-0.2% (YTD: +2.9%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.1% o/n	4.4% 1 yr
TASI	12,256	+0.4% (YTD: +1.8%)
EGX30	29,605	+0.7% (YTD: -0.5%)
S&P 500	5,937	-0.2% (YTD: +1.0%)
FTSE 100	8,391	+1.1% (YTD: +2.7%)
Euro Stoxx 50	5,106	+1.5% (YTD: +4.3%)
Brent crude	USD 81.49	+0.3%
Natural gas (Nymex)	USD 4.27	+0.3%
Gold	USD 2,714.69	0%
BTC	USD 101,606.4	+1.2% (YTD: +8.7%)

THE CLOSING BELL-

The DFM fell 0.3% yesterday on turnover of AED 697.6 mn. The index is up 1.5% YTD.

In the green: National Industries Group Holding (+11.1%), National Cement Company (+9.2%) and National General Insurance Company (+8.9%).

In the red: Sukoon Takaful (-10.0%), Agility The Public Warehousing Company (-5.6%) and Dubai Electricity & Water Authority (-3.9%).

Over on the ADX, the index fell 0.1% on turnover of AED 1.2 bn. Meanwhile, Nasdaq Dubai fell 0.2%.

UAE president talks cooperation with Nigerian and Italian leaders

UAE president talks cooperation with Nigerian and Italian leaders: President Sheikh Mohamed bin Zayed Al Nahyan met with Nigerian President Bola Ahmed Tinbu and Italian Prime Minister Giorgia Meloni during their visits to the UAE for Abu Dhabi Sustainability Week, Wam reports. They discussed ways to strengthen ties between their countries, focusing on areas like economy, investment, and sustainability.

The President also welcomed Egyptian President Abdel Fattah El-Sisi, who arrived at Abu Dhabi's Presidential Airport yesterday for a working visit to the UAE, Wam reports.

My Morning Routine: Alex Scott, head of Solana Middle East

Alex Scott, head of Solana Middle East: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Alex Scott (LinkedIn), head of Solana Middle East. Edited excerpts from our conversation:

I lead growth in the Middle East on behalf of Solana, one of the largest — and currently the most used — blockchains in the world. Founded by Raj Gokal (LinkedIn) and Anatoly Yakovenko (LinkedIn) about four and a half years ago, the vision was to create a globally accessible digital infrastructure, a version of Nasdaq that anyone can use. One of the key pillars around that was scalability — the ability to have massive numbers of transactions for very cheap.

We encourage people to get started and build their first application by helping them access grant money. We think about blockchain as a thriving global city, and we're encouraging people to come and build on top of the technology. We succeed when we see founders succeed, raise money, exit their companies, and build things that matter to people and investors, who find windows to deploy capital on projects that are building on this network.

Today, Solana supports thousands of developers worldwide and is home to some of the most vibrant developer ecosystems. We foster these ecosystems through initiatives like Superteam, our ecosystem development program that is live in 17 countries. We've got a physical presence in most countries.

One trend I find exciting is the intersection of artificial intelligence and blockchain. Our recent AI hackathon, run by the Coliseum team, received 1,300 submissions from all over the world, including 15 from people based in the UAE. We're seeing a pretty substantial amount of talent here in the UAE that is really building at the forefront of technology.

My typical day is pretty unpredictable but generally falls into a few buckets. One focus is community-building. Last week, I hosted a lunch for a mix of founders, investors, and representatives from the Dubai government. Another category is business development in the region — figuring out how to encourage projects and institutions to launch using Solana’s technology. Finally, there’s making content, which involves recording videos or scripting interviews with the wider crypto community in the UAE.

I’m usually up by 6 or 6:30am — thanks to my dog, who ensures I’m awake by licking my face to go for his walk. After that I’ll check in with my four-month-old daughter, trying to get a laugh out of her before heading to my home gym. I’ve recently invested in a proper setup with a squat rack, Olympic bar, freeweights, and a bench. It's very well-documented that staying physically active helps you think clearer and has a lot of benefits. So, four days a week, I lift weights for about an hour before I go back to the desk. After the gym, I have a bit of protein and some caffeine.

Morning for me is deep work, a sacred time where my focus and attention are sharpest, and I can just put on noise-cancelling headphones and get deep into work. That’s why I typically block off this time on my calendar and don’t allow morning meetings.

I stay up to date with industry news primarily through Twitter — it’s where everything in crypto happens. In-person events, hackathons, and demo days are also alpha in the industry for seeing what new things people are working on and getting access to information that’s not yet public.

Striking a work-life balance in crypto is hard because it’s a 24/7 industry, and there’s always something happening. It’s very difficult to unplug. I'm hopelessly addicted to my phone and, you know, answering Twitter DMs and Telegram and WhatsApp messages at all kinds of hours. So, it’s more about trying to figure out the guardrails that you and your personal relationships are comfortable with. I try as much as possible to set boundaries. I like using the built-in notification suppression so that I'm not getting alerts in the middle of the night. That helps me not mess up my sleep. Dinner time is also a no-phone zone — we leave the phones in the other room and just focus and be present with each other.

Unwinding after a workday often involves spending time with my daughter, playing and talking with her, helping with her bedtime routine, and rediscovering nursery rhymes that I haven’t sung for about 30 years. Living in Dubai, I’m also spoiled for choice when it comes to dining and entertainment. There are always new restaurants to try or events to attend. I also ride motorcycles and often take trips to the mountains of the UAE.

Looking ahead, this year will be the biggest for Solana in the UAE yet. We’re hosting our annual Breakpoint Conference in Abu Dhabi in December, bringing more than 7k people from all over the world. Before that, in April, we’re hosting a two-week co-working event featuring a mix of startup pitches, policy discussions around crypto, and cultural activities. It’s an interesting way for people to experience the UAE while learning more about Solana’s ecosystem.

On a personal level, I’m doubling down on content creation, especially video, as a way to reach new audiences. It’s something that’s new to me — previously, I was behind the scenes in product and engineering roles.

A book I recently revisited is The 4-Hour Workweek by Tim Ferriss. One key insight that resonated with me is the idea that instead of asking what makes you happy, ask what keeps you excited and motivated. It’s a good reminder to myself to reevaluate what truly drives me as I plan for the future and what’s coming up.

The best advice I’ve received is to maintain curiosity and increase your surface area for luck. This means always assuming that you can learn something in every situation — approach everything with this kind of beginner’s mindset — and being open to opportunities that are out of your comfort zone. Whether it’s publishing that piece of content you’ve been hesitant about, stray off the narrow path and explore new things.

CALENDAR

JANUARY

19-24 January (Sunday-Friday): Coling2025, Abu Dhabi.

20-22 January (Monday-Wednesday): FESPA Middle East, Dubai World Trade Centre, Dubai.

20-22 January (Monday-Wednesday): The Fiber Connect Council Conference and Exhibition, Dubai World Trade Center, Dubai.

21 January (Tuesday): The Global Government Cloud Forum, the Museum of the Future, Dubai.

21-23 January (Tuesday-Thursday): The International Conference on Pharmacy and Medicine, The Sharjah Research, Technology, and Innovation Park, Sharjah.

23 January (Thursday): The Nvidia RTX GameCraft, Emirates Towers Boulevard, Dubai.

22-25 January (Wednesday-Saturday): The Sharjah Real Estate Exhibition (Acres), Expo Centre, Sharjah.

27-30 January (Monday-Thursday): Arab Health Exhibition, Dubai World Trade Centre, Dubai.

28-29 January (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

FEBRUARY

1-6 February (Saturday-Thursday): Dubai Fashion Week, Dubai Design District.

1-8 February (Saturday-Saturday): The Mubadala Abu Dhabi Open, Zayed Sports City's International Tennis Centre.

2-3 February (Sunday-Monday): L’Etape Dubai cycling race, Dubai.

3-6 February (Monday-Thursday): Medlab Middle East, Dubai World Trade Center.

7 February-29 April (Friday-Tuesday): The Abu Dhabi Festival, Abu Dhabi.

10-11 February (Monday-Tuesday) MRO Middle East and Aircraft Interiors Middle East, Dubai World Trade Center.

10-11 February (Monday-Tuesday): BreakBulk Middle East, the Dubai World Trade Center.

10-12 February (Monday-Wednesday): Japan Kyoto Trade Exhibition, Dubai Word Trade Center.

14 February (Friday): The deadline for the consultation period for the Securities and Commodities Authority's draft regulation on security tokens and commodity tokens.

16 February-1 March (Sunday-Saturday): Dubai Dutyfree Tennis Championships, Dubai Dutyfree Tennis Stadium in Al Garhoud.

16 February (Sunday): The International Defence Conference,The Emirates Palace, Abu Dhabi.

17-21 February (Monday-Friday): International Defence Exhibition (IDEX) in Abu Dhabi National Exhibition Center.

17-21 February (Monday-Friday): Naval Defence Exhibition (NAVDEX) in Abu Dhabi National Exhibition Center.

17-22 February (Monday-Saturday): Gulfood, Dubai World Trade Center.

19-21 February (Wednesday-Friday): International Dialogue of Civilizations & Tolerance Conference, Abu Dhabi Energy Centre.

24-25 February (Monday-Tuesday): World Passenger Experience Forum, Dubai.

24-26 February (Monday-Wednesday): Connecting Hydrogen MENA, Dubai.

28-29 February (Friday-Saturday): Investopia 2024, the St. Regis, Abu Dhabi.

28 February-29 March (Friday-Saturday): Ramadan.

Signposted to happen sometime in 1Q 2025:

The first eight fronds of the Palm Jebel Ali will be site-ready, allowing for the commencement of villa infrastructure and civil works.

MARCH

18-19 March (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

31 March-2 April (Monday-Wednesday): Eid Al Fitr, national holiday.

APRIL

1 April (Tuesday): New ADGM employment regulations come into effect.

1 April (Tuesday): New personal status law comes into effect.

6-11 April (Sunday-Friday): Geo-Spatial Week, Dubai.

7-10 April (Monday-Thursday) : EFG Hermes One on One conference, Dubai.

7-9 April (Monday-Wednesday): AIM Investment Summit, Abu Dhabi National Exhibition Center

7-9 April (Monday-Wednesday): Middle East Energy, Dubai World Trade Center.

7-9 April (Monday-Wednesday): World Local Production Forum's 3rd edition, Abu Dhabi National Exhibition Center.

14-16 April (Monday-Wednesday): Dubai Woodshow’s 21st Edition, Dubai World Trade Center

14-16 April (Monday-Wednesday): IPS congress, Dubai World Trade Center.

16-18 April (Wednesday-Friday): World Future Energy Summit,Abu Dhabi National Exhibition, Abu Dhabi.

21-25 April (Monday-Friday): The Dubai AI Week, Museum of the Future and Area 2071, Emirates Towers, Dubai.

25 April-11 May (Friday-Sunday): Dubai Esports and Games Festival, Dubai World Trade Center.

28 April-1 May (Monday-Thursday): The Arabian Travel Market, Dubai World Trade Center

Signposted to happen sometime in April:

Abu Dhabi Autonomous Racing League, Yas Marina Circuit in Abu Dhabi

MAY

6-7 May (Tuesday-Wednesday): Global Ports Forum, Dubai.

6-7 May (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

13-16 May (Tuesday-Friday): International Union for Health Promotion and Education Conference, Abu Dhabi.

13-15 May (Tuesday-Thursday): Cabsat Middle East and Satellite Middle East, Dubai World Trade Center.

15 May (Thursday): The Economy Middle East Summit, ADGM, Abu Dhabi.

16-18 May (Friday-Sunday): GISEC, Dubai World Trade Center.

19-22 May (Monday-Thursday): Make it in the Emirates, Adnec, Abu Dhabi.

20-22 May (Tuesday-Thursday): Seamless Middle East 2025, Dubai World Trade Center.

26-28 May (Monday-Wednesday): Arab Media Summit, World Trade Center, Dubai.

30 May (Friday): Arafat Day.

31 May-2 June (Saturday-Monday): Eid Al Adha.

Signposted to happen sometime in May:

Asean and GCC summit, Malaysia.

JUNE

17-18 June (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

24-25 June (Tuesday-Wednesday): Middle East Rail, Dubai World Trade Center.

27 June (Friday): Islamic New Year.

Signposted to happen sometime in 2H 2025:

Closing of XRG's acquisition of Covestro

JULY

29-30 July (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

SEPTEMBER

8-10 September (Monday-Wednesday): DigiHealth exhibition, World Trade Center, Dubai.

16-17 September (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

24-25 September (Wednesday-Thursday): Mohammed Bin Rashid Leadership Forum, Mohammed Bin Rashid Center for Leadership Development, Dubai.

OCTOBER

3-16 October (Friday-Thursday): Dubai Home Festival.

9-15 October (Thursday-Wednesday): IUCN World Conservation Congress, Abu Dhabi.

27-29 October (Monday-Wednesday): Asia Pacific Cities Summit, Dubai Exhibition Center.

28-29 October (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

NOVEMBER

18-19 November (Tuesday-Wednesday): Dubai Future Forum, Museum of the Future, Dubai.

DECEMBER

1-3 December (Monday-Wednesday): Eid Al Etihad (UAE National Day).

1-5 December (Monday-Friday): The World Congress of Neurosurgery, Dubai World Trade Center.

9-10 December (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

Signposted to happen sometime in 2025:

The Middle East Electric Vehicle Show, Expo Center Sharjah.
e& will complete Adnoc’s private 5G network.
Executive Committee Meeting (EXCOM 2025) conference of the World Smart Sustainable Cities Organisation (WeGO)
The International Civil Aviation Organization’s Global Implementation Support Symposium, Abu Dhabi.
Universal Postal Congress 2025, Dubai.

Signposted to happen sometime in the fall of 2025:

2025 Games of the Future, Dubai.
ICOM General Conference 2025, Dubai

Signposted to happen sometime in 2026:

The UAE to host the Arab Competition Forum
Dubai to host the Arab Actuarial Conference
United Nations Water Conference 2026, UAE
9-11 January (Friday-Sunday): 1 Bn Followers Summit’s fourth edition, UAE

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