Amea to set up 1 GW solar plant in Egypt

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WHAT WE’RE TRACKING TODAY

THIS MORNING: DIFC launches AI license + OpenAI releases AI model that can “reason”

Good morning, lovely people, and happy FRIDAY. We have an energy-heavy issue for you this morning, led by Amea Power’s plans to invest in renewables projects in Egypt — including what’s planned to be the biggest solar plant in Africa.

Also worth your attention: Abu Dhabi just granted a production concession in Al Ruwais to Indian joint venture Urja Bharat, and Apex Energy formed a JV with renewables outfit Enercap for energy storage solutions.

Headlining the EnterpriseAM Finance Forum: We’ll be joined for the first time on stage by a senior government official, who’s joining us to outline a vision for where we’re going as a community and as an economy. The keynote interview will get underway at 9am sharp, and you won’t want to miss our exclusive networking breakfast from 8am.

Among the topics on the agenda:

Welcome to the hot seat — top industry CEOs set the tone by addressing the biggest (and toughest) questions of the day.
Looking from the outside in — what foreign investors and strategics think about Egypt right now.
The only asset class in town — It’s real estate or nothing. We’ll get into the ins and outs of the industry, how it’s financing itself, which areas (and price points) are next, and more.
Gazing into that crystal ball — The outlook for dealflow in 2025, from M&A and IPOs to securitization, FX and more.
A once in a generation opportunity? — A deep dive into the promise and pitfalls of the emerging energy economy.
Do we really love banking SMEs? — With NBFIs and fintech players staking their claims, banks are starting to take the SME market seriously.
The NBFI panel — The resilience of the Egyptian consumer is the business story of the decade. How are banks and NBFS players building sustainable businesses? What are the opportunities — and credit worries — in the B2B space?

Are you going to be in Egypt and haven’t requested an invitation yet? Do it today — space is limited. Tap or click hereto let us know you’re interested.

** IMPORTANT NOTE — If you’ve already received your invitation on email, you *must* click through to confirm you’re attending.

WATCH THIS SPACE-

#1- The Dubai International Financial Center’s AI Campus launched its own Dubai AILicense on the sidelines of the Dubai AI & Web3 Festival, in a bid to attract more companies to the emirate, according to a DIFC statement. The 90% subsidized commercial license will offer holders cost benefits and growth opportunities. Companies can apply for the license here.

The campus also inaugurated an “AI as a Service” concept to support companies in assessing readiness for AI and identifying market windows during the event.

There’s more to come: DIFC’s Dubai AI Campus plans to secure USD 300 mn in investment and expand to 500 companies by 2028, up from 120 firms currently, the statement reads.

#2- A UAE-based bank is negotiating a major stake in an Indian bank, potentially worth bns, UAE ambassador to India Abdulnasser Alshaali confirmed in an interview with CNBC TV18 (watch runtime: 6:49). Specific details are pending due to unresolved issues, but Alshaali is optimistic about resolution.

The ambassador could be talking about the Yes Bank acquisition: Emirates NBD is reportedly in advanced talks with the State Bank of India (SBI) to acquire its full 24% stake in Indian Yes Bank, a share holding valued at USD 2.2 bn. First Abu Dhabi Bank was also linked to talks with Yes Bank, but denied the reports earlier in July.

PSAs-

#1- Abu Dhabi will require Emirati couples planning to get married to undergo genetic testing as of 1 October to detect potential genetic disorders and compatibility as part of their premarital screening, the Abu Dhabi Media Office said. The testing has been rolled out as part of a pilot phase, and is now available across 22 primary care centers in the emirate. Results will take two weeks to be out.

#2- Dubai will get its own population registry on the Dubai Data and Statistics Establishment’s digital platform, according to a Dubai Media Office statement.

#3- All entities involved with the Energy and Infrastructure Ministry are now digitally connected through a new project called Data Bridge, state news agency Wam reports. The initiative will allow the ministry and the entities it works with to exchange documents in real-time, and request data just once. The project plans to integrate with 50 government entities by 2025, improve customer satisfaction by ensuring data is requested only once to 90% by the end of 2025, and reduce required documents by half by the end of next year.

DATA POINTS-

#1- AI could contribute USD 100 bn to the UAE’s GDP by 2030, AstraTech and Botim Founder and CEO Abdallah Abu-Sheikh was quoted as saying by state news agency Wam on the sidelines of the Dubai AI and Web3 Festival. The country’s AI market itself is on track to be valued at USD 50 bn by 2031, he added.

#2- UAE banks poured some AED 680.2 bn in investments this year as of June, up 18.4% y-o-y from June 2023, according to the Central Bank of the UAE (CBUAE)’s banking indicators report (pdf). National banks accounted for AED 631.6 bn of total investments, while foreign banks made up 48.6 bn, according to separate CBUAE data (pdf).

#3- The UAE ranked 17th in the US News’ Best Countries in the World index for 2024 out of 87 countries, with an overall score of 79.1. The country topped the list in the Movers category — analyzing how different, distinctive, dynamic, and unique countries are — with a score of 100. It also performed well in agility (69.4) and entrepreneurship (66.4). The UAE scored 61.3 in open for business, 58.6 in cultural influence, and 52.2 in power. Quality of life was rated at 46.9.

#4- The UAE achieved the highest labor force participation rate among G20 countries at 82%, with only 1% of workers classified as vulnerable, and a low unemployment rate of 2%, according to data from the Human Resources and Emiratization Ministry’s Labour Market Observatory.

HAPPENING TODAY-

The UAE is said to be taking part in the Beijing defense forum, which is on its second day and is set to wrap tomorrow, Reuters reports. The forum will also see participation from Belarus, Vietnam, Singapore, Cambodia, Chile and the Maldives’ defense ministers, as well as a deputy Russian defense minister and US deputy assistant secretary of defense for China, Taiwan and Mongolia, Michael Chase.

HAPPENING NEXT WEEK-

#1- The Arab Water Forum is coming to Abu Dhabi from 16-18 September at Adnec Center in Abu Dhabi. The event will feature over 60 exhibitors from 24 countries, along with roundtables and speaker sessions, gathering water sector leaders to discuss solutions for clean water and sanitation, with an emphasis on innovation and improving water security.

#2- Our friends at HSBC, together with UK Export Finance and Egyptian-British Chamberof Commerce, are hosting the Egypt-UK Investment and Opportunities Forum in London on Monday, 16 September. The conference will showcase investment opportunities in Egypt across different sectors — including renewable energy, water, automotive, food processing, IT, and AI — to potential investors from the UK. It will also facilitate matchmaking between institutions of both countries, bringing together government representatives, business leaders, and senior executives.

#3- The World Utilities Congress will take place from Monday, 16 September to Wednesday, 18 September in Abu Dhabi. The event will gather global energy leaders, policymakers, and other industry professionals from the power and water utilities value chain to discuss industry trends and challenges.

#4- The Dubai Financial Services Authority and the Hong Kong Monetary Authority will be hosting their first climate finance conference in Hong Kong, where they will discuss opportunities and challenges in the transition finance space.

#5- The Intelligent Transport Systems World Congress 2024 will take place from Monday, 16 September to Friday, 20 September in Dubai. The Congress is expected to welcome 20k participants to explore innovations in smart mobility and transportation technology.

#6- The AI in Oil and Gas Midle East conference will take place in Abu Dhabi on Tuesday and Wednesday, with a focus on AI in exploration and production, supply chains, data analytics, and more. The event will feature speakers and AI experts from across the region’s oil firms.

#7- The Sharjah Investment Forum will kick off on Wednesday and run until Thursday at the Jawaher Reception and Convention Centre in Sharjah. Discussions will span across investments in emerging markets and in the UAE, smart cities and economies, and more.

#8- Forbes’ Healthcare Leaders Summit 2024 will take place on Thursday and Friday at the St. Regis Saadiyat Island Resort, Abu Dhabi. The event gathers healthcare leaders from across the region to discuss innovation in healthcare and sustainability in the industry.

THE BIG STORY ABROAD-

There’s a lot to digest in the foreign press today, with plenty happening in US and foreign politics alongside a couple of notable updates on the business front.

#1- Former US President Donald Trump has sworn off of debates against his Democratic rival Kamala Harris, writing on his social media platform Truth Social that “there will be no third debate,” just a few days after his debate with Harris swayed public opinion against him. (Reuters | CNN | France24)

Case in point: Harris is currently leading by five percentage points in a Reuters poll, receiving 47% of votes against Trump’s 42%.

IN OTHER TRUMP NEWS- The presidential hopeful is planning to launch a digital assets project as he “[embraces] the future with crypto and [leaves] the slow and outdated big banks behind,” he said in a video on X.

#2- Russian President Vladimir Putin is threatening war against the West as the US and UK plan to discuss today allowing Kyiv to target Russia with deep strikes with the help of Western-supplied cruise missiles. “This will mean that NATO countries, the United States, and European countries are fighting Russia,” he said. (Financial Times | Politico)

IN BUSINESS NEWS- Speculations over the US Federal Reserve’s moves next week continue, with the FT and WSJ weighing the options of a half-point or a quarter-point rate cut.

PLUS- Are we getting closer to a reckoning with AI? OpenAI says it has launched a preview of a product — known as o1 — that is “capable of reasoning” and can solve complex math and coding problems — the first in a planned series.

The caveat: The model is expensive — the o1 preview is USD 15 for every mn input tokens, equivalent to a chunk of text, and USD 60 for 1 mn output tokens.

Who can access it? ChatGPT Plus and Team users now have access to the preview and its cheaper, “mini” version starting today, while Enterprise and Edu users get access early next week.

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Amea Power to invest USD 800 mn more in renewables projects in Egypt

Amea Power secures two landmark projects in Egypt: Amea Power inked power purchase agreements to develop and expand solar and battery energy storage system projects in Egypt, it said in a press release. The company will pour USD 800 mn in investments into the two projects, which together can power some 769k homes in Egypt, cutting carbon emissions by 2.3 mn tons per year, the statement added.

#1- The company will develop Africa's largest solar project — a 1 GW facility with a 600 MWh battery energy storage system — in Benban, Aswan. The battery system will be the first utility-scale project of its kind in the country. No details on the timeline of the project have been disclosed.

#2- Amea Power will also add a 300 MWh battery energy storage system to its 500 MW Abydos solar project in Kom Ombo.

Background: Amea Power previously received approval from the Egyptian cabinet to expand its renewable energy projects in Egypt by 2 GW by next summer. The company is seeking to up its investments in Egypt and set up 2.5 GW worth of solar and wind projects.

AMEA Power ❤️ Egypt: The new projects add to AMEA Power’s current portfolio, which includes the 500 MW Abydos Solar PV Project set for commissioning in October 2024 and the 500 MW Amunet wind project due by mid-2025.

Abu Dhabi awards production concession to Indian JV in Al Ruwais

Abu Dhabi’s Supreme Council for Financial and Economic Affairs awarded a production concession in Al Ruwais to Urja Bharat (UBPL), a special purpose joint venture vehicle comprising India's Indian Oil Corporation and Bharat Petroleum Corporation, according to a statement (pdf).

Background: UBPL was awarded the exploration concession back in March 2019, and after wrapping up the exploration phase — where they poured nearly USD 164 mn into the project — they are now moving forward with production.

The search has been fruitful so far: Early exploration in Onshore Block 1, specifically within the 38 sqkm Ruwais region, which includes untapped reserves of conventional oil and gas, has shown promising potential.

The UAE and India have been ramping up energy collaborations: Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed’s visit to India earlier this week led to some major energy agreements. Adnoc signed a 15-year agreement to supply 1 mn metric tonnes of LNG per year to IndianOil, primarily sourced from its Ruwais LNG project. Adnoc also extended its oil storage agreement with India’s Strategic Petroleum Reserve. In the nuclear energy arena, Emirates Nuclear Energy Corporation handed India’s Nuclear Power Corporation operation and maintenance rights for the Barakah nuclear power plant.

Apex Energy + Enercap form JV

Apex Energy + Enercap form JV: Apex Energy, a subsidiary of Apex Investments, and French renewables outfit Enercap SPV formed a joint venture, Enercap Energy Holding, to manufacture energy storage solutions and power management systems in the UAE, according to an ADX disclosure (pdf). Apex will hold a 65% stake in the JV, while Enercap will control 35%.

The details: The new venture will build a 10-GW manufacturing plant in Abu Dhabi's Mussafah Industrial Zone, branded as Enercap Manufacturing. It will also acquire and develop an existing facility in Dubai Industrial City, increasing its capacity to 6 GW, and rebranding it as ERL Power Industries.

Adia offloads 50% stake in Policy Expert to PE firm

An Abu Dhabi Investment Authority subsidiary sold a 50% stake in UK-based home and car ins. provider Policy Expert to European private equity firm Cinven, through its Strategic Financials Fund, according to a statement. No financial details were disclosed.

Background: Adia had bought a majority stake in the ins. provider this past November, after having been a minority shareholder since 2020. The fund owned a 75% stake through its subsidiary in Policy Expert’s holding company QMetric, according to a recent filing on Companies House cited by Insuranceage. This would put the size of Adia’s current stake in the company at around 25%.

Hub71 welcomes 21 startups in fresh cohort

Hub71, Abu Dhabi’s global tech hub, just added 21 startups to its roster with the latest cohort, bringing the total number of startups under its belt to 243, according to a Hub71 statement. Collectively, these startups have secured USD 134.9 mn in funding. The startups, 80% of which are headquartered outside the UAE, operate across seven sectors, including fintech, climatetech, healthtech, edtech, and mobility and logistics. Over half of the startups were seed and series A ventures.

Notable startups joining Hub71's Access program include:

US-based healthtech EpiBone, which has raised USD 43 mn (AED 158 mn) in funding;
Carbon-negative concrete-focused material science company Partanna Oasis which has raised USD 26 mn (AED 98 mn) in funding;
UK-based Web3 fintech solutions provider Greengage which has raised USD 10 mn (AED 36 mn) in funding;
US-based logistics company Autone which has secured USD 4.8 mn (AED 17 mn) in funding;
France-based clean hydrogen producer Plenesys which has secured funding of USD 3 mn (AED 11 mn);
Norway-based distributed blockchain infrastructure platform Gateway.fm which has raised USD 6 mn (AED 22 mn).

What the startups are getting: Startups can benefit from incentives worth up to AED 250k and receive an additional AED 250k in cash for equity through a SAFE note as part of Hub71’s Access program and its other ecosystems. Well-performing startups may also qualify for up to AED 250k more in exchange for equity upon completing the program.

ATRC head Faisal Al Bannai and G42 chair Sheikh Tahnoon make it on Time’s list of AI influencers

Al Bannai + Sheikh Tahnoon bin Zayed on Time’s most influential people in AI list: Secretary General of the Advanced Technology Research Council (ATRC) Faisal Al Bannai and G42 Chairman Sheikh Tahnoon bin Zayed Al Nahyan both made it to Time’s 100 most influential people in AI list, with Al Bannai labeled a “leader” and Al Nahyan labeled a “shaper” in the industry.

REMEMBER- It’s been a big year for both the ATRC and G42. The ATRC released two open-source models in May said to rival Meta and Google counterparts, while G42 secured a USD 1.5 bn investment from Microsoft that should see the firm receiving large-scale AI components from the tech giant, alongside the two partnering on AI investments abroad.

Wynn Al Marjan Island has a new COO + Sawaeed’s CFO resigns

#1- Former Atlantis Resorts Managing Director Tom Roelens (LinkedIn) has joined Wynn AlMarjan Island Resort in Ras Al Khaimah as chief operating officer, Wynn said in a Linkedin post. Roelens has been with Atlantis for five years, and was general manager at various Four Seasons hotels for nearly two decades. Atlantis Resorts tapped Paul Baker as president earlier this week.

REMEMBER- The Wynn Marjan island resort is a USD 3.9 bn development, set to become the UAE — and the Middle East’s — first gaming resort. The hotel is set to open in 2027. The hotel tapped Max Tappeiner as president earlier this month.

#2- Sawaeed Holding’s CFO resigns: Amin Qureshi has stepped down as chief financial officer of Sawaeed Holding, according to an ADX filing (pdf). Ashraf Kamal Yousef Uwais will temporarily take on the CFO role until a replacement is appointed.

#3- Umm Al Quwain taps head for legal department, real estate corporation: Umm Al Quwain ruler Sheikh Saud bin Rashid Al Mualla appointed Sheikh Mansour bin Ibrahim bin Ahmed Al Mualla as the director general of the emirate’s Real Estate Corporation, effective immediately, Sharjah 24 reports. Al Mualla also appointed Counselor Ibrahim Obaid Al Ali as director of the emirate’s legal and legislative department, Wam reports.

US asset manager PGIM launches first regional office in ADGM

ASSET MANAGEMENT-

PGIM opens first regional office in ADGM: PGIM, the investment arm of USD 1.3 tn asset manager Prudential Financial, launched its first regional office in the Abu Dhabi Global Market after receiving a financial services permit, according to a press release. The asset manager appointed Mohammed Abdulmalek (LinkedIn) as head and chairman of the new regional office. Emira Socorro (LinkedIn) will also join as senior executive officer of the Abu Dhabi office and board member of the local entity.

More on PGIM: The US-based asset manager oversees a diverse range of assets including real estate, private equity, and fixed income, and relies on a global team of over 1k professionals across 41 offices.

REAL ESTATE-

Binghatti launches AED 4 bn project in Al Jaddaf: Dubai-based developer Binghatti launched a AED 4 bn project, its first in Dubai's Al Jaddaf area, following a two-year break, Trade Arabia reports. The development, dubbed Binghatti Ghost, will feature 770 residential units and various luxury amenities.

INS.-

Dubai Ins. and Asian insurtech company OneDegree are expanding their ins. partnership for digital assets with the addition of custodial risk ins. in the UAE, after securing approval from the central bank, according to a press release.

Background: The two ins. firms partnered last year to secure digital assets in the UAE, initially offering commercial liability ins. under the brand OneInfinity.

TECH-

Chinese IT firm China Information Technology Development Company signed a cooperation agreement with Dubai's Masary Capital to expand its presence in the UAE, Wam reports. The partnership was announced at the Dubai AI and Web 3 Festival.

BUSINESS-

#1- Elite Cars has expanded into a conglomerate, named Elite Group Holding, after initially starting out as a car dealership in the early 2000s, according to a press release. The company aims to operate over 20 “strategically located facilities across the UAE” by the end of 2024 in sectors including automotive, e-commerce, real estate and contracting, and investments.

#2- A number of local entities including the Abu Dhabi Cooperative Society and Makani Real Estate are now under the wing of newly launched Mair Group for Strategic Investments in Abu Dhabi, a press release reads. Chairman Mohamed Juma Al Shamsi and Managing Director Nayhan Hamad Bal Rakkad Al Ameri will lead the group's regional and local expansion.

AVIATION-

dnata secures Royal Jordanian contract at JFK: UAE-based air services provider dnata was awarded a multi-year contract to deliver passenger, ramp, and baggage services for Royal Jordanian Airlines at John F. Kennedy International Airport (JFK) in New York, according to the Dubai Media Office. The contract, which covers 360 annual flights, will see dnata serve approximately 125k passengers per year. Financial details of the transaction were not disclosed.

Another record year for ETFs?

Global exchange traded funds (ETF) are on course to notch a new record high this year, after inflows rose to USD 129.7 bn in August, despite a summer slowdown and volatility in the market, the Financial Times reports, citing data from BlackRock. While this figure sits below July's record USD 198 bn, it edges YTD inflows to USD 969 bn, well ahead of the USD 848 bn logged by the same point in 2021, the peak year for ETF investments.

Investors favored defensive sectors and fixed income: While technology remained the most popular equity sector, “we have continued to see buying in defensive sectors, in financials and utilities,” head of investment strategy for BlackRock’s iShares arm in the Emea region Karim Chedid said. In fixed income, government bond ETFs — one of the safest among the asset class — attracted USD 18.7 bn, investment-grade corporate bonds took in USD 7.9 bn, and high-yield bonds saw just USD 0.8 bn. ETF demand for gold, another traditional safe haven, has rebounded after a period of outflows, even with gold prices at record highs.

The overall trend for ETF investments this year is an upwards trajectory, possibly encouraged by expectations of rate cuts, Chedid added.

ALSO WORTH KNOWING-

Oman’s sovereign wealth fund Oman Investment Authority will initiate IPOs in key sectors, including energy, services, and logistics, between 2024 and 2028, as part of its wider divestment strategy, which has already generated over OMR 1 bn. (Statement)
The Bank of England has scaled back its capital rule changes for UK banks and pushed back the new regime to 2026, easing requirements on small business lending, mortgages, trade finance, and infrastructure loans, with key thresholds rising less than 1% instead of the previously estimated 3%, following industry lobbying and similar moves by US and EU regulators. (FT)

MARKETS THIS MORNING-

Asian markets are mixed this morning, dragged down by a six-year low for China’s CSI 300. The Nikkei also fell 0.46%, while Hong Kong’s Hang Seng index gained 0.87%. Wall Street futures are up marginally, after the S&P 500 notched its fourth consecutive gain this week

ADX	9,308	-0.2% (YTD: -2.8%)
DFM	4,365	+0.4% (YTD: +7.5%)
Nasdaq Dubai UAE20	3764	+0.2% (YTD: -2.0%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.0% o/n	4.2% 1 yr
TASI	11,843	+0.7% (YTD: -1.0%)
EGX30	30,498	0.0% (YTD: +22.5%)
S&P 500	5,596	+0.8% (YTD: +17.3%)
FTSE 100	8,241	+0.6% (YTD: +6.6%)
Euro Stoxx 50	4,814	+1.1% (YTD: +6.5%)
Brent crude	USD 71.97	+1.9%
Natural gas (Nymex)	USD 2.35	-0.1%
Gold	USD 2,586.20	+0.2%
BTC	USD 58,089.3	+1.2% (YTD: +37.5%)

THE CLOSING BELL-

The ADX fell 0.2% yesterday on turnover of AED 1 bn. The index is down 2.8% YTD.

In the green: Apex Investment (+4.7%), Sharjah Islamic Bank (+3.9%) and Abu Dhabi Ship Building Co. (+3.7%).

In the red: NMDC Group (-6.0%), EasyLease Motorcycle Rental (-3.7%) and Bildco (-2.8%).

Over on the DFM, the index is up 0.4% on turnover of AED 320 mn. Meanwhile, Nasdaq Dubai closed up 0.2%.

CORPORATE ACTIONS-

Agthia’s board of directors approved AED 85.7 mn in interim dividends for 1H 2024, marking a 25% y-o-y increase, according to an ADX disclosure (pdf).

UAE leaders talk boosting trade and economic cooperation with Chinese Premier

Chinese Premier lands in the Emirates: President Sheikh Mohamed bin Zayed Al Nahyan and Chinese Premier Li Qiang met yesterday at Qasr Al Watan in Abu Dhabi to discuss strengthening the two countries’ comprehensive strategic partnership, state news agency Wam reports. The talks covered expanding cooperation in economy, trade, investment, renewable energy, education, and culture.

Li also visited Dubai, where he met with Ruler Sheikh Mohammed bin Rashid Al Maktoum at Za’abeel Palace, Wam reported separately. Their discussions centered on strengthening bilateral partnerships in trade, tourism, technology, and culture, as well as exploring new investments. Both parties highlighted the UAE's role in the Belt and Road Initiative and concluded with talks on regional developments and promoting sustainable peace and growth.

Ras Al Khaimah Ruler Sheikh Saud bin Saqr Al Qasimi met with the leaders of the Chinese city of Shenzhen yesterday to discuss ramping up cooperation between Ras Al Khaimah and China in trade and investment, Wam reports. The meeting saw two MoUs inked, the first promoting cooperation between the Ras Al Khaimah Economic Zone and Shenzhen's Longhua District across sectors such as the digital economy, new energy, healthcare, and advanced manufacturing, and the second with construction giant THi to explore joint ventures on a range of projects, from industrial facilities to educational institutions, according to a press release.

ALSO WORTH KNOWING-

Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum and Bahrain’s King Hamad bin Isa Al Khalifa met in Abu Dhabi to discuss strengthening ties and boosting bilateral cooperation. (Dubai Media Office)
Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan met with his Brazilian counterpart in Abu Dhabi, Mauro Vieira, to discuss regional and international developments, as well as the upcoming G20 summit which will be helmed by Brazil, (Statement)

My Morning Routine: Kevin Holliday, managing director of C3

Kevin Holliday, managing director of C3: 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 Kevin Holliday (LinkedIn), managing director of C3. Edited excerpts from our conversation:

My name is Kevin Holliday, and I'm the managing director of Companies Creating Change, or C3. I began my career in finance in London, working for various multinational companies. Eventually, I transitioned to the Middle East, where I set up an office in Dubai in 2008 with the company I was working for at the time. Since then, I’ve ventured into different industries, including private security and media and publishing, in a range of roles. My journey started in finance but evolved into corporate strategy, family offices, and other sectors in the Middle East.

My career with C3 was a very purpose-driven decision. Although I had a background in finance and was quite good at it, it never really fulfilled my true passion. I worked closely with my colleague and friend, Medea Nocentini (LinkedIn), who is the founder of C3. We had previously worked together at two different companies, and C3 started as her community-led project, relying on volunteers. When she asked me to help set the strategy and consult, I was initially hesitant because I wasn’t sure if it would become a full-time role. But once I got involved, it became clear that this was my passion.

Since then, we’ve grown significantly, supporting entrepreneurs, aspiring entrepreneurs, and students who are passionate about driving systemic change in areas like the environment and society.

My role combines my previous experience in finance, strategy, and operations to help and support underserved communities, providing them with the tools and knowledge to drive their businesses [forward] and address the issues we face across not only the region, but around the globe.

We design programs, accelerators, incubators, hackathons, and youth development programs — all focused on either environmental or societal impact. In the Global South specifically, we face unique challenges, and our goal is to create an inclusive environment where everyone has the opportunity to contribute to positive change.

Climate is a big focus at the moment, but we’re also seeing a lot of innovation in agritech solutions, healthcare, and education. Healthcare and education are especially critical because they provide access to underserved communities that traditional banks and institutions often overlook.

AI and machine learning are also big trends, as are hardware with tech enablement is another area of growth, particularly in the circular economy, where recycling and upcycling are becoming more prevalent.

Passion is the key factor for any startup. A founder must have a deep understanding of their product and market and show that they are committed to driving their business forward. Investing in a startup is like entering a long-term partnership, so both the investor and the entrepreneur need to be aligned and comfortable working together for the long haul. Ultimately, the founder’s drive and resilience are what we’re [investing in] at the early stages.

Storytelling is also a key factor — investors want to understand the journey behind the business and what drives the founder. This personal connection can make a significant difference when it comes to securing investment.

I’m very much a morning person. I usually wake up around six or seven, start my day with a coffee and a smoothie, work out at home, then get straight to work. I prefer a light breakfast because too much food in the morning makes me sleepy. I also like to take my daughter to school if I can. It’s really important for me to spend enough time with her and make sure that she is able to continue her development.

A typical workday at C3 is amazing. Even though we’ve been around for over a decade, we still have a startup mindset, which allows us to be agile when it comes to supporting our partners. The work is challenging, but we have a fantastic team and I’m always delighted to go into the office.

The one constant is my commitment to lifelong learning. Every day, I strive to learn something new or improve in some way. At the end of the day, I like to reflect on what I’ve learned and how I can apply it to become a better person and leader.

Focus comes easily when you’re passionate about your work. I’m good at managing tasks in isolation as well as seeing the bigger picture. It’s important to prioritize and target specific areas that need attention when you have too many things on your plate. Flexibility is especially important, now in a post-covid world where mental health and work-life balance are more important than ever. It's very important for me and my team that they're able to have flexible working hours and be able to work remotely.

Personally and professionally, my goals are very interlinked now. We’ve made significant progress over the past few years, and I’m excited about the future. We want to continue expanding our initiatives and possibly raise a fund to deploy capital to early-stage founders with impactful solutions.

I believe I’ve managed to balance work and personal life quite well. I’m good at switching off when needed and focusing on projects when necessary. Maintaining a healthy body and mind is important, even more so nowadays than before because that ability to be able to be fresh always brings something new to the table.

I’m very passionate about sports, whether it’s playing or watching. I love getting out on the golf course. I’ve been insanely competitive from a young age, and it has also helped me from a business perspective. I’ve learned to handle losing better over the years.

I’m a big fan of strategy books. Good to Great by Jim Collins is one of my favorites. It explores how businesses make the leap from a startup to a big corporation. Another important book is Start with Why by Simon Sinek, which emphasizes the importance of understanding the purpose behind everything we do. Black Box Thinking and Blue Ocean Strategy are also excellent reads.

The best advice I’ve received is to have an open mindset, not be too critical of myself, and always continue to improve. We all make mistakes, but the key is to learn quickly, adapt, and move on. It’s important to be prepared for successes and failures because it's going to be a rocky road, not just as an entrepreneur, but in life. And I think it's our ability to bounce back from those things or take them on board that makes a difference.

Fifteen or twenty years ago, failure was simply not an option. But now, things have changed. There's a shift in culture where mistakes are seen differently. It's more about acknowledging what went wrong and focusing on how to move forward quickly.

CALENDAR

SEPTEMBER

7-13 September (Saturday-Friday): Makers’ Month, Al Quoz Creative District, Dubai.

12-15 September (Thursday-Sunday): 2024 Special Olympics Malta.

15-19 September (Sunday-Thursday): Loop Beyond Borders, Abu Dhabi.

15 September - 23 February 2025 (Sunday-Sunday): Labour Sports Tournament, Dubai.

16 September (Monday): HKMA–DFSA Climate Finance Conference, Hong Kong.

16-18 September (Monday-Wednesday): World Utilities Congress, Abu Dhabi.

16-18 September (Monday-Wednesday): Arab Water Forum, ADNEC Abu Dhabi Center.

16-20 September (Monday- Friday): Intelligent Transport Systems World Congress 2024, Dubai.

17-18 September (Tuesday-Wednesday): AI in oil and gas conference, Abu Dhabi.

18-19 September (Wednesday-Thursday): Sharjah Investment Forum, Jawaher Reception and Convention Centre, Sharjah.

19-20 September (Thursday-Friday): Healthcare Leaders Summit 2024, St. Regis Saadiyat Island Resort, Abu Dhabi.

22-26 September (Sunday-Thursday): Sharjah-Europe Businesswomen Forum, Brussels.

23-25 September (Monday-Wednesday): WorldFreezonesOrganization’s Annual International Conference and Exhibition, Dubai.

24-26 September (Tuesday-Thursday): Careers UAE 2024, Dubai World Trade Centre, Dubai.

24-26 September (Tuesday-Thursday): Gulfood Green, Dubai World Trade Centre, Dubai.

25-26 September (Wednesday-Thursday): Green Steel Summit, Dubai, UAE.

25-26 September (Wednesday-Thursday): Global Aerospace Summit, Abu Dhabi, UAE.

28-30 September (Saturday-Monday): World Association of Nuclear Operators (WANO) Biennial General Meeting, Abu Dhabi.

30 September (Monday): Dubai Podfest, World Trade Center, Dubai.

OCTOBER

1-3 October (Tuesday-Thursday): Water, Energy and Environment Technology Exhibition, Dubai.

2-3 October (Wednesday-Thursday): The World Green Economy Summit, World Trade Center Dubai.

2-3 October (Wednesday-Thursday): MENA District Cooling Projects & MENA Cool Forum, Grand Hyatt Dubai, Dubai Healthcare City, Dubai.

7-8 October (Monday-Tuesday): Forex expo, World Trade Center, Dubai.

7-8 October (Monday-Tuesday): AgraME, World Trade Center, Dubai.

7-10 October (Monday-Thursday): The World Air Taxi Congress, The Grand Hyatt Dubai, Dubai.

8-9 October (Tuesday-Wednesday): Global Trade and Supply Chain Summit, Dubai.

8-10 October (Tuesday-Thursday): The Global Rail Transpo[rt Infrastructure Exhibition and Conference(Global Rail), Abu Dhabi.

9-10 October (Wednesday-Thursday): The Regional Data and Community Development Forum, Al Jawaher Reception and Convention Centre, Sharjah.

10-13 October (Thursday-Sunday): The Abu Dhabi Grand Slam Judo tournament, Mubadala Arena.

13-14 October (Sunday-Monday): Abu Dhabi Wedding Show, Park Hyatt Abu Dhabi.

14-18 October (Monday-Friday): Gitex Global, Dubai World Trade Centre and Dubai Harbour.

13-16 October (Sunday-Wednesday): Expand North Star, Dubai Harbour.

14-18 October (Monday-Friday): IEEE/RSJ International Conference on Intelligent Robots and Systems, Adnec Centre, Abu Dhabi.

14 October (Monday): The Smart Cities MENA Summit, Dubai.

15 October (Tuesday): Deadline for the European Commission to make a decision on its probe into e&’s acquisition of PPF’s Eastern European assets.

21-22 October (Monday-Tuesday): Port Development MEA Forum, Dubai.

21-22 October (Monday-Tuesday): Roads, Bridges, Tunnels MENA Conference, Dubai.

21-22 October (Monday-Tuesday): The Alternative Investment Summit, Dubai.

24-27 October (Thursday-Sunday): International Sports Medicine Conference, Dubai.

26 October (Saturday): UFC 308: TOPURIA vs HOLLOWAY, Etihad Arena, Abu Dhabi.

26-27 October (Saturday-Sunday): International Conference on Tourism, Transport, and Logistics, Dubai.

28-29 October (Monday-Tuesday): MENA Climate Proof Forum, Dubai.

29 October-2 November (Tuesday-Saturday): Abu Dhabi Early Childhood Week, Abu Dhabi.

30 October-1 November (Wednesday-Friday): World Cities Cultural Summit, Dubai.

30 October (Wednesday): Connected Construction Conference, Museum of the Future, Dubai.

NOVEMBER

3-10 November (Sunday-Sunday): Dubai Premier Padel P1, Dubai Dutyfree Tennis Stadium, Dubai.

4-7 November (Monday-Thursday): Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC), Abu Dhabi.

4-7 November (Monday-Thursday): ADIPEC Maritime and Logistics Exhibition and Conference, Abu Dhabi.

4-7 November (Monday-Thursday): ADIPEC Decarbonisation Accelerator, Abu Dhabi.

6 November (Friday): World Finance Forum, Dubai.

11 November (Monday): Dubai Diamond Conference, Jafza One Convention Centre, Dubai.

11-12 November (Monday-Tuesday): META Cinema Forum, Dubai.

18-20 November (Monday-Wednesday): Fastmarkets Middle East Iron & Steel 2024, Dubai.

19-20 November (Tuesday-Wednesday): Dubai Future Forum.

20-22 November (Wednesday-Friday): Xpanse Abu Dhabi, Adnec Centre, Abu Dhabi

22-23 November (Friday-Saturday): Global Meet on Electronics & Electrical Engineering (GMEEE), Dubai.

23 November (Saturday): Wireless Festival Middle East, Etihad Park, Abu Dhabi.

23-24 November (Saturday-Sunday): Emirates Dubai Sail Grand Prix, SailGP Race Stadium.

26-27 November (Tuesday-Wednesday) Global Food Security Summit, Adnec Centre Abu Dhabi.

26-29 November (Tuesday-Friday): Big 5 Global, Dubai World Trade Centre.

27-28 November (Wednesday-Thursday): RAK Energy Summit, Al Hamra International Exhibition and Conference Centre, Ras Al Khaimah.

28 November-1 December (Thursday-Sunday): Spartan World Championship, Al Wathba Desert, Abu Dhabi.

30 November (Saturday): Football Legends Cup, Al Maktoum Stadium Al Nasr Sports Club, Dubai.

Signposted to happen ahead of ADIPEC:

Changemakers Majlis, Abu Dhabi.

DECEMBER

2-3 December (Monday-Tuesday): National Day, public holiday.

5-8 December (Thursday-Sunday): Formula 1 Etihad Airways Abu Dhabi Grand Prix, Yas Marina Circuit.

8-12 December (Sunday-Thursday): International Desalination and Reuse Association World Congress, Adnec Centre Abu Dhabi.

9-10 December (Monday-Tuesday): The Bitcoin Mena Conference, Adnec Centre Abu Dhabi.

9-12 December (Monday-ThursdayTuesday): Abu Dhabi Finance Week, Abu Dhabi.

10-12 December (Tuesday-Thursday): Middle East Investor Relations Association (MEIRA Conference), Conrad Abu Dhabi Etihad Towers Hotel, Abu Dhabi.

10-12 December (Tuesday-Thursday): The Middle East and North Africa Business Aviation Association Show, Al Maktoum International Airport, Dubai.

11-13 December (Wednesday-Friday): European-Arab Medical Congress, Abu Dhabi.

14-21 December (Saturday-Saturday): World Schools Festival, Abu Dhabi

Signposted to happen sometime in December:

UAE-China Summit, Abu Dhabi.
Abu Dhabi Forum for Peace, Abu Dhabi.

JANUARY 2025

1 January (Wednesday): ADGM to slash licensing fees for retail and non-financial firms, and hike fees for finance firms.

9-13 January (Thursday-Monday): International Renewable Energy Agency Youth Forum, Abu Dhabi.

11-13 January (Saturday-Monday): International Renewable Energy Agency Assembly, Abu Dhabi.

14-16 January (Tuesday-Thursday): World Energy Summit, Abu Dhabi.

FEBRUARY 2025

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.

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

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

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.

APRIL 2025

6-11 April (Sunday-Friday): Geo-Spatial Week 2025, Dubai.

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

Signposted to happen sometime in April:

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

MAY 2025

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

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

JUNE 2025

3-4 June (Tuesday-Wednesday): Make-A-Wish International’s Global Wish summit, Abu Dhabi.

OCTOBER 2025

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

Signposted to happen sometime in 2025:

The Middle East Electric Vehicle Show, Expo Center Sharjah.
e& will complete Adnoc’s private 5G network.
The International Civil Aviation Organization’s Global Implementation Support Symposium, Abu Dhabi.

Signposted to happen sometime in the fall of 2025:

2025 Games of the Future, Dubai.

Signposted to happen sometime in 2026:

The UAE to host the Arab Competition Forum
Dubai to host the Arab Actuarial Conference

Signposted to happen sometime in 2028:

Abu Dhabi to host the Chess Olympiad.

Signposted to happen sometime in 2029:

Dubai to host the International Conference on Computer Vision.

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