MGX backs OpenAI in bumper funding round

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WHAT WE’RE TRACKING TODAY

THIS MORNING: DAE settles with Axa over jets in Russia? + Dragon Oil, Enoc eye expansions

Good morning, friends. The newsflow slowed only slightly yesterday, but we still got major AI and M&A updates — with OpenAI securing backing from MGX in its latest funding round and UK broker Marex acquiring ADGM-based Aarna Capital. We also have fresh hospitality targets, news of a new solar plant in Abu Dhabi, and data on the ins. sector in 2023.

☀️WEATHER- It’s another hot day in Dubai, with the mercury hitting 38°C — sometimes feeling like 48°C — before cooling to an overnight low of 31°C. Over in Abu Dhabi, it’s a little cooler with a high of 34°C and a low of 31°C.

UPDATE-

Aircraft lessor Dubai Aerospace Enterprise (DAE) has reportedly reached a “full settlement” with ins. provider Axa over some of its jets that were retained in Russia since its invasion of Ukraine, Reuters reports. The lessor had previously valued its claim for 22 aircraft, as well as one engine and one piece of equipment, at USD 737.8 mn, the newswire reports, citing court filings.

Background: News of the settlement comes shortly after a “mega trial” between ins. providers and aircraft lessors kicked off in London, which aims to settle between the two sides over who will pay for up to 400 aircraft — valued at USD 10 bn — left in Russia due to Western sanctions on the country.

HAPPENING TODAY-

#1- The Water, Energy and Environment Technology Exhibition 2024 is on its final day today at the Dubai World Trade Centre. Organized by the Dubai Electricity and Water Authority, the event will focus on advancements in cybersecurity, digital transformation, and sustainability, showcasing the latest technologies and solutions to enhance digital and environmental security.

#2- The World Green Economy Summit is also on its second and final day at the Dubai World Trade Center. Organized by the Dubai Supreme Council of Energy, Dubai Electricity and Water Authority, and the World Green Economy Organization, the event will focus on green finance and sustainable development, highlighting global efforts to increase climate resilience and bolster international cooperation.

#4- The Sport Industry Forum wraps today at NYU Abu Dhabi, according to a press release (pdf). The two-day event will gather over 300 leaders from the global and regional sports sectors to discuss the future of sports in the UAE.

#5- The Mena Cool Forum wraps today at the Mövenpick Grand Al Bustan in Dubai. The forum will facilitate discussions on the selection strategies between district cooling and conventional HVAC systems. It will cover new developments, policies, project reviews, innovations, regional updates, and decarbonization efforts.

#6- The Mövenpick Grand Al Bustan in Dubai is also playing host to TheFuture FoodForum 2024, which wraps today. The event focuses on food, consumer behavior, and the government’s role in the food and beverage sector.

HAPPENING THIS WEEK-

The NBA returns to Abu Dhabi on 4 and 6 October at the Etihad Arena on Yas Island, marking the third game series to be held in the UAE. This year’s preseason matchup features the Boston Celtics taking on the Denver Nuggets, part of the NBA's four international showcases this season.

WATCH THIS SPACE-

#1- Dragon Oil eyes doubling production capacity: Emirates National Oil Company (Enoc)’s subsidiary Dragon Oil plans to double its daily production to 450k bpd by 2029, up from the current 210k bpd, targeting an annual growth target of 10-13%, the company’s CEO Ali Rashid Al Jarwan told Wam on Tuesday. The company is focused on expanding its operations in Egypt, Iraq, and Turkmenistan, where it already has a presence.

How it’s going: Dragon Oil has grown its production from 70k bpd to 210k bpd over the past seven years, Al Jarwan said. The company has an annual budget of USD 1.5 bn — with USD 1 bn going for investments and USD 500 mn allocated for operational activities.

Enoc is also eyeing expansion, with the company’s CEO Saif Humaid Al Falasi revealing plans to expand its Jebel Ali Oil Refinery and its fuel station network in the UAE (watch, runtime: 03:49). Enoc is currently developing mobile fuel stations, which it claims are “significantly more cost-effective” than traditional stations, costing AED 1-2 mn each compared to AED 20-30 mn for the latter.

#2- Adnoc-backed energy storage company VTTI is planning to invest in LNG import terminals across Asia to meet the growing demand for liquefied natural gas (LNG) in the region, the company’s CEO Guy Moeyens told Bloomberg. The Rotterdam-based company has recently acquired a 50% stake in Dragon LNG, one of the UK's three LNG import terminals, in August. Adnoc acquired a 10% stake in VTTI in 2019.

#3- Dutco mulls green fuel production: Dubai-based engineering firm Dutco is exploring the production of sustainable fuel from biodegradable waste, including aviation fuel (SAF), CEO Sami Kamel told CNBC Arabia (watch, runtime, 3:53). Giving the green light to the project, which is based out of Dubai, would depend on demand levels and production costs, Sami said.

Background:Dutco formed the Oman Sustainable Cars and Aviation Refuelling (Oscar) consortium with Oman’s energy firm OQ, Sumitomo, Lamborghini, and Airbus in June 2023 to study the production of e-gasoline and e-SAF in Oman.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- MoHRE call center down for the week: The Human Resources Ministry’s call center will be offline until the end of the week for service updates in a statement. However, the ministry remains accessible through its website, email, social media, and mobile app.

#2- Shutting down the rumor mill: Dubai’s toll gate operator Salik denied circulating rumors that it plans to raise its rates, Salik said in a DFM statement (pdf). The response follows a viral post that claimed toll fees would increase to AED 8, up from AED 4 during rush hours.

DATA POINT-

Mortgages in Abu Dhabi rose 20% y-o-y to AED 13.5 bn in terms of value in 3Q 2024, across approximately 2.6k contracts, marking the emirate’s highest quarterly volume in several years, Wam reports, citing data from digital real estate ecosystem platform Dari. Total real estate transactions hit AED 22.7 bn, with sales accounting for AED 9.2 bn across 1.7k off-plan units and 1.5k completed units.

On a 9M basis, real estate transactions in Abu Dhabi totaled AED 55.6 bn, including AED 30.5 bn from sales and AED 25.1 bn from mortgages.

OIL WATCH-

Opec+ keeps output policy unchanged, says December phaseout hinges on compliance: Opec+ has opted to stay the course on its planned oil production target, including plans to phase out supply cuts by December, putting it on course for a 180k barrels per day (bbl / d) hike by the end of the year, it said in a statement following a meeting yesterday. The oil cartel is also keeping a sharp eye on the compliance and compensatory plans of Iraq, Kazakhstan and Russia, who have been under scrutiny for producing beyond their quotas. The trio pledged 123k bbl / d of compensation cuts beginning in September and continuing into later months to make up for overproduction.

And if they didn’t? Further lack of compliance could push Saudi Arabia and other Opec+ members to boost production at a quicker rate, Reuters said. “If they fail to comply, we can envision a swifter sunsetting of the voluntary cuts,” Reuters quotes RBC Capital’s Helima Croft as saying.

The next checkpoint? The group is scheduled to reconvene on Sunday, 1 December to decide whether to hold steady or adjust according to market conditions.

THE BIG STORY ABROAD-

It’s a mixed picture on the front pages of the foreign press today, with updates on Israel’s invasion of and attacks on Lebanon, speculation over Israel’s potential methods of retaliation for Iran’s attacks earlier this week, and OpenAI’s latest funding round grabbing headlines.

#1- Israel bombed central Beirut for the second time this week, killing at least six in an attack on a medical center in the heart of the city, Reuters reports. Israel missiles also continued to target southern suburbs of the city. Israel’s ground offensive in Lebanon has also killed eight Israeli soldiers in the first day after its launch, the Washington Post reports.

The US and other G7 partners are working on limiting Israel’s response to Iran’s attacks earlier this week and deterring it from attacking the latter’s nuclear facilities, which some officials have called for, the Financial Times reports. US President Joe Biden said he would not support such an attack, signaling plans to sit down with Israeli Prime Minister Benjamin Netanyahu to advise on Israel’s response, and to escalate sanctions on Iran, Bloomberg reports separately.

The escalation of attacks across the region has forced airlines to take longer paths over Egyptian and Saudi airspace to avoid shuttered airspace, Bloomberg said, citing flight tracking data on FlightRadar24.

#2- OpenAI’s secured USD 6.6 bn in fresh funding, giving the company a whopping valuation of USD 157 bn, with backing from Microsoft, Nvidia, and Josh Kushner’s VC firm Thrive Capital, which led the round, Bloomberg reports. Abu Dhabi tech investor MGX also participated in the funding round. Notably absent from the funding round is Apple, who was said to potentially invest in the firm earlier.

The funding will be used to “double down” on AI research and increase computing capacity, the statement said. The startup also reportedly asked its investors for exclusive arrangements to stop them from investing in other rival AI startups, the Financial Times reports, citing multiple sources. We have more on this story in the news well, below.

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CIRCLE YOUR CALENDAR-

Dubai International Chamber is deploying a trade mission toSerbia and Turkeybetween 6 to 11 October, aiming to help UAE businesses identify and capitalize on potential investments in Serbia and Turkey.The program includes bilateral business meetings designed to foster cooperation, expansion, and the establishment of new trade and investment agreements between companies from the two countries.

The Dubai World Trade Centre will host the Forex Expo on 7-8 October. Attendees can engage with brokers, investors, and financial institutions to explore the latest trends in foreign exchange markets.

AgraME will take place on 7-8 October at the Dubai World Trade Center. The event will bring together professionals from the Middle Eastern agricultural ecosystem to explore the latest trends in crop farming, horticulture, animal farming, aquaculture, and agri-tech.

The Grand Hyatt Dubai will host The World Air Taxi Congress on 7-10 October, showcasing the latest in aerial technologies, including eVTOLs, next-generation STOLs, eCTOLs, delivery and cargo drones, and the role of autonomy and AI in aviation.

JW Marriott Hotel Marina will host the Global Trade and Supply Chain Summiton 8-9 October. The event aims to address the evolving landscape of international trade and supply chains, focusing on overcoming challenges and leveraging solutions offered by new technologies.

Adnec Abu Dhabi will host the Global Rail Transport Infrastructure Exhibition andConference on 8-10 October. The event gathers leaders and specialists from the rail and transport industries from the region and beyond to discuss smart mobility, greentech, and automation.

Al Jawaher Reception and Convention Centre will host The Regional Data andCommunity Development Forumon 9-10 October. Organized by the Department of Statistics and Community Development, the forum aims to bring together global experts and decision-makers to discuss the role of data in promoting sustainable social development.

Dubai Harbour will host the DMCCxAGCC: Global AI Challenge - Sustainability Edition on 13-16 October, the largest AI startup competition aiming to identify innovative AI solutions that contribute to sustainability in the GCC region.

Dubai World Trade Centre and Dubai Harbour will host Gitex Global on 14-18 October. The event will showcase the latest innovations in technology, including AI cybersecurity, cloud computing, and digital transformation.

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

MGX backs OpenAI in bumper USD 6.6 bn funding round

State-backed investment firm MGX participated in OpenAI’s latest USD 6.6 bn funding round, which also received backing from Microsoft, Nvidia, and Josh Kushner’s Thrive Capital in what is one of the largest private investment transactions ever, Bloomberg reports. The funding round gives the ChatGPT maker a valuation of USD 157 bn.

We knew this was coming: We got wind of MGX’s potential backing of OpenAI’s funding round earlier in September, shortly after which it also backed a major new AI infrastructure fund launched by BlackRock and Global Infrastructure Partner, joining as a general partner.

What we know: The exact investment provided by MGX has not been disclosed, but reports say that some of the funding was invested through special purpose vehicles, where investors pooled money from several backers to buy a portion of the shares.

Background: MGX was formed in March by the Artificial Intelligence and Advanced Technology Council to ramp up the development and adoption of AI in Abu Dhabi. The company reportedly targets to accumulate over USD 100 bn in assets under management in a few years.

IN OTHER TECH-RELATED NEWS-

G42 and Ray Dalio suspend partnership plans: Abu Dhabi-based state-owned firm and IHC subsidiary G42 and hedge fund mogul Ray Dalio have put their investment firm partnership on ice, Bloomberg reports, citing people familiar with the matter. The decision stems from concerns that Dalio might use intellectual property from his previous USD 160 bn firm, Bridgewater Associates, despite having signed a non-compete agreement. While the project is currently shelved, the two sides may revisit the partnership in the future, one source said. Dalio continues to hold a stake in G42, according to the sources.

REFRESHER- The partnership — initially set to launch last year — aimed to create an asset management arm for G42 based in the Abu Dhabi Global Market. Several employees had already transitioned between the Dalio family office and G42, Bloomberg previously reported, despite the partnership being delayed in July due to these setbacks.

UK’s Marex snaps up Aarna, expands to Abu Dhabi

Marex expands in Abu Dhabi with Aarna takeover: UK-based commodities broker Marex fully acquired ADGM-based broker Aarna Capital as it looks to expand in the Middle East and grow its clearing business, according to a press release. Aarna specializes in clearing and risk management solutions in energy, base and ferrous metals.

Details: While the company did not disclose the exact value, the acquisition “represents three to four times expected income after tax… and is at an attractive valuation,” according to Marex CEO Ian Lowitt. The acquisition is expected to contribute 5% to Marex Group's net income after tax beginning FY 2025 onwards. Marex is slated to close the transaction in late 2024 after receiving regulatory approval.

What’s Marex getting? The acquisition adds 180 UAE-based clients — including institutional investors, family offices, and corporate clients — to Marex’s portfolio, significantly expanding its client base in the region.

Marex is no stranger to the UAE: The British firm already operates in the UAE from its Dubai office, which includes a team of 60 employees.

Marex recently went public: The firm went public on Nasdaq in April, raising USD 292 mn and achieving a market valuation of USD 1.35 bn.

UAE eyes AED 450 bn in hotel investments in the next seven years

UAE targets 16% GDP contribution from tourism by 2031: The UAE is aiming for significant growth in its tourism sector, projecting it will contribute 16% to the nation’s GDP by 2031, up from 11.7% in 2023, Gulf News reports, citing Economy Minister Abdulla bin Touq Al Marri’s statements during Dubai’s Future Hospitality Summit. To achieve this, the country aims to reel in AED 450 bn in hotel investments over the next seven years.

Almost there: The country expects tourism to contribute 12% to the UAE’s GDP this year, the minister said earlier this year.

Details: The strategy aims to diversify tourism offerings, focusing on significant growth in wellness and medical tourism. There’s also a push to enhance tourism initiatives across the Northern Emirates, including Sharjah, Fujairah, Ajman, and Ras Al Khaimah.

On the supply side, the UAE plans to boost the number of hotel keys and hospitality offerings, and aims to extend the average visitor stay from 3.5 nights to between seven and eight nights.

Safety as a key advantage: Al Marri highlighted the UAE's reputation for safety amid regional tensions, stating, “we are in the eye of the storm, but we have the highest safety and security protocols. Our numbers speak for themselves.” The UAE's travel and tourism industry grew 26% last year, contributing AED 220 bn to GDP.

Domestic tourism: Al Marri highlighted the importance of fostering local tourism initiatives that engage residents, adding that the UAE is “working to balance international and domestic tourism at 50-50.”

Profitability in the UAE ins. sector was up 28% y-o-y in 2023

Ins. providers had a good 2023: The ins. sector here at home saw net income rise to hit AED 2.5 bn in 2023, up 28% y-o-y, according to the Central Bank’s latest annual statistical report for the ins. sector (pdf). Growth in profitability was attributed to an increase in net investment income within the sector.

The volume of invested assets stood at AED 77.2 bn, up 8% y-o-y, comprising 59.2% of total assets. The real estate sector captured the most growth in investment during 2023, logging a 0.2% y-o-y increase to AED 4.4 bn. Equity and debt securities grew 10% y-o-y, and cash and deposits increased 12% y-o-y.

Gross written premiums in the UAE increased to AED 50.4 bn in 2023, up 14% y-o-y. Dubai comprised the bulk of premiums with a 61% share, while Abu Dhabi's share was 27.7%. Meanwhile, in-country gross paid claims increased 14.2% y-o-y to AED 31.6 bn, with Dubai accounting for 60.7% of these claims and Abu Dhabi for 28.9%.

Written ins. policies jumped up 60% y-o-y to AED 15.6 mn in 2023, on the back of a 76.9% y-o-y increase in property and liability ins. policies, especially involuntary loss of employment ins. policies.

Dubai signed off on the largest share of policies during the year, comprising 59.9% of total written ins. policies, while neighboring Abu Dhabi accounted for 21%. Ras Al Khaimah (6.6%), Sharjah (4.58%), Fujairah (1%), and Ajman (0.5%) dominated smaller shares, while policies written outside the UAE made up 6.4%.

The UAE ranked second among Arab nations behind Saudi Arabia for gross written premiums during the year, according to statistics (pdf) from the Arab Monetary Fund. Arab ins. companies’ gross written premiums rose 9.2% y-o-y to USD 50.8 bn during the year, with non-life ins. premiums comprising the bulk of written premiums at 81.2%.

Ewec lines up interest for 1.5 GW Zarraf solar project

Ewec has another solar farm in the works: The Emirates Water and Electricity Company (Ewec) has invited developers and consortiums to submit an expression of interest (EOI) for the development of the 1.5 GW Zarraf solar PV IPP in Abu Dhabi’s Al Dhafra Region, according to a press release. EOIs must be submitted by 22 October 2024, with qualified bidders proceeding through a Request for Qualifications (RFQ) process.

What we know: The Zarraf Solar PV project will power approximately 160k homes and reduce CO2 emissions by over 2.4 mn metric tons annually. It is Ewec’s fifth large-scale solar project, contributing to its goal of building an average of 1.4 GW of new solar PV capacity annually between 2027 to 2037.

What’s up for grabs? The selected developer or consortium will handle the development, financing, construction, operation, and long-term power purchase agreements with Ewec as the sole electricity procurer.

This is Ewec’s fourth utility-scale solar project: Ewec's latest solar IPP follows previous projects including Al Dhafra solar PV, Al Ajban solar PV, and Khazna solar PV. This new project will raise the utility's total solar power capacity to around 7 GW, Zawya Projects writes.

REMEMBER- Al Ajban solar project recently reached financial close: Korea Western Power (Kowepo), France’s EDF Renewables, and Masdar reached financial close on the 1.5 GW Al Ajban solar PV IPP project in Abu Dhabi last month. The consortium inked a 30 year Power Purchase Agreement with Ewec in April to design, finance, build and operate the plant. EDF Renewables and Kowepo will hold a 20% stake each and Masdar will hold the remaining 60% stake, while Ewec will offtake all the renewable energy generated.

Things are heating up in Al Dhafra: Renewables giant Masdar, Abu Dhabi National Energy Company (Taqa), France's EDF Renewables, China's JinkoPower, and Ewec inaugurated the 2 GW Al Dhafra Solar IPP in November 2023. A joint venture (JV) between the Investment Corporation of Dubai’s construction giant Alec Engineering and Contracting and construction and services group Butec was tapped in April to build and design Abu Dhabi’s first waste-to-energy plant near the Al-Dhafra landfill.

Kamco Invest DIFC taps senior executive + The National Investor has a new investment coordinator

Kamco Invest’s DIFC branch appointed Musaed Al Saleh (LinkedIn) as senior executive officer, according to a statement. Al Saleh joined Kamco Invest in March 2024 as the director of wealth management. He previously served on the board of directors at Commercial Bank of Kuwait, where he was a member of the loans committee for six years.

Emirati investment firm The National Investor (TNI) appointed Meera Abu Yussuf (LinkedIn) as coordinator for the group’s investment portfolio, following the resignation of managing director Rami Hurieh, according to a press release (pdf). The firm’s board will retain Hurieh’s services as audit committee member.

Abu Yussuf currently serves as the financial controller at TNI, a position she has held since November 2023. Prior to this role, she worked as a senior finance officer at Al Ramz.

Adnoc Covestro takeover, Bayanat + Yahsat merger made headlines

More takes on Adnoc’s Covestro takeover: Bloomberg spoke with Abu Dhabi National Oil Company’s (Adnoc) head of downstream business, Khaled Salmeen, about Adnoc’s public takeover offer to acquire German chemicals company Covestro for EUR 14.7 bn (c. USD 16.3 bn). The state-run oil firm sees the transaction — Adnoc’s biggest yet, and the biggest for a Middle OEast firm in Europe — as a strategic long-term investment, Salmeen says, explaining why the acquisition came with a hefty price tag.

“We don’t think in quarters, we think in years and decades,” Salmeen said, adding that the company is a “growth platform” for Adnoc with strong fundamentals.

The acquisition also got ink at Reuters.

ALSO- Bayanat and Al Yah Satellite Communications (Yahsat)’s completed merger stood center in a CNBC interview (watch, runtime: 02:02) with the new entity’s managing director Karim Michel Sabbagh. Space42 plans to now direct focus to “hyperscaling” regionally and globally while looking to “fuse” space technologies with AI, after debuting on the ADX on Wednesday, Sabbagh said.

Mashreq grants Gargash Group its debut green loan + New CFDs fro DFM, ADX indices

DEBT-

Dubai-based automotive distributor Gargash Group inked an MoU with our friends at Mashreq to obtain a green loan of an undisclosed sum to fund the company’s solar installations across 25 sites, in addition to other potential energy efficiency projects, according to a press release. The solar installations are scheduled to be implemented over the next three years, with five of them slated for completion next year.

More in the pipeline: The company is in talks with the lender for other sustainability-linked credit facilities.

CAPITAL MARKETS-

Scope Markets rolls out first-ever CFDs for DFM and ADX indices: Cyprus-based broker Scope Markets launched the first contract for differences (CFD) products for trading in DFM and ADX indices, according to a statement on LinkedIn. The new products give traders access to Dubai’s DXB and ADX’s AD15 indices.

What is CFD trading? A CFD allows traders to speculate on the price difference of a financial product between the contract's opening and closing without owning the underlying asset. Used for stocks, commodities, currencies, and indices, they allow traders to cash in on price fluctuations — by either going long or short — without buying or retaining the stock.

BUSINESS-

Dubai Future Foundation and the Economy Ministry launched the Dubai Intellectual Property Hub (DIPH), a centralized platform for intellectual property and intangible assets, according to the Dubai Media Office. The initiative aims to support entrepreneurs, artists, and researchers by providing tools to protect and monetize their ideas, including providing guidelines for the process of intellectual property registration and protection.

MANUFACTURING-

Borouge inks AED 20 mn agreement with UPI for recycled polypropylene for pallets: Borouge secured a AED 20 mn agreement with Union Pipes Industry (UPI) to supply UPI with 100% post-consumer recycled polypropylene for pallets used in Borouge 's logistics operations, according to a press release.The new pallets are designed to last three times longer than traditional ones.

HOSPITALITY-

#1- RAK Properties and Minor Hotels to launch Anantara residences in Ras Al Khaimah: ADX-listed developer RAK Properties and Minor Hotels are set to introduce Anantara -branded residences on Mina al Arab in Ras Al Khaimah, according to a press release (pdf). The development will feature 94 apartments and 20 overwater villas. No details were provided on the project’s cost or timeline.

#2- UAE-based Time Hotels is expanding into the Maldives with two new brands, Halo and Vivi, set to launch in 4Q 2026, Hotel & Catering reports, citing a company announcement. The expansion is backed by the state-run Maldives Fund Management Corporation (MFMC).

INS.-

Ins. company suspended for failing to meet capital requirement: The Central Bank of the UAE barred a takaful insurer from issuing, finalizing, or renewing auto and health ins. contracts after it failed to meet the minimum capital requirements set by the ins. law, it said in a statement, without disclosing the name of the company. The company has six months to improve its solvency and comply with CBUAE directives, while still being responsible for all existing contracts.

TECH-

#1- ADQ taps EQTY Lab to advance AI initiatives: Abu Dhabi’s ADQ will use Switzerland-based EQTY Lab’s AI integrity suite to ensure responsible AI use within its portfolio, according to the Abu Dhabi Media Office statement.

It’s not their first partnership: ADQ first partnered with EQTY Lab in 2023, when they launched ClimateGPT, an open-source AI model addressing climate change and sustainability.

#2- US-based tech services provider DXC Technology opened a new office in Dubai Internet City, according to a press release. The company offers cloud infrastructure, IT outsourcing, ins. software, and cybersecurity solutions. The company has operated in the MENA region for over three decades.

REAL ESTATE-

Emirati-Turkish-Azerbaijani JV RMS Capital Investment launched its debut project in Dubai, a new phase of the Verdana project by Reportage Properties, according to a press release. RMS Capital Investment is a JV between Emirati Reportage Properties, Turkish Mesa Holding, and Azerbaijani Sabah Investment Group.

REFRESHER- The three firms inked a cooperation agreement in July to form RMS Capital Investment, targeting to “execute massive projects in Dubai, Istanbul, and Baku.” The entity plans to allocate USD 600 mn in initial investments.

CONSTRUCTION-

Engineering consultant Egis was appointed to oversee the AED 10 bn expansion of the Dubai Exhibition Centre (DEC), according to a press release.

Background: The DEC extension project will make it the largest indoor events and exhibitions venue in the region. The project comes as a part of the Emirate’s plan to double the number of large-scale events it hosts annually to 600 by 2033 and grow its meetings, incentives, conferences, and exhibitions (MICE) sector to generate AED 54 bn per year.

CRYPTO-

Sharia-compliant crypto JV Firoza Finance launches pilot program: Firoza Finance, a Shariah-compliant blockchain-based micro-financing platform JV between Liberty Finance and HAQQ Network, launched its pilot program, the world's first real-world Mudarabah smart contract, it said in a press release (pdf).

Program details: The initiative allows investors to pool crypto assets into three investment pools, totaling over USD 2 mn in value. The anticipated annual yield from these pools is expected to partly contribute revenue to Liberty Finance's Amana Vaults, which support Islamic lending services.

INFRASTRUCTURE-

Dokainish & Company establishes MENA headquarters in the UAE: Canadian project controls and technology consultant Dokainish & Company established a regional headquarters in the UAE, aiming to serve government and private sector clients in the MENA region across sectors like construction, infrastructure, energy, and commercial development, according to a press release. The firm named Esam El-Makkawy (LinkedIn) as its MENA managing director.

Global tech stocks had a good month in September

Tech stocks rode a high in September on Fed rate cuts + AI optimism: Tech equities in the US saw surging market caps last month, supported by the US Federal Reserve’s decision in late September to kick off its monetary easing cycle with a 50 bps interest rate cut and continued optimism around developments in AI, Reuters reports.

Breaking with history: September is typically the worst month for US equity markets, a trend that has been largely maintained since 1950. Historically speaking, the S&P 500 “has generated an average monthly decline of 1.2% and finished higher only 44.3% of the time dating back to 1928,” Market Watch says, citing Dow Jones Market Data.

How top players fared: Oracle’s market cap rose 21.3% m-o-m at USD 472.2 bn as the company capitalized on growing demand for its AI-powered cloud services, with Meta also up 10% at USD 1.45 tn on the back of product unveilings. Automaker Tesla — which is sometimes considered as a tech player — also posted a 22.2% jump in its market cap to USD 834.4 bn, buoyed by record EV sales in China, and plans to roll out its full self-driving software to markets in Europe and China.

IN CONTEXT- The top five largest companies globally by market capitalization are tech or tech-related firms. Apple is at the top of the league with a market cap of USD 3.54 tn, followed by Microsoft (USD 3.2 tn), Nvidia (USD 3.0 tn), Alphabet (USD 2.05 tn), and Amazon (USD 2.0 tn). Saudi Aramco — whose USD 1.75 tn market cap places it in the sixth spot — and Walmart are the only two non-tech companies among the top 10 globally.

MARKETS THIS MORNING-

Asian markets are mixed in early trading this morning, with Japan’s Nikkei firmly in the green while the Hang Seng Index is down c.3%. Meanwhile, Wall Street futures are a sea of red, with Dow Jones, S&P, and Nasdaq futures all down.

ADX	9,307	-1.1% (YTD: -2.8%)
DFM	4,440	-0.8% (YTD: +9.4%)
Nasdaq Dubai UAE20	3791	-1.6% (YTD: -1.3%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.7% o/n	4.0% 1 yr
TASI	12,044	-1.7% (YTD: +0.6%)
EGX30	31,333	-1.7% (YTD: +25.9%)
S&P 500	5,710	0.0% (YTD: +19.7%)
FTSE 100	8,291	+0.2% (YTD: +7.2%)
Euro Stoxx 50	4,963	+0.2% (YTD: +9.8%)
Brent crude	USD 74.63	+1.5%
Natural gas (Nymex)	USD 2.89	-0.4%
Gold	USD 2,681	+0.4%
BTC	USD 60,874	-0.4% (YTD: +43.8%)

THE CLOSING BELL-

The ADX fell 1.1% yesterday on turnover of AED 3.79 bn. The index is down 2.8% YTD.

In the green: Al Khaleej Investment (+8.2%), Chimera (+5.5%) and E7 Group Warrants (+3.2%).

In the red: Aram Group (-9.7%), Abu Dhabi National Building Materials Co. (-7.6%) and Multiply Group (-4.1%).

Over on the DFM, the index fell 0.8% on turnover of AED 449.8 mn. Meanwhile, Nasdaq Dubai closed down 1.3%.

Astra Tech tops LinkedIn’s UAE startup rankings 2024

Astra Tech snagged the number one spot in LinkedIn’s top UAE startups 2024 list. The fintech was followed by payment portal Qashio and food and beverages (F&B) commerce engine Grubtech in the second and third spots, with real estate and fintech companies taking up more than half the list.

Also making the top 10: Real estate investment platform Prypco, retailer The Giving Movement, healthcare platform GluCare Health, proptech Huspy, fuel delivery startup Cafu, investment platform Stake, and dining payments platform qlub all made the list.

Assessment criteria: The ranking is based on four performance indicators, including employee development, jobseeker interest, engagement within the firm and its employees, and the level of success in attracting talents from top companies.

CALENDAR

OCTOBER

30 September-3 October (Monday-Thursday): International Youth Nuclear Congress, Adnec Centre, Abu Dhabi.

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.

2-3 October (Wednesday-Thursday): Future Food Forum, Le Méridien Dubai Hotel & Conference Centre, Dubai.

3-5 October (Thursday- Saturday): MeFitProConference and Exhibition, Dubai World Trade Centre.

4 & 6 October (Friday - Sunday): The NBA Abu Dhabi Games, Etihad Arena, Yas Island, Abu Dhabi.

6-11 October (Sunday-Friday): Trade mission to Serbia and Türkiye.

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

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

7-9 October (Monday-Wednesday): AccessAbilities Expo, Dubai World Trade Centre.

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 October (Thursday): DXBAPEX500 Summit and DIFC Workshop, Dubai International Financial Centre, Dubai.

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.

13-16 October (Sunday-Wednesday): DMCCxAGCC: Global AI Challenge *Sustainability Edition, Dubai.

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

14-18 October (Monday-Friday): IROS 2024, Adnec Centre, Abu Dhabi.

15-16 October (Tuesday-Wednesday): SuperBridge Summit 2024, Dubai World Trade Centre, Dubai.

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.

20-23 October (Sunday-Wednesday): The 63rd International Congress and Convention Association (ICCA) Congress, Abu Dhabi National Exhibition Centre, Abu Dhabi.

20-24 October (Sunday-Thursday): The 2024 NBE Egyptian Super Cup, Mohammed bin Zayed Stadium and Al Nahyan Stadium, Abu Dhabi.

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.

23-26 October (Tuesday-Saturday): World Stroke Congress, Adnec Centre, Abu Dhabi.

24 October (Thursday): Game Changers - Dubai Real Estate Summit, Coca-Cola Arena, 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.

27-30 October (Sunday-Wednesday): IEEE - International Conference on Image Processing, Adnec Centre, Abu Dhabi.

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.

30-31 October: Sixth edition of Binance Blockchain Week, Coca-Cola Arena, Dubai.

NOVEMBER

3-10 November (Sunday-Sunday): Dubai Premier Padel P1, Dubai Duty free 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.

6-8 November (Friday-Sunday): UAE BioTech Symposium, Masdar City, Abu Dhabi.

6-17 November (Friday- Sunday) Sharjah International Book Fair, Expo Center Sharjah, Sharjah.

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.

22-24 November (Friday-Sunday): Michelin Guide Food Festival, Emirates Palace Mandarin Oriental, Abu Dhabi.

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.

9-12 December (Monday-Thursday): World Conference on Desalination and Water Re-use 2024, Adnec Centre, Abu Dhabi.

9-12 December (Monday-Thursday): IEEE International Conference on Data Mining 2024, Adnec Centre, 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

16-20 December (Monday-Friday): AIMS Conference 2024, Adnec Centre, Abu Dhabi.

6 December-12 January: Dubai Shopping Festival.

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.

14-16 January (Tuesday- Thursday): The Light + Intelligent Building Middle East exhibition, Dubai.

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.

16 February-1 March: Dubai Duty Free Tennis Championships, Dubai Duty Free Tennis Stadium in Al Garhoud.

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

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

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

28 April-1 May (Monday-Thursday): The Arabian Travel Market 2025, Dubai World Trade Centre.

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 Center, 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 Center.

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
United Nations Water Conference 2026, UAE

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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