{"id":100380,"date":"2025-02-05T00:00:00","date_gmt":"2025-02-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-mubadala-acquires-shares-in-us-hr-firm-deel-cnbc-arcapita-sets-up-shop-in-adgm\/"},"modified":"2025-02-05T00:00:00","modified_gmt":"2025-02-05T00:00:00","slug":"this-morning-mubadala-acquires-shares-in-us-hr-firm-deel-cnbc-arcapita-sets-up-shop-in-adgm","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/02\/05\/this-morning-mubadala-acquires-shares-in-us-hr-firm-deel-cnbc-arcapita-sets-up-shop-in-adgm\/","title":{"rendered":"THIS MORNING: Mubadala acquires shares in US HR firm Deel -CNBC + Arcapita sets up shop in ADGM"},"content":{"rendered":"

Good morning, wonderful people, and happy hump day. <\/strong>We\u2019re still drinking from a firehose of news here at EnterpriseAM UAE HQ, with the first whisperings of an IPO this year, fresh data on Abu Dhabi\u2019s property sector in 2024, and more earnings. <\/p>\n

WEATHER- Expect a mostly sunny day today and a humid night<\/strong>, the National Center of<\/a>Meteorology (pdf)<\/a> says. The mercury in Dubai <\/strong>will hit 23\u00b0C, with an overnight low of 14\u00b0C, while temperatures will hit 22\u00b0C in Abu Dhabi<\/strong>, with an overnight low of 15\u00b0C.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- Has Mubadala bought into American HR firm Deel? <\/strong>Fintech-turned-HR firm Deel sold USD 300 mn in secondary shares to General Catalyst and an unnamed sovereign wealth fund, which CNBC<\/a> identified as Mubadala. The two entities joined as new investors and facilitated an exit for early investors, boosting the company\u2019s valuation to USD 12.6 bn, the business outlet cited sources familiar with the matter as saying.<\/p>\n

The company<\/strong> is now edging closer to a public listing, with a potential IPO as early as next year<\/strong>, Deel CEO Alex Bouaziz told CNBC. Deel is focused on enhancing its financial audits, compliance procedures, and infrastructure ahead of the listing, while also battling a lawsuit over alleged illicit transactions, which the company has dismissed as baseless and part of a coordinated attack by a backer of rival firm Rippling.<\/p>\n

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<\/a> #2- The UAE's Nuclear Regulation Federal Authority (FANR) plans to im<\/strong>plement several projects and strengthen its regulatory framework to improve radiation safety<\/strong>, while expanding international cooperation by sharing the UAE\u2019s nuclear expertise with emerging nuclear countries, FANR director-general Christer Viktorsson told a press briefing yesterday, state news agency Wam<\/a> reports. The authority will also launch an artificial intelligence strategy in 2025, appointing a chief AI officer to facilitate partnerships in this area.<\/p>\n

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#3- The <\/strong>US could look to <\/strong>UAE for aluminium: <\/strong>US companies could look to the UAE and Bahrain for aluminium exports if Trump moves ahead with tariffs on Canada, Al Khaleej<\/a> reports. Canada accounted for 56% of US aluminum imports in 2023, so shifting sourcing would mean higher costs due to logistics and exchange rates.<\/p>\n

Big players like <\/strong>Alcoa<\/a><\/strong> and <\/strong>Rio Tinto<\/a><\/strong> are eyeing alternatives but are not rushing to make moves<\/strong>, with Alcoa\u2019s President William Oplinger saying last month that the company could start importing more Middle Eastern metal. Trump postponed rolling out tariffs<\/a> after striking last-minute agreements with Mexico and Canada on border issues\u2014leaving companies hesitant to make any long-term shifts just yet, Reuters<\/a> reports.<\/p>\n

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#4- <\/strong>Iraq\u2019s <\/strong>Khor Mor gas fi<\/strong>eld remains operational after drone strike: <\/strong>Operations at Dana Gas\u2019 Khor Mor gas field in Iraq\u2019s Kurdistan region continue as normal despite a drone strike that \u201ctargeted the vicinity\u201d on Sunday, the company said in a statement (pdf)<\/a>. There were no injuries, and production facilities remained unaffected. Security measures have been implemented, and the company is coordinating with relevant authorities to monitor the situation. <\/p>\n

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<\/a> #5- <\/strong>Arcapita<\/strong> receive<\/strong>s ADGM license:<\/strong> Bahrain-based alternative asset management firm Arcapita Group Holdings<\/a> received a license to operate and open an office in the ADGM, the company said in a statement<\/a>. St\u00e9phane Brown (LinkedIn<\/a>), the firm\u2019s group COO, has been appointed as the senior executive officer of the company\u2019s new UAE-based unit, Arcapita Investment Management. The new office is set to bring Arcapita closer to its growing client base in the region, where the firm\u2019s total transaction value reached USD 1.3 bn.<\/p>\n

Arcapita has been investing big in the UAE, <\/strong>acquiring Neopay<\/a> from Mashreq for USD 385 mn last month as part of a consortium with Turkish fintech Dgpays. It is also reportedly considering setting up<\/a> a real estate investment trust for its regional assets.<\/p>\n

PSA- <\/p>\n

The <\/strong>Federal Tax Authority (FTA) is urging registrants to update their tax records within <\/strong>the designated <\/strong>grace period<\/a><\/strong> until the end of March<\/strong> to avoid administrative penalties<\/strong>, according to a press release<\/a>. <\/p>\n

HAPPENING TODAY-<\/p>\n

#1- The Mubadala Abu Dhabi Open continues today with the round of 16 at Zayed Sports City<\/strong>, after several big games yesterday, including Ons Jabeur\u2019s upset of Latvia\u2019s Jelena Ostapenko and Russia\u2019s Anastasia Pavlyuchenkova\u2019s defeat of American Sofia Kenin. <\/strong>The big games to watch out for today: <\/p>\n