{"id":87745,"date":"2023-12-14T00:00:00","date_gmt":"2023-12-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/mubadala-aldar-ares-set-up-usd-1-bn-real-estate-fund-sayonara-cop28\/"},"modified":"2023-12-14T00:00:00","modified_gmt":"2023-12-14T00:00:00","slug":"mubadala-aldar-ares-set-up-usd-1-bn-real-estate-fund-sayonara-cop28","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2023\/12\/14\/mubadala-aldar-ares-set-up-usd-1-bn-real-estate-fund-sayonara-cop28\/","title":{"rendered":"Mubadala, Aldar, Ares set up USD 1 bn real estate fund + Sayonara, COP28"},"content":{"rendered":"

Good morning, ladies and gentlemen, and welcome to the post-COP calm<\/strong> as we slide towards this very well-deserved weekend. <\/p>\n

SPEAKING OF COP- We\u2019re unpacking the final text of the Global Stocktake<\/strong> that was approved yesterday morning in this morning\u2019s news well, below. <\/p>\n

THE BIG STORY here at home is news that Mubadala, Aldar Properties, and investment <\/strong>management player Ares are setting up a USD 1 bn real estate fund<\/strong> with an eye on real estate investments in the UK and Europe. <\/p>\n

** You\u2019re reading Zero Issue #14 of EnterpriseAM UAE. <\/strong><\/p>\n

** Think of a zero issue as a \u201cbeta.\u201d<\/strong> This issue has not been published or distributed to a wide audience. <\/p>\n

** Did you receive this as a forward?<\/strong> Email editorial@enterprisemea.com and let us know if you\u2019d like to be added to our list of beta readers ahead of our launch.<\/p>\n

** Have a comment, criticism, or story tip? <\/strong>Hit up patrick@enterprisemea.com<\/a>. <\/p>\n

\n

\n

<\/a> Abu Dhabi is keeping an eye on drivers:<\/strong> The Abu Dhabi Police launched an automatic radar system, dubbed \u201c EXIT I<\/a>,\u201d to monitor compliance with traffic rules across the Emirate. The solar-powered cameras will be on surveillance for violators overtaking at forks in the road, causing traffic obstruction, and entering in front of other vehicles at entrances.<\/p>\n

<\/a> WATCH THIS SPACE- Sphere, Abu Dhabi edition?<\/strong> New York Knicks and New York Rangers owner James Dolan is reportedly in \u201cserious\u201d discussions with Abu Dhabi investors to construct a second Sphere arena in the emirate, The New York Post<\/a> reports. The b\u2019naire is currently embroiled in a USD 225 dispute over his Las Vegas venue, but is reportedly moving forward with the talks. Previous plans to build Sphere arenas in Saudi Arabia and South Korea have faced setbacks. London\u2018s Mayor Sadiq Khan criticized the proposed Sphere in East London, calling it \u201cbulky, unduly dominant and incongruous.\u201d <\/p>\n

Ravi Uppal, owner of the Mahadev online gambling app, was detained in Dubai <\/strong>following an Interpol red notice<\/strong>, at the request of India's Enforcement Directorate's (ED), reports Business Today<\/a>. Uppal is currently being investigated by the ED, Chhattisgarh Police, and Mumbai Police, over suspected involvement in laundering and illicit gambling activities. <\/p>\n

\n

\n

KUDOS-<\/strong><\/p>\n

<\/a> The UAE has set up three desalination plants in Egypt\u2019s Rafah to provide Palestinians access to clean water<\/strong>, according to WAM<\/a>. The UAE\u2019s permanent representative to the UN, Lana Nusseibeh, inaugurated the plants alongside representatives from UN Security Council member states as part of the Noble Knight 3 initiative to address the humanitarian crisis in Gaza. The three new facilities, processing 600k gallons of seawater daily, will provide clean drinking water to 300k Palestinians across Gaza through a pipeline network.<\/p>\n

The UAE secured second place in energy transformation in the <\/strong>Global Green<\/a><\/strong>Future Index 2023<\/a><\/strong>.<\/strong> VP and PM Sheikh Mohammed Bin Rashid Al Maktoum said the UAE will invest another USD 50 bn into the sector over the next decade.<\/p>\n

Dubai Police will donate over 7k electronic devices to underprivileged students, <\/strong>with the handover scheduled to go down over the next three years, according to a media release<\/a>.The Donate Your Own Device (DYOD) campaign<\/a> was launched in August by the Digital School and the Emirates Red Crescent (ERC), with the aim of repurposing devices to reduce barriers to digital equality worldwide. The campaign aims to collect 10k items for educational refurbishment.<\/p>\n

Digital School\u2019s vision: <\/strong>Digital School<\/a> was launched by Mohammed bin Rashid Al Maktoum with the plan to reach 1 mn students by the end of 2026. The initiative has contributed to over 90k windows for digital learning in eight countries.<\/p>\n

\n

\n

\n

FED WILL PIVOT TO RATE CUTS<\/p>\n

<\/a> Fed signals pivot to rate cuts, sparking market rally: <\/strong>Federal Reserve chair Jerome Powell said on Wednesday that the US central bank\u2019s tightening cycle is \u201clikely at or near its peak,\u201d and that officials are now discussing the prospect of lowering interest rates from their current 22-year high, Financial Times<\/a> reports. As expected, the central bank held the fed funds rate unchanged at 5.25-5.5% in the wake of inflation data<\/a> that showed price growth moving closer to the 2% target in November, despite indications of persisting underlying pressures. <\/p>\n

Fed officials penciled in no further rate hikes in their projections<\/strong> \u2014 the first time they\u2019ve done so since March 2021, boosting traders\u2019 predictions of a reduction in March to \u201ca near certainty,\u201d according to Bloomberg<\/a>. <\/p>\n

Officials expect to lower rates by 75 bps in 2024<\/strong>, and expect them to fall to 3.5-3.75% by 2025, according to the Fed\u2019s \u201cdot plot\u201d (pdf)<\/a>. This is a bigger drop than analysts expected, as a recent poll<\/a> saw economists predicting that the Fed would only trim rates by half a percentage point or less in 2024.<\/p>\n

What analysts said: <\/strong>\u201cHis presser certainly had a tone of finality to it,\u201d one economist told Bloomberg. \u201cJerome Powell seems to be done taking the punch bowl away,\u201d said another<\/a>. \u201cIt\u2019s a big change in the language that indicates policymakers see less need to aggressively tighten.\u201d<\/p>\n

Cue huge market rally:<\/strong><\/p>\n