{"id":88832,"date":"2024-02-08T00:00:00","date_gmt":"2024-02-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/lunate-and-blue-owl-capital-are-setting-up-a-new-usd-3-bn-fund\/"},"modified":"2024-02-08T00:00:00","modified_gmt":"2024-02-08T00:00:00","slug":"lunate-and-blue-owl-capital-are-setting-up-a-new-usd-3-bn-fund","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/02\/08\/lunate-and-blue-owl-capital-are-setting-up-a-new-usd-3-bn-fund\/","title":{"rendered":"Lunate and Blue Owl Capital are setting up a new USD 3 bn fund"},"content":{"rendered":"

Good morning, friends.<\/strong> We have another meaty issue for you this morning, thanks in no small part to a slew of earnings. <\/p>\n

THE BIG STORY here at home<\/strong> this morning is the Abu Dhabi Investment Authority getting in-principle regulatory clearance for its plans to set up a USD 4-5 bn fund in India\u2019s Gift City through which the sovereign wealth fund will invest in the country. <\/p>\n

^^ We have chapter and verse in the news well, below.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- Lunate + Blue Owl Capital set up USD 3 bn fund:<\/strong> Private markets-focused firm Lunate and New York-based alternative investment asset management company Blue Owl are launching a USD 3 bn fund to acquire minority stakes in mid-size asset managers, Bloomberg<\/a> reports, citing an emailed statement. Blue Owl is drumming up USD 2.5 bn in funding for the venture, while Lunate is contributing USD 500 mn, the newswire reports, citing a source with knowledge of the matter. <\/p>\n

#2- Indian LNG buyers are in talks with UAE suppliers to secure crude supplies<\/strong> at reduced prices<\/strong>, after Indian oil and gas company Petronet LNG<\/a> inked an agreement with Qatar to purchase 7.5 mn tons of LNG annually at a 12.2% link to Brent oil, reports Bloomberg<\/a>, citing traders. Talks with Emirati suppliers are over a similar type of long-term, discounted agreement. <\/p>\n

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PUBLIC SERVICE ANNOUNCEMENTS- <\/p>\n

<\/a> #1- You can now get birth and death certificates attested online: <\/strong>Those applying for a birth or death certificate online can now also request the Foreign Affairs Ministry\u2019s attestation through the same website, after the ministry integrated its attestation service onto the Health and Prevention Ministry<\/a> and Emirates Health Services<\/a> digital platforms, reports Wam<\/a>. <\/p>\n

<\/a> #2- Expect more traffic in Dubai between today and Saturday:<\/strong> Traffic will be temporarily suspended on several Dubai roads for 10-15 minute intervals for the UAE Tour Women cycling event, which kicked off its Dubai leg yesterday and will run until Saturday, the Road and Transport Authority said on X<\/a>. Cyclists will ride from Dubai Miracle Garden all the way to Dubai Harbour between 1:30 pm and 4:30 pm today, the authority said in a separate post. You can find the cyclists\u2019 exact route \u2014 along with timings \u2014 here<\/a>.<\/p>\n

Up next:<\/strong> Closures will hit Al Dhafra region<\/a> on Friday, Al Ain<\/a> on Saturday, and Saadiyat Island and Yas Marina<\/a> on Sunday.<\/p>\n

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HAPPENING TODAY-<\/p>\n

<\/a> #1- Dubai\u2019s PMI figures are out today at 8:15 am. <\/strong>You can find the PMI survey here<\/a> when it\u2019s out and read our coverage of it in tomorrow\u2019s issue.<\/p>\n

#2- The <\/strong>International Crop-Science Conference & Exhibition 2024 (ICSCE)<\/a><\/strong>, one of the world\u2019s largest agriculture input events, starts today at the JW Marriott, Marquis Dubai.<\/p>\n

#3- The Arab Dental Exhibition Dubai concludes today at the Dubai World Trade Center.<\/strong>The gathering is one of the largest healthcare conferences in the region, according to Wam<\/a>. <\/p>\n

#4- The Foreign Affairs Ministry\u2019s Ambassadors and Representatives of Missions Abroad <\/strong>Forum also wraps today.<\/strong>The event saw ministers, senior officials and government representatives gather at the Foreign Affairs Ministry, discussing regional issues, geostrategic developments, and plans to advance the government\u2019s strategy, said the ministry in a statement<\/a>.<\/p>\n

#5- The <\/strong>Mubadala Abu Dhabi Tennis Open<\/a><\/strong> women\u2019s tournament is underway <\/strong>at Zayed Sports City's International Tennis Center. The first matches of the final 16 takes place today. Finals weekend runs 9-11 February. <\/p>\n

#6- <\/strong>The Sharjah Investment Forum<\/a><\/strong> concludes today<\/strong> at the Al Jawaher Reception and Convention Center. The event gathered 50 speakers, including ministers, government officials, and economists. <\/p>\n

#7- UAE Innovates 2024 kicks off in Ajman and Umm Al Quwain today and runs until next <\/strong>Wednesday, 14 February<\/strong>, after wrapping its Abu Dhabi leg yesterday, reports state news agency Wam<\/a>. The event will move to Sharjah, Ras Al Khaimah, and Fujairah from Thursday-Wednesday, 15-21 February. The event\u2019s last stop will be Dubai, running from Thursday, 22 February, to Thursday, 29 February.<\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

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MARKET WATCH- <\/p>\n

#1- OPEC+ is likely to maintain its oil supply cutbacks<\/strong> into 2Q 2024 when it next meets as the group looks to preserve prices and curb the risk of oversupply in the market, Bloomberg<\/a> says. <\/p>\n

#2- Fujairah oil stocks climb as Kuwait imports arrive: <\/strong>Oil stockpiles at the Port of Fujairah increased 5.9% last week, after receiving the first fuel oil imports from Kuwait in 2024, according to S&P Global data<\/a>. The total oil inventory has risen 8.2% since the beginning of the year, with stockpiles registering at 18.8 mn barrels on 5 February, up from a five-week low.<\/p>\n

DATA POINTS- <\/p>\n

Some 17 <\/strong>mn tourists<\/strong> visited Dubai in 2023<\/strong>, up 19.4% y-o-y, Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashed Al Maktoum said<\/a>on X<\/a>. The emirate\u2019s hotel occupancy rates climbed to 77.4% last year, one of the highest in the world, and up from 72.8% in 2022<\/a>, according to Al Maktoum. <\/p>\n

THE BIG STORY ABROAD- <\/p>\n

As has been the case most of this week, there\u2019s no single big story abroad <\/strong>that has captured the imaginations of the business or mainstream press. Among the stories you need to know about this morning \u2014 or might simply find interesting:<\/p>\n

Republican Nikki Haley lost to \u201cnone of these candidates\u201d<\/strong> in what the New York Times<\/a> calls an \u201cirrelevant\u201d Nevada primary, but she\u2019s still staying in the race in a bid to \u201cbroaden voters\u2019 imagination of what\u2019s possible, both for her prospects in the 2024 Republican presidential primary, and for the nation.\u201d<\/p>\n

The S&P hit a <\/strong>record high<\/a><\/strong>as strong earnings continued and tech stocks rallied. Among those reporting earnings: Uber posted an operating profit for the first time <\/strong>on a full-year basis<\/a> (you can check out its earnings<\/a> here).<\/p>\n

AND- Cairo is playing host today to a fresh round of ceasefire talks<\/strong>, but Israeli PM Benjamin Netanyahu tried to pour cold water on the conversation, dismissing Hamas\u2019 goal of a long ceasefire as \u201cdelusional.\u201d<\/a> US Secretary of State Antony Blinken is still pushing Israel to play ball<\/a>.<\/p>\n

MORNING DISTRACTIONS-<\/strong><\/p>\n