{"id":95390,"date":"2024-09-03T00:00:00","date_gmt":"2024-09-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/sheikh-tahnoon-led-ai-investor-mgx-flags-significant-steps-in-the-offing\/"},"modified":"2024-09-03T00:00:00","modified_gmt":"2024-09-03T00:00:00","slug":"sheikh-tahnoon-led-ai-investor-mgx-flags-significant-steps-in-the-offing","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/09\/03\/sheikh-tahnoon-led-ai-investor-mgx-flags-significant-steps-in-the-offing\/","title":{"rendered":"Sheikh Tahnoon-led AI investor MGX flags \u201csignificant steps\u201d in the offing"},"content":{"rendered":"

Good morning, friends, and happy Tuesday. <\/strong>This morning\u2019s report is packed full with news of debt issuances as companies go to market after summer \u2014 and some more M&A to keep things lively. <\/p>\n

We\u2019re also keeping a close eye on MGX<\/strong>, which held another widely-publicized board meeting yesterday with Sheikh Tahnoon at the head of the table. The company\u2019s CEO flagged after the meeting that big things are in the pipeline, but stopped short of offering details. <\/p>\n

^^ We have the rundown on all of this and more, below and in the news well. <\/p>\n

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WATCH THIS SPACE-<\/p>\n

#1- Alat-who? <\/strong>Sheikh Tahnoon bin Zayed Al Nahyan led a meeting of the board MGX, the advanced-tech-focused investment firm, Wam<\/a> reports. The state news agency did not specify a major decision coming out of the meeting, but quoted MGX\u2019s CEO as saying the company is \u201ctaking significant steps to establish itself as a premier investor in technology innovation and advanced technologies.\u201d<\/p>\n

Why this matters: Abu Dhabi is looking to build some USD 100 bn in AUM under MGX<\/strong> as it makes big regional and world-scale investments in AI and semiconductors. There\u2019s been speculation that existing investments held by Mubadala and G42 might be moved under the MGX umbrella, but Bloomberg<\/a> reported earlier this year that\u2019s not happening anytime soon.<\/p>\n

The competitive landscape:<\/strong> The UAE has a significant lead in the regional AI and advanced tech space. Saudi wealth fund PIF in February launched Alat<\/a>, an AI and advanced tech manufacturing firm<\/a> that it says will deploy some USD 100 bn in capital by 2030. Among Alat\u2019s first investments was a USD 2 bn convertible bond<\/a> for device-maker Lenovo.<\/p>\n

A high-powered board:<\/strong> Sheikh Tahnoon chairs MGX, which is led by Ahmed Yahia Al Idrissi as CEO. Board members include Mubadala CEO Khaldoon Al Mubarak and G42 boss Peng Xiao, among others. <\/p>\n

BACKGROUND-<\/strong> MGX launched in March 2024<\/a> and is a partnership<\/a> between wealth fund Mubadala and high-flying AI outfit G42. It\u2019s an outgrowth of Abu Dhabi\u2019s Artificial Intelligence and Advanced Technology Council, which aims to position the emirate as a world leader in AI and advanced tech<\/p>\n

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<\/a> #2- The <\/strong>Sharjah Investment and Development Authority (Shurooq)<\/a><\/strong> says it will take the lid <\/strong>off<\/strong> three new real estate projects by year\u2019s end<\/strong>, CEO Ahmed Al Qaseer told CNBC Arabia (watch, runtime: 3:14<\/a>). Shurooq is also set to launch three new hotels by the end of this year..<\/p>\n

Shurooq holds real estate investments valued between AED 4.5-5.5 bn<\/strong>, with the sector accounting for 60-70% of the authority\u2019s total investment portfolio, Al Qaseer said, adding that Shurooq has invested some AED 1.7 bn in hospitality.<\/p>\n

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SIGN OF THE TIMES-<\/p>\n

<\/a> While US equity markets face scrutiny over high valuations, Middle East stocks are <\/strong>commanding even steeper \u201ceye-watering\u201d premiums<\/strong>, Bloomberg<\/a> writes, comparing Nvidia\u2019s 141% gain this year to International Holding Company (IHC), which has skyrocketed 43,000% since 2019. Although IHC has \u201c[transformed] into one of the world\u2019s largest companies,\u201d it and other UAE firms, including energy firm Taqa, still lack international analyst coverage, posing an issue for potential investors.<\/p>\n

We\u2019re not alone: <\/strong>Tadawul-listed Acwa Power is trading at 136x forward earnings, making it about 10x more expensive than a \u201cbasket of European utilities including Iberdrola and National Grid.\u201d JPMorgan Chase analysts said this summer that Acwa\u2019s \u201cvaluations look already rich as compared to both main peers and the overall market context.\u201d<\/p>\n

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PUBLIC SERVICE ANNOUNCEMENTS-<\/p>\n

<\/a> #1- No phonecall spam without approval: <\/strong>Financial services firms must secure approval from the Securities and Commodities Authority to make telemarketing calls under new Telecommunications and Digital Government Regulatory Authority guidelines, Wam<\/a> reports. The same rules under the new framework<\/a> will apply to securities and commodities trading services providers. Annoyed by a telemarketer from the industry? Go check a company\u2019s license status on the SCA\u2019s website<\/a>.<\/p>\n

<\/a> #2- Gulf Mercantile Exchange is now live:<\/strong> The Dubai Mercantile Exchange changed<\/a> its name to Gulf Mercantile Exchange<\/a> yesterday, following Saudi Tadawul Group\u2019s acquisition of a 32.6% stake in the energy and commodities trader back in June<\/a>.<\/p>\n

How they\u2019re positioning it: <\/strong>The name change reflects GME\u2019s ambitions to grow both regionally and globally, it said yesterday.<\/p>\n

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DATA POINT-<\/p>\n

<\/a> The UAE has a 42% share of the Gulf Cooperation Council market for data centers<\/strong>, Al<\/a>Etihad<\/a> reports, citing the Data Center Map<\/a>. The UAE operates a total of 30 data centers \u2014 16 in Dubai, 12 in Abu Dhabi, one in Al Ain, and one in Sharjah, while Saudi has 25. Egypt, meanwhile, is home to 14, Data Center Map writes. <\/p>\n

The fine print: <\/strong>Al Etihad\u2019s metric is a bit blunt \u2014 being home to 42% of the region\u2019s data centers doesn\u2019t necessarily correlate to market share of contract value, of data housed, or other metrics. <\/p>\n

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HAPPENING THIS WEEK-<\/p>\n

#1- Dubai Fashion Week\u2019s spring \/ summer 2025 program kicked off yesterday<\/strong>, co-founded by Dubai Design District (d3) and the Arab Fashion Council. You can check out the official program here<\/a>. It runs through Saturday, 7 September. <\/p>\n

#2- The UAE is hosting the latest session of the Arab Economic and Social Council <\/strong>(AESC). <\/strong>The sessions kicked off yesterday and run through Thursday, Wam<\/a> reports. <\/p>\n

What\u2019s on the agenda?<\/strong> The Social Committee, which met yesterday, discussed education, the role of social support in equal learning opportunities. The Economic Committee will address food security, agricultural development, sustainable management of pastoral resources, and aquaculture. <\/p>\n

#3- The <\/strong>International Government Communication Forum<\/a><\/strong> is scheduled to take place on <\/strong>4-5 September <\/strong>at the Expo Centre in Sharjah. Wam<\/a> has more.<\/p>\n

#4- du\u2019s annual tech event <\/strong>Envision<\/a><\/strong> will take place on Thursday, 5 September<\/strong> at the Atlantis the Royal in Dubai, the telecom outfit said in a statement<\/a>. The event will host policymakers and industry leaders to explore the use of 5G, cloud, AI, and data analytics across various sectors, including manufacturing, healthcare, education, real estate, banking, transport, and agriculture.<\/p>\n

\n

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

Developments related to the war in Gaza remain the main item across most international <\/strong>headlines, <\/strong>as Israeli prime minister Benjamin Netanyahu holds out on his added conditions for a ceasefire agreement with Hamas amid ongoing mass Israeli protests and news that the UK is halting some arms exports to the country.<\/p>\n

Netanyahu continues to reject increasingly vehement calls from the Israeli street and <\/strong>international community to reach a ceasefire agreement with Hamas, <\/strong>saying yesterday that maintaining an Israeli troop presence<\/a> in the Philadelphi corridor on the border between Gaza and Egypt remains a non-negotiable condition for an agreement. The comments come as a general strike<\/a>, ongoing protests, and public spats in the Israeli cabinet continue to roil an increasingly divided country<\/a>.<\/p>\n

Meanwhile, the UK is banning the sale of some arms to Israel <\/strong>\u2014 including aircraft components \u2014 that risk being used in Israeli actions that seriously violate international law<\/a>. The suspension constitutes the first such action by a major ally of Israel since the war\u2019s inception. <\/p>\n

IN BUSINESS NEWS- Volkswagen is considering <\/strong>closing factories<\/a><\/strong> in Germany for the <\/strong>first time in its 87-year history<\/strong>, setting it up to potentially renege on a promise to not cut jobs in Germany until 2029. The move comes as the car-maker has struggled to cope<\/a> with a shrinking European and Chinese market<\/a> for its EVs as new competitors and cheaper models increasingly take center stage.<\/p>\n

Plus, Kamala Harris has expressed her opposition to Japanese Nippon Steel\u2019s USD 15 bn <\/strong>bid for US Steel<\/strong>, saying<\/a> at a campaign event late last night that the company \u201cshould remain owned and managed by Americans.\u201d<\/p>\n

AND- <\/strong>Georges Elhedery<\/a><\/strong> began his tenure as HSBC\u2019s new CEO yesterday,<\/strong> saying<\/a> in an internal memo that he plans to build on the bank\u2019s current strategy as the bank seeks to shift from restructuring to growth in the coming period.<\/p>\n

Elhedery is a familiar face to folks across our region<\/strong>, having served as CEO of HSBC for the Middle East, North Africa, and Turkey. He was earlier HSBC\u2019s regional head of global markets for MENA and head of global banking and markets for the region.<\/p>\n

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\n

SPORTS-<\/p>\n

For the golf fans among us: <\/strong>Two-time champion Tommy Fleetwood and major champions Justin Rose and Adam Scott will be in town for the 2024 Abu Dhabi HSBC Championship at Yas Links from 7-10 November, which will see 70 top players hitting the links. <\/p>\n

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CIRCLE YOUR CALENDAR- <\/p>\n

The <\/strong>PPP MENA Forum<\/a><\/strong> will take place on 10-11 September<\/strong> at the Jumeirah Emirates Towers in Dubai. Sponsored by the Abu Dhabi Investment Office, the two-day event will bring together senior policymakers, investors, and business executives from the UAE, Saudi Arabia, Kuwait, and Oman to discuss the latest financial and regulatory developments in PPP frameworks and explore means to advance PPP initiatives in the region.<\/p>\n

The inaugural <\/strong>Dubai AI & Web3 Festival<\/a><\/strong> will be held on 11-12 September at Madinat <\/strong>Jumeirah. <\/strong>The Dubai International Financial Centre event will host over 100 exhibitors and will welcome some 5k tech industry experts and entrepreneurs to explore and discuss investment, collaboration and innovation in the tech sector.<\/p>\n

Abu Dhabi Finance Week<\/a><\/strong>will be held from 9-12 December 2024. <\/strong>The event, hosted by the Abu Dhabi Global Market, will include 50 events and sub-events that will explore the emirate\u2019s financial, human, cultural, environmental and technological facets. <\/p>\n

Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"

Plus: Telemarketers from financial services companies now need regulatory clearance before spamming you<\/p>\n","protected":false},"author":1,"featured_media":95391,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1543],"tags":[610,598,7,665,248,1469,1042,1522,1521,6],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-95390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-artificial-intelligence","tag-data-centers","tag-enterpriseam-uae","tag-gulf-mercantile-exchange","tag-hsbc","tag-marketing","tag-mgx","tag-sharjah-investment-and-development-authority-shurooq","tag-sheikh-tahnon-bin-zayed-al-nahyan","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"1a77001c-457a-4a47-8add-5bb172c29a38","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/7\/1927.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: Sheikh Tahnoon-led AI investor MGX flags \u201csignificant steps\u201d in the offing","related_issue":[95388],"teaser":"Plus: Telemarketers from financial services companies now need regulatory clearance before spamming you","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.6370be3f-2217-432c-9586-3efd8eb842b0.mp3"},"yoast_head":"\nSheikh Tahnoon-led AI investor MGX flags \u201csignificant steps\u201d in the offing - 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