{"id":95489,"date":"2024-09-05T00:00:00","date_gmt":"2024-09-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/aiq-mulls-ipo-dubai-home-prices-to-rise-this-year\/"},"modified":"2024-09-05T00:00:00","modified_gmt":"2024-09-05T00:00:00","slug":"aiq-mulls-ipo-dubai-home-prices-to-rise-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/09\/05\/aiq-mulls-ipo-dubai-home-prices-to-rise-this-year\/","title":{"rendered":"AIQ mulls IPO + Dubai home prices to rise this year"},"content":{"rendered":"

Good<\/strong> morning, friends \u2014 it\u2019s almost Friday. <\/strong>Today we have August\u2019s PMI data for you, with non-oil private sector activity gaining steam after a drop in July. <\/p>\n

PLUS:<\/strong> Lots of debt and M&A news, continuing the big theme of the week. 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

<\/a> #1- AIQ has South America expansion on the table: <\/strong>AIQ<\/a>, an AI solutions provider for energy companies, is eyeing South America, Malaysia, Azerbaijan, and Kazakhstan, the company\u2019s CEO Chris Cooper told CNBC Arabia<\/a> in an interview. He added that the company\u2019s new shareholder Presight mull taking it public.<\/p>\n

Is an IPO in the cards? <\/strong>There\u2019s a chance that majority owner Presight AI could look to offer a stake in AIQ in a future offering, Cooper said, stopping short of offering details.<\/p>\n

Bragging rights: <\/strong>Cooper noted national oil giant Adnoc realized USD 500 mn in cost savings last year using AI. <\/p>\n

Background: <\/strong>ADX-listed data analytics firm Presight AI<\/a> completed its acquisition of a 51%<\/a>stake in AIQ<\/a>, a then joint venture between Adnoc and G42, in a USD 350 mn transaction earlier in June. The transaction saw Adnoc reduce its share to 49% from 60%, while G42 offloaded its entire stake.<\/p>\n

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<\/a> #2- Home prices in Dubai and other tight housing markets are expected to rise this year <\/strong>and the next.<\/strong> The argument: That declining mortgage rates could modestly boost demand by making homes more affordable to some, according to a Reuters<\/a> survey of analysts. Rental prices could also increase due to tight supply resulting from the lack of affordable housing, the survey showed. <\/p>\n

BACKGROUND- <\/strong>The US Federal Reserve is widely expected to cut interest rates later when it meets later this month, and Canada\u2019s central bank cut rates yesterday for the third meeting in row. The ECB is expected to cut rates again this month, and the Bank of England cut rates last month for the first time since 2020.<\/p>\n

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<\/a> #3- Sharjah Ruler<\/strong> Sheikh Sultan bin Muhammad Al Qasimi approved the design and <\/strong>location of a new Sports City in the emirate<\/strong>, state news agency Wam<\/a> reported. The city will feature four sports complexes for team and individual sports and will be connected to four main roads, including Al Madam, Al Badayer, Mahafiz and Al Bataeh. <\/p>\n

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<\/a> #4- World\u2019s second-tallest tower to reach 725 meters in Dubai:<\/strong> Azizi Developments says that its upcoming skyscraper on Sheikh Zayed Road in Dubai will be the second-tallest building in the world at 725 meters high, the developer told Al Bayan<\/a>. Currently under construction, the tower will trail only the 828-m Burj Khalifa.<\/p>\n

REMEMBER- Azizi Developments broke ground on the <\/strong>USD 1.5 bn tower<\/a><\/strong> in <\/strong>January<\/strong>. <\/strong>Slated to be completed in four years, the project includes a vertical mall, luxury residences, a seven-star hotel, and restaurants.<\/p>\n

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HAPPENING TODAY-<\/p>\n

Among the many things you can do today: <\/strong><\/p>\n