{"id":95814,"date":"2024-09-16T00:00:00","date_gmt":"2024-09-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-mgx-to-back-openai-rede-partners-to-set-up-shop-in-dubai\/"},"modified":"2024-09-16T00:00:00","modified_gmt":"2024-09-16T00:00:00","slug":"this-morning-mgx-to-back-openai-rede-partners-to-set-up-shop-in-dubai","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/09\/16\/this-morning-mgx-to-back-openai-rede-partners-to-set-up-shop-in-dubai\/","title":{"rendered":"THIS MORNING: MGX to back OpenAI? + Rede Partners to set up shop in Dubai"},"content":{"rendered":"

Good morning, lovely people<\/strong>, and welcome to the halfway point of September. We have a big update on the AI front today, with Nvidia chips said to have made their way to the UAE after the US gave its greenlight for the exports. Plus\u2026<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- MGX to back OpenAI? <\/strong>State-backed AI investment firm MGX is in talks to participate in OpenAI\u2019s multi-bn USD fundraising round, which could see it raise up to USD 6.5 bn and secure a valuation of around USD 150 bn, the Wall Street Journal<\/a> reports, citing people it says are in the know. VC firm Thrive Capital is leading the round, reportedly planning to invest USD 1 bn<\/a> in the company, with Microsoft, Apple, and Nvidia also in discussions to participate.<\/p>\n

REFRESHER- <\/strong>MGX was formed in March<\/a> by the Artificial Intelligence and Advanced Technology Council to ramp up the development and adoption of AI in Abu Dhabi. The company reportedly targets to accumulate over USD 100 bn in assets under management in a few years.<\/p>\n

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#2- Blackstone considers offloading its stake in Dubai-based VFS Global: <\/strong>Blackstone is mulling a potential full or partial sale of its majority stake in Dubai and Zurich-based visa outsourcing and technology service firm VFS Global<\/a>, Bloomberg<\/a> reports, citing people it says are familiar with the matter. Several sovereign wealth funds, among other investors, have voiced their interest in acquiring VFS.<\/p>\n

Temasek Holdings is shopping for a 20% stake:<\/strong> Singaporean state-owned investment company Temasek Holdings has already embarked on talks with the US alternative investment management firm to obtain a partial 20% stake in VFS, a transaction which could potentially value the company at around USD 7 bn, Bloomberg<\/a> reports separately.<\/p>\n

Background: <\/strong>Blackstone acquired a majority stake in VFS in 2022 from EQT and the Kuoni and Hugentobler Foundation. Blackstone would retain a majority stake in VFS if the transaction with Temasek goes through.<\/p>\n

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<\/a> #3- Rede Partners to set up shop in Dubai next year: <\/strong>UK\u2019s private equity fundraising advisory firm Rede Partners<\/a> plans to open a Dubai office in early 2025, Bloomberg<\/a> reports, citing a statement. The firm will have a team of four dedicated to the region, led by partner James Varela (LinkedIn<\/a>). Rede\u2019s CEO Adam Turtle sang the praises of Dubai\u2019s regulatory environment and connectivity in an interview with the news outlet, saying he sees it as an investors\u2019 hub.<\/p>\n

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<\/a> #4- The UAE said it does not plan to revive talks with the US on a multi-bn USD <\/strong>transaction for the F-35 fighter jets<\/strong>, regardless of who becomes president after the upcoming US elections, Reuters<\/a> reports, citing an unnamed senior Emirati official. This comes in response to a recent report by Reuters<\/a> that the UAE would resume<\/a> the talks if Donald Trump becomes president. <\/p>\n

Background:<\/strong> Trump had approved a USD 23 bn sale of the F-35 jets, MQ-9 drones, and munitions to the UAE in his final days in office in 2021. However, the UAE halted talks<\/a> with the Biden administration due to unresolved terms \u2014 including on factors like technical requirements, sovereign operational restrictions, and costs, the official said. <\/p>\n

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#5- Adia-backed EdgePoint could be up for sale: <\/strong>Global digital infrastructure investment firm DigitalBridge Group<\/a> is mulling a potential full or partial sale of its controlling stake in Southeast Asian telecom tower firm EdgePoint Infrastructure, Bloomberg<\/a> reports, citing people it says are in the know. While DigitalBridge has not made a final decision, the firm may seek a valuation of up to USD 4 bn for EdgePoint, which has reeled in early interest from infrastructure-focused funds, the sources said. Abu Dhabi Investment Authority (Adia) owns a minority stake in the company.<\/p>\n

About EdgePoint: <\/strong>Founded in 2020, EdgePoint operates telecom towers in Indonesia, Malaysia, and the Philippines, with over 10k sites in Indonesia, 1.5k in Malaysia, and 2.8k in the Philippines.<\/p>\n

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#6- Global sukuk issuances are expected to top USD 200 bn in 2024, <\/strong>exceeding the total raised ast year, Zawya<\/a> reports, citing a report by credit ratings agency Moody\u2019s. While activity is expected to ease in 2H 2024, GCC sukuk issuances will continue to drive activity as regional governments push for economic diversification, according to the agency. <\/p>\n

The UAE saw its issuances double y-o-y to USD 8.6 bn in 1H 2024,<\/strong> Moody\u2019s said. Regionally, sukuk issuances in the GCC soared 138% y-o-y, totaling USD 69.2 bn, with Saudi Arabia accounting for 37% of the total. Meanwhile, GCC corporate and bank issuances grew to a combined USD 19.6 bn in 1H 2024. <\/p>\n

The rise in sukuk issuances makes for a rosy forecast for Islamic banks: <\/strong>GCC Islamic banks are set to record robust profitability over the next 12 to 18 months, driven by robust commercial activity and government-led diversification efforts, Wam<\/a> reports, citing a separate Moody\u2019s forecast. Islamic financing is expected to outperform conventional banking, fueled by growing demand for Sharia-compliant debt as well as potential mergers aimed at boosting revenue and cutting costs. <\/p>\n

HAPPENING TODAY- <\/p>\n

<\/a> #1- British trade ministers are in Riyadh for talks on a trade agreement with the GCC<\/strong>, according to a statement<\/a>. Trade Secretary Jonathan Reynolds and Trade Policy Minister Douglas Alexander are both set to lead negotiations, with Reynolds saying he\u2019s looking for a \u201chigh-quality trade [agreement] that supports jobs, helps UK companies sell their products to the region and increases choice for consumers.\u201d <\/p>\n

REMEMBER-<\/strong> The GCC and the UK are hoping to wrap trade talks<\/a> by the end of this year, with six rounds of talks having taken place so far. <\/p>\n

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#2- The <\/strong>Arab Water Forum<\/a><\/strong> is coming to Abu Dhabi from 16-18 September at Adnec Center in <\/strong>Abu Dhabi. <\/strong>The event will feature over 60 exhibitors from 24 countries, along with roundtables and speaker sessions, gathering water sector leaders to discuss solutions for clean water and sanitation, with an emphasis on innovation and improving water security. <\/p>\n

#3- Our friends at HSBC, together with <\/strong>UK Export Finance<\/a><\/strong> and <\/strong>Egyptian-British Chamber<\/a><\/strong>of Commerce<\/a><\/strong>, are hosting the <\/strong>Egypt-UK Investment and Opportunities Forum<\/a><\/strong> in London. The conference will showcase investment opportunities in Egypt across different sectors \u2014 including renewable energy, water, automotive, food processing, IT, and AI \u2014 to potential investors from the UK. It will also facilitate matchmaking between institutions of both countries, bringing together government representatives, business leaders, and senior executives.<\/p>\n

#4- The <\/strong>World Utilities Congress<\/a><\/strong> will take place from Monday to <\/strong>Wednesday in Abu Dhabi.<\/strong> The event will gather global energy leaders, policymakers, and other industry professionals from the power and water utilities value chain to discuss industry trends and challenges.<\/p>\n

#5- The Dubai Financial Services Authority and the Hong Kong Monetary Authority will be <\/strong>hosting their first <\/strong>climate finance conference<\/a><\/strong> in Hong Kong, where they will discuss opportunities and challenges in the transition finance space. <\/p>\n

#6- The <\/strong>Intelligent Transport Systems World Congress 2024<\/a><\/strong> will take place from Monday<\/strong> to Friday <\/strong>in Dubai. The Congress is expected to welcome 20k participants to explore innovations in smart mobility and transportation technology.<\/p>\n

HAPPENING THIS WEEK- <\/p>\n

#1- The <\/strong>AI in Oil and Gas Midle East conference<\/a><\/strong> will take place in Abu Dhabi <\/strong>on Tuesday and Wednesday<\/strong>, with a focus on AI in exploration and production, supply chains, data analytics, and more. The event will feature speakers and AI experts from across the region\u2019s oil firms. <\/p>\n

#2- The <\/strong>Sharjah Investment Forum<\/a><\/strong> will kick off on Wednesday and run until Thursday <\/strong>at the Jawaher Reception and Convention Centre in Sharjah. Discussions will span across investments in emerging markets and in the UAE, smart cities and economies, and more.<\/p>\n

#3- Forbes\u2019 <\/strong>Healthcare Leaders Summit 2024<\/a><\/strong> will take place on Thursday and Friday<\/strong> at the St. Regis Saadiyat Island Resort, Abu Dhabi. The event gathers healthcare leaders from across the region to discuss innovation in healthcare and sustainability in the industry. <\/p>\n

DATA POINTS-<\/p>\n

#1- The UAE's clean energy share of the total energy mix hit 27.83<\/strong>% in 2023<\/strong>, moving closer to its 2030 target of 32%, Wam<\/a> reports. The Emirates\u2019 renewable energy capacity also grew by 70% in 2023, reaching 6.1 GW. As of 2023, the country has invested over AED 45 bn in completed renewable energy projects so far, according to Energy Minister Suhail bin Mohammed Al Mazrouei.<\/p>\n

#2- The UAE's non-oil foreign trade volume increased by 10.3% to 273.5 <\/strong>mn tons in <\/strong>2023<\/strong>, up from 248 mn tons in 2022, Al Khaleej<\/a> reports, citing data from the Federal Competitiveness and Statistics Centre. Non-Arab Asian countries were top trading partners with a 44% share, followed by European countries at 17%, and GCC countries at 12%. Imports rose 20% to 129.3 mn tons, while exports grew 13% to 120 mn tons. <\/p>\n

REMEMBER-<\/strong>Non-oil trade hit a record AED 3.5 tn in 2023, Vice President Sheikh Mohammed bin Rashid Al Maktoum said earlier this year. Trade in goods was up 12.6% y-o-y to AED 2.6 tn, while trade in services hit AED 900 bn. Exports of goods and services surpassed AED 1 tn for the first time.<\/p>\n

PUBLIC SERVICE ANNOUNCEMENTS- <\/p>\n

#1- Gov\u2019t ends mandatory midday breaks for outdoor workers: <\/strong>The Human Resources and Emiratization Ministry lifted its ban on outdoor work from 12:30 pm to 3:00 pm for outdoor workers as of yesterday, Wam<\/a> reports. <\/p>\n

#2- Abu Dhabi will now enforce stricter penalties for violations re<\/strong>lated to the <\/strong>emirate\u2019s public appearance, health, and tranquility<\/strong>, according to a statement<\/a>. Under the decision, offenders can pay only 75% of the fine if they correct the violation, and they will be granted one week to appeal. Repeat offenders will incur higher fines and unresolved issues will be fixed at the violator\u2019s expense.<\/p>\n

The resolution also introduces new regulations<\/strong> for preserving public spaces and public appearance, including rules for property maintenance, camping, and installation of satellite dishes. Some of the violations include installing parking shades without permits, mishandling flags, or failing to provide proper waste containers.<\/p>\n

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#3- Dubai gets two new bridges:<\/strong> Dubai's Road and Transport Authority opened two new bridges yesterday connecting Garn Al Sabkha Street to Sheikh Mohammed bin Zayed Road, and eliminating traffic overlapping between Sheikh Mohammed bin Zayed Road and Al Yalayis Street and Jebel Ali Port, according to the Dubai Media Office<\/a>. Each bridge has a capacity for 3.2k vehicles per hour.<\/p>\n

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

Business news is having a hard time getting ink on the digital front pages this morning<\/strong> as another possible Trump assassination late yesterday continues to dominate the global press. <\/strong>Republican presidential candidate Donald Trump was targeted<\/a> in what appeared to be another assassination attempt yesterday while golfing at his golf course in West Palm Beach, Florida. Trump was deemed safe<\/a> after US Secret Service agents attached to the former president spotted a rifle barrel in a bush and engaged<\/a> the gunman in fire, before arresting a suspect later, who was identified<\/a> as 58-year-old Ryan Routh.<\/p>\n

Trump\u2019s would-be assassins missed, but Harris\u2019 attacks on his economic record seem<\/strong> to have hit on target<\/strong>, with US voters trusting the Democrat candidate to steward the US economy over her Republican challenger by a thin margin of 2 percentage points, according to the latest FT-Michigan Ross poll, up 1 percentage point from last month, the Financial Times<\/a> writes. Harris holds an even higher advantage among those that tuned into last week\u2019s US presidential debate, with 48% saying that they trusted Harris more to manage the economy compared to Trump\u2019s 42%. <\/p>\n

WHILE IN BUSINESS NEWS- NYC-based VC firm Insight Partners is close to finalizing a<\/strong> new tech fund worth at least USD 10 bn<\/strong> in a sign that tech investors are tiptoeing back<\/a> into what has been a very tepid VC market.<\/p>\n

AND OVER IN THE MEDIA SPHERE- Berlin-based media giant Axel Springer <\/strong>may soon<\/a><\/strong>see a deal<\/a><\/strong> to split up its profitable classifieds business \u2014 valued at USD 15 bn \u2014 and its media outlets,<\/strong> which include US news sites Politico and Business Insider in addition to German publications Bild and Die Welt. <\/p>\n

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CIRCLE YOUR CALENDAR- <\/p>\n

The Dubai World Trade Centre will host the Water<\/strong>, <\/strong>Energy and Environment<\/a><\/strong>Technology Exhibition 2024<\/a><\/strong> from 1-3 October,<\/strong> organized by Dubai Electricity and Water Authority. The event will focus on advancements in cybersecurity, digital transformation, and sustainability, showcasing the latest technologies and solutions to enhance digital and environmental security.<\/p>\n

Dubai will host <\/strong>The Africa Debate<\/a><\/strong> on 31 October at the Sky View<\/strong>, marking the first time the event is held outside of London. The forum will gather over 300 investors, market leaders and policymakers from government agencies, commercial banks, private equity funds, sovereign wealth funds, and corporations to explore opportunities to boost trade and investment ties between the UAE and Africa. <\/p>\n

Dubai Design Week<\/a><\/strong> is set to take place from 5-10 November in the Dubai Design <\/strong>District. <\/strong>The design festival will see over 500 designers and brands from 40+ countries showcase new design ideas, with this year\u2019s program focusing on sustainable practices, vernacular architecture, and global south design.<\/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: Blackstone could offload stake in Dubai-based VFS Global<\/p>\n","protected":false},"author":1,"featured_media":95815,"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":[1340,54,7,1342,1344,1042,66,1334,6],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-95814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-ai","tag-diplomacy","tag-enterpriseam-uae","tag-investment","tag-ma","tag-mgx","tag-sukuk","tag-trade","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"333cb295-1454-4804-b230-61b4cd38149f","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/3\/1981.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: MGX to back OpenAI? 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