{"id":97535,"date":"2024-11-05T00:00:00","date_gmt":"2024-11-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-is-mgx-eyeing-an-investment-in-elon-musks-ai-startup-a-new-usd-1-bn-fund-is-coming-to-abu-dhabi\/"},"modified":"2024-11-05T00:00:00","modified_gmt":"2024-11-05T00:00:00","slug":"this-morning-is-mgx-eyeing-an-investment-in-elon-musks-ai-startup-a-new-usd-1-bn-fund-is-coming-to-abu-dhabi","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/11\/05\/this-morning-is-mgx-eyeing-an-investment-in-elon-musks-ai-startup-a-new-usd-1-bn-fund-is-coming-to-abu-dhabi\/","title":{"rendered":"THIS MORNING: Is MGX eyeing an investment in Elon Musk\u2019s AI startup? + A new USD 1 bn fund is coming to Abu Dhabi"},"content":{"rendered":"

Good morning, friends. <\/strong>We have a busy \u2014 yet tight \u2014 issue for you to dig your teeth into this morning, with everything you need to know from day one of the world\u2019s biggest energy forum in Abu Dhabi. <\/p>\n

WEATHER- It\u2019s another foggy, humid morning<\/strong>, with temperatures peaking at 34\u00b0C before cooling to an overnight low of 26\u00b0C in Dubai. Over in Abu Dhabi, the mercury peaks at 29\u00b0C, with an overnight low of 26\u00b0C. <\/p>\n

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FIRST- Citi just marked its 60th anniversary in the UAE <\/strong>at a ceremony attended by CEO Jane Fraser, the bank said in a press release (pdf)<\/a>. Citi was the first American bank to open up a branch in the UAE in 1964, with a branch in Dubai, followed by another in Abu Dhabi in 1971. It has since opened one of the first trading floors in the UAE, set up its regional headquarters in Dubai, and set up regional offices in both the Dubai International Financial Center and the Abu Dhabi Global Market. <\/p>\n

AND- The UAE Cabinet approved 22 international agreements with 17 countries at it<\/strong>s <\/strong>latest cabinet meeting<\/strong>, according to an X post<\/a>. The agreements target economic partnerships, as well as partnerships in trade, legal, judicial, educational, energy, competitiveness, and research fields.<\/p>\n

Cabinet also signed off on a National Strategy for Combating Drugs<\/strong>, aiming to intensify deterrence efforts against both local and international traffickers. The plan includes expanding treatment, rehabilitation, and correctional centers for offenders, alongside boosting community awareness efforts, according to a separate X post<\/a>. <\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- Former Investcorp Co-CEO Hazem Ben-Gacem is planning to launch a USD 1 bn A<\/strong>bu Dhabi-based capital fund <\/strong>\u2014 BlueFive Capital \u2014 to invest in financial services firms, Bloomberg<\/a> reports, citing unnamed sources. This new fund plans to invest in ins., private wealth, and public market brokerage firms across Southeast Asia and the GCC. Ben-Gacem is currently in discussions with investors across the US, Asia, Europe, and the Middle East to raise funds for BlueFive. He aims to secure founding shareholders and possibly raise infrastructure and private equity funds in the future. <\/p>\n

The end goal is to make BlueFive a USD 25 bn entity within five years<\/strong> and potentially expand into South America to establish a financial services company operating across the Global South.<\/p>\n

REMEMBER-<\/strong> A wave of funds is heading to the UAE and Saudi Arabia amid heightened competition in the region and as each country sets out incentives to attract more investors and companies to their financial hubs.<\/p>\n

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<\/a> #2- MGX eyes potential investment in Musk\u2019s AI startup: <\/strong>Abu Dhabi-based tech-focused investor MGX<\/a> is in talks with Elon Musk\u2019s AI startup xAI for a potential investment as the latter targets raising around USD 5 bn at a valuation of USD 45 bn, The Information<\/a> reports, citing representatives from both firms. <\/p>\n

REMEMBER- MGX has big ambitions <\/strong>in the AI space:<\/strong> The AI investor is aiming to accumulate over USD 100 bn in assets under management in a few years. MGX\u2019s interest in xAI comes on the heels of its participation in OpenAI\u2019s latest USD 6.6 bn funding round<\/a>. It also backed a major new AI infrastructure fund<\/a> launched by BlackRock and Global Infrastructure Partner, joining as a general partner. <\/p>\n

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<\/a> #<\/strong>3<\/strong>-<\/strong> Adnoc eyes Cyprus gas sector:<\/strong> The Abu Dhabi National Oil Company (Adnoc) has shown repeated interest in Cyprus\u2019 natural gas industry, Cypriot Energy Minister George Papanastasiou told Reuters<\/a>. Adnoc is mainly considering acquiring \u201cde-risk assets\u201d but may also participate in an upcoming licensing round for offshore blocks, Papanastasiou noted. The state-run oil giant has yet to submit a formal request to the Cypriot government.<\/p>\n

Previous discussions with BP: <\/strong>In August, Adnoc and UK-based BP representatives met with Cypriot Energy Ministry officials to explore potential investment in Cyprus\u2019 emerging natural gas sector earlier in August<\/a>. The meeting focused on potential cooperation in Cyprus' exclusive economic zone, where Cyprus has commercial rights.<\/p>\n

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#<\/strong>4<\/strong>- The Dubai Mu<\/strong>nicipality has implemented a new business model that will see it tap the priv<\/strong>ate sector for the management of shared government centers<\/strong>, according to the Dubai Media Office<\/a>. The first phase of the initiative saw it implemented with Al Kifaf Center and saw operational expenses drop by 70% as a result, with more phases now underway to implement the same model across all shared centers.<\/p>\n

DATA POINTS- <\/p>\n

<\/a> #1- Dubai's property market reached an all-time high in October 2024, with nearly 2<\/strong>0.5k sales transactions<\/strong>, according to a press release<\/a>. This marks the first time monthly transactions exceeded 20k, representing a 13% increase compared to September. Approximately 73% of transactions were for off-plan or under-construction properties, while the residential sector accounted for nearly 95% of total sales, with over 19.4k transactions recorded.<\/p>\n

<\/a> #2- The UAE\u2019s total foreign assets rose by 1.5% m-o-m to AED 781.9 bn in<\/strong> July 2024<\/strong>, according to a Central Bank of the UAE\u2019s (CBUAE) statement (pdf)<\/a>. Meanwhile, bank deposits climbed by 1.6% m-o-m to AED 2.7 tn in July on the back of the combined increase in resident deposits by 1.5% and in non-resident deposits by 2.4%, according to a CBUAE report (pdf)<\/a>. Gross credit inched up by 0.1% to AED 2.1 tn, on the back of an increase in domestic credit, while bank assets grew 0.9% m-o-m to AED 4.3 tn. <\/p>\n

PUBLIC SERVICE ANNOUNCEMENTS-<\/p>\n

#1- The Federal Tax Authority asked resident juridical persons with licenses issued in <\/strong>October and November to submit their corporate tax registration application by 30 November<\/strong>, according to a statement<\/a>. The registration process is available through government service centers and the EmaraTax<\/a> digital tax services platform. <\/p>\n

#2- There\u2019s a new taxi-sharing service in town: <\/strong>Dubai\u2019s Roads and Transport Authority launched a six-month pilot taxi-sharing service running between Dubai\u2019s Ibn Battuta Centre and Abu Dhabi\u2019s Al Wahda Centre, according to the Dubai Media Office<\/a>. The service offers up to 75% in savings, with fares costing AED 132 for two passengers, AED 88 for three, and AED 66 for four.<\/p>\n

#3- Ajman is offering a 50% reduction on traffic fines incurred before 31 <\/strong>October<\/strong> until 15 December 2024, according to an X post<\/a>. The initiative also includes the cancellation of vehicle seizures and removal of traffic points, Sharjah 24<\/a> reports. Specific aggravated violations are excluded from pardon, including reckless driving, truck overtaking in prohibited areas, exceeding the speed limit by over 80 km\/h, and unauthorized vehicle modifications. <\/p>\n

Fines can be paid via <\/strong>service centers, Sahl machines, and the Ministry of Interior and Ajman Police apps.<\/p>\n

HAPPENING TODAY- <\/p>\n

#1- It\u2019s the final day of <\/strong>LuLu<\/strong> Retail\u2019s investor subscription period<\/strong>, following the full<\/a>subscription<\/a> of its IPO on 28 October. The final price will be disclosed tomorrow, after which the company\u2019s shares will start trading on 14 November. We have more on the latest on the IPO in the news well, below.<\/p>\n

#2- Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan is<\/strong> in Ethiopia for the World Without Hunger Conference<\/strong>, which will focus on global food security, according to an Abu Dhabi Media Office statement<\/a>. <\/p>\n

<\/a> #3- <\/strong>Adipec<\/a><\/strong> is on its second day today and runs through to Thursday<\/strong> at Adnec Center in Abu Dhabi. The event \u2014 the biggest oil and gas forum in the world \u2014 brings together over 40 ministers and over 200 C-suite executives and technology leaders from the Middle East, Asia, Africa, Europe, and the Americas, focusing on innovation and partnerships to advance the energy transition. We have everything you need to know from day one of the conference in the news well, below. <\/strong><\/p>\n

#4- The 2024 UAE Government Annual Meetings are on their second day today in Abu Dhabi<\/strong>, chaired by Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum, according to the Dubai Media Office<\/a>. The meetings bring together over 500 dignitaries, including UAE rulers, crown princes, and government officials to discuss means for enhancing the country\u2019s government performance and competitiveness. The meetings wrap tomorrow. <\/p>\n

This year\u2019s agenda features new organizational priorities and frameworks<\/strong>, with national retreats focusing on identity, family, and AI, and panel sessions to review national priorities and strategies for economy and investment, AI, education, sports, family, and community empowerment. Dedicated sessions for young government leaders are also on the roster, alongside exclusive local government meetings for Ajman, Umm Al Quwain, and Ras Al Khaimah.<\/p>\n

#5- <\/strong>Gulfood Manufacturing<\/a><\/strong> will kick off today and run through to Thursday<\/strong> at the Dubai World Trade Center. The event will showcase trends and solutions in global food manufacturing, with more than 2.5k companies set to attend.<\/p>\n

#6- <\/strong>GulfHost<\/a><\/strong> will also take place today<\/strong> at the Dubai World Trade Center and run through <\/strong>to Thursday<\/strong>. The event will feature over 350 exhibitors showcasing innovations in hospitality and foodservice equipment, along with networking opportunities for more than 25k industry professionals.<\/p>\n

#7-<\/strong> Design Next<\/a><\/strong> exhibition<\/strong> kicks off today at the <\/strong>Dubai Design Di<\/strong>strict <\/strong>as part of Dubai Design Week and wraps up Sunday, 10 November. The event will showcase sustainable design solutions and feature discussions by industry leaders.<\/p>\n

#8- T<\/strong>he WHO\u2019s latest<\/strong> Emergency Medical Teams (EMT) Global Meeting<\/a><\/strong> starts<\/strong> today at <\/strong>Conrad Abu Dhabi Etihad Towers<\/strong>, marking the first time the event is hosted in the Middle East. Organized in partnership with Abu Dhabi\u2019s Department of Health, the meeting aims to advance global emergency response and rapid deployment capabilities. It will wrap this Thursday, 7 November.<\/p>\n

HAPPENING THIS WEEK-<\/p>\n

<\/strong><\/p>\n

#1- Dubai will host the <\/strong>World Finance Forum 2024<\/a><\/strong> tomorrow <\/strong>at Sofitel Dubai The Palm. The event will welcome CFOs and finance directors from leading companies to discuss emerging trends, growth prospects, and potential challenges in the financial landscape.<\/p>\n

#2- The <\/strong>UAE BioTech Symposium<\/a><\/strong> will take place from tomorrow to Wednesday in Masdar City. <\/strong>The event will discuss the latest developments in biotechnology, with participants including researchers, entrepreneurs, government entities, and strategic investors.<\/p>\n

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

It\u2019s election day in the US of A, which means very few other stories will top headlines<\/strong> in the international press. Donald Trump and Kamala Harris were both in Pennsylvania overnight, where each candidate pushed final messaging in a bid to secure what is widely seen as one of the most critical swing states in the election. Meanwhile, both candidates\u2019 campaigns continued to work on boosting voter turnout in the last stretch before today\u2019s vote, with each taking different approaches, the New York Times<\/a> notes. The Financial Times<\/a>, the Wall Street Journal<\/a>, Reuters<\/a>, and Bloomberg<\/a> also have coverage of the final campaigning push.<\/p>\n

Speaking of (unorthodox) methods of boosting turnout:<\/strong> Elon Musk\u2019s USD 1 mn daily voter giveaway \u2014 designed to encourage voter turnout \u2014 is being allowed to proceed after a Pennsylvania judge ruled that the contest was not designed as an \u201cillegal lottery.\u201d Reuters<\/a>, Bloomberg<\/a>, and Axios<\/a> have more. <\/p>\n

What we can expect:<\/strong> Politico has rundowns of each of Harris\u2019<\/a> and Trump\u2019s<\/a> paths to securing the vote, while the Financial Times<\/a> looks at what each outcome would mean for Trump.<\/p>\n

REMEMBER:<\/strong> The Electoral College, not the popular vote, ultimately decides who becomes president. Each state is allocated electors equal to its congressional representation (senators plus representatives). Voters in each state choose electors, pledged to presidential candidates. Taking the popular vote in a state usually means a candidate gets all its electoral votes (except in Maine and Nebraska). A candidate needs 270 of 538 electoral votes to take the presidency. Bloomberg<\/a> also goes deeper.<\/p>\n

BELOW THE FOLD- Israel killed another 16 Palestinians in Gaza\u2019s Beit Lahiya and <\/strong>Zawayda<\/strong> in airstrikes yesterday. Meanwhile, Tel Aviv has also limited aid trucks\u2019 entry into Gaza even further, bringing the daily average to 30 \u2014 equivalent to \u201conly 6% of the commercial and humanitarian supplies that used to enter Gaza before the war,\u201d according to UNRWA head Philippe Lazzarini. Reuters<\/a> has the story. <\/p>\n

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