{"id":97780,"date":"2024-11-12T00:00:00","date_gmt":"2024-11-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-m42-eyes-acquisitions-in-europe-latin-america-and-asia-former-investcorp-co-ceos-fund-lands-in-adgm\/"},"modified":"2024-11-12T00:00:00","modified_gmt":"2024-11-12T00:00:00","slug":"this-morning-m42-eyes-acquisitions-in-europe-latin-america-and-asia-former-investcorp-co-ceos-fund-lands-in-adgm","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/11\/12\/this-morning-m42-eyes-acquisitions-in-europe-latin-america-and-asia-former-investcorp-co-ceos-fund-lands-in-adgm\/","title":{"rendered":"THIS MORNING: M42 eyes acquisitions in Europe, Latin America and Asia + Former Investcorp co-CEO\u2019s fund lands in ADGM"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends. <\/strong>The theme of today\u2019s issue: things coming together \u2014 with Adnoc Gas acquiring Adnoc\u2019s stake in Ruwais, and Fertiglobe taking control of Adnoc\u2019s low-carbon ammonia projects. Plus: Mubadala and Apollo are extending their partnership, <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- It\u2019s another sunny day in Dubai<\/strong>, with a high of 29\u00b0C and a low of 24\u00b0C, according to our favorite weather app. Meanwhile, a sunny<strong> Abu Dhabi <\/strong>will also see a high of 29\u00b0C and an overnight low of 26\u00b0C today.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Alef joins MSCI\u2019s UAE Small Cap index: <\/strong>Alef Education was the only company added to the MSCI\u2019s UAE Small Cap Index in the latest review, bringing with it an expected inflow of AED 18.3 mn, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/962.pdf\" style=\"\" rel=\"noopener\">report (pdf)<\/a> from IHC\u2019s research firm International Securities. Meanwhile, Abu Dhabi Aviation, Sharjah Islamic Bank (SIB), and Tabreed will be removed from the index effective 26 November. Abu Dhabi Aviation\u2019s removal is expected to result in an outflow of AED 24.9 mn, SIB\u2019s will see an outflow of AED 32.9 mn, and Tabreed\u2019s will lead to an outflow of AED 25.4 mn.<\/p>\n<p class=\"tag-border-left\">WATCH THIS SPACE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>#1- M42 eyes global expansion, in talks with Indonesia, Malaysia, India, and <\/strong><strong>Egypt: <\/strong>State-owned health-tech firm M42 is targeting acquisitions in Europe, Latin America, and Asia, CEO Hsan Jasem Al Nowais told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-11-11\/abu-dhabi-eyes-more-deals-to-build-ai-powered-global-health-firm\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. The company reviews 50 potential acquisitions monthly \u201cto see what will really complement our strategic plans going forward,\u201d Al Nowais said, revealing that M42 is currently in talks with firms in Indonesia, Malaysia, India, and Egypt as part of its strategy to expand its AI-powered healthcare solutions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How will M42 fuel its expansion?<\/strong> M42 is backed by \u201ctwo very, very big parents,\u201d \u2014 sovereign wealth fund Mubadala and state-owned AI outfit G42. He noted that \u201cAbu Dhabi has grown on taking risks but it has been so successful that we continue to take risks and build on that momentum.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>M42 is seeking strategic long-term gains<\/strong>, rather than \u201cquick [money],\u201d Al Nowais said. The company\u2019s Emirati Genome Program aims to build one of the world\u2019s largest DNA databases. The company is also developing an AI-powered drug discovery platform, a segment that is expected to drive acquisitions and partnerships for the company in the future and positions Abu Dhabi as a life sciences hub, Al Nowais said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#2- Ben Gacem\u2019s fund lands in Abu Dhabi:<\/strong> Former Investcorp Co-CEO Hazem Ben-Gacem launched BlueFive Capital fund in Abu Dhabi Global Markets (ADGM), targeting the financial services sector in the Gulf, Asia, and Latin America, <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/business\/economy\/2024\/11\/11\/former-investcorp-executive-launches-new-investment-platform-in-abu-dhabi\/\" style=\"\" rel=\"noopener\">The National<\/a> reports, citing a company statement it saw. While the statement didn\u2019t disclose the value of the fund, Bloomberg reported <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/b411b4f0-9f8e-4012-ac8a-5a85c1a9d6c7\/this-morning:-is-mgx-eyeing-an-investment-in-elon-musk%25e2%2580%2599s-ai-startup%3F-%2B-a-new-usd-1-bn-fund-is-coming-to-abu-dhabi#:~:text=%2D%20Former%20Investcorp%20Co,their%20financial%20hubs.\" style=\"\" rel=\"noopener\">earlier this month<\/a> that Ben Gacem was in talks to raise funds for BlueFive Capital, targeting USD 1 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The fund will operate through two entities<\/strong>, namely BlueFive Financial and BlueFive Asset Management, with the latter slated to debut next year. BlueFive Financial will focus on consolidating potential investments in financial services, while BlueFive Asset Management will target private equity and infrastructure investments, with a focus on digitization and automation. In addition to the Abu Dhabi headquarters, BlueFive will establish offices in Bahrain and London, backed by 15 founding shareholders.<\/p>\n<p class=\"tag-border-left\">DATA POINT- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>The UAE's diamond trade is on track to top USD 40 bn in 2024<\/strong>, backed by comprehensive economic partnership agreements removing barriers and opening new markets, Assistant Undersecretary for the Economy Ministry\u2019s International Trade Affairs Juma Al Kait told state news agency Wam on the sidelines of the Dubai Diamond Conference (<a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b654qg7-uaes-diamond-trade-hit-40-billion-2024-juma-kait\" style=\"\" rel=\"noopener\">watch, runtime: 02:19<\/a>). The country occupies the third spot globally in diamond trade, after India and the US, dominating over 15% of the global market share. Diamonds comprise 5.5% of the UAE's non-oil trade, which reached approximately USD 20 bn in 1H 2024, and nearly USD 39 bn in 2023. <\/p>\n<p class=\"tag-border-left\"> HAPPENING TODAY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- The UAE is participating in <\/strong><strong><a target=\"_blank\" href=\"https:\/\/cop29.az\/en\/home\" style=\"\" rel=\"noopener\">COP29<\/a><\/strong><strong>, which kicked off yesterday in Baku, Azerbaijan<\/strong>, and runs until 22 November, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b64jar6-cop29-begins-tomorrow-baku-with-active-effective\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The event aims to limit global warming to 1.5\u00b0C and boost climate finance. As the host of last year\u2019s COP, the UAE will present a national pavilion and over 60 side sessions on topics such as climate finance, decarbonization, renewables, and AI-powered food and water solutions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/menacinema.com\/\" style=\"\" rel=\"noopener\">Meta Cinema Forum<\/a><\/strong><strong> is on its second and final day at Le M\u00e9ridien Dubai Hotel & <\/strong><strong>Conference <\/strong><strong>Center<\/strong>. The cinema convention brings together industry leaders to explore the future of cinema in emerging markets across the Middle East, Africa, and Asia.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/dubaiarbitrationweek.com\/#about\" style=\"\" rel=\"noopener\">Dubai Arbitration Week<\/a><\/strong><strong> is underway at the Waldorf Astoria <\/strong>in the Dubai International Financial Center and wraps on 15 November. The event features a series of panel discussions, workshops, and presentations focused on the latest developments and challenges in international commercial arbitration. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/inside.fei.org\/fei\/general-assembly\/2024#:~:text=Abu%20Dhabi%20(UAE)%2010%2D13%20November%202024&text=On%20behalf%20of%20the%20Board,10%20to%2013%20November%202024.\" style=\"\" rel=\"noopener\">International Federation for Equestrian Sports (FEI) General Assembly<\/a><\/strong><strong> is on its<\/strong> <strong>second day at the Conrad Hotel, Etihad Towers<\/strong>, gathering heads from 137 national equestrian sports federations, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/ar\/article\/b64j2ne-%D8%A3%D8%A8%D9%88%D8%B8%D8%A8%D9%8A-%D8%AA%D8%B3%D8%AA%D8%B6%D9%8A%D9%81-%D8%BA%D8%AF%D8%A7-%D8%A7%D8%AC%D8%AA%D9%85%D8%A7%D8%B9%D8%A7%D8%AA-%D8%A7%D9%84%D8%A7%D8%AA%D8%AD%D8%A7%D8%AF-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The assembly, running through to tomorrow, coincides with the start of FEI regional group meetings at Emirates Palace, Abu Dhabi.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- The inaugural <\/strong><strong><a target=\"_blank\" href=\"https:\/\/uaeiaa.org\/2024congress\/\" style=\"\" rel=\"noopener\">Audit, Anti-Fraud and IT Congress<\/a><\/strong><strong> is underway in Dubai<\/strong>, running through to tomorrow. The event brings together over 1k global professionals in internal auditing, anti-fraud, cybersecurity, and IT to discuss the latest trends in the sectors. Pre-congress workshops and internal discussions are underway, with the main congress set to begin tomorrow, state news agency <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/article\/b63cfv9-dubai-host-first-audit-anti-fraud-and-congress\" style=\"\" rel=\"noopener\">Wam<\/a> reports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#6- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/icom.museum\/en\/events\/icom-2024-international-symposium-dubai\/\" style=\"\" rel=\"noopener\">The ICOM 2024 International Symposium<\/a><\/strong> <strong> kicks off today a<\/strong><strong>t th<\/strong><strong>e Etihad Museum.<\/strong> The symposium will feature three themes \u2014 Intangible Heritage, Youth Power, and New Technologies \u2014 and will explore how museums can adapt to global changes and facilitate dialogue on enhancing their role in evolving cultural landscapes.<\/p>\n<p class=\"tag-border-left\"> HAPPENING THIS WEEK- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Sharjah Chamber of Commerce and Industry\u2019s trade mission to Kenya and Ugand<\/strong><strong>a kicked off yesterday<\/strong>, aiming to boost UAE-East Africa trade ties in oil, gas, infrastructure, logistics, food, and automotive sectors. The Sharjah Exports Development Centre is representing the chamber. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The agenda: <\/strong>Starting in Kenya with an investment forum and business meetings, the mission moves to Uganda tomorrow for another forum on Uganda's infrastructure and oil growth, plus meetings and local site visits. The mission concludes on Thursday<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s another morning where the international news cycle is broadly led by US <\/strong><strong>president-elect Donald Trump<\/strong> as he starts working on the cabinet that will kick off his second stint at the White House. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Among the highlights:<\/strong> Trump tapped Florida Rep. Mike Waltz, who is a war veteran, to be his national security adviser and take on a portfolio that includes Russia\u2019s war with Ukraine, Israel attacking multiple countries at the same time in a multi-front military campaign, and rising military buildup in China, among others, the <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/politics\/national-security\/trump-selects-florida-rep-mike-waltz-as-national-security-adviser-104414fe\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> reports. The president-elect also picked New York Congresswoman <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/politics\/policy\/elise-stefanik-un-ambassador-trump-ebc36b1a\" style=\"\" rel=\"noopener\">Elise Stefanik<\/a> as the US\u2019 ambassador to the UN and immigration hardliner <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/politics\/policy\/trump-taps-tom-homan-as-border-czar-fac81082\" style=\"\" rel=\"noopener\">Tom Homan<\/a> as \u201cborder czar\u201d to oversee border crossings and deportations, according to the WSJ. Meanwhile, Susie Wiles will be chief of Staff, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/default\/susie-wiles-trump-picks-quiet-competence-chief-staff-2024-11-11\/\" style=\"\" rel=\"noopener\">Reuters<\/a> and the <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/11\/11\/us\/politics\/trump-executive-orders-susie-wiles.html\" style=\"\" rel=\"noopener\">New York Times<\/a> report. The <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/trump-staff-picks-stefanik-wiles-stephen-miller-tom-homan-243d73610b03a3ee18c4d5f68756af7c\" style=\"\" rel=\"noopener\">Associated Press<\/a> and <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us\/trump-20-who-would-be-running-top-jobs-trumps-second-administration-2024-11-06\/\" style=\"\" rel=\"noopener\">Reuters<\/a> also have rundowns of who\u2019s been selected and the other candidates Trump is currently considering. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>GAZA UPDATE-<\/strong> Israel killed another 37 Palestinians in Gaza in the past 24 hours, including seven near Khan Younis and 20 people in Nuseirat, \u201cincluding some in a tent encampment,\u201d <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israeli-fire-kills-11-palestinians-tanks-roll-into-central-gaza-camp-2024-11-11\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, US-mediated talks for an Israeli ceasefire in Lebanon are \u201cmaking progress,\u201d<\/strong> despite Qatar recently saying that separate talks for a ceasefire in Palestine have stalled. Israeli Foreign Minister Gideon Saar has pointed to Russia as a potential part of enforcing the ceasefire in Lebanon by mitigating the flow of weapons to Hezbollah through Syria. <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israel-sees-progress-lebanon-ceasefire-talks-says-russia-can-help-2024-11-11\/\" style=\"\" rel=\"noopener\">Reuters<\/a>, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-11-11\/israel-sees-progress-in-lebanon-truce-talks-despite-hurdles\" style=\"\" rel=\"noopener\">Bloomberg<\/a>, and the <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/world\/2024\/nov\/11\/israel-says-certain-progress-made-in-lebanon-ceasefire-talks\" style=\"\" rel=\"noopener\">Guardian<\/a> have the story. <\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>You\u2019re reading EnterpriseAM UAE<\/strong>, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We\u2019re out Monday through Friday by 7am UAE time.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM UAE is available without charge <\/strong>thanks to the generous support of our friends at Mashreq.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Were you forwarded this email?<\/strong> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy of EnterpriseAM UAE. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? <\/strong>Reach out to us on  <a target=\"_blank\" href=\"mailto:UAE@enterpriseAM.com\" style=\"\" rel=\"noopener\">UAE@enterpriseAM.com<\/a> .<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DID YOU KNOW that we also cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\" style=\"\" rel=\"noopener\">Egypt<\/a><\/strong><strong>, <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong>,<\/strong> and the MENA <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\" style=\"\" rel=\"noopener\">climate<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\" style=\"\" rel=\"noopener\">logistics<\/a> industries?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: Diamond trade to top USD 40 bn this year<\/p>\n","protected":false},"author":1,"featured_media":97781,"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":[7,131,1344,717,1334,6],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-97780","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam-uae","tag-healthcare","tag-ma","tag-m42","tag-trade","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"6c16e2ba-0f17-4849-bb29-04b4649aeee8","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/4\/186.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS 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