{"id":97927,"date":"2024-11-15T00:00:00","date_gmt":"2024-11-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-vc-and-pe-funding-to-triple-by-years-end-adnoc-ls-to-invest-usd-5-bn-over-five-years\/"},"modified":"2024-11-15T00:00:00","modified_gmt":"2024-11-15T00:00:00","slug":"this-morning-vc-and-pe-funding-to-triple-by-years-end-adnoc-ls-to-invest-usd-5-bn-over-five-years","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/11\/15\/this-morning-vc-and-pe-funding-to-triple-by-years-end-adnoc-ls-to-invest-usd-5-bn-over-five-years\/","title":{"rendered":"THIS MORNING: VC and PE funding to triple by year\u2019s end? + Adnoc L&#038;S to invest USD 5 bn over five years"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends, and happy FRIDAY. <\/strong>We have yet another packed issue for you this morning, with an update on Lulu Retail\u2019s ADX debut, a potential healthcare acquisition, more news out of COP29, and a lot more. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- We have a long read on markets\u2019 performance this year \u2014 hint: they\u2019ve outperformed expectations \u2014 and the outlook for debt capital markets <\/strong>in the wake of the US elections and heading into the new year, according to Mashreq\u2019s Hassan Orooj, the director of debt capital markets syndicate at Mashreq. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- It\u2019s another mainly sunny day today<\/strong>, with a daytime high of 32\u00b0C and an overnight low of 25\u00b0C in <strong>Dubai<\/strong>, and a high of 28\u00b0C in <strong>Abu Dhabi<\/strong> before the mercury dips to 26\u00b0C at night.<\/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>FIRST- A couple of debt updates: <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- China\u2019s USD 2 bn bond listing on Nasdaq Dubai sees high demand:<\/strong> China has issued USD 2 bn in bonds and listed them on Nasdaq Dubai and Hong Kong Exchange, marking its first USD-denominated debt <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-11-05\/china-set-to-issue-dollar-bonds-offshore-after-three-year-hiatus\" style=\"\" rel=\"noopener\">since 2021<\/a>, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-11-13\/china-s-dollar-bond-sale-yields-almost-same-as-us-treasuries\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports. The offering, which was promoted in Saudi Arabia, attracted significant interest, with investor bids totaling USD 40 bn, or 20x the bonds available. Initially priced above US Treasuries, demand quickly tightened yields to about 24-25 basis points below Treasuries.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Investor insights: <\/strong>Analysts suggest that strong interest was driven by Chinese investors seeking better returns amid falling local rates, contributing to the pricing push.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- <\/strong>China\u2019s Finance Ministry worked with advisors including First Abu Dhabi Bank, Citigroup, Cr\u00e9dit Agricole, Deutsche Bank, Goldman Sachs, HSBC, and JPMorgan to coordinate the issuance.<\/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>#2- Fitch affirms ADQ\u2019s AA ratings:<\/strong> Fitch Ratings affirmed Abu Dhabi sovereign wealth fund ADQ)\u2019s long-term foreign and local currency issuer default ratings at AA with stable outlooks, and its short-term rating at F1+, according to a company <a target=\"_blank\" href=\"https:\/\/www.fitchratings.com\/research\/international-public-finance\/fitch-affirms-abu-dhabi-developmental-holding-company-pjsc-at-aa-outlook-stable-12-11-2024\" style=\"\" rel=\"noopener\">statement<\/a>. ADQ\u2019s IDR is bolstered by \"virtually certain\u201d support from the Abu Dhabi government due to ADQ\u2019s strategic role in managing key national assets and its full government ownership.<\/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- The UAE could see venture capital and private equity funding triple to USD 2 bn by <\/strong><strong>the end of the year<\/strong>, and climb to USD 2.5 bn by 2025, Khaled Talhouni, managing partner at Dubai-based investment firm Nuwa Capital, told <a target=\"_blank\" href=\"https:\/\/www.arabianbusiness.com\/startup\/uae-startup-funding-to-triple-to-2bn-by-end-of-2024-as-region-sees-entrepreneur-boom\" style=\"\" rel=\"noopener\">Arabian Business<\/a>. This is compared to a slump in tech startup funding in 2023 to USD 638 mn, and comes as part of a wider surge in GCC investments, as the shift in the interest rate cycle makes equity investments more attractive to investors, experts say. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The IPO boom the region is witnessing is driving VCs and private equity firms to invest<\/strong><strong> in startups with strong growth potential<\/strong>, another fund head 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- <\/strong><strong>Sharjah National Oil Corporation (Snoc) and Masdar's 60 MW solar power plant <\/strong><strong>is set<\/strong> <strong>to begin operations before next summer<\/strong>, Hatem Al Mosa Snoc's CEO said in an interview with CNBC Arabia (<a target=\"_blank\" href=\"https:\/\/www.cnbcarabia.com\/130599\/2024\/14\/11\/%D8%A7%D9%84%D9%85%D8%AF%D9%8A%D8%B1-%D8%A7%D9%84%D8%AA%D9%86%D9%81%D9%8A%D8%B0%D9%8A-%D9%84%D9%85%D8%A4%D8%B3%D8%B3%D8%A9-%D9%86%D9%81%D8%B7-%D8%A7%D9%84%D8%B4%D8%A7%D8%B1%D9%82%D8%A9---SNOC-%D9%84%D9%80-CNBC-%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9:-%D9%82%D8%AF%D8%B1%D8%A9-%D9%85%D8%AD%D8%B7%D8%A9-%D8%A7%D9%84%D8%B7%D8%A7%D9%82%D8%A9-%D8%A7%D9%84%D8%B4%D9%85%D8%B3%D9%8A%D8%A9-%D9%85%D8%B9-%22%D9%85%D8%B5%D8%AF%D8%B1%22-60-%D9%85%D9%8A%D8%BA%D8%A7%D9%88%D8%A7%D8%AA-%D9%88%D8%B3%D8%AA%D8%B9%D9%85%D9%84-%D8%A7%D9%84%D8%B5%D9%8A%D9%81-%D8%A7%D9%84%D9%82%D8%A7%D8%AF%D9%85\" style=\"\" rel=\"noopener\">watch, runtime: 3:14<\/a>). The plant \u2014 the largest in Sharjah \u2014 <a target=\"_blank\" rel=\"noopener\">was expected to be operational by the end of 2024<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Snoc<\/strong><strong> is also preparing to begin producing out of Al Hadiba field, where <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/78cb25b0-5925-4005-b094-c882c4ba738f\/new-gas-reserves-discovered-in-sharjah\" style=\"\" rel=\"noopener\">gas reserves were discovered<\/a><\/strong><strong> last may, before next summer<\/strong>, Al Mosa said. The company plans to drill more wells as part of its strategy to expand energy storage and planning capabilities. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#3- Adnoc L&S to invest USD 3 bn over five years:<\/strong> Abu Dhabi National Oil Company (Adnoc) Logistics and Services plans to invest USD 3 bn from 2024 to 2029 to expand its global logistics presence, focusing on acquisitions and fleet expansion, including global shipping and oil drilling fleets, the company\u2019s CEO Abdulkareem Al Masabi told Asharq Business (<a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/financing-and-investment\/60541\/%D8%A3%D8%AF%D9%86%D9%88%D9%83-%D9%84%D9%84%D8%A5%D9%85%D8%AF%D8%A7%D8%AF-%D8%AA%D8%AE%D8%B5%D8%B5-3-%D9%85%D9%84%D9%8A%D8%A7%D8%B1%D8%A7%D8%AA-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%84%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1-%D9%81%D9%8A-5-%D8%B3%D9%86%D9%88%D8%A7%D8%AA\/\" style=\"\" rel=\"noopener\">watch, runtime: 4:54<\/a>). The company has invested USD 5 bn since listing on the ADX, including acquiring Navig8 for USD 1 bn <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/4ebb45c1-ff5f-4d4e-85ca-003ed84cb25d\/adnoc-l&s-acquires-80%2525-of%253cmark%253e-navig8%253c%2Fmark%253e-for-usd-1.04-bn\" style=\"\" rel=\"noopener\">earlier in June<\/a>.<\/p>\n<p class=\"tag-border-left\">PSAs-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Dubai residents can now request property ownership certificates, check their <\/strong><strong>property\u2019s status, and request property valuation through <\/strong><strong><a target=\"_blank\" href=\"https:\/\/dubainow.dubai.ae\/\" style=\"\" rel=\"noopener\">Dubai Now<\/a><\/strong>, according to the <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.ae\/en\/news\/2024\/november\/13-11\/dubai-land-department-enables-customers\" style=\"\" rel=\"noopener\">Dubai Media Office<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- The Ras Al Khaimah Department of Knowledge (Rak Dok) introduced a Golden Visa<\/strong><strong> program for educators in both public and private schools<\/strong>, state news agency <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/147w3oj-ras-khaimah-government-launches-golden-visa\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The program provides eligible school leaders and teachers in Ras Al Khaimah with self-sponsored long-term residency in the UAE.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Applicants must meet certain criteria, including three years of residency and employment in Ras Al Khaimah<\/strong>, a relevant advanced degree, and proof of a positive impact on school performance. Required documents include an official appointment letter, educational qualifications, and evidence of contributions to school performance.<\/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\"> 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 on 11 November 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:\/\/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 tomorrow. 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>#3-<\/strong> <strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/paperworld-middle-east.ae.messefrankfurt.com\/dubai\/en.html\" style=\"\" rel=\"noopener\">Paperworld Middle East<\/a><\/strong><strong> and <\/strong><strong><a target=\"_blank\" href=\"https:\/\/gifts-lifestyle-middle-east.ae.messefrankfurt.com\/dubai\/en.html\" style=\"\" rel=\"noopener\">Gifts & Lifestyle Middle East<\/a><\/strong><strong> exhibitions are <\/strong><strong>underway at Dubai World Trade Center <\/strong>and will wrap up today. The events will gather more than 12k visitors from over 100 countries, including distributors, retailers, wholesalers, and franchisees in the paper and stationery industry.<\/p>\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>The world is still fixated on US President-elect Donald Trump\u2019s growing cabinet<\/strong>, with the latest selection of Robert Kennedy Jr. as head of the US Department of Health and Human Services now getting top billing. Kennedy Jr\u2019s has long been outspoken about the safety of vaccines, and is known as a staunch anti-vaccine conspiracy theorist. Shares of vaccine-makers fell on the news, with Moderna falling 5.6% and Pfizer shedding 2.6%. (<a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/robert-f-kennedy-vaccines-trump-rfkjr-7f8dcb25de76a5a70710d22bbc63f6fa\" style=\"\" rel=\"noopener\">AP<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us\/trump-expected-select-rfk-jr-lead-hhs-politico-reports-2024-11-14\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnn.com\/2024\/11\/14\/politics\/robert-f-kennedy-donald-trump-hhs\/index.html\" style=\"\" rel=\"noopener\">CNN<\/a>) <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also getting attention:<\/strong> US Federal Reserve Chair Jerome Powell hinted that the Fed is in no rush for rate cuts considering the recent performance of the US economy, which he said has been \u201cremarkably good\u201d during a speech. He seemed to leave the door open for a policy pause, saying that the situation calls for caution, especially due to uncertainty around the neutral level of rates, where policy is neither stimulating nor dampening growth (also known as the r-star). The Fed\u2019s next FOMC meeting is in December. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-11-14\/fed-s-powell-says-no-need-to-hurry-rate-cuts-with-economy-strong?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/377c4592-257b-47f8-a8a4-bd6c86dbda4a\" style=\"\" rel=\"noopener\">FT<\/a>) <\/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\">OIL WATCH- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Global oil markets could face a surplus of 1 mn barrels a day next year<\/strong> on the back of lower demand in China, and an increase in supply, the International Energy Agency said in its latest <a target=\"_blank\" href=\"https:\/\/www.iea.org\/reports\/oil-market-report-november-2024\" style=\"\" rel=\"noopener\">oil market report<\/a>. Supply is expected to increase further if Opec+ follows through with a plan to phase out supply cuts, which it has pushed to January at the earliest. <\/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. 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