Today’s Daily Circuit includes US-based $1.3 billion pension fund Nuveen’s new Abu Dhabi branch, Sharjah becoming more attractive for expat bankers as an alternative to expensive Dubai, and PIF-backed ACWA’s $3.2 billion Sun Topics include the photovoltaic power generation contract and the reconstruction of Oman. Upgraded to investment grade status by S&P. But first, the Gulf’s airport ranks highly in the latest international ratings.
Airlines in the Gulf region are pouring billions into building luxury landmark airports and competing with each other to be recognized as the world’s top aviation hubs.
In the 2024 World Airport Awards by SkyTrax, Doha’s Hamad International overtook Singapore’s Changi to take the top spot, while Dubai International Airport jumped 10 places to seventh place, Arabian Business reports Ta. Dubai International Airport, the world’s busiest airport in 2023, was named the second best airport after Tokyo Haneda among airports serving more than 70 million passengers.
While the UAE and Qatar have led the regional aviation rivalry, Saudi Arabia has set a national goal of attracting 300 million air passengers by 2030, nearly tripling the current number of air passengers. Trying to make up for lost time.
The largest Gulf airport projects currently under construction include the UAE’s Al Maktoum International Airport in Dubai, King Salman International Airport in Riyadh, Saudi Arabia and Red Sea International Airport on the Saudi west coast, Kuwait International Airport in Kuwait City, and Oman’s There is also Muscat International Airport.
wealthy neighbor
Nuveen is the second trillion-dollar investment company to open at the Abu Dhabi Global Market this month. Nuveen, which manages $1.2 trillion in assets, was followed by Prudential Financial’s PGIM, which has $1.3 trillion under management, and opened an office in the UAE capital in September. Nuveen CEO William Huffman told The National that his company, which owns the assets of US teachers’ pension fund TIAA, offers the Middle East market “forward-looking opportunities in infrastructure, renewable energy, real estate technology and more.” He said he was doing it. “Based on our conversations with investors, we believe our reputation is closely aligned with the needs of our customers in this region,” he said.
affordable neighbors
The emirate of Sharjah has become an attractive alternative to neighboring Dubai for foreign buyers, especially because of its affordable housing. Bankers, lawyers and other white-collar workers are moving to Sharjah due to skyrocketing apartment prices in Dubai, lured by the city’s low tax regime and favorable time zone, Bloomberg reported. Indian buyers account for about 29% of home sales at Arada’s Sharjah development, according to company data. Currently, buyers from Germany, Canada and the UK account for 10% of real estate purchases. Arada is in talks with Sharjah authorities to allow companies to apply for licenses similar to those granted by Dubai for free economic zones, which offer certain tax exemptions and other benefits.
Public Investment Fund: PIF-backed water company ACWA, in collaboration with Aramco subsidiary Sapco and Electric Holding Company, has closed on three $3.2 billion solar power projects. Meanwhile, Gerry Inzerillo, CEO of the Diriyah project, run by Riyadh’s PIF, told Reuters that the company is in talks to attract more foreign capital, while the Italian and French He said he has agreed to a deal worth nearly $1 billion with a developer.
DP World: Sultan Ahmed bin Sulayem, chairman and CEO of Dubai-owned DP World, warned against protectionism in an interview with CNN’s Richard Quest. โYou can see that despite these types of tariffs and everything else, trade between countries continued,โ he said. โPeople need to sell, people need to buy, and they
๐ญ Business Attraction: Saudi Arabia’s King Salman Energy Park, an industrial zone known as SPARK in Saudi Arabia’s Eastern Province, has attracted more than 60 investors and generated more than $3 billion in investments.
๐Shifting gears: Saudi car rental startup Shift has raised $83 million in a funding round led by Merak Capital.
๐ชธCoral Cove: HaejooX, a Korean company specializing in artificial reefs, is the prime contractor for Dubai Reef, which aims to become the world’s largest coral reef, with plans to restore coral and mangrove ecosystems, promote ecotourism, and produce renewable energy. Appointed as a contractor.
๐Lookup: S&P Global Ratings has raised Oman’s long-term sovereign credit rating from ‘BB+’ to ‘BBB-‘, returning the country to investment grade status.
๐Look Down: Moody’s downgrades Israel’s credit rating by two notches from ‘A2’ to ‘Baa1’, maintains negative outlook, says escalation of conflict between Israel and Lebanon has ‘material negative impact on Israel’s creditworthiness’ It was pointed out that this could lead to
circuit chatter
๐ง๐พโ๐พ Climate action: UAE will invest $30 million in biodiversity ecosystems, reforestation, agroecology and other climate goals in Ghana.
๐More IPOs: ADNH Catering, a subsidiary of Abu Dhabi National Hotels Company, has announced plans for an IPO next month that will put 40% of its shares on the ADX market.
๐ฒ๏ธGame On: The UAE’s electronic gaming and esports sector is expected to take the country to global hub status by 2033, with revenue expected to rise by 2027, according to a report by US-based Statista’s Insights It is expected to reach $492 million.
๐ช Flour Power: Force Milling Company, which holds a 21% share of the total flour market in Saudi Arabia, is expanding its production capacity and improving operational efficiency after its recent IPO, said company CEO Khalid Al Maqtari. he told Arab News.
Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and Deputy Prime Minister of the United Arab Emirates, met with Ruben Ramirez Lezcano, Minister of Foreign Affairs of Paraguay, during his visit to New York and discussed cooperation on information and communications technology.
Hassan bin Mojeb, chairman of the Saudi Federation of Chambers of Commerce and Industry, has been appointed as the first vice-chairman of the Federation of Arab Chambers of Commerce and Industry.
Adam Neumann, ousted CEO of WeWork and co-founder of real estate company Flow, has bought a 30% stake in Israel’s Canadian Global Real Estate Company for about $27 million.
Former US President Donald Trump’s son Eric Trump, who was recently in the UAE on a business trip, told Arabian Business that his father loved the country and planned to make an official visit when he returned to the White House after November’s elections. spoke.
Egyptian Minister of Investment and Foreign Trade Hassan El Khatib attended the signing of an agreement between the Egyptian Private Equity and Venture Capital Association and USAID to improve the efficiency of direct investment and venture capital in Egypt.
๐๐ฝ๐บ๐ฝBollywood Rocks: The International Indian Film Academy’s annual awards ceremony, held for the third consecutive year in Abu Dhabi, opened on Sunday night with ‘IIFA Rocks’, a celebration of hidden musicians and technical workers behind the scenes. The event ended with a concert titled. Bollywood stars Siddhant Chaturvedi and Abhishek Banerjee hosted the lavish extravaganza.
today’s photo
Emirati riders won gold medals in the team and individual categories at the 120km FEI World Young Horse Endurance Championship held at the Alborea Stadium on the Italian island of Sardinia.
September 30th – October 2nd, Dubai, United Arab Emirates: Future Hospitality Summit. The global conference for hospitality industry leaders is expanding this year with a new location with a dedicated space for ESG planning, a country pavilion and a larger exhibition area. Madinat Jumeirah.
October 2nd, Riyadh: Interview with Fareed Zakaria. CNN commentator speaks with Arab News Editor-in-Chief Faisal Abbas about his new book “The Age of Revolution” at the Riyadh Book Fair. Riyadh International Convention and Exhibition Center.
October 5-6, Abu Dhabi, United Arab Emirates: Abu Al Abyad Dhow Sailing Race. The race is expected to start from Abu Al Abyad to the Abu Dhabi Breakwater, attracting dhow owners and elite sailors. Abu Al Abyad Island.
October 14-18, Dubai, United Arab Emirates: GITEX Global. One of the technology industry’s biggest events, the UAE Conference sees companies from around the world show off their latest innovations. Dubai World Trade Center.
15-17 October, Dubai, United Arab Emirates: Aviation Future Week. The conference will bring together UAE ministers, government officials, and leaders from aviation, aerospace, air cargo, and other related industries. Future Museum.
October 22-24, Dubai, United Arab Emirates: Dubai Heli Show. The conference will feature innovations in hybrid and electric helicopters, AI integration, UAV combat operations, and civil aviation. Skydiving in Dubai.
October 29-31, Riyadh, Saudi Arabia. Future Investment Initiative Conference, 8th edition. More than 6,000 participants worldwide registered, including world leaders, policymakers CEOs, and investors. King Abdul Aziz International Conference Center.
November 12-13, Abu Dhabi, United Arab Emirates: CyberQ: Security in the Quantum Age. The conference brings together international experts, policy makers, and industry players to discuss the challenges of the quantum age of cybersecurity. Adneck.