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TRADING PARTNER
The UAE’s non-oil foreign trade reached a record $953 billion in 2023 as the Gulf state signed free trade agreements with India, Turkey and Indonesia while making broad efforts to diversify its economy. Trade with its 10 most important foreign partners grew 26% last year, according to figures released by the government on Sunday. “The expansion of foreign trade is a pillar of the UAE’s economic strategy, a driving force of growth and diversification and a catalyst for sectors that focus on innovation, knowledge and advanced technology,” Minister of State for Foreign Trade Thani Al Zeyoudi said in a statement.
GULF GLOBETROTTERS
Tourism is booming in the Gulf. Dubai International Airport surpassed its pre-pandemic annual passenger traffic last year and beat its own forecast on the back of a strong performance in the second half of the year. The airport handled about 87 million passengers in 2023, up 32% compared to the prior year, as it edged past the 86.4 million recorded in 2019, operator Dubai Airports said on Monday. The figures are also above its last full-year forecast of 86.8 million. Saudi Arabia meanwhile, recorded a 56% increase in incoming tourists between 2019 and 2023, leading the UN’s World Tourism Barometer in a report on how countries have recovered from the pandemic-induced plunge in tourism.
Public Investment Fund: Saudi Global Ports Co., which is owned by the PIF, and Singapore’s PSA International Pte, are considering an initial public offering in Riyadh, Bloomberg reports. NPR examines how Saudi Arabia has used the PIF to build NEOM and overhaul its economy by investing in a wide range of industries unconnected to oil.
Mubadala: The owners of Israel’s Tamar natural gas field, which include Mubadala, Chevron and several Israeli partners, approved plans to expand production at the offshore site in the Mediterranean. Mubadala-backed Yahsat has launched its Project Sky initiative to target previously unserved communities via multi-orbit satellite constellations.
🏛️ Rothschild in Riyadh: Rothschild & Co. said it will expand its operations in Saudi Arabia by hiring or relocating bankers for a new office in Riyadh’s King Abdullah Financial District.
🛫 Sharjah-Bound: Fly Jinna, a low-cost airline owned by Pakistani and Emirati companies, said it will start operating two flights a day between Islamabad and the UAE’s Sharjah Airport.
🧳 Valued Visa: Dubai’s liberal granting of so-called Golden Visas has kept valued expatriate professionals from leaving and helped sidestep the commercial real estate crisis that has hurt other big cities, Bloomberg reports.
🏖️ Party People: Known for producing events like “the loudest weekend in Riyadh,” and the Saudi Arabian Grand Prix concerts, MDLBEAST is set to manage a luxury beach club on NEOM’s Sindalah Island.
👕 In Style: Beyoung, an Indian D2C fashion brand, said it has received a strategic investment from the Royal Office of Sheikh Tahnoon Bin Saeed in the UAE.
🎞️ Media Acquisition: RedBird IMI, a joint venture between RedBird Capital Partners and Abu Dhabi’s International Media Investments, has agreed to acquire film production company All3Media for $1.45 billion from Warner Bros Discovery and London-based Liberty Global.
☪️ Islamic Finance: Qatar’s Islamic fintech market is predicted to double in volume to $4 billion a year by 2027, according to the Global Islamic Fintech Report.
🛩️ Moroccan Aeronautics: Figeac Aero, a French company specializing in manufacturing aeronautic equipment, opened a new $14 million production facility in Casablanca, Morocco.
🔬 Stem Cells: Kadimastem, an Israeli startup that uses stem cells to develop medical treatments, plans to trade its shares on the Nasdaq by merging with a Canadian company and delisting in Tel Aviv.
🏗️ Waterfront Towers: The Omani capital of Muscat’s low-slung skyline is set for change as construction begins this year on the $1.3 billion Al Khuwair Downtown and Waterfront Development Project, featuring a cluster of 30- and 40-story buildings.
The Emir of Kuwait, Sheikh Mishaal Al-Ahmed Al-Sabah, hosted Yasir Othman Al-Rumayyan, Governor of Saudi Arabia’s Public Investment Fund, at Seif Palace in Kuwait City on Sunday for a meeting to discuss economic collaboration between the two Gulf states.
Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Member of the Dubai Council, today inaugurated the ‘Introducing Zayed National Museum: The Foundations of Unity’ exhibition, being held at the Etihad Museum in Dubai from Feb. 18 until Dec. 5.
Wall Street investor Ken Moelis has turned his investment bank Moelis & Co. into one of the biggest dealmakers in the Middle East by cultivating relationships in the UAE and Saudi Arabia, Bloomberg reports.
Dana White, owner of Ultimate Fighting Championship, tells Tucker Carlson about why Abu Dhabi’s support for his mixed martial arts league was critical during the COVID-19 pandemic.
Moza Al Futtaim was named Chief AI officer of Al Futtaim Group, the Dubai-based mall developer and retail conglomerate owned by her grandfather.
Qatar Energy Minister Saad Al Kaabi promised more LNG deals between his country and European and Asian firms.
🎙️ A Star Is Born: Universal Music Group plans to open a branch of Capitol Studios in the UAE – the first outside of Hollywood – in collaboration with UAE music firm DGMC. The location of the new studios is not confirmed but plans call for a Dolby Atmos mixing room, state-of-the-art recording equipment and rehearsal rooms for artists and writers. A new record label under the deal will be a joint venture between the two companies and will work to turn artists from the region into global stars, according to a statement.
Feb. 19-20, Riyadh, Saudi Arabia: Saudi Capital Markets Forum. A gathering of government ministers, banks and local publicly traded companies to discuss integrating emerging markets with established financial systems. King Abdullah Financial District.
Feb. 21-22, Dubai, UAE: Step Conference. The Dubai edition of the leading tech festival for emerging markets. Internet City.
Feb. 22-23, Miami Beach, FL: FII Priority Miami. A summit on disruptive technology and investment trends hosted by the Future Investment Initiative Institute. Faena Hotel Miami Beach.
Feb. 26-29, Doha, Qatar: Web Summit Qatar. A Middle East edition of the technology crowd mega-event, gathering investors, entrepreneurs and business leaders. Doha Exhibition and Convention Centre.
Feb. 28-29, Abu Dhabi, UAE: Investopia. A gathering of investors hosted by SALT and Investopia, an investment platform launched by the UAE Ministry of Economy and backed by Mubadala and the Department of Economic Development. St. Regis Saadiyat.
Feb. 29-March 2, Sakhir, Bahrain: Formula 1 Gulf Air Bahrain Grand Prix. Bahrain International Circuit.
March 1, Abu Dhabi, UAE: Abu Dhabi Family Office Summit. One of the largest meetings in the region for family office leaders and investors. Saadiyat Rotana.
March 4-7, Riyadh, Saudi Arabia: LEAP. A global technology conference for developers, startups, investors, C-suite and media. King Abdul Aziz International Conference Center.
March 5-6, Doha, Qatar: International LNG Forum. Gathering of industry leaders and key stakeholders to discuss the future of gas in a key export market. InterContinental Doha Beach.
March 7-9, Jeddah, Saudi Arabia: Formula 1 STC Saudi Arabian Grand Prix. The Jeddah Corniche Circuit.
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