MUST-READS

• The UAE’s $2 billion bet on a pro-crypto Trump

  Abu Dhabi is staking out its position in a more crypto-friendly world order. MGX — backed by state investment vehicle Mubadala and the Emirati AI firm G42 — this week invested $2 billion in cryptocurrency stored by Binance in exchange for a minority stake in the world’s largest crypto exchange by volume. The deal is the first time Binance has taken a corporate investment of this kind. The funds will be used to further develop blockchain technology as Binance looks to attract more business from institutional investors, the firms said in a statement.

• UAE and Saudi Arabia Lead Middle East Energy Transition

  The Middle East and North Africa (MENA) region has long been at the center of the global energy universe, with national oil companies (NOCs) and their predecessors charged with developing vast oil and gas resources for nearly a century. While the region will undoubtedly remain a dominant player in traditional oil and gas spheres for the foreseeable future, several key countries and NOCs are strategically positioning themselves to become key hubs and global leaders in new emerging energy markets. The result is an increasing divergence between the strategies of NOCs in the more forward-leaning countries, led by the UAE and Saudi Arabia, and, on a more regional level, Oman, and the more traditional petrostates, such as Kuwait and Qatar, where NOCs are primary focused on delivering operational results and revenues to the state.

• Saudi Arabia, UAE seen as possible venues for Trump-Putin summit, two Russian sources say
  Saudi Arabia and the United Arab Emirates are seen by Russia as possible venues for a summit between U.S. President Donald Trump and Russian President Vladimir Putin, two Russian sources with knowledge of the discussions told Reuters. Trump has said he will end the war in Ukraine as soon as possible and said he is ready to meet with Putin. Putin congratulated Trump on his election and stated he is ready to meet Trump to discuss Ukraine and energy.Russian officials have repeatedly denied any direct contacts with the U.S. about preparations for a phone call between Trump and Putin, which would precede an eventual meeting later this year. However, senior Russian officials have visited both Saudi Arabia and the UAE in recent weeks, according to the Russian sources, who spoke on condition of anonymity due to the sensitivity of the situation.

• Saudi crown prince holds telephone call with UAE president

  Saudi Crown Prince Mohammed bin Salman phoned the President of the United Arab Emirates Sheikh Mohamed bin Zayed Al-Nahyan on Tuesday. During the call, the two leaders reviewed relations between their countries and areas of existing cooperation and opportunities for developing them, Saudi Press Agency reported. Prince Mohammed and Sheikh Mohamed also discussed the latest regional and international developments and efforts made toward them to achieve security and stability.

• Gulf sovereign wealth funds drive $36bn+ mega-deal boom as UAE, Saudi buck global M&A slowdown

  Strategic inbound and domestic M&A activity in the region surged 88 per cent year-on-year to reach $36 billion during the first 10 months of 2024, according to new research from Bain & Company, contrasting sharply with more modest global deal growth of 7 per cent. “The Middle East’s exceptional M&A growth underscores the region’s transformation into a global investment powerhouse,” Grégory Garnier, Middle East Head of Bain’s Private Equity and Sovereign Wealth Fund practices, told Arabian Business. The surge was particularly pronounced in key sectors throughout 2024, with energy and natural resources seeing a 140 per cent increase, technology investments rising 90 per cent, and advanced manufacturing services recording a remarkable 300 per cent growth compared to 2023.

• UAE becomes top global destination for winter tourism: Report

  The UAE has advanced to 18^th position globally in the World Economic Forum’s 2024 Travel & Tourism Development Index, whilst maintaining its regional leadership. The nation’s Tourism Strategy 2031 targets AED100 billion in investments and 40 million hotel guests. The World Travel & Tourism Council reports that the UAE received 29.2 million international tourists in 2024, marking a 15.5 percent increase from 2023. The council projects visitor numbers to reach 45.5 million by 2033, WAM said in a statement.

• UAE’s nuclear company seeks to capitalise on AI-induced energy demand in US

  The United Arab Emirates wants to build and consult on nuclear projects around the world, with the US as the fastest-growing market, the head of the country’s state-owned nuclear company has said.  Emirates Nuclear Energy Company has become a major player since it was established in 2009. It completed the four reactors of its Barakah nuclear power plant, the first in the Arab world, in under 12 years, and on budget. The project was developed in partnership with Korea Electric Power Corp. The company, known as Enec, has built up investment and research and development teams to explore opportunities beyond the UAE, chief executive Mohamed Al Hammadi told the Financial Times. AI is set to drive a surge in demand for electricity to power data centres.

• Majority of UAE and Saudi Arabia professionals plan to switch jobs this year, LinkedIn says

  Three quarters of working professionals in the UAE and Saudi Arabia plan to look for a new job this year as they seek a better work-life balance and higher salaries, a new global poll of 22,010 employees by professional network LinkedIn has found. Professionals in marketing, education, finance, sales and media are most keen to look for new opportunities, while only 50 per cent of healthcare professionals are seeking new positions. However, more than half (51 per cent) said the job search became harder last year as the UAE recorded an influx of talent leading to a competitive job market, according to the survey.

• UAE launches $6bn ‘world’s first’ around-the-clock renewable energy facility

  The UAE on Tuesday launched what it called the “world’s first” facility that can provide renewable energy at scale around the clock. Abu Dhabi clean energy company Masdar will combine 5 gigawatts of solar capacity with 19 gigawatt hours of battery storage to produce 1 gigawatt of “uninterrupted clean power”, Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and chairman of Masdar, said at Abu Dhabi Sustainability Week. The project is being carried out in partnership with the Emirates Water and Electricity Company (Ewec).

• UAE, Saudi markets eye fresh wave of blockbuster IPOs after record 2024

  This comes as the Gulf region’s two largest economies build on a year that saw Saudi Arabia list 57 companies while the UAE raised $6 billion from just seven IPOs. The UAE’s IPO pipeline could include potential landmark deals such as national carrier Etihad Airways, online marketplace Dubizzle, hospitality firm Five Holdings, and IT company Alpha Data, though none have officially confirmed listing plans. The two markets are taking markedly different approaches to public offerings. The UAE has focused on fewer but larger deals, with food delivery platform Talabat and retailer Lulu Group leading seven listings that collectively raised AED22 billion ($6 billion) in 2024. Other significant listings included Abu Dhabi National Hotels Catering, NMDC Energy, Alef Education, Spinneys, and Parkin.

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