Welcome to the Business Beat of the Middle East!
Today’s highlights include Saudi Arabia’s latest share offering, AI industry leaders showcasing in Dubai, the revival of Saudi’s ancient sites for tourism, and ADQ’s PureHealth gearing up for a profitable IPO. First up, the Future Investment Initiative’s debut in Latin America.
Saudi Arabia’s prestigious Future Investment Initiative, renowned for its ‘Davos in the Desert’ gathering, kicks off its inaugural Latin American event today. The summit, which follows an earlier successful meeting in Miami, aims to extend the kingdom’s influence by convening prominent South American business and government leaders in Rio de Janeiro’s Copacabana Palace. Discussions will focus on climate change, the Gulf’s growing relations with BRICS nations, and the latest technological advancements.
The FII, with the Public Investment Fund as a founding member, is capitalizing on a surge in trade between Saudi Arabia and Brazil. Their shared interests in food security, mining, and aviation have fueled a decade-high spike in Brazil’s exports to the kingdom in 2023. Notable recent agreements include a foodstuff promotion deal between Lulu, the Middle East’s largest supermarket chain, and Brazil’s trade agency, as well as a $2.5 billion investment by Manara Minerals, a Saudi-Brazilian joint venture, in Brazil’s mining giant Vale.
Among the distinguished speakers at the FII event are Yasir Al-Rumayyan, Governor of the Public Investment Fund; Reema Bint Bandar Al Saud, Saudi Ambassador to the U.S.; Faisal Bin Bandar Al Saud, Chairman of the Saudi Esports Federation; and former U.S. Secretary of State Mike Pompeo. Other notable attendees include Saudi Minister of Investment Khalid bin Abdulaziz Al-Falih and global business leaders.
POWER PUSH: Acwa Power, a Saudi energy firm, is looking to raise 7.1 billion riyals ($1.9 billion) through a rights issue, hot on the heels of Saudi Aramco’s $11.2 billion share sale. Owning a 44% stake, the Public Investment Fund supports Acwa Power’s leading role in the kingdom’s green transition. The company intends to invest heavily in renewable energy and hydrogen projects, both domestically and internationally.
CHIPS FOR SALE: An AI-focused event at Dubai’s Museum of the Future has attracted tech giants like Nvidia, Google Cloud, and Microsoft. These companies are showcasing their latest offerings to UAE’s key policymakers as Dubai moves to embed AI across government operations. Omar Al Olama, UAE Minister of Artificial Intelligence, emphasized the UAE’s ambition to become a hub for advanced chip manufacturing.
UNBURIED TREASURE: Saudi Arabia’s investment in heritage tourism is bearing fruit. With a strategy to revive ancient mud-brick palaces and historical sites, the kingdom has seen a substantial increase in tourism, attracting over 100 million visitors in 2023. This marks a significant leap from pre-pandemic levels, showcasing the potential of cultural heritage as a tourist magnet.
AI Healthcare: Saudi Arabia is on a mission to embed artificial intelligence across its healthcare sector by 2030. With plans ranging from robot-assisted surgeries to genomics research, the kingdom is poised to become a leader in AI-driven healthcare solutions.
Aluminum Complex: Oman is setting the stage for an aluminum industry complex in Suhar Industrial City, aiming to bolster the sector’s competitiveness.
Super Suq: Bahrain’s traditional Manama market is set for a technological overhaul, with plans to enhance the shopping experience for visitors.
The UAE is also making significant strides, with Sheikh Mohammed bin Rashid approving new legislation for autonomous and electric vehicles, and the country’s president, Sheikh Mohamed bin Zayed, discussing bilateral relations with the Netherlands. Furthermore, the UAE’s industry minister, Dr. Sultan Al Jaber, has been elected chairman of an Abu Dhabi-based AI firm, highlighting the nation’s commitment to advanced technology.