🤝 Abu Dhabi x New York Collab

Abu Dhabi and New York stock exchanges to offer dual listings.

Read time: 3.5 minutes

Good morning, ☀️

ADX & NYSE to form game-changing dual listings. Plus, two UAE wealth advisors share how they would invest AED 10,000.

Here’s what else we have for you today:

  • Crypto platform power plays

  • Freelancers’ 5-year residency visa

  • Marriott’s AED 4.8B bet on UAE’s first casino

Let’s dive in.

Markets 📈 

*Data as of 11/23/2023 — 12:00 GST

Money Brief 💰

A roundup of the biggest deals in the UAE this week.

Earnings:

  • Tabreed announces a 10% increase in revenue to AED 1.8B in Q3 (TA)

  • ADNOC Drilling delivers 3Q net income up 36% to AED 944M (MS)

  • Dubai Investments PJSC’s revenue is up 16% in Q3 to AED 866.9M (SWS

  • Abu Dhabi National Insurance has seen a 16% year-on-year net profit increase to AED 301.87M (MBR)

  • What we’re watching next week:

    • Orascom Construction and ENBD REIT

M&A / Investments:

  • Abu Dhabi’s Q Holding acquires stakes in Modon Properties and Abu Dhabi National Exhibition Company in AED 25.6B convertible bond deal (ZWY)

  • UAE’s Global Investment Holding buys 30% of Egyptian tobacco giant Eastern Company in AED 2.3B transaction (DNE)

  • Shuaa Capital to liquidate AED 367M SPAC amid market uncertainty (TNN)

  • UAE’s EIGHTClouds Private Equity acquires homegrown legacy uniform manufacturer Stitches in a deal worth over AED 30M (ZWY)

  • Abu Dhabi backed fund RedBird IMI to takeover the UK Telegraph and Spectator newspapers (BBC)

  • UAE fitness brand GymNation is back under the ownership of its original founders following the conclusion of a buyout deal (GBN)

IPOs:

  • Dubai Taxi IPO price range values company at up to AED 55B, with strong investor demand expected (RTR)

  • UAE healthcare group PureHealth set for Abu Dhabi listing in December (YFN)

Partnerships / Projects:

  • UAE’s Tawazun signs AED 4.6B defence deals at Dubai Airshow (GBN)

  • Emirates and Boeing partner to advance aircraft maintenance with digitally-focused solutions (EMR)

  • Dubai Bank partners with Mastercard on cross-border payments (IBSI)

  • Masdar, a UAE renewable energy firm, opens world’s largest single-site solar plant (PRN)

  • UAE’s GAL AMMROC partners with US-based Archer Aviation to launch electric air taxis (ZWY)

  • UAE’s GAL AMMROC partner’s with Saudi’s Pannesma to expand aircraft services within KSA (TAS)

Real Estate: 

  • AED 300M land deal finalised for Dubai’s Jumeirah Golf Estate (GBN)

  • Ras Al Khaimah ranked world's 4th-best city for expatriates, according to a global InterNations survey (TNN)

Dubai Snapshot: In its best quarter for property transactions in a decade, Dubai recorded 31,181 transactions, marking a 22.76% year-on-year increase. The overall sales Index surged to 1.554 in Q3, reflecting a 12.4% increase year-on-year. 

Off-plan transactions increased in volume by 24.6% and a record value of AED 35.71B, while rental contracts saw an increase of 11.2% and renewed contracts rose by 23.36%. 

UAE snapshot: In Abu Dhabi, the luxury real estate market on Saadiyat Island demonstrated durability and consistent growth despite global economic changes. 

Al Reem Island and Yas Island were focus areas for apartment ownership, while Al Raha Beach and Khalifa City were preferred for rentals. (Source)

What You Get: AED 110,000 yearly for a 3-bedroom apartment for rent in Ras Al-Khaimah, UAE 🏖️ 

This penthouse apartment has panoramic views of the coastline. 3 bedrooms and 3 bathrooms are spread out over this spacious home, which comes with access to a swimming pool, beach, gym and kid’s play area. (Source)

  • Size: 3,000 square feet

  • Annual asking price per square foot: AED 36.7

Crypto: 

  • Crypto platform Strike and Checkout.com partner to bring Bitcoin buying to 65+ countries, including the UAE (CN)

  • Taurus, a Swiss-based crypto company, is establishing an office in the UAE to tap into tokenized real-world assets (RWAs) and Dubai's real estate market (CN)

  • Fuze, a UAE virtual assets provider, received broker license from Dubai’s Virtual Assets Regulatory Authority (ZWY)

Golden News 👑

(Photo from Abu Dhabi Securities Exchange)

NYSE and ADX Forge a Landmark Collaboration

The NYSE and ADX have signed a memorandum of understanding to collaborate on dual listings, development of new financial products, and sustainability initiatives.

Here's the rundown:

  • Expanded market access will enhance opportunities for companies to access international capital.

  • New investment options to diversify portfolios.

  • Economic diversification that contributes to the diversification of the Abu Dhabi economy.

  • Facilitates dual listings, increasing company visibility and investor access and enabling participation in growth stories from diverse regions.

Why it matters:

This collaboration marks a significant stride in global financial integration, offering companies enhanced exposure and investors a broader range of investment opportunities. It builds economic growth and aligns with sustainability goals, making it a pivotal development for both regional and international markets. 

UAE Launched a Green Visa for Freelancers

The UAE has introduced a Green Visa, offering a 5-year residency for freelancers, self-employed, and skilled employees without the need for employer sponsorship.

Here's the rundown:

  • The Green Visa offers a 5-year self-sponsorship deal for a fresh start.

  • Open doors for freelancers, self-employed gurus, and skilled pros.

  • Family perks? Sons under 25 and all unmarried daughters are covered.

  • It's a talent magnet, making the labor market more dynamic.

  • Freelancers, show your permit and prove your earnings; skilled workers, bring your contract, HR rating, degree, and salary proof.

Why it matters:

The Green Visa is a game-changer in the UAE’s immigration policy, promoting flexibility and attracting global talent. It signals the UAE's commitment to becoming a hub for skilled professionals worldwide.

Marriott's AED 4.8B Al Marjan Bet on UAE’s First Casino 👀

Marriott International has teamed up with WOW Resorts for an ambitious project on Al Marjan Island, set to open in 2026.

Here’s the rundown:

  • The project is valued at a whopping US$1.3 Billion (AED 4,774,250,000.00.)

  • The development boasts 524 residences, ranging from one to four-bedroom units and luxurious penthouses.

  • Alongside these residences, there will be 300 luxury guest rooms.

  • It will host the UAE’s first casino.

  • The project aims to boost tourism to RAK significantly and could mark the pivot of UAE turning to tourism.

Why it matters:

This expansion is more than just a new resort. It's set to redefine luxury in the UAE, introducing the country's first casino and potentially turning Ras Al Khaimah into a top-tier destination for both leisure and business.

Expat Wallet 💸 

(Photo from Bayut)

Have AED 10,000 and wondering where to park it?

Two UAE-based wealth advisors weigh in on the best options for maximizing profits.

EFTs are the go-to for the smart investor. With AED 4,000, you're playing the market with low fees and no big buy-in. They're the unsung heroes for the modern investor – tracking everything from the S&P 500 to niche markets. The low fees are a sweet bonus!

Looking at real estate crowdfunding? Mohammed Shaan, a wealth whiz from the UAE, points to real estate crowdfunding. "It's not just for the ultra-rich," he says. For AED 3,000, you could be part of something big – from swanky apartments to industrial projects. Remember, though, it's a marathon, not a sprint.

If you fancy getting into real estate without the hassle, REITs are your real estate shortcut. “Investing in a REIT is also analogous to purchasing a stock. You buy a certain number of shares, which give you an interest in the REIT but not direct ownership of any of the properties,” says Brody Dunn. Mr. Dunn suggests investing around AED 3,000 for a slice of the property market action. (Source) 

Weekly Meme

(From Tidding)

That’s all for now! 

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research.