The world’s first Shari'ah-compliant contract for silver trading launches, UAE investors now have access to Blackstone’s $295bn credit empire, an Abu Dhabi sovereign wealth fund is creating one of the region’s largest life sciences firms ahead of a potential IPO, and we’re celebrating Pakistan’s rise to be the world’s second-best stock market.
We also offer you an alternate way of getting the UAE 10-year residency Golden Visa and highlight local investors who are making their mark.
*Data as of 02/11/2023 — 22:00 GST
Metal Moves: Gold Surpasses S&P 500 in 2023 nearing $2,000/oz, its highest since May, benefiting from safe-haven demand amid Middle East tensions and a drop in U.S. Treasury yields.
Golden Advice 🥇
Since 1990, Naser Nabulsi of Al Mal Capital PSC has been investing in regional and international markets. His advice right now?
“This is the time for people to invest in venture funds. Our plan in the region is acquiring companies, restructure and, maybe, list them.”
Expat Wallet 💸
Planning to apply for the UAE 10-year residency Golden Visa? Many people are now bypassing the more complicated property and business investment routes for a simple deposit scheme: put up Dh2 million in a bank deposit for 2 years.
The simplicity is appealing. “The deposit and interest rates are fixed and therefore tends to be a very straightforward way to obtain the UAE Golden Visa,” said James Swallow, Commercial Director at the consultancy PRO Partner Group.
“Whereas real estate and business investments undergo a much more thorough evaluation process – involving other approvals, including that from the Dubai Land Department.”
With the return on deposits at around 5%, this route is growing in popularity.
Buyer Beware: Before signing, review the terms of your bank’s fixed deposit letter. Some banks have a fixed term for their products that is longer than 2 years, so shop around. (Source)
Money Brief 💰
A roundup of the biggest deals in the UAE this week.
Emirates NBD’s Q3 profit increased 38% to $1.4 billion
UAE real estate developer Aldar’s Q3 2023 net profit rises 48% YoY to $245 million
UAE’s RAK Bank reported 54% nine-month profit increase to $367 million
What we’re watching next week:
ADNOC Gas, Dubai Electricity, Salik, Air Arabia, Abu Dhabi National Hotels, Al Yah Satellite Communications, Agthia, Aramex, RAK Ceramics
Keyper, a Dubai-based proptech startup raised a $6.5 million Seed round led by Access Bridge Ventures and Vivium Holdings
Nomad Homes, a Dubai-based proptech startup raised a $20 million Series A extension led by California-based multi-stage venture fund Acrew Capital
Neo Mobility, a Dubai-based EV logistics startup, raised $10 million Series A funding from Delta Corp Holdings
Saudi Venture Capital invested $10 million in UAE’s Ruya Private Capital
Belong, a Dubai-based socializing app raised $1.5 million pre-Series A round
Olive Gaea, a Dubai-based climate-tech startup raised a $1 million Seed round by Cornerstone Ventures
M&A / Investments:
ChatGPT creator OpenAI signed partnership with UAE tech conglomerate G42
UAE port operator DP World signed 30-year deal with Tanzania Ports Authority to operate Dar es Salaam Port
UAE communications firm Nedaa signed MoU with Dubai Customs
Emirates announced codeshare deal with Malaysia’s Batik Air
Etihad signed codeshare agreement with Scandinavian Airlines
Abu Dhabi’s F9 Capital Management and South Africa’s QGC commit $1 billion towards green metal mining in Africa.
Sales: The average sales prices in Dubai over the past year (to September 2023) increased by 19.7% (apartments) and 18.9% (villas). Apartment sales are still 8.8% below the record levels witnessed in 2014, but villa sales are 11.1% above their 2014 levels. Apartments currently average AED 1,357 per square foot and villas AED 1,605 per square foot.
Rentals: In the rental market, average rents rose 20.7% (apartments) and 20.1% (villas) over the past year (to September 2023). Units were averaging AED 108,606 (apartments) AED 322,750 (villas) annually over this same period.
What You Get: AED 1,000,000-2,000,000 apartments in downtown Dubai for sale.
From 674 to 1,297 square feet, 1-bedroom apartments with a pool, balcony and/or a view of Burj Khalifa. Search here.
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See you in your inbox with more updates next week 👋🏾