🥈 Trading Silver

Good morning, ☀️

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. 

Let’s dive in!

Markets 📈 

• 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 News 👑

The Dubai Gold and Commodities Exchange (DGCX) launches the GCC's first Shari'ah Compliant Silver Spot Contract (DSSC), available for trading from 27th October.    

• Why It Matters: This gives investors a reliable and transparent way to invest in physical silver through the DGCX, helping to mitigate risk.

The Abu Dhabi Investment Company launches a new SCA regulated fund with private investment banking company Blackstone.  

• Why It Matters: The Invest AD Blackstone Private Debt Fund brings Blackstone’s institution-calibre credit platform and $295bn credit business to qualified non-US investors, primarily in the UAE.

Abu Dhabi Wealth Fund to Merge Life Sciences Assets Ahead of IPO.

• Why It Matters: Abu Dhabi sovereign wealth fund ADQ is consolidating its pharmaceutical assets to create what would be one of the region’s largest life sciences firms ahead of a potential IPO. A possible early investment opportunity, ADQ plans to list the new entity in the next 12 to 18 months.

Pakistan has become the world’s second-best stock market as the key index rises, soaring 23% after an initial deal with the IMF.

• Why It Matters: The recent recovery of Pakistan’s rupee, national elections expected in late January and the finalizing of a new IMF program will help lure investments to the country.

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.

Earnings:

• 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

IPO: 

• Dubai Taxi Corp seeks to raise $300 million in November IPO with Bank of America, Citigroup, and Emirates NBD Capital

VC: 

• 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: 

• UAE investor among top shareholders in UK’s Saga. Eldose Babu, based in Dubai, has acquired a 3.22% stake in London Stock Exchange-listed Saga Plc, a UK travel and financial services provider to those aged over 50.

• Dubai Gold and Commodities Exchange launched shariah-compliant silver spot contract

• UAE renewable energy firm Masdar purchased 49% stake in wind farm owned by Spain’s Iberdrola for $2.14 billion 

• UAE’s Alpha Dhabi Holding acquired 51% stake in US oil field services conglomerate NTS Amega Global

• UAE insuretech firm Democrance to expand into Saudi Arabia

Partnerships

• 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.

Real Estate 

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.

Crypto

• UAE-based crypto investor, Conor Kenny, has become one of the leading voices in the crypto space. 166k subscribers tune in for market updates, tutorials and investment advice.

• Ras Al Khaimah unveils RAK Digital Assets Oasis, a free zone focused on digital assets, Web3, and AI, marking a strategic pivot from traditional sectors like tourism.

AI Productivity Power-ups

• Browse AI: Monitors and extracts web data using a robot you can train 🤖

• Meet Curiosity: The ultimate all-in-one search tool, command bar and AI Assistant 🔎

• Otter AI: Get an AI meeting assistant that records audio, writes notes, captures action items, and generates summaries 🎧

Weekly Meme

That’s all for now! 

See you in your inbox with more updates next week 👋🏾