Ray Dalio Set to Open Branch of Family Office in Abu Dhabi , Dubai Plot of Sand Sells for $34 Million, Saudi Arabia Wealth Fund Reveals Investments in Founders Fund, Tiger Global
Dubai Plot of Sand Sells for $34 Million in Luxury Island Record
Key Takeaways
• A piece of sand on an artificial island in Dubai sold for a record-breaking $34 million, highlighting the city’s booming real estate market.
• The influx of foreign wealth, desire to invest in property, and low-tax, low- crime environment are fueling the high-end real estate market in Dubai.
• Limited availability of properties, especially beachfront, is giving sellers a strong position to dictate prices in the market.
Ray Dalio Set to Open Branch of Family Office in Abu Dhabi
Key Takeaways
• Hedge fund billionaire Ray Dalio is setting up a branch of his family office in Abu Dhabi to deepen his push into the Middle East.
• The new office will be located in Abu Dhabi Global Market, which has attracted big hedge funds, venture capital firms and crypto companies in the past year.
• Dalio is also exploring a broader investment partnership with Group 42, the artificial intelligence firm chaired by UAE National Security Adviser Sheikh Tahnoon bin Zayed, and is joining an expanding list of wealthy individuals who are setting up offices in the UAE.
Amazon’s Mideast Rival Noon Cuts 10% of Jobs to Pare Costs.
Key Takeaways
• Noon, the Middle East’s e-commerce giant, has cut 10% of its workforce to increase efficiency and reduce costs.
• The layoffs at Noon included roles in marketing, advertising, and other departments.
• Despite initial plans for a $2 billion investment from investors, Noon’s founder said the company’s cash burn rate has significantly decreased, and it may not need the funds.
Saudi Arabia Wealth Fund Reveals Investments in Founders Fund, Tiger Global
Key Takeaways
• Saudi Arabia’s Sanabil Investments has publicly disclosed its portfolio of venture investments, including Tiger Global Management and Founders Fund, among others.
• The disclosure comes at a difficult time for the industry, with Tiger Global marking down one of its venture funds by 20% as of December.
• The move highlights Saudi Arabia’s reach in the investment world and its vision to be a global investment powerhouse.
Saudi Telecom to Buy United Group Towers for €1.2 Billion
Key Takeaways
• Saudi Telecom Co.’s Tawal infrastructure arm will buy a portfolio of more than 4,800 towers in Bulgaria, Croatia, and Slovenia from United Group for €1.22 billion ($1.3 billion).
• Tawal is making its first foray into Europe through this acquisition, expanding its tower assets to more than 16,000.
• The acquisition is part of a trend of Middle Eastern telecom operators investing overseas and acquisitions of digital infrastructure assets heating up in Europe.
Brookfield Eyes £2.1 Billion Network Bid, Trumping CVC Offer
Key Takeaways
• Brookfield Asset Management has submitted a £2.1 billion takeover proposal for Middle Eastern credit card processor Network International Holdings, outbidding a rival consortium.
• The proposal is a “highly preliminary,” non-binding offer of 400 pence per share, representing an 11% premium to Network’s Thursday closing price in London.
• Brookfield has until May 19 to announce plans for a firm offer, while the CVC consortium has until May 11 to respond.