Finance World Magazine| Edition: October 2024
This month, we are pleased to present the October edition of Finance World Magazine, focusing on "Embracing the Future of Investment in the Middle East." Our cover story features Eng. Yaser Al Nuaimi, Acting Head of Infrastructure Partnerships at the Abu Dhabi Investment Office, highlights how the Public-Private Partnerships initiative is reshaping the investment landscape of the UAE. In this issue, we explore the integration of AI and personal finance, Dubai's strategic vision for FinTech and advancements made in the healthcare sector, followed by a special feature on "Finance in 2040" - a captivating time capsule of financial predictions.
This month, we are pleased to present the October edition of Finance World Magazine, focusing on "Embracing the Future of Investment in the Middle East."
Our cover story features Eng. Yaser Al Nuaimi, Acting Head of Infrastructure Partnerships at the Abu Dhabi Investment Office, highlights how the Public-Private Partnerships initiative is reshaping the investment landscape of the UAE.
In this issue, we explore the integration of AI and personal finance, Dubai's strategic vision for FinTech and advancements made in the healthcare sector, followed by a special feature on "Finance in 2040" - a captivating time capsule of financial predictions.
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UAE President and US Secretary of Commerce Highlight Tech Investment<br />
UAE President His Highness<br />
Sheikh Mohamed bin Zayed Al<br />
Nahyan met with US Secretary<br />
of Commerce Gina Raimondo to discuss<br />
enhancing collaboration between<br />
the two nations. The meeting focused<br />
on the evolving UAE-US relationship<br />
across economics, trade, investment,<br />
and technology, aligning with both<br />
countries’ commitment to sustainable<br />
economic prosperity. They highlighted<br />
the significance of investing in artificial<br />
intelligence and advanced technologies<br />
for future growth. Discussions included<br />
the recent announcement by UAE-based<br />
MGX regarding a global partnership<br />
with US firms to invest in AI infrastructure,<br />
emphasising the UAE’s vision for<br />
technology integration. Key attendees<br />
included senior UAE officials, further<br />
underscoring the importance of this<br />
dialogue in strengthening bilateral ties.<br />
Saudi Aramco Ventures Backs Utility Global in<br />
$53M Funding Round<br />
Saudi Arabia’s Aramco Ventures has<br />
boosted its investment in Utility<br />
Global, a Houston-based off-gasto-value<br />
company, as part of a $53M<br />
Series C funding round. While financial<br />
specifics of Aramco’s latest contribution<br />
remain undisclosed, the round was led<br />
by Canada’s OPG Pension Plan, with<br />
participation from multinational steel<br />
company ArcelorMittal through its<br />
XCarb Innovation Fund, and existing<br />
investors Ara Partners and Aramco<br />
Ventures. The funds will accelerate the<br />
commercialisation of Utility Global’s<br />
patented eXERO technology, which<br />
aims to reduce greenhouse gas emissions.<br />
Aramco Ventures first invested<br />
in Utility Global during its Series B<br />
funding round in late 2022, raising $25M.<br />
The latest funding is accompanied by a<br />
collaboration agreement for developing<br />
a commercial facility at ArcelorMittal’s<br />
integrated steel plants.<br />
Ajeej and Nuwa Capital Launch $100M Debt Fund<br />
Ajeej Capital, a Dubai-based asset<br />
manager, and Nuwa Capital,<br />
a venture capital firm, have<br />
launched a $100M private debt fund to<br />
support technology-focused companies<br />
across the MENAT region, particularly<br />
in the GCC. The Amplify Growth Partnership,<br />
managed by Ajeej and advised<br />
by Nuwa Capital, seeks to provide debt<br />
financing to founders and entrepreneurs<br />
for scaling operations. Amplify<br />
has already completed its first transaction<br />
with an unnamed Saudi fintech<br />
company. The fund aims to address<br />
the debt capital gap for businesses<br />
in Series A to Series C stages. Sharaf<br />
Sharaf, head of Amplify at Ajeej, highlighted<br />
the unmet demand for debt<br />
capital in the venture and SME sectors.<br />
Up to 20% of the fund’s capital is set<br />
aside for companies outside the region<br />
aiming to enter MENA or traditional<br />
businesses adopting technology.<br />
Capricorn Fund<br />
Managers Launches<br />
Platform in DIFC<br />
London-based Capricorn Fund Managers<br />
is launching a regulatory<br />
hosting solutions platform at the<br />
Dubai International Financial Centre<br />
(DIFC) for investment managers across<br />
hedge funds, private equity, and venture<br />
capital firms. The platform, structured<br />
as an Incorporated Cell Company<br />
(ICC), allows firms to operate under<br />
Capricorn’s licence, avoiding the need<br />
for a separate regulatory licence from<br />
the Dubai Financial Services Authority<br />
(DFSA). Capricorn emphasises that<br />
this platform will help managers scale<br />
their operations efficiently, lowering<br />
daily operational costs and providing<br />
access to specialised expertise in risk,<br />
regulation, and compliance. With over<br />
400 wealth and asset management<br />
firms, including more than 60 hedge<br />
funds, DIFC manages nearly $700B,<br />
positioning itself as a key player in the<br />
global financial landscape.<br />
Oct <strong>2024</strong> www.thefinanceworld.com 75