Marhaba folks! 🌟

Today we will discuss,

• 💹📈 Arab Stock Exchanges Hit $4.268 Trillion Market Cap in August 2024 📊🌍

• 🌍💸 Centi-Millionaires in Dubai, Abu Dhabi, and Riyadh to Surge by 150% 📈💼

• 🌍🌦️ G42 and NVIDIA Partner to Revolutionize Climate Forecasting with AI 🔬💡

Let’s dive in!

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💹📈 Arab Stock Exchanges Hit $4.268 Trillion Market Cap in August 2024 📊🌍

📰 What is it about?

• The market capitalization of Arab stock exchanges grew by 0.52%, reaching $4.268 trillion in August 2024, a $22 billion increase from July.

• Major exchanges include:

  • Abu Dhabi Securities Exchange: $763.9 billion

  • Dubai Financial Market: $197.4 billion

  • Saudi Exchange (Tadawul): $2.727 trillion

  • Qatar Stock Exchange: $162.5 billion

💡 Why it matters?

• The growth reflects the resilience and expansion of Arab economies, especially in the UAE, Saudi Arabia, and Qatar.

• With large market caps, these exchanges attract global investors, boosting economic stability and regional influence.

• The numbers highlight key sectors driving growth in these economies, influencing regional trade and foreign investment.

🔜 What’s next?

• Continuous growth is expected as diversification and investment in sectors like technology, finance, and energyexpand.

• Monitoring trends in regional stock markets will be crucial for investors and policymakers, as markets remain volatile amid global economic shifts.

📈 Markets

🌍💸 Centi-Millionaires in Dubai, Abu Dhabi, and Riyadh to Surge by 150% 📈💼

📰 What is it about?

• A new report from Henley & Partners forecasts a 150% growth in centi-millionaire populations in Dubai, Abu Dhabi, and Riyadh by 2040.

• These cities are emerging as super-rich hotspots, with individuals holding $100 million or more in liquid investable assets.

• Dubai currently ranks 15th globally with 212 centi-millionaires, while Abu Dhabi and Riyadh are ranked 50th and 51st respectively.

💡 Why it matters?

• This growth reflects the shifting global wealth landscape, with the Middle East and Asia becoming major wealth hubs.

• The rise of these cities highlights the economic appeal of the region, drawing high-net-worth individuals and boosting investment.

• The increase in super-rich residents will likely contribute to further economic growth, attracting more luxury brands, services, and global business.

🔜 What’s next?

• By 2040, these Gulf cities are expected to see their centi-millionaire communities more than double.

• Cities like Dubai, Abu Dhabi, and Riyadh will compete with global financial centers like New York and London.

• As emerging markets grow, they are likely to reshape global wealth distribution, with more focus on the Middle Eastand Asia.

Quote of the day
“The most dangerous poison is the feeling of achievement. The antidote is to every evening think what can be done better tomorrow.” – Ingvar Kamprad, IKEA founder

🌦️🔍 G42 Teams Up with NVIDIA to Revolutionize Global Weather Forecasting 🌍💡

📰 What is it about?

• G42 and NVIDIA are partnering to tackle global climate challenges by improving the accuracy of weather forecastsusing AI technology.

• The partnership will develop advanced climate simulations through NVIDIA’s Earth-2 platform, offering precise weather predictions at the square-kilometre level.

• A new Climate Tech Lab will be set up in Abu Dhabi, focusing on AI-driven climate solutions using 100+ petabytes of data.

💡 Why it matters?

• Accurate weather forecasts are crucial for industries like agriculture, aviation, and disaster management, reducing risks and improving planning.

• The collaboration aims to address global climate challenges, benefiting millions by providing more reliable predictions, especially in areas prone to extreme weather.

• This partnership underscores the growing role of AI in solving environmental problems.

🔜 What’s next?

• The Climate Tech Lab in Abu Dhabi will be a hub for research and innovation, focusing on climate resilience.

• G42 and NVIDIA’s partnership aims to benefit global industries like agriculture, energy, and transportation by improving climate predictions.

• The Earth-2 platform will evolve, leading to better climate solutions with real-world impact across ecosystems worldwide.

In other news…

1. Mubadala and Aldar unveil $8.17 billion partnership to develop Abu Dhabi real estate.

2. You can now book taxis in Abu Dhabi through the Yango app.

3. UAE mandates at least one woman on board of directors for private firms by 2025.

4. New M&A platform launched in the UAE, Bidzi, to compete with Exits MENA and Smergers.

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