Happy Friday everyone!

The Central Bank of UAE has launched a new symbol for Dirham, following in the footsteps of Saudi Arabia which also recently launched a symbol for Riyal. However, UAE went one step further and announced the launch of a ‘Digital Dirham’ set for launch in Q4 2024.

e& has exited its investment in Khazna Data Centers, with MGX and Silver Lake stepping in to accelerate the company’s global expansion. Meanwhile, the UAE’s sukuk market continues to outperform globally, with Emaar and Aldar leading the charge amid a booming real estate sector. In Europe, Quintet Private Bank, backed by Qatar’s Al Thani family, is ramping up its hiring drive, signaling a strong push for growth after rebounding from years of losses.

Let’s dive in!

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e& Sells, MGX and Silver Lake Buy Stake in Khazna Data Centers

📰 What is it about?

• UAE technology investment firm MGX and US private equity giant Silver Lake have acquired a minority stake in Dubai-based Khazna Data Centers.

• The deal marks the exit of UAE telecoms group e& (formerly Etisalat) from its investment in Khazna, though the company will remain a key business partner.

• Financial terms of the transaction were not disclosed.

💡 Why it matters?

• Strengthens Abu Dhabi’s global tech ambitions: Khazna’s expansion aligns with Abu Dhabi’s push to become a global technology hub.

• MGX’s growing influence: The investment cements MGX’s role in major international deals, following its backing of Trump’s $500 billion Stargate AI program and a $2 billion stablecoin investment in Binance.

• Strategic partnerships: MGX is backed by Abu Dhabi’s Mubadala Investment Company and AI powerhouse G42, with additional support from Microsoft and Silver Lake.

🔜 What’s next?

• Khazna plans to accelerate global expansion, leveraging new investors to boost its capabilities and market presence.

• MGX’s expanding footprint suggests more high-profile deals in the AI, digital infrastructure, and blockchain sectors.

• Potential new partnerships as Abu Dhabi strengthens its role in the global tech and data center industries.

ODEUM – A Cutting-Edge Content Studio for All Your Production Needs

📰 What is it about?

• Odeum, the content studio built for modern media consumption, partnering with brands to deliver tailored content services while also creating original productions under the Augustus Media network.

💡 Why Choose ODEUM?

At ODEUM, we provide end-to-end media solutions to elevate your brand across multiple platforms.

• Video Production: From AI-powered videos to immersive live streaming and CGI storytelling.

• Animation Services: Dynamic 2D & 3D animation, motion graphics, and visually striking CGI. 

• Audio Production: Podcasting, sound design, and professional voiceovers that elevate content with immersive audio experiences.

• Original Content Development: Conceptualizing and producing shows, short films, and series that engage and inspire.

• Studio Rental: Fully equipped production spaces designed for seamless content creation, offering state-of-the-art filming, podcasting, and photography setups to bring creative visions to life.

🔜 What’s next?

• Have a project in mind? Let's make it happen!

• Book a studio or discuss your next big idea with us today.

Follow ODEUM on LinkedIn, Instagram, Facebook, and X.

Markets

UAE’s Sukuk Top in the World as Emaar and Aldar Lead Global Rally

📰 What is it about?

• The UAE’s Islamic bonds (sukuks) have delivered a world-leading 2.5% return since Jan. 20, surpassing the US as the top performer in Bloomberg’s benchmark index.

• Emaar Properties and Aldar Properties are among the best-performing sukuks, driven by Dubai and Abu Dhabi’s real estate booms.

• The global sukuk index is set for its third consecutive monthly gain, marking its second-best start to a year on record.

💡 Why it matters?

• Investor confidence in UAE real estate: Dubai and Abu Dhabi property prices surged 17.5% and 12.3%, respectively, in the past 12 months.

• Expat-led demand fuels long-term growth: Aldar now derives 78% of its sales from foreign and expat buyers, up from less than 20% before the UAE’s Golden Visa program.

• Strong corporate performance:

  • Emaar’s 2029 sukuk is trading at its highest since November, supported by record property sales and a credit upgrade from S&P Global.

  • Aldar’s sukuks (maturing in 2033 and 2034) have returned over 3% since January.

  • Aldar’s 2024 EBITDA surged 51%, with sales up 20%, and it expects to double EBITDA over the next three years.

🔜 What’s next?

• Continued demand for UAE sukuks, as global investors seek safe-haven assets amid geopolitical and economic uncertainties.

• New bond issuances: Aldar’s $500 million green sukuk in March received six times the demand, signaling strong investor appetite.

• Further real estate expansion, backed by end-user demand rather than speculation, securing long-term stability for UAE’s property market.

Qatari Royals’ $100 Billion Private Bank Expands in Europe with Hiring Drive

What is happening?

• Quintet Private Bank, controlled by Qatar’s ruling Al Thani family, is ramping up hiring across Europe as it rebounds from past losses.

• The Luxembourg-based wealth firm is in talks with over 20 private bankers, following key hires from Bank J. Safra Sarasin and Union Bancaire Privée, CEO Chris Allen was quoted as saying by Bloomberg.

• Total client assets reached €100.6 billion at the end of 2024, marking a 9.3% increase from the previous year.

Why it matters:

• Strengthening its European footprint: Quintet operates in 50 cities, including London, Amsterdam, and Copenhagen, and is looking to deepen its market presence.

• Backed by Qatari wealth: Precision Capital, a holding company for the Al Thani family, has invested €350 millioninto the bank since acquiring it in 2012.

• Turnaround success: After years of losses (2019–2021), the bank has now posted three consecutive profitable years, with a 45% profit surge in 2024.

What’s next?

• More high-profile hires expected, as CEO Chris Allen emphasizes the focus on “finding the right type of people.”

• A new chairman has been identified, set to replace former Coutts CEO Rory Tapner, ensuring leadership stability.

• Potential expansion beyond Europe, as the bank strengthens its position in global wealth management.

🔍In other news…

• Saudi jobs growth ‘likely to halve’ as PIF reins in spending.

• Italy pledges 68 million euros in aid for Syria.

• Saudi Aramco looks to invest in Indian refineries, sources say.

• Middle East's biggest broadcaster, MBC Group, beamed in around SAR4.2 billion as 2024 revenues.

• Abu Dhabi launches 'Madhmoun' for property listings, transactions.

• Apple has launched its latest Hearing Aid and Hearing Test services in Saudi Arabia.

The Latest from the Smashi Business Studio

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