🍀 Leonardo DiCaprio's Climate Fund Expands into Abu Dhabi

Marhaba folks! 🌞 In today’s edition, we discuss Leonardo DiCaprio's Climate Fund expanding into Abu Dhabi, the relocation of over 120 foreign companies to Riyadh in Q1 2024, and Aldar’s $490 million investment to broaden its commercial portfolio in Dubai. Yalla, let’s go 🏃🏻‍♀️

🍀 Leonardo DiCaprio's Climate Fund Expands into Abu Dhabi

What is it about: 

• Leonardo DiCaprio's climate fund, advised by Princeville Capital, is expanding into Abu Dhabi.

• The fund will establish an office at Abu Dhabi's startup incubator, Hub71.

• The focus is on investing in startups specializing in climate change technologies.

Why does it matter: 

• It represents a significant commitment to supporting climate tech companies in the region.

• The investment aligns with Abu Dhabi's strategy to attract international fund managers and diversify its economy.

• It supports Abu Dhabi's goal of boosting innovation and job creation by drawing international venture capital firms.

What is next: 

• Princeville Capital will identify investment opportunities and support company growth through education programs and networking.

• Abu Dhabi will continue to attract international funds, building on its success with top hedge funds like Brevan Howard Asset Management.

• Hub71 will work to draw more venture capital firms to enhance innovation in the region.

📈 Markets

📍Over 120 Foreign Companies Relocated to Riyadh in Q1 2024

What is it about:

• Riyadh saw over 120 foreign companies relocate their regional headquarters in Q1 2024.

• This represents a 447% increase compared to the previous year.

• The relocation surge is attributed to growth in the non-oil sector and a government mandate.

Why does it matter: 

• Foreign direct investment increased by 5.6%, and the office sector grew by 3.4%.

• These trends contribute to an expected 5% GDP growth for Riyadh.

• The high demand for office space led to a 98% occupancy rate for Grade A offices and rising rents.

• Nearly 70% of inquiries were from international firms, with significant interest from the US and UK.

What is next:

• An additional 650,000 square meters of Grade A office space is anticipated by the end of 2025 to accommodate the growing demand.

Quote of the day

"Success is not in what you have, but who you are." – Bo Bennett

🏠 Aldar Expands Commercial Portfolio in Dubai with $490 Million Investment

What is it about: 

• Aldar Properties has committed approximately $490 million to expand its portfolio in Dubai.

• The investment includes Aldar's first commercial development in Dubai and a new Grade A office tower on Sheikh Zayed Road.

Why does it matter:

• The new office tower will feature 88,000 sqm of net leasable area, a luxury hotel, and branded residences, targeting completion in Q4 2027.

• Aldar has also acquired 6 Falak, a fully leased Grade A office building in Dubai Internet City (DIC).

• The $272 million Verdes by Haven residential complex and an additional $272 million investment in logistics, including a Grade A logistics park in Jebel Ali, highlight Aldar's broadening portfolio.

What is next: 

• The new Grade A office tower and the Verdes by Haven residential project are set to enhance Aldar’s presence in Dubai's prime business and residential areas.

• The expansion into logistics with a new park in Jebel Ali will support increased demand in the logistics sector.

• Completion and operational start for these projects are targeted for the end of 2027 and beyond.

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