Marhaba folks! 🌟

Today we will discuss,

• 🌍 UAE's Economy Surges with 3.4% GDP Growth in Q1 2024 🚀

• 🌍 Leon Black Chooses Abu Dhabi for First International Family Office 🌟

• 🛢️ ADNOC to Supply Indian Oil with LNG for 15 Years 🇮🇳

Let’s dive in!

🌍 UAE's Economy Surges with 3.4% GDP Growth in Q1 2024 🚀

📰 What is it about?

• The UAE's economy achieved a 3.4% growth in GDP during Q1 2024, with real GDP reaching AED 430 billion ($117.16 billion).

• Non-oil GDP also expanded robustly, growing by 4% year-on-year, according to the Federal Competitiveness and Statistics Centre (FCSC).

• Key sectors driving this growth included financial and insurance activities (+7.9%), transportation and storage(+7.3%), and construction and building (+6.2%).

💡 Why it matters?

• The growth underscores the UAE's ability to maintain a resilient and diversified economy amid global challenges.

• Supports the "We the UAE 2031" vision, aiming to raise the UAE's GDP to AED 3 trillion over the next decade.

• Key sectors such as finance, construction, and tourism are thriving, boosting investor confidence and job creation.

• The strong performance across sectors enhances the UAE's standing in global economic competitiveness.

🔜 What’s next?

• Focus on sustainable growth and diversification, reducing dependence on oil revenues.

• Continued efforts to attract innovative and emerging projects that align with the UAE's economic goals.

• Further steps to achieve the economic objectives outlined in the "We the UAE 2031" strategy, bolstering long-term economic stability.

Meet top LPs and investors in the MENA Region

SVVI’s Calendar features eleven FII side events to track & Key tips from their expert team and partners.

About SVVI

SVVI is MENA’s leading VC advisory firm, working with MENA's sovereign, institutional, and family office allocators to develop and execute robust VC strategies. SVVI accesses the world's most sought-after, oversubscribed VC funds, by offering strategic value-add and opening up their coveted network of investors in MENA.

Access the calendar at www.svvi.co/#calendar

📈 Markets

🌍 Leon Black Chooses Abu Dhabi for First International Family Office 🌟

📰 What is it about?

• Leon Black, founder of Apollo Global Management and a notable private equity figure, has established his family office, Elysium Management's first international branch, in Abu Dhabi Global Market (ADGM).

• The new office, named Scimitar, will focus on building out a credit platform and will be led by local executives, including Abu Dhabi-based financier Asad Hussaini and Black’s son, Ben.

• This move underscores Black’s strong ties to the region, which he has developed over 30 years of engagement, and reflects his commitment to being part of Abu Dhabi’s continued growth and transformation.

💡 Why it matters?

• Elysium’s establishment in Abu Dhabi reinforces the emirate’s status as a growing global financial hub, attracting leading family offices and international investments.

• With Black’s substantial financial influence and experience, the new office can bring valuable capital and expertise to the region, potentially catalyzing new business opportunities.

• Black’s decision highlights the importance of Abu Dhabi as a key partner for global investors, enhancing its reputation in the MEASA (Middle East, Africa, and South Asia) region.

🔜 What’s next?

• Scimitar will develop its credit platform, Fortinbras, leveraging local talent and expertise to drive growth in the region.

• Elysium Management aims to become an active member of the Abu Dhabi business community, contributing to the local economy and aligning with the emirate’s vision for growth and prosperity.

• The office is expected to pave the way for further international expansion, establishing Elysium Management’s footprint in other strategic markets worldwide.

Quote of the day
“The first responsibility of a leader is to define reality. The last is to say thank you. In between, the leader is a servant.” – Max de Pree.

🛢️ ADNOC to Supply Indian Oil with LNG for 15 Years 🇮🇳

📰 What is it about?

• ADNOC (Abu Dhabi National Oil Company) has signed a 15-year agreement to supply Indian Oil with 1 million metric tons per annum of liquefied natural gas (LNG).

• The LNG will primarily come from ADNOC's Ruwais LNG project, which is set to begin output in late 2028.

• As part of this project, ADNOC has awarded a 10% stake each to Shell, BP, TotalEnergies, and Japan's Mitsui.

💡 Why it matters?

• The deal strengthens energy ties between the UAE and India, a key market for LNG, enhancing ADNOC's role as a major supplier.

• The Ruwais project will more than double ADNOC's LNG capacity from its current output to 15 million tons per annum, reinforcing its competitive position against other regional LNG giants like Qatar and Saudi Arabia.

• The project will run on clean power, aligning with global trends toward more sustainable energy production.

🔜 What’s next?

• The Ruwais project will begin its LNG production in late 2028, contributing significantly to ADNOC's expansion strategy in gas and LNG.

• ADNOC may explore further agreements and partnerships to leverage its expanded LNG capacity.

• ADNOC will continue to position itself in the global LNG market, vying for a stronger foothold against established players in the region.

In other news…

1. Founder of Egyptian Hydrofarms, Amr Bassiouny, killed in his apartment.

2. APCO’s all-hands meeting in Dubai cancelled due to concerns over consulting giant’s dealing with Israeli defense contractor.

3. Saudi Arabia wins bid to host 6th UN World Data Forum in 2016.

4. Dubai’s Apparel Group partners with French retail giant Carrefour to re-enter Indian market.

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