Finance Middle East

It's already December, and the recession the US was expecting never showed up. Instead, the economy grew 3.1% last year, up from less than 1% in 2022 and faster than the average for the five years leading up to the pandemic. Inflation has eased substantially. Unemployment remains at historic lows, and consumers continue to spend despite Federal Reserve interest rates at a 22-year high. In the cover feature, Nivetha Dayanand breaks down everything that happened in 2024 and its financial repercussions on the markets. Spoiler alert—gold, Bitcoin and the S&P 500 all touched their all-time highs this year.  Finally, it’s December, and the holiday season is here! In our industry insight section, Beatriz Valero de Urquía Valero analyses how the retail sector gears up for the holidays and what this means for economic activity during this crucial period. This is an action-packed edition to wrap up the year. So, grab your eggnog and get reading! More here: https://lnkd.in/dMuGzkke

The Oman Investment Authority (OIA) has announced its acquisition of a stake in xAI, an American company specialising in artificial intelligence technologies. The investment aligns with OIA’s strategy to focus on advanced technologies across various sectors. Follow the link for more details: https://lnkd.in/dCfdS8QN

Abu Dhabi Global Market (ADGM) announced commitments totalling $635 billion in assets under management (AUM) during the third edition of Abu Dhabi Finance Week (ADFW), marking a significant increase from the $450 billion recorded during the 2023 event. Follow the link for more details: https://lnkd.in/dj78cJzd

The financial industry is seeing a fundamental shift with tokenisation, a blockchain-based approach to creating digital representations of real-world assets. As blockchain matures, banks, fintechs and regulators are increasingly looking to leverage this technology to build cross-border, multi-jurisdictional networks, enabling new efficiencies and amplifying access to a wider array of assets. Tokenisation’s potential to streamline processes, democratise ownership and enhance liquidity is reshaping finance, but scaling these projects to real-world applications involves navigating significant regulatory and operational challenges. Words by Nivetha Dayanand with inputs from Dr Christina Yan Zhang, CEO of the The Metaverse Institute; Mustafa Syed, Senior Manager and Solution Architect at PwC; Sagar Sarbhai, Global Head of Business Solutions and Advisory at Fireblocks; Alex Lola, CEO of ATME Bahrain Economic Development Board (EDB) Follow the link for more details: https://lnkd.in/dExQCWdB

Dubai Aerospace Enterprise (DAE) announced it has received $201 million in cash proceeds over the past three months from settlements with selected insurance companies related to aircraft previously leased to airline carriers in the Russian Federation. Follow the link for more details: https://lnkd.in/dJ3YAncm

ADNOC Logistics & Services (ADNOC L&S) announced a significant expansion in its Integrated Logistics segment in 2024, including the acquisition of 20 offshore assets and securing hire contracts for 19 Jack-Up Barge (JUB) deployments.  Follow the link for more details: https://lnkd.in/dRx9GeED

Franklin Templeton has added the FTIFF Franklin India Fund to its Dubai International Financial Centre (DIFC) fund range, Franklin Templeton Investments Feeder Funds (FTIFF), targeting the onshore UAE retail market. Follow the link for more details: https://lnkd.in/dZPkMeWd

DP World has initiated maritime construction at the $1.2 billion Port of Ndayane in Senegal, marking a significant step in transforming the country into a major hub for global trade. The dredger Willem Van Rubroeck’s arrival at Ndayane signals the start of dredging a 5-km-long shipping channel, an essential component of the port’s development. Follow the link for more details: https://lnkd.in/dR5zjNDQ

The US Federal Reserve reduced its benchmark interest rate by 25 basis points on Wednesday, marking its third consecutive rate cut since the onset of its easing cycle in September. The decision lowers the federal funds rate to a range of 4.25% to 4.50% but signals caution regarding further reductions, citing slower progress in bringing inflation back to its 2% target.  Follow the link for more details: https://lnkd.in/dZp-SdqK

The Hashgraph Group (THG) has obtained a venture capital fund management license through its subsidiary, Hashgraph Ventures Manager Ltd, in the Abu Dhabi Global Market (ADGM). Regulated by the ADGM Financial Services Regulatory Authority (FSRA), the firm plans to launch a $100 million global venture fund, Hashgraph Venture Fund-I (HVF-I), targeting investments in web3 and DeepTech companies. Follow the link for more details: https://lnkd.in/dd6XDYEs