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Saudi Arabia's sovereign wealth fund, alongside five regional counterparts, is set to control $18 trillion in assets by 2030, bolstered by aggressive investments, particularly in Asia and Africa. Gulf funds are enhancing their capabilities and expanding their global footprint, with significant investments in China amid a strategic shift from Western markets. As competition intensifies, these funds are focusing on performance and governance, employing around 9,000 professionals to drive innovation and efficiency.
Dubai has launched a pioneering real estate tokenization pilot, becoming the first property registration authority in the Middle East to utilize blockchain for property title deeds. This initiative, part of the city's 2033 real estate strategy, aims to enhance market liquidity and accessibility through fractional ownership.Officials project that tokenized real estate could represent 7% of total property transactions, potentially reaching 60 billion dirhams ($16 billion) by 2033. Despite operational challenges, the Dubai Land Department is optimistic about revolutionizing property transactions and is collaborating with tech firms to refine the system.
The UAE Central Bank has introduced a new Dh100 banknote ahead of Eid Al Fitr, featuring advanced security measures and made from durable polymer, which lasts significantly longer than traditional paper notes. Additionally, the banknote includes Braille symbols to assist blind and visually impaired users in identifying its value.
Gulf sovereign wealth assets are projected to reach $18 trillion by 2030, marking a 50% increase and reinforcing the region's financial dominance. With around 40% of global SWF assets, key players like Saudi Arabia’s PIF and Abu Dhabi’s ADIA are expanding investments, particularly in Asia and Africa, while facing rising competition and the need for enhanced performance standards.
The Dubai Land Department has launched a pilot phase of its Real Estate Tokenisation Project, becoming the first in the Middle East to implement tokenisation on property title deeds. In collaboration with the Dubai Virtual Assets Regulatory Authority and Dubai Future Foundation, the initiative aims to simplify real estate transactions and attract diverse technology firms, potentially reaching a market value of AED 60 billion by 2033. This project promotes fractional ownership through blockchain technology, enhancing investment opportunities and supporting innovation in Dubai's real estate sector.
Saudi Arabia's sovereign wealth fund and five regional counterparts are projected to manage $18 trillion in assets by 2030, a 50% increase from 2024. The Gulf region, home to six of the world's largest sovereign funds, is focusing on investments in Asia and Africa, particularly in high-growth economies and the mining sector. As competition intensifies, these funds are enhancing internal capabilities and seeking experienced talent to drive innovation and performance.
Majid Al Futtaim, the operator of Dubai's malls, reported a net profit of Dh2.5 billion for 2024. The shopping malls, led by the Mall of the Emirates, maintained a leasing occupancy rate of 97%, with footfall remaining stable following record growth in 2023 across its 29 locations. Additionally, the hotels portfolio has shown strong performance after recent optimizations.
Telr, a Dubai-based digital payments company, has obtained a Retail Payment Services license from the UAE Central Bank, allowing it to enhance its merchant acquiring and payment aggregation services. This milestone reinforces Telr's position in the digital payments sector and supports its mission to drive innovation in a cashless economy. The company offers a range of payment solutions across the UAE, Saudi Arabia, Bahrain, and Jordan, ensuring secure transactions through PCI-certified gateways.
The UAE Ministry of Finance has established a regulatory framework for eInvoicing service providers, detailing eligibility and accreditation requirements to enhance the digital financial ecosystem. Only accredited providers can issue structured eInvoices and credit notes, ensuring compliance with tax regulations. An online portal has been launched for managing accreditation applications, which is valid for two years and subject to renewal based on evaluations.
Goldman Sachs' president, John Waldron, is seen as a frontrunner to succeed David Solomon as CEO, with a career marked by a strong work ethic and client relationships. Meanwhile, the IPO market is cautiously reopening, with tech start-ups like CoreWeave and Klarna planning listings, although concerns linger due to recent market volatility.
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gulf sovereign wealth funds expand investments in asia and africa
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