AB Espresso: UAE-listed stocks hit $1trn milestone

Hello reader,

In today’s newsletter:

Discover the latest stories from Arabian Business, compiled by our editorial team. Here’s what you missed on Monday:

UAE-listed stocks are now reportedly valued at over $1 trillion, marking a significant milestone for the market. The UAE bourse has surpassed most emerging markets in size, except for larger ones like India and China, and remains below Saudi Arabia's nearly $3 trillion valuation. The market’s growth has been driven by government initiatives to attract foreign investments, a growing population, and strong economic fundamentals.

Errol Musk, father of Elon Musk, expressed optimism about global stability following Donald Trump’s re-election and Elon Musk’s new role in the administration. Speaking to Arabian Business, Errol Musk called Trump “wrongly maligned” and welcomed the election results, stating that they offer hope for a safer future.

On the real estate front, Brazilian footballer Neymar Jr. has purchased a penthouse worth AED200 million at Bugatti Residences by Binghatti in Dubai. This acquisition underscores the trend of global celebrities investing in Dubai’s high-end real estate market.

Meanwhile, Ras Al Khaimah’s tourism sector is set for expansion, according to Raki Phillips, CEO of RAK Tourism Development Authority (RAKTDA). On the latest episode of AB Majlis, Phillips shared plans to triple visitor numbers by the end of the decade, reaching 3.5 million overnight and 1.5 million day visitors. Key developments include the Wynn Resort and accommodation options on Jebel Jais, with hotel capacity in the emirate set to double.

In other news, the MENA region recorded 522 merger and acquisition (M&A) deals worth $71 billion in the first nine months of 2024, according to EY’s MENA M&A Insights 9M 2024. The UAE and Saudi Arabia accounted for 239 deals with a combined value of $24.5 billion, highlighting the region’s appeal due to favourable business policies.

Until next time, Sharon Benjamin for Arabian Business

THE LONGER READ:

Errol Musk says despite it being a “fantastic” opportunity he sees the role as a demotion, that could take a toll on him

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