This week, PIF acquired a 30% stake in Masdar Building Materials to support Saudi Vision 2030, DIFC introduced an API to enhance real estate data access, and Elon Musk’s Boring Company signed an MoU with Dubai’s RTA for the Dubai Loop project. The UAE President reconstituted the Artificial Intelligence and Advanced Technology Council, and Saudi fintech unicorn Tabby is reportedly preparing for an IPO with global banks.
Here are the top stories this week as selected by Finance Middle East editors.
PIF acquires 30% stake in Masdar Building Materials
Saudi Arabia’s Public Investment Fund (PIF) has acquired a 30% stake in Masdar for Building Materials Company (Masdar) by subscribing to newly issued shares through a capital increase.
This investment aligns with PIF’s strategy to support the growth of strategic sectors in Saudi Arabia and achieve the goals of Saudi Vision 2030. The construction and building components and services sector is a priority due to its significant role in the economy.
DIFC unveils API to enhance real estate data access
The Dubai International Financial Centre (DIFC) has introduced an Application Programming Interface (API) to grant third parties access to its real estate data. This move aligns with the Dubai Real Estate Sector Strategy 2033, aiming to boost transactions and attract international investors.
Keyper, a Dubai-based PropTech firm, is the first to utilise this API, launching a platform that offers real-time insights into DIFC’s property market. Users can now assess property values, rental yields, and transaction histories within the centre.
Dubai Loop: What to know about Musk’s Boring Company’s new underground transit deal
Elon Musk’s Boring Company is partnering with Dubai to develop the Dubai Loop, an underground transportation network designed to connect the city’s most densely populated areas. Musk, speaking via video link at the World Government Summit in Dubai, described the system as a ‘wormhole’ that allows rapid transit across the city.
Under an MoU signed between RTA and The Boring Company, Dubai will explore the development of the 17-kilometre project. With 11 stations and a capacity to transport over 20,000 passengers per hour.
UAE President reconstitutes Artificial Intelligence and Advanced Technology Council
In his capacity as Ruler of Abu Dhabi, His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, has issued a resolution to reconstitute the Artificial Intelligence and Advanced Technology Council (AIATC). The council will be chaired by HH Sheikh Tahnoon bin Zayed Al Nahyan, with HH Sheikh Khaled bin Mohamed bin Zayed Al Nahyan serving as Vice-Chairman.
Established in January 2024, the AIATC is responsible for regulating, implementing, and developing policies and strategies related to artificial intelligence and advanced technologies in Abu Dhabi. The council aims to position Abu Dhabi as a global leader in AI and advanced technology by fostering research, investments, and collaborations with local and international partners.
Is Saudi unicorn Tabby preparing for IPO?
Tabby, the Saudi-based buy-now-pay-later (BNPL) fintech unicorn, is reportedly working with HSBC Holdings Plc, JPMorgan Chase & Co., and Morgan Stanley on a potential initial public offering, according to Bloomberg sources.
While discussions are ongoing, final decisions on the IPO’s size, timing, and listing location have yet to be made. The move could mark a significant step for Tabby as it seeks to tap public markets to fuel further expansion.
