Bill Gates Has A Master Plan for Battling Climate Change
The co-founder of Microsoft became obsessed with developing cleantech through his philanthropic work. With a new book, ‘How to Avoid a Climate Disaster,’ and a cadre of billionaire partners, he now has an action plan for ending the world’s carbon dependency.
14 min
A day before the inauguration, as Lady Gaga rehearsed “The Star-Spangled Banner” in Washington, D.C., wildfires burned in Sonoma, Santa Cruz and Ventura counties in California, shocking climatologists who had never witnessed the state’s fire season extend into January. NASA had just announced that 2020 tied with 2016 for the warmest year on record. As the Covid-19 pandemic drove city dwellers to search for places that felt surer, safer—Vermont, Kansas, Idaho—the FBI began arresting Americans who had rioted in the U.S. Capitol. Online sales of “prepper” gear (gas masks, food preservation kits) were brisk.
Bill Gates was at his lakeside compound in Seattle, gearing up for his next effort to save the planet from mass extinction. For 20 years, Gates has been studying the twin global afflictions of disease and poverty. These efforts led him to consider climate change and its vexing impact on civilization. This month, Knopf will publish his latest book, How to Avoid a Climate Disaster. Remarkably, given the state of the world, it is an optimistic, can-do sort of book, chock-full of solutions for a problem President Jimmy Carter began warning about in 1977.
Last month’s inauguration of President Joe Biden had a big influence on Gates’s outlook. An earlier draft of the book included measures for a second Donald Trump term. In November, after the election, he edited these parts out, including provisions for how U.S. state and foreign governments could account for an absence of federal support. Another Trump win, Gates says, would have left us “holding our breath for four years and trying not to turn blue.”
“I hope Joe Biden stays healthy,” he had told me during our first virtual interview in December, while seated in a glass-walled conference room at Gates Ventures known as the fishbowl, where he has been taking meetings and relying on the Microsoft Teams platform during the pandemic.
Seattle’s Lake Washington glints over his shoulder, where far below a distant motorboat leaves a wake as Gates slips into his preferred posture, slouched with an ankle across a knee in an ergonomic conference-room chair. Gates, who is 65, has already confronted intractable problems, from trying to eradicate polio to epic rivalries with Steve Jobs and Google. The co-founder of Microsoft also sounded the alarm early about the need to prepare for a global pandemic. Climate change is yet another challenge Gates has served onto his own plate.
Although he has confidence in our collective ability to avoid the earth’s descent into a landscape of scorched rainforests and liquefying glaciers, his prescription is daunting: The planet must reduce the amount of greenhouse emissions being pumped into the atmosphere, currently about 51 billion tons per year, to zero by 2050. Nothing less, he says, will prevent a catastrophe, and he is calling for a full-scale technological revolution to make it happen.
“This is, you know, a harder problem than even ending the pandemic or getting rid of malaria,” Gates says. But the good thing, he adds, is that we have “all these idealistic people who are really pushing the cause forward, so 10 years from now they can see concrete metrics of the right progress, which is not just the low-hanging fruit.”
The crux of his argument is that, as helpful as innovations like electric cars, solar panels, lithium-ion batteries and plant-based burgers are to the effort, they don’t go far enough. There isn’t enough land on earth to plant enough trees to offset our carbon dependency. “The key point in my book is that a serious climate plan—which we don’t have yet—involves counting in your head all the different sources of emissions,” Gates says. This reckoning has to go beyond agriculture and electricity to encompass all carbon-spewing processes (transportation; concrete and steel production) so that we can develop green alternatives. So, for example, Gates believes we must invent green steel.
During an interview from the fishbowl a few days after the Capitol riot on January 6—a day he spent glued to the television even as the congressional vote counting continued well into the night—Gates says we are already on the cusp of a revolution. Climate change, he notes, went nearly unmentioned in the 2016 presidential debates. By the 2020 primaries, after Greta Thunberg had chastised Boomers for fiddling as frog and bee populations collapsed, Democrats were fighting over who would spend the most to fix the problem. “We got innovation on the climate agenda,” Gates says. The next United Nations Climate Change Conference is coming this November in Scotland. “In Glasgow, we’ll do even better.”
Gates gave a TED Talk about climate change in 2010. It hasn’t received as much attention as his pandemic-warning talk, but it marks the point when he grasped that greenhouse gases were hampering the philanthropic goals of the Bill & Melinda Gates Foundation. In the early naughts, he was traveling frequently to sub-Saharan Africa and South Asia to study child mortality, HIV and other problems. Travelling in Lagos, Nigeria, one night, he recounts in his book, he wondered at the city’s relative darkness and many unlit homes. Gates recognized a form of impoverishment that he hadn’t considered—energy poverty.
Globally, per-capita income rises with national energy use, meaning that cheap energy is critical to reducing poverty. “It’s hard to be productive if you don’t have lights to read by,” Gates writes in How to Avoid a Climate Disaster. He cites the influence of Canadian scientist Vaclav Smil, who helped him understand how energy shapes civilizations. Gates has written that he looks forward to Smil’s books, which are dense with statistics, with the same gleeful anticipation fans have for a new Star Wars movie.
By 2006, the year An Inconvenient Truth, Al Gore’s groundbreaking documentary about global warming, came out, Gates had invested in energy development. So-called clean tech had become trendy, with more than $25 billion pouring into solar power, battery companies and other new technologies from 2006 to 2011. Gates went all in, even investing in nuclear energy, which, unlike solar and wind, provides a constant, not intermittent, power source.
Clean-tech venture markets crashed in 2011. Fracking had cut the cost of natural gas, depressing demand for green alternatives. One heavily hyped solar-panel startup, Solyndra, illustrates the complexity of funding energy innovation. Solyndra’s thin-film solar cells, a promising technology subsidized with $535 million in federal loan guarantees, proved too expensive to compete with government-subsidized imports from China. The company went bankrupt in 2011, leaving taxpayers ultimately on the hook for the loan.
An analysis by the Massachusetts Institute of Technology estimates that venture investors lost more than half of their money on Cleantech 1.0. Gates is unfazed by such losses. He says he has personally invested $2 billion in climate change innovation so far and expects to invest another $2 billion over the next five years. “I’m only going to lose money on this stuff,” he says, shrugging. “But that’s not in short supply.”
Gates’s current thinking about climate innovation galvanized in June 2015. While attending meetings in London, he was probed by an editor at the Financial Times about the lack of pioneering research into clean-energy solutions. The exchange bugged him. During a meeting the next afternoon in a suite at the Four Seasons Hotel on Park Lane, he began pacing and mumbling, according to two people who were with him at the time, Larry Cohen, head of Gates’s private office, Gates Ventures, and Jonah Goldman, who runs Gates’s policy and advocacy, including climate efforts. “It’s just not enough of a focus, and the wrong people are organizing this,” Gates muttered.
As his group left the hotel and climbed into a black Mercedes van to head to another meeting, Gates and his team concocted a plan to vastly increase the amount of public and private money going toward energy innovation. By the time he emerged on the other side of London, Gates had decided to create a venture capital fund and to organize government leaders to invest billions of dollars in climate technology. “We could call it Breakthrough Energy,” Gates later posited.
“That was not what we expected when we landed in London,” says Goldman.
The speed of what followed reflects the magnitude of Gates’s reach. He pitched then–French president François Hollande the next day in Paris at the Élysée Palace. In September, he crashed a United Nations meeting between Hollande and India’s prime minister, Narendra Modi, to pitch the leader of one of the world’s biggest carbon producers. Modi, enthusiastic about the idea, proposed his own name for the coalition, Mission Innovation, which Gates accepted.
In Seattle, Gates’s team began to structure the $1 billion venture fund. When Gates laid out the plan to Rodi Guidero, managing director for strategic investments at Gates Ventures (who now oversees Breakthrough Energy Ventures), Guidero blurted, “That’s a terrible f—ing idea.” He argued the fund would lose money and embarrass Gates.
“Why do you think I care about that?” Gates replied.
(In retelling the story, Guidero now says, “I can’t believe I said a thing like that to Bill Gates.” Gates says he doesn’t remember the exchange.)
Gates’s team established unusual criteria for the fund. Any venture must feasibly eliminate a minimum of 500 million tons of greenhouse gases annually, with an investment horizon of at least 20 years, rather than the standard 10. That meant older participants might not live to see a payout.
“In another 20 years, you’re not going to be wondering if you got a return,” says Larry Cohen. “You’re wondering if there’s going to be a planet left for your great-grandchildren.”
Breakthrough Energy Ventures spurned institutional investors. “It’s easier to make these decisions when you don’t have to justify your lower investment returns to your boss,” says John Arnold, a Houston-based billionaire and former energy trader who invested in the fund and joined as co-chair.
In the fall of 2015, Gates emailed a global cadre of billionaires who could afford to lose tens of millions investing in Breakthrough Energy Ventures. They included Jack Ma, Jeff Bezos, Vinod Khosla and Prince al-Waleed bin Talal.
It turned out to be an appealing club to join, and a model of global billionaire diversity (although female members are scarce). Other investors include Michael Bloomberg, LinkedIn co-founder Reid Hoffman, SoftBank founder Masayoshi Son, South African mining businessman Patrice Motsepe, Mukesh Ambani (India’s wealthiest person), Richard Branson, Bridgewater hedge-fund founder Ray Dalio and Beijing real-estate developers Zhang Xin and Pan Shiyi.
John Doerr, the legendary venture capitalist at Kleiner Perkins who made early bets on Netscape, Amazon and Google, says the $50 million he put into the venture was his biggest-ever personal investment at the time. “The idea that we would gather entrepreneurs and business leaders from around the globe…I found exciting,” Doerr says. “I think it’s one of the most remarkable pieces of fundraising I’ve ever witnessed.”
Doerr is a believer. He says the climate crisis is the next big investment opportunity. “This is the mother of all markets,” he says.
“It was stunning to me how easy it was to raise the money,” Gates says.
In November 2015, just five months after the London van ride, Gates stood sandwiched between U.S. President Barack Obama and Canadian Prime Minister Justin Trudeau, the only private citizen onstage at the launch event for Mission Innovation at the Paris climate summit.
Gates looked sheepish in group photos, having been stranded for about an hour in an awkward situation for an introvert. “Our press conference was delayed because [Modi] and Obama were talking one-on-one,” Gates recalls. “And so I’m standing there with all these other leaders of all these other countries waiting for Obama and Modi to come.”
At last Gates arrived at centre stage, wearing a dark suit and a too-short blue tie, to announce his initiative: Twenty-eight billionaires had opted in, and 20 countries had committed to double clean-energy R&D spending in an effort to curb climate change.
Last year’s global average temperature was roughly 1 degree Celsius warmer than the baseline 1951 to 1980 mean, according to NASA. Melting permafrost has spit out human cadavers and a woolly mammoth that had been locked in the frozen earth for more than 40,000 years. Residents of Tuvalu, an island nation in the South Pacific, are jockeying for space as their archipelago is swallowed by rising seas.
How much will it cost to halt this trajectory? Gates employs simple formulas. Removing carbon from the atmosphere, for example, currently costs at least $200 a ton, and he thinks it’s possible to quickly get that down to $100 per ton. To remove 51 billion tons of emissions per year at $100 per ton would require spending $5.1 trillion per year, or 6 percent of the world’s GDP. Which is much cheaper, Gates points out, than shutting down whole sectors of economies, as has happened during the pandemic.
What’s more, there is a precedent for this sort of radical innovation on the part of the government. In 1973, the U.S. Defense Advanced Research Projects Agency, also known as DARPA, began a program to network computers called the Internetting project. By 1986, the National Science Foundation had launched the backbone of what would become the Internet, a system capable of carrying large volumes of information across its networks. NASA and the Department of Energy contributed. Europe joined, and eventually so did commercial and private network providers, followed by several generations of Silicon Valley entrepreneurs, many of them the same people now putting their Internet-derived riches into climate innovation. Gates suggests the same approach can work for climate change research and development. But, he argues, we no longer have decades to make it happen.
Gates proposed in December that the U.S. create a National Institutes of Energy Innovation, and fund it along the lines of the existing National Institutes of Health, which is the largest biomedical research agency in the world, with an annual budget of more than $40 billion. The NIEI should focus on research fields such as low-carbon fuels, energy storage and renewables, he says.
How to Avoid a Climate Disaster presents ideas with the methodical approach of a college textbook. In addressing how current solutions fall short, Gates puts forward some tree-planting arithmetic on page 129:
“[T]he math suggests you’d need somewhere around 50 acres worth of trees, planted in tropical areas, to absorb the emissions produced by an average American in her lifetime. Multiply that by the population of the United States and you get more than 16 billion acres, or 25 million square miles, roughly half the landmass of the world.” An intervention of this scale would be enough to cover only the United States. (Gates nonetheless buys carbon offsets for his own footprint, paying, he says, $400 per ton—more than 40 times the price of typical offsets.)
Gates is a believer in free markets, and one of the key concepts in How to Avoid a Climate Disaster is based on Keynesian economics. He proposes using a measure that he calls the “green premium” to understand how a zero-carbon technology can replace its carbon-spewing analog. The green premium specifies how much more that new technology costs. For instance, in his book Gates writes that green aviation biofuel is sold at an average cost of $5.35 per gallon. This amounts to a green premium of more than 140 percent over standard jet fuel, at an average of $2.22 per gallon.
Gates wants the world to jump-start zero-carbon technologies, which face far greater hurdles than developing new software. “You bootstrap those markets to get the scale, to get the green premium…down enough so that by 2050…you can say to [India] with a straight face: Buy clean steel,” Gates says.
In practice, this means governments stepping up with tax credits, loan guarantees and other supports. But Gates believes investors must play their role. He recently raised a second $1 billion Breakthrough Energy Ventures fund, largely with the same group as the first round. Investments will be guided by Breakthrough Energy’s in-house team of scientists and entrepreneurs, with two investment heads—Carmichael Roberts, a chemist and entrepreneur, and Eric Toone, also a chemist—deciding where to place bets and then acting as cheerleaders and mentors. “Everybody inside BEV is a company builder,” says Roberts.
Ramya Swaminathan is chief executive of the BEV-backed Malta, a battery company that emerged from X, Alphabet’s “moonshot factory.” After a setback involving another potential investor, she called Roberts. “Carmichael said something I’ve never heard from an investor before,” Swaminathan says. “ ‘Here’s how we failed.’ It seems subtle, the inclusion: we.”
A Breakthrough investment, an electric-car battery company called QuantumScape, already appears promising. Also backed by Volkswagen, it went public last fall. Its stock yo-yoed from $23.50 to more than $130 a share before leveling off around $50 in January.
Gates is particularly fond of TerraPower, a Bellevue, Washington–based developer of safer nuclear energy that Gates co-founded in 2008, with an investment that reports estimated at the time as more than $500 million. Gates, who declined to confirm the size of his initial investment, does not share most of the world’s terror of nuclear technology.
“Nobody’s gone back and done a complete redesign of a nuclear energy plant since those early days of the ’50s,” Gates says. “So the question is, in the digital age, can you build a nuclear reactor whose economics, safety potential and waste output are utterly different than the current generation of nuclear? You really have to start from scratch.”
TerraPower’s approach, designed after Gates paid for supercomputer modeling, stores heat in tanks of molten salt. Without high pressure, the technology will eventually be able to run on spent fuel rods, so that existing stockpiles of nuclear waste are reduced as they are recycled.
“Can nuclear be super safe?” Gates asks. “I say yes.”
After 10 years of developing a prototype, TerraPower was on the verge of building a demonstration plant in China in 2018, when the Trump administration pulled the plug amid rising tensions with the country. Chris Levesque, TerraPower’s chief executive, recalls taking the call from the U.S. Department of Energy in his office, his general counsel at his side. “It was October 11, 2018,” he says, the date fixed in his memory. “It was devastating…. It [was] really almost like the grieving process—first it’s disbelief, then it’s acceptance.”
Levesque faced what venture capitalists call the second valley of death—a low point when startups are likely to fail. While his nuclear-industry colleagues and employees wondered if TerraPower was done for, Gates stepped in. He turned to Capitol Hill. Six weeks after the China deal was rescinded, TerraPower pivoted to a plan to construct a prototype reactor on U.S. soil, with Gates later promising to contribute at least half the cost. The plant was funded by Congress last October and is one of two new nuclear reactors approved, each awarded $80 million in funding. Gates has committed to invest another $500 million in TerraPower, which Levesque expects will start generating energy in seven years. “We’ll push forward,” Gates says. “It takes kind of a long-term thinker.”
As a teenage prodigy in the 1970s, Gates wrote computer code to schedule classes for the student body of his Seattle high school (and later admitted that he hacked the system so that he could place himself in all-girls’ classes). After dropping out of Harvard to co-found Microsoft, he conceded in a 2016 interview he could be a nightmarish boss, memorizing employee license plates to keep tabs on who was working late or on weekends and employing a self-made management theory that no one should report to a manager with a lower IQ than their own.
These days, a half-dozen friends and associates describe Gates as a polymath who relentlessly tries to decipher puzzles. To keep him at peak productivity, his senior team at the Gates Foundation and Gates Ventures (he left Microsoft’s board in 2020) hold an annual meeting to determine how best to allocate his time over the coming year, says Cohen, who left Microsoft with Gates in order to establish what is now Gates Ventures.
It isn’t helpful to interrupt Bill Gates. He speaks in circles, wending his way around ideas and unleashing a cascade of details that can be difficult to follow until its conclusion. “I’m not a natural like Steve Jobs, who could really get people riled up,” he says.
When I asked what makes him good at solving complex problems, Gates spoke without hesitation for six minutes and 45 seconds, touching on his approach to eradicating malaria, building strong teams, his understanding of concrete and cement, Americans’ generally more positive outlook about nuclear energy than the Europeans’, and much more. He concluded, “This is fun work.”
He paces, according to colleagues, and his voice gets squeaky when he’s excited, but he often fails to emote when faced with tragedy. “It’s actually hard to convey what it’s like to be there watching a kid who’s dying of malaria. I could get better at that,” he says. In a social setting, small talk is not his thing. Gates is the guy in the corner talking to another brainiac.
“Tony Fauci and I were quite obscure and would go to cocktail parties and nobody would talk to us,” says Gates of the director of the National Institute of Allergy and Infectious Diseases, who has taken a star turn during Covid-19. “Now Tony’s like the rock star and Saturday Night Live has women throwing bras at him.”
Gates sees his role in climate change falling squarely on the side of science. “I won’t be the biggest advocacy person. I will be on the innovation piece,” he says. “I do hope to mostly use logic as opposed to lobbying dollars.”
In February, as his book was about to arrive in stores, Gates was preparing to launch two new facets of Breakthrough Energy, the umbrella organization under which BEV sits, including a series of philanthropic fellowships in green industries for post-graduate technologists and business leaders. Another program, Breakthrough Energy Catalyst, will sell real carbon-offsets (not tree-planting credits) to help fund market-ready technologies such as aviation biofuel refineries while enabling high-net-worth individuals, companies and institutions to meet climate pledges. “You can’t buy your way out of your climate impact,” says Jonah Goldman. “You have to buy your way into the solution.”
Melinda Gates, whom Gates married in 1994, is often seen as a humanizing influence on her husband, a scenario neither of them appears to relish. (Through spokespeople she declined to be interviewed for this piece.) The couple has three children, Jennifer, a 24-year-old medical student; Rory, 21, and Phoebe, 18, both college students.
Melinda does offer social guidance, Gates acknowledges. She counselled against making too many references to cow farts, he writes in How to Avoid a Climate Disaster, attempting to limit his mentions of the methane produced by ruminant livestock.
Yet he thinks the popular view of Melinda as his alter ego is shortsighted. “Melinda and I are more alike than people think,” Gates says. “Yes, you can see her empathy more easily than mine—though I cry more easily than she does. Melinda’s very analytical—like top-1-percent analytical, though yes, I’m weirdly even more analytical.”
If the Gates approach works, a handful of billionaires could become vastly richer from taxpayer-backed technologies, which poses a question of equity. “These people are the winners of the system that is producing [these] problems,” says David Callahan, founder and editor of Inside Philanthropy, which tracks trends in charitable giving.
Chuck Collins, director of the Program on Inequality and the Common Good at the Institute for Policy Studies, a progressive Washington, D.C., think tank, who also worked with Gates’s late father, Bill Gates Sr., would like to see the effort—and the rewards—spread around more. “I would rather have fewer billionaires and more broadly controlled venture funds funded by taxpayers, funded by pools of donors, but not by five or 10 mega-billionaires or centi-billionaires,” Collins says. “That’s where it becomes corrosive—concentrations of power.”
Gates says he understands those concerns, and today’s general societal distrust of billionaires, but this is really no time to quibble.
“I think you should attack billionaires who try and avoid the estate tax or billionaires who try and avoid paying capital gains taxes,” he says. “There’s a lot of things to go after billionaires for, besides their willingness to put money into a fund that’s super high-risk, and in the best case, they won’t get their money back for over a decade. And they’re doing it because they believe in climate.”
Gates is a little worried that people will get sick of hearing from him this year as he flies around trying to save the planet. There’s climate change, there’s the pandemic (not to mention Alzheimer’s research, another of his passion projects). “ ‘Boy, this guy sure is telling us what to do in two different areas. Who does he think he is?’ They’re going to get full of me,” Gates says.
He slouches and ducks his chin as he makes a joke. “I’m just trying to avoid kryptonite as much as I can.”
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Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Oman’s Minister of Commerce, Industry, and Investment Promotion predicts GDP growth of 3.4% this year, outperforming global economies, and boosted by 16.2% foreign direct investment inflows.
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Qais bin Mohammed Al Yousef, Minister of Commerce, Industry, and Investment Promotion, stated that Oman’s GDP is expected to grow by 3.4% this year, outperforming many global economies—a testament to the resilience of the national economy and international market confidence.
In his opening speech at the Advantage Oman Forum on April 27 in Muscat, Al Yousef said foreign direct investment (FDI) inflows grew by 16.2% in Q3 2024 compared to the same period in 2023. Additionally, Oman’s credit rating was upgraded with a stable outlook by Standard & Poor’s.
Organized by the Ministry of Commerce, Industry, and Investment Promotion, the event brings together over 250 prominent figures, including senior officials, decision-makers, and regional and international investors, highlighting Oman’s position as a promising investment destination.
He emphasized that this forum marks a first-of-its-kind strategic event for Oman, attracting top decision-makers, business leaders, and investors across key sectors. The forum comes as Oman experiences significant growth in economic and investment fields, supported by rising international indicators.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Saudi Arabia’s non-oil exports reached an all-time high, demonstrating its efforts to diversify its economy and achieve its Vision 2030 plan, aiming to reduce oil reliance and attract $100 billion in annual foreign direct investment.
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Saudi Arabia’s non-oil exports reached an all-time high of 515 billion riyals ($137.29 billion) in 2024, the state news agency said on Saturday, as the kingdom continues its push to diversify its economy away from oil dependence.
The world’s leading oil exporter is investing billions of dollars to achieve its Vision 2030 plan, which focuses on reducing its reliance on oil and spending more on infrastructure to boost industries like tourism, sports and manufacturing.
Saudi Arabia is also working to attract more outside investment to ensure its ambitious plans stay on track.
Non-oil exports rose 13% year-on-year, and over 113% since the launch of Saudi vision 2030, state news agency SPA added.
Abdulrahman Althukair, CEO of the Saudi Export Development Authority, was quoted by SPA attributing the jump in non-oil exports to the “kingdom’s sustained efforts in economic diversification”.
On Friday, Saudi Arabia announced its 2024 annual report for the kingdom’s 2030 Vision plan, which saw the kingdom attract foreign direct investment worth 77.6 billion riyals ($20.69 billion).
It has set itself a target to attract $100 billion in annual foreign direct investment by the turn of the decade.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Interior designer Thomas Hamel on where it goes wrong in so many homes.
The UAE’s DGR hosted an official dinner at The Chedi Al Bait Hotel to promote economic and trade cooperation with Belgium, highlighting key sectors and potential European investors.
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Sheikh Fahim Al Qasimi: Non-oil trade between the UAE and the European Union continues to record stable growth rates, with Belgium emerging as a key partner within this framework.
Sharjah, As part of its ongoing efforts to advance economic and trade cooperation with Belgium, the Department of Government Relations (DGR) in Sharjah hosted an official dinner at The Chedi Al Bait Hotel. The event was held in the presence of Sheikh Fahim Al Qasimi, Chairman of DGR, and H.E. Antoine Delcourt, Ambassador of the Kingdom of Belgium to the United Arab Emirates, alongside diplomats, investors, and senior officials from both sides.
Sharjah’s strategic commitment to deepening its economic ties with the European Union was reflected in the event, which aimed to identify new avenues for collaboration and investment. It provided a valuable opportunity for exchanging expertise and insights, while also exploring practical steps to expand economic cooperation in alignment with the emirate’s broader development objectives.
The event featured a comprehensive presentation that highlighted Sharjah’s key economic sectors and the promising prospects available to European investors, particularly in technology, logistics, healthcare, education, and culture. Attendees were also briefed on the emirate’s business landscape and the competitive advantages it offers to international stakeholders.
Notable attendees included Joren Selleslaghs, Political Affairs Adviser and Deputy Head of the Belgian Diplomatic Mission; Albert Feytons, Science and Technology Commissioner for Flanders; Laurence Heyblom, Trade Commissioner for Brussels; and Edith Mayeux, Trade Commissioner for the Walloon region. They were joined by senior Sharjah officials, including H.E Hussain Al Mahmoudi, CEO of Sharjah Research Technology and Innovation Park, SRTI Park; H.E. Mohamed Juma Al Musharrkh, CEO of the Sharjah FDI Office; H.E. Khaled Al Huraimel, CEO of BEEAH Group; and Omar Al Mulla, CEO of Sharjah Asset Management.
Representatives from several major Belgian companies operating in sectors such as infrastructure, energy, finance, technology, industry, and services also took part. Their presence facilitated direct discussions, expert exchange, and exploration of future collaboration opportunities.
A growing partnership with Belgium
Commenting on the event, Sheikh Fahim Al Qasimi affirmed that the meeting represented a significant milestone in the steadily advancing partnership between Sharjah and Belgium. He highlighted the emirate’s ongoing commitment to strengthening both economic and cultural ties with member states of the European Union, noting that the EU is the UAE’s second-largest trading partner.
The Chairman said: “Current economic indicators demonstrate the resilience and depth of relations between the UAE and the European Union, with non-oil trade continuing on a consistent upward trajectory. Within this framework, Belgium plays a key role, particularly in re-export and logistical integration. It stands as the UAE’s leading partner in re-exports to EU markets, underscoring the strategic connectivity between our ports and markets.”
He added: “Bilateral economic relations between the UAE and Belgium are increasingly robust, characterized by strong growth in non-oil trade. The UAE accounts for a notable portion of Belgium’s trade with the Arab world, reflecting a foundation of confidence. This trust supports the advancements of partnerships in innovation, technology, and infrastructure. We are confident that today’s meeting will serve as a catalyst for new opportunities, encouraging Belgian investors to explore the unique advantages Sharjah offers as a gateway to the region.”
This meeting is part of a series previously held between the DGR and Belgian counterparts, both in the UAE and in Brussels. It reflects Sharjah’s long-term vision to foster enduring partnerships with European investors and solidify its position as a leading destination for high-value investments in the region.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Following the devastation of recent flooding, experts are urging government intervention to drive the cessation of building in areas at risk.
Mawarid Finance organized the Fintech and Innovation Summit, attracting over 300 senior executives from technology and financial services sectors. Leading organizations like Cedar Management Consulting, Mastercard, BML Technology, and Arab Financial Services showcased their latest trends for UAE’s banking sector.
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The Fintech and Innovation Summit, held recently organized by Mawarid Finance at the Palazzo Versace Hotel in Dubai under the theme “Empowering Innovation in Finance,” spotlighted pioneering expertise in the digital transformation of financial services and innovations in core banking solutions. The summit also explored the promising future of Islamic fintech in the UAE.
The event brought together over 300 senior executives and decision-makers from institutions operating in the technology and financial services sectors, specializing in advanced banking solutions and digital transformation, alongside representatives from Al Qasimia University in Sharjah.
Leading organizations including Cedar Management Consulting, Mastercard, BML Technology, Arab Financial Services (AFS), and Al Qasimia University showcased their latest rapidly deployable trends and innovations designed to serve the UAE’s banking sector. These initiatives are set to address the evolving needs of the rapidly expanding fintech industry, and are expected to drive a major leap forward in Islamic fintech. Ultimately, they aim to deliver innovative, high-quality services to Mawarid Finance’s clients and to strengthen the UAE’s position as a hub for modern banking solutions that support the digital economy.
During the summit, His Excellency Rashid Al Qubaisi Chief Executive Officer of Mawarid Finance, announced a series of partnerships the organization has recently established with leading companies both domestically and internationally. He also hinted at upcoming agreements with major institutions, describing them as “partners of success.” Al Qubaisi reaffirmed Mawarid Finance’s commitment to providing customized, innovative solutions tailored to the unique needs of each partner, moving beyond a one-size-fits-all approach — all with the aim of serving and empowering its valued clients.
His Excellency emphasized that Mawarid Finance, through its future-focused vision, is determined to serve as a true enabler for fintech companies, providing them with the tools they need to swiftly and efficiently launch digital financial services. He highlighted the company’s commitment to fostering a fully integrated digital services environment, prioritizing transparency, leveraging data for informed investment decisions, and strategically planning every step to overcome challenges and achieve ambitious goals.
At the conclusion of the summit, His Excellency honored the organization’s success partners and event sponsors, whose contributions have been instrumental in Mawarid Finance’s notable achievements. Among those recognized were BML Technology, Arab Financial Services (AFS), and Falcon Eye Technology.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Jordanian-Hungarian Joint Committee discusses expanding economic cooperation, focusing on trade volume and investment opportunities, with Ministers Qudah and Szijjarto highlighting private sector engagement and understanding.
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The Jordanian-Hungarian Joint Committee convened its fourth session in Amman on Thursday to explore avenues for expanding bilateral economic cooperation, with a particular focus on increasing trade volume and leveraging investment opportunities across multiple sectors.
Minister of Industry, Trade and Supply Yarub Qudah said the committee meeting reflects the mutual commitment of Jordan and Hungary to boost collaboration in trade, investment, and other economic domains.
He noted that the relatively short interval since the committee’s last session underscores the “strength and continuity” of bilateral ties at the political, governmental and grassroots levels.
Qudah called for translating these “robust” relations into “concrete” economic outcomes by enhancing trade figures, activating signed memoranda of understanding , and transitioning towards implementation across priority sectors, notably energy, mining and environmental sustainability.
He also stressed the importance of fostering private sector engagement and establishing dynamic linkages between Jordanian and Hungarian businesses, pointing to “untapped” opportunities across regional markets.
He highlighted Jordan’s strategic geographic position, noting that foreign investment in Jordan requires collaborative efforts with capable institutional and private-sector partners an area where Hungary’s experience and capacities are highly valued.
In regards to education, Qudah praised Hungary’s initiative to provide 400 scholarships annually to Jordanian students over the next three years, describing the program as a “vital” tool for cultural exchange and long-term bilateral engagement.
Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto stressed his country’s commitment to deepening economic relations with Jordan, calling for regular exchanges between business delegations and institutional stakeholders.
He underlined the importance of maintaining economic cooperation that reflects the high level of political coordination between the two nations.
Szijjarto commended His Majesty King Abdullah for his role in promoting regional stability, highlighting the significance of the Hashemite Custodianship of Islamic and Christian holy sites in Jerusalem and Jordan’s efforts in promoting interfaith coexistence.
He also noted Jordan’s unwavering stance against extremism and its commitment to peace and conflict de-escalation, positioning the Kingdom as a “key” partner in advancing shared values.
The Hungarian minister proposed the establishment of a bilateral business forum before the end of the year and extended an invitation for a Jordanian business delegation to visit Hungary for direct talks with Hungarian companies.
Szijjarto reaffirmed Hungary’s “strong” support for the comprehensive strategic partnership between the European Union and Jordan, expressing confidence that such cooperation serves the mutual interests of both sides, despite occasional internal challenges within the EU that delay trade negotiations.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Abu Dhabi Islamic Bank (ADIB) reported a 18% increase in Q1 2025 net profit, reaching AED 1.7 billion ($462.8 million), with revenues increasing by 14% and total assets reaching AED 244 billion.
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Abu Dhabi Islamic Bank (ADIB) delivered a double-digit growth in net profit for the first quarter of the year, driven by higher lending and income from fees and commissions.
Net profit after tax for the first three months of 2025 reached AED 1.7 billion ($462.8 million), reflecting an 18% increase over the same period last year.
Revenues for the quarter grew by 14% to AED 2.9 billion, supported by higher income from financing activities and non-funding income.
Funded income reached AED 1.8 billion, up by 4% from a year ago, while non-funded income jumped by 35% to AED 1.1 billion.
The Islamic lender’s total assets rose by a quarter to AED 244 billion, fueled by growth in both retail and corporate banking financing, as well as an expansion in the investment portfolio.
Net profit margin slipped by only 36 bps to 4.31% despite a 100 bps cut in the benchmark rate. Cost to income ratio stood at 28.9%, an improvement from 30.4% 12 months earlier.
“We started the year with a strong performance, continuing the positive trajectory built over previous quarters. Our results are a clear reflection of our ability to grow profitably and execute our strategy with discipline,” Jawaan Awaidah Al Khaili, Chairman of ADIB, said.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Qatar Chamber hosted German trade delegation to discuss investment opportunities in Qatar and North Rhine-Westphalia, focusing on key sectors like information technology, energy, shipping, and petrochemicals.
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Qatar Chamber (QC) hosted a high-level German trade delegation yesterday, led by H E Hendrik Wüst, Minister-President of the State of North Rhine-Westphalia. The delegation was received by Sheikh Khalifa bin Jassim bin Mohammed Al Thani, Chairman of Qatar Chamber.
The Chamber organized a joint business meeting between the German delegation and several prominent Qatari businessmen. The meeting explored avenues to strengthen bilateral cooperation and discussed the investment climate in both Qatar and North Rhine-Westphalia, highlighting promising investment opportunities. Discussions also underscored the pivotal role of the private sector in advancing trade and economic relations between the two sides.
Key sectors identified for potential cooperation included information technology, energy, shipping, sports, petrochemicals, ports, engineering, pumping systems, semiconductor solutions, and polymer materials.
In his remarks, Sheikh Khalifa bin Jassim emphasized that the meeting aimed to explore new avenues for expanding bilateral trade and economic cooperation, particularly through the private sector, given its vital role in both Qatar and Germany.
He noted that the trade volume between the two countries reached $6bn in 2024, with Qatari imports from Germany amounting to $5.1bn and exports to Germany reaching approximately $900m.
“Germany is a key destination for Qatari investments across various sectors, including the automotive industry, telecommunications, financial services, and real estate,” he added.
He noted that hundreds of German companies are currently operating in Qatar across key sectors, either through full ownership or in partnership with Qatari businesses.
Sheikh Khalifa further stated that, in line with the directives of His Highness the Amir, Sheikh Tamim bin Hamad Al Thani, to promote foreign direct investment, the Qatari government has proactively accelerated its transition toward a diversified and knowledge-based economy.
He emphasized that Qatar is among the world’s fastest growing and most promising markets, offering vast opportunities in sectors such as renewable energy, education, real estate, tourism, high technology, sports, security, and healthcare.
For his part, H E Hendrik Wüst, Minister-President of the German state of North Rhine-Westphalia, praised the strong relations between Qatar and Germany, noting that Qatar has become a regional hub for business, media, and sports. He also lauded Qatar National Vision 2030, particularly its focus on two key pillars: sustainability and economic diversification.
Wüst emphasized that North Rhine-Westphalia is a leading industrial region in Germany, home to a wide array of major industries. He noted that the region is undergoing a significant transformation—from coal and steel to artificial intelligence and advanced technology—creating vast opportunities for cooperation with the Qatari private sector.
During the meeting, Felix Neugart, CEO of NRW Global Business, delivered a presentation on the investment landscape and opportunities in North Rhine-Westphalia. He highlighted that the state is Germany’s most economically and industrially robust region, home to many of the country’s largest corporations and a thriving startup ecosystem.
He outlined five key sectors where Qatari investors can explore opportunities: artificial intelligence and advanced technologies, high-tech and nanotechnology, hydrogen production and carbon emissions reduction, biotechnology, and aviation.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The Oman Chamber of Commerce and Industry hosted a high-level Libyan business delegation at the Omani-Libyan Business Forum in Muscat, focusing on cooperation and mutual investment opportunities in sectors like food security, infrastructure, and healthcare.
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As part of efforts to promote bilateral economic relations, the Oman Chamber of Commerce and Industry (OCCI) hosted a high-level Libyan business delegation within the framework of the Omani-Libyan Business Forum that began in Muscat on Tuesday.
The forum was attended by delegates from seventeen Libyan companies, with the aim of exploring possibilities of cooperation and mutual investment in a range of vital sectors.
Hamoud al Saadi, Second Vice-Chairman of the OCCI Board of Directors, received the delegation and pointed out the forum’s role in developing cross-border commercial relations.
“We are pleased to host a delegation of Libyan businessmen in the context of developing bilateral investment relations,” Al Saadi stated. “Seventeen Libyan companies are participating in the forum, which is being co-organized by the Oman Chamber of Commerce and Industry and Libyan counterparts.”
He noted that the forum is showcasing a number of high-potential sectors like food security, infrastructure, medical industries, renewable energy, technology and healthcare services — all of which are Oman’s national priorities and of high interest to Libyan investors.
Issa al Bahlani, Member of the Labor Market Committee at OCCI and Representative of Sarooj Construction Company stressed the strategic significance of such forums. “The importance of these events cannot be overstated,” he said. “They attract international investors who seek promising opportunities in the Sultanate of Oman,” Al Bahlani spoke about how Oman has presented a wide range of opportunities for Libyan companies to invest in, specifically in food, healthcare, and construction.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Dubai Chamber of Commerce has established the Slovak Business Council to enhance economic ties between the two countries, aiming to identify business opportunities, share expertise, and organize bilateral events, reflecting Dubai’s growing importance among Slovakian investors.
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Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has announced the establishment of the Slovak Business Council.
The initiative aims to enhance economic ties between the business communities in Dubai and Slovakia and foster stronger trade and investment relations across diverse sectors.
The council was officially launched during its inaugural annual general meeting, which took place today at Dubai Chambers’ headquarters. Participants discussed avenues to expand cooperation, identify promising business opportunities, share expertise and data, and organize bilateral business events.
This strategic step reflects Dubai’s growing importance as a business destination of choice among Slovakian investors. By the end of 2024, the number of Slovakian companies registered as active members of Dubai Chamber of Commerce had reached 134, representing annual growth of 41%.
During the first quarter of this year alone, 10 new Slovakian companies joined the chamber’s membership. Non-oil trade between Dubai and Slovakia reached a value of AED3.4 billion in 2024, marking a 38% increase compared to 2023.
Maha Al Gargawi, Vice President of Business Advocacy at Dubai Chambers, commented, “The establishment of the Slovak Business Council represents a significant step in strengthening economic relations between Dubai and Slovakia. The council will serve as a vital platform to unlock new partnership opportunities and contribute to the growth of bilateral trade and investments.”
The Business Councils operating under the umbrella of Dubai Chamber of Commerce represent the interests of companies and investors from specific markets operating in Dubai. They work in close cooperation with the chamber to enhance bilateral trade and investments between Dubai and the markets represented, with the goal of developing robust long-term economic partnerships.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Gold prices in the UAE have reached a historic high due to geopolitical tensions and economic uncertainty. 77% of UAE retail investors are allocating funds to gold, with 63% considering currency fluctuations and 44% citing geopolitical events as key influences.
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UAE’s gold prices shatter records as investor appetite in commodities surges:
- Gold prices in the UAE hit a historic high on April 22, 2025, driven by rising geopolitical tensions and economic uncertainty.
- According to a survey by eToro, retail investor sentiment is shifting toward commodities, with 77% of UAE retail investors now allocating to gold.
George Naddaf, Managing Director MENA, eToro: “A surge in interest is echoed by eToro market data: approximately 77% of UAE retail investors are currently allocating funds into commodities like gold. The data further shows that 63% of UAE retail investors in the region consider currency fluctuations, and 44% cite geopolitical events as key influences on their investment strategies, both of which have played central roles in gold’s current rally.
“If global economic uncertainty persists, and there are few signs of imminent stability, perhaps gold may continue its upward trajectory. The key will be in navigating the fine line between capitalizing on its momentum and maintaining diversified, risk-managed exposure.”, he continues.
Analysts highlight that gold has traditionally served as a safe haven asset during periods of instability, attracting investors looking to hedge against inflation, currency volatility, and geopolitical risks. The recent escalation in geopolitical tensions, notably in Eastern Europe and the Middle East, has spurred increased demand for gold.
Furthermore, central banks globally, including in the UAE and neighboring Gulf countries, have boosted their gold reserves, reinforcing investor confidence. Market observers suggest this trend of central banks diversifying their reserves away from currencies, particularly the US dollar, underscores broader concerns about prolonged economic instability and inflationary pressures.
Local jewelry retailers and bullion dealers across Dubai and Abu Dhabi have reported increased foot traffic, as both seasoned investors and first-time buyers rush to capitalize on rising prices. Experts predict that if market volatility continues, interest in physical gold and gold-backed financial products could further surge in the coming months, setting additional records in the market.
Investment firms have advised caution, however, emphasizing the importance of maintaining a diversified investment portfolio. While gold can play an integral role in risk mitigation, overexposure can lead to vulnerability should the commodity’s trajectory shift unexpectedly. Financial experts continue to recommend balanced asset allocation, tailored to individual risk tolerance and investment goals.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Ajmal Makan Real Estate Development showcases its flagship island developments in Sharjah, highlighting the city’s transformation into a luxury waterfront destination. The showcase includes Al Thuraya Island, The View Island, and Blue Beach Residence, designed to accommodate over 60,000 residents across eight islands. The event attracts hundreds of investors.
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With growing appetite for high-end coastal real estate in the UAE, Ajmal Makan Real Estate Development is set to host an exclusive showcase of its flagship island developments, underlining Sharjah’s transformation into a luxury waterfront destination. International and regional investors and homebuyers are turning their focus to Sharjah’s coastal real estate market, as hundreds attended a showcase by Ajmal Makan Real Estate Development today, featuring new island-based residential projects within its Dh25 billion master-planned city.
The showcase has presented Al Thuraya Island, The View Island, and Blue Beach Residence, all part of Ajmal Makan City – Sharjah Waterfront. Spanning 60 million square feet and designed to accommodate over 60,000 residents across eight islands, the development is one of the largest
mixed-use waterfront projects in the Northern Emirates.
“The demand for waterfront properties in Sharjah is accelerating, driven by limited supply and a growing interest in lifestyle-led investments,” said Sultan Al Shakrah, CEO of Ajmal Makan Real Estate Development. “Through this event, we’re offering a first-hand look at projects that represent not only architectural excellence but also long-term value and community-building.”
As investors increasingly shift their focus to Sharjah’s emerging premium locations, Ajmal Makan’s integrated island communities offer a unique proposition: private island living, strong rental yields, and a sustainable lifestyle set against expansive beaches and green space. Sharjah’s Real Estate Momentum Sharjah’s real estate sector has seen steady growth, with increasing interest from both domestic and international buyers. With hundreds of investors registered and strong interest from both regional and international buyers, Ajmal Makan’s event is set to spotlight Sharjah’s rising position in the luxury waterfront real estate scene.
From capital appreciation potential to strategic coastal expansion, this is a timely story on how Sharjah is turning global investor heads. Approximately 60% of buyers at the event are end-users, while 40% are investors targeting rental yields and long-term appreciation. Nationalities represented include buyers from the UAE, GCC, India, Pakistan, Russia, China, and Europe.
Meeting UAE’s Rising Demand for Waterfront Living
Across the UAE, coastal properties are in high demand. According to Property Monitor, waterfront residences have seen a 17% year-on-year price increase, while select areas in Sharjah have recorded up to 20% growth.
Sharjah remains one of the few emirates offering freehold beachfront ownership to all nationalities—a key factor attracting global investors seeking both capital growth and lifestyle appeal. Rental yields for waterfront properties in Sharjah are estimated between 5%–8%, according to
Bayut; dubizzle, further positioning Ajmal Makan as a compelling investment. “This is exactly where Ajmal Makan delivers—blending exclusivity, community, and accessibility into a future-ready model for coastal living,” added Al Shakrah.
Repeat Buyer Confidence
A notable share of attendees are expected to be repeat buyers—investors who participated in earlier phases such as Sun Island and Blue Bay Walk. With Phase 1 and 2 of earlier launches sold out, the event underscores rising confidence in Ajmal Makan’s long-term vision and Sharjah’s real estate future.
As waterfront property becomes increasingly scarce, Ajmal Makan City positions itself as a blueprint for sustainable, high-end urban development—blending private island living with economic and lifestyle opportunities.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Oman’s sporting heritage and natural advantages make it a promising global sports economy candidate. Industry leaders will discuss strategic opportunities in the $6.6bn eSports sector, discussing diverse landscapes, favorable climate, infrastructure development, and career pathways.
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Oman’s sporting heritage and natural advantages position it to capitalize on the rapidly expanding global sports economy. On April 29, industry leaders will gather at the Civil Aviation Authority Training Centre to explore strategic opportunities in this dynamic sector.
The 70-minute Tejarah Talks, ‘Game On: The Potential of Oman’s Sports Economy,’ session brings together experts who understand both the country’s competitive advantages and emerging trends in the world’s ninth-largest industry, valued at $2.65tn.
Moderated by Jamal al Asmi, Executive Producer, RealityCG, the panelists are Pankaj Khimji, Foreign Trade and International Cooperation Advisor, Ministry of Commerce, Industry and Investment Promotion (MoCIIP); Joe Rafferty, Events Director, Oman Sail; and Ali al Ajmi, CEO of Sabco Sports.
The discussion will highlight market opportunities, including S and the fast-growing eSports sector, now valued at $6.6bn with over 500mn viewers worldwide. The sustainable sports market, worth $26.2bn and projected to grow at 7.9% CAGR through 2032 offers particular promise as Oman pursues its 2050 Net Zero target.
Key topics will include the unique, year-round sports experiences offered by Oman’s diversity of landscapes and favorable climate for sports tourism and events, developing infrastructure through public-private partnerships and creating career pathways in sports management. And with a median age of approximately 29 and internet penetration exceeding 95%, Oman’s demographics align well with emerging sports sectors like eSports.
The panel will examine successful international models, including Barcelona’s Olympic investments that yielded substantial economic returns and Singapore’s innovative Sports Hub PPP structure. These case studies offer valuable insights for Oman’s strategic sports planning.
Beyond economic potential, the session will address the broader societal impact of sports. Research indicates communities with strong sports infrastructure experience enhanced social outcomes while regular physical activity reduces national healthcare costs significantly.
Organized by Oman Business Forum in association with MoCIIP and supported by MHD, Nortal, Invest Oman Lounge and Oman FM, April’s Tejarah Talks aims to provide actionable insights for investors, policymakers and industry stakeholders interested in developing Oman’s sports sector in alignment with Vision 2040 objectives.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Alexandre de Betak and his wife are focusing on their most personal project yet.
Amwaj International has acquired an 18% stake in Dubai-based development firm Cledor, marking its entry into the UAE’s growing real estate market. The partnership will enable Cledor to attract top talent and manage operational expenses, while Amwaj’s global team and procurement network will accelerate future growth. Cledor is also exploring emerging markets.
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Amwaj International, a billion-dollar multi-national conglomerate with over 10,000 employees and a global footprint across 27 cities, has acquired 18% stake in Dubai-based development firm Cledor, founded by industry veteran Omar Gull. The investment marks Amwaj’s entry into the rapidly growing real estate market in the UAE, with Cledor’s post-money valuation hitting USD 100 million.
This investment is a key part of Amwaj’s strategy to expand into one of the world’s most vibrant real estate markets. For over 30 years, Namir El Akabi has successfully directed developments and investments worth more than $60 billion across nearly every sector of the real estate industry.
Under the partnership, Cledor will manage and spearhead Amwaj’s upcoming real estate ventures in the UAE, harnessing its expertise in luxury real estate development. The funds will enable Cledor to attract top talent and manage operational expenses until its projects generate liquidity. Cledor will also leverage Amwaj’s global team of professionals, procurement network, and expertise to accelerate future growth.
Dubai’s real estate sector is witnessing exceptional growth, with record-breaking transactions and rising investor confidence. In 2024, Dubai reached an all-time high in real estate transaction values, totaling over AED 760.7 billion from 226,000 transactions. The boom has been fueled by foreign direct investment, a growing demand for luxury properties, and a pro-business regulatory framework.
As a thriving global business hub, Dubai offers an unparalleled environment for startups, enabling rapid scaling for companies like Cledor. With a tax-free income regime, ease of doing business, and a dynamic investment ecosystem, the city continues to attract ambitious companies ready to disrupt industries.
“Dubai provides the ideal environment for entrepreneurs to dream big and scale quickly,” said Omar Gull, Founder of Cledor. “In just under a year, we secured AED 2.3 billion in Gross Development Value (GDV) and more than 1.3 million square feet in projects. We have also demonstrated our ability to execute, having launched and sold out our first development in just four days, with a GDV of AED 435 million. Our partnership with Amwaj will further fuel our growth, allowing us to capitalize on Dubai’s booming real estate market.”
Omar’s illustrious career path has seen him achieve sales upwards of USD 30 billion. He has previously held key leadership roles including the Chief Sales Officer of Dubai Holding, Head of Sales at Emaar Properties, General Manager of Emaar Saudi Arabia, Head of International Business at DAMAC Properties, as well as prior consulting experience at JLL.
Namir El Akabi, Founder and Chairman of Amwaj Group stated: “We are deeply confident in the vision and leadership of Omar Gull, who brings invaluable experience in the Dubai real estate market. The remarkable speed and scale at which Cledor has grown in under a year is testament to its vast potential. We are excited to support its journey and join hands in redefining the UAE’s real estate sector.”
While Cledor’s primary focus remains Dubai, the firm is also exploring high-growth emerging markets such as Far East Asia and Eastern Europe for potential expansion opportunities.
Through current and upcoming projects spanning approximately 20 million sqm of land, Amwaj aims to provide 50,000 units to accommodate 200,000 residents. To date, the company has invested about $2.4 billion in real estate assets that are either sold or under development in Iraq alone. These assets include residential, retail and office properties in Iraq’s premier property market.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Sydney’s prestige market is looking up, here’s three of the best on the market right now.
Kuwait’s 2025-2026 budget allocates $6 billion for infrastructure projects, including rail, roads, water, electricity, and Mubarak Al Khabeer Port construction, with 5.7 billion in capital spending.
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Kuwait has allocated nearly $6 billion towards infrastructure and services projects in its 2025-2026 budget with special focus on rail, roads, water, electricity as well as the construction of the Mubarak Al Khabeer Port, said media reports.
The budget includes capital spending of nearly KD1.7 billion ($5.7 billion) and more than 90 projects.
The government has set a number of goals to be achieved through such projects in the current budget…they include increasing growth rates, expanding the private sector’s role in the economy and boosting non-oil revenues, it stated.
The Kuwaiti government is embarking on 90 new projects in various sectors, including roads, education, health, and infrastructure.
“For example, two new football stadiums are being planned in the new cities in the northern parts of Kuwait, at a total cost of KD1.7 billion,” he stated.
While the budget is ambitious, we need projects that provide long-term benefits, help maintain our competitive edge, and create job opportunities for the estimated 25,000 new graduates entering the workforce each year.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Qatar Development Bank introduces M&A program to support private sector growth and business sustainability, offering integrated solutions, strategic partnerships, and exit strategies, covering up to 70% of advisory costs.
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As part of its ongoing efforts to support the private sector and strengthen the sustainability of Qatari businesses, Qatar Development Bank (QDB) has announced the launch of its Mergers and Acquisitions (M&A) program. The strategic initiative offers integrated solutions to companies seeking growth, access to new opportunities, strategic partnerships, or structured and efficient exit strategies. The program facilitates both mergers—combining two or more companies to create stronger, more competitive entities—and acquisitions, where one company acquires another in whole or in part. It delivers a suite of specialized services designed to enhance competitiveness and promote a more sustainable business environment across various industries in Qatar.
The M&A Program is one of QDB’s innovative offerings tailored to support SMEs, private enterprises, and Qatari factories at different stages of their business lifecycle. It provides a full range of advisory services backed by a clear methodology, enabling companies to identify and pursue the most suitable merger or acquisition opportunities. Through the program, QDB covers up to 70% of advisory service costs via a dedicated M&A Minha (grant). Companies can list their opportunities on the newly developed M&A portal—an interactive platform that connects businesses and investors with certified experts and advisors. This allows companies to unlock new opportunities for growth, expansion, and sector-specific matchmaking.
QDB CEO Mr. Abdulrahman bin Hesham Al-Sowaidi emphasized that the program addresses the evolving needs of the Qatari market and aligns with the bank’s strategic focus on innovative solutions to boost competitiveness and the growth of Qatari companies. “The program aims to diversify funding sources and attract both individual and corporate investors seeking partial or full acquisitions of businesses looking to offer their shares. It also supports companies in achieving their strategic goals—whether through expansion, improved operational efficiency, or successful exits. At Qatar Development Bank, we are committed to providing comprehensive, integrated solutions that support businesses at every stage of their development.”
The M&A journey is structured into three main steps. The initial evaluation step involves assessing the company’s financial and operational data to determine its market value, business goals, and strategic direction. Next is Company Listing on the M&A Portal, where the company is showcased on the portal to connect with potential investors or buyers. Finally, Negotiating and Completing M&A, which includes entering negotiations, finalizing the merger or acquisition, and agreeing on the deal terms.
Mergers and Acquisitions Portal Benefits
Through the M&A program and its dedicated portal, QDB offers an end-to-end support ecosystem—from initial planning to deal completion—along with accurate business valuations. The portal enables companies to create professional, secure listings with detailed profiles, while maintaining high standards of privacy and confidentiality. Expert guidance is also available to help determine accurate market valuations.
For investors, the portal provides a streamlined path to new acquisition opportunities. It offers access to pre-vetted companies, allows comparison of multiple profiles, speeding up the matching process.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Self-tracking has moved beyond professional athletes and data geeks.
