Happy Thursday everyone!

Saudi’s PIF is facing turbulence as Lucid Motors CEO Peter Rawlinson steps down, raising questions about the EV maker’s future amid mounting losses. Meanwhile, IPO activity in the UAE is heating up, with Abu Dhabi’s 2PointZero and ADIG planning listings, alongside potential debuts from Etihad Airways and Dubizzle. Over in telecom, e& shares climbed after selling its 40% stake in Khazna Data Center for $2.2 billion, strengthening its balance sheet while staying a key partner.

Get the full scoop in today’s briefing.

But before that: You can join our Whatsapp channel too to receive updates from the business world.

UAE’s IPO Pipeline Heats Up With Major Listings on the Horizon

📰 What is it about?

• The UAE’s IPO scene is gaining momentum, with International Holding Company (IHC) and Abu Dhabi Investment Group (ADIG) leading the charge.

• IHC’s investment arm, 2PointZero, is preparing for a potential listing on the Abu Dhabi Securities Exchange (ADX) this year, with an AED 100 billion asset base stacked with regional heavyweights.

• ADIG is also planning two IPOs for its financial and energy subsidiaries, with possible listings on ADX, DFM, or even international markets in Europe and the U.S.

💡 Why it matters?

• Big capital injections: The listings could unlock significant funds to fuel growth for these conglomerates, reinforcing Abu Dhabi’s status as a financial powerhouse.

• More IPOs in the pipeline: Beyond IHC and ADIG, several major firms—including Etihad Airways, Dubizzle Group, and Five Holdings—are also eyeing IPOs, signaling strong market confidence.

• Global investor interest: With Abu Dhabi firms considering regional and global exchanges, UAE-based companies are expanding their reach beyond local markets.

🔜 What’s next?

• 2PointZero’s IPO could happen this year, but key details on the stake size and valuation remain unknown.

• ADIG is weighing its listing venues, with potential for additional IPOs depending on partner negotiations.

• More M&A activity is expected, with ADIG exploring opportunities in real estate, energy, transportation, and hedge funds.

• Watch for Etihad’s IPO announcement soon, as it could be the next major listing in the UAE.

Markets

🚀 e& Shares Jump After $2.2 Billion Stake Sale in Khazna to G42 🚀

📰 What is it about?

• UAE telecom giant e& (Etisalat) announced it is selling its 40% stake in Khazna Data Center Holdings to AI powerhouse G42 for $2.2 billion.

• The deal will bring a capital gain of $1.4 billion before federal royalty and corporate tax, helping e& reduce its debt.

• Khazna, a major player in wholesale data centers with 30 operational sites, will now have MGX and Silver Lake as minority investors alongside G42.

• Market reaction? e& shares on the Abu Dhabi exchange jumped 2.8% this year, with the deal adding momentum to investor confidence.

💡 Why it matters?

• Boost for e&’s financial health: The sale reduces debt, strengthening its balance sheet and allowing more flexibility for future investments.

• UAE’s AI ambitions: This move cements G42’s position in AI and data infrastructure, as the UAE pours billions into AI-driven growth to diversify beyond oil.

• Stronger market confidence: Investors see the deal as a strategic win for e&, as it retains a key partnership with Khazna while cashing in on its stake.

🔜 What’s next?

• The deal is expected to close by the end of Q1 2025, with e& remaining a major tenant of Khazna.

• The capital injection from the sale could fuel new acquisitions and digital expansion for e&.

• UAE’s AI and data investments are set to grow, with Mubadala-backed G42 and MGX playing a bigger role in global tech dominance.

🚨 Majority-owned by PIF, Lucid Motors CEO Peter Rawlinson Steps Down 🚨

What is happening?

• Lucid Motors, majority-owned by Saudi Arabia’s PIF, is undergoing its first leadership change in nearly six years.

• CEO & CTO Peter Rawlinson has stepped down, also leaving the company’s board. Marc Winterhoff, the COO, has been named interim CEO.

Why it matters:

• Lucid has struggled to meet sales expectations for its Air sedan. Despite launching the Gravity SUV in late 2024, the company still posted $2.7B in losses last year.

• Rawlinson, who led Lucid since 2013, says he felt it was the right time to step aside.

What’s next?

• Lucid plans to double production to 20,000 EVs in 2025 while continuing its financial reliance on Saudi funding.

• Rawlinson will remain a strategic advisor but won’t be involved in daily operations. The question now: Can Lucid turn things around under new leadership?

🔍In other news…

• Qatar Investment Authority lures VC firms to Doha with $1B fund.

The Latest from the Smashi Business Studio

👋 Hello, That’s Me - Your Content Buddy

What is Odeum?

Odeum is Augustus Media’s innovative in-house content studio, where creativity meets data-driven insights to produce compelling new media formats. Specializing in connecting brands with communities and culture, Odeum offers a range of services tailored to your needs.

Why Do Brands Need a Content Strategy?

An authentic story is key to connect with audiences on a personal level. That’s why a well-crafted social content strategy helps brands resonate with the internet generation and earn their trust. Odeum excels in modern content creation, offering expertise in social media management and access to fully equipped studios.

How Can You Get Started?

If you’re a brand with a vision, contact us here, and our team will get in touch to help you bring your ideas to life.

Here’s to a productive week ahead! 💪

Were you forwarded this email? Subscribe here