Welcome to the Mideast Money newsletter, I’m Adveith Nair. Join us each week as my team and I chronicle the intersection of money and power in a region that's become one of the most influential in global finance. You can sign up here.

This week, a new group of heavyweights are set to join the hedge fund boom in the UAE, and the Mideast IPO boom faces a valuation test. But first, Jared Kushner sent a message to investors after his firm raised $1.5 billion from two Gulf entities.

My colleague Matthew Martin recently interviewed Eric Trump in Riyadh, where he’s looking at plots for the Trump Organization’s next development. In recent months, the firm has inked deals to build villas in Oman and new towers in Saudi Arabia and Dubai — few regions offer more opportunity than the Middle East, US President-Elect Donald Trump’s son told Bloomberg News.

Eric Trump Photographer: Hannah Beier/Bloomberg

He made clear, though, that anyone doing business with the Trump Organization to curry favor with the incoming president will be coming to the wrong guy. “My father has nothing to do with the company and I have nothing to do with Washington DC.”  

Also Read: Trump’s Gulf Dealmaker Helps Family Cash In on Property Boom

Those sentiments were echoed by Jared Kushner last week as he disclosed that his Affinity Partners had raised an additional $1.5 billion from the Qatar Investment Authority and Abu Dhabi-based asset manager Lunate. 

Jared Kushner Photographer: Marco Bello/Bloomberg

Kushner, the president-elect’s son-in-law, said he spoke to investors about potentially raising additional capital in February and closed on the funds before the election. 

“I made very clear to them that in the event that Trump was elected, that they should not expect anything from me,” Kushner said, adding Affinity’s investors initially committed in 2021 when Trump’s political future was unclear.

Also Read: Kushner’s Affinity Buys Into One of Israel’s Top Financial Firms

Kushner served as a senior White House adviser and played a pivotal role in the Abraham Accords that normalized relations between Israel and some Arab nations in 2020. After leaving his government role, he set up Affinity, which now counts the Saudi Public Investment Fund, the QIA, and Lunate as its three largest limited partners.

“We preemptively tried to avoid any conflicts, so we don’t have to raise capital for the next four years,” Kushner said on a podcast episode of Invest Like The Best with Patrick O’Shaughnessy, co-founder of venture capital firm Positive Sum.

Also Read: Trump Is Upending Global Politics a Month Before Taking Office

Patrick Drahi has transferred his official residency to Israel, signaling a departure from the telecom billionaire’s longstanding base in Switzerland.

Patrick Drahi Photographer: Stephane de Sakutin/AFP/Getty Images

A former Goldman Sachs portfolio manager has joined a UK investment firm serving a Saudi Arabian dynasty behind one of the Middle East’s biggest conglomerates.

Saudi Arabia’s Almoosa drew $46 billion worth of orders from institutional investors for its $450 million initial public offering. Meanwhile, a port operator part owned by the Saudi wealth fund, has picked banks for an up to $1 billion IPO. 

Infinity Power, a renewable energy developer partly owned by Masdar, is considering selling shares on the Abu Dhabi stock exchange.

Boeing won an order valued at $36 billion from a Turkish low-cost airline, in its biggest commitment so far this year.

Syria’s main airports resumed operations for the first time following the fall of Bashar Al Assad’s regime. 

A Syrian Air passenger jet at Damascus airport on Dec. 18. Photographer: Louai Beshara/Getty Images

Saudi Arabia is exploring projects that can produce lithium for batteries in an effort to ramp up production.

The prospect of Donald Trump’s tariffs and trade wars has some investors considering abandoning emerging markets altogether.

Take a look at the highs and lows of the year in markets, from triumphant Trump trades and a windfall in Argentina to busted hedge-fund bets.

Donald Trump during a campaign event. Photographer: Justin Merriman/Bloomberg

Also Read: Panama’s Leader Takes Up Feud With Trump Over Canal Control 

Trump announced that SoftBank planned to invest $100 billion in the US over the next four years during an event alongside Masayoshi Son.

Also Read: Masayoshi Son’s Next Great Hope is Taking Nvidia’s AI Crown

Federal Reserve officials lowered their benchmark interest rate for a third consecutive time, but reined in the number of cuts they expect in 2025.

Also Read: Gulf Central Banks Follow Fed’s Rate Cut to Maintain Dollar Pegs

Wall Street bonuses are expected to climb across almost all sectors of the industry for the first time since 2021.

Also Read: Barclays Annual Bonuses Expected to Increase as Much as 20%

Honda and Nissan signed a basic agreement to explore a historic merger that would create a new force in the world’s automotive industry.

Novo Nordisk shares fell by the most on record after a failed attempt to leapfrog rival Eli Lilly in the red-hot market for obesity drugs. 

Elliott’s increasing heft is making it harder to pitch smaller deals. That raises questions about the role of its London office — and the contest to ultimately succeed Paul Singer.

Paul Singer with son Gordon after an AC Milan match in 2022. Photographer: Elisabetta Baracchi/EPA-EFE/Shutterstock

Airline rewards programs have become convoluted shadow currencies for carriers, leaving loyal flyers working harder to land deals.

As SpaceX’s valuation hits a record of about $350 billion, propelling Elon Musk’s own net worth to new heights, Morgan Stanley also stands to benefit.

London’s luxury property market is set for its worst year since 2020, having failed to score even a single £100 million transaction. 

Also Read: London Rents Rising at Record Pace Add to Pressure on Labour

Justin Trudeau’s political future has been shaky for months. But the events that threaten to finish him as Canada’s prime minister snowballed into a crisis in a matter of days.

A bumper pace of new share sales across the Middle East is expected to continue next year, even though a few recent disappointing trading debuts have flashed warning signs on valuations.

In all, firms have raised $13 billion from initial public offerings this year, marking the region’s second-best year since the pandemic. But unlike in previous years, buoyant early returns are no longer a given.

“I don’t see anything stopping it,” said Andrew Briscoe, Bank of America’s head of equity capital markets syndicate in EMEA. “IPOs haven’t all worked well of late, but I don’t think it stops the issuance levels, although it might impact investor interest.”

Also Read: A $12 Billion IPO Hub Faces Listing-Day Blues

This newsletter has covered in depth the United Arab Emirates’ emergence as a hub for hedge funds. Just over the past some days, Bloomberg News reported that JJJ Capital Management — a hedge fund started by former Moore Capital Management traders — is expanding to Dubai, while Marshall Wace plans to set up an office in Abu Dhabi.

These firms have been lining up to open in the booming UAE cities, drawn by the allure of vast pools of capital, zero personal income tax, safety and a favorable time zone. So far, though, mainly a cadre of Western companies have announced offices. That’s starting to change.

Office buildings at ADGM in Abu Dhabi Photographer: Natalie Naccache/Bloomberg

Also Read: Trillion-Dollar Capital Pools, 90 Minutes Apart: Mideast Money

Hillhouse Investment Management and CPE — the Chinese firm formerly known as Citic Private Equity — have held early-stage talks on setting up offices in Abu Dhabi. A representative for the city’s financial freezone, ADGM, now expects two Chinese private equity firms to set up a base there shortly.

Dubai’s not far behind. The city’s financial regulator and the Alternative Investment Management Association recently co-hosted executives from Chinese wealth and asset management firms with the goal of getting some of them to expand to the region. 

“Interest from Chinese companies has surged during 2024,” according to the Dubai International Financial Center. At least two have already set up in the emirate, including Dymon Asia Capital and Alp Ercil’s Asia Research & Capital Management. 

Also Read: Private Credit Has New Opportunities in the Gulf, Golub Says

To be sure, both cities have faced some challenges.

In Abu Dhabi, Ray Dalio and artificial intelligence firm G42 shelved a planned investment venture earlier this year. Over in Dubai, a portfolio manager at Magellan Capital departed months ahead of the hedge fund’s planned $700 million launch, which is set to rank among the largest debuts in the UAE.

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