Gulf

1. Qatar’s Gaza mediation
2. Gulf IPO pipeline
3. Boosting Qatar’s e-commerce
4. DAMAC’s blockchain play
5. Saudi domestic tourism

Dubai chocolate smuggler.

Final draft for Gaza truce

Qatar presented Israel and Hamas with a final draft of a ceasefire and hostage release deal on Monday, following midnight negotiations attended by US President-elect Donald Trump’s Middle East envoy. Doha meetings also included Israeli intelligence chiefs, Qatar’s prime minister, and Egypt’s intelligence head, Reuters reported. Both sides have generally agreed to the principle of halting fighting and release of hostages and detainees, but haven’t been able to reach a deal after more than a year of talks. Plenty of challenges remain: Israel’s hard-right finance minister said on X today that he would not support any truce that halted his country’s war in Gaza, describing the proposed agreement as “a catastrophe for Israel’s national security.” Trump’s inauguration on Jan. 20 has served as a de facto deadline after the President-elect said there would be “hell to pay” if the hostages weren’t released by then.

Strong pipeline for Gulf IPOs

The Gulf initial public offering (IPO) market is expected to maintain momentum this year, fueled in part by sovereign wealth funds floating their assets. Companies raised $12.9 billion in share sales in 2024, up nearly 20% from 2023, with Saudi Arabia dominating listings and the UAE delivering the region’s largest IPO, according to KAMCO Investment Co., a Kuwait-based asset manager.

Saudi Arabia will likely remain the most active market, with the Public Investment Fund planning to list port operator Saudi Global Ports, medical procurement firm Nupco, and district cooling company Tabreed. Private companies in the kingdom, including low-cost carrier Flynas, buy-now-pay-later firm Tabby, and IT company Ejada Systems, are also exploring IPOs. Oman’s sovereign wealth fund aims to privatize around 30 assets over the next few years, with logistics group Asyad Group and Oman Electricity Transmission Co. among the expected contenders this year.

Qatar’s e-commerce overhaul

The size of Qatar’s e-commerce sector in 2027, according to Qatar Development Bank. This is much smaller proportionally than those in the UAE and Saudi Arabia, and may be linked to Doha’s outdated Electronic Transactions and Commerce Law, which has remained unchanged since 2010. The country has a plan to boost the sector. Qatar’s cabinet recently approved a proposal by the Ministry of Commerce and Industry to draw up fresh regulations for activity not connected to a physical location.

DAMAC’s $1 billion tokens

DAMAC Group is tokenizing $1 billion worth of assets in partnership with blockchain specialist MANTRA, the latest move from the Dubai developer that plays on trends that resonate with the incoming Trump administration. Investors will be able to trade digital tokens (equivalent to shares) in DAMAC’s real-world assets from early 2025, although neither side is yet saying just what will be available. DAMAC is best known as a residential real-estate developer — including a number of Trump-branded properties — but also has hotels, shopping malls, and data centers. The move comes just days after chief executive Hussain Sajwani announced, alongside the President-elect, plans to invest $20 billion in US data centers.

Saudis vacation at home

Saudi Arabia’s domestic tourism boom shows no signs of slowing, as Saudis increasingly choose to explore their own country. From Abha and Jizan to Tabuk and Al Jubail, lesser-known destinations are gaining traction, supported by new hotels, attractions, and better flight connections, according to Almosafer, a Saudi travel company. Domestic tourism now accounts for over 40% of total travel spending, reflecting a growing trend of Saudis opting for staycations. As part of its Vision 2030 plan, Saudi Arabia is targeting 150 million tourists annually, with more than half expected to come from within the kingdom.

Introducing  The CEO Signal from Semafor Business, an exclusive, invitation-only membership for chief executives of the world’s largest companies.

Helmed by veteran Financial Times editor Andrew Edgecliffe-Johnson, the initiative builds on the success of Liz Hoffman’s Semafor Business and sets a new standard for how global leaders connect, learn, and navigate future challenges. Focusing on exclusivity over scale, the platform will debut as a weekly briefing in January 2025 offering candid, practical insights and interviews tailored for global CEOs who are short on time and seeking actionable intelligence.

Request an invitation for the debut edition here.

Tech

• PIF’s Alat has completed a $2 billion investment in Lenovo Group. The Chinese tech company committed to building a PC and server factory in the kingdom and establish its regional Middle East and Africa headquarters in Riyadh.

Metals

• Saudi state-owned mining company Ma’aden and Bahrain’s Alba have called off plans to merge their aluminum businesses. The two companies began talks in September to combine assets and potentially create a global top-five aluminum producer.

Logistics

• Abu Dhabi sovereign fund ADQ offered to acquire shares it doesn’t already own in courier services firm Aramex, valuing the company at around $1.2 billion. If completed, it would strengthen ADQ’s position in the domestic transport and logistics sector. — Bloomberg

The “Dubai chocolate” remains a global craze. If you haven’t had it yet, it’s a bar that, when cracked open, reveals chunky loaded insides, the most popular version oozing kunafa and pistachio butter. The original $20 treat from FIX Dessert Chocolatier sells out within minutes of its daily 5 pm drop.

Knock-offs are booming. In South Korea, one version sold 1,200 units in just five minutes, according to Nikkei. Japanese retailers are scrambling to meet demand, while in Germany, customs officials recently seized 460 bars — nearly 200 pounds — hidden in three suitcases by a traveler who didn’t declare them.

OpenAI published a list of policy proposals on Monday, outlining how US federal and state governments can catalyze the artificial intelligence industry and keep China from taking the lead, Semafor’s Reed Albergotti reported.

The document argues the US should invest heavily in energy and other infrastructure to spur investment in American AI, calling for a closer relationship between AI companies and the US national security community.