Good morning, wonderful people. We hope this week is nowhere near as crazy as the last, and that everyone has had a good, relaxing weekend to recover from the chaos.

THE BIG STORIES here at home are mostly M&A-related, with news that the International Holding Company is eyeing a USD 1 bn acquisition of Zambia’s Konkola Copper Mines, reports that Taqa’s takeover bid of Spain’s Naturgy could meet resistance from the Spanish government, and that Adnoc is eyeing a stake in US utilities firm AmeriGas. But first…

OUR NEXT CONFERENCE IN CAIRO-

Foreign investors are falling in love with Egypt again… Foreign investors we speak with (debt, equity, and strategic alike) have growing appetite for Egypt. They’re buying into local debt, eyeing promising shares, and committing bns of USD to both new ventures here and the growth of their existing businesses. They like the Egypt story that’s taking shape after the float of the EGP, and its competitive advantages are clear to many of them: It’s a massive consumer opportunity and a regional export hub of tomorrow.

The Enterprise Optimism Forum 2024 will do exactly what it says on the tin: Spark conversations about a future that sees Saudi Arabia, Egypt, and the the UAE at the heart of a more vital Middle East economy — and provide an early, actionable roadmap for those who are “long Egypt.”

We’ll be talking with you about the agenda over the coming couple of weeks. It features speakers from Egypt and abroad who are future-proofing their businesses and angling to capture tomorrow’s opportunities — and who aren’t afraid to answer some tough questions.

*** Interested in attending? Tap or click here to let us know. Seating is limited.

Skies cleared up over the weekend after several days of record-breaking rainfall across the country that resulted in major flooding and some infrastructure damage, particularly in Dubai. The country is now easing back into normalcy, with airlines resuming operations, roads reopening, and ins. providers taking stock of the scale of the damage. Reuters took note of the impact of the storm.

The death toll: At least four people died in the country as a result of the storm, including three Philippine nationals and one Emirati national, according to Sky News.

We’re set to see more rain this week, but nothing compared to last week’s storm, officials say: The country will see “light to moderate” rainfall starting today, with a drop in temperatures starting Wednesday, according to the National Center of Meteorology. Temperatures will hit a high of 35°C in Dubai today, and an overnight low of 22°C, while Abu Dhabi will see highs of 36°C and an overnight low of 20°C. Climate expert Ahmed Habib, who works at the center, told Khaleej Times the rain will “not even be comparable” to last week’s torrential storms — which saw more than a year’s worth of rainfall in a single day.

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ARE THINGS BACK TO NORMAL?

Emirates and Flydubai resumed their regular flight operations after last week’s torrential storm, {Sky News Arabia} reports. Some 400 flights were canceled and several others were delayed due to the storm, Emirates President Tim Clarke said in an open letter of apology.

A few more days to completely clear backlogs: With the scale of disruptions — including the suspension of passenger check-ins and transit operations at Dubai International Airport, impacting thousands of travelers — it will take some time for the airline to handle the backlog of passengers and reschedule their flights, Clark said.

These roads are safe for travel again: Dubai’s Roads and Transport Authority has reopened the tunnel at the Beirut Street and Al Nahda Street intersection, Al Meydan Street at Al Asayel Street, and Sheikh Mohammed bin Zayed Road, after temporarily closing the roads due to flooding. The Sheikh Maktoum Bin Rashid Road (E11) linking Abu Dhabi to Dubai is also accepting traffic again near Ghantoot Bridge, Abu Dhabi’s Integrated Transport Center (ITC) said on X.

Still closed for traffic: Abu Dhabi’s Sheikh Mohammed Bin Rashid Al Maktoum Road (E311) after the intersecting Al Faqa is still closed in the direction of Dubai, according to the ITC.

DID YOU SUFFER PROPERTY DAMAGE?

Real estate development companies in Dubai have pledged to support residents impacted by the recent weather conditions, state news agency Wam reported. Companies will work with the Dubai Land Department to offer services including accommodation, pest management, ins.-related damage assessment, and evaluating property risk and damages, among others..

Emarat Al Youm has the contacts for developers:

  • Dubai Properties: 8003822462
  • Emaar: 80036227
  • Nakheel: 8006254335
  • Dubai Investment Group: 800PID (743)
  • Union Properties: 800332266

Emaar Properties plans to repair all its properties affected by the storm at no charge to residents, founder Mohamed Alabbar said, according to a Dubai Media Office statement.

For car damage: The National has a handy explainer on what to expect from your ins. provider for motor vehicle damage from the storm, depending on your policy, courtesy of the folks at Al Tamimi & Company. If you lost your license plate in the storm, you can report the incident and apply for a new plate through the RTA’s website.

If you’re in Sharjah: Sharjah residents can file for damage certificates at no cost through the Sharjah Police Smart App, with the Sharjah Police currently working to provide aid to its residents, according to Khaleej Times.

New committee to handle damage requests for Emiratis: Crown Prince of Dubai has asked for a committee to handle all requests from Emirati citizens affected by the rains to be established, Wam reported. The committee can receive requests via Whatsapp (0583009000), according to Gulf News.

Schools in Dubai are reopening, but will still offer remote learning in the transition: Dubai's Knowledge and Human Development Authority has instructed all private education institutions to allow for flexibility in the return to on-site education to accommodate the need for distance learning, in support of students and teaching staff facing “logistical challenges'” due to the aftermath of the heavy rainfalls last week, while clean-up efforts are underway. Meanwhile, Sharjah schools will continue to offer distance learning today, the Sharjah Private Education Authority directed.

WATCH THIS SPACE-

#1- Tax benefits for investing in R&D? The Finance Ministry launched a digital public consultation on Friday for a potential research and development (R&D) tax incentive to be rolled out under the corporate tax law, reports Wam. The consultation aims to gather input from relevant stakeholders — including businesses, advisors, institutions, and investors – on the scope of corporate R&D activities in the UAE, as well as the potential coverage, implementation, and administration of the tax incentive. The ministry is accepting responses until 14 May.

#2- Adnoc eyes AmeriGas stake: Abu Dhabi National Oil Company (Adnoc) is mulling acquiring a stake in the propane distribution unit of US utility holding company UGI Corp, AmeriGas, through its subsidiary Adnoc Distribution, {Bloomberg} reports, citing sources familiar with the matter. The stake purchase would value the company at several bn USD, the sources say. Adnoc has reportedly tapped advisers to discuss the stake acquisition, which would mark Adnoc’s entry into the US market. The move would be in line with the state-owned company’s efforts to diversify its portfolio by investing in other product segments beyond crude oil.

REFRESHER- Adnoc has doubled down on its efforts to increase oil and gas production capacity, earmarking USD 13 bn over the next five years to expand in domestic and international markets. The company plans to double its LNG production capacity by 2028, and grow its global presence by “acquiring new positions in the gas value chain, targeting opportunities in Europe, India, China and South-East Asia.” Adnoc is reportedly seeking to submit a bid higher than EUR 11.3 bn to acquire German polymer materials manufacturer, Covestro.

#3- Swiss Pilot Bertrand Piccard is planning a hydrogen-powered flight around the world, starting from Abu Dhabi, as he looks to promote the practicality of hydrogen aviation as a means to decarbonize the industry, Wam reports. The Swiss pilot, renowned for his 2015-2016 solar flight around the world, wants “to fly around the world nonstop in a green hydrogen-powered airplane,” he told the state news agency on the sidelines of the World Future Energy Summit last week. Piccard’s hydrogen plane, Climate Impulse, is being constructed with innovative propulsion technology, targeting a 2028 nonstop global flight.

MORNING MUST-READ-

Survey reveals next-gen family businesses’ priorities: Expanding into new markets and sectors topped the list of of business priorities for the next generation of family business members over the coming two years, followed by business development and the adoption of new technologies, according to a survey conducted by PwC in collaboration with the Dubai Centre for Family Businesses, according to a statement from the Dubai Media Office.

AI is in high favor: The poll surveyed 889 respondents from 63 countries, including a number of respondents from Dubai. Of the sample Dubai group, 87% expressed interest in investing in generative AI, with 32% believing that it will increase their businesses’ profitability within a year by enhancing operational efficiency and employee productivity, and overall business growth.

HAPPENING TODAY-

#1- Etihad resumes double-decker flights to NY: Etihad Airways is restarting flights to New York with the double-decker A380 aircraft after halting large-capacity flights to the US city during the pandemic. The airline had previously announced that it would bring back the flights in April, with the A380 scheduled to operate one of the two daily Etihad flights to New York.

#2- The ICC Women’s T20 World Cup Global Qualifier 2024 in Abu Dhabi is on its second day today, hosted by Abu Dhabi Cricket and Sports Hub, according to an Abu Dhabi Media Office statement. Featuring 10 teams including UAE, Ireland, Netherlands, Scotland, Sri Lanka, Thailand, Uganda, US, Vanuatu, and Zimbabwe, the qualifier — which wraps on 7 May — comprises 32 matches to determine two slots for the ICC Women's T20 World Cup 2024 in Bangladesh.

HAPPENING THIS WEEK-

#1- The AVPN Global Conference 2024 is scheduled to take place in Abu Dhabi from tomorrow to Thursday at The St. Regis Saadiyat Island Resort and Park Hyatt Abu Dhabi Hotel and Villas. The event aims to bring together more than 1.5k leaders in global social investment to advance humanitarian efforts in Asia, according to an Abu Dhabi Media Office statement.

#2- The National Forum for Small and Medium Enterprises: Government Procurements will take place tomorrow at Dubai’s Emirates Towers. Organized by the Ministry of Economy, the forum welcomes Emirati entrepreneurs to explore and compete for available tenders and contracts on its digital procurement platform.

#3- Gulf Information Security Expo and Conference will take place from tomorrow to Thursday at the Dubai World Trade Centre. The event will gather hundreds of cybersecurity firms, government officials, and cyber experts from 130 countries. You can book your ticket here.

#4- Carpet and flooring industry event Domotex Middle East 2024 is scheduled from tomorrow to Thursday at the Dubai World Trade Centre. The event brings together industry leaders like Merinos, Oriental Weavers, Solomon Carpets, and Al Abdullatif, as well as brands like Azim Silk.

THE BIG STORY ABROAD-

It’s a quiet morning in the global business press, with earnings season looking set to dominate headlines for the rest of the week.

Reporting this week: Everyone from General Motors, Tesla, Visa, and Halliburton to Microsoft, Hilton, Nestlé, TotalEnergies, and Sainsbury’s. Tech giants Alphabet and Meta will also release results. Pundits hope strong earnings will hit the ‘reset’ button for US investors who have soured after the S&P’s day-over-day losses last week.

Donald Trump will become the first former US president to stand trial on criminal charges when opening arguments begin in a Manhattan courtroom today. The Donald is estimated to have spent more than 25% of his campaign donations on legal fees.

The war in Gaza and tensions between Iran and Israel continue to get plenty of front-page space in the business press, with the FT noting that Washington is set to impose sanctions on an Israeli military unit over human rights abuses and the WSJ giving prominent placement to a piece headlined Inside the white house’s frenetic scramble to avert a full-blown Middle East war.

Israel killed 18 children yesterday in attacks on Rafah in which four adults also died, the Associated Press reports.

ALSO WORTH A MOMENT of your time this morning:

  • US companies are becoming more intolerant of “office activists,” as underlined by Google’s firing of staff who had occupied the office of its cloud CEO in protest of a contract with Israel. (WSJ)
  • Golden visas are losing their appeal in much of Europe, with Spain being the latest to phase out its program. (NYT)

SIGN OF THE TIMES- BTC miners are looking at AI and power centers as they look to cope with reduced revenues following the halving this past weekend, CNBC writes.

AND- It’s the first day of Passover (our best wishes to readers who are celebrating) and International Earth Day.

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