Good morning, lovely people. It’s expected to be a stormy day today, so strap in and stay home if you can. The weather in Dubai still looked stable before we hit dispatch — save for a brief hour overnight that saw strong winds and some rain. Ras Al Khaimah also saw heavy rain, along with hail, thunder, and lighting, according to the NCM.

REMEMBER-We’re in for more rain today, along with another wave of thunderstorms and a chance of hail in some areas, the National Center for Meteorology forecasts. The Interior Ministry has advised schools nationwide to switch to remote learning today and tomorrow due to the unstable weather.

The Human Resources and Emiratization Ministry has also advised private sector companies to implement remote work today and tomorrow, while government employees will be working from home.

The Interior Ministry also closed all roads leading to areas prone to flash floods, water accumulations, and dams, cautioning residents to stay home today and avoid rainfall areas. Beaches, parks, and public markets have also been shuttered in Dubai for the day.

The Dubai Metro will continue operating until 5am tonight, rather than the usual midnight cut-off time, the Roads and Transport Authority said on X. The metro had also extended its operating hours last night. Trains from Centrepoint Station will stop exclusively at Emirates Airlines Station, Airport Station Terminals 1 and 3, and GGCO Station.

THE BIG STORIES here at home are a mix of M&A, AI, and a fresh update on the Spinneys IPO. First up: Spinneys set its final IPO price yesterday, raising AED 1.38 bn in a heavily oversubscribed book building process. On the AI front, ADX-listed Presight has acquired a 51% stake in Adnoc-G42 JV AIQ.

IN MEMORIAM-

The president’s representative in Al Ain region, Sheikh Tahnoun bin Mohammed Al Nahyan, passed away last night, Wam reports. The Presidential Court has announced a seven-day period of official mourning, during which flags will be flown at half-mast. Sheikh Tahnoun was 82 years old. Wam, The National, are all out with obituaries.

FROM THE ECONOMY MIDDLE EAST SUMMIT-

The UAE has made strides in diversifying its economy away from oil, Economy Minister Abdulla Bin Touq Al Marri said at the Economy Middle East Summit 2024 yesterday at the Abu Dhabi Global Market (ADGM), Albayan reports. The non-oil economy is expected to grow at a 4.7% clip over 2024 and 2025, he added.

IMF Executive Director Mahmoud Mohieddin also praised the UAE’s diversification efforts, with the non-oil sector currently accounting for around 74% of the country’s GDP, Wam wrote. Mohieddin also lauded the Emirates’ investments in newer economic sectors, including the green economy, the digital economy, and smart investments, contributing to the nation’s growth.

The region’s outlook, however, is mired in uncertainty: While the region is currently returning to its pre-pandemic low growth rates of around 2.7% in 2024, the regional conflict and rising levels of debt are straining the region’s outlook, World Bank Chief MENA Economist Roberta Gatti, Wam report ed separately. “Rising debt is heavily concentrated in oil-importing economies, which now have a debt-to-GDP ratio 50% higher than the global average of emerging market and developing economies,” Gatti said. Oil importers need to practice fiscal discipline, while oil exporters need to diversify their fiscal revenue.

HAPPENING TODAY-

Agility Global makes ADX debut today: Kuwaiti logistics outfit Agility Global’s shares will start trading on the Abu Dhabi Securities Exchange (ADX) today, after parent company Agility got the green light for Agility Global’s technical listing last week, according to a company disclosure. You can read Agility Global’s prospectus here (pdf).

DATA POINTS-

#1- Dubai property market had a good April: Dubai’s real estate sector reeled in AED 31.7 bn in sales last month, up 20.6% y-o-y, and marking the emirate’s highest monthly performance to date, Emarat Alyoum reports, citing data from the Dubai Land Department. Over 11.5k properties were handed over during the month, representing an increase of 44.4% y-o-y. Dubai’s property market has seen AED 140.5 bn across 48.2k sales since the start of the year.

#2- Foreign capital hits AED 3.23 mn in Sharjah: The value of foreign capital in Sharjah has seen 30% y-o-y growth in 2023, reaching AED 3.23 mn, deputy director of commercial affairs at the Sharjah Economic Development Department, Ahmed Saif bin Saad Al Suwaidi, told Sharjah24. Investors from India, Pakistan, Syria, and Egypt made up the top four.

WATCH THIS SPACE-

#1- ADIA eyes stake in Nord Anglia: Abu Dhabi Investment Authority (ADIA) is considering snagging a minority stake in international school operator Nord Anglia, Bloomberg reports, citing people with knowledge of the matter. Nord Anglia has also attracted interest from private equity buyout firms KKR, Permira, and Hellman and Friedman, which are seeking controlling stakes, and Singaporean sovereign wealth fund GIC Pte, which is interested in a minority stake in the business. Talks of a consortium between the Abu Dhabi and Singaporean wealth funds and interested private equity firms for the purchase are also in play, the sources added.

Background: The company’s major shareholders — EQT AB and Canada Pension Plan Investment Board — hired banks to explore a sale or listing of the business in February. Either of the transactions could value Nord Anglia at up to USD 15 bn.

#2- Aircraft leasing company Dubai Aerospace Enterprise (DAE) is reportedly receiving only half the number of aircraft previously agreed upon from Boeing, Reuters reports. So far, DAE has received only one aircraft from Boeing in 1Q 2024, according to DAE CEO Firoz Tarapore. “The only thing we can reliably expect from Boeing these days is a delivery delay notification as opposed to aircraft so we hope that they get their act together,” Tarapore said.

#3- Hospitality investment management company Sunset Hospitality is looking to raise USD 300 mn for expansion plans, Bloomberg reports citing people familiar with the matter. The company is reportedly collaborating with Jefferies Financial Group to attract investors and is considering raising funds from a single investor but remains “open to all options.”

MORNING MUST READ-

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THE BIG STORY ABROAD-

#1- Are Saudi and the United States closing in on AI and defense pacts separate from an agreement to recognize Israel? That’s what Bloomberg and the Guardian contend this morning, saying the two are talking now about agreements that would bind the US to protect Riyadh, see them cooperate on AI and other advanced technology, and help Saudi develop a nuclear power industry. EnterpriseAM Saudi has more. The agreement could go ahead without Saudi recognition of Israel, its backers say.

MEANWHILE- Hamas is “negative” on Israel’s latest proposal as part of Cairo-brokered ceasefire talks, but said its negotiators would continue to engage in the process.

AND- US Democrats are putting pressure on Joe Biden to push Israel not to assault Rafah, where more than 1 mn people are taking refuse from Israeli forces, Reuters reports.

#2- The US Federal Reserve said it is “more likely to keep interest rates at their current level for longer than to raise them again,” the Wall Street Journal reports after the Fed wrapped last night its two-day monetary policy meeting. At issue with the higher-for-longer stance: “It is likely to take longer for us to gain confidence that we are on a sustainable path down to 2% inflation,” the Financial Times reports Fed chair Jay Powell as having said after the meeting. “I don’t know how long it will take.”

#3- The global press remains obsessed with pro-Palestinian protests in the United States, where hundreds were arrested yesterday as many university administrators called in police. Reuters | Wall Street Journal | BBC | Politico

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.

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CIRCLE YOUR CALENDAR-

The Arab Tourism Media Awards will take place next week, from 6-9 May, at the Dubai International Convention and Exhibition Centre, state news agency Wam reports. The Arab Union of Tourist Media will present awards to 34 Arab personalities, tourism institutions, and cities that have contributed to the tourism industry in the Arab region.

The Make it in the Emirates (MIITE) Start-up Pitch Competition application deadline has been extended until 5 May for local and international tech companies in AI, 3D printing, and decarbonisation in the industrial sector, Wam reports. The competition aims to encourage technological innovation in the industrial sector, covering areas such as aviation, healthcare, automotive, electronics, energy, customized manufacturing, decarbonisation, renewable energy, artificial intelligence and digitisation, and carbon capture and storage.

The Arabian Travel Market is taking place from 6-9 May at DWTC Dubai under the theme Transforming Travel Through Entrepreneurship. The event will focus on issues relating to entrepreneurial strategies.

TheAnnual Investment Meeting (AIM) Congress is scheduled to be held on 7-9 May at the Abu Dhabi National Exhibition Centre. Gathering senior government officials and industry experts, the summit will focus on exploring means of strengthening the economy under the theme Resilient, Sustainable Economic Growth – Creating a Healthy and Prospective Investment through FDI and FPI.

The Middle East Petroleum and Gas Conference is set to take place from 20-22 May in Dubai, hosted by the Emirates National Oil Company and under the organization of S&P Global Commodity Insights. The theme of the conference is “Evolving Core Energy Markets within a Sustainable Landscape.”

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

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