Good morning, wonderful people. It’s a slower than usual start to the week, but we have a lot of news from the first day of the Make it in the Emirates forum to dig your teeth into, as well as more data on the country’s real estate sector in 1Q 2024, and updates on a long-standing real estate dispute.

PUBLIC SERVICE ANNOUNCEMENTS-

Dubai residents will now need to pay their vehicle fines digitally through the Roads and Transport Authority’s upgraded smart application or website, after the service was discontinued at the authority’s customer and service centers, the authority said on X.

WATCH THIS SPACE-

IHC ups its assets in Africa: The International Holding Company’s (IHC) mining investment arm, International Resources Holding (IRH), has inked new joint venture agreements for iron ore mining in Angola’s Kassala Kitungo and Munenga, IHC CEO Syed Basar Shueb told the Financial Times yesterday. IRH is also in advanced talks to mine nickel in Burundi and various metals in Tanzania and Kenya, expecting to make some USD 1 bn of mining acquisitions this year.

AND- The company plans to directly buy the mining concessions and make them “green” by using renewable energy sources like solar power, Shueb said.

REFRESHER- IHC is doubling down on securing critical metal supplies from Africa. Last month, the company snagged a 51% stake in Zambia’s Mopani Copper Mines for USD 1.1 bn, and reportedly bid over USD 1 bn for Mumbai-based Vedanta’s 51% stake in Zambia’s Konkola Copper Mines. The natural resources extractive company is also reportedly looking to bid for private equity player EMR Capital’s 80% stake in Zambia’s Lubambe Copper Mine.

Other bidders? “Majority of the time you’re competing with Chinese. There’s no other countries,” Shueb said.

HAPPENING TODAY-

#1- President Sheikh Mohamed bin Zayed Al Nahyan heads to South Korea for a two-day visit today, at the invitation of South Korean President Yoon Suk Yeol, Wam reports. The state leaders will discuss ramping up cooperation in trade, investment, energy, and technology, in addition to regional and international developments. Marking the president’s first visit to Korea, the landmark working visit is expected to see the two countries sign a number of investment agreements and MoUs to bolster bilateral business cooperation, according to Korean news portal Korea.net.

#2- Yemeni Prime Minister Ahmad Awad bin Mubarak arrived in the Emirates on Sunday on an official visit in response to an invitation sent by the Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum, Saba Net writes.

#3- The MENA Investor Conference hosted by Arqaam Capital kicked off yesterday and runs through to today, according to a press release (pdf). Over 70 companies from eight major markets in the region, with a combined market cap of over USD 500 bn across 20 sectors, are attending. The conference will explore regional market trends, Saudi Arabia’s mega projects, the UAE’s real estate market, and economic outlooks for Qatar, Egypt, and Kuwait.

HAPPENING THIS WEEK-

#1- Dubai-based contractor Drake & Scull’s shares will resume trading on the Dubai Financial Market (DFM) tomorrow, according to a DFM disclosure (pdf). The contractor’s relisting comes following its capital increase, which raised over AED 450 mn as part of its restructuring plan.

Background: The DFM approved its restructuring plan — which will write off 90% of its debt — back in November 2023, which it was required to implement within a year from approval. The construction company was suspended from trading in November 2018 on the back of excessive financial losses and reporting violations.

#2- The President will head to China on Thursday, 30 May, at the invitation of Chinese President Xi Jinping, to ring in the 40th anniversary of diplomatic relations between the UAE and China, Wam reports. The visit seeks to build on the countries’ existing strategic partnership, with the state leaders set to discuss furthering economic, developmental, and cultural cooperation to promote sustainable development and economic growth across both countries. President Al Nahyan will also attend the latest Ministerial Conference of the China-Arab States Cooperation Forum during his visit.

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THE BIG STORY ABROAD-

One story is on every front page this morning: Israel’s deadly strike in Rafah and Israeli troops exchanging fire with Egyptian forces at the Rafah crossing.

There’s been a global outcry after Israel killed at least 45 people in a Rafah tent camp. Even its closest allies in the US have piled on, though two US officials told Axios that the Biden administration is still deciding whether the attack crosses a red line. European Union foreign ministers have for the first time “engaged in ‘significant’ discussion on sanctioning Israel if it doesn’t comply with international humanitarian law,” Politico reports, citing remarks by Irish Foreign Minister Micheál Martin.

PRESENTED WITHOUT COMMENT- A “tragic mistake,” says Netanyahu: Addressing the Israeli Parliament yesterday, Prime Minister Benjamin Netanyahu said that the deaths were due to a “technical failure” and came despite Israel’s “immense efforts to avoid harming the non-involved” (watch, runtime: 0:45).

The news is everywhere this morning: Reuters | Financial Times | New York Times | Times ofIsrael | Associated Press.

AND- An Egyptian officer was shot dead during an exchange of fire between Israeli and Egyptian forces yesterday. The Egyptian Armed Forces are investigating, a military spokesman said. The two sides are in talks to de-escalate, according to a statement from the Israeli side picked up by the Financial Times.

MEANWHILE- It’s crickets in the global business press this morning. Both US and UK markets were closed yesterday for national holidays.

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