Privatization program rolls on

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WHAT WE’RE TRACKING TODAY

Dubai Taxi Corporation begins its bookbuilding process. PLUS: Satellite program moving forward, electric air taxis are coming, and the meltdown of OpenAI

Good morning, wonderful people, and welcome to the first-ever zero issue of EnterpriseAM UAE, wherein we will chronicle what we immodestly think is one of the most globally compelling business stories of our generation.

IN THIS MORNING’S ISSUE we have stories from quite a range of industries and sectors, but we’ve also got the latest on the meltdown of OpenAI (where the story is literally shifting hour-by-hour).

** This is a zero issue of EnterpriseAM UAE and has not been published or distributed to a wide audience.

** Did you receive this as a forward? Email editorial@enterprisemea.com and let us know if you’d like to be added to our list of beta readers ahead of our launch.

THE BIG STORY here at home is Dubai Taxi Corporation kicking off the bookbuilding process for its planned IPO on the DFM, as part of the Emirates’ wider state privatization program. The company — Dubai’s biggest taxi operator — is selling a 25% stake in the IPO.

UAE aid convoy heads to Gaza: A convoy of trucks carrying humanitarian aid from the UAE to the besieged Gaza Strip has arrived at the Rafah border crossing, WAM reported on Sunday. The dispatched convoy of 13 trucks carrying a total of 272.5 tonnes of aid is part of the UAE’s humanitarian Operation Gallant Knight 3, to provide humanitarian relief to the Gazan people.

Operation Gallant Knight 3 is an initiative launched under President Sheikh Mohammed Al Nahyan’s decree to set up an air bridge to deliver aid to Gaza.

Sirb satellite program gets ready for takeoff: The Sirb satellite program is now in its execution phase, after Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan and Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum launched the phase yesterday, according to state news agency WAM. The project will develop and operate radar satellites, the first of which is scheduled to launch in 2026. Sirb is designed to help the UAE to meet challenges in the areas of climate change and environmental sustainability, urban development, natural disasters, and food security.

All experts aboard: Sirb relies on national talent and UAE companies, with startups, SMEs, and entrepreneurs at the top of the list. The program has recruited EDGE as a strategic partner to manage the Synthetic Aperture Radar payload development and the National Space Science and Technology Center to provide assembly, integration, and testing operations.

PM approves Global Star ratings for gov’t entities: UAE Vice President and Prime Minister, Sheikh Mohammed bin Rashid Al Maktoum, has approved the Global Star Ratings for 124 federal government service centers and platforms, affiliated with 25 ministries and cabinet authorities, WAM reports.

What is the Global Star Rating System? The UAE cabinet rolled out the Global Star RatingSystem in 2011 to track the performance of websites, service centers, and government mobile applications. Following an upgrade in 2019, service centers and digital applications were added to the system.

Top six performers: The six centers which received a six-star rating are all affiliated with the Federal Authority for Identity, Citizenship, Customs, and Ports Security (ICP) and the Interior Ministry, the UAE Government Media Office said on X.

Respite for those who fared the worst: The underperformers will get a 60-day grace period to improve their services, after which they will be reevaluated.

What’s at stake? If the service centers still underperform following the reevaluation, they will be at risk of being overhauled or terminated.

Dubai will see electric air taxis take off by 2026, with the high-tech vehicles expected to cut commuting time by 40%, Khaleej Times reports. The General Civil Aviation Authority (GCAA) is planning to run air taxis by 1Q 2026, according to the authority’s Senior Specialist in Policy and Regulation, Omar Hassan Malek. The project is a collaboration between the Abu Dhabi Investment Office (ADIO) and California-based electric taxi manufacturer Archer Aviation following a partnership agreement last month, Archer said in a press release.

DATA POINT #1- The number of transactions at Dubai Customs increased 13% y-o-y in 9M 2023, reaching 21.6 mn transactions, according to Dubai Customs. Customs declarations accounted for 87% of total customs transactions, increasing by 13.2% y-o-y by the end of Q3, to 18.8 mn.

Closer to D33 targets: The increase in transactions aligns with Dubai’s economic agenda D33, to double foreign trade and establish new trade routes connecting Dubai with 400 cities worldwide. Dubai Customs is continuing to enhance its Mirsal 2 system to meet this commitment, developing digital platforms to enhance capacity, says Director-General of Dubai Customs, Ahmed Mahboob Musabih. Currently, Dubai Customs’ digital programs are capable of processing 70k customs declarations daily.

DATA POINT #2- The UAE holds 19% of the global sustainable sukuk market, with the value of its Environmental, Social and Governance (ESG) sukuk reaching USD 6.4 bn during the first nine months of the year. This is a 41% increase from the preceding quarter, Skynews Arabia reports, citing Fitch Ratings.

PSA- Dubai’s Al Meydan Street Improvement Project is now 85% complete, according to a statement by the Dubai’s Roads and Transport Authority (RTA) yesterday. The project will make the street wider (from two to at least three lanes), changing Al Meydan Roundabout to a T-shaped signalized intersection, and extending Al Quoz Roundabout into a longer street along the route, the statement says. The changes are designed to slash travel time on the street “from eight minutes to just one minute during the morning period and from seven minutes to less than one minute in the evening,” RTA roads director Hamad Al Shehhi said.

CBUAE issues coins to commemorate Quran Award silver jubilee: The Central Bank of the UAE (CBUAE) issued 8k silver coins in recognition of the 25th anniversary of the Dubai International Holy Quran Award, the bank said in a press release. The coins are set to be given to the award’s organizing committee and will not be up for sale.

SH*T SHOW AT THE F*CK FACTORY- Sam Altman is out at OpenAI. But is he returning as CEO to the company he founded? Or taking as many as 700 OpenAI staff and decamping for Microsoft? Not even Microsoft boss Satya Nadella seems to know. Sh*t show at the f*ck factory, indeed.

Here are the big beats — and big, lingering questions — in the drama that the global business press has dubbed the single largest business story of 2023. (Bloomberg | Financial Times | WSJ)

1- OpenAI’s board fired Altman over the weekend in what Silicon Valley insiders are calling a “coup” led by the company’s chief scientist.

2- The chief scientist is now threatening to leave with Altman, saying he regrets his actions. (Sure, Fredo.)

3- OpenAI’s board (all of them external folks, none of them shareholders) has missed two deadlines to bring back Altman and then resign themselves. They’ve been under pressure from major shareholders including Microsoft and venture capital outfit Thrive. Instead, they’ve fired the interim CEO they appointed a few days ago (she’s backing Altman) and hired the guy who used to run Twitch.

4- Nadella announced in a stone-coldtweetpost on Elon Musk’s dumpster fire of a social network that Altman is joining Microsoft.

And as of right now: More than 700 OpenAI staff have threatened to walk, Nadella doesn’t seem to know whether he employs Altman or not, and it seems Altman is still making a play to return to OpenAI.

PSA- Maybe you don’t want to pay for ChatGPT Plus, after all? Microsoft’s Copilot (until recently named Bing) is powered by a fairly recent build of ChatGPT and Google’s Bard has exploded out of the gates in recent weeks, now giving users the ability to link Bard to their email as well as to Google’s Docs, Sheets and Slides products, among others.

THE LOCAL ANGLE- Does this mean the end of Altman’s bid to raise funds out of the UAE and Saudi to back a new business focused on chips and devices for AI? He had been in and out of our neck of the woods trying to raise “tens of bns” of USD for unspecified hardware-focused projects, Fortune reports, suggesting Altman had been speaking with the Public Investment Fund as well as Abu Dhabi’s Mubadala.

HAPPENING TODAY-

The Knowledge Summit 2023 is happening today and tomorrow at the Dubai World Trade Center, bringing together policymakers, academics, and entrepreneurs, Sheikh Rashid Hall. It will be followed by virtual sessions on Thursday, according to a press release. This year’s theme is Knowledge Cities and the Fifth Industrial Revolution, with the summit set to cover a range of topics, including coexistence during the fifth industrial revolution, the role of Sustainable Development Goals (SDGs) during the revolution, advancements in biotechnology, and strategies to achieve zero waste.

MARKET WATCH-

Oil inched up more than 2% on the back of anticipated OPEC+ supply cuts: Brent crude was up 2.1% at USD 82.32 a barrel, as prolonged production cuts are expected to be announced at an OPEC+ meeting next Sunday. An additional cut of 1 mn barrels per day could also be on the cards for the cartel after oil prices began slumping towards the end of October, the Financial Times reports, citing a source it says is in the know.

The increases follow a four-week fall in crude oil prices after Israel’s war on Gaza disrupted supplies in the Middle East and wavered demand. Expected action by OPEC+, in addition to a weakening of the USD and the potential release of more Israeli hostages from Gaza, are possible reasons for the surge in the market, according to Asharq Business and Reuters.

Retail + institutional subscriptions are on for Dubai Taxi Corporation

Dubai Taxi IPO kicks off book building today: State-owned Dubai Taxi Corporation (DTC) starts its eight-day book building process today for both retail and institutional investors, according to the company’s IPO website. The book building process ends next Tuesday, 28 November for retail investors and Wednesday, 29 November for institutional investors. DTC expects to be listed on the DFM by 7 December.

About the offering: The DTC is offering 624.8 mn shares — a 25% stake — at a nominal rate of AED 0.04 per share, the company said in its intention to float (pdf). The indicative price range will be announced today, while the final share price will be announced following the book building process.

Lots of potential investors already? Prospective investors in the IPO have been submitting their loan requests to local banks — ranging between AED 50k to AED 10 mn — Gulf News reported yesterday, citing industry sources. Given the high demand for the IPO, bankers have been advising prospective investors to up their subscription amounts if they hope to secure a more significant allocation of DTC shares. “Based on what we are seeing, this will sell out in minutes. I cannot comment on institutional investor demand, but even the high networth investor demand is off the charts,” Gulf News writes, citing an anonymous banker.

ADVISORS- Citibank, Emirates NBD, and Merrill Lynch are joint global coordinators for the transaction. Joining them on joint bookrunner duties are EFG Hermes UAE and FAB. Emirates NBD is lead receiving bank, while our friends at Mashreq Bank are also serving as a receiving bank alongside FAB and others. Rothschild is also serving as an independent financial advisor.

ALSO FROM DUBAI TAXI- Mansoor Rahma Alfalasi (LinkedIn) has been appointed as CEO of Dubai Taxi, following the company’s first board meeting, according to a Dubai Media Office press release. Alfalasi has experience in managing mobility sector businesses, having served as the CEO of Dubai Taxi Corporation (not the same thing) since 2020. He also occupied several executive management roles at the Dubai Roads and Transport Authority (RTA) between 2014 and 2020.

ICYMI: DTC, Dubai’s largest taxi operator, is set to go public next month on the Dubai Financial Market (DFM), according to the company’s prospectus. The move follows the decision by Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum to change the legal status of DTC and establish it as a public joint stock company earlier this month.

Gulf Investment Corporation acquires significant minority stake in Pipecare Group

Kuwait's Gulf Investment Corporation (GIC) has acquired a “significant minority stake” in UAE-based Pipecare Group Holding, a global provider of pipeline inspection services, according to a company statement. The transaction closed on 15 November, the statement says, but the size of the stake acquired and the financial value of the investment were not disclosed.

Where is the money going? Pipecare will use the fresh financing to facilitate its international expansion, with a focus on expanding its premium offerings, namely its “high-end in-line inspection technologies” in the North American market.

It’s another Gulf-goes-Global story: “This investment highlights the interest of GIC in partnering with a successful GCC company to help it expand its operations outside the region,” Group Head of Principal Investments at GIC Meshary Al-Judaimi said.

About Pipecare: Established in 1998, Pipecare Group is a key global provider of in-line inspection services for pipeline operators across 85 countries. The company offers adaptive engineering services as well as AI solutions.

About GIC: Established in 1983 by the Gulf Cooperation Council (GCC), GIC is an investment company jointly owned by the six GCC member states. Its primary objective is to boost cooperation and growth through equity commitments, both within the GCC and internationally.

Fertiglobe completes first green ammonia shipment

Fertiglobe completes its first green ammonia shipment:Abu Dhabi-based OCI and Adnoc JV Fertiglobe has sent its first shipment of green ammonia. The shipment has arrived in India, having been produced at the company’s green fuels generation facility in Egypt, the company said in a statement. The value of the transaction was not disclosed.

The green ammonia shipment was delivered to India's Tuticorin Alkali Chemicals and Fertilisers Limited (TFL), which will supply the NH3 to Unilever’s India-arm Hindustan Unilever for the production of soda ash. The soda ash — which is mainly used for glass, rechargeable batteries, and soap manufacturing — will serve as feedstock for the production of laundry powder. Conventional, carbon-intensive soda ash production has a greenhouse gas emission footprint of around 1.2 kg of carbon equivalent per kg. Abu Dhabi-based Fertiglobe anticipates its green ammonia plant will supply enough feedstock for the production of some 6k tons of green laundry powder, Hydrogen Insight reports.

A UAE-based ammonia plant could be in the pipeline: Fertiglobe, alongside GS Energy, and Adnoc-ADQ JV Ta’ziz has signed a shareholder agreement with Japan’s Mitsui to construct a facility to produce some 1 mn tons of low-carbon ammonia annually. Fertiglobe CEO Ahmed El Hoshy said the company is awaiting a final investment decision on the project.

Utico, Yellow Door Energy sign solar + BESS MoU

New Utico-YDE hybrid plant: UAE’s private utility provider Utico inked an MoU with sustainable energy developer Yellow Door Energy for a 2.25 MW solar plant and a battery energy storage system (BESS) in Umm Al Quwain to fuel its pumping station and produce 4.7 gigawatt-hours (GWh) of clean energy per year, according to a press release. The plant is set to mitigate 82k metric tons of carbon dioxide over its lifespan.

Who does what: Yellow Door Energy is assigned project developer that’s responsible for “financing, designing, building, commissioning, operating and maintaining” the plant, while the plant will be installed on Utico’s pump station premises.

What they said: “For Utico, this is a significant step in our journey towards being carbon neutral and supporting the UAE’s strategic goals of sustainability and Net Zero by 2050 target. The project, a first in the Umm Al Quwain, will help Utico enhance diversification of its energy mix for utilization in our operations,” Utico CEO Hussain Al Lawati said.

FAB’s green sukuk are going on the ADX

ADX welcomes FAB’s AED 1.3 bn green sukuk: UAE’s largest bank First Abu Dhabi Bank (FAB) will list its three-year AED 1.3 bn (USD 350 mn) shariah-compliant green sukuk on the Abu Dhabi Securities Exchange tomorrow, according to an ADX filing.

The details: The sukuk is priced at 4.93%, which is considered the lowest pricing offered ever achieved by a UAE financial institution in the AED market, according to a statement by FAB back in July. FAB’s AED-denominated green sukuk Al Muarabaha received an Aa3 rating from Moody’s, and AA- from Fitch, all with a stable outlook.

Why is it special? This was the largest AED sukuk issuance and offering in 2023, as well as the largest single-tranche AED issuance, according to the company.

Amlak Finance concludes debt settlement with seven financiers + Abu Dhabi Commercial Bank begins selling AT1 bonds

Amlak Finance cuts debts by AED 531 mn by settling exit agreements with seven financiers: Amlak Finance settled offers to exit the Common Terms Agreement for Restructuring with seven financiers, leading to a reduction in debts by AED 531 mn and gains of AED 174 mn, according to a DFM disclosure. Negotiations regarding settling facilities are ongoing with the remaining eight financiers, whose facilities total AED 1.6 bn. The company is actively considering various options and initiatives to bolster its standing, which may involve a withdrawal from the real estate financing sector, according to the statement.

ICYMI: Amlak commenced discussions earlier this year in May, with financiers to exit from the Common Terms Agreement for Restructuring, which was completed in 2014 and subsequently modified in 2016 and 2020, according to a previous DFM disclosure. This move aims to unlock avenues for business development and stimulate growth by eliminating the restrictions imposed by the agreement.

IN OTHER DEBT NEWS-

Abu Dhabi Commercial Bank begins selling Additional Tier 1 (AT1) bonds: The lender gave an initial price guidance of 8.625% for its sale of perpetual non-call 5.5-year bonds, Reuters reports citing an arranging bank document. The UAE’s third-largest bank is planning on issuing a benchmark sized USD-denominated AT1 capital instrument. The issuance has yet to be priced.

Advisors: ADCB, Barclays, Deutsche Bank, Emirates NBD Capital, FAB, JP Morgan, Mashreq And Mizuho were appointed as joint bookrunners, Reuters reported last week.

IFA Hotels and Resorts subsidiaries to invest AED 858 mn in a new Dubai residential complex

Kuwait’s C Seventeen is planning to invest in a new Dubai residential complex:Kuwait-based C Seventeen, a subsidiary of IFA Hotels and Resorts, issued a “declaration of desire” letter to develop a new AED 858 mn housing project in Dubai, IFA said in a disclosure to the Dubai Financial Market (pdf).

The Kuwaiti group likes Dubai for investment: IFA Hotels and Resorts’ global property portfolio already includes eight estates in Dubai, including Fairmont The Palm and Movenpick Hotel Jumeirah Lakes Towers. In line with its company profile, the group will continue to explore emerging markets in Europe, Asia, and Africa for strategic acquisitions and partnerships.

Wafik Ben Mansour tapped as Shuaa Capital’s new acting CEO

Former Credit Suisse banker Wafik Ben Mansour(LinkedIn) will serve as the new acting CEO of Shuaa Capital after being hired earlier this year to lead the company’s advisory and capital markets platform, according to a release from Shuaa. He succeeds Fawad Tariq Khan, who will serve a three-month notice period, reports Bloomberg.

Barclay family could get UAE money to regain control of the Daily Telegraph

UAE money may help the Barclay family to regain control of the UK’s Daily Telegraph newspaper, the Telegraph writes. The media barons have offered to pay the full GBP 1.2 bn debts they owe Lloyds Banking Group. They are backed in this endeavor by investment vehicle RedBird IMI, a JV between RedBird Capital Partners and the UAE’s own International Media Investments. RedBird IMI, headed by ex-CNN chief Jeff Zucker, has no stated plans to own shares in the British newspaper or take seats on its board.

The backstory: The Lloyds Banking Group seized Telegraph Media Group after the Barclay family failed to repay their debts back in June — the newspaper was put up for auction through a formal process led by Goldman Sachs, the Financial Times reported.

Lots of digital payments + fintech updates. PLUS: New food sustainability roadmap + updates from Sharjah Ports, Strategic Development Fund, and Emirates Airlines

DIGITAL PAYMENTS-

#1- Payments solutions provider Magnati is partnering up with Sheikh Shakhbout Medical City (SSMC) Hospital, according to a press release. The collaboration will utilize Magnati ’s MagnatiPay payment platform, to streamline SSMC’s payment experience. Patients at the UAE hospital will be able to settle bills using cards, e-wallets, and user-friendly self-checkout kiosks, eliminating the need for cash or checks.

What they said: “The core objective of this collaboration is to spearhead the digital transformation of the healthcare sector by facilitating a convenient payment experience,” said Imad Abdalwahab, Magnati’s managing director and head of government payment solutions.

#2- Al Ansari Digital Pay plans to launch a digital wallet in 2Q 2024, according to a DFM disclosure. The company, a subsidiary of Al Ansari Financial Services, obtained preliminary approval for a Store Value Facilities and Retail Payment Service Provider license from the Central Bank of the UAE, according to the statement. The wallet will enable users to manage finances, receive salaries, remit money, settle bills, and access digital services through QR codes, a dedicated app, or their phone numbers. The wallet caters to the unbanked population in the GCC and is intended to contribute to financial inclusion.

What they said:“With a vast consumer base exceeding 4 mn customers, we are confident that this initiative will significantly benefit a large segment of consumers across the UAE,” Rashed Al Ansari, group CEO of Al Ansari Financial Services, said.

FINANCIAL SERVICES-

GC Exchange FZE (GCEX) obtained an Operational VASP License for Virtual Asset Broker-Dealer services from Dubai's Virtual Assets Regulatory Authority (VARA), according to a press release. The license authorizes GCEX to begin market operations as a Virtual Asset Service Provider (VASP) in Dubai. This enables brokers, hedge funds, family offices, and professional traders to access its varied technology solutions and digital asset liquidity.

DIGITIZATION-

MOCCAE undergoes major digital upgrade: The Climate Change and Environment Ministry (MOCCAE) upgraded nine digital services, focusing on license renewals and import. Services have been improved with redesigned user interfaces, and reduced service times. This update is part of the government’sService 2.0 project, aiming to revamp services and advanced technologies to help flexibility within institutions and tailor services to the needs of modern consumers.

Service 2.0 is a digital renovation project initiated in July with the Emirates Program for Excellence in Government Service.

STARTUPS-

Dubai’s crypto watchdog awards digital infrastructure startup FUZE with service license: Dubai’s Virtual Assets Regulatory Authority (VARA) has greenlit Abu Dhabi-based digital asset infrastructure startup Fuze for a Virtual Assets Service Provider (VASP) license, Zawya reports. The license permits Fuze to provide virtual asset services to businesses trading in crypto.

About Fuze: Fuze’s platform enables banks and fintechs to offer customers access to digital assets. The startup raised USD 14 mn in August, in a seed round led by Abu Dhabi-based venture capital firm Further Ventures.

SUSTAINABILITY-

Climate Minister Mariam Bint Mohammed Almheiri unveiled the Ne’ma Food Loss and Waste Reduction Roadmap during the National Dialogue on Food Security. The event comes ten days ahead of COP28 in Dubai, where food and agriculture will be key points of discussion, the state news agency WAM reports. In addition to changing food policy, the roadmap lays out the plan to change social norms around food. This is part of a wider plan from 2020 to halve food waste by 2050, the National wrote.

REMEMBER- The UAE’s food and waste program Ne’ma is considering introducing fines for excess residential waste as part of the plans to halve food waste by 2030.

PORTS-

Sharjah Ports extends Gulftainer concession agreement: The Sharjah Ports, Customs, and Freezones Authority has extended port operator Gulftainer’s concession agreement for another 35 years, WAM reports. Under the new extended agreement, Gulftainer will keep managing, operating, and developing the Sharjah Container Terminal (SCT), located at Port Khalid, and the Khorfakkan Container Terminal (KCT). The port operator had signed the initial agreements for managing and operating SCT and KCT in 1976 and 1986, respectively.

What they said: “These agreements are a win for both parties, reaffirming Gulftainer's commitment to actively manage its growing portfolio; to ensure that we continue to deliver positive benefits for the economy and the communities in which we operate,” Gulftainer CEO Peter Richards said.

DIVESTMENT-

Abu Dhabi fund exits partnership with Russian helicopter manufacturer: Abu Dhabi-based Strategic Development Fund (SDF) has inked an agreement with JSC Russian Helicopters to exit their JV Aerotar, Zawya reported. SDF cited “compliance with international sanctions” as the reason behind the decision. The two companies formed Aerotar in 2020 to develop the VRT500 Helicopter and VRT300 UAV programs.

REGULATION-

UAE Economy Ministry holds session on responsible gold supply due diligence regulations: The UAE's Economy Ministry, through its Anti-Money Laundering (AML) department, conducted a two-day session on new regulations for the responsible supply of gold, Wam reports. The regulations were enacted earlier this year in January and align with global standards set by the Organisation for Economic Cooperation and Development (OECD). The regulations aim to reinforce the national anti-money laundering and counter-terrorism financing (AML/CFT) legislation, specifically within the non-financial business sector, and protect companies from invoking penalties for non-compliance.

The regulations mandate rigorous procedures for risk assessment, management, and third-party audits. They also require gold refineries to implement due diligence practices, including KYC policies, which is a key requirement for countering money laundering.

AVIATION-

Emirates Airlines is poised to resume flights to Nigeria after a one-year hiatus, Nigeria’s Aviation Minister, Festus Keyamo, announced in a statement on X. The news follows a meeting with Emirates executives on the sidelines of the Dubai Airshow last week. The exact date of the resumption of flights was not disclosed.

ICYMI: Emirates halted flights to Nigeria in November 2022 due to challenges in repatriating its revenue from the country, Reuters reported. Nigeria's significant USD shortage, led individuals and businesses to resort to the black market for foreign exchange where the value of the Nigerian Naira has taken a hit.

CULTURE-

Al Ain and Al Dhafra book fairs exempt exhibitors from fees: For the third year in a row, contributors will not pay rental and participation fees for the Al Ain Book Festival, which began on 9 November and closes this ThursdayNovember, and Al Dhafra Book Festival (4-10 December), Gulf News reports. The policy is designed to elevate the status of Arabic in other cultural spheres as well as to furnish Arab libraries with more international publications.

EM stocks suffer worst quarter in a year as higher rates, China woes bite

Western IPO slump forces PE firms to buy back companies: As investor optimism on IPOs in US and EU markets continues to flounder, private equity firms are looking to re-acquire public companies they owned or held minority stakes in, reports the Financial Times. With share prices in newly-listed companies well below their initial IPO level, firms have cheap purchases on their hands, industry executives said. However, firms reinvesting in companies with one failed IPO will be pressured to improve them if the plan is to relist in the future. “In order to relist, there needs to be fundamental changes to the company,” one buyout executive told the salmon-colored paper.

Other stories worth knowing about on this fine fall morning:

#1- AI boom drives the Nasdaq to a 22-month high: The Nasdaq 100 climbed to fresh peaks at the closing bell yesterday, while the S&P 500 closed at its highest since August. Investors rallied ahead of tech giant Nvidia’s earnings results, due to be out today, as well as Sam Altman’s new addition to the team at Microsoft (we’ve covered the story above).

AND- US 10-year yields fell to around 4.4% as investors continued to believe that the Federal Reserve has reached the end of its aggressive tightening cycle after it held rates unchanged at the start of this month.

THE CLOSING BELL-

The ADX was flat yesterday on turnover of AED 830.8 mn.

In the green: Emirates Driving Company (+12.7%), Al Khaleej Investment (+12.0%) and Chimera (+4.9%).

In the red: Hayah Ins. Company (-4.6%), Bildco (-3.2%) and Aram Group (-2.8%).

Meanwhile, the DFM closed up 0.2% yesterday. The index is up 20.0% YTD.

CALENDAR

NOVEMBER

19-25 November (Sunday-Tuesday): Al Ain Book Festival, The Abu Dhabi Arabic Language Centre.

20-21 November (Monday-Tuesday): Dubai Precious Metals Conference, SO/ Uptown Dubai.

20-21 November (Monday-Tuesday): Annual Meeting of the Central Bank Research Association.

20-24 November (Monday-Friday) International Civil Aviation Organisation’s Aviation and Alternative Fuels conference, Hilton Dubai Al Habtoor City.

21-22 November (Tuesday-Wednesday): The Knowledge Summit, Dubai World Trade Centre.

21-23 November (Tuesday-Thursday): Intermobility Expo 2023, Dubai World Trade Centre.

23 November (Thursday): Global Supply Chain and Logistics Summit, Grand Millennium Hotel Business Bay.

24-26 November (Friday-Sunday): Abu Dhabi Grand Prix, Yas Island.

27-29 November (Monday-Wednesday): Abu Dhabi International Food Exhibition, Abu Dhabi National Exhibition Centre.

27-29 November (Monday-Wednesday): Fortune Global Forum, Emirates Palace Mandarin Oriental.

27-30 November (Monday-Thursday): Abu Dhabi Finance Week (ADFW), Abu Dhabi.

27 November (Tuesday): Deadline for submitting offers for the development of Saahat Deira in Dubai.

28-29 November (Tuesday-Wednesday): World Green Economy Summit, Madinat Jumeirah Conference & Events Centre.

30 November (Thursday): Commemoration day, national holiday.

30 November-12 December: COP28, Expo City Dubai.

Signposted to happen some time in November:

Annual cabinet meeting.

DECEMBER

1-3 December (Friday-Sunday): Dubai Rugby 7s Tournament.

2-3 December (Saturday-Sunday): UAE national holiday.

4 December (Monday): Abu Dhabi Sustainability Week (ADSW) summit, Dubai, UAE.

4-7 December (Monday-Thursday): Big 5 Global, Dubai World Trade Centre.

4-7 December (Monday-Thursday): The Big 5 Heavy, Dubai World Trade Centre.

4-7 December (Monday-Thursday): Middle East Concrete, Dubai World Trade Centre.

4-7 December (Monday-Thursday): HAVAC R Expo, Dubai World Trade Centre.

4-7 December (Monday-Thursday): International Conference on Global Warming: The Critical Role of Oceans, Ras Al-Khaimah.

4-7 December (Monday-Thursday): Windows Door & Facades event, Dubai World Trade Centre.

4-7 December (Monday-Thursday): Gulf Glass, Dubai World Trade Centre.

4-7 December (Monday-Thursday): Middle East Stone, Dubai World Trade Centre.

4-7 December (Monday-Thursday): FM EXPO, Dubai World Trade Centre.

7 December (Thursday): Everything Architecture, Dubai World Trade Centre.

3-10 December (Monday-Sunday): Al Dhafra Book Festival, near Madinat Zayed.

8-9 December (Friday-Saturday): Global EV Show 2023, TBA.

8 December-14 January: Dubai Shopping Festival, City wide.

8-10 December (Friday-Sunday): Dubai EarthSoul Festival, Dubai Media City Amphitheatre.

12-14 December (Tuesday-Thursday): Organic & Natural Expo Dubai 2023, Dubai World Trade Centre.

13-15 December (Wednesday-Friday): ArabPlast 2023, Dubai World Trade Centre.

15-16 December (Friday-Saturday): Super Angels Summit, Abu Dhabi National Exhibition Centre.

Signposted to happen sometime in December:

2024

JANUARY

1 January (Monday): New years day, national holiday.

9-11 January (Tuesday-Thursday): Dubai International Pharmaceuticals and Technologies Conference and Exhibition, Dubai World Trade Centre.

9-11 January (Tuesday-Thursday): Gulf Print and Pack, Dubai World Trade Centre.

21-23 January: World of Coffee Dubai, Dubai World Trade Centre.

29 January- 1 February: Arab Health, Dubai World Trade Centre.

FEBRUARY

12-13 February (Monday-Tuesday): Breakbulk Middle East conference, Dubai Trade Centre.

12-14 February (Monday-Wednesday): Sustainable Aviation Futures MENA Congress, Hotel Dubai Mall.

7-8 February (Wednesday-Thursday): Sharjah Investment Forum, Al Jawaher Reception and Convention Centre.

26-28 February (Monday-Wednesday): Management and Sustainability of Water Resources, Marriott Hotel Al Jaddaf.

28-29 February (Wednesday-Thursday): Ras Al Khaimah Investment and Trade Summit, Rak Exhibition Centre.

28 February-1 March (Wednesday-Friday): MENA Transport Congress and Exhibition 2024, Dubai.

Signposted to happen sometime in February:

World Trade Organization Ministerial Conference, Abu Dhabi, UAE.

MARCH

5-6 March (Tuesday-Wednesday): MRO Middle East, Dubai Trade Centre.

5-7 March (Tuesday-Thursday): World Police Summit, Dubai World Trade Centre.

APRIL

8-12 April (Monday-Friday): Eid Al-Fitr, national holiday.

16-18 April (Tuesday-Thursday): World Future Energy Summit, Abu Dhabi National Exhibition Centre.

16-18 April (Tuesday-Thursday): Middle East Coatings Show, Dubai World Trade Centre.

23-25 April (Tuesday-Thursday): Connecting Green Hydrogen MENA, Madinat Jumeirah Conference Centre.

MAY

8-9 May (Wednesday-Thursday): Innovative Finance Expo, Jumeirah Emirates Towers.

14-15 May (Tuesday-Wednesday): Seamless Middle East, Dubai World Trade Centre.

JUNE

4-6 June (Tuesday-Thursday): The Hotel Show, Dubai World Trade Centre.

4-6 June (Tuesday-Thursday): INDEX, Dubai World Trade Centre.

4-6 June (Tuesday-Thursday): WORKSPACE, Dubai World Trade Centre.

4-6 June (Tuesday-Thursday): Leisure Show, Dubai World Trade Centre.

15 June (Saturday): Arafat day, national holiday.

16-18 June (Sunday-Tuesday): Eid Al-Adha, national holiday.

JULY

7 July (Sunday): Islamic new year, national holiday.

SEPTEMBER

9-11 September (Monday-Wednesday): World Utilities Congress, Abu Dhabi.

OCTOBER

30-1 November (Wednesday-Friday): World Cities Cultural Summit, Dubai.

NOVEMBER

11-14 November (Monday-Thursday): ADIPEC, Abu Dhabi.

11-14 November (Monday-Thursday): ADIPEC Maritime and Logistics Exhibition and Conference, Abu Dhabi.

11-14 November (Monday-Thursday): ADIPEC Decarbonisation Accelerator, Abu Dhabi.

DECEMBER

10-12 December (Tuesday-Thursday): Middle East Business Aviation, Dubai World Central.

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