Adani and IHC set up two JVs for India business

1

WHAT WE’RE TRACKING TODAY

Adani and IHC are setting up JVs to capture business in India + Fuel is going to cost you less this month

Good morning, friends, and welcome to a very packed issue, our first of 2024 as we slide inexorably closer to our official launch in January. From M&A in both logistics and telecoms, hints of a new IPO, and fresh regulations for the BNPL space, there’s something for everyone on this fine winter morning.

But first:

PUBLIC SERVICE ANNOUNCEMENTS-

🌁 #1- Foggy day ahead: Some areas in the country may see fog or mist forming, with the possibility of light rainfall in northern emirates, according to the National Center of Meteorology.

#2-You’re going to be paying less at the pump this month: The Emirates General Petroleum Corporation has slashed retail fuel prices for the third consecutive time for January, it said in a post on X. The rundown:

Super 98 is now AED 2.82 per liter, down 5%;
Special 95 is now AED 2.71 per liter, also down 5%;
E-Plus 91 is AED 2.64 per liter, down 5%;
and diesel is adjusted to AED 3 per liter, down 6%.

REMEMBER- Fuel prices in the UAE mirror global oil markets. We liberalized fuel prices in 2015, and are now tracking monthly market movements when determining fuel prices for the month.

PSA #3- Companies with 20-49 employees now have to comply with Emiratisation rules:The Human Resources and Emiratisation Ministry has started implementing the 2024 Emiratization rules for over 12k companies with 20-49 employees, the ministry said in a statement. As of yesterday, businesses with over 50 employees must have UAE nationals make up 4% of their staff. Companies will be hit with an AED 96k (c. USD 26.14k) fine for each Emirati citizen they fall short of in their staffing starting from 1 January this year, with the fine rising to AED 108k in 2025. Payments will be collected at the end of the year, and can be paid in installments, according to the statement.

ICYMI – The government upped national Emiratisation targets by introducing the requirements for companies with 20-49 employees back in July. The targets aim to increase the number of Emiratis working in the private sector to 6% by the end of 2024 and to 10% by the end of 2026.

FOR THE RECORD-

We’re officially a Brics member: The alliance of emerging markets known as the Brics formally welcomed the UAE, Egypt, Saudi Arabia, Iran, and Ethiopia to the bloc on 1 January. The five nations are now full members after the group invited them to join during its annual conference in August last year.

If you spent your NYE at Ras Al Khaimah, you witnessed two Guinness World Records being set: Ras Al Khaimah’s eight-minute NYE firework display secured record titles for the world’s longest chain of floating fireworks (5.8 km) and the longest straight-line drone display (2 km). It featured over 1k straight-line flying drones and a blanket of aquatic fireworks across 4.5 km of water from Al Marjan Island to Al Hamra Village, according to a press release.

** You’re reading Zero Issue #22 of EnterpriseAM UAE.

** Think of a zero issue as a “beta.” This issue 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.

** Have a comment, criticism, or story tip? Hit up patrick@enterprisemea.com.

DATA POINTS-

#1- Brokerages opened more than 57k new investor accounts in the Dubai Financial Market (DFM) in 2023, marking a 12.5% y-o-y increase, according to Wam. December saw the highest number of new accounts open, with more than 6k investor accounts created — up 184% y-o-y from last December — likely on the back of the Dubai Taxi IPO. The total number of transactions on the market crossed 3.83 mn, a 32.7% y-o-y increase from 2022’s 2.88 mn sales.

#2- Abu Dhabi’s non-oil economic growth rose to 7.7% y-o-y in 3Q 2023, according to preliminary data from Abu Dhabi’s statistics center SCAD, cited in an Abu Dhabi Media Office statement. Abu Dhabi’s real GDP grew at a 1% clip during the quarter, rising to AED 290.5 bn. Non-oil activities — which the emirate is pushing to contribute a larger percentage of the economy as it shifts away from oil reliance — accounted for 52.8% of the emirate’s economy.

The biggest contributors: Manufacturing contributed 17% to the non-oil GDP (AED 26.3 bn) during the quarter, while construction contributed 16.3% (AED 25 bn). Transport and storage and finance and ins. also saw double-digit y-o-y growth in terms of value.

THE BIG STORIES ABROAD

Suspected Israeli drone strike on senior Hamas leader in Beirut sparks fears the war in Gaza could spread: Six people including Hamas deputy leader Saleh Al-Arouri and two leaders of the group’s armed wing were killed yesterday in an alleged Israeli drone strike in the southern suburbs of Lebanon’s capital.

Hezbollah responded to the attack with a warning on Telegram that the “resistance has its finger on the trigger” and that the strike will not go without a response or punishment.” An IDF spokesman told reporters after the attack that the “IDF is in a very high state of readiness in all arenas.” (New York Times | Washington Post | Financial Times | Wall Street Journal | Reuters | BBC)

A Japan Airlines plane carrying hundreds of passengers burst into flames after colliding with a coast guard as it landed at Tokyo’s Haneda airport. All passengers onboard the plane were safely evacuated, but five crew members of the coast guard plane were killed. (CNN | Wall Street Journal | BBC | New York Times | Reuters | Guardian)

THE BIG BUSINESS STORY this morning: BYD overtakes Tesla as world’s top EV seller: Tesla lost its spot as the world’s top-selling electric vehicle manufacturer to the Chinese automaker BYD in 4Q 2023 for the first time, the Financial Times reported. BYD sold 526k battery-only cars during the quarter compared to Tesla’s 484k — both record sales for the companies.

CIRCLE YOUR CALENDAR-

Madinat Jumeirah’s Festive Market is still on until 7 January. The market brings a Christmas experience to Madinat Jumeirah Fort Island, complete with a large Christmas tree, sound and light shows, a gingerbread house, and shopping, dining, and live entertainment.

Abu Dhabi Investment Office (ADIO) will host DRIFTx for the first time in April 2024. The international event will focus on advancing smart and autonomous mobility across air, land, and sea, according to a press release from the Abu Dhabi Press Office.

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

Adani and IHC form JVs to seek business in India

Two Adani subsidiaries have formed JVs with two IHC subsidiaries to help digitize the Indian economy and expand smart metering.

#1- Boosting digitization in India: Adani Enterprises subsidiary Adani Global and IHC subsidiary Sirius International Holding ’s Abu Dhabi-based joint venture — Sirius Digitech International — will work to digitize India’s economy through AI, blockchain and the internet of things, according to a press release.The JV is eyeing what it says is a USD 175 bn market across infrastructure, fintech, healthtech, and greentech sectors, the press release reads.

#2- Expanding smart metering:Adani Energy ’s subsidiary, Adani Transmission Step-Four, and IHC’s Esyasoft Holdings formed a JV dubbed Adani Esyasoft Smart Solutions, which is set to expand Adani’s smart metering business in India and other countries, according to a press release. The JV will serve Adani Energy’s software application needs.

Who owns what: In both cases, the IHC subsidiary holds a 51% stake, and the Adani unit holds the remaining 49%.

More details: Adani did not disclose the exact figures of the investment, but said that it has secured orders for the installation of 20 mn smart meters from various power distribution companies across India. Eyasoft says the JV will help it serve an additional 30 mn consumer end points, compared with just 25 mn now.

BACKGROUND– Back in October, IHC raised its stake in Adani Enterprises to more than 5%, expressing interest in further investments in India, a move that transpired around a week after IHC’s divestment of its minority stakes in Adani Green Energy and Adani Energy Solutions to an undisclosed buyer.

A bright start to 2024 to counter a rough start to 2023: Adani Group is getting renewed support from investors after getting hit by a wave of short-selling in January 2023 by Hindenburg Research. The allegation caused a massive sell-off of Adani Group’s shares, wiping approximately USD 72 bn off its stock market value.

e& walks away from plan to boost stake in Mobily

e& pulls the plug on KSA’s Mobily acquisition: Telecom giant e& has terminated discussions for a controlling stake in Saudi Arabia’s leading operator, Mobily, according to a disclosure (pdf) to the ADX last week.

The transaction had been in the works for more than a year and a half: “A way forward to conclude the potential transaction could not be determined,” e& said, without providing further details. The termination of talks came nearly two years after e& said in March 2022 it was looking to take a larger stake in Mobily.

The new structure: e& now has a 28% stake in Mobily — making it Mobily’s largest shareholder — and said it was looking for majority control with a bid to go up to 50% plus one share. It was offering SAR 47.00 per share, valuing Mobily at c. USD 9.7 bn.

e& is looking to grow globally: In August, the telecom giant signed a binding agreement worth EUR 2.2 bn to acquire Czech PPF Telecom Group’s assets in Eastern Europe. E&’s second major foray into Europe came as it continued to gradually boost its stake in British telecoms group Vodafone to 14.6% since May 2022 when it acquired a c. 10% stake in the company for USD 4.4 bn.

Micropolos aims to raise USD 37 mn with IPO on the New York Stock Exchange

Dubai-based robotics startup Micropolis plans to debut on the New York Stock Exchange and has filed with the US Securities and Exchange Commission (SEC) for the IPO, according to an Abu Dhabi SME Hub statement. The statement does not disclose a projected timeline for the offering.

In detail: The company aims to raise USD 37 mn through the issuance of 8.2 mn shares, priced between USD 4-5 per share, the statement said. The midpoint of the proposed range would hand the company a valuation of USD 172 mn.

Revenues expected post 2024:Micropolis remains in the pre-revenue stage, due to the “collaborative nature” of most of its ongoing projects, the statement said. Substantial earnings are not expected until the company begins commercial production, which is expected by the end of 2024.

Advisors: Network 1 Financial Securities is the sole bookrunner on the transaction.

About the company: Founded in 2014 by Fareed Aljawhar (LinkedIn), Micropolis is a robotics manufacturer specializing in the production of autonomous mobile robots (AMRs) that use wheeled electric vehicle platforms and are equipped with autonomous driving technology. The startup collaborated with Dubai Police to provide them with unmanned rovers that can detect criminal activity and communicate with police operation rooms, Khaleej Times reported previously.

AD Ports’ Noatum acquires Spanish terminal to boost capacity in Spain + GulfNav fully acquires marine services subsidiary

We saw two major acquisitions from logistics firms over the past few days: AD Ports’ logistics arm Noatum acquired a Spanish terminal to expand operations in Castellón, while Gulf Navigation snapped up Polimar Holding’s stake in its maritime services subsidiary.

#1- AD Ports’ logistics arm Noatum has acquired 100% of APM TerminalsCastellón in Spain for EUR 10 mn, as it looks to consolidate operations in Spain, according to an ADX filing (pdf). The company has regulatory clearance for the transaction.

The acquisition will see Noatum expand its bulk, general cargo, and container processing capacities in Spain while continuing to provide APM Terminals’ third-party services, the statement said.

Background: Noatum has already been managing a multipurpose terminal in Castellón since 2004 and recently upgraded the terminal.

The acquisition hands it control of the 250k sqm terminal at Castellón, with the two terminals having the capacity to 250k TEUs (20-foot equivalent units) per year, making up 70% of container volume capacity at Castellón’s port. The terminals can handle 2 mn tonnes of bulk cargo and roll-on, roll-off cargo, and have direct rail links to the MENA region, the statement says.

Covering their bases: Noatum also said it has reached a long-term agreement with an unnamed stevedoring union with an eye to maintaining stable operations over the coming years, the statement added.

BACKGROUND- AD Ports Group finalized its acquisition of Noatum, which was initially announced in November 2022, back in July 2023 after receiving clearance from the European Commission earlier in 2023. The 100% acquisition was valued at EUR 660 mn.

Noatum is investing big in Spain: The company also moved to acquire Spanish trucking company Sesé Auto Logistics in October 2023. The move is expected to be finalized in 1Q 2024.

#2- GulfNav acquires Gulf Navigation Polimar: Dubai-based maritime and shipping company GulfNav has bought out minority investor Polimar Holding’s 40% stake in its maritime services subsidiary Gulf Navigation Polimar Maritime, according to a press release published last Wednesday. The move hands GulfNav full ownership of the subsidiary, the statement says. The acquisition was valued at USD 1 mn, according to a disclosure (pdf) to the Dubai Financial Market. Polimar is a Turkish company.

Gulfnav’s plans for the company: The company is looking to expand the scope of the subsidiary’s operations to provide more integrated logistics solutions, the DFM disclosure said.

ALSO- An update on its proposal to acquire BPGIC: Separately, GulfNav submitted a proposal detailing the structure of an acquisition of oil storage outfit Brooge Petroleum and Gas Investment Company (BPGIC) to the Securities and Commodities Authority. The company had submitted a proposal to fully acquire the company from Nasdaq-listed Brooge Energy back in October 2023.

Discussions between Brooge Energy and Gulfnav are ongoing, with the pair working with advisors to complete an evaluation of the transaction and obtain regulatory approvals, GulfNav said in an update attached to its statement. The acquisition was initially expected to close in 4Q 2023.

Taqa-led consortium lands major water infrastructure project in Makkah

Taqa-led consortium lands water infrastructure project in Makkah: The SAR 1.5 bn (AED 1. 47 bn) Juranah Independent Strategic Water Reservoir Project in Makkah will be developed by a regional consortium led by Abu Dhabi’s National Energy Company (Taqa), according to a joint statement out yesterday. The Saudi Water Partnership Company (SWPC) awarded the consortium the project under a build, own, operate, transfer (BOOT) agreement.

The consortium: The consortium comprises Taqa, Saudi’s Vision International Investment Company (Vision Invest) and the Gulf Investment Corporation (GIC). Taqa will act as the lead member overseeing operations and maintenance (O&M) through an independent specialized O&M company, equally co-owned with Vision Invest.

The initiative aims to address pressing water requirements throughout Saudi Arabia and manage peak demand for water in Makkah and Madinah during the Hajj season.

Financing and ownership: Around 80% of the financial support is set to be covered through debt, according to the statement. Taqa is acquiring a 35% share in the project company and a 50% stake in the O&M company. Details regarding the share distribution among the rest of the members of the consortium were not disclosed.

Timeline: The project is expected to kick off operations in 2Q 2027. After completing construction, the consortium will own and operate the water reservoir infrastructure for 30 years, after which ownership will be transferred to SWPC.

Entities must secure CBUAE approval for short-term credit offerings under new framework

BNPLs need to get approval from the CBUAE to offer credit: The Central Bank of the UAE (CBUAE) has introduced a new regulatory framework for short-term credit facilities, with new amendments to the country’s Finance Companies Regulation, according to a CBUAE statement. The new provisions come in response to “global shifts in consumer financial trends” and increased demand for buy now, pay later (BNPL) and similar credit products, the statement says.

SOUND SMART- Short-term credit refers to credit that is provided for a period of a year or less, without interest and without a need for collateral, according to the amendments.

The fine print:

#1- Agents of licensed banks or finance companies will need approval from the CBUAE to offer short-term credit, while entities looking to offer short-term credit will need to be licensed as “restricted license finance companies” or to partner with finance firms or bank agents.

#2- Short-term credit is capped at AED 20k or the total of three months’ worth of net income of the borrower, whichever is lower, and any amount above AED 5k will require validation on the borrower’s credit information with the Credit Information Agency.

#3- No interest can be charged on short-term credit, and any fees — including late payment fees — should be capped at 30% of the original credit amount.

#4- Restricted license finance companies must extend short-term credit within a maximum of a year after receiving the license.

Sharjah ruler approves bumper AED 40.8 bn 2024 budget

Sharjah Ruler gives green light to largest-ever budget: Sharjah Ruler Sheikh Sultan bin Mohammad Al Qasimi has approved a AED 40.83 bn budget for the emirate in 2024, making it the largest in Sharjah’s history, WAM reports. The final spending plan sets out a 16% y-o-y increase in expenditure compared to 2023’s budget of AED 32.3 bn.

Here’s how it breaks down:

Infrastructure: 40%
Economic development: 30%
Social development: 21%
Support and assistance: 12%
Government administration and public safety: 9%

The Sharjah government also included incentive packages for the private sector, as it pushes forward with its strategic plan to encourage private sector activity in the economy .

Revenues expected to grow: The Sharjah gov’t expects operational revenues to represent 71% of the total 2024 revenue, up 5% y-o-y. Capital revenues are projected to increase by 11%, tax revenues by 9%, customs revenues by 4%, and oil and gas revenues by 5%.

Wage expenditure is up: Wages and salaries will make up 26% of the 2024 budget, while operating expenses are expected to take up 25%. The Sharjah government also earmarked 15% of the spending plan for loan repayments and interest.

New Dubai law hands Executive Council additional governing responsibilities

The Dubai Executive Council will now have the authority to advise the emirate’s ruler on strategic affairs, policy endorsement, national prioritization, and enhancing government legislation, after Dubai Ruler and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum issued a new law outlining the body’s roles and responsibilities, reports Wam. The new law replaces the previous version, which was issued in 2003.

More responsibilities also handed to the Strategic Affairs Council: The Strategic Affairs Council (SAC) —an affiliate of the Executive Council — will also be handed the authority to approve public policies, including the Dubai Strategic Plan, submitting them for authorization to TEC. It will also oversee government performance and development plans, and will collaborate closely with the Executive Council for approvals and reviews.

Amanat Holdings appoints Shamsheer Vayalil as chairman

Amanat Holdings board gets a new chair + vice chair: Dubai-based healthcare and education investment company Amanat Holdings has named its largest individual shareholder, Shamsheer Vayalil (LinkedIn), as the chairman of its board of directors on Friday, according to a disclosure (pdf) to the DFM. Vayalil succeeds Hamad Abdulla Alshamsi. Amanat also appointed Abdulla Mohammed Hassan Mohammed Alhosani as vice chairman.

Investment Minister Mohamed Hassan Alsuwaidi has stepped down from his position as a board member in Adnoc Distribution, the company said in an ADX disclosure (pdf). Besides serving as investment minister since July 2023, Alsuwaidi is the CEO of Abu Dhabi Development Holding (ADQ) and serves as chairman of ADX-listed Taqa.

UAE X condemns assassination of Hamas deputy chairman in Beirut

UAE X is angry about Hamas deputy chairman assassination: We saw بيروت# and الضاحيه الجنوبيه# in reaction to the assassination of صالح العاروري#, the deputy chairman of Hamas’ political wing, yesterday in Beirut. We have the rundown of what happened in What We’re Tracking Today, above.

Also making the rounds is #Japan, following the news of the Japan Airlines Airbus crashing into a Japanese Coast Guard plane at Tokyo’s Haneda airport. We also have the story in this morning’s What We’re Tracking Today.

In sporting news, نيوكاسل# was trending after Newcastle United’s 2-4 loss against Liverpool on Monday.

ADP inks USD 200 mn Egypt terminal agreement. PLUS: News from real estate, financial services, energy, trade, and tourism, and more

LOGISTICS-

Abu Dhabi Ports (ADP) inked a final contract to develop a terminal at Egypt’s Safaga Port last Wednesday, state news agency Wam reports. Under the USD 200 mn, 30-year concession agreement, the Emirati port developer is expected to kick off Safaga II terminal operations in 2Q 2025, handling some 5 mn tons of dry bulk, 1 mn tons of liquid bulk, 450k TEUs of containerized cargo and 50k car-equivalent units (CEUs) of roll-on, roll-off cargo after it signed the initial agreement to develop the Egyptian port back in March.

REAL ESTATE-

#1- Arada is expanding in Dubai with a new AED 600 mn plot purchased from Emirates NBD subsidiary Rital Properties, reports Gulf News. Arada has initiated design work on the 138k sq ft plot in Zabeel 2 (between Dubai International Financial Center and Downtown Dubai), with plans to build a 50-floor luxury residential tower featuring 400 premium apartments. Full details of the project are expected to be disclosed in 2025.

#2- ADX-listed Q Properties, a subsidiary of IHC, awarded NSCC International an AED 61.96 mn design and construction contract for Reem Hills, according to a press release. NSCC will oversee the establishment of approximately 5k piles foundation for six apartment buildings, including 1-, 2-, and 3-bedroom apartments along with 3-bedroom townhouses.

First Takaful to sell real estate arm: Kuwait-based First Takaful Ins. Company, a subsidiary of International Financial Advisors (IFA), is set to sell one of its UAE-based real estate investments, which will see an undisclosed buyer snap up 17% of First Takaful’s total assets, IFA said in a DFM disclosure (pdf). Currently valued at KWD 2 mn (c. USD 6.6 mn), First Takaful will sell the asset for KWD 2.3 mn (c. USD 7.6 mn), to be paid in four installments over four years.

M&A-

Afkar has a new major shareholder: ADX-listed Emirates Stallions Group (ESG), an International Holding Company (IHC) subsidiary, has acquired 60% of Abu Dhabi-based investment management firm Afkar Financial and Property Investments, according to a statement (pdf) from ESG. The company did not disclose the value of the acquisition. ESG’s parent company IHC had previously acquired 60% of the investment conglomerate Afkar back in January 2021 (pdf) through its wholly-owned subsidiary, IHC Industrial Holding. IHC acquired the 60% majority stake for an undisclosed amount.

ENERGY-

Masdar and Uzbekistan have inked an implementation agreement for a 2 GW wind farm,, according to a press release. The agreement will see the Abu Dhabi-based clean energy company increase battery energy storage capacity to 1,150 MWh from 500 MWh across five projects in Uzbekistan, including the Zarafshan wind farm and three solar projects in Jizzakh, Samarkand, and Sherabad.

TRADE-

Halliburton is building a high-tech facility to manufacture drilling tools for the oil industry in Sharjah’s Hamriyah Freezone, after the oil major signed an agreement with the Hamriyah Freezone Authority (HFZA), Wam reports. No further details on the timeline or financials of the facility were provided.

TOURISM-

Abu Dhabi National Hotels (ADNH) has rebranded five luxury hotels under the Marriott and Kempinski brands, The National reports. The move comes more than five years after ADNH acquired the hotels from Emaar back in 2018.As of January, The Address Dubai Marina will be the JW Marriott Hotel Marina, The Address Boulevard will become Kempinski The Boulevard Dubai, and The Address Dubai Mall will be rebranded as Kempinski Central Avenue Dubai. Vida Downtown Dubai Hotel will adopt the name Hotel Boulevard, Autograph Collection, and Manzil Downtown Dubai Hotel will be known as The Heritage Hotel, Autograph Collection.

CAPITAL MARKETS-

Oman’s Muscat Overseas Company bumped up its ownership in Bahrain’s Al Salam Bank, grabbing 160.2 mn shares and pushing its stake to 6.12% from 2.82%, according to a DFM disclosure (pdf) on Wednesday.

BANKING-

UAE + Hong Kong banks agree on knowledge sharing: The UAE Banks Federation (UBF) and Hong Kong Association of Banks (HKAB) signed an MoU last week to increase cooperation and exchange expertise, Trade Arabia reports. Under the agreement, UBF and HKAB will organize workshops and other events to share knowledge and experience with banking and financial institutions covering compliance with international regulations, rules, and principles of governance, transparency, and sustainability.

ENVIRONMENT-

The Environment Agency Abu Dhabi (EAD) and ADQ will use advanced seeding drones and AI to evaluate and restore ecosystems across Abu Dhabi through a partnership with environmental technology company Dendra, according to an Abu Dhabi Media Office statement. The first restoration experiment is currently underway in the Al Dhafra Region with Dendra drones being utilized for aerial seeding. The new approach can speed up cultivation and the drones, capable of carrying 53 species simultaneously, can cover an area larger than 100 football fields per day.

REGULATION-

ADJD gets new responsibilities: The Abu Dhabi Judicial Department (ADJD) has taken on the roles of the Abu Dhabi Police General Headquarters, directly managing penal and correctional institutions and juvenile facilities in the emirate, according to a press release. The ADJD has also modified its operational, administrative, financial, technical, and HR requirements for the role.

AVIATION-

National airline Etihad Airways launched two new services to India, with two daily flights connecting Abu Dhabi to Kozhikode and Thiruvananthapuram in the Kerala region, according to a company statement.

Are you ready for the new economic order?

Could 2024 be the year when the world completes its transition into a new era of expensive money? While investors are convinced that most of the world’s major central banks have ended the cycle of rate hikes — a sentiment that has led global stock and bond markets to rally in recent weeks — the implications of a “new economic order” where interest rates are generally higher are likely to become more evident in 2024, Reuters writes. Investors are betting that the US Federal Reserve could trim rates by around 1.5% to 4% by the end of the year.

Business and consumers are going to face fresh challenges: Everyone, from individual consumers to countries, will have to figure out how to readjust to a high interest rate environment, the newswire writes. While consumers will earn more on their savings, they will have to cope with borrowing rates that could be more than twice as high and some companies will have to restructure their debt.

ALSO WORTH NOTING:

BTC nears 2-year high: The cryptocurrency surpassed USD 45k for the first time in nearly 2 years. BTC has risen over 20% since the start of December. (Bloomberg)
Argentina and the IMF are reportedly close to reaching an agreement — which could come as soon as this month — over the delayed seventh review of the country’s USD 44 bn loan program. An IMF delegation is set to arrive in Buenos Aires on Thursday to continue negotiations. (Reuters | Bloomberg)

ADX	9,588	+0.1% (YTD: +0.1%)
DFM	4,091	+0.8% (YTD: +0.8%)
Nasdaq Dubai UAE20	3,842	+0.3% (YTD: +0.3%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.3% o/n	5.1% 1 yr
TASI	12,123	+0.7% (YTD: +1.3%)
EGX30	25,502	+2.4% (YTD: +2.4%)
S&P 500	4,743	-0.6% (YTD: -0.6%)
FTSE 100	7,722	-0.2% (YTD: -0.2%)
Euro Stoxx 50	4,513	-0.2% (YTD: -0.2%)
Brent crude	USD 75.89	-1.5%
Natural gas (Nymex)	USD 2.57	+2.4%
Gold	USD 2,067.40	-0.2%
BTC	USD 45,106.91	+3.3% (YTD: +6.3%)

THE CLOSING BELL-

The DFM rose 0.8% yesterday on turnover of AED 349.05 mn. The index is up 0.8% YTD

In the green: Takaful Emarat (+14.8%), Dubai Islamic Ins. and Reinsurance (+10.6%) and Islamic Arab Ins. Company (+8.7%).

In the red: Ekttitab Holding Company (-2.3%), Aramex (-2.2%) and Union Coop (-1.6%).

The ADX rose 0.1% yesterday on turnover of AED 1.07 bn. The index is up 0.1% YTD.

GCC inks trade agreement with South Korea + UAE, Congo wrap trade talks

We have two stories worth keeping an eye on this morning:

#1- GCC + South Korea ink trade agreement: Secretary General of the Gulf Cooperation Council (GCC) Jasem Mohamed Albudaiwi and South Korean Trade Minister Ahn Dukgeung have signed a trade agreement aimed at boosting trade exchange and economic diversification between South Korea and GCC countries, according to a statement. The agreement covers government procurement, digital trade, cooperation in small and medium-sized enterprises, and customs procedures.

Dubai Customs + Qatari Consulate to partner in customs operations: Dubai Customs Director General Ahmed Mahboob Musabih met with Qatar’s Consul General in Dubai, Sa’eed bin Ali Al-Hajri on Monday to discuss strengthening trade connections and streamlining travel processes between the two countries.

#2- UAE + Congo wrap up trade talks: Foreign Trade Minister Thani bin Ahmed Al Zeyoudi and Congo’s Economy and Finance Minister Jean-Baptiste Ondaye concluded negotiations last Thursday on a comprehensive economic partnership agreement (CEPA) between the two countries, Wam reports. The CEPA is set to amend tariffs, facilitate easier trade, and customs procedures.

UAE ❤️ trade with Africa: This was the second CEPA agreement inked with an African country in the last week of 2023 after Al Zeyoudi finalized trade talks with Mauritius last month.

CALENDAR

2024

JANUARY

8-11 January (Monday-Thursday): SteelFab 2024, Sharjah Expo Centre

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.

19 January (Friday): The Abu Dhabi Extreme Championship 2 (ADXC 2), Mubadala Arena. UFC champions Aljamain Sterling and Chase Hooper will be in the ring.

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

23-25 January (Tuesday-Thursday): The Unmanned Systems Exhibition (UMEX) and the Simulation and Training Exhibition (SimTEX), Abu Dhabi National Exhibition Centre (ADNEC), Abu Dhabi.

26-28 January: Dubai Challenge Cup

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.

27-28 February (Tuesday-Wednesday): Dubai Association Centre Conference, Dubai World Trade Centre.

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

28-29 February (Wednesday-Thursday): UAE delegation attends ‘Invest in Austria’ conference, Vienna.

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.

5-8 March (Tuesday-Friday): Forbes’ Third Annual 30/50 Summit In Abu Dhabi During International Women’s Day

12 March (Tuesday): Start of Ramadan, public holiday.

APRIL

11 April (Thursday): End of Ramadan, public holiday.

12 April (Friday): Eid Al-Fitr, public 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

2-3 December (Monday-Tuesday): National Day, public holiday.

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

Sections

About

Privacy & Support

Get EnterpriseAM daily