Mubadala goes deeper into private credit

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Abu Dhabi eyeing its first USD-denominated issuance since 2021?

Good morning, nice people, and welcome to an uncharacteristically busy Tuesday. We have a jam-packed issue for you today, so let’s get right into it.

THE BIG STORY here at home: Mubadala and Goldman Sachs are planning to deploy USD 1 bn in private credit in the Asia-Pacific region, with a particular focus on India. The long-term capital would be earmarked for companies and sponsors that are of “high quality,” the two said.

^^We have more details on this story and several others in this morning’s news well.

PUBLIC SERVICE ANNOUNCEMENT-

#1- It just became a little easier to get to KSA: KSA’s General Authority for Roads has inaugurated the third phase of the Dhahran-Al Uqair-Salwa road project, which aims to boost connectivity between Eastern Saudi Arabia and the UAE, the authority said in a statement. The 66 km road cost SAR 199 mn (AED 194 mn) to build, Al Arabiya reported yesterday.

The road is a boon for regional connectivity and trade: The road’s completion is poised to boost trade transportation links between the UAE, Saudi Arabia and the rest of the GCC, streamlining the movement of goods between the industrial cities and border crossings. The project is also set to slash travel time to Qatar by an hour and enhance connection between Jubail’s industrial hub and border crossings while strengthening transport and logistics sectors’ performance.

#2- Sharjah Municipality has launched a monthly public parking subscription, offering Sharjah’s residents a month-long parking service covering two areas for one flat price, according to a statement. You can sign up for the subscription through Sharjah Municipality’s website.

SIGN OF THE TIMES-

IHC’s board now has an “AI observer”: ADX-listed conglomerate International Holding Company introduced a new board position for AI observer ‘Aiden Insight’ to assume the responsibilities of data analysis, risk assessment, strategic planning support, innovation tracking, and ethical and compliance monitoring, according to a press release (pdf). The AI agent is being developed by G42 and Microsoft. Once developed, Aiden “will attend IHC Board meetings as a non-voting observer, offering real-time insights to inform discussions and guide decisions,” the press release reads.

WATCH THIS SPACE-

#1– Abu Dhabi plans to issue its first USD-denominated bond since 2021 “soon,” Bloomberg reports, citing people it says are familiar with the matter. The sources did not clarify the size or an exact timeline for the issuance.

Abu Dhabi doesn’t need the funding, but officials reportedly think that a “fresh benchmark” would “assist the bond-sale plans of government-related companies” and that the emirate could use the issuance to improve the overall liquidity profile of its debt.

The word “benchmark” is likely key here: It implies an offering of at least USD 500 mn. Large, liquid issuances attract big-name investors who actively trade debt. And because benchmark bonds are widely traded, the issuance could set a reference point for the pricing of similar-quality issuances by others in the emirate. “Abu Dhabi has issued at least USD 2 bn every time it’s tapped the USD bond market in the past decade,” the business information service writes.

REMEMBER- S&P Global Ratings predicted the emirate will issue around USD 2 bn in new debt annually, in addition to repaying an average of USD 3 bn per year.

#2- e& to form JV with international telco heavyweights: e& Group is set to establish a joint venture in 2024 with South Korea’s SK Telecom, Germany’s Deutsche Telekom, Singapore’s Singtel, and Japan’s SoftBank, the companies said at a meeting of what’s being dubbed the Global Telco AI Alliance or “GTAA,” according to a press release.

The GTAA will aim to develop multilingual AI models to make it easier to serve customers and grow the telcos’ customer base to 1.3 bn spanning 50 countries, they said. The large language models now in development will initially be optimized for Arabic, Korean, English, German, and Japanese.

#3- FAB looking to pitch in Adani USD 3 bn loan? Indian conglomerate Adani Group’s renewables firm Adani New Industries is in talks with First Abu Dhabi Bank (FAB), among other international lenders, to borrow USD 3 bn in two or three-tranche offshore loans over the next 12 months, Bloomberg reports, citing people familiar with the ongoing talks.

Also in talks: DBS Bank, Deutsche Bank, and Standard Chartered Bank. The funds would help Adani see its plan to commence green hydrogen production in 2027 through, targeting establishing the renewables arm as a major green hydrogen player.

#4- UAE sovereign wealth funds own small pieces of Alibaba, new filings show: Chinesee-commerce giant Alibaba disclosed that sovereign wealth funds in the UAE, Qatar, Singapore, and Malaysia own minority stakes in some of its units, according to a filing with the US Securities and Exchange Commission. The filing doesn’t specify the name of the fund and the stake is small, the document suggests.

REMEMBER- Alibaba is looking to partner with Emirati and Saudi firms to help Alibaba keep up with the regional developments as China-GCC relations continue to warm. GCC countries have been bolstering ties with China in recent years as they pursue investments to diversify their non-oil economies — a move that has seen pushback from Washington.

#4-Dubai’s Department of Economy and Tourism plans to launch 60 new customer service centers by the end of 2024, with the aim to reduce conflict resolution time to one day, down from the current four day average, Al Bayan quotes Director of the Consumer Protection Department Ahmed Ali as saying.

HAPPENING TODAY-

#1-The International Conference on Management and Sustainability of WaterResourcesis underway at the Marriott Hotel, Al Jaddaf, Dubai. The two day event wraps tomorrow.

#2- The International Innovation Forum 2024 opened its doors yesterday at the Dubai Customs head office as part of the ongoing UAE Innovates national event.

#3- Mobility startups can now pitch ideas for sustainable transportation solutions as part of Dubai’s Roads and Transport Authority’s Startups Challenge, held concurrently with UAE Innovates. You can register for the challenge by sending a nomination request here.

#4-The Dubai Dutyfree Championship continues today with the men’s singles: Yesterday saw Andy Murray secure his second victory in 2024, defeating Denis Shapovalov with a score of 4-6, 7-6(5), 6-3. Andrey Rublev also triumphed over Zhizhen Zhang with a hard-fought victory of 6-7(4), 6-2, 6-4.

Can’t get enough tennis? The World Tennis Association tour’s final is set for Saturday, 2 March. You can buy tickets for both the women’s WTA tournament and the men’s ATP here.

#5-The two-day ACFE Fraud Conference Middle East ends today at the Fairmont Bab Al Bahr Hotel in Abu Dhabi.

HAPPENING THIS WEEK-

#1- Economy Minister Abdulla Bin Touq Al Marri will meet with the UK’s Business and Trade Secretary Kemi Badenoch to discuss a trade agreementon the margins of her visit to attend the WTO ministerial conference, along with UK Trade Policy Secretary Greg Hands, the Telegraph reports. Badenoch and Hands’ visit to the UAE — which comes as part of a wider Middle East tour — comes against the backdrop of the stalled GBP 600 mn takeover of the Telegraph by RedBird IMI, which is backed by Abu Dhabi’s International Media Investments.

#2- The Investopia Summit will take place tomorrow and after in Abu Dhabi. The two-day event will run under the theme “Emerging Economic Frontiers: Investing in Fast-Growing Sectors in the New Economy,” gathering investors, government officials, and entrepreneurs to explore investments in strategic markets.

#3- The MENA Transport Congress and Exhibition 2024 will also kick off tomorrow, running through Friday, 1 March at the Dubai World Trade Centre. Look for 2k attendees and 65 speakers, including industry leaders, researchers, and government officials to be in attendance.

#4- The UAE-Kazakhstan Business Council’s first meeting also kicks off tomorrow at Expo City Dubai, Wam reports. Kazakh Trade Minister Shakkaliyev Arman will participate, along with over 200 private companies across various sectors from both countries. The event aims to promote cooperation between UAE and Kazakh businesses.

#5- The International Property Show kicks off today at the Dubai World Trade Centre, and will run until this Thursday, 29 February. The property event will feature over 100 real estate developers from 45 countries, including the US, Spain, GCC countries, and Turkey.

DATA POINT-

Emirates Development Bank (EDB) contributed AED 4.3 bn to the country’s total industrial GDP in 2023, up 80% y-o-y from its AED 2.4 share in 2022, Wam reports. The lender aims to raise its contribution to AED 10 bn in two years by “focusing on empowering the private sector to drive the nation’s economic growth,” EDB CEO Ahmed Mohamed Al Naqbi said.

THE BIG STORY ABROAD-

Joe Biden thinks we could see a ceasefire in Israel’s war in Gaza “by Monday,” saying, “Well I hope by the beginning of the weekend, by the end of the weekend. My national security adviser tells me that we’re close. We’re close. We’re not done yet. My hope is by next Monday we’ll have a ceasefire.”

Biden’s remarks were spontaneous and made in response to a question from reporters, Reuters and the New York Times report. The news came as the Palestinian Authority government stepped down amid Arab and US calls for reform and Israel’s Benjamin Netanyahu presented his cabinet with a plan for the evacuation of Rafah ahead of the IDF’s planned assault on the city.

From Planet Finance:

#1- Citigroup is looking to regain its dealmaking mojo after hiring Viswas Raghavan from JPMorgan Chase to run its new banking division. Raghavan will report directly to CEO Jane Fraser, who’s in the midst of the biggest restructuring of Citi in decades. Raghavan had just been promoted to become the sole head of investment banking at JPM last month. The story is getting plenty of ink from the Financial Times and Bloomberg.

#2- Jacob Rothschild passes away: Banker and philanthropist Jacob Rothschild, a seventh-generation heir of the Rothschild banking dynasty, died yesterday at the age of 87, according to an announcement by the Rothschild Foundation — a British charity he led. The story is everywhere in the foreign press: Bloomberg | Reuters | NY Times | The Guardian | Wall Street Journal.

Mubadala, Goldman Sachs to invest USD 1 bn in private credit in Asia Pacific region

Sovereign wealth fund Mubadala and Goldman Sachs will co-invest USD 1 bn in private credit in the Asia-Pacific region,according to a statement. The partnership will see the two deploy long-term capital to “high quality companies and sponsors” throughout the region, with a particular focus on India, the statement said.

How it will work: Goldman Sachs Alternatives’ private credit division will manage the fund and use its on-the-ground teams across Asia Pacific markets to scour for potential clients.

Background: Goldman Sachs inaugurated an office in the Abu Dhabi Global Market in May 2023. The US lender’s Abu Dhabi division is tasked with asset management, while its Dubai branch houses investment bankers.

It’s not Mubadala’s first foray into private credit: Mubadala set up a USD 2.5 bn JV with Alpha Dhabi to co-invest in global credit last year. In November 2023, the wealth fund took on the role of anchor investor for a private credit fund set up by Starz Real Estate and targeting European property. The sovereign investor also earmarked USD 1 bn each to alternative asset manager Blue Owl Capital’s technology lending strategy to finance tech and software companies, and its newly established JV with Ares Management.

It’s not just Mubadala: The Abu Dhabi Investment Authority also ventured into private credit in September, backing a USD 5 bn fund launched by Wells Fargo alongside asset manager Centerbridge and making a USD 932 mn investment in Australian real estate private credit company Qualitas Diversified Credit Investments. The asset class is expected to balloon to USD 2.3 tn in size by 2027, according to Morgan Stanley.

REMEMBER- Mubadala plans to more than double its assets in Asia — including India — to 25% from the 12% currently under the fund’s management, head of Mubadala’s life sciences and healthcare division Camilla Macapili Languille told Bloomberg earlier.

Day one of WTO’s Ministerial Conference sees the accession of two new members + promising indicators for a fisheries agreement

What went down on day one of MC13: Yesterday marked the opening day of this year’s World Trade Organization’s Ministerial Conference taking place in Abu Dhabi, where more than 150 of the world’s trade ministers are gathering. The biennial event will run until Thursday, with hopes to progress on a number of trade issues ranging from banning fishing subsidies, to maining the ban on digital goods.

A somber start: “If we thought the world looked tough in 2022…then we are in an even tougher place today,” WTO Director General Ngozi Okonjo-Iweala said during her opening speech (watch, runtime: 3:01:39). Okonjo-Iweala highlighted the conflicts in Gaza, Sudan, and the Congo, along with rising food and energy prices, as signs of the increased uncertainty and instability plaguing the global economy today.

Global merchandise trade is experiencing a notable contraction, with trade figures in 2023 likely undershooting the WTO’s earlier forecast of 0.8% growth, according to the WTO chief. The WTO is also working on revising its trade forecast for 2024, with the earlier expectation of 3.3% growth looking “unlikely.”

REMEMBER- The conference is taking place amid rising geopolitical tensions, heightened protectionism, and global disruptions to trade resulting from the wars in Gaza and Ukraine, and even climate change.

Reforms are necessary: Signs of “fragmentation” are beginning to appear in the global economy, Okonjo-Iweala warned. “We need to repair the multilateral trading system, reform it, make it fit for purpose, but don’t take it for granted,” she added.

WTO needs to operate differently, Al Zeyoudi said: “The traditional assumptions on which the WTO has been anchored cannot stand on their own anymore,” Foreign Trade Minister Thani Al Zeyoudi said during the opening session. The foreign trade minister emphasized the need for “new thinking” in light of the change of government priorities and the rapidly evolving environment we live in.

Two new accessions mark MC13’s first celebration: Timor-Leste and Comoros have formally joined the WTO, increasing the total membership to 166 countries. Okonjo-Iweala noted that “22 more countries are seeking to follow in their footsteps,” including a “sizable contingent from the Arab world.”

MAKING PROGRESS-

An agreement on curbing fisheries subsidies is on track to be finalized during the conference, with eight new members accepting the agreement during the conference’s opening, and 70 expected to ratify throughout the week, state news agency Wam reports. “We now have 40 members to go, so the countdown towards full entry into force can start now in earnest,” Okonko-Iweala said.

Background: During the last ministerial conference in 2022, member states reached apreliminary agreement to ban subsidies that promote unsustainable fishing, but left critical issues regarding overcapacity and overfishing unresolved, Reuters previously reported.

“Of all the issues at stake in Abu Dhabi, officials are most hopeful about getting this negotiation over the line,”Politico reports, citing a Geneva-based diplomat. “If there’s no agreement on fish at MC13, that’d be a tragedy.”

THE THORNIER ISSUES-

#1- Removing the ban on the 25-year digital tariff on streaming is high on the agenda.India, South Africa, and Indonesia are advocating for the ban to be lifted, saying it results in significant foregone tax revenues, while other countries are concerned this would open floodgates for a wide range of internet and data tariffs, Politico writes.

#2- As is protecting India’s anti-hunger program: India and a coalition of developing nations are advocating for a standalone permanent waiver to WTO rules restricting domestic agriculture subsidies, particularly on staples like rice, Reuters writes. India insists on a breakthrough or risks stalling progress on all other fronts, Politico wrote.

Developed countries — including the US and Australia — are not supportive of the agriculture subsidy waiver, Bloomberg and Reuters report.

Indian Trade Minister Shri Piyush Goyal has yet to show at the meeting, which has raised concerns among some delegates, though Al Zeyoudi and New Delhi have said the minister will be in attendance today.

#3- The WTO appellate body fiasco: There is potential for progress in Abu Dhabi on the WTO’s dispute settlement body, which has been stagnant since 2019 due to the Trump administration blocking new judge appointments, leaving bns in unresolved trade disputes, Politico writes. However, a final resolution is unlikely before the outcome of the upcoming US presidential elections by year-end.

#4- Expect some discussions on the EU’s green protectionism: Some delegations are accusing the European Union of green protectionism as its carbon border adjustment mechanism — a carbon tariff on imported carbon intensive products — comes into force, Bloomberg reports. “The good news is that it is being discussed and the EU seems willing to engage,” WTO Chief Economist Ralph Ossa told Bloomberg.

New York-based fintech Biz2Credit partners with Magnati to facilitate USD 1 bn in loans for SMEs

Biz2Credit to broker USD 1 bn in loans for UAE-based SMEs: New York-based fintech Biz2Credit has inked an agreement with First Abu Dhabi’s payment solution Magnati to broker some USD 1 bn in loans to small and medium enterprises (SMEs) in Abu Dhabi, co-founder and CEO Rohit Arora told the Financial Times. The agreement will see Biz2Credit integrate Magnati’s real-time payment data onto its AI-powered lending platforms, with the intention of facilitating loans through overseas funds and local banks, Arora said.

The game plan: Biz2Credit expects to broker USD 1 bn in loans within the next 18 months, after which it aims to facilitate the same amount of loans on an annual basis, Arora added.

The pitch: Emirati banks normally shy away from “asset-light” and risky SMEs, head of financial services at Strategy& Middle East Jorge Camarate said. Magnati’s data on merchants could provide them with more transparency on businesses’ financial health and make them more willing to lend to small businesses, Magnati CEO Ramana Kumar told the FT.

What kind of data are we talking about? Magnati’s platform monitors transactions of businesses that use its service, and compares them with other businesses of similar size to produce data on their finances.

Biz2Credit ❤️ GCC: The firm formed a JV with Saudi credit bureau Simah subsidiary Qarar back in August 2023 to inaugurate the largest SME lending platform in the KSA. Biz2Credit is eyeing further expansion in the Kingdom, with Arora noting that “the UAE and Saudi Arabia are some of the most progressive markets in their mindset.” Biz2Credit initially targeted US-based, immigrant owned SMEs, and has so far facilitated some USD 8 bn in loans for US businesses.

Multiply Group acquires digital advertising company BlackLite Media ahead of potential IPO

Abu Dhabi-based holding company Multiply Group acquired 100% of digital advertising company BlackLite Media for an undisclosed sum, according to an ADX disclosure (pdf). The acquisition comes as Multiply Group “continues readying” its media vertical for a potential listing, it said in a separate statement (pdf).

Loads of outdoors advertising space: The acquisition grants Multiply ownership of BlackLite’s portfolio, which consists of 86% digital and 14% static advertising solutions, as well as “prime advertising locations,” including The Landmark Series along Sheikh Zayed Road and venues in The Galleria Mall, Al Qana, and Dubai Festival City.

Next step, IPO: In an interview with Bloomberg, Multiply Group CEO Samia Bouazza positioned the acquisition as “the last step toward the preparation for the listing process.” The company plans to debut on the market when conditions are favorable and once it secures regulatory approvals, Bouazza added, without disclosing more details regarding the size or timing of the IPO.

Listing proceeds will go towards Multiply’s international expansion plans,with the company currently in talks to acquire at least one global target, Bouazza told Bloomberg, referencing assets in Turkey and India as potential targets, as well as cosmetics in the US.

The UAE’s largest 10 banks raked in AED 76.9 bn worth of net income during 2023

Higher interest rates helped boost the aggregate net income of the UAE’s 10 largest listed banks by 54.1% y-o-y to AED 76.9 bn during 2023,according to Dubai-based management consultancy Alvarez & Marsal’s UAE Banking Pulse report (pdf). Total net interest income grew 27.6% y-o-y across the board as the Central Bank of the UAE followed the US Federal Reserve’s lead with interest rate hikes, the report said.

The 10 largest banks in terms of assets: First Abu Dhabi Bank (FAB), Emirates NBD, Abu Dhabi Commercial Bank, Dubai Islamic Bank, Mashreq, Abu Dhabi Islamic Bank, Commercial Bank of Dubai, RAK Bank, Sharjah Islamic Bank, and National Bank of Fujairah.

REMEMBER- The Central Bank of the UAE mirrors the Fed’s interest rate policies, as the AEDis pegged to the USD.

Banks were able to boost profitability on the back of a 100 basis point (bps) increase in the Emirates Interbank Offered Rate (EIBOR), despite fewer loans relative to deposits, A&M noted.

Almost all banks improved cost efficiency, with our friends at Mashreq reporting an 8.4% y-o-y drop in their cost-to-income ratio, followed by First Abu Dhabi Bank (FAB) and RAK Bank also penciling strong improvements. Dubai Islamic Bank was the only outlier, with a 15.7% y-o-y increase in cost to income on the back of investments in growth and digitization.

Loans and advances increased 9% y-o-y, mainly fueled by corporates and wholesalers,who accounted for 57.4% of the total loan book, the report said. Mashreq led the pack with the highest growth rate in loans and deposits among the 10 banks, showcasing a 22.2% y-o-y increase in loans and advances (L&A) and a 28.5% y-o-y increase in deposits. This growth came primarily through the wholesale and retail sectors.

Corporate and wholesale lending increased 11.8% y-o-y, the report reads. Overall retail lending also grew 10.9% y-o-y, while government lending slowed 3.6% y-o-y.

The overall cost of risk improved 0.73% y-o-y during 2023, as banks managed a 19.8% decrease in aggregate impairment charges amounting to AED 13.7 mn. Mashreq witnessed the highest reversal in impairment charges by overturning AED 1.4 mn in 2023. Emirates NBD, Dubai Islamic Bank, and Sharjah Islamic Bank saw positive y-o-y shifts in cost of risk, while RAK Bank and Abu Dhabi Commercial Bank reported declines.

Profitability was weighed by a heavy reliance on time deposits — which constituted 43% of their total deposits and put a slight squeeze on expenses — and an increase in total interest expenses that offset some of the growth in interest income.

A&M expects banks to maintain profitability despite the CBUAE cutting interest rates in 2H 2023 in line with the Fed.

Binghatti launches debut sukuk with a bang + DIB kicks off five-year sustainable sukuk issuance

Binghatti’s debut USD 300 mn sukuk was 2.1x oversubscribed: Dubai developer Binghatti’s inaugural USD 300 mn, three-year sukuk issuance saw strong demand, with investors placing USD 621 mn in orders, according to a press release. The listing, which received significant interest from investors worldwide, is 2.1x oversubscribed.

The yield on the luxury developer’s issuance was set at 9.6%, seeing tightening of about 30 basis points (bps) from initial price guidance of 9% on the back of strong demand.

Where the money’s going: Binghatti intends to use the funds to finance land purchases and to restructure its current debt.

Advisors: Our friends at Mashreq and HSBC, Emirates NBD, Dubai Islamic Bank, Abu Dhabi Islamic Bank, Sharjah Islamic Bank, and RAKBank were selected as joint lead managers and book runners.

OTHER DEBT NEWS-

DIB’s sustainable sukuk also meets strong demand:Dubai Islamic Bank has begun selling its five-year, USD 1 bn sustainable sukuk, Reuters reports, citing an arranging document it has seen. The bank tightened pricing to 95 bps over US treasuries after receiving some USD 2.4 bn in orders, down from an initial price guidance of 125 bps.

The sukuk is part of its USD 7.5 bn trust certificate issuance program, Reuters reported separately.

Advisors: The emirate’s largest Islamic bank has appointed our friends at Mashreq, along with Al Rajhi Capital, Arab Banking Corporation (ABC), Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JPMorgan, Abu Dhabi Islamic Bank, Sharjah Islamic Bank, and Standard Chartered as lead managers and joint bookrunners. DIB will also be among the lead managers and joint bookrunners. Standard Chartered will independently manage sustainability standards.

DP World, Masdar teaming up on renewable energy systems + FAB introduces post-trade platform

ENERGY-

DP World + Masdar partner on renewables:DP World signed a partnership agreement with Masdar to explore and implement renewable energy systems, including solar and battery energy storage systems, across the former’s port operations in the region, according to a statement. The partnership will initially focus on identifying sites to deploy renewable energy solutions in Saudi Arabia, Senegal, and Egypt over a period of three years.

CAPITAL MARKETS-

First Abu Dhabi Bank (FAB) has rolled out a post-trade platform for MENA asset managers, named MENA Securities Services for Asset Managers (MENASSA), Wam reports. MENASSA integrates services such as global custody, fund accounting, transfer agency, performance and risk measurement, and middle office services into a single platform.

AVIATION-

Emirates’ loyalty program is getting more benefits with Visa partnership: Emirates Skyward inked a multi-year exclusive partnership with Visa that will see the two work to issue co-branded cards, according to a press release. Holders of the co-branded cards will be offered benefits and customized promotions.

REAL ESTATE-

Union Properties sold land valued at over AED 500 mn, as part of its turnaround strategy, according to a press release. The company is currently in the process of divesting several of its assets. The company is currently assessing proposals for its assets, valued at more than AED 1.2 bn.

DDX Global is set to build Dubai’s first tokenized real estate project, Desert Pearl, according to a press release. By launching the project, the Dubai-based Real World Assets (RWA) tokenization firm aims to offer customers the chance to invest in the RWA tokenization market, which is expected to be valued at USD 16 tn by 2030.

SOUND SMART- Real World Asset tokenization is a process that represents digital tokens as tangible assets, such as financial assets, bonds, shares or equity, stretching to art, commodities, intellectual property and real estate.

BUSINESS-

Tecom Group + VFS Global fast-track visa processing and document attestation in Dubai: Tecom Group partnered with VFS Global to deliver visa processing and document attestation services to professionals across its 10 business hubs in Dubai, according to a Dubai Media Office statement. Accessible through axs, Tecom Group’s online platform, the service will facilitate document validation for more than 70 countries, including the Schengen Area, Saudi Arabia, Egypt, India, China, Australia, and Canada. The service will grant applicants a 90-day entry permit to initiate employment in the UAE while their document attestation is underway.

The Dubai Chamber of Commerce launched the Hellenic Business Council to improve business and trade between the UAE and Greece, according to a Dubai Media Office statement from the Dubai Media Office.

AUTOMOTIVE-

Forseven to manufacture Nio EVs: Abu Dhabi-backed CYVN Holdings’ EV subsidiary Forseven signed a technology licensing agreement with Chinese EV manufacturer Nio, granting Forseven the rights to use Nio’s software, technical information, and intellectual property rights to manufacture and develop Nio-branded EVs, Nio said in a press release.

AVIATION-

Yas Mall to offer airport check-in services: Miral — in partnership with the Department of Culture and Tourism Abu Dhabi, Abu Dhabi Airports, and off-airport baggage processing solutions provider OACIS ME — has introduced airport check-in services at The Fountains in Yas Mall, according to an Abu Dhabi Media Office statement. This service is available exclusively for Etihad Airways and Air Arabia flights, allowing its passengers to enjoy dining, shopping, and entertainment before their departure.

MINERALS-

Canadian SRG Mining is planning to redomicile from Canada to the Abu Dhabi GlobalMarket (ADGM) to expand its “strategic optionality,” the company said in a press release. By registering in ADGM, SRG is looking to benefit from the UAE’s double taxation and bilateral investment treaties with Guinea, where its flagship project is located.

MANUFACTURING-

UAE to locally manufacture remote weapon stations: Abu Dhabi-based metal processing and fabrication firm Shielders Advanced Industries inked an MoU with Australian EOS Defence Systems to form a joint venture aimed at locally manufacturing EOS’ lightweight R150 remote weapon system (RWS), according to a press release. The MoU was signed during the companies’ participation in the Ajban Defense Industry and Technology Exhibition, which concluded last week.

Buoyed by population growth, KSA will remain the GCC’s biggest ins. market

Saudi Arabia is expected to remain the largest ins. market in the GCC region for the foreseeable future, with a compound annual growth rate (CAGR) of 5.8% to USD 19 bn between 2023 and 2028, said Alpen Capital in its latest ins. industry report. KSA took over the top spot from the UAE last year.

Thanks to growing demand: The financial advisory based its projections on the Kingdom’s fast moving infrastructure sector and rising demand for automotive and medical ins. coverage.

The regional market in a nutshell: The market’s gross written premium (GWP) is predicted to grow 5.3% in the medium term (until 2028) to USD 44 bn on the back of diversification efforts and a growing population. The majority of the premiums comprises non-life ins. which is expected to expand 5.4% to USD 40 bn over the same period.

Asian markets are trading sideways this morning, and futures point to a soft opening for markets in Europe, the United States and Canada later today after US stocks yesterday took a breather after the Dow and S&P 500 cooled from record highs last week.

ADX	9,260	-0.2% (YTD: -3.3%)
DFM	4,223	-0.1% (YTD: +4.0%)
Nasdaq Dubai UAE20	3,727	0.0% (YTD: -3.0%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.3% o/n	5.2% 1 yr
TASI	12,531	-0.6% (YTD: +4.7%)
EGX30	28,931	+3.9% (YTD: +16.2%)
S&P 500	5,070	-0.4% (YTD: +6.3%)
FTSE 100	7,684	-0.3% (YTD: -0.6%)
Euro Stoxx 50	4,864	-0.2% (YTD: +7.6%)
Brent crude	USD 82.53	+1.1%
Natural gas (Nymex)	USD 1.63	-1.8%
Gold	USD 2,040.60	+0.1%
BTC	USD 54,636	+5.6% (YTD: +29.3%)

THE CLOSING BELL-

The DFM fell 0.1% yesterday on turnover of AED 289.6 mn. The index is up 4.0% YTD.

In the green: Orascom Construction (+9.9%), Union Properties (+6.9%) and Dubai Electricity & Water Authority (+2.1%).

In the red: Shuaa Capital (-6.8%), Takaful Emarat (-5.3%), and Dubai Islamic Ins. and Reins.

Over on the ADX, the index closed down 0.2% on turnover of AED 1.1 bn. Meanwhile, Nasdaq Dubai stayed flat.

CORPORATE ACTIONS-

#1- Q Holding will change its name to Modon Holding, and will use Modon as its trade name, according to an ADX disclosure (pdf). The company’s board also approved the following decisions:

The company will issue 25.6 bn convertible bonds, at a nominal value of AED 1 apiece.
The bonds will be converted into shares distributed to IHC Capital Holding and ADQ Real Estate and Hospitality Investments for a ratio of 2.7 bonds for each share, raising the company’s capital to AED 16.3 bn.
The bond conversion and subsequent capital raise will see the company issue some 9 bn new shares to IHC and ADQ Real Estate, with ADQ receiving 6.3 bn of the shares, while 3.1 bn shares will be allocated to IHC Capital.

#2-Adnoc Distribution has a new dividend policy: Abu Dhabi National Oil Companysubsidiary Adnoc Distribution amended its dividend policy for 2024-2028 yesterday, with plans to pay out some AED 2.57 bn (USD 700 mn), or a minimum 75% of net income every year, whichever is higher, according to an ADX disclosure (pdf).

FM talks boosting ties with Malta, Vanuatu

UAE, Malta talk potential cooperation:Foreign Affairs Minister Abdullah bin Zayed Al Nahyan met with Malta’s Foreign and European Affairs and Trade minister, Ian Borg yesterday to discuss strengthening joint cooperation between the two countries, according to a ministry statement. The two ministers also talked about the recent developments in the region and their implications on security.

Al Nahyan also held a meeting with Vanuatu’s Deputy Prime Minister and Foreign Affairs, Seremaiah Nawalu to discuss bilateral relations and advancing cooperation and investment across the sectors of economy, renewable energy, and development, Wam reports.

President Sheikh Mohammed bin Zayed and Turkish president Recep Tayyip Erdogan discussed promoting bilateral ties, particularly when it comes to economic cooperation, on a phone call yesterday, Wam reports. The two heads of state also addressed the urgency of resolving regional geopolitical issues.

CALENDAR

FEBRUARY

2-29 February (Friday-Thursday): Ras Al Khaimah Art 2024 Festival, Al Jazeera Al Hamra.

22-29 February (Thursday-Thursday): UAE Innovates 2024, Dubai.

26-28 February (Monday-Wednesday): RTA Startups Challenge, RTA Research and Innovation Centre for Mobility, Dubai.

26-29 February (Monday-Thursday): World Trade Organization Ministerial Conference, Abu Dhabi, UAE.

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

26-28 February (Monday-Wednesday): Arab Payments Week, Beach Rotana Hotel, Abu Dhabi.

27 February (Tuesday): TradeTech Forum, Abu Dhabi National Exhibition Center, Abu Dhabi.

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

28 February (Wednesday): UAE-Kazakhstan Business Council meeting, Expo City Dubai.

28 February-3 March (Wednesday-Sunday): Dubai International Boat Show, Dubai Harbor.

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

28-29 February (Wednesday-Thursday): Third Investopia Summit, Abu Dhabi.

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

28 February-5 March (Wednesday-Tuesday): Xposure International Photography Festival, Expo Centre Sharjah.

29 February-3 March (Thursday-Sunday): Gov Games, Dubai Festival City, Dubai.

MARCH

1 March (Friday): Abu Dhabi Family Office Summit, Saadiyat Rotana.

1-3 March (Friday-Sunday): Art Dubai, Madinat Jumeirah.

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

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

5-7 March (Tuesday-Thursday): Dubai Entertainment Amusement & Leisure Exhibition, Dubai World Trade Center.

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

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

7 March (Thursday): Beyond Global Trade, Edition Hotel, Dubai.

8-9 March (Friday-Saturday): World Triathlon Championship Series 2024 Opening Race, Yas Marina Circuit on Yas Island.

11/12 March (Monday/Tuesday): Start of Ramadan.

APRIL

TBC April: DRIFTx, Abu Dhabi.

9/10 April (Tuesday/Wednesday): End of Ramadan, public holiday.

8-12 April (Monday-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.

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

24-25 April (Wednesday-Thursday): Ras Al Khaimah Investment and Trade Summit, Rak Exhibition Centre.

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

23-25 April (Tuesday-Thursday): Argus Fertilizer Asia Conference, Abu Dhabi.

24-26 April (Wednesday-Friday): Global Education & Training Exhibition.

24 April-1 May (Wednesday-Wednesday): Abu Dhabi Mobility Week.

29-30 April (Monday- Tuesday): Dubai World Ins. Congress, Atlantis, The Palm.

MAY

6-7 May (Monday-Tuesday): Dubai Fintech Summit 2024, Madinat Jumeirah.

7-9 May (Tuesday-Thursday): AIM Congress 2024, Abu Dhabi.

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

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

14-16 May (Tuesday-Thursday): The Airport Show, Dubai World Trade Centre.

15 May (Wednesday): HFM Summit, DIFC.

JUNE

2-4 June (Sunday-Tuesday): The World Air Transport Summit and International Air Transport Association (IATA)’s annual general meeting, Dubai.

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.

28-30 September (Saturday-Monday): World Association of Nuclear Operators (WANO) Biennial General Meeting, 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.

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