Dubai crypto firm Hayvn acquired by Deus X Capital

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Chances of heavy rain and hail + It’s the last day of the WTO ministerial conference

Good morning, wonderful people. It’s a reasonably brisk news day as we start our slide into the weekend, giving us a healthy dose of M&A, debt, and real estate news.

WTO MINISTERIAL-

The UAE yesterday launched the Trade, Sustainability and Artificial Intelligence initiative, which is designed to use artificial intelligence to increase global trade’s role in fighting climate change, state news agency Wam reported. Unveiled at the World Trade Organization’s Ministerial Conference in Abu Dhabi, the initiative aims to reduce shipping emissions as well as improve inventory management, freight movements, and supply chain traceability, and build climate resilient infrastructure. The initiative entails building a research network and an international coalition to propose regulations for using AI in trade.

Vision for trade landscape: The Economy Ministry launched a report entitled Trade 2050: A Private Sector Perspective (pdf), which presents insights from private sector players projecting how the industry will progress over the next 25 years, Wam reports. The report looks to contribute to enhancing the global trade industry and define the challenges undermining achieving a “fairer and fully future-proofed system.”

PUBLIC SERVICE ANNOUNCEMENTS-

#1- There’s a chance of heavy rain and hail today over the northern, eastern, and southern areas of the country, according to the National Centre of Meteorology.

#2-You can swap bus routes without extra charge in Abu Dhabi: Abu Dhabi’s Integrated Transport Center introduced a new fare system for suburban and city buses yesterday, allowing commuters to transfer between public transport services without extra boarding fees, it said on Facebook. The waiver of additional boarding fees applies to a maximum of two transfers, each within an hour of the last tap-out, reports state news agency Wam. Under the revised system, passengers are charged a single AED 2 fee for initial boarding, plus AED 0.05 for every km traveled.

The authority also expanded its bus network to include city and suburban areas in Abu Dhabi, Al Ain, and Al Dhafra, and introduced new fares for public transport passes.

#3-EV owners might soon have to pay for their public parking slots: Car parking space manager Parkin is looking to add green public parking spaces — which are complimentary for EVs for four-hour uses — to its portfolio of 197k public and private spaces, the company said in its IPO prospectus. The company, which plans to offer a 25% stake in an IPO on the DFM in March, is looking to monetize EV parking spaces with Dubai’s Roads and Transport Authority and Dubai Electricity & Water Authority, Parkin adds.

Fast fact: Nearly 26k EVs were registered in Dubai in 2023, Wam previously reported.

WATCH THIS SPACE-

#1-The economy is expected to grow 5% in 2024, Economy Minister Abdullah bin Touq Al Marri told Wam. Over 73% of the country’s economy is now non-oil, which Al Marri said “reflects the confidence of the private sector and investors around the world in the UAE’s investment environment.

#2-Dubai Holding to get Orient Express superyachts sailing? Dubai investment vehicle Dubai Holding is reportedly in advanced talks with French hospitality group Accor to help finance the development of the group’s EUR 800 mn luxury Orient Express-branded cruises, which are set to debut in 2026 and 2027, the Financial Times reports, citing people familiar with the matter. The transaction would give Dubai Holding a majority stake in Accor, allowing the group to transfer ownership of the superyachts to Dubai Holding. The final agreement could also include other assets under the Orient Express brand, according to the sources.

#3- FAB looks to triple its China revenues: First Abu Dhabi Bank (FAB) is targeting an annual revenue of AED 300 mn from its China business by 2026, setting priorities to “[facilitate] more vital corridor trade and investment between the two regions,” Wam cites FAB CEO Hana Al Rostamani as saying. The 2026 target is triple the bank’s current revenues from China.

Fast fact:FAB is the only Emirati bank with a licensed branch in mainland China.

#4- Space tech, AI, and US investments on the horizon for Mubadala: Abu Dhabi’s Mubadala is looking to scale up its investments in AI and space technology in 2024, Reuters reports, citing the sovereign fund’s managing director Khaldoon Mubarak. The sovereign fund is also planning to ramp up its investments in the US and “deepen strategic and forward-looking investment products in the UK, Europe, France,” Mubarak said.

Mubadala is set to expand its foothold in Asia by “participating in [its] long-term, dynamic markets,” Mubarak said, adding that the sovereign fund “increased [its] long-term allocations for Asia, including Japan, China, Korea and, of course, India,” as it shifts its investment towards “mega-trends and global demographics.”

#5- Expediting Middle East corridor amid Red Sea disruptions: India has taken initial steps with the UAE to develop the India-Middle East-Europe Economic Corridor (IMEC), India’s ambassador to the UAE Sunjay Sudhir told Bloomberg on the sidelines of the WTO ministerial in Abu Dhabi. Establishing an alternative reliable trade link to the Red Sea has gained fresh importance amid ongoing trade disruptions in the waterway, as a significant portion of India's trade with Europe relies on the Red Sea, the ambassador said.

Refresher: The IMEC is a US-led project that will consist of an eastern corridor connecting India to the GCC, and a northern corridor linking GCC states with Europe. No details concerning the project’s value have so far been revealed.

DATA POINT-

The Ajman Consumer Sentiment Index (CSI) rose by 131 points in 2023, surpassing the global average of 100 points, Wam reports. The CSI is an index that shows the optimism of consumers about the economic outlook in a given country.

HAPPENING TODAY-

#1- The Fuel Price Committee will announce petrol and diesel prices for March todayafter convening to review global rates, Khaleej Times reports. The committee hiked retail petrol prices in February, pricing Super 98 at AED 2.88 per liter and Special 95 at AED 2.76 per liter.

#2-GovGames 2024 kicks off today and will run through Sunday 3 March. The event will feature physical challenges across various categories, with some 194 teams from around the world set to join.

#3-The International Innovation Forum 2024 wraps up today at the Dubai Customs head office as part of the ongoing UAE Innovates national event.

#4- The International Property Show also concludes today at the Dubai World Trade Center.The event garnered interest from 100 real estate developers from 45 countries, including the US, Spain, GCC countries, and Turkey.

#5- The InvestopiaSummit is on its final day in Abu Dhabi. The two-day event ran 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.

#6- The MENA Transport Congress and Exhibition 2024 is underwayat the Dubai World Trade Center and wraps up tomorrow.

#7- The Dubai International Boat Show is also underway at Dubai Harbor, running until next Sunday, 3 March. The event will showcase over 1k brands and over 200 boats from renowned shipyards like Azimut, Sunseeker Gulf, and Gulf Craft, and serves as a crucial sales and networking platform for both local manufacturers and global distributors.

#8-The Dubai Dutyfree Championship continues today with the men’s singles.Yesterday saw number four seed Karen Khachanov defeat Czech Jiri Lehecka 6-2, 6-4, while former Wimbledon champion Andy Murray lost to Ugo Herbert 2-6, 4-6.

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.

#9- The annual Meetings Arabia and Luxury Travel Congress concludes today at the Grand Hyatt Abu Dhabi and Residence Emirates Pearl. Co-hosted by the Abu Dhabi Convention & Exhibition Bureau, the networking event gathers over 30 global suppliers and luxury travel agencies.

THE BIG STORY ABROAD-

It might be a Leap Year, but we feel stuck in a Hot Tub Time Machine: Donald Trump owns the front pages of the global business press this morning with two stories:

Trump needs to deposit USD 454 mn with a court — or risk seeing his assets seized. A New York judge has refused to grant an injunction that would have prevented the New York attorney-general from enforcing a USD 454 judgment against the former president. He could be forced to sell off assets to drum up the cash.
The US Supreme Court will hear arguments in April as it looks to decide whether Trump can face criminal prosecution on charges he tried to overturn the 2020 election results.

Completing the trifecta of US politics: Republican Senate party leader Mitch McConnell will step downfrom his leadership role in November. The 81-year-old is the longest-serving Senate party leader in history.

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.

CIRCLE YOUR CALENDAR-

Abu Dhabi’s Department of Culture and Tourism’s Souq Al Wahat will host an African parade on Saturday and Sunday, 2-3 March, reports the Abu Dhabi Media Office. Souq Al Wahat will open its doors again the following weekend (until Sunday, 10 March) with its final weekend dedicated to American culture, hot dogs, and country dancing.

The World Skate Tour will kick off its Middle Eastern leg on Sunday, 3 March, according to the Dubai Media Office. The Middle East’s debut pro skating event will return to Dubai Harbor next week, with over 500 skaters from 65 countries competing in back-to-back rounds until Sunday, 10 March, with finalists qualifying for the Summer Olympic Games. Tickets for the tour’s two-week stop in Dubai can be purchased through Virgin Radio, for more information and the full schedule, check out the Adara website.

An inaugural Cross-Border Digital Trade Forum will take place later this year in Dubai,according to the Dubai Media Office. The event is being organized by Worldefand is sponsored by digital commerce freezone Dubai CommerCity. The two also agreed to set up a digital commerce academy.

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

Deus X Capital acquires Dubai crypto firm Hayvn + American PR firm Ruder Finn acquires PR agency Atteline

UK’s Deus X Capital expands in the region via new acquisition: London-basedcrypto investment firm Deus X Capital acquired Abu Dhabi-based crypto processing payments company Hayvn for an undisclosed sum, Cryptonews reports, citing a company statement. The acquisition is expected to be completed before 28 March.

The details: The acquisition will see Deus X Capital taking over Hayvn’s brand, technology, clients, and staff. The company will be headed by Richard Crook (LinkedIn), who was previously COO of digital assets payment firm BCB Group. Hayvn’s former CEO, Chrisotpher Filnos, reportedly resigned unexpectedly in December, the outlet reported.

This is not Deus X Capital’s first foray into the region: The family office agreed with Australian private equity firm and blockchain provider Bridgetower Capital last month to set up a USD 250 mn digital asset infrastructure platform in Abu Dhabi Global Market dubbed Bridgetower Middle East.

REMEMBER- Hayvn had plans to IPO: The crypto trading firm had plans to pursue a USD 150 mn IPO once it reaches a USD 1.5 bn valuation, Reuters reported two years ago. Back then, the company was in talks with institutional investors to raise some USD 30 mn to reach a USD 400 mn valuation. Flinos had anticipated that the company would reach the required IPO-valuation within “12 to 16 months.”

IN OTHER M&A NEWS-

US-based communications and creative agencies firm Ruder Finn has acquired Dubai-based PR agency Atteline, making it Ruder Finn’s regional headquarters, according to a press release. The acquisition will see Atteline’s 30 communications experts brought over to Ruder Finn. The details, including the size and value of the acquisition, were undisclosed.

Managing side-by-side: Atteline founder and Managing Director Sophie Simpson (LinkedIn) will work with Global CEO of Ruder Finn Kathy Bloomgarden (LinkedIn) and head of Ruder Finn’s Middle East division Atul Sharma post-acquisition, the statement said, without clarifying what the new roles will look like.

The GCC is an attractive market: “We are committed to expanding our reach and our expertise globally and now is a great time to do so as the UAE, and the Gulf Cooperation Council (GCC) countries are continuing to forecast strong growth across all industries. The region is increasingly regarded as an exciting hub for companies around the world.”

Sharjah narrows price guidance for USD 750 mn bond issuance

The Sharjah government is expected to raise USD 750 mn from its USD-denominated benchmark sustainable bond issuance after narrowing the price guidance to around 195 basis points (bps) over US treasuries, Reuters reports, citing a bank document.

Orders for the issuance topped USD 4 bn, prompting Sharjah to tighten the price guidance from an initial spread of 235 bps over US treasuries.

ADVISORS- Emirates NBD Capital and HSBC are joint global coordinators, lead managers, and bookrunners, while Citi, Credit Agricole CIB, and Standard Chartered Bank will act as joint lead managers and bookrunners. HSBC will serve as the sole ESG structuring agent.

IN OTHER DEBT NEWS-

DIB’s USD sustainable sukuk 2.5x oversubscribed: Dubai Islamic Bank (DIB) launched its five-year USD 1 bn sustainable sukuk, receiving USD 2.5 bn worth of orders, the bank said in a DFM filing (pdf). DIB achieved its lowest credit spread on the sustainable sukuk, positioning the lender among a select few in the Middle East below the threshold of 100 bps above US treasuries for senior issuances, according to the statement.

REMEMBER- Dubai Islamic Bank began selling its sukuk on Tuesday. The bank tightened pricing to 95 bps over US treasuries after receiving strong demand from investors, down from an initial price guidance of 125 bps. The sukuk is part of its USD 7.5 bn trust certificate issuance program.

Advisors: The emirate’s largest Islamic bank 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 is also among the lead managers and joint bookrunners. Standard Chartered will independently manage sustainability standards.

Dubai property sales prices were up 18% y-o-y in 2023

Sales prices shot up 18% y-o-y in Dubai’s residential market in 2023, while rental prices rose 26% y-o-y, according to Deloitte’s latest Dubai market overview (pdf). Dubai’s real estate market “sustained an upward trajectory” compared to pre-pandemic levels, with transactions at record-high levels in 2023, the report said.

ICYMI: Market analysis from Savills noted that property transactions in Dubai stretched past the 100k mark for the first time at 118.2k units in 2023 (up 29% y-o-y).

Sales prices for villas outpaced prices for apartments, the report noted, adding that properties in Palm Jumeirah apartments, Dubai South, and MBR City recorded the largest jumps in the past year. Meanwhile, DIFC, Jumeirah, and Dubailand Residences saw the highest increases in rental prices, at a range of 36-39% y-o-y.

The report expects prices to somewhat stabilize in 2024 on the back of new developments, which rose 90% y-o-y in 2023.

Recovering hospitality market: Dubai recorded a 6% y-o-y increase in occupancy rates in 2023, driven by government initiatives to boost its tourism sector. The emirate’s total number of visitors surpassed pre-pandemic levels, with 17.5 mn tourists visiting in 2023. Average occupancy rates also hovered at 77%, marking a 6% y-o-y increase.

The office market is also on the up and up: Office rents in Dubai surpassed pre-pandemic levels by 20% in 2023, growing 17% y-o-y, the report adds. Grade A office spaces in ICD Brookfield and DIFC recorded occupancy rates of up to 95% during the year, while Dubai’s industry sector also recorded high occupancy levels. Savills’ analysis had attributed growth to new market entries from the Americas, Russia, and India, and expansion of Dubai’s non-oil sector.

Deloitte predicts the sector will continue to grow as the government invests some AED 246.6 bn until 2026 in economic growth and development, with a focus on infrastructure — which will maintain hiring levels and office demand.

IN OTHER DUBAI REAL ESTATE NEWS-

Dubai’s luxury segment ranked second globally in terms of price increases in 2023, recording a 15.9% y-o-y increase, Knight Frank says in its latest Wealth Report, according to a press release. The emirate saw a record 431 units valued at over USD 10 mn handed off in 2023, owing to its ability to appeal to the international elite as “one of the most affordable luxury markets in the world,” the report adds.

The total number of prime homes available for sale dropped 38.5% y-o-y in 2023,indicating foreign buyers are switching over to longer-term residency mindsets.

Prime residential values are projected to grow 5% in 2024, after having climbed 16% in 2023 and 44.4% in 2022.

Antwerp-Bruges Port ordered to pay EUR 41.3 mn in damages to DP World

DP World to be paid by Belgium following arbitration ruling: Belgium’s Antwerp-Bruges Port has been ordered to pay UAE-based port operator DP World EUR 41.3 mn, in addition to costs and interest fees, in an arbitration ruling at the International Center for Settlement of Investment Disputes (ICSID), Splash 247 reports. The decision follows a seven-year port concessions dispute concerning Deurganck dock that was filed in June 2017, according to ICSID case details.

The matter in question? Repossessed land at the dock: The ruling concerns a conflict that arose in September 2005, when the port of Antwerp-Bruges’ Deurganck dock was split between MSC-PSA, which opened up its terminal on the west side of the dock, and DP World, which was allocated the east side, Splash reports. Upon PSA moving all its container operations to the dock, DP World’s volumes were lower than expected, and the port authority granted PSA 40 hectares of DP World’s concession, a move which DP World challenged, the outlet writes.

ICSID says that the move was justified but the compensation was unfair: The tribunal ruled in April 2021 that the port’s decision to repossess the land was justified on four accounts, with the only outstanding issue being whether the compensation to DP World was appropriate, a matter now judged in DP World’s favor. The ruling may see DP World receive as much as EUR 100 mn in payouts, Splash also said.

There might be another way: It is possible that DP World and Antwerp-Bruges Port may find an alternative means by which to settle the damages, Splash wrote citing analysts at Alphaliner, who noted the port operator’s reputation for flexibility.

Dubai-based crypto startup Backpack bags USD 17 mn in funding round

Crypto exchange startup raises USD 17 mn: Dubai-based crypto exchange and wallet Backpack closed a USD 17 mn series A funding round led by crypto venture firm Placeholder VC that values the company at USD 120 mn, according to a press release. Other participating investors include Hashed, Robot Ventures, Amber Group, Wintermute Ventures, and blockchain platforms such as Solana, Tensor, Jito, Zeta, and Marginfi.

About Backpack: Headquartered in Dubai with a Virtual Asset Service Provider license, Backpack’s services and products include a crypto exchange, a crypto wallet, and an NFT collection called Mad Lads. It was founded by a group of former employees of disgraced crypto b’naire Sam Bankman-Fried ’s now-defunct crypto exchange, FTX, and Alameda Research. The crypto platform was launched in October 2023 in a bid to “fill a gap left by the collapse of their former employer Sam Bankman-Fried’s crypto empire,” Bloomberg reports.

What they said: “The history of finance is littered with scandals, but Backpack is doing things differently. Over the past year, we’ve set the foundation to build a crypto-native financial institution, and with the conclusion of this round, with trust minimization and compliance as foundational principles, we begin a new chapter for ourselves and, hopefully, for the rest of the industry,” Backpack CEO Armani Ferrante said.

Jumeirah CEO resigns one year into tenure

Jumeirah Group CEO Katerina Giannouka (LinkedIn) has stepped down after 15 months in the position, Zawya reports, citing a company statement. Giannouka, who joined the hotel chain in December 2022, is leaving her position to attend to family matters, the statement says.

Umm Al Qaiwain Ruler Sheikh Saud bin Rashid Al Mu'alla has appointed Sheikh Mansour Ibrahim Ahmed Hamad Al Mu'alla as the executive director of Umm Al Qaiwain’s Ports, Customs, and Freezone Corporation, Wam reported.

Shuaa’s head of Private Markets Ajit Joshi (LinkedIn) is stepping down from his position due to personal reasons, the company said in a DFM disclosure (pdf).

All fun and games on UAE X

X is celebrating Sharjah Heritage Days, with the hashtag #الشارقه التراثيه getting a lot of traction amid the celebrations in Dibba Al Hisn, which included environmental projects, art installations, craft shows, and educational workshops.

Dubai Crown Prince Hamdan bin Mohammed Al Maktoum at the Dubai Jet Suit Championshipalso got some attention.

Apollo CEO: UAE and Singapore better for investors than US

It’s a quiet morning for UAE in the international press, giving us just a handful of reads to keep things interesting.

Where the best investors + wildlife lie:The best investors are now in the UAE and Singapore, not the US, where a lot of institutional investors have become too reliant on benchmark asset classes, Apollo Global Management CEO Marc Rowan told Bloomberg. Meanwhile, Dubai-based photographer Anish Karingattil’s focus on the UAE’s wildlife through his macro photography also got some ink in CNN.

Also making headlines:

If Tony Stark lived in Dubai: Dubai hosted its first jet suit race, with pilots zooming along a route in the sky, coming “the closest I think anybody’s ever got to delivering [the superhero dream] for real,” according to Richard Browning, founder of race organizers Gravity Industries. (AP)

Asset manager Offset8 Capital invests in Indonesian carbon removal project + Mubadala eyes South Korea

INVESTMENTS-

#1-UAE’sOffset8 completes first investment in Sawa’s biochar carbon credit project in Indonesia: Abu Dhabi-based asset manager Offset8 Capital — which specializes in nature-based carbon removal projects — has signed its first agreement to finance Singapore-based SawaEcoSolutions ’ biochar carbon credit generation project in Indonesia, according to a company statement. The biochar project is expected to generate about USD 50 mn in carbon credits over its 10-year lifecycle. Offset8 facilitated an early investment in the project and will continue to extend its expertise to the project.

Um, Enterprise, what’s biochar? Biochar — charcoal produced from burning agri and forestry waste — can improve soil health, while storing carbon and pushing down carbon emissions, rendering it viable for carbon offset sales.

#2- Adnoc named top national investor in low-carbon solutions: Adnoc ranked first on the list of national oil company investors in low-carbon solutions and was named fifth largest globally in 2023, according to Energy Intelligence ’s Low-Carbon Investment Tracker report (pdf), which reviews the low-carbon investments of 34 national and international oil companies made over the year. The report noted Adnoc’s growing investments in low-carbon projects in 2023, which amounted to over 50 projects with an estimated value of some USD 5.5 bn.

#3- Mubadala eyes South Korean market: Sovereign wealth fund Mubadala asset management subsidiary Mubadala Capital and South Korean financial group Woori Venture Partners are set to explore investments in “key markets around the world,” state news agency Wam reports, citing Mubadala Capital’s CEO and Managing Director Hani Barhoush.

ICYMI: Mubadala agreed earlier this week with Goldman Sachs to co-invest USD 1 bn in private credit in the Asia-Pacific region.

LOGISTICS-

Aldar expands logistics footprint in Dubai: Abu Dhabi-based real estate developer Aldar Properties will develop logistics facilities in Dubai South under a new JV agreement, according to an ADX disclosure (pdf). The JV will also develop build-to-lease and build-to-suit facilities for tenants including third-party logistics (3PL), ecommerce, and retail, the disclosure notes.

The financing details: An exact investment ticket for the projects have not been disclosed, but funds for developing the project will be disbursed from a previously lined up AED 1 bn investment earmarked for Aldar’s logistics expansions Abu Dhabi and Dubai.

TELECOMS-

#1- e& and Dell Technologies have signed an MoU to advance 5G innovation through Dell’s Open Telecom Ecosystem Lab (OTEL), according to a press release. The MoU allows e& to use OTEL to enhance its mobile networks transformation to open technologies, the infrastructure that enables 5G networks.

#2- du taps Ericsson solution for better connectivity: Emirates Integrated Telecommunications Company (du) plans to use Swedish telecom company Ericsson ’s Private 5G Networks solution to boost connectivity across government and enterprise sectors, Ericsson said in a statement. The network will offer UAE-based enterprises access to advanced private 4G and 5G networks, keeping data secure on site.

Not du’s first time sourcing Ericsson: The telecom players inked agreements in October and December of 2023 to integrate Ericsson’s RAN technology and Connected Recycling platform solutions to reduce emissions across network operations in the UAE.

ICT-

du, AWS to provide cloud services in the UAE: Emirates Integrated Telecommunications Company (du) and Amazon Web Services have agreed to establish a Cloud Center of Excellence in the UAE, according to a press release. The center will allow du to provide cloud solutions to businesses and public sector organizations in the UAE.

STARTUPS-

Dubai Multi Commodities Center inked a partnership with Korea Institute of Startup and EntrepreneurshipDevelopment to boost cooperation between businesses in both countries, according to a press release. The agreement covers key initiatives and mentorship for startups, and involves exploring joint ventures and partnerships.

AVIATION-

Etihad Airways inked an MoU to offer Abu Dhabi Global Market businesses with price reductions, according to a statement.

TECH-

China’s AI smart service provider Terminus Group opened its global headquarters in Dubai, according to a company statement. Terminus plans to use the facility to develop smart services and Artificial Intelligence of Things solutions for manufacturing, transportation, and energy industries in the international market, focusing on the Middle East.

Background: Terminus launched its first MENA HQs in Dubai in September 2021, shortly after serving as Expo 2020 Dubai’s premier partner.

BUSINESS-

Dubai Chambers inaugurated a Polish Business Council to strengthen economic ties between the UAE and Poland,Polish ambassador Jakub Slawek told The National.

MEDIA-

#1- Wam explores cooperation in Rwanda: A delegation from state news agency Wam landed in Rwanda yesterday to meet with the Rwanda Broadcast Agency, Mount Kigali University, and the University of Rwanda to discuss media cooperation, knowledge transfer, and joint training, reports Wam. During its visit, the delegation inked news exchange agreements with multimedia groups and publications, including The New Times, IGIHE, the African News Agency, and radio station Royal FM.

#2- The Media Council greenlit the UAE media roadmap, which includes a regulatory framework and a policy strategy setting out policies, legislations, and initiatives that will regulate the media sector, Wam reports. The roadmap looks to grow the media sector’s contribution to the country’s GDP.

TRANSPORT-

Investopia renewed its partnership with Emirates Motor Company, the distributor for Mercedes-Benz in Abu Dhabi, by signing an MoU at the Investopia summit to increase cooperation in electric mobility technology and green transportation, Wam reports.

ADVERTISING-

Dubai awarded Saudi Arabia’s Al Arabia a SAR 534 mn (AED 523 mn) contract to install, operate, and maintain advertising 294 billboards in the emirate, the company said in a disclosure on Saudi Arabia’s Tadawul exchange. The contract grants the firm the rights to the billboards for 10 years and five months.

Investors are still loving Gulf IPOs

The appetite for Gulf IPOs is still strong: Saudi Arabia’s Modern Mills for Food Products IPOfor 30% of the company is 127x oversubscribed, it said in a statement (pdf). In total, institutional investors submitted bids worth SAR 150 bn (USD 40 bn) for the flour milling company’s public offering. The milling company is taking 24.5 mn shares to market — representing 30% of the company — in a SAR 1.2 bn market debut.

The company priced its IPO at SAR 48 apiece, giving it a valuation of SAR 3.9 bn (USD 1.0 bn).

What’s next: Individual investors will have a two-day window starting Tuesday to place their orders for a maximum of 10% of the offered shares — 2.5 mn shares — according to the prospectus (pdf).

BTC broke above the USD 60k mark yesterday for the first time since November 2021 and has already climbed by over 40% since the start of this year, fuelling hopes that the cryptocurrency is gaining appeal among investors in traditional assets, Bloomberg noted.

Asian markets have followed Wall Street down this morning: The Kospi and Nikkei are solidly in the red, while shares in Hong Kong and Shanghai are trading sideways. We’re looking at a weak opening in Europe, and over on Wall Street, stock futures fell as traders “weighed the latest earnings results and looked ahead to the Federal Reserve’s favored inflation gauge,” which is due out this morning, CNBC writes.

ADX	9,283	-0.5% (YTD: -3.1%)
DFM	4,290	+0.4% (YTD: +5.7%)
Nasdaq Dubai UAE20	3,757	-0.2% (YTD: -2.2%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.2% o/n	5.3% 1 yr
TASI	12,611	+0.1% (YTD: +4.5%)
EGX30	28,876	-1.1% (YTD: +16%)
S&P 500	5,070	-0.2% (YTD: +6.3%)
FTSE 100	7,625	-0.8% (YTD: -1.4%)
Euro Stoxx 50	4,884	0.0% (YTD: +8.0%)
Brent crude	USD 83.68	+0.0%
Natural gas (Nymex)	USD 1.87	-0.9%
Gold	USD 2,043.70	+0.1%
BTC	USD 60,514.15	+6.8% (YTD: +42.9%)

THE CLOSING BELL-

The DMF rose 0.4% yesterday on turnover of AED 408.7 mn. The index is up 5.7% YTD.

In the green: Union Properties (+14.7%), Orascom Construction (+10.0%) and Dubai National Insurance & Reinsurance (+4.4%).

In the red: Al Mal Capital REIT (-10.0%), Shuaa Capital (-10.0%) and Islamic Arab Ins. Company (-6.1%).

Over on the ADX, the index closed down 0.5% on turnover of AED 973.5 mn. Meanwhile Nasdaq Dubai closed down 0.2%.

CORPORATE ACTIONS-

IHC now owns one third of Q Holding: IHC Real Estate, a subsidiary of the International Holding Company (IHC), has transferred 49% of its stake in Modon Properties to Q Holding, according to an ADX filing (pdf). In exchange for the transfer, IHC Real Estate now owns 33.07% of Q Holding, the statement reads.

REMEMBER- Q Holding changed its name to Modon Holding earlier this week, and is now using Modon as its trade name.

Dubai-based decarbonization firm Positive Zero has a new visual identityafter its clean energy and mobility subsidiaries, SirajPower, Taka Solutions, and HYPR Energy, were consolidated into one entity under the Positive Zero platform, Wam reports.

DIVIDEND PAYOUTS-

#1- Dubai Islamic Bank is paying AED 3.25 bn in dividends for 2023, it said in an DFM filing (pdf).

#2- Emirates Driving Company’s board of directors proposed to distribute dividends of 71 fils per share for its earnings for FY2023, the company said in an ADX disclosure (pdf).

#3- Abu Dhabi National Hotels is paying out AED 240 mn in dividends, as well as 5% bonus shares amounting to AED 60 mn of its share capital, for 2023, according to an ADX disclosure (pdf),

#4- Unikai Foods is offering shareholders 20% bonus shares as dividends for 2023, according to a DFM disclosure (pdf).

#5- Emirates Ins. Company’s board agreed to pay dividends of 55 fils per share, according to an ADX disclosure (pdf).

FM talks cooperation with Belgium, Luxembourg, Guinea-Bissau + Gargash meets WEF President

Belgian FM in Abu Dhabi:Foreign Affairs Minister Abdullah bin Zayed Al Nahyan discussed bilateral relations and cooperation with his Belgian counterpart Hadja Lahbib in Abu Dhabi, Wam reports. The two also touched on Israel’s war on Gaza and its humanitarian toll.

Al Nahyan also met with Luxembourg’s Foreign Affairs Minister and Vice Prime Minister Xavier Bettel to discuss promoting bilateral cooperation, as well as the humanitarian implications of ongoing regional conflicts, according to a ministry statement.

The UAE took part in the first Brics Finance Ministers and Central Bank Governors meeting in São Paulo, Brazil, represented by a delegation headed by State Finance Minister Mohamed Hadi Al Hussaini, Wam reports.

OTHER DIPLOMACY NEWS-

President Mohammed bin Zayed’s Diplomatic Advisor, Anwar Gargash, discussed with World Economic Forum (WEF) PresidentBørge Brende strengthening the partnership between the UAE and WEF. (Wam).
Foreign Affairs Minister Abdullah bin Zayed met with his counterpart in Guinea-Bissau, Carlos Pinto Pereira, to discuss mutual cooperation. (Statement)

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.

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

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): Meetings Arabia and Luxury Travel Congress, Grand Hyatt, Abu Dhabi.

28-29 February (Wednesday-Thursday): ThirdInvestopiaSummit, 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.

18-26 May (Saturday-Sunday): Abu Dhabi Comedy Week, Abu Dhabi.

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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