Day one of EFG Hermes 1x1 wraps in Dubai

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WHAT WE’RE TRACKING TODAY

THIS MORNING: It’s going to be another few days of rain + EFG Hermes’ One on One continues in Dubai

Good morning, wonderful people. We hope the workweek got off to a great start for you yesterday.

It’s day two of the EFG Hermes One on One Conference, the largest gathering of its kind devoted to emerging and frontier equities.

Some 670 investors from 250 global institutions are meeting face-to-face with senior execs from more than 215 companies in industries through Thursday. Presenting companies are from industries ranging from food and fintech to banking and petrochemicals. Companies from 29 countries will be attending.

Investors and corporates participated in EFG Hermes’ unique live poll at the closing of yesterday’s opening session, which also included an interview with our friend Mahmoud Mohieldin, the World Bank’s senior vice president for the 2030 Development Agenda, United Nations relations, and partnerships as well as a panel on what artificial intelligence means to emerging markets and the finance industry.

We have the rundown on the poll in this morning’s news well and will have more coverage from the gathering in the days ahead.

** If you’re in Dubai and want to have coffee or pitch us on an interview, hit us up on 1×1@enterprisemea.com.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- We’re in for more gloomy weather: The rain will continue this week across all emirates, with a significant chance of thunderstorms, reports the National Center of Meteorology. Temperatures are also expected to drop as low as 9°C in some parts of the country.

#2- It’s official — we’re getting shorter work days in Ramadan: Both the private and public sector will have their usual working days shortened by two hours, according to the Federal Authority for Government Human Resources and the Human Resources and Emiratisation ministry. We’re looking at a 9am-2:30pm workday from Monday to Thursday, and a 9am-12pm schedule on Friday.

#3- Your bus ride in Sharjah just got a little more expensive: Sharjah bus fares have increased by up to AED 3 on some routes, Khaleej Times reports. Fare hikes came into effect last Friday, 1 March, after the news of rising fuel prices at the end of February.

#4- The Sharjah Municipality will issue permits for non-Muslim communities to prepare and sell food during daylight hours in Ramadan, including displaying food in front of stores before Iftar, Sharjah24 reports.

HAPPENING TODAY-

#1- The UAE’s PMI figures are out today shortly after we dispatch this morning’s issue.You can find the PMI survey here once it’s out and read our breakdown in tomorrow morning’s issue. The non-oil sector continued to grow in January, albeit at a slower pace as output growth slowed to a five-month low. Dubai’s PMI figures will be out next Monday.

#2- The bookbuilding process for car parking space manager Parkin kicks off today.Retail investors will have until next Tuesday, 12 March to subscribe to the IPO, while the subscription period for institutional investors wraps on Wednesday, 12 March. The Dubai Investment Fund will be selling 749.7 mn shares, with trading set to begin on 21 March, according to the recently-established company’s prospectus (pdf).

#3- Kuwait’s Emir Sheikh Meshal Al Ahmad Al Jaber Al Sabah will be in town today for his first state visit since taking office in December, Kuwait’s Kuna reports, citing the UAE’s ambassador to Kuwait.

#4- The Telecommunications and Digital Government Regulatory Authority Hackathon is making its way to Sharjah for the Sharjah and Ajman leg today at the Higher Colleges of Technology Sharjah, and then wrapping up with the Dubai Hackathon tomorrow and Thursday at the Higher Colleges of Technology in Dubai, Wam reports.

#5- The Culture Summit Abu Dhabi wraps up today, Wam reports. The event, themed A Matter of Time, features participants from 90 countries engaging in keynote speeches, creative talks, and cultural performances.

#6- The MRO Middle East event concludes tomorrow in Dubai. The two-day event saw key decision makers from airlines, MROs, OEMs, lessors, and suppliers spanning all aspects of the aviation industry’s supply chain.

#7- The World Police Summit is underway and runs until this Thursday at the Dubai World Trade Center. The event will welcome over 20k global law enforcement and security industry professionals to explore solutions to mitigate crime.

#8- Forbes’ annual 30/50 summit is also underway, running through Friday. Meg Ryan andShania Twain will be among those headlining the event spotlighting the Forbes 30 Under 30 and 50 Over 50 lists, coinciding with International Women’s Day, Forbes previously reported.

#9- The Dubai Entertainment Amusement & Leisure Exhibition opened its doors yesterday. The three-day trade show will welcome global exhibitors in entertainment and amusement, before wrapping this Thursday.

#10- The Dubai Sugar Conference kicked off yesterday at the InterContinental Dubai Festival City Hotel and will close on Thursday. The conference highlights the growing focus on sustainability in the sugar industry post-COP28. The conference’s discussions will touch on declining sugar prices, health risks of non-sugar sweeteners, and potential in biofuels and biopolymers. Geovane Consul, CEO of BP Bunge Bioenergia, will deliver the keynote address at this year’s conference.

WATCH THIS SPACE-

#1- Egyptian developer Hassan Allam eyes UAE expansion: Egypt-based construction group Hassan Allam Holding is planning to expand its projects in the Emirates as part of a strategy to double regional operations, the group’s CEO Hassan Allam told Asharq Business. The construction firm currently has contracts worth approximately USD 2.5 bn in the pipeline. Hassan Allam is eyeing markets including Saudi Arabia, Oman, Libya, and Iraq to propel its regional expansion.

#2- EFG Hermes expects smaller IPOs to dominate GCC markets in the coming year, with the private sector becoming the main issuer seeking capital, EFG Hermes head of Investment Banking Mostafa Gad tells Reuters. The Increased transactions will likely come primarily from Saudi Arabia and the UAE, with an increasing level of activity noted in Kuwait, while Oman is gaining heightened attention from global banks, according to Gad.

#3- The UAE is set to host a special meeting in June to secure increased financialcommitments for climate action ahead of COP29 in Baku, Azerbaijan, Bloomberg reports. The summit aims to raise the existing target of USD 100 bn annually, which will “require vast amounts of private capital as well as government money.”

#4- The government of Sharjah is set to clear AED 69.4 mn in debt for 131 citizens convicted in financial cases, under directives of Sharjah ruler Sheikh Sultan bin Muhammad Al Qasimi, Wam reports. The Sharjah Debt Settlement Committee greenlit the latest batch within the emirate’s debt relief program, which saw Sharjah cancel some AED 1.2 bn in debt for 2.3k citizens.

#5- Newly approved Nafis budget: Abu Dhabi Vice President Sheikh Mansour bin Zayed Al Nahyan approved an AED 6.4 bn budget for the Nafis Emiratisation program during the 2024 meeting of the Emirati Talent Competitiveness Council (ETCC), Wam reports. The Nafis program, launched in 2021, has a target of integrating 36k Emirati citizens into the private workforce by 2024 as part of the Emiratisation goals for the private sector. The program will also target the employment of 1k citizens in the education sector starting 2024, with aspirations to reach 4k employees by 2027.

DATA POINT-

#1- Dubai’s hotel occupancy rates came in at 83.1% in January, outperforming regional and international cities, including Medina, Mumbai, and Hong Kong, Mubasher reports, citing data from commercial real estate information provider Co-Star. January occupancy rates are more than three percentage points higher than figures recorded in January 2023, and were a record high for Dubai’s January performance since pre-pandemic levels in 2020. Growth came despite the emirate opening 3k new hotel rooms throughout the year.

2023 recap: Average hotel occupancy rates in Dubai were one of the highest globally in 2023, standing at 77.48%, up 2.18% from an occupancy average of 75.3% in 2019, prior to the pandemic.

#2- Non-Arab foreign investors poured some AED 3.4 bn into UAE stock markets in the first two months of 2024, with stocks on the DFM receiving AED 2 bn and those on the ADX reeling in AED 1.38 bn, Al Khaleej reports. The DFM is up 6.13% year-to-date, while the ADX is down 3.4% y-t-d.

#3- Dubai Multi Commodities Center’s(DMCC) portfolio of Chinese companies grew 25% y-o-y, with 852 Chinese companies registering in the freezone in 2023, according to a statement. The number of active Chinese companies positions DMCC as “home to over 14%” of some 6k Chinese businesses operating in the UAE, the freezone said.

#4- Local air traffic climbed 14% y-o-y in February,with a record 2.9k air movements recorded in a single day of the month, Assistant Director-General of the General Civil Aviation Authority’s Air Navigation Services Sector Ahmed Al Jallaf told Wam (watch, runtime: 2:30). Al Jallaf forecasts air traffic will continue to trend upwards in 2024 on the back of national airlines’ airport and fleet expansions. Air traffic increased 19% y-o-y in 2023, with over 134 mn passengers recorded traveling through UAE airports during the year (up 33% y-o-y, and 5% compared to pre-pandemic levels in 2019).

#5- The regional commercial airfleet is set to expand 51% to over 2.2k aircraft within a decade,according to a report from consulting firm Oliver Wyman. Meanwhile, the global airfleet is projected to increase by 28% to 36.4k aircraft by 2034. Prior to the covid-19 pandemic, the global fleet was expected to hit 39k by 2023, but “this won’t happen until 2036, with Covid wiping out six years of growth,” the report reads.

THE BIG STORY ABROAD-

Apple has been slapped with a USD 2 bn fine by the European Commission for breaching EU antitrust laws by preventing music streaming apps from informing iPhone users about cheaper subscription options paid for outside iPhone apps. The whopping fine for “abusing its dominant position” is designed to deter Apple and other giant companies from taking similar actions in the future. (Reuters | CNBC | Associated Press)

While over in the states, Trump’s legal battles are once again making the front pages: The Supreme Court overturned a ruling by Colorado’s top court that prohibited Donald Trump from running for president in the state on the basis of an anti-insurrection clause in the US constitution. Only Congress has the constitutional power to take a candidate off the ballot under the 14 amendment, the Supreme Court unanimously ruled. (Reuters | Bloomberg | Associated Press | CNBC | BBC | Guardian)

HAPPENING THIS WEEK-

#1- Beyond Global Trade kicks off on Thursday, 7 March, at the Edition Hotel, Dubai. The event focuses on using blockchain technology in conventional trade.

#2- Sharjah Airport Authority will present Sharjah Airport’s expansion plans at ITB Berlin2024, which kicks off tomorrow and runs until Thursday, Wam reports. The event gathers tourism and travel industry leaders from 165 countries.

#3- The Future Women Leaders Forum 2024 will take place on International Women’s Day this Friday, 8 March, at Fairmont Dubai, reports Gulf News. Organized by Gulf News and women’s empowerment organization Being She, the forum brings together women leaders to amplify regional and international initiatives for gender equality.

Results of EFG Hermes Research’s annual One-on-One live poll are out

EFG Hermes Research’s annual One-on-One Live Poll gauged the audience’s outlook for the year in what is the only live poll we know of in frontier and emerging markets. Nearly 400 attendees had 10 seconds to respond to each of 10 questions. Below is a roundup of the key takeaways from the poll.

A majority of respondents (51%) see Dubai real estate prices ending the year higher, after they notched a record increase last year on the back of an influx of foreign wealth and strong population growth. Plenty of real estate analysts share the same view, though many think the pace of growth could slow slightly from last year’s boom.

Most respondents (62%) said they plan to invest more in their business this year than they did last year, while 19% plan to maintain the same expenditure levels as 2023 and another 19% plan to cut back.

A large portion of respondents (44%) see the US Federal Reserve cutting rates by 50 bps — over two separate 25 bps cuts — during the year. 26% think it could cut interest rates by up to 75 bps in three separate moves.

47% believe oil prices will average around USD 80 / bbl this year, which is in line with what most pundits — including Fitch Ratings and the US Energy Information Administration — have forecast.

Respondents were evenly split on which sectors will drive growth in the MENA region this year, with 27% voting for real estate and an equal amount voting healthcare. 24% see banks performing the best during the year.

Other interesting takeaways:

Most (44%) think the US’ S&P 500 will outperform the MSCI EM index in USD terms, in a reversal of last year’s forecast ;
63% of respondents see small and mid-cap stocks in Saudi Arabia outperforming large caps in line with recent trends;
44% of respondents think Saudi Arabia will deliver the best USD performance this year, while 25% think Egypt will;
34% of respondents would choose the “magnificent 7” stocks — Microsoft, Amazon, Meta, Apple, Alphabet, Nvidia, and Tesla — to buy and hold for one year, while 33% would go for Saudi stocks.

Tap or click here (pdf) to see the full poll results.

A positive outlook for GCC corporate and infrastructure companies -S&P Global

Ratings agency S&P Global sees GCC corporate and infrastructure firms standing strong this year despite “soft global economic growth,” surging interest rates, and geopolitical risks in the region, S&P Global Ratings said in its latest GCC Corporate And Infrastructure Outlook 2024 report. The report looks at how S&P feels about the companies it rates across the GCC.

Driving the optimism: S&P Global says many companies will benefit from a cushion provided by strong operating performances since last year. It likes the prospects this year for non-oil, oil and gas, and chemicals players alike. Companies are, on the whole, underleveraged, giving them more room to adapt to changing circumstances — a good sign when many will need headroom to invest in capex programs to grow or short-up their businesses.

Refinancing risk is low: As much as 80% of the debt maturing this year is with “highly-rated government-related entities,” it says.

The EBITDA benchmark: S&P sees operating profitability in the 5-10% range in aggregate for GCC companies through this year and net.

Look for non-oil GDP growth to clock in at a bit under 5% in the UAE and Saudi Arabia on the back of ongoing economic diversification drives and population growth across the GCC, the ratings agency said. It sees non-oil sectors benefiting from a public spending spree and consumer spending growth. The GCC as a whole is expected to grow 2-3% this year, driven by increased oil-related real GDP growth on the back of OPEC+ production cuts, the agency said.

REMEMBER- S&P Global expects the UAE’s GDP growth to accelerate to more than 5% in 2024, outpacing the 2.8% growth expected for the global economy.

M&A and real estate drive record 2023 earnings: S&P Global expects non-oil companies in the UAE to have achieved a 5-15% earnings growth in 2023, while their counterparts in Saudi Arabia are projected to have experienced a 3-4% increase. The earnings growth was fueled by active mergers and acquisitions, and a booming real estate market. The credit rating agency expects to see 7% growth in non-oil earnings for 2024, a decline from the 15% penciled in 2023.

More GCC investments in clean energy: A surge in regional renewables is expected over the next five years, backed by capital and low-cost renewable energy. More energy efficient water desalination plants are also on the horizon for the region, notably in Abu Dhabi, where plans aim to meet over 90% of water demands by 2030. The agency cited the UAE’s commitment to decarbonization with its USD 30 bn energy transition fund, and Adnoc’s revised USD 23 bn budget aimed at developing the company’s carbon management platform.

Geopolitical tensions pose risks for certain sectors: Companies operating in oil and gas, tourism, shipping, and the retail and automotive supply chain sectors “could face some operating weaknesses if conditions take a turn for the worse,” according to the report.

But we’re going to have a “sustained” 2024 IPO market: The UAE’s IPO momentum stems from the government’s commitment in 2022 to list 10 GREs, with only five having been listed so far, including Dubai Taxi in December 2023.

REMEMBER- Dubai is offering up to a 25% stake in car parking space manager Parkin in what is set to be the country’s first IPO of the year.

CBI appoints Rajesh Arora as its new financials head

Dubai-based Commercial Bank Internationaltapped Rajesh Arora (LinkedIn) as chief financial officer, according to an ADX filing (pdf). Arora has worked in the financial services sector for over 27 years, previously serving as CFO of the Northern Gulf and Levant at Standard Chartered Bank in Bahrain, and the Head of Finance at Al Hilal Bank.

Meanwhile, logistics giant Aramex has appointed Tim Martin (LinkedIn) as chief executive officer for business affairs and Françoise Rousseau as chief executive officer for technologies, AlKhaleej reports.

Fitch upgrades AD Ports’ credit rating + DIB sustainable sukuk listed on DFM

TRADE-

Fitch upgraded Abu Dhabi Ports’(AD Ports) credit rating from A+ to AA- with a stable outlook, the ratings agency said. The rating agency also assigned an AA- rating with a stable outlook to AD Port’s Euro Medium-Term Note bonds and its USD 1 bn 2031 senior unsecured bonds.

DEBT-

#1- Dubai Islamic Bank (DIB) listed its USD 1 bn sustainable sukuk on Nasdaq Dubai yesterday, according to a bourse filing. The sukuk have an average yield of 5.243% and a maturity of 5 years.

ICYMI- DIB’s USD sustainable sukuk was 2.5x oversubscribed: DIB launched its five-year USD 1 bn sustainable sukuk last Thursday, receiving USD 2.5 bn worth of orders. 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.

#2- Emirati lenders working on Al Rajhi’s Islamic bond sale: Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, and FAB are among the banks acting as joint lead managers and bookrunners for Saudi Islamic lender Al Rajhi Bank on their USD-denominated five-year sustainable sukuk issuance, according to Reuters. The benchmark-sized debt will be issued under the bank’s USD 4 bn Trust Certificate Issuance Program. Al Rajhi held the investor meetings for the Islamic bond sale yesterday after appointing banks to advise on the issuance.

HEALTHCARE-

Burjeel expands in Saudi Arabia: ADX-listed healthcare services provider Burjeel Holdings inaugurated eight new PhysioTherabia centers in Riyadh, Jeddah, Dammam, Al Khobar, and Yanbu, according to the company’s statement. The centers offer physical therapy treatment including musculoskeletal, pediatric, and sports injury rehabilitation. Burjeel is partnering with Saudi Arabian ins. company Tawuniya to reach a broader clientele.

FINANCE-

New hedge fund sets up shop in Dubai: Multi-asset hedge fund Emerge Funds Investments launched its office in Dubai after obtaining a license from the Securities and Commodities Authority, Emarat Al Youm reports. Emerge is the latest hedge fund to set up a regional office in the UAE, following asset management firm Kirkoswald and Chinese private equity fund CMC Capital Partners establishing offices in Abu Dhabi Global Market.

MINERALS-

The World Gold Council (WGC) and Dubai Multi Commodities Center will conduct gold market research and address industry challenges as per an MoU the two signed to advance the UAE’s gold industry, according to a WGC statement from yesterday. The agreement will also see the two provide annual training for bullion industry professionals and engage with bullion banks, and deploy retail gold investment principles. As part of the partnership, WGC also inaugurated its regional HQ in the Dubai-based freezone.

M&A-

Adia acquires stake in Indian airline: Abu Dhabi Investment Authority (Adia) reportedly purchased an undisclosed number of shares in Indian budget airline SpiceJet from the open market, Indian financial newspaper Business Standard reports, citing a SpiceJet official. The sovereign wealth fund reportedly started acquiring shares in the airline in late February. No other details were disclosed regarding the transaction.

AGRICULTURE-

#1- Food tech company Greeneration launched in Dubai’s Industrial City, introducing over 70 rare, locally produced crops utilizing hydroponic and AI technologies, according to a press release. The company aims to supply zero-pesticide produce to 1.2k restaurants, as well as expand into medicinal herbs and berries. They also introduced the Greeneration Academy offering over 100 hours of online sustainability education for schools and universities.

#2- Dubai launches program supporting Emirati farmers: Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum launched the Dubai Farms program, a technically advanced support system for Emirati farmers, Wam reports.

What the program offers: The program will offer farming consultation services, subsidized supplies, mandatory lab testing, and pest control services. It also features the establishment of a farmers’ association, the Smart Farming Platform, and a strategic partnership with GMG for marketing and selling farmers’ products.

BUSINESS-

The Economy Ministry and the European Women Associationlaunched the Investment Readiness Acceleration program focusing on assisting women-led startups with vital skills to navigate new sectors, secure funding, and articulate visions to investors, Wam reports.

EDUCATION-

Emirates National Schools and the Rochester Institute of Technology in Dubai signed an MoU aiming to enhance educational opportunities through academic exchange, innovative programs, and training initiatives for students and teachers, Wam reports.

Nvidia overtakes Aramco as world's third largest company

Tech companies now top the world’s biggest three companies: US chipmaker Nvidia has surpassed oil and gas colossus Saudi Aramco in market value, becoming the world’s third-most valuable public company behind fellow American tech giants Apple and Microsoft, Bloomberg reports. Nvidia’s value climbed 2.5% to USD 2.1 tn yesterday, extending a sharp rally that saw the company’s stock surge nearly 70% and add some USD 883 bn in value this year already.

Fuelling the rally: Nvidia’s stocks were buoyed by bumper 4Q 2023 earnings last month that recorded a 265% y-o-y jump on the back of a splurge in AI spending. Net income also skyrocketed 770% during the same period to USD 12.3 bn. At the time, Nvidia’s CEO and founder Jensen Huang described the results as a “tipping point” for the AI industry.

Meanwhile at Aramco: The value of the majority state-owned Saudi Aramco dropped to USD 2 tn yesterday. Aramco’s stock has dipped over 5% this year due to oil supply cuts by OPEC+ and a potential follow-on offering in the company by the Saudi government.

MARKETS THIS MORNING-

In Asia, it’s red as far as the eye can see, with Chinese, Korean, and Japanese benchmarks edging lower this morning as China’s big annual political get-together kicked off this morning. Traders are looking for clarity on the Communist Party’s economic policy for the year. Officials are now guiding for GDP growth of “around 5%” for this year, a bit below the 5.2% it advanced in 2023.

Futures point to a soft open for stocks in Europe, on Wall Street, and on Bay Street later today.

ADX	9,285	+0.1% (YTD: -3.1%)
DFM	4,326	-0.7% (YTD: +6.6%)
Nasdaq Dubai UAE20	3,763	+0.2% (YTD: -2.1%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.3% o/n	5.3% 1 yr
TASI	12,434	-1.0% (YTD: +3.9%)
EGX30	30,542	+5.1% (YTD: +22.7%)
S&P 500	5,131	-0.1% (YTD: +7.6%)
FTSE 100	7,640	-0.6% (YTD: -1.2%)
Euro Stoxx 50	4,913	+0.4% (YTD: +8.7%)
Brent crude	USD 82.67	-0.2%
Natural gas (Nymex)	USD 1.92	+1.0%
Gold	USD 2,120.80	-0.3%
BTC	USD 67,869.51	+7.9% (YTD: +58.9%)

THE CLOSING BELL-

The ADX rose 0.1% yesterday on turnover of AED 892.6 mn. The index is down 3.1% YTD.

In the green: Response Plus Holding (+15.0%), Fujairah Building Industries (+14.9%) and Sharjah Cement and Industrial Development (+6.7%).

In the red: RAK National Ins. (-10.0%), Rapco Investment (-9.6%) and ESG Emirates Stallions Group (-6.2%).

Over on the DFM, the index closed down 0.7% on turnover of AED 334.7 mn. And in Nasdaq Dubai, the index rose 0.2%.

CORPORATE ACTIONS-

#1- Dubai road-toll operator Salik proposed distributing AED 550 mn in dividends for 2H 2023,amounting to 7.33 fils per share, according to a DFM disclosure (pdf), after their board meeting yesterday.

#2- Abu Dhabi Commercial Bank proposed paying dividends of 56 fils per share for its earnings for FY2023, it said in an ADX disclosure (pdf).

#3- TECOM Group will pay AED 400 mn in dividends for 2H 2023, amounting to 8 fils per share, according to a DFM disclosure (pdf). The Group’s total payout during 2023 amounts to AED 800 mn.

#4- Sukoon Ins. submits formal offer to acquire the remaining shares of ASCANA: Sukoon Insurance made a cash offer at AED 1.65 per share to acquire up to 6.95% of the issued and paid-up ordinary shares of the Arabian Scandinavian Ins. Company (ASCANA), according to a formal offer submitted on the DFM. If ASCANA’s shareholders accept the offer, the total value of the transaction would amount to AED 17.6 mn.

Sukoon Insurance already owns a 93.1% stake in ASCANA, and our friends at Mashreq hold a 65.7% ownership in Sukoon Ins.’s share capital.

A UAE-Latvia business council in the works

FCCI + Latvia discuss joint business council: The UAE Federation of the Chambers of Commerce and Industry (FCCI) is exploring the establishment of a joint business council with Latvia to boost trade and investment ties, Wam reports. The proposed council is expected to facilitate cooperation, organize joint activities, and encourage mutual visits and participation in trade events.

IN OTHER DIPLO NEWS-

State Minister Noura Al Kaabi met with Italy’s Undersecretary of State to the Foreign Affairs Maria Tripodi to discuss ramping up bilateral cooperation in cultural, economic, and commercial fields. (Statement)

CALENDAR

FEBRUARY

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

MARCH

4-7 March (Monday – Thursday): EFG Hermes One on One conference, JW Marriott Hotel Marina, Dubai.

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

5-6 March (Tuesday-Wednesday): Federal Tax Authority’s “Tax Support” Initiative, Al Barsha Mall, Dubai.

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.

5-12 March (Tuesday-Tuesday): Subscription period for retail investors for Parkin’s IPO.

5-13 March (Tuesday-Wednesday): Subscription period for institutional investors for Parkin’s IPO.

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

8 March (Friday): Future Women Leaders Forum 2024, Fairmont 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.

21 March (Thursday): Parkin shares begin trading.

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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Today at a glance

THIS MORNING: It’s going to be another few days of rain + EFG Hermes’ One on One continues in Dubai

Related

Results of EFG Hermes Research’s annual One-on-One live poll are out

Related

A positive outlook for GCC corporate and infrastructure companies -S&P Global

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CBI appoints Rajesh Arora as its new financials head

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This publication is proudly sponsored by

Fitch upgrades AD Ports’ credit rating + DIB sustainable sukuk listed on DFM

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Nvidia overtakes Aramco as world's third largest company

Related

A UAE-Latvia business council in the works

Related

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Day one of EFG Hermes 1×1 wraps in Dubai

An independent publication supported by

Today at a glance

THIS MORNING: It’s going to be another few days of rain + EFG Hermes’ One on One continues in Dubai

Get Enterprise daily

Related

Results of EFG Hermes Research’s annual One-on-One live poll are out

Related

A positive outlook for GCC corporate and infrastructure companies -S&P Global

Related

Related

CBI appoints Rajesh Arora as its new financials head

Related

This publication is proudly sponsored by

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