Parkin raises AED 1.57 bn in blockbuster IPO

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WHAT WE’RE TRACKING TODAY

THIS MORNING: RedBird IMI eyes Telegraph sale + We’re one step closer to the India-Middle East-Europe trade corridor

Good morning, nice people. It’s the final day of the first Ramadan workweek and we’re thankful for a brisk newsflow.

So, when do we eat? Maghrib prayers are at 6:31pm in Dubai and 6:34pm in Abu Dhabi, while Fajr prayers are at 5:11am in Dubai and 5:15am in Abu Dhabi.

THE BIG STORY here at home is Parkin’s blockbuster IPO, which saw it raise AED 1.57 after raking in AED 259 bn in orders.

IN MEMORIAM-

Emirati businessman Saeed Juma Al Naboodah, chairman of the Saeed andMohammed Al Naboodah Group, passed away on Wednesday, Gulf News reports. Al Naboodah served in the Federal National Council from 1972 to 1978 and led the Dubai Chamber of Commerce and Industry from 1982 to 1997.

Vice President and Ruler of Dubai Sheikh Mohammed bin Rashid paid tribute to the late businessman, describing him in a statement on X as a “business pioneer” in the UAE, and noting the close relationship between Al Naboodah and his father, Sheikh Rashid bin Saeed, the former Ruler of Dubai.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- ☀️We finally have a sunny weekend: The National Center of Meteorology forecasts warm conditions across the country from today until Monday. Temperatures in Abu Dhabi are expected to hit 34°C during the day, with an overnight low of 18°C, while Dubai is expected to see temperatures hitting 33°C, and an overnight low of 15°C.

Those in Ras Al Khaimah aren’t so lucky: The center forecasts a chance of rainfall over the emirate today and tomorrow.

#2- Road closure in Abu Dhabi: Abu Dhabi’s Al Taf Road (E16) leading to Al Ain will be partially closed from today until 30 April, Abu Dhabi’s Integrated Transport Center said.

#3- Amended truck ban hours in Dubai during Ramadan: Trucks will be banned from turning onto Dubai’s E11 corridor from 7:30pm to 9:30am and 2-4pm, as well as 12-3pm on Fridays, Khaleej Times reports, citing the Roads and Transport Authority. The ban covers the Sharjah border to Interchange No. 7 on Sheikh Zayed Road — including Al Ittihad Street, Sheikh Rashid Street, and Sheikh Zayed Road — plus central areas of Deira and Bur Dubai.

WATCH THIS SPACE-

#1- Gulf Capital will invest USD 25-70 mn per ticket into Saudi startups as part of its new pledge to invest USD 100 mn over the next five years, Gulf Capital Managing Director Alvaro Abella told Enterprise UAE. The PE firm plans to invest in Saudi tech startups in the healthcare, healthtech, technology, fintech, energy, renewables, sustainability, and future economies sectors, to help them expand across the Kingdom and further their regional and global expansion.

#2- Redbird IMI is considering selling the Telegraph after the UK said it is working on legislation to block foreign state ownership of media platforms in the country, Blomberg reports, citing a person familiar with the matter. The Abu Dhabi-backed investment vehicle had effectively secured ownership of the newspaper and its sister magazine, the Spectator, when it offered the owners a loan package in November. RedBird IMI will wait for more clarity on the legislation amendments before taking action, the source reportedly said.

#3- One step closer to IMEC: India’s cabinet has approved an Inter-Governmental Framework Agreement (IGFA) inked with the UAE in February to enable the India-Middle East Europe Economic Corridor (IMEC), Wam reported on Wednesday. “The IGFA includes areas of cooperation between the two countries with the objective of exploring further potential of future joint investment and collaboration in respect of development of the IMEC,” India’s cabinet said in a statement following its approval.

ICYMI- The US-led IMEC initiative was unveiled at the G20 talks in New Delhi in September. The project will consist of an eastern corridor connecting India to the GCC, and a northern corridor linking GCC states with Europe, with the participating countries also laying cables for power and data lines along the railway route, as well as pipelines for moving clean hydrogen.

DATA POINTS-

#1- The Dubai Financial Market (DFM) saw its market cap reach AED 688 bn in 2023, up 18.2% y-o-y from the AED 582 bn recorded in 2022, according to figures reviewed by the Dubai Securities and Exchange Higher Committee and picked up by the Dubai Media Office. The exchange also saw an influx of 62k new investors over the year, based on the data.

The DFM saw some AED 34.5 bn in IPO proceeds since 2021, with demand crossing AED 1 tn, according to the data. Moreover, both of Dubai’s stock markets, the DFM and Nasdaq Dubai, saw the listing of 155 bonds and sukuk over the past two years, with a total value of AED 484 bn.

#2- Listed national banks’ dividend payouts grew 75% y-o-y, with 11 national lenders distributing AED 32 bn in dividends for their 2023 earnings, compared to AED 18.35 bn distributed by 12 banks in 2022, Wam reports.

ADX-listed banks accounted for the lion’s share of dividends, with seven lenders distributing AED 15.95 bn, representing 50.1% of the total payouts, while four banks listed on the Dubai Financial Market distributed AED 14.86 bn, constituting 49.8% of the total dividends.

#3- Some 2.47 mn people visited the Dubai World Trade Centre (DWTC) in 2023, a 25% y-o-y increase, Wam reports. This growth was driven primarily by a 23% y-o-y increase in the number of meetings, incentives, conferences, and exhibitions, as well as business and consumer events at DWTC.

THE BIG STORY ABROAD-

There’s no single big story abroad capturing the foreign press’ imagination, but we have a couple of headlines worth noting:

China’s home prices fell for an eighth straight month in February despite the government’s efforts to prop up the sector. (WSJ)
At least 29 Palestinians were killed in two Israeli attacks while waiting for aid on Thursday. (Reuters)

CIRCLE YOUR CALENDAR-

Ramadan Nights 2024 will kick off next Thursday, 21 March, and run until 10 April inExpo Center Sharjah, reports Sharjah 24. The exhibition will welcome over 150k visitors over its 21-day run during the evenings, featuring over 200 retailers and 500 brands, raffle draws and competitions, entertainment shows, and local and international cuisines.

The Blockchain Life Forum 2024 is scheduled to run from Monday, 15 April to Tuesday, 16 April,at Festival Arena in Dubai. The two-day event will gather web3 and crypto professionals from over 120 countries to discuss how to read and invest in the crypto market.

The Sharjah Animation Conference by the Sharjah Book Authority is set to run from 1-5 May at Expo Centre Sharjah, gathering global animation leaders and artists.

Dubai is launching the Middle East’s first Baby Expo: Scheduled to run on 24 and 25 May at Dubai World Trade Center, the expo will feature over 150 global brands, offering products and educational sessions on parenting led by industry experts. The expo will also include celebrity appearances and charitable initiatives.

The BTC Mena Conference 2024 is set to take place from 9-10 December at the Adnec Center Abu Dhabi. Co-organized with BTC Inc., it is set to be the region’s first BTC conference, Trade Arabia reports. The event, part of the globally recognized BTC Conference series, targets industry leaders, investors, and enthusiasts.

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

First IPO of the year was 165x oversubscribed

Car parking space manager Parkin raised AED 1.57 bn from its IPO, with over AED 259 bn in orders from local, regional and international investors at the close of the offering period, according to a statement. The order book was 165x oversubscribed, breaking the DFM’s record for oversubscription, the company said. Dubai Taxi most recently set that record when it went public in December.

Share price set: The company set its final IPO price at the top of its initial price range at AED 2.1 per share.

The breakdown: The institutional portion of the offering was 166x oversubscribed, while the retail portion closed on Tuesday at a 153x oversubscription rate, according to the statement.

Shares will start trading on the DFM on Thursday, 21 March,under the ticker PARKN, the statement reads.

Refresher: The Dubai Investment Fund is selling a 25% stake (or 749.7 mn shares) in the company on the DFM, with the final share price valuing the company at AED 6.3 bn. Dubai’s Road and Transport Authority (RTA) established Parkin in January, just a few months after saying it would go public with its taxi and parking assets in 2023. The company designs and manages public and private parking spaces in the emirate, and issues parking permits.

The IPO — part of Dubai’s state privatization program — marks the first offering of the year in the country. Parkin is the sixth company to list on the Dubai bourse as part of the government’s privatization plan to list 10 state-owned companies back in 2021.

Advisors: Rothschild & Co’s Middle East division is the independent financial advisor, while Emirates NBD, Goldman Sachs, and HSBC Holdings are joint global coordinators, and Abu Dhabi Commercial Bank, our friends at EFG Hermes UAE, and First Abu Dhabi Bank are joint bookrunners. Emirates NBD is the lead receiving bank of the IPO, with the Commercial Bank of Dubai, FAB, Abu Dhabi Islamic Bank, AlMaryah Community Bank, Emirates Islamic Bank, Wio Bank, and our friends at Mashreq, also acting as receiving banks.

Bloomberg and Reuters also had the story.

Abu Dhabi’s Alef Education taps banks for 2024 IPO

Alef Education taps banks for IPO this year: Abu Dhabi-based ed-tech company Alef Education has reportedly tapped our friends at EFG Hermes and First Abu Dhabi Bank (FAB) to work on its upcoming initial public offering, expected to take place this year, Bloomberg reports, citing people it says are familiar with the matter. The timing and size of the offering were not disclosed, as talks are still in the early stages and subject to change, according to the sources. An EFG Holding spokesperson declined to comment when Enterprise reached out yesterday.

Alef has been eyeing the bourse debut for some time: The education firm had reportedly held talks last year with advisors about the potential listing, Bloomberg reported in July, citing people in the know.

About Alef Education: Founded in Abu Dhabi in 2016, Alef’s flagship learning platform provides curated study plans for students using AI and machine learning tech, spanning several international markets, such as the UAE, the US, Morocco and Indonesia. The firm also boasts a portfolio of ed-tech platforms, including Abjadiyat, Arabits, and Alef Pathways.

National Corporation for Tourism and Hotels acquires Alpha Dhabi subsidiaries

NCTH acquires three ofAlpha Dhabi’s subsidiaries: The National Corporation for Tourism and Hotels (NCTH) will move forward with its bid to fully absorb three of Alpha Dhabi’s hotel businesses into its portfolio through a share swap agreement, according to two separate disclosures (pdf and pdf). The businesses that were targeted for the acquisition are ADH Hospitality, Murban (BVI) Holding, and Hill View Resorts in the Seychelles. The transaction, whose value was not disclosed, is still subject to regulatory approval.

The details: Alpha Dhabi will get 1.25 bn new shares in NCTH, raising its stake in the company, after the company completes a capital increase to AED 2.15 bn. Alpha Dhabi remains the company’s largest single shareholder.

NCTH has added several new hotels to its portfolio through the acquisition, including Abu Dhabi luxury resorts St Regis Saadiyat and Al Wathba Luxury Collection, the Cheval Blanc in the Maldives, and the soon to open Cheval Blanc Seychelles,. The transaction increases the total managed and owned hotels in the NCTH portfolio to eight hotels.

Background: The companies that will be acquired — ADH Hospitality, Murban BVI Holding, and Hill View Resorts Seychelles — were originally part of Murban’s asset portfolio, but were incorporated into Alpha Dhabi’s after it acquired Murban back in 2021.

*This story was amended to clarify that the number of new shares Alpha Dhabi will get in NCTH is 1.25 bn, not 913 mn as we had previously reported.

German Mitgo acquires UAE-based finance platform Embedded

Germany-based marketing tech firm Mitgo Group has acquired UAE-based embedded finance platform Embedded for an undisclosed value, according to the company’s press release. Mitgo acquired the platform in a bid to provide financial services for affiliate publishers. The acquisition will see Embedded founder and CEO Oleg Chanchikov head the new division.

About the new platform: Mitgo is looking to offer its embedded finance services primarily to underbanked affiliate publishers in the MENA, Asia-Pacific, and Latin America regions by facilitating their earnings withdrawal and providing them with several benefits, including access to loans, reduced transaction costs, and reduced exchange commissions.

The firm is looking to capitalize on the sector’s projected growth, which hit USD 14.4 bn last year and is expected to grow to over USD 15.7 bn in 2024. Mitgo plans to drive more than 7% of that transaction volume — estimated at USD 1.5 bn — the company said in a separate press release.

What was said: “Embedded finance solutions help the market grow not just from the top-down approach when a bank offers pre-defined products to its clients, but also from the bottom-up when the industries themselves use financial products to solve the needs and the problems in their core business. I believe, together with Mitgo Group, we will not just change the way the MarTech industry uses financial products but introduce revolutionary solutions that will change the whole market,” Oleg said.

FinMin posts AED 24.6 bn budget surplus in 4Q 2024

Total government revenues reached AED 155.9 bn in 4Q 2023, the Finance Ministry said yesterday, marking a 9% y-o-y increase, according to Enterprise calculations.

Total expenditures amounted to AED 131.3 bn during the quarter, also a 9% y-o-y increase from the previous AED 120.3 bn figure. Total expenditures span investments in both non-financial assets and expenses, as well as employee wages, subsidies, grants, social benefits, and other expenses, Wam writes.

Financial transactions indicated a net lending of AED 24.6 bn during the quarter, according to the data, marking a 7.8% y-o-y increase from the previous AED 22.8 bn lending figure.

Majid Al Futtaim and DP World report 2023 earnings

Majid Al Futtaim recorded a 12% y-o-y increase in net income to AED 2.7 bn, according to the company’s earnings release. The company’s revenues rose 1% y-o-y to AED 34.5 bn during the year. The group’s total assets rose to AED 69.7 bn in 2023, up from 66.1 bn in 2022.

Robust property earnings helped offset a decline in retail: Majid Al Futtaim’s properties revenue rose 20% y-o-y to AED 6.9 bn, driven by record mall footfall in the UAE and the Tilal Al Ghaf deveopment’s success and a 4% y-o-y increase in hotel revenues. Retail revenues, on the other hand, fell 4% y-o-y to AED 24.7 bn due to currency devaluations and a “shift in consumer sentiment” due to geopolitical tensions.

Consumer boycotts are behind the lackluster retail performance: The company’s properties division said in its annual risk report that it has worked on risk controls to allow it to navigate a “challenging geopolitical landscape and global economic outlook,” Bloomberg reported, adding that it cited risks like “conflicts and consumer boycotts,” which could “disrupt our shopping malls, hotels and community projects.” The company operates French supermarket chain Carrefour, which was subject to consumer boycotts due to its entry into Israel, in the Middle East.

Dubai-based port operator DP World’s bottom line for 2023 dropped 17.7% y-o-y to USD 1.51 bn, according to its financial statements (pdf). The company’s top line saw a 6.6% y-p-y boost during the period to USD 18.25 bn, the statement said.

The company attributed the stronger topline to gains from Drydocks World, full year consolidation benefits on the back of its 2022 acquisition of Imperial Logistics, as well as like-for-like growth in the outfit’s core ports, terminals, and logistics operations. Meanwhile the decline in net income was mainly attributable to greater finance costs, DP World said.

Looking ahead: Despite “resilient” performance in 2023, the outlook remains uncertain, DP World said, citing geopolitical and macroeconomic headwinds.

Cavendish Maxwell boosts talent in UAE offices

Property consultancy firm Cavendish Maxwell enacted four senior promotions across its UAE offices, according to a statement on the company’s LinkedIn. Former Director of Shared Services Jessica Taylor (LinkedIn) was promoted to COO, while Zacky Sajjad (LinkedIn) was promoted to director of business development and client relations. Cavendish Maxwell also promoted Kamraan Khan (LinkedIn) and Siraj Ahmed (LinkedIn) to partners.

Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum formed a new board of trustees for the UAE Food Bank, reports Wam. The revised board will be chaired by Sheikha Hind bint Maktoum bin Juma Al Maktoum, with Dubai Municipality’s director general Dawoud Al Hajri (LinkedIn) serving as vice chairman.

The UAE law firms snagging awards at Chambers Middle East Awards + UAE jumped up four spots in the UNDP’s gender equality index

#1-A number of UAE-based law firms went home with awards at the Chambers MiddleEast Awards 2024. We have the list of winners below:

Dubai-based Clifford Chance was named banking and finance law firm of the year as well as projects & energy law firm of the year;
Ibrahim & Partners was named capital markets law firm of the year;
Clyde & Co was named dispute resolution international law firm of the year;
DLA Piper scooped the inaugural restructuring and insolvency law firm of the year category and the corporate compliance & investigations law firm of the year awards;
Al Tamimi & Company snagged the real estate law firm and Commercial Contracts Law Firm awards;
Horizons & Co Law Firm was recognized as the dispute resolution domestic law firm of the year;
Freshfields Bruckhaus Deringer was named the corporate/M&A law firm of the year;
Addleshaw Goddard snagged the construction law firm of the year award;
Hadef & Partners topped the category of employment law firms;
Gowling WLG was named the intellectual property law firm of the year;
Latham & Watkins was awarded the technology, media and telecoms law firm of the year award;
HFW was named shipping law firm of the year and ins. law firm of the year.
Morgan, Lewis & Bockius was named the investment funds law firm of the year award.

#2-The UAE maintained first place regionally in the United Nations DevelopmentProgramme (UNDP)’s Gender Equality Index 2024, according tothe Dubai Media Office, citing announcements made during the latest session of the UNDP’s Commission on the Status of Women in New York. The country ranked seventh globally, up four positions from its previous ranking of eleventh place in 2022.

ALSO WORTH NOTING-

Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum has issued a directive for a new non-profit,dubbed the Dubai Community Contributions Establishment, to manage and funnel charitable donations into humanitarian cases, through overseeing the Jood charitable donation portal. (Dubai Media Office)
ADX-listed crypto miner Phoenix Group bagged the “Bitcoin Mining Company ofthe Year” award at the E-Business Awards 2024, hosted by regional business magazine Entrepreneur Middle East. (Statement)

Quincy Promes’ detention in Dubai dominates headlines on the UAE in the foreign press

It’s a quiet morning for the UAE in the foreign press, with the sole story making the rounds being Spartak Moscow’s Quincy Promes’ detention in Dubai upon the Netherlands’ request, following his six-year drug trafficking conviction in absentia, with extradition proceedings underway. Promes was arrested earlier this month on what UAE officials said was a local offense. (Reuters | CNN)

G42 to develop AI corporate assistant

TECH-

G42 to develop AI corporate assistant: International Holding Company-backed tech group G42 is in the process of developing an AI “board companion,” dubbed BoardNavigator, to provide assistance for organizations and corporations worldwide in their decision-making processes, according to a statement. The AI tool will use the Microsoft Azure OpenAI service, which enables AI models to run within Microsoft’s secure platform, to process internal business data and assess risks to provide organizations’ boards with accurate data analysis and comprehensive insights.

BoardNavigator will initially be adopted within “sectors where it boasts significant expertise,including energy, health, finance, and technology,” with plans to expand the integration of the service across more industries.

Refresher- ADX-listed conglomerate International Holding Company will be the first company to adopt the AI board companion, having introduced a new board position for AI observer ‘Aiden Insight’ to assume the responsibilities of data analysis, risk assessment, strategic planning, innovation tracking, and ethical and compliance monitoring. Once active, Aiden “will attend IHC Board meetings as a non-voting observer, offering real-time insights to inform discussions and guide decisions.”

FINTECH-

Visa, Playmate and Merex partner on B2B digital rental payments system:Merex Investment, a Dubai-based asset management firm will partner with Visa and B2B payment provider Paymate to digitize the collection of property rental fees in the UAE’s retail B2B sector, according to a press release. The agreement will see Merex integrate Visa’s Paymate-provided Business Payment Solution Providers (BPSP), allowing tenants to collect receivables through commercial card payments.

TELECOMS-

e& agreed to work with Yahsat to become the first telecom operator onboarded to its recently launched direct-2-device strategy, which aims to enable data satellite connectivity in remote areas, according to a statement. The project, dubbed Project Sky, will use three geostationary earth orbit (GEO) satellites to boost connectivity, with plans to provide voice and messaging services this year, followed by the introduction of texting and IoT capabilities on smartphones by 2025.

HOSPITALITY-

Emaar’s loyalty program expands to KSA: Emaar’s loyalty program, U by Emaar, is set to expand the scope of its benefits to include the Address Jabal Omar Makkah hotel in Saudi Arabia to provide international members in Makkah with the program’s rewards, according to a press release.

REAL ESTATE-

Dubai Land Department launched a program to encourage young citizens to participate in the real estate sector,in a bid to increase the number of national brokers from 5% to 15% in three years and further integrate 65k young Emiratis into the labor market, according to the Dubai Media Office. The initiative, dubbed the Dubai Real Estate Broker Program, comprises five key projects, including a project to encourage developers to allocate a percentage of their sales to national brokers, and a project offering specialized training to Emiratis eyeing a certified broker license.

EDUCATION-

Abu Dhabi gets a new child development center: Jubail Island Investment Company inked an agreement with Kids First Group nursery to establish a child development and learning center in Jubail Island, catering to children aged 6 months to 6 years, according to a press release. The new Redwood Center of Excellence will be situated between Yas Island and Saadiyat Island.

Crypto rally spurs VC activity

Berachain rides the crypto wave with unicorn status: Blockchain platform Berachain has raised a USD 69 mn funding round co-led by Brevan Howard Digital and Framework Ventures, earning it unicorn status, Bloomberg reports, citing people familiar with the matter. The project will be valued at USD 1.5 bn following this round, which comes amid a digital assets rally that saw Bitcoin hit record highs over the past week.

ALSO WORTH NOTING-

China withdrew funds through a medium-term liquidity tool for the first time since November 2022 as it looks to sop up liquidity in the market, while keeping the rate on its one-year policy loans steady. (Bloomberg)

THE MARKETS THIS MORNING-

Asian markets fell this morning on the back of a faster-than-expected growth in US producer prices, CNBC reports. US futures also inched lower this morning following the S&P 500’s decline, while European futures pointed to a muted open.

ADX	9,255	+0.1% (YTD: -3.4%)
DFM	4,290	+0.7% (YTD: +5.7%)
Nasdaq Dubai UAE20	3,726	+0.6% (YTD: -3.0%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.0% o/n	5.4% 1 yr
TASI	12,728	+0.0% (YTD: +6.4%)
EGX30	31,316	+1.0% (YTD: +25.8%)
S&P 500	5,150	-0.3% (YTD: +8.6%)
FTSE 100	7,743	-0.4% (YTD: +0.1%)
Euro Stoxx 50	4,993	-0.2% (YTD: +10.4%)
Brent crude	USD 85.25	-0.2%
Natural gas (Nymex)	USD 1.76	+0.8%
Gold	USD 2,167.40	0.0
BTC	USD 71,999.75	-1.1% (YTD: +56.5%)

THE CLOSING BELL-

The DFM rose 0.7% yesterday on turnover of AED 472.9 mn. The index is up 5.7% YTD.

In the green: 3.2 (+3.2%), Deyaar Development (+2.8%) and Emaar Development (+2.4%).

In the red: Al Mal Capital REIT (-9.1%), Commercial Bank of Dubai (-1.4%) and Ekttitab Holding Company (-1.3%).

Over on the ADX, the index closed up 0.1% on turnover of AED 1.2 bn. Meanwhile in Nasdaq Dubai, the index closed up 0.6%.

CORPORATE ACTIONS-

Adnoc Drilling approved a final dividend payout of USD 358 mn for 2023, equivalent to 8.22 fils per share, according to an ADX disclosure (pdf). This brings the total dividend for the year to USD 717 mn, or 16.45 fils per share, up 5% y-o-y. The dividend will be disbursed on or around 3 April to all shareholders holding company shares on 21 March. The company plans to maintain its dividend payouts, increasing at least 5% annually on a per-share basis over the next three years (2024-2026).

UAE, Hungary ink economic cooperation agreement + FM talks Gaza aid cooperation with Cyprus and partners.

It was a mixed bag in the diplo sphere, with movement on trade agreements and UAE officials exploring cooperation on aid initiatives.

#1- UAE Trade Minister Thani Al Zeyoudi and Hungarian Foreign Minister Peter Szijjarto signed an economic cooperation agreement aimed at fostering enhanced trade and investment relations between both countries, and boosting cooperation between their private sectors, according to an X post by Al Zeyoudi.

ICYMI– The two ministers also inked an agreement that will see real estate developer Eagle Hills develop a Budapest neighborhood under a EUR 5 bn agreement.

#2- Foreign Minister discusses Gaza maritime corridor with Cyprus: Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan joined a virtual ministerial meeting led by the Republic of Cyprus, along with global partners and UN officials, to discuss ways to support and accelerate the UAE-backed maritime corridor piloted earlier this week to deliver humanitarian aid to Gaza,, Wam reports.

Refresher: The maritime corridor project was piloted this week with a ship carrying aid for Gaza — funded primarily by the UAE — departing from Cyprus and carrying nearly 200 tons of food. The initiative was announced by the UAE, Cyprus, the European Commission, Germany, Greece, Italy, the Netherlands, the UK, and the US earlier this month.

CALENDAR

MARCH

14 March-14 April (Thursday-Sunday): Dakakeen Festival, Khorfakkan Amphitheatre.

21 March (Thursday): Parkin shares begin trading.

21 March-10 April (Thursday-Wednesday): Ramadan Nights 2024, Expo Centre Sharjah.

26 March (Tuesday): Chimera JPMorgan UAE Bond UCITS ETF to debut on the ADX.

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.

15-16 April (Monday-Tuesday): Blockchain Life Forum 2024, Festival Arena, Dubai.

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

16-18 April (Tuesday-Thursday): EcoWaste Exhibition and Forum, 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

1-5 May (Wednesday-Sunday): The Sharjah Animation Conference, Expo Centre Sharjah.

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.

8-12 May (Wednesday-Sunday): Schmetterling Annual Conference, Al Ain and Abu Dhabi.

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.

19 May (Sunday): Investopia Europe, Milan.

24-25 May (Friday-Saturday): Baby Expo, Dubai World Trade Centre.

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.

9-10 December (Saturday-Sunday): The Bitcoin Mena Conference, Adnec Centre Abu Dhabi.

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

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