An M&A-heavy newsday

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WHAT WE’RE TRACKING TODAY

THIS MORNING: CBUAE approves Brookfield’s acquisition of Network International + Bring out your umbrellas

Good morning, wonderful people, and happy Monday. We have a relatively brisk issue of news today following a slightly uneventful weekend — let’s dive in.

But first: Happy Holi to our Indian readers. We hope this holiday brings you peace and joy.

THE BIG STORIES here at home are all M&As: MBC Group acquired a 13.7% stake in Abu Dhabi-based music streaming platform Anghami, while AD Ports snapped up a majority stake in a Georgian port and IHC’s International Resources Holding finalized its acquisition of Zambia’s Mopani Copper Mines.

ALSO- The Central Bank of the UAE has greenlit Brookfield Asset Management’s USD 2.76 bn acquisition of Dubai-based payments provider Network International, according to a London Stock Exchange filing (pdf). The acquisition is still pending clearances from regulatory authorities in Kenya, Nigeria and Saudi Arabia, according to the filing.

Background: The acquisition has been pending regulatory approvals since last June, and comes as Brookfield looks to expand its presence in the Middle East and North Africa. The Canadian firm has more than USD 5 bn in assets under management in the Middle East, and bought a 60% stake last year in First Abu Dhabi Bank’s payments arm, Magnati. FAB had said it would co-invest with Brookfield in the Network acquisition.

ADVISORS- Network International is advised by Citi, JP Morgan, PJT Partners, Allen & Overy, and Teneo, while Brookfield Asset Management is advised by Morgan Stanley and Linklaters.

PUBLIC SERVICE ANNOUNCEMENT-

?️ WEATHER- Western and southern regions of the country will see cloudy skies with a chance of rain and occasional thunderstorms today and tomorrow, the National Center of Meteorology said earlier. Clouds are expected to clear starting tomorrow evening.

So, when do we eat? Maghrib prayers are at 6:36pm in Dubai and 6:39pm in Abu Dhabi, and you have until 5:03am to hydrate and caffeinate ahead of Fajr in Abu Dhabi, and until 4:59am in Dubai.

WATCH THIS SPACE-

#1- Event organizers will continue enjoying an exemption from a 10% tourism tax in Abu Dhabi until the end of the year as the emirate looks to promote its tourism industry, according to an Abu Dhabi Media Office statement. This waiver will apply to ticket sales until 31 December, 2024.

Remember: Abu Dhabi drew some 18 mn tourists in 2022, including 603k visitors for meetings, incentive events, conferences, and exhibitions. Hotel occupancy hit 70% during the year. Abu Dhabi's goal was to achieve 24 mn visitors in 2023, but has not released final figures for actual tourist arrivals during the year.

#2- Abu Dhabi-based real estate developer Aldar Properties is planning another USD 500 mn green sukuk issuance this year after raising USD 500 mn through its maiden green sukuk issuance last year, CFO Faisal Falaknaz tells The National. The Islamic bonds will be issued under Aldar’s green framework, which targets “more green financing across all [Aldar’s] facilities,” Falaknaz said.

Aldar plans to double down on acquisitions, with AED 4-5 bn of equity earmarked to be “deployed into recurring income assets… Logistics is a very important segment that we are very keen on continuing to grow,” according to Falaknaz.

Remember: The developer is planning to invest AED 1 bn to expand logistics operations in Dubai and Abu Dhabi, and recently invested some AED 407 mn in logistics and storage assets in Europe.

#3- The Federal Tax Authority has overhauled three of its services to comply with the government’s service quality charter, state news agency Wam reports. The updates include expediting tax certificate issuances, improving its inquiry response chat service for excise goods registration, and cutting the processing time for tax refunds for UAE nationals building new residences.

#4- The Abu Dhabi Investment Authority is in talks to invest an undisclosed amount in Indian audio streaming platform Pocket FM, the Economic Times reports. The investment would come in the form of a new large funding round that could value it at as much as USD 1.2 bn, on the heels of another USD 103 mn funding round from Lightspeed Ventures last week.

HAPPENING TODAY-

Public school students from grades 3-13 will be sitting for their make-up exams from today until this Friday, 29 March. The make-up assessments are forstudents who missed exams or encountered technical issues during testing, Emarat Al Youm reports.

DATA POINTS-

#1- The UAE leads the region in the 2023 Global Tourism Visa Openness and Facilitation Index by UN Tourism with a score of 67.80 out of 100, AlKhaleej Times reports.

#2- The UAE — along with Iraq and Egypt — was listed among the top 10 most air-polluted countries in 2023, with the UAE ranking seventh, Iraq ranking sixth, and Egypt ranking ninth, Asharq Business reports, citing IQ Air data.

#3- Dubai ranked first in the Arab world and 20th globally in the latest GlobalFinancial Centres Index, published by London’s commercial think-tank firm Z/Yen Group and China Development Institute. Abu Dhabi was second in the region, ranking 37th globally among 121 global financial centers.

#4- Occupancy rates at Dubai hotels hit their highest levels in eight years in January, with revenue per room recording AED 535, up 10.5% y-o-y, Emarat Al Youm reports.

WAR WATCH-

More aid to Gaza: The third UAE aid ship departed from the Port of Fujairah carrying 4.6k tonnes of humanitarian supplies for Gaza yesterday as part of the Gallant Knight 3 humanitarian operation, Wam writes. Meanwhile, the UAE and Egypt also completed another round of their Birds of Goodness aid dispatch, airdropping 24 tonnes of food and relief aid bringing the total amount of aid to 510 tonnes since the start of the operations, Wam reports. Yesterday’s dispatch brings the total number of airdrop missions to 13.

THE BIG STORY ABROAD-

It’s shaping up to be a relatively quiet, holiday-shortened news week. Friday-Monday are off in much of the Western world in observance of the Good Friday and Easter, while Indian markets are closed today as the nation celebrates Holi and markets in Greece are also closed today for Independence Day.

Today is deadline day for Donald Trump, who needs to raise a USD 464 mn guarantee in connection with his appeal of a fraud case. His Truth Social network is set to go public with a Spac that his supporters have pumped to the moon, but there’s no vote before Friday and a listing on NYSE would come a bit further down the road.

Sam Bankman-Fried will be sentenced on Thursday after his conviction on fraud charges and related charges. And oddly enough: FTX customers may still get all of their money back.

MEANWHILE-

China is moving to ban Intel and AMD chips in government PCs and servers (Financial Times)
US investment funds have pulled nearly USD 14 bn from BlackRock as part of an anti-ESG campaign. (Financial Times)
France has raised its terror alert to the highest level in the wake of this weekend’s Isis attack on Moscow. (Reuters)
The AI and clean-tech booms have made electricity a bull market for the first time in decades — and could “derail the power sector’s journey to net zero.” (Semafor)

CIRCLE YOUR CALENDAR-

Tickets for the 2024 Saudi Super Cup matches being held in Abu Dhabi from 8-11 April are now on sale. Tickets are available starting at AED 75 through Ticketmaster, with matches scheduled at Al Nahyan Stadium and Mohammed bin Zayed Stadium.

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

MBC Group snaps up a nearly 14% stake in Anghami ahead of OSN-Anghami merger

MBC Group buys into Anghami: MBC Ventures, the VC arm of regional broadcaster MBC Group, has acquired a 13.7% stake in Abu Dhabi-based music-streaming platform Anghami, buying 4 mn ordinary shares, Anghami said in a regulatory filing.

The transaction is worth about USD 4 mn based on Anghami’s share price (USD 1.00 a piece) on 19 March 2024 — the last trading day before the transaction was disclosed — according to Music Business Worldwide. Anghami’s shares rose 59% on the day of the transaction to USD 1.59 a piece and it closed at USD 1.74 a piece on Friday —bringing the total value of MBC’s holding in the music service to USD 7 mn.

Dodging a bullet: Anghami’s shares plunged below the USD 1.00 minimum threshold set by Nasdaq last year, triggering a warning notification by the exchange for the company to get back into compliance within six months. The company said at the time it would consider a reverse stock split if it didn’t get its share price back above USD 1.00.

Uh, Enterprise? What’s a reverse stock split? The awkward term refers to a form of consolidation: It’s when a company reduces the number of outstanding shares such that shareholders receive fewer shares than they previously owned, but the value of each share is proportionally increased. For example, a 2:1 reverse split would see shareholders get one share worth USD 2.00 for every two shares they held at USD 1.00 each.

Anghami’s net losses rose 3x to USD 61 mn in 2022, while its revenue increased 37% y-o-y to USD 48.5 mn, according to a regulatory filing. The company’s revenue rose 8% y-o-y to USD 30 mn in 9M 2023, while its gross profit margin increased 22% y-o-y and its subscriber base grew 17% y-o-y to 1.7 mn.

What’s in it for them: The transaction boosts Anghami’s reach and content given the extensive distribution network of MBC, including non-subscription channels and paid streaming services such as Shahid VIP. For MBC, the investment expands its presence in the streaming market.

WHAT’S NEXT- A merger with OSN+ this quarter: Anghami agreed in November 2023 to merge with Dubai-based TV satellite and streaming company OSN+, according to a joint statement. This will be in the way of a USD 50 mn investment from OSN Group at a valuation of USD 3.65 per share (2x the current share price), making it a major shareholder in Anghami. The transaction is expected to reach a close this quarter. The new video-music platform would have a total of 120 mn users, 2.5 mn paying subscribers and USD 100 in revenue at closing.

AD Port acquires majority stake in Georgia’s Tbilisi Dry Port

AD Ports has inked a purchase agreement with Inveco, acquiring a 60% stake in Georgia’s Tbilisi Dry Port, a new custom-bonded and rail-connected intermodal hub under development in Georgia, according to a press release on Friday. The project, which looks to be operational by 4Q 2024, is slated to act as a key hinge in the strategically vital Middle Corridor, an emerging trade route linking manufacturing hubs in Western Asia to markets in Eastern Europe. No details regarding the investment ticket were disclosed in the statement.

Who’s involved? AD Ports’ logistics subsidiary Noatum will operate and manage facilities at the port, while coordinating with partners Inveco and Wilhelmsen, the release explained.

The details: The project covers two land plots that will be developed over three phases, with the initial phase seeing a handling capacity of some 96.5k TEUs, 10k sqm of warehousing space, and car storage yards, the statement also said. The third phase will see capacity boosted to 286k TEU, 100k sqm of warehousing space, and more expansive car storage yards. An additional 88k sqm of land is available for future expansion subject to volume growth.

More on the dry port: The intermodal logistics hub connects the Caspian Sea and Black Sea via Turkey, Georgia, and Azerbaijan, the statement said. The port will consist of a range of integrated facilities, including a container freight station, warehouses, and a car storage park, and will serve as an entry, exit, and regional transit point for manufacturers, shippers, and consignees moving containers, vehicles, and other merchandise for distribution and storage.

REMEMBER: AD Ports Group finalized its acquisition of Spain-based Noatum in mid-2023, after receiving regulatory greenlight, with the outfit being valued at EUR 660 mn at the time.

International Resources Holding completes Mopani Copper Mines in Zambia acquisition

IHC’s International Resources Holding (IRH) has finalized its acquisition of Zambia’s MopaniCopper Mines, according to a press release. The value of the transaction was not disclosed in the statement, but previous reports indicated that IRH would invest USD 1.1 bn for a 51% stake.

Breakdown: The financial terms of the agreement involves an equity component of USD 620 mn as well as a USD 400 mn loan component, according to ZCCM Investments Holdings’ statement. Last month, Zambia’s state-owned ZCCM Investments Holdings approved the transaction, retaining 49% ownership and three out of nine board seats, according to a statement.

ICYMI- IRH is also reportedly looking to bid for private equity player EMR Capital's 80% stake in Zambia’s Lubambe Copper Mine. EMR Capital previously received a USD 1 mn offer from China's JHCX Mining. JHCX Mining also offered to take over the project's USD 857 mn debt.

Exposure to high-emitting sectors could pose liquidity, legal risks to GCC lenders –S&P

Climate transition poses a number of downside risks to GCC banks, especially to those with extensive exposure to high-emitting industries and borrowers, according to a recently-published FAQ by S&P Global Ratings.

In context: As we move closer to net-zero targets, lenders that have big blocks of clients in carbon-emitting sectors could start to see their access to finance get more expensive — and may face legal risks a bit further out.

Remember: The UAE aims to deliver on its net-zero target by 2050, with USD 163 bn in earmarked investments and 50% renewables energy-mix target for 2050. Meanwhile, Saudi Arabia wants renewables to account for 50% of its electricity production by 2030 with USD 187 bn in investments committed to climate action by 2030 and a 2060 net-zero target.

The methodology: The rating agency assessed the direct lending of rated GCC banks to the sectors most impacted by the transition to clean energy, including oil and gas, mining, quarrying, manufacturing, and fossil fuel-fired power generation sectors.

Direct lending to carbon-intensive players accounted for 12% of GCC banks’ overall loan book in 2023 — a rate that S&P calls “manageable” — and has remained basically unchanged for the past three years, the rating agency said citing disclosures by the region’s central banks. It’s important to note that state-owned oil giants typically self-finance via JVs and / or tap global debt markets for financing— explaining the low ratio.

Some lenders are at a higher risk than others: GCC banks that depend heavily on foreign funding have higher liquidity risk than others because a shift in investor appetite for lenders with exposure to carbon-emitting sectors could result in outflows of funds, squeezing local liquidity.

Diversification of financing sources: Regional banks have issued more sustainable bonds and sukuk over the past two years to mitigate against the risk of lower liquidity and unlock new sources of funding. Sustainable debt issuances led by Saudi and the UAE doubled y-o-y to USD 23 bn in 2023. Meanwhile, the Middle East accounts for a mere 3% of global sustainable issuances.

How regional lenders are faring in climate risk reporting: Only two thirds of the 20 reviewed GCC rated banks have published a materiality assessment, while only 30% consider environmental risk as a key risk. Only four of the assessed lenders have “communicated publicly that exclusion policies are part of their risk management framework,” S&P notes. Meanwhile, none of these lenders is in an advanced stage of implementing climate risk-adjusted loan pricing, while 70% of them offer sustainability-labeled products.

Two of the UAE’s banks are on the right track: First Abu Dhabi Bank and Abu Dhabi Commercial Bank are the only two banks in the region who are members of the net-zero banking alliance and who have communicated publicly about planned sustainable financings with a predetermined deadline, according to S&P Global. FAB is also classified to be among the most advanced banks in terms of quantifying targets for financed emissions.

More work on the regulatory front is required, including the incorporation of climate change into stress tests and scenarios that encompass mitigation measures. The Central Bank of the UAE’s principles for the effective management of climate-related financial risks are a “step in the right direction,” the agency said, adding that it will still require “significant investments” from UAE banks in order to be effective.

Kowepco and EDF set to build UAE’s 1.5 GW Khazna solar project

Kowepco + EDF UAE snag another UAE solar project: Korea Western Power (Kowepco) and France’s EDF Renewables signed a joint development agreement on Friday to develop the 1.5 GW Al-Khazna solar project in the UAE, The Korean Economic Daily reported. The project — located in Abu Dhabi’s Al-Khazna bordering Al Ain — will be completed by 2027. Kowepco is also expected to supply important equipment to domestic companies. The investment ticket was not disclosed.

About the solar farm: The Khazna Solar Photovoltaic Power Project is a greenfield solar power project with a generation capacity of 1.5 GW expected to be similar in scale and production capacity to Al Dhafra Solar PV and Al Ajban Solar PV. Once fully operational, the project is expected to reduce CO2 emissions by over 2.4 mn tons per year — equivalent to removing about 470k cars from the road.

Background: Emirates Water and Electricity Company (Ewec) invited developers to submit expressions of interest for the development of the Khazna solar farm last year. The selected developer will be tasked with constructing, financing, operating, maintaining, and owning the solar plant, with Ewec being the sole offtaker of solar power generated under a long-term 30-year PPA.

Not the pair’s first UAE venture: Kowepco and EDF were selected by Ewec last month to develop the 1.5 GW Al Ajban solar IPP project for an estimated investment ticket of USD 748 mn. The plant will break ground in June and is set for completion in 2026. The partners are also currently developing Oman’s 500 MW Manah solar project which will provide clean energy for approximately 50k homes while offsetting 780k tons of CO2 annually.

Egypt’s Orascom Construction reports net income rise in 2023 as backlog records record high

Orascom Construction sees net income rise despite falling revenue in USD on the back of EGP depreciation: Orascom Construction’s net income rose 39.7% y-o-y to USD 158.6 mn in 2023, the company said in an earnings release (pdf). The construction giant recorded revenues of USD 3.4 bn in 2023 — a 19.4% y-o-y decrease — which the company attributed to the devaluation of the EGP as its figures are denominated in USD.

On a quarterly basis: The company’s revenues dipped 10.9% y-o-y to USD 1 bn in 4Q 2023, which contributed to a 21.5% y-o-y drop in net income to USD 43.8 mn in the same period.

Backlog hits historic high, new awards triple in 4Q: Projects in Egypt accounted for 68.3% of Orascom Construction’s total consolidated backlog, which rose 45.7% y-o-y to reach a record USD 8.1 bn in 2023. The company’s new awards rose 234.3% y-o-y in 4Q to USD 1.9 bn, driving new awards up 58.8% y-o-y to USD 5.8 bn in 2023. Egypt projects constituted 66% of the company’s new awards in 4Q.

Egypt’s currency float may shake things up: Orascom Construction’s backlog figures are calculated based on Egypt’s official exchange rate as of 31 December 2023. Should the EGP come to settle at 50 to the greenback following the float, the company’s 2023 backlog figures would be c.8.2% lower at USD 7.4 bn, the statement said. The EGP currently stands around 46 to the greenback according to the country’s current official rate.

Looking forward: “We continue to deliver consistent results as we execute our long-term operational, financial, and capital allocation strategies. We also believe that we have established the right fundamentals that have allowed us to navigate the current environment and position us well for the challenges of 2024,” company CEO Osama Bishai said.

Sharjah Cement & Industrial Development’s net income stood at AED 3.7 mn in 2023,compared to a net loss of AED 39.6 mn in 2022, according to the firm’s financial statements (pdf). The company’s revenues stood at AED 634.5 mn, down 0.15% y-o-y.

Bildco reports net loss: Abu Dhabi National Building Materials Company (Bildco) reported a net loss of AED 25 mn in 2023, according to the firm’s financial statements (pdf). The company saw its revenues climb 31.6% y-o-y to AED 41.2 mn.

Sultan Al Jaber re-elected Adnoc Drilling chairman

Adnoc CEO and Industry Minister Sultan Ahmed Al Jaber has been re-elected as Adnoc Drilling’s board of directors’ chairperson, according to an ADX filing (pdf). Saif Alkindi (LinkedIn) was also re-elected as Adnoc Drilling’s vice-chairperson.

Education Minister Ahmad Al Falasi has been reappointed as the UAE Space Agency’s chairman, a position he held from 2017 to 2020, according to a statement. Al Falasi previously chaired the General Authority of Sports, and served as Minister of State for Entrepreneurship and SMEs. He will be replacing the UAE Space Agency’s former chair — and youngest woman to lead a space agency — Sarah Al Amiri.

Fractal Marine DMCC unable to stop UK sanctions, faces potential closure

It’s mostly crickets in the foreign press, save for a single story from Bloomberg on Dubai-based shipping firm Fractal Marine failing in its attempt to halt UK sanctions related to Russian oil shipping in a court bid. Legal representatives of the company have labeled the UK government's accusations that the company has links with Russia’s shadow fleet as unfounded and warned of potential liquidation if the sanctions persist.

IOTA launches USD 10 mn investment fund + Barakah nuclear plant is now online. PLUS: Joby is optimistic about air taxi ambitions in Dubai

INVESTMENT-

IOTA launches USD 10 mn tradetech investment fund: Global tech network IOTA’s newly-founded vehicle, IOTA Ecosystem DLT Foundation, officially launched its new USD 10 mn fund at an event in Abu Dhabi yesterday, Wam reports. Launched in partnership with global trade infrastructure TLIP, the USD 10 mn vehicle is geared toward funding UAE-based African startups and ventures in the fields of tangible asset tokenization, tradetech and trade finance.

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

Background: IOTA launched IOTA Ecosystem DLT Foundation in November, with over USD 100 mn in IOTA tokens in seed funds. The foundation is the first established under Abu Dhabi Global Market’s distributed ledger technology (DLT) foundations regulations, which were introduced in February.

ENERGY-

#1-Barakah nuclear plant is now online: The Barakah Nuclear Energy Plant is now fully operational after the fourth and final reactor of the plant has been successfully connected to the UAE’s power grid, according to the Emirates Nuclear Energy Corporation. The unit will amp up the power grid’s capacity by 1.4k MW of clean energy.

ICYMI- Earlier this month, Enec’s operating and maintenance subsidiary Nawah Energy Company started up the plant’s fourth unit. The fourth unit has generated more than 60GWh of clean electricity. After starting full commercial operations later this year, the plant expects to offset some 22.4 mn tonnes of emissions with 40 TWh of generated electricity annually.

#2-Positive Zero sets its sights on UAE + Oman: Dubai-based decarbonization firm Positive Zero and Schneider Electric have inked an agreement to ramp up the adoption of clean energy technologies in the UAE and Oman, according to a Thursday press release (pdf). The agreement will see the two companies cooperate on distributed microgrid projects, clean mobility solutions, energy efficiency, and sustainability.

Fast facts: The global energy-as-a-service market is expected to cross USD 112 bn by 2030 on the back of a heightened adoption of distributed energy resources and green solutions, the press release adds, citing SkyQuest Technology. American multinational investment firm BlackRock pledged a USD 400 mn investment in Positive Zero in December 2023.

#3- Beeah’s solid waste management JV in KSA gets a nod: The General Authority for Competition (GAC) approved the setup of a joint venture comprising Madinah Regional Municipality’s investment arm Al Mqr Development, Saudi Investment Recycling (SIRC) subsidiary Akam and UAE’s waste management firm Beeah for solid waste management in Madinah, Arab News reported yesterday. The JV is set to tackle sewage control and treatment hurdles in Madinah through developing sorting stations, public landfills and other infrastructure. No further details were provided on the joint venture or when it plans to begin operations.

TRANSPORT-

US-based air taxi startup Joby expects to launch commercial operations in Dubai as early as the end of next year, before launching in the US, Joby’s president of operations, Bonny Simi, told Bloomberg. Progress on a partnership with Dubai is “a bit more advanced in the approach that they’re taking” compared to other regions, according to Simi, who also credits Dubai’s government’s efforts to “remove roadblocks” for helping “de-risk” that initial launch. The US-based firm plans to initiate its air taxi services in the UAE by late 2025 or early 2026.

IMF chief calls on China to “reinvent itself” to end mounting property crisis

“China faces a fork in the road — rely on the policies that have worked in the past, or reinvent itself for a new era of high-quality growth,” IMF head Kristalina Georgieva said at the China Development Forum on Sunday, the Financial Times reports. Georgieva urged China to implement policies to “reinvent itself,” including measures that would boost domestic consumption and production rates and end the country’s mounting property crisis.

By the numbers: A more domestic consumption-centered policy mix could add USD 3.5 tn to China’s economy over the next 15 years, but this depends on “boosting the spending power of individuals and families,” reducing risks from local government debt, and completing abandoned housing projects, Georgieva said.

The Chinese economic miracle no more? Foreign direct investment to the world’s factory in 2023 hit its lowest level in three decades on the back of slow post-pandemic recovery and the property crisis continuing to worsen with the country’s largest property developer defaulting on a USD bond in October. The slowdown in China also led credit rating agency Moody’s to downgrade its outlook on the country’s sovereign credit rating to negative from stable in December.

ALSO WORTH NOTING-

OQ Oman taps advisors for upcoming IPOs: Omani state-owned oil and gas player OQ has tapped HSBC to help list the company’s exploration and production arm that could raise a record USD 1 bn — a record for the country. Morgan Stanley will help list the company’s methanol and liquefied petroleum gas business. (Bloomberg)
Bahraini wealth fund takes overUK’s McLaren: Bahraini sovereign wealth fund Mumtalakat has become the sole owner of the UK’s supercar maker McLaren Group after increasing its share to 100% from 60%. (BBC)

THE MARKET THIS MORNING-

Asian markets are in the red and US and European futures largely unchanged as traders look ahead to a holiday-shortened trading week. Dow, S&P, and Nasdaq futures were all down by fractions of a percentage point. The Kospi, Hang Seng, Nikkei, and Shanghai Composite were all (just) in the red at dispatch time this morning.

ADX	9,322	+0.4% (YTD: -2.7%)
DFM	4,280	+0.1% (YTD: +5.4%)
Nasdaq Dubai UAE20	3,766	+0.4% (YTD: -2.0%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.1% o/n	5.3% 1 yr
Tadawul	12,796	-0.3% (YTD: +6.9%)
EGX30	29,060	0.0% (YTD: +16.7%)
S&P 500	5,234	-0.1% (YTD: +9.7%)
FTSE 100	7,931	+0.6% (YTD: +11.2%)
Euro Stoxx 50	5,031	-0.4% (YTD: +11.3%)
Brent crude	USD 85.43	-0.4%
Natural gas (Nymex)	USD 1.66	-1.4%
Gold	USD 2,181.60	-1.1%
BTC	USD 66,499.80	+2.38% (YTD: +50.3%)

THE CLOSING BELL-

The DFM rose 0.1% yesterday on turnover of AED 418 mn. The index is down 5.4% YTD.

In the green: Al Firdous Holdings (+14.7%), Ithmaar Holding (+8.9%) and Ekttitab Holding Company (+4.9%).

In the red: Air Arabia (-5.7%), Al Salam Bank (-3.3%) and Mashreq (-2.8%).

Over on the ADX, the index rose 0.4% on turnover of AED 792.5 mn, while Nasdaq Dubai closed up 0.4%.

CORPORATE ACTIONS-

Dubai Ins. approved distributing AED 70 mn in dividends to shareholders, equivalent to 70 fils per share, Argaam reports.

UAE, Egypt presidents meet in Cairo + FM discusses Gaza with Cypriot counterpart

President Sheikh Mohamed bin Zayed discussed bilateral relations and regional issues with Egypt's President Abdel Fattah El Sisi in Cairo on Saturday, Wam reports. The two leaders touched on topics including Gaza's humanitarian situation and Middle East peace efforts.

Foreign Affairs Minister Sheikh Abdullah bin Zayed Al Nahyan lauded Cyprus’ aid efforts for Gaza during talks in Abu Dhabi with Cyprus’ Foreign Minister Konstantinos Kompos, where they also discussed Middle East developments, and affirmed support for the Amalthea initiative to set up an international maritime corridor delivering aid to Gaza from Cyprus. (Wam)

OTHER DIPLO NEWS-

Condolences to Russia: Sheikh Mohamed bin Zayed, Sheikh Mohammed bin Rashid Al Maktoum, and Sheikh Mansour bin Zayed Al Nahyan expressed their condolences to Russian President Vladimir Putin for a terrorist attack at a Moscow concert hall. The UAE illuminated its landmarks in the colors of the Russian flag on Saturday in solidarity with the victims of the terrorist attack at a Moscow concert hall. (Wam | Wam)
Energy and Infrastructure Minister Suhail Al Mazrouei met with the International Atomic Energy Agency’s Director General Rafael Grossi to discuss cooperation to improve international climate action on the sidelines of the Nuclear Energy Summit in Brussels. (X post)
Sharjah, Thailand to boost economic and trade cooperation: The Sharjah Chamber of Commerce and Industry met yesterday with a diplomatic delegation from Thailand to discuss ramping up trade volumes, focusing on joint investment and participation in events, including through establishing a Thai business council and inking a comprehensive economic partnership agreement. (Wam)

CALENDAR

MARCH

11-31 March (Monday-Sunday): Nad Al Sheba Sports Tournament, NAS Sports Complex.

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

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

4-8 April (Wednesday- Monday): The Mina Cup, JA sports center.

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.

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.

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

25 April (Thursday): Bayanat AI and Yahsat simultaneous general assembly meetings

25-26 April (Thursday-Friday): DRIFTx, Abu Dhabi.

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.

19 May (Sunday): RTA’s Deadline for bids to design and build Dubai Metro's Blue Line.

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.

27-28 November (Wednesday-Thursday): RAK Energy Summit, Al Hamra International Exhibition and Conference Centre, Ras Al Khaimah.

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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