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WHAT WE’RE TRACKING TODAY

THIS MORNING: We’re all getting nine days off for Eid + Sullivan in KSA today to explore Saudi-Israeli normalization and nuclear agreements -report

Good morning, friends. We hope it’s not just us who’s already in vacation mode on the final full workweek of Ramadan — and just three sleeps away from a long, nine-day Eid holiday.

#1- Yes, it’s official. We’re all off next week: Monday, 8 April, to Friday, 12 April, will be a paid holiday for all employees in the private sector in observance of Eid Al Fitr, according to a UAE government statement. Federal government employees will also have the week off until Monday, 15 April, the government announced earlier this week.

So, when do we eat? Maghrib prayers are at 6:39pm in Dubai and 6:42pm in Abu Dhabi, and you have until 4:54am to hydrate and caffeinate ahead of Fajr in Abu Dhabi, and until 4:50am in Dubai.

We have two big stories here at home: Abu Dhabi’s non-oil economy grew 9.1% in 2023, driven by construction and manufacturing growth. Meanwhile, Abu Dhabi sovereign wealth fund has consolidated three global pharma assets to create a larger life sciences firm.

HAPPENING THIS WEEK-

The UAE’s PMI figures will be out tomorrow morning. The non-oil sector expanded at its fastest pace in five years in February, turning in the highest output growth rate since June 2019. We’ll have the full rundown in Thursday’s edition.

ALSO HAPPENING IN OUR CORNER OF THE WORLD-White House national security advisor Jake Sullivan is due in Saudi today to meet with Crown Prince and Prime Minister Mohamed bin Salman, Axios reports in an exclusive out early this morning. Sullivan will be joined by Brett McGurk, the top White House Middle East envoy, and senior energy advisor Amos Hochstein

On the agenda: “A potential mega-deal that would include Saudi normalization with Israel” as part of a series of agreements that would include a US-Saudi defense pact, the news outlet reports. A nuclear agreement could also be part of it.

IN CONTEXT- Saudi officials have made clear that there will be no normalization without an agreement with the US and Israel on an irreversible commitment on the recognition of a viable Palestinian state.

The over / under: “Many in the White House think the Saudi mega-deal is a pipe dream, citing the war in Gaza, Netanyahu’s dependence on his radical right-wing coalition partners, and US domestic politics,” writes Axios.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- Fintech startups based in the MENA region, Central and Eastern Europe, and Africa can now apply to the Visa Everywhere Initiative, an open innovation competition and platform for fintech startups to showcase their payment and commerce solutions and gain exposure to Visa’s banking, merchant, VC, and government partners, according to a press release (pdf). The top startup will compete in the global finale against other top competitors from Europe, Asia-Pacific, Latin America, and North America at the TechCrunch Disrupt event in San Francisco on 19 October. Applications are open until 6 May, and the virtual competition will be held on 17 July.

#2- Adjusted truck hours in Dubai: Dubai's Roads and Transport Authority has amended truck ban hours on Sheikh Mohammed bin Zayed Road, according to a statement. Starting from 28 April, trucks will be restricted from the road from 6:30-8:30am, 1-3pm, and 5:30-8pm.

WATCH THIS SPACE-

#1- Abu Dhabi-backed CYVN Holdings is eyeing a stake in UK luxury sports car brand McLaren, Bloomberg reports, citing people who have knowledge of the matter. Bloomberg previously reported that the British carmaker’s controlling shareholder, Bahrain’s Mumtalakat Holding, is looking to onboard additional investors with capital and technological expertise to help fund growth. There is no certainty that the Abu Dhabi-backed investment firm will follow through with the transaction, with deliberations still at an early stage, the sources add.

CYVN likes cars for investment: The holding company pledged a USD 2.2 bn equity investment in Chinese electric vehicle manufacturer Nio back in December 2023, aiming to create a smart mobility platform.

#2- Voluntary carbon credits markets, including the UAE’s Carbon Alliance, are expected to play a “pivotal role” in global decarbonization efforts and slashing carbon and greenhouse gas emissions worldwide, according to a report (pdf) published by the International Energy Forum (IEF). The report highlighted the role of the alliance as it “underscores the significance of carbon markets in achieving net-zero goals” and looks to support private and public sector decarbonization initiatives.

The IEF named the alliance along with several other national carbon markets, including Saudi Arabia’s Regional Voluntary Carbon Market Company, China’s Emission Trading System and India’s Carbon Credit Trading Scheme and Green Credit Program, which “when designed well, facilitate the transfer of capital and technologies to the most impactful emission reduction activities, achieving important co-benefits,” the report reads.

WAR WATCH-

UAE to deliver tailored aid packages for children and women: The UAE is set to dispatch aid packages to cater to the needs of women and children in Gaza as part of the Gallant Knight 3 humanitarian operation, Wam reports. The aid packages will be delivered through airdrop operations or aid convoys entering through the Rafah Border Crossing.

DATA POINTS-

#1- The number of new commercial licenses registered in the UAE increased 4.3% y-o-y during 1Q 2024 to 834.5k, Al Bayan reports, citing data from the National Economic Register. Dubai led the pack with 59% of all licenses (a total of nearly 492k). Some 80% of these came from the economic department, primarily from limited liability companies (149.2k), followed by sole proprietorships (91.7k), individual companies (87.2k), and civil companies (64.8k).

Abu Dhabi + Sharjah: Licenses registered In Abu Dhabi accounted for 22.1% of the national total, reaching about 158k, while a total of 98.8k licenses were registered in Sharjah, accounting for 11.7% of the country’s total tally.

#2- Dubai reeled in foreign direct investment (FDI) projects worth AED 122.7 bn between 2020 and 2023, with a total of 3,282 new projects attracted during the period, according to Al Khaleej data. The emirate secured the largest share of FDI capital inflows in the UAE in 2023 (81%), with 25 bn collected. It also ranked first in the region and third globally for FDI projects in 2022, with new projects accounting for nearly half of Dubai’s total FDI inflows.

OIL WATCH-

#1- Oil production by Opec countries dropped in March on the back of lower output from Iraq and Nigeria, a Reuters survey showed yesterday. The group saw production down 50k barrels per day (bpd) to 26.4 mn bpd last month. Iraq had pledged to slash output last month after it pumped above OPEC’s target, while Nigeria’s output was down as exports dropped. Saudi, Kuwait and UAE maintained output close to voluntary curbs that will remain in effect through June 2024.

Keep an eye out for an Opec+ panel tomorrow. The panel will review production by oil-exporting members and isn’t expected to result in any changes to output policy ahead of next Opec+ meeting scheduled for Saturday, 1 June 2024.

THE BIG STORY ABROAD-

#1- The UK and US have inked what policymakers on both sides of the Atlantic are positioning as a “landmark” AI agreement, formally laying out how they will work together to assess risks from AI models. Calling AI “the defining technology of our generation,” US Secretary of Commerce Gina Raimondo said the agreement will help keep “AI safe both now and in the future.”

Is joint regulation next? That’s the dream of AI doomers — and the nightmare of AI boomers, who are chafing at US, UK and EU regulators having recently taken a much more hands-on approach to Big Tech than at any point in the past three decades.

Read for yourself: Check out the announcement of the US-UK AI agreement, or go deeper with Time (it interviewed Michelle Donelan, the UK Secretary of State for Science, Innovation, and Technology) or the Financial Times.

SPEAKING OF REGULATION- Microsoft will start selling Teams separately from Office as it worries about antitrust legislation, Reuters notes. The regulators began looking into Teams when it set out in 2020 to kill Slack, the popular workplace messaging app.

#2- Israeli warplanes bombed Iran’s embassy in Syria yesterday, killing seven Iranian military advisors.

AND- Tens of thousands of Israelis turned out to protest Benjamin Netanyahu over the weekend and call for new elections. It was the “largest anti-government protest since the war in Gaza began,” Semafor notes.

SIGN OF THE TIMES- How Gen Z is becoming the toolbelt generation, in the Wall Street Journal, which notes that in the United States, “more young workers are going into trades as disenchantment with the college track continues, and rising pay and new technologies shine up plumbing and electrical jobs.”

But Gen X did it first: Go read Matthew Crawford ’s Shop Class as Soulcraft: An Inquiry into the Value of Work.

CIRCLE YOUR CALENDAR-

The government-organized AI summit Machines Can See is scheduled to take place on Wednesday, 17 April at the Museum of the Future in Dubai. The one-day event will discuss the use of AI to transform urban systems and services, outlook on AI investments, and explore the risks of AI.

Gulf Information Security Expo and Conference will take place between 23 and 25 April at the Dubai World Trade Centre. The event will gather hundreds of cybersecurity firms, government officials, and cyber experts from 130 countries. You can book your ticket here.

Token2049 is taking place from 18-19 April at Madinat Jumeirah in Dubai. The event is set to bring together over 10k attendees from more than 5k companies, featuring over 200 speakers and more than 150 exhibitors. Flare Network’s co-founder and CEO of Flare Labs, Hugo Philio is set to speak at the event on 18 April, according to a statement posted on X.

Carpet and flooring industry event Domotex Middle East 2024 is scheduled on 23-25 April at the Dubai World Trade Centre. The event brings together industry leaders like Merinos, Oriental Weavers, Solomon Carpets, and Al Abdullatif, as well as brands like Azim Silk.

The Abu Dhabi International Book Fair is set to take place from 29 April to 5 May at the Abu Dhabi National Exhibition Centre (Adnec), with Egypt as the guest of honor and Egyptian novelist Naguib Mahfouz as the focus personality.

The Arabian Travel Market is taking place from 6-9 May at DWTC Dubai under the theme Transforming Travel Through Entrepreneurship. The event will focus on issues relating to entrepreneurial strategies designed to accelerate innovation, increase revenues, and improve sustainability.

Tickets now available for World Judo Championships:The Abu Dhabi World Championships Seniors 2024 Individuals and Mixed Teams will be held at the Mubadala Arena in Abu Dhabi between 19-24 May, with tickets now on sale to the general public, Wam reports.

Adnec Group opened registration for the International Exhibition for NationalSecurity & Resilience 2024, scheduled from 21-23 May at Adnec Centre Abu Dhabi, Wam reports. The event focuses on national security, cybersecurity, and civil protection.

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

Abu Dhabi's non-oil economy surges 9.1%, real GDP reaches AED 1.14 tn in 2023

Abu Dhabi’s non-oil economy grew 9.1% y-o-y in 2023, with real GDP growing at a 3.1% clip, according to preliminary data from the Statistics Centre of Abu Dhabi. The emirate's gross domestic product reached AED 1.14 tn in 2023 — its highest value in a decade, according to the Abu Dhabi Media Office. On a quarterly basis, Abu Dhabi’s economy grew 4.1% y-o-y in 4Q 2023, buoyed by 10.4% growth in the non-oil economy.

The stars of the show: The construction, finance, ins., transportation, and storage activities, collectively accounted for over 53% of overall GDP.

Construction and manufacturing took the lead: Manufacturing accounted for 8.8% of the emirate’s GDP, equivalent to AED 101 bn, making it the largest non-oil contributor to the economy. Construction activities hit AED 97 bn — the highest in a decade and registering 13.1% y-o-y growth — contributing 8.5% of GDP.

Finance, ins., wholesale, and retail trade: The financial and ins. sectors grew 25.5% y-o-y to AED 79 bn, contributing more than 6.9% to total GDP. Wholesale and retail trade activities grew 7.9% y-o-y, contributing over 5.5% to the emirate's GDP, with a value of c. AED 63 bn.

Several other sectors also turned in growth: Transportation and storage grew 17.1% y-o-y, while the health and education sectors expanded by 5.5% y-o-y. CIT and real estate each registered 5.8% y-o-y growth.

ADQ consolidates pharma assets to establish global life sciences firm ahead of potential IPO

ADQ establishes new healthcare giant: Abu Dhabi sovereign wealth fund ADQ has launched Arcera, a global life sciences holding company headquartered in Abu Dhabi, by combining three of the sovereign wealth fund’s healthcare assets, it said in a press release. The new entity will be headed by Isabel Afonso (LinkedIn), the former head of in-market brands and business innovation at Novartis.

The assets in question: Switzerland-based Acino International, a global pharma firm with a long history and operations across continents; Birgi Mefar Group, a Turkish sterile production and pharma distribution company; and Egypt’s Amoun, a manufacturer of human and animal health products.

About the new company: The new entity operates with a workforce of over 6.5k employees, conducting sales and distribution across over 90 countries. It offers 2k branded medicines across various therapeutic areas and boasts manufacturing and packaging facilities in the UAE, Switzerland, Ukraine, Estonia, South Africa, Turkey, and Egypt.

Next step: more acquisitions. The company wants to double its revenues over the next five years through strategic acquisitions and “global partnerships,” according to the statement.

…and an IPO? The company was reportedly eyeing consolidation of its assets ahead of a potential IPO for the company, Bloomberg reported in October 2023. The listing could take place over the next 12 or 18 months, the business information service said at the time.

Following the PureHealth blueprint: The sovereign wealth fund also consolidated its healthcare assets into Pure Health last year before listing the company and raising USD 1 bn in a blockbuster IPO.

Adnoc Gas to invest USD 13 bn on growth by 2029

Adnoc Gas plans to invest USD 13 bn over the next five years in both domestic and international markets, the firm said in a press release (pdf ) yesterday. The investments, including contracts worth USD 4.9 bn awarded in 2023, will help the firm “expand [its] processing capacity and reach more customers. These projects will provide additional sales volumes of up to 20%,” Chairman Sultan Al Jaber said.

The Adnoc subsidiary plans to double its liquefied natural gas (LNG) production capacity by 2028, as it looks to increase LNG export volumes to serve the growing global market, with the International Energy Agency expecting 2.5% y-o-y growth in global gas demand in 2024 as a transition fuel.

The game plan? The Ruwais plant acquisition: Adnoc Gas plans to acquire the Ruwais LNG plant to help double its production capacity, and cater its product offering to the increased demand for lower-carbon solutions globally. The company also plans to grow its global presence by “acquiring new positions in the gas value chain, targeting opportunities in Europe, India, China and South-East Asia,” Al Jaber said.

REMEMBER- Parent company Adnoc is planning to use its own funds to expand production at the Ruwais LNG project, with exports from the Ruwais Site to commence in 2028. The project is expected to more than double the company’s LNG production capacity to 15 mn metric tons per year from 6 mn. Adnoc plans to make a final investment decision on the plant over the next three months.

The gas giant is also doubling down on AI and decarbonization: Adnoc Gas aims to boost its operational efficiency through strategies such as decarbonization, digital transformation, and AI-powered technologies “for improved cost efficiencies and reliability,” forecasting to save up to USD 400 mn per year by 2029.

Invictus now owns 60% of Morocco’s Graderco

Invictus secures controlling stake in Graderco: Food and beverage giant Ghitha’s trading subsidiary, Invictus Investment, has completed its acquisition of a 60% stake in Zalar Holding's interests in Moroccan agriculture trading company Graderco and all its affiliated subsidiaries, according to a company disclosure to the ADX (pdf).

Background: The closing of the acquisition comes a week after Ghitha’s board signed off on the stake purchase. The company had first announced plans to acquire the company in February as part of its push into North and East Africa.

The financials: The value of the acquisition was not disclosed. However, Invictus expects the acquisition will help its revenue grow 20% in 2024, according to the statement.

Invictus has its eyes on Africa expansion:The acquisition will help Invictus expand into African markets, forge partnerships, and strengthen operations, zoning in on key product categories to develop the company’s portfolio. Invictus expanded into Morocco and new markets in 2023 such as Tanzania, Mozambique, Turkey, Malawi, Burundi, and Rwanda, while also boosting commodity transaction volumes in Algeria and Egypt.

What’s in it for Graderco? The Moroccan grain and cereal trader will be exposed to Invictus Investment's global network, trading expertise, and financial resources, the statement reads. Graderco handles 2.5-3.0 mn metric tonnes of grain annually, and constitutes over 25% of Morocco’s imports for human and animal nutrition

OTHER M&A NEWS-

DFM-listed Al Salam Bank is set to acquire 100% of Kuwait Finance House in Bahrain (KFH Bahrain) for an undisclosed amount, after inking a definitive agreement with KFH Bahrain’s parent company, KFH Group, on Sunday, according to a DFM disclosure (pdf). The transaction is awaiting regulatory approval.

Background:The Bahrain-based bank initiated discussions with KFH Group for the acquisition earlier in November 2023. The parties reached an agreement in February, after pausing talks the previous month due to a failure to reach mutually agreeable terms for the transaction.

Assets exchange Fasset is now live in the UAE

Digital assets exchange application Fasset is now live in the UAE after the company was granted a Virtual Asset Service Provider license by the Virtual Assets Regulatory Authority (VARA), according to a press release (pdf).

During the pre-launch campaign for the app in 4Q 2023, the company received around 1.1 mn signups, and it is currently targeting 100k during the application’s first year of launch, co-founder Daniel Ahmed told Enterprise. “VARA is a unique regulator that is very open and allows us to work with the regulator to onboard customers not only in the UAE but globally.”

Beyond crypto exchange, Fasset will offer tokenized commodities, stablecoins, and soon will venture into tokenized US equities, sukuk, and real estate, according to Ahmed. Users will be able to bundle assets into exchange traded funds, stake for rewards, and access remittance services, aiming to streamline digital investing.

Looking ahead: The company plans to expand within the GCC in the coming weeks, beginning with customer onboarding in Saudi Arabia and Bahrain, before eventually making the app available globally. Fasset is actively pursuing its series B funding round, slated to conclude in 1H 2024, Daniel notes.

The UAE gets kudos for being a crypto-friendly space: Ahmed notes that the UAE is experiencing a rise in demand for digital assets, driven by local institutional funds, family offices, high-net-worth individuals, and businesses seeking payment solutions. With regulatory frameworks established and an increasing number of licensed companies, crypto has become firmly entrenched in the UAE's financial landscape according to the Fasset co-founder. “So the beauty of digital assets is why it's multifaceted in nature, that’s why we called the company ‘Fasset.’ It’s not just a way to save money, it’s a way to send, remit and make payments. There’s a lot of positive demand.”

More on Fasset: Established in 2019 and co-founded by Mohammad Raafi Hossain (LinkedIn) and Daniel Ahmed (LinkedIn), the company aims to democratize access to global assets through its application, enabling people to invest in digital and real-life assets, according to the startup’s LinkedIn page. The pre-Series B fintech startup has raised USD 26.7 mn in funding to date.

New execs at Yashat, ADIB, Sony, and Bank of Singapore

Yahsat appointed Amit Somani (LinkedIn) as the satellite company’s new growth and strategy officer, according to an ADX filing (pdf). Somani returns to Yahsat with over 27 years of experience, having previously served the company from 2010 to 2022 in various roles.

Abu Dhabi Islamic Bank (ADIB) has appointed Talha Karim (LinkedIn) as the group’s chief risk officer, according to a press release. Karim joins ADIB with 25 years of experience in enterprise risk management in the banking sector. Prior to joining ADIB, Karim served as CIB Egypt’s chief risk officer. He also held various senior roles in risk management at Bank ABC.

Sony Middle East and Africa has promoted Jobin Joejoe (LinkedIn) to managing director from deputy managing director, according to a press release. Joejoe initially joined the firm in 2007 as a country sales manager, and was later appointed to the head of sales. He became deputy managing director in 2022.

The Bank of Singapore has named Jibu George (LinkedIn) as the compliance head for its Dubai International Financial Center branch, Reuters reports. George brings experience from his role as chief risk and compliance officer at LGT Private Bank's Middle East division since 2017. He also previously worked at Merrill Lynch, ABN Amro, Dresdner Bank, and Barclays.

The UAE eyes mining to curb the economy’s reliance on fossil fuels

The Financial Times is the latest to look at the UAE’s push into mining — alongside Saudi Arabia — as part of the GCC nations’ quest to diversify their economies beyond fossil fuels. The two petrostates are looking to invest in mineral mining from resource-rich countries across Africa, Asia and Latin America to secure the minerals used in power transmission lines, electric cars and renewable power, such as copper, iron ore, and lithium.

ADIA invests in residential real estate project in India

INVESTMENT-

ADIA invests in Indian developer Prestige’s residential real estate: Indian real estate development company Prestige inked a quasi-equity USD 240 mn agreement with the Abu Dhabi Investment Authority and the Kotak Alternate Investment Fund to develop residential real estate in India — specifically in Bengaluru, Mumbai, Goa and the National Capital Region — Reuters reports. The estimated development value of the projects is USD 2.16 bn.

The details: The investors will have optionally convertible debentures and non-convertible debentures as part of the agreement, Shobhit Agarwal, CEO of the capital markets division of real estate consultancy Anarock Group, said.

SOUND SMART-Debentures are long-term debt instruments that aren’t backed by any form of collateral. The “non-convertible” part means that the bonds can’t be converted into equity shares.

DEBT-

Emirates NBD Capital arranged a USD 500 mn syndicated revolving credit facility for Lenovo, marking the tech giant’s first entry into the Middle East syndicated loan market, Wam reports. The offering drew more than double the initial USD 300 mn amount in demand from 11 institutions in the UAE, Bahrain, Jordan, and Kuwait. The debt will be used to fund working capital and for refinancing purposes, according to Wam.

AUTOMOTIVE-

Aafaq Islamic Finance has inked an MoU with green tech mobility firm NWTN, aiming to streamline electric vehicle financing, a press release reads. The partnership seeks to facilitate access to financing options and simplify the purchase process through tailored solutions and streamlined application procedures.

FINTECH-

Payroll service provider KamelPay has inked a five-year processor agreement with Network International as it looks to boost its payroll and credit card segment by 200k payroll cards this year, according to a press release (pdf).

SPACE-

MBRSC, HCT commence student-led space mission: The Mohammed Bin Rashid Space Centre (MBRSC) and the Higher Colleges of Technology (HCT) have kicked off work on their student-led Earth-observation CubeSat project, according to the Dubai Media Office. The project — dubbed HCT-SAT 1 — sees 34 of the college’s engineering and applied media students construct the new satellite, with MBRSC engineers guiding on design, assembly, testing, and operational management. The satellite is slated for handover by the end of this year.

AVIATION-

Etihad Airways launched its first flight to Boston yesterday, with the service set to run every Monday, Wednesday, Friday, and Sunday, reports Wam. Boston marks Etihad's fourth destination in the United States, following Chicago, New York, and Washington, DC.

IndiGo will launch daily non-stop flights from Abu Dhabi to Kerala's Kannur district starting next month, Khaleej Times reports. The flights will operate starting 9 May. This service increases IndiGo's total number of weekly flights to Abu Dhabi from 8 cities in India to 56.

SUSTAINABILITY-

The Climate Change and Environment Ministry has banned the fishing of two species, Golden trevally and Painted sweetlips, though the entire month of April every year, Abu Dhabi’s Agriculture and Food Safety Authority said on X. Effective until 2026, the measure aims to regulate fishing activities during the breeding season of these species, to ensure the sustainability of fish stocks and enhance the nation's food security.

Trump’s Truth Social plummets as financials show massive losses

Trump’s social media platform’s shares plummet following dismal earnings: Former US President Donald Trump’s social media platform, Truth Social, closed down nearly 22% yesterday after the company disclosed an annual net loss of USD 58 mn. The company’s 4Q 2023 revenues fell more than 25% q-o-q to USD 751.5k, “showing it is struggling to build advertising and subscription sales from a platform it says has signed up 9 mn users,” the Financial Times says.

ICYMI- The company went public with a Spac on the Nasdaq last week, with shares rising 16% on their debut, valuing the company at USD 7.85 bn at the time. Bloomberg and the Wall Street Journal also have the story.

Trump’s net worth also plummeted USD 1 bn to USD 6.4 bn, a 14% decline, according to Bloomberg data.

(Speaking of Trump: He posted a USD 175 mn bond yesterday in a civil case, narrowly avoiding the seizure of some of his assets.)

ALSO- Are the Magnificent Seven now the Fab Four? Apple, Tesla, and Alphabet shares have all sputtered in the first three months of the year, but the S&P 500 still turned in its best Q1 since before covid-19 became a household word. Nvidia, Meta, Microsoft, and Amazon have left the other three behind, with some analysts now dubbing them the Fab Four as their share prices keep appreciating, the Wall Street Journal notes.

SIGN OF THE TIMES- Everyone from Citadel’s Ken Griffin to Bloomberg Economics is raising flags that US borrowing is “on an unsustainable path.”

MEANWHILE- The bloom is still off the rose for venture capital, where institutional investor interest peaked in 2021, about a year before the US Federal Reserve took the wind out of the asset class’ sails with the first of a series of interest rate hikes. The lastest sign: New York’s Tiger Global raised just USD 2.2 bn for its sixteenth fund. It had aimed to raise USD 6 bn for the fund when it started lining up commitments from limited partners in late 2022.

AND- Carmakers and industry analysts are worrying that the global slowdown in demand for electric vehicles could be more than a blip. “If prices do not fall, or legitimate [consumer] concerns over charging infrastructure are not met, motorists may resist indefinitely. The implications of the second are potentially concerning. Meeting long-term decarbonisation targets without removing all petrol and diesel cars from the roads is impossible,” notes the Financial Times’ Peter Campbell in an Insider Business column. Will politicians look to use other levers to stimulate demand, from higher fuel prices to sharp taxes on petrol-powered cars?

THE MARKETS THIS MORNING-

Major Asian benchmarks are in the green in early trading this morning, with the Hang Seng leading gainers in Hong Kong’s Hang Seng. The smartphone maker wowed fans and critics alike with the launch of SU7 EV, selling out its full 2024 production run in less than two days. European stock futures are slightly this morning and US futures are in the red.

ADX	9,245	+0.2% (YTD: -3.5%)
DFM	4,263	+0.4% (YTD: +5.0%)
Nasdaq Dubai UAE20	3,723	+0.5% (YTD: -3.1%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.3% o/n	5.2% 1 yr
TASI	12,423	+0.2% (YTD: +3.8%)
EGX30	28,297	+5.3% (YTD: +13.7%)
S&P 500	5,243	-0.2% (YTD: +9.9%)
FTSE 100	7,952	+0.3% (YTD: +2.8%)
Euro Stoxx 50	5,083	+0.0% (YTD: 12.4%)
Brent crude	USD 87.42	+0.5%
Natural gas (Nymex)	USD 1.84	-0.1%
Gold	USD 2,273.10	+0.7%
BTC	USD 69,733	-1.8% (YTD: +65.0%)

THE CLOSING BELL-

The DFM rose 0.4% yesterday on turnover of AED 471.9 mn. The index is up 5.9% YTD.

In the green: Union Properties (+8.1%), Deyaar Development (+2.9%) and Watania International Holding (+2.6%).

In the red: Al Salam Sudan (-10.0%), Al Mal Capital REIT (-8.5%) and Tecom Group (-2.2%).

Over on the ADX, the index closed up 0.2% on turnover of AED 910.6 mn, while Nasdaq Dubai rose 0.5%.

CORPORATE ACTIONS-

#1- Drake & Scull secured shareholder approval for its restructuring plan to increase share capital by up to AED 600 mn through issuing 2.4 bn new shares at a reduced price of AED 0.75 apiece, according to a DFM disclosure (pdf) from yesterday. The capital increase will raise the Dubai-based contractor’s total share capital to AED 3.5 bn. Shareholders also greenlit the company plan to issue a five-year AED 600 mn mandatory convertible sukuk, with each certificate valued at a minimum of AED 5k.

ICYMI-The construction company was suspended from trading in November 2018 on the back of excessive financial losses and reporting violations. The Dubai Financial Market approved Drake & Skull’s restructuring plan — which will write off 90% of its debt — back in November 2023, and its relisting in March after the firm revealed plans for an AED 300 mn capital increase.

#2- Union Properties has paid off some AED 290 mn of its debt in 1Q 2024 as part of its debt restructuring plan, with another AED 250 mn in repayments planned for 2Q 2024, the real estate developer said in a DFM disclosure (pdf). The company recorded AED 816 mn in sales during the quarter.

ICYMI-The developer of Dubai’s Motor City saw its net income rise over 2000% in 2023 as it doubles down on cost efficiency and debt restructuring, following years of losses prompted by the 2009 property market crash. The developer reached AED 1.2 bn settlement agreements with Dubailand and Emirates NBD in February, marking a turning point in a long-standing legal dispute that will allow it to repurpose some of its dormant land and allowing it to restructure some of its debt.

CALENDAR

APRIL

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

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

26 March-21 July (Tuesday-Sunday): ‘From Kalila wa Dimna to La Fontaine: Traveling through Fables’ exhibition, Louvre Abu Dhabi.

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.

17 April (Wednesday): Machines Can See, Museum of the Future, 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.

18-19 April (Thursday-Friday): TOKEN2049, Madinat Jumeirah in Dubai.

22-24 April (Monday-Wednesday): Emirates Skills National Competition

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

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

23-25 April (Tuesday-Thursday): Domotex Middle East 2024, Dubai World Trade Centre.

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.

29 April- 5 May (Friday-Friday): The Abu Dhabi International Book Fair, Abu Dhabi National Exhibition Centre (ADNEC).

MAY

1-2 May (Wednesday-Thursday): Capital Markets Summit, Madinat Jumeirah, Dubai

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

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

6-9 May (Monday-Thursday): The Arabian Travel Market, Dubai World Trade Centre, Dubai.

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.

21-23 May (Tuesday-Thursday):International Exhibition for National Security & Resilience, ADNEC Centre Abu Dhabi.

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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