The calm after the storm

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Disruptions continue at DXB following Tuesday’s storm + it’s the final day of the World Future Energy Summit

Good morning, lovely people. It seems the country has been in recovery mode after Tuesday’s storm, with the newscycle slowing down considerably as authorities and companies focused their efforts on cleanup and damage control.

Dominating headlines this morning is startup and investment news, as well as energy and renewables as the World Future Energy Summit enters its final day today.

Calm after the storm: The Interior Ministry, national emergency agencies, and meteorological authorities have declared an end to the weather fluctuations, an X post reads. Emergency teams will maintain security and manage traffic until normalcy is restored in all areas.

At least one man died due to the storm in Ras Al Khaimah, The National reported, citing a police statement.

There were plenty of disruptions, and still some precautions in place:

#1- Dubai International Airport (DXB) partially suspended operations, advising passengers “not to come to the airport, unless absolutely necessary,” as operations were disrupted with more flights being delayed and diverted, the airport said on X. Passengers will also only be granted access to Terminal 1 if they are boarding a plane with a confirmed departure, it said. The airport continued its efforts to clear the flooded roads and runways to facilitate transit flights, DXB CEO Paul Griffiths told CNBC.

#2- Airlines have been stop-and-go: Emirates halted check-ins for all flights departing DXB yesterday from 8am until 9am this morning, while transit flights continued to be processed, the carrier said in a statement. Budget airline Flydubai partially resumed flights departing from DXB yesterday morning. Air Arabia also halted all check-ins for flights to and from Sharjah until 2am last night. Egyptian airline EgyptAir temporarily halted flights between Dubai and Cairo.

#3- Operations at several banks were disrupted to varying degrees, including Emirates NBD, Emirates Islamic Bank, and Dubai Islamic Bank, all of which temporarily suspended services at some branches, and noted that some business centers and ATMs were also affected. Emirates NBD and Emirates Islamic Bank each issued a list of branches, business banking centers, and ATMs that are operational.

#4- The Emirates School Education Foundation extended its remote learning directive for all government schools across the country today and tomorrow. Similarly, the Dubai government also extended distance learning for all private educational institutions until the end of the week. Remote schooling in Sharjah has also been extended for private schools today.

#5- Storm damaged your car? Head to your emirate’s police website to request a "To Whom it May Concern" certificate reporting rain damage to help file your ins. claim, Dubai Police, Sharjah Police and Ajman Police told car owners.

CANCELED EVENT-The Middle East Energy Exhibition has been completely canceled due to the storm, according to a statement. The event, organized by the Energy and Infrastructure Ministry, was slated to take place from Tuesday through to today.

FACT CHECK- The cloud seeding program did not trigger the floods, the National Center of Meteorology’s deputy director general Omar AlYazeedi told CNBC, denying claims reported earlier by Bloomberg that the center carried out cloud seeding missions earlier this week, causing the heavy rainfall. “We take the safety of our people, pilots, and aircrafts very seriously. The NCM does not conduct cloud seeding operations during extreme weather events.”

Want to dig deeper? Plenty of media outlets are out with features on the technology and why it’s an unlikely culprit for the severity of this week’s storm. The more likely culprit, according to scientists? Climate change, which causes warm air to hold more moisture and can lead to heavier rainfall. (Wired | The Guardian | Sky News | AP | Washington Post | Axios)

WATCH THIS SPACE- UAE President Mohamed bin Zayed al Nahyan has directed authorities to study the infrastructure damage caused by the floods and work on rectifying it, Wam reported yesterday.

PUBLIC SERVICE ANNOUNCEMENTS-

Temporary road closure in Abu Dhabi: Sheikh Maktoum Bin Rashid Road is temporarily blocked off, with motorists asked to use Sheikh Mohammed Bin Rashid Al Maktoum Road leading to Dubai instead, Abu Dhabi’s Integrated Transport Center said on X yesterday. The authority did not mention when the road would accept traffic again.

In other road news: Abu Dhabi Police diverted traffic from Arabian Gulf Street toward Khalifa City yesterday onto the Abu Dhabi - Al Ain Road exit.

SPORTS-

Al Ain beat Al Hilal 4-2 in the first leg of the Asian Champions League semifinal last night, with Soufiane Rahimi netting not one, not two, but three goals — all during the first half of the match. Alejandro Romero snagged Al Ain’s fourth goal, while Al Hilal’s Malcolm and Salem Aldawsari each landed a goal for their team. The second leg will be played next Tuesday at 10pm.

WATCH THIS SPACE-

#1- Dubai’s Parkin is set to join the DFM’s General Index, Industrials Sector Index, and DFM Sharia Index starting next Monday, 22 April, state news agency Wam reports.

ICYMI: Dubai’s public parking operator listed on the DFM last month, marking the bourse’s first public offering in 2024 and raising some AED 1.57 bn.

#2- Covestro is taking its time with Adnoc’s offer: German polymer materials manufacturer Covestro said they’re not constrained by legal deadlines in discussions with Abu Dhabi National Oil Company (Adnoc) on its acquisition offer, asserting the German company’s intention to weigh the prospect of a takeover at their own pace, “to come to the best possible solution for shareholders and other stakeholders,” Reuters quotes Covestro CEO Markus Steilemann as saying during the company’s annual general meeting.

REMEMBER- Adnoc initially offered Covestro EUR 60 per share in December, valuing the company at EUR 11.3 bn, but reportedly sought to submit a higher bid. While talks are still underway, Adnoc is said to have appointed a consulting firm to help it garner information to improve the bid, though there appear to be no clear estimates as to the value of the increased bid.

HAPPENING TODAY-

#1- It’s the final day of the World Future Energy Summit in Abu Dhabi. The three-day summit saw discussions around the transformation of future energy systems, as well as recycling, waste-to-energy, and air-to-water trends and progressions. We have a rundown of the biggest announcements and highlights from the summit in the Energy section, below.

#2- Token2049 is taking place today and tomorrow 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.

HAPPENING TOMORROW-

The Global Summit on Innovations in Cancer Care will kick off tomorrow and run until next Sunday at the Four Seasons Hotel, Abu Dhabi. The summit, hosted by Cleveland Clinic Abu Dhabi, will cover topics like cancer screening, surgical oncology, and global oncology challenges.

LATER THIS MONTH- The Cleveland Clinic is also hosting Frontiers in AdvancedHepato-Biliary Cancers and Transplant Oncology from 27-28 April at the clinic. The summit, led by Dr Cristiano Quintini, will focus on transplant oncology and skill-building for young surgeons.

DATA POINT-

#1- Abu Dhabi boasted the world’s fastest fixed internet speed in March, with a download speed of 308.05 mbps, while Dubai ranked second for mobile internet speed at 358.38 Mbps speed, according to Ookla’s Speedtest Global Index.

The UAE claimed the second spot globally in both mobile and fixed internet speeds for the month of March. The country climbed three places in fixed internet speed with a download speed of 276.02 mbps. At 296 mbps, the Emirates also maintained its position as the country with the second-fastest mobile speed.

THE BIG STORY ABROAD: WAR?

To use the language of the weather forecasters: It’s a mixed day for news around the world, with no single story holding sway and little but clouds in the sky.

#1- Mattering most to our corner of the world: Israel’s allies are increasingly convinced that it will respond militarily — in one form or another — to Iran’s Sunday missile and drone attack.

“It is clear that the Israelis are making a decision to act. We hope that they do so in a way that does as little to escalate this as possible,” British Foreign Minister David Cameron said yesterday as he headed into a meeting with Israel’s Benjamin Netanyahu, who yesterday warned Cameron and German Foreign Minister Annalena Baerbock (also in Tel Aviv for a visit) that “we will make our own decisions.” G7 nations have still not announced the sanctions on Iran that they hope might convince Netanyahu to sit tight.

MEANWHILE- Iran is readying its air force and said its navy will start escorting Iranian commercial ships in the Red Sea as it prepares for an Israeli attack on its territory or allies.

#2- AND- Ceasefire talks on Gaza seem as stalled as ever (Egypt and Qatar are mediating the negotiations) and Iran-backed Hezbollah wounded 14 Israeli soldiers in a drone and missile attack yesterday in retaliation for Israeli attacks that killed Hezbollah troops.

Looking ahead: The UN General Security Council will vote tomorrow on a Palestinian request for full membership in the world body. A “yes” vote would be tantamount to international recognition of Palestinian statehood, so expect a US veto. Palestinian President Mahmoud Abbas reportedly snubbed a request from the Biden administration to delay the request.

IN THE BUSINESS PAGES-

#3- Wall Street is tempering its expectations of a Fed rate cut this year, with most interpreting Jay Powell’s remarks earlier this week as meaning the first change in rates won’t come until September at the earliest. Bank of America economists, meanwhile, say there’s a “real risk” the central bank won’t cut rates until March 2025 “at the earliest.” CNBC has a solid roundup of sentiment.

That came as IMF boss Kristalina Giorgieva warned overnight that “central banks should resist the temptation to lower their key interest rates too early and risk a resurgence of inflation and a fresh bout of policy tightening.”

It’s day four of the IMF and World Bank spring meetings in Washington, DC, so stay tuned for more policy discussion heading into the weekend. We’ll have the wrap-up for you in EnterpriseAM at the start of next week.

REMEMBER- Minister of State for Financial Affairs Mohamed bin Hadi Al Hussaini is leading the UAE’s delegation at the meetings, according to a ministry statement. The delegation also includes other officials from the Finance Ministry and the Central Bank of the UAE, Al Arabiya reports

MEANWHILE- US equities have now posted their longest losing streak so far this yearafter the S&P 500 and the Nasdaq fell for a fourth day in a row.

CIRCLE YOUR CALENDAR-

The AVPN Global Conference 2024 is scheduled to take place in Abu Dhabi from 23-25 April at The St. Regis Saadiyat Island Resort and Park Hyatt Abu Dhabi Hotel and Villas. The event aims to bring together more than 1.5k leaders in global social investment to advance humanitarian efforts in Asia, according to an Abu Dhabi Media Office statement.

The National Forum for Small and Medium Enterprises: Government Procurements will take place next Tuesday, 23 April, at Dubai’s Emirates Towers. Organized by the Ministry of Economy, the forum welcomes Emirati entrepreneurs to explore and compete for available tenders and contracts on its digital procurement platform.

Gulf Information Security Expo and Conference will take place from next Tuesday to Thursday, 23-25 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.

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 World Economic Forum’sSpecial Meeting on Global Collaboration, Growthand Energy for Development is scheduled for 28-29 April in Riyadh, Saudi Arabia. The two-day meeting addresses global challenges in economic development, including energy transitions and geopolitical tensions.

It will feature over 700 participants, including Economy Minister Abdulla Bin Touq, who will sit on a panel covering the rise of the tourism sector, and Majid Al Futtaim Holding CEO Ahmed Galal Ismail, who is participating in a panel on MENA economic perspectives.

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

TheAnnual Investment Meeting (AIM) Congress is scheduled to be held on 7-9 May at the Abu Dhabi National Exhibition Centre. Gathering senior government officials and industry experts, the summit will focus on exploring means of strengthening the economy under the theme ‘Resilient, Sustainable Economic Growth – Creating a Healthy and Prospective Investment through FDI and FPI.’

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

ADIB denies plans to buy USD 1.1 bn stake in Indonesia’s largest Islamic lender + Taqa denies negotiating with Naturgy

ADIB is not moving to acquire a minority stake in Indonesia’s largest Islamic bank: ADX-listed Abu Dhabi Islamic Bank (ADIB) is not planning to acquire a stake in Indonesia’s top Islamic lender, Bank Syariah Indonesia (BSI), denying in a bourse disclosure (pdf) “being in any negotiations to acquire a stake in such entity.”

ADIB’s statement came in response to a Reuters report earlier in the day claiming that the Emirati lender is in early talks to acquire a 15% stake in BSI for USD 1.1 bn from state-owned Bank Rakyat Indonesia, which currently holds 17.25% of BSI. Reuters reported that ADIB is aiming to capitalize on the rapidly growing demand for Sharia-compliant lending services in Indonesia, Southeast Asia’s biggest economy.

About BSI: The Indonesian bank is ranked the 10th biggest Islamic lender worldwide and held a 38% market share in Indonesia's Islamic banking sector as of February 2023.

IN OTHER M&A FACT CHECKS-

Taqa confirms it wants Naturgy, but isn’t talking to Naturgy directly: Abu Dhabi National Energy Company (Taqa) confirmed reports it is in talks with two large shareholders — CVC and GIP — to potentially acquire their stakes in Spanish renewable energy player Naturgy, according to a disclosure (pdf). The company also confirmed it is discussing “a potential cooperation in relation to Naturgy” with Naturgy’s largest shareholder, Criteria Caixa. However, Taqa denied that it is in direct talks with Naturgy.

Beltone’s VC arm to manage CI VC’s USD 30 mn startup fund

Citadel Holding selects Egypt’s Beltone Venture Capital to manage its Citadel fund: Beltone Venture Capital — Beltone Financial Holding’s venture capital arm — will manage the Emirati Citadel International Holdings’ CI Venture Capital’s USD 30 mn fund that will back fast-growing startups in the MENA region, Beltone said in a press release (pdf).

The fund has invested in a number of familiar names: The fund has already deployed funds in a number of startups across the region, including Egyptian courier startup Bosta, trucking startup Trella, homeware brand Ariika — Beltone VC acquired 20% of Ariika in a EGP 31 mn series A round last year — and UAE-headquartered fintech Qlub.

It will target early-stage startups: The fund will mostly invest in pre-seed and seed funding rounds, and will then support the “best-performing portfolio companies in follow-up rounds,” Beltone Venture Capital CEO Ali Mokhtar said. It will also take part in “attractive” investments at different funding stages, he added.

Acwa Power, DEWA reach financial close for Hassyan desalination plant

The Dubai Electricity and Water Authority (DEWA) and Saudi renewable energy giant Acwa Power reached financial close on the Hassyan water desalination project in Dubai, Dewa said in a disclosure (pdf) to the DFM yesterday. The announcement comes weeks after Acwa Power secured SAR 2.77 bn (USD 738.4 mn) from local and international lenders to fund the development and construction of the AED 3.4 bn (USD 925.8 mn) solar-powered Hassyan project. Acwa Power's investment in the project amounts to approximately USD 1 bn, with the Saudi company securing SAR 2.77 bn (USD 740 mn) from local and international lenders in late February.

The largest of its kind: The facility, which is set to produce 180 mn imperial gallons per day (MIGD), is the “world's largest project of its kind using reverse osmosis technology under the Independent Water Producer (IWP) model,” according to the statement. Acwa Power holds a 20.4% stake in the project. Dubai’s desalinated water production capacity, currently at 490 mn imperial gallons per day, is anticipated to rise to 670 mn gallons per day by 2026 upon the project's completion.

REFRESHER- Dewa is buying water from the Hassyan plant: Dewa signed a 30-year water purchase agreement with Acwa Power to buy water from phase 1 of the desalination plant. Dewa will purchase the desalinated water at a price of around USD 0.365 per cbm — the lowest bid the Dubai state facility received.

Masdar, Tadweer, EtihadWe and Dewa make clean energy pledges at World Future Energy Summit

Industry players ramp up climate commitments at World Future EnergySummit: Day two of the World Future Energy Summit saw participating companies reaffirmed their commitment to climate goals, showcased their ongoing projects, and revealed new initiatives. The summit is advertised as an accelerator for the global energy transition where leaders, policy makers, investment incubators, corporate partners, and startups come together to set sustainability goals.

FIRST UP: MASDAR-

#1- Masdar partners with EGA on decarbonization + renewables growth: Renewables giant Masdar and Emirates Global Aluminium (EGA) have formed an alliance to collaborate on aluminum decarbonization and low-carbon aluminum growth opportunities, according to a press release. The agreement involves the joint exploration of renewable energy projects, including battery storage and green hydrogen production, to support EGA's decarbonization efforts in the UAE.

More details: EGA plans to work with Masdar to decarbonize its existing operations as well as increase CelestiAL solar aluminum production and ensure low-carbon growth. The companies plan to focus on working together both domestically in the UAE and internationally.

Renewables-powered facilities are underway: The partnership will also look to international markets to power new aluminum production facilities with renewable energy sources for EGA. No further details were provided on investments or project details.

#2- Masdar inks agreement with EtihadWE to boost clean energy in northern UAE: Etihad Water & Electricity (EtihadWE ) and Masdar have signed an MoU to collaborate on potential projects aimed at boosting the adoption of renewable energy in the northern emirates, Trade Arabia reports.

#3- Masdar is also eyeing green hydrogen projects in Europe, Oman, Egypt, and Morocco, as it looks to capitalize on the renewable asset class, Chief Green Hydrogen Officer Mohammad Abdelqader El Ramahi told Wam. The company is also looking at raising the efficiency of its pilot project to produce green iron ore for Emirates Steel Arkan, which currently has a production capacity of 2 MW electrolyzers, to 100 electrolyzers, though the figure is still currently under study. The project is set to be commissioned in 2Q 2024, CEO of Emirates Steel Arkan, Saeed Al Rumaithi, said at the summit, according to Emarat Al Youm.

ETIHADWE + DEWA PLAN EV INFRASTRUCTURE EXPANSION-

#1- EtihadWE to expand installation of high-speed EV charging infrastructure: The companyis also expanding the distribution and construction of high-speed electric vehicle charging stations and replacing old chargers throughout the northern emirates, CEO Yousif Al Ali told Wam. The size of the investment has not yet been disclosed, but details about the initiative will be revealed in May.

#2- Dubai Electricity and Water Authority (Dewa) also plans to increase the number of charging stations in Dubai to 1k stations by the end of 2025, up from 390 currently, Director of Smart Grid Projects Management Majid Hilal Al Hazami told Wam. Some 20% of the stations currently deployed are ultra-fast chargers, with plans to ramp up the number of these stations by 2025.

TADWEER-

Tadweer is making strides of its own: Abu Dhabi-based waste management company Tadweer Group will begin buying and installing 25 recycling stations across the emirate starting in May, according to CEO Ali Al Dhaheri, the news outlet added. The machines will recycle plastic and aluminum containers in exchange for rewards that can be redeemed at designated outlets. The plan is to install 2k of these machines by 2028 in partnership with waste management planner Nadeera.

Tadweer also signed an MoU with Adnec Group yesterday to collaborate on waste management and sustainability via awareness campaigns and expansion of waste management systems, according to a statement.

ALSO FROM THE SUMMIT-

UAE + Japan explore cooperation on renewables and desalination: The Energy and Infrastructure Ministry and the Japan Cooperation Centre for the Middle East hosted a joint session at the summit, Wam reports. The session focused on sharing experiences, best practices, and exploring new ways to enhance cooperation in energy efficiency, renewable energy deployment, and desalination.

Dubai-based retail tech startup Fortis bags USD 20 mn in series A funding round

Fintech startup Fortis Digital Solutions raised USD 20 mn in a series A funding round led by Hong Kong-based Opportunity Venture, according to a press release. The company will deploy the investment to “accelerate [the company’s] growth and deliver even greater value to businesses in the MENA region," says Fortis CEO and Founder Alberto Caruso.

Where the money is going: Fortis plans to use the funding to improve its customer-centric and omnichannel product development and technology, and promote strategic partnerships with banks, payment systems, and external B2B services. The company will also use the funds to support recruitment efforts, brand-building initiatives, and expansion plans in the MENA region.

About Fortis: Founded in 2023 by Alberto Caruso, Dubai-based Fortis serves as a platform for entrepreneurs to manage offline and online transactions, streamline orders, and implement loyalty programs. It has some 11k merchants under its portfolio, serving more than 8 mn customers across transactions valued at USD 3 bn, according to the company’s website. The startup relocated its headquarters to Dubai this year, according to the press release.

Bain & Company leads LinkedIn's Top Companies 2024 list

Consulting giant Bain & Company ranked first on LinkedIn’s 15 Top Companies2024 list for the best workplaces to advance a career in the UAE. Bain & Company took over the top spot from Emirates, with the airline falling from being ranked #1 in the 2023 list to ranking #5.

Rounding out the top five: MasterCard — which was not among the top 15 companies in last year’s ranking — came in second place. Global FMCG player Procter & Gamble secured the third spot, dipping from #2 last year, and global management consulting firm Kearney came in fourth, down one spot compared to last year.

Also included in the full list:

#6- Boston Consulting Group (up from #11);
#7- Majid Al Futtaim at (down from #4);
#8- DP World (not included in the top 15 last year);
#9- McKinsey & Company (down from #7);
#10- Miral (not included in the top 15 last year);
#11- Visa (down from #5);
#12- Adnoc Group (down from #10);
#13- Schneider Electric (down from #6);
#14- Marsh McLennan (not included in the top 15 last year);
#15- HSBC (down from #14).

What they said: “Business activity growth remained strong last year in the UAE, prompting many professionals to explore their best career moves, while also encouraging employers to reassess their strategies for attracting, retaining, and nurturing talent,” LinkedIn

How did they come up with this list, anyway? Linkedin uses its own data to rank firms based on eight factors that it says contribute to career development, including chances to advance growth, the scope to learn, workplace equity, company stability, and company culture, it said. Only companies with at least 500 full-time employees in the country are eligible. The ranking period spans January-December 2023.

Emirates’ REIT reported record property income in 2023

Equitativa’s Emirates real estate investment trust (REIT) saw its bottom line rise 55% y-o-y to USD 127 mn in 2023, according to the company’s earnings release (pdf). The company’s total income from property grew 10% y-o-y to a record USD 74 mn over the year. Its total assets also crossed the USD 1 bn mark for the first time, reaching USD 1.04 bn in 2023.

What’s a REIT? A real estate investment trust is a mutual fund that owns, finances or manages income-generating real estate assets — commercial, residential, office, and other properties. Some will also invest in real-estate-related securities or private equity transactions that are directly related to the industry.

The real estate fund attributed the robust performance to an 8% y-o-y increase in tenants for the portfolio, in addition to strong demand in the Dubai International Financial Centre, which benefited its largest asset, Index Tower, with rental rates up 11% during the year.

Mashreq appoints three new leaders for Pakistan branch

Our friends at Mashreq have appointed three new leaders to their Pakistan branch, according to a LinkedIn post. The bank tapped Shamsulhaq Niaz (LinkedIn) as chief digital officer and head of payments at Mashreq Pakistan, and Khurram Mumtaz (LinkedIn) as head of Neo, Mashreq’s digital banking service. Mashreq additionally named Rabia Atlas (LinkedIn) as head of NeoPay, responsible for overseeing the merchant ecosystem and developing frameworks for potential acquisitions.

Mashreq wants to launch new services in Pakistan: The bank — which has had a presence in Pakistan since 1978 — plans to acquire a restricted license from the State Bank of Pakistan to kick off pilot digital retail banking operations in the region.

Dana Gas has a new chairman: The oil and gas company has named Abdulhameed Dhia Jafar (bio) as chairman and Rashed Saif Saeed Al Jarwan Al Shamsi (bio) as vice chairman for the board until 2027, according to an ADX disclosure (pdf).

The aftermath of the storm dominates headlines on the UAE

IN THE FOREIGN PRESS-

Everyone and their mother is still talking about the year’s worth of rain that fell over the UAE in a single day yesterday, and the flooding and damage that happened as a result. Plenty of UAE residents and travelers stuck in airports spoke to the media about the “chaos” that ensued following the storm, with airports filled with standard travelers and buildings and roads left swamped by water. (Reuters | BBC | CNN | BBC)

Exclusive European business club Changer opens in Dubai

INVESTMENT-

#1- Changer, an exclusive European business club for the ultra-wealthy, has set up a branch in Dubai, according to a press release. The Switzerland-based business club aims to draw in and educate “ultra high net worth individuals” to become angel investors. Individuals from the region and Europe will also be able to connect through the club’s exclusive receptions. Already comprising 22 members from the UAE and the Gulf, the club aims to reach a total of 100 members from the GCC by the end of 2024.

Want to become a member? Here are the requirements: An annual membership fee of USD 10k, a comprehensive reputation check, a minimum of USD 500k in liquid capital, and two recommendations.

#2- Blockchain startup Mantra inaugurated a new incubation program for web3 startups at Dubai World Trade Centre’s Sheikh Rashid Tower, after raising USD 11 mn in a funding round led by Shorooq Partners, according to a press release. The program, which was launched in partnership with Virtugroup’s company formation specialists, Virtuzone, aims to accelerate the MENA real-world asset tokenization sector. It offers five selected projects with financial support — including a seed investment of USD 100 mn each from Mantra founder and CEO John Patrick Mullin — in addition to infrastructure, licensing, banking, and administrative services. You can sign up for the program here.

#3- Bangkok-based VC Varys Capital has partnered with investment management firm FundRock to manage a feeder fund — Varys Capital Ventures — in the Abu Dhabi Global Market, a statement reads. The feeder fund will channel its assets into a master fund, originally set up as an early-stage equity venture targeting USD 75 mn in investments, focusing on blockchain innovation, Web3, and infrastructure.

Advisors: Varys Capital Ventures appointed FundRock as its investment manager, Al Tamimi as legal counsel, Apex Fund Services Limited as fund administrator, and Crowe Mak as auditor.

MEDIA-

State-run Emirates News Agency (Wam) and global media network representing BRICS countries, TV BRICS, signed a media cooperation agreement to exchange daily news in different languages, Wam reports.

EMPLOYMENT-

EIF to push for Emiratisation in finance sector: Sharjah-based finance training services provider Emirates Institute of Finance (EIF) inked two MoUs with Sharjah’s human resources department, Columbia University, and Wiley Edge, aiming to boost Emiratisation rates within the UAE’s financial sector, Wam reports. The institute also signed a partnership agreement with Harvard Business Publishing Corporate Learning to introduce a training program on sustainable finance.

Deficits in the US, China will hurt global economy

Careful now, big spenders: The US and China need to implement policies to address the imbalance between spending and revenues, which is adding to inflationary pressures and posing significant risks to the global economy, the IMF has warned in its latest Fiscal Monitor (pdf) out yesterday. Rampant spending from the world’s two largest economies could “have profound effects for the global economy and pose significant risks for baseline fiscal projections in other economies,” the Fund said.

How bad is it? The US will record a fiscal deficit of 7.1% in 2025, over three times the 2%average clocked in by other advanced economies, while China will record a deficit over twice the average of other EMs with 7.6%, the IMF said. The shortfall comes as both countries look set to face challenges ahead, with China dealing with weak domestic demand and a real estate crisis and the US entering a key year for fiscal policy in an election year that will see candidates pledging further tax cuts and increased state spending.

When the US spends, EMs pay: “Large and sudden increases” in US borrowing costs willlikely send global government bond yields soaring and exchange rates into murky waters in emerging markets and developing economies, the IMF said. “A 1 percentage point spike in US rates results in a 90 basis point rise in other advanced economies and an increase in EMs of 1 percentage point,” the salmon-coloured paper writes.

THE MARKETS THIS MORNING-

Asian markets are little changed in early trading this morning after Wall Street posted on Wednesday its first four-day string of losing days since the start of the year. The Kospi is the sole standout, up a bit more than 1.4% at dispatch time this morning. European and US equities futures were mostly unchanged overnight.

ADX	9,165	-0.3% (YTD: -4.3%)
DFM	4,173	-0.3% (YTD: +2.8%)
Nasdaq Dubai UAE20	3,658	-0.3% (YTD: -4.8%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.9% o/n	5.4% 1 yr
TASI	12,466	-0.3% (YTD: +4.2%)
EGX30	29,668	+0.9% (YTD: +19.2%)
S&P 500	5,022	-0.6% (YTD: +5.3%)
FTSE 100	7,848	+0.4% (YTD: +1.5%)
Euro Stoxx 50	4,914	-0.1% (YTD: +8.7%)
Brent crude	USD 87.29	-3.0%
Natural gas (Nymex)	USD 1.72	+0.3%
Gold	USD 2,380.80	-0.3%
BTC	USD 61,260.80	-4.3% (YTD: +44.9%)

THE CLOSING BELL-

The DFM fell 0.3% yesterday on turnover of AED 402.5 mn. The index is up 2.8% YTD.

In the green: Al Firdous Holdings (+6.1%), United Foods Company (+5.5%) and Dubai Financial Market (+2.9%).

In the red: Al Salam Sudan (-9.3%), Commercial Bank of Dubai (-2.8%) and Air Arabia (-2.2%).

Over on the ADX, the index also closed down 0.3% on turnover of AED 970.7 mn. Nasdaq Dubai fell 0.3% as well.

CORPORATE ACTIONS-

Abu Dhabi Aviation approved the disbursement of a AED 111.1 mn in dividends for 2023, according to an ADX disclosure (pdf).

National General Ins. Company approved a 35% dividend payout, comprising a 25% cash dividend and a 10% bonus share allocation, according to a DFM disclosure (pdf).

Pure Health tapped Q Market Maker as a liquidity provider for its shares, the company stated in an ADX disclosure (pdf).

UAE pledges USD 100 mn to support Sudan + inks trade agreement with Costa Rica

UAE pledges USD 100 mn in aid for Sudan: Foreign Affairs State Minister Sheikh Shakhboot bin Nahyan Al Nahyan affirmed UAE’s support for humanitarian efforts in Sudan by pledging USD 100 mn for relief in Sudan and neighboring countries during his participation in the International Humanitarian Conference for Sudan, held in France, according to a ministry statement. The minister also reiterated the government’s support for international endeavors aimed at implementing an immediate ceasefire in Gaza.

The UAE and Costa Rica have inked their economic partnership agreement at a virtual ceremony, paving the way for more trade flows and investments between the two countries, Wam reported.

Foreign Affairs Minister Abdullah bin Zayed discussed over the phone ways to boost bilateral ties with Bosnian counterpart Elmedin Konaković, state news agency Wam reported. The two sides discussed their cooperation in economy, trade, and development, with bin Zayed noting the UAE’s keenness to invest in Bosnia.

UAE President Mohamed bin Zayed Al Nahyan received a letter from president of Azerbaijan, Ilham Aliyev, to discuss boosting bilateral ties, while Energy and Infrastructure Minister Suhail bin Mohammed Al Mazrouei, sat down with his Azerbaijani counterpart, Parviz Shahbazov, to discuss avenues for cooperation, especially across energy and renewables.

CALENDAR

APRIL

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

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.

17-18 April (Wednesday-Thursday): International Translation Conference, Abu Dhabi National Library and Archives.

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

19-21 April (Friday-Sunday): The Global Summit on Innovations in Cancer Care, Four Seasons Hotel, Abu Dhabi.

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

22 April (Monday): EU-Gulf Cooperation Council High Level Forum, European Convention Centre in Luxemburg.

23 April (Tuesday): National Forum for Small and Medium Enterprises: Government Procurements, Emirates Towers, Dubai.

23-29 April (Tuesday-Monday): Subscription period for retail investors for Spinneys’ IPO.

23-30 April (Tuesday-Tuesday): Subscription period for institutional investors for Spinneys’ IPO.

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.

23-25 April (Tuesday-Thursday): The AVPN Global Conference 2024, The St. Regis Saadiyat Island Resort and Park Hyatt Abu Dhabi Hotel and Villas, 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.

27-28 April (Saturday-Sunday): Frontiers in Advanced Hepato-Biliary Cancers and Transplant Oncology, Cleveland Clinic Abu Dhabi.

28-29 April (Sunday-Monday): World Economic Forum’s Special Meeting on Global Collaboration, Growth and Energy for Development, Riyadh, Saudi Arabia.

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.

9 May (Thursday): Spinneys shares begin trading.

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.

15 May (Wednesday): UAE and Indian officials are set to meet for the first time on the India-Middle East-Europe Economic Corridor.

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

19 May (Sunday): InvestopiaEurope, 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.

30 May (Thursday):Abu Dhabi Family Office Summit, Saadiyat Rotana Resort, Abu Dhabi.

JUNE

2-4 June (Sunday-Tuesday): The World Air Transport Summit and International Air Transport Association (IATA)’s annual general meeting, Dubai.

4-6 June (Tuesday-Thursday): The Hotel Show, Dubai World Trade Centre.

4-6 June (Tuesday-Thursday): INDEX, Dubai World Trade Centre.

4-6 June (Tuesday-Thursday): WORKSPACE, Dubai World Trade Centre.

4-6 June (Tuesday-Thursday): Leisure Show, Dubai World Trade Centre.

15 June (Saturday): Arafat day, national holiday.

16-18 June (Sunday-Tuesday): Eid Al-Adha, national holiday.

Signposted to happen sometime in 1H 2024:

Spinneys inaugurates its first store in KSA

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.

5-8 December (Thursday-Sunday): Formula 1 Etihad Airways Abu Dhabi Grand Prix, Yas Marina Circuit.

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.

Signposted to happen sometime before the end of the year:

Spinneys inaugurates three more stores in KSA

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