Good morning, nice people. We hope you had a relaxing weekend, and a wonderful Orthodox Easter for those celebrating.

THE BIG STORY AT HOME over the weekend is the UAE’s non-oil private sector seeing slower growth in April on the back of business disruptions due to the storm. Also worth your attention: Mubadala Capital has earmarked USD 13.5 bn in investments in Brazil; and Etihad Airways tapped more advisors for its IPO.

PUBLIC SERVICE ANNOUNCEMENT-

#1- We’re in for a hot and sunny week, with a chance of light rain: This week’s weather will be mostly sunny, though the National Center of Meteorology forecasts some clouds and the possibility of rainfall and light to moderate winds, especially in the southern and western regions.

Temperatures today will hit 37°C in Dubai, with an overnight low of 27°C, and 38°C in Abu Dhabi, before cooling to an overnight low of 29°C.

#2- Environment Ministry to address post-storm mosquito madness: In response to the widespread increase in mosquitoes after last month’s heavy rains and flooding, the Environment Ministry, the National Emergency, Crisis and Disaster Management Authority, and local authorities are ramping up efforts to eradicate mosquito breeding grounds, according to an X post.

#3- Dubai has announced amended hours for lakeside parks, residential parks, and playgrounds. Leisure spots will now open from 8am to 11pm, Monday through Thursday, and until midnight on Fridays, Saturdays, and public holidays.

HAPPENING TODAY-

#1- The Dubai Fintech Summit 2024 kicks off today and will run through tomorrow at Madinat Jumeirah. The summit will host over 300 thought leaders on five stages and present tech from 200+ exhibitors.

#2- Sharjah + Dubai trade missions heading to Asia: A trade delegation from the Sharjah Chamber of Commerce and Industry led by Chairman Abdullah Sultan Al Owais landed in India yesterday and will be there until Friday, 10 May, Wam reports. The mission will be looking to strengthen economic ties and explore potential investments.

At the same time, a Dubai International Chamber trade mission will head to Indonesia and Vietnam to help local companies grow in these markets, Wam reports.

#3- The Arab Tourism Media Awards kicks off today and runs through to Thursday, 9 May, at the Dubai International Convention and Exhibition Centre, state news agency Wam reports. The Arab Union of Tourist Media will present awards to 34 Arab personalities, tourism institutions, and cities that have contributed to the tourism industry in the Arab region.

#4- The Arabian Travel Market also kicks off today and runs until Thursday at the Dubai World Trade Center under the theme Transforming Travel Through Entrepreneurship. The event will focus on issues relating to entrepreneurial strategies.

THE BIG STORY ABROAD-

Negotiators from Egypt, the United States, and Qatar are working overtime to prevent indirect talks between Hamas and Israel from collapsing.

Hamas left Cairo last night for Doha. The group said talks in Egypt had been “in-depth and serious,” but that no agreement had been reached. Politico reports that Israeli Defense Minister Yoav Gallant claims Hamas wasn’t serious about a ceasefire agreement and warned of “a powerful operation in the very near future in Rafah and other places across all of Gaza.”

It’s not clear whether talks are continuing in Doha. CIA chief Bill Burns was also in Caro over the weekend — and also left yesterday for the Qatari capital.

The bottom line: “Hamas blamed the lack of progress on Mr. Netanyahu, who vowed again in recent days that the Israeli army will invade Rafah … with or without an agreement. … Palestinians living in miserable conditions in Gaza [will] not experience an imminent reprieve,” the New York Times reports.

Israel slammed the gates closed at the Kerem Shalom crossing, a key entry point along with Rafah for humanitarian aid, after Hamas forces killed three Israeli soldiers. A retaliatory strike by Israel killed at least 19 Palestinians yesterday.

MEANWHILE- The Biden administration has slapped a hold on at least one shipment of ammunition to Israel, Axios reports in an exclusive. US officials have declined to explain the halt, which came after Joe Biden started taking serious domestic fire for his unblinking support of Israel’s war in Gaza.

WATCH THIS SPACE- Is Russia planning sabotage operations across Europe? That’s the warning in the Financial Times, which says that European intelligence agencies believe Russian operatives are “preparing covert bombings, arson and attacks on infrastructure” across the continent.

HAPPENING THIS WEEK-

It’s a quiet morning in the global business pages, but don’t expect that to hold for the whole week:

Chinese leader Xi Jinping is trying to warm-up ties with Europe. He’s in Paris this morning to meet French President Emmanuel Macron and will then see European Commission chief Ursula von der Leyen before heading later this week to Serbia and Hungary.

For our fellow journalism nerds: It’s Pulitzer Prize day — the announcement will drop at 11pm UAE time here.

Aramco will release 1Q 2024 numbers tomorrow.

For our fellow iSheep: Apple is expected to unveil new iPads tomorrow at 6pm UAE time (10am Pacific). Pundits are hoping for a revamp of the line that restores some coherence to the offering (and for the Pro to get a FaceTime camera on the long edge), but the only meaningful way to improve on the lineup would be to unshackle iPadOS. You can stream the announcement from Apple’s website or its Youtube channel.

Apple’s announcement kicks off a series of big tech events, including next week’s Google I/O and race toward Apple’s developers conference in June.

The Bank of England’s monetary policy committee will meet on Thursday to review interest rates. Don’t expect a cut.

HERE AT HOME-

#1- TheAnnual Investment Meeting (AIM) Congress will take place tomorrow and run until Thursday, 9 May at the Abu Dhabi National Exhibition Center. 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.

#2- The Innovative Finance Expo is set to be held this Wednesday and Thursday at the Jumeirah Emirates Towers in Dubai. The event will bring together fintech and blockchain companies and experts to serve as a knowledge exchange platform, showcasing the latest developments in the financial sector, including DeFi crypto, foreign exchanges, payment, and finance technologies.

WATCH THIS SPACE-

#1- Has FAB joined the bidding race for Yes Bank? First Abu Dhabi Bank (FAB) is reportedly seeking to acquire a 25% stake in Yes Bank, India’s sixth-largest private sector lender, the Hindu Business Line reports, citing sources familiar with the matter. The Emirates’ biggest lender has held talks with the Reserve Bank of India, India’s central bank, to discuss the potential transaction. Among the bidders for the stake is Japan’s Mizuho Bank, which reportedly tapped Bank of America to facilitate the stake purchase.

ICYMI- Emirates NBD is also reportedly eyeing a stake in Yes Bank, along with other international bidders, including Japan’s Mitsubishi UFJ Financial Group and Sumitomo Mitsui Banking Corp.

Background: A State Bank of India-led consortium is exploring plans to sell its stake in Yes Bank, after bailing out of the Indian bank in 2020. Investors were granted a three-year lock-in period, which expired in March 2023.

#2- Deutsche Bank plans to double the assets it manages in the Middle East and Southeast Asia, with a specific focus on the UAE and Saudi Arabia, Claudio de Sanctis told {Bloomberg} in an interview. The two regions — which de Sanctis says are “interlinked” — will be allocated more resources, and has already seen more hires than the bank’s other offices, as wealthy families in both countries become more interested in investing in Southeast Asia and vice versa.

DATA POINTS-

#1- Ajman recorded 7% y-o-y growth in tourism revenues in 1Q 2024, Wam reports, citing a statement from the Ajman Tourism Development Department. The department attributed the increase in revenue to occupancy rates growing 3% y-o-y and visitor numbers increasing 9% y-o-y compared to last year’s figures.

#2- Some 94% of financial transactions at Emirates NBD happen outside the lender’s physical branches, Wam reports, citing a statement from the bank’s head of retail banking Marwan Hadi, affirming that the lender will continue to utilize “web3 technologies to enrich digital experiences for customers.”

OUR NEXT CONFERENCE IN CAIRO-

Foreign investors are falling in love with Egypt again… Foreign investors we speak with (debt, equity, and strategic alike) have growing appetite for Egypt. They’re buying into local debt, eyeing promising shares, and committing bns of USD to both new ventures here and the growth of their existing businesses. They like the Egypt story that’s taking shape after the float of the EGP, and its competitive advantages are clear to many of them: It’s a massive consumer opportunity and a regional export hub of tomorrow.

The Enterprise Optimism Forum 2024 will do exactly what it says on the tin: Spark conversations about a future that sees Saudi Arabia, Egypt, and the the UAE at the heart of a more vital Middle East economy — and provide an early, actionable roadmap for those who are “long Egypt.”

We’ll be talking with you about the agenda over the coming couple of weeks. It features speakers from Egypt and abroad who are future-proofing their businesses and angling to capture tomorrow’s opportunities — and who aren’t afraid to answer some tough questions.

*** Interested in attending? Tap or click here to let us know. Seating is limited.

***

CIRCLE YOUR CALENDAR-

The Middle East Petroleum and Gas Conference is set to take place from 20-22 May in Dubai, hosted by the Emirates National Oil Company and under the organization of S&P Global Commodity Insights. The theme of the conference is “Evolving Core Energy Markets within a Sustainable Landscape.”

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

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