Alpha Data eyes USD 200 mn IPO

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Adia to join in on one of the biggest M&A transactions in Europe this year?

Good morning, friends, and happy FRIDAY. We’re wrapping what has been an exceptionally slow news week — characteristic of the July-August summer lull — with another short but interesting issue.

THE BIG STORY today is news of another potential IPO on the ADX, this time courtesy of Alpha Data, which is looking at potentially raising USD 200 mn and has tapped banks to pull the trigger.

WEATHER- We’re in for a sunny and warm couple of days, with the mercury hitting 40°C in Dubai today and 41°C tomorrow, with overnight lows of 32-33°C. Abu Dhabi will see the mercury peak at 36°C today and 38°C tomorrow, with an overnight low of 32°C.

WATCH THIS SPACE-

#1- Adia could join Advent to acquire Sanofi consumer health unit: The Abu Dhabi Investment Authority (Adia) has been approached by US-based private equity firm Advent International to back its bid for French pharma firm Sanofi’s USD 20 bn consumer health unit, anticipated to be among Europe’s largest transactions this year, Bloomberg reports, citing people familiar with the matter. Other bidders, including American private equity firm Bain Capital and UK-based Cinven, are expected to submit initial offers by mid-July.

Adia and Advent are buddying up: The Abu Dhabi sovereign wealth fund joined Advent in June to acquire a minority stake in Texas-based wealth management firm Fisher Investments, which valued the firm at USD 12.75 bn.

#2- UAE's Alterra climate fund is actively pursuing more investments: The UAE’s USD 30 bn climate fund Alterra is gearing up for its next round of investments as it looks to make the UAE a “Silicon Valley” for innovation and investment in climate solutions, CEO Majid Al Suwaidi told Bloomberg in an interview. Having secured USD 6.5 bn in investments with BlackRock, TPG, and Brookfield Asset Management last year, Alterra is now planning further allocations, Al Suwaidi said, without naming any participants nor did he specify a date for future announcements.

About the fund: The USD 30 bn vehicle was launched last year to increase climate funding for the Global South, with an initial USD 1 bn investment from the UAE. Alterra recently said it will direct an extra USD 200 bn to investments over the next six years, after saying it aims to mobilize USD 250 bn in green investments by 2030.

#3- DP World will build a 20 mn sqft car market — set to be the largest in the world — in Dubai, Deputy Ruler of Dubai Sheikh Maktoum Bin Mohammed said in a post on X. The market will provide government and banking services for automotive players, connect to 77 global markets via DP World's network, and host major automotive events and conferences.

MORE FROM DP WORLD- The logistics giant is eyeing investments in Thailand: DP World is considering investing in Thailand’s logistics sector, including the mega Land Bridge project currently under development, Al Bayan reported. The two sides discussed the potential investments during a visit by DP World CEO Sultan Ahmed bin Sulayem and an accompanying high-level delegation to the Southeast Asian country. The delegation met with Thai Prime Minister Srettha Thavisin as well as Deputy Prime Minister and Transport Minister Suriya Jungrungreangkit, according to bin Sul ayem.

#4- More air travel with China? The UAE and China are exploring potentially ramping up bilateral air traffic after years of stagnation, Bloomberg reports. citing people familiar with the matter. Officials will meet in Beijing in the coming weeks to discuss increasing flights beyond the current 56 per week per country ceiling, although no specific increase has been determined yet.

Who benefits: Emirates, currently operating its maximum of 35 weekly flights to China, stands to benefit significantly, alongside China Southern Airlines, which flies to the UAE 20 times per week.

DATA POINT-

The Finance Ministry’s Treasury Sukuk auction for 3Q 2024 was oversubscribed 6.1x, with some AED 6.76 bn in bids received from eight local banks, the ministry said on X. The yield-to-maturity of the three-year tranche was set at 4.77%, and 4.43% on the five-year tranche, marking a tightening of 1-3 basis points over US treasuries from maturity at the time of auction.

OIL WATCH-

OPEC+ is urging its members to make up for breaching supply quotas in an effort to stabilize global oil markets, but there is little evidence that members are complying, Bloomberg reports, citing recent production data. Iraq and Kazakhstan are two countries that have yet to deliver on the promised additional cuts to offset their earlier overproduction, the data shows.

BACKGROUND- Introduced in 2020, the overproduction compensation scheme was put in place to pressure members that exceed their production quotas to make extra compensation cuts in subsequent months equivalent to the excess output.

REMEMBER- In June, Opec+ decided to extend most of their crude oil production cuts well into 3Q 2024. The alliance will keep in place current production cuts of 3.66 mn barrels per day (bbl / d) until the end of this September, before beginning to phase out the cuts of 2.2 mn bbl / d over the course of a year from October 2024 to September 2025.

THE BIG STORY ABROAD-

All eyes are on the UK elections, as the Labour party is set for a landslide victory while the Conservative party — in power for the past 14 years — is likely seeing the lowest number of seats in its history, according to the exit poll.

The Labour party’s victory would make 61-year old human rights lawyer Keir Starmer the country’s new prime minister. Analysts peg him as “relatively prime-ministerial” but lacking in charisma, though his pro-business, pro-reforms approach likely clinched his party’s victory. The Guardian has an in-depth profile of his life and career, while the Financial Times has a deep-dive on what’s on the party’s agenda once it is in power (chief among them is potentially the biggest government shake-up in decades).

OVER IN THE US- More names are being thrown in the ring by Democrats looking to push Joe Biden out of the race. Two top donors have suggested Michigan governor Gretchen Whitmer and California governor Gavin Newsom as front-runners, the Financial Times says, as pressure mounts for new candidates with strong backing to be at the ready to replace Biden, whose candidacy is seen as “doomed” even by his campaigners and friends.

CLOSER TO HOME- The US is saying there is a “significant opening” to secure a permanent ceasefire agreement between Israel and Hamas, with a senior official saying Biden had a “breakthrough on a critical impasse” with Israeli Prime Minister Benjamin Netenyahu during a 30-minute phone call yesterday, according to the FT.

Yes, but: The agreement will likely take longer than just a few days, and it wouldn’t be the first one to advance before getting stalled due to disputes on terms like hostage release and aid.

Other interesting reads this morning:

Microsoft Surface Pro claims to be “designed for AI” — but CNBC ’s Jordan Novet says it has a long way to go.
Short-traders lost some USD 3.5 bn in two days due to the rally in Tesla’s stocks following a better-than-expected deliveries report. (CNBC)

CIRCLE YOUR CALENDAR-

The Mohammed bin Rashid Innovation Fund is now accepting applications for the 9th cohort of its innovation accelerator, Wam reports. Startups with innovations in the tech, education, healthcare, space, water, clean energy, and transport can apply to gain access to a network of potential investors and entrepreneurs in the region, along with support packages and mentorship. Applications can be submitted online here.

The Alternative investment Summit is set to take place on 21-22 October in Jumeirah Emirates Towers. The event is organized by AIM summit global and will bring together key decision makers and professionals interested in the alternative investment space.

The World Green Economy Summit will be held on 2-3 October at the Dubai World Trade Center. The summit will bring together stakeholders and decision-makers in energy, economy, climate change, and green finance.

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

Abu Dhabi’s Alpha Data mulls USD 200 mn IPO

Alpha Data mulls IPO: IT services firm Alpha Data is reportedly planning to raise around USD 200 mn through an upcoming IPO on the ADX as soon as this year, Bloomberg reports, citing sources familiar with the matter. The Abu Dhabi-based company tapped EFG Hermes and Emirates NBD Capital to advise on the potential share sale. Specifics such as the size of the sale are still preliminary and subject to change, the unnamed sources indicated.

The ADX could see a number of blockbuster IPOs this year: The exchange could see the Gulf’s first airline IPO, courtesy of Etihad Airways, which has already tapped advisors for the sale, alongside supermarket chain LuLu group. Edtech firm Alef Education is so far the ADX’s only IPO of the year, raising AED 1.89 bn — making it the biggest this year — but seeing a lackluster debut with shares falling 18% on its first day of trading.

Analysts are optimistic about the IPO momentum, with EFG Hermes’ head of equity capital markets, Ali Khalpey, telling Bloomberg he expects more to come this year, particularly from the private sector. Private-sector IPOs will likely range between USD 300 mn to USD 500 mn in the GCC this year, though government listings will be larger, he added. Dominant sectors include e-commerce and IT, Khalpey said.

Khalpey says it’s only a matter of time for Alef Education’s stock to rise back up. “We’ve definitely pushed the valuation boundaries when it came to both these IPOs,” he said. “It takes time for people to appreciate the business models that these companies have.”

Adnoc secures USD 3 bn green finance facility from JBIC

Adnoc receives USD 3 bn green finance facility from JBIC: The Abu Dhabi National Oil Company (Adnoc) secured a USD 3 bn green finance loan from the Japan Bank for International Cooperation (JBIC), according to a press release. The oil giant had signed a heads of agreement with the bank in January for the facility.

Where will the money go? The proceeds will support Adnoc’s decarbonization efforts and green initiatives, according to the statement. It will also help boost collaboration between Adnoc and Japanese companies, the bank said.

Adnoc has big decarbonization ambitions: The company is angling to achieve net-zero emissions by 2045, and is investing some AED 84.4 bn to decarbonize operations. Some USD 15 bn is allocated to advance green projects by 2030.

e&’s Moroccan subsidiary set to pay AED 2.3 bn for alleged anticompetitive practices

e&’s Moroccan subsidiary could pay some AED 2.3 bn in antitrust case: The Court of Appeals of Casablanca rejected an appeal from e& subsidiary Maroc Telecom in an antitrust case, according to a statement (pdf). The decision upholds an order by the Commercial Court of Rabat for the company to pay MAD 6.3 bn (AED 2.3 bn) to competitor Inwi over “alleged anti-competitive practices.” e& holds majority stakes in Maroc Telecom at 53% shares, while the Moroccan government holds a 22% stake.

Background: The case was originally brought forward by Inwi in 2021 over Maroc Telecom abusing its position in the market, Reuters reported in January, without elaborating. The company was previously fined MAD 3.3 bn in 2020 by Moroccan telecommunications regulator ANRT for limiting competitors' access to their network infrastructure.

What’s next? e& said it will “exhaust all legal options to challenge the impact of the court decision.”

AD Ports taps Mohamed Alsuwaidi as new chairman + United Hospitality Management has a new VP of operations

AD Ports Group elected Mohamed Hassan Alsuwaidi as its new chairman, according to an ADX disclosure (pdf). Alsuwaidi is currently the UAE’s investment minister, as well as the CEO of sovereign wealth fund ADQ. He holds board positions at several state-owned firms, including Abu Dhabi Airports, Aldar Properties, Emirates Nuclear Energy Corporation, PureHealth, and Adnoc Gas.

United Hospitality Management appointed Anthony E Wright (Linkedin) as its new vice president of operations, according to a statement. Wright brings over two decades of hospitality experience to the company, having previously held leadership positions at Intercontinental Hotel Group, Hilton, Millennium Hotels, and Centara Hotels.

Abu Dhabi’s sovereign wealth fund ADQ listed its USD 2.5 bn bonds on ADX

DEBT-

Abu Dhabi’s sovereign wealth fund ADQ listed its USD 2.5 bn bonds on ADX in a secondary listing, following its maiden dual tranche listing on the London Stock Exchange (LSE) in April, according to a statement. The issuance was 4.4x oversubscribed, receiving over USD 11 bn in orders.

BACKGROUND- Comprising two tranches — a five-year USD 1.25 bn tranche and a 10-year USD 1.25 bn tranche — the issuance attracted broad institutional interest across Asia, the US, the Middle East, the UK, and Europe. The proceeds will be used to expand ADQ’s investments and growth capital in key sectors.

LOGISTICS-

#1- Jebel Ali-Ningbo maritime routes to get a boost: Emirati port operator and logistics giant DP World partnered with China’s Zhejiang Seaport Group to expand port logistics and shipping routes between Jebel Ali Port in Dubai and Ningbo-Zhoushan Port in China, according to a statement. The pair will work to attract shipping companies and encourage them to cooperate on slot exchanges and vessel space purchase on the Dubai to Ningbo route. They will also look to boost automobile logistics and Ro-Ro trade between the two ports.

Plus: more Chinese investments + green port cooperation. The pair will also work together to encourage the development of green and low-carbon ports, and to increase Chinese investments in the UAE’s logistics sector, including in the Jebel Ali Freezone. The two sides will form mechanisms to exchange information and expertise in a range of relevant topics, including building green terminals, the use of shore power, and refueling green ships with more environmentally friendly fuels.

#2- Cosco Shipping Ports Abu Dhabi Abu Dhabi Container Freight Station will use the UAE’s national railway network and terminals to transport goods between Khalifa Port and other logistics zones in the UAE, under an MoU inked with Etihad Rail, according to a statement. It will also use Etihad Rail’s freight rail terminals to store and distribute distribution goods. The partnership is set to help reduce transit times for CSP’s logistics operations and lower its carbon footprint.

#3- 7X, formerly Emirates Post Group, plans to increase the number of pick-up and drop-off locations to 1k, up from 700, by the end of this year, according to a press release.

INVESTMENT-

German automaker Stellantis will invest an additional USD 55 mn in US-based, Mubadala-backed electric flying car manufacturer Archer Aviation, according to a press release. This comes a month after Stellantis purchased 8.3 mn shares of Archer’s stock, making it the largest shareholder in the firm. Stellantis provided an initial USD 150 mn in equity funding to bolster Archer’s production capacity for its eVTOL last year.

What will the funds be used for? The investment will go towards accelerating Archer’s business initiatives, including replacing traditional 60 to 90 minute commutes by car with 10 to 20 minute electric air taxi flights, according to the statement. Archer also has plans to ramp up production of its vehicles by establishing a factory that can support it.

BANKING-

Bank of Punjab eyes expansion to Bahrain and the UAE: The Bank of Punjab’s board approved plans to establish a wholesale banking unit in Bahrain and a representative office in the UAE, according to a regulatory filing (pdf). These expansion plans are pending approval from the State Bank of Pakistan and other regulatory authorities.

FINTECH-

Indian tourists can now make UPI payments in the UAE: Indian payments giant NPCI International will introduce QR code-based Unified Payments Interface (UPI) payments for Indian tourists and non-residents in the UAE through UAE payments firm Network International’s points of sale in the country, according to a press release (pdf).

ENERGY-

PowerChina secures contract for 1.5 GW Al Ajban plant: PowerChina Huadong Engineering Corporation secured an engineering, procurement, and construction (EPC) contract for the 1.5 GW Al Ajban solar power plant in Abu Dhabi, Construction Week reports. The plant is set to be home to three of the world's largest solar sites when it becomes operational in 3Q 2026.

Background: EDF Renewables, Korea Western Power Company (KOWEPO), and Masdar inked a power purchase agreement with Emirates Water and Electricity Company (EWEC) in April to design, finance, build, and operate the plant. The plant will cut carbon emissions by 2.4 mn tons annually and generate enough power for 160k homes.

CAPITAL MARKETS-

Lunate and Daman Investments are the first investment funds authorized to operate under the Voluntary Alternative End-of-Service Benefits Scheme by the Human Resources Ministry and the Securities and Commodities Authority, Wam writes. The authorization allows both companies to launch two Sharia-compliant savings funds for severance benefits.

Companies can now enroll in the two new savings funds by contacting Lunate and Daman Investments.

REAL ESTATE-

Knight Frank Mena was selected as the exclusive leasing and marketing consultant for UK-based industrial solutions provider Radius Group’s logistics city located in Dubai Investments Park 2, according to a press release. Knight Frank Mena’s industrial and logistics team will facilitate the acquisition, development process and leasing for Radius. Radius City Logistics is set to be the first-class A speculative temperature-controlled facility in the UAE, with construction scheduled to start in August and operations expected to launch in 2025.

AGRICULTURE-

GCL expands its horticulture nursery in Abu Dhabi: Dubai-based Al Khayyat Investments’ subsidiary Gulf Contracting and Landscaping (GCL) expanded its site at Al Rahba in Abu Dhabi to become a 1.25 mn sqft horticulture nursery, according to a press release. The nursery now houses over 1 mn plants, making it the largest nursery in the UAE.

GCL is planning to build a new facility by 2025 spanning more than 1.5 mn sqft, it said in the statement.

AVIATION-

GEMS International School launched a new “Space Lab” resembling a Mars space capsule, a press release reads. The lab offers courses on topics such as Martian agriculture, metaverse game design, AI robotics, driverless Martian transport, DIY space repairs, and advanced technologies for space work, according to the statement.

US Bond ETFs could rake in USD 1 tn this year

US bond ETFs are having a moment: Investors are bullish on specialized bond-focused exchange-traded funds (ETFs), with increased investor appetite since January, potentially propelling the industry to its first USD 1 tn annual windfall, the Financial Times reports, citing data from US ETF issuer State Street Global Advisors. US ETFs raised over USD 80 bn in June alone, and USD 411 bn throughout 1H 2024 and putting it on track to potentially beat its previous record of USD 911 bn in 2021.

Actively managed ETFs are largely to thank for the record inflows: Actively managed fixed-income ETFs alone took in some USD 7 bn in June and USD 41 bn over the first half of 2024, surpassing the USD 33 bn peak in 2023. These types of ETFs are becoming more attractive as actively managed mutual funds continue to see disappointing returns.

The momentum is only accelerating as funds establish longer track records, drawing more interest from investors, including young retail investors, an analyst told FT. It can be propelled even further by interest rate cuts from the US Federal Reserve later this year.

MARKETS THIS MORNING-

It’s a mixed story for Asian markets, with the Nikkei hitting yet another fresh high while the broad-based Topix index slipped 0.15% as of dispatch time. South Korea’s Kospi is also higher, while China’s CSI300 is down 0.44%.

ADX	9,126	+0.4% (YTD: -4.7%)
DFM	4,066	-0.3% (YTD: +0.2%)
Nasdaq Dubai UAE20	3,488	-0.4% (YTD: -9.2%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.9% o/n	5.4% 1 yr
TASI	11,659	+0.6% (YTD: -2.58%)
EGX30	28,364	+0.7% (YTD: +13.9%)
S&P 500	5,537	+0.5% (YTD: +16.1%)
FTSE 100	8,241	+0.9% (YTD: +6.6%)
Euro Stoxx 50	4,988	+0.4% (YTD: 10.3%)
Brent crude	USD 87.4	+0.1%
Natural gas (Nymex)	USD 2.4	-1.5%
Gold	USD 2,365.3	-0.2%
BTC	USD 56,878.67	-2.47% (YTD: +28.6%)

THE CLOSING BELL-

The ADX rose 0.4% yesterday on turnover of AED 913.1 mn. The index is down 4.7% YTD.

In the green: Agility Global (+7.8%), Oman and Emirates Investment Holding (+5%), and Chimera (+3.6%).

In the red: National Bank of Umm Al Qaiwain (-8.3%), Al Buhaira National Insurance (-6.7%) and Sudatel Telecom Group (-6.3%).

Over on the DFM, the index fell 0.3% on turnover of AED 327.2 mn. Meanwhile Nasdaq Dubai closed down 0.4%.

UAE and Costa Rica signed a strategic partnership agreement

UAE and Costa Rica agree to cooperate on development + government work: The UAE and Costa Rica signed a strategic partnership agreement aimed at growing bilateral cooperation in development and government work during a visit by an Emirati delegation to the country, Wam reports. The delegation also met with several Costa Rican ministers — including the ministers of security, information, and planning — to discuss strengthening cooperation on several sectors.

UAE Foreign Minister Abdullah bin Zayed congratulated Badr Abdel Aty on his appointment as Egypt's new Foreign Minister, Wam reports. The two officials discussed in a phone call strengthening bilateral ties and cooperation between the UAE and Egypt as well as regional and humanitarian matters, including achieving a ceasefire in Gaza and increasing humanitarian aid to its population.

ALSO- The UAE allocated land for Uzbekistan to establish its embassy in the country to strengthen bilateral relations, Wam reports.

My Morning Routine: Shane Shin, founding partner of Shorooq Partners

Shane Shin, founding partner of Shorooq Partners: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Shane Shin (LinkedIn), founding partner of Shorooq Partners. Edited excerpts from our conversation:

I'm Shane Shin, a founding partner of Shorooq Partners, a leading early-stage tech-focused venture capital firm based in the Middle East. With a significant presence in Egypt, Saudi Arabia, Abu Dhabi, Dubai, Pakistan, and Korea, we are recognized as one of the largest seed-stage VC firms in the region, with approximately 80 portfolio companies. Originally from Korea, I grew up there and attended high school in Canada. I later pursued my studies at the Wharton School at the University of Pennsylvania in the United States.

In 2017, I co-founded Shorooq Partners, but I have always been in finance. I started as a banker in New York, and later moved to a private equity firm in San Francisco. I also worked in the semiconductor space at Mubadala's GlobalFoundries.

My job at Shorooq is to lead investment operations. My job is to oversee investments across our VC funds, which include credit and private debt funds, and a blockchain fund. My role involves five main areas: Developing and refining investment strategies, sourcing new companies, conducting due diligence on potential investments, actively managing our portfolio post-investment, and facilitating successful exits. I am also responsible for fundraising efforts for both our portfolio companies and our funds.

We began as a venture capital firm focusing on seed and early-stage funding, leading rounds from pre-seed to series A as companies grow. Additionally, we have a private credit team to offer non-dilutive capital, addressing the conservative lending approach of local banks. Our credit funds, which have supported companies like Tamara, offer significant value and extend their services beyond our portfolio companies

The most interesting trend in the VC industry is the emergence of second generation founders. With the industry now having been around for about nine years, the first generation founders are those who worked and studied in the US, returned to the region, and launched their own companies. Second generation founders are startup founders who worked in those companies, gained valuable experience from them, and learned from the best. At Shorooq, we have been very successful in identifying these founders and backing them.

We are soon going to see the third generation of the founders who did not go to the US or Europe, who did not work with startups founded there, but grew their own grassroots and business ideas. We are in favor of this transition and we need all different types of the founders.

Another strategic trend we are seeing is an increase in corporate venture capital, like e& and Bupa Arabia. Banks like Arab Bank from Jordan are also showing a growing interest in startup investments. We need more VCs and investment firms launched by corporations to support the ecosystem as corporates also make ideal customers for many startups, and we value collaborating with them.

We're also seeing more IPOs now than in the past. Exits have historically been challenging for VCs, but things are changing. Startups are increasingly considering IPOs or M&A routes, often involving backing from family offices or other firms.

When considering investments, personally, I look at the founder first. I envision whether they can lead a company worth USD 500 mn. You don't need to have experience as a CEO at a large firm; you can still excel at the SME level. However, if you're seeking a VC like ours, I need to see potential for scaling your business to a USD 500 mn valuation. I ask myself, can I picture this founder leading a company of that scale?

We favor the seed stage at Shorooq because we are not a silent investor. We’re active investors who engage with founders, partners, and company builders. We bring value through proactive involvement. If a founder seeks only financial backing without active engagement, then we are not the right fit. We prioritize active participation because we are deeply committed to both the success of startups and the investments we make.

We meet about 4k to 5k companies a year and invest in about 15 a year. We are uncompromising when it comes to sourcing the right opportunities. We go deep into the data, the market and the dynamics of any investment. We spend 50% of the process on portfolio value creation to assess where we can add value in the companies we invested in.

We care a lot about AI at the moment. We believe the Middle East is going to be a key player in the AI space. However, we are just scratching the surface in exploring the applications of AI.

We are currently in discussions with multiple AI firms and have led investments in AI companies like Mozn and DXWand. We are particularly interested in AI deployment within the healthcare and procurement sectors.

We are currently eyeing four new geographies to add to our core focus: Korea, Turkey, Morocco, and Tunisia. Korea has a wide tech talent pool and very affordable valuation, sometimes even cheaper than our region. We’ve also been actively investing in Saudi companies and are in talks with several more.

I start my day at 6am with a 10-minute meditation session and writing, before the world wakes up and messages start pouring in. This peaceful time allows me to gather my thoughts, whether it is addressing team issues, refining our investment strategy, or supporting our portfolio companies. At 7:30am, I talk to Mahmoud Adi (LinkedIn), my co-founding partner, about everything from minor details to major topics. By 8:30 am, my workday officially starts and I begin going through investment opportunities.

To stay organized, I start my day by setting two goals I'm going to crush, which I note down in my daily schedule template. I rely on this template to stay focused and on track throughout the day. I have sections for what I need to prepare ahead, the meetings I have scheduled, and non-urgent matters. I also have sections for cleaning emails and tracking my hydration.

Balancing work and personal life might be one of my weaknesses. Frankly, I tend to work a lot because I love my job. I try to reserve Saturdays for myself, but I often work on Fridays and Sundays. So, whenever I can, I try to enjoy the small pleasures, like having dinner with my family or friends and going out with my colleagues.

Going for a swim is my go-to to [method to] unwind everyday. I also find clarity in reading, as it allows me to reflect and learn at my own pace, using my imagination to explore new ideas.

I've recently been following Acquired, a podcast covering global tech companies’ M&As and IPOs. On YouTube, I listen to topics ranging from blockchain to the US presidential debates, to the situation in Egypt and Pakistan.

One of my favorite quotes is from Bill Gates. He said: “Most people overestimate what they can do in one year and underestimate what they can do in ten years.” At Shorooq, we had a humble start but have made significant progress over the past seven years. I'm impressed by what we've achieved and am eager for more. Even during moments of frustration or short-sightedness, our focus remains steadfast. Because in the grand scheme of things, I believe that no one can move a mountain in a year, and that achievements need time and unwavering dedication.

CALENDAR

JULY

7 July (Sunday): Islamic new year, national holiday.

13-18 July ( Saturday-Thursday): Asia-Pacific Accreditation Cooperation, Dubai.

31 July (Wednesday): Deadline for Sidara to submit another takeover bid to Wood Group.

AUGUST

3 August (Saturday): UFC Fight Night, Etihad arena, Abu Dhabi.

21-22 August (Wednesday-Thursday): Dubai Business Forum in Beijing, China.

Signposted to happen sometime in mid-August:

New regulations around telemarketing calls will go into effect

SEPTEMBER

9-11 September (Monday-Wednesday): World Utilities Congress, Abu Dhabi.

10-11 September (Tuesday-Wednesday): MENA PPP forum, Jumeirah Emirates Towers, Dubai.

10-11 September (Tuesday-Wednesday): MENA District Cooling Projects & MENA Cool Forum, Grand Hyatt Dubai, Dubai Healthcare City, Dubai.

11-12 September (Wednesday-Thursday): MENA oil and gas digitization conference, Abu Dhabi.

28-30 September (Saturday-Monday): World Association of Nuclear Operators (WANO) Biennial General Meeting, Abu Dhabi.

OCTOBER

2-3 October (Wednesday-Thursday): The World Green Economy Summit, World Trade Center Dubai.

7-8 October (Monday-Tuesday): Forex expo, World Trade Center, Dubai.

15 October (Tuesday): Deadline for the European Commission to make a decision on its probe into e&’s acquisition of PPF’s Eastern European assets.

21-22 October (Monday-Tuesday): Port Development MEA Forum, Dubai.

21-22 October (Monday-Tuesday): Roads, Bridges, Tunnels MENA Conference, Dubai.

21-22 October (Monday-Tuesday): The Alternative Investment Summit, Dubai.

24-27 October (Thursday-Sunday): International Sports Medicine Conference, Dubai.

28-29 October (Monday-Tuesday): MENA Climate Proof Forum, Dubai.

29 October-2 November (Tuesday-Saturday): Abu Dhabi Early Childhood Week, Abu Dhabi.

30 October-1 November (Wednesday-Friday): World Cities Cultural Summit, Dubai.

NOVEMBER

4-7 November (Wednesday-Saturday): ADIPEC, Abu Dhabi.

4-7 November (Wednesday-Saturday): ADIPEC Maritime and Logistics Exhibition and Conference, Abu Dhabi.

4-7 November (Wednesday-Saturday): ADIPEC Decarbonisation Accelerator, Abu Dhabi.

6 November (Friday): World Finance Forum, Dubai.

11 November (Monday): Dubai Diamond Conference, Jafza One Convention Centre, Dubai.

11-12 November (Monday-Tuesday): META Cinema Forum, Dubai.

18-20 November (Monday-Wednesday): Fastmarkets Middle East Iron & Steel 2024, Dubai.

20-22 November (Wednesday-Friday): Xpanse Abu Dhabi, Adnec Centre, Abu Dhabi

22-23 November (Friday-Saturday): Global Meet on Electronics & Electrical Engineering (GMEEE), Dubai.

23 November (Saturday): Wireless Festival Middle East, Etihad Park, Abu Dhabi.

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

Signposted to happen ahead of ADIPEC:

Changemakers Majlis, Abu Dhabi.

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.

8-12 December (Sunday-Thursday): International Desalination and Reuse Association World Congress, Adnec Centre Abu Dhabi.

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

9-12 December (Saturday-Thursday): Abu Dhabi Finance Week, Abu Dhabi.

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

FEBRUARY 2025

24-25 February (Monday-Tuesday): 3rd World Passenger Experience Forum, Dubai.

OCTOBER 2025

27-29 October (Monday-Wednesday): Asia Pacific Cities Summit, Dubai Exhibition Centre.

Signposted to happen sometime before the end of the year:

Spinneys inaugurates three more stores in KSA

Signposted to happen in 2025:

6-11 April (Sunday-Friday): Geo-Spatial Week 2025, Dubai.
3-4 June (Tuesday-Wednesday): Make-A-Wish International’s Global Wish summit, Abu Dhabi.
TBD: The Middle East Electric Vehicle Show, Expo Center Sharjah.
TBD: e& will complete Adnoc’s private 5G network.

Signposted to happen sometime in 2028:

Abu Dhabi to host the 47th Chess Olympiad.

Signposted to happen sometime in 2029:

Dubai to host the International Conference on Computer Vision.

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