Dubai’s economy grew 3.2% in 1Q 2024

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Abu Dhabi to roll out tech ventures this year + Adnoc could invest in another US LNG project -report

Good morning, friends. We have yet another busy issue for you, packed with investment news, more earnings, and fresh macro data on Dubai in 1Q 2024.

WEATHER- Expect the mercury to peak at 41°C in Dubai today, before cooling to an overnight low of 34°C. Abu Dhabi will see a high of 38°C and a low of 34°C.

WATCH THIS SPACE-

#1- Abu Dhabi to roll out tech-focused R&D ventures this year: The Advanced Technology Research Council (ATRC) plans to launch three new R&D ventures this year, focusing on data security in the quantum era, advancements in smart autonomous mobility, and agritech, according to the Abu Dhabi Media Office. The ventures will be rolled out by ATRC's commercialization arm, VentureOne, aiming to transition research into products and services and expand the innovation economy.

Also on the agenda: Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan highlighted the importance of prepping national talent in STEM fields to edge up the emirate’s global R&D standing

#2- Adnoc to invest in Woodside’s LNG project? The Abu Dhabi National Oil Company (Adnoc) could be a potential investor in Australian oil and gas producer Woodside Energy’s recently acquired US liquefied natural gas (LNG) project, alongside Saudi Aramco, Japanese buyers, and US infrastructure companies, Bloomberg cites Sydney-based MST Marquee energy analyst Saul Kavonic as saying.

Woodside plans to talk with potential investors “to put together the dream team of LNG” for its Gulf Coast Driftwood project, CEO Meg O’Neill told Bloomberg, adding that no binding agreements will be hashed out until the Australian company finalizes its acquisition of Tellurian, expected by 4Q 2024.

Background: Woodside purchased LNG export project developer Tellurian for USD 900 mn earlier this week, with the transaction including Tellurian’s Gulf Coast Driftwood project, which has faced delays since its inception in 2016. The Australian company plans to sell up to 50% of the project, and aims to make a final investment decision by 1Q 2025.

ALSO FROM ADNOC- Adnoc discussed collaborating on joint projects in the gas sector with Turkmenistan’s national oil company Turkmengaz in a video conference held between Adnoc CEO and Industry Ministry Sultan Ahmed Al Jaber and Turkmengaz’s senior management, according to a statement by the Turkmen Foreign Ministry. The talks focused on the Galkynysh gas field and Adnoc’s role in Turkmenistan’s international energy projects.

#3- Fortress Investment Group has ambitious growth plans: Mubadala-backed Fortress Investment Group expects to double its assets under management to USD 100 bn within five years, as it pushes into private wealth and ins., Fortress Investment Group co-CEO Drew McKnight told Bloomberg in an interview. “For us to compete with larger firms like Ares, Apollo and Sixth Street, we need to continue to grow assets, because if we don’t then we’ll be less relevant,” McKnight said.

The investment firm also plans to open an office in Abu Dhabi, and explore windows in venture debt and structured trades with the network brought by new hires.

Background: Mubadala finalized its acquisition of 90% of US asset manager Fortress in May, after agreeing to concede operational control and promised concessions regarding data security.

#4- The UAE will participate in planned US-mediated ceasefire talks between Sudan’s rival parties as an observer in Switzerland on Wednesday, 14 August, according to a statement by the US State Department. An invitation was extended by the US to the Sudanese army and the Rapid Support Forces to attend the talks, which will be co-hosted by Saudi Arabia and will also see Egypt, the African Union, and the UN as observers. The war in Sudan has displaced nearly 10 mn people since April 2023.

DATA POINTS-

#1- The UAE’s economy is expected to grow 3.7% in 2024, outpacing Saudi Arabia’s projected 1.3% growth, as it ramps up oil production and continues to focus on tourism, according to a Reuters poll of economists. The UAE is expected to remain the fastest-growing economy in the GCC next year as well, with growth expected to come in at 4.2% in 2025.

REMEMBER-The Central Bank of the UAE (CBUAE) projected in its June forecast that the economy will grow at a 3.9% clip in 2024.The World Bank also said in its May forecast in that the UAE is poised for a 3.9% growth rate in 2024, primarily driven by the oil sector, while the non-oil sector is also expected to demonstrate strong performance across sectors.

#2- More than 34k companies joined Dubai Chamber of Commerce in 1H 2024, marking a 5% y-o-y increase compared to the previous year, Wam reports. During the first six months of the year, the chamber’s members saw their exports and re-exports jump 6.7% y-o-y to AED 145.9 bn. The chamber also issued over 372.7k certificates of origin and processed a total of 2.4k ATA Carnets (international customs and temporary export-import documents), collectively valued at approximately AED 1.6 bn.

HAPPENING TODAY-

Economy Minister Abdulla bin Touq Al Marri arrived in India yesterday, leading a high-level delegation to explore ways to boost economic cooperation between the two countries, Wam reports. Discussions will focus on establishing new partnerships in the areas of logistics, advanced industries, entrepreneurship, SMEs, environment, and investment across government and private sectors.

A new round of Investopia Global Talks will be held in Chennai, in southern India, in tandem with the visit, with the participation of over 300 investors, entrepreneurs, and economic experts from India and UAE.

THE BIG STORY ABROAD-

Our politics-heavy summer continues, with the presidential candidacy of Kamala Harris again dominating front pages after her debut rally saw her bash Trump — who she says is “focused on the past” and would lead a country “of chaos, fear, and hate” — and a Reuters / Ipsos poll sees her fractionally ahead of Agent Orange with voters.

Harris led Trump 44% to 42%, while Joe Biden polled two points behind his archrival just before dropping out of the race. (The caveat: The Reuters poll has a margin of error of ±3%…)

Harris now has a shortlist of frontrunners from which to pick her running mate, according to Democrat donors, who say Pennsylvania governor Josh Shapiro, Arizona senator Mark Kelly (a former Navy combat pilot and astronaut), and North Carolina governor Roy Cooper are front-runners. Possible VP candidates are being vetted by Barack Obama’s former attorney-general, Eric Holder, the Financial Times reports.

AND- US Senator Bob Mendnez said he would resign on 20 August after he was convicted on corruption charges, which included bribery and acting as a foreign agent for Egypt’s government. (Reuters)

OVER IN FRANCE- French President Emmanuel Macron said he will not name a new government until after the Olympics are over to avoid “disorder,” rejecting the left’s pick for a prime minister, a civil servant named Lucie Castets. He said the New Popular Front does not have a majority within the National Assembly to ensure a “stable government capable of action” during a TV interview.

AND IN GAZA- Israeli President Benjamin Netanyahu is in Washington, where he signaled that a ceasefire could be near as he prepares for talks with Biden (and Trump on Friday) after making an address to Congress. Senior Hamas officials say he’s still stalling, Reuters reports. Israeli strikes have killed at least 80 people this week as tanks advanced deeper into Khan Younis.

IN THE BUSINESS PRESS- Earnings and AI news are getting the most ink:

#1- Tesla reported its lowest net income margin in five years and lower-than-expected earnings on the back of a drop in automotive sales. (CNBC | Reuters)

#2- Google parent Alphabet beat analyst expectations as a rise in digital ad sales and higher demand for cloud computing boosted revenues. (Bloomberg | Reuters)

#3- ON THE AI FRONT- Meta has released a new version of its AI model, Llama, that it claims rivals offerings from OpenAI and Google — with Mark Zuckerberg saying it can solve complex math problems and digest books in one go.

Zuckerbeg penned a letter defending open source AI and arguing that it will “make the world more prosperous and safer” and that what’s more dangerous is keeping AI in the hands of a small number of companies.

ALSO WORTH KNOWING- Sunday was likely the world’s hottest day on record, according to preliminary data.

CIRCLE YOUR CALENDAR-

The annual jiu-jitsu tournament, the Abu Dhabi Extreme Championship, is returning to Abu Dhabi at the Mubadala Arena on 2 August, Wam reports.

Abu Dhabi will play host to a big night for mixed martial arts fans on 3 August at Etihad arena. The UFC Fight Night will see the return of MMA champion Nick Diaz, who has been out of the limelight since 2021, as he goes head to head with Tony Ferguson.

Also set to clash: Former flyweight champion Deiveson Figueiredo will face bantamweight title challenger Marlon Vera, while world number 2 bantamweight contender Cory Sandhagen will headline against Umar Nurmagomedov.

The World ESG Summit is scheduled to take place on 20-21 August at Dusit Thani in Dubai. The two-day business conference will gather public and private sector players from key sectors like energy, utilities finance, and manufacturing to explore ESG integration across all industries.

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

Dubai’s GDP grew 3.2% in 1Q 2024

Dubai saw its GDP expand 3.2% y-o-y to over AED 115 bn in 1Q 2024, Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said in a statement. Trade, transport, financial activities, real estate, and manufacturing collectively accounted for some 64% of the emirate’s total economic growth, while the remaining sectors contributed 36% to overall growth.

The biggest contributors:

The wholesale and retail sector was the top contributor to GDP, accounting for 22.9% of GDP and growing 2.8%;
The transport and storage sector grew 5.6% y-o-y to account for 13.4% of GDP;
The financial and ins. sector climbed 5.6% y-o-y, contributing 13.1% to GDP;
Manufacturing and real estate each accounted for 7.3% of GDP.

REMEMBER- Dubai’s economy rose 3.3% y-o-y clip in 2023 to AED 429 bn, with the real estate sector among those seeing the highest growth rates at 5.6% y-o-y, alongside transport and storage, which also saw a 9.2% jump.

Dubai is on par with Abu Dhabi’s growth this year: Abu Dhabi saw its GDP expand 3.3% y-o-y in 1Q 2024 to AED 286 bn, with the non-oil economy growing 4.7% y-o-y..

Adnoc L&S + Wanhua Chemical Group JV AW Shipping places a USD 1.9 bn order for 11 alternative fuel carriers

Adnoc + Wanhua JV place USD 1.9 bn carrier order: AW Shipping, a joint venture between the UAE's Adnoc Logistics and Services and China's Wanhua Chemical Group, has placed an order worth USD 1.9 bn for 11 dual-fuel carriers from China’s Jiangnan Shipyard, with deliveries starting next year, according to a statement. The move aims to enhance Adnoc’s capacity to transport lower-carbon energy sources.

Order breakdown: AW Shipping ordered nine Very Large Ethane Carriers (VLECs) valued at USD 1.4 bn, and two Very Large Ammonia Carriers (VLACs) valued at USD 250 mn, with an option for two additional VLACs at the same price, according to the statement.

Details: The VLEC carriers — which rank among the largest ethane and ammonia carriers globally — will be operated under a 20-year time charter contract, and are expected to generate USD 4 bn in revenues. The VLECs, scheduled for delivery between 2025 and 2027, will each have a carrying capacity of 99k cubic meters and can be powered by ethane or conventional fuels. The VLACs, set for delivery between 2026 and 2028, will have a carrying capacity of 93k cubic meters and will be powered by liquefied petroleum gas (LPG) or conventional fuels.

Eyeing expansion: “This new order by AW Shipping reinforces ADNOC L&S’ ongoing fleet expansion and will bolster our ability to transport lower-carbon energy sources and support the energy transition,” Andoc L&S CEO and AW Shipping Chairman Abdulkareem Al Masabi said.

All part of a big post-IPO investment plan: The order is part of an expansion strategy unveiled ahead of Adnoc L&S’ landmark USD 769 mn IPO last year, which will see it shell out USD 5 bn in investments in the medium term.

Background: AW Shipping, formed in 2020, looks to develop the industrial relationship between China and the UAE. The JV was supported in 2018 by a 10-year LPG supply contract inked by the pair, according to a statement. Under the JV, Adnoc group and global suppliers offer its LPG cargo and other petroleum products, which are transported to Wanhua Group’s global manufacturing bases.

Adia mulls EUR 1 bn investment into Nestlé’s Froneri + invests in European asset manager Arrow Global’s real estate strategy

Adia eyes Haagen-Dazs parent company: Abu Dhabi Investment Authority is mulling investing at least EUR 1 bn in Nestlé’s ice cream joint venture with buyout firm PAI Partners, Froneri, which owns brands including Haagen-Dazs, Bloomberg reports, citing people with knowledge of the matter. The investment would potentially value Froneri at over USD 10 bn.

In context: This comes as co-owner PAI Partners looks to hold on to its 50% stake in Froneri for longer, with the PE firm seeking new investors, including sovereign wealth funds, for a continuation fund, which could also see it sell a minority stake to a long-term investor.

Uh, Enterprise, what’s a continuation fund? Continuation vehicles are becoming increasingly popular amid a slowdown in dealmaking in the West, with private equity firms moving old assets to new vehicles, allowing existing investors to either cash out and make room for new investors or roll their investments.

It’s still early stages: Adia tapped advisors to proceed with the investment, the sources said, adding that other investors could still emerge.

About Froneri: The company was established in 2016 as a 50:50 merger of Nestlé’s European ice-cream operations with PAI’s R&R Ice Cream, which the buyout firm acquired in 2013 for EUR 929 mn.

OTHER ADIA NEWS-

Adia invests in Arrow Global’s European real estate lending strategy: A subsidiary of Abu Dhabi Investment Authority (Adia) committed USD 400 mn to support London-based alternative asset manager Arrow Global’s European real estate lending strategy, according to a press release. The strategy provides senior secured capital to borrowers delivering high-quality, liquid real estate assets, supporting developers throughout their project lifecycles.

It’s not their first tie-up: The Abu Dhabi sovereign wealth fund previously invested in Arrow Global’s credit strategy, according to the statement.

Adia ❤️ European real estate…: The sovereign wealth fund upped its commitment to London-based alternative asset manager Cheyne Capital ’s capital solutions strategy — offering senior loans against European real estate — to GBP 650 mn (USD 831 mn) earlier in March.

… and private credit: ADIA previously ventured into private credit last year, backing a USD 5 bn fund launched by Wells Fargo alongside asset manager Centerbridge and making a USD 932 mn investment in Australian real estate private credit company Qualitas Diversified Credit Investments. It also anchored European private credit manager Pemberton Asset Management’s new NAV strategic financing strategy in June, and poured USD 1 bn into Barclays and AGL Credit Management’s new private credit fund.

Adnoc, Borouge to develop polyolefins complex in China

Borouge, Adnoc conduct feasibility study for China polyolefins complex: A consortium of Abu Dhabi National Oil Company (Adnoc), Abu Dhabi-based petrochemicals firm Borouge, and Austrian polyolefin manufacturer Borealis will conduct a feasibility study to develop a speciality polyolefins complex in China, according to a press release (pdf). The project’s final financial and structural details will be determined after finalizing the feasibility study.

The complex will be built through a 50:50 joint venture between the consortium and Wanrong New Materials, under a project collaboration agreement the consortium inked with Wanrong and its parent company, Chinese chemicals firm Wanhua Chemical.

About the facility: The proposed complex — set to be located in China’s Fujian Province — is planned to have an annual production capacity of 1.6 mn tons of specialty polyolefins. As part of the feasibility study, the consortium will explore the deployment of AI in the complex to enhance its automated operations.

The complex will expand Borouge’s footprint in China, as it “builds on the robust economic ties between the UAE and China, and offers the potential to create value for Borouge shareholders,” Borouge CEO Hazeem Sultan Al Suwaidi said.

REMEMBER- Adnoc and Austria-based integrated oil and gas company OMV are in talks to merge the two plastic units — Borealis and Borouge — but the transaction is facing delays due to changes in management, elections in Austria, and sticking points over technicalities of the merger. The agreement, initially announced in July last year, is expected to be worth some USD 30 bn as the two companies create a combined petrochemical holding entity.

DIB posts 6.7% growth in net income in 2Q + Sukoon Takaful in the black

Dubai Islamic Bank (DIB) saw its net income climb 6.7% y-o-y to AED 1.71 bn during 2Q 2024 on the back of a strengthening balance sheet, according to its financial statements (pdf). The lender reported a 16.5% y-o-y increase in its top line to AED 5.68 bn during the three-month period.

DIB had a good half: The bank recorded AED 3.38 bn in net income for 1H 2024, marking an 8.6% y-o-y increase compared to last year, DIB said in an earnings release (pdf). DIB’s top line rose 21.3% y-o-y to AED 11.3 bn during the first six months of year.

SUKOON TAKAFUL-

Sukoon Ins. subsidiary Sukoon Takaful turned to the black with AED 2.6 mn in net income in 2Q 2024, compared to AED 9.3 mn in incurred losses during the same period last year, according to its financial statements (pdf). Takaful revenues came in at AED 6.6 mn, compared to losses of AED 567k in the same period last year.

The ins. firm narrowed its accumulated losses to AED 45.9 mn by the end of 2Q 2024, representing 29.8% of its paid-up capital, according to a bourse filing (pdf). The reduced losses allowed Sukoon Takaful to retain AED 5.5 mn of its earnings for 1H 2024.

Khalifa University has a new president + Abu Dhabi Executive Council names new director general of endowments

The Abu Dhabi Executive Council tapped Ebrahim Saeed Al Hajri (LinkedIn) as the president of Khalifa University of Science and Technology, according to a statement. Alhajri boasts over a decade of leadership experience in management and higher education, with key roles at The Petroleum Institute and Emirates College for Advanced Education, according to the university’s website.

The Abu Dhabi Executive Council named Fahad Abdul Qader Al Qassim the new Director General of the Endowments and Minors’ Funds Management Authority, Wam reports.

Shorooq Partners leads USD 1.5 mn investment in Pakistani startup Zyp

INVESTMENT-

#1- Shorooq Partners fuels Pakistan’s Zyp Technologies expansion: Abu Dhabi-based venture capital firm Shorooq Partners led a USD 1.5 mn pre-series A funding round for Pakistan’s smart mobility solutions startup Zyp Technologies, Shorooq Partners stated in an X post. The funding will allow Zyp to open over 60 battery swap stations and deploy 1k motorcycles across Lahore over the coming year, according to a press release. Indus Valley Capital, an existing investor, doubled their investment during this round and several angel investors also participated in the round.

About Zyp Technologies: Founded in 2022, the startup operates two complementary lines of business, Zyp Energy — which runs battery swap stations for motorcycles — and Zyp Motor — which supplies delivery companies with electric motorcycles and fleet management software.

#2- Changer.ae gets a new license: Crypto custodian Changer.ae will now be able to become an investment broker under a new license it obtained from Abu Dhabi Global Market’s regulator the Financial Services Regulatory Authority, it said on LinkedIn. The license allows Changer to buy and sell financial instruments on behalf of investors.

About Changer.ae: Changer.ae launched its services last year after obtaining the regulator's license for providing financial services, allowing investors to securely store and manage their virtual assets. The company also plans to launch escrow and cryptocurrency conversion services, Unlock Blockchain News Desk previously reported.

#3- Umm Al Quwain greenlights new investment strategy: Umm Al Quwain’s new investment strategy, ratified by Crown Prince Sheikh Saud bin Rashid Al Mualla on Monday, will focus on attracting investments in logistics, tourism, manufacturing, and real estate development, Wam reports. The strategy identifies a number of projects and initiatives to attract investments over the coming years.

The new strategy was drafted by Umm Al Quwain’s Investment Development Committee in a bid to boost investments and back the business environment in the emirate. The committee was established in March per a decree from the crown prince.

STARTUPS-

Ogram secures funding to tap into Saudi Arabia: Dubai-based HRtech startup Ogram closed a funding round for an undisclosed sum that will be used to finance its plan to enter the Saudi market, according to a statement picked up by Wamda. The funding round was led by Oraseya Capital with participation from Aditum Investment Management and Everywhere VC. The startup raised USD 3 mn from its series A round last year.

About Orgam: The startup, founded in 2017, is a digital staffing platform that allows businesses to book staff on-demand. It currently operates in the UAE and Greece, with staff fulfillment rates in both locations crossing 90%, with double-digit growth in shifts in the UAE and triple-digit growth in shifts in Greece per month.

More in the pipeline: Ogram is currently gearing up for a series B funding round and potential M&A activities in 4Q 2024.

BANKING-

ADCB launches Sharia-compliant banking services in Kazakhstan: Abu Dhabi Commercial Bank’s (ADCB) Al Hilal Islamic Bank will now provide corporate financial services in Kazakhstan under ADCB's Islamic Banking division, a press release (pdf) reads.

ADCB's Kazakhstan branch will rebrand to focus on corporate banking, eventually phasing out retail services and assisting customers with the switch to new banking options.

RETAIL-

Alshayah expands Aura rewards program with new credit card: Kuwait-based retail franchise operator Alshaya Group teamed up with Mastercard to launch Aura co-branded credit cards in several countries including, Kuwait, Saudi Arabia, the UAE and Qatar — where the loyalty program already exists — to offer additional benefits to Aura members, according to a statement from Alshaya. No further details were provided on the extra benefits Aura members will get from using the credit cards.

CRYPTO-

Phoenix Group to set up a mining facility in the US: ADX-listed crypto miner Phoenix Group is developing a 25 MW crypto-mining facility in Willamette, South Carolina, the firm said in an ADX disclosure (pdf). This expansion will enhance both revenue and profitability for Phoenix Group’s core operations, which include data center and digital asset mining operations.

TOURISM-

Sharjah to roll out new attractions in Kalba: Sharjah’s Kalba will be getting a heritage museum, a park surrounding the flood-affected Khor Kalba Fort, and a walkway — dubbed Kalba Gate — connecting the Hanging Gardens to Al Hefaiyah Lake, Wam reports.The plans were announced by Sharjah Ruler Sheikh Sultan bin Muhammad Al Qasimi earlier this week.

TECH-

PowerDMARC expands to Dubai: SaaS platform PowerDMARC opened a new office in Dubai’s tech freezone Dubai Silicon Oasis in a bid to broaden its reach in the Middle East as part of its global expansion plan, according to a press release. The new location added to PowerDMARC’s offices in Texas, Armenia, and Oman, will enable the platform to provide improved services to its local clients and offer customized solutions for businesses, service providers, and government agencies across the region.

SUSTAINABILITY-

The Dubai Electricity and Water Authority (Dewa) replaced all water meters in Dubai with smart meters, after installing 1 mn smart meters as of the start of June, Wam reports. Smart meters cut Dubai's water losses to 4.6% in 2024, saving roughly 12.5 bn gallons worth AED 451.3 mn.

Insurers braces for a torrent of claims after CrowdStrike goof

The ins. industry could face business interruption claims worth bns of USD after a global tech outage last week triggered by a bad software update from cybersecurity outfit CrowdStrike, Financial Times writes. Leading ins. broker Aon said the outage was set to become “the most important” incident of its kind since the NotPetya cyberattack in 2017.

ICYMI- Blue screens of death for everyone: A routine software update to CrowdStrike’s Falcon Sensor software on Friday threw some 8.5 mn machines running Microsoft Windows into boot loops. The glitch affected dozens of institutions worldwide — including Saudi companies, airports, and government agencies — among many others.

Some already have an estimated cost: Burns & Wilcox liability broker Derek Kilmer sees an ins. loss of at least USD 1 bn with the figure possibly coming in even higher. PA Consulting sees thousands of claims due to the global outage with claims worth multiple bns.

Others had a more guarded outlook, saying it’s too early to guess how much insurers will have to pay out: Many companies can only file claims if tech outages disrupt operations for 6-12 hours or more, while others have caps on the value of damages they can pursue.

MARKETS THIS MORNING-

Asian markets are seesawing in early trading, with the ASX 200, Nikkei, and Hang Send all down slightly, while the Kospi and Shanghai Composite were flat at dispatch time. Futures point to selling pressure in both major European markets and on Wall Street later today.

ADX	9,234	-0.5% (YTD: -3.6%)
DFM	4,216	+0.9% (YTD: +3.9%)
Nasdaq Dubai UAE20	3,651	+0.6% (YTD: -5.0%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.9% o/n	5.0% 1 yr
TASI	12,106	-0.6% (YTD: +1.2%)
EGX30	29,195	+0.7% (YTD: +17.3%)
S&P 500	5,556	-0.2% (YTD: +16.5%)
FTSE 100	8,167	-0.4% (YTD: +5.6%)
Euro Stoxx 50	4,917	+0.4% (YTD: +8.7%)
Brent crude	USD 81.01	-1.7%
Natural gas (Nymex)	USD 2.16	-1.2%
Gold	USD 2,457	+0.1%
BTC	USD 65,953	-3.2% (YTD: +56.0%)

THE CLOSING BELL-

The ADX fell 0.5% yesterday on turnover of AED 992.1 mn. The index is down 3.6% YTD.

In the green: Hayah Ins. Company (+6.0%), Bank of Sharjah (+2.7%), and Agility (+2.6%).

In the red: Apex Investment (-3.4%), Sudatel Telecommunications Group (-2.7%), and National Marine Dredging Company (-2.3%).

Over on the DFM, the index rose 0.9% on turnover of AED 596 mn. Meanwhile Nasdaq Dubai closed up 0.6%.

CORPORATE ACTIONS-

DAE cuts outstanding bonds through repurchase program: Dubai Aerospace Enterprise (DAE) purchased USD 10 mn notes due in 2026 from DAE Sukuk (DIFC) and nearly USD 3.6 notes due in 2028 from DAE Funding, according to a Nasdaq disclosure (pdf).

REMEMBER- DAE is resuming its bond repurchase program, which will allow it to buy back to USD 266 mn of its outstanding bonds.

UAE inks transport, agriculture agreements with Paraguay

#1- UAE, Paraguay to boost economic and trade ties: International Cooperation Minister Reem bint Ebrahim Al Hashimy inked an MoU with Paraguay’s Foreign Affairs Minister Rubén Ramírez Lezcano to cooperate on transportation, including airport development and logistics, after discussing furthering bilateral relations with the Paraguay Minister, Wam reports. Al Hashimy also inked an MoU on agriculture and food security with Paraguay’s Agriculture Minister Carlos Giménez Díaz.

Al Hashimy met with Paraguay President Santiago Peña to discuss ramping up bilateral relations in sustainability, economy, and infrastructure development, according to Wam. The meeting also covered investment windows in logistics and transportation, including airports and the Bi-Oceanic Corridor agreement inked during COP28 between the UAE, Brazil, Paraguay, Argentina, and Chile.

PLUS- Al Hashimy visited Uruguay to discuss bilateral ties and review the progress of the ongoing UAE-Mercosur economic partnership agreement negotiations, following the completion of the first negotiation round in early July, Wam reports separately.

#2- The UAE signed an MoU with Indonesia to boost cooperation in public financial management, partnering on areas such as macro and fiscal policy, debt management, and climate finance, Wam reports. The agreement also establishes a joint council to ensure effective implementation and monitoring of progress.

ICYMI- Indonesian President Joko Widodo wrapped up a two-day visit to the UAE last week, where he met his Emirati counterpart Sheikh Mohamed bin Zayed Al Nahyan at Qasr Al Watan in Abu Dhabi. The two leaders signed a raft of MoUs, building on the comprehensive economic partnership inked between the two countries in 2022. The visit also saw the UAE’s Eagle Hills ink an agreement for a sizable real estate investment ticket, as well as cooperation on the banking front.

CALENDAR

JULY

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

AUGUST

2 August (Friday): Abu Dhabi Extreme Championship, Mubadala Arena, Abu Dhabi.

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

14 August (Wednesday): UAE to participate in ceasefire talks co-mediated by the US and KSA between the warring factions in Sudan.

20-21 August (Tuesday-Wednesday): The World ESG Summit, Dubai.

21-22 August (Wednesday-Thursday): Rex Fuels Global Expo & Conference 2024- Bitumen, Petrochemicals & Products, Dubai.

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

25 August (Sunday): Deadline to register for the AI Challenge.

Signposted to happen sometime in mid-August:

New regulations on 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.

16-18 September (Monday-Wednesday): World Utilities Congress, Abu Dhabi.

23-25 September (Monday-Wednesday): WorldFreezonesOrganization’s Annual International Conference and Exhibition, Dubai.

25-26 September (Wednesday-Thursday): Green Steel Summit, Dubai, UAE.

25-26 September (Wednesday-Thursday): Global Aerospace Summit, Abu Dhabi, UAE.

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

30 September (Monday): Dubai Podfest, World Trade Center, Dubai.

OCTOBER

1-3 October (Tuesday-Thursday): Water, Energy and Environment Technology Exhibition, Dubai.

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.

8-10 October (Tuesday-Thursday): The Global Rail Transport Infrastructure Exhibition and Conference(Global Rail), Abu Dhabi.

14-18 October (Monday-Friday): IEEE/RSJ International Conference on Intelligent Robots and Systems, Adnec Centre, Abu Dhabi.

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.

26-27 October (Saturday-Sunday): International Conference on Tourism, Transport, and Logistics, 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

3-10 November (Sunday-Sunday): Dubai Premier Padel P1, Dubai Dutyfree Tennis Stadium, Dubai.

4-7 November (Monday-Thursday): 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.

11-14 November (Monday-Thursday): Abu Dhabi International Petroleum Exhibition & Conference, Abu Dhabi.

11-14 November (Monday-Thursday): ADIPEC Maritime and Logistics Exhibition and Conference, Abu Dhabi.

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.

26-27 November (Tuesday-Wednesday) Global Food Security Summit, Adnec Centre 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.

10-12 December (Tuesday-Thursday): Middle East Investor Relations Association (MEIRA), Conrad Abu Dhabi Etihad Towers Hotel, Abu Dhabi.

JANUARY 2025

1 January (Wednesday): ADGM to slash licensing fees for retail and non-financial firms, and hike fees for finance firms.

14-16 January (Tuesday-Thursday): World Energy Summit, Abu Dhabi.

FEBRUARY 2025

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

24-26 February (Monday-Wednesday): Connecting Hydrogen MENA, Dubai.

APRIL 2025

16-17 April: Global Ports 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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