Non-oil business growth continues downward trend

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Deadline pushed for Adia consortium to finalize bid for Hargreaves Lansdown + Abu Dhabi’s hotel occupancy rates to hit new record this summer?

Good morning, everyone. We have a packed issue for you this morning, with fresh PMI data for July showing continued slowing momentum in the non-oil business sector; Sidara dropping its takeover bid for Wood Group; Abu Dhabi Investment Authority offloading a stake in Galderma, and much more.

But first, it was an eventful day for global stock markets…

THE BIG STORY ABROAD-

Equity markets have endured after a “brutal” sell-off that wiped USD 6.4 tn from global stock markets, triggered by concerns about the US economy potentially slowing faster than expected while the Fed keeps policy rates unchanged.

REMEMBER- Last Friday, the US released its July payroll data, showing slower job growth and unemployment rising to 4.3%. The news caused a big selloff, with stocks and bonds taking a hit. Earlier reports about weak manufacturing and construction only made things worse.

Where the day ended: US markets all ended in the red, despite paring back some of their losses during the day as “encouraging” US services data helped to steady markets. Treasury yields also clawed back some losses following the fresh data. Still, all three major US indexes were down more than 2.5%:

S&P 500: -3.0%
Dow: -2.6%
Nasdaq Composite: -3.4%

Tech shares were among the worst performers, with Nvidia closing down 6.4%, Apple falling 4.8%, and Tesla dropping 4.2%.

Our part of the world wasn’t spared: It was also a sea of red in Middle Eastern markets, with the DFM closing down 4.5%, the ADX falling 3.4%, the EGX falling 2.3%, and Tadawul closing down 2.1%.

Panic mode on: Wall Street’s “fear gauge” — Cboe Volatility Index (VIX) — settled around 38, after peaking at 65, its highest point since the early days of the pandemic. A VIX level above 30 is considered high, indicating significant market fear or uncertainty. While a level below 20 is typically considered low.

Over in the forex and crypto markets:

JPY: Rose to a seven-month high against the USD.
Malaysia’s MYR: Hit its highest level against the greenback since April 2023.
BTC dropped to USD 54k on Monday, down from USD 62k on Friday.

WHERE THINGS STAND TODAY- The Nikkei is up in early trading, rising more than 8% within minutes of trading opening this morning to pare back some of its losses from yesterday. The index was down 12.4% yesterday, marking its worst crash since 1987, which added to worries about global market instability.

The story is single-handedly leading the conversation everywhere this morning: Financial Times | Bloomberg | Reuters | WSJ | CNBC

MEANWHILE- Bangladeshi Prime Minister Sheikh Hasina fled to India yesterday after stepping down following weeks of violent anti-government demonstrations.

PUBLIC SERVICE ANNOUNCEMENT-

#1- The Foreign Affairs Ministry is urging Emirati citizens in the UK to steer clear of areas witnessing riots and protests, and avoid crowded areas, the UAE Embassy in London said in a statement on X. Citizens should call the UAE Embassy in London (on 0097180024 and 0097180044444) in the case of emergency and register on the Twajudi service for consular services.

ICYMI- The UK is seeing anti-immigrant protests and far-right violence erupt across several cities, after a mass stabbing in Southport last Tuesday was falsely linked to immigrants and Muslims online, with counter-protests later erupting.

#2- Emirates canceled flights to Bangladesh yesterday and today amid ongoing unrest in the country, according to a travel update, while sister budget carrier Flydubai revised its flight schedule so that flights operate during daytime hours, Gulf News reports.

WEATHER– Expect to see cloudy skies until Thursday, with a chance of rainfall, particularly in the East and South regions, according to the National Center of Meteorology’s forecast.

The mercury will soar to 42°C today in Dubai before dropping to an overnight low of 35°C. Meanwhile, in Abu Dhabi, temperatures will peak at 41°C, with a low of 34°C.

WATCH THIS SPACE-

Adia’s consortium has until Friday to formalize Hargreaves bid: A consortium of the Abu Dhabi Investment Authority (Adia) and private equity firm CVC Capital will now have until 9 August to submit a formal offer to acquire UK’s investment firm Hargreaves Lansdown, after Hargreaves Lansdown extended a previous deadline of 5 August, according to a London Stock Exchange filing.

REMEMBER- Hargreaves Lansdown granted Adia and CVC Capital due diligence in July, after the consortium submitted a fourth bid following several rejections, valuing it at around GBP 5.41 bn. Hargreaves’ board said at the time it was willing to recommend the proposal. Investors have reportedly raised concerns over the fairness of the proposed takeover for Hargreaves’ shareholders, with the main sticking point being the weeding out of funds that will be unable to retain their stakes in Hargreaves following its delisting from the LSE, the Financial Times reported earlier.

IN OTHER ADIA NEWS- Adani Energy Solutions’ wrapped a USD 1 bn secondary share sale in which the Abu Dhabi Investment Authority (Adia) was reportedly an investor, Reuters reports. The qualified institutional placement (QIP) also saw substantial interest from US investors, Indian mutual funds, and ins. companies, and was 6x oversubscribed. The funds raised will be allocated to power transmission investments, smart metering projects, and debt repayment.

DATA POINTS-

#1- Dubai Chamber of Commerce businesses reported AED 145.9 bn in exports and re-exports in 1H 2024, and issued over 372k certificates of origin, according to a statement. The GCC region led as the top export destination with AED 78.9 bn in trade, representing 53.9% of the total. Non-GCC MENA countries followed, accounting for 23.9% with AED 34.9 bn, while African markets were the third top destination with AED 14.5 bn, accounting for 9.9% of the total.

#2- Real estate transactions in Dubai grew 59% y-o-y to a record 17k transactions in July, with transaction value standing at an all-time high of AED 55.5 bn during the month, up 57% y-o-y, Property Finder said in a press release. The off-plan market accounted for the lion’s share of transactions, with 9.3k transactions, up 77% y-o-y, worth some AED 19.4 bn in value, up 54% y-o-y. Meanwhile, the ready market drew some AED 36 bn across 8.4k transactions during the month.

#3- Abu Dhabi’s hotel occupancy rates are expected to reach a record 80% in July and August 2024, VP of Marketing at Rotana Hotels Amal Harb told Al Etihad, while IHG Hotels and Resorts head of commercial operations for India, Middle East, and Africa, Tarek Labib expects an occupancy rate of around 72% this summer.

Abu Dhabi’s hotels welcomed 1.25 mn tourists in summer 2023, up 21% y-o-y compared to the recorded 1 mn tourists in summer 2022, Al Etihad reports, citing data from the emirate’s Department of Culture and Tourism. June 2023 alone saw a 33% y-o-y growth in hotel guests, while July saw a 23% y-o-y increase in occupancy rates and August saw a 22% y-oy increase. This growth was driven by a surge in hotel demand and an influx of tourists, with Yas Island posting the highest levels of occupancy in the emirate.

OLYMPICS-

Day 10 was nowhere near as eventful as day 9, but here are some of the highlights.

Swedish pole vaulter Armand Duplantis — aka Mondo — was the star of the Paris Olympics yesterday. Mondo secured the pole vault gold and broke his own record suspending the bar 6.25m.

The Egyptian Pharaohs lost 3-1 to host France in the semifinal of the men’s Olympic football tournament last night. Team Egypt scored the match’s first goal, before France scored in the last 8 minutes of the match and pushed the match into extra-time. Egypt will face Morocco on Thursday, where they will play for the bronze.

TEAM UAE- UAE rider Omar Al Marzooqi qualified for the final of individual showjumping — which you can catch today at 12pm — after finishing 21st out of 66 competing. His teammates, Abdullah Al Marri and Salim Al Suwaidi are both out of the competition.

The medal standings now at the Paris Olympics:

United States (21 gold, 79 overall)
China (21 gold, 53 overall)
France (13 gold, 48 overall)
Australia (13 gold, 33 overall)
Great Britain (12 gold, 42 overall)

Want to see when your favorite sport is on? Check out the official schedule here.

MEANWHILE- Are you planning to be in Egypt on 24 September? You may be interested in attending our 2024 Enterprise Finance Forum. Seating is strictly limited at our flagship, invitation-only forum for C-suite executives and other senior leaders.

Why attend? We’re in the early days of a generational realignment of power in our industry — in our region and beyond — and on the cusp of the biggest intergenerational transfer of wealth the world has ever seen. With that as the backdrop, we’re going to take stock of where we stand six months after the float of the EGP and ask what’s next for finance in Egypt and the wider region. Among the questions we’ll be asking:

What roles will Egypt, Saudi and the UAE play in the regional industry going forward?
What are foreign investors looking for right now?
Is real estate the only asset class in Egypt?
What does the next generation of leaders think as they take over established family businesses?

Do you want to request an invitation? Tap or click the image below.

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CIRCLE YOUR CALENDAR-

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.

The Sharjah Entrepreneurship Centre (Sheraa) is accepting applications for the AccessSharjah Challenge until 5 September, offering two grants worth AED 250k to two startups in the sectors of agritech and livestock health. Shortlisted startups will receive mentorship to help them expand.

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

Non-oil business activity slows to a three year low in July

Non-oil business activity rose at the slowest pace in almost three years in July, due to rising competition and input prices, and growing backlogs, according to S&P Global’s UAE Purchasing Managers’ Index (pdf). The country’s headline reading dipped to 53.7 in July, from 54.6 in June, yet still remained above the 50.0 neutral threshold.

The report attributed the ongoing growth to “rising inflows of new work, ongoing projects and improved supply chain conditions.” Demand remained strong with businesses continuing to grow their sales, though at the slowest pace since April, the report said. International demand saw a notable boost, with exports rising at their second-fastest pace in nine months. However, intense competition led to a decline in new order volumes for some firms.

The main reason behind the slowing momentum? Business capacity. Backlogs surged in July due to supply and administrative lags, causing inventory volumes to slightly fall for the first time in almost four years, as firms dug into their inputs to avoid project overruns. Businesses also noted that increased competition drove up backlogs, as non-oil firms looked to retain more clients amid rising competition. Despite this, job creation dipped to a six-month low.

Price pressures were high: Input price inflation hit a two-year high in July, accelerating for the fourth consecutive month on the back of rising material costs, and higher wages and overheads. Selling prices climbed to a six-year peak for the second month running, though fierce competition tempered cost pass-through.

The outlook is still positive: “The PMI suggests that the non-oil sector is expanding solidly and could be strengthened if companies start to get on top of their workloads. Firms are generally optimistic of this, with confidence in the year ahead remaining strong, while hiring also continued in a bid to raise staff capacity,” said S&P Senior Economist David Owen.

DUBAI-

Dubai’s PMI mirrored the UAE’s: Heightened competition drove the PMI down to 52.9 in July, down from 54.3 in June, its lowest reading in two and a half years. The index indicated a slower, yet solid, improvement in the non-oil private sector, with new orders weakening amid rising competition, and output growth slowing to its weakest level since September 2021, leading to lower hiring levels.

Purchasing levels dropped at the second-fastest pace on record in July, due to rising material costs and the need to deplete existing stocks. Input prices surged at their fastest rate in two years, leading to a third consecutive rise in output charges.

ELSEWHERE IN THE REGION-

Egypt’s non-oil private sector activity dipped slightly to 49.7 (pdf) in July, from 49.9 in June, settling right below the 50.0 mark and reaching its second-highest level in three years;
Saudi Arabia’s business activity growth fell (pdf) for a third month straight to 54.4 in July, from 55.0 in June, as output levels, purchasing activity, and new exports rose, despite a lull in new orders and growing competitive pressures.

Sidara backs out of plans to buy out Wood Group

Dubai’s Sidara backed out of its plans to acquire British oil services and engineering firm Wood Group, it said in a statement yesterday. The Dubai-based firm cited geopolitical risks and financial market volatility as reasons for its change of plans. EnterpriseAM UAE was unable to reach company representatives.

ICYMI- Sidara had until 9 August to submit its final offer to acquire Wood Group after the board approved the extension of the initial deadline set for the end of July. After Wood rejected three previous bids, Sidara was granted due diligence and allowed to engage with Wood in June.

REMEMBER- Sidara submitted four acquisition bids for Wood Group, which were all rejected for “significantly undervaluing” the company. The engineering and consulting firm’s latest bid saw it offer to acquire Wood Group at GBP 2.3 per share, valuing the company at up to GBP 1.59 bn, which it said would be its final offer.

One of Wood’s biggest markets is the Middle East: The Middle East and Africa contribute about 18% of the construction company’s revenues, according to its 2023 annual report (pdf). Israel’s ongoing war in Gaza as well as the brewing war between Israel and Lebanon — and Iran — is fueling geopolitical uncertainty in this corner of the world.

This isn’t the first acquisition bid for Wood to fall through: The company’s shareholders have urged it to consider listing in the US or selling the company after negotiations with buyout group Apollo to buy the company fell through. Apollo’s bid — which it withdrew last month — had valued the company at GBP 1.66 bn at the time. Wood’s shares had fallen about 25% over the past year, Bloomberg reports, giving it a market value of GBP 1.1 bn.

Market reax: Wood Group’s shares plunged 40% on the news.

Abu Dhabi Investment Authority consortium offloads 10% of Galderma to L’Oréal

Adia subsidiary to sell 10% of Galderma: An Abu Dhabi Investment Authority (Adia) subsidiary, alongside EQT-led Sunshine SwissCo, and Singapore’s Auba Investment will sell a 10% stake in Swiss skincare company Galderma to French L’Oréal for an undisclosed sum, according to a press release (pdf). Analysts peg the value of the stake at EUR 1.7 bn or USD 1.85 bn based on its CHF 66.96 closing price on Friday, the Financial Times reports.

Current ownership: The exact size of Adia’s stake in Galderma following the sale is unclear, but the consortium collectively owned 77.21% of the company before the stake sale, according to the SIX Swiss Exchange.

Background: In 2019, a consortium of Adia, Swedish private equity company EQT, and Singapore’s GIC acquired Galderma — formerly Nestlé Skin Health — for CHF 10.2 bn (c.USD 11.9 bn) from Nestlé. Initially established as a 50/50 JV between L’Oréal and Nestlé, L’Oréal sold off its 50% ownership stake in Galderma to Nestlé in 2014.

REMEMBER- Galderma went public on the SIX Swiss Exchange in March, raising CHF 2.3 bn (USD 2.6 bn) in an IPO that marked Switzerland’s biggest since 2017. The consortium remained a majority shareholder in Galderma following the market debut.

Abu Dhabi’s IHC sets up trade-focused holding company

Abu Dhabi’s USD 895 bn International Holding Company (IHC) set up a new global finance and trade facilitation holding company dubbed Rorix Holdings, it said in an ADX disclosure (pdf). Rorix Holdings will focus on financial services, trade finance, advisory, commodities, and trade ins.

The game plan: Rorix will “leverage the latest technologies and trade solutions” to facilitate sustainable growth for businesses, aiming to boost trade volumes and attract foreign investment. The company plans to seek partners in the UAE and globally, in sectors spanning trading, financial services, commodities, logistics, and distribution, as the UAE expands its trade agreements with other countries.

What they said: The company will “play a crucial role in realizing the UAE’s vision in facilitating seamless trade across borders and will serve as a crucial enabler for traders, service companies, entrepreneurs, and SMEs seeking new markets,” IHC CEO Syed Basar Shueb said.

This marks IHC’s second new holdco this year: IHC set up 2PointZero earlier in January as a holding company with some AED 100 bn (USD 27 bn) of assets under its umbrella, including Chimera Investment, private-markets focused firm Lunate, crypto mining player Citadel Technologies, Middle-East focused Sagasse Investments, Egypt’s Beltone Financial Holding, as well as Abu Dhabi’s International Resources Holding.

Adnoc, Alpha Dhabi JV Enersol snaps up 100% of EV Holdings

Enersol to fully acquire EV Holdings for USD 45 mn: Enersol, a joint venture between Adnoc Drilling and Alpha Dhabi, is set to acquire drilling visualization and analytics firm EV Holdings for USD 45 mn from UK private equity firm Dunedin, according to a press release (pdf). The acquisition is still pending regulatory approvals.

We knew this was coming: Adnoc Drilling CFO Youssef Salem told EnterpriseAM UAE in June that Enersol is nearing the acquisition of controlling stakes in three oilfield services technology companies specializing in the precision manufacturing, completion, and intervention segments, with the transactions expected to be finalized in 3Q 2024.

This acquisition marks Enersol’s third this year, after the JV snapped up a majority 51% stake in manufacturing solutions provider NTS Amega for USD 58 mn last month and raised its stake to 67.2% in US oil engineering firm Gordon Technologies in a USD 270 mn transaction earlier in June. This brings the JV’s total investments to date to USD 550 mn since its inception in November 2023, with USD 1.5 bn in global investments in energy technology planned.

Enersol has more in store: “Enersol is actively advancing plans to acquire and invest in multiple businesses and foster a scalable ecosystem that will enhance market value and position the JV as a technology-centric investment platform to the energy sector,” the statement reads.

About EV Holdings: Based in the US, EV provides vision-based analytics services for the oil and gas sector and operates in 36 countries across MENA, Europe, Asia, Australasia, the US, and West Africa. Dunedin acquired the company in 2014 in a transaction worth GBP 69 mn.

MORE M&A NEWS-

Invictus to buy into African agro-food firm: The board of International Holding Company subsidiary Ghitha’s trading arm Invictus Investment has greenlit a plan to acquire a majority stake in an unnamed agro-food manufacturer in Africa, according to a disclosure (pdf). The acquisition is set to complement its current agro-commodity trading activities, the company said, without providing further details. The company plans to submit a binding offer to close the transaction.

Not Invictus’ first African acquisition this year: The company recently said it plans to acquire a 60% stake in Moroccan agriculture trader Graderco, as it looks to ramp up its acquisitions and JVs in North and East Africa, including in Morocco, Algeria, Kenya, Tanzania, and Mozambique.

Woodside to acquire OCI’s blue ammonia project for USD 2.3 bn

Woodside to acquire OCI’s blue ammonia project in Texas for USD 2.3 bn: Australia’s largest oil and gas developer Woodside Energy agreed to acquire a low-carbon ammonia project in Texas for USD 2.35 bn from Netherlands-headquartered chemicals company and Fertiglobe’s majority shareholder, OCI Global, according to a statement. The agreement is set to close during 2H 2024 with Woodside acquiring full equity interests in the project.

REMEMBER- OCI Global has deep ties with Adnoc: The company sold its 50% +1 stake in Fertiglobe — its JV with Abu Dhabi National Oil Company — to Adnoc for AED 13.28 bn (USD 3.62 bn), with the acquisition expected to close later this year. The two companies also inked an MoU to explore importing and distributing ammonia in the EU in December, including through investments in decarbonization and product distribution projects in North America and Europe. OCI is also considering offering its US crop nutrient unit Iowa Fertilizers to Adnoc for more than USD 3 bn.

About the plant: OCI’s Texas facility is one of the biggest blue ammonia projects under construction in the world with an expected capacity of 1.1 mn tons per annum. The plant is set to begin production next year.

Blue ammonia investment is a growing trend amongst big oil: Woodside — aiming to become a “global LNG powerhouse” — is following the global trend of big oil companies aiming to offset their emissions by investing in blue ammonia facilities. ExxonMobil, Saudi Aramco, and Abu Dhabi National Oil Company are amongst those who are riding this trend, the Financial Times reports. Shell’s Blue Horizons low-carbon hydrogen and ammonia project entered its pre front-end engineering design (FEED) phase this year in July, while the first phase of Aramco’s Accelerated Carbon Capture and Sequestration project, which it plans to use for blue hydrogen production, completed its FEED scope a month earlier.

Uh, Enterprise, what is blue ammonia? Blue ammonia is produced by combining nitrogen and hydrogen through a low-carbon process using captured carbon dioxide, according to The National. Because the process is coupled with carbon capture, blue ammonia reduces emissions by over 90%, according to Wood.

Background: Nassef Sawiris — who owns a 38.8% stake in the firm — said he was considering overhauling OCI GlobaI in February, including potentially turning the empire into a cash-shell company pursuing acquisitions in new industries.

Abu Dhabi’s annual inflation reaches 1.1% in 2Q

Annual 2Q inflation in Abu Dhabi inched up slightly to 1.1%, according to figures (pdf) from the Abu Dhabi Statistics Center. This is a slight increase compared to the 0.8% recorded in 1Q 2024.

The culprits: Health costs rose 5.9%, alongside increases in clothing (4.5%) and ins. and financial services (4.2%). Meanwhile, decreases in prices of recreation (-2.6%), communications (-1.0%), and hospitality (-0.2%) helped offset inflationary pressures.

On a q-o-q basis, Abu Dhabi’s inflation rose to 0.6% in 2Q 2024, after slowing 0.6% in 1Q 2024 according to the statistics center’s figures (pdf).

And more earnings…

ADNOC DRILLING-

Adnoc Drilling saw its net income increase 29% y-o-y to USD 295 mn in 2Q 2024, according to the drilling company’s financials (pdf). Revenues also climbed 29% y-o-y to USD 935.4 mn on the back of growth across its business segments, according to a separate earnings release (pdf).

On a 1H basis: Adnoc Drilling’s bottom line grew 28% y-o-y to USD 569.6 mn in 1H 2024. The company posted USD 1.82 bn in revenues for the period, up 26% y-o-y.

Looking ahead: The company expects to benefit from the AI and tech acquisitions by Enersol — its JV with Alpha Dhabi Holding — which it expects will boost access to advanced technology and shareholder returns.

Dividends: Adnoc Drilling’s board approved interim dividends of USD 394 mn for 1H 2024, set to be distributed in the last week of August. The dividends mark a 10% y-o-y increase, in line with its upgraded dividend policy, which will see it boost dividends every year by 10% y-o-y until 2028.

PRESIGHT-

Data analytics firm Presight saw its bottom line grow 20% y-o-y to AED 80.5 mn, according to its financials (pdf). The company’s revenues increased 18.7% y-o-y to AED 341.4 mn, on the back of a boost in multi-year contracts, a favorable deployment mix, and one-month contribution from AIQ, in which it acquired a 51% stake in June for USD 350 mn, according to its earnings release (pdf).

In 1H 2024, the company’s net income increased 26.6% y-o-y to AED 176.4 mn, while revenues grew 17.4% y-o-y to AED 603.5 mn.

ORIENT INS.-

Orient Ins. saw its bottom line fall 25.8% y-o-y in 2Q 2024 to AED 115.2 mn, according to its financial statements (pdf). Revenues were up 14.6% y-o-y at AED 1.81 bn during the quarter. On a six-month basis, Orient’s net income grew 10.2% y-o-y to AED 415.5 mn in 1H 2024, while revenues grew 21% y-o-y to AED 3.6 bn.

Drake and Scull names new chair and vice

Dubai-based developer Drake and Scull named Sheikh Theyab bin Tahnoon bin Mohammed Al Nahyan as chairman and Engineer Abdullah Atatreh (LinkedIn) as vice chairman, according to a DFM disclosure (pdf). Sheikh Theyab also heads the board of Gulf Navigation, while Atatreh serves as the vice chairman and managing director at Tabarak Investment.

REMEMBER- Drake and Scull returned to the DFM in May, after being suspended from trading in November 2018 due to excessive financial losses and reporting violations. The firm was re-listed after it completed its restructuring after raising AED 450 mn in a capital increase, which saw the contractor write off over AED 4.18 bn in accumulated debt.

A fintech revolution in Abu Dhabi? + The impact of boycotts on earnings

On the rising role of fintech in Abu Dhabi + boycotts: CNN (watch, runtime, 5:33) spotlights the role Abu Dhabi’s fintech sector plays in its goal to diversify the economy, with startup ecosystem Hub71 being at the heart of this push. Meanwhile, the Financial Times is looking at the impact of “unprecedented” boycotts by consumers in Muslim-majority countries amid Israel’s war in Gaza on companies operating in the region, including Americana.

G42 subsidiary launches new Arabic LLM

TECH-

G42 subsidiary unveils its latest Arabic LLM: AI developer and subsidiary of G42 Inception launched Jais 70B, its latest Arabic large language model (LLM), featuring 70 bn model parameters, Wam reports. Arabic LLMs aim to accelerate the deployment of generative AI in industries like customer service, content creation, and data analysis, among others.

SOUND SMART- Parameters in machine learning are variables learned by the AI model during training, which improves its input mapping and output predictions.

M&A-

Lamcy Plaza building is up for grabs — again: The former Lamcy Plaza shopping center in Dubai has been listed for sale for a base price of AED 199.5 mn, an Emirates Auction listing shows. Potential bidders, however, might wait for the price to go down before showing interest, an industry source told Gulf News.

Remember: The Lamcy Plaza — which has been vacant since a 2017 fire — went on auction in May for AED 200 mn, but failed to attract any bidders.

EMPLOYMENT-

FutureSkills4All initiative coming to Dubai public employees: The Dubai Government Human Resources Department has joined the FutureSkills4All initiative to roll out training programs for the emirate’s government employees, providing them with needed career-relevant and digital skills, an official statement showed. Tech giants such as Google, Meta, and IBM will be providing free training under the initiative.

About FutureSkills4All: The initiative was launched last year by UAE’s Mohammed bin Rashid Al Maktoum Knowledge Foundation, the UN Development Programme, and US online learning platform Coursera to enhance digital skills in Arab countries.

SPORTS-

Palms Sports renews gov’t contract: Abu Dhabi-based sports management company Palms Sports renewed its strategic partnership with an unnamed government entity for two more years under a AED 49.5 mn contract, it said in an ADX disclosure (pdf). The partnership was formed in 2015 to ramp up national capabilities in sports. The company offers specialized training in Jiu-Jitsu and self-defense, delivered by a group of 60 coaches.

ENERGY-

Ewec extends clean energy partnership with Mediclinic: Emirates Water and Electricity Company (Ewec) extended its clean energy partnership with UAE-based healthcare provider Mediclinic Middle East, it said in a statement. Under the agreement, Ewec will continue to provide electricity fully generated from certified clean energy sources to all of Mediclinic’s advanced facilities in Abu Dhabi.

Optimism over cryptocurrencies sours as BTC, ETH plummet amid stock market slump

Bad news for crypto bros: Cryptocurrencies are the latest victims of plummeting stock markets, as investors flee risky assets for safer harbors. BTC had tumbled by 8.9% over the last 24 hours as of midnight yesterday, while the second largest cryptocurrency ETH fell 11.9% in the same period, marking some of the largest single-day drops seen in years.

This souring of sentiment marks a sharp reversal of the optimism that had recently permeated crypto markets following the US Securities and Exchange Commission in January approving ETFs that track the spot prices of BTC and ETH. Crypto also got a boost last month as US presidential candidates Donald Trump and Kamala Harris jockeyed to position themselves as the “pro-crypto” candidate. Trump’s appearance at the BTC 2024 convention even pushed BTC above USD 70k for the first time in over a month — despite his one-time branding of the cryptocurrency as a “scam.”

Your reminder that crypto is not a safe haven: While crypto’s fall is largely the result of the same pressures that are impacting assets everywhere, its risk profile makes it particularly susceptible to market downturn. “It’s a big reminder that BTC and crypto in general are risk assets and sit at the pointy end of the risk spectrum,” market analyst at IG Tony Sycamore tells Reuters.

ADX	8,975	-3.4% (YTD: -6.3%)
DFM	4,046	-4.5% (YTD: -0.3%)
Nasdaq Dubai UAE20	3,498	-5.4% (YTD: -9%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.1% o/n	4.8% 1 yr
TASI	11,504	-2.1% (YTD: -4.4%)
EGX30	27,841	-2.3% (YTD: +11.8%)
S&P 500	5,186	-3.0% (YTD: +8.7%)
FTSE 100	8,008	-2.0% (YTD: +3.6%)
Euro Stoxx 50	4,572	-1.5% (YTD: +1.1%)
Brent crude	USD 77.33	+1.7%
Natural gas (Nymex)	USD 1.94	-1.3%
Gold	USD 2,444	1.0%
BTC	USD 53,920	-8.9% (YTD: +27.3%)

THE CLOSING BELL-

The DFM fell 4.5% yesterday on turnover of AED 643.6 mn. The index is down 0.3% YTD.

In the green: Depa (+14.9%)

In the red: Agility (-9.9%), National International Holding Company (-9.9%) and Al Firdous Holdings (-9.8%).

Over on the ADX, fell 3.4% on turnover of 1.04 bn. Meanwhile Nasdaq Dubai fell 5.4%

CALENDAR

AUGUST

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

4-5 September (Wednesday-Thursday): 2024 International Government Communication Forum, Expo Centre Sharjah, Sharjah.

5 September (Thursday): Deadline to apply for the sixth edition of Access Sharjah Challenge.

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.

8-9 October (Tuesday-Wednesday)): Global Trade and Supply Chain Summit, 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.

11-13 December (Friday-Sunday): European-Arab Medical Congress, 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.

MAY 2025

26-28 May (Monday-Wednesday): Arab Media Summit, World Trade Centre, 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 the fall of 2025:

2025 Games of the Future, Dubai.

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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