NMDC Energy debuts on the ADX today

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WHAT WE’RE TRACKING TODAY

THIS MORNING: NMDC Energy to debut on the ADX + Joby Aviation applies for operational license in UAE

Good morning, lovely people. It’s another busy news day, with the India-UAE business forum wrapping with several agreements, RedBird IMI finally selling the Spectator (next up: the Telegraph), and business conglomerate Hayel Saeed Anam Group snaps up a stake in an Egyptian biscuit manufacturer.

BUT FIRST- The UAE lost 0-1 to Iran in the third round of Asia’s world cup qualifiers, leaving it third in Group A. North Korea is next to play against the Emirati team at the Hazza bin Zayed Stadium on 10 October.

HAPPENING TODAY-

#1- NMDC Energy’s shares will begin trading on the ADX’s First Category starting today, under the ticker NMDCENR, Wam reports. For the first three trading sessions, the company’s share price will not not be subject to the usual daily rise and fall limits. The final share price was set at AED 2.8.

REMEMBER- Last week, NMDC Energy raised AED 3.22 bn in its IPO, offering 23% of its shares to the market and attracting over AED 88 bn in orders. The order book was 31x oversubscribed, excluding cornerstone investors.

#2- The UAE is set to participate in the two-day Belt and Road Initiative (BRI) summit, which runs today and tomorrow in Hong Kong, state news agency Wam reports. The UAE has invested some USD 10 bn in BRI projects to date.

#3- The inaugural Dubai AI and Web3 Festival will kick off today and run until tomorrow at Madinat Jumeirah. The Dubai International Financial Centre event will host over 100 exhibitors and will welcome some 5k tech industry experts and entrepreneurs to explore and discuss investment, collaboration and innovation in the tech sector.

#4- The PPP MENA Forum kicked off yesterday and will run until today at the Jumeirah Emirates Towers in Dubai. Sponsored by the Abu Dhabi Investment Office, the two-day event will bring together senior policymakers, investors, and business executives from the UAE, Saudi Arabia, Kuwait, and Oman to discuss the latest financial and regulatory developments in PPP frameworks and explore means to advance PPP initiatives in the region.

#5- EFG Hermes’ annual conference continues today in London, giving investors “unique and unparalleled access to leading equities in MENA and key frontier emerging markets.” The event will wrap tomorrow.

What to watch out for today: Today’s session of the conference at London’s Emirates Stadium will feature Egyptian Financial Regulatory Authority head Mohamed Farid, who will be taking part in a fireside chat that will dive into the latest in capital markets, regulations and fintech, EFG Hermes said in a statement (pdf).

** EnterpriseAM UAE will have exclusive coverage of the signature Fireside Chats from the conference in tomorrow morning’s edition.

WATCH THIS SPACE-

#1- US Electric aircraft developer Joby Aviation applied for certification to operate commercial air transport in the UAE, according to a statement from Joby. The company will develop air taxi operating manuals, undergo facility inspections, and complete the observation of pilot and aircraft mechanic training and flight operations by the country’s General Civil Aviation Authority as part of the process.

We knew this was coming: Joby said last month it plans to launch battery-powered air taxis in Dubai by late 2025. The company plans to kick off infrastructure work later this year, begin initial flights early next year, and eyes full commercialization by the end of 2025.

#2- Etihad Water and Electricity Company (Ewec) plans to extend new energy tariffreductions agreed earlier this year to 50 industrial and tech businesses in Ras Al Khaimah, Fujairah, Ajman, and Umm Al Qaiwain over the next two years, state news agency Wam reports. Ewec has so far processed applications from 10 firms.

Background: Ewec revised its energy consumption tariff structure for industrial and tech customers in the northern emirates at the Make it in the Emirates forum earlier this year. The new tiered pricing system targets manufacturers with a monthly consumption exceeding 10 MW per hour, with rates for the tariff now beginning at 26 fils per KW hour, down from 32 fils per KWh.

#3- Alpha Dhabi offloads OCI’s methanol unit stake: Abu Dhabi-based Alpha Dhabi Holding will offload its 11% equity stake in OCI Global’s methanol business OCI Clean Fuels, according to an ADX filing (pdf). This comes as part of OCI Global’s sale of its methanol business operating in the US and Europe to Canadian methanol producer Methanex earlier this week.

Background: OCI Global sold its entire methanol business to Methanex in a USD 2.05 bn agreement. Methanex will make the purchase by paying USD 1.15 bn in cash, in addition to the issuance of 9.9 mn of its shares valued at USD 450 mn, giving OCI a 13% ownership of the company to make it the second largest shareholder. The transaction is set to be completed in 1H 2025, pending regulatory and shareholder approvals.

DATA POINT-

Over 400 AI companies were registered in Abu Dhabi by the end of 2Q 2024, Wam reported, citing a study by the Abu Dhabi Chamber of Commerce and Industry. The first half of the year saw the establishment of 90 AI companies, up 41.3% y-o-y. Some 69% of AI-related activities were focused on innovation, AI research, and consultancies in 2Q 2024, the study showed.

OIL WATCH-

The UAE’s crude oil production averaged 2.96 mn barrels per day in August, a slight increase of 4k barrels from July, according to secondary data published in Opec’s Monthly Oil Market report (pdf). Production averaged 2.9 mn bbl / d in 2Q 2024. Crude oil output rose in Nigeria, Congo, and Venezuela, while Libya, Iraq, while Saudi Arabia saw declines in production.

Opec cut its forecast for oil demand growth in 2024 to 2 mn barrels per day, some 80k bbl / d less than its previous forecast. The oil cartel also sees demand growth slowing to 1.7 mn bbl / d next year, 40k bbl / d lower than its initial forecast.

THE BIG STORY ABROAD-

The much-anticipated Harris-Trump debate ends with bang, not a whimper, as the two presidential hopefuls repeatedly accused each other of lying and clashed on the economy, January 6, abortion rights, Gaza, migration, and of course crowd sizes throughout the night.

Trump remained firm on his insistence that he won the 2020 election against Biden, going on to say that there was “so much proof” — conveniently without providing any. Doubling down, Trump alleged that Democrats were ferrying in undocumented migrants across the border to “get them to vote.”

Harris was keen to present Trump as a danger to democracy, telling the camera that the former president “incited a violent mob to attack our nation’s Capitol, to desecrate our nation’s Capitol” after being “fired by 81 mn people.”

“She hates Israel. If she is president I believe that Israel will not exist in two years from now,” Trump argued, adding in Trumpian fashion that the war would have “never started” if he were still in the White House.

The economy was also an important point of contention, with Harris accusing Trump of leaving the country with the “worst unemployment since the Great Depression.” Trump hit back with how she and Biden had handled inflation that has “been a disaster for people, for the middle class, for every class.”

At points the debate got personal and verged on name-calling, with Harris telling Trump that world leaders described him as a “disgrace” and Trump calling Harris “the worst vice-president in history.”

Let the polls roll in: Prior to the debate, the two candidates appeared to be neck and neck for the US government’s top job. In the coming days, we’ll get more of a sense of how each candidate’s performance played with potential voters, as the US presidential elections, only 54 days away, inch closer.

WHILE IN FINANCE NEWS- The US Federal Reserve has halved its proposed increase in capital requirements for the US’ biggest banks from 19% to 9%, the central bank’s top regulator Michael Barr announced yesterday. The lower increase represents a big win for the banking lobby, which has decried the capital requirement hike as damaging for the economy and potentially crimping lending since it was first proposed last year.

The “reproposal,” as Barr has called it, will still introduce capital requirements related to operational risk for banks with USD 250 bn in assets — one of the key targets of banking sector lobbying efforts. Assessments of operational risk, however, will now exclude asset management and other of banks’ biggest non-lending businesses. The new proposal has also nixed provisions that adjust capital requirements based on past operational losses, and has reduced risk weighting on certain kinds of financing deals.

AND ON THE OIL MARKETS- Oil futures reached near three-year lows yesterday after OPEC’s downward revision of its demand forecasts for 2024 and 2025, Reuters reports. Brent crude futures were down USD 2.65 or 3.69% yesterday to USD 69.19 at market’s close.

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CIRCLE YOUR CALENDAR-

Sharjah will host the inaugural Regional Data and Community Development Forum on 9-10 October at Al Jawaher Reception and Convention Centre, Wam reports. The two-day event will bring together over 100 global experts to explore data’s impact on sectors like healthcare, education, and sustainability. The event will feature over 60 activities, including talks, panel discussions, and workshops, all aimed at exploring how data can foster development.

The Abu Dhabi Grand Slam Judo tournament will take place from 10-13 October at the Mubadala Arena, Wam reports. The tournament will feature top national teams from the Paris 2024 Olympics, including France, Britain, and Mongolia.

The Mubadala Abu Dhabi Open returns to the International Tennis Centre, Zayed Sports City, from 1-8 February 2025. The WTA 500 event will feature 28 singles players and 16 doubles teams.

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

Paul Marshall acquires the Spectator from RedBird IMI for GBP 100 mn

B’naire and founding partner of Marshall Wace, Paul Marshall, will acquire the Spectator from Abu Dhabi-backed RedBird IMI for GBP 100 mn (USD 131 mn), Bloomberg reports, citing a statement from Marshall’s media company Old Queen Street Ventures.

Talks between the two parties progressed last month, with Marshall’s bid initially valuing the publication at USD 100 mn. Interest in the Spectator and Telegraph papers has been “extremely strong,” a RedBird IMI spokesperson said in June, stating that the firm has been in talks with “several interested parties,” including Daily Mail owner DMGT, Belgian Group Mediahuis, and National World.

Marshall has big plans for The Spectator: The hedge fund owner plans to address what he described as an “underinvestment” in the UK paper, focusing on “expanding the magazine’s reach in the Anglosphere and in North America,” according to the statement.

REMEMBER- RedBird IMI wants to recoup its losses: RedBird IMI, a JV between Deputy Prime Minister Sheikh Mansour bin Zayed Al Nahyan’s International Media Investments and RedBird Capital Partners, was looking to sell the papers to recoup the GBP 600 mn invested last year to acquire the assets, before the takeover bid fell through.

What’s next for the Telegraph? The Telegraph will now be sold separately, with Marshall’s acquisition of the Spectator removing the magazine from the Telegraph bidding. A previous source had suggested Marshall is unlikely to be the final buyer for the Telegraph.

HSA Group to purchase Kellanova’s majority stake in Egypt’s Bisco Misr

UAE-based business conglomerate Hayel Saeed Anam Group (HSA) has acquired a majority stake in Bisco Misr, Egypt’s largest biscuit company, from American cereal and snack maker Kellanova (FKA Kellogg Company), the companies said in a press release (pdf). The companies did not disclose the value of the transaction.

What’s next? The transaction is set to close by 1Q 2025, subject to conditions and regulatory approvals, as well as the completion of a mandatory tender offer process for minority shares, the statement read.

Background: Kellanova acquired 86% of Bisco Misr back in 2015, as part of a number of investments that it made into Egypt’s F&B sector at the time.

HSA is no stranger to Egypt: The group has been present in the Egyptian market over the past 30 years through FMCG player Arma Group. The Bisco Misr acquisition will help the group develop its presence in the country and “accelerate the internationalization of Bisco Misr’s popular brands.”

India, UAE agree to boost trade, mining, logistics cooperation at business forum

India-UAE Business Forum sees investment, logistics, trade, mining agreements: Companies and authorities from the UAE and India signed a slew of agreements across trade, aviation, AI, investment, mining, and more, during the India-UAE Business Forum in Mumbai yesterday, state news agency Wam reports.

#1- Lulu Group expands Indian imports: Retailer Lulu Group signed an agreement with India’s Agricultural and Processed Food Export Development Authority to source and import Indian organic produce into the UAE.

#2- The Abu Dhabi Chamber of Commerce and Industry and the Confederation of Indian Industry will collaborate to boost investments and economic growth. The agreement includes expanding the Abu Dhabi Chamber of Commerce and Industry’s Business Connect Platform.

#3- Mining, logistics, and trade: Abu Dhabi-based International Resources Holding and Oil India partnered to develop assets in the global mining sector, especially in India, while IHC-backed Rorix Holdings will work with Adani Ports to integrate advanced technologies into India’s infrastructure. Rorix also partnered with the Indian Bullion and Jewellers Association to expedite precious metals trading.

#4- Aircraft maintenance: Dubai-based Global Jet Technic secured agreements with Indian airlines InterGlobe Aviation Services, Air India, and Akasa Air for aircraft maintenance services in the UAE.

ON THE AI FRONT- State-owned AI firm G42 launched a Hindi large language model (LLM) dubbed Nanda, Wam said.

Background: Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan’s visit to India also saw Adnoc ink a 15-year LNG heads of agreement to supply 1 mn metric tonnes of liquefied natural gas annually to state-owned IndianOil; the Emirates Nuclear Energy Corporation agreeing to hand India’s Nuclear Power Corporation maintenance and operation of the Barakah nuclear power plant; the extension of an oil storage agreement; and plans for a major food and agricultural park in India.

Pearl Petroleum initiates arbitration against Khor Mor EPC contractor

Pearl Petroleum files for arbitration against Khor Mor EPC contractor: Pearl Petroleum, a consortium majority-owned by Dana Gas and Crescent Petroleum, initiated arbitration proceedings against Enerflex, the EPC contractor for the Khor Mor gas expansion project in Iraq, seeking to “recover costs and damages arising from Enerflex’s defective performance,” according to an ADX filing (pdf) by Dana Gas.

We knew this was coming: Pearl said it may seek damages from Enerflex last month, after terminating Enerflex’s EPC contract and assuming direct control of the project, effective 9 September. Pearl cited performance issues on Enerflex’s part as the reason for its decision, claiming that the Canadian energy infrastructure supplier failed to “meet its contractual obligations, leading to unacceptable delays” and affecting the project’s progress.

What’s next? Dana Gas said it is working with its Pearl Petroleum partners to bring the project back on track, with updates on the new expected completion date expected in “due course,” the statement reads.

Investcorp Capital’s first full-year earnings are out

Investcorp Capital’s bottom line narrowed 7.1% y-o-y to USD 105 mn during its fiscal year ending 30 June, according to its financial statements (pdf). The company — the investment vehicle of Bahrain-based Investcorp Holdings — saw its revenues increase 4.8% y-o-y to 132 mn during the year. Investcorp’s fiscal year runs from July to June.

Revenue breakdown: The company reported a 8.8% y-o-y increase in revenue from capital financing services, reaching USD 49 mn for the year. Revenue from capital deployment grew y-o-y to USD 76 mn.

What they said: “In our first year as a publicly listed company on the Abu Dhabi Securities Exchange, we have outperformed our targets. Our balance sheet continues to be robust and well-diversified with 70% invested in cash-generating assets,” Investcorp Capital CFO Rohit Nanda said in a separate earnings release (pdf).

REMEMBER– The Abu Dhabi-based firm, which is 20% owned by Abu Dhabi state fund Mubadala, completed its listing on the ADX in November 2023, raising some AED 1.66 bn (USD 450 mn) with a market cap of AED 5.04 bn (USD 1.37 bn). Investcorp Holding initially aimed to raise USD 600 mn from the IPO.

Dividends: Investcorp Capital approved the distribution of dividends amounting to USD 115 mn, representing an annualized return of 13% for holders, and “meeting its commitment to deliver a minimum 8% dividend yield.” The firm has already distributed USD 60 mn of the equity payout.

IN OTHER EARNINGS NEWS- Dubai Integrated Economic Zones Authority (Diez)’s net income grew 18% in 1H 2024, and 12% increase in revenues, compared to numbers recorded at the end of 2023, according to the Dubai Media Office. The authority’s affiliated economic zones, including Dubai Airport Free Zone, Dubai Silicon Oasis, and Dubai CommerCity, saw growth, according to the statement.

Operating income increased during 1H increased by 7% in the same period, with the number of registered companies rising 4% to 78k employees, marking a 12% rise.

CBD names Piotr Bednarek as new GM and head of treasury + Takaful Emarat’s COO resigns, and Atlantis has a new president

Piotr Bednarek (Linkedin) was appointed general manager and head of treasury at Commercial Bank of Dubai, succeeding Mark Zanelli (Linkedin), effective monday, according to Zawya. Bednarek brings 25 years of global financial market expertise, including his previous role as managing director and group treasurer for Singapore, Hong Kong, and Japan at ING Bank.

Atlantis Resorts appointed Paul Baker (Linkedin) as president of the Atlantis hotels. In his new role he will oversee both Atlantis The Palm and Atlantis The Royal, as well as Atlantis Sanya in China down the line, according to a press release. Reporting directly to Kerzner International’s CEO Philippe Zuber, Baker brings experience from his previous role as president of Grand Lisboa Palace in Macau. Before that, he served as deputy chief operating officer of Genting Malaysia Berhad.

Takaful Emarat Ins.’s COO Mangu Lalitha Prasad resigned citing “personal reasons,” according to a DFM disclosure (pdf). No details on who will succeed Prasad were provided.

ADQ launches smart mobility firm to operate Darb, Mawaqif

TRANSPORT-

Abu Dhabi’s sovereign wealth fund ADQ set up a smart mobility firm to oversee the emirate’s toll system Darb and parking system Mawaqif, a week after it assumed operational control of the two systems, according to a statement. The new firm is dubbed Q Mobility.

BANKING-

#1- Rakbank makes its first CBDC cross-border transfer: The National Bank of Ras Al Khaimah (Rakbank) conducted its first cross-border central bank digital currency (CBDC) transaction, transferring a remittance of digital CNY into digital AED, according to a bank statement. The transaction was facilitated by mBridge, a CBDC exchange platform that leverages blockchain technology.

Remember- The Central Bank of the UAE initiated the country’s first cross-border CBDC transaction in January, sending AED 50 mn to China through mBridge.

#2- Ajman, Ruya Bank to streamline banking services for investors: The Ajman Department of Economic Development and Ruya Islamic Bank partnered to support investors and business owners by facilitating loan issuance and bank account setup, among other banking services, in a bid to attract more local and international investors to the emirate, Wam reported.

CRYPTO-

Standard Chartered started offering digital asset custody services in the UAE, with Brevan Howard Digital, the crypto division of the British hedge fund, as the inaugural client, Reuters reported, citing a statement. The bank touted the UAE’s “well-balanced approach to digital asset adoption and financial regulation.”

REMEMBER- Standard Chartered also recently partnered with Crypto.com to allow it to offer fiat currency withdrawal and deposit services on the crypto exchange platform. The service — which allows deposits of AED, USD, and EUR — will be available to UAE retail investors first, before expanding it to 90 countries.

REAL ESTATE-

#1- Dubai South Properties taps Al Turath to build South Living Tower: Al Turath Al Aseel Contracting was awarded a AED 150 mn contract by Dubai South Properties to construct the South Living Tower in the residential district of Dubai South, Wam reported. Launched in June, the project contains 209 units including studios and 1-3 bedroom apartments and is scheduled to be completed by 1Q 2027.

IN CONTEXT- The project comes amid rising housing demand in Dubai South, driven by an upcoming new passenger terminal at Al Maktoum International Airport, which have hiked sales and rental values.

#2- Dubai-based real estate developer Sankari Properties has some USD 2 bn worth of projects in its pipeline, including 20 plots on Palm Jumeirah, Sankari Properties’ CEO Mark Phoenix told Bloomberg. Buyers will be required to pay 50% during construction and 50% after completion, with the company having a “strict directive [not to] borrow money for anything.”

WATCH THIS SPACE- The developer plans to hand out a USD 200 mn construction contract in October, Phoenix said, without clarifying for which project.

ICYMI- Sankari Properties plans to develop a USD 1 bn luxury housing project, comprising twin residential towers to be built in the Marasi Marina area. Set for completion by 4Q 2027, the project boasts 57 units, with prices starting at USD 10 mn.

FINTECH-

Arab Financial Services to use Lune Technologies’ data analytics platform: Bahraini e-payment firm Arab Financial Services (AFS) partnered with Dubai-based financial data analytics company Lune Technologies to integrate the latter’s insights into its platform, according to a joint statement. The move aims to offer a comprehensive financial suite to banks, financial institutions, and fintechs, that will be able to analyze consumer spending behaviors.

TECH-

The Dubai Multi Commodities Centre (DMCC) launched an AI center at its headquarters in Uptown Tower as part of a technology hub including crypto and gaming centers, according to a statement. The center aims to accelerate the adoption of AI solutions, offering co-working spaces, meeting rooms, and an exclusive showroom for AI solutions.

Two partnerships to help companies adopt AI: DMCC partnered with app developer Builder.ai, which will assist businesses in developing AI-powered applications, and UAE-based AG CC, which will run accelerator programs to attract and scale up AI companies.

NBFS-

Egyptian financial services firm Contact Financial sets up shop in Dubai: Egyptian non-banking financial services firm Contact Financial Holding opened its first branch in Dubai yesterday, according to a statement (pdf). The expansion aims to cater to Egyptian expats in the UAE by giving them access to a suite of financing and ins. services in Egypt without the need to travel. Expats can pay for services in Egypt such as mortgages, club memberships, car installments, green finance, and much more.

LOGISTICS-

Drydocks World boosts heavy-lifting with new crane: DP World’s offshore arm Drydocks World signed an agreement with Shanghai Zhenhua Heavy Industries for a 5k-tonne capacity floating crane to boost the firm’s heavy-lighting capabilities, according to a statement. The crane, to be delivered by 2Q 2026, can lift loads up to 120 m above the water and features a 600-tonne fly jib extending to 180 m. It will support large projects like offshore platforms and bridges, cutting the need for extra support vessels and housing up to 50 crew offshore.

E-COMMERCE-

DET and noon launch Dubai Traders Program for SMEs: The Dubai Economy and Tourism Department and e-commerce outfit noon will help SMEs digitize their supply chains, build online presences, and access e-commerce channels under a new partnership, according to the Dubai Media Office. The program will offer incentives such as onboarding support, training, and increased online visibility to sellers, with additional benefits for Emirati entrepreneurs through noon’s Mahali program.

HEALTHCARE-

State-owned healthtech company M42 will manage Zayed Military Hospital in Al Batayeh under a partnership agreement signed with the Defense Ministry, Wam reported. The hospital, which is scheduled to begin full-scale operations in early 2025, provides specialized services to military personnel and their families through a network that includes Cleveland Clinic Abu Dhabi, Imperial College London Diabetes Centre, and Healthpoint.

Apple, Google lose ongoing battles with EU court, with the two set to pay bns in EUR in fines, taxes

In a big day for the EU’s crackdown on Big Tech, both Google and Apple lost their battles with the EU’s Court of Justice — leaving Apple with a EUR 13 bn tax bill and Google to pay EUR 2.4 bn in fines.

#1- Apple lost a decade-long battle over its tax setup in Ireland after the court ruled it must pay EUR 13 bn in back taxes, CNBC reports. The European Commission first ordered the repayment in 2016, when it accused Apple of receiving illegal tax perks from Ireland for two decades — a claim Apple denied and contested in court. The tech giant confirmed it will incur a USD 10 bn one-time tax charge by the end of its fourth fiscal quarter on 28 September 2024 in a filing yesterday.

Market reax: The court’s ruling comes on the same day Apple launched its new iPhone, Apple Watch, and AirPods. Shares of the tech giant dipped 1% following the decision.

Ireland’s government downplayed the case, stating that it “involved an issue that is now of historical relevance only,” in a statement.

Meanwhile, Apple stood its ground that it had paid all the taxes it owed, with a spokesperson quoted as saying that “this case has never been about how much tax we pay, but which government we are required to pay it to,” and that the European Commission is “trying to retroactively change the rules and ignore that, as required by international tax law, our income was already subject to taxes in the US.”

#2- The EU court also upheld a EUR 2.4 bn antitrust fine for Google parent Alphabet in a case that has been ongoing for seven years, that aimed to crack down on Google’s use of its search engine to rank its own product listings higher.

The two cases highlight the ongoing friction between US tech firms and the EU, which has pushed for stronger regulations on everything from data protection to taxes and antitrust issues. Recently, Apple also faced a EUR 1.8 bn fine for antitrust violations related to music streaming apps and is being scrutinized under the EU’s Digital Markets Act due to its app store squeezing out rival marketplaces.

ALSO WORTH KNOWING- Oman’s state energy firm OQ is looking to offer 25% of its exploration and production unit in a USD 2 bn IPO, in what would be the GCC’s biggest IPO in 2024. (Bloomberg).

THE MARKETS THIS MORNING-

It’s red as far as the eyes can see among Asian markets, as traders assess economic data — including unemployment figures and business sentiment gauges — from Japan and South Korea. South Korea’s small-cap Kosdaq fell 1.6%, while Japan’s Nikkei is down 0.7% and Topix is down 0.8%. Meanwhile, Wall Street futures are little changed as traders await the US’ August inflation report.

ADX	9,402	+0.5% (YTD: -1.8%)
DFM	4,387	+0.7% (YTD: +8.1%)
Nasdaq Dubai UAE20	3,819	+1.2% (YTD: -0.6%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.0% o/n	4.2% 1 yr
TASI	11,987	+0.2% (YTD: +0.2%)
EGX30	30,104	-0.9% (YTD: +20.9%)
S&P 500	5,496	+0.5% (YTD: +15.2%)
FTSE 100	8,206	-0.8% (YTD: +6.1%)
Euro Stoxx 50	4,747	-0.7% (YTD: +5.0%)
Brent crude	USD 69.67	-3.0%
Natural gas (Nymex)	USD 2.23	+2.9%
Gold	USD 2,545.90	+0.5%
BTC	USD 57,708.20	+1.2% (YTD: +36.1%)

THE CLOSING BELL-

The ADX rose 0.5% yesterday on turnover of AED 1.07 bn. The index is down 1.8% YTD.

In the green: National Bank of Umm Al Qaiwain (+15.0%), Rak Properties (+5.41%) and Commercial Bank International (+5.3%).

In the red: Abu Dhabi National Company for Building Materials (-10.0%), Rak Company for White Cement and Construction Materials (-7.9%) and EasyLease Motorcycle Rental (-4.9%).

Over on the DFM, the index rose 0.7% on turnover of AED 324.4 mn. Meanwhile Nasdaq Dubai closed up 1.2%.

CALENDAR

SEPTEMBER

7-13 September (Saturday-Friday): Makers’ Month, Al Quoz Creative District, Dubai.

9-12 September (Monday-Thursday): The annual EFG Hermes London Conference.

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

11 September (Wednesday): Shares of NMDC Energy start trading on the ADX on the ticker NMDCENR.

11-12 September (Wednesday-Thursday): Dubai AI & Web3 Festival, Madinat Jumeirah, Dubai.

11-12 September (Wednesday-Thursday): Gitex Digi_Health 5.0 conference, Singapore.

12-15 September (Thursday-Sunday): 2024 Special Olympics Malta.

15 September – 23 February 2025 (Sunday-Sunday): Labour Sports Tournament, Dubai.

16 September (Monday): HKMA–DFSA Climate Finance Conference, Hong Kong.

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

16-20 September (Monday- Friday): Intelligent Transport Systems World Congress 2024, Dubai.

17-18 September (Tuesday-Wednesday): AI in oil and gas conference, Abu Dhabi.

18-19 September (Wednesday-Thursday): Sharjah Investment Forum, Jawaher Reception and Convention Centre, Sharjah.

15-19 September (Sunday-Thursday): Loop Beyond Borders, Abu Dhabi.

19-20 September (Thursday-Friday): Healthcare Leaders Summit 2024, St. Regis Saadiyat Island Resort, Abu Dhabi.

22-26 September (Sunday-Thursday): Sharjah-Europe Businesswomen Forum, Brussels.

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

24-26 September (Tuesday-Thursday): Careers UAE 2024, Dubai World Trade Centre, 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.

2-3 October (Wednesday-Thursday): MENA District Cooling Projects & MENA Cool Forum, Grand Hyatt Dubai, Dubai Healthcare City, Dubai.

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

7-10 October (Monday-Thursday): The World Air Taxi Congress, The Grand Hyatt Dubai, Dubai.

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

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

9-10 October (Wednesday-Thursday): The Regional Data and Community Development Forum, Al Jawaher Reception and Convention Centre, Sharjah.

10-13 October (Thursday-Sunday): The Abu Dhabi Grand Slam Judo tournament, Mubadala Arena.

13-14 October (Sunday-Monday): Abu Dhabi Wedding Show, Park Hyatt Abu Dhabi.

14-18 October (Monday-Friday): Gitex Global, Dubai World Trade Centre and Dubai Harbour.

13-16 October (Sunday-Wednesday): Expand North Star, Dubai Harbour.

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

14 October (Monday): The Smart Cities MENA Summit, 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.

26 October (Saturday): UFC 308: TOPURIA vs HOLLOWAY, Etihad Arena, Abu Dhabi.

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.

30 October (Wednesday): Connected Construction Conference, Museum of the Future, Dubai.

NOVEMBER

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

4-7 November (Monday-Thursday): Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC), Abu Dhabi.

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

4-7 November (Monday-Thursday): 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.

19-20 November (Tuesday-Wednesday): Dubai Future Forum.

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.

23-24 November (Saturday-Sunday): Emirates Dubai Sail Grand Prix, SailGP Race Stadium.

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

26-29 November (Tuesday-Friday): Big 5 Global, Dubai World Trade Centre.

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 (Monday-Tuesday): The Bitcoin Mena Conference, Adnec Centre Abu Dhabi.

9-12 December (Monday-ThursdayTuesday): Abu Dhabi Finance Week, Abu Dhabi.

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

10-12 December (Tuesday-Thursday): The Middle East and North Africa Business Aviation Association Show, Al Maktoum International Airport, Dubai.

11-13 December (Wednesday-Friday): European-Arab Medical Congress, Abu Dhabi.

14-21 December (Saturday-Saturday): World Schools Festival, Abu Dhabi

Signposted to happen sometime in December:

UAE-China Summit, Abu Dhabi.
Abu Dhabi Forum for Peace, 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

1-8 February (Saturday-Saturday): The Mubadala Abu Dhabi Open, Zayed Sports City’s International Tennis Centre.

2-3 February (Sunday-Monday): L’Etape Dubai cycling race, Dubai.

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

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

Signposted to happen sometime in 1Q 2025:

The first eight fronds of the Palm Jebel Ali will be site-ready, allowing for the commencement of villa infrastructure and civil works.

APRIL 2025

6-11 April (Sunday-Friday): Geo-Spatial Week 2025, Dubai.

7-9 April (Monday-Wednesday): AIM Investment Summit, Abu Dhabi National Exhibition Center

Signposted to happen sometime in April:

Abu Dhabi Autonomous Racing League, Yas Marina Circuit in Abu Dhabi

MAY 2025

6-7 May (Tuesday-Wednesday): Global Ports Forum, Dubai.

26-28 May (Monday-Wednesday): Arab Media Summit, World Trade Centre, Dubai.

JUNE 2025

3-4 June (Tuesday-Wednesday): Make-A-Wish International’s Global Wish summit, Abu Dhabi.

OCTOBER 2025

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

Signposted to happen sometime in 2025:

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 2026:

The UAE to host the Arab Competition Forum

Signposted to happen sometime in 2028:

Abu Dhabi to host the Chess Olympiad.

Signposted to happen sometime in 2029:

Dubai to host the International Conference on Computer Vision.

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